Notes to Accounts of Ladderup Finance Ltd.

Mar 31, 2025

xv Provisions, contingent liabilities and contingent assets

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of past events and it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, in respect of
which a reliable estimate can be made of the amount of obligation. Provisions (excluding gratuity and compensated absences)
are determined based on management''s estimate required to settle the obligation at the Balance Sheet date. In case the
time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the
liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost.
These are reviewed at each Balance Sheet date and adjusted to reflect the current management estimates.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose existence would be
confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of
the Company. A contingent liability also arises, in rare cases, where a liability cannot be recognized because it cannot be
measured reliably.

Contingent assets are disclosed in the financial statements.

xvi Borrowing costs

Borrowing costs consist of interest and other ancillary costs that an entity incurs in connection with the borrowing of funds.
Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

All borrowing costs are charged to the Statement of Profit and Loss except:

a) Borrowing costs directly attributable to the acquisition or construction of assets that necessarily takes a substantial
period of time to get ready for its intended use are capitalised as part of the cost of such assets.

b) Expenses incurred on raising long term borrowings are amortised using effective interest rate method over the period
of borrowings.

Investment Income earned on the temporary investment of funds of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.

xvii Income

(i) Interest income

The Company recognises interest income using Effective Interest Rate (EIR) on all financial assets subsequently
measured at amortised cost or fair value through other comprehensive income (FVOCI). EIR is calculated by
considering all costs and incomes attributable to acquisition of a financial asset or assumption of a financial liability
and it represents a rate that exactly discounts estimated future cash payments/receipts through the expected life of
the financial asset/financial liability to the gross carrying amount of a financial asset or to the amortised cost of a
financial liability.

The Company recognises interest income by applying the EIR to the gross carrying amount of financial assets other
than credit-impaired assets. In case of credit-impaired financial assets regarded as ''stage 3'', the Company recognises
interest income on the amortised cost net of impairment loss of the financial asset at EIR. If the financial asset is no
longer credit-impaired, the Company reverts to calculating interest income on a gross basis.

Delayed payment interest (penal interest) levied on customers for delay in repayments/non payment of contractual
cash flows is recognised on realisation.

Interest on financial assets subsequently measured at fair value through profit or loss (FVTPL) is recognised at the
contractual rate of interest.

(ii) Dividend income

Dividend income on equity shares is recognised when the Company''s right to receive the payment is established,
which is generally when shareholders approve the dividend.

(iii) Rental income

Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line basis over
the lease term unless the receipts are structured to increase in line with expected general inflation to compensate
for the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on
their nature.

(iv) Other revenue from operations

The Company recognises revenue from contracts with customers (other than financial assets to which Ind AS 109
''Financial Instruments'' is applicable) based on a comprehensive assessment model as set out in Ind AS 115 ''Revenue
from contracts with customers''. The Company identifies contract(s) with a customer and its performance obligations
under the contract, determines the transaction price and its allocation to the performance obligations in the contract
and recognises revenue only on satisfactory completion of performance obligations. Revenue is measured at fair value
of the consideration received or receivable.

(a) Fees and commission

The Company recognises service and administration charges towards rendering of additional services to its
loan customers on satisfactory completion of service delivery.

Fees on value added services and products are recognised on rendering of services and products to the
customer.

Distribution income is earned by selling of services and products of other entities under distribution
arrangements. The income so earned is recognised on successful sales on behalf of other entities subject to
there being no significant uncertainty of its recovery.

Foreclosure charges are collected from loan customers for early payment/closure of loan and are recognised
on realisation.

(b) Net gain on fair value changes

Financial assets are subsequently measured at fair value through profit or loss (FVTPL) or fair value through
other comprehensive income (FVOCI), as applicable. The Company recognises gains/losses on fair value change
of financial assets measured as FVTPL and realised gains/losses on derecognition of financial asset measured
at FVTPL and FVOCI.

(c) Recoveries of financial assets written off

The Company recognises income on recoveries of financial assets written off on realisation or when the right
to receive the same without any uncertainties of recovery is established.

(v) Taxes

Incomes are recognised net of the Goods and Services Tax, wherever applicable.

xviii Expenditures

(i) Finance costs

Borrowing costs on financial liabilities are recognised using the EIR.

(ii) Fees and commission expenses

Fees and commission expenses which are not directly linked to the sourcing of financial assets, such as commission/
incentive incurred on value added services and products distribution, recovery charges and fees payable for
management of portfolio etc., are recognised in the Statement of Profit and Loss on an accrual basis.

(iii) Taxes

Expenses are recognised net of the Goods and Services Tax, except where credit for the input tax is not statutorily
permitted.

xix Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision
Maker ("CODM"). The Company''s operating businesses are organized and managed separately according to the nature of
services provided, with each segment representing a strategic business unit that offers different markets. The Company
has identified three business segments - Investment & Trading in Shares & Securities, Finance activities & Unallocable.
Unallocable item include income, expenses, assets and liabilities which are not allowed to any reportable business segement.
The segment revenues, results, assets and liabilities include the respective amounts identifiable to each of the segment and
amounts allocated on a reasonable basis. Accordingly, these financial statements are reflective of the information required
by the Ind AS 108 "Operating segments".

xx Provision for standard assets and non-performing assets

The Company makes provision for standard assets and non-performing assets as per Non-Banking Financial Company -
Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. Provision
for standard assets in excess of the prudential norms, as estimated by the management, is categorised under Provision for
Standard Assets, as General provisions and/or as Gold Price Fluctuation Risk provisions.

xxi Recent accounting pronouncements:

Ministry of Corporate Affairs (“MCA") notifies new standards or amendments to the existing standards under Companies
(Indian Accounting Standards) Rules as issued from time to time. On 12th August, 2024 and 09th September, 2024, MCA
issued the Companies (Indian Accounting Standards) Amendment Rules, 2024 and Companies (Indian Accounting Standards)
Second Amendment Rules, 2024 introducing following changes:

Ind AS 117 - Insurance Contracts:

Insurance Contracts was introduced and Ind AS 104: Insurance Contracts was withdrawn. This was accompanied with
consequent amendments in other standards.

Ind AS 116 - Leases:

The amendments clarify accounting treatment for a seller-lessee involved in sale and leaseback transactions, and introduced
some related illustrative examples.

The Company has reviewed the new pronouncements and based on its evaluation has determined that it does not have any
significant impact in its financial statements.

Nature and purpose of reserves:

Capital reserve

The company recognises profit and loss on purchase, sale, issue or cancellation of the its own equity instruments to capital
reserve.

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision
of the Companies Act, 2013.

General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general
reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items
included in the general reserve will not be reclassified subsequently to the statement of profit and loss.

Statutory reserve

No amount is transferred to statutory reserve fund pursuant to sec 45-IC of the Reserve Bank of India Act, 1934, as company has
incurred loss during the current year.

Retained earnings

Retained earnings are the profits that the Company has earned till date, less any transfers to general reserve, reserve fund in term of
section 45-IC of the Reserve Bank of India Act 1934, any payment of dividends or other distributions paid to shareholders. Retained
earnings is a free reserve available to the Company.

