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Ganon Products Ltd.

BSE: 512443 Sector: Others
NSE: N.A. ISIN Code: INE162L01017
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VOLUME 16
52-Week high 11.47
52-Week low 3.30
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Ganon Products Ltd. (GANONPRODUCTS) - Director Report

Company director report

Dear Members

Your Directors are pleased to present their 33rd Annual Report of GanonProducts Limited together with the Audited Statement of Accounts for the financialyear ended 31st March 2018:

Financial Performance

The summarized results of your Company are given in the table below

Amount in Rs.
Particulars Financial year ended March 31 2018 Financial year ended March 31 2017
Total Income 340108764.00 18450000
Profit/(loss) before Interest Depreciation & Tax (EBITDA) 715502.00 648635
Finance Charges 133 14296
Depreciation - -
Prior Period Expenses - -
Provision for Income Tax (including for earlier years) 220000 212345
Net Profit/(Loss) After Tax 495369 421994
Profit/(Loss) brought forward from previous year 11457323 11035329
Less : Proposed Dividend 186620 0.00
Less : Corporate Dividend Tax 37922 0.00
Profit/(Loss) carried to Balance Sheet 11728150 11457323

OPERATIONS AND FUTURE PLANS

During the year the operational revenue of the Company has increased to Rs.340108764/- compared to Rs. 18450000/- in previous year.

Further your Company has earned a net profit after tax of Rs. 495369/- as compared toRs. 421994/- in previous year.

Your Directors are hopeful that the results will be more encouragingin the near future.

BUSINESS REVIEW/ STATE OF THE COMPANY'S AFFAIRS

Ganon Products Limited is involved in trading activity of Multiple Commodities likeCotton steels Fabric Thermal coal etc. and we are looking forward to meet the risingdemand of Cotton Fabric Coal Steel Metals domestically and internationally. We procurethe material from local Suppliers as well as from foreign suppliers and sale it indomestic market and international market Over the past few year Company has accumulated astrong and healthy market trust through the simple principle that we follow:

EARN TRUST WITH BUSINESS.

DIVIDEND

Your Directors have recommended dividend of 0.2% (Re. 0.02 per share) for the financialyear ended 31st March 2018aggregating to Re. 224542/- (including DividendDistribution Tax) which will be subject to approval by the Members at the ensuing AnnualGeneral Meeting. Company will utilize Current year profit for the payment of Dividend.

SHARE CAPITAL

As at 31st March 2018 the Authorized Share Capital of the Company stood atRs. 100000000/- (Rupees TenCrores Only) divided into 10000000 (One Crore) EquityShares of Rs. 10/- (Rupees Ten only) each.

As at 31st March 2018 the Paid-up Equity Share Capital of the Company stoodat Rs. 93310000 (Rupees Nine CroreThirty Three Lakhs Ten Thousand Only) divided into9331000 (Ninety Three Lakhs Thirty One Thousand) Equity Shares of Rs. 10/- (Rupees TenOnly) each.

RESERVE

The Accumulated Reserve of the Company stood at Rs.11728150/- as at 31stMarch 2018 inclusive of profit after tax of Rs. 495369/- earned during the financialyear 2017-18 and after deducting Proposed Dividend of Rs. 186620 and DividendDistribution Tax of Rs. 37922/-.

TRANSFER TO UNCLAIMED DIVIDEND TO INVESTOR EDUCATION AND PROTECTION FUND

The amount of dividends remaining unpaid/unclaimed for seven years from the date of itstransfer to the Unpaid Dividend Accounts of the Company is required to be transferred tothe Investor Education and Protection Fund (IEPF) administered by the Central Government.During the year no amount has been transferred to IEPF. The unclaimed dividend declaredfor the year 2014-15 is Re. 38 141/-. If the same is not claimed by the Members the saidamount will be transferred to IEPF after 29th September 2022.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

i) Retire by Rotation

In accordance with the provisions of Section 152 of the Act and that of Articles ofAssociation of the Company Mr. MadanlalGoyal(DIN: 00456394) Non-executive Director of theCompany retires by rotation at this Annual General Meeting of the Company and beingeligible offers himself for reappointment.

