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Geecee Ventures Ltd.

BSE: 532764 Sector: Infrastructure
NSE: GEECEE ISIN Code: INE916G01016
BSE 00:00 | 26 Nov 75.75 2.85
(3.91%)
OPEN

73.05

HIGH

80.00

LOW

73.00

NSE 00:00 | 26 Nov 75.55 2.50
(3.42%)
OPEN

73.55

HIGH

79.80

LOW

73.00

OPEN 73.05
PREVIOUS CLOSE 72.90
VOLUME 18517
52-Week high 94.80
52-Week low 40.30
P/E 20.47
Mkt Cap.(Rs cr) 158
Buy Price 73.00
Buy Qty 1.00
Sell Price 79.40
Sell Qty 100.00
OPEN 73.05
CLOSE 72.90
VOLUME 18517
52-Week high 94.80
52-Week low 40.30
P/E 20.47
Mkt Cap.(Rs cr) 158
Buy Price 73.00
Buy Qty 1.00
Sell Price 79.40
Sell Qty 100.00

Geecee Ventures Ltd. (GEECEE) - Auditors Report

Company auditors report

To

The Members of

GEECEE VENTURES LIMITED.

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone Ind AS Financial Statements of GEECEEVENTURES LIMITED ("the Company") which comprise the Balance Sheet as at 31stMarch 2019 the Statement of Profit and Loss (including Other Comprehensive Income)Statement of changes in Equity and Statement of Cash Flow for the year ended on that dateand notes to the standalone financial statements including a summary of significantaccounting policies and other explanatory information (hereinafter referred as the"the Standalone Ind AS Financial Statements")

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended ("Ind AS") and other accounting principles generally acceptedin India of the state of affairs of the Company as at 31st March 2019 theprofit (including other comprehensive income) changes in equity and its cash flows forthe year ended on that date.

Basis for Opinion

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing (SAs) specified under section 143(10) of the Companies Act2013. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone Ind AS financial statementsunder the provisions of the Companies Act 2013 and the Rules there under and we havefulfilled our other ethical responsibilities in accordance with these requirements and theICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our opinion on the standalone Ind AS FinancialStatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the year ended March312019.

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Standalone Ind AS Financial Statements and Auditor's Reportthereon

The Company's Board of Directors are responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Report Board's Report including Annexures to Board's ReportBusiness Responsibility Report Corporate Governance and Shareholder's Information butdoes not include the standalone Ind AS financial statements and our auditor's reportthereon.

Our opinion on the standalone Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibility of Management and those charged with Governance for Standalone Ind ASFinancial Statements

The Company's Board of Directors are responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance total comprehensive income changes in equityand cash flows of the Company in accordance with Ind AS and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone Ind AS financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the standalone Ind AS financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Standalone Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the Standalone Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

• Obtain an understanding of internal financial control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe standalone Ind AS financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the standalone IndAS financial statements including the disclosures and whether the standalone Ind ASfinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.

Materiality is the magnitude of misstatements in the standalone Ind AS financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit 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 purposes of our audit.

b. In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

c. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Change in Equity and the Cash Flow Statement dealt with by thisReport are in agreement with the books of account.

d. In our opinion the aforesaid standalone Ind AS financial statements comply with theInd AS specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A". Our Report expressed an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.

g. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

h. 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 has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements in Note No. 38.

ii. The Company did not have any long-term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in "AnnexureB" a statement on the matters specified in paragraphs 3 and 4 of the Order.

For MRB & Associates
Chartered Accountants
FRN 136306W
Manish R. Bohra Place: Mumbai
Proprietor Date: 22nd May 2019
M. No. 058431

ANNEXURE - A TO THE INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 1(f) under "Report on Other Legal and RegulatoryRequirements" section of our report to the members of Geecee Ventures Limited.

Report on the internal financial controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 ("the act")

We have audited the internal financial controls over financial reporting of GeeceeVentures Limited ("the Company") as of 31st March 2019 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

The Board of directors of the company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to respective company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting of the company.

