Blue Chip India Ltd — Annual Report 2020

Jul 22, 2020

BLUE CHIP INDIA LIMITED

10, PRINCEP STREET, 2ND FLOOR, KOLKATA - 700 O72 Phone : (033) 4002-2880 # FAX : (033) 2237-9053 E-mail : info@bluechipind.net Website: www. bluechipind. net CIN : L65991WB1993PLC060597

22nd July, 2020

To, To, To,

The Secretary, The Asst. General Manager — Listing The Asst. General Manager, The Calcutta Stock Exchange Ltd. The National Stock Exchange of India Department of Corporate Services, 7, Lyons Range, Ltd. BSE Ltd. Kolkata — 700 001 Plot No. C/1, Block-G, 25" Floor, Phiroz Jeejeeboy Towers, Scrip Code : 12057 Bandra Kurla Complex, Bandra (E) Dalal Street, Mumbai — 400 051 Mumbai — 400 001 Scrip Code : BLUECHIP Scrip Code : 531936

Dear Sir/Ma'am,

Sub: Outcome of Board Meeting.

In terms of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and other applicable provisions, Please find enclosed herewith a copy of Annual Audited Standalone Financial Results along with Auditor's Report of the Company for the Financial Year ended 31st March, 2020 which has been approved by the Board of Directors in their meeting held today i.e., Wednesday, 22nd July, 2020.

The said results will be duly published in the newspaper as required by Regulation 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and will be uploaded on the website of the company : www.bluechipind.net

The Board meeting commenced at 04:30 P.M. and concluded at 06.15 P.M.

Kindly take the aforesaid information on record and oblige.

Thanking you, yours faithfully, For Blue Chip India Ltd.

Arihant Jain (Managing Director ) DIN : 00174557

DEOKI BIJAY & CO.

rA./fl

Cha rtered Accou nta nts

209,A).C Bose Road , 150A, Karnani Estate,4th Floor, Kolkata - 7OOOL7 Mobile:9433039556, Email: deokinagrawal@rediffmail,com Website: www.dbcca.co.in

Independent Auditor's Report on the Quarterly and Year to Date Audited Financial Results of the Company Pursuant to the Regulation BB of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2ol5, as amended

TO THE BOARD OF DIRECTORS OF Blue Chip India Limited

Opinion

We have audited the accompanying Statement of quarterly and year to date financial results of Blue Chip India Limited ("the compflny") for the quarter ended March Sr.,2ozo and for the year ended March Bt,zo2o ("the statement") being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, zoLS, as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, except for the possible effects of the matter described in the basis for qualified opinion paragraph, the statement:

i. are presented in accordance with the requirements of Regulation 38 of the Listing Regulations in this regafd; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian accounting standards and other accounting principles generally accepted in India of the net loss and total comprehensive income and other finaneial information of the company for the three months and year ended March Bt,zo2o

Basis for Opinion

Attention is drawn to Note No. 5 related to Valuation of Inventories of unquoted share which are carried in the Balance Sheet at cost instead of Fair Value. In absence of adequate information for determining the fair market value of inventories of unquoted shares, impact thereon on the financial statements is not ascertainable.

We conducted our audit of the statement in accordance with the Standards on Auditing (SAs) specified under section r43(to) of the Companies Act, 2013 (the Act). Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Results" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Companies Act, zor3 and the Rules there under, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Financial Results

The Statement has been prepared on the basis of annual financial statements. This statement is the responsibility of the company's management and approved by the board of directors, has been compiled from the related audited for the year ended March 57, 2o2o. The Company's Board of Directors are responsible for the preparation and presentation of the Financial results that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section r33 of the Act read with relevant rules issued there under and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement , the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the company.

Auditor's Responsibilities for the Audit of the Financial Results

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

As part of an audit in accordance with SAs, we "*"r"iru professional judgment and maintain professional skepticism throughout the audit. We also:

• . Identifu and assess the risks of material misstatement of the Statemens, 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 materia] misstatement resulting from fraud is higher than for one resuiting 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 r+S(SXi) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place 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 Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a materiai uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going soncern. 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 financial results 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 financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identiff during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matter

The Statement includes the results for the quarter ended March gt,2o2o being the balancing figure between the audited figures in respect of the full financial year ended March BL,2o2o and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For Deoki Bijay & Co. Chartered Accountants Firm Regn No. 3t3to5E

