Mar 31, 2015
1. The Secured Term Loans is secured by hypothecation of Stocks and
Book Debts and first charge on the fixed assets of the Company and are
personally guaranteed by Promoter Director of the Company Mr. Anand
Arya
2. Due to default in their repayment and as settled with the asignee
of the Institutional borrowings of the Company M/s Edelweiss Asset
Reconstruction Co. Ltd the outstanding long term loan of Rs.990.37 lacs
has been agreed to be repaid for Rs. 1777.50 lacs by 27/06/2015. The
excess amount of Rs. 767.13 lacs to be repaid has been debited to
Capita! Reserve,
3. Exceptional Items
Exceptional ltems(Previous Year-Nil) includes: The Exceptional items of
Rs 51.07 lacs consist of Loss on sale of investment.
4. No Provision for taxation has boon made in view of the brought
forwarded losses
5. Related Party Disclosures
As per Accounting Standard 18, the disclosures of transactions during
the year with the related parties are given below: Related
Parties/Nature of Relationship ;
Key Managerial Persons
Mr. Anand Arya
Mr. Suresh John
Mr. S. K. Tambswalla
Mr. Janardan Joshi
Associates
Blue Blends (India) Ltd.
Bindal Synthetics Pvt. Ltd Blue Blonds Leasing Pvt. Ltd.
Agrawal Synthetics.
Silvassa Span Yarn Industries.
Blue Blends Petrochemicals Ltd.
Cressida Traders Pvt. Ltd.
Murbad Syntax Pvt. Ltd. (Upto 18.12.2014)
Entwine Mobisoft Technologies Pvt. Lid.
Mr. Aman Arya Mrs. Indu Anand Arya
Disclosure in Respect of Material Related Party Transaction during the
year
6. Segment Information
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) Claims by parties/customers not acknowledged as debts -Rs, 73.90
lakhs (Previous Year Rs.253.71 lakhs)
ii) Demand of Excise duty of Rs 14.40 lacs raised by the Commissioner of
Central Excise, Ahmedabad for the years from 2001 to 2004 has been
disputed and has not been provided in the books. The Company is In
appeal against the same with the Central Excise and Service Tax
Appellate Tribunal,Ahmedabad and has been legally advised that It will
not have any liability .
However the company has deposited Rs. 3.60 lacs under protest with the
respective Central Excise Authorities.
8. Balances of Sundry Debtors. Creditors, Loans and Advances and
transactions are subject to their confirmation .
9. Except otherwise mentioned herein, 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 and the provision
of all known liabilities are adequate and not in excess of the amount
reasonably necessary
10. Subsquent to the date of balancesheet, Mr Gautamchand Kewatchand
Surana.MrVikram Amritlal Sanghvi,Mr Rajiv Giriraj Bansal &
Mr.Sanjaykumar Vinodbhai Majethia entered into Share Purchase Agreement
with the present Promoters - Mr. Anand ChandutalArya, Mrs. irduAnand
Arya & M/s Cressida Traders Pvt. Ltd.for acquisition of 23,35,000
equity shares of the company on 24th April, 2015. Accordingly, Public
Announcement and Draft Open Offer to Public have been filed with BSE
and 5EBI.
11. Previous Year figures have been regrouped and recasted wherever
necessary,
Mar 31, 2013
Method of Accounting
The financial statements are prepared under historical cost convention
on an accrued basis and comply with the Accounting Standards (AS)
issued by the Institute of Chartered Accountants of India (ICAI)
referred to in Section 211 (3C) of the Companies Act, 1956.
"1" Exceptional Items
Exceptional Items includes:
i) Rs. 1697.83 lacs (Previous year Rs. Nil) of Capital Profit on sale
of Company''s land at Navi Mumbai ii) Rs. 548.59 lacs (Previous year Rs.
Nil) of Bad and Doubtful Debts and Advances written off and iii) Rs.
Nil (Previous year Rs. 414.73 lacs) of interest liabilities written
back on waiver of interest liabilities payable to Oman International
Bank S.A.O.G as per negotiation made with them.
"2" The terms of Redemption of Preference Shares:
The arrears of dividend upto 31/03/2012 on the Preference shares as
mentioned in Note no. 2(i) above are fully waived. Now these preference
shares as mentioned in Note no. 2(i) and 2(H) above are redeemable on
30/09/2015 and carry Nil dividend.
