Auditor Report of Universal Autofoundry Ltd.

Mar 31, 2025

We have audited the accompanying financial statements of UNIVERSALAUTOFOUNDRYLIMITED (the “Company"), which
comprise the Balance Sheet as at March 31, 2025, the Statement of Profit and Loss (including Other Comprehensive
Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year 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, 2025 and its profit, 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 (“SA"s) specified under
section 143(10) of theAct. Our responsibilities under those Standards are further described in theAuditor''s 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 CharteredAccountants of India (“ICAI") togetherwith 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 ICAI''s 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.

KeyAudit 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 awhole, 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. No.	Key Audit Matter	Auditor''s Response
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 bythe 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 itwas in compliance with the Company''s Policy. • Performed analytical procedure to identify the unusual trends and also tested journal entries recognized in revenue focusing on unusual orirregulartransactions. • On sample basis, examining supporting documents/approvals and calculation of discounts, claims, rebates etc.

Emphasis of Matter

1. We draw attention to Foot Note No. 20 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. 9 & 20 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 andAuditor''s Report Thereon

The Company''s Board of Directors is responsible for the other information. The other information comprises the
information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report,
Business Responsibility and Sustainability Report, Corporate Governance and Shareholder''s Information, but does not
include the said statements and our auditor''s 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,
considerwhether the other information is materially inconsistentwith the financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materiallymisstated.

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 Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the
preparation of these 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 fraud or error.

In preparing the financial statements, management is responsible for assessing the Company''s abilityto continue as 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 Company''s financial reporting process.

Auditor''s Responsibilities for theAudit of the Financial Statements

Our objectives are to obtain reasonable assurance about whetherthe financial statements as awhole are free from material
misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on
the basis of these 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, 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 bythe management.

• Conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor''s report to the related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a
going concern.

• Evaluate the overall presentation, structure and content of the 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 auditwork and in evaluating the
results of ourwork; and (ii) to evaluate the effect of anyidentified 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 auditor''s 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 (Auditor''s 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 theAct, based on our auditwe 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 complywith the IndAS specified under Section 133 of the Act.

e) On the basis of the written representations received from the directors as on March 31,2025 taken on
record bythe Board of Directors, none of the directors is disqualified as on March 31,2025 from being appointed as
a director in terms of Section 164(2) of theAct.

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 Company''s internal
financial controls with reference to financial statements.

g) With respect to the other matters to be included in the Auditor''s Report in accordance with the requirements of
section 197(16) of theAct, 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 theAct.

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

i. The Companyhas disclosed the impact of pending litigations on its financial position in its financial statements.

Refer note no. 35 contingent liabilities to the financial statements.

ii. The Company does not have anylong-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, other than 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 the
Company shall, whether, directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever by or on behalf of the Funding Party (“Ultimate Beneficiaries") or provide any guarantee,
security or the like on behalf of the Ultimate Beneficiaries;

(c) Based on the audit procedures that have been considered reasonable and appropriate in the 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 anymaterial 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 financialyear 2024-2025.

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, 2025
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 compliedwith.

For GoverdhanAgarwal & Co.

CharteredAccountants

Firm Registration No: 006519C

Sd/-

(MUKESH KUMARGUPTA)

PARTNER

M. No.: 410615

Date: 15.05.2025

Place: Jaipur

UDIN: 25410615BMLCTL4945

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Mar 31, 2024

We have audited the accompanying financial statements ot 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 ot he rexpU-m a tory information (hereinafter referred to as the "the financial state ments").

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, find AS") and other accounting principles generally accepted in India, of the state of affairs of Lhe Company as aL March 31,2024 and its profit, total comprehensive income, changes inequityand its cash flows forthe year ended on 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 Auditor''s Responsibilities fo r the Aud it of t he Fi nanciaJ Stat ements sect ion of o u r report. We are independent of th e Co mpany i n accorda n ce wi th th e Code of Ethics issued by the Institute of Chartered Accountants of India ("ICAI") together with the ethical requirements that arc 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 ICAi''s Code of Ethics We be! ieve that the a u d it e vi dence obta i ned by us is su fficient and a p pro p riate to provide a basis for o u r audit o p in ion o n th e 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 h ave determi ned the matte rs d esc ri bed be low to be the key audit tna tiers to be commu n ica ted i n o ur repo rt:

Key Au d i t M a tter

Revenue Recognition: Revenue from contracts with customers is recognized when control of the goods are transferred tu the customer

Auditor''s Response

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 rclaLed to revenue recognition processes employed by the Company. ¦ On sample basis, examining supporting documents for the sales transaction occurring during the year and ne.irthe 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 CondiLions,and whether it was in compliance with the Company''s 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/approvals and calculation ofdiscounts, claims, rebates etc.

