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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) of Airan Limited

The Board of Directors hereby presents the company's 26th Annual Report of the businessand operations of your Company ("the Company" or "Airan") along withthe Consolidated and Standalone audited financial statements for the financial year endedMarch 312021.

FINANCIAL HIGHLIGHTS:

The Company's Financial performance (Standalone & Consolidated) for the year endedon March 31 2021 is summarized below:

(Rs. in lacs)

Particulars Standalone Consolidated
Year ended March 31 2021 Year ended March 31 2020 Year ended March 31 2021 Year ended March 31 2020
Revenue from operations 6286.30 5666.64 6629.74 5767.95
Other Income 182.08 149.07 225.67 191.42
Total Income 6468.38 5815.71 6855.41 5959.37
Operating expenditure before Finance cost depreciation and amortization 5286.16 4583.37 5585.56 4670.77
Earnings before Finance cost depreciation and amortization (EBITDA) 1182.23 1232.34 1269.84 1288.61
Less: Finance costs 46.52 70.78 71.85 71.11
Depreciation and amortization expense 417.42 401.15 433.41 413.76
Profit before tax 718.29 760.42 764.58 803.73
Less: Tax expense 161.29 121.10 176.01 131.32
Profit for the year (PAT) 557.00 639.32 588.57 672.41

YEAR AT A GLANCE

Financial Performance on Standalone Basis:

The total income of the Company for the year ended March 31 2021 was Rs. 6468.38 Lakhas against the total income of Rs. 5815.72 Lakh for the previous year ended March 312020.

The Company has earned a Net Profit after Tax of Rs. 548.47 Lakh for the year underreview as compared to Net Profit of Rs. 639.32 Lakh in the previous year.

Financial Performance on Consolidate Basis:

The total income of the Company for the year ended March 31 2021 was Rs. 6855.41 Lakhas against the total income of Rs. 5959.37 Lakh for the previous year ended March 312020.

The Company has earned a Net Profit after Tax of Rs. 577.78 Lakh for the year underreview as compared to Net Profit of Rs. 672.41 Lakh in the previous year.

Dividend

With a view to conserve the resources of company for future growth the Board ofDirectors do not recommend any Dividend for the Financial Year 2020-21 (Previous YearNil).

Pursuant to the provisions of Sections 124 and 125 of the Act there is no amount ofDividend remaining unclaimed / unpaid for a period of 7 (seven) years and/or unclaimedEquity 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 other reserve. Theprofit earned during the year has been carried to the balance sheet of the Company.

Change in Nature of Business

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

SHARECAPITAL:

Authorized Capital

The present Authorized Capital of the Company is Rs. 2600.00 Lakh divided into130000000 Equity Shares of Rs. 2.00 each. Issued Subscribed & Paid-up Capital

The present Issue Subscribed & Paid-up Capital of the Company is Rs. 2500.40 Lakhdivided into 125020000 Equity Shares of Rs.2.00 each.

BOARD OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

Constitution of Board

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

During the year Mr. Abhishek Sandeepkumar Agrawal was regularised in the previousAnnual General Meeting w.e.f. November 142019 for a period of five(5) years.

Board Meeting

Regular meetings of the Board are held at least once in a quarter inter-alia toreview the quarterly results of the Company. Additional Board meetings are convened asand when required to discuss and decide on various business policies strategies andother businesses. The Board meetings are generally held at registered office of theCompany or through audio visual means.

During the year under review Board of Directors of the Company met 6 (Six) times viz20th June 202030th June 202014th August 202012th November 202013th February 2021and 9th March 2021.

The details of attendance of each Director at the Board Meetings and Annual GeneralMeeting are given in the Report on Corporate Governance.

Independent Directors

In terms of Section 149 of the Companies Act 2013 and rules made there under andListing 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./Aseparate meeting of Independent Directors was held on 9th March 2021 to review theperformance of Non-Independent Directors and Board as whole and performance of Chairpersonof the Company including assessment of quality quantity and timeliness of flow ofinformation between Company management and Board that is necessary for the board ofdirectors to effectively and reasonably perform their duties.

