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Auditor Report of Ganon Products Ltd.
Mar 31, 2025
We have audited the accompanying Financial Statements of M/s. Ganon Products Limited (âthe Companyâ), which
comprise the Balance Sheet as at 31st March, 2025, the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year ended on 31st March,
2025, and a summary of the significant accounting policies and other explanatory information.
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 (âthe Actâ) in the manner so required
and give a true and fair view except for the matter described in Emphasis of Matter below, in conformity with the
Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, (âInd ASâ) and other accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March, 2025, the profit and loss total comprehensive income, changes in
equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (âSAsâ) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those standards are further described in the Auditorâs 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 (âthe ICAIâ) together with the ethical
requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules
thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the
Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis
for our opinion.
Emphasis of Matter
a. During the year, the company has made purchases of cotton amounting to ?1,769.19 lakh from a single party
located in Mumbai, Maharashtra. As per representations provided by the management, these transactions are
covered under the long term purchase contracts with the said supplier. As on 31st March 2025, an outstanding
balance of ?953 lakh is reflected in the books, pertaining to this supplier. It is noted that out of this balance 485
is outstanding for more than 180 days.
b. Trade Receivables as at 31st March 2025 include an amount of ?79.48 lakh, of which ?60.51 lakh has been
outstanding since 31st March 2024. Based on the progress of ongoing negotiations and discussions with the
concerned parties, Management has assessed that these receivables are fully recoverable, and no provision
for doubtful debts has been considered necessary at this stage.
c. The Company has been delaying / defaulting on payment of statutory dues - TDS Details of the same are as
under -
|
Nature of Payment |
Amount in Rs. |
Pending |
|
TDS U/s 94C |
804 |
For 2024-25 |
|
TDS U/s 94A |
925,466 |
For 2024-25 |
|
TDS U/s 94J |
48,499 |
For 2024-25 |
|
TDS U/s 94Q |
1,76,678 |
For 2024-25 |
âOur opinion is not modified in respect of this matter.â
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
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 this report.
Information other than the Financial Statements and Auditorâs Report thereon.
Companyâs Board of Directors is responsible for the preparation of the other information. The other information
comprises the information included in the Management Discussion and Analysis, Boardâs Report including Annexure
to Boardâs Report, Corporate Governance Report but does not include the Financial Statements and our auditorâs
report thereon. Our opinion on the Financial Statements does not cover the other information and we do not express
any form of assurance conclusion 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 during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and those charged with Governance for the Statement
The Companyâs Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act, 2013
(âthe Actâ) with respect to the preparation of these Standalone Financial Statements that give a true and fair view of
the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the Indian 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 statement that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
In preparing the Standalone Financial Statements, management is responsible for assessing the Companyâs 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.
The Board of Directors are also responsible for overseeing the Companyâs financial reporting process.
Auditors Responsibility for the Audit of Standalone Financial Statements
Our objectives are 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 auditorâs 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 SAs 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 standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism
throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone 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 for 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 Companies Act, 2013, we are also responsible
for expressing 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 managementâs 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 significant doubt on the Companyâs ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditorâs report to the related disclosures in the
standalone 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 auditorâs 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.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters.
We describe these matters in our auditorâs report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our
report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest
benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2020 (âthe Orderâ) issued by the Central Government
of India in terms of section 143(11) of the Companies Act 2013, we give in the Annexure A, a statement on the
matters specified in paragraphs 3 and 4 of the Order, to the extend applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the aforesaid financial statements;
b) 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;
c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash
Flow Statement and the Statement of changes in Equity dealt with by this report are in agreement with the
books of account;
d) In our opinion, the aforesaid Financial Statements comply with the Indian Accounting Standards (Ind AS)
prescribed under Section 133 of the Act.
e) On the basis of written representations received from the Directors as on 31st March 2025 taken on record
by the Board of Directors, none of the Directors is disqualified as on 31st March 2025 from being appointed
as a director in terms of Section 164(2) of the Act;
f) 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 âAnnexure Bâ to this
report. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the
Companyâs Internal Financial Controls over financial Reporting;
g) We do not have any qualification, reservation or adverse remark relating to the maintenance of accounts
and other matters connected therewith.
h) With respect to the matter to be included in the Auditorsâ Report under section 197(16): In our opinion and
according to the information and explanations given to us, remuneration is being paid by the company to
its directors during the current year.
i) With respect to the other matters to be included in the Auditorâs Report in accordance with the Rule
11 of Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our
information and according to the explanation given to us (as amended),
i. Company has no pending litigations which might impact its financial position.
ii. The Company did not have any long-term contracts including derivative contracts for which there
were any material foreseeable losses.
iii. During the year, no amounts were required to be transferred to the Investor Education and Protection
Fund by the Company. So, the question of delay in transferring such sums does not arise.