Emphasis of Matter

Wedrawatterition to Foot Note No.20to the financialstatement, wherein it hasstated thaisomeofthe balances of vendors are not completely reconciled for the reasons as stated in the said note.

Qur report is not modified for the above matter.

Information Other than the Financial Statements and Auditor''s Re port Thereon

The Com parry''s Board of Directors is responsible for the other information. The other information comprises Lhe information included in the Management Discussion and Analysis, Board''s Report including Annexures to Board''s Report,

Business Responsibility and Sustainability Report, Corporate Governance and Shareholder''s Information, but does not include the fi n a nd a I statements andour auditor e re port the reo n.

Ouropininn on the fina ncial statements does notcoverthe other information a nd wedo not express any form of assurance con dusio n th ereon.

In connection with nuraudit of the financial statements. Our responsibility is to read the other information and. in doing so, con sLd e r wh et he r th e other information is mate naJ ly i^consistent wi th t he 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.

[f, 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 Company''s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these 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 Lhe 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 a ccou nt ing records, releva nl Lo Lh e prepa ra tio n and prese n la Lio n of Lh e fi na nc ta [ state m en ts iha t give a l rue and fa tr v iew and are free from material misstatement, whether due to fraud orerror.

in preparing the financial s La Lements, management is responsible For assessing the Company''s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basts of account ing 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 L> i rectors i s a Isn respo n s i b I e for o ve rsee i ng t he Co m pa ny s fi nanci a I report ingp rocess.

Auditor''s Re s portsiblHtJes for the Audit of the Fina nc ial Statemen ts

Our bbj ecti ves a re to obta i n reaso nablejassurancce abo ut w heth er t he fi nanci a I sta te m en ts a s a wh o I e a re free from mate rial misstatement, whether due Lo fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detecta material misstatement when it exists. Misstatements can arise from fraud orerror and are considered material if, i n d ividuaI ly or i n th e a ggregate, t hey cou J d reasona b ly be expec ted to i n fi u en ce t he econ o m ic d ec i s ions of use rs ta ken o n the basis of th esc fi n a ncia [ statemc n ts.

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

r Identify and assess the risks of material misstatement of the financial statements. Whether due to fraud orerror, design a nd pe rfor m audit proced u res resp o ns i ve to th ose r i sks. a nd obta in audit evidence that is su fficien t a nd appropriate to provide a basis for our opinion. The risk of not delecting 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 override of i nterna I control.

e 0 bta in a n u nde rata n d i ng of i nterna] fi nancial cont ro l rel evant to the a ud it i n orde r to design a u d it p rocedures tha t a re appropriate in t he circumstances. Linder section l43(3,J(.ii 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 th e o pe ra ting effectiven ess of such con trol s,

e 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 management''s use of the going concern basts of accounting and. based on the aud i t ev idenc e obtai n ed. wh ether a ma teria i u nc ertai n ty ex i sts related to event s or cond i tio ns tha t m ay ca st s ign i fi ca nt doubt on the Company''s ability lo continue as a going concern. If we conclude that a material uncertainly exists, wc are required to draw attention in our auditor''s 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 aud it evidence obtained up to the date of our auditor''s report However, future events or conditions may cause the Company to cease to continue as a goingconcern.

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 probable that the economic decisions of a reasonably knowledgeable user of the Financial statements maybe influenced. We consider quantitative materiality and qualitative Factor? in(i) planningthescope ofourauditvyprk and in evaluating the results of our work; and (ii)to evaluate theeffectofany identified misstatements in theft nancial statements.

Wecomittunica te wi th t h ose c ha Tged. wit h governs nee regard mg a m on g ot h e r m atters .theplanned scope and ti m i n g 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 ail relationships and other matters that may reasonably be thought to bear on ou r indepe ndencerand where applicable, related &a Feg yards.

