Home  »  Company  »  KGN Industries Ltd.  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of KGN Industries 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 disclosure which have been within these Financial Statements. Previous year figures have been regrouped/rearranged wherever necessary to conform to the current year grouping.

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

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

5. Company has been awarded in NELP Round Block located at Vindhayan, Madhya Pradesh. Last year Company capitalized 90% of expenses incurred by it during the first three quarters but in last quarter Company generated a good profit from the Consulting Services and company not capitalized any expenses in Block. It transferred expenses which was previously capitalized from Block to profit and loss account after generating income from Consulting Services.

6. 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 Projects Limited Subsidiary

2. KGN Enterprises Limited Enterprise over which Key Managerial Personnel are able to exercise significant influence

3 Arif I Memon Key Managerial Personnel




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 thecompany 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 disclosure which has been within these Financial Statements. Previous year figures have been regrouped/rearranged wherever necessary to conform 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. Company has been awarded in1 Block NELP Round Block located at Vindhayan, Madhya Pradesh. Company has not engaged in any other activity during the year, since majority of expenses incurred by the company are related to the block and presently block is under work in progress. Management has decided to charge 10% of the expenses to Profit & Loss Account and remaining expenses to be capitalized in the block.


Mar 31, 2012

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, 2012. The adoption of Revised Schedule VI requirements has significantly modified the presentation disclosure which has been with in these Financial Statements. Previous year figures have been regrouped/rearranged wherever necessary to conform to the current year grouping.

3. Contingent Liability is not provided for is Rs. '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:

 
Subscribe now to get personal finance updates in your inbox!