Seya Industries Ltd — Annual Report 2021

Jul 26, 2021

July 22, 2021

To The Listing Compliance National Stock Exchange of India Bandra Kurla Complex Bandra East, Mumbai Script Code: SEYAIND

Sub.: Clarification on Financial Results for the quarter and year ended March 31, 2021

Dear Sir / Madam

This is with respect to your email dtd July 15, 2021, regarding clarification on financial results for the quarter and year ended March 31, 2021. We would like to clarify that inadvertently note on Figures of Last Quarter is missed to be printed while printing the financial results. We are enclosing updated financial results note stating that the figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year-to-date figures upto the third quarter of the current financial year.

You are requested to kindly take the same on record.

Thanking you.

June 30, 2021

To, Corporate Relationship Department BSE Limited P.J. Tower, Dalal Street, Fort, Mumbai Script Code: 524324

To, Listing Compliances National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex, Bandra East, Mumbai - 400051 Symbol: SEYAIND

Sub.: Outcome of the Board Meeting held on June 30, 2021

Dear Sir / Madam,

Pursuant to the requirements of Regulation 30 and 33 of the SEBI (Listing Obligation and Disclosures Requirements) Regulations, 2015 ("Listing Regulations") this is to inform you that the Board of Directors of the Company at their meeting held today i.e. June 30, 2021 inter alia approved the Audited Standalone Financial Results of the Company for the quarter and year ended March 31, 2021.

In this regard, we are enclosing Audited Standalone Financial Results of the Company for the Quarter and year ended March 31, 2021, along with the Auditor's Report issued by the Statutory Auditor of the Company.

Further, it is hereby declared that the Statutory Auditors have issued the Audit Report with unmodified opinion in respect of Annual Audited Standalone Financial Results for the Quarter and year ended March 31, 2021

The meeting of the Board of Directors commenced at 4:30 p.m. and concluded at 7:10 p.m.

Kindly take the same on record.

Thanking you.

Yours faithfully, For Seya Industries Ltd

Manisha Solanki Company Secretary ,

SEYA Industries Ltd.

T 14 MIDC Tarapur ® © 502 Ghanshyam Chamber Boisar West B 12 Link Road Thane 401 506 Andheri West Maharashtra Mumbai 400 053 INDIA Maharashtra INDIA

Seya Industries Ltd

Regd. Office : T-14, MIDC, Tarapur, Boisar, Dist. Palghar - 401506

Rs. in Lakkhs

CIN: L99999MH1990PLC058499 Phone: 022-26732898, Fax: 022-26732666

E-mail: corporate@seya.in, Website: www.seya.in

	STATEMENT OF STAND-ALONE AUDITED RESULTS FOR THE QUARTER & YEAR ENDED 31ST MARCH 2021
		Quarter Ended			Fulf Year Ended
Sr.	PARTICULARS	31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
No.			Un-Audited			Audited
1	Income from Operations
	(a) Revenue from Operations (Net)	1,059.78	1,177.17	2,294.90	4,401.26	25,819.52
	(b) Other Income	333.50	390.27	590.74	834.21	877.94
	Total Income (net)	1,393.28	1,567.44	2,885.64	5,235.46	26,697.45
2	Expenses
	(a) Cost of Materials consumed (Including purchase of Stock in Trade)	452.56	661.50	1,205.76	2,101.03	14,402.12
	(b) Changes in inventories: Finished goods, Work-in-Progress, Stock-in-Trade	(120.66)	348.27	180.95	631.15	451.88
	(c) Employee Benefit Expense	168.39	119.73	110.75	488.14	630.57
	(d) Depreciation and Amortisation Expense	441.19	450.99	395.93	1,789.25	1,661.74
	(e) Finance Cost	6.65	5.02	12.76	22.27	791.98
	(f) Other Expenses	219.73	406.06	378.13	1,263.60	3,562.49
	Total Expenses	1,167.87	1,991.58	2,284.27	6,295.44	21,500.78
3	Profit from Ordinary Activities before Exceptional Items & Tax (1 - 2)	225.41	(424.14)	601.37	(1,059.98)	5,196.67
4	Exceptional items	2,887.16	2,516.11	-	9,987.17	-
5	Profit from Ordinary Activities before Tax (3 - 4)	(2,661.75)	(2,940.25)	601.37	(11,047.15)	5,196.67
6	Total Tax Expenses	(76.26)	33.00	191.90	(88.99)	494.70
7	Profit / (Loss) from Ordinary Activities after Tax (5 - 6)	(2,585.49)	(2,973.25)	409.47	(10,958.17)	4,701.97
8	Other Comprehensive Income (OCI) (net of tax)
	Items not reclassified to Profit & Loss	3.47	-	(0.55)	3.47	(2.21)
9	Total Comprehensive Income (7 + 8)	(2,588.96)	(2,973.25)	408.92	(10,961.64)	4,699.76
	10 Paid-up equity share capital	2,657.05	2,657.05	2,460.00	2,657.05	2,460.00
	11 Reserves (excluding Revaluation Reserves)	52,126.60	55,099.86	63,088.24	52,126.60	63,088.24
	12 Earnings Per Share (EPS) before & after Extraordinary items (not annualized)
	(a) Basic	(9.74)	(11.19)	1.66	(41.25)	19.10
	(b) Diluted	(9.74)	(11.19)	1.54	(41.25)	17.69

