అకౌంట్స్ గమనికలుAiran Ltd.

Mar 31, 2025

3.12 Provisions and Contingencies

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a
reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be
reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain.
The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.

3.13 Empolyees Benefit

Short term employee benefits: Short term employee benefits are recognized as expenses at the undiscounted amount in
the Profit or Loss of the year for which the related service is rendered.

Long term employee benefits:

a) Defined Contribution Plan:

As per applicable laws the eligible employees of the company are entitled to receive benefits under the provident
fund, a defined contribution plan, in which both employees and company make monthly contribution at specified
percentage of the covered employee salary. The contributions as specified under the law are paid to the respective
provident fund authorities as specified by law as per the scheme framed under the governing laws.

b) Defined benefit plans:

The company has not formulated any specific terms of employment providing for specific retirement benefits.
However as per applicable laws, the company has an obligation towards gratuity, a defined benefit retirement plan
covering eligible employees at retirement, death/disablement while in employment or termination of
employment, of an amount equivalent to 15 days salary with reference to the number of completed year of service
and last drawn salary. As required under Ind AS 19 "Employee Benefits", the company has made provision and
account for liability for gratuity payable in future based on an independent actuarial valuation. Remeasurements
of defined benefit plan are recognised in other comprehensive income.

c) Termination benefits :

Termination benefits are charged to the Statement of Profit and Loss in the year of accrual when the Company is
committed without any possibility of withdrawal of an offer made to either terminate employment before the
normal retirement date or as a result of an offer made to encourage volutary retirement.

3.14 Taxes on income

Income tax expense comprises current and deferred tax expense. Income tax expenses are recognized in profit or loss,
except when they relate to items recognized in other comprehensive income or directly in equity, in which case, income
tax expenses are also recognized in other comprehensive income or directly in equity respectively.

Current tax is the tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted by the
end of reporting period by the governing taxation laws, and any adjustment to tax payable in respect of previous
periods. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to
the taxation authorities. Management periodically evaluates positions taken in the tax returns with respect to situations
in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred taxes arising from deductible and taxable temporary differences between the tax base of assets and liabilities
and their carrying amount in the financial statements are recognized using substantively enacted tax rates and laws
expected to apply to taxable income in the years in which the temporary differences are expected to be received or
settled. The deferred tax arising from the initial recognition of goodwill or an asset or liability in a transaction that is not a
business combination and affects neither accounting nor taxable profit or loss at the time of the transaction are not
recognized.

Deferred tax asset are recognized only to the extent that it is probable that future taxable profit will be available against
which the deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at
each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to
allow all or part of the deferred income tax assets to be utilized. Deferred tax assets and liabilities are offset when they
relate to income taxes levied by the same taxation authority and the relevant entity intends to settle its current tax assets
and liabilities on a net basis.

3.15 Earning Per Share

Basic earnings per share is computed and disclosed using the weighted average number of common shares outstanding
during the year. Dilutive earning per share is computed and disclosed using the weighted average number of common
and dilutive common equivalent shares outstanding during the year, except when the results would be anti-dilutive.

1. Securities premium

Securities premium reflects issuance of the shares by the Company at a premium, whether for cash or otherwise i.e. a sum equal to the
aggregate amount of the premium received on shares is transferred to a "securities premium account" as per the provisions of the
Companies Act, 2013. The reserve can be utilised in accordance with the provisions of the Act.

2. Retained earnings

The retained earnings reflect the profit of the company earned till date net of appropriations. The amount that can be distributed by
the Company as dividends to its equity shareholders is determined based on the balance in this reserve, after considering the
requirements of the Companies Act, 2013.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to
the equity holders, debt, cash and cash equivalents. The primary objective of the Company''s capital management is to maximise the
shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the
financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total equity.
The Company includes within net debt, borrowings, interest accrued on it less cash and cash equivalents.

Determination of fair values:

Investment in Equity shares, quoted : Equity investments traded in an active market determined by reference to their quoted market
prices.

B. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

a) credit risk

b) liquidity risk

c) market risk

i. Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk
management framework. The board of directors along with the top management are responsible for developing and
monitoring the Company''s risk management policies.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are
reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through its training
and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all
employees understand their roles and obligations.

