Notes to Accounts of Jai Mata Glass Ltd.

Mar 31, 2025

h) Provisions and Contingent Liabilities

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that is reasonably estimable, and it is
probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash
flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

Contingent liabilities are not recognised but are disclosed by way of notes to the financial statements, after careful evaluation by the management of the
facts and legal aspects of each matter involved. Contingent assets are neither recognised nor disclosed in the financial statements.

i) Employee benefits

The undiscounted amount of short-term employee benefits expected to be paid in exchange of services rendered by employees is recognised during the
period when the employee renders the services. These benefits include salaries, bonus and performance incentives.

Short Term Employee Benefits:.

All employee benefits payable wholly within twelve months of rendering the service are classified as short term employee benefits and they are recognized
in the period in which the employee renders the related service. These benefits include salaries and wages, bonus etc. The Company recognizes the
undiscounted amount of short term employee benefits expected to be paid in exchange for services rendered as a liability (accrued expense) after deducting
any amount already paid.

Post Employment Benefits
Gratuity

The liability or asset recognised in the balance sheet in respect of defined benefit gratuity plans is the present value of the defined benefit obligation at the
end of the reporting period less the fair value of plan assets. The Company’s liability is actuarially determined (using the Projected Unit Credit method) at
the end of each year. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates
of government bonds. Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are charged or credited
to equity in other comprehensive income in the period in which they arise.

j) Taxation

Income tax expense represents the sum of the tax payable and deferred tax.

Current Tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before tax as reported in the Statement of Profit and Loss
because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company’s current
tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred Tax

Deferred tax is recognised on temporary timing differences between the carrying amounts of assets and liabilities in the financial statements and the
corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits
will be available against which those deductible temporary differences can be utilised.

The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that
sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is
realised, based on the tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.

The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company
expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Deferred Tax Assets includes Minimum Alternate Tax (MAT) paid in accordance with the tax laws in India, which is likely to give future economic
benefits in the form ofavailability ofset offagainst future income tax liability. Accordingly, MAT is recognised as deferred tax asset in the balance sheet
when the asset can be measured reliably and it is probable that the future economic benefit associated with the asset will be realised.

Current and deferred tax for the year

Current and deferred tax are recognised in the Statement of Profit and Loss, except when they relate to items that are recognised in other
comprehensive income or directly in equity, in which case, the current and deferred tax are also recognised in other comprehensive income or directly
in equity respectively.

k) Revenue recognition

i) Commission on sale of products is recognised when the title goods are sold/transferred to third party by the Principal

ii) Interest income is recognized using effective interest method.

l) Leases

The Company determines whether an arrangement contains a lease by assessing whether the fulfilment ofa transaction is dependent on the use ofa specific
forming part of the standalone financial statements
The Company as lessee

The Company accounts for each lease component within the contract as a lease separately from non-lease components of the contract and allocates the
consideration in the contract to each lease component on the basis ofthe relative stand-alone price ofthe lease component and the aggregate stand-alone
price of the non-lease components. The Company recognises right of use asset representing its right to use the underlying asset for the lease term at the
lease commencement date. The cost of the right-of-use asset measured at inception comprises of the amount of initial measurement of the lease liability
adjusted for any lease payments made at or before the commencement date.

Certain lease arrangements include options to extend or terminate the lease before the end of the lease term. The right-of-use assets and lease liabilities
include these options when it is reasonably certain that such options would be exercised.

The right-of-use assets are subsequently measured at cost less any accumulated depreciation, accumulated impairment losses, if any, and adjusted for any
remeasurement ofthe lease liability. The right-of-use assets are depreciated using the straight-line method from the commencement date over the shorter of
lease term or useful life of right-of-use asset.

Right-of-use assets are tested for impairment whenever there is any indication that their carrying amounts may not be recoverable. Impairment loss, if any,
is recognised in the statement of profit and loss.

Lease liability is measured at the present value of the lease payments that are not paid at the commencement date of the lease. The lease payments are
discounted using the interest rate implicit in the lease, ifthat rate can be readily determined. Ifthat rate cannot be readily determined, the Company uses
incremental borrowing rate. The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability,
reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications.
The Company recognises the amount of the re-measurement of lease liability as an adjustment to the right-of-use asset. Where the carrying amount of the
right-of-use asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognises any remaining
amount of the remeasurement in the statement of profit and loss.

