Maan Aluminium Ltd Directors Report.

To the Members,

Your Directors are pleased to present the Companys Eighteenth Annual Report on the business and operations of Maan Aluminium Limited, along with the summary of the

Audited Financial Statements for the financial year ended

March 31, 2021.

In compliance with the applicable provisions of Companies

Act, 2013, (including any statutory modification(s) or re-enactment(s) thereof, for time being in force) ("Act") and the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Regulations"), this report covers the Financial Results and other developments during the financial year ended March 31, 2021 in respect of Maan Aluminium Limited.

FINANCIAL RESULTS

A summary of the Standalone financial performance of your Company, for the financial year ended March 31, 2021, is as under:

Particular For the year ended March 31, 2021 For the year ended March 31, 2020
Profit before interest, depreciation & tax 26.96 16.25
Less : Interest 3.88 4.63
Profit before Depreciation 23.08 11.62
Less : Depreciation 3.20 2.47
Profit before tax and exceptional items 19.88 9.15
Exceptional items 0.00 0.00
Tax Expenses: 5.08 1.60
Profit after Tax 14.80 7.55
Add : Comprehensive Income -0.20 -0.02
Total Comprehensive
Income 14.60 7.53

IMPACT OF COVID-19

During the last month of FY 2020, the COVID-19 pandemic developed rapidly globally thereby forcing the government to enforce complete lock-down since March 24, 2020, of almost all economic activities except essential services which were allowed to operate with limited staff strength. As the regular operation of manufacturing, your Company continued its operations by strictly adhering to the minimal staff strength requirement and maintaining social distancing and other precautions as per the Government directions. In order to ensure health and well being of the employees, all the other employees were encouraged to work from home and were provided necessary infrastructure to ensure efficient functioning. All operations and servicing of clients were smoothly ensured without any interruptions.

Based on the facts and available figures, the Company has been operating in the normal course and there have been no adverse impact on the liquidity, revenues or operational parameters during the year ended March 31, 2021.

RETURN TO INVESTORS (DIVIDEND)

For the Financial year 2020-21, based on the Companys performance the Directors had declared the Interim Dividend rate of Rs.1.00 per Equity Share on 67,60,608 Equity Shares of Rs. 10 each of the Company aggregating to Rs. 67,60,608/- out of the profits of the Company in the month of November, 2020.

The Board did not recommend a final dividend and therefore total dividend for the year ended March 31, 2021 will be Rs. 1/- per equity share of face value of Rs. 10/- each. The dividend Distribution Policy in terms of Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosures Requirements) Regulations, 2015 is not applicable on the Company.

TRANSFER TO RESERVES

We do not propose to transfer any amount to general reserve on declaration of dividend.

REVIEW OF BUSINESS AND OPERATIONS AND STATE OF YOUR COMPANYS AFFAIRS

MAAN has built a sustainable foundation to accelerate its growth. Its customer-centric products; transparency in operations; relentless focus on customer convenience; and investment in technology has helped it build a family of lots of happy customers.

The overall business environment remained muted with demand slackening in almost all sectors. The Aluminium Sector also went through extreme volatility owing to stringent lockdowns and the fluctuations is the Price of Primary

Products. Your Company overcame the challenges posed by the pandemic and performed well during the FY 2020-21. This was achieved through leveraging the export opportunities bought by the growing trend of export and offering quality service. With a resolution to provide best- in-class product at the lowest cost, your Company delivered strong growth over the previous year.

Your Companys Profit before Tax increased by 117.24% in the current year. During the year, the total income of your Company went up from Rs. 528.06 Crore to Rs. 405.32 Crore. The Financial Statement of the Company for the FY 2020-21 are prepared in compliance with the applicable provisions of the Act, Accounting Standards and as prescribed by Securities and Exchange Board of India (SEBI) under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as the SEBI Listing Regulation). The Financial Statement has been prepared on the basis of the Audited Financial Statement of the Company as approved by their respective Board of Directors.