iv. a. Management has represented that, to the best of its knowledge and belief, other than as
disclosed in the notes to accounts to the standalone Ind AS financial statements, no funds have
been advanced or loaned or invested (either from borrowed funds or share premium or any other
sources or kind of funds) by the Company to or in any other person or entity, including foreign
entities (âIntermediariesâ), with the understanding, whether recorded in writing or otherwise, that
the Intermediary shall, whether, directly or indirectly lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ)
or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b. Management has represented that, to the best of its knowledge and belief, no funds have
been received by the Company from any person or entity, including foreign entities (âFunding
Partiesâ), with the understanding, whether recorded in writing or otherwise, that the Company
shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (âUltimate Beneficiariesâ) or provide
any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c. Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to believe
that the representations under sub-clause (a) and (b) contain any material misstatement.; and
v. The Company has not declared or paid any dividend during the year.
vi. Based on our examination, the Company has used accounting software for maintaining its books of
account for the financial year ended March 31,2025 which has a feature of recording audit trail (edit
log) facility and the same has operated throughout the year for all relevant transactions recorded in
the software. Further, during the course of our audit we did not come across any instance of the audit
trail feature being tampered with, and the audit trail has been preserved by the Company as per the
statutory requirements for record retention.
For L K J & Associates LLP
Chartered Accountants
FRN No. 105662W/100174W
Richa Kapasi
Partner
Membership No: 138471
Place: Mumbai
Dated: 30th May 2025
UDIN: 25138471BMUKZS9456
Mar 31, 2024
We have audited the accompanying standalone financial statements of M/s. Ganon Products
Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2024, the
Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement
and the Statement of Changes in Equity for the year ended 31st March, 2024, and a summary of
the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid standalone financial statements give the information required by the Companies
Act, 2013 (âAct'') in the manner so required and give a true and fair view in conformity with the
Indian Accounting Standards prescribed under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015, as amended, (Ind AS) and other accounting
principles generally accepted in India, of the state of affairs (financial position) of the Company
as at 31st March 2024 and its profit and loss (financial performance including other
comprehensive income), its cash flows and changes in equity for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (âSAs'') specified under
section 143(10) of the Companies Act, 2013. Our responsibilities under those standards are
further described in the Auditor''s Responsibilities for the Audit of the standalone 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 (âthe ICAI'') together with
the ethical requirements that are relevant to our audit of the standalone financial statements
under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
a. During the year, purchases of Cotton of Rs.28.77 Crore lacs had been done from a single party in
Mumbai, Maharashtra. As reported by the Management, there are long term purchase contracts
and payments of 10.60 Crore in less than 90 days and balance is more than 90 days pending.
b. The Company has been delaying / defaulting on payment of statutory dues - TDS and GST.
c. As per section 143(3)(h) read with rule 11(g) of the act, every company is required to install audit
trail in their accounting software for FY 2023-24. Based on our examination, the Company, has
used accounting software for maintaining its books of account which does not have a feature of
recording audit trail (edit log) facility wherein the accounting software did not have the audit trail
feature enabled throughout the year.
âOur opinion is not modified in respect of this matterâ.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance
in our audit of the 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 this report.
Information other than the Financial Statements and Auditorâs Report thereon.
Company''s Board of Directors is responsible for the preparation of the other information. The
other information comprises the information included in the Management Discussion and
Analysis, Board''s Report including Annexure to Board''s Report, Corporate Governance Report
but does not include the Standalone Financial Statements and our auditor''s report thereon. Our
opinion on the Standalone Financial Statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is materially
inconsistent with the Standalone Financial Statements or our knowledge obtained during the
course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of
this other information, we are required to report that fact. We have nothing to report in this
regard.
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 (âthe Actâ) with respect to the preparation of these Standalone Financial
Statements that give a true and fair view of the financial position, financial performance, changes
in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian 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 statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
In preparing the Standalone 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.
The Board of Directors are also responsible for overseeing the Company''s financial reporting
process.
Auditorâs Responsibilities for the Audit of the Financial Statements.
Our objectives are 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 SAs 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 standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain
professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone 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 for 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
Companies Act, 2013, we are also responsible for expressing 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 significant 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 standalone 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.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the financial statements of the current
period and are therefore the key audit matters. We describe these matters in our auditor''s report
unless law or regulation precludes public disclosure about the matter or when, in extremely rare
circumstances, we determine that a matter should not be communicated in our report because
the adverse consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 (âthe Order'') issued by the
Central Government of India in terms of section 143(11) of the Companies Act 2013, we give
in the Annexure A, a statement on the matters specified in paragraphs 3 and 4 of the Order,
to the extend applicable.