The terms and conditions of appointment of Independent Directors and Code forIndependent Director are incorporated on the website of the Company athttps://airanlimited.com/docs/TAndCOfID%20(1).pdf

The Company has received a declaration from the Independent Directors of the Companyunder Section 149(7) of Companies Act 2013 and 16(1)(b) of Listing Regulations confirmingthat they meet criteria of Independence as per relevant provisions of Companies Act 2013for financial year 2020-2021. The Board of Directors of the Company has taken on recordthe said declarations and confirmation as submitted by the Independent Directors afterundertaking due assessment of the veracity of the same. In the opinion of the Board theyfulfill the conditions for re-appointment as Independent Directors and are independent ofthe Management.

None of Independent Directors have resigned during the year.

Information on Directorate

In accordance with the provisions of the Articles of Association and Section 152 of theCompanies Act 2013 Mrs. Poonam Sandeepkumar Agrawal (DIN: 01712128) Executive Directorof the Company retires by rotation at the ensuing annual general meeting. She beingeligible has offered herself for re-appointment as such and seeks re-appointment. TheBoard of Directors recommends her re-appointment on the Board.

The relevant details as required under Regulation 36 (3) of SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 ("SEBI Listing Regulations") andSecretarial Standards-II issued by ICSI of the person seeking reappointment as Directorand revision in Remuneration is annexed to the Notice convening the twenty fifth annualgeneral meeting.

Key Managerial Personnel

In accordance with Section 203 of the Companies Act 2013 the Company has Mr.Sandeepkumar Agrawal who is acting as Chairman and Managing Director of the Company andMr. Krunal Ashokkumar Jethva who is acting as Chief Financial Officer of the Company andMrs. Stuti Kinariwala who is acting as a Company Secretary.

As on the date of this report the Company has Mr. Sandeepkumar Agrawal who is actingas Chairman and Managing Director of the Company Mr. Krunal Ashokkumar Jethva who isacting as Chief Financial Officer of the Company and Ms. Stuti Kinariwala as CompanySecretary and Compliance officer of the Company.

Performance Evaluation

In terms of the requirement of the Act and the Listing Regulations an annualperformance evaluation of the Board is undertaken where the Board formally assesses itsown performance with the aim to improve the effectiveness of the Board and the Committees.During the year under review the Board has carried out an annual evaluation of its ownperformance performance of the Directors as well as the evaluation of the working of itsCommittees. The exercise was led by the Chairman of the NRC along with the Chairman ofBoard. The NRC has defined the evaluation criteria procedure and time schedule for thePerformance Evaluation process for the Board its Committees and Directors. The criteriafor Evaluation of Board Individual Directors and Committees include inter alia thefollowing:

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 ofthe Committee
• Meetings - regularity frequency agenda discussion and recording of minutes • Fulfillment of functions ability to function as a team • Structure ofthe Committee
• Attendance • Meetings - regularity frequency agenda discussion and dissent recording ofminutes
• Functions - strategy governance compliances evaluation of risks stakeholder value and responsibility conflict of interest • Commitment contribution integrity and independence • Independence of the Committee from the Board and contribution to decisions ofthe 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 of directors to thebest of their knowledge and ability confirm that:

a) In preparation of annual accounts for the year ended March 31 2021 the applicableaccounting standards have been followed and that no material departures have been madefrom the same;

b) The Directors had selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe profit or loss of the Company for that year;

c) The Directors had taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 2013 forsafeguarding the assets of the Company and for preventing and detecting fraud and otherirregularities;

d) The Directors had prepared the annual accounts for the year ended March 312021 ongoing concern basis.

e) The Directors had laid down the internal financial controls to be followed by theCompany and that such Internal Financial Controls are adequate and were operatingeffectively; and

f) The Directors had devised proper systems to ensure compliance with the provisions ofall applicable laws and that such systems were adequate and operating effectively.

COMMITTEES OF BOARD

The Board of Directors in line with the requirement of the act has formed variouscommittees 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 role andresponsibility are detailed in the Report on Corporate Governance annexed to this Report.

