We have Audited the accompanying standalone financial statements of CUPID
BREWERIES AND DISTILLERIES LIMITED ("the Company"), which comprises
of Balance Sheet as at March 31, 2025, the Statement of Profit and Loss, the Statement
of Changes in Equity and the Statement of Cash Flow for the year ended and notes
to the financial statements, including a summary of significant accounting policies
and other explanatory information. (hereinafter referred to as the "standalone
financial statements")

In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information
required by the Companies Act, 2013 ("The Act") in the manner so required and give
a true and fair view in conformity with the Indian Accounting Standards prescribed
under Section 133 of the Act read with Companies (Indian Accounting Standards)
Rules, 2015 as amended, ("Ind AS") and other accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2025 and its
loss (including other comprehensive income), changes in equity and its cash flows
for the year ended March 31, 2025.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs)
specified under Section 143(10) of the Act. Our responsibilities under those Standards
are further described in the Auditor's Responsibilities for the Audit of the Standalone
Financial Statements section of our report. We are independent of the Company in
accordance with the Code of Ethics issued by the Institute of Chartered Accountants
of India (ICAI) together with the ethical requirements that are relevant to our audit
of the financial statements under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics. We believe that the audit evidence
obtained by in terms of their report referred to in the other matters section below, is

sufficient and appropriate to provide a basis for our audit opinion on the standalone
financial statements.

Information Other than the Standalone Financial Statements and Auditor's
Report Thereon

The Company's Board of Directors are responsible for the other information. The
other information comprises of the information included in the Management
Discussion and Analysis, Boards report including annexure to Boards Report and
Shareholders information, but does not include the standalone financial statements
and Our auditor's report thereon.

Our opinion on standalone financial statements does not cover the other information
and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the standalone financial statement, our responsibility
is to read the other information and in doing so, consider whether the other
information is materially inconsistent with the standalone financial statement or Our
knowledge obtained during the course of our audit or otherwise appear to be
materially misstated.

If, based on the work we have performed, we conclude that if there is a material
misstatement of this other information; we are required to report that fact. We have
nothing to report in this regard.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements for the year ended.
These matters were addressed in the context of our audit of the standalone financial
statements as a whole, and in forming our opinion thereon, and We have determined
that there are no key audit matters to be communicated in our report.

Emphasis of Matter Paragraph

On the basis of audit conducted by us on test check basis, we draw the attention
towards internal control over financial reporting of the company. The company has
internal financial controls as required under the Companies Act, 2013. However, the
company is in the process of strengthening its internal financial control framework
and is in process of implementing and establishing a comprehensive framework in
line with scaling up for future operations. The Board of Directors and the Audit
Committee are actively involved in this process and have initiated steps to implement

the necessary controls. The company has prepared an action plan for full
implementation within the next financial year.

Information Other than the Financial Statements and Auditor's report thereon

The Company's Board of Directors is responsible for the preparation of other
information. The Other information comprises the information included in the
Board's Report including Annexures to the Board report, Business responsibility
report, Corporate Governance report and Management Discussion and Analysis, but
does not include the standalone financial statement and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the financial statements or our
knowledge obtained during the course of our audit or otherwise appears to be
materially misstated.

If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this regard.

Responsibilities of Management and those charged with Governance for the
Standalone Financial Statements:

The Company's Board of Directors are responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these standalone financial
statements that give a true and fair view of the financial position, financial
performance (including other comprehensive income), changes in equity and cash
flows of the Company in accordance with the accounting principles generally
accepted in India, including the accounting Standards specified under Section 133 of
the Act.

This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments and estimates
that are reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the financial statements, the management is responsible for assessing
the Company's ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting
unless management either intends to liquidate the Company or to cease operations,
or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial
reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial
statements are free from material misstatement, whether due to fraud or error, and
to issue an auditor's report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements. As part of an audit in
accordance with SAs, we exercise professional judgment and maintain professional
scepticism throughout the audit.

We also:

• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for the one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override
of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the
Company has adequate internal financial control with reference to the financial
statement in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on
the entity's ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor's report to the
related disclosures in the financial statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up
to the date of our auditor's report. However, future events or conditions may cause
the entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Standalone financial
statements, including the disclosures, and whether the financial statements represent
the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements that
individually or in aggregate makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be influenced. We
consider quantitative materiality and qualitative factors in (i) planning the scope of
our audit work and in evaluating the results of our work and (ii) to evaluate the effect
of any identified misstatements in the financial statements.

We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.

We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the standalone financial
statements of the current year and are therefore the key audit matters. We describe
these matters in our auditor's report unless law or regulation precludes public
disclosure about the matter or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.

Our opinion on the standalone financial statement and our report on the other legal
and regulatory requirements below is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"),
issued by the Central Government of India in terms of sub-section (11) of Section 143
of the Act, we give in the "Annexure A" a statement on the matters specified in
paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books and records.

(c) The Standalone Balance sheet, the Statement of Profit & Loss (including other
comprehensive income), Statement of Changes in Equity and the Cash Flow
Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Account) Rules, 2014.

(e) On the basis of the written representation received from the directors as on March
31, 2025 taken on records by the Board of Directors:

• Funds that have been advanced or loaned or invested by the company to or in any
other person(s) or entities, including foreign entities ("Intermediaries"), with the
understanding that the intermediary shall whether directly or indirectly lend or
invest in other persons or entities identified in any manner by or on behalf of the
company (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf of ultimate beneficiaries. (Refer 1(C)(1) and 7 of notes to accounts).

• Funds that have been received by the company from any person(s) or entities
including foreign entities ("funding Parties") with the understanding that such
company shall whether, 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 provide guarantee, security or the like on behalf of the
Ultimate beneficiaries. (Refer IND-AS 24 of notes to accounts).

• Based on the audit procedures that have been considered reasonable and
appropriate in the circumstances, nothing has come to our notice that has caused us
to believe that the representation under sub clause (i) and (ii) of Rule 11(e) of The
Companies (Audit and Auditors) Rules, 2014, as provided under (a) and (b) above,
contains any material misstatement.

(f) In our opinion Company has complied with section 123 of the Companies Act,
2013 with respect to dividend declared/paid during the year however there is no
such instance.

(g) On the basis of the written representation received from the directors as on March
31, 2025 taken on records by the Board of Directors, none of the directors are
disqualified as on March 31,2025 from being appointed as a Directors in terms of
Section 164(2) of the Act.

(h) With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer to
our separate Report in Annexure "B".

(i) In our opinion and to the best of our information and according to the explanations
given to us, the remuneration paid by the Company to its directors during the year

is in accordance with the provisions of Section 197(16) read with Schedule V of the
Act.

(j) With respect to the Other matters to be included in the Auditor's report in
accordance with the Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and according to the explanations
given to us:

i. The Company has disclosed the impact of pending litigations on its financial
performance in its financial statements.

ii. The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.

iii. There are no amounts which is required to be transferred to the Investor Education
and Protection Fund by the Company.

iv) Based on our examination which included test checks and information given to
us, the Company has used accounting software for maintaining its books of account,
which did not have a feature of recoding Audit Trail (edit log) facility throughout the
year for all relevant transactions recorded in the software. Hence, we are unable to
comment on audit trail features of the said software.

v) The Company has not declared or paid dividend during the financial year 2024-25
and hence reporting under Rule 11 (f) of Companies (Audit and Auditors) Rules, 2014
is not applicable.

For H. RAJEN & CO

Chartered Accountants
Firm Registration No.: 108351W

Rajendra Desai

Partner

Membership No. 011307

Unique Document Identification Number: 25011307BMJFNV5332
Place: Mumbai
Date: 25^th June, 2025