Home  »  Company  »  Blue Blends (I)  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Blue Blends (India) Ltd.

Mar 31, 2015

Note: (i) In the Financial year 2013-14, the Company issued 12,35,000 Equity Shares of RS. 10/- each at a premium of Rs.65/- on Preferential basis to Edelweiss Asset Reconstruction Company Limited on conversion of their 9,26,250 Optionally Convertible Preference Shares as per Resolution passed at the Annual General Meeting held on 12/08/2013.

(ii) 0.01% 23,00,750 Redeemable Cumulative Non-convertible Preferential Shares of Rs. 100/- each are due for redemption on 30/09/2015 and carry dividend @ 0.01%.

"2.1" 430-16% Secured Non-Convertible Debentures (16% NCDs) of Rs. 10 lacs each issued to Religare Credit Investment Trust are secured by-

I) First and exclusive charge by hypothecation of all the Plant and Machineries situated at Company's manufacturing Unit at Piplej, Ahmedabad and all other current assets of the Company .

ii) Pledge of 51 % of the Equity shares of the Company held by the Promotors and entire equity share capital of Bindal Synthetics Pvt. Ltd. (BSPL) held by the Company

iii) Mortgage of freehold land at Piplej, Ahmedabad owned by its subsidiary Company, BSPL and one of the personal property of the Promotors and

iv) Corporate guarantee by BSPL and personal guarantee of Promotors. Interest on 16% NCDS is payable quarterly @ 16% per annum.16% NCDs are repayable in 16 quarterly installments starting from 31/07/2014. Three instalment due during the year were paid. The outstanding balance as on 31.03.2015 is Rs 37.75 crore.

"2.2" Vehicle Loans of Rs.29.26 lacs {Previous Year Rs.8.44 lakhs) are secured by first charge and hypothication of respective vehicles financed and are repayable in equal monthly installments over a remaining period of two years.

"3" Related party Disclosures

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: Related parties/Nature of Relationship :

Key Managerial Persons

Mr. Anand Ary a

Mr. Suraj Dugar

Mr. S. K.Tambawala

Mr. Kalathoor Parthasarathy

Mr. Pujaram Purohit

Associates

Premier Synthetics Limited

Blue Blends Leasing Private Limited

Agarwal Synthetics

Silvassa Span Yarn Industries

Blue Blends Petrochemicals Limited

Cressida Traders Private Limited

Mahaveer Yams Private Limited

Murbad Syntex Private Limited (upto 18-12-2014)

Entwine Mobisoft Technologies Private Limited

Subsidiary Company (100%)

Bindal Synthetics Private Limited

Disclosure in Respect of Material Related Party Transaction during the year

1. Job Charges Paid includes : Premier Synthetics Ltd. Rs. 1436.30 Lacs ( 2014 - Rs. 1614.23 Lacs)

2. Job Charges Received includes : Premier Synthetics Ltd. Rs. Nit ( 2014 - Rs. 0.46 Lacs)

3. Rent Paid includes : Bindai Synthetics Pvt.Ltd. Rs. 0.78 Lacs ( 2014 - Rs. 0.78 Lacs)

Agarwal Synthetics Rs. 1.20 Lacs ( 2014 - Rs. 1.20 Lacs)

Indu Anand Arya Rs. 1.20 Lacs ( 2014 - Rs. 1.20 Lacs)

4. Rent Received includes : Bindat Synthetics Pvt. Ltd. Rs. Nil ( 2014 - Rs. 0.03 Lacs)

Premier Synthetics Ltd. Rs. Nil ( 2014 - Rs. 0.06 Lacs)

5. Purchases of Goods includes : Premier Synthetics Ltd. Rs. Nil (2014 - Rs. 240.42 Lacs)

Silvassa Span Yarn Industries Rs. 1645.46 Lacs ( 2014 - Rs.1026.26 Lacs )

