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Notes to Accounts of Cupid Ltd.

Mar 31, 2023

Provisions

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 economic benefits will be required to settle the obligation, and a
reliable estimate can be made of the amount of the obligation.

The amount recognized as a provision is the best estimate of the consideration required to settle the
present obligation at the end of the reporting period, taking into account the risks and uncertainties
surrounding the obligation.

Provisions are not discounted to present value and are determined based on best estimate required to
settle the obligation at the balance sheet date. These are reviewed at each balance sheet date and adjusted
to reflect the current best estimates.

xxiii) Contingent Liabilities

A contingent liability is a possible obligation that arises from past events whose existence will be confirmed
by the occurrence or non-occurrence of one or more uncertain future events beyond the control of the
Company or a present obligation that is not recognized because it is not probable that an outflow of
resources will be required to settle the obligation. A contingent liability also arises in extremely rare cases
where there is a liability that cannot be recognized because it cannot be measured reliably. The Company
does not recognize a contingent liability but discloses its existence in the condensed standalone financial
statements.

xxiv) Earnings per Share

The basic earnings per share is computed by dividing the net profit attributable to equity shareholders for
the period by the weighted average number of equity shares outstanding during the period.

The number of shares used in computing diluted earnings per share comprises the weighted average
shares considered for deriving basic earnings per share, and also the weighted average number of equity
shares which could be issued on the conversion of all dilutive potential equity shares

xxv) Classification of Assets and Liabilities as Current and Non-Current:

All assets and liabilities are classified as current or non-current as per the Corporation’s normal operating
cycle (determined at 12 months) and other criteria set out in Schedule III of the Act

xxvi) Cash Flows

Cash flows are reported using the indirect method, where by net profit before tax 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 are segregated.

xxvii) Operating Segments

Operating segments are reported in a manner consistent with the internal reporting provided to Chief
Operating Decision Maker (CODM).

The Company has identified its Managing Director as CODM which assesses the operational performance
and position of the Company and makes strategic decisions.


Mar 31, 2018

I. Company Overview

Cupid Limited (‘the Company’) is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993.

The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions to entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading/ manufacturing/connected business segments.

a) Terms / rights attached to equity shares

The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share.

In the event of liquidation of the Company, the holder of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Nature and Purpose of Reserves Securities Premium Reserve

Securities Premium Reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.

Capital Reserve

Capital reserve will be utilised in accordance with provision of the Act.

Retained Earnings

Retained Earnings represents surplus/accumulated earnings of the Company and are available for distribution to shareholders.

Notes on Borrowing

a. Rate of interest on working capital loans are 6 months MCLR rate ( as per last MCLR is 8.35 % p.a.). The same is secured against the lien of Mutual funds.

The Company had sought cofirmation from the vendors whether they fall in the category of Micro, Small and Medium Enterprises. In view of insufficient information from suppliers regarding their status the amount due to Micro, Small and Medium Enterprises can not be ascertained.

Note 1 : Segment Reporting

(i) Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker (“CODM”) of the Company. The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Managing Director Officer of the Company. The Company operates only in one Business Segment i.e. “Manufacturing of Contraceptives”, hence does not have any reportable Segments as per Ind AS 108 “Operating Segments”. (ii) The amount of the company’s revenue from external customers (Outside India) broken down by each product and service is as shown in the table below :-

Gratuity: In accordance with the applicable laws, the Company provides for gratuity, a defined benefit retirement plan (“The Gratuity Plan”) covering eligible employees. The Gratuity Plan provides for a lump sum payment to vested employees on retirement (subject to completion of five years of continuous employment), death, incapacitation or termination of employment that are based on last drawn salary and tenure of employment. Liabilities with regard to the Gratuity Plan are determined by actuarial valuation on the reporting date and the Company makes annual contribution to the gratuity fund administered by life Insurance Companies under their respective Group Gratuity Schemes.

The disclosure in respect of the defined Gratuity Plan are given below:

Assumptions

With the objective of presenting the plan assets and plan liabilities of the defined benefits plans at their fair value on the balance sheet, assumptions under Ind AS 19 are set by reference to market conditions at the valuation date.

