AFFLUENCE

CIN: L51900MH1980PLC023008

DIRECTOR’S REPORT

To

The Members

The Directors of KANUMANEK TRADING COMPANY LIMITED take pleasure in presenting the 34th Annual Report on the business and operations of the company, together with the audited accounts for the year ended March 31, 2014.

                                                                                                                           Amount in Rs.

Performance Review 2013-14

During the year under review, the Company has incurred a net loss of Rs.4,38,603/- after providing for depreciation as against net loss of Rs. 1,98,974/- for the previous year. 

Dividend

In view of the losses incurred, your Directors regret their inability to declare any dividend.

Fixed Deposits

During the year under review, the company has neither accepted nor renewed any fixed deposits within the meaning of Section 58A of the Companies Act, 1956 and rules made thereunder.

Subsidiary Company

Statement pursuant to Section 212 of the Companies Act, 1956, together with the audited financial statements for the year ended March 31, 2014 and the Reports of the Directors and Auditors thereon of Company’s Subsidiary viz.

Laadki Trading and Investments Limited, included in the Annual Report, forms a part of this report.

Consolidated Financial Statements

In accordance with the requirements of Accounting Standards AS 21 read with AS 27 prescribed by the Institute of Chartered Accountants of India, the Consolidated Accounts of the company and its Subsidiary are annexed in this Annual Report

In view of general exemption granted by the Ministry of Corporate Affairs under Section 212(8) of the Companies Act, 1956 vide its General Circular No.2/2011 dated 8th February 2011, companies are exempted from the provisions of section 212 of the Companies Act 1956 subject to fulfillment of conditions therein.

Accordingly, the Board has passed required resolution in respect thereof for not attaching the Balance sheet of the following subsidiary company:

§  Laadki Trading and Investments Limited

Hence, in this annual report, the audited financial statements (standalone and consolidated) prepared in compliance with the applicable Accounting Standards, have been attached and no individual Balance sheet or other information of subsidiaries is attached or disclosed except to the extent of the information as required to be disclosed under the condition (iv) of the Circular No.2/2011 dated 8th February 2011.

The Company undertakes that the Annual Accounts of the subsidiary Companies and the related detailed information will be made available to any member of the Company who may be interested in obtaining the same. The Annual Accounts of the subsidiary companies will also be kept open for inspection during business hours at the registered office of the Company.

Auditors

M/s. Kalyaniwala & Mistry, the Statutory Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for re-appointment. The retiring Auditors have furnished a certificate of their eligibility for re-appointment under Section 139 of the Companies Act, 2013 and have indicated their willingness to continue in the said office.   Auditors’ Comments

Observations, if any, made by the Auditors in their Report read with relevant notes as given in the Notes on Accounts annexed to the Accounts, are self explanatory and therefore do not call for any further comments under Section 217 (3) of the Companies Act, 1956.

 Directors

In accordance with the provisions of the Companies Act, 2013 and the
Articles of Association of the Company, Mr. Khushru J. Vesuna, Director (DIN:00061478) of the Company, shall retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. The Board of Directors recommends her re-appointment.

Directors’ Responsibility Statement

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that:

 The applicable standards have been followed in the preparation of the annual accounts and there are no material departure;

 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 as at March 31, 2014 and the loss of the company for the year ended on that date.

 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

 The Directors have prepared the Annual Accounts of the Company on a going concern basis.

 
Particulars as per section 217(2A) of The Companies Act, 1956     

Information as per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975: None of the employees of your Company was in receipt of remuneration in excess of the limits prescribed in the Companies (particulars of employees) Rules, 1975 during the year and accordingly above Rules is not applicable.

Conservation of Energy, Research & Development, Technology absorption, Foreign exchange Earnings and Outgo.

 Information as regard to a) Conservation of Energy b) and technology absorption is not applicable to our company.

Secretarial Compliance Certificate

The Secretarial Compliance Certificate issued by a practicing Company Secretary pursuant to Section 383A of the Companies Act 1956 read with Rule 3 of Companies (Compliance Certificate) Rule, 2001 is annexed to this Report.

Acknowledgements

The Directors place on record its deep appreciation for the dedicated services of the executives and staff at all levels of the Company. Grateful thanks are also due to Company’s Bankers, Statutory Authorities, its patrons and all organizations connected with the Company. Shareholders appreciation of the managements efforts at the General Meetings of the Company and otherwise, is a great fillip to strive for better performance year after year.                                              

   For and on behalf of the Board of Directors

Place: Mumbai                                            

Date: 24th June, 2014                               Mr. R. Vaidyanathan    Mrs. Jyoti B. Sheth                                                                               Directo

Information as regard to a) Conservation of Energy b) and technology absorption is not applicable to our company.

Information as per Section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975: None of the employees of your Company was in receipt of remuneration in excess of the limits prescribed in the Companies (particulars of employees) Rules, 1975 during the year and accordingly above Rules is not applicable.

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Directors to the best of their knowledge and belief confirm that: • The applicable standards have been followed in the preparation of the annual accounts and there are no material departure; • 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 as at March 31, 2014 and the loss of the company for the year ended on that date. • 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 • The Directors have prepared the Annual Accounts of the Company on a going concern basis.