ii) Change in Directors and Key Managerial Personnel

Mr. Hari Prasad Agrawal (DIN 02476724) who was acting as Whole Time Director of theCompany has stepped down from the Directorship of the Company w.e.f. 17thNovember 2017 citing Other Obligation as reason of resignation. The Board has accepted hisresignation in the Board Meeting held on 14th December 2017.

iii) Appointment of Independent Directors

In accordance with the provisions of Section 149 and 152 and other applicableprovisions of the Companies Act 2013 relevant provisions of the Articles of Associationof the Company and regulation of Chapter IV of SEBI (Listing Obligations and Disclosurerequirements) Regulations 2015 the Board of Directors at its Board Meeting held on 21stMay 2018 had appointed Mr. Sanjaykumar Kailashchandra Gupta (DIN: 07762680) as anAdditional Director in the capacity of Independent Director who shall hold office up tothe ensuing Annual General Meeting.

The Board recommends appointment of Mr. Sanjaykumar Kailashchandra Gupta (DIN 07762680)at the ensuing Annual General Meeting as Non-Executive Independent Director for a term offive consecutive years in accordance with Section 149(10) of the Companies Act 2013.Further in the opinion of the Board Mr. Sanjaykumar Kailashchandra Gupta fulfils theconditions specified in the Companies Act 2013 and rules made thereunder for hisappointment as an Independent Director of the Company.

iv) Appointment of Managing Director

In accordance with the provisions of Section 196 and 203 and other applicableprovisions of the Companies Act 2013 and the provisions of Articles of Association of theCompany the Board of Directors at its meeting held on 21st May 2018 hadappointed Mr. Hari Prasad Agrawal (DIN: 02476724) as Additional Director of the Company inthe capacity of Managing Director w.e.f. 21st May 2018 who shall hold office upto the ensuing Annual General Meeting.

The Board recommends appointment of Mr. Hari Prasad Agrawal (DIN: 02476724) at theensuing Annual General Meeting as Managing Director of the Company for a term of fiveyear's w.e.f 21st May 2018 in accordance with provisions of section 196(2) ofthe Companies Act 2013 at a remuneration and terms& Conditions as embodied in Termsof Appointment.

v) Appointment of Whole Time Director

In accordance with the provisions of Section 196 and 203 and other applicableprovisions of the Companies Act 2013 and the provisions of Articles of Association ofthe Company theBoard of Directors at its meeting held on 21st May 2018 hadappointed Mr. Gaurav Satyanarayan Agrawal (DIN: 07686574) as Whole Time Director of theCompany w.e.f 21st May 2018.

The Board recommends appointment of Mr. Gaurav Satyanarayan Agrawal (DIN:07686574) atthe ensuing Annual General Meeting as Whole Time Director of the Company for a term offive years w.e.f. 21st May 2018 in accordance with provisions of section 196(2)of the Companies Act 2013 at a remuneration and terms & conditions as embodied inTerms of Appointment.

vi) Board Evaluation

Pursuant to the provisions of the Companies Act 2013 read with the Rules madethereunder and SEBI (Listing Obligations & Disclosure Requirements) Regulation 2015the Board has carried out an annual performance evaluation of its own performance thedirectors individually as well as the evaluation of its various Committees. The criteriaapplied in the evaluation process are detailed in the Corporate Governance Report whichforms part of this report.

vii) Meetings of the Board

During the year ended 31st March 2018 Eight (8) Board of Directors Meetingswere held by the Company on 30th May 2017 14th September 2017 6thOctober 2017 31st October 2017 14th December 2017 6thJanuary 2018 6th February 2018 and 14th March 2018.Details of themeetings and the attendance record of the Directors are mentioned in the CorporateGovernance Report which forms part of this Report.

COMMITTEES OF THE BOARD

Currently the Company has three (3) Committees of Board namely Audit CommitteeNomination and Remuneration Committee & Stakeholders' Relationship Committee. Thedetailed composition of various Committees is elucidated below:

a. Audit Committee

As on 31st March 2018 the composition of the Audit Committee of the Companyis as follows:

Name of the Member Designation Category
Mr. Gaurav Satyanrayan Agrawal Chairperson Independent Non-Executive
Ms. SheetalBhavinNagda Member Independent Non-Executive
Mr. MadanlalGoyal Member Non-Executive Director

The Committee has been re-constituted by the Board in its Meeting held on 30thMay 2017 due to resignation of Mr. NareshkumarMathur from Directorship and he ceased to beMember of the Committee. Mr. Gaurav Satyanarayan Agrawal who was appointed in the sameMeeting was inducted in the Committee as Member.

