Your Directors are pleased to present their 45 ^th Annual Report on the state of affairs of the Company
together with the Audited Financial Statement (Standalone) of Accounts and the Auditors’ Report of
Kshitij Invesments Limited [“the Company’] for the year ended 31^st March, 2024.

1. FINANCIAL RESULTS

The Company Financial Performance (Standalone) for the financial year ended on 31st March, 2024
under review is given hereunder:

(Amount in Thousand)

2. REVIEW OF OPERATIONS

During the year under review, the Standalone Total Income was Rs. 226.29 (thousand) against
Rs. 1,920 (thousand) for the corresponding previous year.

Total Comprehensive loss for the period was Rs. 2,156.60 (thousand) as against the income of Rs.
854.16 thousand in the corresponding previous year.

The Company is deploying its resources in the best possible way to increase business volumes and
plans to achieve increased business.

3. DIVIDENDS

In order to conserve resources for future growth and expansion, the Directors do not recommend
any dividend on equity share capital of the Company for the Financial Year ended on 31st March,
2024.

4. TRANSFER TO RESERVES

As no transfer to any reserve is proposed, the entire balance available in the statement of profit and
loss is retained in it.

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND
PROTECTION FUND

The provisions of Section 125(2) of the Companies Act, 2013 do not apply as there was no dividend
declared and paid last year.

6. CHANGE IN THE NATURE OF THE BUSINESS

No change in the nature of business activities during the year.

Pursuant to change in Management and with the aim to explore new markets and business
opportunities the Company is to adopt new Main object clause.

7. MANAGEMENT DISCUSSION AND ANALYSIS

The Management Discussion and Analysis as required in terms of the Listing Regulations is
annexed to the report as Annexure I and is incorporated herein by reference and forms an integral
part of this report.

8. BUSINESS OUTLOOK

The Directors are under the process of exploring other avenues of diversifying into new areas of
business. With new management company is going into major transformation in current and coming
financial years and will explore new markets and business opportunities as per the Main objects of
the Company.

9. SHARE CAPITAL

As on 31^st March, 2024, the Authorised share capital of the Company is Rs. 3,20,00,000/- (Rupees
Three Crore Twenty Lakh only) divided into 32,00,000 (Rupees Thirty Two Lakhs) Equity Shares
of Rs 10/- (Rupees T en only) each; and Issued, Subscribed and Paid up share capital of the Company
is Rs. 3,15,24,000/- (Rupees Three Crore Fifteen Lakh Twenty-Four Thousand only) divided into
31,52,400 (Thirty One Lakh Fifty Two Thousand Four Hundread only) Equity Shares of Rs. 10/-
(Rupees Ten only) each. The Company has only one class of equity shares having at par value of
Rs. 10/- per share. Each holder of equity shares entitled to one vote per share.

During the year, the Company's authorized share capital was increased from Rs. 75,00,000
(7,50,000 shares of Rs. 10 each) to Rs. 3,20,00,000 (32,00,000 shares of Rs. 10 each). Additionally,
the Company issued 24,50,000 new Equity shares (ranking pari-passu with the existing equity
shares in the Company), which consequently increased the paid-up capital from Rs. 62,94,000
(6,29,400 shares of Rs. 10 each) to Rs. 3,15,24,000 (31,52,400 shares of Rs. 10 each).

10. DIRECTORS AND KEY MANAGERIAL PERSONNEL

a) Changes in Directors:

• Directors as on 31^st March, 2024

• Pursuant to completion of open offer and takeover of the Company and change in promoters
and management in the Company, the Board of Directors at its meeting, have approved the
resignation of below Directors on 29/05/2024:

• Based on the recommendation of the Nomination and Remuneration Committee and Pursuant
to completion of open offer and takeover of the Company and change in promoters and
management in the Company, the Board of Directors at its meeting, have approved appointment
of below Directors with effect from 29^th May, 2024 and who consequently will be re-appointed
at the Annual General Meeting of the Company.

b) Key Managerial Personnel:

Pursuant to Section 203 of the Companies Act, 2013, the Key Managerial Personnel of the
Company as on 31^st March, 2024:

Pursuant to completion of open offer and takeover of the Company and change in promoters
and management in the Company, the Board of Directors at its meeting, have approved the
resignation of CS Nikunj Mahendrabhai Kanabar on 29/04/2024 and appointed CS Nalini
Kankani on 29/05/2024 as Company Secretary and Compliance officer of the Company.

c) Declaration by Independent Director(s):

The company has received the necessary declaration from each Independent Directors in
accordance with Section 149 (7) of the Companies Apt 2013, that they meets the criteria of
independence as laid out in sub-section (6) of Section 149 of the Companies Act 2013 and
Regulation 16(1) (b) of the SEBI Listing Regulations.