The Company''s audit committee oversees how management monitors compliance with the Company''s risk management
policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the
Company.

ii. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its
contractual obligations, and arises principally from the Company''s trade receivables, certain loans and advances and other
financial assets.

The carrying amount of financial assets represents the maximum credit exposure.

The maximum exposure to credit risk for trade and other receivables are as follows:

Trade receivables

The Company has developed guidelines for the management of credit risk from trade receivables. The Company''s exposure to credit risk is
influenced mainly by the individual characteristics of each customer The demographics of the customer, including the default risk of the
industry and country in which the customer operates, also has an influence on credit risk assessment.

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected
credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses Given that the macro economic
indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of
minimal credit losses to continue, Further, management believes that the unimpaired amounts that are past due by more than 30 days are
still collectible in full, based on historical payment behavior and extensive analysis of customer credit risk.

Cash and cash equivalents

The Company held cash and cash equivalents with credit worthy banks and financial institutions as at the reporting dates which has been
measured on the 12-month expected loss basis. The credit worthiness of such banks and financial institutions are evaluated by the
management on an ongoing basis and is considered to be good with low credit risk. Also, no impairment loss has been recorded in respect of
fixed deposits that are with recognised commercial banks and are not past due.

iii. Liquidity risks

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to
ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and
stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Company has current financial assets which the management believes is sufficient to meet all its liabilities maturing during
the next 12 months.

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and
undiscounted, including contractual interest.

iv. Market risks

Market risk is the risk of loss of future earnings or fair values or future cash flows that may result from a change in the price of a
financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign
exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market
risk sensitive financial instruments including foreign currency receivables and payables. The Company is exposed to market
risk primarily related to foreign exchange rate risk (currency risk), interest rate risk and the market value of its investments.
Thus the Company''s exposure to market risk is a function of investing and borrowing activities and revenue generating and
operating activities in foreign currencies.

28.5 Risk exposure

Though its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below
Interest Risk

A decrease in the bond interest rate will increase the plan liability.

Longevity Risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan
participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the
plan''s liability.

Salary Risk

The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase
in the salary of the plan participants will increase the plan''s liability.

31 Operating segment

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Company''s other components and for which
discrete financial information is available. The Company''s chief operating decision-maker (CODM) is considered to be the
Company''s Managing Director (''MD''). The Company is engaged in the business of The Company is a leading provider of consulting,
technology, outsourcing and next generation digital services & software, enabling clients to execute strategies for their digital
transformation . Information reported to and evaluated regularly by the CODM for the purposes of resource allocation and assessing
performance focuses on the business as a whole and accordingly, in the context of Operating Segment as defined under the Indian
Accounting Standard 108 ''Segment Information'', there is no separate reportable segment other than Geographical Segment which is
as under.

36 Prior period comparatives

Previous year''s figures have been regrouped/reclassified wherever necessary to confirm to current year''s classification.

The notes referred to above form are an integral part of these financial statements
As per our report of even date attached

For DEORA MAHESHWARI & CO. For and on behalf of the Board of Directors of

Chartered Accountants AIRAN Limited

Firm''s Registration Number: 123009W

CA Aditya Deora Sandeepkumar Agrawal Poonam Agrawal

Partner (Chairman & Managing Director) (Executive Director)

M. No. 160575 DIN: 02566480 DIN: 01712128

UDIN: 25160575BMHVQG8480

Place : Ahmedabad Krunal Jethva CS Stuti Kinariwala

Date : May 28, 2025 (Chief Financial Officer) (Company Secretary)

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Mar 31, 2024

3.12 Provisions and Contingencies

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. When the Company expects some or all of a provision to be reimbursed, the reimbursement is recognised as a separate asset, but only when the reimbursement is virtually certain. The expense relating to a provision is presented in the statement of profit and loss net of any reimbursement.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the passage of time is recognised as a finance cost.

3.13 Empolyees Benefit

Short term employee benefits: Short term employee benefits are recognized as expenses at the undiscounted amount in the Statement of Profit and Loss of the year for which the related service is rendered.

