We have audited the accompanying financial state¬
ments of Satia Industries Limited (the "Company"),
which comprise the Balance Sheet as at 31st March,
2025, the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Cash Flows
and the Statement of Changes in Equity for the year
then ended, and notes to the financial statements
including a summary of the significant accounting
policies and other explanatory information (hereinafter
referred to as the "financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
financial statements give the information required by
the Companies Act, 2013 (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 31st March, 2025, its profit including other
comprehensive income, its cash flow and changes in
equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in
accordance with the Standards on Auditing (SAs)
specified under Section 143(10) of the Act. Our
responsibilities under those SAs are further described

in the Auditor's Responsibilities for the Audit of the
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 ("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 made thereunder, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements and the ICAI's Code of ethics. We
believethat the audit evidence obtained by us is
sufficient and appropriate to provide a basis for our
audit opinion on the financial statements.

Emphasis of Matter

We draw attention to note 52 of the financial state¬
ments which states that "The balances confirmations of
trade receivables, trade payables, advances given, and
other financial and non-financial assets and liabilities
are received in most of the cases. In a few cases, such
balances confirmations are subject to reconciliation.
Adjustments, if any, will be accounted for on
reconciliation of the same, which in the opinion of the
management will not have a material impact"

Our opinion is not qualified in respect of the matters as
stated in the Emphasis of Matter paragraph.

Key Audit Matter

Key audit matters are those matters that, in our
professional judgement, were of most significance in
our audit of the financial statements of the current
period. These matters were addressed in the context of
our audit of the financial statements as a whole, and in
forming our opinion thereon, we do not provide a
separate opinion on these matters.

We have determined the matter described below to be
the key audit matters to be communicated in our
report.

Information other than the Financial Statements and
Auditor's Report Thereon

The Company's Board of Directors are 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 state¬
ments, our responsibility is to read the other
information and, in doing so, consider whether the
other information is materially inconsistent with the
financial statements or our knowledge obtained in the
audit 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 a material misstatement of this other
information, we are required to report that fact. We
have nothing to report in this regard.

Responsibilities of Management and Those Charged
with Governanceforthe Financial Statements

The Company's Board of Directors is responsible for the

matters stated in section 134(5) of the Act with respect
to the preparation of these financial statements that
give a true and fair view of the financial position and
financial performance, changes in equity and cash
flows of the Company in accordance with the
accounting principles generally accepted in India,
including the Indian Accounting Standards specified in
the Companies (Indian Accounting Standards) Rules,
2015 (as amended) under Section 133 of the Act.

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 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, the 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 the Board of
Directors either intends to liquidate the Company or to
cease operations, or has no realistic alternative but to
do so.

Those Board of Directors are also responsible for
overseeing the company's financial reporting process.

Auditor's Responsibilities for the Audit of the 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 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 judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material misstate¬
ment 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 financial
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.

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 financial
statements of the current period and are therefore the
key audit matters. We describe these matters in our
auditors' 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 197(16) of the Act, based on
our audit and to the best of our information and
according to explanations given to us, we report that
the Company has paid remuneration to its Directors
during the year in accordance with the provisions of and
limits laid down under Section 197 read with Schedule V
to the Act.

2. ) As required by the Companies (Auditor's Report)
Order, 2020 ('the Order') issued by the Central
Government of India in terms of sub-section (11) of
Section 143 of the Act, we give in the "Annexure A" a
statement on the matters specified in paragraphs 3 and
4 of the Order, to the extent applicable.

3. ) As required by Section 143(3) of the Act, 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
except for the matters stated in the paragraph
3(h)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

(c) The Balance Sheet, the Statement of Profit and Loss
including other comprehensive income, the cash
flow statement and the statement of changes in
equity dealt with by this report are in agreement
with the relevant books of account.

(d) In our opinion, the aforesaid Financial Statements
comply with the Ind AS specified under Section 133
of the Act read with Companies (Indian Accounting
Standards) Rules, 2015, as amended.

(e) On the basis of the written representations received
from the directors as on 31st March, 2025 taken on
record by the Board of Directors, none of the
directors is disqualified as on 31st March, 2025 from
being appointed as a director in terms of Section 164
(2) of the Act.

(f) With respect to the maintenance of accounts and

other matters connected therewith, reference is
made to our remarks in paragraph 3(b) above on
reporting under Section 143(3)(b) and paragraph
3(h)(vi) below on reporting under Rule 11(g) of the
Companies (Audit and Auditors) Rules, 2014 (as
amended).

(g) 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
B". Our report expresses an unmodified opinion on
the adequacy and operating effectiveness of the
Company's internal financial controls over financial
reporting.

(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 financial
statements as at 31st March 2025 - Refer note 43 to
the financial statements.

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

iii) There has been no delay in transferring amounts,
required to be transferred to the Investor Education and
Protection Fund by the Company during the year ended
31st March 2025.

iv) (a) The management has represented that, to the
best of its knowledge and belief, as disclosed in note
56(d) to the financial statements, 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 ("Intermedia-ries"), with the under¬
standing, whether recorded in writing or otherwise,
that the Intermediary shall, whether, 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, as disclosed in note 56(e) to
the financial statements, 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, whether, 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 such audit procedures that have been
considered reasonable and appropriate in the
circumstances, nothing has come to their notice that
has caused them to believe that the representations
under sub-clause (a) and (b) above contain any material
misstatement.

v) . The interim dividends declared and paid by the
Company during the year and until the date of this
report is in compliance with section 123 of the Act.

As stated in note 45 to the Financial Statements, the
Board of Directors of the Company has proposed final
dividend for the year which is subject to the approval of
the members at the ensuing Annual General Meeting.
Such dividend proposed is in accordance with section
123 of the Act, as applicable.

vi) . Based on our examination which included test

checks, the Company has used accounting software
systems for maintaining its books of account for the
financial year ended March 31, 2025 which have the
feature of recording audit trail (edit log) facility and the
same has operated throughout the year for all relevant
transactions recorded in the software systems except
that, audit trail feature is not enabled for direct changes
to data when using certain access rights. Further, during
the year no instance of audit trail feature being tamper¬
ed with was noted in respect of accounting software.
The audit trail has been preserved by the Company as
per the statutory requirements for record retention.
(Refer note 54 to the financial statements).

For N. Kumar Chhabra and Co.

Chartered Accountants
ICAI Firm Registration Number 000837N

CA. Ashish Chhabra

FCA, Partner
Membership Number 507083UDIN:
25507083BMKNHN2514

Place: Chandigarh
Date: May 24, 2025