Mar 31, 2015
The Directors are pleased to present the Thirtieth Annual Report of
the Company, together with the Audited Statement of Accounts for the
year ended March 31, 2015.
2. FINANCIAL PERFORMANCE:
The summarized results of your Company are given in the table below.
Amount in Rs.
For the year ended For the year ended
Particulars March 31, 2015 March 31, 2014
Total Income 1,51,27,16,737 47,43,62,009
Profit/(loss) before
Interest,
Depreciation & 16,93,188 8,14,257
Tax (EBITDA)
Finance Charges 6,54,406 -
Depreciation - -
Provision for Income
Tax (including for 3,67,000 1,56,000
earlier years)
MAT Credit Entitlement 2,26,568 1,68,976
Profit for the year 12,221 419
Net Profit/(Loss) After
Tax 10,87,399 4,89,700
Profit/(Loss) brought
forward from previous 1,00,76,288 1,00,23,260
year
Less : Proposed Dividend 4,66,550 3,73,240
Less : Corporate Dividend
Tax 95,502 63,432
Profit/(Loss) carried to
Balance Sheet 1,06,01,635 1,00,76,288
OPERATING PERFORMANCE
During the year ended March 31, 2015, your Company achieved a total
income aggregating to Rs.1,51,27,16,737/-. The Expenses including
employee costs amounted to Rs.1,51,10,23,548/-. After providing for
Finance Charges and Taxation, the Company has earned a Net Profit of
Rs.10,87,399/- which has been carried to the Balance Sheet.
Business Review/State of the company's affairs
Ganon Trading and Finance Company Limited is involved in trading
activity of multiple product like iron steels, coal etc and our
objective is to become one of the leading market share holder in one of
the most competitive market in the world Over the past few year company
has accumulated a srong and healthy market trust through the simple
principle that we follow :
EARN TRUST WITH BUSINESS
Information on material changes and commitments
There are no material changes or commitments affecting the financial
position which have occurred between March 31, 2015 and September 3,
2015, being the date of this report.
Reserves
During the year under review, there is no transfer to reserves.
Dividend
Your Directors are pleased to recommend dividend for the financial year
2014-2015 on the Equity Shares of the Company of face value of Rs.10/-
each at the rate of 0.05 paisa (i.e.0.50%) per Equity Share of the
Company i.e. amounting to Rs 4,66,550/-. The dividend together with
the tax on dividend, will absorb a sum of Rs.5,62,052/-.
Subsidiary, Associate and Joint Ventures
As on March 31, 2015, the Company had no subsidiary / joint ventures /
associate companies.
Directors and Key Managerial Personnel
There was no change in Directorship during the year under review.
Familiarization Programmed
The Company has formulated a Familiarization Programmed for Independent
Directors with an aim to familiarize the Independent Directors with the
Company, their roles, rights, responsibilities in the Company, nature
of the industry in which the Company operates, business model of the
Company, etc., to provide them with better understanding of the
business and operations of the Company and so as to enable them to
contribute significantly to the Company.
The details of programmers for familiarization of Independent Directors
with the Company are put up on the website of the Company under the web
link http://www.ganontrading.com/investors.html#Corporate%20Policy
Details of Board meetings
During the year, the Board met 7 (Seven) times on April 28, 2014, May
30, 2014, July 09, 2014, August 14, 2014, September 04, 2014, November
13, 2014, January 09, 2015 and February 14, 2015. The attendance of the
Directors who attended the Board meetings are as follows:
Sr.
No. Name of Director No. of Meetings attended
1. Mr. Madanlal Goyal 8
2. Mr. Dwarka Prasad Agrawal 8
3. Mr. Manish Tiwari 8
4. Mr. Hari Prasad Agrawal 8
Committees of Board
The details of composition of the Committees of the Board of Directors
are as under:-
a. Audit Committee
Sr.
No. Name Chairman/Members
1. Mr. Dwarka Prasad Chairman
Agrawal
2. Mr. Madanlal Goyal Member
3. Mr. Manish Tiwari Member
During the year, the Committee had met on May 30, 2014, July 09, 2014,
August 14, 2014, November 13, 2014 and February 14, 2015.
a. Nomination & Remuneration Committee
Sr.
