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Blue Blends (India) Ltd.

BSE: 502761 | NSE: BLUEBLENDS |

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Series: BE | ISIN: INE113O01014 | SECTOR: Textiles - Processing

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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 17, 15:32
0.65 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
1,832
10-Day
1,510
30-Day
2,343
5,467
  • Prev. Close

    0.65

  • Open Price

    0.70

  • 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

Report on the Financial Statements We have audited the accompanying Financial Statements of BLUE BLENDS (INDIA) LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2014, the Statement of Profit & Loss and the Cash Flow Statement for the year then ended and a Summary of Significant Accounting Policies and other Explanatory Information. Management''s Responsibility for the Financial Statements Management is responsible for the preparation of these Financial Statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the Accounting Principles generally accepted in India including Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956 (the Act). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the Financial Statements that give a true and fair view and free from material misstatement, whether due to fraud or error. Auditors'' Responsibility Our responsibility is to express an opinion on these Financial Statements based on our Audit. We conducted our Audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Financial Statements are free from material misstatements. An Audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the Auditor''s judgment, including the assessment of the risk of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the Auditor considers internal control relevant to the Company''s preparation and fair presentation of the Financial Statements in order to design audit procedures that are appropriate in the circumstances. An Audit also includes evaluating the appropriateness of Accounting Policies used and the reasonableness of the Accounting estimates made by Management, as well as evaluating the overall presentation of the Financial Statements. We believe that the Audit evidence we have obtained is sufficient and appropriate to provide a basis for our Audit opinion. Opinion In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Financial Statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the Accounting Principles generally accepted in India: (a) In the case of the Balance Sheet, of the state of Affairs of the Company as at March 31, 2014; (b) In the case of the Statement of Profit & Loss, of the profit for the year ended on that date; and (c) In the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 1. As required by the Companies (Auditor''s Report) Order, 2003 (the Order) issued by the Central Government of India in terms of Section 227 (4A) of the Act, we give in the Annexure, a Statement on the matters specified in paragraphs 4 and 5 of the Order. 2. As required by Section 227(3) of the Act, we report that: (a) 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. (b) 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 those books. (c) The Balance Sheet, the Statement of Profit & Loss and the Cash Flows Statement dealt with by this Report are in agreement with the books of Account. (d) In our opinion, the Balance Sheet, the Statement of Profit & Loss, and the Cash Flow Statement comply with the Accounting Standards referred to in section 211(3C) of the Act. (e) On the basis of the written representations received from the Directors as on March 31, 2014, taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2014, from being appointed as a Director in terms of Section 274(1)(g) of the Act. Annexure to Independent Auditors'' Report Referred to in Paragraph 1 under the head of Report on Other Legal and Regulatory Requirements of our report of even date. (i) In respect of its fixed assets: (a) The Company has maintained proper records showing full Particulars details including quantitative details and situation of fixed assets on the basis of information available. (b) As explained to us, the management during the year has physically verified the fixed assets in a phased periodical 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 its fixed assets during the year except sale of leasehold land of its closed manufacturing unit situated at Panoli and the going concern status of the Company are not affected. (ii) In respect of its inventories: (a) As explained to us, the management has physically verified inventories during the year. In our opinion the frequency of verification is reasonable. (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 was no material discrepancies noticed on physical verification as compared to the book records. (iii) In respect of the 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 given any loans/advances to three such parties during the year. In respect of loans/advances given to such parties, the maximum amount outstanding at any time during the year was Rs. 3313.61 lacs and the year-end balance is Rs.1514.27 lacs. 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 of the loans/advances given by the Company are prima facie not prejudicial to the interest of the Company. c) The principal amounts are repayable on demand and the loans/advances given are interest free. d) In respect of the said loans/advances and interest thereon, there are no overdue amounts. e) The Company has taken loan from three such parties during the year and in respect of loans taken from such parties, the maximum amount payable at any time during the year was Rs.304.62 lakhs and the year end balance is Rs. 225.26 lakhs. f) In our opinion, and according to the information and explanations given to us, the rate of interest and other terms and conditions were not prejudicial to the interest of the Company. g) The principal amount of the loan was repayable on demand and interest, if any, was also payable on demand. (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 explanations given to us, no undisputed amounts payable in respect of the aforesaid dues were outstanding as at 31st March, 2014 for a period of more than six months from the date of becoming payable. (b) According the information and explanations given to us there are no disputed dues in respect of Sales Tax, Income Tax, Wealth Tax, Service Tax and Excise & Custom Duty except following:- 1. Central Excise Duty of RS.5.25 lacs for financial years 2001-02 and 2002-03. Company is in appeal before Central Excise and Service Tax Appellate Tribunal, Ahmedabad. 2. Value Added Tax of Rs.11.69 lacs for financial years 2007-08 and 2008-09. Company is in appeal before Sales Tax Appellate Tribunal, Ahmedabad. (x) The Company has accumulated losses of Rs. 4030.93 lacs at the end of the Current Year (Previous Year Rs. 4563.35 lacs). It did not incur any cash loss during the current year under report as well as in the immediately preceding previous year. (xi) According to the explanations and information given to us, the Company does not have any outstanding amount payable to any bank or financial institution. (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, clause 4(xiii) of the Companies (Auditor''s 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. All shares, debentures and other investments have been held by the Company in its own name. (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 term loans raised by the Company have been applied by the Company for the purpose for which such loans were obtained. (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 not used the funds raised on short term basis for long term investment. (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 has issued 16% Non Convertible Debentures during the year which have been fully secured and as per information and explanation provided to us, creation of charge for the same is in progress. (xx) The Company has not raised any money by way public issue during the year. (xxi) In our opinion and according to the information and 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 (Registration No.110631W) P.C.Surana Partner M.No. 17136 Place: Mumbai. Date : 28th April, 2014