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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 20, 16:00
0.72 -0.03 (-4.00%)
Volume
AVERAGE VOLUME
5-Day
2,184
10-Day
6,641
30-Day
3,167
175
  • Prev. Close

    0.75

  • Open Price

    0.72

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Feb 20, 15:32
0.75 0.05 (7.14%)
Volume
AVERAGE VOLUME
5-Day
2,295
10-Day
1,974
30-Day
1,839
1,000
  • Prev. Close

    0.70

  • 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

1. We have audited the accompanying standalone Financial Statements of BLUE BLENDS (INDIA) LIMITED (the Company), which comprise the Balance Sheet as at March 31,2015, 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 (Standalone) * Financial Statements 2. The management and Board of Directors of the Company are responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (the Act) with respect to the preparation of these standalone 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 the Accounting Standards specified under Section 133 of the Act, read with rule 7 of Companies (Accounts) Rules, 2014. This responsibility includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; design, implementation and maintenance of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. Auditor''s Responsibility 3. Our responsibility is to express an opinion on these standalone financial statements based on our audit. 4. We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under. 5. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. 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. 6. 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 risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation of the financial statements, that give a true and fair view, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Company''s management and Board of Directors, as well as evaluating the overall presentation of thefinancial statements. 7. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements. Opinion 8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone 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 of the state of affairs of the Company as at March 31,2015and its profit and its cash flows for the year ended on that date. Report on Other Legal and Regulatory Requirements 9. As required by the Companies (Auditor''s Report) Order, 2015 (the Order) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, we give in the Annexure a statement on the matters Specified in paragraphs 3 and 4 of the Order. 10. As required by section 143 (3) of the Act,we further report that: a) We have sought and 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, Statement of Profit and Loss, and Cash Flow Statement dealt with by this Report are in agreement with the books of account. d) In our opinion, the aforesaid financial statements comply with the applicable Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules 2014. e) On the basis of written representations received from the directors as on March 31,2015, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31,2015, from being appointed as a director in terms of Section 164(2) of the Act. f) In our opinion and to the best of our information and according to the explanations given to us, we report as under with respect to other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014. i. The Company does not have any pending litigations which would impact its financial position. ii. The Company did not have any long-term contracts including derivative contracts; as such the question of commenting on any material foreseeable losses thereon does not arise. iii. There has not been any occasion in case of the Company during the year under report to transfer any sums to the Investor Education and Protection Fund. The question of delay in transferring such sums does not arise. Annexure referred to in paragraph 9 of Our Report of even date to the Members of BLUE BLENDS (INDIA) LIMITED(the Company) on the accounts of the Company for the year ended 31st March, 2015 On the basis of such checks as we considered appropriate and according to the information and explanations given to us during the course of ouraudit, we reportthat: (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 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. (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 by the Company to companies, firms or other parties covered in the Register maintained under Section 189 of the Companies Act, 2013: a) The principal amounts are repayable on demand and the loans/advances given are interest free. b) In respect of the said loans/advances and interest thereon, there are no overdue amounts. (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 for the purchase of inventory and fixed assests and for the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in such internal control system. (v) The Company has not accepted any deposits from the public covered under Section 73 to 76 of the Companies Act, 2013. (vi) The Central Government has prescribed maintenance of cost records under section 148(1 )of the Companies Act, 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. (vii) In respect of statutory dues: (a) According to the information and explanations given to us and records of the Company, undisputed statutory dues including Provident Fund, Employees'' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and other material statutory dues, as applicable, have been generally deposited regularly with the appropriate authorities. (b) According to the information and explanations given to us there are no disputed dues in respect of Sales Tax, Income Tax, Wealth Tax, Service Tax, Excise & Custom Duty, Value Added Tax or Cess 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. (c) According to the information and explanations given to us, the Company does not have any amount required to be transferred to Investor Education and Protection Fund. The question of reporting delay in transferring such sums does not arise. (viii) The Company has accumulated losses of Rs. 3633.15 lacs at the end of the Current Year (Previous Year Rs. 4030.93 lacs). It did not incur any cash loss during the current year under report as well as in the immediately preceding previous year. (ix) According to the records of the Company examined by us and the information and explanation given to us, the Company has not defaulted in the repayment of dues to any financial instituition or Bank or Debentureholders as at the Balance Sheet Date. (x) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. (xi) The term loans raised by the Company have been applied by the Company forthe purpose for which such loans were obtained. (xii) During the course of our examination of the books and records of the company, carried out in accordance with the auditing standards generally accepted in India, we have neither come across any instance of material fraud on or by the Company, noticed or reported during the course of our audit nor have we been informed of any such instance by the Management. For P. C. SURANA & CO. Chartered Accountants (Registration No. 110631W (P. C. Surana) Place; Mumbai Partner Date: 23rd April, 2015 Membership No. 17136