We have audited the accompanying Standalone Financial
Statements of SEMAC CONSTRUCTION LIMITED ('the Company'),
which comprises the Balance Sheet as at March 31, 2025, the
Statement of Profit and Loss (including other Comprehensive
Income), the Statement of Changes in Equity and the Statement of
Cash Flows for the year then ended, and notes to the Standalone
Financial Statements, including a summary of the significant
accounting policies and other explanatory information (herein
after referred to as "Standalone 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 ("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 March 31, 2025, the loss and
total comprehensive income, changes in equity and its cash flows
for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on
Auditing specified under section 143(10) of the Act (SAs). 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 (ICAI) together
with the ethical requirements that are relevant to our audit of the
Standalone 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 Code of Ethics. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for
our opinion.

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 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 determined that there are no key audit matters to be
communicated in our report.

Information Other than the Standalone Financial Statements
and Auditor's Report thereon

The Company's Board of Directors is responsible for the other
information. The other information comprises the information
included in the Director's Report including annexures to Director's
Report, but does not include the Standalone Financial Statements
and our auditor's report thereon.

The Director's Report including annexures to Director's Report is
expected to be made available to us after the date of issue of this
audit report.

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
identified above when it becomes available and, in doing so,
consider whether the other information is materially inconsistent
with the Standalone Financial Statements or our knowledge
obtained during the course of our audit or otherwise appears to
be materially misstated.

When we read the Director's Report including annexures
to Director's Report, if we conclude that there is a material
misstatement therein, we are required to communicate the
matter to those charged with governance.

Management's Responsibility for the Standalone 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 Standalone Financial Statements that give a true and fair
view of the financial position, financial performance including
other 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 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 Standalone Financial
Statements that give a true and fair view and are free from
material misstatements, whether due to fraud or error.

In preparing the Standalone 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.

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

Auditor's Responsibility for the Audit of the Revised
Standalone Financial Statements

Our objectives are 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 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
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 financial controls
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 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 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 Statements, including the disclosures,
and whether the Standalone 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 reasonable
knowledgeable user of the Standalone Financial Statements may
be influenced. We consider quantitative 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.

Report on Other Legal and Regulatory Requirements

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

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 purpose 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 standalone Balance Sheet, the Statement of
Profit and Loss, the Statement of Cash Flows and the
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 read with relevant rules issued
thereunder;

e. On the basis of written representations received from
the directors as on March 31, 2025, and taken on record
by the Board of Directors, none of the directors is
disqualified as on March 31, 2025, 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" to this report;

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:

As per the information and explanation given to us and
on the basis of our examination of the records, the
managerial remuneration had been paid or provided
as specified by the provisions of section 197 read with
Schedule V.

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 pending litigation
which may impact its financial position. Refer Note
28 to the Standalone Financial Statements;

ii) There has been no material foreseeable losses on
long term contracts including derivative contracts,
therefore the Company has not made any provision
as required under the applicable law or Indian
Accounting Standards;

iii) There were no amounts which were required to be
transferred to the Investor Education and Protection
Fund by the Company;

iv) a) On the basis of the representation from the
management 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, 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) On the basis of the representation from the
management 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 the audit procedures that have been
considered reasonable and appropriate in the

Place: New Delhi

Date: 27 May 2025

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 or paid any dividend
during the year.

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 from 29-May-2024 (except for one unit

i.e., operated through out the year) for all relevant
transactions recorded in the software. However, the
system is so integrated which could not be altered
hence cannot be reviewed at Database Management
System (DBMS) level when using certain access
rights. Further, during the course of our audit we did
not come across any instance of audit trail feature
being tampered with. The Company has preserved
the audit trail as per the statutory requirements for
record retention from 29-May-2024 (except for one
unit i.e., operated through out the year).

For S S KOTHARI MEHTA & CO LLP

Chartered Accountants
Firm Registration No. 000756N / N500441

Vivek Raut

Partner

Membership No. 097489
UDIN: 25097489BNUITH2784