| 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
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