Balance Sheet as at March 31, 2018 Amount in Rs. Amount in Rs. Particulars

Transcription

1 Balance Sheet as at March 31, 2018 Note Equity and liabilities Shareholders' funds Share capital 3 25,00,00,000 25,00,00,000 Reserves and surplus 4 6,37,76,463 2,22,19,723 Non-Current Liabilities Long-term provisions 5 5,68,093 3,49,448 Current Liabilities Trade payables 6 Total outstanding dues of micro and small enterprises - - Total outstanding dues of creditors other than micro and small enterprises 4,15,274 5,97,441 Other current liabilities 7 96,13,491 31,56,609 Short-term provisions 8 6,75,810 2,78,757 Total 32,50,49,131 27,66,01,978 Assets Non-Current Assets Fixed assets Tangible assets 9.1-2,715 Intangible assets Deferred tax asset 10 19,07,057 28,66,041 Long-term loans and advances 11 2,47,72,938 2,89,34,486 Current Assets Current investments 12 5,62,15,649 20,64,73,043 Trade receivables 13 1,34,38,820 73,19,040 Cash and bank balances 14 22,78,54,586 2,47,94,414 Short-term loans and advances 15 1,17,328 7,04,927 Other current assets 16 7,42,753 55,07,312 Total 32,50,49,131 27,66,01,978 Summary of significant accounting policies 2 The accompanying notes are an integral part of the financial statements As per our report of even date For S. R. Batliboi & Co. LLP Firm Registration No. : E/E Chartered Accountants For and on behalf of the Board of Directors per Viren H. Mehta Santanu Syam Rohit Ambosta Partner Director Director Membership No DIN : DIN :

2 Statement of Profit and Loss for the Year Ended March 31, 2018 Note Year ended Year ended Revenue Revenue from operations 17 7,89,75,220 5,18,30,519 Other income 18 2,08,14,267 1,38,12,507 Total 9,97,89,487 6,56,43,026 Expenses Employee benefits expenses 19 3,57,67,275 3,74,76,620 Finance cost 20 7,15,707 2,61,291 Depreciation and amortisation expense 9 2,715 6,902 Other expenses 21 60,51,376 85,03,281 Total 4,25,37,073 4,62,48,094 Profit before tax 5,72,52,414 1,93,94,932 Tax expense - Current tax 1,53,01,402 70,67,981 - Deferred tax 9,58,984 (4,61,856) - Taxes for earlier years (including MAT) (5,64,712) - Profit for the year 4,15,56,740 1,27,88,807 Earnings per equity share [Nominal value of Rs. 10 each fully paid (Previous year Rs. 10 each fully paid)] 26 - Basic Diluted Summary of significant accounting policies 2 The accompanying notes are an integral part of the financial statements As per our report of even date For S. R. Batliboi & Co. LLP Firm Registration No. : E/E Chartered Accountants For and on behalf of the Board of Directors per Viren H. Mehta Santanu Syam Rohit Ambosta Partner Director Director Membership No DIN : DIN :

3 Cash Flow Statement for the Year Ended March 31, 2018 Year Ended Year Ended (i) Cash flow from operating activities Profit before tax 5,72,52,414 1,93,94,932 for: - Depreciation and amortisation expense 2,715 6,902 - Interest income on fixed deposits with banks (75,24,850) (1,41,89,390) - Interest income on bonds (77,78,855) (4,05,094) - Interest expense on inter company loan 2,32,894 50,537 - Dividend from current investment in mutual funds (16,68,771) (4,19,444) - Profit/Loss On Redemption Of mutual funds (37,58,832) - - Provision for gratuity 5,98,699 2,95,850 - Provision for compensated absences 6,37,525 2,07,403 Operating profit/ (loss) before working capital changes 3,79,92,939 49,41,696 Changes in working capital: - Increase / (decrease) in trade payables (1,82,167) 2,79,693 - Increase / (decrease) in other current liabilities and provisions 64,56,882 18,59,293 - Increase / (decrease) in Long Term Provisions (10,17,579) - - Increase / (decrease) in Short Term Provisions 3,97, (Increase) / decrease in long term loans and advances 33,76, (Increase) / decrease in trade receivables (61,19,780) 2,47,630 - (Increase) / decrease in short term loans and advances 5,87,598 14,83,859 - (Increase) / decrease in other bank balance (Refer note 13.1) (19,50,41,000) 18,70,00,000 Cash flow generated from / (used in) operations (15,35,49,922) 19,58,12,171 - Taxes (paid) / received/tax deducted at source (1,39,51,274) (72,34,501) Net cash flow generated from / (used in) operating activities (I) (16,75,01,196) 18,85,77,670 Cash flow from investing activities Purchase of bonds (1,26,60,400) (18,86,22,000) Purchase of mutual fund units (3,83,64,605) (3,81,51,041) Redemption of mutual fund units/ bonds 20,50,41,232 2,03,00,000 Dividend from current investments in mutual fund units 16,68,771 4,19,442 Interest received 2,00,68,264 2,09,01,647 Net cash flow generated from / (used in) investing activities (II) 17,57,53,262 (18,51,51,952) (iii) Cash flow from financing activities Proceeds from inter-corporate loans 1,58,00,000 42,50,000 Repayment of inter-corporate loans (1,58,00,000) (42,50,000) Interest expenses on inter-corporate loan (2,32,894) (50,537) Net cash generated from / (used in) financing activities (III) (2,32,894) (50,537) Net increase / (decrease) in cash and cash equivalents (I) + (II)+(III) 80,19,172 33,75,181 Cash and cash equivalents at the beginning of the year 1,47,94,414 1,14,19,233 Cash and cash equivalents at the end of the year 2,28,13,586 1,47,94,414 Cash and cash equivalents at the end of the year comprises of Cash on hand - 24,432 Balance with scheduled banks in current accounts 2,28,13,586 1,47,69,982 Demand deposits (less than 3 months maturity) - - 2,28,13,586 1,47,94,414 Note: The above Cash Flow Statement has been prepared under the indirect method setout in AS-3 'Cash Flow Statements' notified under specified Section 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules, and Companies Accounting Standards Amendment Rules, The accompanying notes are an integral part of the financial statements As per our report of even date For S. R. Batliboi & Co. LLP Firm Registration No. : E/E Chartered Accountants For and on behalf of the Board of Directors per Viren H. Mehta Santanu Syam Rohit Ambosta Partner Director Director Membership No DIN : DIN :

4 1 Overview Angel Financial Advisors Private Limited (the Company ) was incorporated on 9th July 1996, under the Companies Act, 1956 and primarily engaged in distribution of third party financial products. 2 Significant Accounting Policies 2.1 Basis of preparation of financial statements The financial statements of the company have been prepared in accordance with the generally accepted accounting principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the accounting standards notified under section 133 of the Companies Act 2013, read together with paragraph 7 of the Companies (Accounts) Rules, 2014 and the Companies (Accounting Standards) Amendment Rules, The financial statements have been prepared on an accrual basis and under the historical cost convention, except for derivative financial instruments which have been measured at fair value. All assets and liabilities have been classified as current or non-current as per the Company s normal operating cycle and other criteria set out in the Schedule III to the Companies Act, Based on the nature of the services and the time between the provision of services and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current and non-current classification of assets and liabilities. 2.2 Use of estimates The presentation of financial statements requires estimates and assumptions to be made that affect the reported amount of assets and liabilities (including contingent liability) on the date of financial statements and the reported amount of revenue and expenses during the reporting period. Difference between the actual results and estimates are recognised in the period in which results are known / materialised. Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. 2.3 Revenue recognition (i) Revenue is recognised when there is reasonable certainity of its ultimate realisation / collection. Revenue from distribution of Mutual Fund, Insurance and Cross Sales Operations is accounted for on an accrual basis (net of service tax and goods & service tax (GST). (iii) Dividend Income is recognised when the right to receive dividend is established. (iv) Interest Income is recognised on a time proportion basis taking into account the amount outstanding and the rate applicable. (v) In respect of other heads of income, the company accounts the same on an accrual basis. (vi) Revenue excludes Service tax and goods & service tax (GST). 2.4 Property plant and equipment Property, plant and equipment, capital work in progress are stated at acquisition cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing costs if capitalization criteria are met, directly attributable cost of bringing the asset to its working condition for the intended use and initial estimate of decommissioning, restoring and similar liabilities. Any trade discounts and rebates are deducted in arriving at the purchase price. Subsequent expenditure related to an item of property plant and equipment is added to its book value only, if it increases the future benefits from the existing asset beyond its previously assessed standard of performance. Items of property plant and equipment that have been retired from active use and held for disposal are stated at lower of their net book value and net realisable value and are shown separately in the financial statement. Any expected loss is recognised immediately in the Statement of Profit and Loss. Gains or losses arising from derecognition of property, plant and equipment