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Blueblood Ventures Ltd.

BSE: 539637 Sector: Financials
NSE: N.A. ISIN Code: INE562S01013
BSE 00:00 | 30 Mar Blueblood Ventures Ltd
NSE 05:30 | 01 Jan Blueblood Ventures Ltd
OPEN 10.55
52-Week high 11.00
52-Week low 7.35
P/E 150.71
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 10.55
CLOSE 10.55
52-Week high 11.00
52-Week low 7.35
P/E 150.71
Mkt Cap.(Rs cr) 3
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Blueblood Ventures Ltd. (BLUEBLOODVENTU) - Auditors Report

Company auditors report

on the half yearly and Year to Date Audited Financial Results of the Company Pursuantto the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 as amended.

To The Board of Directors of Blueblood Ventures Limited

Report on the audit of Financial Results


1. We have audited the accompanying statement of the half year ended and year todate financial results of Blueblood Ventures Limited ("the Company") forthe year ended 31st March 2020 ("the Statement") attached herewithbeing submitted by the Company pursuant to the requirement of Regulations 33 and 52 of theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended (the"listing regulations").

2. In our opinion and to the best of our information and according to the explanationsgiven to us the statement:

a. is presented in accordance with the requirements of Listing Regulation in thisregard ; and

b. gives a true and fair view in conformity with the applicable Accounting Standardsand other accounting principles generally accepted in India of the net loss and otherfinancial information of the Company for the half year ended and year ended March 312020.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing ('SAs')specified under section 143(10) of the Companies Act 2013 as amended ("theAct"). Our responsibilities under those standards are further described in the"Auditor's Responsibilities for the Audit of the Financial Results" section ofour r eport. We are independent of the Company in accordance with the Code of Ethicsissued by the Institute of Chartered Accountants of India ('the ICAI') together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence obtained by us is sufficient and appropriate to provide a basisfor our opinion.

Emphasis of Matters

I. In view of the Covid-19 pandemic the Government of India had imposed a nationwidelockdown from March 24 2020 onwards resulting in disruption of the Company's operations.In assessing the recoverability of assets such as Non Current Investments long term loan& advances inventories trade receivables and other assets based on currentindicators of future economic conditions the management expects to recover the carryingamounts of its assets. The impact of the global health pandemic COVID-19 may be differentfrom the presently estimated and would be recognized in the financial statements whenmaterial changes to economic conditions arise. ( Refer note no 1 of the financialstatements)

II. The company has made application on Sabka Vishwas (Legacy Dispute Resolution)Scheme (SVLDRS) 2019 for settlement of the service tax matter of Rs. 27.04 lakhs relatedto financial year 2017-2018. The Company has filed necessary form SVLDR -1 on 15.01.2020and liability to be discharged accordingly.

III. Pending confirmations / statement of accounts / follow up documents of debitbalances of advances Rs 1033.23 lakhs has been considered good as the management ishopeful of recovery of the same.

IV. Zero Optional convertible debentures under Non Current investments Rs 7247.00 lakhsas at 31st March 2020 (7247 number ZOCDS @ Rs 1 lacs each) out of which 7000 number ofZOCDs are in Demat Account and balance 247 number of ZOCDS is wrongly transferred to oneparty for which Management is under process to get back in Demat account.

Our conclusion is not modified in respect of the above matters.

Management's Responsibilities for the Financial Results

4. This Statement has been prepared on the basis of the annual financial statements.The Company's Board of Directors is responsible for the preparation and presentation ofthe Statement that gives a true and fair view of the net loss and other financialinformation of the Company in accordance with the accounting principles generally acceptedin India including AS prescribed under Section 133 of the Act read with relevant rulesissued there under and other accounting principles generally accepted in India and incompliance with Regulation 33 and Regulation 52 of the Listing Regulations. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Statement that gives a trueand fair view and is free from material misstatement whether due to fraud or error.

5. In preparing the Statement the Board of Directors is responsible for assessing theCompany's ability to continue as going concern disclosing as applicable matters relatedto going concern and using the going concern basis of accounting unless the Board ofDirectors either intends to liquidate the company or to cease operations or has norealistic alternative but to do so.

6. The Board of Directors is also responsible for overseeing the Company's financialreporting process Auditor's Responsibilities for the Audit of the Statement

7. Our objectives are to obtain reasonable assurance about whether the Statement as awhole is free from material misstatement whether due to fraud or error and to issue anauditor's report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an audit conducted in accordance with Standards onAuditing specified under section 143(10) of the Act will always detect a materialmisstatement when it exists. Misstatements can arise from fraud or error and areconsidered material if individually or in the aggregate they could reasonably beexpected to influence the economic decisions of users taken on the basis of thisStatement.

8. As part of an audit in accordance with the Standards on Auditing we exerciseprofessional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the Statement whether due to fraud or error design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act we are also responsible for expressing our opinion on whether the Company has in place an adequate internal financial controls system over financial reporting and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of the management's use of the going concern basis of accounting and based on the audit evidence obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention in our auditor's report to the related disclosures in the Statement or if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the Statement including the disclosures and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

9. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

10. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

Other Matters

11. The Statement includes the financial results for the half year ended 31 March2020 being the balancing figures between the audited figures in respect of the fullfinancial year and the published unaudited year-to- date figures up to the half year ended30th September 2019 of the current financial year which were subject tolimited review by us.

12. The comparative financial information of the Company for the year ended 31st March2019 was audited by another firm of Chartered Accountants who expressed an unmodifiedopinion vide reports dated 29th May 2019.

For R Gopal & Associates
Chartered Accountants
Firm Registration No.:000846C
Vikash Aggarwal
Membership No. 519574
UDIN: 20519574AAAADT9877
Place: Delhi
Date: 31st July 2020