No. Name Chairman/Members
1. Mr. Madanlal Goyal Chairman
2. Mr. Dwarka Prasad Member
Agrawal
3. Mr. Manish Tiwari Member
c. Stakeholders Relationship Committee
Sr.
No. Name Chairman /Members
1 Mr. Dwarka Prasad Chairman
Agrawal
2 Mr. Manish Tiwari Member
Directors' Responsibility Statement
Pursuant to Section 134(3)(c) of the Companies Act, 2013, your
Directors, to the best of their knowledge and belief, make following
statements that:
(a) In preparation of the annual accounts for the year ended March 31,
2015, the applicable accounting standards read with requirements set
out under Schedule III to the Act, have been followed and there are no
material departures from the same;
(b) Such accounting policies have been selected and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the company as at March 31, 2015 and loss of the Company for the year
ended on that date;
(c) Proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
(d) The annual accounts have been prepared on a going concern basis;
(e) The proper internal financial controls were in place and that such
internal financial controls are adequate and were operating
effectively;
(f) The systems to ensure compliance with the provisions of all
applicable laws were in place and that such systems were adequate and
operating effectively.
Corporate Governance
A separate section on Corporate Governance forms part of the Annual
Report. A certificate regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
part of the Annual Report. The Company has complied with all mandatory
requirements as prescribed under Clause 49 of Listing Agreement with
Bombay Stock Exchange Limited (BSE).
Management Discussion and Analysis
The Management Discussion and Analysis Report, forming part of this
report, as required under Clause 49(VIII)(D) of the Listing Agreement
with the Stock Exchange, is attached separately in this Annual Report.
Depository System
Your Company's Equity Shares are available for dematerialization
through National Securities Depository Limited and Central Depository
Services (India) Limited. As on March 31, 2015, 96.47% of the Equity
Shares of the Company were in dematerialized form.
Declaration by Independent Directors
The Company has received declarations from all the Independent
Directors of the Company, confirming that, they meet the criteria of
independence as prescribed under the Companies Act, 2013.
Nomination and Remuneration policy
The Board of the Directors has framed the policy which lays down a
framework in relation to Remuneration of Directors, Key Managerial
Personnel and Senior Management of the Company. This policy also lays
down criteria for selection and appointment of Board Members. The
Nomination and Remuneration Policy is annexed at the end of the
Corporate Governance Report.
Extract of Annual Return
Pursuant to section 92(3) of the Companies Act, 2013 ('the Act') and
rule 12(1) of the Companies (Management and Administration) Rules,
2014, extract of annual return is Annexed as Annexure 1.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013
and rules made there under, the Company has appointed M/s. Chandanbala
Jain & Associates, Practicing Company Secretary (CP No. 6400), to
undertake the Secretarial Audit of the Company. The Secretarial Audit
Report is included as Annexure 2 and forms an integral part of this
report. The said Report does not contain any adverse observation or
qualification requiring explanation or comments from the Board under
Section 134(3) of the Companies Act, 2013.
Particulars of Loans given, Investments made, Guarantees given and
Securities provided The details of loans given, investments made,
guarantees given and securities provided are given in the Notes to the
Financial Statements.
Conservation of energy, technology absorption, foreign exchange
earnings and outgo The details of conservation of energy, technology
absorption, foreign exchange earnings and outgo are as follows:
(A) Conservation of energy: Not Applicable
(B) Technology absorption: Not Applicable
(C) Foreign exchange earnings and Outgo:
The Company had no foreign exchange earnings and outgo during the
financial year
Risk Management
The Company has formulated a Risk Management Policy. The Company
through the Committee for Risk Management identifies, evaluates,
analyses and priorities risks in order to address and minimize such
risks. This exercise facilitates identifying high level risks and
implement appropriate solutions for minimizing the impact of such risks
on the business of the Company. The Committee submits its
recommendations and comments for Board's review and necessary action.
Vigil Mechanism / Whistle Blower Policy
The Company has a Vigil Mechanism / Whistle Blower Policy to report to
the management instances of unethical behavior, actual or suspected,
fraud or violation of the company's code of conduct. The details of the
Vigil Mechanism policy have been provided in the Corporate Governance
Report and also disclosed on the website of the Company viz .
http://www.ganontrading.com/investors.html#Corporate%20Policy
Board Evaluation:
Pursuant to the provision of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Company has devised the policy for
performance evaluation of the Independent Directors, Board, Committees
and other individual Directors, which includes criteria for performance
evaluation of non-executive directors and executive directors.