6. Sale of Finished Goods includes : Silvassa Span Yarn Industries Rs.1841.45Lacs( 2014 - Rs. 1448.09 Lacs )

7. Purchases of Machinery includes : Premier Synthetics Ltd. Rs.492 Lacs ( 2014 - Rs. 5.00 Lacs)

8. Interest Paid includes : Silvassa Span Yarn Industries Rs. 46.09 Lacs ( 2014 - Rs.Nil)

9. Interest Received includes : Premier Synthetics Ltd. Rs. Nil (2014 - Rs. 89.34 Lacs)

Cressida Traders Pvt.Ltd. Rs. Nil ( 2014 - Rs.4.44 Lacs)

10. Remuneration includes : Anand Arya Rs. 24.00 Lacs ( 2014 - Rs.24.00 Lacs)

Suraj Dugar Rs. 1.49 Lacs ( 2014 - Rs. 1.85 Lacs)

Archana Dubey Rs. 3.22 Lacs ( 2014 - Rs. Nil)

11. Investment in Share Purchases includes -

Nil (2014 - Purchase of 86,250 Preference Share of Rs.100/- each in Premier Synthetics Ltd. from Cressida Traders Pvt Ltd.Rs.86.25 Lacs)

Nil (2014 - Purchase of 1,15,700 Preference Share of Rs.100/- each in Premier Synthetics Ltd. from Blue Blends Leasing Pvt. Ltd.Rs.115.70 Lacs) Nil (2014 - Purchase of 68,050 Preference Share of Rs.100/- each in Premier Synthetics Ltd. from Murbad Syntex Pvt. Ltd.Rs.68.05 Lacs)

Nil (2014 - Purchase of 1,95,000 Equity Share of Rsf0/~ each in Bindai Synthetics Pvt. Ltd. from Blue Biends Leasing Pvt. Ltd. Rs.138.45 Lacs)

Nil (2014 - Purchase of 1,82,000 Equity Share of Rs10/- each in Bindai Synthetics Pvt. Ltd. from Cressida Traders Pvt. Ltd. Rs.50.96 Lacs)

Nil (2014 - Purchase of 19000 Equity Share of Rs10/~ each in Bindai Synthetics Pvt. Ltd. from Anandkumar Arya HUF Rs.7.60 Lacs)

Nil (2014 - Allotment of 3,00,000 Equity Share of Rs10/~ each by Bindai Synthetics Pvt. Ltd. for Rs.150.00 Lacs)

4 a) Loans & Advances Receipts Includes :

Blue Blends Leasing Pvt. Ltd. Rs. Nil ( 2014 - Rs. 486.54 Lacs)

Cressida Traders Pvt. Ltd. Rs.4.00 Lacs ( 2014 - Rs.57.15 Lacs)

Bindai Synthetics Pvt. Ltd. Rs. 72.75 Lacs ( 2014 - Rs. 605.21 Lacs)

Premier Synthetics Ltd. Rs. 8.86 Lacs ( 2014 - Receipts Rs. 256.97 Lacs)

Agarwal Synthetics. Rs. 29.16 Lacs ( 2014 - Receipts Rs. Nil) b) Loans & Advances Payments Includes :

Mahaveer Yarns Pvt Ltd. Rs.75.00 Lacs ( 2014 - Receipts Rs. 75.00 Lacs)

5. Deposits Given includes: Premier Synthetics Ltd. Rs. Nil (2014 Rs.700.00 Lacs)

Bindai Synthetics Pvt. Ltd. Rs.Nil (2014 Rs.725.00 Lacs)

"6" Segment Reporting

Textile business is the Company's only business segment .hence the disclosure of segment wise information as required by Accounting Standard (AS) 17 on "Segment Reporting" is not applicable .

