Universal Autofoundry Ltd Auditor Reports

TO THE MEMBERS OF UNIVERSAL AUTOFOUNDRY LIMITED

Report on the Audit of the Ind AS Financial Statements

Opinion

We have audited the accompanying financial statements of UNIVERSAL AUTOFOUNDRY LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2026, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statementof Cash Flows for the year ended on that date and a summary of significant accounting policies and other explanatory information (hereinafter referred to as the the financial statements).

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (the Act) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (Ind AS) and other accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2026 and its loss, total comprehensive income, changes in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those Standards are further described in the 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 (ICAI) together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAIs Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the 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 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.

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

S. Key Audit Matter	Auditors Response
No.
1. Revenue Recognition: Revenue from contracts with customers is recognized when control of the goods are transferred to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. Revenue is measured based on the transaction price, which is the consideration, adjusted for volume discounts, rebates, scheme allowances, price concessions, incentives, and returns, if any, as specified in the contracts with the customers. The risk is, therefore, that revenue may not be recognized in the correct period or that revenue and associated profit is misstated.	Our audit procedures included the following:
	- Understanding the policies and procedures applied to revenue recognition, as well as compliance thereof, including an analysis of the effectiveness of controls related to revenue recognition processes employed by the Company.
	- On sample basis, examining supporting documents for the sales transaction occurring during the year and near the end of the accounting period including the credit notes issued after period end to verify the occurrence and accuracy of revenue, whether revenue recording was consistent with the conditions, and whether it was in compliance with the Companys Policy.
	- Performed analytical procedure to identify the unusual trends and also tested journal entries recognized in revenue focusing on unusual or irregular transactions.
	- On sample basis, examining supporting documents/approvals and calculation of discounts, claims, rebates etc.

2 Assessment of Expected Credit Loss on Trade Receivables: Trade receivables represent a significant component of the Companys financial assets and are subject to impairment assessment under Ind AS 109 - Financial Instruments. The assessment of Expected Credit Loss (ECL) involves management judgment in estimating the recoverability of trade receivables considering factors such as ageing, historical collection trends, customer credit profile, past payment behaviour and subsequent realizations.	Our audit procedures in relation to assessment of Expected Credit Loss on trade receivables included, among others, the following:
For certain trade receivables, the Company does not maintain bill-wise identification of outstanding balances. In such cases, the Company has determined the ageing of receivables using the FIFO (First-In-First-Out) method, whereby collections received from customers are adjusted against the earliest outstanding invoices. Management has consistently applied this methodology and considers it to provide a reasonable basis for estimation of ageing of receivables for the purpose of ECL assessment in accordance with Ind AS 109.	- Obtained an understanding and evaluated the design and implementation of key controls relating to monitoring and assessment of trade receivables;
	- Tested the ageing of trade receivables on a sample basis and evaluated the methodology adopted by management for determination of ageing, including application of the FIFO method where bill-wise mapping was not available;
	- Assessed the reasonableness of assumptions applied by management in estimating the Expected Credit Loss allowance with reference to historical collection trends, customer- specific factors and subsequent collections;
	- Verified subsequent receipts from customers after the balance sheet date on a sample basis;
Considering the significance of trade receivables and the level of judgment involved in estimation of the related impairment allowance, the matter was considered to be a Key Audit Matter.	- Reviewed supporting documents and other relevant information relating to outstanding balances, where considered necessary; and
	- Evaluated the adequacy of disclosures made in the financial statements in accordance with the applicable accounting standards.
	Based on the audit procedures performed, we found the methodology and assumptions applied by management in assessment of recoverability of trade receivables and determination of Expected Credit Loss allowance to be reasonable.

Emphasis of Matter

1. We draw attention to Foot Note No. 23 to the financial statement, wherein it has stated that some of the balances of vendors are not completely reconciled for the reasons as stated in the said note.

2. We draw attention to Note No. 10 & 23 to the financial statement, we had sent positive external confirmation requests through electronic mode, however there are only fewer confirmations received than anticipated. In respect to trade payables and trade receivables are subject to confirmation from respective parties and consequential reconciliation/ adjustment arising there from, if any, however management anticipated that there is no material impact due to such reconciliation and confirmations.