The Audited Financial Statement along with Auditor Report for the FY 2020-21 into consideration have been annexed to the Annual Report and also made available on the website of the Company which can be accessed at www.maanaluminium.com The Overall Consolidated Debt stood at Rs 72.16 crores as on March 31, 2021 with Debt Equity Ratio of 1.12 as against Rs. 29.63 Crores as on 31st March, 2020 with Debt Equity Ratio of 0.59

MATERIAL CHANGES AND COMMITMENTS IF ANY,

AFFECTING THE FINANCIAL POSITION OF THE COMPANY

There were no material changes and commitments affecting the financial position of the Company which occurred between the end of Financial Year and the date of this Report.

MACRO-ECONOMIC OVERVIEW

Amidst a weak environment for global manufacturing, trade and demand, Indian economy emerged as one of fastest growing major economy as compared to the advanced and emerging nations in FY 2020-21. However, the growth was subdued as compared to the previous fiscal mainly due to the COVID-19 impact. The deceleration was also most evident in the manufacturing and agriculture sectors, whereas government-related services sub-sectors received significant support from public spending. Though there was rise in government spending, sharp slowdowns in household consumption and investment offset the same. The economy had shown signs of recovery in the third quarter of fiscal 2020 with the rise in purchasing managers index (PMI) in manufacturing hitting an eight year high of 55.3 in January 2020. However, with the onset of COVID-19 pandemic and the resultant lockdown, the revival came to a standstill in March 2020. Indias GDP growth for FY20 has been recorded at 4.0% (Source: IMF WEO April 2021). The overall negative impact on the economy in FY21 will depend on future extent and the resultant outcome of the second wave of COVID-19. Weakness in income growth and a rising unemployment rate is also expected to undermine consumer sentiment. Further, rolling out of vaccination drive across the globe to combat the pandemic is expected to boost economic recovery.

FUTURE OUTLOOK

Your Company has been able to built-up good order book in all segments and sectors in domestic market. The Company continues to work towards strengthening domestic order book and improving the international order book going forward. The present order book and the opportunities in the Indian metal space as well as International market gives good visibility towards a sustainable and profitable growth going forward.

Continuous thrust on using latest technologies, digital platform and better processes would ensure further improvement of margins going forward.

FINANCE

Under the review, the Companys Working Capital Finance is in process of taken over by HDFC Bank Ltd. with very sustainable Interest Rate looking the growing financial position of the Company from Union bank of India (e-Andhra Bank).

Total addition in the fixed assets was Rs. 10.88 crores during the year, which was funded through internal accruals. Your

Company has sufficientfund based & non-fund based limits to cater to its existing fund requirements

DIRECTORS RESPONSIBILTY STATEMENT

Pursuant to Section 134(3)(c ) of the Companies Act, 2013 ("the Act"), the Board of Directors, to the best of the Knowledge and ability, confirm that:

i) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profitand loss of the Company for that period;

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

iv) they have prepared the annual accounts on a going concern basis; and

v) they have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively

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

TRANSFER OF FUNDS TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):

Pursuant to applicable provisions of the Companies Act, 2013 ("Act") read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 ("IEPF Rules"), all unpaid or unclaimed dividends are required to be transferred by the Company to the Investor Education and Protection Fund ("IEPF" or "Fund") established by the Central Government, after completion of seven years from the date the dividend is transferred to unpaid/unclaimed account. Further, according to the Rules, the shares in respect of which dividend has not been paid or claimed by the members for seven consecutive years or more shall also be transferred to the demat account created by the IEPF Authority.

During FY 2020-21, the company had not transferred any shares to Investor Education and protection Fund ("IEPF").

AWARDS AND RECOGNITIONS

During the year under review, your Company has been awarded by Two Star Export House Status by the Directorate General of Foreign Trade, Ministry of Commerce and Industry in accordance with the provision of Foreign Trade Policy, 2015-20.

