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|
|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|
To the Members
The Directors of the Company have pleasure in presenting the 14th StandaloneAnnual Report and Audited Financial Statement for the financial year ended 31stMarch 2021.
(Rs. in INR)
The Board of Directors do not recommend any dividend on Equity Share Capital for theyear under review with a view to conserve resources and to plough back the profits for theFinancial Year ended 31st March 2021 and to strengthen the net workingcapital.
MANAGEMENT DISCUSSIONS & ANALYSIS (MDA) Financial Review
The operating income during the financial year ended 31st March 2021 stoodat Rs. 4642845 as against the total operating income of Rs. 19969251 /- in theprevious financial year ended 31st March 2020. During the Year the Company hasa loss of Rs. 6627571/-. The Company was not able to take new business as there wasconsiderable delay in getting the statutory approvals.
Share Capital and Changes in Share Capital Authorized Share Capital
The Authorised share capital of the Company as on 31st March 2021 was Rs 31000000/-(Rupees Three Crores Ten Lakhs) divided into 3100000 shares of Rs 10/- each.
Paid-up Share Capital
The paid up capital of the Company as on 31st March 2021 was Rs. 30010800 (RupeesThree Crores Ten Thousand Eight Hundred Only) divided into 3001080 Equity Shares of Rs.10/- each. During the period under review there was no change in the share capital of theCompany.
Industry Overview for the Company
A turbulent equity movement dismal corporate earnings sub normal monsoons plunge incommodity and oil prices: It has not been a good year to remember for Indian markets."Year 2020-2021 turned out to be a complicated year for investors with corporateperformance failing markets expectation. Domestic politics have also eluded marketexpectations.
Threat Risks & Concern
Low pace of global growth low commodity prices and the governments inability tobalance the fiscal deficit will be three key challenges to the markets. "While thedeveloped economies are moving out of repair growth across many emerging markets couldmoderate given high dollar debt. Key long-term challenge for India remains ability torein in the consolidated fiscal deficit. Government expenditure bill will increase withthe proposed revision in wages and likelihood of other measures to support rural income.
Adequacy of Internal Control
The Company has a well laid out internal control system. The internal control system isso designed to ensure that there is adequate safeguard maintenance and usage of assets ofthe Company.
The Company currently has a strong team of less than 07 employees with experience instock broking and finance and we would like to thank each and every member of theBLUEBLOOD family for their role and continuous contribution towards the Companysperformance.
During the Financial Year 2020-21 your Company has not accepted any deposit within themeaning of Sections 73 and 74 the Companies Act 2013 read together with the Companies(Acceptance of Deposits) Rules 2014.
Nomination & Remuneration Policy And Particulars Of Employees
In accordance with Section 178 and other applicable provisions if any of the CompaniesAct 2013 read with the Rules issued there under and Regulation 19 of the LODR the Boardof Directors of the Company at their meeting held on 3rd Feb 2016 formulatedthe Remuneration Policy on the recommendations of the Nomination & RemunerationCommittee. The salient features covered in the Remuneration Policy have been outlined inthe Corporate Governance Report which forms part of this Report. The information requiredunder Section 197 of the Companies Act 2013 read with Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 in respect of Directors/employees of theCompany is set out in "Annexure A" to this Report and is available on thewebsite of the Company.
DIRECTORS & KEY MANAGERIAL PERSONNEL (APPOINTMENTS/RE-APPOINTMENTS):DIRECTORS
Pursuant to Section 152 of the Companies Act 2013 Mr. Pushpendra Surana Director ofthe Company retires by rotation at ensuing Annual General Meeting and being eligibleoffers himself for re-appointment.
KEY MANAGERIAL PERSONNELS
Mr. Suresh Bohra Managing Director and CFO is the Key Managerial Personnel inaccordance with the provisions of the Companies Act 2013 and Rules made there under.
FAMILIRAZATION PROGRAMME FOR INDEPENDENT DIRECTORS
The details of programmes for familiarisation of Independent Directors with theCompany their roles rights responsibilities in the Company and related matters are putup on the website of the Company.
EVALUATION OF BOARD PERFORMANCE
In terms of the provisions of the Companies Act 2013 read with Rules issued thereunder and LODR the Board of Director on recommendation of Nominations & RemunerationCommittee have evaluated the effectiveness of the Board/Director(s) for financial year2020-21 .
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The provisions of Section 197(12) of the Companies Act 2013 read with Rules 5(2) and5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014does not apply in your Company.