Meaning of company's internal financial control over financial reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) Pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and (3) Providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company's assets that could have a material effect on thefinancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our knowledge and according to the explanations given tous the Company has maintained in all material respects adequate internal financialcontrols over financial reporting and such internal financial controls over financialreporting were operating effectively as of 31st March 2019 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For MRB & Associates
Chartered Accountants
FRN 136306W
Manish R. Bohra Place: Mumbai
Proprietor Date: 22nd May 2019
M. No. 058431

ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT

Referred to in Paragraph 2 under "Report on Other Legal and RegulatoryRequirements" section of our Report of even date to the members of Geecee VenturesLimited

Based on audit procedure performed for the purpose of reporting the true and fair viewof the financial statements of the company and taking into consideration the informationand explanations given to us and the books of accounts and other records examined by us inthe normal course of our audit in our opinion and to the best of our knowledge andbelief we report that:

i. In respect of its fixed assets: -

a. The company is maintaining proper records showing full particulars includingquantitative details and situation of Property Plant and Equipment's;

b. The fixed assets have been physically verified by the management at reasonableintervals and no material discrepancies were noticed on such verification;

c. All title deeds of immovable properties are held in the name of the company.

In respect of immovable properties which has been taken on lease and disclose asproperty plant and equipment in the standalone Ind AS financial statements the leaseagreements are in the name of the Company.

ii. In respect of inventory

a. The inventories have been physically verified during the year by the management. Theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

b. During such verification no material discrepancies where noticed.

iii. According to the information and explanations given to us the company has grantedunsecured loan to body corporate covered under section 189 of the Companies Act 2013 inthe respect of which:

a. The terms and conditions of the grant of such loans are in our opinion primafacie not prejudicial to the company's interest.

b. The schedule of repayment of principal and payment of interest has been stipulatedand repayments of principal amount and interest has been regular as per stipulation.

c. There are no overdue amounts relating to parties covered u/s 189 of the CompaniesAct 2013.

iv. In our opinion and according to the information and explanations provided to usprovisions of section 185 and 186 of the Companies Act 2013 in respect of loans toentities in which directors are interested have been complied with by the Company.

v. The Company has not accepted any public deposit for the year ended 31stMarch 2019.

vi. As we have reviewed the books of account maintained by the Company pursuant to therules made by the Central Government for the maintenance of cost records under section148(1) of the Companies Act 2013 and are of the opinion that prima facie the specifiedaccounts and records have been made and maintained.

vii. In respect of statutory dues:-

a. The company has been generally regular in depositing undisputed statutory duesincluding Provident fund Investor Education and Protection Fund Employees' StateInsurance Income-Tax Sales Tax Service Tax Wealth Tax Customs Duty Excise DutyValue Added Tax Goods and Services Tax Cess and any other material statutory dues to theappropriate authorities. The Company did not have any undisputed amount payable in thisrespect at 31st March2019 for a period of more than six months from the datewhen they become payable.

b. On the basis of examination of books of account the dues of income tax Wealth TaxService Tax Customs Duty Excise Duty and Cess which is not deposited by the companywith appropriate authorities on disputes are as follows -

(रin Lakhs)
Name of the Statute Particulars As on 31.03.2019 As on 31.03.2018
The Central On account of C Forms) (F.Y.2001-02) 4.11 4.11
Sales Tax Act 1956 and Value On Account of C Forms (F.Y.2007-08 F.Y.2008-09 F.Y. 2009-10) 3.22 3.22
Added Tax Act On Account of VAT Reversal (F.Y.2008-09) 30.92 30.92
On Account of VAT Reversal (F.Y.2009-10) 3.52 3.52
The Income-tax Act 1961 Income Tax A.Y.2010-11 amount not ascertainable amount not ascertainable
Income Tax A.Y.2013-14 amount not ascertainable amount not ascertainable
Income Tax A.Y.2015-16 - 41.64
The Central Excise Act 1944 Excise Duty Liabilities 8.40 8.40
The Entry Tax Act 1976 Entry Tax 2.46 2.46
The Finance Act1994 Service Tax 2.35 2.35

viii. In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to a financial institutions or banks.

ix. The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) and term loans during the year.

x. In our opinion and according to the information and explanations given to us nofraud by the company or any fraud on the Company by its officers or employees has beennoticed or reported during the year.

xi. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the CompaniesAct 2013.

xii. The Company has not been classified as Nidhi Company hence clause 3(xii) of theorder is not applicable to the company.

xiii. According to the information and explanations provided by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in theFinancial Statements as required by the applicable Indian accounting standards.

xiv. According to the information and explanations given to us the company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review.

xv. The Company has not entered into any non- cash transactions with directors orpersons connected with him therefore clause 3(xv) of order is not applicable.

xvi. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 therefore clause 3(xvi) of order is not applicable to the company

For MRB & Associates
Chartered Accountants
FRN 136306W
Manish R. Bohra Place: Mumbai
Proprietor Date: 22nd May 2019
M. No. 058431

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