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Notes to Accounts of BLB Ltd.

Mar 31, 2015

1) During the year, the Deferred Tax Asset has been reversed as the benefit of set-off of business losses lapsed due to expiry of time limit available as per the provisions of the Income Tax Act, 1961. Since the credit of Deferred Tax Asset was accumulated with Retained Earnings as such the same has been reversed there-from. [Refer Note No. 12(i)]

2) Additional Information:

(i) No provision for diminution in the value of investments to the extent of Rs. 416.23 Lacs (Previous year - Rs. 435.63 Lacs) has been made as the same is considered to be temporary in nature. [Refer Note No. 2(j)(ii)]

(ii) The trading in shares of Midvalley Entertainment Limited has been suspended by the BSE Limited since 10/07/2012 due to some penal reasons. The market value of the said shares have been adopted on the basis of last available market quotation.

Additional Information :

i) Rs. 876.90 Lacs given to The Calcutta Stock Exchange Association Limited to tide over the payment crisis, which erupted in March 2001. A suit for recovery is pending with the Hon'ble Delhi High Court and the management is confident of recovery thereof (Previous year: Rs. 876.90 Lacs).

ii) Rs. 7.35 Lacs due from various parties are under arbitration proceedings and the management is confident of recovery thereof (Previous year: Rs. 7.35 Lacs).

3) CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):

PARTICULARS 2014-15 2013-14 Rs. in Lacs Rs. in Lacs a) Contingent liabilities

i) Claims not acknowledged by the company

Reliefs granted by various 1267.54 1267.54 appellate authorities but not accepted by the income tax authorities in various cases involving Income tax liabilities

Stamp duty levied by State 104.80 104.80 Govt. of Delhi*

Service Tax on legal services 4.82 2.74 of Advocates or Advocate firms under Reverse Charge.

ii) Guarantees

Outstanding guarantees to various 2410.00 1210.00 banks, in respect of the guarantees given by those banks in favour of stock exchanges and others

Counter Guarantees given by 8115.00 6,600.00 the company jointly with its Director(s) to the banks on behalf of its Subsidiaries.

b) Capital Commitments (net of advances) Estimated amount of contracts 939.08 2,091.59 remaining to be executed on capital account

* The State Government of Delhi has levied stamp duty through Indian Stamp (Delhi Amendment) Act, 2010 w.e.f 01/06/2010 on securities business carried by the company on proprietary basis. The constitutional validity of the said levy is under challenge in Delhi High Court through a writ petition filled by an association of brokers wherein the company is a member and the matter is subjudice. The liability on account of levy of stamp duty for the period 01/06/2010 to 30/09/2013 works out to Rs. 104.80 Lacs (without interest) for which no provision has been made.

4) SEGMENT ACCOUNTING

The Company is primarily engaged in a single business segment of dealing in shares, securities and derivatives. All the activities of the Company revolve around the main business. As such there are no separate reportable segments as per Accounting Standard - 17 "Segment Reporting" notified by the Central Government under the Companies (Accounting Standard) Rules 2006.

5) OPERATING LEASES

Since the existing operating lease entered into by the company is cancelable on serving a notice of one to three months, as such there is no information required to be furnished as per AS-19.

6) RELATED PARTY DISCLOSURE

I) List of Related Parties

a) Key Management Personnel & Relatives

1) Sh. Brij Rattan Bagri (Chairman), Relatives: Smt. Malati Bagri (Wife)*, Ms. Nanditaa Bagri (Daughter), Sh. Siddharth Bagri (Son)*

2) Sh. Vikram Rathi (Executive Director)

3) Sh. Satish Kumar Sharma (Executive Director Upto 13/08/2014)

4) Sh. Vikash Rawal (Chief Financial Officer)

5) Ms. Arpita Banerjee (Company Secretary)

b) Wholly Owned Subsidiary Enterprises

1) Sri Chaturbhuj Properties Limited*

2) BLB Commodities Limited

3) Sri Sharadamba Properties Limited

4) BLB Global Business Limited

Wholly Owned Subsidiaries of BLB Global Business Limited *

i) BLB Singapore Ventures Pte Ltd, Singapore. (under the Process of winding up)

c) Enterprise where principal shareholder has control of significant influence (significant interest entities)

1) Manu Properties Pvt. Limited*

* During the year, the Company did not enter into any transaction with such parties.

