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Ganon Products Ltd.

BSE: 512443 Sector: Others
NSE: N.A. ISIN Code: INE162L01017
BSE 00:00 | 15 Oct Ganon Products Ltd
NSE 05:30 | 01 Jan Ganon Products Ltd
OPEN 11.49
PREVIOUS CLOSE 11.49
VOLUME 1
52-Week high 12.12
52-Week low 10.95
P/E 95.75
Mkt Cap.(Rs cr) 11
Buy Price 11.49
Buy Qty 4.00
Sell Price 11.49
Sell Qty 28.00
OPEN 11.49
CLOSE 11.49
VOLUME 1
52-Week high 12.12
52-Week low 10.95
P/E 95.75
Mkt Cap.(Rs cr) 11
Buy Price 11.49
Buy Qty 4.00
Sell Price 11.49
Sell Qty 28.00

Ganon Products Ltd. (GANONPRODUCTS) - Auditors Report

Company auditors report

To the Members of Ganon Products Limited

Report on the Audit of the Financial Statements

Opinion

1. We have audited the accompanying financial statements of M/s. Ganon Products Limited (the Company) which comprise the Balance Sheet as at March 31 2019 the Statement of Profit and Loss the Cash Flow Statement and the Statement of Changes in Equity for the year then ended and notes to the financial statements including a summary of the significant accounting policies and other explanatory information.

2. In our opinion and to the best of our information and according to the explanations given to us the aforesaid financial statements give the information required by the Companies Act 2013 (`Act') in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards (`Ind AS') specified under section 133 of the Act of the state of affairs (financial position) of the Company as at 31st March 2019 and its profit (financial performance including other comprehensive income) its cash flows and the changes in equity for the 12 months period ended on that date.

3. We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statement 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 financial statements under the provisions of the Act and the rules there under and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

4. Key Audit Matters

Key audit matters are those matters that in our professional judgement were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters. We have determined that there are no key audit matters to communicate in our report.

5. Information other than the Financial Statements and Auditor's Report thereon.

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Annual report but does not include the Financial statements and our auditor's report thereon. The Annual Report is expected to be made available to us after the date of this auditor's report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance thereon.

In connection with our audit of the financial statements our responsibility is to read the other information and in doing so consider whether the other information is materially inconsistent with the 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 the other information we are required to communicate the matter to those charged with governance.

6. Responsibility of Management and Those Charged with Governance for the 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 financial statements that give a true and fair view of the financial position profit and loss changes in equity cash flows of the Company in accordance with the accounting principles generally accepted in India including the Accounting Standards specified under Section 133 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 financial statements that give a true and fair view and are free from material misstatement whether due to fraud or error.

In preparing the 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 are also responsible for overseeing the Company's financial reporting process.

7. Auditor's Responsibilities for the Audit of the Financial Statements.

Our objectives are to audit to obtain reasonable assurance about whether the 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 Standards on Auditing 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 financial statements.

As part of an audit in accordance with Standards of Auditing we exercise professional judgement throughout the audit. We also

 Identify and assess the risks of material misstatement of the 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 from 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 Act we are also responsible for explaining our opinion on whether the Company has 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's 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 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 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 financial statements including the disclosures and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

 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.

8. Report on Other Legal and Regulatory Requirements

a. 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 give in the Annexure I a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

b. As required by Section 143(3) of the Act we report that:

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.

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;

The financial statements dealt with by this report are in agreement with the books of account;

In our opinion the aforesaid financial statements comply with Accounting Standards specified under Section 133 of the Act;

On the basis of written representations received from the Directors and taken on record by the Board of Directors none of the Directors is disqualified as on 31st March 2019 from being appointed as a director in terms of Section 164(2) of the Act;

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 II to this report.

With respect to the other matters to be included in the Auditor's Report in accordance with the Rule 11 of Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of our information and according to the explanation given to us:

- The Company does not have any pending litigation which would impact its financial position.

- Company did not have any Long term contract including derivatives contract for which there were any material foreseeable losses.

- there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

c. As required by section 197 (16) of the Act we report that the Company has paid remuneration to its Director's during the 12 months period ended 31st March 2019 in accordance with the provisions of and limits laid down under section 197 read with Schedule V to the Act.

