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Airan Ltd.

BSE: 538410 Sector: IT
NSE: AIRAN ISIN Code: INE645W01026
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Airan Ltd. (AIRAN) - Director Report

Company director report

To the Members(s)

The Board of Directors hereby submits the report of the business andoperations of your Company ("the Company" or "Airan") along with theaudited financial statements for the financial year ended March 31 2020.

FINANCIAL RESULTS:

Particulars Standalone Consolidated
Year ended Year ended Year ended Year ended
March 31 2020 March 31 2019 March 31 2020 March 31 2019
Revenue from operations 5666.64 4412.53 5767.95 4852.67
Other Income 149.07 267.17 191.42 320.61
Total Income 5815.71 4679.70 5959.37 5173.28
Operating expenditure before Finance cost 4583.37 3545.22 4670.77 3972.42
depreciation and amortization
Earnings before Finance cost 1232.34 1134.49 1288.6 1198.80
depreciation and amortization (EBITDA)
Less: Finance costs 70.78 92.01 71.11 92.38
Depreciation and amortization expense 401.15 504.82 413.76 514.93
Profit before tax 760.42 537.66 803.73 583.57
Less: Tax expense 121.10 157.27 131.32 169.21
Profit for the year (PAT) 639.32 380.39 672.41 414.36

YEAR AT A GLANCE:

Financial Performance on Standalone Basis:

The total income of the Company for the year ended March 31 2020 wasRs. 5815.71 Lakh as against the total income of Rs. 4679.70 Lakh for the previous yearended March 31 2019.

The Company has earned a Net Profit after Tax of Rs. 639.32 Lakh forthe year under review as compared to Net Profit of Rs. 380.39 Lakh in the previous year.

Financial Performance on Consolidate Basis:

The total income of the Company for the year ended March 31 2020 wasRs. 5959.37 Lakh as against the total income of Rs. 5173.28 Lakh for the previous yearended March 31 2019.

The Company has earned a Net Profit after Tax of Rs. 672.41 Lakh forthe year under review as compared to Net Profit of Rs. 414.36 Lakh in the previous year.

Dividend:

With a view to conserve the resources of company for future growth theBoard of Directors do not recommend any Dividend for the Financial Year 2019-20 (PreviousYear Nil).

Pursuant to the provisions of Sections 124 and 125 of the Act there isno amount of Dividend remaining unclaimed / unpaid for a period of 7 (seven) years and/orunclaimed Equity Shares which are required to be transferred to the Investor Education andProtection Fund (IEPF).

Amount transferred to reserve:

During the year the Company has not apportioned any amount to otherreserve. The profit earned during the year has been carried to the balance sheet of theCompany.

Change in Nature of Business:

During the year your Company has not changed its business or objectand continues to be in the same line of business as per main object of the Company.

SHARE CAPITAL:

Authorized Capital

The present Authorized Capital of the Company is 32600.00 Lakh dividedinto 130000000 Equity Shares of 3 2.00 each.

Issued Subscribed & Paid-up Capital

During the year under review the Authorised Share Capital of theCompany was increased from 3 1300.00 Lakh consisting of 65000000/- Equity Shares of 32/-each to 32600.00 Lakh divided into 130000000 Equity Shares of 3 2.00 each by obtainingthe approval of the Shareholders through Postal Ballot. Further the Company up on theapproval of the Members through Postal Ballot allotted the 62510000 Bonus Equity Sharesin the ratio of 1:1 on April 24 2019.

The said Bonus Equity Shares got listed and traded on the NationalStock Exchange of India Limited w.e.f. May 3 2019.

The present Issue Subscribed & Paid-up Capital of the Company is 32500.40 Lakh divided into 125020000 Equity Shares of

3 2.00 each.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Constitution of Board:

The Constitution of the Board of Directors and other disclosure relatedto the Board of Directors are given in the Report on Corporate Governance.

Board Meeting:

Regular meetings of the Board are held at least once in a quarterinter-alia to review the quarterly results of the Company. Additional Board meetings areconvened as and when require to discuss and decide on various business policiesstrategies and other businesses. The Board meetings are generally held at corporate officeof the Company.

During the year under review Board of Directors of the Company met 9(Nine) times viz 24th April 2019 29th May 2019 18th July 2019 14th August 201914th November 2019 7th December 2019 20th December 2019 13th February 2020 and 13thMarch 2020.