Fair value of equity instruments through OCI

The Company has elected to recognise changes in the fair value of certain investments in equity instruments and other equity
oriented instruments in other comprehensive income and classified under other equity. The Company transfers amounts from this
reserve to retained earnings when the relevant equity securities are derecognised.

Note 32 : Disclosure relating to employee benefits as per Ind AS 19 ''Employee Benefits''

Defined benefit obligation
Gratuity

The company provides for the gratuity, a defined benefit retirement plan covering qualifying employees . The plan provides for lump
sum payments to employees upon death while in employment or on separation from employment after serving for the stipulated
period mentioned under The payment of gratuity Act, 1972.

The present value of obligation is determined based on actuarial valuation using the projected unit credit method, which recognizes
each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build
up the final obligation.

Note 36: Segment Reporting

The Company is primarily engaged in the business of financing. All the activities of the company revolve around the main business.
Further, the company does not have any separate geographic segments other than India.

During the year ending 31 March 2025, for management purposes, the company has been organised into two operating segments
based on products and services.

In computing the segment information, certain estimates and assumptions have been made by the management, which have been
relied upon.

The Chief Operating Decision Maker (CODM) monitors the operating results of its business units separately for making decisions
about resource allocation and performance assessment. Segment performance is evaluated based on operating profits or losses
and is measured consistently with operating profits or losses in the financial statements. However, income taxes are managed on
a entity as whole basis and are not allocated to operating segments.

Note 38 : Financial risk management framework

In the course of its business, the company is exposed to certain financial risks namely credit risk, interest risk, currency risk &
liquidity risk. The company''s primary focus is to achieve better predictability of financial markets and seek to minimize potential
adverse effects on its financial performance.

The financial risks are managed in accordance with the company''s risk management policy which has been approved by its board
of directors

Market risk

Market risk is the risk that the fair value of future cash flow of financial instruments will fluctuate due to changes in the market
variables such as interest rates, foreign exchange rates and equity prices. The company do not have any exposure to foreign
exchange rate.

Interest rate risk

The company uses a mix of cash and borrowings to manage the liquidity & fund requirements of its day-to-day operations. Further,
certain interest bearing liabilities carry variable interest rates.

The interest rate profile of the company''s interest-bearing financial instruments as reported to the management of the company
is as follows:

Currency risk:

Currently company does not have transaction in foreign currencies and hence the company is not exposed to currency risk.

Price risk:

The Company is exposed to equity price risk arising from investments held by the company and classified in the balance sheet either
as fair value through OCI or at fair value through profit or loss. To manage its price risk arising from investment in equity securities,
the company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the company. The
majority of the company''s equity investments are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE)
in India.

Profit for the period would increase/decrease as a result of gains/losses on exchange traded funds equity securities classified as
fair value through profit or loss, if any. Other components of equity would increase/decrease as a result of gain/losses on equity
securities classified as fair value through other comprehensive income.

Credit risk

Credit risk is the risk of financial loss arising out of a customer or counterparty failing to meet their repayment obligations to the
company. The company assesses the credit quality of all financial instruments that are subject to credit risk.

Classification of financial assets under various stages :

"The company classifies its financial assets in three stages having the following characteristics:

Stage 1: unimpaired and without significant increase in credit risk since initial recognition on which a 12 month allowance for ECL
is recognised;

Stage 2: a significant increase in credit risk since initial recognition on which a lifetime ECL is recognised;

Stage 3: objective evidence of impairment, and are therefore considered to be in default or otherwise credit impaired on which a
lifetime ECL is recognised."

Financial instruments were not subjected to simplified ECL approach under Ind AS 109 ''Financial Instruments'' and accordingly were
not subject to sensitivity of future economic conditions.

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 management 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.

Note 38 : Financial risk management framework (continued)

"The company measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The
fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the company. The fair value of an asset or a liability is
measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market
participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits
by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest
and best use."

The company has not disclosed the fair values for financial instruments for other financial assets, loans, trade receivables, cash and
cash equivalents, bank balances other than cash & cash equivalents, Trade payables, borrowings and financial liabilities because
their carrying amounts are reasonable approximation of their fair values.

(ii) Fair value hierarchy

"Fair value hierarchy explains the judgement and estimates made in determining the fair values of the financial instruments
that are -

a) recognized and measured at fair value

b) measured at amortized cost and for which fair values are disclosed in the financial statements."

To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its
financial instruments into the three levels prescribed under the accounting standard.

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly
(i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

The company''s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can
continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce
the cost of capital.

The capital structure of the company is based on management''s judgement of the appropriate balance of key elements in order to
meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure

“Owned fund" means paid up equity capital, preference shares which are compulsorily convertible into equity, free reserves, balance
in share premium account and capital reserves representing surplus arising out of sale proceeds of asset, excluding reserves created
by revaluation of asset, as reduced by accumulated loss balance, book value of intangible assets and deferred revenue expenditure,
if any.

“Outside liabilities" means total liabilities as appearing on the liabilities side of the balance sheet excluding ''paid up capital'' and
''reserves and surplus'', instruments compulsorily convertible into equity shares within a period not exceeding 10 years from the
date of issue but including all forms of debt and obligations having the characteristics of debt, whether created by issue of hybrid
instruments or otherwise, and value of guarantees issued, whether appearing on the balance sheet or not.

1. Capital ratio = adjusted net worth/risk weighted assets, calculated as per applicable RBI guidelines.

2. The company is registered under the Reserve Bank of India Act, 1934 as systematically important non-deposit accepting,
hence these ratios are generally not applicable.

b. Relation with struck off Companies

(i) Company does not have any transactions with companies struck off under section 248 of the Companies Act, 2013
or section 560 of Companies Act, 1956.

c. Other information:

(i) Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding Benami Property under the
Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder.

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any
government authority.

(iii) Registration of charges or satisfaction with Registrar of Companies (ROC)

The Company has no satisfaction of charges which are pending to be filed with ROC

(iv) Compliance with number of layers of companies

The Company is in compliance with respect to layers of companies.

(v) Compliance with approved scheme(s) of arrangements

The Comapny has not entered into any scheme of arrangement which has an accounting impact on current or previous
financial year.

(vi) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments
under the Income Tax Act, 1961, that has not been recorded in the books of account of Company.

(vii) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.

(viii) Title deeds of immovable properties not held in name of the company

All the title deeds of immovable properties are held in the name of company.

(ix) Capital work in progress (CWIP) and Intangible asset:

The Company does not have any Intangible asset under development or Capital work in Progress

Note 43 : Corporate social responsibility

As per Section 135 of the companies Act 2013, Company, meeting the applicability threshold, needs to spend at least 2% of
its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities.
The CSR activities of the company is generally carried out through charitable organisations, where funds are allocated by the
Company. These organisations carry out the CSR activities as specified in the schedule VII of the companies Act, 2013 on behalf
of the Company.

Note 44 : The Company has not advanced or loaned or invested (either from borrowed funds or share premium or any other sources
or kind of funds) to or in 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 or entities
identified in any 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.

