1.13 Provision, Contingent Liabilities and Contingent Assets
a. Provision involving substantial degree of estimation in measurement is recognized when there is present
obligation as result of past event and it is probable that there will be an outflow of resources.
b. Contingent liabilities are not recognized but are disclosed in the notes to financial statements and notes
thereto. Contingent assets are neither recognized nor disclosed in the financial statement.
1.14 Earnings Per Share
Basic earnings per share are calculated by dividing the net profit or loss for the period attributable to equity
shareholders by the weighted average number of equity shares outstanding during the period. The weighted
average number of equity shares outstanding during the period and for all periods presented is adjusted for
events, such as bonus shares, other than the conversion of potential equity share that have changed the number
of equity shares outstanding, without a corresponding change in resources.
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to equity
shareholders and weighted average number of equity shares outstanding during the period is adjusted for the
effects of all dilutive potential equity shares.
1.15 Current and Non-Current Classification
All assets and liabilities are classified into current and non-current.
An asset is classified as current when it is expected to be realised in, or is intended for sale within 12 months or it
is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for atleast 12
months after the reporting date.
A liability is classified as current when it is expected to be settled within 12 months or the Company does not have
an unconditional right to defer settlement of the liability for atleast 12 months after the reporting date.
1.16 Cash flow statement
Cash flow are reported using indirect method, whereby net profit/(loss) before tax is adjusted for the effects of
transactions of a non- cash nature and any deferrals or accruals of past or future cash receipts or payments. The
cash flow from regular revenue generating, investing and financing activities of the company are segregated.
1.17 Cash & Cash Equivalents
Cash comprise cash in hand and demand deposit with banks. Cash equivalent are short term balances, highly
liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant
risk of changes in value.
1.18 Employee benefits
Short-term employee benefits
All employee benefits payable/available within twelve months of rendering the service are classified as short-term
employee benefits. Benefits such as salaries and wages etc., are recognised in the Statement of Profit and Loss in
the period in which the employee renders the related service. Since, number of employees doesn't exceed the
ceiling limit on any day during the accounting year hence, The Payment of Gratuity Act, 1972 and The Payment of
Bonus Act, 1965 are not applicable to the company.
27. Additional Regulatory Requirement_
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company did not have any transactions with Companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the respective financial years / period.
(v) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the company
to or in any other person(s) or entity(ies), induding foreign entities ("intermediaries") with the understanding, whether recorded in writing or otherwise,
that the intermediary ^tall lend or invest in party identified by or on behalf of the company (ultimate beneficiaries).
(vi) The company has not received any fund from any party(s) (funding party) with the understanding that the company shall whether, directly or indirectly
lend or invest in other persons or entities identified by or on behalf of the company ("ultimate benefidaries") or provide any guarantee, security or the like
on behalf of the ultimate beneficiaries.
(vii) The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disdosed as income during the
year in the tax assessments underthe Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961).
(viii) The Company has not been declared wilful defaulter by any bank or financial Institution or other lender.
(ix) The Company does not have any Scheme of Arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Act.
(x) The Company has complied with the the number of layers prescribed under of Section 2(87) of the Act read with the Companies (Restriction on number of
Layers) Rules, 2017.
(xi) During the year, the Company has not revalued its property, plant and eguipment.
29. Contingent liabilities and Commitments (to tlie extent not provided for):
Income Tax department sent notice u/s 143 (3) for the A.Y 2018-19and made certain disallowance amounting to Rs 9,34,83,470.
Order u/s 143(3) for A.Y. 2018-19, dated 23.04.2021, demanding tax of Rs. 3,54,17,615, was served on 23.04.2022. Company has filed an appeal against
the order on the grounds that Ld. AO was not justified in making an addition of Rs. 9,34,83,470 to the total income of the appellant, ignoring the fact that
the appellant company is actually the resulting company arising out of the demerger of undertaking from Blueblood Ventures Limited, the demerged
company, and that the said amount represent the balance of assets and liabilities transferred to the resulting company and the share capital issued to the
shareholders of the demerged company and the liabilty transferred to the resulting company pursuant to the approved scheme of demerger.
30. Sundry Debtors, Sundry Creditors 8i advances are subject to confirmation by the respective parties. Necessary Adjustments in account will be made in
the year in whichdiscrepancy, if any, may be noticed.
31. Pending confirmations / statement of accounts / folbw up documents of debit balances of advances Rs 31,21,26,825/- has been considered good, as the
management is hopeful of recovery of the same.
32. Zero Optional Convertible Debentures under Non Current investments Rs 41,49,00,000/- as at 31st March 2024 (4149 number ZOCDS @ Rs 1 lacs each)
out of which 3902 number of ZOCDs are in Demat Account and balance 247 number of ZOCDS is wrongly transferred to one party, for which
Management is under process to get back in Demat account.
33. In the opinion of the Board, the assets other than property , plant and eguipment have a value on realization in the ordinary course of the business
atleast egual to the amount at which they are stated.
34. The difference if any, arising due to expenditure and income provided on estimate basis in earlier years is adjusted to respective account head.
35. Previous year figures have been regrouped and/or rearranged wherever necessary to make them comparable with current year's figures. The amended
Division I to Schedule III requires the figures appearing in the Financial Statements to be rounded off to the nearest hundreds, thousands, lakhs or
millions or decimal thereof. Hence, figures in financial statements are rounded off to the nearest lakhs.
36. Note 1 to 36 form part of the Balance Sheet as on 31st March 2024, the Statement of Profit 8i Loss and Cash Flow Statement for the year ended on that date.
As per our Report of even date For on behalf of the Board of Directors
Blueblood Ventures Limited
KRA (4 Associates
Cliartered
Accountants FRN:
002352N
Raman Arora Suresli Bolira Narshima
Partner Managing Director Kavadi
Director
M.No: 531104 DIN.- 00093343 DIN:08145297
Date : 27-05-2024
Place : New Delhi
Jatin Bli i tia
Company Secretary & Compliance Officer
Membership No.: A58522
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