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GeeCee Ventures
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« Mar 12
Auditor's Report (GeeCee Ventures) Year End : Mar '13
Report on the Financial Statements
 
 We have audited the accompanying financial statements of GEECEE
 VENTURES LIMITED, which comprise the Balance Sheet as at March 31st,
 2013, and the Statement of Profit and Loss Account and Cash flow
 statement for the year ended, and a summary of significant accounting
 policies and other explanatory information.
 
 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
 reffered 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.
 
 Auditor''s Responsibility
 
 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
 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
 explanation given to us, the financial statements gives 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, 2013;
 
 (b) In case statement of Profit & Loss , of the profit/loss for the
 year ended on that date; and
 
 (c) In case of Cash Flow Statement, of the cash flow 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
 that:
 
 (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
 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) In our opinion, the balance sheet & Statement of Profit & Loss
 dealt with by the report complies with the Accounting Standards issued
 by the Institute of Chartered Accountants of India, referred to in
 Section 211 (3C) of the Companies Act, 1956.
 
 (d) The balance sheet and Statement of Profit & Loss account dealt with
 by this Report are in agreement with the books of accounts.
 
 (e) On the basis of written representation received from the directors
 as on March 31, 2013 and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2013, 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 2013 of GEECEE
 VENTURES LIMITED (Formerly known as GWALIOR CHEMICAL INDUSTRIES
 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. 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 unit wise 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
 verification.
 
 (c) Assets were disposed off during the year amounting to Rs. 49.15
 Lacs, however this does not affect the going concern nature of the
 Company.
 
 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 a unsecured loan, to three companies covered in the
 register maintained under sec 301 of the companies Act, 1956. The
 maximum balance of the Loan is Rs.  9,254.42 Lacs and year end balance
 of the loan is Rs. 7,357.79 Lacs.
 
 (b) The rate of interest and other terms and condition 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
 2013.
 
 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
 records.
 
 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 2013 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 
                                           31.03.2013     As on 
                                                          31.03.2012
 
 No.  A Sales Tax Liabilities
 
 I On account of C Forms 
   (2001-02) Deposit                          10.28        10.28 
   Rs. 6.44 Lacs)
 
 II C Forms  
   (2007-08,2008-09 & 2009-10)                 6.53        42.05
 
 III Appeal filed by MPUVN in 
     High Court against                      122.00       122.00 
     single Bench H C Order.
 
 IV On A/c of VAT Reversal 2006-07 & 2007-08   0.00        46.46
 
 V On A/c of VAT Reversal 2008-09             30.92        30.92
 
 VI On A/c of VAT Reversal 2009-10             3.52         0.00 
 
 B Excise Duty Liabilities
 (Disputed)                                    8.40        10.79
 
 (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                     51.65        51.65
 
 F Bank Guarantee                             10.00         0.00
 
 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
 applied.
 
 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
 Act, 1956.
 
 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
 not applicable.
 
 XXI.  No fraud on or by the Company has been noticed or reported during
 the period covered by our audit.
  
                                      For SARDA & PAREEK
 
                                      Chartered Accountants
 
                                      FRN 109262W
 
                                      Gaurav Sarda
 
                                      Partner M. No. 110208 
 
 Place : Mumbai 
 
 Date : 23rd April, 2013
Source : Dion Global Solutions Limited
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