Demographic Assumptions

Mortality in service : Indian Assured Lives Mortality (2006-08)

Sensitivity

The sensitivity of the overall plan liabilities to changes in the weighted key assumptions are:

The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period and may not be representative of the actual change. It is based on a change in the key assumption while holding all other assumptions constant. When calculating the sensitivity to the assumption,the same method used to calculate the liability recognised in the balance sheet has been applied. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared with the previous period.

Note 2 : Financial instruments - Fair values and risk management

A. Accounting classification and fair values

The Company uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.

Level 3: techniques which use inputs that have a significant effect on the recorded fair value that are not based on observable market data.

The following table shows the carrying amounts and fair values of financial assets and financial liabilities, including their levels in the fair value hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a reasonable approximation of fair value.

B. Measurement of fair values

Valuation techniques and significant unobservable inputs

The Fair Value of the Financial Assets & Liabilities are included at the amount at which the instrument could be exchanged in a current transaction between willing parties,other than in a forced or liquidation sale.

The following tables show the valuation techniques used in measuring Level 2 and Level 3 fair values, for financial instruments measured at fair value in the statement of financial position, as well as the significant unobservable inputs used.

Market risk

Market Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk.

Currency risk

The Company is exposed to currency risk on account of its operating and financing activities. The functional currency of the Company is Indian Rupee. Our exposure are mainly denominated in U.S. dollars. The USD exchange rate has changed substantially in recent periods and may continue to fluctuate substantially in the future. The Company’s business model incorporates assumptions on currency risks and ensures any exposure is covered through the normal business operations. This intent has been achieved in all years presented. The Company has put in place a Financial Risk Management Policy to Identify the most effective and efficient ways of managing the currency risks.

Sensitivity analysis

A reasonably possible strengthening / (weakening) of the Indian Rupee against US dollars at 31st March would have affected the measurement of financial instruments denominated in US dollars and affected profit or loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. In cases where the related foreign exchange fluctuation is capitalised to fixed assets or recognised direclty in reserves, the impact indicated below may affect the Company’s income statement over the remaining life of the related fixed assets or the remaining tenure of the borrowing respectively.

Financial Risk Management

Risk management framework

A wide range of risks may affect the Company’s business and operational / financial performance. The risks that could have significant influence on the Company are market risk, credit risk and liquidity risk. The Company’s Board of Directors reviews and sets out policies for managing these risks and monitors suitable actions taken by management to minimise potential adverse effects of such risks on the company’s operational and financial performance.

Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s trade and other receivables, cash and cash equivalents and other bank balances. To manage this, the Company periodically assesses financial reliability of customers, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of accounts receivable. The maximum exposure to credit risk in case of all the financial instuments covered below is resticted to their respective carrying amount.

(a) Trade receivables

The Company extends credit to customers in normal course of business. The Company considers factors such as credit track record in the market and past dealings with the Company for extension of credit to customers. The Company monitors the payment track record of the customers. Outstanding customer receivables are regularly monitored. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions and industries and operate in largely independent markets. The history of trade receivables shows a negligible provision for bad and doubtful debts.Therefore, the Company does not expect any material risk on account of non performance by any of the counterparties.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk through the impact of rate changes on interest-bearing liabilities and assets. The Company manages its interest rate risk by monitoring the movements in the market interest rates closely.

Exposure to interest rate risk

Company’s interest rate risk arises primarily from borrowings. The interest rate profile of the Company’s interest-bearing financial instruments is as follows.

Cash flow sensitivity analysis for variable-rate instruments

The sensitivity analysis below have been determined based on the exposure to interest rates for financial instruments at the end of the reporting year and the stipulated change taking place at the beginning of the financial year and held constant throughout the reporting period in the case of instruments that have floating rates. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates :

The Company invests its surplus funds in various Equity and debt instruments . These comprise of mainly liquid schemes of mutual funds (liquid investments), Equity shares, Debentures and fixed deposits. This investments are susceptible to market price risk, mainly arising from changes in the interest rates or market yields which may impact the return and value of such investments. However due to the very short tenor of the underlying portfolio in the liquid schemes, these do not pose any significant price risk.

Liquidity risk

Liquidity is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company’s treasury department is responsible for liquidity, funding as well as settlement management. In addition, processes and policies related to such risks are overseen by senior management. Management monitors the Company’s net liquidity position through rolling forecasts on the basis of expected cash flows.