Further, the Company has not received any funds from any person or entity, including foreign entities (“Funding Parties"), with the
understanding, whether recorded in writing or otherwise, that the 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 any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

1.4 Intra group Exposures:

The Company has investment in group companies as disclosed in Note 5 of the notes to financial statements as at March
31, 2025 and March 31, 2024.

1.5 Unhedged foreign currency exposure: Nil

2 Related Party Disclosure: Refer Note 35

3 Disclosure of Complaints:

There are no complaints received by the Company from customers and from the Offices of Ombudsman during the year
ended March 31, 2025 and March 31, 2024.

Note 47 : The Code on Social Security, 2020 (Code) relating to employee benefits during employment and post- employment benefits
has received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on
which the Code comes into effect has not been notified. The Company will assess the impact of the Code when it comes into effect
and will record any related impact in the period of the Code becomes effective.

Note 48 : Other additional information''s as per Schedule III part II is either nil or not applicable to the company.

Note 49 : As on 31 March 2025 and 31 March 2024, the Company did not have any long term contracts including derivative

contracts for which there were any material foreseeable losses.

Note 50 : For the year ended 31 March 2025 and 31 March 2024, the Company is not required to transfer any amount to the
investor Education & protection fund as required under section 125 of Companies Act 2013.

Note 51 : The Company Secretary appointed by the Company has resigned prior to the board meeting. Hence the financial statement
could not be signed by the Company Secretary.

Note 52 : The standalone financial statements were approved by the Audit Committee and Board of Directors on 30 May 2025.

Note 53 : Previous year''s figures have been regrouped where necessary to confirm to this year''s classification.

For and on behalf of the Board of Directors

Sd/- Sd/-

Sunil Goyal Manoj Singrodia

Managing Director Director

DIN : 00503570 DIN : 01501529

Sd/-

Suresh Kumawat

Chief Financial Officer

Place : Mumbai
Date : May 30, 2025

---

Mar 31, 2024

xv Provisions, contingent liabilities and contingent assets

A provision is recognized when the Company has a present obligation (legal or constructive) as a result of past events and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, in respect of which a reliable estimate can be made of the amount of obligation. Provisions (excluding gratuity and compensated absences) are determined based on management''s estimate required to settle the obligation at the Balance Sheet date. In case the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognized as a finance cost. These are reviewed at each Balance Sheet date and adjusted to reflect the current management estimates.

Contingent liabilities are disclosed in respect of possible obligations that arise from past events, whose existence would be confirmed by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the Company. A contingent liability also arises, in rare cases, where a liability cannot be recognized because it cannot be measured reliably.

Contingent assets are disclosed in the financial statements.

xvi Borrowing costs

"Borrowing costs consist of interest and other ancillary costs that an entity incurs in connection with the borrowing of funds. Borrowing costs also include exchange differences to the extent regarded as an adjustment to the borrowing costs.

All borrowing costs are charged to the Statement of Profit and Loss except:

a) Borrowing costs directly attributable to the acquisition or construction of assets that necessarily takes a substantial period of time to get ready for its intended use are capitalised as part of the cost of such assets.

b) Expenses incurred on raising long term borrowings are amortised using effective interest rate method over the period of borrowings.

Investment Income earned on the temporary investment of funds of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation."

xvii Income

(i) Interest income

The Company recognises interest income using Effective Interest Rate (EIR) on all financial assets subsequently measured at amortised cost or fair value through other comprehensive income (FVOCI). EIR is calculated by considering all costs and incomes attributable to acquisition of a financial asset or assumption of a financial liability and it represents a rate that exactly discounts estimated future cash payments/receipts through the expected life of the financial asset/financial liability to the gross carrying amount of a financial asset or to the amortised cost of a financial liability.

The Company recognises interest income by applying the EIR to the gross carrying amount of financial assets other than credit-impaired assets. In case of credit-impaired financial assets regarded as ''stage 3'', the Company recognises interest income on the amortised cost net of impairment loss of the financial asset at EIR. If the financial asset is no longer credit-impaired, the Company reverts to calculating interest income on a gross basis.

Delayed payment interest (penal interest) levied on customers for delay in repayments/non payment of contractual cash flows is recognised on realisation.

Interest on financial assets subsequently measured at fair value through profit or loss (FVTPL) is recognised at the contractual rate of interest.

(ii) Dividend income

Dividend income on equity shares is recognised when the Company''s right to receive the payment is established, which is generally when shareholders approve the dividend.

(iii) Rental income

Lease income from operating leases where the Company is a lessor is recognized in income on a straight-line basis over the lease term unless the receipts are structured to increase in line with expected general inflation to compensate for the expected inflationary cost increases. The respective leased assets are included in the balance sheet based on their nature.

(iv) Other revenue from operations

The Company recognises revenue from contracts with customers (other than financial assets to which Ind AS 109 ''Financial Instruments'' is applicable) based on a comprehensive assessment model as set out in Ind AS 115 ''Revenue from contracts with customers''. The Company identifies contract(s) with a customer and its performance obligations under the contract, determines the transaction price and its allocation to the performance obligations in the contract and recognises revenue only on satisfactory completion of performance obligations. Revenue is measured at fair value of the consideration received or receivable.

(a) Fees and commission

The Company recognises service and administration charges towards rendering of additional services to its loan customers on satisfactory completion of service delivery.

Fees on value added services and products are recognised on rendering of services and products to the customer.

Distribution income is earned by selling of services and products of other entities under distribution arrangements. The income so earned is recognised on successful sales on behalf of other entities subject to there being no significant uncertainty of its recovery.

Foreclosure charges are collected from loan customers for early payment/closure of loan and are recognised on realisation.

(b) Net gain on fair value changes

Financial assets are subsequently measured at fair value through profit or loss (FVTPL) or fair value through other comprehensive income (FVOCI), as applicable. The Company recognises gains/losses on fair value change of financial assets measured as FVTPL and realised gains/losses on derecognition of financial asset measured at FVTPL and FVOCI.

(c) Recoveries of financial assets written off

The Company recognises income on recoveries of financial assets written off on realisation or when the right to receive the same without any uncertainties of recovery is established.

(v) Taxes

Incomes are recognised net of the Goods and Services Tax, wherever applicable.

xviii Expenditures

(i) Finance costs

Borrowing costs on financial liabilities are recognised using the EIR.

(ii) Fees and commission expenses

Fees and commission expenses which are not directly linked to the sourcing of financial assets, such as commission/ incentive incurred on value added services and products distribution, recovery charges and fees payable for management of portfolio etc., are recognised in the Statement of Profit and Loss on an accrual basis.

