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Ganon Products Ltd.

BSE: 512443 Sector: Others
NSE: N.A. ISIN Code: INE162L01017
BSE 00:00 | 21 Jun Ganon Products Ltd
NSE 05:30 | 01 Jan Ganon Products Ltd
OPEN 12.87
PREVIOUS CLOSE 12.87
VOLUME 130
52-Week high 12.87
52-Week low 10.60
P/E 75.71
Mkt Cap.(Rs cr) 12
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.87
CLOSE 12.87
VOLUME 130
52-Week high 12.87
52-Week low 10.60
P/E 75.71
Mkt Cap.(Rs cr) 12
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 M/s Ganon Products Limited Report on the Audit of theStandalone Financial Statements Opinion

We have audited the accompanying standalone financial statements of M/s. Ganon ProductsLimited ("the Company") which comprise the Balance Sheet as at March 31 2022the Statement of Profit and Loss (including Other Comprehensive Income) the Cash FlowStatement and the Statement of Changes in Equity for the year ended 31st March2022 and a summary of the significant accounting policies and other explanatoryinformation. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies

Act 2013 (‘Act') in the manner so required and give a true and fair view inconformity with the Indian Accounting Standards prescribed under Section 133 of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended (Ind AS)and other accounting principles generally accepted in India of the state of affairs(financial position) of the Company as at 31st March 2022 and its profit andloss (financial performance including other comprehensive income) its cash flows andchanges in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (‘SAs')specified under section 143(10) of the Companies Act 2013. Our responsibilities underthose standards are further described in the Auditor's Responsibilities for the Audit ofthe standalone financial Statement section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India (‘the ICAI') together with the ethical requirements that arerelevant to our audit of the standalone financial statements under the provisions of theAct and the rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters. Wehave determined that there are no key audit matters to communicate in this report.

Information other than the Financial Statements and Auditorfs Report thereon.

Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and

Analysis Board's Report including Annexure to Board's Report Corporate GovernanceReport but does not include the Standalone Financial Statements and our auditor's reportthereon. Our opinion on the Standalone Financial Statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon. In connectionwith our audit of the Standalone Financial Statements our responsibility is to read theother information and in doing so consider whether the other information is materiallyinconsistent with the Standalone Financial Statements or our knowledge obtained during thecourse of our audit or otherwise appears to 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 the FinancialStatements

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 Financial

Statements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Indian AccountingStandards specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; 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 financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management is responsible forassessing the

Company'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

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

Auditorfs Responsibilities for the Audit of the Financial Statements.

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these standalone financial statements. As part of an audit in accordance withSAs we exercise professional judgment and maintain professional skepticism throughout theaudit. We also:

? Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control. ?Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls. ? Evaluate the appropriateness of accounting policies usedand the reasonableness of accounting estimates and related disclosures made by management.

? Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern.

? Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 (‘the Order')issued by the

Central Government of India in terms of section 143(11) of the Companies Act 2013 wegive in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extend applicable.

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 purposes of our audit of the aforesaidfinancial statements;

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 the Cash Flow Statement and the Statement of changes in Equity dealt with by thisreport are in agreement with the books of account; d) In our opinion the aforesaidStandalone Financial Statements comply with the Indian Accounting Standards (Ind AS)prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 (As amended).

e) On the basis of written representations received from the Directors as on 31stMarch 2022 taken on record by the Board of Directors none of the Directors isdisqualified as on 31st March 2022 from being appointed as a director in termsof Section 164(2) of the Act; f) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate report in "Annexure B" to this report.Our report expresses an unmodified opinion on the adequacy and operating effectiveness ofthe Company's Internal Financial Controls over financial Reporting;

g) With respect to the matter to be included in the Auditors' Report under section197(16): In our opinion and according to the information and explanations given to us noremuneration is paid by the company to its directors during the current year.

