Kiev Finance Ltd. के निदेशक की रिपोर्ट

Mar 31, 2008

The Directors have pleasure in presenting the 25th Annual Report and Audited Accounts of the Company for the year ended on 31st March, 2008.

FINANCIAL RESULTS:

PARTICUALRS (Amount in Rs.)

Current Yr. Previous Yr.

Profit/(Loss) before taxation (26,121) (25,046)

Less: Provision for taxation 0 0

Profit/(Loss) after taxation (26,121) (25,046)

Add: Balance brought forward (133,357,019) (133,331,973)

Balance carried to Balance Sheet (133,383,140) (133,357,019)

OPERATIONS:

As no business activity has been undertaken by the company during the year under review ,tne accumulated losses mounted up to Rs.133,383,140 without providing for depreciations, provisions write-offs etc , .The Company is f.cing liquidity problems for the last several years due to non-recovery of its lease rent and other dues . An intensive effort for recoveries from debtors continued to be the principle focus of the Company and despite of the difficulties faced in collection, the directors are confident to make recoveries from several of its debtors in the upcoming years. The Company has been continuing to review its existing line business and planned to start new line of business in the forthcoming year.

DIVIDEND:

In view of the accumulated losses, your directors do not recommend any dividend during the financial year ended on 31th March, 2008

FIXED DEPOSITS:

The Company has not invited / accepted / renewed any deposit from the public / investors u/s 58A of the Companies Act and rules made their under during the year and also under guidelines issued by RBI. Your Company will continue to make its best efforts to repay the outstanding fixed deposits.

DIRECTORS:

Mr.A. Singh retires by rotation and being eligible, offer himself for re-appointment at the ensuing Annual General 1 meeting. Mr. S.N. Sana ceased to be Director under section 283(1) (g) of the Companies Act, 1956.

AUDITOR:

M/s. S.R.Ghedia & Associates, Chartered Accountants, Mumbai hold office up to the conclusion of the ensuing Annual General Meeting and being eligible have offered themselves for re-appointment.

AUDITORS COMMENTS. OBSERVATIONS AND QUALIFICATIONS: The Auditors Comments, Observations and Qualifications of the Accounts are self-explanatory.

CORPORATE GOVERNANCE:

A detailed Compliance Note on Corporate Governance as required under the Provisions in the Listing Agreement on the Stock Exchanges together with the Certificate of Statutory Auditors thereon is attached to this Report

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis is not given separately as the Company has not been carrying any business properly since June 1997 and the Directors Report give sufficient details about the present status of the Company.

KiEV FINANCE LIMITED

PARTiCULAR OF EMPLOYEES:

The provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (Particulars of Employees) Rule 1975 are not applicable to the company, since there is no employee.

DIRECTORS RESPONSIBILITY: (As per Section 217(2AA) of the Companies Act. 1956)

The Directors confirm that:

a) In the preparation of the Annual Accounts, the applicable accounting standards have been followed;

b) The directors have selected such accounting policies and applied them consistently and made judgments and estimates that are 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 and of the profit of the company for that period;

c) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act ,1956 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.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING OUTGO:

The company being a financial & consultancy services company has no industrial activities and the requirement of the Section 217 (1) (e) of the Act for reporting on steps taken to conserve energy, or technology absorption are not applicable to it.

Your company had no foreign exchange earnings and no out go during the period under review.

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 in greater measure in future.

By Order of the Board

For Kiev Finance Limited

place:Kolata

Date : 21st August, 2008 Director