Universal Autofoundry Ltd Auditor Reports

TO THE MEMBERS Of

UNIVERSAL AUTOFOUNDRY LIMITED

Report on the Audit of the IndAS Financial Statements

Opinion

We have audited the accompanying financial statements oh UNIVERSAL AUTO FOUNDRY LIMITED (the Company"), which comprise the Balance Sheet as at March 31,2024. 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 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 state m e n ts g ive th e i n fo rma ti on req u i re d by th e Compa n i e s Act ,2013 (the "Ac \") i n the ma n ner so required and g ive 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, find .AS") and other accounting principles generally accepted in India, of the state of affairs of the Company as aL March 31,2024 and its profit, total comprehensive income, changes inequityand its cash flows forthe yearendedon that date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards on Auditing CSA"s) 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 issu ed by t he ] n sti fu t e o F C h a rter e d Ac Counts nts of t n d ia (" 9 C AI") toget her wi t h th e et hi c a I re qu ire m en ts th at are relevant to our audit of the financial statements under the provisions of the Act and the Rules made thereunder, and we have ful filled our other eth ica 1 re s ponsi bi li ti es i n a ccorda n ce w it h these req u ire m ents and th e ICAI s Code o f Ethi cs. 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.

Key Audit Matter

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 tor 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.

Auditors Re s p arise

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 a nji 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 whcLher it was in compliance with the Companys Policy. - Performed analytical procedure Lo identify Lhe unusual trends and also tested journal entries recognized in revenue focusing on unusual or irregular transactions. - On sample basis, examining supporting documents/approvats and ca leulation of discounts, claims, rebates etc.

Emphasis of Matter

We draw attention to Foot Note No. 20 to the financial statement, wherein it has stated that some of the balances otvendors are not completely reconciled for the reasons as staled in the said note.

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 Lhe 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 ti n a nci a I state merits and our auditor s re port the reo n.

Ouropinion on the fina ncial statements does nntcoverthenther information a nd we do not express any form of assurance con clusi o n th ereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and. in doing so, con si d er wh ethei th e other information is mate naJ ly i nconsi sten t with the fi n a ncia 1 state m en ts or ou r knowledge obta i n ed 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 lire provisions of the Act for safeguarding Lhe assets of the Company and for preventing and detecting trauds 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 Lo Lhe preparation and presentation of Lhe financial statements that give a true and fair view and are free from material misstatement, whether due to fraud orerror.

tn preparing the financial s La Lements, management is responsible for assessing the Companys ability to conLinuc as a going concern, disclosing, as applicable, matters related tu 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.

Th e B oa rd of D i rectors i s a I so respo n s i b I e for o ve rs ee i ng t he Co m pa ny s fi nanci a I report; ng p rocess.

Auditors Re s port s ibi I it ies for the Audit of the Fina nc ial Statemen ts

Our o bj e cti ves a re to obta i n reuse n a b I e a ss u rn nee a bo ut w heth er the fi nancial statements as a whole are free fro m mate rial misstatement, whether due Lo fraud or error, and lo issue an auditors report that includes our opinion. Reasonable assurance is a high leveJ of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detecta materia- misstatement w hen it exists. Misstatements ran arise from fraud or error and are considered material if,

In d iv idua I ly or in the.its ggregat e, they cou J d reasona b ly be expected to influence t he econ o mio d ec ] s ions of use rs ta ken o n the basis ofjhese financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughouttheaudit. We aEso:

r identify and assess the risks of materia I misstatement of the financial statements, whether due to fraud orerror, design a nd pe rfor m audit procedures resp o ns i ve to th ose r i sks. a nd obta in audit evidence t hat i s su ffi cien t a nd approprta te to provides basis for our opinion. The risk of nol detecting a material misstatemenL resulting from fraud is higher than for one resulting from error, as Fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the overndeofinternalcontrol.