"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 Arya
Mr. Suresh John
Mr. S. K.Tambawalla
Mr. Janardan Joshi
Associates
Blue Blends (India) Ltd.
Bindal Synthetics Pvt. Ltd
Blue Blends Leasing Pvt. Ltd.
Agarwal Synthetics.
Silvassa Span Yarn Industries.
Blue Blends Stocks & Securities Ltd.
Blue Blends Petrochemicals Ltd.
Blue Blends Finance Ltd.
Cressida Traders Pvt. Ltd.
Murbad Syntex Pvt. Ltd.
Blue Blends Equity Ltd.
Blue Blends Holdings Ltd.
Mr. Aman Arya
Mrs. Indu Anand Arya
Subsidiary Company (100%)
Premier Equity Ltd
"4" Segment Information
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 .
"5" Contingent Liabilities and Commitments
i) Guarantees extended by the Company on behalf of other companies Rs.
1500 lakhs (Previous Year Rs.2400 lakhs) ii) Claims by
parties/customers not acknowledged as debts Rs. 253.71 lakhs (Previous
Year Rs.253.71 lakhs)
"6" Balances of Sundry Debtors, Creditors, Loans and Advances are
subject to confirmation and reconciliation, if any.
"7" Except otherwise mentioned herein, 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 and the provision
of all known liabilities is adequate and not in excess of the amount
reasonably necessary
"8" Previous reporting period figures have been regrouped and recasted
wherever necessary.
Mar 31, 2012
1. Contingent Liabilities and commitments not provided for-
As at 31.3.2012 As at 31.3.2011
(Rs. In lakhs) (Rs. In lakhs)
(i) ' Guarantees extended
by the Company on behalf of
other companies 2400.00 2400.00
(ii) Bank Guarantees given by the
Company à -- 20.80
(iii) Claims by parties/customers
not acknowledged as debts 253.71 250.36
2. The Company has determined the Sundry Debtors to the extent of
Rs.1849.69 lakhs (Previous Year Rs. 1867.02 lakhs) as doubtful debts.
However the Company has not made any provision for the same in
expectation of the recovery.
3. Balances of Sundry Debtors, Creditors, Loans and Advances are
subject to confirmation and reconciliation, if any.
4. Except otherwise mentioned herein, 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 and the provision
of all known liabilities is adequate and not in excess of the amount
reasonably necessary.
5. Exceptional Items includes amount of Rs. 414,73 lacs of interest
liabilities written back and credit to profit and loss account and
waiver of interest liabilities payable to Oman International Bank SAOG
as per negotiation made with them during the current reporting period.
6. The terms of Redemption of Preference Shares: -
(i) 15% Redeemable Cumulative Non Convertible Preference Shares were
redeemable at par in three equal annual installments from the end of
7th year from the date of allotment i.e. 18th' December 1996. However
installments of redemption due by the year end date have not been paid.
(ii) 0 % Redeemable Cumulative Non Convertible Preference Shares were
redeemable at par on the expiry of 10th year from the date of allotment
i.e. on 4lrt November, 2009. However, the Company has not paid anything
to such Preference Shareholders till the year end.
7. No depreciation is provided by the Company on its fixed assets
situated in Its closed units.
8. The Company was declared a sick company by the Hon'ble Board for
Industrial and Financial Reconstruction (BIFR) within the meaning of
clause (0) of sub - section (1) of section 3 of the Sick Industrial
Companies {Special Provisions) Act, 1985 vide its order dated
16.02.2006. The networth of the company has become positive during the
current reporting period and the company is in the midst of making an
application to come out of BIFR in the next hearing scheduled to be
held on 03.05.2012 on the ground that it no more has negative networth.
9. The Company has recognized and created a deferred tax assets of
Rs. 357.51 Lacs in respect of brought forward long term capital losses
and depreciation of earlier year considering the possibility with
reasonable certainty of their realization in subsequent years.
10. Segment Information
Textile business is the Company's only business segment; hence
disclosure of segment-wise information is not applicable.
11. In absence of any business activity carried out by the only
subsidiary company, consolidated financial statements have not been
prepared.
