Ador Welding Ltd. — Audit Report / Information 2021

May 28, 2021

AWL/SEC/SE/2021-22 28" May, 2021

Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, 1 Floor, Dalal Street, Bandra-Kurla Complex Fort, Bandra (East), Mumbai — 400 023 Mumbai - 400 051.

BSE LTD. NATIONAL STOCK EXCHANGE OF INDIA LTD. Company Scrip Code: 517041 Company Scrip Code: ADORWELD

Dear Sir/Madam,

Sub: Outcome of the Board Meeting

This is to inform that the meeting of the Board of Directors of our Company was held today i.e. on Friday, 28" May, 2021, which commenced at 04:30 pm and concluded at 08:00 pm. The major outcome of the meeting, amongst other things, is as follows:-

1. Audited Financial Results (AFR)

The Audited Financial Results (AFR) for FY 2020-21 were approved by the Board. Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) {LODR} Regulations, 2015, we hereby submit a copy of said Audited Financial Results (Standalone and Consolidated) together with the copy of Independent Auditor's Report received from the Statutory Auditors, M/s. Walker Chandiok & Co. LLP, Chartered Accountants, for the Financial Year ended 31% March, 2021.

The said results are also being uploaded on the website of the Company (www.adorwelding.com). . Further, the Financial Results will be published in the newspapers, as provided under Regulation 47 of the SEBI (LODR) Regulations.

2. Submission of Declaration

We are also submitting herewith a Declaration under Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 indicating that the Statutory Auditors have issued Audit Report with unmodified opinion(s).

3. Annual General Meeting (AGM)

The Annual General Meeting of the Company will be held on Thursday, 12'" August, 2021 at 11:00 am through Video Conferencing (VC) or Other Audio Visual Means (OAVM), as prescribed vide MCA General Circular No. 02/2021 dated 13" January, 2021 read with General Circular No. 20/2020 dated 05" May, 2020.

1. Amalgamation of the Wholly-Owned Subsidiary Company with the Holding /Parent Company Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations), the Board of Directors of the Company, at its meeting held today, has approved the Scheme of Amalgamation ("Scheme") under the provisions of Sections 230 to 232 of the

ADOR WELDING LIMITED

Regd. & Corporate Office:

+9222 66239300 | www.adorwelding.com L70100MHag51PLCoo8647 1800 233 1071 care@adorians.com +91 20 ^40706000

peace of mind

Companies Act, 2013 for the merger / amalgamation of M/s. Ador Welding Academy Private Limited (AWAPL), a wholly owned subsidiary of the Company, with the Company.

The proposed amalgamation / merger is subject to the necessary statutory and regulatory approvals, including approval of the National Company Law Tribunal (NCLT).

The details required under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015 are given in the enclosed Annexure.

We hereby request you to take this letter / information on record and acknowledge the receipt of the same.

Thanking you,

Yours Sincerely,

For ADOR WELDING LIMITED

INAYAK M. BHIDE

COMPANY SECRETARY Encl: as above

ADOR WELDING LIMITED

Regd. & Corporate Office: Ador H Mar Mumt " hah:

+9122 66239300 | www.adorwelding.com L70100MHag51PL.Co08647 2800 233 1071 care@adorians.com | +91 20 40706000

Disclosure of Information pursuant to Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 9, 2015

• 1. Name of the entity(ies) forming part of the amalgamation / merger, details in brief such as, size, turnover etc.:
• e Transferor Entity: M/s. Ador Welding Academy Private Limited (AWAPL). ("the Transferor Company") is an unlisted private company limited by shares, incorporated under the provisions of Companies Act 1956 on 24" July, 2012 having its Registered Office at A-108, H Block, MIDC, Pimpri, Pune 411018, India.
• e Transferee Entity: M/s. Ador Welding Limited (AWL) ('the Transferee Company") is a public limited listed company and its shares are listed on the BSE Limited (BSE) and The National Stock Exchange (NSE) of India Limited and has its registered office at Ador House 6.K. Dubash Marg, Fort, Mumbai 400001-16, India.

		#¢ador
		peace of mind
		Annexure
Disclosure of Information Requirements) Regulations, 2015	pursuant to Regulation 30 of SEBI (Listing read with SEBI	Obligations and Disclosure
	Circular No.	CIR/CFD/CMD/4/2015 dated
as, size, turnover etc.:	Name of the entity(ies) forming part of the amalgamation / merger, details in brief such
e H Block, MIDC, Pimpri, Pune 411018, India.	Transferor Entity: M/s. Ador Welding Academy Private Limited (AWAPL). ("the Transferor Company") is an unlisted private company limited by shares, incorporated under the provisions of Companies Act 1956 on 24" July, 2012 having its Registered Office at A-108,
e	Transferee Entity: M/s. Ador Welding Limited (AWL) ('the Transferee Company") is a public limited listed company and its shares are listed on the BSE Limited (BSE) and The National Stock Exchange (NSE) of India Limited and has its registered office at Ador House 6.K. Dubash Marg, Fort, Mumbai 400001-16, India.
Transferee Company on Standalone basis:	Set out below are the brief details of the net worth and total revenues of the Transferor and the
Particulars	Net Worth as of 31* March Total Turnover for FY 2020- 2021 (amount Rs. in Lakhs)	21 (amount Rs. in Lakhs)
Transferor Company	222	62
Transferee Company	23743	45459

Whether the transaction would fall within related party transactions? If yes, whether the same is done at "arms length":

The Transferor Company is a wholly-owned subsidiary of the Transferee Company and as such is a related party to each other. However, the Ministry of Corporate Affairs (MCA) has clarified vide its General Circular No. 30/2014 dated July 17, 2014 that transactions arising out of Compromise, Arrangements and Amalgamations dealt with under specific provisions of the Companies Act, 2013, will not fall within the purview of related party transaction in terms of Section 188 of the Companies Act, 2013.

Further, pursuant to Regulation 23(5)(b) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the related party transaction provisions are not applicable to the proposed scheme.

