Notes to Accounts of Cupid Breweries & Distilleries Ltd.

Mar 31, 2025

e. IND AS 37 - Provisions, Contingent Liabilities and Contingent Asset :

The Company has made provision for all known liabilities. No provisions for
Contingent Liabilities and Contingent Asset provided during the year.

f. IND AS 40 - Investment Property

Investment properties are properties (land or building, or part of a building, or both)
held to earn rentals or for capital appreciation or both, rather than for use in the
production or supply of goods or services or for administrative purposes, or sale in the
ordinary course of business.

Recognition - Investment property is recognized as an asset when it is probable that
the future economic benefits associated with the property will flow to the company,
and the cost of the property can be measured reliably.

Measurement at Recognition - Investment properties are initially measured at cost,
including transaction costs. The cost includes the purchase price and any directly
attributable expenditure, such as legal fees, property transfer taxes, and other
transaction costs. If the property is acquired in a business combination or through an
exchange, the cost is measured in accordance with Ind AS 103, Business
Combinations, or Ind AS 116, Leases (for right-of-use assets held as investment
property), as applicable.

g. IND AS 108 - operating Segments.

The Company has only one segment and hence no separate segment reporting required .

Signature to Notes 1 forming part of Balance sheet & Profit & Loss Account for the year
ended 31st March 2025

The accompanying notes form an integral part of the standalone financial statements

H. RAJEN & CO. For and on behalf of Board

Chartered Accountants

Firm Registration No.: 108351W Mr. Erramilli Venkatachalam Sri Venkata Rajeswara Rao

Prasad Samavedam

Managing Director Director

(DIN: 08171117) (DIN: 10347786)

Rajendra Desai

Partner Place: Hyderabad Place: Hyderabad

Membership No. 011307 Date: 25th June 2025 Date: 25th June 2025

Place: Mumbai

Sachin H Singh Rawat

Date: 25th June 2025 Company Secretary

UDIN : 25011307BMJFNV5332 Membership No: A74233

Place: Mumbai

Date: 25th June 2025

Note 22: Additional notes forming part of Balance sheet & Profit & Loss :

During the year, shareholders approved in the EGM dated 4^th March 2025, Acquisition
through swap of equity shares of M/s. Crochet Industries Pvt. Ltd. with equity shares of
the Company in the ratio of 1:1.136, pursuant to valuation by an Independent Registered
Valuer. The swap will significantly increase the equity base and impact the EPS.

1. Investments

During the year company has made investment in following companies by acquiring its
equity shares as follows:
*During the year, payment of Rs.97,00,009/- made from part consideration of Rs.
1,00,00,000 (Rupees One Crore only) for the proposed acquisition of its entire equity
shareholding, together with the land owned by the Supreme Lush Breweries Private
Limited, as per the terms and conditions under discussion and negotiations.

2. Deferred Tax Provision: No Deferred tax is recognized on books of accounts.

3. Deferred/Pre Revenue Expenses:

The Company is in line with its'' business model & philosophy, to have own
manufacturing facilities, for acquisitions (immediate revenue generation units) to
have substantial production capacities, further scaling up of production capacities
& business revenues, incurred pre-revenue expenses which are considered as ''pre¬
revenue expenses'' and will be amortized against such revenue generations.

4. Expense in Foreign Currency:-

Travelling Expense incurred in USD 3000 (Rs. 252,900) towards purchase of
currency for travel to Uzbekistan. It is transferred to Deferred Revenue expenses.

5. Inventory:

The Company has Inventory valued at Rs. 32,775/- at cost or Market Value
(whichever is lower) as on 31st March, 2025. The inventory has been physically
verified by the management.

7. Loans and Advances :

a. During the year Company has made investment in land at Kerala by paying
an advance of Rs. 2.7 lakhs against total consideration of Rs. 43,02,000 subject
to clearance from local authority, the registration formalities shall be
completed.

b. The company has paid and Advance of Rs. 51.40 lakhs to M/ s KHS Machinery
Pvt Ltd against booking of Bottling Machine in Sept, 2024. However, we are
unable to verify contract executed by the management with respect to its
delivery, installation and other terms of contract including final project costs.
However, the nature of business of company is Marketing of Brew of its
subsidiaries the advance towards purchase of machinery need to be justified
by the management.

c. The Company has paid Rs.47.19 lakhs (Euro 50,000) to Steinecker GMBH
towards patented Steinecker Poseidon Technology and related crab free¬
negative yeast for alcohol free beer (produced with Halal yeast) to any
competitor in the UAE for the period of 48 months from November 26, 2024.
The Management will amortised this cost in 4 years from the next financial
year as Patented cost.