ASHA

(CA. Asha Gupta) Partner Memb. No. 3o5oz4 UDIN - 2o7o So24AAAAAO5Soz

Place : t<ott u,u

Date : the zz"d day of July,2o2o

BLUE CHIP INDIA LIMITED Regd Office: 10, Princep Street, 2nd Floor, Kolkata - 700072 Email: info@bluechipindi.net,website: www.bluechipind.net, Phone No.033-22256851, Fax: 91-33-22379053 CIN NO: L65991WB1993PLC060597

Statement of Audited Financial Results for the Quarter and Year ended 31st March, 2020

	(Rs. In Lacs)
Sr.		Quarter Ended			Year Ended
No.	Particulars	31st March, 2020	31st Dec, 2019	31st March, 2019	31st Mar, 2020	31st Mar, 2019
		Audited	Unaudited	Audited	Audited	Audited
	Revenue from Operations	0.05		0.17	0.08	3.24
$\mathbf{2}$	Other Income	0.22	0.01		0.64	0.45
3	Total Income (1+2)	0.27	0.01	0.17	0.72	3.70
4	Expenditure
	a) Employee Benefit Expenses	3.34	2.18	5.20	10.09	14.86
	b) Depreciation and amortisation expenses	0.07	0.07	0.07	0.27	0.27
	c)Impairment Expenses				92.55
	d) Other Expenses	2.72	2.08	10.00	22.78	25.49
	Total Expenditure (a to f)	6.13	4.33	15.27	125.69	40.62
5	Profit/ (Loss) Before Tax (3 - 4)	(5.86)	(4.32)	(15.10)	(124.97)	(36.92)
6	Tax Expense
	a) Current Tax	٠		1.28		1.28
	b) Deferred Tax	٠
	Net Profit / (Loss) after Tax $(5 - 6)$	(5.86)	(4.32)	(16.38)	(124.97)	(38.20)
8	Other Comprehensive Income/ (Loss)
	Items that will not be re-classified subsequently to the statement of pro	(103.00)	(28.54)	(26.66)	(175.63)	(26.66)
	Items that will be re-classified subsequently to the statement of profit and loss(net of tax)
9	Total Comprehensive Income/ (Loss) (7+8)	(108.86)	(32.86)	(43.04)	(300.59)	(64.86)
10	Paid up Equity Share Capital (Face Vale Rs. 2 Each)	1,106.09	1,106.09	1,106.09	1,106.09	1,106.09
11	Earnings per Share (not annualised)
	Basic	(0.20)	(0.06)	(0.08)	(0.54)	(0.12)
	Diluted	(0.20)	(0.06)	(0.01)	(0.54)	(0.12)

Notes:

The above Audited financial results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at their respective meeting $\mathbf{1}$ held on 22nd July, 2020

The Company has adopted Indian Accounting Standards (Ind As) with effect from 1st April, 2019 and the effected date of such transition is 1st April, 2018 Such transition has been carried out from the erstwhile Accounting Standards notified under the Act, read with relevant rules issued thereunder (collectively referred to as" the previous GAAP"). The $\overline{\mathbf{c}}$ financial results for the year ended 31st March, 2020 have been prepared in accordance with the recognition and measurement principles laid down in Ind AS notified under the Companies(Indian Accounting Standards) Rules 2015. The Ind AS financial results and financial information for the year ended 31st March, 2019 presented after incorporating applicable Ind AS adjustments, has not been subject to any limited review or audit. The management has exercised necessary due diligance to ensure that the financial results provide a true and fair view of the company's affiars

$\overline{\mathbf{3}}$ Reconciliation of results between previous GAAP and Ind AS is as follows:-

	31.03.2019	31.03.2019
	(Quarter ended)	(Year ended)
	(Audited)	(Audited)
Net Profit/(Loss) after tax as per Previous GAAP	(17.29)	(39.11)
Provision written back	0.91	0.91
Net profit after tax as per Ind AS	(16.38)	(38.20)
Other Comprehensive Income, net of tax	(26.66)	(26.66)
Total Comprehensive Income as per Ind AS	(43.04)	(64.86)

4 Reconciliation of equity between previous Indian GAAP and Ind AS is as follows-

	Amount (in lacs)
	31.03.2019
	(Audited)
Equity as reported under previous GAAP	53.64
Fair Valuation of Investments	226.86
Provision write back	0.91
Equity as reported under Ind AS	281.4

Valuation of Inventories of unquoted equity shares has been done at cost, as the Fair Value of the unquoted equity shares are not available 5

• The business of the Company falls within a single primary segment VIZ 'Financial Services' and hence, the disclosure requirement of "Ind AS 108" " Operating Segments is not 6 applicable"
• NBFC Registration Certificate No.05.01991 dated 02.05.1998 of the company has been cancelled by RBI by order dated 20.08.2019 $\overline{7}$
• Figures for the quarter ended 31st March, 2020 and 31st March, 2019 are the balancing figures between the audited figures in respect of full financial year and published $\bf{8}$ year to date figures upto the third quarter of the relevant financial year
• 9 Figures pertaining to the previous year/ period have been regrouped / rearranged whereever considered necessary to make them comparable with the Current year /period.