Audit Committee

The Company has formed Audit Committee in line with the provisions Section 177 of theCompanies Act 2013 and Regulation 18 of the Securities and Exchange Board of India(Listing Obligations and Disclosure Requirements) Regulations 2015.

As at March 31 2021 the Audit Committee comprised Mr. Siddharth Dugar (Non-ExecutiveIndependent) as Chairperson and Mr. Ajit Jain (Non-Executive Independent) and Mrs.Bhoomika Gupta (Non-Executive Independent) Mr. Manish Iyer (Non-Executive Independent)as Members.

Recommendations of Audit Committee wherever/whenever given have been accepted by theBoard of Directors.

Vigil Mechanism

The Company has established a vigil mechanism for directors and employees to reportconcerns about unethical behaviour actual or suspected fraud or violation of theCompany's Code of Conduct or ethic policy. The said mechanism also provides for adequatesafeguards against victimization of director(s)/Employee(s) who avail of the mechanism andalso provide for direct access to the Chairman of the Audit Committee in exceptionalcases. The details of establishment of such mechanism has been disclosed in the Board'sReport. Further the Policy on Vigil Mechanism is available on the website of the Companyat https://airanlimited.com/docs/whistle-blower-policy%20(1).pdf

Nomination and Remuneration Policy

Nomination and Remuneration Policy in the Company is designed to create a highperformance culture. It enables the Company to attract motivated and retained manpower incompetitive market and to harmonize the aspirations of human resources consistent withthe goals of the Company. The Company pays remuneration by way of salary to its ExecutiveDirectors and Key Managerial Personnel. Annual increments are decided by the Nominationand Remuneration Committee within the salary scale approved by the members and areeffective from April 1 of each year.

The Nomination and Remuneration Policy as adopted by the Board of Directors is placedon the website of the Company athttps://airanlimited.com/docs/Nomination%20and%20Remuneration%20Policy.pdf

Remuneration of Directors

The details of remuneration/sitting fees paid during the financial year 2020-21 toExecutive Directors/Directors of the Company is provided in Form MGT-9 and Report onCorporate 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 a statement containingsalient features of the financial statements of the subsidiary companies in Form AOC-1 isannexed to this Report as Annexure - A.

The Company approved Disinvestment / Sale of 20000 Equity Shares of Airan BPO PrivateLimited (U74910GJ2012PTC072662) -100% equity investment held by company in itsWholly-owned Subsidiary Company on June 30 2020. The sale value of the investments heldin AIRAN BPO PRIVATE LIMITED was determined based upon the independent valuation report.

Our Company has acquired 70.45% of shares in Quadpro ITES Limited (Earstwhile known asQuadpro E Services Private Limited) by making it a subsidiary company on March 102021.

The statement also provides details of performance and financial position of each ofthe subsidiaries. Audited financial statements together with related information and otherreports of each of the subsidiary companies have also been placed on the website of theCompany at www.airanlimited.in.

During the year the Board of Directors reviewed the affairs of the subsidiaries. Inaccordance with Section 129(3) of Companies Act 2013 Consolidated Financial Statementsof the Company and all its subsidiaries in accordance with the relevant accountingstandards have been prepared which forms part of the Annual Report.

Further the Company does not have any Associate Companies and Joint Ventures as onMarch 312021.

PUBLIC DEPOSITS

The Company has not accepted any deposits from Shareholders and Public falling withinthe ambit of Section 73 of the Companies Act 2013 and rules made there under. There wereno deposits which were claimed and remained unpaid by the Company as on March 312021.

PARTICULARS OF LOANS GUARANTEES AND INVESTMENTS

Details of Loans Guarantees and Investments covered under the provisions of Section186 of the Companies Act 2013 are given in the notes to the Financial Statement for theyear ended on March 312021.

