Directors Report of Peoples Investments Ltd.

Mar 31, 2025

Your Directors are pleased to present the Forty Ninth Annual Report together with the Audited Financial Statements of the Company for the financial
year ended March 31, 2025. The Management Discussion and Analysis Report forms part of this Annual Report.

Particulars	Year ended 31.3.2025	Year ended 31.3.2024
T otal revenue during the year	500.00	600.00
Depreciation	-	-
Profit / (loss) before tax	(212.43)	(17.75)
Tax	-	-
Net Profit / (loss) after tax	(212.43)	(17.75)
(Deficit) of retained earnings brought forward	(3195.53)	(3,177.78)
(Deficit) of retained earnings as per Balance Sheet	(3407.96)	(3,195.53)

During the financial year 2024-25, the total revenue of your Company was Rs. 5,00,000/- as compared with Rs.6,00,000/- in the previous financial year.
During the year under review, the loss after tax was Rs. 2,12,430/- as compared with loss after tax of Rs. 17,750/- in the previous financial year.

There are no material changes or commitments affecting the financial position of the Company which have occurred between the end of the financial year
and the date of this Report. There has been no change in the nature of the business during the year under review.

2. Dividend

In view of accumulated losses, the Board has not recommended any dividend for the financial year 2024-25.

3. Reserves

Your company has not transferred any amount to the reserves of the Company.

4. Share Capital

The paid-up Equity Share Capital of the Company as on March 31, 2025, is Rs. 20.00 lakhs. During the year under review, the Company has not issued
shares with differential voting rights nor has granted any stock options or sweat equity. As on March 31, 2025, none of the Directors of the Company hold
instruments convertible into equity shares of the Company.

5. Management Discussion and Analysis Report
Industry Structure and Developments:

The year was marked by sound fundamentals, with inflation trending towards RBI''s target level of 4.6%, forex reserves experienced a decline before
rebounding and interest rates held at the same level with an accommodative stance to spur growth. The Indian economy had a strong GDP growth which
was driven by capital formation and investment for the most part and to a lower extent by private and public consumption. GDP for the country is
projected to grow at 6.3% during FY 2025-26 supported by resilient domestic activity, robust investment and government consumption. Indian economy
remained resilient with robust 6.5% growth rate of GDP in FY 2024-25.

While there was no change in stance of the monetary policy, the market reading of the monetary policy statements indicated that the interest rate had
peaked. Overall, the country is attracting many global majors for strategic investments owing to the presence of a vast range of industries and investment
avenues.

Opportunity and Threats:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.05% (provisional) for the month of March, 2025 (over March,
2024). Positive rate of inflation in March, 2025 is primarily due to increase in prices of manufacture of food products, other manufacturing, food articles,
electricity and manufacture of textiles etc. Meanwhile, The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) in April 2026 after a
detailed assessment decided to bring down the repo rate to 6 % and the liquidity adjustment facility (LAF) has been adjusted to 5.75%.¹

The rise of AI poses a substantial challenge globally, especially in service sectors where employment is a concern. A recent IMF paper highlights that
almost 40 percent of global employment is exposed to AI, showcasing both its complementary benefits and potential risks of displacement. Geoeconomic
fragmentation and the slowdown of hyper-globalization are leading to increased friend shoring and onshoring activities, impacting global trade and
economic growth.

Segment-wise or product-wise performance:

The Company is solely engaged in financial consultancy services, which is the only reporting segment. The total revenue from financial advisory services
stood at Rs. 5,00,000/- as compared with Rs. 6,00 ,000/- in the previous financial year.

Outlook:

² Rising employment and substantially increasing private consumption, supported by rising consumer sentiment, will support GDP growth in the coming
months. Future capital spending of the government in the economy is expected to be supported by factors such as tax buoyancy, the streamlined tax
system with low rates, a thorough assessment and rationalisation of the tariff structure, and the digitization of tax filing. In the medium run, increased
capital spending on infrastructure and asset-building projects is set to increase growth multipliers. The contact-based services sector has largely
demonstrated promise to boost growth by unleashing the pent-up demand. The sector’s success is being captured by a number of HFIs (High-Frequency
Indicators) that are performing well, indicating the beginnings of a comeback.

Risk and concerns:

The geopolitical crises, supply chain reorientations, global inflation, and tight monetary policy conditions seems to outweigh on the positives of the
economy. Inflation may peak along with the moderation of the global economy and stability in crude oil and industrial raw material prices. A tighter
monetary policy will also help bring down demand and, therefore, cap the price rise.

Reserve Bank of India (RBI) has shouldered a major responsibility of cushioning the economy from rising prices and maintaining liquidity. Yet, navigating
inflation and preserving financial stability, while boosting growth drivers, have been a tightrope walk for policymakers and for the economy as a whole.

Internal Control Systems and their adequacy:

The Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard
operating procedures. The present internal control systems are adequate and commensurate with the nature and size of the Company.

Material developments in Human Resources/Industrial Relations front, including number of peoples employed:

There is no major development in human resources/industrial relations front. At present the Company has only one employee.

_Ratio__FY 2025__FY 2024__Change in %__Reason for change_

Debtors Turnover - - - ^-

Inventory Turnover - - - ^-

Interest Coverage Ratio - - - ^-

Current Ratio__5.13__9.22__44.36%__Decrease in current assets_

Debt Equity Ratio - - - ^-

Operating Profit Margin - - - ^-

Net Profit Margin (%) (-)42.49 (-)2.96 20.59% Decrease in profit for the year

Return on Net Worth (%) (-)106.82 (-) 4.36 2350% Decrease in profit for the year

Details of any change in Current Ratio as compared to the immediately previous financial year along with a detailed explanation thereof: The Current
Ratio has reduced from 9.22 to 5.13 mainly due to decrease in current assets such as bank balances and also decrease in current liabilities such as trade
payables.

6. Finance and Accounts

During the year under review, the Company did not raise any finance.

The Financial Statements for the year ended on March 31, 2025 have been prepared in accordance with the Indian Accounting Standards (IND AS) notified
under Section 133 of the Companies Act, 2013 (hereinafter referred to as "the Act”) read with the Companies (Accounts) Rules, 2014 as amended from
time to time. There are no material departures from the prescribed norms stipulated by the Accounting Standards in preparation of the Annual Accounts
The estimates and judgments relating to the Financial Statements are made on a prudent basis, so as to reflect in a true and fair manner, the form and
substance of transactions and reasonably present the Company''s state of affairs, profits and cash flows for the year ended March 31, 2025.

7. Subsidiaries / Joint Ventures / Associate Companies

The Company does not have subsidiary, joint venture and associate company and therefore furnishing of information on performance and financial
position of subsidiary, joint venture and associate company is not applicable to the Company.

8. Corporate Governance Report

In terms of the Regulation 15(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the
compliance with the corporate governance provisions is not mandatory to the Company; therefore, the Corporate Governance Report for the year ended
March 31, 2025 is not given.

9. Web-link of the Annual Return

The Annual Return in form MGT-7 for the financial year ended March 31, 2025, as required under section 92(3) of the Companies Act, 2013, has been
placed on the website of the Company www.pplsinvestments.com.

10. Directors and Key Managerial Personnel

I. Directors

In accordance with the provisions of Section 152 of the Companies Act, 2013, Shri. Jitender Agarwal, Director, retires by rotation at the forthcoming AGM
and, being eligible, offers himself for re-appointment. The Board recommends his re-appointment for the consideration of the Members of the Company
at the forthcoming AGM.

During the year under review Shri Narayanan Ramalingam, passed away due to illness, and ceased to be the director of the Company w.e.f. October 04,
2024. Mr. Ashok Khedekar resigned as an Independent Director of the Company with effect from April 15, 2025 due to other professional
engagements and commitments.

Mr. B. Padmanabhan was appointment as an independent director of the Company, not liable to retire by rotation, for a term of 5 years effective
from December 3, 2024. Mr. Atul Dharap was appointed as an Independent Director of the Company, not liable to retire by rotation, for a term of 5
years effective from May 20, 2025.