7) Legal and Professional charges include Rs. 211,000/- paid as professional fees for income tax matters to an Independent Director of the Company. (Previous year : Rs. 171,500/-)

8) The Company has not received any intimation from 'Suppliers' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

38) In the opinion of the Board of Directors, the aggregate value of Current Assets, Loans and Advances on realization, in the ordinary course of business, will not be less than the amount at which these are stated in the Balance Sheet.

9) Previous year's figures have been regrouped and/ or rearranged wherever necessary to conform to this year's classification.


Mar 31, 2014

1. CORPORATE INFORMATION

BLB Limited is a Public Company duly incorporated under the provisions of the Companies Act, 1956. The shares of the company are listed at NSE and BSE. The Company is a corporate member of NSE, BSE and MCX-SX and is primarily engaged in the business of trading in shares & securities.

2. CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):

PARTICULARS 2013-14 2012-13 Rs. in Lacs Rs. in Lacs

a) Contingent liabilities

i) Claims not acknowledged by the company

Disputed Income Tax liabilities - 6.06

Stamp duty levied by State Govt. of Delhi* 104.80 91.77

Service Tax on legal services of advocates 2.74 1.77 or Advocate firms under on Reverse Charge.

ii) Guarantees

Outstanding guarantees to various banks, in respect 1210.00 860.00 of the guarantees given by those banks in favour of stock exchanges and others

Counter Guarantees given by company jointly with two of 6,600.00 6,400.00 its Directors to the banks on behalf of its Subsidiaries

b) Capital Commitments (net of advances)

Estimated amount of contracts remaining to 2,091.59 2,717.38 be executed on capital account

* The State Government of Delhi has levied stamp duty through Indian Stamp (Delhi Amendment) Act, 2010 w.e.f 01/06/2010 on securities business carried by the company on proprietary basis. During that year, the constitutional validity of the said levy has been challenged in Delhi High court through a writ petition filled by an association of brokers wherein the company is a member and the matter is subjudice.

3. SEGMENT ACCOUNTING

The Company is primarily engaged in a single business segment of dealing in shares, securities and derivatives. All the activities of the Company revolve around the main business. As such there are no separate reportable segments as per Accounting Standard - 17 "Segment Reporting" notified by the Central Government under the Companies (Accounting Standard) Rules 2006.

4. OPERATING LEASES

Since the existing operating lease entered into by the company is cancelable on serving a notice of one to three months, as such there is no information required to be furnished as per AS-19.

5. RELATED PARTY DISCLOSURE I) List of Related Parties

a) Key Management Personnel & Relatives

1) Sh. Brij Rattan Bagri (Chairman), Relatives: Smt. Malati Bagri (Wife), Ms. Nanditaa Bagri (Daughter), Sh. Siddharth Bagri (Son)

2) Sh. Vikram Rathi (Executive Director)

3) Sh. Satish Kumar Sharma (Executive Director) Relative: Sh. Arun Kumar Sharma (Brother)*, Sh. D.K. Sharma (Brother)

b) Wholly Owned Subsidiary Enterprises

1) BLB Institute of Financial Markets Limited (Amalgamated with BLB Global Business Limited)

2) Sri Chaturbhuj Properties Limited*

3) BLB Commodities Limited

4) Sri Shardamba Properties Limited

5) BLB Global Business Limited

Wholly Owned Subsidiaries of BLB Global Business Limited (India)*

i) BLB Business Ventures DMCC, Dubai (wound up during the year) ii) BLB Singapore Ventures Pte Ltd, Singapore.

c) Associate Enterprises

1) Manu Properties Pvt. Limited* * During the year, the company did not enter into any transaction with such parties.

