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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 18, 16:00
69.25 0.05 (0.07%)
Volume
AVERAGE VOLUME
5-Day
5,158
10-Day
4,322
30-Day
7,043
1,002
  • Prev. Close

    69.20

  • Open Price

    70.20

  • Bid Price (Qty.)

    68.00 (38)

  • Offer Price (Qty.)

    75.00 (1)

NSE Live

Sep 18, 15:42
69.30 -0.20 (-0.29%)
Volume
AVERAGE VOLUME
5-Day
9,333
10-Day
7,034
30-Day
17,449
1,676
  • Prev. Close

    69.50

  • Open Price

    71.45

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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 GEECEE VENTURES LIMITED (Formerly known as GWALIOR CHEMICAL INDUSTRIES LIMITED) (The Company) as at 31st March 2010, and Profit & Loss Account and also the Cash Flow statement for the year ended on that date, both 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 the 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 give 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 in paragraph 3 above, we report that: Attention is invited to Notes to Accounts No 22B, in schedule 24, regarding the holdback amount and interest lying in Escrow Accounts amounting to Rs. 56.89 Crores as contingent consideration. 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 those 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) 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 31st March, 20010 ; 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. 5. On the basis of written representations received from the directors as on 31st March, 2010 and taken on records by the Board of Directors, we report that none of the Directors of the Company is disqualified as on 31st March 2010 from being appointed as a director in terms of clause (g) of sub-section (1) to Section 274 of the Act. ANNEXURE TO THE AUDITORS REPORT To the Members of GEECEE VENTURES LIMITED (Formerly known as GWALIOR CHEMICAL INDUSTRIES LIMITED) Annexure referred to in Para 3 thereof In our opinion and according to information and explanation given to us, the nature of the Companys business/activities during the year are such the clauses (xii), (xiii), (xv), (xviii), (xix) and (xx) of the said order are not applicable. In respect of the other clauses, we report that - I. (a) The Company has maintained unit wise proper record showing full particulars including quantitative details. (b) All the fixed assets were physically verified during the year by the management in accordance with a program of verification. According to information and explanation given to us, no material discrepancies were noticed on such verification. (c) During the year the company has disposed off substantial part of fixed Assets. The company has invested Rs. 27 Cr till 31st March 2010 in wind power generation business and therefore do not affect the going concern assumption. 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 granted a unsecured loan, to its Subsidiary company covered in the register maintained under section 301 of the Act Rs in Lacs No. of Parties Amount involved in the Outstanding as on 31st March transactions 2010 1 38493.35 9258.71 (b) The rate of interest and other terms and conditions of unsecured loans given by the Company are prima facie not prejudicial to the interest of the company. (c) The Terms of repayment are not specified and interest is added in the outstanding amount (d) 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 (e) ,(f) and (g) 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 2010 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 Nature of Dues Amount the Statute (Rs. In Lacs) Penalty for non Submission of C forms 278.18 State and Penalty for non Submission of C forms 10.28 Central and other disallowances sales Tax Acts Appeal Filed by MPUVN in High Court Acts 122.00 against single bench HC Order Tax, Interest and Penalty for non State Entry submission of forms and other 2.46 Tax Act disallowances (Deposits under dispute 8.83 Lacs) Central Excise & Cenvat Credit disallowed by the Salt Act department 1944 Finance Service Tax 4.32 Act 1994 Income Tax Regular Assessment Dues (Deposited 222.60 Act 1961 Rs. 15.00 Lacs) Name of the Statute Year to which the Forum where amount relates: dispute is pending 2009-10 State and Central Sales Tax 1995-96 to Appellant Tribunal 1998-99 - Bhopal Acts Higher Bench of High Court State Entry Tax Act 1995-96 & Appellant Tribunal 1998-99 - Bhopal Central Excise & Salt Act 1944 Commissioner of 2007-08 Central Excise, Indore Finance Act 1994 Appellant Authority Income Tax 2006-07 Commissioner Act 1961 Level The above disputed dues have been stayed for recovery by the relevant authorities. 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. The Company is not dealing or trading in shares, securities, debentures and other investments. XIII. 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. XIV. 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 No. 109262W) CA Giriraj Soni Partner M. No. 109738 Place: Mumbai Date: 27/05/2010