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 * ÂNIL''.
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:
Mar 31, 2010
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 years 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) The amount Rs. 23644463 /- receivable from the Motorol (I) Ltd. Is
doubtful of recovery.
7) Related Party Disclosures :
a) Name of the Related Parties :
Holding Company Nil
Subsidiary Company Nil
Joint Venture Company Nil
Enterprise having Significant influence Nil
Fellow Subsidiaries Nil
Key Managerial Personnel/Relatives Shri Arif Ismail Memon
of Key Managerial Personnel
Enterprise over which relatives of key Nil
Managerial Personnel having significant Influence
8) The Company is Primarily engaged in the business of trading of agro
commodities like castor seeds and castor oil and also in trading of
Diamonds, as the basic nature of activity is governed by same set of
risks and returns, this has been grouped as single segment as per
Accounting Standard (AS) Ã 17 dealing with "Segment Reporting" issued
by The Institute of Chartered Accountants of India.
9) (a) Information Regarding the status of Creditors in respect of
small scale Industries are not available. (b) No amount is due for
credit to Investor Education and Protection Fund.