The evaluation of all the directors and Board as a whole was conducted
based on the criteria and framework adopted by the Board. The
evaluation process has been explained in Corporate Governance Report
section in this Annual Report. The Board approved the evaluation
results as collated by the nomination and remuneration committee.
Auditors
During the year, members in their Extraordinary General Meeting held on
February 05, 2015, granted its approval for appointment of M/s Ajay
Shobha & Co., Chartered Accountants in place of M/s K.M. Tulsian &
Associates to hold office until the conclusion of the ensuing Annual
General Meeting.
M/s Ajay Shobha & Co., Chartered Accountants, retire at the conclusion
of the ensuing Annual General Meeting. In terms of the Companies Act,
2013 ("the new Act") and the Rules framed there under, it is proposed
to appoint them as auditors of the Company to hold office from the
conclusion of the ensuing Annual General Meeting, until the conclusion
of the fifth consecutive Annual General Meeting of the Company to be
held in the Year 2020 (subject to ratification of their appointment by
the Members at every Annual General Meeting held after the ensuing
Annual General Meeting).
As required under the provisions of section 139(1) of the new Act, the
Company has received a written consent from M/s. Ajay Shobha & Co.,
Chartered Accountants to their appointment, to the effect that their
re- appointment, if made, would be in accordance with the new Act and
the Rules framed there under and certifying that they satisfy the
criteria provided in section 141 of the new Act.
The Members are requested to elect Auditors as aforesaid and fix their
remuneration.
Auditors' Report
As regards the observation made by the Auditors in their report under
Basis for Qualified Opinion regarding provision for gratuity not being
provided on accrual basis by the Company, the management is of the view
that the liability for gratuity to employees has not accrued as five
years have not been completed since their appointment. However, the
Board of Directors seeks to take a legal opinion on this issue.
Related Party Transactions
The company has laid down a Related Party Transactions Policy for
purpose of identification and monitoring of such transactions. The
policy on Related Party Transactions as approved by the Board is
uploaded on the Company's weblink viz.http://www.ganontrading.com/
investors.html#Corporate%20Policy
All Related Party Transactions are placed before the Audit Committee
and also the Members/Board for their approval, wherever necessary.
During the year there were no new Related Party Transactions.
However, a NIL statement is annexed herewith as Annexure 3 in the
prescribed form AOC-2.
None of the Directors has any pecuniary relationships or transactions
vis-Ã -vis the Company.
Particulars of Employees
A) Details of the ratio of the remuneration of each Director to the
median employee's remuneration and other details as required pursuant
to Rule 5(1) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014:
Sr. Name of Director Remuneration % increase in Ratio of
Comparison
No / KMP and of Director / Remuneration remunerate
of the
Designation KMP for in the
financial on of each
Remuneration
financial
year year
2014-15 Director /
2014-15 to median
against the
(in Rs.) remunerate
performance
ion of of the
employees
Company
1 Mr Madan lal Goyal - Not
2 Mr Hari Prasad - Not
Agarwal Applicable Not
Applicable
(Non Applicable
Executive)
3 Mr Manish - Not
Applicable Not
Applicable
(Independent
Director
4 Mr Dwarka Prasad - Not
Agarwal Applicable Not
Applicable
(In depend
ent Director)
Name of the Director Comparision of the
Remuneration
of the KMP Against
the performance
of the company
Mr Madan lal Goyal
Mr Manish (IndependentDirector) Not Applicable
Mr Dwarka Prasad Agarwal
(In depend ent Director) Not Applicable
Note: There has been no payment towards sitting fees to any Director
for attending Board and Committee meetings.
Note: There has been no payment towards sitting fees to any Director
for attending Board and Committee meetings.