> O b ta in a n u nde rs ta n d i ng of i n ter rial fi i lanciai cont ro l rei evant to the a ud it i n orde r to design audit procedu res tha t a re appropriate in the circumstances. Under section l43(3)(ij of the Active are also responsible for expressing our op ini On on whether the Company has adequate internal financial controls with reference to financial statements in place and tii e o pe ra ting effecliven ess of such con trol s,

> 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 ma nagemenfs use of the going concern basis of accounting and. based on the aud i t ev i deuce obtai n ed. wh ether a materia I u nc ertai n ty ex i sts related to event s or corid i tio ns that m ay ca st signifi ca nt doubl on the Companys ability lo continue as a going concern. If we conclude that a material uncertainly exists, wc are required to draw attention in our auditors report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modifyouropinion. Ourconclusionsare based on the aud it 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 iL pro ba foe that the economic decisions gfa reasonably knowledgeable user of the Financial statements may be influenced. We consider Quantitative materiality amd qualitative factors in (j) planningtfie scope of our audit work and in evaluating the resuI Is of ourwork; and (ii) to eva Iua te the effec t of any ide n ti fi ed misstat em en ts in t he ft nancia J s taFements.

We comm u Ti i ca te wi th t h ose C ha Tged wit h governs nee regard mg, a rn on g ot h p. r m afters, t h e p I a n n ed scope and tinting of t he and it and signi fi cant aud it fi nd i n gs. incl ud ing a ny s igni fic ant d eficien cies i n inte rna I contro I th at we identify du ri n g o u r 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 bo Lhought to bearon 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 arc therefore the key audit maLters. We describe these matters in our auditors report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstance&,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,

ReportonOtherLegaUndRegulptoryRequirements

1. As requi red by t he Co m pani es (A ud ito rs Re po rtf O rd er. 2020 (the "O rd er") issued by t he C e n tra 1 Govern m e n t i n term s 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.

A. As required by Section i 4 3(3) of the Art, based nnnurauditwe report that:

a) We have sought and obtained all the information and explanations which to the best of our know ledge and belief we re n ecessa ry for f h e pu rposes of ou r and i t.

b) Tnouropinion. proper books of account as required bylawhavebeen kept by the Company so far as ilappearsfrom Otir 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 ouropinion, the aforesaid financial statemenLscomply 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 31,2024 taken on record by Lhc Board of Directors, none of Lhe directors is disqualified as on March 31,2024 from being appointed as a d i rector i n te rm s n F Sect i on 16 4(2) o F the Act.

f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Compa ny and th e o p e ra ti n g affect iveness of such cont roi s. refe r to our sepa ra te Re po rt in "Annexu re B" O u r report exp ress e s an u n m o d ibed op ini o n on t h e a d eqi i acy a nd ope rati ng e ffect i ven ess of the Compa flys in tern a I fi na ti C la I 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 a mended:

In ouropinion 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 theywr is in accordance with thdfjrovisj on Bisection [97 oftheAct,

B. With respect to the other matters to be included in the Auditors Report in accordance with Rule II of the Companies

(A ud i t and And itors) R u I es, 2 0 H, as a mended. i n ou r opi n i on a n d to the best of ou r info rma ti on a n d acco rd i ng to th e explanations given to us:

(i) The Compa ny has d i scl osed th e i m pact o f pen d i n g i i t i ga tions on i ts fi na ncial position in its financial state me n ts. Eefernote ruck 35 conti Agent I istpili ti es to the fi nancial statements.

(ii) The Companydoes not have any king term contracts requiring a provision For material foreseeable fosses.

(iii) The Company docs 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, other than as disclosed in the

note 2.24 to the Financial Statements, no Funds (whichire material either individually or in Lhe 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 t 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 CUJtimate beneficiaries") or provide any guarantee, security or the like on behalfofthe Ultimate Beneficiaries.

(cj Based on the audit procedures that have been considered reasonable and appropriate in the circumstances, noth i n g ha s co me to ou r not ice tha t h a s ca u sed us to bel ieve t ha 11 he representat iaafe under sub-clause (i) and (i i) of Rule 11(c). as provided under (a) and (b) above, contain any material misstate me nL.

v, No dividend has been declared or paid during the year by the Company, The Board of Directors of the Company has n o t proposed any d ivi dend for the financial yea r 2 02 3 - 20 2 4.

v i. The repo rti n g u n d er Ku I e 11( g) of t be Com pa n ies (Aud it ?r Aud itors) Ku les, 2014 is a pplica b ie fro m 1st Apri 1,2 02 3,

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, 2024 which has a feature of recording audit tra it (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the respective software.

a. The feature of recording audit trail (edit Jog) facility was not enabled at the database level to Jog any direct data changes for the supporting accounting software.

For Goverdhan Agarwal & Co.

