We have audited the accompanying financial statements of Geefcee
Finance Limited (the Company), which comprises the Balance Sheet as
at 31s'' March, 2015 and The Statement of Profit and Loss Account for
the year ended, and a summary of Significant accounting policies and
other explanatory information..
Management''s Responsibility for the Financial Statements
The Company''s Managements is Responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financial performance of the Company in accordance with the
Accounting Standards notified under the Companies Act, 1956 (the Act)
read with the General Circular 15/2013 Dated 13lh September, 2013 of
the Ministry of Corporate Affairs in respect of Section 133 of the
Companies Act, 2013. This responsibility includes the Design,
implementation and maintenance of internal control 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
a. 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 ot 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.
b. An audit involves performing procedures to obtain audit evidence
about the amount and disclosers in the financial statements. The
procedures selected depend on the auditor''s judgment, including the
assessment of the risks of material misstatements of the financial
statement. 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 procedure that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity''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.
c. 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 given to us the financial statements 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:
(a) in the case of the Balance sheet, of the state of affairs of the
Company as at 31SI March, 2015;
(b) in the case of the Statements of Profit and Loss, of the Profit for
the year ended on that date;
Report on Other Legal and Regulatory Requirements
i. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) (Amendment) Order, 2004
issued by the Central Government of India in terms of sub- section (4
A) of the section 227 of the Act (The Order''), and on (he basis of
such checks of the books and records of the Company as we considered
appropriate and according to the information and explanations given to
us, we give in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(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 accounts as required by law have
been kept by the Company so far as appear from our examination of those
books;
(c) The Balance Sheet, Statement of Profit and Loss dealt with by this
report are in agreement with the books of account;
(d) The Balance Sheet, the Statements of Profit and Loss comply with
the Accounting Standard referred to in sub-section (3C) of 211 of the
Companies Act, 1956 read with General Circular 15/2013 dated 13th
September, 2013, issued by the Ministry of Corporate Affairs, in
respect of section 133 of the Companies Act, 2013;
(e) On the basis of written confirmations received from the Director of
the Company as on 31st March, 2015 and taken on record by the Board of
Directors, none of the directors of the Company is disqualified as on
31'' March, 2015 from being appointed as a director in term of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956;
ANNEXURE TO THE AUDITORS''REPORT FOR THE YEAR ENDING 31,03.2015
(Referred lo our report of even date)
In term of the information and explanations given to us and the books
and records examined by us in the normal course of audit and to the
best of our knowledge and belief, we state as under:
I. a) There are no fixed assets.
b) There are no fixed assets, hence, not applicable.
2. a) The inventories, if any, have been physically verified during
the year by the management 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 the nature of its business.
3. a) The company has neither granted or taken any loans, secured or
unsecured to/ from companies, firms or other parties covered in the
register maintained under section 301 of the Act.
b) Rate of interest and other terms and additions of loan given are not
prejudicial to the interest of the company.
c) The payment of principal and interest in case of loan given is
regular wherever stipulated. There is no overdue amount of loan given
exceeding Rs. t lac.
4. In our opinion and according to the information and explanations
given lo us. there is an adequate internal control system commensurate
with the size of the Company and the nature of its business. During the
course of our audit, no major weakness has been noticed in the internal
control system in respect of these areas.
5 a) As per our prima facie examination of the register maintained
under section 301 of the act, that the transactions that need to be
entered into register in pursuance of section 301 of the Act have been
so entered.
b) In oui opinion each ot these transactions lias been made at prices
which are reasonable having regard to the prevailing market prices at
the relevant time.
6. The company has not accepted deposits from the public.
7. In our opinion the company has an adequate internal audit system
commensurate with its size and nature of its business.
8. Maintenance of cost records U/S 209 (1) (d) of the companies Act,
1956 has not been prescribed for the company.
9. a) The Company is regular in depositing undisputed statutory dues
including provident Fund, Employees'' State Insurance, Income-Tax, Custom
Duty, Excise Duty, cess and any other statutory dues with the
appropriate authorities. There are no arrears of outstanding statutory
dues as at 3 ls! March 2015, concerned for a period of more than six
months from the date they become payable.
b) As per information given to us, there are no dues of sales Tax/
Income Tax Custom Duty/ Wealth Tax/ Excise Duty/ cess which have not
been deposited on account of an) dispute.
10. The Company is not a sick company.
11. The Company has no dues to the financial institution or bank. The
company has not issued any debentures.
12. The Company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities,
13. The Company is not a chit fund, nidhi or mutual benefit fund/
society. Therefore the clauses 13 (a), (b), (c), and (d) are not
applicable.
14. Proper records have been maintained of the transactions and
contracts.
15. The Company has not given any guarantee for loans taken by other
from bank or financial institutions.
16 The Company has not taken any term loans,
17. On the basis of examination of records and as per the explanations
given to us, we are of the opinion that the fund raised on short-term
basis have not been used for long term investment and vice versa.
18. During the year, the Company has not made any preferential
allotment of shares to parties and companies covered in the Register
maintained under Section 301 of the Act.
19. The Company has not issued any debentures during the year.
20. During the year, the Company has not raised any money by Public
Issue.
21. During the checks carried out by us and as per the information
made available to us, no fraud on or by the company has been noticed or
reported during the year under report.
For SING LA & ASSOCIATES
Chartered Accountants
Firm Registration No. 005I04N
(Mahavir Parsad)
Place: New Delhi Partner
Dated: 15s'' May, 2015 Membership No. 089313