• Area of business of the entity (ies):
• ¢ The principle activity of AWAPL is imparting welding training (skill development) and provide consultancy in welding & its processes.
• The principle activity of AWL is manufacturing of Welding Products such as Welding electrodes, brazing electrodes, wires and fluxes, welding & cutting equipments, welding automation, and it also has project engineering business. Rationale for amalgamation/ merger:

ADOR WELDING LIMITED

Regd. & Corporate Office:

4912266239300 | www.adorwelding.com 1800 233 1071 care@adorians.com L70200MH951PL.Coo8647 +92 20 40706000

peace of mind

• ¢ AWAPL and AWL are engaged in similar / complementary businesses and combining the businesses in / as a single entity shall bring economies of scale to its operations, will rationalize costs and hence will result in enhancing shareholder value;
• e Reorganizing the legal entities in the group structure, that is more aligned with the business and to obtain cost savings and /or simplification benefits;
• ¢ The said merger will result into effective administration & management control
• ¢ The proposed corporate restructuring mechanism by way of a scheme of amalgamation / merger by absorption under the provisions of the Companies Act, 2013, is beneficial, advantageous and not prejudicial to the interests of the shareholders, creditors and other stakeholders of both the companies involved.
• 1. In case of cash consideration amount or otherwise share exchange ratio: There is no cash consideration involved. The Transferor Company is a wholly-owned subsidiary of the Transferee Company and the entire share capital of the Transferor Company is held by the Transferee Company and its nominees. Therefore, upon the Scheme becoming effective, all the shares held by the Transferee Company in the share capital of the Transferor Company, as on the effective date, shall stand cancelled, without any further act or deed.
• 1. Brief details of change in shareholding pattern (if any) of the listed entity: There will be no change in the shareholding pattern of the Transferee company pursuant to the Scheme, as no shares are being issued by the Transferee company in connection with the Scheme.

Further in terms of sub-paragraph (ii) of paragraph 4(d) of SEBI Circular No. CFD/DIL3/CIR/2017/21 dated March 10, 2017, in case a wholly owned subsidiary is merged with its parent listed entity, where the shareholders and the shareholding pattern of the parent listed company remain the same, it will be treated as 'no change in shareholding pattern'.

ADOR WELDING LIMITED

Regd. & Corporate Office: i

+9122 66239300 | www.adorwelding.com L70100MH1951PL.Co086,.7 1800 233 1073 care@adorians.com #91 20 40706000

Walker Chandiok & Co LLP

11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Ador Welding Limited

Opinion

• 1. We have audited the accompanying standalone annual financial results ('the Statement') of Ador Welding Limited ('the Company') for the year ended 31 March 2021, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including other relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
• (i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations, and
• (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'), read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the standalone net loss after tax and other comprehensive income and other financial information of the Company for the year ended 31 March 2021.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement 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 ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements 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 Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matters

• 1. We draw attention to:
• i. Note 4 of the accompanying Statement, which describes the uncertainties relating to COVID-19 pandemic outbreak and management's evaluation of its impact on the operations and standalone financial results of the Company as at the balance sheet date. The impact of these uncertainties on the Company's operations is significantly dependent on future developments.
• ii. Note 5 to the accompanying Statement, regarding the restatement carried out by the management of the Company in September 2020 quarter, in accordance with the principles of Ind AS 8 – "Accounting Policies, Changes in Accounting Estimates and Errors" on account of adjustments pertaining to revenue recognition under Ind AS 115 – "Revenue from Contracts with Customers", which is further described in the aforesaid note.

Our opinion is not modified in respect of these matters.

Responsibilities of Management and Those Charged with Governance for the Statement

• 1. This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit or loss and other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Ind AS 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 Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
• 1. In preparing the Statement, the Board of Directors is 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.
• 1. The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Statement

1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 Standards on Auditing, specified under section 143(10) of the Act, 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 this Statement.

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants

• 1. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, 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 the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements 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 management.
• Conclude on the appropriateness of the management's 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 Statement 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 Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• 1. 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.
• 1. 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

1. The Statement includes the financial results for the quarter ended 31 March 2021, being the balancing figures 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 current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants

Firm Registration No:001076N/N500013

KHUSHROO B PANTHAKY Digitally signed by KHUSHROO B PANTHAKY Date: 2021.05.28 18:50:32 +05'30'

Khushroo B. Panthaky

Partner Membership No:042423

UDIN:21042423AAAAEG6994

Place: Mumbai Date: 28 May 2021

Page 3 of 3

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants

she zy 39 dor

Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647

	Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647	she zy 39 dor ADOR WELDING LIMITED
		Statement of Standalone Financial Results for Quarter and Year ended 31 March 2021				(Rs. in lakhs)
Sr. No.	Particulars	31 March 2021	Quarter ended 31 December 2020	31 March 2020	Year ended 31 March 2021	31 March 2020
1	Income	(Refer note 3)	(Unaudited)	(Refer note 3) Restated (Refer note 5)	(Audited)	Restated (Refer note 5)
	Revenue from operations Other income Total income	16,159 238 16,397	13,505 176 13,681	13,978 120 14,098	44,728 731 45,459	52,556 908 53,464
	2 Expenses Cost of raw materials and components consumed of stock-in-trade Purchases Changes in inventories of finished goods, work-in-progress and stock-in-trade	11,378 611 (533)	9,602 142 (141)	9,915 194 (144)	32,620 947 (1,189)	36,219 653 (58)
	[mployee benefits expense Hinance costs Depreciation and amortisation expense	1,074 151 278	938 121 274	935 216 285	3,756 641 1,110	4,241 "861 1,068
	Other expenses Total expenses 3 Profit before exceptional items and tax (1-2) 4 [Exceptional items (net) (Loss) (Refer note 7)	2,068 15,027 1,370 (2,537)	2,243 13,179 502 :	2,053 13,454 644 -	6,605 44,490 969 25537)	TAT3 50,457 3,007 -
6	5 (Loss)/Profit before tax (3-4) Income tax (credit) /expense Current tax	(1,167) 156	502 -	644 78	(1,568) 156	3,007 855
	Deferred tax 'Total tax (credit) /expenses (net) 7 Net (Loss)/Profit for the period (5-6)	(382) (226) (941)	86 86 416	(46) 32 612	(525) (369) (1,199)	(410) 445 2,562
	8 Other comprehensive income/ (loss) for the period (net of tax) ssified subsequently to profit or (loss) Ieems not to be value of defined benefit plans as per actuarial valuation - Gain/(loss) on fair - Income tax effect on above	63 (16)	- -	10 (2)	70 (18)	(197) 50
	9 Total comprehensive income/ (loss) for the period (after tax) 10 Paid-up equity share capital (Face value of Rs. 10 per share) M1 Other equity (excluding revaluation reserve Rs. Nil)	(894) 1,360 s	416 1,360 -	620 1,360 -	(1,147) 1,360 22,383	2,415 1,360 23,530
	12 Earnings per share (EPS) (net of tax) (in Rs.) Basic and diluted [PS (not annualised)	(6.92) Statement of Standalone Segment Information for Quarter and Year ended 31 March 2021	3.06	4.50	(8.82)	18.84
Sr. No.	Particulars	31 March	Quarter ended 31 December	31 March	Year ended 31 March	(Rs. in lakhs) 31 March