Chartered Accountants

Firm Registration No: OOS519C

Sd/-

(MUKESH KUMAR GUPTA)

PARTNER

M.No,r410615

Date: 270S.2024

Place: Jaipur

UDIN j24410GlSBKtXLZ3344

AN NEXURE ATO THE INDEPENDENT AUDITORS REPORT

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

Wi Lh refere nee to Lhe An nexu re A referred to i n Lhe I n d epen d enIAu d i tors Repor l Lo tti e members of the Com pa ny on L he

financial sta Leme nt s for th e yea r end ed 31 Ma rch 2024, we re port the fbl lowing:

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

a. (A) Accord i ng Lo the i nfo rrna tio n a nd ex pi a na Lets n g i ve n to u s, the Co m pa nyIs m a i nta ini ng proper records sh ow Lng full pari ic Lil a rs, i ncl u d i ng q ua n L i la live de l a il s a nd si tu a tio n (3 F Property, Pla n L a nd Eq u i p m en L;

(B) Accord ing Lo the info rrna lion a nd ex p I a na l io ri gi ve n to u s, th e co m pa ny i s m a inta i ni ng proper records sh ow ing f ul I particulars of Intangible assets;

b. The management, during Lhe year, has physically verified Lhe Property, PlanLand Equipment of Lhe Company and no maLerial discrepancies were noticed on such verification.

c. Acco rd i ng It; the in forma Lio n a nd explanation s given It; u s a n d on the basis o f o u r exa m i na Li on o f the records of L he Company, the title deeds of all the immovable properties (other than properties where Lhe Company is the lessee) disclosed in the financial siaLemerits are field inihe name oftheCompany.

d. As informed and explained to us, Lhe management lias nol revalued its property, plant and equipment (including RighL-of-useasseLs)duringlfieyear.

e. Acco rd i ng It; the i nforma ti o n and expla nal i on s gi ven lo u s a n d c; n the basi s o f o u r exa m i na Li on o f the records of Lh e Company, no proceedings have been initiated or pending against Lhe Company For holding any benami property under Lhe Prohibition of Benami Properly Transactions Act, 19-08 (previously known as benami transactions (p roll i bi Lion) Act. 1900) a nd r ules ma de Lh ere u nder.

2. I n respec L of the Com pa nys Invert tory:

a. As ex pla i ned to us, the i nven Lories we re phys i cal ly ve ri Tied d u ri ng the year by the manage mentat reasonable i nle rval s.

In our opinion. Lhe coverage a nd procedure of such verification by Lhe management isappropriaLe. No discrepancies of 10% or more in Lhe aggregate for each class of inventory were notice during such physical verification by Lhe management

a. Acco rd i ng It; the i nforma ti o n and expla nal i on s gi ven lo u s a n d o n the basi s o f o u r exa m i na Li on o f the records of Lh e

Company, the Company has been sanctioned working capiLal 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 i ns Li Lu Lio ns are not in agreement with Lhe books of a ccou n L o f Lhe Com pa ny a nd the de la il s a re a s Foil uws:

Month	Value as per Rooks of Account (Rs, in lakhs)	Value as per quarterly statement (Rs, In lakhs)
Inventories*
30-jun-23	2032.41	2047.40
30-Scp-23	1791.61	1552.60
31-Dec-23	1850.16	1663.80
31-Mar-24	1699.45	1627.70
Trade Receivables"
30-:un-23	4283.86	3452.70
30-Scp-23	4201.30	3742.70
31-Dec-23	3935.370	2896.70
31-Mar-24	3/43.20	3452.40

*As informed by the management, the discrepancy is on account ufthe details being submitted on thebasis oFpruvisiona] books/financial statements. Adjustments pertaining to cut offs, overhead allocation on work In progress and finished goods. etc a re d on e on I y on fi na I i rati o n of books of accou n \s{fina n c ial state ments

* * A s in Fo rmed by th e raaiiii ge m enl, t he d iscre pa ncy is on a ccou nt o f the d etai Is be ing su bmi tted n n th e ba s is of p rov i sio nal books/financial statements, Adjustments pertaining to cut offs, bills discounting, forex restatements, rejection, provision of price variation due to price decrease Mother adjustment etc. are done only on finalization of books ofaccounts/financial statements.