Mr. MadanlalGoyal was acting Chairman for first Three Audit Committee Meeting andthereafter Committee has been re-constituted by the Board of Directors in its Meeting heldon 14th December 2017 by designating Mr. Gaurav Satyanarayan Agrawal asChairperson of Committee.

The recommendations of the Audit Committee are always welcomed and accepted by theBoard & all the steps impacting the financials of the Company are undertaken onlyafter the consultation of the Audit Committee.

b. Nomination & Remuneration Committee

The Committee was constituted pursuant to provisions of Section 178 of the CompaniesAct 2013. As on 31st March2018 the composition of the Nomination andRemuneration Committee is as follows.

Name of the Member Designation Category
Mr. Gaurav Satyanrayan Agrawal Chairperson Independent Non-Executive
Ms. SheetalBhavinNagda Member Independent Non-Executive
Mr. MadanlalGoyal Member Non-Executive Director

Mr. MadanlalGoyal was acting Chairman for first Two Nomination and RemunerationCommittee Meeting and thereafter Committee has been re-constituted by the Board ofDirectors in its Meeting held on 14th December 2017 by designating Mr. GauravSatyanarayan Agrawal as Chairperson of Committee.

Nomination and Remuneration Committee Policy

The Board has on the recommendation of the Nomination & Remuneration Committeeframed a policy for selection and appointment of Directors Senior Management and theirremuneration. The Remuneration Policy is annexed as "Annexure III" to thisreport.

c. Stakeholders' Relationship Committee

The said Committee oversees all the matters relating to Stakeholders'grievances/complaints and to review register of transfer for shares in physical mode. Therole of the Committee is to consider & resolve securities holders' complaint.

As on 31st March2018 the composition of the Stakeholders' RelationshipCommittee is as follows.

Name of the Member Designation Category
Mr. Gaurav Satyanrayan Agrawal Chairperson Independent Non-Executive
Ms. SheetalBhavinNagda Member Independent Non-Executive
Mr. MadanlalGoyal Member Non-Executive Director

Ms. SheetalBhavinNagda was acting Chairperson for first Thee Stakeholders RelationshipCommittee Meeting and thereafter Committee has been re-constituted by the Board ofDirectors in its Meeting held on 14th December 2017 by designating Mr. GauravSatyanarayan Agrawal as Chairperson of Committee.

DECLARATION OF INDEPENDENCE FROM INDEPENDENT DIRECTORS

All Independent Directors of your Company have individually and severally given adeclaration pursuant to Section 149(7) of the Companies Act 2013 affirming compliance tothe criteria of Independence as laid down under Section 149(6) of the Companies Act 2013.Based on the declaration(s) of Independent Directors the Board of Directors recorded itsopinion that all Independent Directors are independent of the Management and havefulfilled the conditions as specified in the Companies Act 2013 rules made thereunder aswell as applicable provisions of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Directors of your Companyaffirm that:

a) in the preparation of the annual accounts the applicable Indian AccountingStandards had been followed along with proper explanation relating to material departures;

b) the directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the company at the end of the financial year and ofthe profit and loss of the company for that period;

c) the directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of this Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

d) the directors had prepared the annual accounts on a going concern basis;

e) the directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and were operatingeffectively and

f) the directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

CHANGE IN THE NATURE OF BUSINESS

During the period under review there was no change in the nature of business of theCompany. Company had change its name from "Ganon Trading and Finance Co. Limited"to "Ganon Products Limited" in order to make compliance with theprovision of Regulation 45 of SEBI (Listing Obligations and Disclosure Requirements)Regulation 2015.

EXTRACT OF ANNUAL RETURN

The extract of Annual Return in Form MGT-9 as required under Section 92 of theCompanies Act 2013 (herein after referred to as "the Act") forms an integralpart of this Report as "Annexure II".

PARTICULARS OF CONTRACTS/ ARRANGEMENTS WITH RELATED PARTY

All related party transactions that were entered into by the Company during thefinancial year under review were on arms' length basis and prior approval of AuditCommittee and Board of Directors were obtained before entering into transactions withRelated Party. There are no material significant related party transactions entered intoby the Company with its Promoters Directors Key Managerial Personnel or other designatedpersons which may have a potential conflict with the interest of the Company at largehence Form AOC-2 is not applicable to the Company.However Company has disclose suchtransaction in order to have more transparency over disclosure of information as AnnexureI.