2. As required by section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our
knowledge and belief were necessary for the purposes of our audit of the aforesaid financial
statements;
b) 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;
c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, the Cash Flow Statement and the Statement of changes in Equity dealt with by this
report are in agreement with the books of account;
d) In our opinion, the aforesaid Standalone Financial Statements comply with the Indian
Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014 (As amended).
e) On the basis of written representations received from the Directors as on 31st March 2024
taken on record by the Board of Directors, none of the Directors is disqualified as on 31st
March 2024 from being appointed as a director in terms of Section 164(2) of the Act;
f) 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
âAnnexure Bâ to this report. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company''s Internal Financial Controls over financial
Reporting;
g) With respect to the matter to be included in the Auditors'' Report under section 197(16): In our
opinion and according to the information and explanations given to us, 17.94 Lakh
remuneration is being paid by the company to its directors during the current year.
h) With respect to the other matters to be included in the Auditor''s Report in accordance with
the Rule 11 of Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion
and to the best of our information and according to the explanation given to us (as
amended),
i. The Company has disclosed the impact of pending litigations on its financial position in of
the Standalone Financial Statements.
ii. The Company did not have any long-term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. During the year, no amounts were required to be transferred to the Investor Education
and Protection Fund by the Company. So, the question of delay in transferring such
sums does not arise.
iv.
a. The management has represented that, to the best of its knowledge and belief, other
than as disclosed in the notes to accounts to the standalone Ind AS financial
statements, no funds have been advanced or loaned or invested (either from borrowed
funds or share premium or any other sources or kind of funds) by the Company to or in
any other person or entity, including foreign entities (âIntermediariesâ), with the
understanding, whether recorded in writing or otherwise, that the Intermediary shall,
whether, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company (âUltimate Beneficiariesâ) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries;
b. The management has represented that, to the best of its knowledge and belief, no
funds have been received by the Company from any person or entity, including foreign
entities (âFunding Partiesâ), with the understanding, whether recorded in writing or
otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other
persons or entities identified in any manner whatsoever by or on behalf of the Funding
Party (âUltimate Beneficiariesâ) or provide any guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and
c. Based on such audit procedures performed that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (a) and (b) contain any material
misstatement.; and
v. The Company has not declared or paid any dividend during the year.
vi. Based on our examination, the company has used an accounting software for
maintaining its books of account for the period ended 31st March, 2024, which didn''t
have a feature of recording audit trail facility and the same has not operated throughout
the year.
For L K J & Associates LLP
Chartered Accountants
FRN No. 105662W / W100174
Richa Kapasi
Partner
Membership No: 138471
Place: Mumbai
Dated: 30th May 2024
UDIN: 24138471BKHIVU7820
Mar 31, 2015
We have audited the accompanying financial statements of Ganon Trading
and Finance Company Limited ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors are 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, financial performance and 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, read with rule 7 of Companies
(Accounts) Rules, 2014. This responsibility includes maintenance of
adequate accounting records in accordance with the provisions of the
Act for safeguarding 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 are 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under. We conducted our
audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. 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. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements, that give a true and fair
view, in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on
whether the Company has in place an adequate internal financial
controls system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the Financial
Statements.
Basis for Qualified Opinion:
The Company is not accounting for liability for Gratuity as required
under Accounting Standard 15 (AS-15) relating to Employees Benefits as
referred to in Note 23 of Notes to accounts. We are unable to comment
upon the resultant effect on assets, liabilities and profit for the
year as the amount of such benefit is presently not ascertainable.
Qualified Opinion
In our opinion and to the best of our information and according to the
explanations given to us, except for the possible effects of the matter
described in the "Basis for Qualified Opinion", paragraph above, the
aforesaid financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity
with the accounting principles generally accepted in India, of the
state of affairs of the Company as at 31st March, 2015, and its
profit/loss and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ("the
Order") issued by the Central Government of India in terms of
sub-section (11) of section143 of the Act, we give in the Annexure a
statement on the matters Specified in paragraphs 3 and 4 of the Order.
(a) 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.
(b) Except for the possible effects of the matter described in the
Basis for Qualified Opinion paragraph above, 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.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
Flow Statement dealt with by this Report are in agreement with the
books of account.
(d) Except for the possible effects of the matter described in the
Basis for Qualified Opinion paragraph above, in our opinion, the
aforesaid financial statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
(e) The matter described in the Basis for Qualified Opinion paragraph
above, in our opinion, may have an adverse effect on the functioning of
the Company.
(f) On the basis of the written representations received from the
directors as on 31st March, 2015 taken on record by the Board of
Directors, none of the directors is disqualified as on 31st March, 2015
from being appointed as a director in terms of Section 164 (2) of the
Act.
(g) The qualification relating to the maintenance of accounts and other
matters connected therewith are as stated in the Basis for Qualified
Opinion paragraph above.
(h) With respect to the other matters to be included in the Auditor's
Report in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
(i) The Company does not have any pending litigations which would
impact its financial position.
