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GeeCee Ventures Ltd.

BSE: 532764 | NSE: GEECEE |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE916G01016 | SECTOR: Construction - Real Estate

BSE Live

Sep 30, 16:00
65.30 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
2,230
10-Day
3,575
30-Day
6,535
566
  • Prev. Close

    65.30

  • Open Price

    66.70

  • Bid Price (Qty.)

    65.30 (350)

  • Offer Price (Qty.)

    71.00 (1)

NSE Live

Oct 01, 09:25
68.80 2.40 (3.61%)
Volume
AVERAGE VOLUME
5-Day
4,221
10-Day
6,073
30-Day
13,841
10
  • Prev. Close

    66.40

  • Open Price

    68.75

  • Bid Price (Qty.)

    65.65 (12)

  • Offer Price (Qty.)

    68.00 (3)

Annual Report

For Year :
2018 2016 2015 2014 2013 2012 2011 2010 2009

Auditor's Report

1. We have audited the attached Balance Sheet of Gwalior Chemical Industries Limited (The Company) as at 31 st March 2009, and Profit & Loss Account and also the Cash Flow statement for the year ended on that date annexed thereto, (hereinafter collectively referred as financial statements). These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We have conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order 2003 (as Amended) issued by the Central Government in terms of sub-section (4A) of section 227 of the Companies Act, 1956 (The Act) 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 paragraphs 4 and 5 of the said order. 4. Further to our comments in the Annexure referred to above, we report that: Attention is invited to Notes to Accounts no. 23 in schedule 24 regarding definitive agreement entered by the Company for sale of its Chemical & Windmill Business. Subject to above, a) We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit; b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of such books; c) The Financial Statements dealt with by this report, are in agreement with the books of account; d) In our opinion, and to the bests of our information and according to the explanation given to us the financial statement dealt with this Report, comply with the applicable accounting standards referred to in Section 211 (3C) of the Act; e) On the basis of written representations received from the directors and taken on records by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31 st March 2009 from being appointed as a director in terms of clause (g) of sub-section (1) to Section 274 of the Act; f) In our opinion, and to the best of our information and according to the explanations given to us, the said Financial Statement read together with the notes thereon, give the information required by the Act, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India; i. in the case of Balance Sheet, of the state of affairs of the Company as at 31 st March, 2009 ; ii. in the case of Profit & Loss Account, of the profit of the Company for the year ended on that date; and iii. in the case of Cash Flow Statement, of the cash flows for the year ended on that date. ANNEXURE TO THE AUDITORS REPORT Annexure referred to in Para 3 of our Report of even date on the financial statements for the year ended 31st March 2009 of 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. 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 however, locations of the fixed assets have not been marked in the records. In respect of furniture and fixtures, office equipment and data processing equipments, the quantitative details are not recorded and 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 does not 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) The assets disposed off during the year are not substantial and therefore do not affect the going concern assumption. However the Company has entered into a definitive agreement for sale of its Chemical and Windmill business on a cash and debt free basis on 8th June 2009. II. (a) The inventories have been physically verified by management during the year at reasonable intervals, except materials lying with third parties, where no confirmations are obtained. (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) The Company has not granted any loans, secured or unsecured to Companies, firms or other parties covered in the register maintained under section 301 of the Act; and hence clause (b) ,(c) and (d) are not applicable. (b) The Company has not taken any loans, secured or unsecured from Companies, firms or other parties covered in the register maintained under section 301 of the Act; and hence clause (b) ,(c) and (d) are not applicable. IV. In our opinion and according to the information and explanations given to us, 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. (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 Company has not accepted any deposit from public. Accordingly the provisions of the Clause 4(vi) of the order are not applicable. 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 2009 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 and excise duty have not been deposited by the Company with the appropriate authorities on account of disputes as follows. Name of the Nature of Dues Amount Statute (Rs. In lacs) State and Central Tax and Interest 5.79 Sales Tax Acts Penalty for non 15.07 Submission of forms and other disallowances 9.15 State Entry Tax Act Tax, Interest and Penalty 1.62 for non submission of forms and other 0.32 disallowances (Deposits 0.52 under dispute 0.83 Lacs) Central Excise & Cenvat Credit disallowed 7.11 Salt Act by the department Year to which Forum where dispute the amount is pending relates: 2001 -02 Appellant Tribunal - Bhopal (2nd Appeal) 2001-02 Appellant Tribunal - Bhopal 2003-04 1995-96 Appellant Tribunal - Bhopal 1998-99 2000-01 2007-08 Commissioner of Central Excise, Indore 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 is not a Chit/Nidhi/Mutual benefit fund/Society and Clause XIII of the Order is not applicable. XIV. The Company is not dealing or trading in shares, securities, debentures and other investments. 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 of Rs 3333.98 Lacs have not been applied for the purpose for which they were raised. 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. Accordingly the provisions of the Clause 4(xix) of the order are not applicable. XX. The Company has not raised any money by public issue during the year. Accordingly the provisions of the Clause 4(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 CA Sitaram Pareek Place: Mumbai Partner Date : 8th June, 2009 Membership No. 16617