KALYAN MARINE AND AGRO PRODUCTS LIMITED
ANNUAL REPORT 2002-2003
The Members of
Kalyan Marine & Agro Products Limited,
Your Directors present herewith the 16th Annual Report and the Audited
Accounts of the Company for the year ended 31st March, 2003.
The years operations resulted in a net loss of Rs.29,65,657/-
The company has not accepted any Fixed Deposits from the public within the
meaning of Section 56A of the Companies Act, 1956.
There is no change in the Constitution of the Board of Directors. In terms
of the Articles of Association Mr. T Bhaskara Rao, Director retire by
rotation and being eligible offers himself for reappointment.
The Company is taking steps to diversify the activities of the company into
a fresh water fish farming.
PARTICULARS OF EMPLOYEES:
The information required under Section 217 (2A) of the Companies Act, 1956
is not given as none of the employees was in receipt of the remuneration
prescribed there in.
PARTICULARS OF ENERGY CONSERVATION, FOREIGN EXCHANGE EARNINGS AND OUT GO:
(a) Foreign Exchange Earnings and outgo : Nil
(b) Conservation of energy and technology absorption:
(i) Conservation of energy. Not applicable.
(ii) Technology absorption. Nil
DIRECTORS RESPONSIBILITY STATEMENT PURSUANT TO SECTION 217 (2AA):
The Directors hereby confirm and state that:
1. In the preparation of the annual accounts for the financial year ended
31st March, 2003, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
2. Appropriate accounting policies have been selected and applied them
consistently and have made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of the
company as at 31st March, 2003.
3. Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act for safeguarding the assets of the company and for preventing
and detecting fraud and other irregularities;
4. The annual accounts have been prepared on a going concern basis.
COMPLIANCE WITH CLAUSE 49 OF THE LISTING AGREEMENT:
As the companies business activity as to the aquaculture / prawn culture
has been stopped in line with the supreme courts ban order and coming under
CRZ norms, the compliance with Corporate Governance has been made in a
minimal way. A note on the Corporate Governance is annexed.
M/s. K S S Gangadhar & Co., Chartered Accountants, Hyderabad, the statutory
auditors of the Company retire at the conclusion of the ensuing Annual
General Meeting, and are eligible for reappointment.
Your Directors express their deep sense of gratitude for the co-operation
and support extended by State Bank of Travancore, MPEDA and other
By Order of the Board
T. Bhaskara Rao
Place : Hyderabad J. Sal Tulasi Rao
Date : 28.08.2003 Director