(Rs. in lakhs) Sr. Particulars Quarter ended Year ended No. 31 March 31 December 31 March 31 March 31 March 2021 2020 2020 2021 2020 (Refer note 3) (Unaudited) (Refer note 3) (Audited) Restated (Refer note 5) Restated (Refer note 5) Segmentwise revenue, results, assets, liabilities and capital employed 1 Segment revenue Consumables 12,215 10,712 10,683 35,233 40,502 [quipments and automation 2,654 1,883 Tal 7,085 7,505 Projects 1,307 940 1,618 2.473 4,814 Less: Inter segment revenue (17) (30) (94) (63) (265) Total revenue from operations 16,159 13,505 13,978 44,728 52,556 2 Segment results Consumables 1,205 1,498 1,405 4,268 6444 [quipments and automation 463 127 17 551 333 Projects 102 (815) (272) (2,496) (2,089) Total 1,770 810 1,150 2,323 4,688 Less: Kinance costs (unallocable) (62) (54) (116) (335) (410) Other unallocable expenses net of unallocable income (338) (254) (390) (1,019) (1,271) Lixceptional items (net) (Loss) (Refer note 7) (2,537) - - 2,537) - Total (Loss)/Profit before tax (1,167) 502 644 (1,568) 3,007 3 Segment assets Total capital employed 2m ING 23,743 24,637 24,890 23,743 24,890

	Consumables	20,135	22,033	22,115	20,135	22,115
	L.quipments and automation	7,456	6,749	8,106	7456	8,106
	Projects	4,996	7,671	9,697	4,996	9,697
	Unallocable corporate ass	4,921	3,561	3,966	4,921	3,966
	Total segment assets	37,508	40,014	43,884	37,508	43,884
4	Segment liabilities
	Consumables	5,712	6,039	5,034	5,712	5,034
	[iquipments and automation	1,916	1,812	4,779.	1,916	1,779
	Projects	4,152	4,493	4,759	4,152	4,759
	Unallocable corporate liabilities	1,985	3,033	7,422	1,985	7,422
	Total segment liabilities	13,765	15,377	18,994	13,765	18,994
	5 Capital employed
	Consumables	14,423	15,994	17,081	14,423	17,081
	Iquipments and automation	5,540	4,937	6,327	5,540	6,327
	Projects	844	3,178	4,938	844	4,938
	Unallocable corporate asscts net of unallocable corporate liabilities	2,936	528	(3,456)	2,936	(3,456)

li

ADOR WELDING LIMITED

Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647
	ADOR WELDING LIMITED
	Audited Standalone Statement of Assets and Liabilities as at 31 March 2021		(Rs. in lakhs)
Particulars	As at	Standalone As at	As at
	31 March 2021	31 March 2020 (Audited)	1 April 2019
ASSETS		Restated (Refer note 5)
Non-current assets (a) Property, plant and equipment	10,677	11,446	10,461
(b) Right-of-use asset	101	110	-
(c) Capital work-in-progress (d) Investment property	327 789	28 810	102 . 887
(c) Intangible assets	75	87	120
(£) Intangible assets under development (g) Investment in subsidiary	- 213	5 353	353
(h) Financial assets	174	183	160
(i) Loans (ii) Other financial assets	723	687	531
(i) Non-cutrent tax assets, net (j) Deferred tax assets, net	1,192 86	1,082 5	1,258: . -
(k) Other non-current assets Total non- current assets	1977 16,334	2,072 16,863	2,149 16,026
Current assets
(a) Inventories (b) Financial assets	6,246	6,221	5,159
(i) Investments	965	282	341
(ii) Trade receivables (ii) Cash and cash equivalents	10,533 1,688	12,977 502	8,451 2,667
(iv) Other bank balances (v) Loans	112 114	138 157	133 159
(vi) Other financial assets	193	4,307	6,479
(c) Current tax assets, net (d) Other current assets	- 1,217	439 1,998	2,893
(ce) Assets classified as held for sale	21,068 106	27,021 -	26,282
Total current assets	21,174	27,021	26,282
Total Assets	37,508	43,884	42,308
EQUITY AND LIABILITIES Equity
(a) Equity share capital	1,360	1,360	1,360
(b) Other equity Total of equity	22,383 23,743	23,530 24,890	23,247 24,607
Liabilities Non-current liabilities
(a) Financial liabilities	136	145
	359	387 423	172
(@) Other financial liabilities (b) Provisions	- 5	G	883
(©) Deferred tax liabilities, net (d) Other non-current liabilities	500	962	1,085
Total non- current liabilities			6,499
Current liabilities (a) Financial Liabilities		8,191
() Borrowings (ii) Trade payables	2,800
Total outstanding dues to micro, small and medium enterprises Total outstanding dues to creditors other than micro, small and	249 7,145	316 6,967	7,575
medium enterprises (ii) Other financial liabilities	1,090	1,734	1,265
(b) Other current liabilities	1,488	356	753 .
(c) Provisions Total current liabilities	493 13,265	468 18,032	464 16,616

s:ador peace F mind

ADOR WELDING LIMITED

s:ador peace F mind
ADOR WELDING LIMITED
Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647
Audited Standalone Statement of Cash Flow for Year ended 31 March 2021
Particulars	Standalone Year ended	Year ended 31 March 2020
	31 March 2021 (Audited)	Restated (Refer note 5)
Cash flow from operating activities
(Loss)/ Profit before tax Adjustment for:	(1,568)
Fair value adjustments relating to
Financial assets at fair value through profit or loss Financial assets at amortised cost	(7) (2)
Interest expense on lease liability Depreciation and amortisation expense	11 1,110
Bad debts written off Provision for doubtful debts	Tt 72.
Provision for doubtful deposit	- -
Provision for unbilled revenue Exceptional items (Refer note 7)	2,537
Inventory written off Property, plant and equipment written off	100 719
Assets written off Items considered separately:	103
Finance costs Loss on sale of property, plant and equipment	630 53
Surplus on sale of investments Interest income	(116) (60)
Rental income	(96) (102)
Exchange gain on revaluation of foreign currency monetary item Operating profit before working capital changes	3,501
Adjustments for changes in working capital: Inventories	(125)
'Trade receivables Loans and Other receivables	35 4,118
'Trade Payables Liabilities and Provisions	131 65
Cash generated from operating activities	7,725
Income tax refund/ (paid) Net cash generated from operating activities (A)	173 7,898
Cash flow from investing activities
Acquisition of property, plant and equipment (including capital work-in-progress, and capital advances)	(906)
	(929) 104
Purchase of investments Proceeds from sale of property, plant and equipment	585 369
Advance received against proposed sale of property Proceeds from sale of investments	61 92
Interest income	(30) (654)
Rental received Investment in fixed deposits
Net cash used in investing activities (B)
Cash flow from financing activities Finance costs	(646)
Repayment of lease liability (Repayment)/ Proceeds of current borrowings	(21) (5,391)
Dividend paid Dividend distribution tax	- -
Net cash used in financing activities (C)	(6,058)
Net increase/ (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year	1,186 502
Cash and cash equivalents at the end of the year	1,688
Components of cash and cash equivalents: Cash on hand	7

