1.  The Company provides Portfolio Management Services (PMS) to its
 clients. Transactions on account of PMS activities are carried out
 exclusively on behalf of PMS clients. Therefore, assets and liabilities
 arising out of the above effectively belong to the PMS clients and
 hence are not reflected in the Company''s accounts. Management fees
 earned/expenditure incurred by the Company from this activity is
 accounted for on an accrual basis.
 
 2.  Share Application Money of Rs. 216.69 Lacs (Previous year Rs.
 216.69 Lacs) is outstanding for a period of 120 months as at the
 balance sheet date, for which financial statements are in the process
 of being obtained. The Company has initiated legal proceedings against
 the party to recover the application money.
 
 3.  Short-term deposits from companies of Rs.100.00 Lacs is subject to
 confirmation and subsequent adjustments, if any.
 
 4.  Short-term deposits to companies of Rs. 530.00 lacs together with
 interest accrued thereon Rs. 135.80 lacs (included in loans and
 advances) are subject to confirmation and subsequent adjustments, if
 any.
 
 5.  The Company has written back the amount of Rs.309.54 Lacs Out of
 the closing Provision of Doubtful Debts of last year of Rs.390.02/-
 Lacs, since these amounts represent old balances and management is of
 the opinion that these are not receivable now. The Closing Balance of
 Provision for doubtful debts now stands at Rs. 80.48/- Lacs.
 
 6.  There is a Mark to Market gain of Rs.1,25,750/- as on 31st March
 2012 on account of Unrealised Gains on Future Contract. As per AS30, it
 has been accounted as Other Income and credited to the Income
 Statement.
 
 7.  Income from Operations include profit on sale of shares held as
 stock in trade of Rs.67 Lacs.
 
 8.  Debtors/ Creditors have been written off/ (written back) since
 these were old balances and are not receivable Rs.  1,19,37,153/- &
 payable Rs. 1,14,54,105/-, net effect of which is Rs. 4,83,047/-.
 
 9.  Fixed Assets having written down value of in the books of Rs.
 6,32,324/-, have been written off, since the assets do not exist
 physically with the company.
 
 10.  The Lease period of Office Premises at Walkeshwar got over after
 Three years which was further renewable for a further period of two
 years. However due to adverse market conditions it was not renewed. The
 Assets lying at Walkeshwar Office were physically verified and then
 scrapped out. In the process loss of Rs. 29,18,607/-.
 
 11.  The net deferred tax assets is calculated as follows:
 
 12.  Segment Information
 
 For management purposes, the Company is organized into two segments -
 Fee based and Investment/Stock.  The Company has considered these two
 divisions as its business segments.
 
 The Fee based division provides financial advisory services relating to
 mergers and acquisitions, equity and debt issue management, portfolio
 management and broking.
 
 Investment and Stock division carries out trading, investing and
 speculation activities in capital markets (debt and equity) for the
 Company.
 
 Fixed assets used in the Company''s business are not identified to any
 of the reportable segments, as these are used interchangeably between
 segments and hence the fixed assets and depreciation are not allocated
 to any of the reportable segments.
 
 As the entire business operations of the Company are conducted only in
 India, the Company has not reported any secondary segment information.
 
 13.  Related Party Disclosures Names of Related Parties:
 
 A) Enterprises where control exists Associate Companies:
 
 1. Trumonee Financial Ltd.
 
 B) Enterprises in which key Managerial personnel exercise significant
 influence:
 
 1. Jayantilal Khandwala & Sons
 
 C) Enterprises controlled by the relatives of the Key Managerial
 Personnel:
 
 1.  Piggero Investments Pvt. Ltd.
 
 2.  Bentley Investments Pvt. Ltd.
 
 3.  Khandwala Commodity & Derivatives Pvt. Ltd.
 
 D) Key Management Personnel:
 
 1.  Mr. Paresh J. Khandwala - Managing Director
 
 2.  Mr. P. J. Khandwala - HUF
 
 E) Relatives of Key Management Personnel:
 
 1.  Mrs. Daxa P. Khandwala
 
 2.  Mr. Pratik P. Khandwala
 
 3.  Mr. Pranav P. Khandwala
 
 4.  Ms. Tulsi P. Khandwala
 
 5.  Mrs. Bhagyashree P. Khandwala
 
 6.  Mrs. Brinda P. Khandwala
 
 14.  As per information and explanation received there are no dues
 payable to Small Scale Industrial Undertakings as at March 31, 2012.
 
 15.  Transaction in foreign currency: (In lacs)
 
 Foreign travel expenses - Rs. 2.03, Previous year Rs. 5.62
 
 Foreign Currency Income - Rs. 0.30, Previous year Rs. 0.52
 
 16.  Debtors include:
 
 (i) Due from a firm in which a director is interested as partner - Rs.
 152.85 lacs (Previous year Rs.171.85 lacs)
 
 (ii) The above dues have arisen in the normal course of business.
 
 17.  Increase in Debtors & Creditors is in line with the growth of
 business. The creditors are largely from receipt of margin money from
 the clients while the debtors reflect the pattern of settlement period,
 wherein year-end date falls within to be settled period.
 
 18.  Managerial Remuneration:
 
 (i) Remuneration to Managing Director
 
 Salary and Other : Rs. 31.25 Lacs Allowances (P.Y. Rs. 31.05 lacs)
 
 (ii) Sitting fees to other directors : Rs. 0.75 lacs (P.Y. Rs.  1.00
 lacs)
 
 19.  Liability for Employee benefits has been determined by an actuary,
 appointed for the purpose, in conformity with the principles set out in
 the accounting standard 15 (Revised) the details of which are as
 hereunder.
 
 20.  The figures for the previous period have been regrouped,
 rearranged or reclassified wherever necessary to conform to the current
 period''s presentation.