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GeeCee Ventures Ltd.

BSE: 532764 | NSE: GEECEE | Series: NA | ISIN: INE916G01016 | SECTOR: Construction - Real Estate

BSE Live

Sep 21, 16:00
70.85 1.60 (2.31%)
Volume
AVERAGE VOLUME
5-Day
4,602
10-Day
4,910
30-Day
6,965
11,626
  • Prev. Close

    69.25

  • Open Price

    70.00

  • Bid Price (Qty.)

    68.50 (10)

  • Offer Price (Qty.)

    70.85 (90)

NSE Live

Sep 21, 15:57
69.60 0.30 (0.43%)
Volume
AVERAGE VOLUME
5-Day
7,936
10-Day
7,571
30-Day
15,032
18,325
  • Prev. Close

    69.30

  • Open Price

    70.15

  • Bid Price (Qty.)

    69.60 (2)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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

Auditor's Report

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 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 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. 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 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 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) The balance sheet and Statement of Profit & Loss and cash flow statement dealt with by this Report are in agreement with the books of accounts. (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; and (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 VENTURES 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 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) 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 2014. 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 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 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 NO. 109262W Sd/- Gaurav Sarda Partner Membership No. 110208 Place : Mumbai Date : 15th May, 2014