Variable lease payments not included in the measurement of the lease liabilities are expensed to the statement of profit and loss in the period in which the
events or conditions which trigger those payments occur.

Payment made towards leases for which non-cancellable term is 12 months or lesser (short-term leases) and low value leases are recognised in the
statement of Profit and Loss as rental expenses over the tenor of such leases.

31 The Company has not recognized deferred tax assets that relate to unused tax losses and unabsorbed depreciation, as it is not probable that future taxable profit
will be available with the Company that can utilize the benefits.

32 During the year ended March 31, 2025, the Company opted for settlement of outstanding income tax disputes under the “Direct Tax Vivad Se Vishwas
Scheme, 2024,” notified under the Income-tax Act, 1961. The disputes pertained to Assessment Years 2013-14 and 2017-18 involving aggregate demands of
Rs. 89.81 lakh (Rs. 4.58 lakh and Rs. 85.23 lakh respectively). Pursuant to the provisions of the Scheme, the Company paid a total of ?92.75 lakh towards full
and final settlement of the said demands.

In respect of AY 2013-14, the demand pertained to penalty proceedings of Rs. 4.58 lakh, for which the Company paid Rs. 1.14 lakh as per the Scheme (being
25% of the penalty amount). However, the Income Tax Department adjusted a total of Rs. 5.04 lakh against the demand through refund adjustments. As a
result, a refund of Rs. 3.90 lakh is determined as receivable by the Company for AY 2013-14.

For AY 2017-18, the Company discharged the demand of Rs. 91.61 lakh in full and complied with all procedural requirements under the Scheme. The final
settlement order from the Income Tax Department for this year is currently pending. Consequent to this, tax expense under the scheme amounting to Rs. 92.75
lakhs has been recorded as Tax Expense under the head "Current Tax".

In accordance with the principles laid down under Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets, the Company has derecognized the
contingent liabilities associated with these disputes, as the probability of any further outflow of economic resources in this regard is now considered remote.

38 Financial risk management objectives

The Company’s financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company’s financial assets comprise mainly of
investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors (‘Board’) oversee the management of these financial risks
through its Risk Management Committee. The Risk Management Policy of the Company formulated by the Risk Management Committee and approved by the
Board, states the Company’s approach to address uncertainties in its endeavor to achieve its stated and implicit objectives. It prescribes the roles and
responsibilities of the Company’s management, the structure for managing risks and the framework for risk management. The framework seeks to identify,
assess and mitigate financial risks in order to minimize potential adverse effects on the company’s financial performance.

i) Capital Management

The Company’s capital management objectives are:

The Board policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the
business. The Board of Directors monitors the return on capital employed.

The Company manages capital risk by maintaining sound/optimal capital structure through monitoring of financial ratios, such as debt-to-equity ratio and net
borrowings-to-equity ratio on a monthly basis and implements capital structure improvement plan when necessary.

The Company uses debt ratio as a capital management index and calculates the ratio as Net debt divided by total equity. Net debt and total equity are based on
the amounts stated in the financial statements.

ii) Credit Risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily
from financial assets such as trade receivables, investment in mutual funds, other balances with banks, loans and other receivables.

The Company’s exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread
amongst the counterparties.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was Rs. 210.45 Lakhs (Previous Year
Rs. 231.56 Lakhs) respectively, being the total of the carrying amount of balances of trade receivables, Loans and other financial assets.

Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date of financial statement whether a financial
asset or a group of financial assets is impaired. The Company recognizes lifetime expected losses for all contract assets and / or all trade receivables that do not
constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12 months expected credit losses
or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.

iii) Liquidity Risk

a) Liquidity risk management

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient
liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking
facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets
and liabilities.

39 DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES

The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies
Act, 1956 during the financial year.

40 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of charges or satisfaction with Registrar of Companies

(d) Relating to borrowed funds:

i. Wilful defaulter

ii. Utilisation of borrowed funds & share premium

iii. Borrowings obtained on the basis of security of current assets

iv. Discrepancy in utilisation of borrowings

v. Current maturity of long term borrowings

41 The Company has used accounting software for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the same
has operated throughout the year for all relevant transactions recorded in the software. Further, there are no instance of audit trail feature being tampered and
the audit trail has been preserved by the company as per the statutory requirements for record retention.