All Independent Directors of the Company have affirmed compliance with the Schedule IV of
the Act and Company's Code of Conduct for Directors and Senior Management.

All the Independent Directors of the Company have complied with the requirement of inclusion
of their names in the data bank of Independent Directors maintained by Indian Institute of
Corporate Affairs and they meet the requirements of proficiency self-assessment test.

d) Formal Annual Evaluation:

Pursuant to the provisions of the Companies Act, 2013 and the Listing Agreement/ SEBI
(LODR) Regulations, 2015, the Board has carried out an annual performance evaluation of its
own performance, the directors individually as well as the evaluation of the working of its
Committees. The Directors expressed satisfaction with the evaluation process. Further, all the
directors of the Company have confirmed that they satisfy the fit and proper criteria as
prescribed under the applicable regulations and that they are not disqualified from being
appointed as directors in terms of Section 164(2) of the Companies Act, 2013.

11. MEETINGS OF THE BOARD

During the year, 9 (Nine) Board Meetings were convened and held, the details of which are given
below. The intervening gap between the two consecutive meetings was within the period prescribed
under the Companies Act, 2013, Secretarial Standards and the SEBI (LODR) Regulations, 2015.

The Meetings that were held in the financial year 2023-2024:

12. MEETINGS OF THE INDEPENDENT DIRECTORS

During the Financial Year 2023-2024, 2 (Two) Meetings of Independent Directors were held on,
05/03/2024 and 30/03/2024 without the attendance of Non-Independent Directors and members of
the Management. On 05/03/2024 to discuss and review the open offer of Kshitij Invesments
Limited. On 30/03/2024 to review the performance of Non-Independent Directors and the Board as
a whole and assessed the quality, quantity and timeliness of flow of information between the

Company Management and the Board that is necessary for the Board to effectively and reasonably
perform its duties.

13. MEETINGS OF THE COMMITTEES

There are currently three committees of the Board, as following:

a. Audit Committee

The Audit Committee of the Company reviews the reports to be submitted with the Board of
Directors with respect of auditing and accounting matters. It also supervises the Company’s
financial reporting process.

During the Financial Year 2023-2024, 4 (four) Meetings were held on 24/04/2023, 04/08/2023,
10/11/2023, 13/02/2024. The time gap between any two meetings was not more than 4 months
and the Company has complied with all the requirements as mentioned under the Listing
Agreement/SEBI (LODR) Regulations, 2015 and the Companies Act, 2013.

The composition of the Audit Committee is as under:

Reconstitution of Audit Committee from 05/07/2023:

Further, Audit Committee was reconstituted on 29/05/2024:

b. Nomination and Remuneration Committee

The Committee’s constitution and terms of reference are in compliance with provisions of
section 178 of the Companies Act, 2013, Regulation 19 of Securities and Exchange Board of
India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended from
time to time.

During the Financial Year 2023-2024, 3 (Three) Meetings were held on 21/06/2023,
05/07/2023 and 17/10/2023.

Reconstitution of Nomination and Remuneration Committee from 05/07/2023:

Further, Nomination and Remuneration Committee was reconstituted on 29/05/2024:

c. Stakeholders Relationship Committee

The terms of reference are in line with Section 178 of the Companies Act, 2013 and Regulation
20 of Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015. The Committee reviews Shareholder’s/ Investor’ s
complaints like non-receipt of Annual Report, physical transfer/ transmission/transposition,
split/ consolidation of share certificates, issue of duplicate share certificates etc. This
Committee is also empowered to consider and resolve the grievance of other stakeholders of
the Company including security holders.

During the Financial Year 2023-2024, 1 (One) Meeting was held on 13/02/2024
The composition of the Committee constituted as under:

Further, Nomination and Remuneration Committee was reconstituted on 29/05/2024:

14. REMUNERATION POLICY

The Board has, on the recommendation of the Nomination & Remuneration Committee framed a
policy for selection and appointment of Directors, Senior Management and their remuneration.

15. PARTICULARS OF EMPLOYEES

The provisions of Section 197 read with rule 5(2) & (3) of the Companies (Appointment &
Remuneration of Managerial Personnel) Rules, 2014 requiring particulars of the employees to be
disclosed in the Report of Board of Directors are not applicable to the Company as none of the
employees was in receipt of remuneration in excess of Rs.1.20 Crore per year during the financial
year 2023-24.