h) With respect to the other matters to be included in the Auditor's Report inaccordance with the Rule 11 of Companies (Audit and Auditors) Rules 2014 (as amended) inour opinion and to the best of our information and according to the explanation given tous (as amended)

i. The Company has disclosed the impact of pending litigations (if any) on itsfinancial position in of the Standalone Financial Statements.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. iii. During the year no amounts wererequired to be transferred to the Investor Education and Protection Fund by the Company.So the question of delay in transferring such sums does not arise. iv. a. The managementhas represented that to the best of its knowledge and belief other than as disclosed inthe notes to accounts to the standalone Ind AS financial statements no funds have beenadvanced or loaned or invested (either from borrowed funds or share premium or any othersources or kind of funds) by the Company to or in any other person or entity includingforeign entities ("Intermediaries") with the understanding whether recorded inwriting or otherwise that the Intermediary shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Company ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries;

b. The management has represented that to the best of its knowledge and belief nofunds have been received by the Company from any person or entity including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the Company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding

Party ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries; and c. Based on such audit proceduresperformed that have been considered reasonable and appropriate in the circumstancesnothing has come to our notice that has caused us to believe that the representationsunder sub-clause (a) and (b) contain any material misstatement.; and v. The Company hasnot declared or paid any dividend during the year.

For R V Luharuka& Co LLP Chartered Accountants

FRN No. 105662W / W100174

Ramesh Luharuka Partner

Membership No: 031765

Place: Mumbai

Dated: 25th May 2022

UDIN: 22031765AJOQST6321

The eAnnexure Af referred to in Independent Auditorfs Report to theMembers of the Company on the Standalone Financial Statements for the year ended 31stMarch 2022 we report that:

i. Company has no tangible / intangible Assets hence Clause (i) of the Companies(Auditor's)

Report Order 2020 is not applicable.

ii. The Company does not have any inventory and no working capital limits in excess offive crore rupees (at any point of time during the year) in aggregate from banks orfinancial institutions on the basis of security of current assets. Accordingly theprovisions of clause 3(ii) of the Order are not applicable.

iii. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not made any investmentsprovided guarantee or security to companies firms limited liability partnerships or anyother parties during the year. Although the Company has granted loans/ advances to partiesduring the year details of the loans are stated in sub-clause (a) below. a. A. TheCompany does not have any subsidiaries or joint ventures. Hence clause

(iii) (a) of paragraph 3 is not applicable. B. Based on the audit procedures carried onby us and as per the information and explanations given to us the Company has grantedloans and advances to companies other than Subsidiaries and Joint Ventures as below

Particulars Amount in Rupees
Aggregate amount during the year 13985000
Balance outstanding as on 31.03.2022 123830063/-

b. According to the information and explanations given to us and based on the auditprocedures conducted by us we are of the opinion that the terms and conditions of theloans given are prima facie not prejudicial to the interest of the Company.

c. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company in the case of loans given there are no loanswherein the schedule of repayment of principal and payment of interest has not beenstipulated. d. According to the information and explanations given to us and on the basisof our examination of the records of the Company there is no overdue amount for more thanninety days in respect of loans given during the year;

e. According to the information and explanations given to us and on the basis of ourexamination of the records of the Company there are loans which had fallen due during theyear and have been renewed or extended. However no fresh loans granted to settle theoverdues of existing loans given to the same parties.

f. The company has given loans or advances in the nature of loans either repayable ondemand or without specifying any terms or period of repayment. Details of the said loan oradvances is as follows;

Name Aggregate amount during the year % to the total loans given Closing 31.03.2022 Balance
Kontor Space Pvt Ltd 9785000/- 35.61% 13073091/-
Viral Infra Development 4200000/- 15.28% 6184201/-

Aggregate amount of loan granted to Promoters company

Name Aggregate amount during the year % to the total loans given Closing Balance 31.03.2022
Krishnamani Private Limited Holding 13490000/- 49.11 19542621/-

iv. In our opinion and according to information and explanation given to us thecompany has in respect of loans investments guarantees and security provisionscomplied with section 185 and 186 of the Companies Act 2013.