The policy on related party transactions and dealing with related party transactions asapproved by the Board of Directors may be accessed on the Company's website i.e.www.ganonproducts.com

AUDITORS & THEIR REPORT

a) Statutory Auditor

During the year under review casual vacancy of Statutory Auditor has been causedbecause of resignation of M/s. Ajay Shobha & Co. Chartered Accountants (ICAI FirmRegistration No. 317031E) Mumbai from the position of Statutory Auditor due to theirpre-occupation.

Members of the Company in thier Extraordinary General Meeting held on 31stOctober 2017 on recommendation of Board of Directors had appointed M/s. Vishwajeet Manish& Associates Chartered Accountants (ICAI Firm Registration No. 138891W) as StatutoryAuditors of the Company to fill the casual vacancy for the financial 2017-18.

Board further recommended its appointment as Statutory Auditors of the Company for aperiod of 5 (five) years commencing from the conclusion of 33rd Annual GeneralMeeting till the conclusion of 38th Annual General Meeting of the Members ofthe Company at a remuneration to be fixed by the Board of Directors every year inconsultation with the auditors."

The Statutory Auditors have issued their reports on Financial Statements for thefinancial year ended 31st March 2018. There are no adverse remarks orqualifications in the said report. The Notes on

Accounts referred to in the Auditors' Report are self-explanatory and do not call forany further comments.

b) SecretarialAuditor

In compliance with the provisions of Section 204 of the Companies Act 2013 read withCompanies (Appointment and Remuneration of Managerial Personnel) Rules 2014 the Board ofDirectors had appointed Ms. PriyankaLahoti Practicing Company Secretary as SecretarialAuditor of the Companyto undertake Secretarial Audit of the Company for the financial yearended 31st March 2018. The Secretarial Audit Report is attached herewith markedas (Annexure VII) and forms an integral part of this report.

Secretarial Auditor has made and mentioned the following observation in its report:

1. The Company has not appointed Company Secretary as Whole Time Key ManagerialPersonnel of the Company in accordance with section 203 of the Companies Act 2013 readwith Rule 8 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 for the period upto 31stOctober 2017. The Company has appointed Mr. JaySanghvi as Company Secretary in its Board Meeting held on 31stOctober 2017 andhis appointment was made w.e.f. 31st October 2017.

In this respect we would like to submit our response:

The Company was in due search of Company Secretary and when it found suitable candidatethe appointment was made and ensure due compliance of section 203 of the Companies Act2013 read with Companies (Appointment and Remuneration of Managerial Personnel) Rules2014.

c) Internal Auditor:

As per the provision of section 138 of the Companies Act 2013 Company has appointedMr. Pranav Amalani as Internal Auditor of the Company for the financial year ended 31stMarch 2018.

RISK MANAGEMENT

Risk Management is a risk based approach to manage an enterprise identifying eventsthat may affect the entity and manage risks to provide reasonable assurance regardingachievement of entity's objective. The risk management process consists of riskidentification risk assessment risk prioritization risk treatment or mitigation riskmonitoring and documenting the new risks. The Company has laid a comprehensive RiskAssessment and Minimization Procedure which is reviewed by the Audit committee andapproved by the Board from time to time. These procedures are reviewed to ensure thatexecutive management controls risk through means of a properly defined framework. In theopinion of your Board none of the risks which have been identified may threaten theexistence of the Company

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has in place an adequate budgetary control system and internal financialcontrols with reference to financial statements. No reportable material weaknesses wereobserved in the system during the previous fiscal. Further the Company has laid downinternal financial control policies and procedures which ensure accuracy and completenessof the accounting records and the same are adequate for safeguarding of its assets and forprevention and detection of frauds and errors commensurate with the size and nature ofoperations of the Company. The policies and procedures are also adequate for orderly andefficient conduct of business of the Company.

PUBLIC DEPOSITS

The Company has not accepted any deposit from the general public and from its Memberwithin the meaning of section 73 of the Companies Act 2013 and the rules made thereunder.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS BY THE COMPANY UNDER SECTION 186

Details of Loan Guarantees and Investments covered under the provisions of the Actare disclosed in the notes to the Financial Statements.

