Notes to Accounts of Glaam Up Jwel Ltd.

Mar 31, 2025

(b) Rights, preferences and restrictions attached to equity shares Equity Shares

The Company has one class of equity shares having par value of ? 10 per share. Each holder of equity shares is entitled to one vote per share. All shareholders are equally entitled to dividend. In the event of liquidation, the equity shareholders are entitled to receive remaining assets of the Company (after distribution of all preferential amounts, if any) in the proportion of equity shares held by the shareholders.

25 Contingent liabilities and capital commitments
For the year ended For the year ended 31 March 2025 31 March 2024
(a) Contingent liabilities - Outstanding Bank Guarantees - Demand Raised by Income Tax Department Under Dispute - Claim received but not acknowledged by the Company (b) Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances)	66.87 -
(c) The Company has commitments for services, purchase of goods and employee benefits, in normal course of business. The Company does not have any long-term commitments/contracts including derivative contracts for which there will be any material foreseeable losses.	- -

31 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and postemployment received Presidential assent on 28th September 2020 and has been published in the Gazette of India. However, the date on which the provisions of the Code will come into effect has not been notified. Further, related Schemes and Rules are also awaited. The Company will evaluate the impact of the code after it has been notified.

32 In opinion of the Board, the loans & advances and other current assets have a value, which if realized in the ordinary course of business, will not be less than the value stated in the Balance Sheet.

33 The Company has not obtained Actuarial Valuation with regards to Employee’s terminal benefits i.e., Gratuity and Leave Encashment as mandated by Accounting Standard 15 issued by theInstitute of Chartered Accountants of India. In view of lesser number of employees on rolls, the Company has made provision for these benefits on actual basis as on the Balance Sheet date.

34 Balance appearing under loans & advances, trade receivables, trade payables, current assets and current liabilities are subject to confirmations in certain cases.

35 The Company has not maintained the adequate records for the inventory lying as stock in trade. In the absence of quantitive details, valuation of these stocks is not ascertainable/measured. We have relied on the representation made to us by the management.

36 During the year, the Company has conducted physical verification of its property, plant and equipment in order to ensure their location, existence and assess their working condition. No discrepancies have been reported during such verification. No further depreciation is provided in respect of assets that are fully written down but are still in use.

37 The Company was having credit facility of Rs. 2 crores with Axis Bank Limited and defaulted in payment of demands raised by the bank. The aggregate amount of Rs. 2.06 crores was outstanding as on the date of balance sheet and the same was carried since 31st December 2019. The bank has applied to the Debt Recovery Tribunal ("DRT") for recovery of outstanding dues. As per the order dated on 21st December 2020 in DRT-III, Delhi, the Company is restrained from selling, transferrring or otherwise creating thrid party interest with regards to mortgaged property (i.e. Commerical Shop of Mrs. Puspha Gupta, Director) untill further orders. The aforesaid matter is pending for next hearing before DRT and the next hearing date is 28 October 2025.

Since the matter under consideration before Debt Recovery Tribunal-III, Delhi for recovery of overdue payments of credit facility from Axis Bank Limited, therefore, the Company has not made any provision for interest payable on the outstanding amount.

38 Additional regulatory information

(i) There are no proceedings that have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended from time to time) (earlier Benami Transactions (Prohibition) Act, 1988) and the rules made thereunder.

(ii) The Company has been declared wilful defaulter by Axis bank (refere note no. 37).

(iii) There are no transactions / relationship with struck off companies.

(iv) The Company does not have any transaction 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). Further, there was no previously unrecorded income and no additional assets were required to be recorded in the books of account during the year.

(v) The Company has neither traded nor invested in Crypto currency or Virtual Currency during the year ended March 31, 2025. Further, the Company has also not received any deposits or advances from any person for the purpose of trading or investing in Crypto Currency or Virtual Currency.

(vi) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the understanding (whether recorded in writing or otherwise) that the Intermediary shall, whether directly or indirectly lend or invest in other persons/entities identified in any other manner whatsoever by or on behalf of the Company (''ultimate beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company has not been sanctioned working capital limits from banks or financial institutions during any point of time of the year on the basis of security of current assets.

(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017, and there are no companies beyond the specified layers.

(ix) Valuation of PP&E, intangible asset and investment property: The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current year.