are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized. 2.5 Intangible Assets Intangible assets are stated at acquisition cost, net of accumulated amortisation and accumulated impairment losses, if any. Intangible assets are amortised on a straight line basis over their estimated useful lives. The amortisation period and the amortisation method are reviewed at least at the end of each financial year. If the expected useful life of the asset is significantly different from previous estimates, the amortisation period is changed accordingly. Computer software which is not an integral part of the related hardware is classified as an intangible asset. Based on management's evaluation, the intangible assets are amortised over the period of 5 years of useful life. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit and loss when the asset is derecognized.

5 2.6 Depreciation/ Amortisation (i) Depreciation on property plant and equipment is provided on a pro-rata basis on the straight -line method over the estimated useful lives of the assets as prescribed by Schedule II to the Companies Act, Leasehold improvements are amortised over the primary period of lease. (iii) The intangible assets are amortised over the period of 5 years of useful life. (iv) Depreciation on additions/ deletions to property plant and equipment is provided on pro-rata basis from/ upto the date the asset is put to use/ discarded. 2.7 Borrowing costs All borrowing costs except which are eligible for capitalisation, are charged to Statement of Profit and Loss on accrual basis. 2.8 Impairment of assets The Company assesses at each balance sheet date whether there is any indication that an asset (property plant and equipment or intangible) may be impaired. An asset is impaired when the carrying amount of the asset exceeds its recoverable amount. An impairment loss is charged to the Statement of Profit and Loss in the year in which an asset is identified as impaired. An impairment loss is reversed to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined if no imparment loss had previously been recognised. 2.9 Investments Investments that are readily realisable and are intended to be held for not more than one year from the date, on which such investments are made, are classified as current investments. All other investments are classified as long-term investments (non-current investments). Current investments are carried at lower of cost or fair value. In case of investment in mutual funds, the net asset value of units declared by the mutual funds is considered as fair value. Long Term investments are carried at cost. However, provision for diminution is made to recognise a decline, other than temporary, in the value of the investments, such reduction being determined and made for each investment individually. Amount of interest attributable to preacquisition period is reduced from cost once it is received and balance is recognised in the statement of profit and loss Employee Benefits (i) Provident fund The Company contributes to a recognised provident fund which is a defined contribution scheme. The contributions are accounted for on an accrual basis and recognised in the Statement of Profit and Loss. Gratuity The Company provides for gratuity, a defined benefit plan (the "Gratuity Plan") covering eligible employees in accordance with the Payment of Gratuity, The gratuity provides for a lump sum payment to vested employees at retirement, death, incapacitation or termination of employment, of an amount based on the respective employee s salary and the tenure of employment. The liability is actuarially determined (using the Projected Unit Credit method ) at the end of each year. Actuarial losses / gains are recognised in the Statement of Profit and Loss in the year in which they arise. (iii) Compensated absences The employees of the Company are entitled to compensated absences as per the policy of the Company. Accumulated compensated absences, which are expected to be availed or encashed within 12 months from the end of the year are treated as short term employee benefits. The obligation towards the same is measured at the expected cost of accumulating compensated absences as the additional amount expected to be paid as a result of the unused entitlement as at the year end. Accumulated compensated absences, which are expected to be availed or encashed beyond 12 months from the end of the year are treated as long term employee benefits. The Company's liability for Compensated absences is actuarially determined using the Projected Unit Credit method at the end of the each year. Actuarial losses / gains are recognised in the Statement of Profit and Loss in the year in which they arise.