The table below provides details regarding the contractual maturities of significant financial liabilities :

Note 3 : Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The Company strives to safeguard its ability to continue as a going concern so that they can maximise returns for the shareholders and benefits for other stake holders. The aim to maintain an optimal capital structure and minimise cost of capital.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may return capital to shareholders, issue new shares or adjust the dividend payment to shareholders (if permitted). Consistent with others in the industry, the Company monitors its capital using the gearing ratio which is total debt divided by total capital plus total debt.

Note 4 : Transition to Ind AS :

These are the Company’s first financial statements prepared in accordance with Ind AS. The Company has adopted all the Ind AS and the adoption was carried out in accordance with Ind AS 101 First time adoption of Indian Accounting Standards. The transition was carried out from Generally Accepted Accounting Principles in India (Indian GAAP) as prescribed under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014, which was the “Previous GAAP”.

The Significant Accounting Policies set out in Note No.1 have been applied in preparing the financial statements for the year ended March 31, 2018, March 31, 2017 and the opening Ind As Balance sheet on the date of transition i.e. April 1, 2016.

In preparing its Ind AS Balance sheet as at April 1, 2016 and in presenting the comparative information for the year ended March 31, 2017, the Company has adjusted amounts previously reported in the financial statements prepared in accordance Previous GAAP. This note explains the principal adjustments made by the Company in restating its financial statements prepared in accordance with Previous GAAP, and how the transition from Previous GAAP to Ind AS has affected the Company’s financial position, financial performance and cash flows.

I) Explanation of transition to Ind AS

In preparing the financial statement, the Company has applied the below mentioned optional exemptions and mandatory exceptions.

Property, Plant and Equipment and Intangible Assets exemption:

The Company has elected to use the exemption available under Ind AS 101 to continue the carrying value for all of its property, plant and equipment and intangible assets as recognised in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition (April 1, 2016).

Classification and measurement of financial assets

Ind AS 101 requires an entity to assess classification of financial assets on the basis of facts and circumstances existing as on the date of transition. Further, the standard permits measurement of financial assets accounted at amortised cost based on facts and circumstances existing at the date of transition if retrospective application is impracticable.

Accordingly, the Company has determined the classification of financial assets based on facts and circumstances that exist on the date of transition. Measurement of financial assets accounted at amortised cost has been done retrospectively except where the same is impracticable.

VII) Notes to reconciliations

Note 1: Proposed Dividend

Under the previous GAAP, proposed dividend including corporate dividend tax (CDT), are recognised as liability in the period to which they relate, irrespective of when they are declared. Under Ind AS, proposed dividend is recognised as liability in the period in which it is declared by the Company, usually when approved by the shareholders in a general meeting, or paid. Proposed Dividend, including corporate dividend (CDT) tax liability as on 31st March, 2017 amounting to Rs. 267.56 Lacs was derecognised on the transition date with corresponding increase in retained earning.The same has been recognised in retained earnings during the year ended March 31, 2018 as declared and paid.

Note 2: Remeasurements of defined benefit liabilities

Under Ind AS, actuarial gains and losses are recognised in the OCI as compared to being recognised in the Statement of Profit and Loss under the previous GAAP.

Note 3 : Deferred taxes

Deferred tax have been recognised on the adjustments made on transition to Ind AS as specified above.

Note 4 : Other comprehensive income

Under Indian GAAP, the Company has not presented other comprehensive income (OCI) separately. Hence, Indian GAAP statement of profit and loss is reconciled with statement of profit and loss as per Ind AS.

The accompanying notes are an integral part of these financial statements


Mar 31, 2016

NOTE NO : 1

DEFERRED TAX LIABILITY (Net)

The Company has provided for Deferred Tax in accordance with the Accounting Standard on “Accounting for Taxes on Income” (AS 22) issued by the Institute of Chartered Accountants of India.

Notes on BORROWING

a. Working Capital Assistance Loan from banks is secured by hypothecation of stock of raw materials, WIP and finished goods and book debts.

b. Additionally above loan have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg.

c. Maturity period with respect to Cash Credit is renewable every year.

d. Rate of interest is KMBR plus 1.50. As on 31st March 2016 KMBR is 9.50% .

e. Credit facilities are further secured by mortgage land & building and lien marking on Company''s Fixed Deposit of INR 250 Lakhs.