Notes to the standalone financial results:

• 1 The above standalone financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 28 May 2021.
• 2 The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• 3 The figures for the quarter ended 31 March 2021 and 31 March 2020 are the balancing figures between the audited financial statements for the years ended as on that date and the year to date figures upto the end of third quarter of the respective financial years on which auditors had performed a limited review.
• • Management has made an assessment of the impact of COVID 19, in preparation of these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of assets of the Company, its liquidity position and ability to repay debts. No adjustment to kk and judgements that impact the financial results are required. As the lock down is lifted in India, the business activities are slowly coming back to normalcy and the new projects have also gradually started. This has resulted in slowly picking up the demand for Welding products. The performance in 3rd and 4th quarter has been significantly better than 2nd and Ist quarter of the current financial year. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with it, however no significant impact is envisaged on the operations, as of now bearing unforeseen circumstances.
• 5 During the current year, the Company was made aware of certain liquidated damages and project cost overrun with respect to the delay in the execution of an overseas Engineering Procurement and Constructions (EPC) project. The management believes that the impact of this should be restated in the respective lines on the financial statements/ information of the previous periods. The statement is on account of omissions of the past, which have now been taken into consideration in the relevant accounting periods to which they telate to. Accordingly, the impact on Earnings Per Share (EPS) has been considered.

Particulars	Consumables	Equipments and automation	Projects	Other unallocable expenses net of unallocable income	(Rs. in lakhs) Total
Provision for diminution in the value of investment in its 100% subsidiary "Ador Welding Academy Private Limited"	-	-	-	140	140
Provision against doubtful receivables from various tax authority against the VAT/ CST a sment	236	575	-	oT	848
Provision for doubtful debts and Bad debts written off	-	-	1,549	-	1,549
Total	236	575	1,549	177	2,537

Pursuant to the impact of aforesaid changes, the Company had restated the financial statements/ results for the comparative periods, in accordance with the requirements of Ind-AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors'. The Retained Earnings (other equity) as at 1 April 2019, within the Statement of Changes in Equity, have also been restated to adjust the impact of such adjustments which relate to the prior periods. The impact of aforesaid restatements has been summarized as follows:

(Rs. in lakhs) Year ended 31 March 2020 (18) (108) 193 (319) 64) (265) (265) (1.95)	respect to the delay in the execution of an overseas Engineering Procurement and Quarter ended 31 March 2020 - (47) 25 (72) (6)		and project cost overrun with			Notes to the standalone financial results: The above standalone financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 28 May 2021. The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable. The figures for the quarter ended 31 March 2021 and 31 March 2020 are the balancing figures between the audited financial statements for the years ended as on that date and the year to date figures upto the end of third quarter of the respective financial years on which auditors had performed a limited review. Management has made an assessment of the impact of COVID 19, in preparation of these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of assets of the Company, its liquidity position and ability to repay debts. No adjustment to kk judgements that impact the financial results are required. As the lock down is lifted in India, the business activities are slowly coming back to normalcy and the new projects have also gradually started. This has resulted in slowly picking up the demand for Welding products. The performance in 3rd and 4th quarter has been significantly better than 2nd and Ist quarter of the current financial year. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with it, however no significant impact is envisaged on the operations, as of now bearing unforeseen circumstances. During the current year, the Company was made aware of certain liquidated damages Constructions (EPC) project. The management believes that the impact of this should be restated in the respective lines on the financial statements/ information of the previous periods. The statement is on account of omissions of the past, which have now been taken into consideration in the relevant accounting periods to which they telate to. Accordingly, the impact on Earnings Per Share (EPS) has been considered. Pursuant to the impact of aforesaid changes, the Company had restated the financial statements/ results for the comparative periods, in accordance with the requirements of Ind-AS 8 - Accounting Policies, Changes in Accounting Estimates and Errors'. The Retained Earnings (other equity) as at 1 April 2019, within the Statement of Changes in Equity, have also been restated to adjust the impact of such adjustments which relate to the prior periods. The impact of aforesaid restatements has been summarized as follows: Impact on Statement of Profit and Loss: Particulars Revenue from operations Other income
				Cost of raw materials and components consumed Profit/(Loss) before tax
		Tax expense/ (benefit)
	(66) (66)		,			Profit/ (Loss) after tax Total comprehensive income for the period (after tax)
	(0.49)					Basic and diluted earnings/ (loss) per share (figures in bracket represents decrease)
(Rs. in lakhs)						Impact on Balance Sheet:
As at 1 April 2019	As at 31 March 2020					Particulars
(1,709) 926	(1,838) 1,041	Other current financial assets Non-curtent tax ass
949 (1,733)	1,202 (1,998)					Trade payables Retained Earnings
						(figures in bracket represents decred
					During the Current year, the Company has entered into a Memorandum of Understanding for the sale/transfer of its right in Ahmednagar property admeasuring 66,108 square meters for a consideration of Rs. 1,462 lakhs which has been duly approved by the Board. 7 — Exceptional items for the year ended 31 March 2021, includes Rs. 140 lakhs provision for diminution in the value of investment in its 100% subsidiary "Ador Welding Academy Private Limited", Rs. (including Rs. 819 lakhs provision and Rs. 29 lakhs written off towards various factors like movement in collection of C forms, Assessment order received during the year etc.) and 848 lakhs provisions amounting to Rs. 1,549 lakhs which includes Rs. 1,305 lakhs receivables from a project excecuted in the Kuwait, for which appropriate actions has been taken by the Company and the matter is pending in the Court of Law of Kuwait. Segment wise "Exceptional items" for the year ended 31 March 2021 are as follows:-
(Rs. in lakhs) Total	Other unallocable	Projects	Equipments and	Consumables		Particulars
	expenses net of unallocable income		automation
140	140	-	-	-		Provision for diminution in the value of investment in its 100% subsidiary "Ador Welding Academy Private Limited"
848	oT	-	575	236		Provision against doubtful receivables from various tax authority
1,549 2,537	-	1,549	-	-		Provision for doubtful debts and Bad debts written off
	177	1,549	575	236 ~		against the VAT/ CST a sment Total Previous period's / year's figures have been regrouped or reclassified wherever necessary. Mumbai

