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Touchwood Entertainment Ltd.

BSE: 535037 Sector: Others
NSE: TOUCHWOOD ISIN Code: INE486Y01013
BSE 05:30 | 01 Jan Touchwood Entertainment Ltd
NSE 00:00 | 22 Mar 68.30 -3.55
(-4.94%)
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Touchwood Entertainment Ltd. (TOUCHWOOD) - Director Report

Company director report

To

The Members

Your Directors have pleasure in presenting the 20th Annual Report of your company alongwith the Audited Financial Statements for the Financial Year ended on 31st March 2U17.Further in compliance with the Companies Act 2013 the company has made all requisitedisclosures in the Board Report with the objective of accountability and transparency inits operations and to make you aware about its performance and future perspective.

1. FINANCIAL SUMMARY/PERFORMANCE OF THE COMPANY (STANDALONE)

The Company's financial performance for the year under review along with previousyear's figures are given hereunder: Amount in Rupees

Particular For the financial year ended 31st March2017 For the financial year ended 31st March 2016
Amount in Rs. Amount in Rs.
Net Profit / (Loss) Before Tax 16000728 2261708
Current Tax 5515168 1994839
Deferred Income Tax -337825 0
Profit / (Loss) after Tax 10147735 266869
Profit / (Loss) brought forward 10147735 266869
Balance Carried over to Balance Sheet 10147735 266869

The company does not have any subsidiary; therefore the provisions of section 129 ofThe Companies Act 2013 relating to consolidation of financial statements are notapplicable to the company.

2. AMOUNTS TRANSFERRED TO RESERVES

The Board of Directors propose to transfer Rs. 10147735.11 into General Reserves andSurplus.

3. DIVIDEND

In view of more need of funds for tire business of the company the Directors of yourCompany regret their inability to recommend any dividend for the Financial Year 2016-2017.

4. INFORMATION ON STATE OF THE COMPANY AFFAIRS

Your company is engaged in Event Management Services in and outside Delhi. TurnoverDuring the current financial year was Rs. 13.02Crores as compared to Rs. 1229Crores inthe preceding financial year showing a growth as compared with preceding financial year.The management of the company is making its sincere efforts to increase the volume ofbusiness in their best efficient manne

5. CHANGE IN THE NATURE OF BUSINESS

There is no change in the nature of business of the company during the Financial Year2016-17 as compared to the immediately preceding previous year.

6. MATERIAL CHANGES AND COMMITMENTS IF ANY AFFECTING THE FINANCIAT POSITION OF THECOMPANY WHICH HAVE OCCURRED BETWEEN THE END OF

S™1:AL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATEOF TITE REPORT.

The Company has shifted its Registered Office from B-3/97 Lower Ground FloorSafdaiiung Enclave New Delhi to 11A 2nd & 3rd Floor ArunaAsaf Ali Marg Opposite FortisHospital Vasant Kunj New Delhi 110070 and no other material changes held during the year.

7. DETAILS OF SUBSIDIARY/JOINT VENTURRfASSOCIATE COMPANIES

There are no subsidiary associate or joint venture companies.

8. FIXED DEPOSIT

The company has not accepted any Fixed Deposit during the year.

9. CHANGE IN SHARE CAPITAL DURING THE FINANCIAT. YEAR

There is no change in share capital structure of the Company during the currentfinancial year.

10. NUMBER OF MEETINGS OF THE BOARD

There werelO (Ten) meetingsof the Board of Directors held during the current financialyear.

11. STATEMENT ON DECLARATION BY INDEPENDENT DIRECTORS

The provisions of Section 149 pertaining to appointment of independent director are notapplicable to the company in financial year 2016-17

12. MANEGERIAL REMUNERATION

Provisions of Section 197(14) are not applicable to our company in financial year2016-17. However the Company has paid a sum of Rs. 30Lacs to its 2 Directors as DirectorRemuneration.

13 PARTICULARS OF LOANS GUARANTEES OK INVESTMENTS UNDER SECTION 186

The company has not given any loans or guaranteesduring year and note covered under theprovisions of section 186 of the Companies Act 2013.

14. DETAILS OF DIRECTORS OR KMP WHO WERE APPOINTED OR HAVE RESIGNED DURING THE YEAR.

Anrpad with rule 8 & 8A of The Companies are not applicable to the company infinancial Year 2016-17. There is no KMP in the company except its Directors till31.03.2017. There is no change in Directorship during the year.

