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GEE Ltd.

BSE: 504028 Sector: Engineering
NSE: N.A. ISIN Code: INE064H01021
BSE LIVE 15:04 | 18 Oct 55.90 -3.75
(-6.29%)
OPEN

59.25

HIGH

59.40

LOW

55.90

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 59.25
PREVIOUS CLOSE 59.65
VOLUME 49885
52-Week high 69.60
52-Week low 35.50
P/E 109.61
Mkt Cap.(Rs cr) 132
Buy Price 55.90
Buy Qty 4551.00
Sell Price 56.00
Sell Qty 325.00
OPEN 59.25
CLOSE 59.65
VOLUME 49885
52-Week high 69.60
52-Week low 35.50
P/E 109.61
Mkt Cap.(Rs cr) 132
Buy Price 55.90
Buy Qty 4551.00
Sell Price 56.00
Sell Qty 325.00

GEE Ltd. (GEE) - Auditors Report

Company auditors report

Independent Auditor's Report

To the members of GEE Ltd

Report on the Financial Statements for the year ended 31st March 2015

We have audited the accompanying financial statements of GEE Ltd ("theCompany") which comprises of the Balance Sheet as at 31st March 2015 theStatement of Profit and Loss and the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthe financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness ’of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2015 and its profit and its cash flows for the year ended on that date.

Emphasis of matter

We draw attention to

a. Note No. 26 relating to Custom duty of Rs. 1500000/- paid under protest

b. Note No. 26 relating to Excise duty of Rs. 20710006/- paid under protest

c. Note No 26 relating to Sales Tax / Vat for F.Y.2005-06 2006-07 & 2008-09 ofRs.1100000/- Rs. 1000000/- & Rs. 1255000/- respectively paid under protest.

As fully described in respective notes.

The Company has appealed to respective authority for above disputes and expects nomajor impact on the Financial position and Cash flow of the Company '

Our opinion is not qualified in respect of above matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2015 ("the Order")as issued by Central Government of India in terms of sub section (11) of section 143 ofCompanies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order

2. As required by Section 143(3) of the Act we report that:

a. we have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as appears from our examination of those books;

c. the Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

d. in our opinion the Balance Sheet the Statement of Profit and Loss and the CashFlow Statement comply with the Accounting Standards referred to in Section 133 of the Actread with Rule 7 of the Companies (Accounts) Rules 2014;

e. On the basis of written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in termsof sub section (2) of section 164 of the Companies Act 2013 and

f. with respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company Does not have any pending litigation which can have material impact onits financial position in it$ financial statement

ii. As represented by the company there are no foreseeable material losses in respect of long-term contracts including derivative contracts

iii. As represented by the company there are no amounts required to be transferred toInvestor Education and Protection Fund by the Company.

For Ford Rhodes Parks & Co.
Chartered Accountants
ICAI Firm Registration NO.102860W
A.D.Shenoy
Place: Mumbai Partner
Date: 30th May 2015 Membership No.11549

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of all the fixed assets.

(b) The fixed assets of the Company have been physically verified by the management atreasonable intervals during the year and no material discrepancies between the bookrecords and the physical inventory have been noticed on such verification and the same hasbeen properly dealt with in the books of account.

2. (a) As explained to us inventories have been physically verified by the managementat reasonable intervals and also at the close of the year.

(b) In our opinion the procedures of physical verification of inventory followed bythe management are reasonable and adequate in relation with the size of the Company andthe nature of its business.

(c) On the basis of our examination of the inventory records in our opinion andaccording to the information and explanations given to us the company has maintainedproper records of inventories. The discrepancies noticed on physical verification ofinventories as compared to book records have been properly dealt with by the company.

3. The Company has not granted any loans secured or unsecured to companies

firms or other parties covered in the register maintained under Section 189 of theCompanies Act 2013. '

4. In our opinion and according to the information and explanations given to us havingregard to the explanations that certain items purchased are of special nature for whichsuitable alternative sources are not readily available for obtaining comparativequotations there is adequate internal control system commensurate with the size of theCompany and the nature of its business for the purchase ol inventories and fixed assetand for sale of goods and services. Further on the basis of our examination of the booksand records of the company and according to the information and explanations given to uswe have neither come across nor have been informed of any continuing failure to correctmajor weakness in the aforesaid internal control system.

5. The Company has not accepted any deposits from the public within the meaning ofSections 73 to 76 of Companies Act 2013 and the rules framed there under.

6. The Central Government has not prescribed maintenance of cost records under Section148 of the Companies Act 2013.

7. (a) According to the information and explanations given to us by Management and onthe basis of the examination of the books of account carried out by us the Company hasbeen regular in depositing undisputed statutory dues including Provident Fund InvestorEducation and Protection Fund Employees' State Insurance Income-tax Sales-tax WealthTax Custom Duty Excise Duty Cess and any other material statutory dues applicable to itwith the appropriate authorities during the year. There are no undisputed statutory duesoutstanding as at 31st March 2015 outstanding for a period of more than six months fromthe date they became payable.

(b) According to information and explanations given to us by Management and the recordsof the Company examined by us there were no undisputed dues in respect of Sales TaxIncome-Tax Custom Duty Wealth-Tax Excise Duty and Cess not deposited as at 31st March2015 on account of any dispute.

(c) According to the information and explanations given to us and records of theCompany examined by us in our opinion there are no amounts payable to investor educationand protection fund in accordance with the relevant provisions of Companies Act 1956 (1of 1956) and rules there under.

8. The Company has no accumulated losses as at 31st March 2015. It has not incurredany losses during the financial year covered by the audit and in the immediately precedingfinancial year.

9. The company has availed working capital facility from Banks.

10. The Company has not obtained any term loans.

11. Based on our audit procedure and the information and explanations given to us bythe Management we are of the opinion that the Company has not defaulted in repayment ofits dues to banks during the year.

12. Based upon the audit procedures performed and information and explanations given bythe management we report that we have not come across any instances ^ of fraud on or bythe Company noticed or reported during the year nor have we been informed of such caseby management.

For Ford Rhodes Parks & Co.
Chartered Accountants
ICAI Firm Registration No.l02860W
A.D.Shenoy
Place: Thane Partner
Date: 30th May 2015 Membership No.11549