Long term employee benefits:

a) Defined Contribution Plan:

As per applicable laws the eligible employees of the company are entitled to receive benefits under the provident fund, a defined contribution plan, in which both employees and company make monthly contribution at specified percentage of the covered employee salary. The contributions as specified under the law are paid to the respective provident fund authorities as specified by law as per the scheme framed under the governing laws.

b) Defined benefit plans:

The company has not formulated any specific terms of employment providing for specific retirement benefits. However as per applicable laws, the company has an obligation towards gratuity, a defined benefit retirement plan covering eligible employees at retirement, death/disablement while in employment or termination of employment, of an amount equivalent to 15 days salary with reference to the number of completed year of service and last drawn salary. As required under Ind AS 19 "Employee Benefits", the company has made provision and account for liability for gratuity payable in future based on an independent actuarial valuation. Remeasurements of defined benefit plan are recognised in other comprehensive income.

c) Termination benefits :

Termination benefits are charged to the Statement of Profit and Loss in the year of accrual when the Company is committed without any possibility of withdrawal of an offer made to either terminate employment before the normal retirement date or as a result of an offer made to encourage volutary retirement.

3.14 Taxes on income

Income tax expense comprises current and deferred tax expense. Income tax expenses are recognized in statement of profit and loss, except when they relate to items recognized in other comprehensive income or directly in equity, in which case, income tax expenses are also recognized in other comprehensive income or directly in equity respectively.

Current tax is the tax payable on the taxable profit for the year, using tax rates enacted or substantively enacted by the end of reporting period by the governing taxation laws, and any adjustment to tax payable in respect of previous periods. Current income tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred taxes arising from deductible and taxable temporary differences between the tax base of assets and liabilities and their carrying amount in the financial statements are recognized using substantively enacted tax rates and laws expected to apply to taxable income in the years in which the temporary differences are expected to be received or settled. The deferred tax arising from the initial recognition of goodwill or an asset or liability in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction are not recognized.

Deferred tax asset are recognized only to the extent that it is probable that future taxable profit will be available against which the deductible temporary differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax assets to be utilized. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the relevant entity intends to settle its current tax assets and liabilities on a net basis.

Deferred tax assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which gives rise to future economic benefits in the form of adjustment of future income tax liability. Accordingly, MAT is recognized as deferred tax asset in the balance sheet when the assets can be measured reliably and it is probable that the future economic benefit associated with the asset will be realized.

3.15 Earning Per Share

Basic earnings per share is computed and disclosed using the weighted average number of common shares outstanding during the year. Dilutive earning per share is computed and disclosed using the weighted average number of common and dilutive common equivalent shares outstanding during the year, except when the results would be anti-dilutive.

Nature and Purpose of reserves.

1. Securities premium

Securities premium reflects issuance of the shares by the Company at a premium, whether for cash or otherwise i.e. a sum equal to the aggregate amount of the premium received on shares is transferred to a "securities premium account" as per the provisions of the Companies Act, 2013. The reserve can be utilised in accordance with the provisions of the Act.

2. Retained earnings

The retained earnings reflect the profit of the company earned till date net of appropriations. The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the balance in this reserve, after considering the requirements of the Companies Act, 2013.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders, debt, cash and cash equivalents. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, borrowings, interest accrued on it less cash and cash equivalents.

Determination of fair values:

Investment in Equity shares, quoted : Equity investments traded in an active market determined by reference to their quoted market prices.

B. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

a) credit risk

b) liquidity risk

c) market risk

i. Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors along with the top management are responsible for developing and monitoring the Company''s risk management policies.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Company''s audit committee oversees how management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

ii. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s trade receivables, certain loans and advances and other financial assets.

The carrying amount of financial assets represents the maximum credit exposure.

The maximum exposure to credit risk for trade and other receivables are as follows:

Other financial assets

This balance primarily constitute of Bank fixed deposits having maturity of more than 12 months.

Cash and cash equivalents

The Company held cash and cash equivalents with credit worthy banks and financial institutions as at the reporting dates which has been measured on the 12-month expected loss basis. The credit worthiness of such banks and financial institutions are evaluated by the management on an ongoing basis and is considered to be good with low credit risk. Also, no impairment loss has been recorded in respect of fixed deposits that are with recognised commercial banks and are not past due.

iii. Liquidity risks

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Company has current financial assets which the management believes is sufficient to meet all its liabilities maturing during the next 12 months.

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, including contractual interest.

iv. Market risks

Market risk is the risk of loss of future earnings or fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables. The Company is exposed to market risk primarily related to foreign exchange rate risk (currency risk), interest rate risk and the market value of its investments. Thus the Company''s exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.

