Univastu India Ltd Auditor Reports

To

The Members of

Univastu India Limited

Report on the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying Standalone Ind AS financial statements of Univastu India Limited ("the Company"), which comprise the Balance Sheet as at 31st March, 2026 and the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and notes to financial statements, including a summary of the 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 Ind AS financial statements give the information required by the Act in the manner so required 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 31st March, 2026, and its Profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with standards on auditing (SAs) specified under section 143(10) of the Companies Act, 2013. Our responsibilities under those Standards are further described in Auditors 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 together with ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the rules there "under" and we have fulfilled our other ethical responsibilities in accordance with these requirements and 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 Ind AS Financial Statements of the current financial year. These matters were addressed in the context of our audit of the Standalone Ind AS 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 the matters described below to be the key audit matters to be communicated in our report.

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

Sr. No. Key Audit Matter

1. Estimation of contract cost and revenue recognition – Construction Contract Revenue.

The recognition of revenue on contracts with customers involves the application of significant accounting judgements, particularly in respect of the estimation of costs to complete such contracts. The Company recognises revenue based on the stage of completion, determined by the proportion of contract costs incurred as at the balance sheet date in relation to the total estimated costs anticipated at contract completion.

Accordingly, the quantum of revenue recognised is inherently dependent upon managements estimates of the total expected costs for each individual contract. Considerable judgement is exercised in identifying and measuring expected contract losses, which are recognised when it becomes probable, based on revised cost projections, that total contract costs will exceed total contract revenue.

Cost contingencies are incorporated into these estimates to appropriately reflect specific risks, uncertainties, and any disputed claims arising in connection with individual contracts. Such contingencies are subject to regular review by Management throughout the duration of each contract and are revised as and when circumstances warrant.

Revenue on contracts may further include variable consideration, comprising contract variations and claims. Such variable consideration is recognised only when the probability of recovery of the amounts involved is assessed to be highly probable, in accordance with the applicable Indian accounting standards.

Sr. No. Key Audit Matter

Auditors Response

Audit Procedures - Revenue Recognition on Contracts with Customers

Our audit procedures in respect of the (1) identification of distinct performance obligations, (2) evaluation of the process for estimation of costs to complete, (3) assessment of the implications of change orders on cost estimates and revenue recognition, and (4) evaluation of variable consideration, included, amongst others, the following:

Testing of Internal Controls

We evaluated and tested the effectiveness of the Companys internal controls relating to:

? The identification and evaluation of performance obligations, including the determination of those that are distinct in nature;

? The estimation of costs to complete each performance obligation, including the incorporation of relevant contingencies as work progresses, and the consequential impact of change orders thereon;

? The evaluation of the effect of variable consideration on the transaction price.

Assessment of Accounting Policies

We assessed the appropriateness of the Companys revenue recognition accounting policies and their compliance with the requirements of Ind AS 115 "Revenue from Contracts with Customers".

Sample Testing of Contracts

We selected a sample of contracts with customers and carried out the following procedures:

a. Percentage of Completion and Revenue Calculations

We obtained the percentage of completion workings, agreed key contractual terms with the executed contracts, tested the mathematical accuracy of the cost-to-complete calculations, and independently re-performed the computation of revenue recognised during the year on the basis of the percentage of completion method.

b. Costs Incurred to Date

For costs incurred up to the balance sheet date, we verified the relevant supporting documentation and performed cut-off procedures to ensure that costs have been recorded in the appropriate accounting period.

c. Reasonableness of Key Assumptions in Estimated Total Contract Costs

? We tested the forecast costs to complete by obtaining detailed breakdowns of forecasted costs and corroborating the individual elements thereof against executed purchase orders and agreements.

? We evaluated the reasonableness of Managements judgements and underlying assumptions by reference to historical trends and by analysing the movement in estimated total contract costs as compared to prior periods.

Presentation and Disclosure

We assessed the adequacy of the presentation of revenue from contracts with customers and the sufficiency of related disclosures in the standalone Ind AS financial statements, in accordance with the applicable financial reporting framework.