(ii) The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses.
(iii) There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
The Annexure referred to in Paragraph 1 under the heading "Report on
Other Legal and Regulatory Requirements "in our Independent Auditor's
Report to the members of the Company for the year ended 31st March,
2015:
As required by the Companies (Auditors Report) Order, 2015 and
according to the information and explanations given to us during the
course of the audit and on the basis of such checks of the books and
records as were considered appropriate we report that:
i. a) Since the Company does not have any Fixed assets, clause 4(i)
(a) (b) and (c) of the said Order are not applicable to the Company.
ii. a) The inventories have been physically verified during the year
by the management at year end.
b) The procedures of physical verification of the inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c) The Company has maintained proper records of inventories and
discrepancies noticed on physical verification of inventories as
compared to book records were not material.
iii. a) During the year the Company has granted unsecured loan to one
company covered in the register maintained under Section 189 of the
Act.
b) In case of the loans granted to bodies corporate as listed in the
register maintained under section 189 of he Act, the principal amount
and interest are recoverable as stipulated.
c) There are no overdue amounts of more than one lakh in respect of the
loans granted to the bodies corporate listed in the register maintained
under section 189 of the Act.
iv. There are adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventories and fixed assets and for the sale of goods.
However taking into consideration the increase in the volume of the
business of the Company the same needs to be further strengthened. We
have not observed any continuing failure to correct major weakness in
the internal control system.
v. The Company has not accepted any deposits from the public.
vi. The Central Government has not prescribed the maintenance of cost
records under Section 148 (1) of the Companies Act, 2013.
vii. a) Accordingly to the records of the Company, the undisputed
statutory dues including Provident Fund, Employee's State Insurance,
Income tax, Service tax, Customs Duty, Excise duty, and Cess generally
have been regularly deposited with the appropriate authorities to the
extent applicable to the Company except in case of TDS and Service Tax
where delays have been noticed The undisputed amount of Service tax
payable amounting to Rs. 1,23,928 which have remained outstanding as at
31st March, 2015 for a period more than six months from the date they
became payable (Since Paid).
b) There are no dues of Income Tax, Wealth Tax, Sales Tax, Service Tax,
duty of Custom, duty of excise, value added tax and cuss which have not
been deposited on account of any dispute with the relevant authorities.
c) There is no amount which is required to be transferred to investor
education and protection fund by the Company in accordance with the
relevant provisions of the Companies Act, 1956 (1 of 1956) and rules
made there under.
viii. The Company has no accumulated losses as at end of the financial
year and it has not incurred any cash losses during the current
financial year and in the immediately preceding financial year.
ix. The Company has no facilities from banks and financial
institutions.
x. The Company has not given any guarantee for loans taken by others
from banks and financial institutions.
xi. The Company has not obtained any term loans during the year under
report.
xii. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
any fraud on or by the Company, noticed or reported during the year,
nor have we been informed of such case by the management.
For Ajay Shobha & Co.
Chartered Accountants
Firm Reg No. 317031E
Ajay Gupta
Partner
Mem. No. 053071
Place: Mumbai
Date: 29th May 2015
Mar 31, 2014
We have audited the accompanying financial statements of Ganon Trading
& Finance Company Limited ("the Company"), which comprises of the
Balance Sheet as at March 31,2014 and the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (''''the Act") read with General Circular
15/2013 dated 13 September 2013 of the Ministry of Corporate Affairs in
respect of Section 133 of the Companies Act, 2013. This responsibility
includes the design, implementation and maintenance of internal control
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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedure to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgement, including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud and error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances but not for the
purpose of expressing an opinion on the effectiveness of the Company''s
internal control. An audit also includes evaluating and appropriateness
of accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31,2014;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit & Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956 read with
General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
(e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
Annexure to Auditors Report
Annexure referred to in Paragraph 1 under the heading of "Report on
Other Legal and Regulatory Requirements" of the Auditors Report to
the members of Ganon Trading & Finance Company Limited for the year
ended 31st March, 2014:
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
i. a) Since the Company does not have any Fixed assets, clause 4(i) (a)
(b) and (c) of the said Order are not applicable to the Company.
ii. a) The inventories have been physically verified by the management
during the year at reasonable intervals.
b) The procedures of physical verification of the inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c) The Company has maintained proper records of inventories and no
discrepancies noticed on physical verification of inventories during
the year.
iii. a) The Company had granted unsecured loans to one party covered in
the register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs.
