2.16 Provision, Contingent Liabilities & Contingent Assets

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is
probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable
estimate can be made of the amount of the obligation.

Contingent Liability is disclosed after careful evaluation of facts, uncertainties and possibility of reimbursement, unless the
possibility of an outflow of resources embodying economic benefits is remote. Contingent liabilities are not recognized but are
disclosed in notes.

Contingent asset is a possible asset that arises from past events and whose existence will be confirmed only by the occurrence
or non-occurrence of one or more uncertain future events not wholly within the control of the entity. Contingent assets are
not recognized in financial statements and are disclosed in notes when it is virtually certain that economic benefits will inflow
to the Company._

2.17 Segment Reporting

Identification of Segments: An operating segment is a component of the Company that engages in business activities from
which it may earn revenues and incur expenses, whose operating results are regularly reviewed by the Company's chief
operating decision maker to make decisions for which discrete financial information is available. Based on the management
approach as defined in Ind AS 108, the chief operating decision maker evaluates the Company's performance and allocates
resources based on an analysis of various performance indicators by business segments and geographic segments.

2.18 Earnings Per Share

The Company presents basic and diluted earnings per share (EPS) data for its equity shares. Basic EPS is calculated by dividing
the profit or loss attributable to equity shareholders of the Company by the weighted average number of equity shares
outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to equity shareholders and
the weighted average number of equities shares outstanding for the effects of all dilutive potential equity shares.

2.19 Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects of transactions of
a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or
expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of
the Company are segregated.

2.20 Cash and Cash Equivalents

Cash and cash equivalents in the balance sheet comprise cash at banks and on hand and short-term deposits with an original
maturity of three months or less, which are subject to an insignificant risk of changes in value.

2.21 Borrowing Costs

Borrowing costs directly attributable to the acquisition, construction or production of an asset that necessarily takes a
substantial period of time to get ready for its intended use or sale are capitalized as part of the cost of the asset. All other
borrowing costs are expensed in the period in which they occur.

2.22 Fair Value Management

The Company measures financial instruments at fair value at each balance sheet date Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the
asset or liability, assuming that market participants act in their economic best interest.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair
value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a
whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2- Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or
indirectly observable.

Level 3- Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

2.23 Recent accounting pronouncements

Appendix B to Ind AS 21, Foreign currency transactions and advance consideration:

On March 28, 2018, Ministry of Corporate Affairs (""MCA"") has notified the Companies (Indian Accounting Standards)
Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which
clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related
asset, expense or income, when an entity has received or paid advance consideration in a foreign currency.

The Company is evaluating the requirement of the amendment and the impact on the financial statements. The effect on
adoption of Ind AS 21 is expected to be insignificant.

Ind AS 115, Revenue from Contract with Customers:

Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and
cash flows arising from the entity's contracts with customers.

The standard permits two possible methods of transition:

Retrospective approach - Under this approach the standard will be applied retrospectively to each prior reporting period
presented in accordance with Ind AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors
Retrospectively with cumulative effect of initially applying the standard recognized at the date of initial application (Cumulative
catch - up approach)

The Company is evaluating the requirement of the amendment and the impact on the financial statements. The effect on
adoption of Ind AS 115 is expected to be insignificant.

ANNEXURE TO THE AUDITOR'S REPORT

[Referred to in our report of even date to the Member of Continental Petroleum's Ltd]:

1.(A). The Company is in the process of compiling fixed assets records to show full Particulars, including quantitative details
and situation of fixed assets.

(B) We were informed that all major items of fixed assets were physically verified by the management at the end of the year
and that no discrepancy was notified on such verification, which on account of proper records being still under compilation,
could not be verified.

2. The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013. Accordingly, the clause 3(iii) (a) and 3 (iii)(b) of the Order are not
applicable to the Company.

3. In our opinion and according to information and explanation given to us; there is adequate internal control system
commensurate with the size of the Company and the nature of its business, fixed assets and with regard to loans given. Further
on the basis of our examination of books and records of the Company, and according to the information and explanations given
to us, we have not observed any continuing failure to correct major weaknesses in the aforesaid internal control system.

4. According to information and explanation given to us, the central government has Not prescribed maintenance of cost
records under section (1) one of section 148 of the company's act, 2013.

(a) According to the information and explanation given to us, the company has no disputed outstanding statutory dues as at
31st March, 2025.

(b) According to the information and explanation given to us, the amounts which were reacquired to be transferred to the
investor Education and Protection fund and Accordance with the relevant provision of the company's Act, 2013 and rules there
under has been transferred to such funds within time.

5. The company does not have any accumulated losses at the end of the financial Year and has not incurred cash losses during
the financial year end in the immediately preceding financial year.

6. According to the information and explanation given to us, the Company has not defaulted in the repayments of dues to
financial institution, bank or debenture holder during the year.

7. According to the information and explanation given to us, the Company has not given any guarantee for loans taken by
others from bank or financial intuitions during the year.

8. According to the information and explanation given to us, the Company has applied term loans for the purpose for which
the loans were obtained.

9. According to the information and explanation given to us, no fraud on or by the Company has been noticed or reported
during the year review.

For: R.P. KHANDELWAL& ASSOCIATES
Chartered Accountants
(FRNNO.001795C)

Sd/-

CA: R.P. KHANDELWAL (Partner)

M.No. .071002

Date:-20.05.2025

Place:-Jaipur

UDIN: 25071002BMKPPT6134