Impact on Statement of Profit and Loss: (Rs. in lakhs)

	(Rs. in lakhs)
As at 31 March 2020	As at 1 April 2019
(1,838)	(1,709)
1,041	926
1,202	949
(1,998)	(1,733)

6 During the Current year, the Company has entered into a Memorandum of Understanding for the sale/transfer of its right in Ahmednagar property admeasuring 66,108 square meters for a consideration of Rs. 1,462 lakhs which has been duly approved by the Board.

7 — Exceptional items for the year ended 31 March 2021, includes Rs. 140 lakhs provision for diminution in the value of investment in its 100% subsidiary "Ador Welding Academy Private Limited", Rs. 848 lakhs (including Rs. 819 lakhs provision and Rs. 29 lakhs written off towards various factors like movement in collection of C forms, Assessment order received during the year etc.) and provisions amounting to Rs. 1,549 lakhs which includes Rs. 1,305 lakhs receivables from a project excecuted in the Kuwait, for which appropriate actions has been taken by the Company and the matter is pending in the Court of Law of Kuwait.

Segment wise "Exceptional items" for the year ended 31 March 2021 are as follows:-

Walker Chandiok & Co LLP

11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601

Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To the Board of Directors of Ador Welding Limited

Opinion

• 1. We have audited the accompanying consolidated annual financial results ('the Statement') of Ador Welding Limited ('the Holding Company') and its subsidiary (the Holding Company and its subsidiary together referred to as 'the Group') for the year ended 31 March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
• 1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate audited financial statements of the subsidiary as referred to in paragraph 13 below, the Statement:
• (i) includes the annual financial results of the subsidiary Company Ador Welding Academy Private Limited ;
• (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations,; and
• (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the consolidated net loss after tax and other comprehensive income and other financial information of the Group, for the year ended 31 March 2021.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Group, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements 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 Code of Ethics. We believe that the audit evidence obtained by us and that obtained by the other auditors in terms of their reports referred to in paragraph 13 of the Other Matter section below, is sufficient and appropriate to provide a basis for our opinion.

Page 1 of 4

Chartered Accountants

Emphasis of Matters

1. We draw attention to:

Note 5 of the accompanying Statement which describes the uncertainties relating to COVID-19 pandemic outbreak and management's evaluation of its impact on the operations and financial results of the Group as at the balance sheet date. The impact of these uncertainties on the Group's operations is significantly dependent on future developments.

Note 6 to the accompanying Statement regarding the restatement carried out by the management of the Holding Company in September quarter, in accordance with the principles of Ind AS 8 – "Accounting Policies, Changes in Accounting Estimates and Errors" on account of adjustments pertaining to revenue recognition under Ind AS 115 – "Revenue from Contracts with Customers", which is further described in the aforesaid note.

Our opinion is not modified in respect of these matters.

Responsibilities of Management and Those Charged with Governance for the Statement

• 1. The Statement, which is the responsibility of the Holding Company's management and has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual audited financial statements. The Holding Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit or loss after tax and other comprehensive income, and other financial information of the Group in accordance with the accounting principles generally accepted in India, including the Ind AS 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. The Holding Company's Board of Directors is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of the Statement. Further, in terms of the provisions of the Act, the respective Board of Directors/ management of the companies included in the Group, are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act, for safeguarding of the assets of the Group, 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 financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
• 1. In preparing the Statement, the respective Board of Directors of the companies included in the Group, are responsible for assessing the ability of the Group, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
• 1. The respective Board of Directors of the companies included in the Group, are responsible for overseeing the financial reporting process of the companies included in the Group.

Chartered Accountants

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Auditor's Responsibilities for the Audit of the Statement

• 1. Our objectives are to obtain reasonable assurance about whether the Statement as a whole is 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 Standards on Auditing, specified under section 143(10) of the Act, 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 this Statement.
• 1. As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the Statement, 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 the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements 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 management.
• Conclude on the appropriateness of management's 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 ability of the Group and its associates and joint ventures, 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 Statement 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 Group and its associates and joint ventures to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial results/ financial information/ financial statements of the entities within the Group, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
• 1. We communicate with those charged with governance of the Holding Company , 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.

Page 3 of 4

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants

Ador Welding Limited Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

• 1. 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.
• 1. We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Other Matter

1. We did not audit the annual financial statements of one subsidiariy included in the Statement, whose financial information reflects total assets of ₹ 230 lakhs as at 31 March 2021, total revenues of ₹ 51 lakhs, total net profit after tax of ₹ 19 lakhs total comprehensive income of ₹ 19 lakhs , and cash flows (net) of ₹ 0 lakhs for the year ended 31 March 2021, as considered in the Statement. These annual financial financial results have been audited by other auditors whose audit report has been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiary is based solely on the audit report of such other auditors, and the procedures performed by us as stated above.

Our opinion is not modified in respect of this matter with respect to our reliance on the work done by and the reports of the other auditors.

1. The Statement includes the consolidated financial results for the quarter ended 31 March 2021, being the balancing figures between the audited consolidated figures in respect of the full financial year and the published unaudited year-to-date consolidated figures up to the third quarter of the current financial year, which were subject to limited review by us.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013

KHUSHROO B PANTHAKY Digitally signed by KHUSHROO B PANTHAKY Date: 2021.05.28 18:51:38 +05'30'