All Independent Directors of the Company have given declarations that they meet the criteria of independence as laid down under Section 149(6) of
the Act and Regulation 16(1)(b) of the Listing Regulations. In terms of Regulation 25(8) of the Listing Regulations, Independent Directors have

confirmed that they are not aware of any circumstances or situation which exists or may be reasonably anticipated that could impair or impact
their ability to discharge their duties.

Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014, Independent
Directors of the Company have confirmed that they have registered themselves with the databank maintained by the Indian Institute of Corporate Affairs.
The Independent Directors who were required to clear the online proficiency self-assessment test have passed the test.

In the opinion of the Board, the Independent Directors possess the requisite integrity, experience, expertise, proficiency and qualifications.

II. Key Managerial Personnel

As on March 31, 2025, the following are the Key Managerial Personnel of the Company:

1. Shri Suryakant Laxman Khare: Chief Financial Officer and Company Secretary

2. Shri Venkatesh Ramaswami: Manager

III. Procedure for Nomination and Appointment of Directors

The Nomination and Remuneration Committee is entrusted with the responsibility for developing competency requirement of the Board. The Nomination
and Remuneration Committee makes recommendations to the Board in relation to appointment of new Director.

IV. Criteria for Determining Qualification, Positive Attributes and Independence of a Director

The Nomination and Remuneration Committee has formulated the criteria for determining qualifications, positive attributes and independence of
Directors in terms of Section 178(3) of the Companies Act, 2013. The same is given in Annexure - A and forms an integral part of this Report.

11. Board Meetings

The Board of Directors as on March 31, 2025 consists of Shri S. L. Pokharna, Non-Executive Director, Shri Padmanabhan Balasubramaniam, Independent
Director, Shri Jitender Agarwal, Non-Executive Director, Smt. Suma G. Nair, Non-Executive Woman Director and Shri Ashok Khedekar, Independent
Director.

During the financial year 2024-25, the Board met five times. The Meetings were held on 16.05.2024, 12.08.2024, 11.11.2024, 03.12.2024 and 31.01.2025.
Attendance of Directors at the Board Meetings was as under:

Sr. No.	Name of the Director(s)	No. of Board Meetings attended
1.	Shri S. L. Pokharna	5 of 5
2.	Shri R. Narayanan	2 of 5
3.	Shri Padmanabhan Balasubramaniam	2 of 5
4.	Shri Jitender Agarwal	5 of 5
5.	Smt. Suma G. Nair	5 of 5
6		R nf R

* Shri Padmanabhan Balasubramaniam (DIN: 01987724) was appointed as an Independent Director w.e.f. 03.12.2024, Shri Ashok Khedekar (DIN: 05197693) Independent Director,
tendered his resignation w.e.f 15.04.2025 due to professional commitments, Shri R. Narayanan, ceased to be an Independent Director, on account of death due to illness, w.e.f

04.10.2024, and Shri Atul Dharap (DIN: 06699876) was appointed as an Independent Director w.e.f. 20.05.2025.

12. Committees of the Board
I. Audit Committee

The composition of Audit Committee as at March 31, 2025 is as under:

i. Shri Ashok Khedekar : Independent Director, Chairman

ii. Shri Padmanabhan Balasubramaniam : Independent Director, Member

iii. Smt. Suma G. Nair : Non-Executive Director, Member

During the financial year 2024-25, the Audit Committee met five times. The Meetings were held on 16.05.2024, 12.08.2024, 11.11.2024, 03.12.2024 and

31.01.2025.

Attendance of Members of Audit Committee was as under:

Sr. No.	Name of the Member(s)	No. of Meetings attended
1.	Shri Padmanabhan Balasubramaniam	1 of 5
2.	Shri. R. Narayanan	2 of 5
3.	Smt. Suma G. Nair	5 of 5
4.	Shri Ashok Khedekar	5 of 5

* Shri Padmanabhan Balasubramaniam (DIN: 01987724) was inducted as a member w.e.f 03.12.2024, Shri Ashok Khedekar (DIN: 05197693) member, tendered his resignation
w.e.f 15.04.2025 due to professional commitments, Shri R. Narayanan, ceased to be a member, on account of death due to illness, w.e.f 04.10.2024, and Shri Atul Dharap (DIN:
06699876) was inducted as a member w.e.f. 20.05.2025.

Nomination and Remuneration Committee

The composition of Nomination and Remuneration Committee as at March 31, 2025 is as under:

i. Shri Padmanabhan Balasubramaniam : Independent Director, Chairman

ii. Shri Ashok Khedekar : Independent Director, Member

iii. Shri S.L. Pokharna : Non-Executive Director, Member

In the financial year 2024-25, the Nomination and Remuneration Committee met twice on May 16, 2024 and December 3, 2024. Attendance of Members
of Nomination and Remuneration Committee was as under:

Sr. No.	Name of the Member(s)	No. of Meetings attended
1.	Shri. Padmanabhan Balasubramaniam	0 of 2
2.	Shri. S. L. Pokharna	2 of 2
3.	Shri Ashok Khedekar	2 of 2

* Shri Padmanabhan Balasubramaniam (DIN: 01987724) was inducted as a member w.e.f. 03.12.2024, Shri Ashok Khedekar (DIN: 05197693) member, tendered his resignation
w.e.f 15.04.2025 due to professional commitments, Shri R. Narayanan, ceased to be a member, on account of death due to illness, w.e.f 04.10.2024, and Shri Atui Dharap (DIN:
06699876) was inducted as a member w.e.f. 20.05.2025.

II. Stakeholders Relationship Committee

The composition of Stakeholders Relationship Committee as on March 31, 2025 is as under:

i. Smt. Suma G. Nair : Non-Executive Director, Chairman

ii. Shri Ashok Khedekar : Independent Director, Member

iii. Shri Padmanabhan Balasubramaniam : Independent Director, Member

In the financial year 2024-25, the Stakeholder Relationship Committee met twice on January 31, 2025and February 21, 2025. Attendance of Members
of the Committee was as under:

Sr. No.	Name of the Member(s)	No. of Meetings attended
1.	Smt. Suma Nair	2 of 2
2.	Shri Ashok Khedekar	2 of 2
3.	Shri. Padmanabhan Balasubramaniam	2of 2

* Shri Padmanabhan Balasubramaniam (DIN: 01987724) was inducted as a member w.e.f 03.12.2024, Shri Ashok Khedekar (DIN: 05197693) member, tendered his resignation
w.e.f 15.04.2025 due to professional commitments, Shri R. Narayanan, ceased to be a member, on account of death due to illness, w.e.f 04.10.2024, and Shri Atui Dharap (DIN:
06699876) was inducted as a member w.e.f. 20.05.2025.

Committee of Directors

The composition of Committee of Directors as at March 31, 2025 is as under:

i. Smt. Suma G. Nair : Non-Executive Director, Chairman

ii. Shri S.L. Pokharna : Non-Executive Director, Member

No meetings of Committee of Directors were held during the year.

13. Compliance with Secretarial Standards

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

14. Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out annual evaluation of its own performance and the performance of the
Board Committees and individual Directors. The performance evaluation was carried out after seeking inputs from all the Directors and Committee
Members on the basis of criteria adopted in this regard. The Board expressed their satisfaction with the evaluation process.

The Independent Directors of the Company have held one meeting during the year on March 24, 2025, without the presence of Non-Independent Directors
and members of the management to review the performance of Non-Independent Directors and the Board of Directors as a whole; review the performance
of the Chairman of the Meetings of the Company and to assess the quality, quantity and timeliness of flow of information between the management and
the Board of Directors.

15. Particulars of Loans, Guarantees or Investments

The Company has not given any loan or guarantee or made investment falling within Section 186 of the Companies Act, 2013.

