P. H. Capital Ltd Directors Report

DIRECTORS REPORT

To the Members of P H Capital Limited,

The Board of Directors ("Board") of P H Capital Limited ("Company") are pleased to present the 52^nd Annual Report and the Audited Financial Statements for the Financial Year ("FY") ended 31st March 2025.

1. Financial Results

The salient features of your Companys working for the year ended 31 March 2025 are as under:

		(Rs. In Lakhs)
PARTICULARS	FY 2024-2025	FY 2023-2024
Revenue	18,548.78	16132.45
Other Income	2.03	10.09
Total Income (A)	18,550.80	16,142.54
Purchase of Stock in Trade	19,714.76	14,311.82
(Increase)/Decrease in Stock in Trade	-2,669.49	-1,243.39
Employee Benefit Expense	197.95	181.45
Finance Cost	32.46	23.82
Depreciation & Amortization	30.24	27.08
Other Expenses	165.82	117.27
Total Expenses (B)	17,471.74	13,418.05
Profit/Loss before Tax (A-B)	1,079.06	2724.49
Tax Expenses	293.95	711.62
Profit/Loss after Tax	785.10	2,012.87

2. Operations

During the FY ended 31 March 2025, your Company has recorded total revenue of 18,548.78 lakhs as compared to Rs. 16,132.45 lakhs for FY ended 31^st March 2024 and net profit after tax of Rs. 785.10 lakhs for FY ended 31^st March, 2025 as compared to net profit after tax of Rs. 2,012.87 for FY ended 31^st March 2024.

3. Change in Nature of Business

There was no change in the nature of business of your company during the FY ended 31^st March 2025.

4. Return to investors (Dividend)

The Company declared an interim dividend of Rs.0.25 (Twenty-Five Paisa) per equity share.

In order to conserve the resources of the Company and considering the future Business Plan of the Company, the Board has not recommended any final dividend on the Equity Shares of the Company for the FY ended 31^st March 2025.

5. Unclaimed Dividend and IEPF

In accordance with the applicable provisions of Section 124 and 125 of the Companies Act, 2013 ("the Act") and Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and amendments thereof, the relevant dividend amounts which remain unpaid and unclaimed for a period of seven years will be transferred to the Investor Education and Protection Fund ("IEPF") from time to time. Further, Equity Shares in respect of which dividend has not been encashed by the Members during the last seven years, from the date of transfer to the unpaid dividend account of the Company, will be transferred to the designated Suspense Account as prescribed by the IEPF Authority from time to time.

6. Material Changes and Commitment Affecting Financial Position of the Company

There are no material changes and commitments affecting the financial position of your Company which have occurred between 31^st March 2025 and the date of the Directors Report.

7. Transfer to Reserves

The Company did not transfer any amount to the General Reserves.

8. Share Capital

The Authorised Share Capital of your Company is Rs. 4,00,00,000/- comprising 40,00,000 Equity Shares of Rs.10/- each. The Issued, Subscribed and Paid-up Equity Share Capital of your Company as on 31 March 2025, was Rs. 3,00,01,000/- comprising 30,00,100 Equity Shares of Rs.10/- each. There were no changes in the share capital during the year.

9. Deposits

The Company did not hold any public deposits at the beginning of the year nor has it accepted any public deposits during FY 2024-2025 and till the date of Directors Report.

10. Subsidiary/Associate/ Joint Venture Companies

The Company does not have any Subsidiary/Associates/Joint Venture company.

11. Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular no SEBI/CFD/CMD/CIR/P/2017/004 dated 5^th January 2017, the Board of Directors have carried out an annual performance evaluation of its own performance, its Committees, the Directors individually including Independent Directors (wherein the concerned Director being evaluated did not participate) based on the criteria and framework mentioned below:

The Board reviewed the performance of each of the Board Committees based on the following criteria:

Function and Duties:

• The Board Committees are appropriately constituted.

