16. Provisions, Contingent Liabilities and Contingent Assets:- (As-29)
Provisions are recognized only when there is a present obligation as a result of past events and when
a reliable estimate of the amount of the obligation can be made.
Contingent Liabilities is disclosed in Notes to the account for:-
(i) Possible obligations which will be confirmed only by future events not wholly within the control of
the company or
(ii) Present Obligations arising from past events where it is not probable that an outflow of resources
will be required to settle the obligation or a reliable estimate of the amount of the obligation
cannot be made.
(iii) Bank Guarantee .
Refer Note No 29 of Standalone Financial Statement .
Contingent assets are not recognized in the financial statement since this may result in the
recognition of the income that may never be realized.
General:
Except wherever stated, accounting policies are consistent with the generally accepted accounting
principles and have been consistently applied.
(B) Notes on Financial Statements
1. The details of the parties in the Form of MSME and Non MSME have been provided by the
Management. Further the management has also confirmed that during the period No Company has
been Stuck Off, from which the Company had done any transactions.
2. Previous years; figures have been regrouped/ recast to make them comparable with the current
period figures.
3. The title deeds of immovable properties are held in the name of Company and the company has not
revalued any of its Property, Plant and Equipment and intangible assets during the period.
4. No proceedings have been initiated / or are pending, during the year against the company as at 31st
March, 2025 for holding any benami property under the Benami Transactions (Prohibition) Act,1988
and rules thereon.
5. The company has not defaulted in the repayment of loans or in the payment of interest to their
lenders.
6. The company is having two layer of companies as defined under Companies (Restriction on Number
of Layers) Rules, 2017.
7. The Company has not done any arrangements as per section 230 to 237 of the Companies Act, 2013.
8. The Company does not deal in Crypto Currencies during the period.
9. The Company has working capital limit and is required to submit statements with banks and other
financial institutions and as told and certified by the management of the company that all the
statements submitted by the company are in agreement with the books of account.
10. There was no transaction that has been surrendered or disclosed as income during the period in tax
assessments under the Income Tax Act.
11. Balances of Unsecured Loans and Mobilization Advances, Other Long Term Liabilities, Long Term
Provisons, Trade Payables, Other Current Liabilities, Non Current Investments, Other Non Current
Assets, Trade Receivables, Short Term Loans & Advances and Other Current Assets, Purchases as
well as Gross Turnover have been taken at their book value and are subject to confirmation and
reconciliation. Further share of Profit / Loss from Partnership Firm - KIPL VVIP - JV and KVS - JV
has not been accounted for as said balance sheets has not been finalized till date as told by the
management of the company.
12. The Company has netted off the certain amount payable with the Security Deposit /Withheld
Money/Retention Money recoverable.
14. As certified by the Directors all amounts in the Balance Sheet relating to Sundry Creditors,
Unsecured Loans, Deposits, Loans and advances are shown at net realizable value or net payable as
the case may be.
15. As certified by Company that it has received written representation from all the Directors, That
Companies in which they are Directors had not defaulted in terms of section 164 (2) of the
Companies Act, 2013, and that representation of Directors taken in Board that None of the Director
is disqualified from being appointed as Director of the Company.
16. GST search was conducted during the year 2018-19 against which certain amount was deposited by
the company, which was deducted from the parties from whom purchases were made. However
final GST liability has not been ascertained till date as told by the management of the Company.
17. All assets and liabilities are presented as Current or Non-current as per criteria set out in Revised
Schedule VI to the Company's Act, 1956 Notified by the Ministry of Corporate affairs vide Notification
No. SO447(E) Dated 28th Feburary,2011 and SO653(E) Dated 30th March,2011. Based on the nature of
operation of the company and realization from the trade receivable, the company has ascertained
its operating cycle of less than 12 months. Accordingly 12 months period has been considered for
the purpose of Current /Non-current classification of assets & liabilities.
In terms of Our Separate Audit Report of Even Date Attached.
(Praveen Tyagl) (Valbhav Tyagl) For Rishi Kapoor & Company
Chairman & Director Managing Director Chartered Accountants
Dm : 00834200 Din : 01797558 FR.No: 006615C
(Kanchan Aggarwal) (Prashant Wahi)
Company Secretary CFO (Rishi Kapoor)
M.No. ACS-70481 PAN :AAWPW2919G
Partner
M.No. : 075483
Place: Ghaziabad
Date :26/05/2025
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