ANNUALRETURN

The Annual Return of the Company as on March 31 2021 is available on the Company'swebsite and can be accessed at https://airanlimited.com/docs/MGT-7.pdf

PARTICULARS OF CONTRACTS ORARRANGEMENTS WITH RELATED PARTIES

All Related Party Transactions are placed before the Audit Committee for review andapproval. Prior omnibus approval is obtained for Related Party Transactions on a quarterlybasis for transactions which are of repetitive nature and/or entered in the OrdinaryCourse of Business and are at Arm's Length. All Related Party Transactions are subjectedto independent review by a reputed accounting firm to establish compliance with therequirements of Related Party Transactions under the Companies Act 2013 and ListingRegulations. There was no contracts arrangements or transactions which was executed notin ordinary course of business and/or at arm's length basis.Further there were no relatedparty transactions with the Company's Promoters Directors Management or their relativeswhich could have had a potential conflict with the interests of the Company.

All Related Party Transactions entered during the year were in Ordinary Course of theBusiness and at Arm's Length basis. No Material Related Party Transactions i.e.transactions exceeding 10% of the annual consolidated turnover as per the last auditedfinancial statement were entered during the year by your Company. Accordingly thedisclosure of Related Party Transactions as required under Section 134(3)(h) of theCompanies Act 2013 in Form AOC-2 is not applicable.

Members may refer to the notes to the accounts for details of related partytransactions entered as per Indian Accounting Standard - 24. The Board of Directors of theCompany has on the recommendation of the Audit Committee adopted a policy to regulatetransactions between the Company and its Related Parties in compliance with theapplicable provisions of the Companies Act 2013 the Rules thereunder and the SEBILODRRegulations.

In line with the requirements of the Companies Act 2013 and the Listing Regulationsyour Company has formulated a Policy on Related Party Transactions. The Policy onMateriality of and dealing with Related Party Transactions as approved by the Board isuploaded on the Company's website and can be accessed at the Web-link:https://airanlimited.in/docs/RTP.pdf. The Policy intends to ensure that proper reportingapproval and disclosure processes are in place for all transactions between the Companyand Related Parties.

INTERNAL FINANCIAL CONTROL (IFC) SYSTEMS AND THEIR ADEQUACY

Though the various risks associated with the business cannot be eliminated completelyall efforts are made to minimize the impact of such risks on the operations of theCompany. Necessary internal control systems are also put in place by the Company onvarious activities across the board to ensure that business operations are directedtowards attaining the stated organizational objectives with optimum utilization of theresources. Apart from these internal control procedures a well- defined and establishedsystem of internal audit is in operation to independently review and strengthen thesecontrol measures which is carried out by a reputed firm of Chartered Accountants. Theaudit is based on an internal audit plan which is reviewed each year in consultation withthe statutory auditor of the Company and the audit committee. The conduct of internalaudit is oriented towards the review of internal controls and risks in its operations.

M/s. Deora Maheshwari & Co. Chartered Accountants (Firm Registration No. 123009W)the statutory auditors of the Company has audited the financial statements included inthis annual report and has issued an report annexed as an Annexure B to the Audit Reportof the Company on our internal control over financial reporting (as defined in section 143of Companies Act 2013).

The audit committee reviews reports submitted by the management and audit reportssubmitted by internal auditors and statutory auditor. Suggestions for improvement areconsidered and the audit committee follows up on corrective action. The audit committeealso meets the statutory auditors of the Company to ascertain inter alia their views onthe adequacy of internal control systems and keeps the board of directors informed of itsmajor- observations periodically. Based on its evaluation (as defined in section 177 ofCompanies Act 2013) our audit committee has concluded that as of 31st March2021 our internal financial controls were adequate and operating effectively.

MATERIAL CHANGES AND COMMITMENT

The Company approved Disinvestment / Sale of 20000 Equity Shares of Airan BPO PrivateLimited (U74910GJ2012PTC072662) -100% equity investment held by company in itsWholly-owned Subsidiary Company on June 30 2020. The sale value of the investments heldin AIRAN BPO PRIVATE LIMITED was determined based upon the independent valuation report.

Our Company has acquired 70.45% of shares in Quadpro ITES Limited (Earstwhile known asQuadpro E Services Private Limited) by making it a subsidiary company on March 102021.