NUMBER OF MEETINGS OF THE BOARD AND AUDIT COMMITTEE
The details of the number of Board and Audit Committee meetings of the Company are setout in the Corporate Governance Report which forms part of this Report.
DECLARATION OF INDEPENDENCE
The Company has received declarations from all the Independent Directors confirmingthat they meet the criteria of independence as prescribed under the provisions ofCompanies Act 2013 read with the Schedules and Rules issued there under as well as LODR.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements under Section 134(3)(c) of the Companies Act 2013 theDirectors confirm that:
(a) in the preparation of the annual accounts for the Financial Year ended 31stMarch 2021 the applicable accounting standards and Schedule III of the Companies Act2013 have been followed and there are no material departures from the same;
(b) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at 31st March 2021 and ofthe loss of the Company for the financial year ended 31st March 2021;
(c) the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;
(d) the Directors have prepared the annual accounts on a going concernbasis;
(e) the Directors have laid down proper internal financial controls to be followed bythe Company and that such internal financial controls are adequate and are operatingeffectively; and
(f) The Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.
AUDITORS AND AUDITORS REPORT
KRA & Associates Chartered Accountants New Delhi Firm Registration number 029352Nare appointed as the Statutory Auditors of the Company w.e.f. 13thNovember2021 The Board has recommended the same for the approval of shareholders at theensuing Annual General Meeting. Further M/s KRA & Associates has confirmed theireligibility under Section 141 of the Companies Act 2013 and the Rules framed there under.The Qualification made by the Auditor has been replied by the Management and same has beenAnnexed as a Annexure B
RESIGNATION OF AUDITOR
Based on the recommendation of the Audit Committee the Board of Directors of theCompany at its meeting held on November 13 2021 noted and accepted the resignation of M/sR. Gopal & Associates Chartered Accountants (Firm Registration number: 000846C) whohave tendered their resignation vide their letter dated November 09 2021 informing theirinability to continue as the Statutory Auditors of the Company. The Audit Committee andBoard at their respective meetings placed on record their appreciation to M/s R. Gopal& Associates for their contribution to the Company with their audit processes andstandards of auditing.
Pursuant to the provisions of Section 204 of the Companies Act 2013 read with theCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 your Companyhas appointed MZ & Associates Company Secretaries to conduct the Secretarial Audit ofyour Company. The Secretarial Audit Report is annexed herewith as "Annexure -C" to this Report. The remark of the secretarial auditor is placed with thefollowing observation and management reply to the same has been annexed with Annexure Dto the report.
Pursuant to Section 138 of the Companies Act 2013 read with The Companies (Accounts)Rules 2014 the Company has in place proper internal auditor.
Cost Records and Cost Audit
Requirement of Cost Audit as stipulated under the provisions of Section 148 of the Actare not applicable for the business activities carried out by the Company.
Insolvency and Bankruptcy Code 2016
There is no application made or any proceeding pending under the Insolvency andBankruptcy Code 2016 (31 of 2016) during the FY21.
The Annual Return of the Company as on 31st March 2020 in prescribed e-form MGT-7 inaccordance with Section 92(3) of the Act read with Section 134(3)(a) of the Act isavailable on the Companys website at www.bluebloodventure.com
Further the Annual Return (i.e. e-form MGT-7) for the FY21 shall be filed by theCompany with the Registrar of Companies within the stipulated period and the same canalso be accessed thereafter on the Companys website at: www.bluebloodventure.com
RELATED PARTY TRANSACTIONS
The details of the related party transactions as required under Accounting Standard 18are set out in Note 28 to the standalone financial statements forming part of this AnnualReport. The Policy on materiality of related party transactions and dealing with relatedparty transactions as approved by the Board may be accessed on the Companys website.
LOANS GUARANTEES AND INVESTMENTS
The details of loans guarantees and investments under Section 186 of the CompaniesAct 2013 read with the Companies (Meetings of Board and its Powers) Rules 2014 are asfollows: Details of loan and advances guarantee and investments has been given in thebalance sheet note to accounts.