(iii) Taxes

Expenses are recognised net of the Goods and Services Tax, except where credit for the input tax is not statutorily permitted.

xix Segment reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ("CODM"). The Company''s operating businesses are organized and managed separately according to the nature of services provided, with each segment representing a strategic business unit that offers different markets. The Company has identified three business segments - Investment & Trading in Shares & Securities, Finance activities & Unallocable. Unallocable item include income, expenses, assets and liabilities which are not allowed to any reportable business segement. The segment revenues, results, assets and liabilities include the respective amounts identifiable to each of the segment and amounts allocated on a reasonable basis. Accordingly, these financial statements are reflective of the information required by the Ind AS 108 "Operating segments".

xx Provision for standard assets and non-performing assets

The Company makes provision for standard assets and non-performing assets as per Non-Banking Financial Company -Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016. Provision for standard assets in excess of the prudential norms, as estimated by the management, is categorised under Provision for Standard Assets, as General provisions and/or as Gold Price Fluctuation Risk provisions.

Capital reserve

The company recognises profit and loss on purchase, sale, issue or cancellation of the its own equity instruments to capital reserve.

Securities premium reserve

Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provision of the Companies Act, 2013.

General reserve

The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the general reserve will not be reclassified subsequently to the statement of profit and loss.

Statutory reserve

No amount is transferred to statutory reserve fund pursuant to sec 45-IC of the Reserve Bank of India Act, 1934, as company has incurred loss during the current year.

Note 33: Segment Reporting

The Company is primarily engaged in the business of financing. All the activities of the company revolve around the main business. Further, the company does not have any separate geographic segments other than India.

During the year ending 31 March 2024, for management purposes, the company has been organised into two operating segments based on products and services.

In computing the segment information, certain estimates and assumptions have been made by the management, which have been relied upon.

The Chief Operating Decision Maker (CODM) monitors the operating results of its business units separately for making decisions about resource allocation and performance assessment. Segment performance is evaluated based on operating profits or losses and is measured consistently with operating profits or losses in the financial statements. However, income taxes are managed on a entity as whole basis and are not allocated to operating segments.

Note 35 : Financial risk management framework

In the course of its business, the company is exposed to certain financial risks namely credit risk, interest risk, currency risk & liquidity risk.The company''s primary focus is to achieve better predictability of financial markets and seek to minimize potential adverse effects on its financial performance.

The financial risks are managed in accordance with the company''s risk management policy which has been approved by its board of directors

Market risk

Market risk is the risk that the fair value of future cash flow of financial instruments will fluctuate due to changes in the market variables such as interest rates, foreign exchange rates and equity prices. The company do not have any exposure to foreign exchange rate.

Interest rate risk

The company uses a mix of cash and borrowings to manage the liquidity & fund requirements of its day-to-day operations. Further, certain interest bearing liabilities carry variable interest rates.

Currency risk:

Currently company does not have transaction in foreign currencies and hence the company is not exposed to currency risk.

Price risk:

The Company is exposed to equity price risk arising from investments held by the company and classified in the balance sheet either as fair value through OCI or at fair value through profit or loss. To manage its price risk arising from investment in equity securities, the company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the company. The majority of the company''s equity investments are listed on the Bombay Stock Exchange (BSE) or the National Stock Exchange (NSE) in India.

Credit risk

Credit risk is the risk of financial loss arising out of a customer or counterparty failing to meet their repayment obligations to the company. The company assesses the credit quality of all financial instruments that are subject to credit risk.

Classification of financial assets under various stages :

The company classifies its financial assets in three stages having the following characteristics:

Stage 1: unimpaired and without significant increase in credit risk since initial recognition on which a 12 month allowance for ECL is recognised;

Stage 2: a significant increase in credit risk since initial recognition on which a lifetime ECL is recognised;

Stage 3: objective evidence of impairment, and are therefore considered to be in default or otherwise credit impaired on which a lifetime ECL is recognised.

Financial instruments were not subjected to simplified ECL approach under Ind AS 109 ''Financial Instruments'' and accordingly were not subject to sensitivity of future economic conditions.

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 managment 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.

Maturity profile of non-derivative financial liabilities

The following tables detail the company''s remaining contractual maturity for its non-derivative 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.

Note 35 : Financial risk management framework (continued)

"The company measures financial instruments at fair value at each balance sheet date. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability, or

• In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant''s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use."

The company has not disclosed the fair values for financial instruments for other financial assets, loans, trade receivables, cash and cash equivalents, bank balances other than cash & cash equivalents, Trade payables, borrowings and financial liabilities because their carrying amounts are reasonable approximation of their fair values.

(ii) Fair value hierarchy

Fair value hierarchy explains the judgement and estimates made in determining the fair values of the financial instruments that are -

a) recognized and measured at fair value

b) measured at amortized cost and for which fair values are disclosed in the financial statements.

To provide an indication about the reliability of the inputs used in determining fair value, the company has classified its financial instruments into the three levels prescribed under the accounting standard.

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3 - Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs)

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Assets and liabilities that are disclosed at fair values through other comprehensive income

Note 36: Capital management

The company''s objectives when managing capital are to safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and maintain an optimal capital structure to reduce the cost of capital.

The capital structure of the company is based on management''s judgement of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets in order to maintain or adjust the capital structure.

The company determines the amount of capital required on the basis of operations, capital expenditure and strategic investment plans. The capital structure is monitored on the basis of net debt to equity and maturity profile of overall debt portfolio.

c. Other information:

(i) Details of benami property held

No proceedings have been initiated on or are pending against the Company for holding benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder."

(ii) Wilful defaulter

The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority."

(iii) Compliance with number of layers of companies

The Company is in compliance with respect to layers of companies.

(iv) Compliance with approved scheme(s) of arrangements

The Comapny has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year."

(v) Undisclosed income

There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account of Company."

(vi) Details of crypto currency or virtual currency

The Company has not traded or invested in crypto currency or virtual currency during the current or previous year."

(vii) Title deeds of immovable properties not held in name of the company

All the title deeds of immovable properties are held in the name of company."

Note 40 : Corporate social responsibility

As per Section 135 of the companies Act 2013, Company, meeting the applicability threshold, needs to spend at least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The CSR activities of the company is generally carried out through charitable organisations, where funds are allocated by the Company. These organisations carry out the CSR activities as specified in the schedule VII of the companies Act, 2013 on behalf of the Company.

Note 43 : The Code on Social Security, 2020 (Code) relating to employee benefits during employment and post- employment benefits has received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code comes into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period of the Code becomes effective.

Note 44 : Other additional information''s as per Schedule III part II is either nil or not applicable to the company.

Note 45 : As on 31 March 2024 and 31 March 2023, the Company did not have any long term contracts including derivative contracts for which there were any material foreseeable losses.

Note 46 : For the year ended 31 March 2024 and 31 March 2023, the Company is not required to transfer any amount to the investor Education & protection fund as required under section 125 of Companies Act 2013.

Note 47 : The standalone financial statements were approved by the Audit Committee and Board of Directors on 23 May 2024. Note 48 : Previous year''s figures have been regrouped where necessary to confirm to this year''s classification.

For and on behalf of the Board of Directors

Sd/- Sd/-

Sunil Goyal Manoj Singrodia

Managing Director Director

DIN : 00503570 DIN : 01501529

Sd/- Sd/-

Suresh Kumawat Dhiraj Gupta

Chief Financial Officer Company Secretary

Membership No.: A47161

Place : Mumbai Date : May 23, 2024

---

Mar 31, 2018

a. Terms & Conditions

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.