Two Star Export House Recognition Certificate has been issued on September 10, 2020

DEPOSITS

We have not accepted any fixed deposits, including from the public, and, as such, no amount of principal or interest was outstanding as of the Balance Sheet date

PARTICULARS OF LOANS, GUARANTEES AND

INVESTMENTS

There were no loans, guarantees or investments made by the Company under Section 186 of the Companies Act, 2013 during the year under review and hence the said provision is not applicable to the Company.

SUBSIDIARY COMPANY

Under review as on March 31, 2021 the Company does not have any Indian Subsidiary Company, Associate Company or Holding Company.

MANAGEMENT DISCUSSION AND ANALYSIS

In accordance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Management Discussion and Analysis Report forms part of this report.

DIRECTORS AND KEY MANAGERIAL PERSONNEL a. Directors:

The Board comprises of Four Whole-Time Directors and Five Non – Executive Independent Directors of the Company. Namely Mr. Ravinder Nath Jain (DIN 00801000), Ms. Priti Jain (DIN 01007557), Mr. Ashish Jain (DIN 06942547) and Mr. Viksit Chadha (DIN : 08236797) as the Whole-Time Directors and Mr. Rajesh Jain (DIN 02854873), Mr. Rajpal Jain (01040641), Mr. ASHOK JAIN (DIN 02979833), Mr. Amit Jain (DIN 03498081) and Mr. Suresh Chander Malik (DIN 05178174) as the Non – Executive Independent Directors of the Company.

Changes in Board Composition

Changes in Board Composition during FY 2020-21 and up to the date of this report is furnished below:

Appointment

Mr. Viksit Chadha (DIN : 08236797) was appointed as an Additional Director in the capacity of Whole Time Executive Director by the Board of Directors pursuant to recommendation by the Nomination and Remuneration Committee vide Circular Resolution dated February 25, 2021 and approval of the Members at this Annual General Meeting is sought as Whole time Executive Director for a period of three years w.e.f. February 25, 2021

Resignation

Mr. Sandeep Verma (DIN: 07132137) ceased to hold office as a Whole-Time Executive Director with effect from February 28, 2021 pursuant to his resignation. Your Board took note of the same with regret. Your Directors further, wish to place on record their appreciation for the invaluable contributions made by Mr. Sandeep Verma during his tenure as a Whole-Time Director of the Company.

Retirement by Rotation

In accordance with Section 152 of the Companies Act, 2013 ("Act") read with the Articles of Association of the Company, Mr. Ashish Jain (DIN 06942547), Whole-Time Executive Director of the Company is liable to retire by rotation at the ensuing Annual General Meeting and being eligible, has offered himself for reappointment. The Board recommends the same for the approval of Members.

Re-appointment

Mr. Ashish Jain (DIN 06942547) was appointed as a Whole-Time Director of the Company at the Annual General Meeting (AGM) of the Company held on September 29, 2015, for a period of 3 years and he further re-appointed on June 26, 2017. As part of the initiative to create enduring guidance for the Company, the management pursuant to recommendation of the Nomination and Remuneration Committee has proposed the re-appointment of Mr. Ashish Jain as Whole-Time Director at its meeting held on June 20, 2021 for a period of 3 years commencing from April 01, 2021 on the terms and conditions and remuneration as may be approved by the Board and subject to approval of Members at the ensuing Annual General Meeting. Ms. Priti Jain (DIN 01007557) was re-appointed as a Whole-Time Director of the Company at the Annual General Meeting (AGM) of the Company held on July 02, 2016, for a period of 5 years w.e.f. April 01, 2016 ending on March 31, 2021. As part of the initiative to create enduring guidance for the Company, the management pursuant to recommendation of the Nomination and Remuneration Committee has proposed the re-appointment of Mr. Priti Jain as Whole-Time Director at its meeting held on June 20, 2021 for a period of 3 years commencing from April 01, 2021 on the terms and conditions and remuneration as may be approved by the Board and subject to approval of Members at the ensuing Annual General Meeting. Mr. Rajpal Jain (01040641) was appointed as a Non-Executive Independent Director of the Company at the Annual General Meeting (AGM) of the Company held on June 26, 2017, for a period of 5 years upto March 31, 2022. As part of the initiative to create enduring guidance for the Company, the management pursuant to recommendation of the Nomination and Remuneration Committee has proposed the re-appointment of Mr. Rajpal Jain as Non Executive Independent Director at its meeting held on June 20, 2021 for a period of 5 years commencing from April 01, 2022 for the second term and subject to approval of Members at the ensuing Annual General Meeting.