Khushroo B. Panthaky Partner Membership No:042423

UDIN:21042423AAAAEH9737

Place: Mumbai Date: 28 May 2021

Page 4 of 4

Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Noida and Pune

Chartered Accountants

ADOR WELDING LIMITED

Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647

	Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647	ADOR WELDING LIMITED
Sr.	Statement of Consolidated Financial Results for Quarter and Year ended 31 March 2021 Particulars		Quarter ended			(Rs. in lakhs) Year ended
No:		31 March 2021 (Refer note 4)	31 December 2020 (Unaudited)	31 March 2020 (Refer note 4) Restated (Refer note 6)	31 March 2021	31 March 2020 (Audited) Restated (Refer note 6)
1	Income Revenue from operations Other income	16,167 240	13,515 178	13,990 117	44,768 739	52,636 903
2.	Total income Expenses Cost of raw materials and components consumed	16,407 11,378	13,693 9,602	14,107 9,915	45,507 32,620	53,539 36.219
	Purchases of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock-in-trade Limployce benefits expense	611 (533) 1,078	142 (141) 941	200 (144) 939	94T (1,189) 3,770	653 (58) 4,254
	Kinance costs Depreciation and amortisation expense Other expenses	151 279 2,073	121 276 2,250	216 286 2,041	641 TAIT 6,610	861 1,075 7,482
3	Total expenses Profit before exceptional items and tax (1-2)	15,037 1,370	13,191 502	13,453 654	44,516 991	50,486 3,053
5 6	4 Exceptional items (net) (Loss) (Refer note 8) (Loss) /Profit before tax (3-4) Income tax (credit) /expense	(2,397) (1,027)	- 502	- 654	(2,397) (1,406)	= 3,053
	Current tax Deferred tax Total tax (credit) /expenses (net)	159 (385) (226)	- 157 157	89 (57) 32	159 (27) (368)	861 (420) 441
	7 Net (Loss)/Profit for the period (5-6) 8 Other comprehensive income/ (loss) for the period (net of tax) Items not to be reclassified subsequently to profit or (loss)	(801)	345	622	(1,038)	2,612
	- (Gain) /loss on fair value of defined benefit plans as per actuarial valuation - Income tay effect on above 9 Total comprehensive income/ (loss) for the period (after tax) 10 Paid-up equity share capital (Face value of Rs. 10 per share)	63 (16) (754) 1,360	- a 345 1,360	10 2) 630 1,360	70 (18) (986) 1,360	(197) 50 2,465 1,360
	11 Other equity (excluding revaluation reserve Rs. Nil) 12 Earnings per share (EPS) (net of tax) (in Rs.)	s	2		22,394	23,380
Sr.	Basic and diluted LPS (not annualised) Statement of Consolidated Segment Information for Quarter and Year ended 31 March 2021 Particulars	(5.89)	2.54 Quarter ended	4.57	(7.63)	19.20 (Rs. in lakhs) Year ended
No.		31 March 2021 (Refer note 4)	31 December 2020 (Unaudited)	31 March 2020 (Refer note 4)	31 March 2021	31 March 2020 (Audited)
1	Segmentwise revenue, results, assets, liabilities and capital employed Segment revenue			Restated (Refer note 6)		Restated (Refer note 6)
	Consumables [quipments and automation	12,215 2,662	10,712 1,893	10,683 1,783	35,233, 7125	40,502 7,585
	Projects Less: Inter segment revenue Total revenue from operations	1,307 (17) 16,167	940 (30) 13,515	1,618 (94) 13,990	2,473 (63) 44,768	4,814 (265) 52,636
	2 Segment results Consumables	1,205	1,498	1,405	4,268	6444
	[quipments and automation Projects	463 102	126 (815)	27 (272)	573 (2,496)	379 (2,089)
	Total Less: Finance costs (tnallocable)	1,770 (62)	809 (54)	1,160 (116)	2,345 (335)	4,734 (410)
	Other unallocable expenses net of unallocable income E'Nceptional items (net) (Loss) (Refer note 8) Total (Loss) / Profit before tax	(338) (2,397)	(253) =	(390) ss	(1,019) (2,397)	(1,271) «
3	Segment assets Consumables	(1,027) 20,135	502 22,033	654 22,115	(1,406) 20,135	3,053 22,115
	[quipments and automation Projects	7,682 4,996	6,984 7,671 3,208	8,321 9,697	7,682 4,996	8;321 9,697
4	Unallocable corporate assets Total segment assets Segment liabilities	4,708 37,521	39,896	3,613 43,746	4,708 37,521	3,613 43,746
	Consumables [Equipments and automation Projects	5,712 1,918 4,152	6,039 1,824 4,493	5,035 1,790 4,759	5,712 1,918 4,152	5,035 1,790, 4,759
	Unallocable corporate liabilities Total segment liabilities	1,985 13,767	3,033 15,389	7,422 19,006	1,985 13,767	7,422 19,006
	5 Capital employed Consumables Equipments and automation	14,423 5,764	15,994 5,160	17,080	14,423 5,764	17,080
	Projects Unallocable corporate assets net of unallocable corporate liabilities	844 2,723	3,178 175	6,531 4,938 (3,809)	844 2,723	6,531 4,938 (3,809)
	Total capital employed	from 278 23,754	24,507	24,740	23,754	24,740

ADOR WELDING LIMITED

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Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647 Audited Consolidated Statement of Assets and Liabilities as at 31 March 2021
Particulars		Consolidated	(Rs. in lakhs)
	As at 31 March 2021	As at 31 March 2020	As at 1 April 2019
ASSETS		(Audited) Restated (Refer note 6)
Non-current assets (a) Property, plant and equipment	10,830	11,608	10,634
(b) Right-of-use asset (c) Capital work-in-progress	101 32/	110 28	= 102
(d) Investment property (e) Intangible assets	722 76	741 88	816 121
(f) Intangible assets under development (g) Financial assets	- 175	5 184	5 161
(i) Loans (i) Other financial assets (h) Non-current tax assets, net	723 1,206	687 1,093	531 1,271
(i) Deferred tax assets, net (j) Other non-current assets	80 LOT?	2,072	= 2,149
Total non-current assets Current assets	16,217	16,616	15,790
(a) Inventories (b) Financial assets (i) Investments	6,246 1,068	6,221 375	5,159 371
(ii) Trade receivables (iit) Cash and cash equivalents	10,543 1,704	12,978 518	8,460 2,681
(tv) Other bank balances (v) Loans	112 115	138 157	133 160
(vi) Other financial assets (c) Current tax assets, net (d) Other current assets	193, - Ls	4,306 439 1,998	6,479 = 2,893
(e) Assets classified as held for sale	21,198 106	27,130 6	26,336 z
Total current assets Total Assets	21,304 37,521	27,130 43,746	26,336 42,126
EQUITY AND LIABILITIES
Equity (a) Equity share capital (b) Other equity	1,360 22,394	1,360 23,380	1,360 23,047
Total of equity Liabilities	23,754	24,740	24,407
Non-current liabilities (a) Financial liabilities
(i) Other financial liabilities (b) Provisions	136 359	145 387	23 172
(c) Deferred tax Habilities, net (d) Other non-current liabilities Total non-current liabilities	- 5 500	428 iG 967	886 7 1,088
Current liabilities (a) Financial Liabilities
Borrowings @) (i) Trade payables	2,800	8,191	6,499
Total outstanding dues to micro, small and medium enterprises Total outstanding dues to creditors other than micro, small and	249 7,145	316 6,968	60 7,578
medium enterprises	1,090	1,733	1,269
(iit) Other financial liabilities	1,488 495 13,267	359 472 18,039	756 469 16,631
(b) Other current liabilities (c) Provisions Total current liabilities		43,746	42,126

