We have audited the accompanying financial statements of Seya Industries Ltd (‘the Company’), which comprise the
Balance Sheet as at 31^st March 2025, the Statement of Profit and Loss, including the Statement of Other
Comprehensive Income and the Cash Flow Statement for the year then ended, Statement of changes in Equity, Note
to Financial Statements including a summary of significant accounting policies and other explanatory information
(hereinafter referred to as ‘financial statements’).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013, as amended (“the Act”) in the manner
so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section
133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other
accounting principles generally accepted in India, of the state of affairs of the Company as at 31^st March, 2025 and its
Loss including other comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis of Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing (SAs), as
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 standalone Financial Statements’ 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 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 ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient
and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matter

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
standalone financial statements for the financial year ended March 31, 2025. These matters were addressed in the
context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do
not provide a separate opinion on these matters. We have relied on Management Representation regarding the
existence and valuation of all the Assets (viz. Fixed Assets, Investments, Trade Receivables, Stock, Bank Accounts,
Other Assets, Receivable from Related Parties) & Liabilities (viz. Provisions, Borrowings, Statutory & Other Liabilities).
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the standalone financial
statements section of our report, including in relation to these matters. Accordingly, our audit included the
performance of procedures designed to respond to our assessment of the risks of material misstatement of the
standalone financial statements. The results of our audit procedures, including the procedures performed to address
the matters below, provide the basis for our audit opinion on the accompanying standalone financial statements.

Description of Key Audit Matters

Emphasis Of Matter

We invite attention to footnote to Note No. 30.1 to the Standalone Financial Statements on non-provision of Interest
accrued on Borrowings from Lenders ie. Banks/FI/Others for reasons stated thereunder. The total interest not provided
for in respect of Operational Assets is INR 2,632.70 lacs and in respect Project Assets is INR 11,628.07 Lacs, the same
is, however subject to confirmation by the Lenders. Further, the Company has availed certain loans in relation to which
the Company has not provided for interest cost on such borrowings. In the event the Company would have provided
the interest as per contractual terms on such borrowings, the total liability in respect of such borrowings would be INR
159,972.84 Lacs as on 31^st Mar 2025.

Our opinion on the Standalone Financial Statements is not modified in respect of above stated matters.

Material Uncertainty in relation to Going Concern

We invite attention to:

1. Note No. 30.23(xi)-Other Statutory Information to Standalone Financial Statements which provides for material
uncertainty in respect of the outcome of on-going Corporate Insolvency Resolution Process (‘CIRP’) u/s 7 of the
IBC, 2016.

2. Note No. 30.16(B) & a Loss of INR 630.69 Lacs posted by the Company during the year ended March 31,2025 (PY
Loss INR 347.20 Lacs) and that, as of that date, the Company’s current liabilities exceeded its current assets by
INR 6,394.99 lacs

Despite the above events or conditions which may cast a doubt on the ability of the company to continue as a going
concern, the management is of the opinion that, considering the:

• Engagement with the Lenders to arrive at a mutual one-time settlement/resolution of all matters,

• Positive Net worth of INR 82,131 Lacs of the Company

• Company’s Management’s focus on putting on hold discretionary expenses, deferring certain capital
expenditures, cutting employee cost through pay cuts and reduction in workforce, etc in order to sustain
operations and exploration of new opportunities with various strategic investors to turn around the Company by
introducing new product lines;

A going concern basis of accounting is appropriate and that on the basis of above the Company may revive its
operations.

Information Other than the Financial Statements and Auditor’s Report Thereon

• The Company’s Management is responsible for the other information. The other information comprises the
information included in the Annual Report but does not include the financial statements and our auditor’s report
thereon.

• Our opinion on the financial statements does not cover the other information and we do not express any form of
assurance conclusion thereon.

• In connection with our audit of the financial statements, our responsibility is to read the other information and in
doing so, consider whether such other information is materially inconsistent with the financial statements, or our
knowledge obtained in the audit or otherwise appears to be materially misstated.

• If, based on the work we have performed, we conclude that there is material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Standalone IND AS Financial Statements

The National Company Law Tribunal (“NCLT”), Mumbai Bench, vide order dated 2^nd November 2023, passed in CP (IB)
446 MB 2023 has initiated corporate insolvency resolution process (“CIRP”) against the company and appointed an
Interim Resolution Professional (“IRP”) to manage affairs of the Company in accordance with the provisions of the
insolvency and bankruptcy Code 2016 (“Code).