There was no change in the composition of the Board of Directors during the year under review, except as stated above.

b. Key Managerial Personnel (KMP):

Pursuant to the provisions of Section 203 of the Companies Act, 2013 and rules made thereunder, the Key Managerial Personnel (KMP) of the Company as on March 31, 2021 are: Mr. Ravinder Nath Jain-Chairman and Managing Director;

Mr. Sandeep Kumar Agarwal-Chief Financial Officer*; Mr. Viksit Chadha-Chief Executive

Ms. Anu Aggarwal-Company Secretary and Compliance Officer***;

* Mr. Sandeep Kumar Agarwal was appointed as the Chief Financial Officer on February 13, 2021. Mr. Ashish Jain resigned from the designation of Chief Financial Officer from the close of business hours of February 12, 2021.

** Mr. Viksit Chadha was appointed as Chief Executive Officer on March 01, 2021. Mr. Sandeep Verma resigned from the designation of Chief Executive Officer from the close of business hours of February 28, 2021.

*** Ms. Anu Aggarwal has resigned as the Company Secretary and Compliance officer and she was discharged from the post of Company Secretary and Compliance officer of Maan Aluminium Ltd. w.e.f. 24th April, 2021.

During the year under review, the non-executive director had no pecuniary relationship or transactions with the Company, other than sitting fees, commissions, if any, and reimbursement expenses incurred by them, for the purpose of attending meetings of the Board/Committee of the Company. The Remuneration and other details of the Key Managerial Personnel for the year ended March 31, 2021 are mentioned in the Extract to the Annual Return in Form MGT-9 and forms a part of this report of the Directors.

MEETING OF DIRECTORS & COMMITTEE/BOARD EFFECTIVENESS

Meetings of the Board of Directors

The Board met Four (4) times during the year to discuss and approve various mattersincludingfinancials,raising of funds, review of audit reports and other businesses. For further details please refer to the report on Corporate Governance.

Committees of the Board of Directors

In accordance with the applicable provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board constituted the following Committees:

Audit Committee

Nomination and Remuneration Committee

Stakeholders Relationship Committee

Corporate Social Responsibility Committee

Audit Committee

During the year, the Audit Committee met Four (4) times in compliance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013. At present, the Committee comprises of Mr. Rajesh Jain as the Chairman, Mr. Amit Jain and Mr. Ashish Jain as the Members of the Audit Committee.

The role, terms of reference and powers of the Audit Committee are in conformity with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committee met during the year under review and discussed on various matters including financials and audit reports.

During the period under review, the Board of Directors of the Company accepted all the recommendations of the Audit Committee. The terms of reference of Audit Committee and details of Committee Meeting are provided in the Corporate Governance Report.

Nomination and Remuneration Committee

During the year, the Nomination and Remuneration Committee met Three (3) times. At present, the Committee comprises of Mr. Rajesh Jain as the Chairperson, Mr. Ashok Jain and Mr. Amit Jain as Members of the Committee.

The role, terms of reference and powers of the Nomination and Remuneration Committee are in conformity with the requirements of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The terms of reference of Nomination and Remuneration Committee and details of Committee Meeting are provided in the Corporate Governance Report. The Board has, on the recommendation of the Nomination & Remuneration Committee framed a Nomination and Remuneration policy in compliance with the aforesaid provisions for selection and appointment of Directors, Key Managerial Personnel (KMP), Senior Managerial Personnel (SMP) of the company. The said policy is stated in the Corporate Governance Report of the Company and also it is available on the website at https:// www.maanaluminium.com/investor. The details of Committee Meeting are provided in the Corporate Governance Report.