2. Recoverability of Contract Assets and Trade Receivables

The Company, in the ordinary course of its contractual arrangements with customers, undertakes to deliver distinct services, primarily in the nature of Engineering, Procurement, and Construction ("EPC") services executed through design-build contracts.

At each reporting date, revenue is accrued in respect of costs incurred against work performed that has not yet been invoiced to the customer.

The determination of whether the Companys performance has resulted in a service that is both billable and collectible particularly in circumstances where the work carried out has not been formally acknowledged by the customer as at the reporting date requires the exercise of significant judgement.

Such contract assets and trade receivables may arise from disputes relating to delays in project execution, additional costs incurred for which the customer bears contractual liability, or variations requested by the customer during the course of contract performance.

Furthermore, assessing the recoverability of contract assets, as well as amounts outstanding against invoices raised that have remained unsettled for a considerably extended period beyond the expiry of the contractual credit period, also necessitates the application of significant management judgement.

Given the complexity and subjectivity inherent in these assessments, the recoverability of contract assets and trade receivables has been identified as a key area of audit focus.

Sr. No. Key Audit Matter

Auditors Response

Audit Procedures - Recoverability of Contract Assets and Trade Receivables

Our audit procedures in respect of the (1) evaluation of evidence supporting the execution of work; (2) assessment of recoverability of amounts, including the impact on the expected credit loss allowance; included, amongst others, the following:

Testing of Internal Controls

We evaluated the design and tested the operating effectiveness of the relevant internal financial controls relating to:

? The gathering and evaluation of evidence supporting the execution of work performed by the Company;

? The assessment of recoverability of trade receivables and the certification of contract assets, including the determination of the appropriate expected credit loss allowance.

Sample Testing of Contract Assets and Trade Receivables

We selected a sample of contract assets along with their corresponding trade receivables and carried out the following procedures:

? Verification of Contractual Terms and Collection History: We examined the underlying contractual terms and reviewed

the historical collection patterns to assess the basis of recognition and the likelihood of recovery.

? Verification of Evidence Supporting Execution of Work: We obtained and verified documentary evidence supporting the execution of work in respect of which the contract assets had been recognised in the financial statements.

? Inquiry into Delays and Basis of Recoverability Assessment: We made detailed inquiries with Management regarding the reasons for delays in the recovery of outstanding invoices and examined the basis upon which the recoverability of the related contract assets had been assessed.

? Assessment of Expected Credit Loss Allowance: We evaluated the adequacy of the allowance recognised for expected credit losses in respect of the sampled contract assets and trade receivables.

3. Related Party Transactions

During the year ended 31st March, 2026, the Company has undertaken various transactions with its related parties in the ordinary course of business and on an arms length basis. These transactions include, amongst others, the following:

? Making new investments or additional investments in subsidiary companies;

? Extending loans and advances to related parties;

? Sales and purchases of goods and services to and from related parties.

The details of such transactions and the related balances are disclosed in Note 38.13 to the standalone Ind AS financial statements.

Given the materiality of the transactions and the level of judgement involved in ensuring their complete and accurate disclosure, this area has been identified as a key area of audit focus.

Auditors Response

Audit Procedures - Related Party Transactions

Our audit procedures in respect of the accuracy, completeness, and adequacy of disclosure of related party transactions included, amongst others, the following:

Review of Policies and Procedures: We obtained and reviewed the Companys documented policies, processes, and procedures relating to the identification of related parties, the obtaining of requisite approvals, and the recording and disclosure of related party transactions in the financial statements. This enabled us to assess the robustness of the framework established by the Company for managing and monitoring related party transactions.

Review of Minutes of Meetings: We read and examined the minutes of the shareholders meetings, Board of Directors meetings, and meetings of those charged with governance, with specific reference to the Companys assessment and approval of related party transactions as being undertaken in the ordinary course of business and on an arms length basis.

Testing of Underlying Documentation: We tested the related party transactions recorded during the year by corroborating them with the underlying contracts, confirmation letters, and other relevant supporting documents, to assess their authenticity, accuracy, and compliance with the applicable terms and conditions.