42 Previous year figures have been regrouped/recast, where ever necessary, to confirm with this year''s presentation.

43 The figures have been rounded off to nearest rupees in Lakhs

The accompanying notes form an integral part of the audited financial statements.

Khiwani Sood & Associates. C.M. Marwah Krishan Kant Anu Marwah

Chartered Accountants Managing Director Director Director

Firm Registration No. 040433N DIN: 00172818 DIN: 08727674 DIN: 00645865

Rajesh Kumar Khiwani Rajesh Arya Amrita Mittal

Partner Chief Financial Officer Company Secretary

M.no. 081792 PAN: ABZPA9348K Membership No. A-38823

Date - May 22, 2025
Place: New Delhi.

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Mar 31, 2024

a) Terms/rights attached to shares:

The Company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend, if any, proposed by the Board of Directors. The dividend proposed is subject to the approval of the shareholders in the ensuing Annual General Meeting.

In the event of liquidation of the Company, the holders 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 shareholder.

25 DUES TO MICRO, SMALL AND MEDIUM ENTERPRISES

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated August 26, 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum in accordance with the ‘Micro, Small and Medium Enterprises Development Act, 2006’ (‘the Act’).The Company has not received any information from suppliers of their being a Micro, Small and Medium Enterprises Unit under Micro, Small and Medium Enterprises Development Act, 2006.

26 In the opinion of the Board, all assets other than property, plant and equipment, have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

27 The company has been appointed as selling agent for sale of Figured Glass. The Board of the Company is exploring and evaluating various business opportunities. Accordingly, the accounts of the Company have been prepared on a going concern basis.

As required by Ind AS 19 actuarial valuation is done using Projected Unit Credit Method. Under this method, only benefits accrued till the date of valuation (i.e. based on service upto date of valuation) are to be considered for valuation. Present value of Defined Benefit Obligation is calculated by projecting salaries, exits due to death, resignation and other decrements, if any, and project the benefit till the time of retirement of each active member using assumed rates of salary escalation, mortality & employee turnover rates. The expected benefit payments are then discounted back from the future date of payment to the date of valuation using the assumed discount rate.

''Service Cost'' is calculated separately in respect of benefit accrued during the current period using the same method as described above. However, instead of all accrued benefits, benefit accrued over the current reporting period is considered.

30 The Company has not recognized deferred tax assets that relate to unused tax losses and unabsorbed depreciation, as it is not probable that future taxable profit will be available with the Company that can utilize the benefits.

31 The Securities and Exchange Board of India vide its Show cause Notice dated 24.08.2020 has alleged the Company and the Directors of the Company have caused “Misrepresentation and misuse of funds” and proposed action (SCN) under section 11(1), 11(4), 11(4A),11A, 11B(1) and 11B(2) read with section 15A(a), 15HA, and 15HB of SEBI Act, 1992 and Section 12A(1) of the Securities Contract Regulation Act, 1956 read with Section 23E and Section 23H of the Securities Contract Regulation Act, 1956.

SEBI vide order no. WTM/AB/IVD/ID19/14250/2021-22 dated 23.11.2021 closed the procedings and imposed a penalty of Rs. 15 Lakhs on the company and also has restrained the company from accessing the security market and dealing in securities for period of one year from date of order. The company had duly paid the said penalty and the restrictions on the company from accessing the security market were lifted wef 23-11-2022.

The management assessed that the fair values of short term financial assets and liabilities significantly approximate their carrying amounts largely due to the short - term maturities of these instruments. The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction among willing parties, other than in a forced or liquidation sale.

The Company maintains policies and procedures to value financial assets or financial liabilities using the best and most relevant data available. In addition, the Company internally reviews valuation, including independent price validation for certain instruments.

37 Financial risk management objectives

The Company’s financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company’s financial assets comprise mainly of investments, cash and cash equivalents, other balances with banks, loans, trade receivables and other receivables.

The Company is exposed to Market risk, Credit risk and Liquidity risk. The Board of Directors (‘Board’) oversee the management of these financial risks through its Risk Management Committee. The Risk Management Policy of the Company formulated by the Risk Management Committee and approved by the Board, states the Company’s approach to address uncertainties in its endeavor to achieve its stated and implicit objectives. It prescribes the roles and responsibilities of the Company’s management, the structure for managing risks and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the company’s financial performance.

i) Capital Management

The Company’s capital management objectives are:

The Board policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business. The Board of Directors monitors the return on capital employed.

