There's an old business adage that you can't manage what you can't measure. By this count, the appraisal seems designed expressly to prevent the investor from figuring out anything about how the service is managing his portfolio. For each of the 17 stocks in the portfolio, the appraisal has the amount invested, the current value, the percentage of loss, and each stock's weightage in the portfolio
The statement does not mention when each stock was bought and what the actual rate of loss was. This makes it impossible to compare the investments to each other and get any sense of what the portfolios managers were actually doing. There's also no way of evaluating the portfolio's performance as a whole, and comparing it to some external standard.
PMS is supposed to be a premium product, with a minimum ticket size of R25 lakh, and every provider claims personalised service and consulting. However, this appraisal has substantially less information and analysis than what is available for free on users' portfolios on investment websites like ValueResearchOnline and others. At a minimum, investors deserve to have a comparison with a standard benchmark to see how their money has done compared to the markets, after deducting PMS expenses.
Clearly, PMS providers are actively interested in hiding such information. Active investors should run these numbers themselves. Of course, one hopes that at some point SEBI will get around to enhancing disclosure norms for PMSs as it has done for other products.