Other disclosures pursuant to Long-term Borrowings:

Secured Corporate Term Loan (LAP) from STCI

a. Term Loan from STCI Finance Limited amounting to Rs. 35,750,000/- (P.Y. Rs. 39,000,000) is secured by exclusive charge by way of registered mortgage of three plots of land in the name of Ladderup Enterprises Private Limited, a company owned/controlled by key management and/or their relatives. It carries interest rate of 13.50% per annum up to 20^th November, 2017 and from 21^st November, 2017 the rate was 12.25% per annum. The Loan is repayable in 48 equal monthly installments of Rs. 812,500/- each commencing from the end of 13th month of the date of first disbursement.

b. Term Loan from STCI Finance Limited amounting to Rs. 7,608,332/- (P.Y. Rs. 8,300,000) is secured by exclusive charge by way of registered mortgage of premises of the company. It carries interest rate of 13.50% per annum up to 5th December, 2017 and from 6th December, 2017 the rate was 12.25% per annum. The Loan is repayable in 36 equal monthly installments of Rs. 230,556/- each commencing from the end of 13th month of the date of first disbursement.

c. Secured Loan taken from ICICI Bank amounting to Rs. 1,121,761/- (P.Y. Rs. Nil) carrying interest rate of 9.10% p.a. The loan is repayable in May, 2020. The loan is secured against respective vehicle.

Secured Loan from Others includes

i) Secured Loan taken from Indianivesh Capital Limited amounting to Rs. 69,658,397/- (P.Y. Rs. 45,461,027/-) carrying interest rate of 13% p.a. up to 30^th June, 2017 and thereafter 11.50% p.a. The loan is repayable in March, 2019. The loan is secured against pledge of some of the shares held by the Company as non-current investment.

Note 1 : Deferred Tax Assets (Net)

The major components of Deferred Tax (Liability) / Asset as recongised in the Financial Statement are as follows:

Note 2 : Accompanying Notes to Accounts

A) Contingent Liabilities :

B) In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

C) Disclosure pursuant to Accounting Standard - 15 ‘Employee Benefits’

Actuarial Assumptions:

* The estimates of future salary increases, considered in a actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

(i) Changes in the Present Value of Defined Benefit Obligation representing reconciliation of opening and closing balances thereof:

D) Segment Reporting

a. Basis of Preparation

In accordance with the requirements of Accounting Standard - 17 “Segment Reporting”, the Company’s business activities can be classified into two segments namely Investment & Trading in Shares & Securities and Finance Activities. The information about all the segments is given below.

b. Information about Primary Segments - Business Segments:

i. Segment Information

Note :

Fixed Assets and Other Assets used in the Company’s Operations or Liabilities contracted have not been identified to any of the Reportable Segments, as the Assets are used interchangeably between Segments. Hence, it is not practicable to provide Segment Disclosures relating to total Assets and Liabilities.

E) Estimated amount of contracts remaining to be executed on capital account not provided for (net of advances) Rs. Nil (PY Rs. 2,197,067).

F) Company has transferred an amount of Rs. 12,695,630/- (P.Y. Rs. 25,236,980/-) equivalent to 20% of the Profits after Tax of the Company to Special Reserve Account in compliance with Section 45IC of the Reserve Bank of India Act.

G) Corporate Social Responsibility

As per provisions of section 135 of the Companies Act, 2013, the Company has to incur at least 2% of average net profits of the preceding three financial years towards Corporate Social Responsibility (“CSR”). Accordingly, a CSR committee has been formed for carrying out CSR activities as per the Schedule VII of the Companies Act, 2013.

Details of CSR Expenditure:

a) Gross amount required to be spent by the Company during the year is Rs. 1,145,634 (Previous Year Rs. Nil)

Figure in the bracket are in respect of Previous Year

H) The Additional information pursuant to schedule III to the companies act 2013 is either NIL or not applicable.

i) The previous year’s figures have been re-grouped/re-classified to conform to this year’s classification.

---

Mar 31, 2016

b. Terms & Conditions

The Company has only one class of Equity Shares having a par value of '' 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.

Secured Loan from Others includes :

i) Loan from Indianivesh Capital Limited amounting to '' 29,319,187 (PY '' 5,022,439) carrying Interest rate of 13% p.a. The loan is repayable in March, 2017. The loan is secured against pledge of some of the shares held by the Company as non-current investment.

ii) Loan from Bajaj Finance Limited amounting to '' Nil (PY '' 24,000,000) carrying Interest rate of 14% p.a. The loan is repaid in January, 2016. The loan is secured against pledge of some of the shares held by the Company as non-current investment

A) Contingent Liabilities :

i) Disputed Income Tax Liability amounting '' 11,16,826. (PY '' 5,10,740.)

B) In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

* The estimates of future salary increases, considered in an actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

* Since there was no employees in the earlier years.

D) Segment Reporting

a. Basis of Preparation

In accordance with the requirements of Accounting Standard - 17 "Segment Reporting", the Company''s business activities can be classified into two segments namely Investment & Trading in Shares & Securities and Finance Activities. The information about all the segments are given below.

Note :

Fixed Assets and Other Assets used in the Company''s Operations or Liabilities contracted have not been identified to any of the Reportable Segments, as the Assets are used interchangeably between Segments. Hence, it is not practicable to provide Segment Disclosures relating to total Assets and Liabilities.

E) Related Party Disclosures a. List of Related Parties

Name of the Party Relationship

Mr. Sunil Goyal Managing Director

Mr. Deepak Ladha (Up to 04/04/2015) Executive Director

Mr. Manoj Singrodia Director

Mr. Sanket Limbachiya Company Secretary

Mr. Suresh Kumar (From 12/08/2015) Chief Financial Officer

Mrs. Usha Goyal

- Relative of Key Managerial Personnel & Director

Mrs. Santosh Singrodia

Ladderup Corporate Advisory Private Limited

^{(Up to 30/09/2015)}_ Subsidiary Company

Ladderup Wealth Management Private Limited

Ladderup Foundation A trust in which directors of Company are trustees

Annapurna Pet Private Limited Associate Company

Ladderup Corporate Advisory Private Limited

^{(From 01/10/2015)}_ Enterprises over which Key Managerial Personnel or

Ladderup Venture LLP their relatives are able to exercise significant influence

New India Spinning Co.

* During the year on 30^th September, 2015 the company has sold 246,500 equity shares of its 100% subsidiary company, Ladderup Corporate Advisory Private Limited (LCAPL) and there by the holding of the company in LCAPL is reduced to 15% and LCAPL ceased to be a subsidiary company w.e.f 30^th September,2015.

G) Company has transferred an amount of '' 50,93,162/- (P.Y. '' 34,99,349/-) equivalent to 20% of the Profits after Tax of the Company to Special Reserve Account in compliance with Section 45IC of the Reserve Bank of India Act.

H) The previous year''s figures have been re-grouped / re-classified to conform to this year''s classification.

