Key Financial Figures (Year Ended 31 March 2026)

  • Total Income: ₹1,239.28 lacs
  • Total Expenses: ₹1,222.95 lacs
  • Profit Before Tax: ₹16.33 lacs
  • Tax Expense: ₹4.46 lacs (Current tax: ₹4.68 lacs, Deferred tax: ₹-0.22 lacs)
  • Net Profit After Tax: ₹11.87 lacs
  • Paid-up Equity Share Capital: ₹1,001.80 lacs (Face value of ₹10/- each)
  • Reserves: ₹-2.68 lacs
  • Earnings Per Share: ₹0.12 (Basic & Diluted)

Balance Sheet Position (As at 31 March 2026)

  • Total Equity: ₹999.12 lacs
  • Total Liabilities: ₹2,334.05 lacs
  • Non-current liabilities: ₹295.48 lacs (Long-term borrowings)
  • Current liabilities: ₹2,038.57 lacs (Short-term borrowings: ₹243.66 lacs, Trade payables: ₹1,458.45 lacs, Other current liabilities: ₹315.98 lacs, Short-term provisions: ₹20.49 lacs)
  • Total Assets: ₹3,333.17 lacs
  • Non-current assets: ₹1.94 lacs (Property, plant and equipment: ₹1.11 lacs, Deferred tax assets: ₹0.83 lacs)
  • Current assets: ₹3,331.23 lacs (Inventories: ₹698.99 lacs, Trade receivables: ₹1,869.23 lacs, Cash and bank balances: ₹18.57 lacs, Short-term loans and advances: ₹724.57 lacs, Other current assets: ₹19.87 lacs)

Audit Qualifications

The auditors, Kapish Jain & Associates, issued a qualified opinion on the financial results citing two main issues:

1. Axis Bank Default: The Company had a credit facility of ₹2 crores with Axis Bank Limited and defaulted in payment. An aggregate amount of ₹2.06 crores was outstanding as of the balance sheet date, carried since 31st December 2019. The bank applied to Debt Recovery Tribunal (DRT-III, Delhi) for recovery. As per order dated 21st December 2020, the Company is restrained from selling, transferring or creating third party interest regarding mortgaged property (Commercial Shop owned by Mrs. Puspha Gupta, Director) until further orders. The matter is pending with next hearing scheduled for 28 July 2026. The Company has not made any provision for interest payable on the outstanding amount.

2. GST Penalty: Vide Order dated 26th December 2025, the Joint Commissioner, Adjudication, CGST Delhi North held that the Company is a non-genuine taxable entity, alleging fraudulent availment of Input Tax Credit from suppliers and passing on to customers. A penalty of ₹2,223.54 lacs has been levied under the Central Goods and Services Tax Act, 2017. Management believes the penalty is not sustainable and intends to pursue legal remedies. No provision has been recognized and the matter is disclosed as a contingent liability. The auditors note that if provision had been recognized, profit for the year would have been reduced by ₹2,223.54 lacs, potentially casting significant doubt on the Company's ability to continue as a going concern.

Impact of Audit Qualifications Statement

Management provided a statement on impact of audit qualifications as required by Regulation 52 of SEBI (LODR) Regulations, 2015:

If the GST penalty were provided for:

  • Total Expenditure would increase from ₹1,222.95 lacs to ₹3,446.49 lacs
  • Net Profit would change from ₹11.87 lacs to ₹-2,207.21 lacs
  • Earnings Per Share would change from ₹0.12 to ₹-22.03
  • Net Worth would change from ₹999.12 lacs to ₹-1,236.29 lacs

Other Material Disclosures

  • Company Name Change: The Company name was changed to Glaam Up Jwel Limited from Gleam Fabmat Limited effective 15 December 2025, following special resolution passed at AGM held on 29 November 2025.
  • GST Registration: Delhi State GST registration was cancelled on 6 August 2021 due to premises not found during physical verification. The Company established a corporate office in Gujarat and obtained GST registration there effective 20 January 2023. The Company now trades precious and non-precious stones and metals including rough diamonds in Gujarat.
  • Sealed Inventory: Stock amounting to ₹304.44 lacs is located at commercial premises in Delhi that have been sealed by Axis Bank Limited due to non-payment of loan, making physical verification impossible. Stock value is taken as reported by management.
  • New Labour Codes: The Company assessed the impact of India's four new Labour Codes effective from 21 November 2025 and concluded no material incremental impact on gratuity liability.