Verification of Disclosures: On a sample basis, we agreed the related party information disclosed in the Standalone Ind AS financial statements with the corresponding underlying supporting documents, to assess the completeness and accuracy of the disclosures made in the respective notes to the standalone Ind AS financial statements.

Information Other than the Standalone Ind AS Financial Statements and Auditors Report Thereon

The Companys Board of Directors is responsible for the preparation of the other information. The other information comprises the information included in the Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Corporate Governance Report and Shareholders Information Standalone Ind AS Financial Statements but does not include the Standalone Ind AS Financial Statements and our auditors report thereon.

Our opinion on the Standalone Ind AS Financial Statements does not cover the other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the Standalone Ind AS Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Ind AS 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. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Ind AS 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 Ind AS 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 accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act, read with relevant rules issued thereunder. 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; 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 Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing Standalone Ind AS 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 to do so.

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

Auditors Responsibilities for the Audit of Financial Statements

Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS 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 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 Ind AS 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 Ind AS 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 with reference to Financial Statements 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 the management.

? 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 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 de_ciencies in internal financial controls 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 identify those matters that were of such significance in the audit of the Standalone Ind AS financial statements for the year ended March 31, 2026, that they would be considered key audit matters. Accordingly, such matters have been described in our auditors report. Furthermore, there were no circumstances where disclosure was precluded by law or regulation, or where adverse consequences were expected to outweigh the public interest benefits of such communication.

Report on 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 Act, we give in the Annexure "A", a statement on matters specified in paragraphs 3 & 4 of the Order.

2. As required by Section 143 (3) of the Act, based on our audit we report, to the extent applicable 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 Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the aforesaid Standalone Ind AS financial statements. d) In our opinion, the aforesaid Standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act, read with relevant rules issued there under; 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". Our report expresses an unqualified opinion on the adequacy and operating effectiveness of the Companys internal financial controls over financial reporting. g) 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 provisions of section 197 of the Act are complied with. h) 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, as amended, in our opinion and to the best of our information and according to the explanations given to us:

1. The Company has disclosed the impact of pending litigations on its financial position in its Standalone Ind AS financial statements. Refer to Note No. 38.01 to the Standalone Ind AS financial statements.

2. The Company has made a provision, as required under applicable law or Indian accounting standards, for material foreseeable losses for Long-term contracts. The company does not have any derivative contracts.

3. The Company is not required to transfer any amount to the Investor Education and Protection Fund.

4. (i) The management has represented that, to the best of its knowledge and belief, 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 persons or entities, 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;

(ii) The management has represented, that, to the best of its knowledge and belief, no funds have been received by the company from any persons or entities, 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 (iii) Based on such audit procedures that we have 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) contain any material mis-statement.

5. No dividend has been declared or paid during the year under report by the Company.

6. Based on our examination which included test checks, performed by us, the Company has used an accounting software for maintaining their books of account for the financial year ended March 31, 2026 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 audit, we have not come across any instance of the audit trail feature being tampered with and the audit trail has been preserved by the Company as per the statutory requirements for record retention.

For D R B S V & Associates

Chartered Accountants

Firm Registration No. 122260W

CA. Shireesh N. Agte

(Partner)

Membership No. 044641

UDIN: 26044641OWWMHR4712

Place: Pune

Date: May 27, 2026

ANNEXURE "A" TO INDEPENDENT AUDITORS REPORT

To

The Members of Univastu India Limited

Referred to in Paragraph 1 under the heading of "Report on Other Legal and Regulatory Requirements" of our report of even date, we report that: i) a) A) The company is generally maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment.

B) The company has maintained proper records showing full particulars of intangible assets. b) According to the information and explanations given to us, the Company has undertaken regular program of physical verification of all its property, plant and equipment during the year under report at reasonable intervals. According to the information and explanations given to us, discrepancies observed, if any, on physical verification have been properly dealt with in the books of account. c) According to the information and explanations given to us, we report that, the title deeds, of all the immovable properties of land and buildings are held in the name of the Company as at the balance sheet date, except as detailed below. In respect of immovable properties of land and building that have been taken on lease as disclosed in the financial statements, the lease agreements are executed in the name of the Company.