The details of attendance of each Director at the Board Meetings andAnnual General Meeting are given in the Report on Corporate Governance.

Independent Directors

In terms of Section 149 of the Companies Act 2013 and rules made thereunder and Listing Regulations the Company has five Non-Promoter Non-Executive IndependentDirectors. In the opinion of the Board of Directors all five Independent Directors of theCompany meet all the criteria mandated by Section 149 of the Companies Act 2013 and rulesmade there under and Listing Regulations and they are Independent of Management.

A separate meeting of Independent Directors was held on 13th March2020 to review the performance of Non-Independent Directors and Board as whole andperformance of Chairperson of the Company including assessment of quality quantity andtimeliness of flow of information between Company management and Board that is necessaryfor the board of directors to effectively and reasonably perform their duties.

The terms and conditions of appointment of Independent Directors andCode for Independent Director are incorporated on the website of the Company athttps://airanlimited.in/Investors.aspx.

The Company has received a declaration from the Independent Directorsof the Company under Section 149(7) of Companies Act 2013 and 16(1)(b) of ListingRegulations confirming that they meet criteria of Independence as per relevant provisionsof Companies Act 2013 for financial year 2019-2020. The Board of Directors of the Companyhas taken on record the said declarations and confirmation as submitted by the IndependentDirectors after undertaking due assessment of the veracity of the same. In the opinion ofthe Board they fulfill the conditions for re-appointment as Independent Directors and areindependent of the Management.

None of Independent Directors have resigned during the year.

Information on Directorate

During the year under review the Board of Directors in their meetingheld on 14th November 2019 appointed Mr. Abhishek Sandeepkumar Agrawal (07613943) as anAdditional (Executive) Director of the Company for a period of five years w.e.f. 14thNovember 2019. In terms of provision of Section 161 of the Companies Act 2013 he holdsoffice till the date of ensuing annual general meeting of the Company and in terms ofSection 196 197 and 198 the appointment and remuneration of Mr. Abhishek SandeepkumarAgrawal (07613943) is required to be approved by the Members of the Company. TheNomination and Remuneration Committee and the Board of Directors of the Company recommendshis appointment as Executive Director on the board of the Company for a period of fiveyear w.e.f. 14th November 2019 and resolution to that effect has been proposed for theapproval of the members.

Further up on the declaration received from Mr. Ajit Jain the Boardof Directors of the Company had changed his designation from Non-Executive Director toNon-Executive Independent Director of the Company w.e.f. 7th December 2019. Further interms of Section 149 of the Companies Act 2013 Mr. Ajit Jain is required to beappointed as Non-Executive Independent Director of the Company for a period up to 18thJune 2022 ("first term"). The Nomination and Remuneration Committee and theBoard of Directors of the Company recommends his appointment as Non-Executive IndependentDirector on the board of the Company for a period up to 18th June 2022 and resolution tothat effect has been proposed for the approval of the members.

In accordance with the provisions of the Articles of Association andSection 152 of the Companies Act 2013 Mr. Sandeepkumar Vishwanath Agrawal (DIN:02566480) Chairman and Managing Director of the Company retires by rotation at theensuing annual general meeting. He being eligible has offered himself for re-appointmentas such and seeks reappointment. The Board of Directors recommends her re-appointment onthe Board.

The relevant details as required under Regulation 36 (3) of SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBI ListingRegulations") and Secretarial Standards-II issued by ICSI of the person seekingreappointment as Director and revision in Remuneration is annexed to the Notice conveningthe twenty fifth annual general meeting.

Key Managerial Personnel:

In accordance with Section 203 of the Companies Act 2013 the Companyhas Mr. Sandeepkumar Agrawal who is acting as Chairman and Managing Director of theCompany Mr. Krunal Ashokkumar Jethva who is acting as Chief Financial Officer of theCompany.

During the year Ms. Ruchika Jain who was acting as Company Secretaryand Compliance officer of the Company has resigned from her post w.e.f 20th December2019. Further on recommendation of the Nomination and Remuneration Committee The Boardof Directors has appointed Ms. Stuti Kinariwala as Company Secretary and Complianceofficer of the Company w.e.f. December 20 2019.

As on the date of this report the Company has Mr. Sandeepkumar Agrawalwho is acting as Chairman and Managing Director of the Company Mr. Krunal AshokkumarJethva who is acting as Chief Financial Officer of the Company and Ms. Stuti Kinariwala asCompany Secretary and Compliance officer of the Company.

