KIEV FINANCE LIMITED ANNUAL REPORT 1998-1999 DIRECTORS' REPORT Dear Member, Your Directors have pleasure in presenting the 16th Annual Report and Audited Accounts of the Company for the year ended on 31st March, 1999. DIVIDEND Due to heavy loss, your do not recommend any dividend for the year under review. OPERATIONS 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. FIXED DEPOSITS 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. DIRECTORS Mr.S.N.Saha retire by rotation and is eligible for re-appointment. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO 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 it. There was no foreign exchange outgoing. AUDITORS 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. ACKNOWLEDGMENT 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