MATERIAL CHANGES AFFECTING THE FINANCIAL POSITION OF THE COMPANY

During the year ended 31st March 2018 there were no material changes andcommitments affecting the financial position of the Company have occurred between theperiod ended 31st March 2018 to which financial results relate and the date ofthe Report.

CORPORATE SOCIAL RESPONSIBILITY

Since the provisions as laid down in the Section 135 of the Companies Act 2013 are notapplicable to the Company hence no such Committee has been formed. However Company hadalways tried in its best possible ways to involve itself in social development activities.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS

There are no significant and material orders passed by the Regulators/Courts whichwould impact the going concern status of the Company and its future operations.

MANAGEMENT DISCUSSION AND ANALYSIS

The information as required under SEBI (Listing Obligations & DisclosuresRequirements) Regulations 2015 is as under:-

Ganon Products Limited (Formerly known as Ganon Trading & Finance Co. Limited) ismainly engaged in Trading Business of Commodities more specifically in Cotton FabricsSteel Metal Coal etc domestically and internationally. The Company is exploring variousoptions to improve margins of the Company by having tight control on expenses &exploring various business activities. Despite various adverse factors we firmly believethat Indian economic will grow this presents vast opportunities for us to grow ourbusinesses in the medium to long term though short-term pain remains a possibility. Wefurther believe the policy of liberalization and forward looking regulatory changes willhelp markets grow in size. While positive Government policies and regulatory changes doenlarge the scope of opportunities for all sector in which Company operate and companieslack of or delay in reforms or certain regulatory changes can significantly impact theperformance or make an existing business model unviable. The growth in the all sector isvery good and Management expects better results in forth coming year. The company isplanning to venture into trading of other merchandise products through the existing chainof Whole sellers and retailers.

A. INDUSTRY STRUCTURE AND DEVELOPMENTS

The Global Economy including both developed and emerging countries is showing signs ofgrowth with improved market confidence recovering in commodity prices and pickup inmanufacturing and Trade. Although the growth prospects face various challenges likeconflicts protectionist attitude of developed economies etc. Going Forward globalgrowth is projected to edge up but at a slower pace.

India is one of the fastest growing economy in the world and is expected to grow at afaster pace in the coming year on the backdrop of strong domestic consumption policyreforms and government spending on infrastructure.

In view of the aforesaid global & domestic scenarios the International TradingIndustry shown an almost stagnant performance and is expected to grow in the coming yearsdue to the various pragmatic initiatives of the Indian Government and expected revival ofthe Global Economy.

B. OPPORTUNITIES & THREATS

With the reform oriented and business friendly government at the center and India amongthe fastest developing economy of the world the opportunities for the company appears tobe endless. However the trading industry may face the risk of imposition of a ban onimport/export of a commodity by the government of any country decrease in consumerdemand price war among key competitors.

C. SEGMENT PERFORMANCE

The Company operates into single segment i.e. Trading Industry henceforth informationin respect of Segment Performance does not applicable to the Company.

D. OUTLOOK:

With the global economy appearing to be on the path of revival and with the high incomeeconomies showing signs of firm recovery after years of low growth and/or recession theoutlook for the International Trading Industry in particular and Trading Industry ingeneral appears to be bright. The stable and growth oriented Government at the Center andits initiatives like make-in-India digitalization GST Implementation in Indirect TaxRegime ONE Tax ONE India will benefit the domestic economy. In view of the aforesaid theoutlook of the Company also appears to be bright.

E. RISKS AND CONCERNS:

These aspects have been mentioned under the Heading "Opportunities andThreats".

CORPORATE GOVERNANCE

In terms of Regulation 15(1) of SEBI (Listing Obligations & DisclosureRequirements) Regulations 2015 the provisions related to Corporate Governance asspecified in Regulation 17 to 27 and Clause (b) to (i) of sub-regulation (2) of regulation46 and para C D and E of schedule V shall not be applicable in respect of companieshaving paid up equity share capital not exceeding Rs.10 crore and Net worth not exceedingRs.25 crore as on the last day of the previous financial year.