16. Vigil Mechanism / Whistle Blower Policy

The Company has a whistle blower policy to report genuine concerns and / or grievances. The Whistle Blower policy has been posted on the website of
the Company (www.pplsinvRstments.com). The Company affirms that no personnel has been denied access to the Audit Committee.

17. Nomination and Remuneration Policy

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and other
Employees of the Company. This policy also lays down criteria for selection and appointment of Board Members. The detail of the policy is given in
Annexure - B annexed hereto and forms an integral part of this Annual Report. The Nomination and Remuneration Policy has been posted on the website
of the Company (www.pplsinvestments.com).

18. Related Party Transactions

There is no transaction entered into with Related Parties for the year under review. Hence, the provisions of Section 188 of the Companies Act, 2013
are not attracted.

19. Significant and Material Orders Passed by the Regulator or Courts

There are no significant and material orders passed by the Regulators / Courts that would impact the going concern status of the Company and its
operations in future.

20. Material Change and Commitments

Pursuant to the provisions of Section 134(3)(i) of the Companies Act, 2013, there were no material changes and commitments which affects the financial
position of the Company for the year under review.

21. Auditors

I) Statutory Auditors

On the recommendation of Audit Committee and subject to the approval of Members, M/s Khandhar Mehta & Shah, Chartered Accountants (registration
number 125512W) were appointed as the Statutory Auditors of the Company at the 47th AGM held on September 22, 2023 for a period of 5 (five) years,
to hold office from the conclusion of 47th AGM until the conclusion of the 52nd AGM of the Company, on such remuneration plus applicable taxes, out-of¬
pocket expenses, as may be mutually agreed upon by the Board of the Directors and the Statutory Auditors on the recommendations of the Audit
Committee.

The Statutory Auditor''s Report forms part of the Annual Report. The Statutory Auditor''s report does not contain any qualification, reservation or adverse
remark for the year under review.

II) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made thereunder, the Company has appointed M/s Kaushik Joshi & Co.,
a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report for the year ended March 31,
2025 is included as Annexure - C and forms an integral part of this Report.

Pursuant to SEBI Listing Regulations, the Board of Directors at their meeting held on May 20, 2025, subject to approval of the shareholders at the ensuing
Annual General Meeting, have appointed M/s Kaushik Joshi & Co., as the Secretarial Auditor for a term of five (5) years commencing from FY 2025-26 at
a remuneration to be mutually decided by any one of the Directors of the Company in consultation with Secretarial Auditors.

22. Auditors'' Report

a) There is no audit qualification or reservation, or adverse remark or disclaimer made by the Statutory Auditor in the Auditors’ Report to the financial
statements for the year under review.

b) There is no qualification in the secretarial audit report for the year under review.

23. Maintenance of Cost Records

As per the provisions of the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the Company is not required to maintain
cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013.

24. Internal Control Systems

Your Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/revised standard
operating procedures. The internal audit is entrusted to M/s. K. D. Rambhiya & Co., Chartered Accountants, Mumbai. The Board is of the opinion that the
present internal control systems are adequate and commensurate with the nature and size of the Company.

25. Risk Management

The Company has adequate risk management measures which are implemented, developed, assessed, reviewed and strengthened from time to time.
During the year under review, there were no risks which in the opinion of the Board threaten the existence of the Company.

26. Reporting of Frauds

There was no instance of fraud during the year under review which required the Statutory Auditors to report to the Audit Committee and/or Board under
Section 143(12) of the Companies Act, 2013 and Rules framed thereunder.

27. Corporate Social Responsibility (CSR)

The provisions of Section 134(3)(o) of the Companies. Act, 2013 and Rule 9 of the Companies (Accounts) Rules, 2014 on corporate social responsibility
are not applicable to the Company.

28. Deposits

The Company has not accepted any deposits from the public within the meaning of Section 73 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposit) Rules, 2014.

29. Particulars of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Since the Company has no manufacturing facility, information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the
Companies (Accounts) Rules, 2014, on conservation of energy and technology absorption is not furnished. Foreign exchange earnings during the year
were Nil and foreign exchange outgo during the year was Nil.

30. Managerial Remuneration and Particulars of Employees

The Directors of the Company are not in receipt of any remuneration and there is only one employee in the Company. The particulars pursuant to Section
197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given
in Annexure - D annexed hereto and forms an integral part of this Annual Report.

31. Disclosure under the Sexual Harassment of Women at Workplace (Prevention. Prohibition and Redressal) Act. 2013

During the year under review, no complaints were reported under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.

32. Directors'' Responsibility Statement

T o the best of knowledge and belief and according to the information and explanations obtained, your Directors make the following statement in terms
of Section 134(3)(c) of the Companies Act, 2013:

(i) that in the preparation of the Annual Accounts for the year ended March 31, 2025, the applicable accounting standards had been followed along
with proper explanation relating to material departures, if any;

(ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2025 and of the loss of the Company for the
year ended on that date;

(iii) that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of
the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the annual accounts had been prepared on a going concern basis;

(v) that the Directors had laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate
and were operating effectively; and

(vi) that the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were
adequate and operating effectively.

33. OTHER DISCLOSURES

(i) No application has been made under the Insolvency and Bankruptcy Code. The requirement to disclose the details of application made or any
proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the
financial year is not applicable.

(ii) The requirement to disclose the details of difference between amount of the valuation done at the time of onetime settlement and the valuation
done while taking loan from the Banks or Financial Institutions along with the reasons thereof, is not applicable.

(iii) The Company is in compliance with the provisions of Maternity Benefit Act, 1961 during the year under review.

34. Acknowledgements

Your Directors would like to express their sincere appreciation of the co-operation and assistance received from the shareholders, bankers and regulatory

bodies during the year under review.

For and on behalf of the Board

Jitender Agarwal S.L. Pokharna

Date : May 20, 2025 Director Director

Place : Mumbai DIN: 06373239 DIN : 01289850

---

Mar 31, 2024

Your Directors are pleased to present the Forty Eighth Annual Report together with the Audited Financial Statements
of the Company for the financial year ended March 31, 2024. The Management Discussion and Analysis Report forms
part of this Annual Report.

1. Financial Performance

Particulars	Year ended 31.3.2024	Year ended 31.3.2023
Total revenue during the year	600.00	625.00
Depreciation	-	-
Profit / (loss) before tax	(17.75)	(15.63)
Tax	-	-
Net Profit / (loss) after tax	(17.75)	(15.63)
(Deficit) of retained earnings brought forward	(3,177.78)	(3162.15)
(Deficit) of retained earnings as per Balance Sheet	(3,195.53)	(3177.78)

During the financial year 2023-24, the total revenue of your Company was Rs. 6,00,000/- as compared with Rs.
6,25,000/- in the previous financial year. During the year under review, the loss after tax was
Rs. 17,750/- as compared with loss after tax of Rs. 15,630/- in the previous financial year.

There are no material changes or commitments affecting the financial position of the Company which have occurred
between the end of the financial year and the date of this Report. There has been no change in the nature of the business
during the year under review.

2. Dividend

In view of accumulated losses, the Board has not recommended any dividend for the financial year 202 3-24.

3. Reserves

During the year under review, no amount was transferred to General Reserve.

4. Share Capital

The paid-up Equity Share Capital of the Company as on March 31, 2024, is Rs. 20.00 lakhs. During the year under review,
the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity. As
on March 31, 2024, none of the Directors of the Company hold instruments convertible into equity shares of the
Company.

5. Management Discussion and Analysis Report
Industry Structure and Developments:

The year was marked by sound fundamentals, with inflation trending towards RBI''s target level of 4%, forex reserves
at all time high levels and interest rates held at the same level with an accommodative stance to spur growth. The Indian
economy had a strong GDP growth which was driven by capital formation and investment for the most part and to a
lower extent by private and public consumption. GDP for the country is projected to grow at 7.2% during FY 2024-25
supported by resilient domestic activity, robust investment and government consumption. Indian economy remained
resilient with robust 7.6% growth rate of GDP in FY 2023-24.

