SEYA INDUSTRIES LIMITED

Registered Office: T-14, Tarapur Industrial Area, MIDC, Boisar, Palghar 401506
CIN: L99999MH1990PLC058499 Website: www.seya.in

My Dear Shareholders,

Seya Industries Ltd [BSE Script Code: 524324, ISIN: INE573R01012] (formerly known as Sriman Organic Chemical Industries Limited)
is an emerging leader in Specialty Chemicals and manufactures products having wide spectrum of applications in Pharmaceuticals (like
Paracetamol, floxacins, etc), Personal & Health Care Products (like Hair dyes, Protein & Health Supplements), Printing Inks & Paints (used
in Laser/Ink jet Printers, for Road markings, etc), Agrochemicals (like DDT, etc) Insecticides/Pesticides (like Quinalphos, etc), Rubber
chemicals (for Leather protection), Textile dyes (Dye of Cotton & Denim fabrics), Thermic luids (used as heating medium), etc.

With a clear defined vision to emerge as a Global producer for Speciality Chemicals, Seyas strength lies in its in-depth product expertise,
ability to adapt to new markets, provide superior Quality Products at Competitive Prices with Timely Delivery to the Satisfaction of the
Customer that will make customers want to keep doing business with us. By fostering a culture that emphasizes ethical business
behavior, strong corporate governance, community involvement and safety in all that we do, we strive each and every day to earn the
trust of our customers, investors, employees, suppliers and neighbors.

Over the years, your company has been investing in upgradation and capacity addition to enter into value added products, which has
resulted in the improvement of performance of the company. In last 5 years your company has witnessed 870% growth with Sales
crossing over Rs 280 crores. Similarly, Net Profit has grown to Rs 27 crores from Rs 0.8 crores in the financial year 2011-12. Shareholders
of the company were rewarded with dividend of Rs.1/ share (10% of face value) for FY 2016. For the 9MFY17 the revenue grew by 13.5%
YoY to Rs.228 crores with a robust EBITDA growth of 43% YoY to Rs.49 crores and EBITDA margins grew by 440 bps to 21.6%. The Profit
After Tax grew by 31% YoY to Rs.25 crores. We are enclosing quarterly results as on December 31, 2016. For Further details about the
company and past financials you may visit our website www.seya.in

We have embarked on an exciting journey with forward and backward Integration to become a fully Integrated player in the field of
Speciality Chemicals. This will help us cater to new growth markets and penetrate deeper into our current markets. Your company fueled
the growth with internal accruals, promoter contribution & partly by raising debt. We are thankful to our lenders/bankers, who have
always supported us in our growth journey.

We are happy to inform that the past performance and future potential of your company has also generated interest of various investors
and your Company was considered among the Top Six Stock-picks by Mutual Fund Houses and Reliance Nippon Life Asset Management
Limited has picked up 9.83% stake in the company through its Reliance Small Cap Fund.

The Companys shares resumed trading on BSE from 16th November 2015 and Company share price in BSE recorded more than
centurion growth on reinstatement of trading during 2015-16. Again during 2016-17 your Company share price has witnessed more
than double centurion.
Our recent tie-up with NSDL would aid our current and future shareholders. In-view thereof, we would hereby take this opportunity to
appeal to all shareholders to convert all the physical shares that you hold to dematerialized form.

For any further details or assistance in conversion of Physical Shares to Demat form, you may please feel free to contact our Registrar and
Share Transfer Agent at: Universal Capital Securities Pvt. Ltd, Unit: Seya Industries Ltd, 21, Shakil Niwas, Opp. Satya Saibaba Temple,
Mahakali Caves Road, Andheri (East), Mumbai 400093. 022-2820720305 : 022-28207207 :info@unisec.in

Chairman & Managing Director

ASHOK RAJANI

March 23, 2017

Mumbai
 SEYA INDUSTRIES LIMITED
Regd. Office : T-14, MIDC, Tarapur, Boisar, Dist. Palghar - 401506
: info@seya.in, : www.seya.in CIN: L99999MH1990PLC058499