Our report is not modified for the above matter.

Information Other than the 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 Management Discussion and Analysis, Boards Report including Annexures to Boards Report, Business Responsibility and Sustainability Report, Corporate Governance and Shareholders Information, but does not include the said statements and our auditors report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial 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 during the course of our 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 Financial Statements

The Companys Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance, including other comprehensive income, changes in equity and cash flows of the Company in accordance with the Ind AS and other 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 the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to

In preparing the financial statements, management is responsible for assessing the Companys ability to continue as fraud or error.

a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

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

Auditors Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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 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 financial statements, whetherdue to fraud or error, design and perform audit procedures responsive to those risks, and obtain auditevidence 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.

- 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 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 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 deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditors Report) Order, 2020 (the Order) issued by the Central Government 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. A. As required by Section 143(3) of the Act, based on our audit 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 including Other Comprehensive Income, Statement of Changes in Equity 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 financial statements comply with the Ind AS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31, 2026 taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 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 with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure B. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companys internal financial controls with reference to financial statements.

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 remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

B. 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:

i. The Company has disclosed the impact of pending litigations on its financial position in its financial statements. Refer note no. 38 contingent liabilities to the financial statements.

ii. The Company does not have any long-term contracts requiring a provision for material foreseeable losses.

iii. The Company does not have any amounts required to be transferred to the Investor Education and Protection Fund.

iv. (a) The Management has represented that, to the best of its knowledge and belief, otherthan as

disclosed in the note to the Financial Statements, no funds (which are material either individually or in the aggregate) 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 or entity, including foreign entity (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) The Management has represented, that, to the best of its knowledge and belief, no funds (which are material either individually or in the aggregate) have been received by the Company from any person or entity, including foreign entity (Funding Parties), with the understanding, whether recorded in writing or otherwise, that theCompany 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 appropriated the 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. No dividend has been declared or paid during the year by the Company. The Board of Directors of the Company has not proposed any dividend for the financial year 2025-2026.

vi. The reporting under Rule 11(g) of the Companies (Audit & Auditors) Rules, 2014:

Based on our examination, which included test checks, except for the instances mentioned below, the company has used accounting software for maintaining its 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 respective software and audit trail records have been preserved by the company as per the statutory requirements.

a. However, we note that the inventory records are maintained outside the accounting software, in excel spreadsheets which does not have audit trail functionality. Accordingly, in respect of inventory records, the provisions relating to audit trail as per Rule 11 (g) are not complied with.

For Goverdhan Agarwal & Co. Chartered Accountants Firm Registration No: 006519C

Sd/-

(MUKESH KUMAR GUPTA)

PARTNER

M. No.: 410615

Date: 27.05.2026 Place: Jaipur

UDIN: 26410615HSKDVY3396

ANNEXURE A TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements sectionof our report to the Members of Universal Autofoundry Limited of even date)

With reference to the Annexure A referred to in the Independent Auditors Report to the members of the Company on the financial statements for the year ended 31 March 2026, we report the following:

1. In respect of Companys Property, Plant and Equipment, Intangible:

(a) (A) According to the information and explanation given to us, the Company is maintaining proper records showing full particulars, including quantitative details and situation of Property, Plant and Equipment;

(B) According to the information and explanation given to us, the company is maintaining proper records showing full particulars of Intangible assets;

(b) According to the information and explanation given to us and on the basis of our examination of records of the company, the Company has a regular programme of physical verification of its Property, Plant and Equipment by which all property, Plant &

Equipment is verified at least once in three years. Pursuant to this program, Property, Plant and Equipment were physically verified by the Management during the year. In our opinion, the periodicity of physical verification is reasonable having regard to the size of the company and the nature of its assets. According to the information and explanations given to us, 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 title deeds of all the immovable properties (other than properties where the Company is the lessee) disclosed in the financial statements are held in the name of the Company.

(d) As informed and explained to us, the management has not revalued its property, plant and equipment (including Right-of-use assets) 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, no proceedings have been initiated or pending against the Company for holding any benami property under the Prohibition of Benami Property Transactions Act, 1988 (previously known as benami transactions (prohibition) Act, 1988) and rules made there under.