For R V Luharuka & Co LLP

Chartered Accountants

FRN No. 105662W / W100174

Ramesh Luharuka

Partner

Membership No: 031765P>

Place: Mumbai

Dated: 29th May 2019.

Annexure I to the Independent Auditor's Report of even date to the members of Ganon Products Limited

Based on the audit procedures performed for the purpose of reporting a true and fair view on the financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit and to the best of our knowledge and belief we report that:

i. In respect of the Company's fixed assets

The Company has no fixed assets in its books. Hence the provisions of this Clause are not applicable.

ii. In respect of the Company's Inventory

a. As explained to us the inventories have been physically verified during the year by the management. In our opinion having regard to the nature and location of stocks the frequency of the physical verification is reasonable.

iii. Company has not granted any loan secured or unsecured to bodies corporate covered in the register maintained under section 189 of the Companies Act2013 (`the Act'). Accordingly the provisions of Clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the order are not applicable.

iv. In our opinion and according to the information and explanations given to us the company has complied with the provisions of section 185 and 186 of the Companies Act 2013 in respect of loans investments guarantees and security.

v. In our opinion and according to the information and explanations given to us the company has not accepted any deposits and accordingly paragraph 3 (v) of the order is not applicable.

vi. The Central Government of India has not prescribed the maintenance of cost records under subsection (1) of section 148 of the Act for any of the activities of the company and accordingly paragraph 3 (vi) of the order is not applicable.

vii. According to the information and explanations given to us:-

a. Undisputed amounts payable in respect of provident fund employees' state insurance income tax sales tax wealth tax service tax goods and services tax duty of excise duty of customs Value Added Tax and other material statutory dues as applicable have generally been regularly deposited to the appropriate authorities except for the following which were in arrears as at 31st March 2019 for a period of more than six months from the date they became payable:-

ParticularsAmount(In Lakhs)
TDS on Contractor (section 94C)756.00
TDS on Professional Fees (Section 94J)33250.00
TDS on Rent20000.00
GST8534.00

b. There are no material dues of wealth tax income tax service tax goods and service tax duty of customs cess etc which have not been deposited with the appropriate authorities on account of any dispute.

viii. In our opinion and according to the information and explanations given to us the company has no outstanding dues to any financial institutions or banks or any government or any debenture holders during the year. Accordingly paragraph 3 (viii) of the order is not applicable.

ix. The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) and has not taken any term loans during the year. Accordingly paragraph 3 (ix) of the order is not applicable).

x. Based upon the audit procedures performed and the information and explanations given by the management we report that no fraud by the Company or on the company by its officers or employees has been noticed or reported during the year.

xi. According to the information and explanations given to us the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act 2013.

xii. The Company is not a Nidhi Company and accordingly paragraph 3 (xii) of the order is not applicable to the Company.

xiii. According to the information and explanations given to us and based on our examination of the records of the company transactions with the related parties are in compliance with section 177 and 188 of the Act. Where applicable the details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and based on our examination of the records of the company the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year. Accordingly paragraph 3(xiv) of the order is not applicable.

xv. According to the information and explanations given by the management the Company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly paragraph 3(xv) of the order is not applicable.

xvi. According to the information and explanations given to us and based on our examination of the records of the company the company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For R V Luharuka & Co LLP

Chartered Accountants

FRN No. 105662W / W100174

Ramesh Luharuka

Partner

Membership No: 031765

Place: Mumbai

Dated: 29th May 2019

Annexure II to the Independent Auditor's Report of even date to the members of Ganon Products Limited on the financial statements for the 12 months period ended on 31st March 2019

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (the Act)

1. We have audited the internal financial controls over financial reporting of M/s. Ganon Products Limited (the Company) as of March 31 2019 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2. The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (`ICAI'). These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of Company's business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Act.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with 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 be prescribed under section 143(10) of the Act to the extent applicable to an audit of internal financial controls over financial reporting and the guidance note issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls systems over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgment including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Company's internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or disposition of the company'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 financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internal financial controls over financial reporting and such controls over financial reporting were operating effectively as at 31st March 2019 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For R V Luharuka& Co LLP

Chartered Accountants

FRN No. 105662W / W100174

Ramesh Luharuka

Partner

Membership No: 031765

Place: Mumbai

Dated: 29th May 2019