"7" Contingent Liabilities and Commitments

i) Guarantees given by the Company's bankers and counter guaranteed by the Company-Rs. 24.47 lakhs (Previous Year Rs. 19.47 lakhs)

ii) Claims against the Company /disputed liabilities not acknowledged as debts as under:

a) Disputed Sales Tax Liabilities under Gujarat Value Added Tax Act, 2003 Rs. 11.69 lakhs (Previous Year Rs. 11.69 lakhs)

The Company has deposited the disputed liabilities of Rs 11.69 lakh (Previous Year Rs.11.69 lakhs) with the Sales Tax Authorities under protest. .

b) Disputed Central Excise Duty Rs.5.25 lakhs (Previous Year Rs. 5.25 lakh)

Disputed amount of Rs. 5.25 lakh (Previous Year Rs. 5.25 lakh) deposited by the Company under protest.

iii) Cumulative Dividends on Preference Shares - Rs. 0.69 lakh (Previous Year Rs. 0.46 lakh).

"8" Figures of the previous year have been regrouped/recast wherever necessary.


Mar 31, 2014

Note-1- Additional Disclosures

1 In the opinion of the Board the Current Assets, Loans & Advances have realizable value in the ordinary course of business at least equal to which they are stated in Balance Sheet.

2 The Outstanding balance of Sundry Creditors, Deposits and Advances are subject to confirmation and reconciliation, if any.

3 The Company is having Deferred Tax Assets due to carry forward losses as per AS-22 but as a matter of prudence has not recognised the same in the accounts under review.

4 The Company has given Loan of Rs.185,26,939/- to its subsidiary company M/s. Blue Blends Stocks and Securities Limited. Recoverability of such loan is doubtful in nature due to capital of subsidiary company which is already eroded.

5 The networth of the subsidiary complany M/s. Blue Blends Stock & Securities Limited is negative. Directors are of the opinion that in the long term full value may be realised. Henbe, no provision has been made for dimunition in the value of investment amounting to Rs. 35,039,400.

6 The Company has given loan to a party of Rs. 13,76,306/-. Since the amount were not refunded! by the said party on time, the company has filed legal case at High Court at Mumbai for recovery] of the said amount. However, Since matter is subjudiced, hence, no provisions have been made in the accounts.

7 Segment Reporting as required under AS-17 is not applicable to the company as it has only one source of income.

8 Related party Disclosures :

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below :

Related parties/Nature of Relationship :

A. Key Management Personnel:

Mr. Manoj Kumar Chand Chairman

Ms. Sudeshna Basu Secretary

B. Subsidiary Company (100%)

Blue Blends Stocks & Securities Limited

C. Associate Company Blue Blends (India) Limited

Disclosure in Respect of Material Related Party Transaction during the year

a) Loan given includes - Blue Blends Stock & Securities Ltd. Rs. 185,26,939/- (P.Y. 143,11,239, Addition made during the year: 43,15,700 & Repayment made during the year: 100,000)

b) Investment Includes - Blue Blends Stock & Securities Ltd. Rs. 350,39,400 (P.Y. 350,39,400)

c) Loan taken includes - Blue Blends(lndia) Ltd. Rs. 12,65,300 (P.Y 273,25,000, Addition made during the year: 15,55,300 & Repayment made during the year: 276,15,000)

9 Figures of the previous year, wherever necessary, have been regrouped, recast rearranged to conform to those of the current year. The figures have been rounded off to the nearest rupee.


Mar 31, 2013

"1.1" Term Loans from Others are payable to M/s Edelweiss Asset Reconstruction Company Ltd.(EARCL). This Term Loan is secured by first charge on all the present and future immovable and movable assets of the Company and is personally guaranteed by Shri Anand Arya, Promoter Director of the Company.

"1.2" Term Loans of Rs.33.40 lakhs are secured by first charge and hypothication of respective vehicles financed and are repayable in equal monthly installments over a period of three years.

"2" Exceptional Items

Exceptional Items in the current year of Rs. 2063.33 Lacs is due to write back of interest liabilities due to lending financial institutions and Banks on full and final settelement of their dues.