2. In respect of the Companys Inventory:

(a) The inventories were physically verified during the year by the management at. In our opinion, the coverage and procedure of such verification by the management is reasonable, further the management has not found discrepancies of more than 10% in the aggregate for each class of inventory during such 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 has been sanctioned working capital limits in excess of five crore rupees, in aggregate, from banks or financial institutions on the basis of security of current assets. In our opinion, the quarterly returns or statements filed by the Company with such banks or financial institutions are not in agreement with the books of account of the Company and the details are as follows:

Month	Value as per Books of Account (Rs. in lakhs)	Value as per quarterly statement (Rs. In lakhs)
Inventories*
June, 30, 2025	2482.65	2139.23
September, 30, 2025	2528.65	2308.49
December, 31, 2025	2695.88	2513.94
March, 31, 2026	1973.19	2012.21
Trade Receivables**
June, 30, 2025	3785.00	3393.25
September, 30, 2025	4469.44	4117.37
December, 31, 2025	3620.82	3639.41
March, 31, 2026	4553.80	4146.32

*As informed by the management, the discrepancy is on account of the details being submitted on the basis of provisional books/financial statements. Adjustments pertaining to cut offs, overhead allocation on work- in-progress and finished goods, etc. are done only on finalization of books of accounts/financial statements.

** As informed by the management, the discrepancy is on account of the details being submitted on the basis of provisional books/financial statements. Adjustments pertaining to cut offs, bills discounting, forex restatements, rejection, provision of price variation due to price decrease & other adjustment etc. are done only on finalization of books of accounts/financial statements.

3. According to the information and explanations given to us and on the basis of examination of the books and records by us:

(a) (A) The Company has not granted any loans or provided advances in the nature of loans, or stood guarantee, or provided security to its subsidiaries, joint ventures and associates during the year. Accordingly, reporting under this clause is not applicable.

(B) The Company has not granted any loans or provided advances in the nature of loans or stood guarantee, or provided security to parties other than subsidiaries, joint ventures and associates during the year. Accordingly, reporting under this clause is not applicable.

(b) During the year, Company has not made any investments and not any guarantee provided. Accordingly, reporting under this clause is not applicable.

(c) The Company has not granted any loans and advance in the nature of loans to the companies, limited liability partnerships or any other parties. Accordingly, the requirement under this clause and clause

(d), (e) and (f) are not applicable.

4. In our opinion and according to information and explanations given to us, the Company has not advanced any loans, given any guarantees, provided any security, or made any investments covered under the provisions of Sections 185 and 186 of the Companies Act, 2013 during the year. Accordingly, reporting under this clause is not applicable.

5. 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 accepted any deposits or amounts which are deemed to be deposits from the public covered under the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and the rules framed thereunder. The company has accepted unsecured loans from its directors and their close relatives as per Companies Act, 2013, which are exempted under the Companies (Acceptance of Deposits) Rules, 2014, and the necessary declarations have been obtained. Accordingly, reporting on compliance with directives or orders under this clause not applicable.

6. The Central Government has prescribed maintenance of cost records under sub-section (1) of Section 148 of the Companies Act, 2013 in respect of the products manufactured by the Company. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014 and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. However, we have not carried out a detailed examination of such records with a view to determine whether they are accurate or complete.

7. (a) According to the information and explanations given to us and on the basis of our examination of books of accounts, records of the Company has been generally regular in depositing undisputed statutory dues including Goods and Service Tax, provident fund. employees state insurance, income-tax, sales-tax, service tax, value added Tax, duty of customs, duty of excise and any other statutory dues with the appropriate authority. According to the information and explanation given to us, no undisputed amounts payable in respect of the above were in arrears as at March 31,2026 for a period of more than six months from the date on when they become payable.

(b)According to the information and explanations given to us and on the basis of our examination of books of accounts, records of the Company dues which have not been deposited on March 31, 2026 on account of any dispute, are as follows:

Name of the Statute	Nature of the dues	Amount (Rs.)	Period to which amount relates	Forum where dispute is pending
Excise & Service Tax Department	Service Tax Demand	Rs. 3,94,287/-	F.Y. 2013-14 & F.Y. 2014-15	Excise & Service Tax Department (Jaipur) *

*According to management the order has been passed in favor of the company, but order not received till audit date.