6 2.11 Current and deferred tax (i) Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the taxation laws prevailing. Provision for taxation for the year is ascertained on the basis of assessable profits computed in accordance with the provisions of the Income Tax Act, (iii) Current tax assets and liabilities are offset when there is a legally enforceable rights to set off the recognised amount and there is intention to settle the assets and the liabilities on a net basis. (iv) Deferred tax is recognised, subject to the consideration of prudence in respect of deferred tax asset, on timing differences, being the difference between taxable income and accounting income that originate in one year and are capable of reversal in one or more subsequent years. (v) Deferred tax assets are recognised and carried forward only to the extent that there is a reasonable certainty of their realisation. This reasonable level of certainty would normally be achieved by examining the past record of the Company and by making realistic estimates of profits for the future. In case of carry forward losses and unabsorbed depreciation, under tax laws, the deferred tax assets are recognised only to the extent there is virtual certainty supported by convincing evidence that sufficient future taxable income will be available against which such deferred tax assets can be raised. (vi) Deferred tax assets and liabilities are measured using the tax rates and tax laws that have been enacted or substantively enacted on the Balance Sheet date. At each Balance Sheet date, the company re-assesses unrecognised deferred tax assets, if any. (vii) Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off assets against liabilities representing the current tax and where the deferred tax assets and liabilities relate to taxes on income levied by the same governing taxation laws. (viii) Minimum Alternative Tax (MAT) Credit is recognised as an asset only when and to the extent there is convincing evidence that the company will pay normal income tax during the specified period Provisions and contingent liabilities (i) 2.13 Leased assets Provisions are recognised when there is a present obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and there is a reliable estimate of the amount of the obligation. Provisions are measured at the best estimate of the expenditure required to settle the present obligation at the Balance Sheet date and are not discounted to its present value. Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from past events where it is either not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Contingent assets are not recognised in the financial statements. Assets acquired under Leases where a significant portion of the risks and rewards of the ownership are retained by the lessor are classified as Operating Leases. The rentals and all other expenses of assets under operating leases are charged to the Statement of Profit and Loss on a straight-line basis over the period of the lease Cash and Cash Equivalents Cash and cash equivalents include cash in hand, demand deposits with banks, other short-term highly liquid investments with original maturities of three months or less Earnings per share The basic earnings per share is computed by dividing the net profit / (loss) attributable to the equity shareholders for the year by the weighted average number of equity shares outstanding during the reporting period. Diluted earnings per share reflect the potential dilution that could occur if securities or other contracts to issue equity shares were exercised or converted during the year. The diluted earnings per share is computed by dividing the net profit / (loss) after tax by the weighted average number of equity shares and dilutive potential equity shares outstanding during the year.

