You are here » Home » Companies ยป Company Overview » Blue Pearl Texspin Ltd

Blue Pearl Texspin Ltd.

BSE: 514440 Sector: Others
NSE: N.A. ISIN Code: INE439N01023
BSE 00:00 | 02 Jan Blue Pearl Texspin Ltd
NSE 05:30 | 01 Jan Blue Pearl Texspin Ltd
OPEN 33.85
PREVIOUS CLOSE 33.85
VOLUME 8
52-Week high 33.85
52-Week low 24.30
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 33.85
CLOSE 33.85
VOLUME 8
52-Week high 33.85
52-Week low 24.30
P/E
Mkt Cap.(Rs cr) 1
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Blue Pearl Texspin Ltd. (BLUEPEARL) - Auditors Report

Company auditors report

To the members of Blue Pearl Texspin Limited

Opinion

We have audited the standalone financial statements of Blue PearlTexspin Limited ("the Company") which comprise the balance sheet as at 31stMarch 2022 and the statement of Profit and Loss (statement of changes in equity) andstatement of cash flows for the year then ended and notes to the financial statementsincluding a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2022 and profit (changes in equity) and its cashflows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance (changes in equity)1 and cashflows of the Company in accordance with1 the accounting principles generallyaccepted in India including the accounting Standards specified under section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. Those Board of Directors arealso responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the FinancialStatements

Our objectives are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of materialmisstatement of financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluatingthe overall presentation of the financial statements. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our audit opinion onfinancial Statements.

Report on Other Legal and regulatory Requirements

1. As required by required by the Companies (Auditor's Report)Order2020 ("the Order") issued by Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the Annexure-A a statement on thematters specified in paragraph 3 & 4 of the Order.

2. As required by section 143(3) of the Act we further report that:

(a) We have sought and obtained all the information and explanationswhich 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 havebeen kept by the Company so far as appears from our examination of those books;

(c) The Balance Sheet Statement of Profit and Loss Account Cash FlowStatement and Statement of changes in Equity dealt with this report are in agreement withthe books of Accounts;

(d) In our opinion the aforesaid financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with relevantrules thereunder as amended;

(e) On the basis of written representation received from the directorsas on March 31 2022 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2022 from being appointed as the directors in terms ofSection 164(2) of the Act;

(f) With respect to the adequacy of the internal financial control overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure B";

(g) According to information and explanations given to us and based onour examination of the records of the Company the Company had not paid/providedmanagerial remuneration hence requisite approvals mandated by the provisions of Sec 197 ofthe Act is not applicable;

(h) In our opinion and to the best of our information and according tothe explanations given to us we report as under with respect to other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit& Auditors) Rules 2014:

1. The Company does not have any pending litigation which would impactits financial position.

2. The company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise.

3. There has not been an occasion in case of the Company during theyear under report to transfer any sums to the Investor Education & Protection Fund.The question of delay in transferring such sums does not arise.

FOR C.P.Jaria & Co
Chartered Accountants
Sd/-
(P.K.Jain)

ANNEXURE "A" TO THE AUDITOR'S REPORT

On the basis of such checks as we considered appropriate andaccordingly to the information and explanations given to us during the course of ouraudit we report that:

