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GeeCee Ventures

BSE: 532764|NSE: GEECEE|ISIN: INE916G01016|SECTOR: Chemicals
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« Mar 14
Auditor's Report (GeeCee Ventures) Year End : Mar '15
We have audited the accompanying Financial Statements of GEECEE
 VENTURES LIMITED ( the Company) which comprise the Balance Sheet
 as at March 31,2015, the Statement of Profit and Loss and the Cash Flow
 Statement for the year then ended, and a summary of significant
 accounting policies and other explanatory information.
 
 Management Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters
 stated in Section 134(5) of the Companies Act, 2013 (the Act)
 with respect to the preparation of these standalone financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the accounting principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. 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
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these Financial
 Statements based on our audit.
 
 We have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 there under.
 
 We conducted our audit in accordance with the Standards on Auditing
 issued by the Institute of Chartered Accountants of India. Those
 standards require that we comply with ethical requirements and plan and
 perform the audit to obtain reasonable assurance about whether the
 Financial Statements are free from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the Financial Statements. The procedures
 selected depend on the auditors'' judgment, including the assessment
 of the risks of material misstatement of the Financial Statements,
 whether due to fraud or error. In making those risk assessment, auditor
 considers internal control relevant to the Company''s preparation and
 presentation of the Financial Statements to give a true and fair view
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on the
 effectiveness risk assessments, of the Company''s internal control. An
 audit also includes evaluating the appropriateness of accounting
 policies used and the reasonableness of the accounting estimates made
 by management, as well as evaluating the overall presentation of the
 Financial Statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations gives to us, the Financial Statements give the information
 required by the Companies Act, 2013 in the manner so required and give
 true and fair view in conformity with the accounting principles
 generally accepted in India.
 
 (a) In the case of the Balance Sheet, of the state of affairs of the
 company as at March 31,2015;
 
 (b) In the case of the Statement of Profit and Loss, of the profit for
 the year ended 31st March 2015.
 
 (c) In the case of the Cash Flow Statement, of the cash flow for the
 year ended on that date.
 
 Emphasis of Matter
 
 Without qualifying our report, we draw attention to Note No. 12 to the
 Financial Statements which states that, to consolidate businesses and
 synergies in operations, the Company has decided to merge its business
 with its hundred percent subsidiary company, GeeCee logistics and
 Distributions Private limited, as on 1st April 2014 (Appointed
 date), subject to various approvals and provisions of Sections
 391-393 and 394A of the Companies Act 1956.
 
 Report on Other Legal and Regulatory Requirements
 
 1. As required by the Companies (Auditor''s Report) Order 2015 (the
 Order) issued by the Central Government of India in terms of
 sub-section (11) of section 143 of the Companies Act, 2013. We give in
 the Annexure, a statement on the matters specified in paragraph 3 & 4
 of the order, to the extent applicable.
 
 2. As required by section 143(3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanation,
 which to the best of our knowledge and belief were necessary for the
 purpose of our audit.
 
 (b) In our opinion, proper books of accounts as required by the law
 have been kept by the company so far as it appears from our examination
 of the books.
 
 (c) The balance sheet , the Statement of Profit & Loss and Cash Flow
 Statement dealt with by this Report are in agreement with the books of
 accounts.
 
 (d) In our opinion, the aforesaid financial statements comply with the
 Accounting Standards specified under section 133 of the Act, read with
 rule 7 of the companies (Accounts) Rules, 2014.
 
 (e) On the basis of written representation received from the directors
 as on March 31, 2015 and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31,2015, from being
 appointed as a director in terms of section 164(2) of the Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company does not have any pending litigations which would impact
 its financial position.
 
 ii. The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure to the Auditor''s Report
 
 Annexure referred to in Para 1 of our Report of even date on the
 financial statements for the year ended 31st March 2015 of GEECEE
 VENTURES LIMITED
 
 Based on the audit procedures performed for the purpose of reporting a
 true and fair view of the financial statements of the Company and
 taking into consideration the information and explanations given to us
 and the books and other records examined by us in the normal course of
 our audit, in our opinion and to the best of our knowledge we report
 that:
 
 I. (a) The Company has maintained proper record showing full
 particulars including quantitative details and situation of its fixed 
 assets. However in respect of furniture and fixtures, office equipment 
 and data processing equipment record in terms of values are only kept.
 