Notes :

1 As defined in paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions 1998

2 Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

3 All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above

---

Mar 31, 2015

A. Terms & Conditions

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.

Secured Loan from Others includes :

i) Loan from Bajaj Finance Limited amounting to Rs 2,40,00,000 carrying interest rate of 14% p.a. The loan is repayable in January, 2016. The loan is secured against pledge of some of the shares held by the Company as non - current investment.

ii) Loan from Indianivesh Capital Limited amounting to Rs 50,22,439 carrying interest rate of 14% p.a. Tha loan is repayable in March, 2016. The loan is secured against pledge of some of the shares held by the Company as non- current investment.

Note 2 : Accompanying Notes to Accounts

A) Contingent Liabilities & Capital Commitment:

i) Uncalled liability on partly paid up Equity Shares Nil (P. Y. Rs 1,19,21,070 )

ii) Disputed Income Tax Liability for the AY 2012-13 amounting Rs 5,10,740. (P. Y. Nil)

B) In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

C) Disclosure pursuant to Accounting Standard - 15 'Employee Benefits'

Actuarial Assumptions:

* The estimates of future salary increases, considered in a actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

D) Segment Reporting

a. Basis of Preparation

In accordance with the requirements of Accounting Standard - 17 "Segment Reporting", the Company's business activities can be classified into two segment namely Investment & Trading in Shares & Securities and Finance Activities. The information about all the segments are given below.

Note :

Fixed Assets and Other Assets used in the Compnay's Operations or Liabilities contracted have not been identified to any of the Reportable Segments, as the Assets are used interchangeably between Segments. Hence, it is not practicable to provide Segment Disclosures relating to total Assets and Liabilities.

E) Related Party Disclosures a. List of Related Parties

Name of the Party Relationship

Mr. Sunil Goyal Managing Director

Mr. Manoj Singrodia Director

Mr. Deepak Ladha Executive Direcor

Mr. Harsha Saksena (Upto 31st March, 2015) CFO & Director

Mr. Sanket Limbachiya (From 1st February, 2015) Company Secretary

Mrs. Usha Goyal Relative of Key Management Personnel

Mrs. Santosh Singrodia Relative of Key Management Personnel

Ladderup Corporate Advisory Pvt. Ltd. Subsidiary Company

Ladderup Wealth Management Pvt. Ltd. Subsidiary Company

Ladderup Insurance Broking Pvt. Ltd., Subsidiary Company (Upto 19th January, 2015)

Ladderup Foundation

A trust in which directors of Company are trustees

New India Spinning Company

Enterprises over which Key Management Personnel or their relatives are able to exercise significant influence

I) Effective from 1st April, 2014, the Company has charged depreciation on its assets base on their useful life as stipulated under Schedule II of the Companies Act,2013. Due to this, the depreciation for the year ended on 31st March, 2015 is higher by Rs 51,154 as compared to the depreciation computed under provisions of the Companies Act, 1956.

J) The previous year's figures have been re-grouped / re-classified to conform to this year's classification.

1 As defined in paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions 1998

2 Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007

3 All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in (4) above

---

Mar 31, 2014

Note 1 : Deferred Tax Liabilities (Net)

The major components of Deferred Tax Liability / (Asset) as recongised in the Financial Statement are as

*As on 31-03-2014, there are no amounts due to the suppliers covered under Micro, Small and Medium Enterprises Development Act, 2006.

Note 2 : Accompanying Notes to Accounts

A) Contingent Liabilities & Capital Commitment: Uncalled liability on partly paid-up Equity Shares Rs.1,19,21,070 (P.Y. Nil)

B) In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

*The estimates of future salary increases, considered in a actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors such as supply and demand in the employment market.

(i) Changes in the Present Value of Defined Benefit Obligation representing reconciliation of opening

D) Segment Reporting

a. Basis of Preparation

In accordance with the requirements of Accounting Standard - 17 "Segment Reporting", issued by Companies (Accounting Standards) Rules, 2006 the Company''s business activities can be classified into two segment namely Investment & Trading in Shares & Securities and Finance Activities. The information about all the segments are given below.

Note :

Fixed Assets and Other Assets used in the Compnay''s Operations or Liabilities contracted have not been identified to any of the Reportable Segments, as the Assets are used interchangeably between Segments. Hence, it is not practicable to provide Segment Disclosures relating to total Assets and Liabilities.

E) Related Party Disclosures

a. List of Related Parties

Name of the Party Relationship

Mr. Sunil Goyal Managing Director

Mr. Manoj Singrodia Director

Mr. Deepak Ladha Executive Direcor

Mr. Harsha Saksena (w.e.f. 14th August, 2013) Executive Director

Mrs. Usha Goyal Relative of Key Management Personnel

Mrs. Santosh Singrodia Relative of Key Management Personnel

Ladderup Corporate Advisory Pvt. Ltd. Subsidiary Company

Ladderup Wealth Management Pvt. Ltd. Subsidiary Company

Ladderup Insurance Broking Pvt. Ltd. Subsidiary Company

Quiet Enterprises LLP - (P.Y. Quiet Investments Pvt. Ltd.) Enterprises over which Key Management Ladderup Securities Pvt. Ltd. — Personnel or their relatives are able to Sonu Portfolio Services Pvt. Ltd. exercise significant New India Spinning Company influence



H) Company has transferred an amount of Rs 46,96,003/- (P.Y. Rs. 51,11,596/-) equivalent to 20% of the Profits after Tax of the Company to special reserve account in compliance with section 45IC of the Reserve Bank of India Act.

I) During the year 2010-11, the Company had made an issue of 50,00,000 Convertible Warrants on preferential basis convertible into equity shares of face value of Rs. 10/- each fully paid up at a price of Rs.30/- per share (including premium of Rs.20/-) to promoter group and other investors in accordance with SEBI guidelines. The Company has fully utilized the Warrant proceeds towards the objects as mentioned in the offer document.

J) The previous year''s figures have been re-grouped / re-classified to conform to this year''s classification.

Notes :

1 As defined in paragraph 2(1)(xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2 Provisioning norms shall be applicable as prescribed in Non-Banking Financial (Non-Deposit Accepting or Holding) Companies Prudential Norms (Reserve Bank) Directions, 2007.

3 All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long-term or current in (4) above.

---

Mar 31, 2013

A) In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilites is adequate and not in excess of amount reasonably necessary.

B) Some of the Loans & Advances are subject to confirmation and reconciliation. Consequential adjustment thereof, if any, will be given effect into the books of account in the year of such adjustment.

C) Disclosure pursuant to Accountng Standard – 15 ''Employee Benefts''

No Provision for retrement benefts as required by the Accountng Standard (AS)-15 (Revised) is required, since the Company did not have any employees during the year.