Performance Evaluation

In terms of the requirement of the Act and the Listing Regulations anannual performance evaluation of the Board is undertaken where the Board formally assessesits own performance with the aim to improve the effectiveness of the Board and theCommittees. During the year under review the Board has carried out an annual evaluationof its own performance performance of the Directors as well as the evaluation of theworking of its Committees. The exercise was led by the Chairman of the NRC along with theChairman of Board.

The NRC has defined the evaluation criteria procedure and timeschedule for the Performance Evaluation process for the Board its Committees andDirectors. The criteria for Evaluation of Board Individual Directors and Committeesinclude inter alia the following:

Board Evaluation Evaluation of Individual Directors Committee Evaluation
• Board Structure - qualifications experience and competencies • Professional qualifications and experience • Mandate and composition
• Board Diversity • Knowledge skills and competencies • Effectiveness of the Committee
• Meetings - regularity frequency agenda discussion and recording of minutes • Fulfillment of functions ability to function as a team • Structure of the Committee
• Functions - strategy governance compliances evaluation of risks stakeholder value and responsibility conflict of interest • Attendance • Meetings - regularity frequency agenda discussion and dissent recording of minutes
• Commitment contribution integrity and independence • Independence of the Committee from the Board and contribution to decisions of the Board
• Independence of management from the Board access of Board and management to each other • In addition to the above the Chairman of the Board Meetings is also evaluated on key aspects of his role including effectiveness of leadership and ability to steer Meetings impartiality and ability to keep shareholders'interests in mind

Directors'Responsibility Statement:

Pursuant to section 134(5) of the Companies Act 2013 the board ofdirectors to the best of their knowledge and ability confirm that:

a) In preparation of annual accounts for the year ended March 31 2020the applicable accounting standards have been followed and that no material departureshave been made from the same;

b) The Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the profit or loss of the Company for that year;

c) The Directors had taken proper and sufficient care for themaintenance of adequate accounting records in accordance with the provisions of theCompanies Act 2013 for safeguarding the assets of the Company and for preventing anddetecting fraud and other irregularities;/

d) The Directors had prepared the annual accounts for the year endedMarch 31 2020 on going concern basis.

e) The Directors had laid down the internal financial controls to befollowed by the Company and that such Internal Financial Controls are adequate and wereoperating effectively; and

f) The Directors had devised proper systems to ensure compliance withthe provisions of all applicable laws and that such systems were adequate and operatingeffectively.

COMMITTEES OF BOARD

The Board of Directors in line with the requirement of the act hasformed various committees details of which are given hereunder.

1. Audit Committee

2. Nomination and Remuneration Committee

3. Stakeholder's Relationship Committee

4. Corporate Social Responsibility Committee

The composition of each of the above Committees their respective roleand responsibility are detailed in the Report on Corporate Governance annexed to thisReport.

Audit Committee

The Company has formed Audit Committee in line with the provisionsSection 177 of the Companies Act 2013 and Regulation 18 of the Securities and ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations 2015.

As at March 31 2020 the Audit Committee comprised Mr. Siddharth Dugar(Non-Executive Independent) as Chairperson and Mr. Ajit Jain (Non-Executive Independent)and Mrs. Bhoomika Gupta (Non-Executive Independent) Mr. Manish Iyer (Non-ExecutiveIndependent) as Members.

Recommendations of Audit Committee wherever/whenever given have beenaccepted by the Board of Directors.

Vigil Mechanism

The Company has established a vigil mechanism for directors andemployees to report concerns about unethical behaviour actual or suspected fraud orviolation of the Company's Code of Conduct or ethic policy. The said mechanism alsoprovides for adequate safeguards against victimization of director(s)/Employee(s) whoavail of the mechanism and also provide for direct access to the Chairman of the AuditCommittee in exceptional cases. The details of establishment of such mechanism has beendisclosed in the Board's Report. Further the Policy on Vigil Mechanism is availableon the website of the Company athttps://airanlimited.in/docs/whistle-blower-policy%20(1).pdf.

Nomination and Remuneration Policy

Nomination and Remuneration Policy in the Company is designed to createa high performance culture. It enables the Company to attract motivated and retainedmanpower in competitive market and to harmonize the aspirations of human resourcesconsistent with the goals of the Company. The Company pays remuneration by way of salaryto its Executive Directors and Key Managerial Personnel. Annual increments are decided bythe Nomination and Remuneration Committee within the salary scale approved by the membersand are effective from April 1 of each year.