8. Cash Balance:

Cash confirmation received from the management.

9. Balance Confirmations:

Loans & Advances receivable/ payables (Debit/ Credits), Other Balances of Sundry
Debtors, Creditors, Loans and Advances (Assets / Liabilities) are subject to
confirmation and reconciliation.

10. Duties and Taxes

a. The Company has paid demand pending with income tax department and
settled dues of old management amounting of Rs. 35.80 Lacs in the month of
October, 2024. However, The TDS amounts of Rs. 6,88,324/- for AY 2007-08
and Rs. 14,13,765/- for AY 2008-09 were not considered by the Income Tax
Department while assessing the intimation under Section 143(1). This has
resulted in interest and penalties being levied. Hence the refund is due but the
same was not considered as the matter is pending with the department.

b. Company is delayed in payment of its Statutory Liabilities like TDS.
Management is expecting to clear these liabilities as soon as possible. (Refer
detailed note in Clause vii para 3 of CARO 2020).

12. Loans (Written Off/ Back):

In cases where there are no balance confirmations for receivable/payables
(Debit/Credits) during the handover by the old Management to the New
Management, the same has been treated in books of Accounts accordingly, Such
written off/written back net resultant amount of Rs. 30,57678/-.

13. Provisions: The provision of all known liabilities is adequate and not in excess of
the amount reasonably necessary.

16. Corporate Social Responsibility:

As per Section 135 of Companies Act, 2013 provisions regarding CSR are not
applicable to the company.

17. Going Concern :

Although the capital has been completely eroded by carry forward book losses,
the management is of the opinion that these losses are temporary in nature and it
will be recovered in due course of time, hence the Company has prepared the
financial statements on the basis that it will continue to operate as a going concern.

21. Other Statutory Information

a. Details of Benami Property held

The Company do not have any Benami property where any proceedings have been
initiated or pending against the Company.

b. Registration of charges or satisfaction with Registrar of Companies

The Company do not have any charge hence no satisfaction of charge is required
to be filed with ROC.

c. Compliance with number of layers of companies

The Company do not have any layers of Company''s which requires compliances
w.r.t. provision related to number of layers as prescribed under section 2(87) of
the Companies Act read with Companies (Restriction on number of Layers)
Rules, 2017.

d. Others

i. The Company have not traded or invested in Crypto currency or Virtual currency
during the financial year.

ii. The Company have not advanced or loaned or invested funds to any other
person(s) or entity(ies), including foreign entities (Intermediaries) with the
understanding that the Intermediary shall:

iii. directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.

iv. The Company have not received any fund from any person(s) or entity(ies),
including foreign entities (Funding Party) with the understanding (whether
recorded in writing or otherwise) that the Company shall:

v. directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries)
or

vi. provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

vii. The Company have not entered any such transaction which is not recorded in the
books of accounts that has been surrendered or disclosed as income during the
year in the tax assessments under the Income Tax Act, 1961 (such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961).

viii. The Company has not entered into any scheme of arrangement which has an
accounting impact on the current or previous financial year.

ix. The Company is not a declared willful defaulter by any bank or financial
institution or other lender.

x. The figures of previous period/year have been re-grouped / re-arranged and / or
recast wherever found necessary.

xi. The aforesaid Financial Result are being disseminated on the website of the
Company.

Signature to Notes 2 to 22 forming part of Balance sheet & Profit & Loss Account for

the year ended 31st March 2025

The accompanying notes form an integral part of the standalone financial statements

H. RAJEN & CO. For and on behalf of Board

Chartered Accountants

Firm Registration No.: 108351W Mr. Erramilli Venkatachalam Sri Venkata Rajeswara Rao

Prasad Samavedam

Managing Director Director

(DIN: 08171117) (DIN: 10347786)

Rajendra Desai

Partner Place: Hyderabad Place: Hyderabad

Membership No. 011307 Date: 25th June 2025 Date: 25th June 2025

Place: Mumbai

Sachin H Singh Rawat

Date: 25th June 2025 Company Secretary

UDIN : 25011307BMJFNV5332 Membership No: A74233

Place: Mumbai

Date: 25th June 2025

---

Mar 31, 2024

IND AS 37 - Provisions, Contingent Liabilities and Contingent Asset:

a) The new management has infused funds in the form of loan to meet various statutory, legal
and compliance etc expenses. The same with interest to be converted into the equity shares
at face value which approved by the shareholders of the company in the AGM dtd 9^th FEB
2024 and subject to concern competent authorities. Otherwise, shall be returned as per loan
agreement 8^th Dec, 2023.

b) The Company is pursuing with the income tax department to settle dues which has been
pending in the reign of old management Rs. 13.79 Lacs as on the date of Balance Sheet. For
this no provision made in accounts and the same will treated in books as and when it is
settled. The details are as follows:

• IND AS 108 - operating Segments.