v. According to the information and explanation given to us the company has notaccepted any deposits whether the directives issued by the Reserve Bank of India and theprovisions of sections 73 to 76 or any other relevant provisions of the Companies Act2013. Hence the provisions of clause (v) of Paragraph 3 are not applicable to the company.

vi. Pursuant to the rules made by the Central Government the maintenance of CostRecords has been prescribed u/s. 148(1) of the Companies Act 2013. We are of the viewthat prima facie the prescribed accounts and records have been maintained. We have nothowever made a detailed examination of the records with a view to determine whether theyare accurate or complete. vii. a. According to the information and explanations given tous and on the basis of our examination of the records of the Company amounts deducted/accrued in the books of account in respect of undisputed statutory dues including Goodsand Services Tax (‘GST') Provident fund Employees' State Insurance Income-taxDuty of Customs Cess and other material statutory dues have generally been regularlydeposited with the appropriate authorities except for a few delays which are as statedbelow

Particulars Amount Nos of Days
TDS 33000 383 Days
TDS 3000 352 Days
TDS 33000 322 Days
TDS 13000 291 Days
TDS 3000 260 Days
TDS 235794 230 Days
TDS 3764 199 Days
TDS 100330 138 Days
TDS 228330 25 Days
Total 653218/-

b. According to the information and explanations given to us there are no dues of GSTProvident fund Employees' State Insurance Income-tax Sales tax Service tax Duty ofCustoms Value added tax Cess or other statutory dues which have not been deposited bythe Company on account of disputes.

viii.According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has not surrendered or disclosedany transactions previously unrecorded as income in the books of account in the taxassessments under the Income-tax Act 1961 as income during the year. ix. a. According tothe information and explanations given to us the Company has no loans or borrowing fromthe bank Government financial institutions nor issued any debentures; hence reportingunder clause (ix) of the Order is not applicable. b. According to the information andexplanation given to us the company is not declared as a willful defaulter by any Bank orFinancial Institution or other lender. c. In our opinion and according to information andexplanation given to us the company does not have term loans. Hence clause (ix)(c) ofparagraph 3 is not applicable. d. According to the information and explanation given tous the company has not raised funds for short term basis. Hence clause (ix)(d) ofparagraph 3 is not applicable. e. According to the information and explanation given tous the Company does not have any subsidiaries joint ventures or associates. Hence clause(ix)(e) and (f) of paragraph 3 is not applicable. x. a. The Company has not raised anymoneys by way of initial public offer or further public offer (including debtinstruments). Accordingly clause 3(x)(a) of the Order is not applicable. b. According tothe information and explanation given to us the Company has not made any preferentialallotment or private placement of shares or convertible debentures (fully partially oroptionally convertible) during the year. Accordingly clause 3(x)(b) of the Order is notapplicable.

xi. a. During the course of our examination of the books of account carried inaccordance with the generally accepted auditing standards in India we have neither comeacross any instance of fraud on or by the Company either noticed or reported during theyear nor have we been informed of such case by the Management. b. According to theinformation and explanations given to us no report under sub-section (12) of Section 143of the Companies Act 2013 has been filed by the auditors in Form ADT-4 as prescribedunder Rule 13 of Companies (Audit and Auditors) Rules 2014 with the Central Government.

c. No whistle blower complaints were received by the Company during the year.Therefore clause xi(c) of paragraph 3 is not applicable.

xii. According to the information and explanations given to us the Company is not aNidhi Company. Accordingly clause 3(xii) of the Order is not applicable;

xiii. In our opinion and according to the information and explanations given tous the transactions with related parties are in compliance with Sections 177 and 188 ofthe Companies Act 2013 where applicable and the details of the related partytransactions have been disclosed in the standalone financial statements as required by theapplicable Indian Accounting Standards.

xiv. According to the information and explanations given to us the company does nothave an internal audit system commensurate as required by the law.