The Company manages capital risk by maintaining sound/optimal capital structure through monitoring of financial ratios, such as debt-to-equity ratio and net borrowings-to-equity ratio on a monthly basis and implements capital structure improvement plan when necessary.

The Company uses debt ratio as a capital management index and calculates the ratio as Net debt divided by total equity. Net debt and total equity are based on the amounts stated in the financial statements.

ii) Credit Risk

Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Credit risk arises primarily from financial assets such as trade receivables, investment in mutual funds, other balances with banks, loans and other receivables.

The Company’s exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread amongst the counterparties.

Exposure to credit risk

The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit risk was Rs. 231.56 Lakhs (Previous Year Rs. 211.74 Lakhs) respectively, being the total of the carrying amount of balances of trade receivables, Loans and other financial assets.

Ind AS requires expected credit losses to be measured through a loss allowance. The Company assesses at each date of financial statement whether a financial asset or a group of financial assets is impaired. The Company recognizes lifetime expected losses for all contract assets and / or all trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to the 12 months expected credit losses or at an amount equal to the life time expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition.

iii) Liquidity Risk

a) Liquidity risk management

Liquidity risk refers to the risk that the Company cannot meet its financial obligations. The objective of liquidity risk management is to maintain sufficient liquidity and ensure that funds are available for use as per requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

b) Maturities of financial liabilities

The following tables detail the Company’s remaining contractual maturity for its financial liabilities with agreed repayment periods. The amount disclosed in the tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments:

iv) 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. Such changes in the values of financial instruments may result from changes in the foreign currency exchange rates, interest rates, credit, liquidity and other market changes. The Company’s exposure to market risk is primarily on account of foreign currency exchange rate risk.

38 DISCLOSURE OF TRANSACTIONS WITH STRUCK OFF COMPANIES

The Company did not have any material transactions with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the financial year.

39 No transactions to report against the following disclosure requirements as notified by MCA pursuant to amended Schedule III:

(a) Crypto Currency or Virtual Currency

(b) Benami Property held under Prohibition of Benami Property Transactions Act, 1988 and rules made thereunder

(c) Registration of charges or satisfaction with Registrar of Companies

(d) Relating to borrowed funds:

i. Wilful defaulter

ii. Utilisation of borrowed funds & share premium

iii. Borrowings obtained on the basis of security of current assets

iv. Discrepancy in utilisation of borrowings

v. Current maturity of long term borrowings

40 The Company has used an accounting software for maintaining its books of account for the financial year ended March 31, 2024 which has a feature of recording audit trail (edit log) facility and the same has been operating for all relevant transactions recorded in the software from April 04, 2023. Although, the accounting software has inherent limitation, there were no instances of the audit trail feature been tempered.

41 Previous year figures have been regrouped/recast, where ever necessary, to confirm with this year''s presentation.

42 The figures have been rounded off to nearest rupees in Lakhs

The accompanying notes form an integral part of the audited financial statements.

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Mar 31, 2014

1. RELATED PARTY DISCLOSURES

Pursuant to Accounting Standards (AS18) –"Related Party Disclosure" issued by Institute of Chartered Accountants of India, following parties are to be treated as related parties along with their relationships:

1. Name of related parties and description of relationship :

a) Key Management Personnel:

Mr. C. M. Marwah Managing Director

Mr. Samir Katyal Director

b) Related parties where control exists:

J. P. Overseas (P) Limited Enterprises owned or significantly influenced by Key Management

Personnel or their relatives.

Note:- Related parties relationship is as identified by the management.

2. ADDITIONAL INFORMATION TO THE FINANCIAL STATEMENT



March 31, 2014 March 31, 2013 Rs.in ''000 Rs.in ''000

2.1 Contingent liabilities and commitments (to the extent not provided for)

(i) Contingent liabilities

(a) Tax matter under disputes/appeal 2384 2383

(b) Excise matter under disputes/appeals 0 2476

(c) PF matter under disputes/appeals 4667 0

(ii) Commitments

(a) Estimated amount of contracts remaining to be executed on capital account 0 0

3. EMPLOYEE BENEFITS (AS - 15 REVISED)

There is no employees who is covered under Retirement Benefits at the end of the year, and the Directors have been waived their rights to receive Retirement benefits as on March 31, 2014 and therefore, no provision for Retirement benefits is required to be made in books of the account of the Company.