8. According to the explanations and information given to us by the management and as verified by us, there are no transactions which were not recorded in the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

9. In respect of loans and borrowings:

(a) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or other borrowings or in the payment of interest thereon to any lender.

(b) According to the information provided to us by the management, the Company has not been declared as a wilful defaulter by any bank or financial institution or any other lender.

(c) The term loans were applied for the purpose for which the loans were obtained.

(d) The short-term loans were applied for the purpose for which the loans were obtained.

(e) The Company has no subsidiaries, associates or joint ventures. Accordingly, reporting under this clause is not applicable.

(f) The Company has no subsidiaries, associates or joint ventures. Accordingly, reporting under this clause is not applicable.

10. In respect of public offers and private placements:

(a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, the Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, reporting under clause 3(x)(a) of the Order is not applicable.

(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 has not made any preferential allotment or private placement of shares or convertible debentures (fully, partially or optionally convertible) during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable.

11. (a) During the conduct of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanation given to us, we have neither come across any instances of fraud by the Company noticed or reported during the year, nor have we been informed of any such cases by the management.

(b) No report under sub-section (12) of section 143 of the Companies Act, 2013 has been filed by us in Form ADT 4 as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 with the Central Government.

(c) As per our information and according to the explanations given to us, no whistle blower complaints were received by the Company during the year.

12. As the Company is not a Nidhi Company, hence reporting under this clause and (b) & (c) is not applicable.

13. According to the information and explanations given to us and based on our examination of the records of the

Company, transactions with related parties are in compliance with Sections 177 and 188 of the Companies Act, 2013, where applicable, and the details of such transactions have been disclosed in the standalone financial statements in accordance with the requirements of Ind AS 24 - Related Party Disclosures.

14. (a) In our opinion and according to the information and explanations given by management, 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 us.

15. According to the information and explanations given to us and based on our examination of the records of the

Company, the Company has not entered into any non-cash transactions with directors or persons connected with him as referred to in section 192 of the Companies Act, 2013.

16. (a) According to the information and explanations given to us by the management, the Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

(b) According to the information and explanations given to us by the management, the Company has not conducted any Non-Banking Financial or Housing Finance activities without 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 by the management, the Company is not a Core Investment Company (CIC) as defined in the regulations made by the Reserve Bank of India.

(d) According to the information and explanations given to us by the management, the Company is not a part of any group; hence reporting under this clause is not applicable to the Company.

17. The Company has not incurred any cash losses in the current financial year and the immediately preceding financial year.

18. There has been no any resignation of the statutory auditors during the year.

19. 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, in 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 sate 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 the 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.

20. According to the information and explanations given to us by the management, and on the basis of our examination of the records of the company, the Companys net profit, net worth, and turnover for FY 202425 fell below the prescribed statutory limits, the Company is not under a statutory obligation to incur CSR expenditure for the financial year ended March 31, 2026, and therefore sub-clauses (a) and (b) of clause (xx) of para 3 are not applicable.

21. According to the information and explanations given to us by the management, the Company is not a part of any group. Since this report is being issued in respect of financial statements of the Company, hence reporting under this clause is not applicable.

For Goverdhan Agarwal & Co. Chartered Accountants Firm Registration No: 006519C

Sd/-

(MUKESH KUMAR GUPTA)

PARTNER

M. No.: 410615

Date: 27.05.2026

Place: Jaipur

17 th ANNUAL REPORT 2025-26

ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 2(f) under Report on Other Legal and Regulatory Requirements section of our report to the Members of Universal Autofoundry Limited of even date)

We have audited the internal financial controls over financial reporting of UNIVERSAL AUTOFOUNDRY LIMITED (the Company) as of 31 st March, 2026 in conjunction with our audit of the standalone 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. 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 168 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 judgement, including the assessment of the risks of material misstatement of the 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 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 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 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, 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 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.

For Goverdhan Agarwal & Co. Chartered Accountants Firm Registration No: 006519C

Sd/-

(MUKESH KUMAR GUPTA)

PARTNER

M. No.: 410615

Date: 27.05.2026 Place: Jaipur