While there was no change in stance of the monetary policy, the market reading of the monetary policy statements
indicated that the interest rate had peaked. Overall, the country is attracting many global majors for strategic
investments owing to the presence of a vast range of industries and investment avenues.

Opportunity and Threats:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 0.53% (Provisional) for the month
of March, 2024 (over March, 2023). Positive rate of inflation in March, 2024 is primarily due to increase in prices of
food articles, electricity, crude petroleum & natural gas, machinery & equipment and other manufacturing etc.
Meanwhile, The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) on February 8, 2024 after a
detailed assessment decided to keep the policy repo rate under the liquidity adjustment facility (LAF) unchanged at
6.50 per cent.

The rise of AI poses a substantial challenge globally, especially in service sectors where employment is a concern. A
recent IMF paper highlights that 40 percent of global employment is exposed to AI, showcasing both its complementary
benefits and potential risks of displacement. Geoeconomic fragmentation and the slowdown of hyper-globalization are
leading to increased friend shoring and onshoring activities, impacting global trade and economic growth.

Segment-wise or product-wise performance:

The Company is solely engaged in financial consultancy services, which is the only reporting segment. The total revenue
from financial advisory services stood at Rs. 6,00,000/- as compared with Rs. 6,25,000/- in the previous financial year.

Outlook:

Rising employment and substantially increasing private consumption, supported by rising consumer sentiment, will
support GDP growth in the coming months. Future capital spending of the government in the economy is expected to
be supported by factors such as tax buoyancy, the streamlined tax system with low rates, a thorough assessment and
rationalisation of the tariff structure, and the digitization of tax filing. In the medium run, increased capital spending on
infrastructure and asset-building projects is set to increase growth multipliers. The contact-based services sector has
largely demonstrated promise to boost growth by unleashing the pent-up demand. The sector''s success is being
captured by a number of HFIs (High-Frequency Indicators) that are performing well, indicating the beginnings of a
comeback.

Risk and concerns:

The geopolitical crises, supply chain reorientations, global inflation, and tight monetary policy conditions seems to
outweigh on the positives of the economy. Inflation may peak along with the moderation of the global economy and
stability in crude oil and industrial raw material prices. A tighter monetary policy will also help bring down demand
and, therefore, cap the price rise.

Reserve Bank of India (RBI) has shouldered a major responsibility of cushioning the economy from rising prices and
maintaining liquidity. Yet, navigating inflation and preserving financial stability, while boosting growth drivers, have
been a tightrope walk for policymakers and for the economy as a whole.

Internal Control Systems and their adequacy:

The Company has an effective internal control and risk-mitigation system, which are constantly assessed and
strengthened with new/ revised standard operating procedures. The present internal control systems are adequate and
commensurate with the nature and size of the Company.

Material developments in Human Resources/Industrial Relations front, including number of peoples
employed:

There is no major development in human resources/industrial relations front. At present the Company has only one
employee.

Details of significant changes in key financial ratios:

Ratio	FY 2024	FY 2023	Change in %	Reason for change
Debtors Turnover	-	-	-	-
Inventory Turnover	-	-	-	-
Interest Coverage Ratio	-	-	-	-
Current Ratio	9.22	12.73	27.57%	Decrease in current assets
Debt Equity Ratio	-	-	-	-
Operating Profit Margin	-	-	-	-
Net Profit Margin (%)	(-)2.96	(-)2.50	18.30%	Decrease in revenue
Return on Net Worth (%)	(-) 4.36	(-)3.70	17.92%	Decrease in revenue

Details of any change in Current Ratio as compared to the immediately previous financial year along with a detailed
explanation thereof: The Current Ratio has decreased 12.73 to 9.22 mainly due to decrease in current assets such as
bank balances and increase in current liabilities

6. Finance and Accounts

During the year under review, the Company did not raise any finance.

The Financial Statements for the year ended on March 31, 2024 have been prepared in accordance with the Indian
Accounting Standards (IND AS) notified under Section 133 of the Companies Act, 2013 (hereinafter referred to as “the
Act”) read with the Companies (Accounts) Rules, 2014 as amended from time to time. There are no material departures
from the prescribed norms stipulated by the Accounting Standards in preparation of the Annual Accounts The estimates
and judgments relating to the Financial Statements are made on a prudent basis, so as to reflect in a true and fair
manner, the form and substance of transactions and reasonably present the Company''s state of affairs, profits and cash
flows for the year ended March 31, 2024.

7. Subsidiaries / loint Ventures / Associate Companies

The Company does not have subsidiary, joint venture and associate company and therefore furnishing of information
on performance and financial position of subsidiary, joint venture and associate company is not applicable to the
Company.

8. Corporate Governance Report

In terms of the Regulation 15(2) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015, the compliance with the corporate governance provisions is not mandatory to the
Company; therefore, the Corporate Governance Report for the year ended March 31, 2024 is not given.

9. Web-link of the Annual Return

The Annual Return in form MGT-7 for the financial year ended March 31, 2024, as required under section 92(3) of the
Companies Act, 2013, has been placed on the website of the Company www.pplsinvestments.com

10. Directors and Key Managerial Personnel

I. Directors

In accordance with the provisions of Section 152 of the Companies Act, 2013, Shri. Shantilal Pokharna, Director, retires
by rotation at the forthcoming AGM and, being eligible, offers himself for re-appointment. The Board recommends his
re-appointment for the consideration of the Members of the Company at the forthcoming AGM.

All Independent Directors of the Company have given declarations that they meet the criteria of independence as laid
down under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations. In terms of Regulation 25(8)
of the Listing Regulations, Independent Directors have confirmed that they are not aware of any circumstances or
situation which exists or may be reasonably anticipated that could impair or impact their ability to discharge their
duties.

Further, in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of
Directors) Rules, 2014, Independent Directors of the Company have confirmed that they have registered themselves
with the databank maintained by the Indian Institute of Corporate Affairs. The Independent Directors who were
required to clear the online proficiency self-assessment test have passed the test.

In the opinion of the Board, the Independent Directors possess the requisite integrity, experience, expertise, proficiency
and qualifications.

II. Key Managerial Personnel

As on March 31, 2024, the following are the Key Managerial Personnel of the Company:

1. Shri Suryakant Laxman Khare: Chief Financial Officer and Company Secretary

2. Shri Venkatesh Ramaswamy: Manager

III. Procedure for Nomination and Appointment of Directors

The Nomination and Remuneration Committee is entrusted with the responsibility for developing competency
requirement of the Board. The Nomination and Remuneration Committee makes recommendations to the Board in
relation to appointment of new Director.

IV. Criteria for Determining Qualification, Positive Attributes and Independence of a Director

The Nomination and Remuneration Committee has formulated the criteria for determining qualifications, positive
attributes and independence of Directors in terms of Section 178(3) of the Companies Act, 2013. The same is given in
Annexure - A and forms an integral part of this Report.

11. Board Meetings

The Board of Directors as on March 31, 2024 consists of Shri S. L. Pokharna, Non-Executive Director, Shri R. Narayanan,
Independent Director, Shri Jitender Agarwal, Non-Executive Director, Smt. Suma G. Nair, Non-Executive Woman
Director and Shri Ashok Khedekar, Independent Director.

During the financial year 2023-24, the Board met five times. The Meetings were held on 15.05.2023, 21.07.2023,
18.08.2023, 10.11.2023 and 07.02.2024.

Attendance of Directors at the Board Meetings was as under:

Sr. No.	Name of the Director(s)	No. of Board Meetings attended
1.	Shri S. L. Pokharna	5 of 5
2.	Shri R. Narayanan	5 of 5
3.	Shri Jitender Agarwal	5 of 5
4.	Smt. Suma G. Nair	5 of 5
5.	Shri Ashok Khedekar	5 of 5

12. Committees of the Board
I. Audit Committee

The composition of Audit Committee as at March 31, 2024 is as under:

i. Shri Ashok Khedekar : Independent Director, Chairman

ii. Shri R. Narayanan : Independent Director, Member

iii. Smt. Suma G. Nair : Non-Executive Director, Member

During the financial year 2023-24, the Audit Committee met five times. The Meetings were held on 15.05.2023,
21.07.2023, 18.08.2023, 10.11.2023 and 07.02.2024.