4. In the opinion of the management, the current assets, loans and advances, if realized in the ordinary course of business would yield a sum at least equal to that stated in the Balance Sheet and provision for all known liabilities are adequate.

5. Balances with various customers, suppliers, creditors and advances recoverable as per books are subject to confirmation/ reconcilation and consequential adjustments.

6. Other income includes Rs. 9.65 lacs towards profit on sale of fixed assets, Rs. 30.26 lacs towards sale of scrap and Rs. 24.01 lacs towards sundry balances written back.

7. Rates and taxes includes Rs. 62.19 lacs paid during the year on account of interest and other related charges on sales tax assessment relating to financial years 2008-09, 2009-10 and 2010-11.

8. During the year a Notice of Demand from the Employees'' Provident Fund Organization relating to arrears of Provident Fund contribution from February, 2006 to July, 2010 of Rs. 46.67 Lacs (out of which Rs. 32.88 lacs is towards damages and Rs. 13.79 lacs is towards interest charges) against which appeal has been filled with Employees Provident Fund Appellate Tribunal challenging the validity and correctness of the order. On Company''s appeal, Employees Provident Fund Appellate Tribunal has stayed the order with the condition to deposit Rs. 11.50 lacs within May 4, 2014. The Company does not consider itself liable on its accounts and accordingly, no libility have been provided in books of account of Company. As the ultimate outcome of this matter cannot presently be determined and provision for liability, if any, cannot be estimated at this stage.

9. The Company has challenged the constitutional validity of entry tax lavied in April 2010 in the state of Himachal Pradesh and a writ petition filled by the Company is pending before the hon''able High Court of Himachal Pradesh at Shimla, the Company dose not consider itself liable and accordingly, no liability has been provided in the books of account of the Company.

10. The Company closed it''s glass manufacturing unit on December 25, 2012 with the permission of Labour Commissioner, Government of Himachal Pradesh and since paid legal dues to all its employees, including Settlement Awards directed to be paid by 15.04.2013 in term of directions of Labour-Cum-Conciliation Office, Baddi Himachal Pradesh dated December 28, 2012.

11. During the year ended March 31, 2014, the Company has incurred a loss of Rs. 34,88,205 and has accumulated loss of Rs. 15,82,79,996 as against Share Capital and Reserves of Rs. 10,00,00,000. Considering the Company''s nature of business, its future business plan to utilise its available dealer network to undertake and develop trading operations in products related to its line of business and the commitment of its Promoter Group to provide financial and operational support for its operations in the for seeable future, the management has prepared these financial statements as a going concern.

12. a. In absence of taxable income during the year, no provision for current Income tax has been made.

b. In accordance with the Accounting Standard - 22(AS-22) & Accounting Standard Interpretation (ASI)-3 regarding "Accounting for Taxes on Income", issued by The Institute of Chartered Accountants of India, the Deferred Tax Assets/Liabilities have not been accounted for in view of clouser of Company''s manufacturing unit.

13. a. The Company could not be strictly regular in depositing its statutory dues due to financial constraints. The overdue outstanding as on March 31, 2014 were in respect of Service Tax Rs. 27,99,758/-, Barrier Tax Rs. 10,36,036/-, ESI Rs. 10,30,064/-, VAT/CST Rs. 82,32,130/- and Mandi Tax Rs. 1,87,606/-.

b. No provision for interest and other levies, if any, on overdue statutory payments has been made, as the same will be accounted for as and when paid/settled.

14. Previous year figures have been regrouped/recast, where ever necessary, to confirm with this year''s presentation.

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Mar 31, 2013

1 GENERAL INFORMATION

Jai Mata Glass Limited was a manufacturer of pattern glass and the manufacturing unit was located at Barotiwala, Himachal Pradesh.

1.1 In the opinion of the Management, the value on realization of current assets, loans and advances in the ordinary course of business would be at least equal to the amount at which they are stated in the balance sheet and provision for all known liabilities are adequate.

1.2 Balance with various customers, suppliers, creditors and advances recoverable as per books are subject to confirmation/reconciliation and consequential adjustments.