By Order of the Board

For & Behalf of Seya Industries Ltd

Seya Industries Ltd Regd. Office : T-14, MIDC, Tarapur, Boisar, Dist. Palghar - 401506 CIN: L99999MH1990PLC058499 Phone: 022-26732898, Fax: 022-26732666 E-mail: corporate@seya.in, Website: www.seya.in

Stand alone audited Statement of Assets and Liabilities for the Quarter and Year ended March 31, 2021
-------------------------------------------------------------------------------------------------------	--	--	--

		Rs. in Lakhs
Sr.	PARTICULARS	31-Mar-21	31-Mar-20
No.		(Audited)	(Audited)
I	ASSETS
	1 Non Current Assets
	(a) Property, Plant and Equipment	72,307.70	74,094.10
	(b) Capital Work in Progress	84,914.84	79,030.71
	(c) Financial Assets
	(i) Loans & Advances	71.11	68.51
	(e) Other Non Current Assets	6,281.99	3,841.46
	Total Non-current Assets (A)	1,63,575.65	1,57,034.78
	2 Current Assets
	(a) Invetories	1,942.77	2,588.43
	(b) Financial Assets
	(i) Trade Receivables	1,931.88	12,540.72
	(ii) Cash and Cash Equivalents	121.79	156.87
	(iii) Bank Balance other than Cash and Cash Equivalents	84.01	84.04
	(iv) Other Financial Assets	13.67	12.78
	(c) Current Tax Assets	2,964.85	2,964.85
	(d) Other Current Assets	3,106.44	3,352.61
	Total Current Assets (B)	10,165.41	21,700.30
	TOTAL ASSETS (A + B)	1,73,741.05	1,78,735.08
	EQUITIES & LIABILITIES
II	1 Equity
	(a) Equity Share Capital	2,657.05	2,657.05
	(b) Other Equity	83,547.60	94,509.24
	(c) Share Application Money	-	-
	TOTAL EQUITY (A)	86,204.66	97,166.29
	2 Non-Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	74,552.57	69,154.62
	(ii) Other Finanical Liabilities	1,858.31	1,214.60
	(b) Deferred Tax Liabilities(Net)	1,355.61	1,444.59
	(c) Provisions	-	6.10
	Total Non Current Liabilities (B)	77,766.49	71,819.91
	3 Current Liabilities
	(a) Financial Liabilities
	(i) Borrowings	7,618.47	7,711.58
	(ii) Trade Payables	546.25	557.22
	(iii) Other Finanical Liabilities	1,441.69	333.11
	(b) Other Current Liabilities	84.01	173.46
	(c) Provisions	79.48	973.51
	Total Current Liabilities (C)	9,769.91	9,748.87
	TOTAL LIABILITIES (A + B + C)	1,73,741.05	1,78,735.08

By Order of the Board For & Behalf of Seya Industries Ltd

Seya Industries Ltd

Regd. Office : T-14, MIDC, Tarapur, Boisar, Dist. Palghar - 401506 CIN: L99999MH1990PLC058499 Phone: 022-26732898, Fax: 022-26732666 E-mail: corporate@seya.in, Website: www.seya.in