Notes:
i) Median remuneration of employees of the Company during the financial
year 2014-2015 was Rs 124,500 /-.
ii) Median remuneration of employees of the Company during the
financial year 2013-2014 was Rs Nil./-. In the financial year, there
was a increase of 100% in the median remuneration of employees. The
said increase is very much in line with performance of the company.
iii) There were 1 Confirmed employees on the rolls of the Company as on
March 31, 2015.
iv) Relationship between average increase in remuneration and company
performance- Average Remuneration increased during the year 2014-2015
by 100% whereas the company's PAT increase by 122%.
v) a) Variation in the market capitalization of the company: The market
capitalization as on 31st March 2015 was Rs.2.93cr/- (Rs 2.11cr/- as on
31st March 2014)
b) Price Earning Ratio of the Company was 26.25 as at 31st March 2015
and was 45.2 as at 31st March 2014.
vi) Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year i.e. 2014-15 was 100% whereas the increase in the managerial
remuneration for the same financial year was NIL
vii) The key parameters for the variable component of remuneration
availed by the directors are considered by the Board of Directors based
on the recommendations of the Nomination and Remuneration Committee as
per the Remuneration Policy for Directors, Key Managerial Personnel and
other employees.
viii) The ratio of the remuneration of the highest paid director to
that of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year was NIL
ix) It is hereby affirmed that the remuneration paid is as per the
Remuneration Policy for Directors, Key Managerial Personnel and other
employees.
B) Details of every employee of the Company as required pursuant to
rule 5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014:
During the year under consideration, none of the employees of the
company was in receipt of remuneration in excess of limits prescribed
under clause 5(2) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014. Hence particulars as required under
5(2) of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 have not been provided.
Public Deposits
During the year under review, the Company has not accepted any deposits
from the public.
Disclosures under Sexual Harassment of Woman at the Workplace
(Prevention, Prohibition and Redressed) Act, 2013 In accordance of the
provisions of the Sexual Harassment of Woman at the Workplace
(Prevention, Prohibition and Redressed) Act, 2013, Internal Complaints
Committee (ICC) has been set up to redress complaints. ICC has not
received any complaints during the financial year 2014-2015.
Acknowledgements
Your Directors wish to place on record their immense appreciation for
the assistance and co-operation received from the Insurance Regulatory
and Development Authority, Insurance Companies, Banks, Financial
Institutions and other Statutory / Regulatory authorities.
Your Directors appreciate the support received from policy holders and
intermediaries.
Your Directors wish to place on record their sincere appreciation for
the contribution, commitment and dedicated efforts put in by employees.
For and on behalf of the Board
Ganon Trading and Finance Company Limited
Madanlal Goyal Hari Prasad Agrawal
Director Director
(DIN: 00456394) (DIN: 02476724)
Date : September 04, 2015
Place : Mumbai
Mar 31, 2014
Dear Shareholders,
The Directors have pleasure in presenting Twenty Ninth Annual Report
on the operations of the Company together with the Audited Statement
ofAccounts for the financial year ended March 31,2014.
2. FINANCIAL PERFORMANCE:
(Amount in Rs.)
Particulars 2013-14 2012-13
Total Revenue 47,43,62,009 15,00,998
Profit before depreciation
and tax 8,14,257 24,042
Less: Depreciation NIL NIL
Profit before Tax 8,14,257 24,042
Less: Income Tax 1,56,000 5,000
Deferred Tax NIL NIL
MAT Credit Entitlement 1,68,976 2,830
Profit for the year 419 NIL
Profit after Tax 4,89,700 16,212
Add : Balance brought forward from
previous year 1,00,23,260 10,03,07,048
Less : Issue of Bonus Shares - 9,03,00,000
Less : Proposed Dividend 3,73,240 -
Less : Corporate Dividend Tax 63,432 -
Balance carried forward to
Balance Sheet 1,00,76,288 1,00,23,260
OPERATING PERFORMANCE
During the year ended March 31, 2014, your Company achieved a Total
Revenue aggregating to Rs.47,43,62,009/-. Total Expenses amounted to
Rs.47,35,47,752/-. After providing for all the expenses including
Taxation, the Company has earned a Net Profit of Rs.4,89,700/- which
has been carried to the Balance Sheet.
DIVIDEND
Your Directors are pleased to recommend dividend for the financial year
2013-2014 on the Equity Shares of the Company of face value of Rs.10/-
each at the rate of 0.004 paisa (i.e.0.40%) per Equity Share of the
Company i.e. amounting to Rs 3,73,240/-. The dividend together with the
tax on dividend, will absorb a sum of Rs.4,36,672/-.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forms part of the Annual
Report. A certificate regarding compliance of conditions of Corporate
Governance as stipulated under Clause 49 of the Listing Agreement forms
part of the Annual Report. The Company has complied with all mandatory
requirements as prescribed under Clause 49 of Listing Agreement with
Bombay Stock Exchange Limited (BSE).