The Nomination and Remuneration Policy as adopted by the Board ofDirectors is placed on the website of the Company athttps://airanlimited.in/docs/NominationAndRemuCommittee.pdf and is annexed to this Reportas Annexure - A.

Remuneration of Directors

The details of remuneration/sitting fees paid during the financial year2019-20 to Executive Directors/Directors of the Company is provided in Form MGT-9 andReport on Corporate Governance which are the part of this report.

INFORMATION ON SUBSIDIARY ASSOCIATE AND JOINT VENTURE COMPANIES

In accordance with Section 129(3) of the Companies Act 2013 astatement containing salient features of the financial statements of the subsidiarycompanies in Form AOC-1 is annexed to this Report as Annexure - B.

The statement also provides details of performance and financialposition of each of the subsidiaries. Audited financial statements together with relatedinformation and other reports of each of the subsidiary companies have also been placed onthe website of the Company at www.airanlimited.in.

During the year the Board of Directors reviewed the affairs of thesubsidiaries. In accordance with Section 129(3) of Companies Act 2013 ConsolidatedFinancial Statements of the Company and all its subsidiaries in accordance with therelevant accounting standards have been prepared which forms part of the Annual Report.

Further the Company does not have any Associate Companies and JointVentures as on March 31 2020.

PUBLIC DEPOSITS

The Company has not accepted any deposits from Shareholders and Publicfalling within the ambit of Section 73 of the Companies Act 2013 and rules made thereunder. There were no deposits which were claimed and remained unpaid by the Company as onMarch 31 2020.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

Details of Loans Guarantees and Investments covered under theprovisions of Section 186 of the Companies Act 2013 are given in the notes to theFinancial Statement for the year ended on March 31 2020.

EXTRACT OF ANNUAL RETURN

As provided under section 92(3) of the Companies Act 2013 the detailsforming part of the extract of the Annual Return in Form MGT-9 is annexed to this Reportas Annexure - C.

TRANSACTIONS WITH RELATED PARTIES

During the year under review transactions with related party wereexecuted in terms of Section 188 of the Companies Act 2013 which were in ordinary courseof business and on Arms' Length Basis details of which are as Annexure – D.

There was no contracts arrangements or transactions which was executednot in ordinary course of business and/or at arm's length basis.

Further there were no related party transactions with theCompany's Promoters Directors Management or their relatives which could have had apotential conflict with the interests of the Company.

Members may refer to the notes to the accounts for details of relatedparty transactions entered as per Indian Accounting Standard – 24. The Board ofDirectors of the Company has on the recommendation of the Audit Committee adopted apolicy to regulate transactions between the Company and its Related Parties in compliancewith the applicable provisions of the Companies Act 2013 the Rules thereunder and theSEBI LODR Regulations.

The Policy on Materiality of and dealing with Related PartyTransactions as approved by the Board is uploaded on the Company's website and can beaccessed at the Web-link: https://airanlimited.in/docs/RTP.pdf.

INTERNAL FINANCIAL CONTROL (IFC) SYSTEMS AND THEIR ADEQUACY

Though the various risks associated with the business cannot beeliminated completely all efforts are made to minimize the impact of such risks on theoperations of the Company. Necessary internal control systems are also put in place by theCompany on various activities across the board to ensure that business operations aredirected towards attaining the stated organizational objectives with optimum utilizationof the resources. Apart from these internal control procedures a well-defined andestablished system of internal audit is in operation to independently review andstrengthen these control measures which is carried out by a reputed firm of CharteredAccountants. The audit is based on an internal audit plan which is reviewed each year inconsultation with the statutory auditor of the Company and the audit committee. Theconduct of internal audit is oriented towards the review of internal controls and risks inits operations.

M/s. Deora Maheshwari & Co. Chartered Accountants (FirmRegistration No. 123009W) the statutory auditors of the Company has audited the financialstatements included in this annual report and has issued an report annexed as an AnnexureB to the Audit Report of the Company on our internal control over financial reporting (asdefined in section 143 of Companies Act 2013).