3. According to the information and explanations given tons and on the basis of exam i nation of the books and records

by us, V

(a) (A) The Company has not granted any loans or provided advances in the nature of loans, or stood guarantee, or p

provided security to its subsidiaries, joint ventures and associates during the year. Accordingly, reporting under this clause is not applicable. P

(B) The Company has not granted any loans or provided advances in the nature of Loans or stood guarantee, or provided p security to panics other Lhan subsidiaries, joint ventures and associates during the year. Accordingly, reporting under T thisclause is not applicable. P

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

(c) The Company has not granted any loans and advance in the nature of loans to the companies, limited liability P

partnerships or any other parties. Accordingly, Lhc requirement under Lb is clause and clausc(d),(c) and (0 are nol L

applicable.

4. in our opinion and according Lo information and explanations given to os, the Company has complied with Lhc P

provisi o ns o f Seetio ns 185 and 185 o f the Com panics Act, 2 G13 d u ri ng the yea r. L

5 The Company has not accepted any deposits under the pro vis ion of section 73 to 75 or any other re levant provision of

the Companies Act, 2013 and the rules framed there under, and as such the question of the compliance under the P Companies Act, 2013 or any otherdirectivesororderdoes not arise. L

5. As inform and explain to us, Lhe specified accounLs by Lhe Company pursuant lo the rules made by the Central

Government for the maintenance of cost records under section 146(1) of the Companies Act are under preparation. P However, the same has not been reviewed by us. L

7. (a) According to the information and explanations given to us and on the basis of our examination of books of fi

accounts, records of the Co in pa ny 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 L Tax, duty of customs, duty of excise and any other statutory dues with the appropriate authority. According to the P in format ion and exp I a nation given to us, no undisputed amounts payable in respect of the above were in arrears as at L Marc h 131.2024 for a period of more th a n si x mOl l tbs from t he d a re on w lie n th ey bee om e paya b I e.

(b) According to the information and explanations given lo us and on the basis of our examination of books of F accounts, records (if the Company dues which have not been deposited on March 31, 2024 on account gfanydispute, k. tire as follows:

Name of the Statute	Nature oflhe dues	Amount (Rs.)	Period Lo which amount relaLes	Forum where dispute is pending
Excise & Service Tax Department	5crvice Tax Demand	Rs. 3,94.287/-	F.Y. 2013-14 & F.Y. 2014-15	Excise & Service Tax Department (Jaipur)
Income tax* Department	Income Tax Demand	Rs. 43,30,720/-	F.Y. 2013-14	Commissioner of Income Tax Department

fl. According to the explanations and information given Lo 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 d u ri ng the yea r i n the tax assessrne nts u n d er ih e I ncome Ta x Act. 1351.

9.

(a) In our opinion and according lo the information and explanations given Lo us, the Company has nol defaulted in the re payment (3 fl oa n s or olhe r bo rrow i ngs o r i n the payine nt of i n Le rest thereon to a ny le nde r.

(b) According to the information provided Lo us by the management, the Company has nol been declared as a wilful defaulLerbyanybank or financial institution orany other lender.

(cl Tiie term loans we re applied for Lhe purpose for which the loans we re obtained.

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

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

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

10.

(a) The Com pa ny d id n ot raise a ny money by way o f i n i L ial pu bile offe r or fu rLh er pu bl ic of fa r ( incl Ltd i ng debt inst ru me nts) L during the year.

(b) (i) The Company had made preferential allotment of equity shares during the F.Y. 2022-23 year. The Company has issued 19,75,000 equiLy shares of Rs. 130.06 {Fate Value of Rs. 10 each share & share premium of Rs. 120.06 per share) a n d ra ised Rs. 2568.68 la kh frtj m Lhe non - promoter for Cash.

Total fund-raised including share premium	Rs. 2568.63 lakh
Total fund utilized til! audit completion date	Rs. 2388.10 lakh
Remaining fund to be utilized	Rs. 185.58 lakh

As ex pi a i ned by the rn a nage me n L to us Lhe re ma i ni n g fu nd o f Rs. 18 S.5 81 akh ra ised from the issue of Equi ly Sha res w ill be ul il ized for a tomb i na Lio n o f pa rt fu nd ing of the expend i tu re for expa n sion, for i nt reasi n g prod u c Lio n tapat ity and j Machining Shop,and olhe r gen era I c<) rpora Le pu r poses or a ny tomb i na ti o n the reo f and to pu rsu e th e m a i n object o f the tom pa ny as sta Led i n i ts me mora nd u m o f assoc ia Li on i n l he F.Y. 2024 -25.