stador

mind ADOR WELDING LIMITED

stador mind ADOR WELDING LIMITED
Regd. Office: Ador House, 6, K.Dubash Marg, Fort, Mumbai - 400 001-16 CIN : L70100MH1951PLC008647 Audited Consolidated Statement of Cash Flow for Year ended 31 March 2021
Particulars		(Rs. in lakhs) Consolidated Year ended
	Year ended 31 March 2021	31 March 2020 (Audited)
Cash flow from operating activities		Restated (Refer note 6)
(Loss) / Profit before tax Adjustment for:	(1,406)	3,053
Fair value adjustments relating to Financial assets at fair value through profit or loss Financial assets at amortised cost	(14) (2)	58 (1)
Interest expense on lease lability Depreciation and amortisation expense	ati 1,117	14 1,075
Bad debts written off Provision for doubtful debts	Tid 72	36 541
Provision for doubtful deposits Provision for unbilled revenue	- -	35 52
Exceptional items (Refer note 8) Inventory written off	2,397 100	- -
Property, plant and equipment written off Assets written off Items considered separately:	Pe 103	- -
Finance costs Loss on sale of property, plant & equipment	630 53	850 10
Surplus on sale of investments Interest income	(119) (61)	(2) (99)
Rental income Exchange gain on revaluation of foreign currency monetary item	(92) (100)	(103) 20
Operating profit before working capital changes Adjustments for changes in working capital: Inventories	3,525 (125)	5,536 (1,062)
'Trade receivables Loans and Other receivables	26 4,114	(5,076) 3,148
'Trade payables Liabilities and Provisions	128 65	(425) 307
Cash generated from operating activities Income tax refund/ (paid)	7,733 169	2,428 (1,062) 1,366
Net cash genetated from operating activities (A) Cash flow from investing activities	7,902
Acquisition of property, plant and equipment (including capital work-in-progress, and capital advances)	(910)	(2,198)
Purchase of investments Proceeds from sale of property, plant and equipment Advance received against proposed sale of property	(965) 108 585	(1,661) 10 -
Proceeds from sale of investments Interest income	405 62	1,602 99
Rental received Investment in fixed deposits	88 (30)	98 (156)
Net cash used in investing activities (B) Cash flow from financing activities	(657)	(2,206)
Finance costs Repayment of lease liability	(647) (21)	(859) (24)
(Repayment)/Proceeds of current borrowings Dividend paid	(5,391) -	1,692 (1,768)
Dividend distribution tax Net cash used in financing activities (C)	- (6,059)	(364) (1,323)
Net increase/ (decrease) in cash and cash equivalents (A+B+C) Cash and cash equivalents at the beginning of the year	1,186 » 518	(2,163) 2,681
Cash and cash equivalents at the end of the year	1,704	518
Components of cash and cash equivalents: Cash on hand Balances with banks in current accounts	a 1,697	5 513
'Total cash and cash equivalents	1,704	518

Notes to the consolidated financial results:

• 1. 'The above consolidated financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 28 May 2021.
• 1. The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
• 3 The consolidated financial results of the Company and its subsidiary (the 'Group') have been prepared as per Ind AS 110 Consolidated Financial Statements.
• 4 The figures for the quarter ended 31 March 2021 and 31 March 2020 are the balancing figures between the audited financial statements for the years ended as on that date and the year to date figures upto the end of third quarter of the respective financial years on which auditors had performed a limited review.
• 5 Management has made an assessment of the impact of COVID 19, in preparation of these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of assets of the Group, its liquidity position and ability to repay debts. No adjustment to 'key estimates and judgements that impact the financial results are required. As the lock down is lifted in India, the business activities are slowly coming back to normalcy and the new projects have also gradually started. This has resulted in slowly picking up the demand for Welding products. The performance in 3rd and 4th quarter has been significantly better than 2nd and Ist quarter of the current financial year. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with it, however no significant impact is envisaged on the operations, as of now bearing unforeseen circumstances.
• 6 During the current year, the Group was made awate of certain liquidated damages and project cost overrun with respect to the delay in the execution of an overseas Engineering Procurement and Constructions (EPC) project. The management believes that the impact of this should be restated in the respective lines on the financial statements/ information of the previous periods. The restatement is on account of omissions of the past, which have now been taken into consideration in the relevant accounting periods to which they relate to. Accordingly, the impact on Earnings Per Share (EPS) has been considered.