Place: Kolkata Date: 22nd July, 2020

BLUE CHIP INDIA LIMITED

Regd Office : l0,Princep Street,2nd Floor,Kolkata - 700072

Email : info@bluechipindi.net,website : www.bluechipind.net, Phone No.033-22256851,Fax :91-33-22379053 CIN NO : L65991WB1993PLC060597

			Amount(inlacs
	31-03-2020	31t03t2019	31.03.2018
ASSETS
NON CURRENT ASSETS
Property, Plant and Equipment	L26	1.53	r.80
FINANCIAL ASSETS
Investment	126.s2	396.s0	424.52
Loans	248.87	241.64	249.14
Other Financial Assets	0.40	0.40	0.40
Defened Tax Assets(Net)	rs6.30	1s6.30	156"30
CURRENT ASSETS
Inventories	0.63	0.63	0.63
FINANCIAL ASSETS
Trade Receivables		0.0 r	0.s 5
Cash and Cash Equivalents	0.50	0.29	1.82
Current Tax Assets(Net)	9.01	10.64	1 1.90
Total	s43.50	813.94	847.66
EOUITY AND LIABLITIES
Equity Share Capital	1,106.09	1,106.09	1,106.09
Other Equity	(t,125.27)	(824.68)	(7se.82)
LIABLITIES
CURRENT LIABLITIES
Financial liabilities
Trade Pavable		0.02	0.02
Other financial liabilities	5s1.61	52s.1 0	493.03
Other current liabilities	5.07	1 ,4-'	8.34
Total	543.50	8r3.94	847.66

STATEMENT OF ASSETS AND LIABLITTES FOR THE YEAR ENDED 31.03.2020.

For and behalf of the Board of Directors ffix?i';.'.;"w*

f,r-"JS:' ' ARTHANT rArN \ ; ,4 Managing Director DIN NO.00174557

Place: Kolkata Date:22nd July, 2020

BLUE CHIP INDIA LIMITED

Regd Office : l0,Princep Street,2nd Floor,Kolkata - 700072 Email : info@bluechipindi.net,website : www.bluechipind.net, Phone No.033-22256851,Fax : 9l-33-22379053 CIN NO : L65991W81993PLC060597

Statement tatement of Cash Flow forthe year ended 31st March, 2020		ln
	Year Ended	Year Ended
Particulars	31st	31st
	March,2020	March,20l9
ash flows from operating activities
Profit / (Loss) before taxation	(t24.e6)	(36.92)
Adjustments for:
Depreciation & Amortisation Expenses	0.27	0,27
Taxation for earlier vear		(1.2e)
Net Unrealised fair value sain/loss	(r 75.63)	(26.65)
Interest expense
Profit / (Loss) on the sale of other intangible assets
Operating ProJit before ll/orking capital changes:	(300.32)	(64.60)
Movements in Working Capilal
(Increase)/Decrease in trade and other financial assets	0.01	0.53
.lncrease) in other current assets	1.63	1.26
(Increase)/Decrease in trade and other non financial liabilites	30.14	31 t6
Cash generated from operations	(268.s4)	(31.6s)
Income taxes paid
Net caslt front operating activities(l)	(268.s4)	(31.6s)
Cash flows from investing activities
Proceeds from sale ofother intangible assets
Acquisition of investments	269.98	28.02
Net cash used in investing activities(2)	269.98	28.A2
Cash flows from financing activities
Proceeds from issue ofshare capital
Payment of long-term borrowings	(1.23)	2.10
Net caslt used in Jinancing activities(3)	(1.23)	2.10
Net increase in cash and cash equivalents(l+2+3)	0.21	(r.s3)
Cash and Cash equivalents at beginning of period	0.29	1.82
Cash and Cash equivalents at end of period	0.s0	0.29
Cash & Cash Equivalent comprise :
Cash on hand	0.26	0.09
Balance wirh banks on curremt account	0.24	0.20
	For and behalf of the Board of Directors
	FoT BLUE CHIP INDTA LIMITED
		.s. j*.
	N

Place: Kolkata Date:22nd July, 2020 J-,r-ARIHANT JAIN Managing Director DtN N0.001745s7