Attendance of Members of Audit Committee was as under:

Sr. No.	Name of the Member(s)	No. of Meetings attended
1.	Shri R. Narayanan	5 of 5
2.	Smt. Suma G. Nair	5 of 5
3.	Shri Ashok Khedekar	5 of 5

II. Nomination and Remuneration Committee

The composition of Nomination and Remuneration Committee as at March 31, 2024 is as under:

i. Shri R. Narayanan : Independent Director, Chairman

ii. Shri Ashok Khedekar : Independent Director, Member

iii. Shri S.L. Pokharna : Non-Executive Director, Member

In the financial year 2023-24, the Nomination and Remuneration Committee met once on August 18, 2023.
Attendance of Members of Nomination and Remuneration Committee was as under:

Sr. No.	Name of the Member(s)	No. of Meetings attended
1.	Shri. R. Narayanan	1 of 1
2.	Shri. S. L. Pokharna	1 of 1
3.	Shri Ashok Khedekar	1 of 1

III. Stakeholders Relationship Committee

The composition of Stakeholders Relationship Committee as on March 31, 2024 is as under:

i. Smt. Suma G. Nair : Non-Executive Director, Chairman

ii. Shri Ashok Khedekar : Independent Director, Member

iii. Shri R. Narayanan : Independent Director, Member

In the financial year 2023-24, the Stakeholder Relationship Committee met once on May 15, 2023.
Attendance of Members of the Committee was as under:

Sr. No. Name of the Member(s)__No. of Meetings attended

1. __Smt. Suma Nair__1 of 1_

2. __Shri Ashok Khedekar__1 of 1_

3. __Shri. R. Narayanan__1 of 1_

IV. Committee of Directors

The composition of Committee of Directors as at March 31, 2024 is as under:

i. Smt. Suma G. Nair : Non-Executive Director, Chairman

ii. Shri S.L. Pokharna : Non-Executive Director, Member

No meetings of Committee of Directors were held during the year.

13. Compliance with Secretarial Standards

The Company has complied with the applicable Secretarial Standards issued by the Institute of Company Secretaries of
India.

14. Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out annual evaluation of its own
performance and the performance of the Board Committees and individual Directors. The performance evaluation was
carried out after seeking inputs from all the Directors and Committee Members on the basis of criteria adopted in this
regard. The Board expressed their satisfaction with the evaluation process.

The Independent Directors of the Company have held one meeting during the year on
March 12, 2024, without the presence of Non-Independent Directors and members of the management to review the
performance of Non-Independent Directors and the Board of Directors as a whole; review the performance of the
Chairman of the Meetings of the Company and to assess the quality, quantity and timeliness of flow of information
between the management and the Board of Directors.

15. Particulars of Loans, Guarantees or Investments

The Company has not given any loan or guarantee or made investment falling within Section 186 of the Companies Act,
2013.

16. Vigil Mechanism / Whistle Blower Policy

The Company has a whistle blower policy to report genuine concerns and / or grievances. The Whistle Blower policy
has been posted on the website of the Company (www.pplsinvestments.com). The Company affirms that no personnel
has been denied access to the Audit Committee.

17. Nomination and Remuneration Policy

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key
Managerial Personnel and other Employees of the Company. This policy also lays down criteria for selection and
appointment of Board Members. The detail of the policy is given in Annexure - B annexed hereto and forms an integral
part of this Annual Report. The Nomination and Remuneration Policy has been posted on the website of the Company
(www.pplsinvestments.com).

18. Related Party Transactions

There is no transaction entered into with Related Parties for the year under review. Hence, the provisions of Section
188 of the Companies Act, 2013 are not attracted.

19. Significant and Material Orders Passed by the Regulator or Courts

There are no significant and material orders passed by the Regulators / Courts that would impact the going concern
status of the Company and its operations in future.

20. Material Change and Commitments

Pursuant to the provisions of Section 134(3)(i) of the Companies Act, 2013, there were no material changes and
commitments which affects the financial position of the Company for the year under review.

21. Auditors

I) Statutory Auditors

M/s AMB & Co., Chartered Accountants, vide their letter dated August 09, 2023 have resigned as Statutory Auditors of
the Company with effect from August 09, 2023. Consequently to fill the casual vacancy, the Board of Directors at its
Meeting held on August 18, 2023, on the recommendation of Audit Committee and subject to the approval of Members,
appointed M/s Khandhar Mehta & Shah, Chartered Accountants (registration number 125512W) as Statutory Auditors
of the Company from August 18, 2023 till the 47th AGM and also for a period of 5 (five) years, from the conclusion of
47th AGM until the conclusion of the 52nd AGM of the Company.

Accordingly, of M/s Khandhar Mehta & Shah, Chartered Accountants (registration number 125512W) were appointed
as the Statutory Auditors of the Company at the 47th AGM held on September 22, 2023 for a period of 5 (five) years, to
hold office from the conclusion of 47th AGM until the conclusion of the 52nd AGM of the Company, on such
remuneration plus applicable taxes, out-of-pocket expenses, as may be mutually agreed upon by the Board of the
Directors and the Statutory Auditors on the recommendations of the Audit Committee.

II) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made thereunder, the Company has
appointed M/s Kaushik Joshi & Co., a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the
Company. The Secretarial Audit Report for the year ended March 31, 2024 is included as Annexure - C and forms an
integral part of this Report.

22. Auditors'' Report

a) There is no audit qualification or reservation, or adverse remark or disclaimer made by the Statutory Auditor in
the Auditors'' Report to the financial statements for the year under review.

b) There is no qualification in the secretarial audit report for the year under review.

23. Maintenance of Cost Records

As per the provisions of the Companies (Cost Records and Audit) Rules, 2014 as amended from time to time, the
Company is not required to maintain cost records as specified by the Central Government under sub-section (1) of
Section 148 of the Companies Act, 2013.

24. Internal Control Systems

Your Company has an effective internal control and risk-mitigation system, which are constantly assessed and
strengthened with new/revised standard operating procedures. The internal audit is entrusted to M/s. K. D. Rambhiya
& Co., Chartered Accountants, Mumbai. The Board is of the opinion that the present internal control systems are
adequate and commensurate with the nature and size of the Company.

25. Risk Management

The Company has adequate risk management measures which are implemented, developed, assessed, reviewed and
strengthened from time to time. During the year under review, there were no risks which in the opinion of the Board
threaten the existence of the Company.

26. Reporting of Frauds

There was no instance of fraud during the year under review which required the Statutory Auditors to report to the
Audit Committee and/or Board under Section 143(12) of the Companies Act, 2013 and Rules framed thereunder.

27. Corporate Social Responsibility (CSR)

The provisions of Section 134(3)(o) of the Companies. Act, 2013 and Rule 9 of the Companies (Accounts) Rules, 2014
on corporate social responsibility are not applicable to the Company.

28. Deposits

The Company has not accepted any deposits from the public within the meaning of Section 73 of the Companies Act,
2013 read with the Companies (Acceptance of Deposit) Rules, 2014.

29. Particulars of Conservation of Energy, Technology Absorption. Foreign Exchange Earnings and Outgo

Since the Company has no manufacturing facility, information pursuant to Section 134(3)(m) of the Companies Act,
2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, on conservation of energy and technology absorption
is not furnished. Foreign exchange earnings during the year were Nil and foreign exchange outgo during the year was
Nil.

30. Managerial Remuneration and Particulars of Employees

The Directors of the Company are not in receipt of any remuneration and there is only one employee in the Company.
The particulars pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are given in Annexure - D annexed hereto and
forms an integral part of this Annual Report.

