Athena Constructions Ltd Auditor Reports

To the Members of M/s. Athena Constructions Limited
Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of M/s. Athena Constructions
Limited (hereinafter referred to as "the Company"), which comprises the Balance Sheet as at
March 31, 2026. the Statement of Profit and Loss, and Statement of Cash Flows for the year then
ended, and notes to the standalone financial statements, including a summary of significant
accounting policies and other explanatory information.

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 Act in the manner
sorequired and give a true and fair view in conformity with the accounting principles generally
accepted in India, of the state of affairs of the Company as at March 31, 2026, its loss and its cash
flows for the year then ended.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under
section 143(10) of the Companies Act, 2013. 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 standalone financial statements under the provisions of the
Companies Act, 2013 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 we have obtained is sufficient and appropriate to provide a basis for our opinion on
the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the standalone 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, and we do not provide a separate opinion on these matters.

Information other than the Standalone Financial Statements and Auditors Report thereon

The Companys Board of Directors is responsible for the other information. The other information
comprises the information included in the Boards report but does not include the financial
statements and our auditors report thereon.

Our opinion on the standalone 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 standalone financial statements, 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 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 to those charged with governance and take
necessary actions, as applicable under the relevant laws and regulations. We have nothing to report
in this regard.

Responsibility of Management and those charged with Governance for the Standalone
Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the
Companies Act, 2013 ("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 and cash
flows of the Company in accordance with the accounting principles generally accepted in India,
including the accounting Standards specified 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 implementation and maintenance of
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 statement that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the
Companys 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.

The Board of Directors are also responsible for overseeing the companys financial reporting
process.

Auditors Responsibility for the Audit of the Financial Statements

Our objectives arc to obtain reasonable assurance about whether the standalone financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditors 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 delect 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 standalone 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 misstatement of the standalone 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
Companies Act, 2013, 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 managements 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 Companys ability to
continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditors report to the related disclosures in the standalone
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 auditors 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 standalone 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 standalone 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 financial sf^fe?rtt?:Or^he 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 oil Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 ("the Order"), issued by the Central

Government of India in terms of sub-section (11) of section 143 of the Companies Act, 2013, we

give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order,

to the extent applicable.

2. 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.

c. The Balance Sheet, the Statement of Profit and Loss, and the Statement of Cash Flows 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 Accounting
Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014.

e. On the basis of the written representations received from the directors as on 31st March, 2026
taken on record by the Board of Directors, none of the directors is disqualified as on 31st March,
2026 from being appointed as a director in terms of Section 164 (2) of the Act.

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 B".

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

i. The Company does not have any pending litigations which would impact its
financial position; as such the question of commenting on disclosing impact of any
such litigation in its Standalone Financial Statements does not arise;

ii. The Company did not have any long-term contracts including derivative

contracts; as such the question of commenting on any material foreseeable
losses thereon does not arise.

iii. There was no amount due to be transferred to the Investor Education and

Protection Fund by the Company during the year ended March 31,2026.

iv. a) The management has represented that, to the best of its knowledge and belief,

other than as disclosed in the notes to the accounts, 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,
other than as disclosed in the notes to the accounts, no funds have been received
by the company from any pcrson(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; and

c) Based on audit procedures which we 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) contain any material mis-
statement.

v. The company has not declared or paid any dividend during the year.

vi. Based on our examination which included test checks, the company has used 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. Further, during the course of our audit we did not
come across any instance of audit trail feature being tampered with and the audit trail has
been preserved by the Company as per the statutory requirements for record retention.

h. With respect to the other matters to be included in the Auditors 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 during the year is in accordance with the provisions of section 197 of
the Act.

For JMT & ASSOCIATES
Chartered Accountants
(FRN No. 104164W)

Arun S Jain
Partner

Membership No. 043161
UDIN: 26043161IZOMPS4793

Place: Mumbai
Date: May 28, 2026

Annexure B to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements section of
our report to the Members of Athena Construction Limited ("the Company") of even date.

(i)a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment.

(B) The Company does not have any intangible asset. Therefore, the provisions of
Clause (i)(a)(B) of paragraph 3 of the Order are not applicable to the Company.

b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, Company has a regular program of physical
verification of its Property, Plant and Equipment by which all Property. Plant and
Equipment are verified in a phased manner. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and the nature of its
assets. In accordance with this program, certain fixed assets were verified during the year
and no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company does not own any immovable
property to be shown as its Property. Plant and Equipment, the question of holding title
the title deeds of immovable properties does not arise.

d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not revalued its Property,
plant and equipment or Intangible assets or both during the year.

e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The inventory of the Company consists of under developed real estate projects. The

inventory is physically verified by the management during the year. In our opinion, the
frequency of such verification is reasonable and procedures and coverage as followed
by the management were appropriate, no material discrepancies were noticed on
physical verification.