Audited Cash flow statement for the quarter and Year ended March 31, 2021

		31-Mar-21		31-Mar-20
A:	CASH FLOW FROM OPERATING ACTIVITIES:
	Profit/(Loss) after Tax as per Statement of Profit and Loss		(10,961.64)		4,699.76
	Adjustment for
	Depreciation and Amortisation	1,789.25		1,661.74
	Finance Cost	22.27		791.98
	Interest Income	(4.87)		(12.02)
	Other Comprehensive (Income)/expense	3.47		2.21
	Other Non-Operating Income	(829.34)		(865.92)
	Exceptional Item	9,987.17		-
			10,967.95		1,578.00
	Operating Profit before Working Capital changes		6.32		6,277.75
	Changes in Working Capital
	Adjustment for (increase)/decrease in operating assets(Incl. Exceptional Item:	(927.91)		(4,718.60)
	Adjustment for increase/(decrease) in operating liabilities:	19.06		(1,407.26)
			(908.85)		(6,125.86)
	Cash Generated/(Used) in Operations		(902.53)		151.89
	Net Cash from / (used in) Operating Activities (A)		(902.53)		151.89
B:	CASH FLOW FROM / (USED IN) INVESTING ACTIVITIES:
	Purchases of Property, Plant and Equipments(incl. Capital Advances & Work-in-Progress)	92.92		(9,387.55)
	Other Non-Current Liability	(248.95)		202.41
	Other Non-Current Assets	(2.60)		26.18
	Other Non-Operating Income	808.40		865.92
	Interest Received	4.87		12.02
	Other Bank Balances	0.02		(23.75)
	Net Cash Flow from / (used in) Investing Activities (B)		654.67		(8,304.78)
C:	CASH FLOW FROM / (USED IN) FINANCING ACTIVITIES:
	Proceeds from issue of Shares/Share Application Money
	Proceeds from Long-term Borrowings (Net-off repayment)	331.64		4,221.07
	Proceeds from Short-term Borrowings (Net-off repayment)	(93.11)		4,710.99
	Finance Cost	(22.27)		(791.98)
	Other Comprehensive Income/(expense)	(3.47)		(2.21)
	Dividend Paid	(0.00)		(70.07)
	Net Cash Flow From / (used in) Financing Activities (C)		212.78		8,067.79
	Net Increase / (Decrease) In Cash and Cash Equivalent (A + B + C)		(35.08)		(85.10)
	Cash and Cash Equivalents at the Beginning of the Year		156.87		241.96
	Cash and Cash Equivalents at the End of the Year		121.79		156.87

By Order of the Board For & Behalf of Seya Industries Ltd

Seya Industries Ltd

Regd. Office : T-14, MIDC, Tarapur, Boisar, Dist. Palghar - 401506 CIN: L99999MH1990PLC058499 Phone: 022-26732898, Fax: 022-26732666 E-mail: corporate@seya.in, Website: www.seya.in

1) 2) 3) 4) 5) 6) The Operations of the Company have been severely impacted due to the Covid -19 pandemic and resurrgence of the same. Several International and State governments continue to restrict distribution operations which impact our operations. As a result, our revenues were materially impacted during this period. We however continued to incur committed expenditure with respect to our Employees, Plant related expenditures and Other expenditures. This has significantly impacted our profitability. Covid-19 has also had a significant impact on our customers and their ability to meet their committed obligations. The extent and duration of COVID-19 is currently unknown and depends on future developments that are uncertain. Any resultant outcome and impact on business, due to this, is unpredictable. The Management has considered the possible effects if any that may result from COVID-19 pandemic on the carrying amounts of Trade receivables and Inventories. In developing the assumptions and estimates relating to the uncertainties as at the balance Sheet date in relation to the recoverable amounts of these assets, the management has used internal and external sources of information to the extent determined by it. The Impact of the same may differ from that estimated as at the date of approval of these financial statements due to the impact of the pandemic and the Management will continue to closely monitor the developments. The Management has taken several actions to mitigate the effect of Covid-19 on Company's business. We have taken steps to reduce our unit costs and increase our liquidity by making our operations more efficient and nimbler, putting on hold discretionary expenses, deferring certain capital expenditures, etc. In order to sustain operations, we also had to take actions to cut employee costs through pay cuts, leave without pay and reduction in workforce. We are ramping up our operations in a phased manner, subject to Government directions. The unprecedented nature of the pandemic makes the future business environment uncertain, however, we will continue to carry out the impact assessment on our assets and closely monitor any material changes to future economic conditions. Accordingly, the management has accounted for Impairment/Write-off on account of Loss of certain receivables of the company, under exceptional item. The same however are not affecting continuing operations. Figures for the quarter ended as reported in this Standalone Financial Results are the Balancing Figures between audited figures in respect of full financial year and the published year to date figures upto the end of the third quarter of the financial year. The figures upto end of the third quarter are subject to limited review by Statutory Auditor. Due to ongoing dispute with the certain lenders in relation to their failure to comply with committed lending obligations and outstanding, the Company has not provided for interest costs on certain loans outstanding, amounting to INR 426.70 Lacs in respect of Operating Assets and INR 1239.72 Lacs in respect of Project Assets, for the Quarter ended Mar 31, 2021. The Company continues to believe in the merits of the litigation, however, there continues to remain material uncertainties in relation to the outcome of the said litigations. Prior period/year figures have been regrouped/rearranged/re-classified wherever considered necessary as per present period classification NOTES TO FINANCIAL STATEMENTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 The above financial results for the Quarter and Year ended 31-Mar-2021 have been reviewed by the Audit Committee in their meeting and approved by the Board of Directors in their meeting held on June 30, 2021 and are as per Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said results have been prepared in accordance with Indian Accounting Standards(Ind AS) prescribed under section 133 of the Companies Act, 2013, read with the relevant rules and provisions of Companies Rules, 2015 and Companies Act, 2013 (as amended from time to time). The financial results and other financial information pertaining to each of the quarters have not been audited by the statutory auditors. However, the management has exercised necessary due diligence to ensure that the standalone unaudited financial results provide a true and fair view of the Company's affairs. The Company has only one reportable segment namely 'Speciality Chemical Intermediates'.