7 3 Share capital Authorised: 25,000,000 (Previous year: 25,000,000) equity shares of Rs. 10/- each. 25,00,00,000 25,00,00,000 Issued, Subscribed and Paid Up: 25,000,000 (Previous year: 25,000,000) equity shares of Rs. 10/- each, fully paid up. 25,00,00,000 25,00,00,000 Total 25,00,00,000 25,00,00, Reconciliation of shares and amount outstanding at the beginning and the end of the year March 31, 2018 March 31, 2017 No. of Shares No. of Shares Equity Shares : Balance as at the beginning of the year 2,50,00,000 25,00,00,000 2,50,00,000 25,00,00,000 Add: Increase during the year Balance as at the end of the year 2,50,00,000 25,00,00,000 2,50,00,000 25,00,00, Rights, preferences and restrictions attached to shares: The Company has one class of equity shares having a par value of Rs.10/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed if any by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company after distribution to all preferential amounts, in proportion to their shareholding. 3.3 Shares held by the holding company: Name of the shareholder Angel Broking Private Limited, the holding company 25,000,000 (Previous Year: 25,000,000 ) equity shares of Rs. 10/- each, fully paid up 25,00,00,000 25,00,00,000 Total 25,00,00,000 25,00,00, The details of shares held by shareholders holding more than 5% of the aggregate shares in the company: Name of the shareholder Angel Broking Private Limited and its nominees No of equity shares 2,50,00,000 2,50,00,000 Percentage of holding 100% 100% Total 2,50,00,000 2,50,00, As per the records of the Company, no securities are convertible into equity/preference shares. 4 Reserves and surplus Surplus in statement of profit and loss Balance of profit / (loss) as at the beginning of the year 2,22,19,723 94,30,916 Add : Net profit for the year 4,15,56,740 1,27,88,807 Balance as at the end of the year 6,37,76,463 2,22,19,723 Total 6,37,76,463 2,22,19,723 5 Long term provisions Provision for employee benefits - Gratuity (Refer note 22) 4,21,446 2,79,352 - Compensated absences 1,46,647 70,096 Total 5,68,093 3,49,448 6 Trade payables Total outstanding dues of micro and small enterprises (*) - - Total outstanding dues of creditors other than micro and small enterprises 4,15,274 5,97,441 Total 4,15,274 5,97,441 (*)There are no amounts (previous year - Nil) due to any micro, small and medium enterprises as required to be disclosed under Micro, Small and Medium Enterprises Development Act, 2006 as on 31 March, The above information regarding Micro, Small and Medium Enterprises have been determined to the extent such parties have been identified on the basis of information available with the company. 7 Other current liabilities Other liabilities - Statutory dues 27,47,483 6,44,769 - Employee benefits payable 63,15,542 21,48,159 - Expense payable 2,34,402 2,24,745 - Others 3,16,064 1,38,936 Total 96,13,491 31,56,609 8 Short-term provisions Provision for employee benefits - Gratuity (Refer note 22) 16,230 11,719 - Compensated absences 6,59,580 2,67,038 Total 6,75,810 2,78,757

8 9.1 Fixed Assets - Property plant and equipment April 01, 2017 Additions Gross Block Disposals/ March 31, 2018 April 01, 2017 Depreciation For the year Disposals/ March 31, 2018 Net Block March 31, 2018 Air Conditioners 60, ,473 60, ,473 - Office Equipments 49, ,066 49, ,066 - Computer Equipments 3,17, ,17,502 3,17, ,17,502 - Furniture and Fixtures 94, ,614 91,899 2,715-94,614 - Total 5,21, ,21,655 5,18,940 2,715-5,21,655 - Previous year : Fixed Assets - Property plant and equipment April 1, 2016 Additions Gross Block Disposals/ March 31, 2017 April 1, 2016 Depreciation For the year Disposals/ March 31, 2017 Net Block March 31, 2017 Air Conditioners 60, ,473 60, ,473 - Office Equipments 49, ,066 49, ,066 - Computer Equipments 3,17, ,17,502 3,17, ,17,502 - Furniture and Fixtures 94, ,614 84,997 6,902-91,899 2,715 Total 5,21, ,21,655 5,12,038 6,902-5,18,940 2, Fixed Assets - Intangible Assets April 01, 2017 Additions Gross Block Disposals/ March 31, 2018 April 01, 2017 Depreciation For the year Disposals/ March 31, 2018 Net Block March 31, 2018 Computer Software 2,25, ,25,139 2,25, ,25,139 - Total 2,25, ,25,139 2,25, ,25,139 - Previous year : Fixed Assets - Intangible Assets April 1, 2016 Additions Gross Block Disposals/ March 31, 2017 April 1, 2016 Depreciation For the year Disposals/ March 31, 2017 Net Block March 31, 2017 Computer Software 2,25, ,25,139 2,25, ,25,139 - Total 2,25, ,25,139 2,25, ,25, There are no adjustments to Fixed Assets on account of borrowing costs and exchange differences. There is no revaluation of fixed assets during the year.