The Board of Directors of the Company have formulated a Whistle Blower Policy which isin compliance with the provisions of Section 177(10) of the Companies Act 2013 andListing Obligations and Disclosure Requirements (LODR) Regulations 2015. The Companythrough this policy envisages to encourage the Directors and Employees of the Company toreport to the appropriate authorities any unethical behaviour improper illegal orquestionable acts deeds actual or suspected frauds or violation of the CompanysCode of Conduct for Directors and Senior Management Personnel. The Policy on VigilMechanism / Whistle blower policy may be accessed on the Companys website.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
The information on conservation of energy technology absorption and foreign exchangeearnings and outgo as stipulated under Section 134 of the Companies Act 2013 read withthe Companies (Accounts) Rules 2014 is as under: Part A and Part B relating toconservation of energy and technology absorption are not applicable to the Company as yourCompany is not a manufacturing company.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
PREVENTION OF SEXUAL HARASSMENT AT WORKPLACE
The Company has in place a Policy on Prevention of Sexual Harassment at Workplace inline with the requirements of the Sexual Harassment of Women at Workplace (PreventionProhibition & Redressal) Act 2013 and the rules made thereunder.
Internal Complaints Committee(s) (ICCs) at each workplace of the Company have been setup to redress complaints if any received regarding sexual harassment. All employees(permanent contractual temporary trainees) are covered under this Policy.
There was no complaint received from any employee of the Company during the FY21.MATERIAL CHANGES AFFECTING THE COMPANY
A. Change in nature of business
The Company has not undergone any change in the nature of the business during the FY21.
B. Material changes and commitments if any affecting the financial position of theCompany
There are no material changes and commitments affecting the financial position of theCompany which have occurred between the end of the FY21 and the date of this Report.Further as we are aware that the outbreak of Covid-19 Pandemic has impacted businessesnot only in India but to all economics in the world. The Novel Coronavirus disease(COVID-19) was declared a global pandemic by the World Health Organization on March 112020. The Government of India took various actions to contain the COVID-19 pandemic suchas closing of borders and lockdown restrictions which resulted in significant disruptionto people and businesses. In response to COVID-19 pandemic situation the Company quicklyinstituted measures to trace all employees and be assured of their safety health andwell-being. Fortunately no COVID-19 case has been found across our manpower. Keeping inview the safety of our employees and in line with the guidelines issued by the Government.The Company is taking all necessary measures in terms of mitigating the impact of thechallenges being faced in the business. The impact of Covid-19 is also mentioned at NoteNo. 34 to the Financial Statements for FY21.
SIGNIFICANT/MATERIAL ORDERS PASSED BY THE REGULATORS
Pursuant to Regulation 13(3) of the SEBI (LODR) Regulations 2015 the listed entityshall file with the recognized stock exchange(s) on a quarterly basis within twenty onedays from the end of each quarter a statement giving the number of investor complaintspending at the beginning of the quarter those received during the quarter disposed ofduring the quarter and those remaining unresolved at the end of the quarter. As aconsequence of Non-compliance and in pursuance with SEBI circular no.SEBI/HO/CFD/CMD/CIR/P/2020/12 dated January 22 2020 (SEBI SOP Circular) the DEMATaccounts of all the entities mentioned in the shareholding pattern were freezed. Howeverthe company unfroze the accounts by submitting a penalty amounting to Rs. 7080 as on 31stMarch 2021 to SEBI and made the compliance good.
a) Your Company has not issued equity shares with differential rights as to dividendvoting or otherwise;
b) Your Company does not have any ESOP scheme for its employees/directors.
DEMATERIALIZATION OF SHARES
Trading in the Equity Shares of the Company is only permitted in the dematerializedform as per the Securities and Exchange Board of India (SEBI) circular dated May 29 2000.The Company has established connectivity with both the Depositories viz. National SecurityDepository Ltd. (NSDL) as well as Central Depository Services (India) Ltd. (CDSL) tofacilitate the demat trading. As on 31st March 2021 100% of theCompanys Share Capital is in dematerialized form. The Companys shares areregularly traded on BSE (SME) Limited.
Pursuant to Regulation 27 of the SEBI (Listing Obligation and Disclosure Requirement)Regulations 2015 the Corporate Governance report together with a certificate issued fromMZ & Associates Company Secretaries on its compliance forms part of the AnnualReport.
Statement in the managements discussions and analysis describing theCompanys projections estimates expectations or predictions may be forwardlooking statements within the meaning of applicable securities laws and regulations.Actual results could differ materially from those expressed or implied. Important factorsthat would make a difference to the Companys operations include demand-supplyconditions changes in government regulations tax regimes and economic developmentswithin the country and abroad and such other factors.
The Directors of the Company are grateful to all the stakeholders including thecustomers bankers suppliers and employees of the Company for their co-operation andassistance.