డైరెక్టర్ల నివేదిక Alang Marine Ltd.

Mar 31, 2002

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

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Mar 31, 1999

The Directors have great pleasure in submitting 11th Annual Report with Audited Statement or accounts for the year ended 31st March 1999.

FINANCIAL RESULTS Amount (Rs. in Lacs)

31.03.99 31.03.98

Income 401.92 582.13

Expenditure 339.70 520.27

Gross Profit 62.21 61.85

Depreciation 57.74 57.03

Profit After Depreciation 4.46 4.82

Provision For Tax 1.00 2.14

Profit After Tax 3.46 2.68

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 outstanding as on 31st March 1999.

Y2K COMPLIANCE

The company has actively addressed the Y2K problem since beginning of the year 1999 and all computers have been upgraded at the level of hardware and operating system to be Y2K compliant. The cost involved in addressing the Y2K problem is estimated at Rs.1.55 lacs.

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 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 company is not a manufacturing company.

AUDITORS

Auditors of the company M/s. Hariyani & Co., Chartered Accountants will retire at the conclusion of ensuing Annual General Meeting and they being eligible offer themselves for reappointment.

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Mar 31, 1998

The Directors have great pleasure in submitting 10th Annual Report with Audited Statement of Accounts for the year ended 31st March, 1998.

FINANCIAL RESULTS Amount (Rs. in lacs) 31.03.98 31.03.97

Income 582.13 1138.45 Expenditure 520.27 1029.09 Gross Profit 61.86 109.36 Depreciation 57.03 55.96 Profit After Depreciation 4.83 53.40 Provision For Tax 2.14 5.85 Profit After Tax 2.69 47.55

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 outstanding as on 31st March, 1998.

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 company is not a manufacturing company.

AUDITORS

Auditors of the company M/s. D. Hariyani & Co. Chartered Accountants will retire at the conclusion of ensuing Annual General Meeting and they being eligible offer themselves for reappointment.

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Mar 31, 1997

Information will not available in annual report 1997-98.

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Mar 31, 1996

The Directors have great pleasure in submitting 8th Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 1996.

DIVIDEND

Due to extreme need for conserving resources, the Directors regret their inability to recommend dividend for the year.

BONUS SHARES

As per resolution passed by the general body in the annual general meeting held on 14\09\95, the Board of Directors had allotted 3005640 Bonus Shares in the ratio of 1 for 1 on 1st December, 1995.

DIRECTORS:

CMDE M.K. Mukherjee, retires by rotation at the ensuing general meeting but does not offer himself for re-appointment. The Board recomends not to fill up his vacancy for the present. The Board appreciates the services rendered by him during his tenure as Director.

FIXED DEPOSIT:

The Company has not accepted any fixed deposit during the period under review. Therefore no unclaimed deposit are outstanding as on 31st March 1996. 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 company is not a manufacturing company.

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Mar 31, 1995

The Directors have great pleasure in submitting 7th Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 1995.

Amount (Rs. in lacs) FINANCIAL RESULTS : 31-03-1995 31-03-1994

Income 1429.99 406.78

Expenditure 1076.28 309.22

Gross Profit 353.71 97.56

Interest 9.15 12.06

Depreciation 38.66 21.31

Profit Before Tax 305.89 64.19

Provision for Tax 4.40 0.75

Profit After Tax 301.42 63.44

Add: Profit brought forward 135.56 72.11

Amount available for Appropriation 437.05 135.56

Appropriations:

Proposed Dividend on Equity Shares 45.08 -

Transfer to general reserve 392.05 -

Balance carried forward - 135.56

DIVIDEND

The directors of the Company are pleased to recommend a dividend of 15% on the Equity Shares for the year ended 31st March, 1995.

Payment is subject to deductions of tax and approval by the shareholders at the Annual General Meeting.

BONUS SHARES

The total reserves of the Company as on 31st March 1995 stood at Rs. 3,92,79,014.00. In view of the healthy financial position and the bright business outlook the Company, your Directors are happy to recommend that sum of Rs.3,00,56,400.00 be capitalised from the general reserve by the issue of bonus shares in the ratio of one bonus share for one existing equity share. This will strengthen the capital base of the Company by bringing in more in line with the increasing business volume.

EXPANSION PROJECT

The Company proposes to expand its present ship repair capacity, which is limited to ships upto 4000 DWT, by setting tip a modern ship repair facility comprising of a ship lift system, to cater to the size of ships upto 10000 DWT alongwith special ship repair equipments, services and allied facilities for comprehensive dry docking and repair or ships. The ship lift system would be introduced for the first time in India by the Company, because of cost effectiveness and site friendliness of such system over the prevailing systems. The systems would be having the intrinsic advantage of catering to multiple ships at a time, which is equivalent to setting up at a time multiple dry docks or floating docks. This plan will allow expansion of further parking bays in future at a considerably lower cost thus increasing its versatility.

DIRECTORS:

Mr. Bashirali A Asaria retire by rotation and is eligible for reappointment. Cmde Milan K.Mukerjee was appointed as Additional Director in the Board Meeting held on 15.10.94. He is holding his position as director of the Company upto the date of this Annual General Meeting. The Company has received notice under Section 257 of the companies Act, 1956 alongwith a fee of rupees five hundred proposing his candidature for the appointment of Director.

FIXED DEPOSIT:

The Company has not accepted any fixed deposit during the period under review therefore no unclaimed deposit are outstanding as on 31st March 1995. 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 company is not a manufacturing company. However there is no foreign currency earning as on the date of the Balance Sheet. The foreign currency out go was Rs. 1,02,28,000.00 during the previous financial year.