Stakeholders Relationship Committee

During the year, the Stakeholders Relationship Committee met Four (4) times in compliance with the provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Companies Act, 2013. The Committee comprises of Mr. Rajesh Jain as the Chairperson, Mr. Ashish Jain and Mr. Amit Jain as the Members of the Committee. The role, terms of reference and powers of the Stakeholders Relationship Committee are in conformity with the requirements of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The terms of reference of Stakeholder Relationship Committee and details of Committee Meeting are provided in the Corporate Governance Report.

During the year under review, the Company had not received any complaints on the scores portal. The details of the Meeting are given in the Corporate Governance Report.

Corporate Social Responsibility Committee

Pursuant to Section 135 of the Companies Act, 2013, every company having net worth of Rs.500 Crore or more, or turnover of Rs. 1000 Crore or more or net profit of Rs. 5 Crore or more during any financial year is required to:

1. Constitute Corporate Social Responsibility Committee consisting of three Directors, out of which at least one Director should be Independent Director and

2. Approve Corporate Social Responsibility Policy indicating activities to be undertaken as specified in Schedule VII of the Act.

The Board of Directors has framed and adopted the Corporate Social Responsibility (CSR) policy, which is available on the website of the Company at www.maanaluminium.com and constitution of Corporate Social Responsibility Committee comprising of Mr. Suresh Chander Malik, Chairman, Mr. Ashish Jain and Ms. Priti Jain, as Members of the committee. The role and terms of reference of the Corporate Social Responsibility Committee are in conformity with the requirements of the Companies Act, 2013. Initiatives undertaken by the Company on CSR activities during the year under review are set out in Annexure III of this report. The terms of reference of Corporate Social Responsibility Committee are provided in the Corporate Governance Report.

Board Effectiveness

Familiarisation Program for the Independent Directors

In compliance with the requirements of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has put in place a Familiarisation Programme for Independent Directors to familiarise them with the working of the Company, their roles, rights and responsibilities vis--vis the Company, the industry in which the Company operates business model etc. Details of the Familiarisation Programme are explained in the Corporate Governance Report and are also available on the Companys website at https://www. maanaluminium.com.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular no SEBI/CFD/CMD/ CIR/P/2017/004 dated January 05, 2017, the Board of Directors have carried out an annual performance evaluation of its own performance, its Committees, the Directors individually including Independent Directors (wherein the concerned Director being evaluated did not participate) based out of the criteria and framework adopted by the Board. The Board approved the evaluation results as collated by Nomination and Remuneration Committee ("NRC"). The evaluation process, manner and performance criteria for independent directors in which the evaluation has been carried out by is explained in the Corporate Governance Report which forms a part of this report. The Board is responsible to monitor and review the evaluation framework.

The Board considered and discussed the inputs received from the Directors. Also, the Independent Directors at their meeting held on March 26, 2021 reviewed the following:

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

Performance of the Chairperson of the Company.

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

The Independent Directors expressed their satisfaction with overall functioning and implementations of their suggestions. The evaluation process endorsed the Board Members confidence in the ethical standards of the Company, the cohesiveness that exists amongst the Board Members, the two-way candid communication between the Board and the Management and the openness of the Management in sharing strategic information to enable Board Members to discharge their responsibilities.

Statement on declaration given by the Independent Directors

The terms and conditions of appointment of Independent Directors are as per Schedule IV of the Act. The Company has received declarations from all the Independent Directors of the Company confirming that they meet with the criteria of independence as prescribed under sub-section (6) of Section 149 of the Companies Act, 2013 and rule 5 of the Companies

(Appointment and Qualifications of Directors) Rules, 2014 and as well as under the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 ("SEBI Regulations") and there has been no change in the circumstances or situation, which exist or may be reasonably anticipated, that could impair or impact the ability of Independent Directors to discharge their duties with an objective independent judgment and without any external influence.