12. Previous reporting period figures have been regrouped and recasted
wherever necessary.
Mar 31, 2011
1. Contingent Liabilities and commitments not provided for:-
As at 31.3.11 As at 31.3.10
(Rs. In lakhs) (Rs. In lakh)
(i) Guarantees extended by the
Company on behalf of other
companies 2400.00 2400.1
(ii) Bank Guarantees given by the
Company 20.80 20.1
(iii) Claims by parties/customers not
acknowledged as debts 250.36 250.1
2. The Company has determined the Sundry Debtors to the extent of Rs.
1867.02 lakhs (Previous Year Rs. 1867.59 lakhs) as doubtful det However
the Company has not made any provision for the same in expectation of
the recovery.
3. Balances of Sundry Debtors, Creditors, Loans and Advances are
subject to confirmation and reconciliation, if any.
4. The Company has been negotiating with its lender Oman International
Bank S.A.O.G. for settlement of its dues in respect of working cap
facilities provided by them and as the Company does not foresee any
further liability in respect of interest and overdue interest on such
work capital facilities, it has not provided such interest amounting to
Rs. 1790.39 lakhs (Previous Year: Rs. 1472.96 lakhs).
5. (i) All the Secured Term Loans from IFC! and Debentures privately
placed with them including interest accrued and due together with
underlying security interests, all rights, pledges and/or guarantee
thereto, have been absolutely assigned and transferred unto in favoui
Genuine Commercial Services Pvt. Ltd. in the F.Y. 2008-09 and all the
secured loans from SASF (IDBI) and working capital loans from 1 Federal
Bank Ltd. Including interest accrued and due thereon together with ail
underlying security interests, all rights, pledges and guarantee
thereto have been absolutely assigned and transferred unto in favour of
Genuine Commercial Services Pvt, Ltd. in the F. 2009-10.
(ii) Exceptional items credited to Profit & Loss Account includes Rs.
Nil in the current year (Rs. 57.63 Crores in the previous year) of
writ! back of interest liabilities due on loans assigned to M/s Genuine
Commercial Services Pvt. Ltd .which were waived as per the negotiat
made with them in the previous year.
(iii) Adjustments in Principal amount of such assigned loans, if any,
will be made at the time of final settlement/negotiation with M/s. Genu
Commercial Service Pvt. Ltd.
6. Machineries in Company's Fabric Processing Unit at New Bombay have
scraped and have been sold during the year.
7. Except otherwise mentioned herein, in the opinion of the Board, the
Current Assets, Loans and Advances are approximately of the value stai
if realized in the ordinary course of business and the provision of all
known liabilities is adequate and not in excess of the amount reason
necessary.
8. The terms of Redemption of Preference Shares:-
(i) 15% Redeemable Cumulative Non Convertible Preference Shares were
redeemable at par in three equal annual installments from the s of 7th
year from the date of allotment i.e. 18th December 1996. However
installments of redemption due by the year end date have not be paid.
(ii) 0 % Redeemable Cumulative Non Convertible Preference Shares were
redeemable at par on the expiry of 10th year from the date allotment
i.e. on 4th November, 2009. However, the Company has not paid anything
to such Preference Shareholders till the year end.
9. (i) The computation of Net Profit for the purpose of calculation
of directors' remuneration under section 349 of the Companies Act, 19
is not enumerated, since no commission has been paid to any director.
10. The Company has not provided depreciation on fixed assets situated
in its units at Baroda, Panoli & Daman, which are closed.
11. Related Party Transactions
Disclosures as required by Accounting Standard AS 18 "Related Party
Disclosure" in respect of transaction for the year ended 31" March,2(
are as under:- a) Relationship
(i) Subsidiary Company - Premier Equity Ltd.
12 Company's entire net worth stands eroded and it 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, 1985. 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, no provision has been made for deferred tax assets
arising on account of timing differences due to carry forward
accumulated business losses.
13. Segment Information
Textile business is the Company's only business segment; hence
disclosure of segment-wise information is not applicable.
14. In absence of any business activity carried out by the only
subsidiary company, consolidated financial statements have not been
prepared.
15, Previous years figures have been regrouped and recasted wherever
necessary.