S. No. Particulars Auditors Remark
(i) (a) (A) whether the company is maintaining proper records showing full particulars including quantitative details and situation of Property Plant and Equipment; Yes
(B) whether the company is maintaining proper records showing full particulars of intangible assets; Not Applicable
(b) whether these Property Plant and Equipment have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; Yes
(c) whether the title deeds of all the immovable properties (other than properties where the company is the lessee and the lease agreements are duly executed in favour of the lessee) disclosed in the financial statements are held in the name of the company if not provide the details thereof in the format below:- Not Applicable
Descriptio nof property Gross carryingvalue Held i nname of Whether promoter director or their relative or employee Period held - indicate rangewhere appropriate Reason for not being held in name o f company*
- -- - - - *also indicate if in dispute
(d) whether the company has revalued its Property Plant and Equipment (including Right of Use assets) or intangible assets or both during the year and if so whether the revaluation is based on the valuation by a Registered Valuer; specify the amount of change if change is 10% or more in the aggregate of the net carrying value of each class of Property Plant and Equipment or intangible assets Not Applicable
(e) whether any proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules made thereunder if so whether the company has appropriately disclosed the details in its financial statements Not Applicable
(ii) (a) whether physical verification of inventory has been conducted at reasonable intervals by the management and whether in the opinion of the auditor the coverage and procedure of such verification by the management is appropriate; whether any discrepancies of 10% or more in the aggregate for each class of inventory were noticed and if so whether they have been properly dealt with in the books of account; Yes
(b) whether during any point of time of the year the company has been sanctioned working capital limits in excess of five crore rupees in aggregate from banks or financial institutions on the basis of security of current assets; whether the quarterly returns or statements filed by the company with such banks or financial institutions are in agreement with the books of account of the Company if not give details; Not Applicable
(iii) whether during the year the company has made investments in provided any guarantee or security or granted any loans or advances in the nature of loans secured or unsecured to companies firms Limited Liability Partnerships or any other parties if so- No
(a) whether during the year the company has provided loans or provided advances in the nature of loans or stood guarantee or provided security to any other entity [not applicable to companies whose principal business is to give loans] if so indicate- No
(A) the aggregate amount during the year and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to subsidiaries joint ventures and associates; Not Applicable
(B) the aggregate amount during the year and balance outstanding at the balance sheet date with respect to such loans or advances and guarantees or security to parties other than subsidiaries joint ventures and associates; Not Applicable
(b) whether the investments made guarantees provided security given and the terms and conditions of the grant of all loans and advances in the nature of loans and guarantees provided are not prejudicial to the company's interest; No
(c) in respect of loans and advances in the nature of loans whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; Not Applicable
(d) if the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and interest; Not Applicable
(e) whether any loan or advance in the nature of loan granted which has fallen due during the year has been renewed or extended or fresh loans granted to settle the overdues of existing loans given to the same parties if so specify the aggregate amount of such dues renewed or extended or settled by fresh loans and the percentage of the aggregate to the total loans or advances in the nature of loans granted during the year [not applicable to companies whose principal business is to give loans]; Not Applicable
(f) whether the company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment if so specify the aggregate amount percentage thereof to the total loans granted aggregate amount of loans granted to Promoters related parties as defined in clause (76) of section 2 of the Companies Act 2013; No
(iv) in respect of loans investments guarantees and security whether provisions of sections 185 and 186 of the Companies Act have been complied with if not provide the details thereof Yes
(v) in respect of deposits accepted by the company or amounts which are deemed to be deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules made thereunder where applicable have been complied with if not the nature of such contraventions be stated; if an order has been passed by Company Law Board or National Company Law Tribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not; Not Applicable
(vi) whether maintenance of cost records has been specified by the Central Government under sub- section (1) of section 148 of the Companies Act and whether such accounts and records have been so made and maintained; Not Applicable
(vii) (a) whether the company is regular in depositing undisputed statutory dues including Goods and Services Tax provident fund employees' state insurance income-tax sales-tax service tax duty of customs duty of excise value added tax cess and any other statutory dues to the appropriate authorities and if not the extent of the arrears of outstanding statutory dues Yes
as on the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated
(b) where statutory dues referred to in sub-clause (a) have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned (a mere representation to the concerned Department shall not be treated as a dispute); NA
(viii) whether any transactions not recorded in the books of account have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act 1961 (43 of 1961) if so whether the previously unrecorded income has been properly recorded in the books of account during the year No
(ix) (a) whether the company has defaulted in repayment of loans or other borrowings or in the payment of interest thereon to any lender if yes the period and the amount of default to be reported as per the format below No
Nature of borrowing including debt securities Name of lender* Amount not paid on due date Whether principal orinterest No. of days delay or unpaid Remark s if any
*lender wise details to be provided in case of defaults to banks financial institutions and Government.
(b) whether the company is a declared wilful defaulter by any bank or financial institution or other lender; No
(c) whether term loans were applied for the purpose for which the loans were obtained; if not the amount of loan so diverted and the purpose for which it is used may be reported; No
(d) whether funds raised on short term basis have been utilised for long term purposes if yes the nature and amount to be indicated No
(e) whether the company has taken any funds from any entity or person on account of or to meet the obligations of its subsidiaries associates or joint ventures if so details thereof with nature of such transactions and the amount in each case; No
(f) whether the company has raised loans during the year on the pledge of securities held in its subsidiaries joint ventures or associate companies if so give details thereof and also report if the company has defaulted in repayment of such loans raised; No
(x) (a) whether moneys raised by way of initial public offer or further public offer (including debt instruments) during the year were applied for the purposes for which those are raised if not the details together with delays or default and subsequent rectification if any as may be applicable be reported; Not Applicable
(b) whether the company has made any preferential allotment or private placement of shares or convertible debentures (fully partially or optionally convertible) during the year and if so whether the requirements of section 42 and section 62 of the Companies Act 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised if not provide details in respect of amount involved and nature of non-compliance; Not Applicable
(xi) (a) whether any fraud by the company or any fraud on the company has been noticed or reported during the year if yes the nature and the amount involved is to be indicated; No
(b) whether any report under sub-section (12) of section 143 of the Companies Act has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government; No
(c) whether the auditor has considered whistle-blower complaints if any received during the year by the company; Not Applicable
(xii) (a) whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability; Not Applicable
(b) whether the Nidhi Company is maintaining ten per cent. unencumbered term deposits as specified in the Nidhi Rules 2014 to meet out the liability; Not Applicable
(c) whether there has been any default in payment of interest on deposits or repayment thereof for any period and if so the details thereof; Not Applicable
(xiii) whether all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act where applicable and the details have been disclosed in the financial statements etc. as required by the applicable accounting standards Yes
(xiv) (a) whether the company has an internal audit system commensurate with the size and nature of its business; Yes
(b) whether the reports of the Internal Auditors for the period under audit were considered by the statutory auditor; Yes
(xv) whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether the provisions of section 192 of Companies Act have been complied with; No
(xvi) (a) whether the company is required to be registered under section 45-IA of the Reserve Bank of India Act 1934 (2 of 1934) and if so whether the registration has been obtained; Not Applicable
(b) whether the company has conducted any Non-Banking Financial or Housing Finance activities without a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act 1934 Not Applicable
(c) whether the company is a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India if so whether it continues to fulfil the criteria of a CIC and in case the company is an exempted or unregistered CIC whether it continues to fulfil such criteria; Not Applicable
(d) whether the Group has more than one CIC as part of the Group if yes indicate the number of CICs which are part of the Group; Not Applicable
(xvii) whether the company has incurred cash losses in the financial year and in the immediately preceding financial year if so state the amount of cash losses Yes CY 234910-/ PY No Cash Loss
(xviii ) whether there has been any resignation of the statutory auditors during the year if so whether the auditor has taken into consideration the issues objections or concerns raised by the outgoing auditors; No
(xix) on the basis of the financial ratios ageing and expected dates of realisation of financial assets and payment of financial liabilities other information accompanying the financial statements the auditor's knowledge of the Board of Directors and management plans whether the auditor is of the opinion that no material uncertainty exists as on the date of the audit report that company is capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date; Yes
(xx) (a) whether in respect of other than ongoing projects the company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act; Not Applicable
(b) whether any amount remaining unspent under sub-section (5) of section 135 of the Companies Act pursuant to any ongoing project has been transferred to special account in compliance with the provision of sub- Not Applicable
section (6) of section 135 of the said Act;
(xxi) whether there have been any qualifications or adverse remarks by the respective auditors in the Companies (Auditor's Report) Order (CARO) reports of the companies included in the consolidated financial statements if yes indicate the details of the companies and the paragraph numbers of the CARO report containing the qualifications or adverse remarks. Not Applicable
FOR C.P.Jaria & Co
Chartered Accountants
Sd/-
(P.KJain)
M.No.112020
F.No.104058W
PLACE : Mumbai
DATE : 27/05/22
UDIN: 22112020AJRXWK6810

