| Your Directors have great pleasure in submitting 14th Annual Report
with Audited Statement of Accounts for the year ended 31st March, 2002
FINANCIAL RESULTS
(Amount Rs. in Lacs)
31-3-02 31-3-01
Income 451.93 538.90
Expenditure 391.97 464.81
Gross Profit 59.96 74.09
Depreciation 54.48 68.08
Profit After Depreciation 5.48 6.01
Provision For Tax 2.00 1.00
Profit After Tax 3.48 5.01
DIVIDEND
Due to inadequate profit, the Directors regret their inability to
recommend dividend for the year.
FIXED DEPOSIT
The Company has not accepted any fixed deposit during the period under
review. Therefore no unclaimed deposit is out standing as on 31th
March, 2002.
DIRECTORS:
Director Mr. D. Bir. retire by rotation and being eligible offer
himself for reappointment.
RIOTS IN GUJARAT
During the year at the time of communal riots, the premises of the
company were attacked and set on fire. The computers and books of
Accounts were completely destroyed and other records pertaining to
shares and secretarial department were partly destroyed. Necessary
complaint was registered with Police Station of Bhavnagar having
jurisdiction. The Company has not suffered any financial loss due to
the above incident.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under Section 217(2AA) of the Companies
Act, 1956 with respect to Directors responsibility statement it is
hereby confirmed that:
In the preparation of annual accounts, the applicable accounting
standards have been followed and that no material departure has been
made from the same.
The Directors have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company at the end of the financial year 2001-2002 and of the
profit of the company for that period.
The directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of
this act for safeguarding the assets of the company and for preventing
and detecting fraud and other irregularities.
The Directors have prepared the annual accounts on a going concern
basis.
PARTICULARS OF EMPLOYEES
The board of Directors wish to place on record its sincere appreciation
for the work done by the employees Information as per Section 217(2A)
of the Companies Act, 1956, read with Companies (Particulars of
Employees) Rules, 1975 is `NIL.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNING AND OUTGO
The information required under Section 217(1)(e) of the Companies Act,
1956 read with the companies (disclosure of particulars in the report
of Board of Directors rules 1988 with respect to conservation of
energy, technology absorption etc. is not applicable to the company as
the company is engaged in Ship Building and Ship Repairs.
AUDITORS
Auditors of the company M/S. S. V. Pandya & Associates., Chartered
Accountants will retire at the conclusion of ensuring Annual General
Meeting and they being eligible offer themselves for reappointment.
ACKNOWLEDGEMENT
Your Directors place on record their appreciation of the support
received from the Oriental Bank of Commerce and also other Business
Associations.
Place: GOGHA For and on behalf of the Board
Date: 30-10-2002 For, ALANG MARINE LIMITED
(Dr. M. R. Asaria) (Debashis Bir)
Managing Director Managing Director |