Form A

(For Audit Report Unmodified Opinion)

1.	Name of the Company	Blue Chip India Limited
$\overline{2}$ .	Annual Financial statements for	31st March, 2020
	the year ended
3.	Type of Audit Observation	Qualified Opinion:-
		Auditors draw reference to:
		I. Balance Sheet:
		During the year, the Company has not provided,
		a) Valuation of Inventories of unquoted shares have been
		valued/done at cost instead of lower of Cost or Fair Value and
		in absence of adequate information impact thereof on
		Financial Statements is not ascertainable.
4.	Frequency of Observation	a) Since Financial Year 2016-2017
$\overline{5}$ .	To be signed by-
	Arihant Jain
	(Managing Director)
	DIN: 00 174235	here joint
	Deokibijay & Co,Auditor of the	Digitally signed by ASHA GUPTADN: c=IN. st=West Bengal,2.5.4.20= 1d836719776d8041b5bb2b1f9a82e93781ASHA3c44b21ey1b604d996f14a3445981e8.postalCode=700056.street=CLUB TOWN HEIGHTS.
	company	BLOCK 3-4B, 14 B T ROAD.GUPTAr=00a452e3b389a58d706ad0Be3b82a737c125df882c09e6c66d79e1ed622669d7
		Personal cn=ASHA GUPTADate: 2020.07.22 17:20:24 +05:30
	Sahil Sharma	$\supseteq H\widehat{\mathcal{B}}$ emv
	Audit Committee
	Chairman
	Soni Jain,	Som Jan
	CFO

ANNEXURE I

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results- Standalone

	Statement on Impact of Audit Qualifications for the Financial Year ended 31st March,2020
	[See Regulation 33 I 52 of the SEBI (LODR) (Amendment) Regulations,2016l
	sl.	Particulars		Audited Figures (as	Adjusted Figures
	No.			reported before	(audited figures after
				adjusting for	adjusting for
				qualifications)	qualifications)
I	1	Turnover / Total income		72,057	12,057
	2.	Total Expenditure		12,569,s7 t	12,568,571
	J.	Net Profit/(Loss)		(12,496,514)	12,496,514)
	4.	Earnings Per Shzre		(0.s4)	(0.s4)
	5.	Total Assets		54,349,951	54,349,95t
	6.	Total Liabilities		5,62,68,225.72	5,62,68,225.72
	7.	Net Worth		t,918,275)	(1,918,275)
	8.	Any other financial item(s) (as felt		NIL	NII
		appropriate bv the manasement)
il		Audit Qualification (each audit qualification separatelv):
	a. Details of Audit Qualification: Valuation of lnventories of unquoted shares have been
		valued/done at cost instead of lower of Cost or Fair Value and in absence of adequate information
	impact thereof on Financial Statements is not ascertainable.
	b. Type of Audit Qualification : Qualified Opinion
	c. Frequency of qualification: Since Financial Year 2016-2017
	d. For Audit Qualification(s) where the impact is quantified by the auditor, Management's
	Views: N.A.
	e. For Audit Qualification(s) where the impact is not quantified by the auditor:
	(i) Management's estimation on the impact of audit qualification: Cannot be ascertained
	ii) If management is unable to estimate the impact, rehsons for the same: It is difficult to
	estimate fair value of unquoted shares because of the reason that the }atest balance sheet is not
	available or the fair value of assets of the concerned Companies is difficult to be arrived at which the
	results is unreliable valuation of Equity Shares.
	(iii)Auditors' Comments on (i) or (ii) above:
	Signatories:
E
					t,t//
		Director, Arihant Jain		Nt	\ e",,/
		"rO-anaging		J/\
				"j

Auditor of the company, Deokibijay & Co,$\bullet$	Digitally signed by ASHA GUPTAASHADN: c=IN. st=West Bengal.2.5.4.20=1d836719776d8041b5bb2b1f9a82e93783c44b21e91b604d996f14a3445981e8,pustalCude=700056.street=CLU8 TOWNHEIGHTS, BLOCK 3-48, 14 B T ROAD,GUPTAserialNumber=00a4$2e3b389a58d706ad08e3b82a737c125df882c09e6c66d79e1ed622669d7,u=Persunal cn=ASHA GUPTADate: 2020.07.22 17:21:21 - 05'30'
Audit Committee Chairman, Sahil Sharma$\bullet$$\sim$	$Q1H\overline{B}$
CFO, Soni Jain$\bullet$	Sim Jan
Place: Kolkata
Date: 22.07.2020

$\hat{e}$