(ii) The Company had issued convertible warrants during the RY. 20 23-24 year

The Company has issued 15,42,000 convertible warrants aL Rs. 160.00 per warrant (Fate Value of Rs. 10 each & share I premium of Rs. 1S0.00 per warrant). Oul of these 3,22,000 warrants were ton verted in fully paid-up equiLy shares d u ri ng lhe yea r. Tola 1 a mo u nL o f Rs. t003.20 ta kh were ra ised.

Total fund-raised including share premium	Rs. 1003.20 lakh
Total fund utilized till audit completion date	Rs. 1003.20 lakh
Remaining fund to be utilized	Rs. 0.00 lakh

As explained by the management Lo us lhe funds were raised for repayment of debt, to meel the increased working capita! requirement and general corpo rale purpose oranyolherobfeclsasper the board dee ision.

11.

(a) During Lhe conduct of our examination of the books and records of the Company, carried oul in accordance with the gen era lly acce p led a ud i l i ng prac Lices i n I nd i a, a n d accord ing to the in fo rrna tion and ex pi a na L io n given to us, we have neither come across any instances of fraud by Lhe Company noLiced or reported during the year, nor have we been i n formed o f a ny such cases by Lhe ma nageme n L.

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

(c) As per our information and according Lothe explanations given to us, no whistle blower com plaints were received by iheCompanyduringtheyear.

12. As the Com pa ny i s no t a N i d h i Cornpa ny, be nee repo rt i n g u nd er th i s cl a use and (b) & (c) is not a ppl i cabl e.

13. According Lo Lhe information and explanations given to us and based on our examination of Lhe records of the Company, transactions with the relaLed parties are in compliance with section 188 of the Companies Act, 2013 where applicable and deLails of such transactions have been disclosed in the financial statements as required by the appl i cable accounting standards. Section 177 of the Com panics Ac L, 2013 not applicable Lo the Company.

14. (a) In ou r opi n ion a nd accondi ng Lo lhe i n fo nna Li on a n d ex pla n a l io ns g i ven by ma na gernent, l he co m pany has a n i n Le rnal audit system commensurate with Lhesizeand nature of its business.

(b) The re ports of the Internal Audi tors for the period under a udiL we re considered by us.

15. According Lo the in forma l ion and explanations given to us and based on our examination of Lhe records of the Co m pa ny. Lh e Com pa ny ha s no t enle red i nto a ny no n -cash L ra nsa ctio ns wi l h d i rectors or persons co n nect ed w i th hi m as referred to in section 192 of the Companies Acl, 2013.

16.(a) According Lo Lhe information and explanations given lo us by the management, the Company is noL required to he reg i steied u nde r seel ion 4 5-1A of th e Rese rve Ban k of bid i a Acl, 19 34.

(b) Acco rd i ng Lo the i n for ma L ion a nd ex pla na L i on s gi ve n to u s by th e rn a nageme n L, the Cornpa ny has n o L conducted any No n - Ba nk i ng Fi na nc ial o r Hou si ng F i na n ce ac Livi li es wit hout a va Ii d Cert i hca te of Regist ra tio n (C OR) f rom the Reserve BankoffndiaaspertheReserve Bankoflndia Act, 1934.

(c) According to lhe information and explana I ions given Lous by the management, the Com pany isnoLa Core Investment Co m pa ny (C JC) a s defi ned i n Lhe regu ta lion s m ade by Lh e Rese rve Ba n k of I nd i a.

(d 1 According to the information and explanations given to us by the m^afiagemenf. the Company is nol impart ofa ny group: IIence reporti ng u nde r th is clau se is not a ppl i c abl e to the Co m pa ny.

17. The Co m pa ny ha s n ot i n cii rred a ny Lash hisses i. n the curren L Pina ncia ] yea r and the i m med i a Lely preced i rig fi na nc ial year.

1 8. The re ha s been n o a ny resig nali on o f the sla lulory a ud i Lo rs d u r i ng the y ea r.

19. On the basis of the financial ratios, ageing and expected, dales of realisation of fi nano ial assets and payment of financial liabilities, oilier information accompanying Lhe financial statements, in our knowledge of the Board of D i rectors a nd ma nage men l plans, we are of Lhe opi n ion that no ma le rial u n ce rta i n ly exi sLs a s o n the d a te (if t h e a u d i L report lhal Company is capable of meeting its liabilities existing at the daLe of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, stale that Lhis is not an assurance as to Lhe future via b i I Lty o f the Co m pa ny. We fu rth er sa le lha l o u r re po rLi ng i s ba sed tin lb e facts u p to the date of the a ud i l re porL and we neithergive any guarantee norany assurance thaLall the liabilities falling due wiLhin a period of oneyear from the ba la nce slice L da Le, wil l ge l d isch a rged by the Compa ny as a n d whe n they fa II d u e.