PARTICULAR OF EMPLOYEES

The ratio of the remuneration of each director to the median of employees' remunerationas per Section 197(12) of the Companies Act 2013 read with Rule 5(1) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules 2014 is annexed to thisReport as Annexure - B.

The statement containing top ten employees in terms of remuneration drawn and theparticulars of employees as required under Section 197(12) of the Act read with Rule 5(2)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 isprovided in a separate annexure forming part of this report. Further the report and theaccounts are being sent to members excluding this annexure. In terms of Section 136 of theAct the said annexure will be for inspection. Any shareholder interested in obtaining acopy of the same may write to Company Secretary.

SEXUAL HARASSMENT OF WOMEN AT WORKPLACE

To foster a positive workplace environment free from harassment of any nature we haveinstitutionalized the Anti-Sexual Harassment Initiative (ASHI) framework through which weaddress complaints of sexual harassment at the all workplaces of the Company. Our policyassures discretion and guarantees non-retaliation to complainants. We follow agender-neutral approach in handling complaints of sexual harassment and we are compliantwith the law of the land where we operate. The Company has setup an Internal ComplaintsCommittee (ICC) for redressal of Complaints.

During the financial year 2020-2021 the Company has received Nil complaints on sexualharassment out of which Nil complaints have been disposed off and Nil complaints remainedpending as of March 312021.

RISKMANAGEMENT

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

ENERGY CONSERVATION TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

A. Conservation of energy -

i. ) The steps taken or impact on conservation of energy: Company ensures that theoperations are conducted in the manner whereby optimum utilisation and maximum possiblesavings of energy is achieved.

ii. ) The steps taken by the Company for utilizing alternate sources of energy: Noalternate source has been adopted.

iii. ) The capital investment on energy conservation equipment: No specific investmenthas 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 reduction product developmentor import substitution: Not Applicable

iii. ) in case of imported technology (imported during the last three years reckonedfrom the beginning of the financial year) -

a. The details of technology imported: Nil.

b. The year of import: Not Applicable.

c. Whether the technology has been fully absorbed: Not Applicable.

d. If not fully absorbed areas where absorption has not taken place and the reasonsthereof: Not Applicable.

iv. ) The expenditure incurred on Research and Development: Nil

C. Foreign Exchange Earnings & Expenditure:

i. ) Details of Foreign Exchange Earnings: Nil

ii. ) Details of Foreign Exchange Expenditure: Nil Corporate Social Responsibility

Pursuant to Section 135 of Companies Act 2013 the Company has constituted CorporateSocial Responsibility Committee ("the CSR Committee") with object to recommendthe Board a Policy on Corporate Social Responsibility and amount to be spent towardsCorporate Social Responsibility. As at March 312021 the CSR Committee comprised Mrs.Poonam Agrawal (Executive Director) as Chairperson and Mrs. Bhoomika Gupta (Non-ExecutiveIndependent Director) and Sarita Aggarwal (Non-Executive Director) as Members of theCommittee.

The CSR Committee is responsible for indicating the activities to be undertaken by theCompany monitoring the implementation of the framework of the CSR Policy and recommendingthe amount to be spent on CSR activities.

During the year under review CSR Committee met 2 (Two) times on June 202020 andFebruary 132021 in which all members of the Committee were present. The meetings wereheld to review and approve the expenditure incurred by the Company towards CSR activities.

During the Financial Year 2020-21 Main focus of the Company with respect to CSRContribution was Covid Relief Work to provide the grocery item i.e. Oil Tins for thebenefit of needy and poor people. Futher the Company gave CSR fund to Airan Foundationwhich is associated with the social activities.

The CSR Policy maybe accessed at the web linkhttps://airanlimited.in/docs/CSR_FINAL.pdf. The Annual Report on CSR activities inprescribed format is annexed as an Annexure - C.

CORPORATE GOVERNANCE

Your Company strives to incorporate the appropriate standards for corporate governance.As stipulated in Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 Report on Corporate Governance and Certificate of the PracticingCompany Secretary with regards to compliance with the conditions of Corporate Governanceis annexed to the Board's Report as Annexure - D.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review as stipulatedunder 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 (Firm Registration No. 123009W)were appointed as Statutory Auditors of your Company at the twenty Second Annual GeneralMeeting for a term of five consecutive years subject to ratification of appointment atevery subsequent annual general meeting to be held after twenty Second Annual GeneralMeeting.