31. Disclosure under the Sexual Harassment of Women at Workplace (Prevention. Prohibition and
Redressal) Act. 2013

During the year under review, no complaints were reported under the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013.

32. Directors'' Responsibility Statement

To the best of knowledge and belief and according to the information and explanations obtained, your Directors make
the following statement in terms of Section 134(3)(c) of the Companies Act, 2013:

(i) that in the preparation of the Annual Accounts for the year ended March 31, 2024, the applicable accounting
standards had been followed along with proper explanation relating to material departures, if any;

(ii) that the Directors had selected such accounting policies and applied them consistently and made judgments and
estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company
as at March 31, 2024 and of the loss of the Company for the year ended on that date;

(iii) that the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;

(iv) that the annual accounts had been prepared on a going concern basis;

(v) that the Directors had laid down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and were operating effectively; and

(vi) that the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws
and that such systems were adequate and operating effectively.

33. OTHER DISCLOSURES

(i) No application has been made under the Insolvency and Bankruptcy Code. The requirement to disclose the
details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of
2016) during the year along with their status as at the end of the financial year is not applicable.

(ii) The requirement to disclose the details of difference between amount of the valuation done at the time of
onetime settlement and the valuation done while taking loan from the Banks or Financial Institutions along with
the reasons thereof, is not applicable.

34. Acknowledgements

Your Directors would like to express their sincere appreciation of the co-operation and assistance received from the
shareholders, bankers and regulatory bodies during the year under review.

For and on behalf of the Board

Jitender Agarwal S.L. Pokharna

Date : May 16, 2024 Director Director

Place : Mumbai DIN: 06373239 DI N : 0 1289850

---

Mar 31, 2015

Dear Members,

The Directors are pleased to present the thirty ninth Annual Report together with the Audited Financial Statements of the Company for the financial year ended 31st March, 2015.

1. Financial performance

(Amt. in Rs) Year ended Year ended 31,3.1015 31-32014

Income during the year 2,50,300 657

Depreciation - -

Profit (Loss) before tax 58,409 (56,660)

Tax -

Net Profit/(Loss) after tax 58,409 (56,660)

Surplus( Deficit) brought forward (35,87,757) (35,31,097)

surplus /(Deficit as per Balance Sheet (35,29,348) (35,87,757)

During the financial year 2014-15 your Company's income stood at Rs 2,50,300 as. compared with Rs 657 in the previous financial year. The increase in income is o of providing financial advisory services during the year.

2, Dividend

In view of accumulated losses, the Board has not recommended any dividend for the financial year 2014-15.

3. Reserves

No amount has been transferee] to the General Reserve during the year.

4. Share Capital

The paid up Equity Share Capital of the Company as on 31st March, 2015 is Rs 20 lakhs. During the year under review, the Company has not issued shares with differential voting rights nor has granted any stock options or sweat equity. As on 31st March, 2015 none of the Directors of the Company hold instruments convertible into equity shares of the Company.

5 Finance

During the year under review, the Company did not raise any finance

6. Subsidiaries/joint Ventures/ Assoclates Companies

The Company does not have any subsidiary, joint venture and associate company and therefore furnishing of information on performance and financial position of subsidiary, joint venture and associate company is not applicable to the Company.

7. Corporate Governacc Report

in terms of the circular no. CIR/CFD/POLICY CELL 7/20l4 dated September 15 , 2014 issued by the Securities and Exchange Board of India, compliance with the provisions of Clause 49 of Listing Agreement is not mandatory to the Company, therefore, Corporate Governance Report is not given

8. Extract of the Annual Return

The extract of the annual return as 31st March, 2015 is given in Annexure - A and forms a part of this Report

9. Directors and Key Managerial Personnel

1) Directors

The provision of Section 149 of the Companies Act, 2013 had made it mandatory for your Company to appoint two Independent 1) Directors in its Round. At the meeting of Directors of the Company held ml 25th March. 2015, the Round had Appointed Shir Narayanan Ramalingam, in Ramachandra Anant Prabhdesai as Additional Directors categorized as independent Directors for a period of five consecutive years subject to the approval of Members in the ensuing Annual General Meeting.

All Independent Directors have given declaration that they meet the criteria of independence as laid down under section 149(6) of the Companies Act, 2013.

The provision of Section 149 of the Companies Act, 2013 had also made it mandatory for your Company to appoint a woman Director on its Board. The Board in its meeting held on 25th March, 2015 has appointed Smt Geethaa Manish Ghaneckar as an Additional Director categorical as Non-Executive ProFessional Director.

In terms of Section 161 of the Companies Act, 2013, Shir Narayanan Ramalingam, Shri Ramchandra Anant Prabhudesai and Smt, Geethaa Manish Ghaneckar hold office Upto the date of the ensuing Annual General Meeting of the Company. The Company has received requisite notices in writing from a Member proposing their names for the office of Director,

Shri R.K Ganerwala retires by rotation at the ensuing Annual General Meeting and, being eligible, offers himself for re-appointment.

II) Key Managerial Personnel

At present the Company does not have Key Managerial Personnel.

III) Procedure for Nomination and Appointment of Dircetors

The Nomination and Remuneration Committee (NRC) is entrusted with the responsibility for developing competency requirement of the Board. NRC makes recommendations to the Board in relations to appointment of new Directors,

IV) Criteria for Determining Qualification, Positive Attributes and Independendence of a Director

The Nomination and Remuneration Committee has formulated the Criteria for determining qualifications, positive attributes and independence of Directors terms of Section 178(J)ofthe Companies Act, 2013. The same is annexed as Annexure - B to this Report.

10. Committees of Board

Pursuant to the provisions of the Companies Act, 2013 and for better governance, the Board has constitituted the following Committees during the year under review:

I. Audit Committee

The Composition of Audit committee is us under:

i) Shir Ramachandra Anant -Independent Director. Member, Chairman

ii) Shri Narayanan Ramalingam - Independent Director. Member

iii) Smt. Geethaa Manish Ghaneckar - Non -Executive Director, Member

II. Nomination and Remuntiraiion Committee

The Composition of Nomination and Remuneration Committee is as under:

i) Shri Narayanan Ramalingam Independent Director, Member, Chairman

ii) Shri Ramchandra Anant Prabhudesai Independent Director, Member

iii) Shri S.L. Pokhama - Non-Executive Director, Member

III. Stakeholders Retaltionship Comittee

The composition of Stakeholders Relationship Committee is as under.

i) Shri. R .K. Ganeriwala - Non- Executive Director, Member, Chairman ii) Shri Ramchandra Anant prabhudesai - Independent Director, Member iii) Shri Narayanan Ramalingam - Independent Director, Member

11. Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013, the Board has carried out annual evaluation of its own performance, Board Committees and individual Directors. The performance evaluation was earned out after seeking inputs from all the Directors and Committee Members on the basis of criteria adopted in this regard. The Board expressed their satisfaction with the evaluation process.

12. Number of meeting of the Board of During the year under review, five meetings of the Board were held.

13. Particulars of Loans, Guarantees or Investments

The Company has not given any Loan or Guarantee or acquired Investment falling within Section 186 of the Companies Act, 20l3.

14. Vigil Meehanism Blower Policy

The Company has a whistle blower policy to report genuine concerns or grievances The Whistle Blower policy has been posted on the website of the Company (www. pplsinvestments, com).

15. Nomination and Remuneration Policy

The Board of Directors has framed a policy which lays down a framework in relation to remuneration of Directors, Key Managerial Personnel and other Employees of the Company. This policy also lays down critera for selection and appointment of Board Members. The detail of the policy is given in the Annexure-C.

16. Related Party' Transactions

The Company has not entered into any related party transaction during the year under review. Therefore , the provisions of Section 188 of the Companies Act, 2013 are not attacted and there in no disclosure required to be reported in form nil AOC-2.