2 0. Accord i ng to th e i n forma l ion a nd expla nations give n to u s by lhe ma nagement. and on the basis of our exam i n a tion o f

the records of the company, the company has spent the entire amount as per the requirement of sec Lion 135 of the Compa n ies Act, 2013, and the refore su b - clauses (a) a nd (b) of clau se (xx) of pa ra 3 are no L a p pi ica ble.

21. Acco rd i ng to Lhe i n forma l i on a nd ex pi a nat ions given to us by l he ma nageme n L, th e Co m pa ny is not a pa rt of a ny gmu p. S i rice this report is bei n g issu ed i n respect of financial sta Leine nts o f the Co m pa ny, he nee re porti n g u n d er Lhis cla u se is not applicable.

ForCoverdhan Agarwal fir Co.

Chartered Accou nlants

Firm Registration No: 006S19C

(MUKESH KUMAR GUPTA)

PARTNER

M. No: 410515

Dale: 27 05.2024

Place: Jaipur

ANNEXURE BTO THE INDEPENDENT AUDITORS REPORT

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

We have audited the interna! financial controls over Financial reporting of UNIVERSAL AUTO FOUNDRY LIMITED (the Co m pa ny) a s of 31 st M a rch, 2024 i n conj u ncti on wi th our au d it of the sta nda lone fina ncial state m e nts of the Compa ny for t he yearended on thatdate.

Managements Res ponsibility 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 pol i cies, the safegua rd ing of i ts asse ts, the preve nti on an d detect i o n of fraud s a n d e rrors, the accu racy and com pi eten ess of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.

Auditors Responsibility

Our respon s Lbi I i ty i s to ex press a n opinion on the Co mpa nys i ntema I fi na n c ia l con trots over Fi na ncial reporting based o n ou r audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the "Guidance Note "land the Standards on Auditing, issued by 1CAI and deemed to be prescribed under section 14 3(10) of the Companies Act, 20t3, to the extent applicable to an audit of in ter nat fina ncial 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 I S3 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 report ing was established and maintained and if such con trols o pe rated effectively i n al I ma ter ial respects. Ou r au d it i nvolves perform i n g p rocedures to obta i n audi t evi de nee about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our a u d it of i nte rnal fi nancia I con trols over Fina nc i al repo rt i ng inc tud ed obta i n in g an u n d ersta ndi n g of inte rnal fi nancia 1 co n trols over fina ncial report ing, assessing the risk thata materia I weak ness 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 bel ieve tha t the a udi t evi d e nee we h ave obta ined is suffici e nt a nd a p p ropri ate to p rovide a basis for ou r a ud it opi nion o n t he Co m pa ny s i n tema! fina ncial con trols system over fina ncial reporti ng.

Meaning of Internal Financial Controls Over Financial Reporting

A companys internal Financial control over Financial reporting is a process designed to provide reasonable assurance rega rd i ng the rel i a b i I i ty of fi na n c ia 1 rep<) rti n g a n d th e p repa ra tion of fi nancia I sta temen ts for exte rnal purpose s i n accorda nee wi th ge ne ral ly accepted a cco u nting pri n c i pies. A co m pa nys i n terna I fi nanc ia 1 con trol ove r fi n a ncial reporti ng i n c lud es 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 authorinations of man agemen land di rectors of the compa ny; a nd (31 provi d e reaso nable assu ra n ce regardi n g preven tion o r ti mely detection o f 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 i nheren 11 imi ta tions of i nte rnal fi nancia I co n trots over fi n a ncial report i ng, i ncludi ng the possi b il ity of col Lusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, project ions of any evaluation of the in tema E 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 tha t the degree of co m pi iance with the pol ici es or proced ures may de teri orate.

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 2024, based on the inte rnal cont rol over Fi na n cial reporti n g c rite ria esta bl i shed by the Com pany con sid eri ng the essent ial compon en ts of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the InstituteofCharteredAccountantsoflndia.

For Coverdhan Agarwal & Co.

Chartered Acco untan ts

Firm Registration No: OG6319C

Sd/-

(MUKESH KUMAR GUPTA)

PARTNER

M. No: 410613

Date: 27.0S.2024

Place: Jaipur.