Description of item of property	Gross carrying value	Title deeds held in the name of	Whether title deed holder is a promoter, director or relative of promoter/director or employee of promoter/director	Property held since which date	Reason for not being held in the name of the company
Lodha Belmondo, 405- Tower 10, Opposite Subrata Roy Sahara, Stadium Gahunje, Pune, M.H.	62,21,699.00	Unique Vastushilp And Projects Pvt. Ltd.	No	26.06.2014	The company was later converted into public limited company and the name of the company was changed thereon.

changed thereon. As informed to us, the company is in the process of transferring title deed of the immovable property in the name of the company. d) Since the company has not revalued its Property, Plant and Equipment (including Right of Use of assets) or intangible assets during the year, our comments on "whether the revaluation is based on the valuation by a Registered Valuer, the amount of change of 10% or more, in the aggregate of the net carrying value of each class of Property, Plant and Equipment or intangible assets" are not required. e) According to the information and explanations given to us, no proceedings have been initiated or are pending against the company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Therefore, our comments on "whether the company has appropriately disclosed the details for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder in its financial statements" are not required. ii) a) According to the information and explanations given to us, the Company does not have any inventory and hence our comments on"whether physical verification of inventory has been conducted at reasonable intervals by the management and the coverage and procedure of such verification by the management is appropriate and whether any discrepancies of 10% or more in the aggregate for each class of inventory were noticed and if so, whether they have been properly dealt with in the books of account" are not required. b) According to the information and explanations given to us, the company has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks on the basis of security of current assets, during the year under report. As explained to us, the quarterly returns or statements filed by the company with such banks are in agreement with the books of account of the Company.

However, according to the information and explanations given to us, the company has not been sanctioned working capital limits in excess of five crore rupees, in aggregate, from financial institutions on the basis of security of current assets, during the year under report. Therefore, our comments on "Whether the quarterly returns or statements filed by the company with such financial institutions are in agreement with the books of account of the Company" are not required.

iii) a) According to the information and explanations given to us, the company has not provided any guarantee or security or granted any advance in the nature of loans, secured or unsecured to firms during the year.

However, the company had given loans to subsidiary companies, associates company and other LLP during the year. Refer following tables for information required under this clause:

A. ( in Lakhs)

A.				( in Lakhs)
Particulars	Guarantees	Security	Loans	Advances in nature of loans
Aggregate amount granted/ (provided) during the year:
- Subsidiaries	-	-	38.34	-
- Joint Ventures	-	-	-	-
- Associates	-	-	1.06	-
Balance outstanding as at balance sheet date in respect
of above cases:
- Subsidiaries	-	-	38.29	-
- Joint Ventures	-	-	-	-
- Associates	-	-	204.89	-

Rs

B.
Particulars	Guarantees	Security	Loans	Advances in nature of loans
Aggregate amount granted/ (provided) during the year:
- Other LLP	-	-	8.86
Balance outstanding as at balance sheet date in respect
of above cases:
- Other LLP	-	-	8.86	-

b) In our opinion, the investments made, and the terms and conditions of grant of all loans during the year are not prejudicial to the companys interest. c) In respect of loans given by the company, the receipts towards repayment of principal and payment of interest are being made as per the terms as stipulated. d) There are no overdue amounts for more than ninety days in respect of loans given by company. Therefore, our comments on "Whether reasonable steps taken by company for recovery of principal and interest", are not required. e) On the basis of information and explanations given to us, any loan which has fallen due during the year, has not been renewed or extended or no fresh loan granted to settle the overdues of existing loans given to the same parties. f) Since the company has not granted any loans or advances in the nature of loans, either repayable on demand or without specifying any terms or period of repayment our comments on "whether the company has granted any loans or advances in the nature of loans either repayable on demand or without specifying any terms or period of repayment" and comments on "the aggregate amount, percentage thereof to the total loans granted, aggregate amount of loans granted to Promoters, related parties as defined in clause (76) of section 2 of the Companies Act, 2013" are not required. iv. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Companies Act, 2013 in respect of investments made in subsidiary company. v. According to the information and explanations given to us, the company has not accepted any deposits or amounts which are deemed to be deposits. Hence, our comments for compliance of directives issued by the Reserve Bank of India or provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 or any rules made there under are not required. vi. We have been informed by the management that maintenance of Cost records as specified in sub-section (1) of section 148 of the Companies Act, 2013 are not applicable to the company. Hence, our comments regarding making of such accounts & maintenance of such records are not required. vii. According to the information and explanations given to us, in respect of statutory dues: a) The company has generally been regular in depositing undisputed statutory dues including Goods and Services Tax, provident fund, employees state insurance, income-tax, sales-tax, service tax, duty of customs, cess and any other statutory dues to the appropriate authorities during the year.

