Moneycontrol
Get App
SENSEX NIFTY
you are here:

Blue Blends (India) Ltd.

BSE: 502761 | NSE: BLUEBLENDS |

Shares falling in the `Trade-to-Trade` or `T-segment` are traded in this series and no intraday is allowed. This means trades can only be settled by accepting or giving the delivery of shares.
Series: BE | ISIN: INE113O01014 | SECTOR: Textiles - Processing

Success
Alert
Please select a Day.
Info

BSE Live

Feb 17, 16:00
0.75 0.03 (4.17%)
Volume
AVERAGE VOLUME
5-Day
2,204
10-Day
6,651
30-Day
3,170
101
  • Prev. Close

    0.72

  • Open Price

    0.72

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 19, 15:33
0.70 0.05 (7.69%)
Volume
AVERAGE VOLUME
5-Day
2,958
10-Day
1,979
30-Day
1,737
4,202
  • Prev. Close

    0.65

  • Open Price

    0.60

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2016 2015 2014 2013 2012 2011 2009 2008 2007

Auditor's Report

We have audited the attached Balance Sheet of M/s. Blue Blends (India) Limited, as at 31th March 2008 and also the Profit & Loss Account and Cash Flow Statement of the Company For the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit, We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amount and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. We report that: - 1. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. 2. In our opinion, proper books of account as required by law have been kept by the Company, so far as appears from our examination of (he books of account. 3. The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account. 4. In our opinion the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the mandatory Accounting Standards referred to in Sub Section 3 C of Section 211 of the Companies Act, 1956. 5. The Company is a Sick Industrial Company within the meaning of clause (o) of sub-section (1) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1965 and it has been declared so by the Honble Board for Industrial and Financial Reconstruction ( BIFR) under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 vide their order dated 29 March,2006. 6. In our opinion and on the basis of the information & explanations given to us and on the basis of (he written representations received from the Directors and taken on record, none of the directors of the Company is disqualified as on 31th March, 2008 from being appointed as a director in terms of clause (g) of sub section (1) of Section 274 of the Companies Act, 1956. 7. Attention is drawn to the Note No. 4 of Schedule- M- Notes to the Accounts regarding non- provision of interest liability of Rs. 1823.84 lakhs. 8. Subject to above, in our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the Significant Accounting policies and other notes thereon, give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view: i) In the case of the Balance Sheet, of the state of affairs of the Company as at 31th March, 2008. ii) In the case of the Profit & Loss Account, of the loss of the Company for the year ended on the date. and iii) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date. 9. As required by the Companies (Auditors Report) Order, 2003, issued by the Central Government of India in terms of Section 227(4A) of the Companies Act, 1956 and on the basis of such checks of books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of audit, we further state on the matters specified in paragraphs 4 and 5 of the said Order that: (i) In respect of its fixed assets: a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. b) As explained to us, the management during the year has physically verified the fixed assets in a phased periodica! manner, which in our opinion is reasonable, having regard to the size of the Company and nature of its assets. No material discrepancies were noticed on such physical verification. c) In our opinion, the Company has not disposed off substantial part of fixed assets during the year and the going concern status of the Company is not affected. (ii) In respect of its inventories: a. As explained to us, the management at regular intervals during the year, has physically verified inventories. b. In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. c. The Company has maintained proper records of inventories. As explained to us, there were no material discrepancies noticed on physical verification as compared to the book records. (iii). In respect of loans, secured or unsecured granted or taken by the Company to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956: a. The Company has neither granted nor taken any loans during the year. b In our opinion and according to the information and explanations given to us, the rate of interest, wherever applicable and other terms and conditions are prima facie not prejudicial to the interest of the Company. c. In respect of loan granted by the Company to three parties, the loans are interest free and are repayable on demand. In respect of loans taken by the Company, the loan is interest free and the principal amount is repayable on demand. d. There is no overdue amount in respect of loans taken by the Company. In respect of loans given by the Company, these are repayable on demand and therefore the question of overdue amounts does not arise. (iv) In our opinion and according to the information and explanation given to us, there are adequate internal control procedures commensurate with the size of the Company and the nature of its business. During the course of our audit, we have not observed any major weaknesses in internal controls. (v) In respect of transactions covered under section 301 of the Companies Act, 1956: a. In our opinion and according to the information given to us, the transactions made in pursuance of contracts or arrangements that needed to be entered into in the register maintained under section 301 of the Companies Act, 1956 have been so entered. b. In our opinion and according to the information and explanations given to us, where such transactions are in excess of Rs, 5 lakhs in respect of any party, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. (vi) The Company has not accepted any deposits from the public (vii) In our opinion the internal audit system of the Company is adequate commensurate with its size and nature of its business. (viii) The Central Government has prescribed maintenance of cost records under section 209(1 )(d) of the Companies Act, 1956 in respect of products of the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion that prima facie the prescribed accounts and records have been made and maintained. However, we have not made any detailed examination of the same. (ix) In respect of statutory dues: a. According to the records of the Company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income Tax, Sales Tax, Wealth Tax, Customs Duty, Excise Duty, Cess and other statutory dues have been generally regularly deposited with the appropriate authorities. According to the information and explanation given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2008 for a period of more than six months from the date of becoming payable. (x). The Company has accumulated losses of Rs. 12026.15 lakhs. The Company has incurred cash loss of Rs. 49.70 lacs during the financial year covered by our audit but there was no cash loss in the immediately preceding financial year. (xi) According to the explanations and information given to us the Company is in default in repayment of dues to certain Financial Institutions and Banks, settlement of which are under negotiation with respective lenders. (xii). In our opinion and according to the information and explanation given to us, no loans and advances have been granted by the Company on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion the Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, clauses 4(xiii) of the Companies (Auditors Report) Order, 2003 is not applicable to the Company. (xiv) The Company has maintained proper records of transactions and contracts in respect of trading in securities, debentures and other investments and timely entries have been made therein. The Company in its own name has held all shares, debentures and other investments. (xv) The Company has given guarantees for loans taken by others from banks or financial institutions. According to the information and explanation given to us, we are of the opinion that the terms and conditions thereof are not prima facie prejudicial to the interest of the Company. (xvi) The Company has not raised any new term loans during the year. The term loans outstanding at the beginning of the year were applied for the purposes for which they were raised. (xvii) According to the information and explanations given to us and on overall examination of the Balance Sheet of the Company, we are of the opinion that the Company has repaid certain Term Loans and acquired some fixed assets out of the sources generated by its business operating activities. (xviii) During the year, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956. (xix) The Company doesnt have any debenture issued during the year under report. (xx) The Company has not raised any money by way of public issue during the year. (xxi) In our opinion and according to the information explanations given to us, no fraud on or by the Company has been noticed or reported during the year that causes the financial statements to be materially misstated. For P.C. Surana & Co. Chartered Accountants Sunil Bohra Partner Place : Mumbai. Membership No: 39761 Dated : 31st July, 2008.