We have audited the accompanying Standalone Financial Statements of Geecee Ventures Limited ("the
Company”), which comprise the Balance Sheet as at March 31, 2025, and the Statement of Profit and Loss
(including other comprehensive income), Statement of Cash Flows and Statement of Changes in Equity for the
year then ended, and notes to the standalone financial statements, including a summary of material accounting
policies and other explanatory information. (Herein after referred to as "standalone financial statements”)
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
standalone financial statements give the information required by the Companies Act, 2013 ("the Act”) in the
manner so required and give a true and fair view in conformity with the Indian Accounting Standard ("Ind AS”)
prescribed under section 133 of the Act, read with the Companies (Indian Accounting Standards) Rules, 2015
as amended, and the accounting principles generally accepted in India, of the state of affairs of the Company as
at March 31,2025, and the profit, total Comprehensive Income, changes in equity & its cash flows for the year
ended on that date.
Basis for Opinion
We conducted our audit of the accompanying standalone financial statements in accordance with the
Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities
under those Standards are further described in the Auditor's Responsibilities for the Audit of the standalone
financial statements section of our report. We are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements
that are relevant to our audit of the standalone financial statements under the provisions of the Companies Act,
2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these
requirements and the ICAI's Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone financial statements.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the standalone financial statements of the current period. This matter was addressed in the context of our audit
of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on this matter.
We have determined the matters described below to be the key audit matters to be communicated in our report.
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Key Audit Matters
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Auditor's response to Key Audit Matters
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1. Revenue Recognition
The Company's most significant revenue streams
involve sales of residential and commercial units
representing 73.85% of the total revenue from
operations of the Company.
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Our audit procedures included following:
• Evaluating the design and implementation and
tested operating effectiveness of key internal
controls over revenue recognition.
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Revenue is recognised post transfer of control of
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• Evaluating the accounting policies adopted by
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residential and commercial units to customers for the
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the Company for revenue recognition to check
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amount / consideration which the Company expects
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those are in line with the applicable accounting
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to receive in exchange for those units. The trigger
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standards and their consistent application to
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for revenue recognition is normally completion of
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the significant sales contracts.
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the project and receipt of approvals on completion
from relevant authorities, post which the contract
becomes non-cancellable.
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• Scrutinising the revenue journal entries raised
throughout the reporting period and comparing
details of a sample of these journals, which
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The risk for revenue being recognised in an incorrect
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met certain risk-based criteria, with relevant
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period presents a key audit matter due to financial
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underlying documentation.
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significance.
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• Testing timeliness of revenue recognition by
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comparing individual sample sales transactions
to underlying contracts.
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• Conducting site visits during the year for
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selected projects to understand the scope,
nature and progress of the projects.
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• Considering the adequacy of the disclosures in
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the standalone financial statements in respect
of the judgments taken in recognising revenue
for residential and commercial property units in
accordance with Ind AS 115.
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2. Inventories
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Our audit procedures included following:
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Inventories held by the Company comprising of
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• Understanding from the Company the basis of
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finished goods and construction work in progress
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estimated selling price for the unsold units and
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represent 31.90% of the Company's total assets.
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units under construction.
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Inventory may be held for long periods of time before
sale, making it vulnerable to reduction in net realizable
value (NRV). This could result in an overstatement
of the value of inventory when the carrying value is
higher than the NRV
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• Evaluating the design and testing operating
effectiveness of controls over preparation
and update of NRV workings by designated
personnel. Testing controls related to
Company's review of key estimates, including
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Assessing NRV
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estimated future selling prices and costs of
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NRV is the estimated selling price in the ordinary
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completion for property development projects.
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course of business, less estimated costs necessary to
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• Evaluating the Company's judgement with
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make the sale and estimated costs of completion (in
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regards to application of write-down of inventory
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case of construction work-in-progress). The inventory
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units by auditing the key estimates, data inputs
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of finished goods and construction work-in-progress
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and assumptions adopted in the valuations.
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is not written down below cost when completed flats
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Comparing expected future average selling
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/ under-construction flats / properties are expected
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prices with available market conditions such
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to be sold at or above cost.
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as price range available under industry reports
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For NRV assessment, the estimated selling price
is determined for a phase, sometimes comprising
multiple units.
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published by reputed consultants and the sales
budget plans maintained by the Company.
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The assessment and application of write-down of
inventory to NRV are subject to significant judgement
by the Company.
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As such inappropriate assumptions in these •
judgements can impact the assessment of the
carrying value of inventories. Considering the
Company's judgement associated with long dated
estimation of future market and economic conditions
and materiality in the context of total assets of the
Company, we have considered assessment of net
realizable value of inventory as key audit matter.
