| 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 156 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, with interest there on,
under Sec 138, matter is pending for hearing at Mumbai Court.
3. Long-term deposits to various companies of Rs.530.00 lacs are
subject to confirmation and subsequent adjustments, if any. Since
company is not in the receipt of any Interest on the same deposit since
long period so that company has not accounted any interest on the same
deposit.
4. In the matter of Mr. Hiten Parmar, whose PAN:-BGCPP4193C, Amount
Receivable Rs.56,93,287/37p. which is more than 6 months, Company has
initiated the Civil & Criminal Legal action to recover the due amount
with Interest there on till date of payment Received, Further company
is filing Arbitration proceeding's at the Exchange's against Mr. Hiten
Parmar & His associates.
5. Company has taken unsecured interest free loan in FY 2011- 12
amounting to Rs. 11,61,000 from individual and same is due in year
2016-2017.
6. There is a Mark to Market Loss of Rs.1,97,822/- as on 31st March
2015 on account of Unrealized Loss on Future Contract as per AS-30.
7. Segment Information
For management purposes, the Company is organized into two segments -
Fee based and Investment/Trading In 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.
8. Earnings per share:
The Company reports basic and diluted earnings per share in accordance
with Accounting Standard 20 - Earnings Per Share prescribed by the
Companies (Accounting Standards) Rules, 2006.
Basic earnings per share are computed by dividing the net profit after
tax attributable to equity shareholders by the weighted average number
of equity shares outstanding during the year.
Diluted earnings per share refl ect the potential dilution that could
occur if securities or other contracts to issue equity shares were
exercised or converted during the year. Diluted earnings per share are
computed by dividing the net profit after tax by the weighted average
number of equity shares and dilutive potential equity shares
outstanding at year-end.
9. Related Party Disclosures Names of Related Parties:
A) Enterprises where control exists Associate Companies:
1. Trumonee Financial Ltd.
B) 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.
4. Jayantilal Khandwala & Sons
C) Key Management Personnel:
1. Mr. Paresh J. Khandwala - Managing Director
2. Mr. Rohitasava Chand - Director
3. Mr. Kalpen Shukla - Director
4. Mr. Pranav P. Khandwala - Director
5. Mr. Shreedhar Parande - Director
6. Mrs. Bhagyashree P. Khandwala - Director
7. Mr.Homiar Nariman Vakil - Director
D) Relatives of Key Management Personnel:
1. Mrs. Daxa P. Khandwala
2. Mr. Pratik P. Khandwala
3. Ms. Tulsi P. Khandwala
4. Mrs. Brinda P. Khandwala
10. As per information and explanation received there are no dues
payable to Small Scale Industrial Undertakings as at March 31, 2015.
11. Transaction in foreign currency: (In lacs)
Foreign travel expenses - Rs. 1.49, Previous year Rs. 0.52.
12. Debtors include:
(i) Due from a firm in which a director is interested as partner -
Rs.150.85 lacs (Previous year Rs.152.85 lacs)
(ii) Due from relatives and Enterprises controlled by the relatives of
the Key Managerial Personnel - 19.46 Lacs.
(iii) The above dues have arisen in the normal course of business.
13. 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.
14. Managerial Remuneration:
(i) Remuneration to Managing Director
Salary and Other Allowances : Rs. 31.25 Lacs
(PY. Rs. 31.25 lacs)
(ii) Sitting fees to other Directors : Rs. 1.00 Lacs
(PY. Rs. 0.90 Lacs)
ii) Preference dividends are in arrears from F.Y. 2008-09 to
F.Y.2014-15 as aggregating to Rs. 1.40 Crores.
iii) TDS defaults showing on TDS traces website for the various
Financial Years as on 31st March 2015 has been reviewed and there is no
possible demand arising due to that. The Company is under process of
rectifying the defaults by revising the TDS returns.
15. The figures for the previous period have been regrouped,
rearranged or reclassified wherever necessary to conform to the
current period's presentation.
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