15. RE-CLASSIFICATION OF PROMOTERS

On 30.05.2017Anand Singh Rathore and Rajiv Jain promoters of the company has beenre-classified into public and Kanika has become the part of promoter's group with effectfrom 20.02.2017.

16. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES REFFERRED TO IN SUBSECTION 1 OF SECTION 188

Related party transaction whenever took place was entered on arm's length basis and arein ordinary course of business. There are no related party transactions made by thecompany during the year.

17. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There is no order passed by the regulators/courts which would impact the going concernstatus of the company and its future operations.

18. AUDITORS

The Auditors XtyS SAMS AND & Associates Chartered Accountants New Delhiis herebyratified to hold office from conclusion of this meeting till the conclusion of the AnnualGeneral Meeting of 2019. Pursuant to the provisions of section 139 of the Companies Act2013 and the Rules framed there under it is proposed to ratify the appointment of M/SSAMSAND& Associates Chartered Accountants as the statutory auditors of the Companyfor the Financial Years 2017-18 to 2018-19.

19. EXPLANATION OR COMMENTS ON QUALIFICATION RESERVATIONS OR ADVERSE REMARKS INSTATUTORY AUDITORS REPORT AND PRACTICING COMPANY SECRETARY'S REPORT

There is a qualification in statutory audit report of non-payment of statutory dues. Onthe comments in the Auditor's ReportDirectors has given their explanation that theCompany has paid and cleared all the statutory dues with interest. The provisions relatingto submission of Secretarial Report are Not Applicable to the company in Financial year2016-17.

20. DIRECTORS' RESPONSIBILITY STATEMENT

The company has taken the utmost care in its operations compliance transparencyfinancial disclosures and the financial statements have been made to give a true and fairvies of the state of affair of the company. As required under section 134 (5) and134(3)(c) and based upon the detailed representation due diligence and inquiry there ofyour Board of Directors assures and confirm as under:

a In the preparation of the annual accounts for the financial year ended on 31** March2017 the applicable accounting standards have been followed and there are no materialdepartures from the

b ^selected accounting policies were applied consistently and the directors madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affarrs of the company as at 31st March 2017. \

c. Proper and sufficient care has been taken for the maintenance of adequate accountingrecords in accordance with the provisions of the Companies Act 2013 for safeguarding theassets of the company and for preventingand detecting fraud and other irregularities.

d. The annual accounts have been prepared on going concern basis.

e. The internal financial controls have been laid down by the company and suchfinancial controls are adequate and operating effectively.

f. Proper systems had been devised in compliance with tire provision of all theapplicable laws and such systems were adequate and operating effectively.

20. ENERGY CONSERVATION TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNING AND OUTGO

As the Company is engaged in service activities the Clause relating to EnergyConservation and Technology Absorption are not applicable to Company. There was no earningin foreign exchange and no outgo in foreign exchange.

21. EXTRACT OF THE ANNUAL RETURN

The extract of the annual return in Form No MGT-9 in compliance with the requirement ofSection 92(3) Section 134(3) of the Companies Act 2013is annexed with the Board's Report.

22. RISK MANAGEMENT POLICY

The company does not have written Risk Management Policy as the element of riskthreatening the company's existence is very minimal as the company is being managed andclosely supervised by its Directors. The company has not identified any element of riskwhich may threaten the existence of the company.

23. CORPORATE SOCIAL RESPONSIBILITY (CSR) POLICY

Provisions of CSR are not applicable to the company.

24. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (Prevention Prohibition&Redressal Act 2013)

The company has zero tolerance for sexual harassment at workplace and during the yearno complaint was received.

25. STATEMENT IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROL WITH REFERENCE TOTHE FINANCIAL STATEMENTS

The company has an adequate system of internal financial controls with reference to thefinancial statements and also relating to the provision of services which is adequatekeeping in mind the size of business of the company. p

26. FRAUD REPORTING (AS REQUIRED BY COMPANIES AMENDMENT BILL 2014)

There was no fraud disclosed during the current Financial Year.

27. ACKNOWLEDGEMENTS

Your Directors place on record their thanks to the shareholders and also appreciate thevaluable cooperation and continued support received from Company's Bankers.

For Touchwood Entertainment Limited

Singh \ VV)i)ay\Arora
Director - Director
DIN: 00996149 DIN: 00996193
R/o: A-109 Shanti Kunj Behind D-III R/o: A-109. Shanti Kunj. Behind D-III
Vasant Kunj New Delhi 110070 DL Vasant Kunj New Delhi 110070 DL

Place: New Delhi

Dated: 10/08/2017