The audit committee reviews reports submitted by the management andaudit reports submitted by internal auditors and statutory auditor. Suggestions forimprovement are considered and the audit committee follows up on corrective action. Theaudit committee also meets the statutory auditors of the Company to ascertain inter aliatheir views on the adequacy of internal control systems and keeps the board of directorsinformed of its major- observations periodically. Based on its evaluation (as defined insection 177 of Companies Act 2013) our audit committee has concluded that as of 31stMarch 2020 our internal financial controls were adequate and operating effectively.

MATERIAL CHANGES AND COMMITMENT

There are no material changes and commitments affecting the financialposition of the Company have occurred between the ends of financial year of the Companyi.e. 31st March 2020 to the date of this Report.

PARTICULAR OF EMPLOYEES

The ratio of the remuneration of each director to the median ofemployees' remuneration as per Section 197(12) of the Companies Act 2013 read withRule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is annexed to this Report as Annexure – E.

The statement containing top ten employees in terms of remunerationdrawn and the particulars of employees as required under Section 197(12) of the Act readwith Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 is provided in a separate annexure forming part of this report. Further thereport and the accounts are being sent to members excluding this annexure. In terms ofSection 136 of the Act the said annexure will be for inspection. Any shareholderinterested in obtaining a copy of the same may write to Company Secretary.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

To foster a positive workplace environment free from harassment of anynature we have institutionalized the Anti-Sexual Harassment Initiative (ASHI) frameworkthrough which we address complaints of sexual harassment at the all workplaces of theCompany. Our policy assures discretion and guarantees non-retaliation to complainants. Wefollow a gender-neutral approach in handling complaints of sexual harassment and we arecompliant with the law of the land where we operate. The Company has setup an InternalComplaints Committee (ICC) for redressal of Complaints.

During the financial year 2019-2020 the Company has received Nilcomplaints on sexual harassment out of which Nil complaints have been disposed off andNil complaints remained pending as of March 31 2020.

RISK MANAGEMENT

Business risk evaluation and management is an ongoing process withinthe Company. During the year under review the Management reviewed the risk management andminimization procedure adopted by the Company covering the business operations of theCompany.

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO

A. Conservation of energy –

I.) The steps taken or impact on conservation of energy: Companyensures that the operations are conducted in the manner whereby optimum utilisation andmaximum possible savings of energy is achieved.

ii.) The steps taken by the Company for utilizing alternate sources ofenergy: No alternate source has been adopted.

iii.) The capital investment on energy conservation equipment: Nospecific investment has been made in reduction in energy consumption.

B. Technology absorption –

i.) The effort made towards technology absorption: Not Applicable.

ii.) The benefit derived like product improvement cost reductionproduct development or import substitution:

Not Applicable

iii.) in case of imported technology (imported during the last threeyears reckoned from the beginning of the financial year) -

a. The details of technology imported: Nil. b. The year ofimport: Not Applicable. c. Whether the technology has been fully absorbed: NotApplicable. d. If not fully absorbed areas where absorption has not taken place andthe reasons thereof: Not Applicable. iv.) The expenditure incurred on Research andDevelopment: Nil C. Foreign Exchange Earnings & Expenditure: i.) Details ofForeign Exchange Earnings: Nil ii.) Details of Foreign Exchange Expenditure: NilCorporate Social Responsibility

Pursuant to Section 135 of Companies Act 2013 the Company hasconstituted Corporate Social Responsibility Committee ("the CSR Committee") withobject to recommend the Board a Policy on Corporate Social Responsibility and amount to bespent towards Corporate Social Responsibility. As at March 31 2020 the CSR Committeecomprised Mrs. Poonam Agrawal (Executive Director) as Chairperson and Mrs. Bhoomika Gupta(Non-Executive Independent Director) and Sarita Aggarwal (Non-Executive Director) asMembers of the Committee.

The CSR Committee is responsible for indicating the activities to beundertaken by the Company monitoring the implementation of the framework of the CSRPolicy and recommending the amount to be spent on CSR activities.

During the year under review CSR Committee met 2 (Two) times on 18thJuly 2019 and 13th March 2020 in which all members of the Committee were present. Themeetings were held to review and approve the expenditure incurred by the Company towardsCSR activities.

The CSR Policy may be accessed at the web linkhttps://airanlimited.in/docs/CSR_FINAL.pdf .The Annual Report on CSR activities inprescribed format is annexed as an Annexure – F.

CORPORATE GOVERNANCE

Your Company strives to incorporate the appropriate standards forcorporate governance. As stipulated in Schedule V of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 Report on Corporate Governance and Certificateof the Practicing Company Secretary with regards to compliance with the conditions ofCorporate Governance is annexed to the Board's Report as Annexure – G.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review asstipulated under Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 is presented in a separate section forming part of this Annual Report.