ANNEXURE-B TO THE AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (I) ofSub-Section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financialreporting of M/S Blue Pearl Texspin Limited ("the Company") as on 31stMarch 2022 in conjunction with our audit of the financial statements of the Company forthe year ended on that date.

MANAGEMENT RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the designs implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls overFinancial Controlling(the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143 (10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls-both applicable to anaudit o Internal Financial Controls and both issued by the Institute of CharteredAccountants of India .Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the Audit to obtain responsible assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists testing and evaluating anddesign and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud orerror.We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS OVER FINANCIAL REPORTING

A company's internal financial control over financial reporting isa process designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial controlover financial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and disposition of the assets of the Company. (2) provide reasonableassurance that transaction are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company ; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS OVER FINANCIALREPORTING

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

OPINION

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at 31st March2022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

FOR C.P. Jaria & Co
Chartered Accountants
Sd/-
(P.K.Jain)
M.No.112020
F.No.104058W
PLACE : Mumbai
DATE : 27/05/2022
UDIN: 22112020AJRXWK6810

Auditor's Report on standalone Quarterly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015

To

Board of Directors Blue Pearl Texspin Limited

We have audited the standalone quarterly financial results of BluePearl Texspin Limited (Name of the company) for the quarter ended 31.03.22 (date of thequarter end) and the year to date results for the period 01.04.21 to 31.03.22 attachedherewith being submitted by the company pursuant to the requirement of Regulation 33 ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015. Thesequarterly financial results as well as the year to date financial results have beenprepared on the basis of the interim financial statements which are the responsibility ofthe company's management. Our responsibility is to express an opinion on thesefinancial results based on our audit of such interim financial statements which have beenprepared in accordance with the recognition and measurement principles laid down in IndianAccounting Standard 34 (Ind AS 34) for Interim Financial Reporting prescribed underSection 133 of the Companies Act 2013 read with relevant rules issued thereunder; or bythe Institute of Chartered Accountants of India as applicable and other accountingprinciples generally accepted in India.

We conducted our audit in accordance with the auditing standardsgenerally accepted in India. Those standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial results are free of materialmisstatement(s). An audit includes examining on a test basis evidence supporting theamounts disclosed as financial results. An audit also includes assessing the accountingprinciples used and significant estimates made by management. We believe that our auditprovides a reasonable basis for our opinion.

In our opinion and to the best of our information and according to theexplanations given to us these quarterly financial results as well as the year to dateresults:

(i) are presented in accordance with the requirements of Regulation 33of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 in thisregard; and

(ii) give a true and fair view of the net results and other financialinformation for the quarter ended 31.03.22 (date of the quarter end) as well as the yearto date results for the period from 01.04.21 to 31.03.22.

.