1.3 Unsecured loans from others are due to a former director of the Company.

1.4 The certain Building, Plant & Machinery have been discarded from active use w.e.f. close of 28"'' Feb, 2013 and their written down value have been accounted for as per books as the valuation assessed by a Valuer as on 28.2.2013 in respect of Discarded/Scrap Building for Rs.195.00 lacs against the book value for Rs.191.14 lacs and Discarded/ Scrap Plant & Machinery for Rs. 230.00 lacs against the book value for Rs.229.21 lacs which are more than the written down value and. In view of this the W.D.V has been taken in the books of accounts. The depreciation has been accounted for up to February 28, 2013. The shareholders of the Company at an Extra Ordinary General Meeting held on 7th May, 2013 approved sale of discarded / scrape Building and Plant & Machinery.

1.5 Exceptional Items For Rs.60.29 lacs represent in decline in value of Inventories as at March 31, 2013, which comprises Finished goods, Raw Materials, Packing Materials, Fuel and Stores, and accounted as per assessment of a Value.

1.6 Other Income includes Profit on sale of Fixed Assets of Rs. 68.54 Lacs in respect of sale of Plant & Machinery.

1.7 That the Inventories of Rs 65.80 lacs have sold to a party for Rs. 70.00 lacs as per agreement/confirmation on 12.4.2013 and the profit on sale of Inventories will be accounted for during next financial year.

1.8 The Company has challenged the constitutional validity of entry tax levied in April 2010 in the state of Himachal Pradesh and a writ petition filled by the Company is pending before the hon''ble High Court of Himachal Pradesh at Shimla, the Company does not consider itself liable on this account and according, no liability has been provided in books of account of Company.

1.9 The Company has also entered a .Memorandum of Understanding on 11.5.2013 with M/s Maruti Agriculture, a Partnership firm in respect of sale of discarded/ scrap Building and discarded/scrap Plant & Machinery at barotiwala (H.P) Unit ( except land, boundary wall office cum temple building etc.) for Rs.430 on the following terms and conditions:-

a) That the Purchaser will dismantle/ remove / lift the entire asset at his own cost on or after 12" May, 2013 or mutually agreed by both the parties from times to time.

b) That the Purchaser will born the liabilities towards the sale -tax except excise duty, if payable, by the Company.

c) That the Company will raise the bill in respect of all assets directly to the purchaser or other parties as directed by the purchaser at the time of removal of the material from the factory premises. Till that time the ownership will always remain with the company.

d) That necessary adjustment in the accounts will be carried out as & when the assets are sold during the financial year

1.10 The Company closed its glass manufacturing unit on December 25, 2012 with the permission of Labour Commissioner, Government of Himachal Pradesh and since paid legal dues to all its employees, including Settlement Awards directed to be paid by 15.4.2013 in terms of directions of Labour-Cum-Conciliation Office, Baddi Himachal Pradesh dated December 28, 2012. The aforesaid cost for Rs. 133.60 lacs was duly accounted as Extraordinary Item.

1.11 The net worth has been eroded due to the losses incurred including in earlier year and during this financial year the manufacturing unit closed. In view of the same, the Company is no more a going concern and the accounts have been prepared accordingly.

b) There is no employee who is covered under Retirement Benefits at the end of the year, and the Directors have been waived their rights to receive Retirement benefits as on March 31, 2013,and therefore, no provision for Retirement Benefits is required to be made in books of the accounts of the Company.

1.12 RELATED PARTY DISCLOSURES:

1. Relationships:

a) Other related parties where control exists:

J.P. Overseas (P) Limited,

b) Key Management Personnel:

Mr. C.M. Marwah (Managing Director) Mr. Samir Katyal (Whole Time Director)

1.13 a) In the absence of taxable income during the year, no provision for current Income tax has been made.

b) In accordance with the Accounting Standard-22 (AS-22) & Accounting Standard Interpretation (ASI)-3 regarding "Accounting for Taxes on Income", issued by The Institute of Chartered Accountants of India, the Deferred Tax Assets/Liabilities have not been accounted for in view of clouser of Company''s manufacturing unit.

1.14 a) The Company could not be strictly regular in depositing its statutory dues due to financial constraints. The overdue outstanding as on March 31, 2013 were in respect of Service Tax Rs.39,49,848/-, Barrier Tax Rs.10,36,036/-, ESI Rs.10,30,064/-, VAT/CST Rs.1,77,49,196/-, Income-Tax Rs.64,490/-.(since deposited Rs.64,490/-) and Mandi Tax Rs, 1,87,606/-.

b) No provision for interest and other levies, if any, on overdue statutory payments has been made, as the same will be accounted for as and when paid/settled.