• The terms of reference for the Board Committees are appropriate with clear defined roles and responsibilities

• The composition of the Board Committees is in compliance with the legal requirement.

• The amount of responsibility delegated by the Board to each of the Board Committees is appropriate.

• The reporting by each of the Board Committees to the Board is sufficient.

• The performance of each of the Board Committees is assessed annually against the set goals of the committees.

• The terms of reference are adequate to serve committees purpose.

• The Board Committees regularly reviews its mandate and performance.

• The Board Committee takes effective and proactive measures to perform its functions.

Management Relations

• The Board Committees gives effective suggestions and recommendations.

• The Board Committee meetings are conducted in a manner that encourages open communication and meaningful participation of its members.

Committee Meetings and Procedures

• The Board Committee meetings have been organized properly and appropriate procedures were followed in this regard.

• The frequency of the Board Committee meetings is adequate

• The Board Committees makes periodical reporting to the Board along with its suggestions and recommendations.

The Board considered and discussed the inputs received from the Directors.

The Nomination and Remuneration Committee reviewed the performance of Whole Time Director based on the following criteria:

• Attendance, participations in the Meetings and timely inputs on the minutes of the meetings.

• Contribution towards growth of the Company including actual vis-a-vis budgeted Performance.

• Leadership initiative, like new ideas and planning towards growth of the Company and steps initiated towards Branding of the Company.

• Adherence to ethical standards & code of conduct of Company.

• Team work attributes and supervising & training of staff members.

• Compliance with policies, reporting of frauds, violation etc. and disclosure of interest.

• Safeguarding of interest of whistle blowers under vigil mechanism and Safeguard of confidential information.

The Nomination and Remuneration Committee reviewed the performance of each of the Non-Executive Director ("NED") and Independent Directors ("ID") individually based on the following criteria:

• Attendance at Meetings - attendance at Board Meetings, AGMs, Committee meetings.

• Other Directorships held by the NED & ID - in listed or unlisted companies

• Other companies in which NED & ID is a Chairperson

• Participation at Board/Committee meetings

• Input in strategy decisions

• Review of Financial Statements, risks and business performance

• Time devoted towards discussion with Management

• Review of Minutes - Board Minutes, Committee meeting minutes and AGM Minutes

The Board approved the evaluation results as collated by Nomination and Remuneration Committee ("NRC").

Also, the Independent Directors at their meeting held on February 13, 2025 reviewed the following:

• Performance of Non-Independent Directors and the Board and the Committee as a whole.

• Performance of the Chairperson of the Company.

• Assessed the quality, quantity and timeliness of flow of information between the Companys Management and the Board, which is necessary for the Board to effectively and reasonably perform their duties.

The Independent Directors expressed their satisfaction with overall functioning and implementations of their suggestions.

The evaluation process endorsed the Board Members confidence in the ethical standards of your Company, the cohesiveness that exists amongst the Board Members, the two-way candid communication between the Board and the Management and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities.

11. Director & Key Managerial Personnel and any Change thereof:

As of March 31,2025, your Companys Board had four (4) Directors comprising of 1 (one) Whole-time Director, 1 (one) Non-Executive Non-Independent Woman Director and 2 (two) Non - Executive Independent Directors.

Mr. Sougata Sengupta (DIN: 00614643) was appointed as an Independent Director on the Board of the Company with effect from 29^th August, 2024. The appointment was placed before the shareholders of the Company for their approval at the Annual General Meeting held on 27^th September, 2024.

A brief profile along with the necessary documents, of Mr. Sougata Sengupta was annexed to the Notice convening the Annual General Meeting that was convened on 27^th September, 2024.

Mr. Roshan Jain retired as an Independent Director of the Company with effect from 30^th September 2024 due to expiration of second tenure.