NOTE NO : 2 OTHER NOTES FOR FINANCIAL STATEMENTS

Other Notes to the Balance Sheet : -

1. Company has no contingent liabilities as on 31st March 2016, except wherein bank guarantees (Performance security / bond) issued by Company Bankers'' amounting to Rs. 57.18 Lacs. ( Previous year Rs.21.60 Lacs ) as per terms of sales contract with Company Customers'' at company request, Any claims / demand against said bank guarantees henceforth shall be payable by Company.

2. During the year Company has made out of court settlement in respect of Trademark dispute, which were pending at different Courts in India. The said Legal cases were filled by the Company and counter cases were also cases filled by the litigant. Withdrawal of cases from court are in process.

3. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

4. Capital and Other Commitments: - Company had paid advance towards to purchase of plant & machinery and services the Company estimated cost still payable for conclusion of the ventures are Rs. 60 Lacs.

5. All of the assets other than fixed assets and non-current investments, have been are carried at cost of acquisition.

6. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

Other Notes to the Statement of Profit and Loss

1. Traveling expenses includes Rs. 40.88 Lacs ( previous year Rs. 32.60 Lacs ) spent on Foreign Travel.

2. Earnings & Outflow in foreign currency ( on accrual basis ) : -

2. Previous years'' figure have been regrouped and reclassified wherever necessary, to conform to current years'' classification.


Mar 31, 2015

1. General Information

Cupid Limited ('the Company') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993.

The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions to entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading/manufacturing/connected business segments.

2. DEFERRED TAX LIABILITY (Net)

The Company has provided for Deferred Tax in accordance with the Accounting Standard on "Accounting for Taxes on Income" (AS 22) issued by the Institute of Chartered Accountants of India.

Notes on BORROWING

a. Working Capital Assistance Loan from banks is secured by hypothecation of stock of raw materials, WIP and finished goods and book debts.

b. Additionally above loan have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg.

c. Maurity period with respect to Cash Credit is renewable every year.

d. Rate of interest on cash credit is IVRR plus 2.55. As on 31st March 2015 IVRR is 10.80% .

e. Rate of interest on foreign currency working capital Loan for pre and post Shipment is IVBR plus 2.30

3. OTHER NOTES FOR FINANCIAL STATEMENTS

A. Other Notes to the Balance Sheet

1. Company has no contingent liabilities as on 31st March, 2015.

a. Except for cases wherein bank guarantees issued for the Performance of Export Orders against which the Company has given counter guarantees Rs. 21.60 lacs previous Rs. 7.22 lacs.

b. The company has executed a surety Bond for Rs. 118.38 lacs in favour of the Jt. D. G. F. T., which is yet to be discharged in respect of EPCG License granted to company for fulfillment of export obligation.

c. Further, Legal cases has been filled against Company on accounts of trade mark dispute and the Company has also filled cases against the litigant ,which are pending at different stages in various courts in India .financial impact if any, payable by the Company is unascertainable at this stage.

B. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

C. All of the assets other than fixed assets and non-current investments, have been are carried at cost of acquisition.

D. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

E. Other Notes to the Statement of Profit and Loss

1. Traveling expenses includes Rs. 32.60 Lacs ( previous year Rs. 12.37 Lacs ) spent on Foreign Travel.

2. Earnings & Outflow in foreign currency ( on accrual basis ) : -

F. Other Notes to the Financial Statements

1. Related Party Disclosure for the year ended (AS - 18)

i) Key Personnel & Relatives

a) Mr. Omprakash Garg : Chairman

b) Mr. Durgesh Garg : Brother's son of Mr. Omprakash Garg

c) Mr. Pawan Bansal : Sister's son of Mr. Omprakash Garg


Mar 31, 2014

1. General Information

Cupid Limited (''the Company'') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993.

The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions to entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading / manufacturing / connected business segments.