STATEMENT OF STAND-ALONE RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER 31, 2016 (Rs in Lakhs)
(Limited Review) (Audited)
Sr.
No.
PARTICULARS
31-Dec-16
Quarter Ended
30-Sep-16 31-Dec-15
Nine Months Ended
31-Dec-16 31-Dec-15
Year Ended
31-Mar-16
Emerging Leader in Speciality Chemicals
1 Income from Operations
(a) Net Sales/Income from Operations (Net of Excise Duty) 7,794.33 7,611.33 7,159.94 22,846.83 20,121.14 27,528.04
REVENUE EBIDTA PBT PAT Net-Worth
(b) Other Operating Income - - - - - -
Total Income from Operations (net) 7,794.33 7,611.33 7,159.94 22,846.83 20,121.14 27,528.04 13.55% `22,847 43.04% ` 4,939
74.87% ` 2,938 30.79% ` 2,506
84.12% ` 43,371
2 Expenses Lakhs Lakhs Lakhs Lakhs Lakhs
(a) Cost of Materials consumed & Stock in Trade 5,660.73 5,668.20 4,949.77 16,940.43 14,670.62 20,330.55
(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade 139.61 (5.78) 674.82 189.03 1,204.15 1,353.48
(c) Employee benefit expense 71.83 65.41 55.56 200.99 157.07 214.18
(d) Depreciation and amortisation expense 359.86 348.31 275.77 1,033.44 822.51 1,093.21 SEGMENT-WISE REVENUE AND RESULTS
(e) Other expenses 185.75 235.53 213.70 577.18 636.38 804.33 (Rs in Lakhs)
Total Expenses 6,417.78 6,311.67 6,169.63 18,941.07 17,490.73 23,795.76 (Limited Review) Audited
Sr.
3 Profit from Operations before Other Income, Finance Costs and Exceptional Items (1-2) 1,376.55 1,299.67 990.31 3,905.75 2,630.42 3,732.28 PARTICULARS Quarter Ended Nine Months Ended Year Ended
No.
4 Other Income 21.79 13.60 1.92 40.11 26.37 183.75 31-Dec-16 30-Sep-16 31-Dec-15 31-Dec-16 31-Dec-15 31-Mar-16
5 Profit from ordinary activities before finance costs and exceptional Items (3+4) 1,398.34 1,313.26 992.23 3,945.86 2,656.79 3,916.04 1 Segment Revenue:
6 Finance Costs 401.94 322.20 312.56 1,007.40 976.41 1,271.94 (a) Inorganic Intermediates 6.31 8.53 1.81 25.08 2.82 8.52
7 Profit from ordinary activities after finance costs but before exceptional Items (5+6) 996.39 991.06 679.67 2,938.46 1,680.39 2,644.10 (b) Organic Intermediates - 4.40 178.76 4.40 760.86 918.28
8 Exceptional items - - - - - - (c) Fine & Speciality Chemical Intermediates 7,771.14 7,570.96 6,907.87 22,675.23 19,034.64 26,177.73
9 Profit from Ordinary Activities before tax (7+8) 996.39 991.06 679.67 2,938.46 1,680.39 2,644.10 (d) Pharmaceutical Intermediates 16.75 18.47 70.68 130.89 317.63 362.95
10 Tax Expense 61.11 156.31 (17.89) 432.60 (235.49) (34.23) (e) Agrochemicals Intermediates 0.13 8.97 0.82 11.22 5.19 60.57
- Current Tax 203.15 202.07 145.05 608.18 355.21 563.92 Total Net Sales / Income from Operations 7,794.33 7,611.33 7,159.94 22,846.83 20,121.14 27,528.04
- Mat Credit Entitlement (203.15) (122.73) (134.71) (480.80) (230.36) (564.30) 2 Segment Results before Tax & Interest:
- Deferred Tax 61.11 76.98 (28.23) 305.22 (360.34) (33.86) (a) Inorganic Intermediates 1.61 2.18 0.39 6.28 0.60 1.81
11 Net Profit from Ordinary Activities after tax (9+10) 935.29 834.75 697.56 2,505.85 1,915.86 2,678.33 (b) Organic Intermediates - 1.13 38.33 1.10 160.57 194.94
12 Extraordinary Items (net of tax expense) - - - - - - (c) Fine & Speciality Chemical Intermediates 1,988.06 1,938.57 1,481.29 5,674.42 4,017.07 5,557.34
13 Net Profit for the period (11+12) 935.29 834.75 697.56 2,505.85 1,915.86 2,678.33 (d) Pharmaceutical Intermediates 4.29 4.73 15.16 32.75 67.03 77.05
14 Paid-up equity share capital 2,035.00 1,100.00 1,100.00 2,035.00 1,100.00 1,100.00 (e) Agrochemicals Intermediates 0.03 2.30 0.18 2.81 1.10 12.86
Face Value of Share 10.00 10.00 10.00 10.00 10.00 10.00 Total 1,993.99 1,948.91 1,535.34 5,717.36 4,246.37 5,844.00
15 Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year 26,209.96 9,379.67 7,330.27 26,209.96 7,330.27 7,809.10 Less: (i) Interest 401.94 322.20 312.56 1,007.40 976.41 1,271.94
16 Earnings Per Share (EPS) before and after Extraordinary Items (ii) Other un-allocable expenditure 595.65 635.65 543.11 1,771.51 1,589.59 1,927.96
(a) Basic 4.60 7.59 6.34 12.31 17.42 24.35 (Net of un-allocable Income)
(b) Diluted 3.80 7.59 6.34 10.19 17.42 24.35 Total Profit Before Tax 996.39 991.06 679.67 2,938.45 1,680.39 2,644.10
17 Net-worth 43,371.13 25,605.84 23,556.44 43,371.13 23,556.44 24,035.27 3 Capital Employed
18 Debt Service Coverage Ratio 2.96 3.09 2.66 2.99 2.49 2.38 (a) Current Manufacturing Operations 28,716.36 28,208.35 20,311.12 28,716.36 20,311.12 25,273.94
19 Interest Service Covergae Ratio 4.22 4.67 4.11 4.51 3.80 3.97 (b) Working in Progress (Future Expansion) 21,139.87 21,139.87 21,139.87 21,139.87 21,139.87 21,212.33
20 Debt/Equity 0.23 0.41 0.40 0.23 0.40 0.40 Total Capital Employed 49,856.23 49,348.22 41,450.99 49,856.23 41,450.99 46,486.28