The above declarations were placed before the Board and in the opinion of the Board all the Independent Director fulfils the conditions specified under the Act and the SEBI Regulations and are Independent to the Management.

INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY

The Company has in place adequate internal financial control across the organization. The same is subject to review periodically by the internal audit cell for its effectiveness. The management has established internal control systems commensurate with the size and complexity of the business. The internal control manual provides a structured approach to identify, rectify, monitor and report gaps in the internal control systems and processes. The Company follows well-documented Standard Operating Procedures (SOPs). The operating effectiveness of various controls is periodically tested and deficiencies, if any, are promptly rectified.

RELATED PARTY TRANACTIONS

In line with the requirements of the Companies Act, 2013 and

Listing Regulations, your Company has formulated a Policy on Related Party Transactions which is available on Companys website at www.maanaluminium.com.

The Board of Directors of the Company has approved the criteria for giving the omnibus approval by the Audit Committee within the overall framework of the Policy on Related Party Transactions. Omnibus approval was obtained for related party transactions which are of repetitive nature and entered in the ordinary course of business and at arms length basis. Pursuant to Regulation 23 of the Listing Regulations, all related party transactions were placed before the Audit Committee on a quarterly basis, specifying the nature, value and terms & conditions of the transactions for their review and approval. There were no material related party transactions entered into by the Company during the financial year under review.

Accordingly, the disclosure of related party transactions as required under Section 134(3) (h) of the Companies Act, 2013 in Form AOC-2 is not applicable to your Company.

The related party disclosures as specified in Para A of Schedule

V read with Regulation 34(3) of the Listing Regulations are given in the Financial Statements.

EXTRACT OF ANNUAL RETURN

As per the requirements of Section 92(3) of the Act and Rules framed thereunder, the extract of Annual Return of the Company has been placed and can be accessed at website at www.maanaluminium.com.

SECRETARIAL AUDIT AND SECRETARIAL COMPLIANCE REPORT

Pursuant to the provisions of Section 204 of the Companies Act, 2013, read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors had appointed Ms. Anita Aswal, Practicing Company Secretaries (CP No. 13883) to undertake the Secretarial Audit of the Company for the Financial Year ended on March 31, 2021. The Secretarial Audit Report is annexed herewith as Annexure IV, which forms an integral part of this report. The said report does not contain any qualification, reservation, adverse remark or disclaimer. During the year, the Secretarial Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013. Therefore, no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.

STATUTORY AUDITORS & AUDITORS REPORT

Based on the recommendations of the Audit Committee and the Board, members of the Company at the 17th AGM held on September 29, 2020 have approved the re-appointment of M/s. M A K & Associates, Chartered Accountants (Firm Registration Number 003060C) as the Statutory Auditors of the Company for a period of five consecutive years i.e. till the conclusion of 22nd AGM.

The requirement for the annual ratification of auditors appointment at the Annual General Meeting has been omitted pursuant to Companies (Amendment) Act, 2017 notified on

May 7, 2018. Hence the resolution seeking ratification of the Members for their appointment is not being placed at the ensuing Annual General Meeting.

The Statutory Auditors have confirmed that they satisfy the independence criteria as required under the Act.

The Auditors Report on Standalone Ind AS Financial Statements is a part of this Annual Report. There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in their Report.

During the year, the Statutory Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013. Therefore, no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.

During the year under review, the Statutory Auditor and the Secretarial Auditor have not reported any instances of frauds committed in the Company by its Officers or Employees to the

Audit Committee under section 143(12) of the Companies Act, 2013, details of which needs to be mentioned in this Report.

COST ACCOUNTS AND COST AUDIT

Pursuant to the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, the Company is required to appoint Cost Auditor for the audit of Cost Records of the Company. Further in terms of Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, it is stated that the cost accounts and records are made and maintained by the Company as specified by the Central

Government under sub-section (1) of Section 148 of the Companies Act, 2013. The Board of Directors of the Company on the recommendation of the Audit Committee approved the Appointment and Remuneration payable to M/s Vivek Bothra, Cost Accountant (Membership No. 16308) as the Cost Auditors of the Company to audit the Cost Records for the financial year ending March 31, 2021.

