on the Quarterly and Year to Date Audited Financial Results of the Company Pursuant tothe Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 as amended
The Board of Directors of Aadi Industries Limited
Report on the audit of the Financial Results
We have audited the accompanying statement of quarterly and year to date financialresults of Aadi Industries Limited (the Company') for the quarter ended 31st March2021 and for year ended 31st March 2021 attached herewith being submitted by theCompany pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 as amended (the "ListingRegulations").
In our opinion and to the best of our information and according to the explanationsgiven to us these financial results:
i. are presented in accordance with the requirements of Regulation 33 of the ListingRegulations in this regard; and
ii. gives a true and fair view in conformity with the applicable accounting standardsand other accounting principles generally accepted in India of the net loss and othercomprehensive income and other financial information of the Company for the quarter ended31st March 2021 and for the year ended 31st March 2021.
Basis for Opinion
We conducted our audit of financial results in accordance with the Standards onAuditing specified under section 143(10) of the Act (SAs). Our responsibilities underthose Standards are further described in the "Auditor's Responsibilities for theAudit of the Financial Results" section of our report. We are independent of theCompany in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India (ICAI) together with the independence requirements that are relevantto our audit of the financial results under the provisions of the Act and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe financial results.
Management's Responsibilities for the Financial Results
These quarterly financial results as well as the year to date financial results havebeen prepared on the basis of interim financial statements. The Board of Directors of theCompany are responsible for the preparation and presentation of these financial resultsthat gives a true and fair view of the net profit and other comprehensive income of theCompany and other financial information in accordance with the recognition and measurementprinciples laid down in Indian Accounting Standards 34 Interim Financial Reporting'prescribed under Section 133 of the Companies Act 2013 as amended read with relevantrules issued thereunder and other accounting principles generally accepted in India and incompliance with Regulation 33 of the Listing Regulations. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding the assets of the Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial results that give a true and fair view andare free from material misstatement whether due to fraud or error.
In preparing the financial results Board of Directors are responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless Board ofDirectors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
The Board of Directors are responsible for overseeing the Company's financial reportingprocess.
Auditor's Responsibility for the Audit of the Financial Result
Our objectives are to obtain reasonable assurance about whether the financial resultsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes our opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial results.
As a part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:
i. Identify and assess the risks of material misstatement of the financial resultswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
ii. Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on the effectiveness of the company's internal control
iii. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by Board of Directors.
iv. Conclude on the appropriateness of Board of Director's use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial results or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.
v. Evaluate the overall presentation structure and content of the financial resultsincluding the disclosures and whether the financial results represent the underlyingtransactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards
Due to complete lockdown imposed by the government to restrict the spread of COVID19 the audit finalisation process for the year under report was carried out from remotelocations i.e. other than the office of the Company based on the data/details madeavailable and based on financial information/ records remitted by the management throughdigital medium. Our report is not modified in respect of this matter.
The Statement includes the results for the Quarter ended 31st March 2021 being thebalancing figure between the audited figures in respect of the full financial year ended31st March 2021 and the published unaudited year-to-date figures up to the third quarterof the current financial year which were subjected to a limited review by us as requiredunder the Listing Regulations.
FOR N H VYAS & CO.
CHARTERED ACCOUNTANTS FIRM
REGISTRATION NO: 132204W
Sd/- N H VYAS PROPRIETOR
M. NO: 014433 UDIN: 21014433AAAAIE7852
PLACE: MUMBAI DATE: 29th JUNE 2021