Home  »  Company  »  Ladderup Finance  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Ladderup Finance Ltd.

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.

 
Subscribe now to get personal finance updates in your inbox!