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GeeCee Ventures

BSE: 532764|NSE: GEECEE|ISIN: INE916G01016|SECTOR: Chemicals
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Auditor's Report (GeeCee Ventures) Year End : Mar '16

To

The Members of

GEECEE VENTURES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying Financial Statements of GEECEE VENTURES LIMITED (“ the Company”) which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss , 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 specified under section 143(10) of the Act. 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, the auditor considers internal control relevant to the Company’s preparation of the Financial Statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the company’s directors, 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 on the Standalone Financial Statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Act in the manner so required and give true and fair view in conformity with the accounting principles generally accepted in India , of the State of Affairs of the company as at March 31, 2016 and its Profit and its Cash Flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. 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 the Cash Flow Statement dealt with by this Report are in agreement with the books of accounts.

(d) In our opinion, the aforesaid Standalone 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 31st March, 2016 and taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016, from being appointed as a director in terms of Section 164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.

(g) 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 including derivative contracts.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor’s Report) Order 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) Act , we give in ‘Annexure B”, a statement on the matters specified in paragraph 3& 4 of the order, to the extent applicable.

Annexure referred to in Para 2 of our Report of even date on the Standalone financial statements for the year ended 31st March 2016 of GEECEE VENTURES LIMITED.

Report as per Sub-section 11 of Section 143 of the Companies Act, 2013 (“the Act”).

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. In respect to Fixed Assets :-

(a) The Company has maintained proper record showing full particulars including quantitative details and situation of its fixed assets.

(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.

(c) The title deeds of immovable properties are held in the name of the company.

II. In Respect of inventory :-

(a) The inventories have been physically verified during the year by the management.

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.

III. The Company has granted unsecured loans to companies covered under Section 189 of the Companies Act , 2013.

(a) The terms and conditions of the grant of such loans are not prejudicial to the Company’s interest.

(b) In respect of loans given, repayment of principal amount and interest has been regular.

(c) There are no overdue amounts relating to parties covered u/s 189 of Companies Act, 2013.

IV The company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of loans .There are no investments, guarantees, and security given by the Company, therefore to that extent the Clause (IV) of the Order is not applicable.

V. The Company has not accepted any public deposit for the year ended 31st March, 2016 therefore, Clause (v) of the order is not applicable to the company.

VI. The Company has been prescribed by the Central Government under section 148(1) of the Companies Act, 2013 to maintain cost records and such accounts and records have been made and maintained.

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 undisputed amount payable in this respect at 31st, March 2016 for a period of more than six months from the date they become payable.

(b) On the basis of examination of books of account the Dues of Sales tax, Entry Tax, Central Excise, Income Tax and Service tax have not been deposited by the company with the appropriate authorities on account of disputes as follows.

(Rs. In Lacs)

Sr

No

Particulars

As on 31.03.2016

As on 31.03.2015

A

Sales Tax Liabilities

I

On Account of C Forms (2001-02) (Deposit 6.44 lacs)

10.28

10.28

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)(Deposit Rs 1.20 lacs)

8.40

8.40

C

Entry Tax

2.46

2.46

D

Service Tax

2.35

2.35

E

Income Tax A.Y 2008-09

0.00

3.98

F

Income Tax A.Y 2010-11

Amount

Unascertainable

0.00

G

Income Tax A.Y 2011-12

2.42

0.00

Total

63.57

65.13

VIII. The Company has not defaulted in repayment of dues to any financial institution or bank as at the balance sheet date.

IX. The company has not raised money by way of initial public offer and term loans were applied for the purpose for which they were raised.

X. As explained to us, no fraud on or by the Company has been noticed or reported during the period covered by our audit.

XI. The managerial remuneration has been paid in accordance with the provision of the section 197 read with the Schedule V to the Companies Act

XII. The company is not a Nidhi Company therefore, Clause (XII) of the order is not applicable to the company.

XIII According to the information and explanations given to us, all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act, 2013 where applicable and the details have been disclosed in the Financial Statements etc., as required by the applicable accounting standards

XIV The company has not made any preferential allotment or private placement of shares or debentures during the year under review and therefore the requirements of Section 42 of the Companies Act 2013 are not applicable. However funds raised by preferential allotment made in earlier year , have been used for the purpose they were raised for.

XV According to the information and explanations given to us, the company has not entered into any non-cash transactions with directors or persons connected with him and the provisions of section 192 of Companies Act, 2013 have been complied with.

XVI The company is not required to be registered under section 45-lA of the Reserve Bank of India Act, 1934 therefore, Clause (XVI) of the order is not applicable to the Company.

For SARDA & PAREEK

Chartered Accountants

FRN 109262W

Place: Mumbai Gaurav Sarda

Date: May 30, 2016 Membership No: 110208

Source :
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