91,500,000 which has been converted to Optionally Fully Convertible
Debenture during the financial year and hence the year-end balance was
Rs. Nil .
b) Till the date of conversion the said loan is interest free and hence
to that extent, it is prejudicial to the interest of the Company. Other
terms and conditions on which these loans have been granted are prima
facie, not prejudicial to the interest of the Company;
c) In view of our comments in para (iii) (a) and (b) above, clauses 4
(iii) (c) and (d) of the said Order are not applicable.
d) The Company has not taken loans secured or unsecured from any party
covered in the register maintained under Section 301 of the Companies
Act, 1956.
e) In view of our comments in para (iii) (d) above, clause 4 (iii) (f)
and (g) of the said Order is not applicable.
iv. There are adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventories and fixed assets and for the sale of goods.
However taking into consideration the increase in the volume of the
business of the Company the same needs to be further strengthened..
v. a) The particulars of contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under that section have been so entered.
b) The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public.
vii. The Company does not have a formal internal audit system. However,
according to the information and explanations given to us, operating
control systems are commensurate with the size of the Company and
nature of its business.
viii. The Central Government has not prescribed for maintenance of cost
records under section 209(1)(d) of the Companies Act, 1956 for the
Company.
ix. a) Accordingly to the records of the Company, the undisputed
statutory dues including Provident Fund, Employee''s State Insurance,
Income tax, Sales tax, Wealth tax, Service tax, Customs Duty, Excise
duty, and Cess to the extent applicable to the Company have generally
been regularly deposited with the appropriate authorities. There are no
undisputed amount payable in respect of such statutory dues which have
remained outstanding as at 31st March, 2014 for a period more than six
months from the date they became payable.
b) According to the information and explanations given to us, the
Company has no dues of Income Tax, Wealth Tax, Sales Tax, Service Tax,
Custom Duty, Excise Duty and Cess which have not been deposited on
account of any dispute with the relevant authorities.
x. The Company does not have accumulated losses as at 31st March, 2014
and has not incurred cash losses during the current financial year and
in the immediately preceding financial year.
xi. The Company has no facilities from banks and financial
institutions.
xii. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
xiii. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
Company.
xiv. The Company is not dealing or trading in shares, securities,
debentures or other investments.
xv. The Company has not given any guarantees for loan taken by others
from banks and financial institutions.
xvi. The Company has not obtained any term loans during the year.
xvii. On an overall examination of the balance sheet of the Company, we
report that no funds raised on short- term basis have been used for
long term investments.
xviii. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
any fraud on or by the Company, noticed or reported during the year,
nor have we been informed of such case by the management.
For K.M.Tulsian & Associates
Chartered Accountants
Firm Reg No. 111075W
Nitesh Musahib
Partner
Mem. No. 131146
Place : Mumbai
Date : 9th July 2014
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Ganon Trading
and Finance Company Limited ("the Company"), which comprises of the
Balance Sheet as at March 31, 2013 and the Statement of Profit and Loss
and Cash Flow Statement for the year then ended, and a summary of
significant accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 (''''the Act"). This responsibility
includes the design, implementation and maintenance of internal control
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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedure to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risk of material misstatement of the financial statements, whether
due to fraud and error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating and appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) In the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) In the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4a) of section 227 of the Act, we give in the annexure a
statement on the matters specified in the paragraphs 4 and 5 of the
Order.
2. As required by section 227(3) of the Act, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
(b) In our opinion, proper books of accounts as required by law have
been kept by the Company so far as it appears from our examination of
those books.
(c) The Balance Sheet, Statement of Profit & Loss, and Cash Flow
Statement dealt with by this report are in agreement with the books of
account;
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of subsection (1) of
section 274 of the Companies Act, 1956.
Annexure referred to in Paragraph 1 under the heading of "Report on
Other Legal and Regulatory Requirements" of the Auditors Report to
the members of Ganon Trading and Finance Company Limited for the year
ended 31st March, 2013:
As required by the Companies (Auditors Report) Order, 2003 and
amendments thereto and according to the information and explanations
given to us during the course of the audit and on the basis of such
checks of the books and records as were considered appropriate we
report that:
I. a) Since the Company does not have any Fixed assets, clause 4(i) (a)
(b) and (c) of the said Order are not applicable to the Company.
ii. a) Since the Company does not have any inventory, the clauses 4
(ii) (a) (b) and (c) of the said Order
are not applicable to the Company.
iii. a) The Company has granted unsecured loans to one party covered in
the register maintained under Section 301 of the Companies Act, 1956 on
call basis. The maximum amount outstanding during the year was Rs. 9.00
crores and the year-end balance was Rs. 8.99 crores.
b) The said loan is interest free and hence to that extent, it is
prejudicial to the interest of the Company. Other terms and conditions
on which these loans have been granted are prima facie, not prejudicial
to the interest of the Company;
c) In view of our comments in para (iii) (a) and (b) above, clauses 4
(iii) (c) and (d) of the said Order are not applicable.
d) The Company has not taken unsecured loans from any party covered in
the register maintained under Section 301 of the Companies Act, 1956.
e) In view of our comments in para (iii) (d) above, clause 4 (iii) (g)
of the said Order is not applicable.