DIRECTORS
The Companies Act, 2013 provides for appointment of Independent
Directors. Sub section (10) of Section 149 of the Companies Act, 2013
(effective April 01,2014) provides that independent directors shall
hold office for a term of up to five consecutive years on the Board of
a company; and shall be eligible for re-appointment on passing a
special resolution by the shareholders of the company. Sub section (11)
states that no independent director shall be eligible for more than two
consecutive terms of five years. Sub section (13) states that the
provisions of retirement by rotation as defined in sub sections (6) and
(7) of Section 152 of the Act shall not apply to such independent
directors.
In accordance with the provisions of the Companies Act, 2013 and in
terms of the Articles of Association of the Company, Mr. Madanlal
Goyal, Director retires at the ensuing Annual General Meeting.
The Company has received Notices in writing from a Member alongwith the
deposit of the requisite amount under Section 160 of the Act proposing
the candidatures of Mr. Manish Tiwari, Mr. Dwarka Prasad Agrawal for
the office of Independent Directors of the Company.
The Company has received declarations from all the Independent
Directors of the Company confirming that they meet with the criteria of
independence as prescribed both under sub-section (6) of Section 149 of
the Companies Act, 2013 and under Clause 49 of the Listing Agreement
with the Stock Exchange.
Brief Resume of the Directors, nature of expertise in specific
functional areas, names of companies in which the Directorship is held
and the membership of the Committees of the Board and their
shareholdings in the Company are given in the Notice for the ensuing
Annual General Meeting.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your Directors confirm:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures;
(ii) that the Directors have approved such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended March
31,2014 and of the profit of the Company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
AUDITORS
M/s K. M. Tulsian & Associates, Chartered Accountants, retire at the
conclusion of the ensuing Annual General Meeting. In terms of the
Companies Act, 2013 ("the new Act") and the Rules framed
thereunder, it is proposed to appoint them as auditors of the Company
to hold office from the conclusion of the ensuing Annual General
Meeting, until the conclusion of the fifth consecutive Annual General
Meeting of the Company to be held in the Year 2019 (subject to
ratification of their appointment by the Members at every Annual
General Meeting held after the ensuing Annual General Meeting).
As required under the provisions of section 139(1) of the new Act, the
Company has received a written consent from M/s. K. M. Tulsian &
Associates, Chartered Accountants to their appointment, to the effect
that their re- appointment, if made, would be in accordance with the
new Act and the Rules framed thereunder and certifying that they
satisfy the criteria provided in section 141 of the new Act.
The Members are requested to elect Auditors as aforesaid and fix their
remuneration
For and on behalf of the Board of Directors
For Ganon Trading and Finance Company Limited
Sd/- Sd/-
Madanlal Goyal Hari Prasad Agrawal
Director Director
Place: Mumbai
Date: September 04, 2014
Mar 31, 2013
To Dear Shareholders,
The Directors have pleasure in presenting Twenty Eighth Annual Report
on the operations of the Company together with the Audited Statement of
Accounts for the financial year ended March 31, 2013.
FINANCIAL RESULTS (Amount In Rs.)
Particulars 2012-13 2011-12
Revenue from Operation 15,00,998 3,10,60,053
Profit before depreciation and tax 24,042 2,98,98,702
Less: Depreciation NIL NIL
Profit before Tax 24,042 2,98,98,702
Less: Income Tax 5000 55,31,631
Deferred Tax NIL NIL
MAT Credit Entitlement 2,830 (23,80,556)
Profit after Tax 16,212 2,67,25,627
Add : Balance brought forward
from previous year 10,03,07,048 7,35,81,421
Less : Issue of Bonus Shares 9,03,00,000 Nil
Balance carried forward
to Balance Sheet 1,00,23,260 100,307,048
OPERATING PERFORMANCE
During the year ended March 31, 2013, your Company achieved a total
income aggregating to Rs.15,00,098/-. The Expenses including employee
costs amounted to Rs.14,76,956/-. After providing for Finance Charges
and Taxation, the Company has earned a Net Profit of Rs. 16,212/- which
has been carried to the Balance Sheet.