16. DIRECTORS’ RESPONSIBILITY STATEMENT

Pursuant to Section 134(3) (c) & 134(5) of the Companies Act, 2013, the Board of Directors of the
Company hereby confirms that:

(a) In the preparation of the annual accounts, the applicable accounting standards have been
followed along with proper explanation relating to material departures;

(b) 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 period;

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

(d) The directors have prepared the annual accounts on a going concern basis; and

(e) The directors have laid down internal financial controls to be followed by the company and that
such internal financial controls are adequate and were operating effectively.

(f) The directors have devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.

17. DETAILS OF SUBSIDIARY/JOINT VENTURES/ASSOCIATE COMPANIES

The company has no subsidiaries, joint ventures or associate companies. During the Financial Year,
no company ceased as Subsidiary, joint venture or associate of the company.

18. STATUTORY AUDITORS:

M/S DMKH & CO., Chartered Accountants (having Firm Registration Number: 116886W), Pune
to hold the office for the term of five years beginning from the conclusion of the 44^th Annual General
Meeting held on 7^th August, 2023 till the conclusion of the 49^th Annual General Meeting for FY

2027-2028 of the Company on such terms and remuneration as may be mutually agreed upon
between the said Auditors and Board of Directors of the Company”.

As required under the provisions of Section 139(1) and 141 of the Companies Act, 2013 read with
the Companies (Accounts and Auditors) Rules, 2014, the Company has received a written consent
and certificate from the auditors to the effect that they are eligible to continue as Statutory Auditor
of the Company.

19. AUDITORS’ REPORT

Explanation on Statutory Auditors comments:

The comments made in Auditors Report read with notes on accounts are self-explanatory and
therefore, in the opinion of the Directors, do not call for any further explanation.

20. SECRETARIAL AUDIT

In terms of Section 204 of the Act and Rules made there under, M/s. Ravi Patidar and Associates,
Practicing Company Secretaries have been appointed Secretarial Auditors of the Company. The
Secretarial Audit Report forms part of Annual report as Annexure II.

21. INTERNAL FINANCIAL CONTROLS AND ADEQUECY

The Company has in place adequate internal financial controls with reference to the financial
statement. The Internal Audit of the Company is regularly carried out to review the internal control
systems and processes. The Audit Committee of the Board periodically reviews the internal control
systems with the management, Internal Auditors and Statutory Auditors. Significant internal audit
findings are discussed and follow-ups are taken thereon.

Further, M/s Agrawal Aayush and Associates, Firm Registration number: 032918C as an Internal
Auditor of the Company with effect from the Financial Year 2024-25.

22. EMPLOYEES’ STOCK OPTION PLAN

The Company has not provided stock options to any employee.

23. VIGIL MECHANISM

The company has formulated a Whistle Blower Policy to provide Vigil Mechanism for employees
of the company to report genuine concerns. The provisions of this policy are in line with the
provisions of the Section 177 (9) of the Act and the Listing Regulations.

24. RISK MANAGEMENT POLICY

The Company's principal financial liabilities include trade and other payables. The Company's
principal financial assets include cash and cash equivalents and others. The Company is exposed to
liquidity risk and market risk. The Company’s senior management oversees the management of
these risks. The Company's senior management provides assurance that the Company’s financial
risk activities are governed by appropriate policies and procedures and that financial risks are
identified, measured and managed in accordance with the Company's policies and risk objectives.

Risk management policy of the company has been placed on the Company website
https://www.kiltd.in/. Presently, Regulation 21 of the SEBI LODR with respect to Risk
Management Committee is not applicable to your Company.

25. CORPORATE GOVERNANCE

As stipulated vide regulation 15(2) of the SEBI (LODR) Regulations, 2015, the requirement of
furnishing report on corporate governance is not applicable to your Company as it’s paid up capital
and net-worth is below the threshold limit prescribed for the purpose.

26. DEPOSITS

The Company has not accepted any deposits from public and as such, no amount on account of
principal or interest on public deposits was outstanding as on the date of the Balance Sheet.

27. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

During the year there is no loans and guarantees given and investments made under Section 186 of
the Companies Act, 2013.