xv. According to the information and explanations given to us we are of the opinionthat the company has not entered into any non-cash transactions with directors or personsconnected with him and accordingly the provisions of clause 3(xv) of the Order is notapplicable. xvi. a. The Company is not required to be registered under Section 45-IA ofthe Reserve Bank of India Act 1934. Accordingly clause(xvi)(a) of Paragraph 3 of theOrder is not applicable. b. The Company is not required to be registered under Section45-IA of the Reserve Bank of India Act 1934. Accordingly clause 3(xvi)(b) of the Orderis not applicable. c. The Company is not a Core Investment Company (CIC) as defined in theregulations made by the Reserve Bank of India. Accordingly clause (xvi)(c) of Paragraph 3of the Order is not applicable. d. According to the information and explanations providedto us during the course of audit the Group does not have any CIC. Accordingly therequirements of clause(xvi)(d) of Paragraph 3 are not applicable.

xvii. The Company has not incurred cash losses in the financial year and in immediatelypreceding financial year.

xviii. There has been no resignation of the statutory auditors during the year.Accordingly clause

(xviii) of Paragraph 3 of the Order is not applicable.

xix. According to the information and explanations given to us and on the basis of thefinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans and based on our examination ofthe evidence supporting the assumptions nothing has come to our attention which causesus to believe that any material uncertainty exists as on the date of the audit report thatthe Company is not capable of meeting its liabilities existing at the date of balancesheet as and when they fall due within a period of one year from the balance sheet date.We however state that this is not an assurance as to the future viability of theCompany. We further state that our reporting is based on the facts up to the date of theaudit report and we neither give any guarantee nor any assurance that all liabilitiesfalling due within a period of one year from the balance sheet date will get dischargedby the Company as and when they fall due.

xx. a. In our opinion and according to the information and explanations given to usthere is no unspent amount under sub-section (5) of Section 135 of the Companies Act 2013in respect of other than ongoing project. Accordingly clauses (xx)(a) of Paragraph of theOrder are not applicable. b. In our opinion and according to the information andexplanations given to us there are no ongoing project as per section 135 of the CompaniesAct. Accordingly clauses (xx)(b) of Paragraph 3 of the Order are not applicable c.

For R V Luharuka & Co LLP Chartered Accountants FRN No. 105662W / W100174

Ramesh Luharuka Partner

Membership No: 031765

Place: Mumbai

Dated: 25th May 2022 UDIN: 22031765AJOQST6321

Annexure B to the Independent Auditorsf Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (gthe Acth)

Opinion

We have audited the internal financial controls over financial reporting of M/s M/s.Ganon Products Limited ("the Company") as of 31st March 2022 inconjunction with our audit of the Standalone Financial Statements of the Company for theyear ended on that date.

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting with reference to these StandaloneFinancial Statements and such internal financial controls over financial reporting wereoperating effectively as at 31st March 2022 based on the internal control overfinancial 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.

Managementfs Responsibility for Internal Financial Controls

Company's management is responsible for establishing and maintaining internal financialcontrols based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India(‘ICAI'). These responsibilities include the design implementation and maintenanceof adequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding 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 Act 2013.

Auditorsf Responsibility

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 deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. 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 judgment including the assessment of the risks ofmaterial misstatement of the standalone financial statements whether due to fraud orerror. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Company's internal financial controlssystem over financial reporting with reference to these Standalone Financial Statements.

Meaning of Internal Financial Controls over Financial Reporting

Company's internal financial control over financial reporting is a process designed toprovide reasonable assurance regarding the reliability of financial reporting and thepreparation of standalone financial statements for external purposes in accordance withgenerally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2)provide reasonableassurance that transactions are recorded as necessary to permit preparation of standalonefinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the standalonefinancial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting withReference to Standalone Financial Statements

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.

For R V Luharuka& Co LLP Chartered Accountants

FRN No. 105662W / W100174

Ramesh Luharuka Partner

Membership No: 031765 Place: Mumbai Dated: 25th May 2022 UDIN:22031765AJOQST6321

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