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Ganon Products Ltd.

BSE: 512443 Sector: Others
NSE: N.A. ISIN Code: INE162L01017
BSE 00:00 | 02 Nov 11.47 0
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NSE 05:30 | 01 Jan Ganon Products Ltd
OPEN 11.47
PREVIOUS CLOSE 11.47
VOLUME 200
52-Week high 11.47
52-Week low 3.30
P/E 573.50
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 11.47
CLOSE 11.47
VOLUME 200
52-Week high 11.47
52-Week low 3.30
P/E 573.50
Mkt Cap.(Rs cr) 11
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Ganon Products Ltd. (GANONPRODUCTS) - Auditors Report

Company auditors report

TO

THE MEMBERS OF GANON PRODUCTS LIMITED

Report on theIND ASFinancial Statements

We have audited the accompanyingIND ASfinancial statements of GanonProductsLimited ("theCompany") which comprisethe Balance Sheet as at 31st March 2018the Statement of Profit and Loss for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for theIND ASFinancial 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 thefinancialposition financial performance including other comprehensive Income and cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS)prescribedunder section 133 of the act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone Ind AS financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

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 theIND ASfinancial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theIND AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluatingthe overall presentation of theIND ASfinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaidIND ASfinancial statements give the information required bytheAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31stMarch 2018 and itsfor the yearended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditors' Report) Order2016("the Order")issued by the Central Government of India in terms of sub section (11) of section 143 ofthe Companies Act 2013. We give in the Annexure A statements on the matters specified inparagraphs 3 and 4 of the order to the extent applicable.

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 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 and dealt with by this Reportare in agreement with the books of account.

(d) In our opinion the aforesaid IND ASfinancial statements comply with the AccountingStandards 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 2018 taken on record by the Board of Directors none of the directors isdisqualified as 31st March 2018 from being appointed as a director interms of 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 "AnnexureB".

(g) 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 itsIND ASfinancial statements.

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts.

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

For Vishwajeet Manish & Associates

Chartered Accountants

Firm Registration No. 138891W

Manish G. Purohit

Partner

M. No. 155652

Mumbai29thMay 2018

Reports under The Companies (Auditor's Report) Order 2016 (CARO 2016) for the yearended on 31st March 2018

I. The Company does not have any fixed assets hence paragraph 3(i) ofthe order is notapplicable to the company.

II. As explained to us the inventories were physically verified during the year by theManagement at reasonable intervals and no material discrepancies were noticed on physicalverification.

III. The Company has not granted any Secured or unsecured loan to companies firmsLimited Liability Partnerships or other parties covered in the register maintained underSection 189 of the Companies Act 2013. Hence paragraph 3 (iii) of the order is notapplicable to the company.

IV. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of loans investments providing guarantees and securities.

V. In our opinion and according to the information and explanations given to us theCompany has not accepted any deposit nor has any unclaimed deposit within the meaning ofthe provisions of Sections 73 to 76 or any other relevant provision of the Act and therules framed thereunder. Therefore the provisions of Clause (v) of paragraph 3 of theOrder are not applicable to the Company.

VI. The company is not required to maintain the cost records pursuant to the Companies(Cost Records and Audit) Rules 2014 as prescribed by the Central Government under subsection (1) of the section 148 of the Act.

VII. According to the information and explanations given to us and on the basis of ourexamination of the books of account in respect of statutory dues:

a) the Company hasgenerally been regular in depositing its undisputed statutory duesincluding income-tax Sales-Tax Goods and Service Tax Wealth Tax Service tax valueadded tax cess and Entertainment Tax etc. There are no undisputed dues payable in respectof aforesaid dues were outstanding as on March 31 2018 for a period of more than sixmonths from the date they became payable.

b) there are no amounts in respect of income tax sales tax Goods and Service Taxwealth tax Value added tax Cess service tax etc. that have not been deposited with theappropriate authorities on account of any dispute.

VIII. The Company does not have any loans or borrowings from any financial institutionor bank or government nor has it issued any debentures as at the balance sheet date sothe provision of paragraph 3(viii) of the order is not applicable to the company.

IX. The Company has not raised money by way of initial public offer or further publicoffer (including debt instrument) or any term loans during the period under audittherefore paragraph 3 (ix) of the order is not applicable to the company.

X. Based upon the audit procedures performed and to the best of our knowledge andaccording to the information and explanations given to us no fraud by the Company and nofraud on the Company by its officers or employees has been noticed or reported during theyear.

XI. In our opinion and according to information and explanations given to us theCompany has complied with the requisite approvals mandated by the provisions of section197 read with Schedule V of the Companies Act 2013.

XII. In our opinion the company is not a Nidhi Company. Therefore paragraph 3 (xii) ofthe order is not applicable to the company.

XIII. In our opinion and according to the information and explanations given to us theCompany has complied with section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone Ind AS financial statements as requiredby the applicable accounting standards.

XIV. The Company has made preferential allotment of shares during the year underreview in compliance with the requirements of section 42 of the Companies Act 2013. Theamount raised have been pending for utilisation.

XV. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and covered under section 192 of the CompaniesAct 2013. Accordingly paragraph 3(xv) of the order is not applicable to the Company.

XVI. The Company is not required to be registered under Section 45-I of the ReserveBank of India Act1934.

VISHWAJEET MANISH AND ASSOCIATES
Chartered Accountants
Place : MUMBAI Reg No. :138891W
Date : 29/05/2018 MANISH G. PUROHIT
(PARTNER)
Membership No : 155652