By Order of the Board For & Behalf of Seya Industries Ltd

S.S.Patwardhan & Co.

CHARTERED ACCOUNTANTS

Independent Auditor's Report on Audit of Annual Standalone Annual Financial Results and Review of Ouarterly Financial Results of Seya Industries Limited

To The Board of Directors of Seya Industries Limited

Opinion

We have audited the accompanying statement of standalone financial results of Seya Industries Limited ("the Company") for the quarter ended March 31, 2021 and year to date results for the period from April 01, 2020 to March 31, 2021("the Statement") attached herewith, beingsubmitted by the Company pursuant to the requirements of Regulation 33of the Securities and Exchange Board of India (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 tous the Statement:

• are presented in accordance with the requirements of the Listing Regulations in this regard; and i.
• give a true and fair view in conformity with the recognition and measurement principles laid down in the ii. applicable accounting standards and other accounting principles generally accepted in India of the net profitand other comprehensive income and other financial information for the quarter ended March 31, 2021 as well as the year to date results for theperiod from April 01, 2020 to March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified undersection 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under thoseStandards 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 inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants of Indiatogether with the ethical requirements that are relevant to our audit of the financial resultsunder the provisions of the Act and the Rules thereunder, and we havefulfilled our other ethical responsibilities in accordance with these requirements and theCode of Ethics. We believe that the audit evidencewe have obtained is sufficient and appropriate to provide a basis for our opinion.

Management's Responsibilities for the Standalone Financial Results

The statement hasbeen 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 andfair view of the net profit and other comprehensive income and other financial information inaccordance with the

JARDA

THANE OFFICE: 102, First Floor, Arman Resi., Rutu Park, Service Road, Golden Dyes Naka, Thane (W) - 400:601 Off.No.+91-22-2170098 DOMBIVLI OFFICE: 3, Moreshwar C.H.S., Near TJSB Sahakari Bank, Char Rasta, R.P.Road, Ramnagar, Dombiv Off.No.+91-251-2863931 E-mail: shekharpatwardhan@rediffmail.com

applicable 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 and 52 of the Listing Regulations. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds 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 operatingeffectively for ensuring the accuracy and completeness of the accounting records, relevantto the preparation and presentation of the standalone financial results that give a true andfair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible forassessing 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 norealistic alternative but to do so.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financialresults as 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 level ofassurancebut is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraud orerror and are considered material if, individually or in the aggregate, they could reasonablybe expected to influence the economic decisions of users taken on the basis of the Statement.

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

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to $\bullet$ 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, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
• 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 financial results, including the disclosures, and whether the financial results represent theunderlying transactions 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 any significantdeficiencies 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.

Other Matters

The statement includes the results for the quarter ended March 31, 2021, being the balancingfigures between the audited figures in respect of the full financial year and the published unauditedyear to date figures up to the third quarter of the current financial year, which were subjected tolimited review by us. Our report on the Statement is not modified in respect of this matter.

For S S Patwardhan & Co. Chartered Accountants

ICAI Firm Registration No. 0119155W

Partner Membership No. 143622 Place: Mumbai Date: June 30, 2021 UDIN: 21143622AAAACN4110