The Company has only one segment and hence no separate segment reporting required .

C. Additional notes forming part of Balance sheet & Profit & Loss :

Corporate information and changes in Management:

• CUPID BREWERIES AND DISTILLERIES LIMITED (the "Company") is a public
limited company domiciled in India and incorporated under the provisions of the Indian
Companies Act having CIN number L51900MH1985PLC036665.

• The registered office of the Company has been shifted now to Block No 2, Parekh
Nagar, Near BMC Hospital, S V Road, Kandivali West, Mumbai- 400067, (Maharashtra).

• The company intends to diversify into the new business vertical in the Brewery and
Distillery sector. To facilitate this, the company amended its Memorandum of Association
(MOA) and Article of Association (AOA) during the Extraordinary General Meeting (EGM)
held on May 09, 2024. Consequently, the company has changed its name from Cupid Trades
and Finance Limited to Cupid Breweries and Distillery Limited, which was approved by the
Registrar of Companies (ROC) on July 02, 2024.

• Delisting Committee of BSE LTD had passed an order dated 05.01.2024 to comply
with the various statutory obligations mentioned therein along with the payment of Annual
Listing fees, Re-instatement fees and SEBI SOP fines etc within 03 months from the date of
receipt of this Order. For which Company has made following payment and submitted the
required documents to the exchange.

Further Company has paid BSE Annual Listing Fees for FY 2024-25 of Rs. 3,45,150/-on
28^th May, 2024.

• Consequent to above actions, Company''s shares are now under process if re listing on BSE
as the same has been suspended since 2015 due to surveillance measure only and for that
Company is taking necessary actions by submitting revival plan and complying with the
formalities of SEBI. The company is currently in the process of completing all the other
formalities with the BSE.

• Inventories

The Company does not have any inventory

• Deferred Tax Provision: No Deferred tax is recognized on books of accounts.

• Balance Confirmations:

Wherever there is no balance confirmations for receivable/payables (Debit/Credits) from
pertains to related party transection , during the handover by the old Management to the
New Management, the same has been treated in books of Accounts accordingly. Other
Balances of Sundry Debtors, Creditors, Loans and Advances (Assets / Liabilities) are subject
to confirmation and reconciliation.

• Corporate Social Responsibility:

As per Section 135 of Companies Act, 2013 provisions regarding CSR are not applicable to
the company.

• This statement is as per Regulation 33 of the SEBI (Listing Obligation and Disclosure
Requirements) Regulations, 2015

• Going Concern :

The financial statements include any adjustments relating to the recoverability and
classification of recorded assets and to the amounts of liabilities that might be necessary be
able to continue its operations as a going concern.

• The Company has not traded or invested in Crypto currency or Virtual Currency
during the financial year.

• There were no transactions relating to previously unrecorded income that have been
surrendered and disclosed as income during the year in the tax assessments under the
Income Tax Act, 1961.

• The figures of previous period/year have been re-grouped / re-arranged and / or
recast wherever found necessary.

• The aforesaid Financial Result are being disseminated on the website of the
Company.

Signature to Notes 1 to 14 forming part of Balance sheet & Profit & Loss Account for the
year ended 31st March 2024.

As per our attached report even date.

For and on behalf of the Board
As per our report of even date _of Di_rect_ors

attached

Sd/- Sd/-

H. RAJEN & CO. Erramilli Prasad Venkatachalam Ninad Maruti Dhuri

Chartered Accountants Chairman cum Managing

Director

Director

Firm Registration No.: 108351W DIN: 08171117 DIN:09216629

Sd/- Sd/-

Rajendra Desai Sri Venkata Rajeswara Rao

Arun Kumar Director

Samavedam

Partner Director Director

Membership No. 011307 DIN:10347786 DIN: 03579283

Place: Mumbai Place: Mumbai

Date: 18th July 2024 Date: 18th July 2024

UDIN : 24011307BKEQYZ7949

---

Mar 31, 2014

Note:1 The Company has not accepted any public deposits during the year.

Note:2 Based on the information available, the Company is of the opinion that as on the Balance Sheet date, no amounts are payable to Small Scale undertakings.