"3" The terms of Redemption of Preference Shares:

i) The arrears of dividend upto 31/03/2012 on the Preference shares as mentioned in Note no. 2(i) to (iv) above aggregating to Rs. 15.90 Crores, are fully waived.Now these preference shares are Redeemable on 30/09/2015 and carry dividend @ 0.01% per annum.

ii) 16,37,000 -5% Redeemable Cumulative Optionaly-convertible Preference Shares of Rs. 100/-each became due for redemption in four equal annual installments from 31/03/2009 to 31/03/2012. However, no redemption has been made till date and consequently on such defualt the only preference shareholder of these preference shares M/s Edelweiss Assest Reconstruction Company Limited, (EARCL) has exercised their right to convert these preference shares into Equity Shares upto the sum of Rs.1000.00 Lacs and accordingly vide their letter dated 14/02/2013 has expressed their intention and has required the Company to convert 9,26,250 preference shares out of such 16,37,000 preference shares into 12,35,000 Equity Shares of Rs. 10/-each at Rs. 75/- per Equity Share including premium of Rs.65/- per Equity Share. The Equity Share holders of the Company at their Extra Ordinary Genral Body Meeting on 16/04/2013 have approved such conversion and the allotment of the same is under process.

4. Rent Paid includes :

Bindal Synthetics Pvt. Ltd. Rs. 0.78 lacs ( 2012 - Rs. 0.78 Lacs), Agarwal Synthetics Rs. 0.90 lacs ( 2012 - Rs. Nil Lacs) Indu Anand Arya Rs. 1.05 lacs ( 2012 - Rs. 0.60 Lacs)

5. Rent Received includes :

Bindal Synthetics Pvt. Ltd. Rs. 0.35 lacs ( 2012 - Rs. 0.35 Lacs), Premier Synthetics Ltd. Rs. 0.71 lacs ( 2012 - Rs. 0.71 Lacs) Blue Blends Leasing Pvt. Ltd. Rs. 0.39 lacs ( 2012 - Rs. 0.39 Lacs)

6. Sale of Finished Goods includes - Mahaveer Yarns Pvt Ltd. Rs.Nil ( 2012 - Rs 5.44 Lacs)

7. Interest Paid includes - Anand Arya Rs.Nil (2012- Rs. 31.66 Lacs), Blue Blends Equity Ltd. Rs. 0.56 lacs ( 2012 - Rs. Nil Lacs)

8. Interest Received includes - Premier Synthetics Ltd. Rs. Nil ( 2012 - Rs. 13.07 Lacs) 8 a) Loans & Advances Receipts includes :

Blue Blends Finance Ltd. Rs. 22.25 Lacs (2012 - Rs.10.38 Lacs), Premier Synthetics Ltd. Rs. 535.53 lacs ( 2012 -Payments Rs. 792.50 Lacs), Blue Blends Equity Ltd. Rs. 0.41 lacs ( 2012 - Payments Rs. 0.10 Lacs) b) Loans & Advances Payments includes : Silvassa Span Yarn Industries Rs. 30.00 Lacs (2012 -Receipts Rs.157.04 Lacs)

Mahaveer Yarns Pvt Ltd. Rs.150.51 lacs ( 2012 - Receipts Rs 236.00 Lacs) 9. Oepsits Given includes: Indu Arya Rs. 18.75 lacs (2012 Rs. Nil), Agarwal Synthetics Rs. 25.00 lacs (2012 Rs.Nil)

"9" Segment Reporting

Textile business is the Company''s only business segment ,hence the disclosure of segment wise information as required by Accounting Standard (AS) 17 on "Segment Reporting" is not applicable.