28.5 Risk exposure

Though its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below Interest Risk

A decrease in the bond interest rate will increase the plan liability.

Longevity Risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary Risk

The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

36 Prior period comparatives

Previous year''s figures have been regrouped/reclassified wherever necessary to confirm to current year''s classification.

The notes referred to above form are an integral part of these financial statements As per our report of even date attached

For DEORA MAHESHWARI & CO. For and on behalf of the Board of Directors of

Chartered Accountants AIRAN Limited

Firm''s Registration Number: 123009W

CA Aditya Deora Sandeepkumar Agrawal Poonam Agrawal

Partner (Chairman & Managing Director) (Executive Director)

M. No. 160575 DIN: 02566480 DIN: 01712128

UDIN: 24160575BKHJHE7595

Place : Ahmedabad Krunal Jethva CS Stuti Kinariwala

Date : May 28, 2024 (Chief Financial Officer) (Company Secretary)

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Mar 31, 2023

* All the Subsidiaries are Wholly Owned Subsidiaries of Airan Limited except Quadpro ITES Limited where Airan Ltd. holds 56.98% as on 3103-2023 & 31-03-2022.

FY 2021-22

* The Board of Directors of the Company, in their Board meeting held on 09-03-2022, approved the acquisition of 14,53,477 equity shares of Rs. 10 each (70.45% equity stake) of Quadpro ITES Limited (Previously known as Quadpro E-Service Private Limited.)

The acquisition was completed on 10-03-2022 through a Share Purchase Agreement dated 10-03-2022. Consequent to the acquisition, Company holds 70.45% equity shares and voting rights in Quadpro ITES Limited (Previously known as Quadpro E-Service Private Limited.) and accordingly such investments has been classified as an investment in subsidiary.

(ii) Details of rights, preferences and restrictions attached to the equity shares

The Company has only one class of equity shares having par value of Rs. 2 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of company, the holders of equity shares will be entitled to receive remaining assets of company after settlement of all liabilities. The distribution will be in propotion to the number of equity shares held by the shareholders.

1. Securities premium

Securities premium reflects issuance of the shares by the Company at a premium, whether for cash or otherwise i.e. a sum equal to the aggregate amount of the premium received on shares is transferred to a "securities premium account" as per the provisions of the Companies Act, 2013. The reserve can be utilised in accordance with the provisions of the Act.

2. Retained earnings

The retained earnings reflect the profit of the company earned till date net of appropriations. The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the balance in this reserve, after considering the requirements of the Companies Act, 2013.

Capital management

For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders, debt, cash and cash equivalents. The primary objective of the Company''s capital management is to maximise the shareholder value.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any borrowing in the current period.No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2023 and 31 March 2022.

Nature of security

In FY 21-22, the company has availed a Term Loan of Rs. 1,73,94,809/- @ 7.5% p.a. from HDFC Bank payable in EMI of Rs. 5,41,087/- for 61 months starting from 07-04-2024 under EEG WCTL-GECL Extn Scheme. The above Borrowing are secured by the same securities as offered under the Working Capital Facilty availed by HDFC Bank and as mentioned in Note 14(b). The above balance includes accumulated interest payable till the year end.

*Nature of security:

During the year the company has availed a Dropline Overdraft Limit of Rs. 12 Cr from HDFC Bank @ 7.5% (Repo Rate 4% Spread 3.5%) wef 06-11-2021.The above Dropline Overdraft Limit from bank are secured by Lien on Various Properties of the Company as mentioned below:

1. 104 to 106, 201,202,301,302,304 to 311, 401 to 412, Kirtiman Complex, Bh Remdrandt, C G Road, Ahmedabad, having Carring value of Rs. 8,70,26,287/-

2. Flat no. 1/5 & 1/6, Northview Society, Navrangpura, Ahmedabad, having Carring value of Rs. 2,14,21,670/-

3. GF no. B/2, New Vaibhav Society, B/h Yes Bank, C G Road, Ahmedabad, having Carring value of Rs. 56,74,425/-

4. 9, Krishna Bunglows, Karamsad Vidhyanagar Road, Karamsad, Anand, having Carring value of Rs. 1,18,23,120/-

5. 12, Inquilab Society, Gulbai Tekra, Near Atlanta Tower, Ahmedabad, having Carring value of Rs. 7,65,44,877/** Short Term Borrowings from Bank relates to Outstanding Balances of Credit Cards at the year end

Determination of fair values:

Investment in Equity shares, quoted : Equity investments traded in an active market determined by reference to their quoted market prices.

B. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

a) credit risk

b) liquidity risk

c) market risk

i. Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors along with the top management are responsible for developing and monitoring the Company''s risk management policies.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Company''s audit committee oversees how management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.

ii. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s trade receivables, certain loans and advances and other financial assets.

The carrying amount of financial assets represents the maximum credit exposure.

Trade receivables

The Company has developed guidelines for the management of credit risk from trade receivables. The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses Given that the macro economic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue, Further, management believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on historical payment behavior and extensive analysis of customer credit risk.

Other financial assets

This balance primarily constitute of Bank fixed deposits having maturity of more than 12 months.

Cash and cash equivalents

The Company held cash and cash equivalents with credit worthy banks and financial institutions as at the reporting dates which has been measured on the 12-month expected loss basis. The credit worthiness of such banks and financial institutions are evaluated by the management on an ongoing basis and is considered to be good with low credit risk. Also, no impairment loss has been recorded in respect of fixed deposits that are with recognised commercial banks and are not past due.

iii. Liquidity risks

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Company has current financial assets which the management believes is sufficient to meet all its liabilities maturing during the next 12 months.

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, including contractual interest.

iv. Market risks

Market risk is the risk of loss of future earnings or fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables. The Company is exposed to market risk primarily related to foreign exchange rate risk (currency risk), interest rate risk and the market value of its investments. Thus the Company''s exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.

28 As per Ind AS 19 - "Employee benefits", the disclosures are given below: (^Am°^unt in ^Lakhs)

28.1 The Company operates the following unfunded defined benefit plan Unfunded:

Gratutiy

The Company has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided depends on the member''s length of service and salary at the retirement date. The gratuity plan is unfunded plan.

28.5 Risk exposure

Though its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below Interest Risk

A decrease in the bond interest rate will increase the plan liability.

Longevity Risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary Risk

The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

Direct tax contingencies: The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. The disputes relate to tax treatment of certain expenses claimed as deductions, computation or eligibility of tax deductibel items.

The Company has contingent liability in respect of demands from direct tax authorities in India and other jurisdictions, which are being contested by the Company on appeal amounting to Rs. 2,270 lakhs as at March 31, 2023 and Rs. 2,270 Lakhs as at March 31, 2022 as well.

31 Operating segment

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company''s other components and for which discrete financial information is available. The Company''s chief operating decision-maker (CODM) is considered to be the Company''s Managing Director (''MD''). The Company is engaged in the business of The Company is a leading provider of consulting, technology,outsourcing and next generation digital services & software,enabling clients to execute strategies for their digital transformation . Information reported to and evaluated regularly by the CODM for the purposes of resource allocation and assessing performance focuses on the business as a whole and accordingly, in the context of Operating Segment as defined under the Indian Accounting Standard 108 ''Segment Information'', there is no separate reportable segment.

36 Prior period comparatives

Previous year''s figures have been regrouped/reclassified wherever necessary to confirm to current year''s classification.

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Mar 31, 2021

1. Securities premium: Securities premium reflects issuance of the shares by the Company at a premium, whether for cash or otherwise i.e. a sum equal to the aggregate amount of the premium received on shares is transferred to a "securities premium account" as per the provisions of the Companies Act, 2013. The reserve can be utilised in accordance with the provisions of the Act.

2. Retained earnings: The retained earnings reflect the profit of the company earned till date net of appropriations. The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the balance in this reserve, after considering the requirements of the Companies Act, 2013.

Capital management: For the purpose of the Company''s capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders, debt, cash and cash equivalents. The primary objective of the Company''s capital management is to maximise the shareholder value.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total equity. The Company includes within net debt, borrowings, interest accrued on it less cash and cash equivalents.

In order to achieve this overall objective, the Company''s capital management, amongst other things, aims to ensure that it meets financial covenants attached to the borrowings that define capital structure requirements. Breaches in meeting the financial covenants would permit the bank to immediately call loans and borrowings. There have been no breaches in the financial covenants of any borrowing in the current period.No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March 2021 and 31 March 2020.