b) According to the information and explanations given to us, there were no dues of Goods and Service Tax before Cess, Provident Fund, Employees State Insurance, Income Tax, Service Tax, Cess which have not been deposited in government account on account of, any dispute except the following:

Sr. No.	Name of the Statute	Nature of Dues	Amount ( in Lakhs)	Financial Period to which the amount relates	Forum where the dispute is pending	Amount unpaid ( in Lakhs)
1	Goods and Services Tax Act, 2017	Input Tax Credit availed in excess in GSTR-3B as compared to ITC available in GSTR-2A	111.78	2017-18 to 2019-20	Commissioner (Appeals)	96.31
2	Goods and Services Tax Act, 2017	ITC available on purchase of goods from non-genuine supplier.	45.24	2017-18	Commissioner (Appeals)	40.72
3	Goods and Services Tax Act, 2017	ITC claimed in GSTR-3B after the last date of availment of ITC as per Section 16(4) read with Section 16(5)	78.59	2020-21	Commissioner (Appeals)	70.74

viii. According to the information and explanations given to us, there were no transactions which were not recorded in the books of account that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961). Therefore, our comments on "whether the previously unrecorded income has been properly recorded in the books of account during the year" are not required. ix. (a) Based on our audit procedures and on the basis of information and explanations given to us, the company is generally regular in repayment of loans or other borrowings or in payment of interest thereon to the lender.

(b) Based on our audit procedures and on the basis of information and explanations given to us, the company is not declared a wilful defaulter a wilful defaulter by any bank or financial institution or other lender.

(c) Based on our audit procedures and on the basis of information and explanations given to us, the company has not applied the term loans for the purposes other than the purpose for which the loans were obtained.

(d) On the basis of our audit procedures, we are of the opinion that, the short-term funds have not been utilized for long term purpose.

(e) 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 subsidiary, associate or joint venture. Therefore, our comments on "Details of funds raised along with nature of transactions and amount involved" are not required.

(f) According to the information and explanations given to us, the company has not raised any loans during the year on the pledge of securities held in its subsidiary, Associate or joint venture. Therefore, our comments on "Details of loan, default in repayment of such loans" are not required. x. According to the information and explanations given to us and based on records of the company, (a) The company has not raised any moneys by way of initial public offer or further public offer (including debt instruments) during the year. Therefore, our comments on "whether any moneys raised by way of initial public offer or further public offer (including debt instruments) were applied for the purposes for which those are raised" are not required.

(b) The company has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Therefore, our comments on "whether the requirements of section 42 and section 62 of the Companies Act, 2013 have been complied with and the funds raised have been used for the purposes for which the funds were raised" are not required. xi. (a) Based upon the audit procedures performed and according to the information and explanations given to us, we report that neither material fraud by the company nor any fraud on the company has been noticed or reported during the course of our audit. Therefore our comments on the nature of fraud and the amount involved are not required.

(b) We have not filed any report under sub-section (12) of section 143 of the Companies Act in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government as neither material fraud by the company nor any fraud on the company has been noticed or reported during the course of our audit.