Ms. Rakhi Sharma was appointed as an Additional Non-Executive Independent Director by the Board

of Directors at its meeting held on 22^nd May, 2025, with effect from the same date. The Board subsequently proposed her appointment as a Non-Executive Independent Director for approval by the shareholders through a postal ballot, as set out in the notice dated 22^nd May, 2025 . The shareholders of the Company approved her appointment based on the results of the postal ballot, as determined by the Scrutinizers Report submitted by M/s D Maurya & Associates dated 27^th June, 2025.

Your Company has received declarations from the Independent Directors viz. Mr. Sougata Sengupta, Ms. Rakhi Sharma and Mr. Prashant Chaturvedi stating that, they meet the criteria of independence as provided in Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations.

Retirement by Rotation:

In accordance with Section 152 of the Companies Act, 2013 ("Act"), read with rules made there under and Articles of Association of your Company, Mr. Rikeen Pradip Dalal (DIN: 01723446), Whole-time Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for reappointment. A resolution seeking approval of the members for his re-appointment forms part of the Notice of 52^nd AGM of the Company.

Independent Directors

Your Companys Independent Directors have submitted requisite declarations confirming that they continue to meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1 )(b) of the Listing Regulations.

The Independent Directors have also confirmed that they have complied with Schedule IV of the Act and your Companys Code of Conduct. The Board is of the opinion that the Independent Directors of your Company possess requisite qualifications, experience and expertise in the fields of finance, people management, strategy, auditing, tax and risk advisory services, infrastructure, banking, insurance, financial services, investments, mining and mineral industries and e-marketing and they hold highest standards of integrity.

Key Managerial Personnel:

Pursuant to the provisions of Section 203 of the Companies Act, 2013 and rules made thereunder, the

Key Managerial Personnel of your Company as on 31 March, 2025 are:

i. Mr. Rikeen Dalal, Whole-time Director

ii. Mr. Samir Desai, Chief Financial Officer

iii. Ms. Yashdha Neema , Company Secretary & Compliance Officer (till 15^th June, 2025)

12. Directors Responsibility Statement

In accordance with the provision of section 134(5) of the Companies Act, 2013, the Board confirms and submits the Directors Responsibility Statement:

a) In the preparation of the Annual Accounts for the year ended 31^st March 2025, the applicable Accounting Standards have been followed along with proper explanations relating to material departures.

b) They 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 as at 31^st March 2025 and of the profit of the Company for the year ended on that date;

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

d) They have prepared the annual accounts on a going concern basis;

e) They 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) They have devised proper systems to ensure compliance with provisions of all applicable laws and that such systems were adequate and operating effectively.

13. Meetings

A. Board Meetings

Regular meetings of the Board and its Committees are held to discuss and decide on various business policies, strategies, financial matters and other businesses. The Board duly met for 6 (Six) times during the FY 2024-2025 i.e. from 1 April, 2024 to 31^st March, 2025. The dates on which meetings were held are as follows:

S. No	Date	No. of Director Present	No. of Director Absent
1	23-05-2024	4	0
2	12-08-2024	4	0
3	29-08-2024	4	0
4	13-11-2024	4	0
5	13-02-2025	4	0
6	25-03-2025	4	0

The periodicity between two Board Meetings was within the maximum time gap as prescribed in the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015/Companies Act, 2013.

The composition of the Board of Directors, their attendance at Board Meetings and last Annual General Meeting is as under:

Name of Director	Designation	Category	Number of Board Meetings during the year		Attendance of Last AGM
			Held	Present
Mr. Rikeen Dalal	Chairman & Executive Director	Whole Time Director	6	6	Yes
Mrs. Sejal Dalal	Non-Executive Director	Non-Independent Woman Director	6	6	Yes
Mr. Roshan Jain	Independent	Non-Executive &	3	3	No
[till 30th September, 2024]	Director	Independent Director
Mr. Prashant Chaturvedi	Independent Director	Non-Executive & Independent Director	6	6	Yes
Mr. Sougata Sengupta [w.e.f.	Independent Director	Non-Executive & Independent Director	3	3	Yes
29th August, 2024]

B. Committee Meetings

(i) Audit Committee

(ii) Nomination & Remuneration Committee

(iii) Stakeholders Relationship Committee

(iv) Corporate Social Responsibility (CSR) Committee

Further all the details of the above mentioned Committees, terms of reference, meeting dates and the other relevant details are given in the Corporate Governance Report filed by the Company with the Stock Exchange .

