Notes to Accounts of Ganon Products Ltd.

Mar 31, 2015

A. Terms & Conditions

The Company has only one class of equity shares having par value of Rs. 10/- per share. Each holder of equity share is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

i. Balance Outstanding of Related Parties NIL

Note :Related Parties as disclosed by Management and relied upon by auditors.

Note26:The Board of Directors of the Company in the meeting held on February 1, 2013 approved a Composite Scheme of Amalgamation under section 391 to 394 of Companies Act, 1956 with SPG Multi Trade Private Limited, Archana Hitech Consultants Limited and Vandana Hitech Systems Limited with effect from April 1, 2012, being the Appointed Date. However the Board has withdrawn the scheme of amalgamation in their meeting held on 09.01.2015.

Note 2: There are no items attributable to the timing difference between taxable income and accounting income hence no deferred tax liabilities (assets) as required by Accounting Standard (AS) - 22 has been recognized during the year.

Note 3 : Additional Information pursuant to Clause 32 of Listing Agreement :

Note 4: The previous year's figures have been regrouped / rearranged wherever necessary in order to conform to current period's presentation.

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Mar 31, 2014

Note 1: In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

Note 2: No Provision for gratuity and leave encashment as required by AS -15 - "Employee Benefits" has been made, since the company does not have any employee during the year.

Note 3 : Segment Reporting

In the opinion of the management, The Company has only one reportable business segment of trading in ''Merchandise''. All other activities of the Company revolve around the main business and as such, there are no separate reportable segments that require reporting under Accounting Standard 17- Segment Reporting.

Note 4: The Board of Directors of the Company on 1st February 2013 approved a Composite Scheme ofAmalgamation under section 391 to 394 of Companies Act, 1956 with Spg Multi Trade Private Limited, Archana Hitech Consultants Limited and Vandana Hitech Systems Limited with effect from 1st April 2012, being the Appointed Date. The Scheme is pending approvals from various regulatory authorities.

Note 5 : There are no items attributable to the timing difference between taxable income and accounting income hence no deferred tax liabilities (assets) as required by Accounting Standard (AS) - 22 has been recognized during the year.

Note 6: The previous year''s figures have been regrouped / rearranged wherever necessary in order to conform to current period''s presentation.

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Mar 31, 2013

Note 1 : In the opinion of the Board the Current Assets, Loans & Advances are realizable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

Note 2: Some of Trade Payables and Loans & Advances are subject to confirmation and reconciliation. Consequential adjustment thereof, if any, will be given effect into the books of accounts in the year of such adjustment.

Note 3 : No Provision for gratuity and leave encashment as required by AS - 15 - "Accounting for Employee Benefits" has been made, since the company does not have any employee during the year.

Note 4 : Segment Reporting

In the opinion of the management, the Company is mainly engaged in Investment Activity. All other activities of the Company revolve around the main business and as such, there are no separate reportable segments that require reporting under Accounting Standard 17- Segment Reporting.

Note 5 : Related Party disclosures

Note: Related Parties as disclosed by Management and relied upon by the auditors.

Note 6: The Board of Directors of the Company on 1st February 2013 approved a Composite Scheme of Amalgamation under section 391 to 394 of Companies Act, 1956 with Spg Multi Trade Private Limited, Archana Hitech Consultants Limited and Vandana Hitech Systems Limited with effect from 1st April 2012, being the Appointed Date. The Scheme is pending approvals from various regulatory authorities.

Note 7: There are no items attributable to the timing difference between taxable income and accounting income hence no deferred tax liabilities (assets) as required by Accounting Standard (AS) - 22 has been recognized during the year.

Note 8 : The financial statements for the year ended 31st March 2012 were audited by another firm of Chartered Accountants and the same has been reclassified, wherever considered necessary, to conform with the current year''s presentation. Figures wherever not available/ furnished in last year''s financial statements have not been given and hence are not strictly comparable.

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Mar 31, 2012

1 Segment Reporting

The Company is engaged solely in investment activity segment and all activities of the Company revolve around this business. As such there are no other reportable segment as defined by Accounting Standard 17 on "Segment Reporting" issued by the Institute Chartered Accountants of India.

2 Related Party Disclosures

i. List of Related Parties with whom transaction have taken place & Relationship.

Name of the Related Parties Relationship

a. Radhakishan Damani Key Management Person

b. Mutual Growth Fund of India Pvt. Ltd. Enterprises over which Key

Management Personnel are able to exercise significant influence

iii. Balance outstanding at the year end in respect of related parties is NIL (RY. Rs.NIL).

3 Previous year figures

The Revised Schedule VI has become effective from April 1, 2011 for the preparation and presentation of financial statements. This has significantly impacted the disclosures and presentation made in the financial statements. Previous Year's figures have been regrouped/ reclassified wherever necessary to correspond with the current year's classification/disclosures.

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Mar 31, 2010

1 Provision for income tax has been made under the provisions of Sec.115JB of the IT Act, 1961 as there is no taxable income under normal provisions of the Act in view of exemptions and deductions available.

2 a. Sundry creditors do not include any amount due to Micro, Small & Medium Enterprises.

b. Based on the information so far available with the Company in respect of MSME (as defined in the Micro, Small & Medium Enterprises Development Act, 2006) there are no delays in payment of dues to such enterprises during the year and there is no such dues payable at the year end.

3 Previous Years figures have been regrouped, rearranged, wherever necessary, so as to make them comparable with current years figures.

4 Other information required under Part I and Part II of Schedule VI to the Companies Act, 1956 is either NIL or NOT APPLICABLE.

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Mar 31, 2009

1. The Company is engaged solely in investment activity segment and all activities of the Company revolve around this business. As such there are no other reportable segment as defined by Accounting Standard 17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India.

2. Related Party Disclosures :

a) Related Parties with whom transactions have taken place during the year.

i) Key Management Personnel

Shri Radha Kishan Damani Director

Shri Gopi Kishan Damani Director

ii) Enterprises over which Key Management Personnel are able to excercise Significant Influence: Maheshwari Equity Brokers (P) Ltd.

3 Provision for income tax has not been made as there is no taxable income both under the normal provisions as well-as u/s 115JB of the IT Act, 1961.

4 a. Sundry creditors do not include any amount due to Micro, Small & Medium Enterprises.

b. Based on the information so far available with the Company in respect of MSME ( as defined in the Micro, Small & Medium Enterprises Development Act, 2006) there are no delays in payment of dues to such enterprises during the year and there is no such dues payable at the year end.

5 Previous Years figures have been regrouped, rearranged, wherever necessary, so as to make them comparable with current years figures.

6 Other information required under Part I and Part II of Schedule VI to the Companies Act, 1956 is either NIL or NOT APPLICABLE.

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Mar 31, 2007

1. The Company is engaged solely in investment activity segment and all activities of the Company revolve around this business. As such there are no other reportable segment as defined by Accounting Standard 17 on "Segment Reporting" issued by the Institute of Chartered Accountants of India.

2. Related Party Disclosures :

Enterprises over which Key Management Personnel are able to excercise Significant Influence:

Maheshwari Equity Brokers (P) Ltd.

Previous Years figures have been regrouped, rearranged, wherever necessary, so as to make them comparable with current years figures.

Other information required under Part I and Part II of Schedule VI to the Companies Act, 1956 is either NIL or NOT APPLICABLE