As on 31st March 2018 the Equity Share Capital is Rs. 93310000/- and Networth is Rs. 105038150/. Yet the Company on a suo-moto basis has taken all necessaryinitiatives to comply with the provisions of corporate governance to the maximum extentpossible and endeavours in true spirit to go well beyond the mandatory provisions andprovides separate report on Corporate Governance as Annexure IV.

INSURANCE:

As on March 31 2018 there are no fixed assets in the books of the Company.

DEMATERIALISATION OF SHARES

Your Company has obtained connectivity with the National Securities Depository Limited(NSDL) & Central Depository Services (India) Limited (CDSL) for dematerialization ofits Equity Shares. The ISIN No. INE162L01017 has been allotted for the CompanyShares. Therefore the members and/or investors may keep their shareholdings in the dematmode with their Depository Participant.

As on 31st March 2018 96.47% of the paid up Equity Share Capital stands inDemat mode and the remaining 3.53% Equity Shares were held in physical mode the detailsof which are as follows:

Particulars No. of Shares % of Total Capital
Held in Demat form with CDSL 6840835 73.31
Held in Demat form with NSDL 2160565 23.15
Held in physical mode 329600 3.53

LISTING OF SHARES

The shares of your Company are listed on BSE Limited. The applicable Annual Listingfees had been paid to the Stock Exchange for the financial year 2018-2019.

SUBSIDIARY COMPANIES

The Company does not have any Subsidiary Company.

VIGIL MECHANISM/WHISTLE BLOWER POLICY:

Pursuant to the provisions of the Companies Act 2013 read with the Companies (Meetingof Board and its Powers) Rules 2014 and Chapter IV of SEBI (Listing Obligations &Disclosure Requirements) Regulations 2015 your Company has implemented a vigil mechanismpolicy to deal with instance of fraud and mismanagement if any. The policy also providesfor adequate safeguards against victimization of persons who use such mechanism and makesprovision for direct access to the chairperson of the Audit Committee in all cases. Thepolicy has been revised and has been adopted by the Board of Directors on 14thDecember 2017.The Policy is also available on the web-site of the Company i.e.www.ganonproducts.com

The Audit Committee of Board of Directors are entrusted with the responsibility tooversee the Vigil mechanism. During the year 2017-2018

1. No event of fraud was reported;

2. No complaint was reported under the Whistle Blower Policy;

3. No transaction of suspicious nature was noticed; and

4. The Company had not received any new complaint under SCORES from the Shareholders /Investors.

PARTICULARS OF EMPLOYEES:

Particulars of employees in accordance with the provisions of Section 197 of theCompanies Act 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 are not given as there are no employees in the Companydrawing remuneration of more than Rs. 850000/- rupees per month and Rs. 10200000/-perannum.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING& OUTGO:

The details pertaining to conservation of energy and technology absorption as requiredunder Section 134(3) (m) of the Companies Act 2013 read with Rule 8 of the Companies(Accounts) Rules 2014 are not applicable to the Company due to the very nature ofindustry in which it operates.

There were no foreign exchange earnings and foreign exchange outgo during the yearunder review.

COST AUDIT

The provisions of Cost audit as prescribed under Section 148 of the Companies Act 2013are not applicable to the Company

SEXUAL HARRASSMENT AT WORKPLACE:

The Company has zero tolerance towards sexual harassment at workplace and has adopted aPolicy on prevention prohibition and redressal of sexual harassment at workplace in linewith the requirements of the Sexual Harassment of Women at Workplace (PreventionProhibition and Redressal) Act 2013 and Rule made thereunder. During the year underreview there were no cases filed or reported pursuant to the provisions of the said Act.

OTHER DISCLOSURE

• Your Company has not issued any shares with differential voting rights.

• There was no revision in the financial statements from the end of the FinancialYear to date of the Directors Report.

• Your Company has not issued any sweat equity shares.

• There was no change in the nature of business.

ACKNOWLEDGEMENT:

Your Directors take this opportunity to express their grateful appreciation for theexcellent assistance and co-operation received from all our Clients Bankers BusinessAssociates and the Government and other regulatory authorities and thank to allstakeholders for their valuable sustained support and encouragement towards the conduct ofthe proficient operation of the Company. Your Directors would like to place on recordtheir gratitude to all the employees who have continued their support during the year.

On Behalf of Board of Directors
For Ganon Products Limited
Place: Mumbai MadanlalGoyal
Date: 29th May 2018 Chairman
DIN: 00456394