iv. In our opinion and according to the information and explanation
given to us there is adequate internal control system commensurate with
the size of the Company and the nature of its business i.e. sale of
shares & securities. During the course of our audit, we have not
observed any continuing failure to correct major weaknesses in internal
control systems.
v. a) The particulars of contracts or arrangements referred to in
Section 301 of the Companies Act, 1956 that needs to be entered into
the register maintained under that section have been so entered.
b) The transactions made in pursuance of such contracts or arrangements
have been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public.
vii. The Company does not have a formal internal audit system. However,
according to the information and explanations given to us, operating
control systems are commensurate with the size of the Company and
nature of its business.
viii. The Central Government has not prescribed for maintenance of
cost records under section 209(1)(d) of the Companies Act, 1956 for the
Company.
xi. a) Accordingly to the records of the Company, the undisputed
statutory dues including Provident Fund, Employee''s State Insurance,
Income tax, Sales tax, Wealth tax, Service tax, Customs Duty, Excise
duty, and Cess generally have been regularly deposited with the
appropriate authorities to the extent applicable to the Company. There
are no undisputed amount payable in respect of such statutory dues
which have remained outstanding as at 31st March, 2013 for a period
more than six months from the date they became payable.
b) According to the information and explanations given to us, the
Company has no dues of Income Tax, Wealth Tax, Sales Tax, Service Tax,
Custom Duty, Excise Duty and Cess which have not been deposited on
account of any dispute with the relevant authorities.
x. The Company does not have accumulated losses as at 31st March, 2013
and has not incurred cash losses during the current financial year and
not in the immediately preceding financial year.
xi. The Company has no facilities from banks and financial
institutions.
xii. The Company has not granted loans or advances on the basis of
security by way of pledge of shares, debentures or other securities.
xiii. The provisions of any Special Statute applicable to Chit Fund,
Nidhi or Mutual Benefit Fund/ Societies are not applicable to the
Company.
xiv. Based on the records examined by us, the Company is maintaining
proper records of the transactions and contracts and timely entries
have been made in respect of all the securities transactions and the
same have been held by the Company in its own name except to the
exemption , if any , granted under Section 49 of the Act.
xv. The Company has not given any guarantees for loan taken by others
from banks and financial institutions.
xvi. The Company has not obtained any term loans during the year.
xvii. On an overall examination of the balance sheet of the Company,
we report that no funds raised on short-term basis have been used for
long term investments.
xviii. The Company has not made any preferential allotment of shares
to parties and companies covered in the register maintained under
Section 301 of the Companies Act, 1956.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
any material fraud on or by the Company, noticed or reported during the
year, nor have we been informed of such case by the management.
For K.M.Tulsian & Associates
Chartered Accountants
Firm Reg No. 111075W
Mukesh Gilda
Place : Mumbai Partner
Date : 30th May,2013 Mem. No. 118961
Mar 31, 2012
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2012 and also the Statement of Profit
and Loss and Cash Flow Statement for the year ended on that date
annexed thereto, which we have signed under reference to this report.
These financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these
financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
1. As required by the Companies (Auditor's Report) Order, 2003 as
amended by Companies (Auditor's Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
above, we report that:-
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
statement dealt with by this report are in agreement with the books of
account;
d) In our opinion, the Balance Sheet, Statement of Profit & Loss and
Cash Flow statement dealt with by this report comply with the
Accounting Standards referred in subsection (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of the written representations received from the
directors as on 31 st March, 2012 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2012 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said financial statements together with
the notes thereon give the information required by the Companies Act,
1956, in the manner so required and give a true and fair view in
conformity with accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March, 2012;
ii) in the case of Statement of Profit and Loss, of the profit for the
year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE referred to in paragraph (1) of our Report of even date on the
Accounts for the year ended 31st March, 2012 of GANON TRADING & FINANCE
COMPANY LIMITED.
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a. Shares in custody of the Company have been physically verified
by the management at reasonable intervals. For shares held with the
custodian and depository participant, statements from them have been
obtained on a regular basis.
b. In our opinion, the procedures of verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. The
discrepancies noticed on reconciliation of physical inventories as
compared to book records have been properly dealt with in the books of
accounts.
3. (a) The Company has, during the year, not granted any loans,
secured or unsecured,
to companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956. Accordingly, the clause 4(iii)(b)
to (d) of the Order are not applicable.
(b) The Company has taken interest free unsecured loan from a party
covered in the register maintained u/s.301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs.2.00 Crores & the
year-end balance of loan taken from such party was Rs. NIL/-.
(c) In our opinion, the other terms and conditions on which the loan
was taken is not prima facie prejudicial to the interest of the
Company.