6. Legal and Professional charges include Rs. 171,500/- paid as professional fees for income tax matters to an Independent Director of the Company. (Previous year : Rs. 296,500/-)

7. The Company has not received any intimation from ''Suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

8. In the opinion of the Board of Directors, the aggregate value of Current Assets, Loans and Advances on realization, in the ordinary course of business, will not be less than the amount at which these are stated in the Balance Sheet.

9. Previous year''s figures have been regrouped and/ or rearranged wherever necessary to conform to this year''s classification.


Mar 31, 2013

1. CORPORATE INFORMATION

BLB Limited is a Public Company duly incorporated under the provisions of the Companies Act, 1956. The shares of the company are listed at NSE and BSE. The Company is a corporate member of NSE, BSE, MCX-SX and USE and is primarily engaged in the business of trading in shares & securities.

2. SEGMENT ACCOUNTING

The Company is primarily engaged in a single business segment of dealing in shares, securities and derivatives. All the activities of the Company revolve around the main business. As such there are no separate reportable segments as per Accounting Standard - 17 "Segment Reporting" notified by the Central Government under the Companies (Accounting Standard) Rules 2006.

3. OPERATING LEASES

Since the existing operating lease entered into by the company is cancelable on serving a notice of one to three months, as such there is no information required to be furnished as per AS-19.

4. RELATED PARTY DISCLOSURE I) List of Related Parties

a) Key Management Personnel & Relatives

1) Sh. Brij Rattan Bagri (Chairman), Relatives: Smt. Malti Bagri (Wife), Ms. Nanditaa Bagri (Daughter), Sh. Siddharth Bagri (Son)

2) Sh. Vikram Rathi (Executive Director)

3) Sh. Satish Kumar Sharma (Executive Director) Relatives: Sh. D.K. Sharma (Brother)*, Sh. Arun Kumar Sharma (Brother).

b) Wholly Owned Subsidiary Enterprises

1) BLB Global Business Limited (Mauritius)*

2) BLB Institute of Financial Markets Limited

3) Sri Chaturbhuj Properties Limited

4) BLB Commodities Limited

5) Sri Shardamba Properties Limited

6) BLB Global Business Limited (India)

7) Wholly Owned Subsidiaries of BLB Global Business Limited (India)*

i) BLB Business Ventures DMCC, Dubai

ii) BLB Singapore Ventures Pte Ltd, Singapore.

c) Associate Enterprises

1) Manu Properties Pvt. Limited* *During the year, the company did not enter into any transaction with such parties.

5. Legal and Professional charges include Rs. 296,500/- paid for income tax matters to a non executive director of the Company. (Previous year : Rs. 446,000/-)

6. The Company has not received any intimation from ''Suppliers'' regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosures, if any, relating to amounts unpaid as at the year end together with interest paid / payable as required under the said Act have not been given.

7. During the year, in line with the AS 30, 31 and 32 which are presently recommendatory in nature, the Company has measured / valued the derivatives at fair value and the corresponding mark to market margin for such instruments has been debited / credited to the statement of profit and loss account. Earlier for the hedged items the Company used to value the Stock in Trade at lower of cost or market value and the negative impact of Mark to Market margin in case of increase in the value of stock in trade was reversed from the Statement of Profit and Loss. In respect of un-hedged items, the net gain/loss was accounted for in the Statement of Profit and Loss on the basis of recommendations given by ICAI. The Management believes that such change will result in better presentation of the financial statements in line with global practices. The profit for the financial year under consideration has been increased by Rs. 2.76 Lacs on account of change in the method of valuation of stock in trade and treatment of negative Mark to Market margin for the hedged instruments.

8. In the opinion of the Board of Directors, the aggregate value of Current Assets, Loans and Advances on realization, in the ordinary course of business, will not be less than the amount at which these are stated in the Balance Sheet.

9. Previous year''s figures have been regrouped and/ or rearranged wherever necessary to conform to this year''s classification.

 
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