The Management of the Company are responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance including comprehensive income, cash flows and changes in equity of the Company in accordance with
the Ind AS and accounting principles generally accepted in India. This responsibility also includes maintenance of
adequate accounting records in accordance with the provisions of the Act for safeguarding 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; design, implementation and maintenance
of adequate internal financial controls, that are operating effectively for ensuring the accuracy and completeness of
the accounting records, relevant to the preparation and presentation of the financial statements that give a true and
fair view and are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management 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 management either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.

Respective Management is also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

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

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

• Identify and assess the risks of material misstatement of the financial statements, 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 adequate internal financial controls system in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by 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 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 statements 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 financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate,
makes it probable that the economic decisions of a reasonably knowledgeable user of the financial statements may
be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work
and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the financial
statements.

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

We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and therefore the key audit matter.
We describe this matter in our auditor’s report unless law or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit, we report that:

a) We have sought and obtained all the information and explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit.

b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears
from our examination of those books.

c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Statement
of Cash Flows and Statement of Changes in Equity dealt with by this Report are in agreement with the books of
account.

d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section
133 of the Act.

e) The Company is undergoing Corporate Insolvency Resolution Proceedings (CIRP) vide order dated 2^nd
November 2023 passed by National Company Law Tribunal (“NCLT”), Mumbai Bench and all management
responsibilities vest with the Interim Resolution Professional, hence the requirement to comment upon the
Director’s qualification is not applicable.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the
operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses
an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial
controls over financial reporting.

g) With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements
of section 197(16) of the Act, as amended, in our opinion and to the best of our information and according to
the explanations given to us, the remuneration paid by the Company to its directors (if any) during the year is
in accordance with the provisions of section 197 of the Act.

h) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the
Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and
according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financial position in its standalone
financial statements. Refer note no. 30 to the standalone financial statements.

(ii) The Company did not have any long-term contracts including derivative contracts for which there were any
material foreseeable losses.

(iii) In view of the moratorium u/s 14 of the Insolvency & Bankruptcy Code, 2016 being in force against the
Company, the action of transferring funds lying in the Unpaid Dividend Account of the Company to Investor
Education and Protection Fund, as per the provisions of sub-section (5) of Section 124 of the Companies
Act, 2013, has been kept in abeyance and shall be subject to orders of the Hon’ble NCLT.

(iv)

a) The Management has represented that, to the best of its knowledge and belief that no funds have been
advanced or loaned or invested (either from borrowed funds or share premium or any other sources or
kind of funds) by the company to or in any other person(s) or entity(ies), including foreign entities
(“Intermediaries”), with the understanding, whether recorded in writing or otherwise, that the
Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Company (“Ultimate Beneficiaries”) or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries.

b) The Management has represented, that, to the best of its knowledge and belief, no funds have been
received by the Company from any person(s) or entity(ies), including foreign entities (“Funding Parties”),
with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or
indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf
of the Funding Party (“Ultimate Beneficiaries”) or provide any guarantee, security or the like on behalf of
the Ultimate Beneficiaries.

c) Based on the audit procedures that has been considered reasonable and appropriate in the
circumstances, nothing has come to our notice that has caused us to believe that the representations
under sub-clause (i) and (ii) of Rule 11(e), as provided under (a) and (b) above, contain any material
misstatement.

(v) The Company has not declared any dividend during the year under review.

(vi) Based on our examination which included test checks, the Company, has used an accounting software,
for maintaining its books of account which has a feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant transactions recorded in the software except that
no audit trail (edit log) facility/feature was enabled at the database level to log any direct changes. During
the course of our audit, so far it relates to audit trail in respect of transactions, we did not come across any
instance of audit trail feature being tampered with. Since the proviso to Rule 3(1) of the Companies
(Accounts) Rules, 2014 applies for financial years commencing on or after April 1,2023, companies are
required to maintain audit trail in accounting software and auditors are required to report under Rule 11 (g)
of the Companies (Audit and Auditors) Rules, 2014 from FY 2023-24 onwards, including the financial year
ended March 31,2025.

2. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”) issued by the Central Government in
terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3
and 4 of the Order

For THACKER BUTALA DESAI

Chartered Accountants

Firm Registration No.: 110864W

CA KUNJAN GANDHI

Partner

Membership No. 039195

UDIN No. 25039195BMHZBA7758

Mumbai, May 30, 2025