| 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 |