(d) As per the information made available to us, the aforesaid loan
taken by the Company was repayable on demand.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to sale of shares (inventory). There is no purchase of inventory and
fixed assets. The Company does not provide any services. During the
course of our audit, no major weaknesses have been observed in the
internal control system.
5. a) In our opinion and according to the information and explanations
given to us, the particulars of contracts or arrangement that needed to
be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanation
given to us, there are no transactions in pursuance of contacts or
arrangements entered in the register maintained under Section 301 of
the Companies Act, 1956 aggregating during the year to Rs.500000/-
(Rupees Five Lacs only) or more in respect of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provisions of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. The provisions of Section 209 (1 )(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the
Company has been regular in depositing undisputed statutory dues with
the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company does not have accumulated losses at the end of the
year and the Company has not incurred cash losses during the current
and in the immediately preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institution
or bank or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. In respect of Company's activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year &,
therefore, provisions of Clause (xvi) of CARO, 2003 is not applicable
to the Company.
17. According to information & explanations given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
18. The Company has not made any preferential allotrqent of shares to
parties and companies covered in the register maintained under Section
301 of the Act.
19. The Company did not have any outstanding debentures during the
year.
20. The Company has not raised any money by way of public issues
during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(Firm Reg. NO.105013W)
AJAY DAGA
PLACE: MUMBAI PARTNER
DATED: 29th May, 2012 M.N0.44162
Mar 31, 2010
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2010, and also the Profit and Loss
Account and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
above, we report that :-
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of the
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow statement comply with the Accounting Standards referred in
subsection (3C) of Section 211 of the Companies Act, 1956;
e) On the basis of the written representations received from the
directors as on 31st March, 2010 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2010 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2010;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE referred to in paragraph (1) of our Report of even date on the
Accounts for the year ended on 31st March, 2010 of GANON TRADING &
FINANCE COMPANY LIMITED.
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a. Shares in custody of the Company have been physically verified
by the management at reasonable intervals. For shares held with the
custodian and depository participant, statement from them have been
obtained on a regular basis.
b. In our opinion, the procedures of verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. No
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3. (a) The Company has, during the year, not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained u/s.301 of the Companies Act, 1956.
Accordingly, the clause 4(iii)(b) to (d) of the Order are not
applicable.
(e) The Company has not taken any loans, secured or unsecured, from
companies, firms or other parties covered in the register maintained
u/s.301 of the Companies Act, 1956. Accordingly, the clause 4(iii)(f)
and (g) of the Order are not applicable.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase & sale of shares (inventory). The Company does not provide
any services. During the course of our audit, no major weaknesses have
been observed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in sec.301 of the Act have been so entered into the
register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, there are no transaction in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Act aggregating during the year to Rs.5,00,000/- or more in respect
of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provisions of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. The provisions of Section 209 (l)(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company has no accumulated losses and has not incurred any
cash losses during the current financial year & in the immediately
preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institutions
or banks or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. In respect of Companys activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year &
therefore, provisions of Clause (xvi) of CARO,2003 is not applicable to
the Company.
17. According to information & explanations given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act.
19. The Company has not issued any debentures during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
(Firm Reg. No.l05013W)
PLACE : MUMBAI AJAY DAGA
DATED : 29th May, 2010 PARTNER
M.NO. 44162
Mar 31, 2009
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2009, and also the Profit and Loss
Account and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
above, we report that :-
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of the
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow statement comply with the Accounting Standards referred in
subsection (3C) of Section 211 of the Companies Act. 1956;
e) On the basis of the written representations received from the
directors as on 31 st March, 2009 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2009 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2009;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE referred to in paragraph (1) of our Report of even date on the
Accounts for the year ended on 31st March, 2009 of GANON TRADING &
FINANCE COMPANY LIMITED.
1. The Company does not have any fixed assets and hence the question
of maintaining records, physical verification & disposal of the same
does not arise.
2. a. Shares in custody of the Company have been physically verified
by the management at reasonable intervals. For shares held with the
custodian and depository participant, statement from them have been
obtained on a regular basis.
b. In our opinion, the procedures of verification of inventory followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
c. The Company is maintaining proper records of inventory. No
discrepancies have been noticed on reconciliation of physical
inventories & with the custodian and depository participant as compared
to the book records.
3. (a) The Company has, during the year, not granted any loans,
secured or unsecured, to companies, firms or other parties covered in
the register maintained u/s.301 of the Companies Act, 1956.
Accordingly, the clause 4(iii)(b) to (d) of the Order are not
applicable.
(e) The Company has taken interest free unsecured loan from a party
covered in the register maintained u/s.301 of the Companies Act, 1956.
The maximum amount involved during the year was Rs. 125000/- & the
year-end balance of loan taken from such party was Rs. NIL/-.
(f) In our opinion, the other terms and conditions on which the loan
was taken is not prima facie prejudicial to the interest of the
Company.