28. RELATED PARTY TRANSACTIONS

All Related Party transactions that were entered into during the financial year under reference were
on the arm’s length basis and were in ordinary course of business and in compliance with the
applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015. There are no materially significant related party transactions
between the Company and the Promoters, Directors, Key Managerial Personnel, Subsidiaries,
relatives or other designated persons, which may have a potential conflict with the interest of the
Company at large. Accordingly, particulars of contracts or arrangements with related parties
referred to in Section 188(1) along with the justification for entering into such contract or
arrangement in form AOC-2 in terms of Section 134 of the Act read with Rule 8 of the Companies
(Accounts) Rules, 2014 is not applicable to the Company. Please refer Note 20 of Significant
accounting policies and Notes to accounts for related party transactions as per IND AS-24 and
Schedule V of the SEBI (LODR) 2015 as amended from time to time.

All Related Party Transactions were placed before the Audit Committee and have been approved
by the Board. Omnibus approval of Audit Committee is obtained for the transactions that are
foreseen and repetitive in nature.

Your Company has formulated a policy on related party transactions, which is also available on
Company’s website https://www.kiltd.in/

29. CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT, TECHNOLOGY
ABSORPTION AND FOREIGN EXCHANGE

a. Conservation of Energy, Technology Absorption

Company has limited scope for undertaking energy conservation exercises, but nevertheless
continues to emphasize work practices that result in conservation of energy. At the offices of
your Company, special emphasis is placed on installation of energy-efficient lighting devices,

use of natural light as best as possible, and adoption of effective procedures for conservation of
electricity, water, paper and other materials that consume natural resources.

b. Technology absorption

The activities of the Company do not as such involve any technology absorption or expenditure
on research and development. Nonetheless, the Company's endeavours would be to achieve
what is best possible in its business.

c. Foreign Exchange Earning and Outflow

During the year under review, there was no earning or outgoing in foreign exchange.

30. COST AUDIT

As per the Cost Audit Orders and in terms of the provisions of Section 148 and all other applicable
provisions of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014,
Cost Audit is not applicable to our Company.

31. CORPORATE SOCIAL RESPONSIBILITIES (CSR)

Pursuant to Section 135 of the Companies Act, 2013, every company having net worth of rupees
five hundred crore or more, or turnover of rupees one thousand crore or more or a net profit of
rupees five crore or more during any financial year shall constitute a Corporate Social
Responsibility (CSR) Committee of the Board. Your Company does not fall under the provisions
of aforesaid Section; therefore, CSR Committee has not been constituted.

32. OBLIGATION OF COMPANY UNDER THE SEXUAL HARASSMENT OF WOMEN AT
WORKPLACE (PREVENTION. PROHIBITION AND REDRESSAL) ACT, 2013

Your Company has always believed in providing a safe and harassment free workplace for every
individual working in Company’s premises through various interventions and practices. The
Company always endeavours to create and provide an environment that is free from discrimination
and harassment including sexual harassment.

During the year, pursuant to the legislation 'Prevention, Prohibition and Redressal of Sexual
Harassment of Women at Workplace Act, 2013' introduced by the Government of India, which
came into effect from 9 December 2013, the Company has framed a Policy on Prevention of Sexual
Harassment at Workplace. There was no case reported during the year under review under the said
Policy.

33. SECRETARIAL STANDARDS

The Company has in place proper systems to ensure compliance with the provisions of the
applicable secretarial standards issued by The Institute of Company Secretaries of India and such
systems are adequate and operating effectively.

34. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR
COURTS OR TRIBUNALS

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

35. MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL
POSITION OF THE COMPANY:

No material changes and commitments, affecting the financial position of the Company occurred
between the end of the Financial Year of the Company i.e., 31st March, 2024 and the date of this
Directors’ Report i.e., 16^th July, 2024 except as mentioned in this Report.

36. WEBSITE

As per Regulation 46 of SEBI (Listing, Obligation and Disclosure Requirements) Regulation, 2015,
the Company has maintained a functional website namely “https://www.kiltd.in/” containing basic
information about the Company like: Details of business, financial information, shareholding
pattern, compliance, contact information of the designated officials of the Company who are
responsible for assisting and handling investor grievances for the benefit of all stakeholders of the
Company. The contents of the said website are updated on regular basis.

37. ACKNOWLEDGEMENT

The Board of Directors would like to acknowledge all its stakeholders and is grateful for the support
received from suppliers and business associates.

Your directors take this opportunity to place on record their appreciation and sincere gratitude to
the Government of India, Government of Maharashtra and the Bankers to the Company for their
valuable support and look forward to their continued co-operation in the years to come.

For and on Behalf of the Board of Directors
Kshitij Investment Limited

Sd/- Sd/-

Rohit Agrawal Rahul Agrawal

Director Director

DIN: 06531456 DIN:06532413

Date: 16^th July, 2024
Place: Mumbai