D) Segment Reportng

a. Basis of Preparaton

In accordance with the requirements of Accountng Standard – 17 "Segment Reportng", issued by ICAI/Companies (Accounting Standards) Rules, 2006 the Company''s business activities can be classified into two segments namely Investment & Trading in Shares & Securites, and Finance Actvites. The informaton about all the segments are given below.

b. Informaton about Primary Segments – Business Segments:

E) Company has transferred an amount of Rs. 51,11,596/- ( P. Y. Rs. 25,05,289/-) equivalent to 20% of the Profts Afer Tax of the Company to special reserve account in compliance with Secton 45IC of the Reserve Bank of India Act.

F) During the year 2010-11, the Company had made an issue of 50,00,000 Convertble Warrants on Preferental Basis convertble into Equity Shares of face value of Rs. 10/- each fully paid up at a price of Rs. 30/- per Share (including premium of Rs. 20/-) to the Promoter group and Other Investors in accordance with SEBI Guidelines. During the year, the said Warrants have been converted into 50,00,000 Equity Shares of Rs. 10/- each on 24th April, 2012. Out of the total money received, the Company has utlised Rs. 14,20,95,403/- towards the objects as mentoned in the ofer document. The balance amount of Rs. 79,04,597/- pending utlisaton is lying with Mutual Funds & Banks .

G) The previous year''s figures have been re-grouped / re-classified to conform to this year''s classifcaton .

---

Mar 31, 2012

A. Terms & Conditions

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.

Above Vehicle Loan is secured by hypothecation of vehicle financed. The loan carries rate of interest @ 8% p.a. and repayable in 35 equal installments starting from October, 2010.

Note 1 : Accompanying Notes to Accounts

A) In the opinion of the Board the Current Assets, Loans & Advances are realisable in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet. The provision for all known liabilities is adequate and not in excess of amount reasonably necessary.

B) Some of the Sundry Debtors, Sundry Creditors, Loans and Advances are subject to confirmation and reconciliation. Consequential Adjustment thereof, if any, will be given effect into the books of account in the year of such adjustment.

C) Disclosure pursuant to Accounting Standard - 15 "Employee Benefits"

No Provision for retirement benefits in terms of the Accounting Standard (AS)- 15 (Revised) is required, since the Company did not have any employees during the year.

D) Segment Reporting

a. Basis of preparation

In accordance with the requirements of Accounting Standard-17 "Segment Reporting", issued by ICAI/Companies (Accounting Standards) Rules, 2006 the Company's business activities can be classified into two segments namely Investment & Trading in Shares & Securities, and Finance Activities. The information about all the segments are given below.

b. Information about Primary Segments -Business Segments:

Note :

Fixed Assets and Other Assets used in the Company's operations or liabilities contracted have not been identified to any of the reportable segments, as the assets are used interchangeably between segments. Hence, it is not practicable to provide segment disclosures relating to total assets and liabilities.

E) Company has transferred an amount of Rs. 25,05,289/- (P.Y. Rs. 19,07,844/-) equivalent to 20% of the Profits after Tax of the Company to Special Reserve Account in compliance with section 45IC of the Reserve Bank of India Act.

F) On 25th October 2010, the Company has allotted 5,000,000 Share Warrants on preferential basis convertible into Equity Shares of Face Value of Rs. 10/- each fully paid up at a price of Rs. 30/- per share (including premium of Rs. 20/-) to Promoter Group and Other Investors in accordance with SEBI Guidelines. The Company has received an amount aggregating to Rs. 129,750,000 against these Convertible Warrants. Out of the total money received, the Company has utilized Rs. 128,806,864 towards the objects as mentioned in the offer document. The balance amount of Rs. 9,43,136 pending utilization is lying with Mutual Funds & Banks.

G) The previous year's figures have been re-grouped / re-classified to conform to this year's classification which is as per Revised Schedule VI. This adoption does not impact recognition and measurement principles followed for preparation of financial statements as at 31st March, 2011.

---

Mar 31, 2011

1. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated and are realizable in the ordinary course of business. The provision for all known liabilites is adequate and not in excess of the amount reasonably necessary.

2. The balances and classification of Sundry Debtors, Loans and Advances, Sundry Creditors and Other Liabilities shown in the Financial Statements are as per the ledgers and are subject to confirmation and consequent reconciliation and adjustment.

3. Contingent Liabilities not provided for: Nil (P.Y. Nil)

4. No provision for retirement benefits as required by the Accounting Standard (AS)-15 (Revised) is made, since the Company does not have any employees during the year.

5. During the year the Company has acquired 85% stake of M/s. Ladderup Insurance Broking Private Limited and there by it has become Subsidiary of the Company.

6. Segment Information:

In accordance with the requirements of Accounting Standard – 17 "Segment Reporting, issued by ICAI/Companies (Accounting Standards) Rules, 2006 the Company’s business activities can be classified into two segments namely Investment & Trading in Shares & Securities and Finance activities. The information about all the Segments is given in Annexure V to the Schedules forming part of Balance Sheet.

7. Related Partes:

For the year ended 31st March, 2011

(a) key Management Personnel:

Mr. Sunil Goyal : Managing Director

Mr. Manoj Singrodia : Director

Mr. Parimal Sheth : Executive Director & CEO

Mr. Rajesh Murarka : Executive Director & CFO

(b) Relative of key Management Personnel with whom the Company has entered in to transactions during the year:

Mrs. USA Goyal

Mrs. Santosh Singrodia

(c ) Name of the enterprises where director or its relatives are able to exercise significant influence with whom the Company has entered into transactions during the year:

Singrodia Goyal & Co. Quiet Investments Private Limited Ladderup Securites Private Limited Sonu Portolio Services Private Limited

(d) Associates:

Lotus Spaces Private Limited New India Spinning Company

(e) Subsidiary Companies:

Ladderup Corporate Advisory Private Limited Ladderup Wealth Management Private Limited Ladderup Insurance Broking Private Limited transactions :2010-11

(b) Relative of key Management Personnel with whom the company has entered in to transaction during the year:

Mrs. Usha Goyal

Mrs. Santosh Singrodia

(c ) Name of the enterprises where director or its relatives are able to exercise significant influence with whom the Company has entered into transactions during the year:

Singrodia Goyal & Co. Jay Ambe Enterprises Ladderup Securites Private Limited

(d) Associates:

Lotus Spaces Private Limited New India Spinning Company

(e) Subsidiary Companies:

Ladderup Corporate Advisory Private Limited Ladderup Wealth Management Private Limited Transactons: 2009-10

8. Amounts due to Micro, Small and Medium enterprises:

As on 31.03.11, there are no amounts due to the suppliers covered under Micro, Small and Medium Enterprises Development Act, 2006.

9. earning Per Share:

In accordance with Accountng Standand 20 – Earning Per Share issued by ICAI/Companies (Accountng Standard) Rules, 2006, computation of earning per share is set our below:

10. taxes on Income:

i) Provision for Taxation for the year has been made in accordance with the Provisions of the Income Tax Act, 1961.

ii) In terms of Accounting Standard 22 accounting for Taxes on Income" issued by ICAI/ Companies (Accounting Standards) Rules, 2006 the Company has recognized Deferred Tax Liability amounting to Rs.43,668 for the year ended 31st March, 2011 in the Profit & Loss Account.

