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.
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
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
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 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
(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
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
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
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
(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
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
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
Place: Mumbai Partner
Date: 28th May, 2015 Memb No: 110208