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Notes to Accounts of KGN Enterprises Ltd.

Mar 31, 2015

1. In the opinion of the Board of Directors, Current Assets, Non-Current Assets approximate of the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business. Adequate provisions have been made for all known current and non-current liabilities and provisions are not in excess of the amount reasonably necessary.

2. The Revised Schedule VI as notified under the Companies Act, 2013 has become applicable to the company for the presentation of its Financial Statements for the year ending March 31, 2015. The adoption of Revise Schedule VI requirements has significantly modified the presentation of disclosure which have been within these Financial Statements. Previous year figures have been regrouped/rearranged wherever necessary to confirm to the current year grouping.

3. Contingent Liability is not provided for is 'NIL'.

26. All Debit and Credit balance and accounts squared up during the year are subject to confirmation from respective parties.

4. RELATED PARTY DISCLOSURES :

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below :

(i) List of Related Parties where control exists and Related Parties with whom transactions have been taken place and relationships :

No. Name of Related Party Relationship

1 KGN Greens Limited Subsidiary Company

2 KGN Proteins Limited Subsidiary Company

3 KGN Bio-Tech Limited Subsidiary Company

4 KGN Oil & Gas Private Limited Subsidiary Company

5 KGN Industries Limited Enterprise over which Key Managerial Personnel are able to exercise significant influence

6 Ismail Memon Chairman

7 Babulal J Hirani Managing Director

8 Mohsin Memon Director


Mar 31, 2014

1 * Provision for Income Tax for the A.Y. 2000-01, 2001-02, 2002-03, 2003-04, 2009-10, 2010-11, 2011-12

2 *Includes TDS u/s 194J.

3 *Proposed dividend was cancelled by shareholders in AGM, hence transferred to Reserve & Surplus.

4. In the opinion of the Board of Directors, Current Assets, Non-Current Assets approximate of the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business. Adequate provisions have been made for all known current and non -current liabilities and provisions are not in excess of the amount reasonably necessary.

5. The Revised Schedule VI as notified under the Companies Act, 2013 has become applicable to the company for the presentation of its Financial Statements for the year ending March 31, 2014. The adoption of Revise Schedule VI requirements has significantly modified the presentation disclosure which have been within these Financial Statements. Previous year figures have been regrouped/rearranged wherever necessary to conform to the current year grouping.

6. Contingent Liability is not provided.

7. All Debit and Credit balance and accounts squared up during the year are subject to confirmation from respective parties.f


Mar 31, 2013

1. In the opinion of the Board of Directors, Current Assets, Non-Current Assets approximate of the value at which these are stated in the Balance Sheet, if realized in the ordinary course of business. Adequate provisions have been made for all known current and non-current liabilities and provisions are not in excess of the amount reasonably necessary.

2. The Revised Schedule VI as notified under the Companies Act, 1956 has become applicable to the company for the presentation of its Financial Statements for the year ending March 31, 2013. The adoption of Revise Schedule VI requirements has significantly modified the presentation of disclosure which have been within these Financial Statements. Previous year figures have been regrouped/rearranged wherever necessary to confirm to the current year grouping.

3. Contingent Liability is not provided for is ''NIL''.

4. All Debit and Credit balance and accounts squared up during the year are subject to confirmation from respective parties.

5. RELATED PARTY DISCLOSURES :

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below :


Mar 31, 2011

1) Contingent Liabilities not provided for is Rs Nil.

2) All debit and credit balance and accounts squared up during the year are subject to confirmation from respective parties.

3) Figures in Balance Sheet have been regrouped and rearranged wherever necessary to make them comparative with current year's figures.

4) Figures in Balance Sheet are rounded off to the nearest of the Rupees.

5) Balances of receivables, payables and loans and advances parties are subject to confirmations. These balances are therefore, subject to adjustments, if any, as may be required on settlement of these balances with the parties.

6. KGN Proteins Limited

7. KGN Oil & Gas Pvt. Ltd. Joint Venture Company Nil

Enterprise having Significant influence Nil

Fellow Subsidiaries Nil

Key Managerial Personnel/Relatives Mr. Ismail G. Memon

Of Key Managerial Personnel Mr. Babulal J Hirani

Mr Aftabahmed Isamiya Qadri Mr Dhaval Bhatt

Enterprise over which relatives of key Nil

Managerial Personnel having significant

Influence

 
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