1.15 Figures for the Previous year have been regrouped/rearranged wherever necessary.

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Mar 31, 2012

1 GENERAL INFORMATION

Jai Mata Glass Limited is a manufacturer of pattern glass and the manufacturing unit is located at Barotiwala, Himachal Pradesh.

1.1 In the opinion of the Management, the value on realization of current assets, loans and advances in the ordinary course of business would be atleast equal to the amount at which they are stated in the balance sheet and provision for all known liabilities are adequate

1.2 Balance with various customers, suppliers, creditors and advances recoverable as per books are subject to confirmation/reconciliation and consequential adjustments.

Unsecured loans from others are due to a former director of the company.

1.3 Employee benefitsfAS-15 revised):

The principal assumptions used in actuarial valuation are as below:

Discount rate 8.5%

Expected rate of increase in compensation levels 6.0%

1.4 RELATED PART DISCLOSURES

1. Relationships:

a) Other related parties where control exists:

J.P. Overseas (P) Limited,

Integraed Capital Services Limeted.

b) Key Management Personnel:

Mr. C.M. Marwah (Managing Director)

Mr. Samir Katyal (Whole Time Director)

2. Transactions carried out with related parties referred in 1 above in ordinary course of business:

1.5 a) In the absence of taxable income during the year and in view of exemption under section 80IC, no provision for current Income tax has been made,

b) In accordance with the Accounting Standard-22 (AS-22) & Accounting Standard Interpretation (ASI)-3 regarding "Accounting for Taxes on Income", issued by The Institute of Chartered Accountants of India, the Deferred Tax Assets/Liabilities have not been accounted for in view of tax holiday exemption available under section 80IC of the Income Tax Act, 1961.

1.6 a) The Company could not be strictly regular in depositing its statutory dues due to financial constraints. The overdue outstanding as on March 31,2012 were in respect of Service Tax Rs.37,03,668, Provident Fund Rs. 31,810,696 (since deposited Rs. 5,37,778), Barrier Tax Rs. 10,36,036/-, ESI Rs. 8,67,689 (since deposited Rs. 8,64,163), VAT/CST Rs. 1,60,73,143, Income- TaxRs. 17, 273 (sincedepositedRs. 17, 273)andMandiTax Rs. 1,87,606.

b) No provision for interest and other levies, if any, on overdue statutory payments has been made, as the same will be accounted for as and when paid/settled.

1.7 The Company has challenged the constitutional validity of entry tax levied in April 2010 in the state of Himachal Pradesh and a writ petition filled by the Company is pending before the hon'ble High Court of Himachal Pradesh at Shimla, the Company does not consider itself liable on this account and according, no liability has been provided in books of account of Company.

1.8 Figures for the Previous year have been regrouped/rearranged wherever necessary.

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Mar 31, 2010

2009-2010 2008-2009

Rs. Rs.

1. Contingent Liabilities not provided for:

a) Tax matters under disputes/ appeal. 24,48,590 24,48,590

b) Excise matters under disputes/ appeal. 24,75,737 24,75,737

c) Claims against the Company not acknowledged as debts (to the extent ascertainable). 23,10,303 37,89,662



2. In the opinion of the Management, the value on realization of current assets, loans and advances in the ordinary course of business would be at least equal to the amount at which they are stated in the Balance Sheet and provision for all known liabilities are adequate.

3. Balance with various customers, suppliers, creditors, advances recoverable, loans and a bank taken as per books are subject to confirmation/reconciliation and consequential adjustments.

4. Unsecured loan from others are due to a former director of the Company.

5. Provision for gratuity and earned leave has been ascertained by the Actuary as per the guidelines issued the Actuarial Society of India.

6. The Company has not received any information from suppliers or service providers, whether they are covered under the "Micro, Small and Medium Enterprises (Development) Act, 2006". Therefore, it is not possible to give the information required under the Act.

7. (a) The agreement between the Company & Growmore Properties Private Limited, has since been rescinded by Growmore Properties Private Limited for not taking over certain land, building and plant & machinery of Unit-Ill. Pursuant to the same, as per the decisions taken by the Company in its Assets Sales Committee meeting dated January 14, 2010 in concurrence with GPPL and approved by board , the sum of Rs.213 Lac advanced by GPPL stands forfeited & shown as Exceptional Items.

