AFFLUENCE

Financial Results:

The financial performance of the Company for the financial year ended March 31, 2014 is summarized below:

 (Amount Rs. in Lakh)

Operational Review:

The Company’s Hamley’s stores provide widest selection of toys for girls and boys, including global brands from companies such as Mattel and Funskool. The spacious Hamley’s stores provide delightful shopping experience, entertainment and fun, to kids and adults alike.

During the year under review the company opened 5 more stores for Hamley’s and currently, the Company operates 11 Hamley’s stores.

During the year, the Company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended. Hence, no information is required to be appended to this report in this regard.

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:

ii.    Foreign Exchange Earnings and Outgo:

Foreign Exchange Earned           - Nil

Foreign Exchange Used              - Rs. 1247.34 lakh

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:

i. Part A and B of the Rules, pertaining to conservation of energy and technology absorption, are not applicable to the Company.

Directors’ Responsibility Statement:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors’ Responsibility Statement, it is hereby confirmed that:

(i)         in the preparation of the accounts for the year ended March 31, 2014,  the applicable accounting standards have been followed and there is no material departure from the same;

(ii)        the Directors have selected such accounting policies and applied them consistently and 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 at the end of the year and of the loss of the Company for the year under review;

(iii)       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; and

 (iv)      the Directors have prepared the accounts for the year ended March 31, 2014 on a ‘going concern’ basis.

Your Directors have not recommended any dividend on Equity Shares for the year under review.

Dear Members,

Your Directors present the Seventh Annual Report and the audited accounts for the year ended March 31, 2014.

Financial Results:

The financial performance of the Company for the financial year ended March 31, 2014 is summarized below:

 (Amount Rs. in Lakh)

Operational Review:

The Company’s Hamley’s stores provide widest selection of toys for girls and boys, including global brands from companies such as Mattel and Funskool. The spacious Hamley’s stores provide delightful shopping experience, entertainment and fun, to kids and adults alike.

During the year under review the company opened 5 more stores for Hamley’s and currently, the Company operates 11 Hamley’s stores.

Dividend:

Your Directors have not recommended any dividend on Equity Shares for the year under review.

Directors:

Shri Darshan Mehta retires by rotation and being eligible, offers himself for reappointment at the ensuing Annual General Meeting.

Directors’ Responsibility Statement:

Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956 with respect to Directors’ Responsibility Statement, it is hereby confirmed that:

(i)         in the preparation of the accounts for the year ended March 31, 2014,  the applicable accounting standards have been followed and there is no material departure from the same;

(ii)        the Directors have selected such accounting policies and applied them consistently and 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 at the end of the year and of the loss of the Company for the year under review;

(iii)       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; and

 (iv)      the Directors have prepared the accounts for the year ended March 31, 2014 on a ‘going concern’ basis.

Auditors:

Messrs Chaturvedi & Shah, Chartered Accountants, Auditors hold office until the conclusion of the ensuing Annual General Meeting of the Company and are eligible for re appointment.

The Company has received a letter from them to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re-appointment.

Particulars of Employees:

During the year, the Company has not paid any remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975, as amended. Hence, no information is required to be appended to this report in this regard.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo:

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:

i.      Part A and B of the Rules, pertaining to conservation of energy and technology absorption, are not applicable to the Company.

ii.  Foreign Exchange Earnings and Outgo:

Foreign Exchange Earned           - Nil

Foreign Exchange Used              - Rs. 1247.34 lakh

Acknowledgement:

Your Directors would like to express their grateful appreciation for assistance and cooperation received from its Holding Company, Banks, Government Authorities, Customers, Vendors and Employees during the year under review.

Directors:

Shri Darshan Mehta retires by rotation and being eligible, offers himself for reappointment at the ensuing Annual General Meeting.

Auditors:

Messrs Chaturvedi & Shah, Chartered Accountants, Auditors hold office until the conclusion of the ensuing Annual General Meeting of the Company and are eligible for re appointment.

The Company has received a letter from them to the effect that their re-appointment, if made, would be within the prescribed limits under Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified for re-appointment.

Acknowledgement:

Your Directors would like to express their grateful appreciation for assistance and cooperation received from its Holding Company, Banks, Government Authorities, Customers, Vendors and Employees during the year under review.

The particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosures of Particulars in the Report of Board of Directors) Rules, 1988, are as under:

i. Part A and B of the Rules, pertaining to conservation of energy and technology absorption, are not applicable to the Company.