STATUTORY AUDITOR AND THEIR REPORT

M/s. Deora Maheshwari & Co. Chartered Accountants (FirmRegistration No. 123009W) were appointed as Statutory Auditors of your Company at thetwenty Second Annual General Meeting for a term of five consecutive years subject toratification of appointment at every subsequent annual general meeting to be held aftertwenty Second Annual General Meeting.

In accordance with the Companies Amendment Act 2017 enforced on May7 2018 by the Ministry of Corporate Affairs the appointment of Statutory Auditors is notrequired to be ratified at every Annual General Meeting and hence resolution forratification of appointment of statutory auditor is not proposed by the Board ofDirectors.

The Report given by the Auditors on the financial statement of theCompany is part of this Annual Report. There has been no qualification reservationadverse remark or disclaimer given by the Auditors in their Report.

REPORTING OF FRAUD

The Auditors of the Company have not reported any fraud as specifiedunder Section 143(12) of the Companies Act 2013.

MAINTENANCE OF COST RECORD

Since the company is not falling under prescribed class of Companiesour Company is not required to maintain cost record.

INDIAN ACCOUNTING STANDARDS (IND AS) - IFRS CONVERGED STANDARDS

Your Company had adopted Ind AS with effect from April 1 2017 pursuantto Ministry of Corporate Affairs notification dated February 16 2015 notifying theCompanies (Indian Accounting Standard) Rules 2015. Your Company has provided Ind ASFinancials for the year ended March 31 2020 along with comparable as on March 31 2019and Opening Statement of Assets and Liabilities as on 1st April 2018.

SECRETARIAL AUDITOR AND THEIR REPORT

The Company has appointed Mr. Anand Lavingia Practicing CompanySecretary to conduct the secretarial audit of the Company for the financial year 2019-20as required under Section 204 of the Companies Act 2013 and Rules thereunder. TheSecretarial Audit Report for the financial year 2019-20 is annexed to this report as an Annexure- H.

COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARD 1 ANDSECRETARIAL STANDARD 2

The applicable Secretarial Standards i.e. SS-1 and SS-2 relating to‘Meetings of the Board of Directors' and ‘General Meetings'respectively have been duly complied by your Company.

GENERAL DISCLOSURE

Your Directors state that the Company has made disclosures in thisreport for the items prescribed in section 134 (3) of the Act and Rule 8 of The Companies(Accounts) Rules 2014 and other applicable provisions of theact and listing regulationsto the extent the transactions took place on those items during the year. Your Directorsfurther state that no disclosure or reporting is required in respect of the followingitems as there were no transactions on these items during the year under review or theyare not applicable to the Company;

(i) Details relating to deposits covered under Chapter V of the Act;

(ii) Issue of Equity Shares with differential rights as to dividendvoting or otherwise;

(iii) Issue of shares (including sweat equity shares) to employees ofthe Company under any scheme save and ESOS;

(iv) There is no revision in the Board Report or Financial Statement;

(v) No significant or material orders were passed by the Regulators orCourts or Tribunals which impact the going concern status and Company's operations infuture;

APPRECIATIONS AND ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere appreciation forsignificant contributions made by the employees at all levels through their dedicationhard work and commitment during the year under review.

The Board places on record its appreciation for the support andco-operation your Company has been receiving from its suppliers distributors retailersbusiness partners and others associated with it as its trading partners. Your Companylooks upon them as partners in its progress and has shared with them the rewards ofgrowth. It will be your Company's endeavour to build and nurture strong links withthe trade based on mutuality of benefits respect for and co-operation with each otherconsistent with consumer interests.

Your Directors also take this opportunity to thank all ShareholdersClients Vendors Banks Government and Regulatory Authorities and Stock Exchanges fortheir continued support.

Registered office: For and on behalf of Board of Directors
408 Kirtiman Complex B/h. Rembrandt Building Airan Limited
C. G. Road Ahmedabad Gujarat-380006. CIN: L74140GJ1995PLC025519

 

Date : August 14 2020 Poonam Sandeepkumar Agrawal Sandeepkumar Vishwanath Agrawal
Place : Ahmedabad Executive Director Chairman and Managing Director
DIN 01712128 DIN 02566480

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