17, Significant and Material Orders Passed by the Regulator Courts

There are no significant and material orders passed by the Regulators / Courts that would impact the going concern status of the Company and its operation in future.

18. Muaterial Change and Commitments

pursuant to the provisions of Section 134(3) (i) of Companies Act, 2013, there were no material changes and commitments which affects the financial position of the Company for the year under review.

19. Auditors

I) Statutory Auditors

Messrs. R.K. Khanddwal &. Co . Chartered Accountan!s, who are Statutory Auditors of the Company hold office up to the forthcoming Annual General Meeting and are recommended for re-appointment for the Financial Year 2015-16. As required under the provisions of Section 139 of the Companies Act. 2013 the Company has obtained written confirmation from Messrs. R.K Khandelwal & Co. (hat their appointment, if made, would be in conformity with the limits specified in the said Section.

There is no audit qualification in the Auditors' Report of the Statutory Auditors on the Financial Statements of the Company for of the Company for the year ended 31st March ,2015.

II) Secretarial Auditor

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules made thereunder, the Company has appointed M/s. Ashish Bhatt & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is included as Ann exure - D and forms an integral part of this Report.

With respect to qualification on appointment of Key Managerial Personnel given in the Secretarial Audit Report, it is informed that the Company is making its efforts with respect to appointment of suitable Key Managerial Personnel for the Company.

20, Internal Control Systems

Your Company has an effective internal control and risk-mitigation system, which are constantly assessed and strengthened with new/re vised standard operating procedures. The internal audit is entrusted to M/s. S. K. Bhageria & Associates, Chartered Accountants, Mumbai The Board is of the opinion that the present internal control system are adequate and commensurate with the nature and size of the Company.

21. Risk Management

The Company has adequate risk management measures which are implemented, developed, assessed, reviewed and strengthened from time to time.

22. Corporate Social Pesnoosihilitv (CSR)

Section 134(3)(0) Of the Companies. Act, 2013 and Rule 9 of the Companies (Accounts) Rules, 2014 cm corporate social responsibility is not applicable to the Company.

23. Deposits

The Company has not accepted any deposits from the public under Section 73 of the Companies Act, 2013 And The Companies (Acceptance of Deposit) Rules, 2014.

24. Particulars of Conservation of Energy Technology Absorption. Foreign Exchange Earnings and Outgo

As the Company had no manufacturing activities, information pursuant to Section 134 (3)(m) of the Companies Act, 2013 and Rule 8(3) the Companies (Accounts) Rules, 2014 on conservation of energy, technology absorption, foreign exchange earnings and outgo is not applicable to the Company.

25. Managerial Remuneration and Particulars of Employees

The Directors of the Company are not in receipt of any remuneration and also there is no employee in the- Company Hence there are no particulars under Section 197( 12) of the Companies Act. read with Rule 5 of the Companies (Appointment and Remuneration of Managerial personnel) Rules, 2014 required to be disclosed

26. Disclosure under the Sexual Harassment of Women at Workplace (Prevention. Prohibition and Redressal)

As there is no woman employee in the Company, no information has been reported pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act. 2013.

27. Director' Responsibility Statement

To the best of knowledge and belief and according to the information and explanations obtained, your Directors make the following statement in terms of Section 134(3)(c) of the Companies Act, 2013

(i) that in the preparation of the Annual Accounts for Ihe year ended March 31, 2015, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

(ii) and applied them consistently and made judgments and estimates that arc reason able and prudent so as to give a true and fair View of the state of affairs of the Company as at Match 33, 2015 and of thy profit of the Company for the year ended on that date;

(iiij that the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and deled mg fraud and other imegularities; and

(iv) the annual accounts have been prepared on a going concern basis.

(v) that the Directors had laid down internal financial controls to be fallowed by the Company and that such internal financial controls are adequate and were operating effectively.

(vi) that the Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

28. Acknowledgement

Your Directors Would like to express their sincere appreciation of co-operation abort and assistance received from the shareholders, bankers.. regulatory bodies and other business constituent during the year under review.

For and on behalf of the Board

Date:29th May, 2015 Place - Mumbai Director Director

---

Mar 31, 2014

Dear Members,

The directors are pleased to present their Thirty Eighth Annual Report together with the audited statements of account for the year ended 31st March, 2014.

1. FINANCIAL RESULTS

Current Year Previous Year (Rs) (Rs)

Total Revenue 657 3,153

Less: Expenses 57,317 59,637

Loss before Tax 56,660 56,484

Less: Tax Expense - -

Loss After Tax 56,660 56,484

Add: Loss brought forward from previous year 35,31,097 35,74,613

Balance loss carried forward 35,87,757 35,31,097

2. DIVIDEND

In view of the carried forward losses the Directors regret their inability to declare any dividend.

3. WORKING

During the year under review total revenue was Rs. 657/- (Previous year Rs 3,153/-)

4. SECRETARIAL COMPLIANCE CERTIFICATE

Pursuant to the proviso to Section 383A of the Companies Act, 1956, a certificate from a secretary in whole time practice in respect of compliance by the Company with all the provisions of the Companies Act, 1956; is attached to this report.

5. PUBLIC DEPOSIT

During the year under review the Company has not accepted any deposit from the public.

6. PERSONNEL

There is no employee whose particulars are required to be furnished u/s. 217 (2A) of the Companies Act, 1956.

7. DIRECTORS

Shri S.L. Pokhama retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-appointment.

Shri Gyanmal Dharmilal Jain was appointed as an Additional Director of the Company with effect from April 23, 2014 and he shall hold the office up to the ensuing Annual General Meeting.

Shri P.K. Bhandari resigned as a Director of the Company on April 23, 2014. The Board places on record its appreciation for the services rendered by Shri P.K. Bhandari during his tenure as Director.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORBATION, FOREIGN EXCHANGE EARNINGS AND OUTGO

Information relating to conservation of energy, technology absorption, foreign exchange earnings and outgo are not applicable to the company.

9. AUDITORS

Your Company''s Auditors, M/s. R.K. Khandelwal & Company, Chartered Accountants, hold office up to the forthcoming Annual General Meeting and are eligible for re-appointment. You are requested to appoint Auditors and authorize the Board to fix their remuneration.

10. DIRECTORS'' RESPONSIBILITY STATEMENT

The Directors confirm that:

(i) that in preparation of the Annual Accounts For the year ended March 31, 2014 the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial year and of the profit and toss of the company for that year;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act. 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

(iv) that annual accounts have been prepared on a going concern basis.

11. ACKNOWLEDGMENT

The Board records its appreciation for the co-operation, support and valuable guidance received from the Banks and other authorities.

For and on behalf of the board Directors

Place : Mumbai Dale : May 26, 2014

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Mar 31, 2013

To, The Members

The directors are pleased to present their Thirty Seventh Annual Report together with the audited statements of account for the year ended 31st March, 2013.

1. FINANCIAL RESULTS

Current Year Previous Year (Rs in lacs) (Rs in lacs)

Total Revenue 0.03 0.10

Less: Expenses 0.59 0.69

Profit/(loss) before Tax (0.56) (0.59)

Less: Tax Expense

Profit/ (loss) After Tax (0.56) (0.59)

Add: Loss brought forward from previous year (34.75) (34.16)

Balance carried forward (35.31) (34.75)



2. DIVIDEND

In view of the carried forward losses the Directors regret their inability to declare any dividend.

3. WORKING

During the year under review total revenue was Rs. 0.03 lacs (Previous year Rs. 0.10 lacs)

4. SECRETARIAL COMPLIANCE CERTIFICATE

Pursuant to the proviso to Section 383A of the Companies Act, 1956, a certificate from a secretary in whole time practice in respect of compliance by the Company with all the provisions of the Companies Act, 1956; is attached to this report.

5. PUBLIC DEPOSIT

During the year under review the Company has not accepted any deposit from the public.