DIVIDEND
Considering the conservative Dividend Policy of the Company, your
Directors have thought it prudent to conserve the resources for future
for better future prospects of the Company.
INCREASED IN AUTHORIZED CAPITAL
The Company has increased its Authorized Share Capital to 10,00,00,000
( Ten Crore Only) divided into 1,00,00,000 ( One Crore ) Equity Share
of Rs 10 each from Rs. 40,00,000 divided into 4,00,000 equity shares of
Rs.10/- each vide resolution passed at Annual General Meeting held on
29th September, 2012.and Article 5 of the Articles of Association of
the Company have altered accordingly.
BONUS ISSUE
The Company made a bonus allotment of 90,30,000 fully paid equity as
bonus shares of face value of 10/- each in ratio of 1:30 (i.e. 30 new
fully paid-up Equity Shares of Rs.10/- each for every 1 Equity Share of
Rs.10/- each held) to the existing shareholders vide the resolution
passed in the Board Meeting held on October 18, 2012.
SCHEME OF AMALGAMATION
The Company has approved the composite Scheme of Amalgamation under
section 391 to 394 of Companies Act, 1956 with SPG Multi Trade Private
Limited, Archana Hitech Consultants Limited and Vandana Hitech Systems
Limited with effect from 1st April 2012, being the Appointed Date and
the share Exchange Ratio is final as 19:1:1 in the Board Meeting held
on 1st February 2013. The Scheme is pending for approvals from various
regulatory authorities.
CORPORATE GOVERNANCE
A separate section on Corporate Governance forms part of the Annual
Report. A certificate regarding compliance of conditions of Corporate
Governance as stipulated under clause 49 of the Listing Agreement forms
part of the Annual Report. The Company has complied with all mandatory
requirements as prescribed under Clause 49 of Listing Agreement with
Bombay Stock Exchange Limited (BSE).
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of Section 217(2AA) of the Companies Act,
1956, your Directors confirm:
(i) that in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanations
relating to material departures;
(ii) that the Directors have approved such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company at the end of the financial year ended 31st
March, 2013 and of the profit of the Company for that year;
(iii) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(iv) that the Directors have prepared the annual accounts on a going
concern basis.
AUDITORS
The Board proposes to re appoint M/s. K. M. Tulsian & Associates,
Chartered Accountants as the Statutory Auditors of the Company. M/s K.
M. Tulsian & Associates, Chartered Accountants have expressed their
willingness to act as the Statutory Auditors of the Company, and
furnished to the Company a certificate from that their appointment, if
made, would be in conformity with the provisions of Section 224 (1B) of
Companies Act, 1956.
AUDITORS'' REPORT
Though there are no qualifications in the Auditors Report. However
there is comment made by Auditor which have been highlighted in Para
(iii) (b) viz unsecured loan granted to one party covered in the
register maintained under section 301 of Companies Act ,1956 on call
basis are interest free and hence to that extent it is prejudicial to
interest of the company. Since the said loan was for short period of
time therefore the provision for interest was not made. However loan
will be received back in current financial year
AUDIT COMMITTEE
The Audit Committee comprises of Mr. Dwarka Prasad Agrawal (Chairman),
Mr. Madan Lal Goyal and Mr. Manish Tiwari, all being Non-Executive
Directors Two of whom are Independent Directors and the Chairman is a
Non Executive Independent Director. The Audit Committee met four times
during the year under review.
MANAGEMENT DISCUSSION ANALYSIS REPORT
Management Discussion and Analysis Report for the year under review as
required under Clause 49 of the Listing Agreement with the Stock
Exchanges, is given as a separate statement in the Annual Report.
DEPOSITORY SYSTEM
Your Company''s Equity Shares are available for dematerialization
through National Securities Depository Limited and Central Depository
Services (India) Limited. As on March 31, 2013, 93.22 % of the Equity
Shares of the Company were in dematerialized form.
FIXED DEPOSITS
During the year under review, the Company has not accepted any deposit
from the public.
PARTICULARS OF EMPLOYEES
In terms of provisions of Section 217(2A) of the Companies Act, 1956
read with the Companies (Particulars of Employees) Rules, 1975, and the
notification issued by the Ministry of Corporate Affairs dated 31st
March, 2013, none of the employee is in receipt of the remuneration
exceeding the said Rules.
