We have audited the accompanying standalone annual financial results of Adline Chem Lab Limited for
quarter ended 31^st March, 2024 and the year-to-date results for the year ended 31^st March, 2024, attached
herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us these
standalone annual financial results:

i. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this
regard; and

ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the
Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India of the
net loss and other comprehensive income and other financial information of the Company for the quarter
and year ended March 31, 2024.

Basis for Opinion

We conducted our audit of the Statement in accordance with the Standards on Auditing ("SA"s) specified
under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards
are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results
section of our report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that are
relevant to our audit of the Standalone Financial Results for the quarter and year ended March 31, 2024
under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the
audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Standalone Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual
financial statements. The Company's Board of Directors are responsible for the preparation of these
financial results that give a true and fair view of the net profit/ loss and other comprehensive income and
other financial information in accordance with the recognition and measurement principles laid down in
applicable Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules
issued thereunder and other accounting principles generally accepted in India and in compliance with
Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls that were operating
effectively for ensuring the accuracy and completeness of the accounting records, relevant to the

preparation and presentation of the standalone financial results that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the Board of Directors are responsible for assessing the
Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as
a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of these
standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone annual financial results,
whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain
audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting
a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act, 2013, we are also
responsible for expressing our opinion on whether the company has adequate internal financial controls
system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to
events or conditions that may cast significant doubt on the Company's ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditor's report. However, future events or conditions may cause the Company to cease to continue as a
going concern.

• Evaluate the overall presentation, structure and content of the standalone annual financial results,
including the disclosures, and whether the financial results represent the underlying transactions and
events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and other

matters that may reasonably be thought to bear on our independence, and where applicable, related
safeguards.

Other matter

The standalone annual financial results include the results for the quarter ended 31^st March, 2024 and the
corresponding quarter ended in the previous year being the balancing figure between the audited figures in
respect of the full financial year and the published unaudited year to date figures up to the third quarter of
the relevant financial year which were subject to limited review by us. We invite attention to notes to the
statement of standalone unaudited financial results for the quarter ended 31^st March 2024 and the year
ended 31^st March 2024 Prepared by the Board of Directors of the company and approved by them at their
meeting held on 23^rd May 2024.

For DEEPAK SONI & ASSOCIATES

Chartered Accountants
Firm's Registration No._102250W

(Name of the proprietor -DEEPAK SONI)
Proprietor
(Membership Number 31138)
UDIN:24031138BKFSCW1167
Place : Ahmedabad
Date: 23 MAY, 2024