KIEV FINANCE LIMITED
ANNUAL REPORT 1998-1999
Your Directors have pleasure in presenting the 16th Annual Report and
Audited Accounts of the Company for the year ended on 31st March, 1999.
Due to heavy loss, your do not recommend any dividend for the year under
During the year under report the total income of the Company decrease to
Rs.8.06 lacs against Rs.15.36 lacs in the previous year. The net of the
company stood ar Rs.310.86 lacs. The company incurred losses due to slack
in economic conditions.
Pursuant to be the Resolution of the board of Director of the Company and
in compliance with the directions of the REserve Bank of India to NBFC's
the company has not invited & renewed any deposit from public and
shareholders during the year.
A scheme for repayment of fixed deposit amount to fixed deposit holders is
being prepared for submission to the Company Law Board, Calcutta under sec.
of Reserve Bank of India Act. The Fixed Deposit holders will be repaid the
amount as per the scheme that may be sanctioned by the Company Law Board.
Mr.S.N.Saha retire by rotation and is eligible for re-appointment.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING
The company being a financial service company has no industrial activities
and the requirement of the Section 217 of the Act for reporting on step
taken to conserve energy, or technology absorption are not applicable to
There was no foreign exchange outgoing.
M/s Sahalot & Company, Chartered Accountants, Bhayandar is appointed as the
Auditor of the company and holds office until the conclusion of this
general meeting and is eligible foe re-appointment. Auditor comments on
accounts are self-explanatory and do not required further comments.
Your Directors are pleased to place on record their sincere appreciation of
the contribution made by all person at various levels. Directors have place
on record their appreciation of support and look forward to the same
greater measure in future.
For & On behalf of of the Board
Place: Calcutta Directors
Date : 1st September, 1999