We have audited the accompanying financial statements of GEECEE
VENTURES LIMITED (''the company'') which comprise the Balance Sheet as at
March 31st, 2014, and the Statement of Profit and Loss for the year
ended, and a summary of significant accounting policies and other
Management Responsibility for the Financial Statement
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance in accordance with the Accounting standards
referred to in sub section (3C) of section 211 of the Companies Act,
1956 (The Act).This responsibility includes the design, implementation
and maintenance of internal control relevant to the preparation of the
financial statements that are free from material misstatement,whether
due to fraud or error.
Our responsibility is to express an opinion on these financial
statements based on our audit. 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 auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments,the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements 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 management, as
well as evaluating the overall presentation of the financial
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
In our opinion and to the best of our information and according to
explanation given to us, the financial statements give the information
required by the Companies Act, 1956 in the manner so required and give
true and fair view in conformity with the accounting principles
generally accepted in India:
(a) In case of Balance sheet, of the state of affairs of the company as
at March 31, 2014;
(b) In case statement of Profit & Loss , of the profit for the year
ended 31st March 2014;
(c) In case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order 2003 (as
Amended) issued by the Central Government in terms of sub-section (4A)
of section 227 of the Companies Act, 1956 and on the basis of such
checks as we considered appropriate and according to the information
and explanation given to us during the course of audit, we set out in
the Annexure, a statement on the matters specified in paragraph 4 & 5
of the order.
2. As required by section 227(3) of the Companies Act, 1956, we report
(a) We have obtained all the information and explanation, which to the
best of our knowledge and belief were necessary for the purpose of our
(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 and Statement of Profit & Loss and cash flow
statement dealt with by this Report are in agreement with the books of
(d) in our opinion, the balance sheet, statement of profit and loss and
cash flow statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
(e) On the basis of written representation received from the directors
as on March 31, 2014 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub section 274 of
the Companies Act, 1956.
(f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable 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 2014 of GEECEE
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. We report that, We have prepared this annexure on the basis
of the books of account examined; and information and explanations
obtained by us during the course of our audit. Further, 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) Some of the fixed assets were physically verified during the year
by the management in accordance with a program of verification, which
in our opinion provides for physical verification of all the fixed
assets at reasonable intervals. According to information and
explanation given to us, no material discrepancies were noticed on such
(c) None of the Assets were disposed off during the year.
II. (a) The inventories have been physically verified by management
during the year at reasonable intervals.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the company and nature of its business.
(c) The Company has maintained proper records of inventory. The
discrepancies noticed on physical verification of inventories as
compared to book records were not material and have been properly dealt
in books of account.
III. (a) According to the information and explanation given to us, the
company has granted an unsecured loan, to two companies covered in the
register maintained under Sec. 301 of the companies Act, 1956. The
maximum balance of the Loan is Rs. 7,402.09 Lacs and year end balance
of the loan is Rs. 3,982.59 Lacs.
(b) The rate of interest and other terms and conditions of loans given
by the company secured and unsecured, prima facie are not prejudicial
to the interest of the company.
(c) In respect of loans given, receipt of the principal amount is as
stipulated and receipt of interest has been regular.
(d) The loan given are repayable on demand, however the company has not
demanded any loan during the year hence there is no overdue balance to
be adjusted/recovered against principal & interest by the company.
(e) The company had not taken loans from company maintained under Sec.
301 of the companies Act, 1956 and same accordingly, the provision of
the clause 3 (iii) (e) to (g) of the order are not applicable to the
company and hence not commented upon.
IV. In our opinion and according to the information and explanations
given to us, there is 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. (a) In respect of transactions entered in the register maintained in
pursuance of section 301 of the Companies Act 1956, to the best of our
knowledge and belief and according to the information and explanations
given to us, particulars of contracts or arrangements that needed to be
entered into the register have been so entered.
(b) The transactions in pursuance of such contracts or arrangements
have been made at prices which are prima facie reasonable having regard
to the prevailing market prices at the relevant time;
VI. The Directives issued by the Reserve Bank of India and the
provisions of sections 58A and 58AA or any other relevant provisions of
the Companies Act, 1956 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
VII. In our opinion, the company has an internal audit system
commensurate with the size of the Company and nature of its business.
VIII. According to the explanations given to us and to the best of our
knowledge the Company has not been prescribed by the Central Government
under section 209(1) (d) of the Companies Act, 1956 to maintain cost
IX. (a) According to the information and explanations given to us on
the basis of examination of the books of account, 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, Wealth Tax, Service Tax, Custom
Duty, Excise Duty, Cess and other material statutory dues with
appropriate authorities. According to the information and explanation
given to us, the Company did not have any undisputed amounts payable in
this respect at 31st March 2014 for a period of more than six months
from the date they became payable.
(b) According to the information and explanation given to us, 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.
Sr. Particulars As on As on
No. 31.03.2014 31.03.2013
A Sales Tax Liabilities
I On account of C Forms (2001-02)
(Deposit Rs. 6.44 Lacs) 10.28 10.28
II C Forms (2007-08,2008-09 & 2009-10) 3.22 6.53
III Appeal filed by MPUVN in High Court
against single Bench H C Order. - 122.00
IV On A/c of VAT Reversal 2008-09 30.92 30.92
V 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 51.65 51.65
Total 112.80 238.11
X. The Company does not have any accumulated losses and has not
incurred cash losses during the current year and in the immediately
preceding financial year.
XI. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank as at the
balance sheet date.
XII. According to the information and explanations given to us, the
Company has not granted any loans or advances on the basis of security
by way of pledge of shares, debentures and other securities.
XIII. The Company has no Chit/Nidhi/Mutual benefit fund/Society and
Clause XIII of the Order is not applicable.
XIV. The Company is dealing or trading in shares, securities,
debentures and other investments. Proper record has been maintained for
this and it is held in the name of the company.
XV. According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institutions.
XVI. In our opinion and according to the information and explanations
given to us and on an overall examination, the term loans have not been
XVII. On the basis of our examination of the Cash Flow statement and
other records, the funds raised on short- term basis have not been used
for long-term investment.
XVIII. During the period under review the Company has not made any
preferential allotment of shares to parties and companies covered in
the register maintained in pursuance of section 301 of the Companies
XIX. The Company has not issued any secured debentures during the
period under review.
XX. The Company has not raised any money by public issue during the
year. Accordingly the provisions of the Clause IV (xx) of the order are
XXI. No fraud on or by the Company has been noticed or reported during
the period covered by our audit.
For SARDA & PAREEK
FRN NO. 109262W
Membership No. 110208
Place : Mumbai
Date : 15th May, 2014