9 10 Deferred tax assets Deferred tax assets - Difference between book and tax depreciation 15,61,004 17,25,141 - Provision for gratuity 1,21,761 80,197 - Provision for compensated absences 2,24,292 92,889 - Provision for lease equilisation - 14,371 - Provision for Incentive - 4,87,331 - MTM Loss on Perpetual Bonds - 4,00,347 - Provision for bonus - 65,765 Total deferred tax assets 19,07,057 28,66, Deferred tax assets and deferred tax liabilities have been offset as they relate to the same governing taxation laws. 11 Long-term loans and advances Unsecured - considered good - Security deposits - premises 4,76,825 4,76,825 - Security deposits - others 37,520 37,520 Advance payment of taxes and tax deducted at source 24,88,792 32,74,208 (Net of MAT credit utilised Rs.93,75,050/- [Previous Year : Rs. 59,98,811/-] and provision for tax Rs 2,24,71,266/- [Previous Year : Rs. 1,19,93,715/-]) Minimum alternative tax (MAT) credit entitlement 2,17,69,801 2,51,45,933 Total 2,47,72,938 2,89,34, Current Investments At cost and fair value, whichever is less (Unquoted) In Mutual Fund : -5,31, units of ICICI Prudential Liquid Plan - Daily Dividend (Previous year 1,78, units) 5,22,15,649 1,78,51,043 (NAV Rs per Unit) units of Essel Liquid Plan - Growth (Previous year NIL) 40,00,000 - (NAV Rs per Unit) At cost and fair value, whichever is less (Quoted) - Perpetual Bonds - 18,86,22,000 (NIL, Previous year 189 Units of 9.5 % Yes Bank perpetual bonds of Rs. 10,00,000/- each) Total 5,62,15,649 20,64,73, Aggregate amount of quoted investments - 18,86,22,000 Market value of quoted investments - 19,00,75,032 Aggregate amount of unquoted investments 5,62,15,649 1,78,51, Trade receivables Unsecured, considered good - Outstanding for a period exceeding six months from the date they are due for payment Others 1,34,38,820 73,19,040 Total 1,34,38,820 73,19, Cash and bank balances Cash and cash equivalents Cash on hand - 24,432 Bank balances - In current accounts 2,28,13,586 1,47,69,982 Other bank balances (Refer note 14.1) - Fixed deposits with maturity more than 3 months but less than 12 months 20,50,41,000 1,00,00,000 Total 22,78,54,586 2,47,94, Fixed deposits are under lien with the banks against credit facility availed by the holding company. 15 Short-term loans and advances Unsecured - considered good Advances recoverable in cash or in kind : - Prepaid Expenses 38,891 28,106 - Balance with service tax authorities 20,609 6,70,058 - Advance to employees 5, Advance to vendors 52,828 6,763 Total 1,17,328 7,04,927

10 16 Other current assets Unsecured - considered good Interest accrued on fixed deposits with banks 7,42,753 6,25,766 Accured interest on bonds (Yes Bank Bonds) - 4,05,094 Interest accrued for the period before purchase of Bonds (Yes Bank Bonds) - 44,76,452 Total 7,42,753 55,07, Revenue from operations Year ended Year ended Revenue Income from distribution of financial products 7,89,75,220 4,93,30,519 Co-Branding services - 25,00,000 Total 7,89,75,220 5,18,30, Other Income Year ended Year ended Interest income on fixed deposits with banks 75,24,850 1,41,89,390 Interest on bonds 77,78,855 4,05,094 Dividend from current investment in mutual fund units 16,68,771 4,19,444 Profit/(Loss) On redemption of bonds 37,58,832 (14,53,032) Miscellaneous income 82,959 2,51,611 Total 2,08,14,267 1,38,12, Employee benefits expenses Year ended Year ended Salaries, allowances and bonus 3,32,23,585 3,55,56,685 Contribution to employees provident and other funds 11,02,626 12,31,535 Gratuity (Refer note 22) 5,98,699 2,95,850 Compensated absences 6,37,525 2,07,403 Training and recruitment expenses 2,04,840 1,85,147 Total 3,57,67,275 3,74,76, Finance cost Year ended Year ended Interest expenses - On inter-corporate loans 2,32,894 50,537 - Interest on Service Tax 25, Others 1,01,883 - Bank charges 3,55,664 2,10,486 Total 7,15,707 2,61, Other expenses Year ended Year ended Software Connectivity License/Maintenance Expenses 64,915 70,000 Rent, rates and taxes 29,34,867 38,14,963 Advertisement and business