11. Company has transferred an amount of Rs. 19,07,844 (P.Y. Rs. 17,51,558) equivalent to 20% of the Profits after Tax of the Company to Special Reserve Account in compliance with Section 45IC of the Reserve Bank of India Act.

12. During the year the Authorised Share Capital of the Company has been increased from Rs. 1,000 Lacs (divided into 100 Lacs Equity Shares of Rs. 10 each) to Rs. 1,500 Lacs (divided into 150 Lacs Equity Shares of Rs. 10 each) vide Special Resolution passed in the Annual General Meeting of the Company held on 21st September, 2010.

13. During the year, the Company had issued, on preferential basis, 50 Lacs Convertible Share Warrants to Promoter Group and other Investors. Each warrant shall be Convertible into one Equity Share of the Company at a price of Rs. 30 per share i.e. at a premium of Rs. 20 per Share within 18 months of their allotment. The Company had received Rs. 1,071 Lacs towards partial/full subscription towards the warrants. Out of the proceeds received the Company has utilized Rs. 971.73 Lacs towards the objects as mentioned in the offer document. Pending utilization, the balance funds of Rs. 99.27 Lacs has been temporarily lying with Mutual Funds & Banks.

14. Figures of previous year have been regrouped, reclassified and / or rearranged wherever necessary.

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Mar 31, 2010

1. In the opinion of the Board, the Current Assets, Loans & Advances are approximately of the value stated and are realizable in the ordinary course of business. The provision for all known liabilities is adequate and not in excess of the amount reasonably necessary.

2. The Balances and classification of Sundry Debtors, Loans and advances, Sundry Creditors and other liabilities shown in the Financial Statements are as per the ledger and are subject to confirmation and consequent reconciliation and adjustment.

3. Contingent Liabilities not provided for : Rs. Nil

4. Additional information pursuant to the provisions of paragraphs 3, 4C and 4D have been given hereinbelow to the extent applicable :

5. Liabilities in respect of Gratuity is accounted for on cash basis which is not in conformity with Accounting Standard (AS) 15 (Revised 2005) on Employee Benefits as issued by the ICAI/ Company (Accounting Standards) Rules, 2006, which requires that Gratuity Liability be accounted for on accrual basis.

6. During the year, the Company has earned income of Rs. 6,186,868/- (P.Y. Rs. 9,600,142/-) as revenue sharing of fees from Ladderup Corporate Advisory Private Limited (LCAPL), a wholly owned subsidiary of the Company, being 15% of total fees income as reduced by bad debts, if any, pursuant to Revenue sharing Agreement between the Company and LCAPL.

7. Sundry Debtors represents Rs. 21,52,166/- (P.Y. Rs. 8,97,371/-) receivable from Ladderup Corporate Advisory Private Limited, its wholly owned subsidiary.

8. Details of Equity Shares in quoted Companies held by the Company, as referred to in Schedule “6” are given in Annexure "II" to the Notes on Accounts.

9. Segment Information:

In accordance with the requirements of Accounting Standard - 17 "Segment Reporting", issued by ICAI/Companies (Accounting Standards) Rules, 2006 the Companys business activities can be classified into three segment namely Investment & Trading in shares & Securities, Consultancy and Finance activities. The information about all the segments is given in Annexure “III” to the Notes on Accounts.

10. Related Parties:

For the year ended 31st March, 2010

(a) Key Management Personnel:

Mr. Sunil Goyal Managing Director

Mr. Manoj Singrodia Director

Mr. Parimal Sheth Executive Director & CEO

Mr. Rajesh Murarka Executive Director & CFO



(b) Relative of Key Management Personnel with whom the company has entered in to transaction during the year:

Mrs. Usha Goyal

Mrs. Santosh Singrodia

(c) Name of the Enterprises where director or its relatives are able to exercise significant influence with whom the Company has entered into transactions during the year:

M/s. Singrodia Goyal & Co.

M/s. Jay Ambe Enterprises

M/s. Ladderup Securities Private Limited

(d) Associates:

M/s. Lotus Spaces Private Limited

M/s. New India Spinning Company



Note: Related Parties as disclosed by Management and relied upon by auditors.

For the year ended 31st March, 2009.

(a) Key Management Personnel:

Mr. Sunil Goyal Managing Director

Mr. Manoj Singrodia Director Mr. K.V.S. Shyam Sunder Director

Mr. K.M.Tulsian Director

Mr. Burzin Somandy Director

Mr. Dhaval Desai Director

Mr. Hemang Jangla Director

Mr. T.B. Subramanian Director

Mr. Parimal Sheth Executive Director & CEO

Mr. Rajesh Murarka Executive Director & CFO

Mr. Saurabh Agarwal* Executive Director & CFO



*Resigned w.e.f. 30th September, 2008

(b) Relative of Key Management Personnel:

Mrs. Usha Goyal

Mrs. Santosh Singrodia



(c) Name of the Enterprises having same Key Management Personnel with whom the Company has entered into transactions during the year:

Havmore Financial Services India Limited

Precious Real Estate Private Limited

Jay Ambe Enterprises

Invent Bio-Med Private Limited

JumboKing Foods Private Limited

Parag Milk Foods Private Limited

Kisan Mouldings Limited

(d) Associates:

M/s. Singrodia Goyal & Company

M/s. New India Spinning Company

M/s. Ladderup Securities Private Limited



Note: Related Parties as disclosed by Management and relied upon by auditors.

11. Amounts due to Micro, Small and Medium Enterprises:

Based on the information available with the Company, no creditors have been identified as “supplier” within the meaning of "Micro, Small and Medium Enterprises Development (MSMED) Act, 2006".

12. Taxes on Income:

(i) Provision for taxation for the year has been made in accordance with the provisions of the Income-tax Act, 1961.

(ii) In terms of Accounting Standard-22 "Accounting for Taxes on Income" issued by ICAI/ Companies (Accounting Standards) Rules, 2006 the company has recognized Deferred Tax Assets amounting to Rs. 14,902 for the year ended 31st March, 2010 in the Profit & Loss Account.

13. Company has transferred an amount of Rs. 17,51,558/- (P.Y. Rs. 1,202,506/-) equivalent to 20% of the profits after tax of the Company to Special Reserve Account in compliance with Section 45IC of the Reserve Bank of India Act.

14. During the year financial 2008-09, the Company had issued, on preferential basis, 40.00 Lacs convertible warrants at a premium of Rs. 10/- per warrant to promoter group and other investors, in accordance with SEBI guidelines. The Company had received upfront money Rs. 773.00 Lacs on 40.00 Lacs warrants, out of this 38.50 Lacs warrants were converted into equity shares during the year. Balance 1.50 Lacs warrants were not converted into equity shares on non exercise of option before the due date and accordingly the upfront subscription amount of Rs. 3.00 Lacs on issue of these warrants have been forfeited during the year and credited to capital reserve. The Company has utilized entire amount of warrant issue proceeds towards strategic investment in various ventures, other listed/unlisted companies and general corporate purpose.

15. Figures of previous year have been regrouped, reclassified and/or rearranged wherever necessary.