	Notes to the consolidated financial results:
1.	'The above consolidated financial results have been reviewed by the Audit Committee and then approved by the Board of Directors at their respective meetings held on 28 May 2021.
2.	The above financial results have been prepared in accordance with Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) prescribed under Section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.
3	The consolidated financial results of the Company and its subsidiary (the 'Group') have been prepared as per Ind AS 110 Consolidated Financial Statements.
4	The figures for the quarter ended 31 March 2021 and 31 March 2020 are the balancing figures between the audited financial statements for the years ended as on that date and the year to date figures upto the end of third quarter of the respective financial years on which auditors had performed a limited review.
5	Management has made an assessment of the impact of COVID 19, in preparation of these financial statements. Management has considered all relevant external and internal factors in the measurement of assets and liabilities including recoverability of carrying values of assets of the Group, its liquidity position and ability to repay debts. No adjustment to 'key estimates and judgements that impact the financial results are required. As the lock down is lifted in India, the business activities are slowly coming back to normalcy and the new projects have also gradually started. This has resulted in slowly picking up the demand for Welding products. The performance in 3rd and 4th quarter has been significantly better than 2nd and Ist quarter of the current financial year. However, the impact assessment of COVID19 will be a continuing process given the uncertainties associated with it, however no significant impact is envisaged on the operations, as of now bearing unforeseen circumstances.
6	During the current year, the Group was made awate of certain liquidated damages and project cost overrun with respect to the delay in the execution of an overseas Engineering Procurement and Constructions (EPC) project. The management believes that the impact of this should be restated in the respective lines on the financial statements/ information of the previous periods. The restatement is on account of omissions of the past, which have now been taken into consideration in the relevant accounting periods to which they relate to. Accordingly, the impact on Earnings Per Share (EPS) has been considered.
	Pursuant to the impact of aforesaid changes, the Group had restated the financial statements/ results for the comparative periods, in accordance with the requirements of Ind-AS 8 - "Accounting Policies, Changes in Accounting Estimates and Errors'. The Retained Earnings (other equity) as at 1 April 2019, within the Statement of Changes in Equity, have also been restated to adjust the impact of such adjustments which relate to the prior periods. The impact of aforesaid restatements has been summarized as follows:
	Impact on Statement of Profit and Loss:
		Particulars			Quarter ended	(Rs. in lakhs) Year ended
					31 March 2020	31 March 2020
	Revenue from operations				- (47)	(18) (108)
	Other income Cost of raw materials and components consumed				25	193
	Profit/ (Loss) before tax				(72)	(319)
	Tax expense/ (benefit)				(6)	(4)
	Profit/(Loss) after tax				(66)	(265)
	Total comprehensive income for the period (after tax)				(66)	(265)
	Basic and diluted earnings/ (loss) per share				(0.49)	(1.95)
	(figures in bracket represents decrease) Impact on Balance Sheet:					(Rs. in lakhs)
		Particulars			As at 31 March 2020	As at 1 April 2019
	Other current financial assets				(1,838)	(1,709)
	Non-current tax assets, net 'Trade payables				1,041 1,202	926 949
	Retained Earnings				(1,998)	(1,733)
	(figures in bracket represents decrease)
7	During the Current year, the Group has entered into a Memorandum of Understanding for the sale/transfer of its right in Ahmednagar property admeasuring 66,108 square meters for a consideration of Rs. 1,462 lakhs which has been duly approved by the Board.
8	Exceptional items for the year ended 31 March 2021, Rs. 848 lakhs (including Rs. 819 lakhs provision and Rs. 29 lakhs written off towards various factors like movement in collection of C forms, Assessment order received during the year etc.) and provisions amounting to Rs. 1,549 lakhs which includes Rs. 1,305 lakhs receivables from a project excecuted in the Kuwait, for which appropriate actions has been taken by the Company and the matter is pending in the Court of Law of Kuwait.
	Segment wise "Exceptional items" for the year ended 31 March 2021 are as follows:-					(Rs. in lakhs)
	Particulars	Consumables	Equipments and automation	Projects	Other unallocable expenses net of unallocable income	Total
	Provision against doubtful receivables from	236	51D	z	a7	848
	various tax authority against the VAT/ CST assessment					1,549
	Provision for doubtful debts and Bad debts written off Total	- 236	- 575	1,549 1,549	= 37	2;397
9 10	The standalone results for the quarter and year ended 31 March 2021 and auditor's report thereon are available on the Parent Company's website at www.adorwelding.com. Previous period's/ year's figures have been regrouped or reclassified wherever necessary.
Mumbai 28 May 2021						MANAGING DIRECTOR

Pursuant to the impact of aforesaid changes, the Group had restated the financial statements/ results for the comparative periods, in accordance with the requirements of Ind-AS 8 - "Accounting Policies, Changes in Accounting Estimates and Errors'. The Retained Earnings (other equity) as at 1 April 2019, within the Statement of Changes in Equity, have also been restated to adjust the impact of such adjustments which relate to the prior periods. The impact of aforesaid restatements has been summarized as follows:

Impact on Statement of Profit and Loss:

		(Rs. in lakhs)
Particulars	As at 31 March 2020	As at 1 April 2019
Other current financial assets	(1,838)	(1,709)
Non-current tax assets, net	1,041	926
'Trade payables	1,202	949
Retained Earnings	(1,998)	(1,733)
(figures in bracket represents decrease)

7 During the Current year, the Group has entered into a Memorandum of Understanding for the sale/transfer of its right in Ahmednagar property admeasuring 66,108 square meters for a consideration of Rs. 1,462 lakhs which has been duly approved by the Board.

8 Exceptional items for the year ended 31 March 2021, Rs. 848 lakhs (including Rs. 819 lakhs provision and Rs. 29 lakhs written off towards various factors like movement in collection of C forms, Assessment order received during the year etc.) and provisions amounting to Rs. 1,549 lakhs which includes Rs. 1,305 lakhs receivables from a project excecuted in the Kuwait, for which appropriate actions has been taken by the Company and the matter is pending in the Court of Law of Kuwait.

Segment wise "Exceptional items" for the year ended 31 March 2021 are as follows:-

					(Rs. in lakhs)
Particulars	Consumables	Equipments and automation	Projects	Other unallocable expenses net of unallocable income	Total
Provision against doubtful receivables from various tax authority against the VAT/ CST assessment	236	51D	z	a7	848
Provision for doubtful debts and Bad debts written off	-	-	1,549	=	1,549
Total	236	575	1,549	37	2;397

For ADOR WELDING LIMITED

soe A. T. Malkani Mumbai MANAGING DIRECTOR

28 May 2021 DIN : 01585637

28th May, 2021

AWL/SEC/SE/2021-22

BSE LTD. Phiroze Jeejeebhoy Towers, 1* Floor, Dalal Street, Fort, . Mumbai — 400 023 Company Scrip Code: 517041

NATIONAL STOCK EXCHANGE OF INDIA LTD. Exchange Plaza, C-1, Block G, Bandra-Kurla Complex Bandra (East), Mumbai - 400 051. Company Scrip Code: ADORWELD

Dear Sir / Madam,

Sub: Declaration pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Pursuant to Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by SEBI Circulars No. SEBI/LAD-NRO/GN/2016-17/001 dated May 25, 2016 and Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016 we hereby declare that M/s Walker Chandiok & Co. LLP, Statutory Auditors of our Company have issued Audit Report with unmodified opinion on the Audited Financial Results of the Company (Standalone & Consolidated) for the year ended 31% March, 2021.

We request you to take this on record and acknowledge the receipt.

Thanking you,

Yours Sincerely,

For ADOR WELDING LIMITED

4 SURYAKANT SETHIA CHIEF FINANCIAL OFFICER

ADOR WELDING LIMITED

Regd. & Corporate Office: Acar H K. Duk lumbar o01—

+91 22 6623 9300 www.adorwelding.com | CIN L7o100MH1951PLCo08647 1800 233 1072 | care@adorians.com +91 20 40706000