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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, 14:30
70.05 0.85 (1.23%)
Volume
AVERAGE VOLUME
5-Day
5,232
10-Day
4,262
30-Day
7,501
959
  • Prev. Close

    69.20

  • Open Price

    70.20

  • Bid Price (Qty.)

    69.75 (41)

  • Offer Price (Qty.)

    70.25 (26)

NSE Live

Sep 18, 14:30
69.95 0.45 (0.65%)
Volume
AVERAGE VOLUME
5-Day
9,333
10-Day
7,034
30-Day
17,449
810
  • Prev. Close

    69.50

  • Open Price

    71.45

  • Bid Price (Qty.)

    69.45 (4)

  • Offer Price (Qty.)

    69.95 (3)

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 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. Auditor''s Responsibility 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 there under. 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 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 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 accounts. (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 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 2015 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, 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) 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 lacs. (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 31.03.2015 31.03.2014 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 financial year. 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 Gaurav Sarda Place: Mumbai Partner Date: 28th May, 2015 Memb No: 110208