Expenditure pertaining to CSR for the financial year 2024-25

In the CSR Committee Meeting, held on 25 March, 2025, it was noted by the Members that the Company fulfils the net profit criteria as per Section 135 of the Companies Act, 2013 in the preceding financial year i.e. 2023-24 and it is under the obligation to make CSR Expenditure. The details on CSR activity is provided in the CSR Report annexed as "Annexure - A".

C. Shareholders Meeting:

There were 1 (One) Shareholders Meeting held during the FY 2024-25, the details of which are as follows:

The Annual General Meeting of the Company was held on September 27, 2024 at 12 Noon IST through video conference/other audio-visual mode for which the registered office of the company situated at 5-D, Kakad House, 5th floor, A-wing, Opp. Liberty Cinema, New Marine Lines, Mumbai - 400020 shall be deemed as the venue for the meeting.

14. Particulars of Loan, Guarantees and Investments

During the FY 2024-2025, the Company had not granted any loan, provided any guarantees and made investments covered under Section 186 of the Act and rules thereunder. The details of the investments made by the Company are given in the notes annexed to the Financial Statements.

15. Internal Financial Control System

Your Company has in place, adequate systems and procedures for implementation of Internal Financial Control across the organization which enables the Company to ensure that the controls are operating effectively. Your Company has put in place robust policies and systems, which inter-alia, ensure integrity in conducting its business, safeguarding of its assets, timely preparation of reliable financial information, accuracy & completeness in maintaining accounting records and prevention & detection of frauds & errors.

16. Details of establishment of Vigil Mechanism/Whistle Blower Policy

Further, in compliance of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company has adopted a Whistle Blower Policy. The Companys vigil mechanism/Whistle blower Policy aims to provide the appropriate platform for Whistle blowers to report instances of any actual or suspected incidents of unethical practices, violation of applicable laws and regulations including the Companys code of conduct or ethics policy or Code of Conduct for Prevention of Insider Trading in the company, Code of Fair Practices and Disclosure. The Policy also provides for adequate safeguards against victimization of director(s)/ employee(s) who avail of the mechanism and also provides for direct access to the Chairman of the Audit Committee in exceptional cases. It is affirmed that no person has been denied access to the Audit Committee. The Whistle Blower policy is uploaded on the website of your Company at www.phcapital.in/pdf/code/Whistle%20Blower%20Policy.pdf

The Audit Committee is also committed to ensure fraud-free work environment. Your Company investigates complaints speedily, confidentially and in an impartial manner and takes appropriate action to ensure that the requisite standards of professional and ethical conduct are always maintained.

During the financial year 2024-2025, no cases under this mechanism were reported to the Company.

17. Particulars of Contracts or Arrangements with Related Parties

All transactions with related parties were placed before the Audit Committee as well as the Board for approval.

All the transactions entered into with Related Parties as defined under the Act during the FY 20242025 were on an arms length basis and were in the ordinary course of business. There were no materially significant transactions with the related parties during the FY 2024-25, which were in conflict with the interest of the Company and hence form AOC-2 is not enclosed. The suitable disclosure required to be disclosed as per Accounting Standard (AS-18) has been made in the notes to the Financial Statements

The policy on RPTs as approved by the Board of Directors has been uploaded on your Companys website and can be accessed at http://www.phcapital.in/pdf/code/P0LICY%200N%20RELATED%20PARTY%20TRANSACTI0NS.pdf

18. Corporate Governance

Corporate Governance Report is forming a part of this Annual Report.

