Mar 31, 2016
â1â Contingent Liabilities and Commitments
i) Guarantees given by the Companyâs bankers and counter guaranteed by the Company-Rs. 24.47 lakhs (Previous Year Rs.24.47 lakhs)
ii) Claims against the Company /disputed liabilities not acknowledged as debts as under :
a) Disputed Sales Tax demands in respect of financial years 2007-08 and 2008-09 under Gujarat Value Added Tax Act, 2003 Rs. 11.69 lakhs (Previous Year Rs. 11.69 lakhs) Amount deposited under protest by the Company against disputed Sales Tax demands.- Rs.11.69 lakh (Previous Year Rs.11.69 lakhs).
b) Disputed Central Excise Duty in frespect financial years 2001-02 and 2002-03- Rs.5.25 lakhs (Previous Year Rs. 5.25 lakh) Amount deposited under protest by the Company against disputed Central Excise Duty - Rs. 5.25 lakh (Previous Year Rs. 5.25 lakh)
c) Other Partiesâ claims against Company-Rs. 4.61 lakh (Previous Year Rs.4.61Lakh)
iii) Cumulative Dividends on Preference Shares - Rs. Nil (Previous Year Rs. 0.69 lakh) .
â2â Board of Directors approved the Annual Accounts on May 30th, 2016. In terms of the Special Resolution passed at the Annual General Meeting held on July 29th, 2015, Company filed petition before the Honorable High Court, Bombay to adjust the Debit balance of Profit & Loss Account against Capital Reserve and Securities Premium Reserve and the same has been allowed. Accordingly necessary effect has been given in the Schedule âReserves and Surplusâ. As per approval of the shareholders, Stock Exchanges and the Honourable High Court, effect of the above order was to be given in the Annual Accounts for the Financial Year 2015-16. As this order was received subsequent to the approval of the Annual Accounts by the Board of Directors on May 30th, 2016 so, the effect has been given by making the necessary amendments and re-groupings in the Schedule of âReserves and Surplusâ. There has been no change in the net effect in the Reserves and Surplus, Proft & Loss Account, Assets & Liabilities of the Company in the accounts approved on May 30th, 2016. The amended Accounts were approved by Board of Directors along with the Directors Report and Auditors Report thereon at the meeting held on August 11th, 2016.
â3â Figures of the previous year have been regrouped/recast wherever necessary.
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.
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