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 auditor''s 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 O ther Legal and Regu 1 a tory Requi remen ts

1. As requ i red by t he Co m pani es (A ud ito r''s Re po rtf O rd e r. 20 2 0 (the "O rd er") issued by t he Ce n tra I 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 Act, based nnourauditwe 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 the pu rposes of ou r aud i t.

b) Tnouropinion. proper books ofaccount as required bylawhavebeen kept by the Company so faras ilappearsfrom o li r e xam i na tin n o f th ose 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) I n our opi nion_r the aforesaid fmanci al sta temen Ls com ply wi Lh the I nd AS speci bed unde r 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 Lhe Board orDirecLors, none of Lhc directors is disqualified as on March 31,2024 from being appointed as a d i rector i n te rm s i) 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 op era ti n g effectiveness of such control s. refe r to our sepa rate Re po rt in “Annexure B10 u r report exp res? fisaminmndi Red npiniononthead eqi i acy a nd ope ra ti ng e ffec t i ven ess o f t he Compa fly''s 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 Auditor''s Report in accordance with the requirements of section 197(16) of the Act, as a mended:

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 ihe year is in accordance with theprovisfonsoFsectfon [97 gFtheAct,

B. With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies

(Auditand Auditors) Rule?;, 2GH, as amended, in our opinion and to the best of our information and according to the explanations given to us:

(i) The Com pa ny has d i sd used th e i m pac t o f pen d i n g t i t i ga tions on i ts fi na n Cial posi do n i n its Fi nancial sta te me n ts. Refernoleno. 35 contingent liabilities to lhe financial statements.

(ii) The Companydoes not have any king lerm contracts requiring a provision for material foreseeable losses.

(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 (which are material cither individually or in Lhe aggregate) have been advanced or loaned or invested (either from borrowed funds or share premium or any cither 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 orcntilies 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

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Mar 31, 2018

INDEPENDENT AUDITOR''S REPORT ON STANDALONE FINANCIAL STATEMENTS

To

The Members of

M/s UNIVERSAL AUTOFOUNDRY LIMITED

Report on Standalone Financial Statements

We have audited the accompanying financial statements of M/s UNIVERSAL AUTOFOUNDRY LIMITED ("the Company"}, which comprise the Balance Sheet as at March 31. 2018. the Statement of Profit & Loss and Cash Flow Statement for the year then ended, and a summary of financial accountlng policies and other explanatory information..

Management''s Responsibility for the Standalone Financial Statements:

The Company''s Board of Directors is responsible for the matters stated in Section 134(5} of the Companies Ad. 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the accounting principles generally accepted in india, including the Accounting Standards specified under Sectioni 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules, 2014,

This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for Safe-guarding of the assets of thei 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 Iron material misstatement, whether due to fraud or error.

Auditors'' Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken in to account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the act. Those Standards require that we comply with An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s Judgment. Including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s, preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overalI presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us. the aforesaid standalone financial statements give the information required by the Act in the manner 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 31 Marchi 2018 and its financial performance includingj other comprehensive income and its cash flows for the year ended on that date..

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 ("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 the matters Specified in paragraphs 3 and 4 of the Order,to the extent applicable.

2, As required by Section 143 (3) of the Act, we report that;

(3} 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 opnion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet .the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act. read with Rule 7 of the Companies (Accounts) Rules. 2014.

(e}ln our opinion there are no observattions or comments on the financial transactions,which may have an eanadven5e effect on the functioning of the Company,

(1} On the basis of the written representations received from the directors as on 31st March. 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March. 2018 from being appointed as a direcctor in terms of Section 164 (2) of the Act

(g) Report on the internal Financial Controls under Clause (I) of Sub-section 143 of the Companies Act, 2013 (the Act is enclosed as "Annexure B" to this report and

(h) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies {Audit and Audilors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us

i. The Company has disclosed impact of pending litigations on its financial position in its financial statements as. refer referred to in Note Q to the financial statements-

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses..

iii. There were no amounts which were required to be transferred to the investor Education and Protection Fund by the Company.

For Vijay Garg & Associates

Chartered Accountants

Firm Registration No 007501C

Sd/-

(AMIT KUMAR GUPTA)

PARTNER

M. N0.: 423459

Placer Jaipur

Date: 28.05-2018

ANNEXURE - A to the Auditors'' Report

The Annexure referred to in Independent Auditors'' Repot to the members of the Company on me standalone financial statements for the year ended 31 March 2018, we report that:

1. a) The company has maintained proper records showing, full particulars Including quantitative details and situation of fixed assets.

b) As explained to us. the Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner of a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets-c) According to the information and explanations given to us and on the basis of our examination of the records of the Company- the little deeds of immovable properties are held in the name of the Company.