19. Management Discussion and Analysis Report

In compliance with Regulation 34 of SEBI (Listing Obligation and Disclosures Requirements) Regulation, 2015, the Management Discussion and Analysis Report is annexed as Annexure B.

20. Auditors

A. Statutory Auditor:

M/s. S.P. Jain & Associates., Chartered Accountants (Firm Registration No.103969W) were appointed as Statutory Auditors at the 49^th Annual General Meeting to hold the office until the conclusion of the 54^th Annual General Meeting on such remuneration as may be fixed by the Board apart from reimbursement of out of pocket expenses as may be incurred by them for the purpose

of audit. The Auditors have also furnished a declaration confirming their independence as well as their arms length relationship with your Company as well as declaring that they have not taken up any prohibited non-audit assignments for your Company. The Audit Committee reviews the independence of the Auditors and the effectiveness of the Audit process. The Auditors attended the Annual General meeting of your Company. The Auditors Report for financial year 2024-2025 on the Financial Statement of your Company forms part of this Annual Report. The Notes to the financial statements referred in the Auditors Report are self-explanatory. The Auditors Report is enclosed with the financial statements forming part of this Annual Report.

Statutory Auditors Report:

There are no qualifications, reservations or adverse remarks or disclaimers made by Statutory Auditors, in their Report on the Financial Statements of your Company for FY 2024 - 25.

B. Secretarial Auditor

Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board had appointed M/s. D Maurya & Associates, Practicing Company Secretaries (Peer Review No. 2544/2022 and CP No.: 9594), Thane acting through its proprietor Mr. Dhirendra Maurya (Membership No: A22005) to undertake the Secretarial Audit of the Company for a period of 5 (five) years beginning from FY 2025-2026 to FY 2029-2030 subject to shareholders approval in the ensuing Annual General Meeting.

Secretarial Auditors Report:

The Secretarial Audit Report, in the prescribed Form No. MR-3, is annexed as Annexure C. There are no qualifications, reservations or adverse remarks or disclaimers made by M/s. D Maurya & Associates in the Secretarial Audit Report on the Secretarial and other related records of your Company, for FY 2024- 2025.

C. Internal Auditor

Pursuant to the provisions of Section 138 of the Act, the Board had appointed Ms. C.M. Lopez, as an Internal Auditor of the Company for the FY 2024-2025.

21. Maintenance of Cost Records

Maintenance of Cost Audit Records as specified by the Central Government under Section 148(1) of the Act is not applicable to the Company and accordingly such accounts and records are not required to be maintained.

Cost Audit is not applicable to the Company.

22. Particulars of Employees

The Company does not have any employee covered under the provisions of Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, and therefore, this information has not been furnished as part of this Report.

The prescribed particulars of employees required under Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached herewith as Annexure D and forms a part of this Report of the Directors.

23. Policy on Nomination and Remuneration of Directors, KMP & Senior Employees

The Company has in place a Nomination and Remuneration Policy for the Directors, KMP and senior employees pursuant to the provisions of the Act which can be accessed at http://www.phcapital.in/pdf/ code/Nomination%20and%20Remuneration%20Policv.pdf

24. Disclosure of Frauds in the Boards Report under Section 143 of the Companies Act, 2013

During FY 2024-25 under review, neither the Statutory Auditors nor the Secretarial Auditor have reported to the Audit Committee of the Board, under Section 143(12) of the Act, any instances of fraud committed against your Company by its officers or employees, the details of which would need to be mentioned in this Report.

25. Web Address of Annual Return

Pursuant to the provisions of Section 134(3)(a) and Section 92(3) of the Act and Rules 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return (e-form MGT-7) of your Company for the financial year ended March 31,2025 will be uploaded on the website of your Company and can be accessed at http://www.phcapital.in/annualreturn.html

26. Compliance

The Company has complied and continues to comply with all the applicable regulations, circulars and guidelines issued by the Ministry of Corporate Affairs, Stock Exchange(s) and Securities and Exchange Board of India (SEBI) etc. from time to time.