During the FY 20-21 the company has settled all the Term Loans that were taken from Yes Bank which were outstanding at the 31-3-20 and now company do not have any Long Term Loans as on 31-3-21. The earlier term loans were Secured by charge on Property Plant and Equipments and charge on many office buildings located at Kirtiman Complex, Ahmedabad which were released after the closure of term loans.

FY 19-20

The above Borrowing are Secured By:

Term Loans are taken from Yes Bank only. They are Secured by charge on Property Plant and Equipments and charge on many office buildings located at Kirtiman Complex, Ahmedabad.

During the year the company has availed a Dropline Overdraft Limit of Rs. 12 Cr from HDFC Bank @ 7.5% (Repo Rate 4% Spread 3.5%) wef 06-11-2020.The above Dropline Overdraft Limit from bank are secured by Lien on Various Properties of the Company as mentioned below:

1. 104 to 106,201,202,301,302,304 to 311,401 to 412, Kirtiman Complex, Bh Remdrandt, C G Road, Ahmedabad, having Carring value of Rs. 870.26 lakhs

2. Flat no. 1/5 & 1/6, Northview Society, Navrangpura, Ahmedabad, having Carring value of Rs. 214.22 lakhs

3. GF no. B/2, New Vaibhav Society, B/h Yes Bank, C G Road, Ahmedabad, having Carring value of Rs. 56.74 lakhs

4. 9, Krishna Bunglows, Karamsad Vidhyanagar Road, Karamsad, Anand, having Carring value of Rs. 118.23 lakhs

5. 12, Inquilab Society, Gulbai Tekra, Near Atlanta Tower, Ahmedabad, having Carring value of Rs. 765.45 lakhs

Investment in Equity shares, quoted : Equity investments traded in an active market determined by reference to their quoted market prices.

B. Financial risk management

The Company has exposure to the following risks arising from financial instruments:

a) credit risk

b) liquidity risk

c) market risk

i. Risk management framework

The Company''s board of directors has overall responsibility for the establishment and oversight of the Company''s risk management framework. The board of directors along with the top management are responsible for developing and monitoring the Company''s risk management policies.

The Company''s risk management policies are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company''s activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

The Company''s audit committee oversees how management monitors compliance with the Company''s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company,

ii. Credit risk

Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company''s trade receivables, certain loans and advances and other financial assets.

The carrying amount of financial assets represents the maximum credit exposure.

Trade receivables

The Company has developed guidelines for the management of credit risk from trade receivables. The Company''s exposure to credit risk is influenced mainly by the individual characteristics of each customer The demographics of the customer, including the default risk of the industry and country in which the customer operates, also has an influence on credit risk assessment.

Financial instruments - Fair value and risk management (continued)

Trade receivables (continued)

Exposures to customers outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. Historical trends of impairment of trade receivables do not reflect any significant credit losses Given that the macro economic indicators affecting customers of the Company have not undergone any substantial change, the Company expects the historical trend of minimal credit losses to continue, Further, management believes that the unimpaired amounts that are past due by more than 30 days are still collectible in full, based on historical paymentbehavior and extensive analysis of customer credit risk.

Other financial assets

Thisbalance primarily constitute of Bank fixed deposits having maturity of more than 12 months.

Cash and cash equivalents

The Company held cash and cash equivalents with credit worthy banks and financial institutions as at the reporting dates which has been measured on the 12-month expected loss basis. The credit worthiness of such banks and financial institutions are evaluated by the management on an ongoing basis and is considered to be good with low credit risk. Also, no impairment loss has been recorded in respect of fixed deposits that are with recognised commercial banks and are not past due.

iii. Liquidity risks

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company''s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company''s reputation.

The Company has current financial assets which the management believes is sufficient to meet all its liabilities maturing during the next 12 months.

The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted, including contractual interest.

Financial instruments - Fair value and risk management (continued)iv. Market risks

Market risk is the risk of loss of future earnings or fair values or future cash flows that may result from a change in the price of a financial instrument. The value of a financial instrument may change as a result of changes in the interest rates, foreign exchange rates and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables. The Company is exposed to market risk primarily related to foreign exchange rate risk (currency risk), interest rate risk and the market value of its investments. Thus the Company''s exposure to market risk is a function of investing and borrowing activities and revenue generating and operating activities in foreign currencies.