39 The Company has a single reportable segment for the purpose of Accounting Standard 17.

40 During the previous year 2021-22, the registration under Goods and Service Tax Act of Delhi State was cancelled by the GSTO vide Order ID ZA070821027560S dated 06 August 2021 on account of registered premises not found during their physical verification and the same is inactive as on the date of the results. Therefore, no sale and purchase have been made in Delhi State after the cancellation order. Further, the Company had established its corporate office in the state of Gujarat during the previous year 2022-23, accordingly, registration under Goods and Service Tax Act was taken w.e.f. 20 January 2023. Currently, the Company has started the trading of precious and non precious stones and metals including rough diamonds in the state of Gujarat.

41 As per the information provided by the management, stock amounting to Rs. 304.44 lacs is located at the commercial premises situated at 5504/15, Basti Harpool Singh, Sadar Thana Road, Delhi - 110006. However, the premises have been sealed by Axis Bank Limited due to non-payment of the loan. Due to the sealing of the premises, the physical verification of the stock is not possible, hence, the stock value has been taken as reported by the management.

42 Figures for the previous year have been regrouped/reclassified/reinstated, wherever considered necessary.

This is the summary of significant accounting policies and other explanatory information referred to in our report of even date.

---

Mar 31, 2024

(i) Contingent liabilities and provisions

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 recognised 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 recognised because it cannot be
measured reliably.

a) possible obligation, the existence of which will be confirmed by the occurrence/non-occurrence of
one or more uncertain events, not fully with in the control of the Company;

b) present obligation, where it is not probable that an outflow of resources embodying economic
benefits will be required to settle the obligation;

c) present obligation, where a reliable estimate cannot be made.

A provision is recognised when the Company has a present obligation as a result of past events, 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. Provisions are not
disclosed to their present value and are determined based on best estimates required to settle the
obligation at the reporting date. These estimates are reviewed at each reporting date and are adjusted
to reflect the current best estimates.

(j) Earnings per share

Basic earnings per share is calculated by dividing the net profit or loss for the year attributable to
equity shareholders by the weighted average number of equity shares outstanding during the year.

(k) Cash, Cash Equivalents and Bank Balances

Cash, Cash Equivalents and Bank Balances for the purpose of Cash Flow Statement comprise Cash
at Bank, Cash in Hand, Cheques / Drafts in Hand, Deposits with Bank within 12 months maturity
and other permissible instruments as per Accounting Standard AS-3.

(l) Others

Amounts related to previous years, arisen / settled during the year have been debited / credited to
respective heads of accounts.

Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as at year end. - -

Interest due to suppliers registered under the MSMED Act and remaining unpaid as at year end. - -

Principal amounts paid to suppliers registered under the MSMED Act, beyond the appointed day during the year. - -

Interest paid by the Company in terms of Section 16 of MSMED Act, 2006, along with the amount of the payment made to the suppliers and
service providers beyond the appointed day during the year.

Interest paid, under Section 16 of MSMED Act, to suppliers registered under the MSMED Act, beyond the appointed day during the year.

Interest paid, other than under Section 16 of MSMED Act, to suppliers registered under the MSMED Act, beyond the appointed day during the
year.

Amount of interest due and payable for the year of delay in making payment (which have been paid but beyond the appointed day during the year)
but without adding the interest specified under the MSMED Act.

Interest accrued and remaining unpaid as at the end of year. - -

Amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues above are actually paid

to the small enterprise, for the purpose of disallowance of a deductible expenditure under section 23 of the MSMED Act. - -

# The details of am o unts outstanding to micro and small enterprises under the Micro, Sm all and Medium Enterprises De velopment Act, 2006 are as per available info rm atio n with the Company.

31 The Code on Social Security, 2020 (''Code'') relating to employee benefits during employment and postemployment received Presidential assent on 28th September 2020 and has been published in
the Gazette of India. However, the date on which the provisions of the Code will come into effect has not been notified. Further, related Schemes and Rules are also awaited. The Company will
evaluate the impact of the code after it has been notified.

32 In opinion of the Board, the loans & advances and other current assets have a value, which if realized in the ordinary course of business, will not be less than the value stated in the Balance Sheet.

33 The Company has not obtained Actuarial Valuation with regards to Employee’s terminal benefits i.e., Gratuity and Leave Encashment as mandated by Accounting Standard 15 issued by
theInstitute of Chartered Accountants of India. In view of lesser number of employees on rolls, the Company has made provision for these benefits on actual basis as on the Balance Sheet date.

