Ganon Products Ltd Management Discussions

y GLOBAL ECONOMIC REVIEW

The strong economic growth can be primarily attributed to the effective policies and initiatives undertaken by the Reserve Bank of India (RBI) along with the Indian Government. In addition to this, the Indian Government transformed the business environment of the country, attracting foreign direct investments (FDI) to the economy.

In the year under review, the gross foreign direct investment (FDI) flows remained resilient at USD 87.0 billion. y FORWARD-LOOKING STATEMENTS

This report contains forward-looking statements based on certain assumptions and expectations of future events. The Company, therefore, cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance or achievements can thus differ from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, based on any subsequent developments, information or events. y BUSINESS OVERVIEW

The financial highlights are given below: -

Rs. In Lacs

Particulars	Rs. In Lakhs (Except EPS)
	2024-25	2023-24
Gross Operating Income	1,707.35	2,790.36
Add: Other Income	187.03	140.95
Total Income	1,894.38	140.95
Profit Before Interest, Depreciation and Exceptional items	1978.68	2967.61
Less: Finance Charges	90.15	53.04
Less: Provision for Amortization and Depreciation	-	-
Profit Before Exceptional Items	5.86	16.74
Less: Exceptional Items	-	-
Net Profit / (Loss) Before Tax	5.86	16.74
Less: Current Tax	1.50	4.00
Less: Deferred Tax Liability / (Asset)	-	-
Net Profit / (Loss)After Tax	4.36	12.74
Other Comprehensive Income (OCI)	-	-
Total Comprehensive Income	4.36	12.74
EPS	0.05	0.14

y MARKETING

The Company has a well-established pan-India dealer network catering to the Indian photography market. It continues to maintain a strong presence in various industry-related exhibitions to reach out to mass target audiences. It has strategic tie-ups with industry-renowned photographers / training institutes to conduct imaging / photography workshops pan-India. It also conducts service camps across India at strategic locations to cater to the after-sales segment. The Company is active on the social media platforms including Facebook and Instagram.

y SWOT ANALYSIS a) STRENGTHS

Our core strength continues to be our pioneering presence in this field of still photography over the last 6 decades. Add to it, adoption and seamless integration of technological advancements in the field through a competent and committed workforce with extensive industry experience, which give us the required edge over competition. b) WEAKNESSES

Changing client preferences or demands, economic instability, or the rapid evolution of technology continues to be a perceived weakness. c) OPPORTUNITIES

The photographic and videographic market is rapidly maturing in India with an increase in the demand for

OTT platform andsocialmediainfluencersand therein lies an opportunity for the Company to capitalize.

The Company has strong sales and marketing base and uses cutting edge technology in distributing digital studio video lights and other products. The Company is making forays into the motion / video photography market with the introduction of industry-specific products. d) THREATS

Increasing competition, constant fluctuations in foreign exchange and global recession pose a continued threat to the Companys operations. y INTERNAL CONTROL

The Company has adequate internal control system commensurate with the size of its operations. Adequate records and documents are maintained as required by applicable laws. The Companys Audit Committee reviews the internal control system. During the year such controls were tested and no reportable material weaknesses in the design or operations were observed. y SEGMENTWISE REPORTING

During the year under review, Company has only one primary segment i.e. Digital Lights for Cinematography,

Videography and Photography and its Accessories. Two secondary segments have been identified based on the geographical locations of customers i.e. domestic and exports. y OUTLOOK

The Company maintains a positive outlook for the future. It also aims to make a mark in market of motion / video photography. y RISKS AND CONCERNS

Risk is an integral part of any business. As a responsible management, the Companys principal endeavor is to minimize risks. y CAUTIONARY STATEMENT

Statement in this Managements Discussion and Analysis detailing the Companys objectives, projections, estimates, estimates, expectations or predictions are "forward-looking statements" within the meaning of applicable laws and regulations. Actual results could differ materially from what has been envisaged. Important factors that could make a difference to the Companys operations include overall global and Indian demand-supply conditions across industries, cyclical demand in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and such other factors.

Annexure IV: Related Party Transaction

Form for Disclosure of contracts/arrangements entered into by the Company with related parties referred to in subSection (1) of Section 188 of the Companies Act, 2013 including certain arms length transaction under third proviso thereto.

1. Details of contracts or arrangements or transactions at Arms length basis.

Sr. No. Particulars	Details
Not applicable

2. Details of contracts or arrangements or transactions not at Arms length basis.

Sr. No. Particulars	Details
Not applicable

For and on Behalf of the Board of Directors

Madanlal Goyal

Chairman and Director

 

Place: Mumbai

Date: 03rd September, 2025