In accordance with the Companies Amendment Act 2017 enforced on May 72018 by theMinistry of Corporate Affairs the appointment of Statutory Auditors is not required to beratified at every Annual General Meeting and hence resolution for ratification ofappointment of statutory auditor is not proposed by the Board of Directors.

The Report given by the Auditors on the financial statement of the Company is part ofthis Annual Report. There has been no qualification reservation adverse remark ordisclaimer givenby the Auditors in their Report.

Disclosure of total fees paid to Statutory Auditor on a consolidated basis

Total fees for all services paid by the Company and its subsidiaries on a consolidatedbasis to statutory auditors of the Company and other firms in the network entity of whichthe statutory auditors are a part during the year ended March 31 2021 is Rs. 4.73lakhs.

REPORTING OF FRAUD

The Auditors of the Company have not reported any fraud as specified under Section143(12) of the Companies Act 2013.

MAINTENANCE OF COST RECORD

Since the company is not falling under prescribed class of Companies our Company isnot 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 pursuant to Ministry ofCorporate Affairs notification dated February 16 2015 notifying the Companies (IndianAccounting Standard) Rules 2015. Your Company has provided Ind AS Financials for the yearended March 312020 along with comparable as on March 312019 and Opening Statement ofAssets and Liabilities as on 1s* April 2018.

SECRETARIAL AUDITOR AND THIEIR REPORT

The Company has appointed SCS & Co.LLP Practicing Company Secretary to conductthe secretarial audit of the Company for the financial year 2020-21 as required underSection 204 of the Companies Act 2013 and Rules thereunder. The Secretarial Audit Reportfor the financial year 2020-21 is annexed to this report as an Annexure - E.

COMPLIANCE WITH THE PROVISIONS OF SECRETARIAL STANDARD 1 AND SECRETARIAL STANDARD 2

The applicable Secretarial Standards i.e. SS-1 and SS-2 relating to 'Meetings of theBoard of Directors' and 'General Meetings' respectively have been duly complied by yourCompany.

GENERAL DISCLOSURE

Your Directors state that the Company has made disclosures in this report for the itemsprescribed in section 134 (3) of the Act and Rule 8 of The Companies (Accounts) Rules2014 and other applicable provisions of the act and listing regulations to the extent thetransactions took place on those items during the year. Your Directors further state thatno disclosure or reporting is required in respect of the following items as there were notransactions on these items during the year under review or they are not applicable to theCompany;

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

(ii) Issue of Equity Shares with differential rights as to dividend voting orotherwise;

(iii) Issue of shares (including sweat equity shares) to employees of the Company underany 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 or Courts orTribunals which impact the going concern status and Company's operations in future;

APPRECIATIONS AND ACKNOWLEDGEMENT

Your Directors wish to place on record their sincere appreciation for significantcontributions made by the employees at all levels through their dedication hard work andcommitment during the year under review.

The Board places on record its appreciation for the support and co-operation yourCompany has been receiving from its suppliers distributors retailers business partnersand others associated with it as its trading partners. Your Company looks upon them aspartners in its progress and has shared with them the rewards of growth. It will be yourCompany's endeavour to build and nurture strong links with the trade based on mutuality ofbenefits respect for and co-operation with each other consistent with consumerinterests.

Your Directors also take this opportunity to thank all Shareholders Clients VendorsBanks Government and Regulatory Authorities and Stock Exchanges for their continuedsupport.

Registered office: 408 Kirtiman Complex B/h. Rembrandt Building For and on behalf of Board of Directors Airan Limited
C. G. Road Ahmedabad Gujarat-380006. CIN: L74140GJ1995PLC025519
Date : August 28 2021 Poonam Sandeepkumar Agrawal Sandeepkumar Vishwanath Agrawal
Place : Ahmedabad Executive Director Chairman and Managing Director
DIN 01712128 DIN 02566480

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