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

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:

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:

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:

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:

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