The Company has received their written consent that the appointment is in accordance with the applicable provisions of the Companies Act, 2013 and rules framed thereunder. As per the statutory requirement, the requisite resolution for ratification of remuneration of the Cost Auditors by the members of the Company has been set out in the Notice convening 17th AGM of the Company. During the year, the Cost Auditors had not reported any matter under Section 143(12) of the Companies Act, 2013. Therefore, no detail is required to be disclosed under Section 134(3) (ca) of the Companies Act, 2013.

CONSERVATION OF ENERGY, TECHNOLOGY

ABSORPTION & FOREIGN EXCHANGE EARNINGS AND OUTGO

The information as required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies

(Accounts) Rules, 2014 for the financial year ended March 31,

2021 with respect to the Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo has been annexed as Annexure I to this report which forms an integral part of this report.

RISK MANAGEMENT

The Companys management systems, organisational structures, processes, standards and code of conduct together form the risk management governance system of the Company and management of associated risks.

Your companys management monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives.

Your Company believes that managing risks helps in maximizing returns. The Companys approach in addressing business risks is comprehensive and includes periodic review of such risks and a framework for mitigating controls and reporting mechanism of such risks. The risk management framework is reviewed periodically by the Board and the Audit Committee. Some of the risks that the Company is exposed to are financial risks, commodity price risks, regulatory risks, human resource risks, strategic risks etc.

POLICY ON APPOINTMENT AND REMUNERATION

FOR DIRECTORS, KEY MANAGERIAL PERSONNEL AND

SENIOR MANAGEMENT EMPLOYEES

The Board of Directors has devised a Policy which lays down a framework in relation to remuneration of Directors, KMP and other employees of the Company. The said policy is available on the Companys website at www.maanaluminium.com

VIGIL MECHANISM / WHISTLE BLOWER POLICY

In compliance of the Companies Act, 2013 and Regulation 22 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company has adopted a Whistle Blower Policy. The Companys Vigil Mechanism / Whistle Blower Policy aims to provide the appropriate platform and protection for Whistle blowers to report instances of any actual or suspected incidents of unethical practices, violation of applicable laws and regulations including the Companys code of conduct or ethics policy or Code of Conduct for Prevention of Insider Trading in the company, Code of Fair Practices and Disclosure. The Company has disclosed the policy at the website at www.maanaluminium.com Your Company investigates such complaints speedily, confidentially and in an impartial manner and takes appropriate action to ensure that the requisite standards of professional and ethical conduct are always maintained.

During the financial year 2020-21, no cases under this mechanism were reported to the Company.

PREVENTION OF SEXUAL HARASSMENT

Your Company recognises its responsibility and provides equal opportunities and is committed to creating a healthy working environment that enables all our employees to work with equality and without fear of discrimination, prejudice, gender bias or any form of harassment at workplace. In Compliance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, your Company has put in place a Policy on prevention of Sexual Harassment of Women at workplace. The company has complied with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The policy is frequently communicated at regular intervals through various assimilation programs to all the employees.

Your Directors further state that the during the financial year

2020-21, there were no complaints pending pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The following is reported pursuant to Section 22 of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 :

a) Number of complaints received in the year : Nil

b) Number of complaints disposed off during the year : Nil

c) Number of cases pending more than ninety days: Nil

d) Number of workshops or awareness programme against sexual harassment carried out: The Company has conducted training for creating awareness against the sexual harassment against the women at work place.

e) Nature of action taken by the employer or district officer:

Not Applicable.

Policy of "Prevention of Sexual Harassment" at workplace is available to access as and when required. Further, your company has setup an Internal Complaints Committee (ICC) which has equal representation of men and women and is chaired by senior woman and has an external women representation.

PARTICULARS OF EMPLOYEES

The information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, are given in Annexure II to this Report.