2. a) Working Capital Assistance Loan from banks is secured by hypothecation of stock of raw materials, WIP and finished goods and book debts.

b) Additionally above loan have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg.

c) Maurity period with respect to Cash Credit is renewable every year.

d) Rate of interest on cash credit is IVRR plus 2.55. As on 31st March, 2014, IVRR is 10.80%.

e) Rate of interest on foreign currency working capital Loan for pre and post Shipment is IVBR plus 2.30

NOTE NO. 3

A. Other Notes to the Balance Sheet

1. Company has no contingent liabilities as on 31st March 2014. Except in case of bank guarantees issued of for the Performance of Export Orders.

Further, Legal cases has been filled against Company in relation of trade mark dispute and Company has also filled cases against opponent which are pending at different stages. Outcome of such cases are still unascertainable at this stage.

2. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

3. All of the assets other than fixed assets and non-current investments, have been are carried at cost of acquisition.

4. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

B. Other Notes to the Statement of Profit and Loss

1. Traveling expenses includes Rs. 12.37 Lacs ( previous year Rs. 6.73 Lacs ) spent on Foreign Travel.

C. Other Notes to the Financial Statements

4. Related Party Disclosure for the year ended (AS - 18) i) Key Personnel & Relatives

a) Mr. Omprakash Garg -: Chairman and Managing Director

b) Mr. Durgesh Garg -: Brother''s son of Mr. Omprakash Garg

c) Mr. Pawan Bansal -: Sister''s son of Mr. Omprakash Garg

d) Mr. Suresh chand -: Brother of Mr. Omprakash Garg Garg

e) Mrs. Abha Garg -: Wife of Mr. Sureshchand Garg

5. Previous year figures have been regrouped and recasted, wherever considered necessary.

6. Additional information as required under part II as per Schedule VI to the Companies Act 1956 has been given to the extent applicable to the Company as per annexure A annexed herewith.


Mar 31, 2013

1. General Information

Cupid Limited (''the Company'') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993. The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions to entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading/manufacturing/connected business segments.

2. Company has no Contignent Liabilities as on 31st March, 2013, Except commitement of Rs. 19.28 lacs to be executed on account of capital goods.

3. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

4. All of the assets otherthan fixed assets and non-current investments, have been are carried at cost of acquisition.

5. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

6. Traveling expenses includes Rs. 0.96 Lacs (previous year Rs. 4.68 Lacs) spent on Foreign Travel.

7. Earnings & Outflow in foreign currency (on accrual basis):-

8. Previous yearfigures have been regrouped and recasted, wherever considered necessary.

9. Additional information as required under part II as per Schedule VI to the Companies Act 1956 : has been given to the extent applicable to the Company as per annexure A annexed herewith.


Mar 31, 2012

1. General Information

Cupid Limited (''the Company'') is a public company domiciled and incorporated in name of Cupid Rubber Limited in the state of Maharashtra on 17th February, 1993. The name was subsequently changed to Cupid Condom Limited with effect from 8th December, 2003 and further change to Cupid Limited with effect from 2nd January, 2006 as per permission affirmation by Central Government. The Company received the Certificate of Commencement of Business on 20th February, 1993. The main object of Company on incorporation was to carry on business of dealing, marketing and manufacture of rubber contraceptives and allied prophylactic products. Later on main object of Company have been appended with obligatory permissions entered into Diamonds, Gold, Silver and other allied precious products international or domestic trading/manufacturing/connected business segments.

Terms and Condition for issued share warrant I Convertible warrants

1. The issue of warrants convertible into equity shares on preferential basis are as per price determined in compliance with SEBIICDR Regulations 2009 for Preferential Issues as amendments thereof

2. 25% of the value of the Warrant are been paid on the date of allotment of warrant. The balance is payable at the time of conversion. Each Warrant will be converted at the option of the allottee, into one equity share at any time within 18 months from the date of

3. In case the option is not exercised within a period of 18 months from the date of issue, the aforsaid 25% amount paid on the date of allotment shall be forfeited.

4. The Warrants shall be locked in form a period of one/three years from the date of allotment as prescribed under SEBI ICDR Regulation 2009 as amended.

5. The lock-in on the Equity Shares resulting from the exercise of the option under the warrants shall be locked in for a period of one/three year from the date of allotment as prescribed under SEBI ICDR Regulation 2009 as amended.

i) Terms loan is secured by a first charge on all the moveable and immovable properties / current assests including all the Plant and Machinery, Land and Building of the Company, on both being it be present and further created by way of hypothecation.

ii) Additionally all above loans have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg.

iii) 10,01,500 Equity Shares of the company of Rs. 10 each held by promoter has been pledged with Bank as collaratel against Term and Cash Credit facilities.