Notes:
1. The statement of un-audited financial results for the Quarter and Nine Months ending on 31 st December 2016 has been prepared following the same accounting policies as were followed in the financial statements for the previous Quarter and Nine months ended in confirmity with accounting Standard -
10 (AS-10).
2. The above stand alone financial results were reviewed by the Audit Committee & Statutory Auditors of the Company and thereafter approved and taken on record by the Board of Directors at their meeting held on February 14, 2017. The Statutory Auditors of the Company have carried out limited
review of the above standalone results pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirement) Regulation, 2015
3. For better understanding of Compny's business, the Company has classified its business segments based on the respective end use of its products which does not have any financial impact and for which necessary Segment-wise statement has been shown as per Accounting Standard - 17 (AS - 17)

4. The Fixed Assets used in the Company's business or liabilites contracted cannot be classified as per reportable segments, as the Fixed Assets and Services are used interchangeably between segments hence it is not practically possible to provide segment-wise disclosures relating to Capital employed

5. During the period under review the Company had issue and alloted 93,50,000 Equity Shares and 42,50,000 Warrants on Preferential Basis to Promoter as well as Non Promoter, hence there is a reduction in EPS
6. Formulas for computation of ratios are as follows:
1. Debt Service Coverage Ratio = (Earnings before Interest & Tax)/(Interest Expense + Principal Repayment made during the period for Loang Term Loans;
2. Interest Service Coverage Ratio = Earnings before Interest & Tax)/Interest Expense;
3. Debt / Equity ratio = Total Debt / Total Equity
7. Prior period/year figures have been regrouped/rearranged wherever necessary to make it comparable with current period figures.
By Order of the Board
For and on behalf of
SEYA INDUSTRIES LTD.

Date: February 14, 2017 ASHOK G. RAJANI

Place: MUMBAI (Chairman & Managing Director)