(g) As per the information made available to us, the aforesaid loan
taken by the Company were repayable on demand.
4. In our opinion and according to the information and explanations
given to us, there are adequate internal control systems commensurate
with the size of the Company and the nature of its business with regard
to purchase & sale of shares (inventory). The Company does not provide
any services. During the course of our audit, no major weaknesses have
been observed in the internal control system.
5. a. In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in sec.301 of the Act have been so entered into the
register required to be maintained under that section.
b. In our opinion and according to the information and explanations
given to us, there are no transaction in pursuance of contracts or
arrangements entered into the register maintained under Section 301 of
the Act aggregating during the year to Rs.5,00,000/- or more in respect
of any party.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provisions of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. The provisions of Section 209 (l)(d) of the Companies Act, 1956
regarding maintenance of Cost records is not applicable to the Company.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company has no accumulated losses and has not incurred any
cash losses during the current financial year & in the immediately
preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loans from financial institutions
or banks or through issue of debentures. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi / mutual
benefit fund/society.
14. In respect of Companys activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name.
15. The Company has not given any guarantee for loans taken by others
from banks or financial institutions.
16. The Company has not taken any term loan during the year &,
therefore, provisions of Clause (xvi) of CARO,2003 is not applicable to
the Company.
17. According to information & explanations given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act.
19. The Company has not issued any debentures during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADARIA & CO
CHARTERED ACCOUNTANTS
PLACE : MUMBAI AJAY DAGA
DATED : 24th August, 2009. PARTNER
M.N0.44162
Mar 31, 2007
We have audited the attached Balance Sheet of GANON TRADING & FINANCE
COMPANY LIMITED as at 31st March, 2007, and also the Profit and Loss
Account and the Cash Flow Statement for the year ended on that date
annexed thereto. These financial statements are the responsibility of
the Companys management. Our responsibility is to express an opinion
on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
1. As required by the Companies (Auditors Report) Order, 2003 as
amended by Companies (Auditors Report) (Amendment) Order, 2004 issued
by the Department of Company Affairs, in terms of Section 227(4A) of
the Companies Act, 1956, we enclose in the Annexure a statement on the
matters specified in the paragraphs 4 & 5 of the said Order.
2. Further to our comments on the Annexure referred to in paragraph 1
above, we report that:-
a) We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of the
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit & Loss Account and Cash
Flow statement comply with Accounting Standards referred in subsection
(3C) of Section 211 of the Companies Act, 1956;
e) On the basis of the written representations received from the
directors as on 31st March, 2007 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March, 2007 from being appointed as a director in terms of Clause
(g) of sub-section 1 of Section 274 of the Companies Act, 1956.
f) In our opinion and to the best of our information and according to
explanations given to us, the said accounts, read together with the
notes thereon give the information required by the Companies Act, 1956,
in the manner so required and give a true and fair view in conformity
with accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2007;
ii) in the case of Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
6. In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits to which the
provision of section 58A, 58AA or any other relevant provisions of the
Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules,
1975 apply.
7. The Company does not have formal system of internal audit, but
there are adequate checks & controls at all levels.
8. Maintainance of cost records has not been prescribed by the Central
Government u/s209(l)(d)oftheAct.
9. (a) In our opinion and according to the information and
explanations given to us, the Company has been regular in depositing
undisputed statutory dues with the appropriate authorities.
(b) In our opinion and according to the information & explanations
given to us, there are no statutory dues which have not been deposited
on account of any dispute.
10. The Company has no accumulated losses and has not incurred any
cash losses during the financial year covered by our audit or in the
immediately preceding financial year.
11. In our opinion & according to the information & explanation given
to us, the Company has not taken any loan from financial institution or
bank or through issue of debenture. Therefore, the question of
repayment or default does not arise.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund or a nidhi/mutual
benefit fund/society.
14. In respect of Companys activity for dealing in shares, proper
records have been maintained in regard to the transactions and
contracts and timely entries have been made therein. The shares have
been held by the Company in its own name except to the extent & for
reason mentioned in Schedule C & Annexure I to the Accounts.
15. The Company has not given any guarantee for loans taken by others
from bank or financial institutions.
16. The Company has not taken any term loan during the year &
therefore provisions of Clause (xvi) of CARO,2003 is not applicable to
the Company.
17. According to information & explanation given to us and on overall
examination of Balance Sheet of the Company, we report that Company has
not raised any short term loan during the year.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act.
19. The Company has not issued any debentures during the year.
20. The Company has not made any public issue during the year.
21. According to the information and explanations given to us and to
the best of our knowledge & belief, no fraud on or by the Company has
been noticed or reported by the Company during the year.
For K K KHADAR1A & CO
CHARTERED ACCOUNTANTS
AJAY DAGA
PARTNER
M.NO.44162
PLACE : MUMBAI
DATED: 23rd August, 2007
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