27. Secretarial Standards of ICSI

Pursuant to the approval by the Central Government on the Secretarial Standards issued by The Institute of Company Secretaries of India ("ICSI") on April 10, 2015, the Secretarial Standards on Meetings of the Board of Directors (SS-1) and General Meetings (SS-2) came into effect from July 01, 2015. Thereafter, Secretarial Standards were revised with effect from October 01,2017 and April 01,

2024. The Board of Directors affirms that your Company has complied with the applicable Secretarial Standards (SS) issued by the Institute of Company Secretaries of India during the FY 2024-25 under review.

28. Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

The Company has place in an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. The policy is available on the website of the company i.e. www.phcapital.in

The following is a summary of sexual harassment complaints received and disposed-off during the FY 2024-2025.

No of complaints received: NIL

No of complaints disposed of: NIL

Number of cases pending for more than 90 days: NIL

29. Development & Implementation of Risk Management Policy

Your Company has instituted a strong governance framework with clearly defined roles and responsibilities that empower the Management team to identify, evaluate, and respond to business opportunities and risks in a timely and effective manner. This is supported by a comprehensive system for strategic planning, execution, and performance monitoring aligned with the Companys long-term objectives.

A structured Business Risk Management process forms an integral part of this framework, enabling proactive identification and mitigation of risks. The Risk Management Policy is periodically reviewed and updated by the Management to ensure its continued relevance in a dynamic business environment.

To safeguard its operations and interests, the Company maintains adequate insurance coverage for its assets, including protection against risks such as fire, riot, earthquake, terrorism, and loss of profits, along with other risks as deemed necessary by the Management.

30. Compliance with Maternity Benefit Act, 1961

The Company has complied with the provisions of Maternity Benefit Act, 1961

31. Conservation of Energy, Technology Absorption, Foreign Exchange Earnings & Outgo

The Company does not own any manufacturing facility and hence the particulars relating to conservation of energy and technology absorption as stipulated in the Companies (Accounts) Rules, 2014 is not applicable. The Company has neither earned nor spent any foreign exchange during the FY ended 2024-2025.

32. Share Registrar & Transfer Agent

The Companys Registrar & Transfer Agents is Bigshare Service Private Limited ("BSPL"). BSPL is a SEBI registered Registrar & Transfer Agent. The investors are requested to address their queries at investor@bigshareonline.com , if any. Further, the investor can also contact to the Compliance Officer of the Company.

33. General

The Directors state that no disclosure or reporting is required in respect of the following items as there were no transactions on these items during the FY 2024-2025:

a. Issue of equity shares with differential rights as to dividend, voting or otherwise.

b. Issue of shares (including sweat equity shares) to employees of the Company under any scheme.

c. Significant or material orders passed against the Company by the Regulators or Courts or Tribunals during the year ended 31^st March 2025 which would impact the going concern status of the Company and its future operations.

d. Buyback of shares

e. Application or proceedings made under the Indian Bankruptcy Code, 2016.

f. Material changes and commitments affecting the financial position of the Company that have occurred between the end of the financial year to which the financial statements relate and the date of this report, unless otherwise stated in the report.

g. Reason for difference between valuation done at the time of taking loan from bank and at the time of one-time settlement.

34. Acknowledgement

The Directors wish to take this opportunity to express their sincere thanks to your Companys Bankers for their valuable support and to the Shareholders for their unflinching confidence in the Company.

The Directors wish to place on record their appreciation of the commendable work done, dedication and sincerity by all the employees of the Company at all levels during the year.

The Directors express their deep sense of gratitude to the Central and State Government Ministries and departments, customers, business associates, trade unions and all other stakeholders for their support and look forward to their continued assistance in future.

	FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
	Rikeen P. Dalal	Sejal R. Dalal
	Chairman and Whole-time Director	Non-Executive Director
	DIN:01723446	DIN:01723369
Place: Mumbai
Date: August 04, 2025