(c) According to the information and explanations given to us, no whistle-blower complaints have been received by the company during the year. Therefore, our comments under this clause are not required.

xii. In our opinion and according to the information and explanations given to us, the company is not a Nidhi company. Hence our comments regarding compliance of Nidhi Rules, 2014 regarding, (a) whether the Nidhi Company has complied with the Net Owned Funds to Deposits in the ratio of 1: 20 to meet out the liability; (b) whether the Nidhi Company is maintaining ten per cent unencumbered term deposits as specified in the Nidhi Rules, 2014 to meet out the liability; (c) whether there has been any default in payment of interest on deposits or repayment thereof for any period and if so, the details thereof; are not required. xiii. Based upon the audit procedures performed and information and explanations given to us, transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details of such transactions have been disclosed in Standalone Ind AS financial statements as required by the applicable Indian accounting standards. xiv. In our opinion and based on our examination, the provisions of section 138 of the Companies Act, 2013 relating to internal audit are applicable to the company. Accordingly: (a) The company has an internal audit system commensurate with the size and nature of its business; (b) The reports of the Internal Auditors for the period under audit were considered by the statutory auditor. xv. According to the information and explanations given to us and based on our examination of the records of the Company during the year, the Company has not entered into non-cash transactions with directors or persons connected with its directors. Hence, our comments regarding compliance of Section 192 of Companies Act, 2013 are not required. xvi. (a) According to the information and explanations given to us, since the company is not required to be registered under section

45-IA of the Reserve Bank of India Act, 1934 (2 of 1934), our comments regarding the registration of the company under the said act are not required.

(b) According to the information and explanations given to us, the company has not conducted any Non-Banking Financial or Housing Finance activities without obtaining a valid Certificate of Registration (CoR) from the Reserve Bank of India as per the Reserve Bank of India Act, 1934.

(c) According to the information and explanations given to us and on the basis of written representations from the management of the company, since the company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India, our comments on, "whether the company continues to fulfil the criteria of a CIC, and in case the company is an exempted or unregistered CIC, whether it continues to fulfil such criteria" are not required.

(d) According to the information and explanations given to us and on the basis of written representations from the management of the company, the Group does not have any CIC as part of the Group. Therefore, our reporting on the number of CICs as part of the Group is not required. xvii. Since, company has not incurred any Cash losses in the financial year under report and in the immediately preceding financial year, our reporting on the amount of cash losses for the respective years is not required. xviii. According to the information and explanations given to us, there has been no resignation of statutory auditors during the year under report. Therefore, our comments for reporting any issues, objections or concerns raised by the outgoing auditors are not required. xix. According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realization of financial assets and payment of financial liabilities, other information accompanying the financial statements, our 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. (a) Since, the company has no unspent amount in respect of provision for corporate social responsibility towards other than on ongoing projects which is outstanding at the end of the year under report, our comments on "whether, in respect of other than ongoing projects, the company has transferred unspent amount to a Fund specified in Schedule VII to the Companies Act within a period of six months of the expiry of the financial year in compliance with second proviso to sub-section (5) of section 135 of the said Act" are not required.

(b) Based upon the audit procedures performed and the information and explanations given by the management, the unspent amount on corporate social responsibility towards ongoing projects is outstanding at the end of the year under report, and the same has been transferred to special account in compliance with the provision of sub-section (6) of section 135 of the Companies Act, 2013.

For D R B S V & Associates

Chartered Accountants

Firm Registration No. 122260W

CA. Shireesh N. Agte

(Partner)

Membership No. 044641

UDIN: 26044641OWWMHR4712

Place: Pune

Date: 27-05-2026

ANNEXURE "B" TO THE INDEPENDENT AUDITORS REPORT

To

The Members of Univastu India Limited

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")

We have audited the internal financial controls over financial reporting of Univastu India Limited ("the Company") as of 31^st March, 2026 in conjunction with our audit of the Standalone Ind AS financial statements of the Company for the year ended on that date.

Managements Responsibility for Internal Financial Controls

The Companys management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (‘ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companys policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Companys internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by. the Institute of Chartered Accountants of India.

Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companys internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A companys internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of Ind AS financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal financial control over financial reporting includes those policies and procedures that (1) Pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of Ind AS financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the companys assets that could have a material effect on the Ind AS financial statements.

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.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31^st March, 2026, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

Chartered Accountants

Firm Registration No. 122260W

CA. Shireesh N. Agte

(Partner)

Membership No. 044641

UDIN: 26044641OWWMHR4712

Place: Pune

Date: 27-05-2026