# Instalment due on term loan on 31-3-2012 was debited by bank in the month of April, 2012.

* Installments falling due in respect of all the Loans upto 31 st March 2013 have been grouped under Current maturities of Loan-term debt (Refer Note no # 7)

a) Working Capital Assistance Loan from banks is secured by hypothecation of stock of raw materials, WIP and finished goods and book debts.

b) Additionally above loan have been personally guranted by Mr. Omprakash Garg, Chairman and Mr. Durgesh Garg

c) Maturity period with respect to Cash Credit is renewable every year

d) Rate of interest on cash credit is IVRR Less 3% as on 31 st March, 2012 IVRR is 16.75%

# The Company issued 15,00,000 convertible warrants at price of Rs. 10/- to be converted to equal number of Equity Shares of face value of Rs. 10/- each as per shareholder approval at EGM 20th July 2011, of which 14,05,000 convertible warrants are outstanding as on 31st March, 2012.

# The Company issued 11,50,000 convertible warrants at price of Rs. 10.50 to be converted to equal number of Equity Shares face value Rs. 10/- each as per shareholder approval at EGM 5th June 2010, of which 6,42,100 convertible warrants are outsatnding as on 31 st March, 2011.

NOTE NO. 3

OTHER NOTES FOR FINANCIAL STATEMENTS

A. Other Notes to the Balance Sheet

1. Company has no Contignent Liabilities as on 31 st March, 2012.

2. In view of the insufficient information from the suppliers regarding their status as SSI units, the amounts due to Small Scale Industrial undertaking cannot be ascertained.

3. All of the assets other than fixed assets and non-current investments, have been are carried at cost of acquisition.

4. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

B. Other Notes to the Statement of Profit and Loss

1. Details regarding Imported and Indigenous Material Consumed

3. Traveling expenses includes Rs. 4.68 Lacs (previous year Rs. 19.76 Lacs) spent on Foreign Travel.

C. Other Notes to the Financial Statemnets

1. Related Party Disclosure for the year ended (AS -18)

i) Key Personnel & Relatives

a) Mr. Omprakash Garg Chairman

b) Mr. Durgesh Garg Director

c) Mr. Pawan Bansal Sister''s son of Mr Omprakash Garg

Previous year figures have been regrouped and recasted, wherever considered necessary.

Additional information as required under part II as per Schedule VI to the Companies Act 1956 has been given to the extent applicable to the Company as per annexure A annexed herewith.


Mar 31, 2010

A. Contingent liabilities not provided for:-

i) The company has executed a surety Bond for Rs. 305.25 lacs (Previous Year 305.25 lacs) in favour of the Jt. D. G. F. T. which is yet to be discharged in respect of EPCG License granted to company for fulfillment of export obligation.

B. In view of the insufficient information from the suppliers regarding their status as SSJ Units, the amount due to Small Scale Industrial Undertaking cannot be ascertained.

C. Managerial remuneration paid during the year is Rs. 1.83 lacs (previous year Rs. 5.30 lacs). D. Traveling expenses includes Rs. 1.77 (previous year Rs. NIL) spent on Foreign Travel.

D. There was no impairment loss on Fixed Assets on the basis of review carried out but the Management in accordance with Accounting Standard 28 issued by the Institute of Chartered Accountants of India.

E. The Companys Business operates Segment only one segments viz, Condom. Hence the disclosure requirements for segment reporting as envisaged by Accounting Standard 17 - "Segment Reporting" issued by the ICAI is not applicable for the year under review.

F. Related Party Disclosure for the year ended (AS -18) i) Key Personnel & Relatives

a) Mr. Omprakash Garg -: Chairman

b) Mr. Durgesh Garg -: Executive Director

c) Mr. Pradeep Jain -: Non Executive Director

d) Mr. Pawan Bansal -: Ex-Executive Director

G. Previous year figures have been regrouped and recasted, wherever considered necessary.

H. Additional information as required under part II as per Schedule VI to the Companies Act 1956 has been given to the extent applicable to the Company as per annexure A annexed herewith.

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