2. As explained to us. the inventory has been physically verified at reasonable intervals during the year by the management. In our opinion, the frequency of verification is reasonable- No any discrepancies noticed on verification between the physical stocks and the book records during the year.

3. As explained to us. the company granted unsecured loan to a company covered in the register maintained under section 139 of the. Act. a) No any agreemerit and terms & conditions prepare by the company regarding this transaction.

4. In our opinion and according to information & explanations given to us the company has complied with the provisions of sections 185 and 186 of the Act in respect of grant of loan, making investment and providing guarantees and securities, as applicable.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits in contravention of Directives issued by Reserve Bank of India and the provisions of section 73 to 76 of any other relevant provisions of the Act and the rules framed there under where applicable.

6. We have broadly reviewed the books of accounts and records maintained by the company pursuant to the rules prescribed under section 14(l)of the Act for maintenance of cost records, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of records-

7. a}According to the information and explanations given to us and on the details of our examination of the records of the Company, amounts deducted/accrued in the books of account in respect of undisputed statutory dues including provident fund: income- tax, sales tax. value added tax duly of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees state insurance and duty of excise.

According to the information and explanations given to us, no undispuled amounts payable m respect of providenl fund, income tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues were in arrears as at 31 March 2018 for a period of more than six months from the date they became payable. b) According to the information and explanations given to us, there are no material dues of duty of customs which have not been deposited with the appropriate authorities on account of any dispute. However. according to information and explanations given to us. the following dues of duly of excise and service tax have not been deposited by the Company on account of disputes:

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/-	October 2013 to September 2014	Excise & Service Tax Department (Jaipur)

3. Based on our audit procedures and according to the information and explanations given to us. we are of the opinion, the company has not defaulted in repayment of dues to a financial institution. bank. Government or dues to debenture holders.

9. The company has not raised moneys by way of initiall public offer during the year.

10. According to the information and explanations given to us, no material fraud by the Company or on the Company by its office or employees has been noticed or reported during the course of our audit.

11. According to the information and explanations give to us and based on our examination of the records or the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act..

12. In our opinion and according to the information and explanations given to us, the Company is not a company. Accordingly. paragraph3{xii)of the Order is (9 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 the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

14. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

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 non-cash transactions with directors or persons connected wtth him.

16. The company is not required to be registered under section 45-IA of the Reserve Bank of lndia Act.1934.

For Vijay Gang & Associates

Chartered Accountants

Firm Registration No: 007501C

Sd/-

(AMIT KUMAR GUPTA)

PARTNER

M N0 : 423459

Place: Jaipur

Date: 28.05.2018

Annexure - B to the Auditors'' Report Report on the Internal Financial Controls 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 UNIVERSAL AUTOFOUNDRV LIMITED (''the Company'') as of 31st March, 2018 in conjunction with our audit Of the standalone financial statements of the Company for the year ended on that date, Management''s Responsibility for internal Financial Controls

The Company''s management is responsible tor 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 company''s 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 Company''s 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 ICAl 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 auditor''s 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 Company''s internal financial controls system over financial reporting.

A company''s 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 company''s 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 company''s 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 we re ope rating effectively as at 31 March 2013, 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 Vijay Garg & Associates
Chartered Accountants
Firm Registration No 007501C
Sd/-
(AMIT KUMAR GUPTA)
PARTNER
M. No. : 423459
Place: Jaipur
Date: 28.05 2018

---

Mar 31, 2016

To

The Members of

M/s UNIVERSAL AUTOFOUNDRY LIMITED

Report on Standalone Financial Statements

We have audited the accompanying financial statements of M/s UNIVERSAL AUTOFOUNDRY LIMITED (“the Company”), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit & Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management''s Responsibility for the Standalone Financial Statements:

The Company''s Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flow of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors'' Responsibility:

Our responsibility is to express an opinion on these financial statements based on our audit.

We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified under section 143(10) of the act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company''s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner 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 31 March 2016 and its profit and its cash flows for the year ended on that date.

Emphasis of Matters

We draw attention to the following matters in the Notes to the financial statements:

a) Note Q to the financial statements which, describes the uncertainty related to the outcome of the lawsuit filed against the Company by Sun Wizard Brass Ind.

Our opinion is not modified in respect of this matters.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor''s Report) Order, 2016 (“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 the matters Specified in paragraphs 3 and 4 of the Order, to the extent applicable.

2. As required by Section 143 (3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.

(e) In our opinion there are no observations or comments on the financial transactions, which may have an adverse effect on the functioning of the Company.