(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company, during any point of time of
the year, has not been sanctioned working capital limits in excess of five crore rupees,
in aggregate, from banks or financial institutes on the basis of security of current assets.

Therefore, the provisions of Clause (ii)(b) of paragraph 3 of the Order are not applicable
to the Company.

(iii) As per the information and explanations given to us and records produced to us for our
verification, during the year, the Company has not made any investments in, provided any
guarantee or security or granted any loans or advances in the nature of loans, secured or
unsecured, to companies, firms, Limited Liability Partnerships or any other parties.
Therefore, the provisions of clause 3(iii) of the said Order are not applicable to the
Company.

(iv) In our opinion and according to the information and explanations given to us the
Company has complied with the provisions of sections 185 and 186 of the Act, with
respect to the loans, investments and guarantees made.

(v) The Company has not accepted any deposits from the public within the meaning of the
directives issued by the Reserve Bank of India and the provisions of sections 73 to 76
or any other relevant provisions of the Companies Act and the rules framed there
under.

(vi) The maintenance of cost records under sub-section (1) of section 148 of the Companies
Act, 2013 is not applicable to the Company.

(vii) (a) In our opinion and according to the information and explanations given to us, the
Company is generally regular in depositing undisputed statutory dues including
Employees State Insurance, Provident Fund, Professional Tax, Income Tax, Goods And
Service Tax, Customs Duty. Cess and other statutory dues with appropriate authorities to
the extent applicable to it.

According to the information and explanation given to us, there are no undisputed
amounts payable in respect of Provident Fund, Employees State Insurance, Income Tax,
Goods and Service Taxes, Wealth Tax Customs Duty, Cess and other material statutory
dues were in arrears as at 31 March, 2023 for a period of more than six months from the
date they become payable.

(b)According to the information and explanations given to us and based on the audit
procedures conducted by us, there are no material dues of any statutory payment except
income tax due of Rs. 1563.94 lakhs in respect of the financial year 2011-12 which have
not been deposited with the appropriate authorities and has been disputed by the
. Company and the Company has filed the appeal against the same before the
Commissioner Of Income Tax (Appeal-16), Mumbai.

(viii) In our opinion and according to the information and explanations given to us, there is no
any transaction not recorded in the books of account have been surrendered or disclosed
as income during thfe year in the tax assessments under the Income Tax Act, 1961.

(ix) (a) In our opinion and according to the information and explanations giy^^^A^slhe

Company has not defaulted in repayment of any loan or other borrowings or any interest
due thereon to any lender.

(b) In our opinion and according to the information and explanations given to us, the

Company has not been a declared willful defaulter by any bank or financial institution or
other lender. *

(c) In our opinion and according to the information and explanations given to us, the loans
were applied for the purpose for which the loans were obtained.

(d) In our opinion and according to the information and explanations given to us, there are no
funds raised on short term basis which have been utilised for long term purposes.

(e) ln our opinion and according to the information and explanations given to us, the
Company has not taken any funds from any entity or person on account of or to meet the
obligations of its subsidiaries, associates or joint ventures.

(f) In our opinion and according to the information and explanations given to us, the
Company has not raised loans during the year on the pledge of securities held in its
subsidiaries, joint ventures or associate companies.

(x) (a) The Company has not raised money by way of initial public offer or further public
offer (including debt instruments). Therefore, the provisions of Clause (x)(a) of paragraph
3 of the Order are not applicable to the Company.

(b) In our opinion and according to the information and explanations given to us, the
Company has not made preferential allotment or private placement of shares during the
year. Therefore, the provisions of Clause (x)(b) of paragraph 3 of the Order are not
applicable to the Company.

(xi) (a) We have not noticed any case of fraud by the Company or any fraud on the Company
by its officers or employees during the year. The management has also not reported any
case of fraud during the year.

(b) During the year no report under sub-section (12) of section 143 of the Companies Act
has been filed by the auditors in Form ADT-4 as prescribed under rule 13 of Companies
(Audit and Auditors) Rules, 2014 with the Central Government. .

(c) As auditor, we did not receive any whistle- blower complaint during the year.

(xii) The Company is not a Nidhi Company. Therefore the provisions of clause 3(xii) of the
Order are not applicable to the Company.