Note:3 The company has only one business segment hence the AS-17 "Segment Reporting" issued by

The Institute of Chartered Accountant of India, is not applicable.

Note:4 Disclosures required under AS-18 on "Related Party Disclosures"

No related party transaction was carried during the year.

Note:5 Payment to Director: Director Remuneration: Nil (PY: Nil)

Note: 6 previous year figures have been regrouped, rearranged and reclassified wherever necessary

Note: 7 Figures have been rounded off to the nearest rupee.

Signature to Notes 1 to 25 forming part of Balance sheet & Profit & Loss Account for the year ended 31st March 2014. As per our attached report even date.

---

Mar 31, 2013

Note:01 The Company has not accepted any public deposits during the year.

Note:02 Based on the information available, the Company is of the opinion that as on the Balance Sheet date, no amounts are payable to Small Scale undertakings.

Note:03 The company has only one business segment hence the AS-17 "Segment Reporting" issued by The Institute of Chartered Accountant of India, is not applicable.

Note:04 Disclosures required under AS-18 on "Related Party Disclosures" No related party transaction was carried during the year.

Note:05 Payment to Director: Director Remuneration: Nil (PY: Nil)

Note:06 previous year figures have been regrouped, rearranged and reclassified wherever necessary

Note: 07 Figures have been rounded of f to the nearest rupee.

---

Mar 31, 2012

Note: 1 The Company has not accepted any public deposits during the year.

Note : 2 Based on the information available, the Company is of the opinion that as on the Balance Sheet date, no amounts are payable to Small Scale undertakings.

Note: 3 The company has only one business segment hence the AS-17 "Segment Reporting" issued by The Institute of Chartered Accountant of India, is not applicable.

Note: 4 Disclosures required under AS-18 on "Related Party Disclosures":-

No related party transaction were carried during the year.

Note: 5 Payment to Director: Director remuneration: Nil (PY: Nil)

Note: 6 previous year figures have been regrouped, rearranged and reclassified wherever necessary

Note: 7 Figures have been rounded off to the nearest rupee.

---

Mar 31, 2010

1. Balance of debtors and creditors are subject to confirmations.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil.

3. a. Previous years figures have been regrouped wherever necessar. b. Figures in brackets relate to the previous year.

4. Expenditure in foreign currency Rs. 2,19,275/-

5. C.I.F. value of imports Rs. 1,58,95,398/-

6. As per the management provision of gratuity act and provident fund ,act are not applicable to the company at present.*

7. Consignment Sales made on behalf of Principal M/s. Binani Zinc Ltd. Has not been shown in Profit & Loss A/c

8. Sales are exclusive of Sales Tax.

9. RELATED PARTY DISCLOSURE

(Based On disclosure made by Directors under the Companies Act, 1956)

LIST OF RELATED PARTIES

A) KEY MANAGEMENT PERSONNEL

SHASHIKANT S. MALANI

JAGDISH S. MALANI

MUKESH N. MALANI (Executive Director)

ASHOK R. KHOTARI (Executive Director)

B) ENTERPRISES IN WHICH KEY MANAGEMENT PERSONNEL HAVE SIGNIFICANT INFLUENCE

1. SHAMANJWALI METALS PVT LTD

2. ROTAM COMMERCIALS LTD

10. Additional information (s) required vide schedule VI of the companies act 1956 is either nil or not applicable.

---

Mar 31, 2009

1. Balance of debtors and creditors are subject to confirmations.

2. Estimated amount of contracts remaining to be executed on capital account and not provided for Rs. Nil.

3. Contingent liabilities for Bank Guarantee Year Year

Corporate guarantee to bank 2008-09 2007-08 for credit facilities provided to third parties related to the 425 Lacs — 350 Lacs directors of the Company

4. a. Previous years figures have been regrouped wherever necessary.

Figures in brackets relate to the previous year.

5. Expenditure in foreign currency Rs. 61.175/-

6. C.I.F. value of imports Rs. 1,46,98,298/-

7. As per the management provision of gratuity act and provident fund act are not applicable to the company at present.

8. Consignment Sales made on behalf of principle M/s.Binani Zinc Ltd. Has not been shown in Profit & Loss Account.

9. RELATED PARTY DISCLOSURE BasedlTfrdisclosure made by Directors under the Companies Act, 1956) ~

LIST OF RELATED PARTIES

A) KEY MANAGEMENT PERSONNEL

SHASHIKANT S. MALANI. JAGDISH S. MALANI MUKESH N. MALANI ASHOKR. KOTHARI

10. The other information (s)required vide schedule VI of the companies act 1956 is either nil or not applicable