"10" Contingent Liabilities and Commitments

i) Guarantees given by the Company''s bankers and counter guaranteed by the Company-Rs. 19.47 lakhs (Previous Year Rs.55.72 lakhs) ii) Claims against the Company /disputed liabilities not acknowledged as debts as under:

a) Disputed Sales Tax Liabilities under Gujarat Value Added Tax Act, 2003 Rs. 11.69 lakhs (Previous Year Rs. 11.69 lakhs)

The Company has deposited the disputed liabilities of Rs 11.69 lakh (Previous Year Rs.11.69 lakhs) with the Sales Tax Authorities under protest.

b) Disputed Central Excise Duty Rs.5.25 lakhs (Previous Year Rs. 5.25 lakh)

Disputed amount of Rs. 5.25 lakh (Previous Year Rs. 5.25 lakh) deposited by the Company under protest.

c) Cumulative Dividends on Preference Shares - Rs. 634.50 Lacs (Previous Year Rs. 552.49 Lacs).

"11" Figures of the previous year have been regrouped/recast wherever necessary.


Mar 31, 2012

Notes :

1) Due to suspension in trading on Stock Exchanges of some of the Company's major investments in quoted equity shares, their year end market values could not be ascertained

2) Given hereunder are details of shares pledged against loans granted to other companies for which counter guarantees are available with the company

'A' Additional Information to the Financial Statements

A. 1 Contingent liabilities not provided for in respect of:

Appeal against the Sales Tax Demand of Rs. 3,848/- for the period 1997-98 is pending before the Asst. Commissioner of Sali1: Tax. The management is confident of succeeding in the appeal and hence has not provided for the demand in the accounts.

A.2 Advances of Rs. 143.11 Lacs (Previous Year Rs. 143.11 Lacs) due from its wholly - owned subsidiary company M/s. Blue Blends Stocks & Securities Limited are doubtful. However the Company has not made any provision for the same in expectation of the recovery.

A.3 Depreciation on the leased fixed assets has not been provided as the lease periods have expired. As per the lease agreements, there is no secondary period of lease and hence no lease rentals are payable beyond the primary lease periods. The company has yet repossess the leased assets.

A.4 In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

B. Associates:

Blue Blends (India) Limited, Premier Synthetics Limited, Blue Blends Petrochemicals Limited, Blue Blends Equity Limited, Bindal Synthetics Private Limited, Blue Blends Leasing Private Limited, Blue Blends Holdings Limited, Agarwal Synthetics, Cressida Traders Private Limited, Murbad Syntex Private Limited., Silvassa Span Yarn Industries, Amrut Packaging, Mohan Enterprises, Premier Equity Limited, Mr. Anand Arya, Mrs. Indu Anand Arya

C. Subsidiary Company : Blue Blends Stock & Securities Limited

A.5 In the opinion of the Board, considering the present circumstances, reasonable certainty may not be expected about the future profitability of the Company. Therefore, deferred tax assets arising on account of timing differences due to carry forward accumulated business losses and other provisions has not been adjusted/made.

A.6 In the absence of any business activity carried out by the only subsidiary company, consolidated financial statements have not been prepared.

A.7 Segment Information

The Company operates in only one segment, i.e. financing industrial enterprises. Therefore, no segment reporting is applicable.

A. 8 Foreign Exchange earning/outgo : Nil

A. 9 Value of Imports on CIF Basis - Nil (Previous Year - Nil)

A.10 Expenditure in foreign currency - Nil (Previous Year - Nil)

A. 11 Earning in foreign exchange-Nil (Previous Year - Nil)

A. 12 Figures of the previous year, wherever necessary, have been regrouped, recast, rearranged to conform to those of the current year. The figures have been rounded off to the nearest rupee.


Mar 31, 2011

1. Contingent Liabilities and commitments not provided for: -

a) Corporate guarantees given to banks/financial institutions on behalf of other companies against credit facilities extended to them - Rs 1500 lakhs (Previous Year - Rs. 1500 lakhs) for which the company holds counter guarantees.

b) Guarantees in a sum of Rs. 55.72 lakhs (Previous Year : Rs, 55.72 lakhs) furnished by the bankers on behalf of the company to various Govt. authorities which are secured by 100% margin money by way of Fixed Deposits with the respective Banks.