34 Balance appearing under loans & advances, trade receivables, trade payables, current assets and current liabilities are subject to confirmations in certain cases.

35 The Company has not maintained the adequate records for the inventory lying as stock in trade. In the absence of quantitive details, valuation of these stocks is not ascertainable/measured. We
have relied on the representation made to us by the management.

36 The company is in process of reconciliation of GST input tax credit between credit lying in books and credit available in GSTR-2A at GST portal. Any discrepancies / loss of credit arise out of
such reconciliation, if any, is presently not ascertainable.

37 During the year, the Company has conducted physical verification of its property, plant and equipment in order to ensure their location, existence and assess their working condition. No
discrepancies have been reported during such verification. No further depreciation is provided in respect of assets that are fully written down but are still in use.

38 The Company was having credit facility of Rs. 2 crores with Axis Bank Limited and defaulted in payment of demands raised by the bank. The aggregate amount of Rs. 2.06 crores was outstanding
as on the date of balance sheet and the same was carried since 31st December 2019. The bank has applied to the Debt Recovery Tribunal ("DRT") for recovery of outstanding dues. As per the
order dated on 21st December 2020 in DRT-III, Delhi, the Company is restrained from selling, transferrring or otherwise creating thrid party interest with regards to mortgaged property (i.e.
Commerical Shop of Mrs. Puspha Gupta, Director) untill further orders. The aforesaid matter is pending for next hearing before DRT and the next hearing date is not fixed.

Since the matter under consideration before Debt Recovery Tribunal-III, Delhi for recovery of overdue payments of credit facility from Axis Bank Limited, therefore, the Company has not made
any provision for interest payable on the outstanding amount.

39 Additional regulatory information

(i) There are no proceedings that have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (as amended from time to time) (earlier Benami
Transactions (Prohibition) Act, 1988) and the rules made thereunder.

(ii) The Company has been declared wilful defaulter by Axis bank (refere note no. 39).

(iii) There are no transactions / relationship with struck off companies.

(iv) The Company does not have any transaction 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). Further, there was no previously unrecorded income and no additional assets were required to be recorded in the books of account during the year.

(v) The Company has neither traded nor invested in Crypto currency or Virtual Currency during the year ended March 31, 2024. Further, the Company has also not received any deposits or advances from any person for the purpose of
trading or investing in Crypto Currency or Virtual Currency.

(vi) The Company has not advanced or loaned or invested funds (either borrowed funds or share premium or any other sources or kind of funds) to any other person or entity, including foreign entities ("Intermediaries") with the
understanding (whether recorded in writing or otherwise) that the Intermediary shall, whether directly or indirectly lend or invest in other persons/entities identified in any other manner whatsoever by or on behalf of the Company
(''ultimate beneficiaries'') or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

(vii) The Company has not been sanctioned working capital limits from banks or financial institutions during any point of time of the year on the basis of security of current assets.

(viii) The Company has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017, and there are no companies beyond the specified
layers.

(ix) Valuation of PP&E, intangible asset and investment property: The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current year.

40 The Company has a single reportable segment for the purpose of Accounting Standard 17.

41 During the previous year 2021-22, the registration under Goods and Service Tax Act of Delhi State was cancelled by the GSTO vide Order ID ZA070821027560S dated 06 August 2021 on account of registered premises not found
during their physical verification and the same is inactive as on the date of the results. Therefore, no sale and purchase have been made in Delhi State after the cancellation order. Further, the Company had established its corporate
office in the state of Gujarat during the previous year 2022-23, accordingly, registration under goods and service tax act was taken w.e.f. 20 January 2023. During the year 2023-24, the Company

has started its business operations in the Gujarat State.

42 Figures for the previous year have been regrouped/reclassified/reinstated, wherever considered necessary.

This is the summary of significant accounting policies and other explanatory information referred to in our report of even date.

For Kapish Jain & Associates For and on behalf of the Board of Directors of

Chartered Accountants Gleam Fabmat Limited

Firm Registration No.: 022743N

Amit Gupta Ajay Maruda

Kapish Jain Managing Director & CFO Director

Partner DIN: 03038181 DIN:09495848

Membership No.: 514162

Place: New Delhi
Date: 25 May 2024

Arjun Dhingra

Company Secretary
Membership No. 61899