promotion 60,000 60,000 Insurance 2,42,652 1,55,094 Communication expenses 11,867 32,992 Travelling and Conveyance 15,08,543 12,24,498 Electricity expenses 3,62,924 3,62,462 Legal and professional charges 3,72,705 4,09,273 Repairs and Maintenance: - Building 45,513 24,896 - Others 69,554 - Auditors' remuneration (Refer note 21.1) 1,90,000 2,04,311 Cenvat credit written off 1,47,689 19,12,677 Miscellaneous expenses 40,147 2,32,115 Total 60,51,376 85,03, Auditors' remuneration Year ended Year ended Statutory audit fees (excluding taxes) 1,90,000 2,00,000 Out of pocket expenses - 4,311 Total 1,90,000 2,04,311

11 22 Employee benefits plan The Company is recognising and accruing the Employee benefits as per Accounting Standard (AS) 15 (revised 2005) Employee Benefits issued by the Institute of Chartered Accountants of India. Disclosure relating to actuarial valuation of gratuity: Compensated absences Compensated absences Assumptions Discount rate 7.16% 6.65% 7.16% 6.65% Salary escalation 3.00% 3.00% 3.00% 3.00% Employee turnover Sales Employee: Sales Employee: For service less than 4 years: 99% Thereafter: 2% Year ended For service less than 4 years: 99% Thereafter: 2% Non-Sales Employee: Non-Sales Employee: For service less than 4 years: 49% For service less than 4 years: 49% Thereafter: 2% Thereafter: 2% Year ended Changes in present value of defined benefit obligations are as follows: Opening defined benefit obligation 2,91,071 1,35,510 #REF! 76,15,806 Current service cost 97,198 45,251 31,22,638 34,26,025 Interest cost 22,198 11,294 Benefits paid (4,52,094) (1,40,289) Past service cost 27,158 Actuarial (gains) / losses on obligation 4,52,145 2,39,305 Closing defined benefit obligation 4,37,676 2,91,071 Amounts to be recognised in the balance sheet Liability at the end of the year 4,37,676 2,91,071 #REF! 1,31,47,175 Fair value of plan assets at the end of the year Difference 4,37,676 2,91,071 #REF! 1,31,47,175 Amount of liability recognised in the balance sheet 4,37,676 2,91,071 #REF! 1,31,47,175 Net employee benefit expense recognized in the employee cost Current service cost 97,198 45,251 31,22,638 34,26,025 Interest cost 22,198 11,294 #REF! 5,64,763 Past service cost 27,158 - Net actuarial loss/(gain) on obligations 4,52,145 2,39,305 #REF! 34,12,133 Expenses recognised in the statement of profit and loss 5,98,699 2,95,850 #REF! 74,02,921 Movement in the liability recognised in balance sheet Opening net liability 2,91,071 1,35,510 1,31,47,175 76,15,806 Expense as above 5,98,699 2,95,850 #REF! 74,02,921 Benefits paid (4,52,094) (1,40,289) #REF! (18,71,552) Amount recognised in balance sheet 4,37,676 2,91,071 #REF! 1,31,47,175 Classification - Current 16,230 11,719 70,01,269 52,25,114 - Non-current 4,21,446 2,79,352 69,90,896 79,22,061 Experience adjustments March 31, 2016 March 31, 2015 March 31, 2014 Gratuity Gratuity Gratuity Gratuity Gratuity Defined benefit obligation 4,37,676 2,91,071 1,35,510 83,628 - Plan assets Surplus / (deficit) 4,37,676 2,91,071 1,35,510 83,628 - Experience adjustments on plan assets / liabilities

12 23 Segment reporting Primary segments (i) The business segment has been considered as the primary segment for disclosure. The Company is principally engaged in the business of distribution of Financial / Insurance Products. Accordingly, there are no other reportable segments as per AS 17- Segment Reporting. Geographical segment: (i) The Company operates in one geographic segment namely within India and hence no separate information for geographic segment wise disclosure is required. 