2. Balances of Sundry Debtors, Creditors, Loans and Advances are subject to confirmation and reconciliation, if any.

3. The company has not provided for interest amounting to Rs.3126.44 lakhs (Previous Year Rs. 2598.72 lakhs) payable on loans taken from the Financial Institutions & Banks with whom negotiations for settlement of loan accounts are going on as the Company does not foresee any such liabilities on settlement of their dues.

4. The Company has been informed by M/s. Edelweiss Asset Reconstruction Company Ltd. that all the financial facilities provided by IFCI and SASF to the Company including interest accrued and due together with all underlying security interests, all rights, pledges and/or guarantee thereto, have been absolutely assigned and transferred unto in favour of them.

5. Except otherwise mentioned herein, in the opinion of the Board the Current Assets, Loans & Advances are approximately of the value stated, if realized in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

6. The Terms of redemption of Preference Shares are as under:

a) 1,50,000 - 16% Cumulative Redeemable Preference Shares of Rs. 100/- each became due for redemption in 4 equal annual instalments from the expiry of 3rd year from the date of allotment i.e. 6th October 1995. However, no redemption has been made till date.

b) 2,50,000 - 15% Cumulative Redeemable Preference Shares of Rs. 100/- each issued on 18th December, 1996 are to be redeemed in 3 equal annual instalments from the expiry of 8th year from the date of allotment. First instalment of redemption was due on 18th December 2004. However, no redemption has been made till date.

c) 2,00,000 - 18% Cumulative Redeemable Preference Shares of Rs. 100/- each became due for redemption in 3 equal annual instalments from the expiry of 3rd year from the date of allotment i.e. 7th October 1997. However, no redemption has been made till date.

d) 9,90,000 - 0.01% Cumulative Redeemable Preference Shares of Rs. 100/- each issued to IFCI in the financial year 2006-07 as part of Negotiated Settlement of the company's dues to them (since assigned by IFCI to Edelweiss Asset Reconstruction Company Ltd. during the year) are Redeemable at par in two equal annual installments on 31.12.2013 & 31.12.2014.

e) 16,37,000 - 5% Cumulative Redeemable Preference Shares of Rs. 100/- each issued to Stressed Assets Stabilization Fund ( SASF) in the financial year 2005-06 as part of Negotiated Settlement of the company's dues to them (since assigned by SASF to Edelweiss Asset Reconstruction Company Ltd. during the year) are redeemable at par in 4 equal annual installments commencing from March 31st 2009 and ending on March 31st 2012. The holder of these 5% Cumulative Redeemable Preference Shares of Rs.100/- each now Edelweiss Asset Reconstruction Company Ltd. (in earlier years SASF) has the option to convert these 5% Cumulative Redeemable Preference Shares of Rs.100/- each into Equity Shares of the Company in case of default in redemption of these Preference Shares on due dates. However, no redemption has been made till date and the holder has not exercised its option to convert these Cumulative Redeemable Preference Shares into equity shares of the Company.

7. Related Party Transactions

The list of related parties and nature of their relationship is furnished below:

a) Related parties/Nature of Relationship

Key Person

Chairman & Managing Director Mr. Anand Arya

Employee Director Mr. Suraj Dugar

Non-Executive Director Mr. K. Srinivasa Varadhan

Independent Director Mr. S. K.Tambawala

Independent Director Mr. Kalathoor Parthasarathy

Independent Director Mr. Pujaram Purohit

b) Associates

- Premier Synthetics Ltd. - Bindal Synthetics Pvt. Ltd.

- Blue Blends Leasing Pvt Ltd. - Agrawal Synthetics

- Silvassa Span Yarn Industries - Mrs. Indu A. Arya

- Blue Blends Stocks & Securities - Blue Blends Petrochemicals Ltd. Ltd.