Conservation of Energy & Technological Absorption:
In view of the nature of activities which are being carried on by the
Company, Rules 2A and 2B of the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988, concerning conservation
of energy and technology absorption respectively are not applicable to
the Company.
ACKNOWLEDGMENT
The relationship of the Company with the employees at all the levels
continues to be cordial and healthy. Your Directors wish to place on
record their appreciation of the significant contribution made by each
and every employee of the Company and expect continued support for
achieving the targets set for the future.
The Board acknowledges the support and co-operation received from the
Government, Bankers, Financial Institutions, Shareholders, suppliers,
associates & sub-contractors and looks forward to their continued
support.
For and on behalf of the Board of Directors
For Ganon Trading and Finance Company Limited
sd/- sd /-
Dwarkaprasad Agarwal Madanlal Goyal
Place: Mumbai Director Director
Date: September 04, 2013
Mar 31, 2010
The Directors have pleasure in presenting their Twenty Fifth Annual
Report alongwith Audited Accounts for the year ended 31st March, 2010
FINANCIAL HIGHLIGHTS :-
FOR THE YEAR PREVIOUS YEAR
ENDED 31.03.2010 ENDED 31.03.2009
PARTICULARS (AMT. IN RS.) (AMT. IN RS.)
Profit before tax 53177662 969408
Provision For Tax
- Current Tax 8848543 NIL
- MAT Credit Entitlement 8845093 NIL
- MAT Credit Entitlement adj.
for earlier year 4664 NIL
- Taxes paid for earlier year 12911 6070
Profit After Tax 53156636 963339
Balance Brought forward
From Previous Year 20858997 19895658
Balance Carried Forward
to Balance Sheet 74015633 20858997
DIVIDEND :-
The Directors do not recommend any dividend for the year under review.
DIRECTORS :-
Shri Radhakishan Damani retires by rotation and being eligible offers
himself for re- appointment.
PARTICULARS OF EMPLOYEES :-
No employee of the Company was in receipt of remuneration in excess of
the limits prescribed under the Companies (Particulars of Employees)
Rules, 1975 as amended upto date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :-
Your Company being a Investment Company the particulars required to be
furnished in Form A doesnt apply. The Company has not adopted any
Technology and Foreign Exchange Earnings and Outgo were Nil.
AUDITORS :-
M/s K K Khadaria & Co, Chartered Accountants, Auditors of the Company
retire at the forthcoming Annual General Meeting. Their re-appointment
is recommended to the members of the Company.
COMPLIANCE CERTIFICATE ;
A certificate received from a Practicing Company Secretary certifying
the compliances under the Companies Act, 1956, is attached hereto.
DIRECTORS RESPONSIBILITY STATEMENT:-
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors
confirm; that in preparation of the Annual Accounts, the applicable
accounting standards issued by ICAI have been followed. Appropriate
accounting policies have been selected and applied consistently, and
have made judgement and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as
at 31st March, 2010 and the Profit for the period 1st April, 2009 to
31st March, 2010. Proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities and the annual accounts have been prepared on a going
concern basis.
For and on behalf of
Board of Directors
PLACE : MUMBAI
DATED : 29th May, 2010 DIRECTORS
Mar 31, 2009
The Directors have pleasure in presenting their Twenty Fourth Annual
Report alongwith Audited Accounts for the year ended 31 st March, 2009
FINANCIAL HIGHLIGHTS :-
FOR THE YEAR PREVIOUS YEAR
ENDED 31.03.2009 ENDED 31.03.2008
PARTICULARS (AMT. IN RS.) (AMT. IN RS.)
Profit before tax 969409 891440
Provision For Tax
- Current Tax NIL NIL
- Fringe Benefit Tax NIL 205
- Tax paid for earlier year 6070 17638
Profit After Tax 963339 873596
Balance Brought forward
From Previous Year 19895658 19022062
Balance Carried Forward
to Balance Sheet 20858997 19895658
DIVIDEND :-
The Directors do not recommend any dividend for the year under review.
DIRECTORS :-
Shri G.S. Damani retires by rotation and being eligible offers himself
for re-appointment.