24 Related party disclosure 24.1 List of related parties: Sr. No Relationship Name of the Parties 1 Holding Company Angel Broking Private Limited 2 Fellow Subsidiary Company Angel Fincap Private Limited Angel Securities Limited Mimansa Software Systems Private Limited Angel Wellness Private Limited 3 Individuals owning directly or indirectly interest and voting power that gives them control Mr. Dinesh Thakkar Mr. Lalit Thakkar 24.2 Following transactions were carried out with related parties in the ordinary course of business : Nature of transaction Name of the related party Holding company Total Interest paid Angel Broking Private Limited 2,32,894 50,537 2,32,894 50,537 Total 2,32,894 50,537 2,32,894 50,537 Rent paid Angel Broking Private Limited 20,51,352 20,51,352 20,51,352 20,51,352 Total 20,51,352 20,51,352 20,51,352 20,51,352 Expenses incurred on behalf of the Company Angel Broking Private Limited 6,16,807 2,67,559 6,16,807 2,67,559 Total 6,16,807 2,67,559 6,16,807 2,67,559 Loan taken Angel Broking Private Limited 1,58,00,000 42,50,000 1,58,00,000 42,50,000 Total 1,58,00,000 42,50,000 1,58,00,000 42,50,000 Repayment of loan taken Angel Broking Private Limited 1,58,00,000 42,50,000 1,58,00,000 42,50,000 Total 1,58,00,000 42,50,000 1,58,00,000 42,50, The company has given its fixed deposit and bonds as lien for borrowings obtained by Angel Broking Private Limited, the same is not covered in disclosure as stated in note Disclosure of transactions as required by Accounting Standard 19 on lease Operating leases 25.1 Assets taken on lease 25.2 The lease rentals charged during the year and the maximum obligations on long term, non cancellable operating leases payable as per the rentals stated in the respective agreements are given below. The Company has taken office premises at various locations on operating lease and lease rent in respect of the same have been charged under Rent amounting to Rs.29,23,357/- (Previous Year: Rs.38,08,083/-) to the statement of profit and loss. The agreements are executed for a period ranging from 11 months to 5 years With respect to non-cancellable operating leases, the future minimum lease payments are as follows: Year ended Year ended Not later than one year 4,30,799 10,37,078 Later that one year and not later that five years - 4,30,799 Later than five years Initial direct costs are charged to the Statement of Profit and Loss. 26 Earning per equity share Profit after tax 4,15,56,740 1,27,88,807 Weighted average number of equity shares - For Basic EPS (No.) 2,50,00,000 2,50,00,000 - For Diluted EPS (No.) 2,50,00,000 2,50,00,000 Nominal value of equity share Earnings per equity share: - Basic Diluted Corporate social responsibility (CSR) expenses Pursuant to requirements of Section 135 of Companies Act, 2013 the company is not required to contribute to CSR. 28 Contingent liabilities (i) Claims against the company not acknowledged as debts 4,30,000 4,30,000 Total 4,30,000 4,30,000

13 29 The previous year numbers for the year ended March 31, 2017 were audited by independent firm of chartered accountants other than S R. Batliboi & Co LLP. 30 Details of Specified Bank Notes (SBN) a) The requirements for the disclosure regarding details of SBNs held and transacted during November 08, 2016 to December 30, 2016 where applicable for financial year ended March 31, 2017 and hence no disclosure has been made in the current year. Corresponding amounts as appearing in the audited standalone financial statement for the year ended March 31, 2017 have been disclosed in (b) herein below. b) Details of Specified Bank Notes (SBN) held and transacted during the period from November 08, 2016 to December 30, 2016 as follows:- SBN's Denomination note (Other Total Closing balance of cash as on , ,432 Add: Permitted receipts - 24,000 24,000 Less: Permitted payments Less: Amount deposited in banks 5,000-5,000 Closing balance of cash as on ,432 24,432 Specified Bank Notes (SBNs) mean the bank notes of denominations of the existing series of the value of five hundred rupees and one thousand rupees as defined under the notification of the Government of India, in the Ministry of Finance, Department of Economic Affairs no. S.O. 3407(E), dated the November 08, Previous year's figure The previous year's figures have been regrouped, re-arranged and reclassified wherever necessary to confirm to current year's classification. For and on behalf of the Board of Directors Santanu Syam Rohit Ambosta Director Director DIN : DIN :