- Blue Blend Finance Ltd. - Cressida Traders Pvt. Ltd.

- Murbad Syntex Pvt. Ltd. - Premier Equity Ltd.

- Blue Blends Holdings Ltd. - Mahaveer Yarns Pvt. Ltd.

- Mr. Aman Arya

8. Company's entire networth is eroded and its reference filed before the Hon'ble Board for Industrial & Financial Reconsiruction (BIFR) for declaring it as a sick industrial company in terms of Section 3 (1) (o) of the Sick industrial Companies (Special Provisions) Act, 1985 is under consideration. In the opinion of the Board, considering the present circumstances, reasonable certainty may not be expected about the future profitability of the Company, In view of above deferred tax assets arising on account of timing differences due to carry forward accumulated business losses and other provisions have not been created.

9. Segment information:

Textile business is the Company's only business segment, hence disclosure of segment-wise information is not applicable.

10. in the absence of any business activity carried out by the only subsidiary company, consolidated financial statements have not been prepared.

11. Previous years figures have been regrouped and recast wherever necessary.

12. Information required as per part IV of Schedule VI of the Companies Act, 1956.


Mar 31, 2010

1) Contingent liabilities not provided for in respect of :

Appeal against the Sales Tax Demand of Rs. 3,848/- for the period 1997-98 is pending before the Asst. Commissioner of Sales Tax. The management is confident of succeeding in the appeal and hence has not provided for the demand in the accounts.

2) Advances of Rs.143.11 Lacs (Previous year Rs. 142.57 Lacs) due from its wholly - owned subsidy company M/s Blue Blends Stocks & Securities Ltd. are doubtful. However the Company has not made any provision for the same in expectation of the recovery.

3) Depreciation on the leased fixed assets has not been provided as the lease periods have expired. As per the lease agreements, there is no secondary period of lease and hence no lease rentals are payable beyond the primary lease periods. The company has yet repossess the leased assets .

4) In the opinion of the Board, the current assets, loans and advances are approximately of the value stated, if realized in the ordinary course of business.

5) The computation of net profit for the purpose of calculation of Directors remuneration u/s 349 of the Companies Act, 1956, is not enumerated since no commission has been paid to the Whole Time Director. During the year ended 31st March, 2010, the company has paid a sum of Rs.1,46,030/- (Previous Year Rs. 2,80,154/-) towards salary (including allowances) to its Whole Time Director.

6) Balances of some of the sundry debtors, creditors, loans and advances are subject to confirmations from the respective parties and consequential reconciliation/adjustments arising therefrom, if any. The management however does not expect any material variations.

B. Associates

Associates Blue Blends (India) Ltd., Premier Synthetics Ltd., Blue Blends Petrochemicals Ltd., Cressida Traders Pvt. Ltd., Murbad Syntex Pvt. Ltd., Amrut Packaging, Mohan Enterprises, Premier Equity Ltd.

C- Subsidiary Company : Blue Blends Stock & Securities Ltd.

7) In the opinion of the Board, considering the present circumstances, reasonable certainity may not be expected about the future profitability of the Company.

Therefore, no provision has been made for deferred tax liability arising on account of timing differences in depreciation. Similarly, deferred tax assets arising on account of timing differences due to carry forward accumulated business losses and other provisions has not been adjusted.

8) In the absence of any business activity carried out by the only subsidiary company, consolidated financial statements have not been prepared.

9) Segment Information

The Company operates in only one segment, i.e. financing industrial enterprises. Therefore, no segment reporting is applicable.

10) Foreign Exchange earning / outgo : Nil

11) Figures of the previous year, wherever necessary, have been regrouped, recast, rearranged to conform to those of the current year. The figures have been rounded off to the nearest rupee.

12) Additional information pursuant to Paragraph 4, 4A, 4C and 4D of Part II of the Schedule VI to the Companies Act, 1956 is not applicable to the company.

 
Subscribe now to get personal finance updates in your inbox!