PARTICULARS OF EMPLOYEES :-
No employee of the Company was in receipt of remuneration in excess of
the limits à prescribed under the Companies (Particulars of Employees)
Rules, 1975 as amended upto date.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :-
Your Company being a Investment Company the particulars required to be
furnished in Form A doesnt apply. The Company has not adopted any
Technology and Foreign Exchange Earnings and Outgo were Nil.
AUDITORS :-
M/s K K Khadaria & Co, Chartered Accountants, Auditors of the Company
retire at the forthcoming Annual General Meeting. Their re-appointment
is recommended to the members of the Company.
COMPLIANCE CERTIFICATE :
A certificate received from a Practicing Company Secretary certifying
the compliances under the Companies Act, 1956, is attached hereto.
DIRECTORS RESPONSIBILITY STATEMENT :-
Pursuant to Section 217(2AA) of the Companies Act, 1956 the Directors
confirm, that in preparation of. the Annual Accounts, the applicable
accounting standards issued by ICAI have been followed. Appropriate
accounting policies have been selected and applied consistently, and
have made judgement and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company as
at 31st March, 2009 and the Profit for the period 1st April, 2008 to
31st March, 2009. Proper and sufficient care has been taken for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities and the annual accounts have been prepared on a going
concern basis.
For and on behalf of
Board of Directors
PLACE : MUMBAI DIRECTORS
DATED : 24th August, 2009
Mar 31, 2007
The Directors have pleasure in presenting the Annua! Report on the
operations of the Company, together with the audited accounts for the
year ended 31st March 2007.
1. FINANCIAL HIGHLIGHTS
(Amount in Rs.)
2006-07 2005-06
Sales and other Income 9663608 2559323
Profit before Tax and Prior
Period Items 9609149 2431883
Prior Period Expenses 8265 NIL
Provision for Tax 759938 18559
Profit after Tax 8840946 2413324
Balance Brought forward from
previous year 10181117 7767793
Balance Carried to Balance Sheet 19022062 10181117
2. OPERATIONS & EXPANSIONS
The Company has shown progress during the financial year 2006-07. The
net profit after tax has been increased from Rs. 2413324 to Rs. 8840946
during the year. It is mainly on account of decrease in administrative
and other expenses and increase in sales and other income.
3. DIVIDENDS
With a view to conserve resources of the Company for future growth,
your Directors regrets their inability too declare any dividend for the
financial year end 31st March, 2007.
4. DIRECTORS
In accordance with the provisions of the Companies Act, 1956 and the
Companys Article of Association, Mrs. ShriKantadevi Damani retire by
rotation and being eligible offer themselves for re-appointment at the
ensuing Annual General Meeting.
5. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements of section 217(2AA) of the Companies Act,
1956 your Directors confirm the following:
A) in the preparation of the annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures;
B) that the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs of the Company as at 31st March 2007 and of the profit of
the Company for that period ;
C) that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
D) that the Directors had prepared the annual accounts on a going
concern basis.
6. AUDITORS
M/s. K K Khadaria & Co., Chartered Accountants, the Statutory Auditors
of the Company will retire at the ensuing Annual General Meeting and
being eligible, offer themselves for re-appointment. Members are
requested to appoint auditors for the current year and to authorize the
Board to fix their remuneration.
7. AUDITORS REPORT
The observations made by the Auditors in their report read with the
relevant notes as given in the Notes of Accounts for the year ended
31st March, 2007 are self explanatory and therefore do not call for any
further comments under section 217 (3) of the Companies Act, 1956.
8. CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO:
Considering the fact that Company is not a manufacturing Company, the
director have nothing to report pursuant to section 217(l)(e) of the
Companies Act, 1956 read with Companies (Disclosure of particulars in
the Report of Board of Directors) Rules, 1988
9. FIXED DEPOSITS
The Company has not accepted or renewed any deposits from public during
the year under review.
10. ACKNOWLEDGEMENTS
You Directors take this opportunity to express their gratitude for the
continued support and co-operation received from the Shareholders,
Customers, Suppliers, Bankers, Statutory Authorities and all other
business associates. The Board of Directors wishes to express its
appreciation to all the employees of the company for their outstanding
contribution to the operation of the company during the year.
By order of the Board of Directors
GANON TRADING AND FINANCE COMPANY LTD.
Place: Mumbai Gopikishan Damani Radhakishan Damani
Dated: 23rd August, 2007 Director Director
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