Mar 31, 2010
1. Contingent Liabilities and commitments not provided for:-
As at 31.3.2010 As at 31.3.2009
(Rs. In lakhs) (Rs. In lakhs}
(i) Guarantees extended
by the Company
on behalf of other
companies 2400.00 2400.00
(ii) Bank Guarantees given
by the Company 20.80 20.80
(iii) Claims by parties/
customers not
acknowledged as debts Nil 2.00
2. The Company has determined the Sundry Debtors to the extent of
Rs.1867.59 lakhs (Previous Year Rs. 1870.09 lakhs) as doubtful debts.
However the Company has not made any provision for the same in
expectation of the recovery.
3. Balances of Sundry Debtors, Creditors, Loans and Advances are
subject to confirmation and reconciliation, if any.
4. The Company has been negotiating with its Lenders for settlement of
its dues in respect of working capital facilities from them and as the
Company does not foresee any liability in respect of interest and
overdue interest on such working capital facilities, it has not
provided such interest amounting to Rs. 1472.96 lakhs (Previous Year:
Rs. 4284.08 lakhs).
5. (i) All the Secured Term Loan from IFCI and Debentures privately
placed with them 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 Genuine Commercial Services Pvt. Ltd. during the F.Y. 2008-09 and
similarly all the secured loan from SASF (IDBI) and working capital
loans from The Federal Bank Ltd. Including interest accrued and due
thereon together with all underlying security interests, all rights,
pledges and/ or guarantee thereto have been absolutely assigned and
transferred unto in favour of Genuine Commercial Services Pvt. Ltd.
(ii) In view of the negotiation after the Balance Sheet date with
Genuine Commercial Services Pvt. Ltd the accrued and due interest as
provided in the books amounting to Rs.57.63 crores on such assigned
loans are not payable and hence they have been written back in the
Books and credited to Profit & Loss account as exception item during
the year.
(iii) Adjustments in Principal amount of such assigned loans, if any,
will be made at the time of final settlement/negotiation with M/s.
Genuine Commercial Service Pvt. Ltd.
6. Except otherwise mentioned herein, in the opinion of the Board, the
Currenf Assets, Loans and Advances are approximately of the value
stated if realized in the ordinary course of business and the provision
of all known liabilities is adequate and not in excess of the amount
reasonably necessary.
7. The terms of Redemption of Preference Shares: -
(i) 15% Redeemable Cumulative Non Convertible Preference Shares were
redeemable at par in three equal annual installments from the end of
7th year from the date of allotment i.e. 18th December 1996. However
installments of redemption due by the year end date have not been paid.
(ii) However, the Company has not redeemed the same and has not paid
anything to such Preference Shareholders till the year end.
8. (i) The computation of Net Profit for the purpose of calculation of
directors remuneration under section 349 of the Companies Act, 1956 is
not enumerated, since no commission has been paid to any director
9. The Company has not provided depreciation on fixed assets situated
at Baroda, Panoli & Daman, which are closed.
10. Related Party Transactions
Disclosures as required by Accounting Standard AS 18 "Related Party
Disclosure" in respect of transaction for the year ended 31st
March,2010 are as under:-
a) Relationship
(i) Subsidiary Company
- Premier Equity Ltd.
(ii) Associates
- Blue Blends (India) Ltd. - Bindal Synthetics Pvt. Ltd
- Blue Blends Leasing Pvt. Ltd. - Agrawal Synthetics.
- Silvassa Span Yarn industries. - Blue Blends Stocks & Securities
Ltd.
- Blue Blends Petrochemicals Ltd. - Blue Blend Finance Ltd.
- Cressida Traders Pvt. Ltd. - Murbad Syntex Pvt. Ltd.
- Blue Blends Equity Ltd. - Blue Blends Holdings Ltd.
(iii) Key Persons
- Whole time Director : Mr. Anand Arya
- Executive Director : Mr. Suresh John
- Non-Executive Director : Mr. S.K. Tambawalla
- Non- Executive Director : Mr. Janardan Joshi
11. Companys entire networth stands eroded and it 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,
1985. 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, 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
12. Segment Information
Textile business is the Companys only business segment; hence
disclosure of segment-wise information is not applicable.
13. In absence of any business activity carried out by the only
subsidiary company, consolidated financial statements have not been
prepared.