 (b) Fixed asset was physically verified during the year by the
 management, which in our opinion is considered reasonable. No material
 discrepancies were noticed on such verification.
 
 II. (a) The inventories have been physically verified during the year
 by the management.
 
 (b) The procedures of physical verification of inventories followed by
 the management are reasonable and adequate in relation to the size of
 the company and the nature of its business.
 
 (c) The Company has maintained proper records of inventories. As
 explained to us, there were no material discrepancies noticed on
 physical verification of inventories as compared to the book records.
 
 III. The company has granted unsecured loan to two Companies covered
 under section 189 of the Companies Act 2013.The maximum balance of the
 loan is Rs. 4490.09 lacs and year end balance of the loan is Rs. 1969.59
 lacs.
 
 (a) In respect of loans given, repayment of the principal amount and
 interest has been regular.
 
 (b) The are no overdue amounts relating to parties covered under
 section 189 of Companies Act, 2013
 
 IV There is an adequate internal control system commensurate with the
 size of the company and the nature of its business, with regard to for
 the purchase of inventories and fixed assets and with regards to the
 sale of goods and services. In our opinion and according to the
 information and explanation given to us, there is no continuing failure
 to correct major weakness in the internal controls.
 
 V 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, 2013 and the rules framed there under have been complied with in
 respect of deposits accepted from the public. However, company has not
 accepted public deposit for the year ended 31st March 2015.
 
 VI. The Company has not been prescribed by the Central Government under
 section 148(1) of the Companies Act, 2013 to maintain cost records.
 
 VII. (a) The Company has been generally regular in depositing
 undisputed statutory dues including Provident
 
 Fund, Investor Education and Protection Fund, Employees'' State
 Insurance, Income Tax, Sales Tax, Service Tax, Wealth Tax, Custom Duty,
 Excise Duty, Cess, VAT and other material statutory dues with
 appropriate authorities. The company did not have any disputed amount
 payable in this respect at 31st March 2015 for a period of more than
 six months from the date they become payable.
 
 (b) The Dues of Sales tax, Entry Tax, Central Excise and Service tax
 have not been deposited by the company with the appropriate authorities
 on account of disputes as follows:
 
                                                         (Rs in Lacs)
 
 Particulars                                       As on         As on
                                                31.03.2015    31.03.2014
 
 A Sales Tax Liabilities
 
 I On Account of C Forms (2001-02)                  10.28        10.28
 (Deposit 6.44 lacs)
 
 II C Forms (2007-08,2008-09,2009-10)                3.22         3.22
 
 III On A/c of VAT Reversal 2008-09                 30.92        30.92
 
 IV On A/c of VAT Reversal 2009-10                   3.52         3.52
 
 B Excise Duty Liabilities(Disputed)                 8.40         8.40
 (Deposit Rs 1.20 lacs)
 
 C Entry Tax                                         2.46         2.46
 
 D Service Tax                                       2.35         2.35
 
 E Income Tax A.Y 2008-09                            3.98        51.65
 
 Total                                              65.13        112.8
 
 (c) The company has transferred an amount of Rs. 0.57 lacs to the
 Investor Education and Protection Fund in accordance with Sec 205C of
 the Companies Act, 1956.
 
 VIII. The Company does not have accumulated losses at the end of the
 financial year covered by the audit and in the immediately preceding
 financial year.
 
 IX. The Company has not defaulted in repayment of dues to any financial
 institution or bank as at the balance sheet date.
 
 X. The Company has not given any guarantee for loans taken by others
 from bank or financial institutions.
 
 XI. The company has taken a term loan and has applied it for the
 purpose for which it was obtained.
 
 XII. As explained to us, no fraud on or by the Company has been noticed
 or reported during the period covered by our audit.
 
                                               For SARDA & PAREEK
                                        Chartered Accountants FRN109262W
 
                                                   Gaurav Sarda 
 Place: Mumbai                                        Partner
 Date: 28th May, 2015                              Memb No: 110208
Source : Dion Global Solutions Limited
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