(f) On the basis of the written representations received from the directors as on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.

(g) Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”) is enclosed as “Annexure B” to this report. and

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

i. The Company has disclosed impact of pending litigations on its financial position in its financial statements as referred to in Note Q to the financial statements.

ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.

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

The Annexure referred to in Independent Auditors'' Report to the members of the Company on the standalone financial statements for the year ended 31 March 2016, we report that:

1. a) The company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

b) As explained to us, The Company has a regular programme of physical verification of its fixed assets by which fixed assets are verified in a phased manner of a period of three years. In accordance with this programme, certain fixed assets were verified during the year and no material discrepancies were noticed on such verification. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its assets.

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 immovable properties are held in the name of the Company.

2. As explained to us, the inventory has been physically verified at reasonable intervals during the year by the management. In our opinion, the frequency of verification is reasonable. No any discrepancies noticed on verification between the physical stocks and the book records during the year.

3. As explained to us, the company had not granted any loans, secured or unsecured, to any companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Act.

4. The company has not given any loans, investments guarantees, and security.

5. In our opinion and according to the information and explanations given to us, the Company has not accepted any deposits in contravention of Directives issued by Reserve Bank of India and the provisions of section 73 to 76 or any other relevant provisions of the Act and the rules framed there under, where applicable.

6. We have broadly reviewed the books of accounts and records maintained by the company pursuant to the rules prescribed under section 148(1) of the Act for maintenance of cost records and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of records.

7. a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted/ accrued in the books of account in respect of undisputed statutory dues including provident fund, income-tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. As explained to us, the Company did not have any dues on account of employees’ state insurance and duty of excise.

According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, sales tax, value added tax, duty of customs, service tax, cess and other material statutory dues were in arrears as at 31 March 2016 for a period of more than six months from the date they became payable.

b) According to the information and explanations given to us, there are no material dues of duty of customs which have not been deposited with the appropriate authorities on account of any dispute. However, according to information and explanations given to us, the following dues of duty of excise and service tax have not been deposited by the Company on account of disputes:

Name of the Statute	Nature of the dues	Amount (Rs.)	Period to which amount relates	Forum where dispute is pending
Excise & Service Tax Department	Excise & Service Tax Demand	Rs. 6,39,148/-	December 2007 to June 2010	Custom, Excise & Service Tax Appellate Tribunal (Dehli)
Excise & Service Tax Department	Service Tax Demand	Rs. 4,13,087/-	October 2013 to September 2014	Excise & Service Tax Department (Jaipur)

8. Based on our audit procedures and according to the information and explanations given to us, we are of the opinion, the company has not defaulted in repayment of dues to a financial institution, bank, Government or dues to debenture holders.

9. The company has raised moneys by way of initial public offer. The money which was raised by way of initial public offer were applied for the purposes for which those were raised.

10. According to the information and explanations given to us, no material fraud by the Company or on the Company by its officers or employees has been noticed or reported during the course of our audit.

11. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has paid/provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Act.

12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order 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 the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

14. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

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 non-cash transactions with directors or persons connected with him.

16. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.

Report on the Internal Financial Controls 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 UNIVERSAL AUTOFOUNDRY LIMITED (''the Company'') as of 31^st March, 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.

Management''s Responsibility for Internal Financial Controls

The Company''s 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 company''s 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 Company''s 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 auditor''s judgment, 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 Company''s internal financial controls system over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company''s 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 company''s 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 company''s 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 2016, 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 Vijay Garg& Associates

Chartered Accountants

Firm Registration No: 007501C

Sd/-

(AMIT KUMAR GUPTA)

PARTNER M. No. : 423459

Place: Jaipur

Date: 30.05.2016

---

Mar 31, 2013

We have audited the accompanying financial statements of M/s UNIVERSAL AUTOFOUNDARY PRIVATE LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2013, and the Statement of Profit & Loss for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements:

Management is responsible for the preparation of these financial statements that give a true and fair view of the financial position, financial performance of the Company in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act"). This responsibility includes the design, implementation and maintenance of internal control 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 fraud or error.

Auditors' Responsibility.

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanations given to us, the 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:

a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2013; and

b) in the case of the Profit & Loss Statement for the year ended on that date;

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2003 ("the Order") issued by the Central Government of India in terms of sub-section (4A)of section 227 of the Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.