(xiii) As per the information and explanations received to us all transactions with the related
parties are in compliance with sections 177 and 188 of Companies Act where applicable,
and the details have been disclosed in the financial statements, etc., as required by the
applicable accounting standards. Identification of related parties were made^iod provided

by the management of the Company.

(xiv) The Company is not covered by section 138 of the Companies Act, 2013, related to
appointment of internal auditor of the Company. Therefore, the Company is not required to
appoint any internal auditor. Therefore, the provisions of Clause (xiv) of paragraph 3 of
the Order are not applicable to the Company.

(xv) The Company has not entered into any non-cash transactions with directors or persons
connected with him for the year under review. Therefore, the provisions of Clause (xv) of
paragraph 3 of the Order are not applicable to the Company.

(xvi) (a) The Company is not required to be registered under section 45-IA of the Reserve Bank
of India Act, 1934.

(b) The Company has not conducted any Non-Banking Financial or Housing Finance
activities during the year.

(c) The Company is not a Core Investment Company (CIC) as defined in the regulations
made by the Reserve Bank of India.

(d) As per the information and explanations received, the group does not have any CIC as
part of the group.

(xvii) The Company incurred cash loss of Rs. 15.28 lakhs in current financial year. However, it
did not incur any cash loss in immediately preceding financial year.

(xviii) There has been no resignation of previous statutory auditors during the year.

(xix) On the basis of the financial ratios, ageing and expected dates of realisation of financial
assets and payment of financial liabilities, other information accompanying the financial
statements, the auditors knowledge of the Board of Directors and management plans, we
are of the opinion that no material uncertainty exists as on the date of the audit report that
Company is capable of meeting its liabilities existing at the date of balance sheet as and
when they fall due within a period of one year from the balance sheet date. We, however,
state that this is not an assurance as to the future viability of the Company. We further state
that our reporting is based on the facts up to the date of the audit report and we neither give
any guarantee nor any assurance that all liabilities falling due within a period of one year
from the balance sheet date, will get discharged by the Company as and when they fall due

(xx) There is no liability of the Company under the provisions of section 135 of the Companies
Act, relating to Corporate Social Responsibility. Therefore, the provisions of Clause (xx)
of paragraph 3 of the Order are not applicable to the Company.

For JMT & ASSOCIATES
Chartered Accountants
(FRN No. 104164W)

Arun S Jain
Partner

Membership No. 043161
UDIN: 26043161IZOMrS4793

Place: Mumbai
Date: May 28, 2026

Annexure B to the Independent Auditors Report

(Referred to in paragraph 1 under Report on Other Legal and.Regulatory Requirements section of
our report to the Members of Athena Construction Limited ("the Company") of even date.

(i) a) (A) The Company has maintained proper records showing full particulars, including
quantitative details and situation of Property, Plant and Equipment.

(B) The Company does not have any intangible asset. Therefore, the provisions of
Clause (i)(a)(B) of paragraph 3 of the Order are not applicable to the Company.

b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, Company has a regular program of physical
verification of its Property, Plant and Equipment by which all Property, Plant and
Equipment are verified in a phased manner. In our opinion, this periodicity of physical
verification is reasonable having regard to the size of the Company and the nature of its
assets. In accordance with this program, certain fixed assets were verified during the year
and no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company does not own any immovable
property to be shown as its Property. Plant and Equipment, the question of holding title
the title deeds of immovable properties does not arise.

d) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company has not revalued its Property,
plant and equipment or Intangible assets or both during the year.

e) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, there are no proceedings initiated or pending
against the Company for holding any benami property under the Prohibition of Benami
Property Transactions Act, 1988 and rules made thereunder.

(ii) (a) The inventory of the Company consists of under developed real estate projects. The

inventory is physically verified by the management during the year. In our opinion, the
frequency of such verification is reasonable and procedures and coverage as followed
by the management were appropriate, no material discrepancies were noticed on
physical verification.

(b) According to the information and explanations given to us and on the basis of our
examination of the records of the Company, the Company, during any point of time of
the year, has not been sanctioned working capital limits in excess of five crore rupees,
in aggregate, from banks or financial institutes on the basis of security of current assets.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management override of controls, material
misstatements due to error or fraud may occur and not be detected. Also, projections of any
evaluation of the internal financial controls over financial reporting to future periods are
subject to the risk that the internal financial control over financial reporting may become
inadequate because of changes in conditions, or that the degree of compliance with the policies
or procedures may deteriorate.

For JMT & ASSOCIATES
Chartered Accountants
(FRN No. I04164W)

Arun S Jain
Partner

Membership No. 043161
UDIN: 26043161IZOMPS4793

Place: Muinbai
Date: May 28,2026