Annual Report 1998-99 ALANG MARINE LIMITED DIRECTORS' REPORT TO THE MEMBERS, Your Directors have great pleasure in submitting 11th Annual Report with Audited Statement or accounts for the year ended 31st March 1999. 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 Your 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. I .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. ACKNOWLEDGMENT Your Directors place on record their appreciation of the support received from Oriental Bank of Commerce and also other Business Associations. For and on behalf of the Board For ALANG MARINE LIMITED Dr. Maheboob R. Asaria (Debashis Bir) Place : Bhavnagar Managing Director Managing Director Date : 15.11. 99 (Finance) (Technical)