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Comparing the estimated construction costs
to complete each project with the Company's
updated budgets. Re-computing the NRV, on a
sample basis, to test inventory units are held at
the lower of cost and NRV
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Information Other than the Standalone Financial Statements and Auditor's Report Thereon
The Company's Board of Directors is responsible for the other information. The other information comprises the
Financial Performance highlights, Board Report including Annexures to the Board's Report, Report on Corporate
Governance and Other Information, which is expected to be made available to us after that date but does not
include the standalone financial statements and our auditor's report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent
with the standalone financial statements or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
If, based on the work we have performed on the other information that we obtained prior to the date of this
auditor's report, we conclude that there is a material misstatement of this other information, we are required to
report that fact. We have nothing to report in this regard.
Responsibilities of Management and those charged with Governance for the Standalone 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 including other comprehensive income, changes in
equity and cash flows of the Company in accordance with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act, read together with
relevant rules issued thereunder and relevant provisions of the Act.
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 standalone financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, management is responsible for assessing the Company's
ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the
going concern basis of accounting unless management either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.
Those Board of Directors is also responsible for overseeing the company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes
our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit
evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in Order to design audit procedures that
are appropriate in the circumstances. Under section 143(3)(i) of the Companies Act, 2013, we are also
responsible for expressing our opinion on whether the company has an adequate internal financial controls
system in place and the operating effectiveness of such controls.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by management.
• Conclude on the appropriateness of management and Board of Directors use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related
to events or conditions that may cast significant doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the standalone financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date
of our auditor's report. However, future events or conditions may cause the Company to cease to continue
as a going concern.
• Evaluate the overall presentation, structure and content of the standalone financial statements, including
the disclosures, and whether the Standalone Financial Statements represent the underlying transactions
and events in a manner that achieves fair presentation.
Materiality is the magnitude of the standalone financial statements that, individually or in aggregate, makes it
possible that the economic decision of a reasonably knowledgeable user of the standalone financial statements
may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our
audit work and evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements
in the standalone financial statements.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that we
identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were
of most significance in the audit of the standalone financial statements of the current period and are therefore
the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably be expected to
outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor's Report) Order, 2020 ("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 a
statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
Further to our comment in Annexure-A, 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 best of 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 the Company, so far as it
appears from our examination of those books.
c) The standalone Balance Sheet, the standalone Statement of Profit and Loss including Other Comprehensive
Income, Statement of Cash Flows and Statement of Changes in Equity dealt with by this Report are in
agreement with the books of account;
d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards
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 March 31, 2025 taken on
record by the Board of Directors, none of the directors is disqualified as on March 31, 2025 from being
appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company
and the operating effectiveness of such controls, refer to our separate Report in "Annexure-B”. Our Report
expressed an unmodified opinion on the adequacy and operating effectiveness of the Company's internal
financial controls over financial reporting.
g) In our opinion and according to the information and explanations given to us, the remuneration paid by the
Company to its directors during the current year is in accordance with the provisions of Section 197 of the
Act. The remuneration paid to directors does not exceed the limit laid down under Section 197 of the Act.
The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which
are required to be commented upon by us.
h) 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, as amended, in our opinion and 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 financial position in its standalone
financial statements - Refer Note 33 to the standalone financial statements.
ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Company.
iv. a) According to the information and explanations given to us, no funds have been advanced/
loaned / invested by the Company to or in any other person(s) or entity(ies), including foreign
entities with the understanding, - that the intermediary shall, whether directly or indirectly lend
or invest in other person or entities identified in any manner whatsoever by or on behalf of the
Company (Ultimate Beneficiaries) and not provided any guarantee, security or the like on behalf
of Ultimate Beneficiaries.
b) According to the information and explanations given to us, no funds have been received by
the Company from person(s) or entity(ies), including foreign entities on behalf of the Ultimate
Beneficiaries. Further the Company has not provided any guarantee or security to person(s) or
entity(ies), including foreign entities on behalf of the Ultimate Beneficiaries.
c) On the basis of our examination of the books of accounts and following appropriate audit
procedures considered reasonable and appropriate to the circumstances, nothing has come to
the notice that has caused us to believe that the representations under sub-clause (i) and (ii) of
clause contain any material misstatement.
v. Dividend declared or paid during the year by the Company is in compliance with Section 123 of the
Companies Act, 2013.
vi. On the basis of our Examination of Accounting software maintained by the Company for its Books of
Accounts does have a feature of recording audit trail (edit log) facility and the same has been operated
throughout the year for all transactions recorded in the software and the audit trail feature has not
been tampered with and the audit trail has been preserved by the Company as per the Statutory
Requirements for record retention.
For M R B & Associates
Chartered Accountants
Firm Registration Number.: 136306W
Ghanshyam P. Gupta
Partner
Membership No.: 138741
Place: Mumbai
Date: May 21,2025
UDIN: 25138741BMOMRK7048
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