2. As required by section 227(3) of the Act, we report that:

a) we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.

c) the Balance Sheet and Statement of Profit & Loss dealt with by this Report are in agreement with the books of account.

d) in our opinion, the Balance Sheet and Statement of Profit & Loss comply with the Accounting Standards referred to in subsection(3C) of section 211 of the Companies Act, 1956;

e) On the basis of written representations received from the directors as on March 31, 2013, and taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2013, from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956.

f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956 nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company.

The Annexure referred to in paragraph 1 of the Our Report of even date to the members of M/s UNIVERSAL AUTOFOUNDARY PRIVATE LIMITED on the accounts of the company for the year ended 31st March, 2013.

On the basis of such checks as we considered appropriate and according to the information and explanation given to us during the course of our audit, we report that:

1. (a) The company has maintained proper records showing full particulars including quantitative details and situation of its fixed assets.

(b) As explained to us, fixed assets have not been physically verified by the management at reasonable intervals, but there is a regular programme of verification; no material discrepancies were noticed on such verification.

(c) In our opinion and according to the information and explanations given to us, no fixed asset has been disposed during the year and therefore does not affect the going concern assumption.

2. (a) As explained to us, inventories have been physically verified during the year by the management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) In our opinion and on the basis of our examination of the records, the Company is generally maintaining proper records of its inventories. No material discrepancy was noticed on physical verification of stocks by the management as compared to book records.

3. (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has not granted any loans, secured or unsecured, to companies, firms or other parties listed in the register maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clauses iii (b), iii(c) and iii (d) of the order are not applicable to the Company.

(b) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has taken loans from parties listed in the register maintained under Section 301 of the Companies Act, 1956. Thus sub clauses (f) & (g) are not applicable to the company.

4. In our opinion and according to the information and explanations given to us, there is generally an adequate internal control procedure commensurate with the size of the company and the nature of its business, for the purchase of inventories & fixed assets and payment for expenses & for sale of goods. During the course of our audit, no major instance of continuing failure to correct any weaknesses in the internal controls has been noticed.

5. a) Based on the audit procedures applied by us and according to the information and explanations provided by the management, the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

b)As per information & explanations given to us and in our opinion, the transaction entered into by the company with parties covered u/s 301 of the Act does not exceeds five lacs rupees in a financial year therefore requirement of reasonableness of transactions does not arises.

6. The Company has not accepted any deposits from the public covered under section 58A and 58AA of the Companies Act, 1956.

7. As per information & explanations given by the management, the Company has not any internal audit system commensurate with its size and the nature of its business.

8. As per information & explanation given by the management, maintenance of cost records has been prescribed by the Central Government under clause (d) of sub- section (1) of section 209 of the Act is not applicable to the company.

9. (a) According to the records of the company, undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-tax, Sales-tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, cess to the extent applicable and any other statutory dues have generally been regularly deposited with the appropriate authorities. According to the information and explanations given to us there were no outstanding statutory dues as on 31st of March, 2013 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us, there is no amounts payable in respect of income tax, wealth tax, service tax, sales tax, customs duty and excise duty which have not been deposited on account of any disputes.

10. The Company does not have any accumulated loss and does not incurred cash loss during the financial year covered by our audit and in the immediately preceding financial year.

11. Based on our audit procedures and on the information and explanations given by the management, we are of the opinion that, the Company has not defaulted in repayment of dues to a financial institution, bank or debenture holders.

12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities.

13. The Company is not a chit fund or a nidhi /mutual benefit fund/society. Therefore, the provision of this clause of the Companies (Auditor's Report) Order, 2003 (as amended) is not applicable to the Company.

14. According to information and explanations given to us, the Company is not dealing in commodities, shares, Mutual funds & other Investments.

15. According to the information and explanations given to us, the Company has not given any guarantees for loan taken by others from a bank or financial institution.

16. Based on our audit procedures and on the information given by the management, we report that the company has raised a car loans during the year.

17. Based on the information and explanations given to us and on an overall examination of the Balance Sheet of the Company as at 31st March, 2013 we report that no funds raised on short-term basis have been used for long-term investment by the Company.

18. Based on the audit procedures performed and the information and explanations given to us by the management, we report that the Company has not made any preferential allotment of shares during the year.

19. The Company has no outstanding debentures during the period under audit.

20. The Company has not raised any money by public issue during the year.

21. Based on the audit procedures performed and the information and explanations given to us, we report that no fraud on or by the Company has been noticed or reported during the year, nor have we been informed of such case by the management.

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

Place: Jaipur Date: 28.08.2013

(GOVERDHAN AGARWAL) Partner M. NO. : 075347