To The Members of
GEECEE VENTURES LIMITED
Report on the audit of the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of GEECEEVENTURES LIMITED ("the company") which comprise the Standalone Balance Sheet asat 31st March 2018 the Standalone Statement of Profit and Loss (including othercomprehensive income) Standalone Statement of Changes in Equity and the StandaloneStatement of Cash Flow for the year then ended and a summary of significant accountingpolicies and other explanatory information.
Management's Responsibility for the Standalone Ind AS 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 ofthese standalone Ind AS financial statements that give a true and fair view of the stateof affairs profit (including other comprehensive income) changes in equity & cashflows and of the Company in accordance with the accounting principles generally acceptedin India including the Indian Accounting Standards (Ind AS) prescribed under Section 133of the Act read with relevant rule issued thereunder.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting the frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.
Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the rulesmade there under and the order issued under section 143 (11) of the Act.
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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments; the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.
We are also responsible to conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the entity's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in the auditor's report tothe related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date of the auditor's report. However future events or conditions maycause an entity to cease to continue as a going concern. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on 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 Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs of the Company as at 31st March 2018 and its profit (including OtherComprehensive Income) the Changes in Equity and its Cash Flows for the year ended on thatdate.
Report on other Legal and Regulatory Requirements
1. As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books; c) The standalone balance sheet the standalone statement ofprofit and loss (including other Comprehensive Income the standalone statement of cashflow and the standalone statement of changes in equity dealt with by this report are inagreement with the books of account; d) In our opinion the aforesaid standalone Ind ASfinancial statements comply with the Indian Accounting Standards specified under Section133 of the Act 2013 read with relevant rule issued thereunder; e) On the basis of thewritten representations received from the directors as on 31st March 2018 and taken onrecord by the Board of Directors none of the directors is disqualified as on 31st March2018 from being appointed as a director in terms of Section 164(2) of the Act; f) Withrespect to the adequacy of the internal financial controls over financial reporting of thecompany and the operating effectiveness of such controls refer to our separate report in"Annexure A" to this report; and g) With respect to the other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit &Auditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us: i. The Company has disclosed the impact of pendinglitigations on its financial position in its financial statements. ii. The Company did nothave any long-term contracts including derivatives contracts for which there were anymaterial foreseeable losses. iii. Therehas been no delay in transferring amounts requiredto be transferred to the 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 of India in terms of Section 143(11) of the Act we givein "Annexure B" statements on the matter specified in paragraphs 3 and 4 of theOrder to the extent applicable.
For MRB & Associates Chartered Accountants
Firm Registration Number: 136306W
Manish R Bohra
Proprietor Place: Mumbai Membership Number: 058431 Date: 23rd May 2018
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 2018 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.
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 (ICAI). 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 company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit toobtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls system over financialreporting and their operating effectiveness. Our audit of internal financial controls overfinancial reporting included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. We believe that the audit evidence we have obtained are sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting.
Meaning of Internal Financial Controls 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 thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial 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.
In our opinion to the best of our information and according to explanations given tous the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at 31st March 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia. For MRB & Associates Chartered Accountants
Firm Registration Number: 136306W
Manish R Bohra
Proprietor Place: Mumbai Membership Number: 058431 Date: 23rd May 2018
ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT
Referred to in paragraph 2 under "Report on Other Legal and RegulatoryRequirements" section of our report to the members on the standalone Ind AS financialstatement of Geecee Ventures Limited Based on audit procedure performed for the purpose ofreporting the true and fair view of the standalone Ind AS financial statements of theCompany and taking into consideration the information and explanations given to us and thebooks and other records examined by us in the normal course of our audit in our opinionand to the best of our knowledge we report that: I. In respect of its fixed assets:- a.The company is maintaining proper records showing full particulars including quantitativedetails and situation of fixed assets; b. The fixed assets have been physically verifiedby the management at reasonable intervals and no material discrepancies were noticed onsuch verification; c. All title deeds of immovable properties are held in the name of thecompany.
In respect of immovable properties which has been taken on lease and disclose underproperty 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 theyear by the management. The procedures of physical verification of inventories followed bythe management are reasonable and adequate in relation to the size of the company and thenature of its business. b. During such verification no material discrepancies werenoticed.
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 ouropinion prima facie not prejudicial to the company's interest. b) The schedule ofrepayment of principal and payment of interest has been stipulated and repayments/ receiptof principal amount and interest has been regular as per stipulation. c) There are nooverdue amounts relating to parties covered u/s.189 of the Companies 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 31st March 2018.
VI. As we have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act 2013 and are of the opinion that prima facie thespecified accounts and records have been made and maintained. However we have not made adetailed examination of the same.
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' StateInsuranceIncome-Tax Sales-Tax Service Tax Wealth Tax Custom Duty Excise Duty ValueAdded Tax Goods and Service Tax Cess and any other material statutory dues withappropriate authorities. The Company did not have any undisputed amount payable in thisrespect at 31st March 2018 for a period of more than six months from the date when theybecome payable.
(b) On the basis of examination of books of account the dues of income tax WealthTax Service Tax Customs Duty Excise Duty and Cess which is not deposited by thecompany with appropriate authorities on disputes are as follows -
|Name of the Statute ||Particulars ||As on 31.03.2018 ||As on 31.03.2017 |
|The Central Sales Tax Act ||On account of C Forms (F.Y.2001-02) ||4.11 ||10.28 |
|1956 and Value Added Tax Act ||On Account of C Forms (F.Y.2007-08 ||3.22 ||3.22 |
| ||F.Y.2008-09 F.Y. 2009-10) || || |
| ||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 TaxA.Y.2010-11 ||amount not ascertainable ||Amount not ascertainable |
| || || || |
| ||Income TaxA.Y.2011-12 ||- ||2.42 |
| ||Income TaxA.Y.2013-14 ||amount not ascertainable ||Amount not ascertainable |
| ||Income TaxA.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 providedin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.
XII. The Company is not a Nidhi company and hence reporting under 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 the FinancialStatements as required by the applicable 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. According to information and explanations given to us the Company has not enteredinto any non- cash transactions with directors or persons connected with him thereforeclause (xv) of order is not applicable to the company.
XVI. The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934 therefore clause (xvi) of the order is not applicable to thecompany.
For MRB & Associates Chartered Accountants
Firm Registration Number:136306W
Manish R Bohra
Proprietor Place: Mumbai Membership Number- 058431 Date: 23rd May 2018