(b) In accordance with Accounting Standard (AS)-28 issued by The Institute of Chartered Accountants of India titled "Impairment of Assets", the Company has assessed the applicability of the aforesaid Standard as on Balance Sheet date, with respect to indications, if any, in regard to the impairment in value of assets. Based on such aforesaid assessment, discarded plant & machinery of Rs. 111.34 lacs now revalued as on March 31, 2010 by an approved valuer for Rs.15.02 lacs has resulted in writing off Rs 96.32 lacs; the amount is included as part of income comprised in Exceptional items.

8. Related parties disclosures :

1. Relationships:

a) Other related parties where control exists :

J.P. Overseas (P) Ltd. Integrated Capital Services Ltd.

b) Key Management Personnel:

Mr. C. M. Marwah (Managing Director)

Mr. Samir Katyal (Whole Time Director)

9. A sum of Rs. 70 lacs was paid to IDBI during the financial year 2009-10 as advance for Redemption of 70,000 Cumulative Optionally Redeemable Convertible Preference Shares (CORCPS) of Rs.100 each aggregating Rs.70 lacs. During April 2010 CORCPS of a value of Rs.35 lacs have been redeemed and the balance of Rs. 35 lacs will be redeemed at the earlier of approval of the Honble BIFR in terms of the sanctioned Draft Rehabilitation Scheme under consideration by the Honble BIFR or March 31 2011.

10. The secured debt of the Company from IDBI has been settled on One Time Settlement (OTS) basis. IDBI has waived dividend on the above Cumulative Optionally Redeemable Convertible Preference Shares (CORCPS) and Rs. 3,96,921/- payable towards interest to IDBI as per the OTS has been discharged in full and No Dues certificate obtained from IDBI and Satisfaction of the same has been registered with ROC. The payment of above interest paid has been accounted in the books of accounts for the year ended March 31, 2010.

11. a) In the absence of taxable income during the year and in view of exemption under section 80I C, no provision for current Income tax has been made.

b) In accordance with the Accounting Standard-22 (AS-22) & Accounting Standard Interpretation (ASI)3 regarding "Accounting for Taxes on Income", issued by The Institute of Chartered Accountants of India, the Deferred Tax Assets/Liabilities have not been accounted for in view of tax holiday exemption available under section 80IC of the Income Tax Act, 1961.

12. The secured debt of the Company in the nature of Working Capital borrowing from State Bank Of India has been settled on One Time Settlement (OTS) basis. As of date, the amount payable to SBI as per the OTS has been discharged in full and No Dues Certificate obtained from State Bank of India and Satisfaction of the same has been registered with ROC. The interest paid to SBI as per OTS has been accounted in the books of accounts for the year ended March 31, 2010.

13. As per order of Honble BIFR & in view of various reliefs & concessions allowed to the Company by all stakeholders and the commitments to provide fresh finances to the Company, and the continuing efforts of the Company to improve the operational efficiency of rolled, figured & wired glass manufacturing plant, the Company will be able to make its net worth exceed the accumulated losses in the foreseeable future, and accordingly, the accounts of the Company have been prepared on going concern basis.

14. a) The Company could not be strictly regular in depositing its statutory dues due to financial constraints. The overdue outstanding as on March 31, 2010 were in respect of Provident Fund Rs.81,84,582/-(since paid Rs.32,84,029/-), Service Tax Rs.19,68,677/-, Barrier Tax Rs. 10,36,036/-, ESI Rs.1,35,818/- (since paid Rs. 1,35,818/-), Central & State Sales Tax Rs.78,21,455,/-, Mandi Tax Rs. 1,87,606/-, Income-tax(TDS) Rs.2,33,028/- (since paid Rs. 2,33,028/-).

b) No provision for interest and other levies, if any, on overdue statutory payments has been made, as the same will be accounted for as and when paid/settled.

15. A Civil Writ Petition filed by the Company in May, 2010 under Article 226 of the Constitution of India for implementation the Rehabilitation Scheme dated April 10, 2006 sanctioned by the Honble BIFR seeking direction to the H. P. Govt., H. P. S. E. B. and Others to implement the aforesaid scheme was admitted and stay granted from recovery of the taxes and levies subject matter of the aforesaid petition. The Company does not consider itself liable for the taxes and levies collection whereof has been stayed and if required, will account to the same in the year of final order in the matter.

16. Additional information under Part-ll of Schedule VI of the Companies Act, 1956, as certified by the Management.

17. Figures for the Previous year have been regrouped/ rearranged wherever necessary.