In terms of first proviso to Section 136(1) of the Act, the Annual

Report and Accounts are being sent to the Members and others entitled thereto, excluding the aforesaid information. The said information is available for inspection by any member of the Company during the business hours on working days except on Saturdays, Sundays and Public Holidays. Any Member interested in obtaining a copy of the same may write to the Company Secretary, whereupon a soft copy would be sent to the Member.

CORPORATE GOVERNANCE

The Company has a strong legacy of following fair, transparent and ethical governance practices and is committed to maintain the highest standards of Corporate Governance and strictly adheres to the Corporate Governance requirements set out by SEBI. The Companys Corporate Governance policy is based on the belief that good governance is an essential element of business, which helps the Company to fulfill its responsibilities towards all its stakeholders. The report on Corporate Governance as stipulated under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("SEBI Regulations") forms an integral part of this Report.

The requisiteAuditorsCertificateon Corporate Governance obtained from Mrs. Anita Aswal. Practicing Company Secretary for compliance with SEBI Regulations is attached to the report on Corporate Governance.

Executive Officer (CEO) and Chief ACertificate

Financial Officer (CFO) of the Company in terms of Regulation

17(8) of the Listing Regulations is also annexed.

HUMAN RESOURCE MANAGEMENT

MAAN has an experienced and talented pool of employees who play a key role in enhancing business efficiency, devising strategies, setting-up systems and responding to an evolving business environment. The Company has embarked on several human resource initiatives to enhance the productivity of the organisation. The Company endeavours to provide a safe, conducive and productive work environment.

Strong Management Team

The Company has a balanced mix of professional talent from various sectors. It follows a transparent, meritocratic and performance-driven culture. Its strong leadership has been greatly instrumental in attracting and building a competent team. As part of the group processes, the Company follows a robust leadership potential assessment and leadership development process. These processes enable succession planning for critical positions in the Company.

Training and Development

The Company strives to impart regular training, knowledge, building skills and supporting in areas of functional and technical development with the help of set skilled trainers. The Company endeavours to drive a compliant business and this is ensured through learning aids/modules covering topics such as Anti-Money Laundering, Prevention of Sexual Harassment, Anti Bribery & Corruption, Information Security, etc.

Encouraging Performance

The Company has Individual Performance Measures (IPMs) for employees, which is used to set expectations across clearly demarcated parameters. An effective feedback mechanism is used to guide the employees from time to time, which helps in alignment of the organisational objectives and employees personal goals simultaneously. The Company regularly recognises and rewards employees through incentives and awards to keep them motivated.

OTHER DISCLOSURES AND INFORMATION

a) Further issue

The Company has not issued equity shares with differential rights as to dividend, voting or otherwise.

b) Significant and Material Orders passed by the

Authority or material orders passed by the There areno significant

Regulators or Courts or Tribunals which impacts the going concern status of the Company and its future operations.

c) Stock Option

The Company doesnt have any Stock options scheme.

d) Secretarial Standards

The Company is in regular compliance of the applicable provisions of Secretarial Standards issued by the Institute of Company Secretaries of India.

ACKNOWLEDGEMENT

Your Directors place on record their sincere appreciation for the assistance and guidance provided by the Government, Regulators, Stock Exchanges, Depositories other statutory bodies and Companys Bankers for the assistance, cooperation and encouragement extended to the Company.

Your Directors also gratefully acknowledge all stakeholders of the Company viz. customers, banks and other business partners for the excellent support received from them during the year. Our employees are instrumental in the Company to scale new heights, year after year. Their commitment and contribution is deeply acknowledged. Your involvement as members is also greatly valued. Your Directors look forward to your continuing support.

The Directors regret the loss of life due to COVID-19 pandemic and are deeply grateful and have immense respect for every person who risked their life ad safetytofightthis . pandemic

The Directors appreciate and value the contributions made by every member of Maan Family.

For and Behalf of the Board

Maan Aluminium Limited

Ravinder Nath Jain

Chairman and Managing Director

Date: 21.06.2021

Place: Delhi