28 As per Ind AS 19 - "Employee benefits", the disclosures are given below:28.1 The Company operates the following unfunded defined benefit plan Unfunded:

Gratutiy

The Company has a defined benefit gratuity plan. The gratuity plan is primarily governed by the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of five years are eligible for gratuity. The level of benefits provided depends on the member''s length of service and salary at the retirement date. The gratuity plan is unfunded plan.

28.5 Risk exposure

Though its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed below Interest Risk

A decrease in the bond interest rate will increase the plan liability.

Longevity Risk

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan''s liability.

Salary Risk

The present value of the defined plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan''s liability.

Direct tax contingencies : The Company has ongoing disputes with income tax authorities relating to tax treatment of certain items. The disputes relate to tax treatment of certain expenses claimed as deductions, computation or eligibility of tax deductibel items.The Company has contingent liability in respect of demands from direct tax authorities in India and other jurisdictions, which are being contested by the Company on appeal amounting 103.84 lakhs as at March 31,2021 and 2020, respectively

31 Operating segment

An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company''s other components and for which discrete financial information is available. The Company''s chief operating decision-maker (CODM) is considered to be the Company''s Managing Director (''MD''). The Company is engaged in the business of The Company is a leading provider of consulting, technology, outsourcing and next generation digital services & software, enabling clients to execute strategies for their digital transformation . Information reported to and evaluated regularly by the CODM for the purposes of resource allocation and assessing performance focuses on the business as a whole and accordingly, in the context of Operating Segment as defined under the Indian Accounting Standard 108 ''Segment Information'', there is no separate reportable segment. Further Company provides its services only in India and hence there is no separate reportable segment in this context.

35 Prior period comparatives

Previous year''s figures have been regrouped/reclassified wherever necessary to confirm to current year''s classification.

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Mar 31, 2018

A. COMPANYOVERVIEW

Airan Limited (‘the company’) is a public limited company incorporated in India. The Company has its primary listings on the National Stock Exchange of India Limited (Emerge), in India.The registered office of the company is located at 408, Kirtiman Complex, Behind Rembrant Building, C.G. Road, Ahmedabad-380006, Gujarat.

The company is a leading provider of consulting, technology, outsourcing, next-generation services and software.

1. Deferred Tax Details

As per Accounting Standard (AS-22) “Accounting for Taxes on Income”, issued by the Institute of Chartered Accountants Of India, in the absence of virtual certainty that sufficient future taxable income will be available against which the net deferred tax assets can be realized, on a prudent and conservative basis, the Company has recognized it in the accounts.

2. Balances of creditors, debtors, loans and advances are subject to confirmation, reconciliation and consequent adjustments, if any.

3. Where external evidence in form of cash memos, bill stamped receipts etc. are not available, we have relied upon the internal vouchers that have been prepared by the concerned person and authorized by the authorized signatory.

4. The previous year figures have been regrouped / reclassified, restated wherever necessary to confirm with the figures of current year.

5. The figures have been shown at rounded off rupee.

6. In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Current Assets, Loans & Advances in the ordinary course of business would not be less than the amount at which they are stated in the Balance Sheet. The provision of all known liabilities is adequate and is neither excess nor short of the amount reasonable necessary.

B. ADDITIONAL INFORMATION PURSUANT TO THE PROVISIONS OF PARAGRAPH 3 AND 4 OF PART II OF SCHEDULE VI TO THE COMPANIES ACT, 2013, TO THE EXTENT APPLICABLE.

1. Four Employees of the Company incl. Two Director are in receipt of salary exceeding Rs 50,000/- per month (P.Y. Rs. 50,000/-) for either part or full year.

2. Quantitative information of purchase and sales: -Not Applicable

C. Additional Disclosures as required under applicable Accounting Standards (to the extent applicable):

1. The Company is a Small & Medium Sized Company (SMC) as defined in the General Instructions in respect of Accounting Standards notified under the Companies Act, 2013 and Micro, Small & Medium Enterprise Development (Amendment) act, 2015. Accordingly, the company has complied with the Accounting Standards as applicable to Small and Medium Sized Company.