6. PERSONNEL

There is no employee whose particulars are required to be furnished u/s. 217(2A) of the Companies Act, 1956.

7. DIRECTORS

Shri R.K.Ganeriwala retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-appointment.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information relating to conservation of energy, technology absorption, foreign exchange earnings and outgo are not applicable to the company.

9. AUDITORS

The Auditors R.K.Khandelwal & Company, Chartered Accountants, who are Statutory Auditors of the Company, hold office up to the forthcoming Annual General Meeting and are recommended for re-appointment to audit the accounts of the Company for the Financial Year 2013-14.

10. DIRECTORS'' RESPONSIBILITY STATEMENT

Your Directors state that:

(i) in preparation of the Annual Accounts for the year ended March 31, 2013 the applicable accounting standards have been followed along with proper explanations relating to material departures, if any;

(ii) the directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the company for that year;

(iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the directors have been prepared the annual accounts on a going concern basis.

Registered Office:

New Hind House For and on behalf of the board

3, Narrottam Morarjee Marg,

Ballard Estate,

Mumbai-400 001. R.K.GANERIWALA

Date: 24th May, 2013 W Director

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Mar 31, 2012

The directors are pleased to present their Thirty Sixth Annual Report together with the audited statements of account for the year ended 31st March, 2012.

1. FINANCIAL RESULTS

Current Year Previous Year (Rs in lacs) (Rs in lacs)

Total Revenue 0.10 0.13

Less: Expenses 0.69 0.61

Profit/ (loss) before Tax (0.59) (0.48)

Less: Tax Expense - -

Profit/(loss) After Tax (0.59) (0.48)

Add: Loss brought forward from

previous year (34.16) (33.68)

Balance carried forward (34.75) (34.16)

2. DIVIDEND

In view of the carried forward losses the Directors regret their inability to declare any dividend.

3. WORKING

During the year under review total revenue was Rs. 0.10 lacs (Previous year Rs. 0.13 lacs)

4. SECRETARIAL COMPLIANCE CERTIFICATE

Pursuant to the proviso to Section 383A of the Companies Act, 1956, a certificate from a secretary in whole time practice in respect of compliance by the Company with all the provisions of the Companies Act, 1956; is attached to this report.

5. PUBLIC DEPOSIT

During the year under review the Company has not accepted any deposit from the public.

6. PERSONNEL

There is no employee whose particulars are required to be furnished u/s. 217(2A) of the Companies Act, 1956.

7. DIRECTORS

Shri R.Raghuraman, Director, resigned from the Board of Directors with effect from 20th October, 2011. Your directors wish to place on record his valuable contribution to the Company during his tenure.

Shri S.L. Pokhama was appointed as a Director on 20th October, 2011 to fill the casual vacancy caused by the resignation of Shri R.Raghuraman, to hold office till the conclusion of the forthcoming Annual General Meeting. Shri S.L.Pokhama, being eligible, offers himself for re- appointment.

Shri P.K.Bhandari retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-appointment.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information relating to conservation of energy, technology absorption, foreign exchange earnings and outgo are not applicable to the company.

9. AUDITORS

The Auditors R.K.Khandelwal & Company, Chartered Accountant, who are Statutory Auditors of the Company, hold office up to the forthcoming Annual General Meeting and are recommended for re-appointment to audit the accounts of the Company for the Financial Year 2012-13.

10. DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors state that:

(i) in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departure, if any;

(ii) the directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the company for that year;

(iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(iv) the directors have prepared the annual accounts on a going concern basis.

For and on behalf of the board

P.K.BHANDARI

Directors

R.K.GANERIWALA

Place : Mumbai

Date : 28th May, 2012

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Mar 31, 2011

The Members

The Directors are pleased to present their thirty fifth Annual Reports together with the audited statements of account for the year ended 31st March 2011.

1. FINANCIAL RESULTS

Current Year Previous Year

(Rs in lacs) (Rs in lacs)

Income from dividend, interest 0.13 0.17

Less: Administrative Expenses 0.61 0.56

Profit/ (loss) before Tax (0.48) (0.39)

Less: Provision for Taxation of - 0.01 earlier years

Profit/(loss) After Tax (0.48) (0.40)

Add: Loss brought forward from Previous year (33.68) (33.28)

Balance carried forward (34.16) (33.68)



2. DIVIDEND

In view of the carried forward losses the Directors regret their inability to declare any dividend.

3. WORKING

During the year under review gross income from Dividend and Interest was Rs. 0.13 lacs (Previous year Rs. 0.17 lacs)

4. SECRETARIAL COMPLIANCE CERTIFICATE

Pursuant to the proviso to Section 383A of the Companies Act, 1956, a certificate from a secretary in whole time practice in respect of compliance by the Company with all the provisions of the Companies Act, 1956; is attached to this report.

5. PUBLIC DEPOSIT

During the year under review the Company has not accepted any deposit from the public.

6. PERSONNEL

There is no employee whose particulars are required to be furnished under section 217(2A) of the Companies Act, 1956.

7. DIRECTORS

Shri R.K.Ganeriwala, Director, retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-appointment.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information relating to conservation of energy, technology absorption, foreign exchange earnings and outgo are not applicable to the company.

9. AUDITORS

The Auditors M/s R.K.Khandelwal & Co., Chartered Accountants, retire at the ensuing Annual general meeting and, being eligible, offer themselves for re-appointment.

10. DIRECTORS' RESPONSIBILITY STATEMENT

Your Directors state that:

(i) in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departure, if any ;

(ii) the directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the company for that year;

(iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities ;

(iv) the directors have prepared the annual accounts on a going concern basis.

For and on behalf of the Board

P.K.Bhandari Directors R.K. Ganeriwala Place: Mumbai Date: 6th May, 2011.

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Mar 31, 2010

The Directors are pleased to present their thirty fourth Annual Reports together with the audited statements of account for the year ended 31st March 2010.

1. FINANCIAL RESULTS

Current Year Previous Year (Rs in lacs) (Rs in lacs)

Income from dividend, interest 0.17 0.23

Less: Administrative Expenses 0.56 0.52

Profit/(loss) before Tax (0.39) (0.29)

Less: Provision for Taxation of earlier years 0.01 --

Profit/(loss) After Tax (0.40) (0.29)

Add: Loss brought forward from

Previous year (33.28) (32.99)

Balance carried forward (33.68) (33.28)

2. DIVIDEND

In view of the carried forward losses the Directors regret their inability to declare any dividend.

3. WORKING

During the year under review gross income from Dividend and Interest was Rs. 0.17 lacs (Previous year Rs. 0.23 lacs)

4. SECRETARIAL COMPLIANCE CERTIFICATE

Pursuant to the proviso to Section 383A of the Companies Act, 1956, a certificate from a secretary in whole time practice in respect of compliance by the Company with all the provisions of the Companies Act, 1956; is attached to this report.

5. PUBLIC DEPOSIT

During the year under review the Company has not accepted any deposit from the public.

6. PERSONNEL

There is no employee whose particulars are required to be furnished under section 217(2A) of the Companies Act, 1956.

7. DIRECTORS

Shri R.Raghuraman, Director, retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-appointment.

8. CONSERVATION OF ENERGY, TECHNOLOGY ABSORBTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

Information relating to conservation of energy, technology absorption, foreign exchange earnings and outgo are not applicable to the company.

9. AUDITORS

The Auditors M/s R.K.Khandelwal & Co., Chartered Accountants, retire at the ensuing Annual general meeting and, being eligible, offer themselves for re-appointment.

10. DIRECTORS RESPONSIBILITY STATEMENT

Your Directors state that:

(i) in preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanations relating to material departure, if any;

(ii) the directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit and loss of the company for that year;

(iii) the directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities ;

(iv) the directors have prepared the annual accounts on a going concern basis.

For and on behalf of the Board P.K. BHANDARI

Directors R.K. GANERIWALA Place: Mumbai Date: 29th April, 2010.