1. We have audited the accompanying Ind AS standalone financial statements of Universal
Arts Limited (“the Company”) which comprise the Balance Sheet as at 31^st March, 2025,
the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow
Statement, the Statement of Changes in Equity for the year ended on that date, and a
summary of the significant accounting policies and other explanatory information.

Opinion

2. In our opinion and to the best of our information and according to the explanations given
to us, the accompanying standalone financial statements give the information required by
the Companies Act 2013 (“the Act”), in the manner so required and give a true and fair
view in conformity with 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 31^st March, 2025, the Profit,
total comprehensive income, changes in equity and its cash flows for the year ended on that
date.

Basis of Opinion

3. We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities
under those Standards are further described in the Auditor’s Responsibilities for the Audit
of the Standalone Financial Statements Section of our report. We are independent of
the Company in accordance with the Code of Ethics issued by the Institute of Chartered
Accountants of India together with the ethical requirements that are relevant to our audit of
the financial statements under the provisions of the Act and the Rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements and
the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion on the standalone financial statements.

Key Audit Matters

4. Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the standalone financial statements of the current year. These
matters were addressed in the context of our audit of the standalone financial statements as
a whole, and in forming our opinion thereon, 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.

Information Other than the Standalone Financial Statements and Auditor’s Report
Thereon

5. The Company’s Board of Directors is responsible for the preparation of the other information.
The other information comprises the information included in the Board’s Report including
Annexures to Board’s Report, and Shareholder’s Information, but does not include the
standalone financial statements and our auditor’s report thereon.

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

In connection with our audit of the standalone financial statements, our responsibility is
to read the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone financial statements, or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.

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.

Management’s Responsibility for the Standalone Financial Statements

6. The Company’s Board of Directors is responsible for the matters stated in Section 134(5)
of the Act with respect to the preparation of these standalone financial statements that
give a true and fair view of the financial position, financial performance including other
comprehensive income, cash flows and changes in equity of the Company in accordance
with the 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 fraud 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 control, 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 ability to continue as a going concern, disclosing, as applicable, matters related
to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic alternative
but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting
process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

7. Our objectives are to obtain reasonable assurance about whether the standalone financial
statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with SAs
will always detect a material misstatement when it exists. Misstatements can arise from

fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these standalone financial statements.

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

• Identify and assess the risks of material misstatement of the standalone financial
statements, whether due to fraud or error, design and perform audit procedures responsive
to those risks, and obtain audit evidence that is sufficient and appropriate to provide a
basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial controls relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under Section 143(3)
(i) of the Act, we are also responsible for expressing our opinion on whether the Company
has adequate internal financial controls system in place and the operating effectiveness
of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by management.

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

• Evaluate the overall presentation, structure and content of the standalone financial
statements, including the disclosures, and whether the standalone financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.

• Materially is the magnitude of misstatements in the financial statements that individually or
in aggregate makes it probable that the economic decision of reasonably knowledgeable
user of the financial statements may be influenced. We considered quantitative materiality
and qualitative factors in (i) planning the scope of our work and in evaluating the result of
work in (ii) to evaluate the effect of any identified misstatement 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 standalone 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 & regulatory Requirements

8. 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 and on the basis of such checks
of the books and records of the Company as we considered appropriate and according to
the information and explanations given to us, we give in the Annexure I a statement on the
matters specified in paragraphs 3 and 4 of the Order.

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

1. 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.

2. 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.

3. The Balance Sheet, the Statement of Profit and Loss (including other comprehensive
income), the Cash Flow statement and the Statement of Changes in Equity dealt with by
this report are in agreement with the books of account.

4. In our opinion, the aforesaid standalone financial statements comply with the Accounting
Standards specified under Section 133 of the Act.

5. On the basis of written representations received from the Directors as on 31^st March,
2025, taken on record by the Board of Directors, none of the directors are disqualified
as on 31^st March, 2025 from being appointed as a Director in terms of Section 164(2) of
the Act.

6. With respect to the adequacy of the internal financial control over financial reporting
of the Company and the operative effectiveness of such controls, refer to our separate
report in “Annexure II”.

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

i. The Company does not have any pending litigation.

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

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

iv. As per the management representation we report,

(a) no funds have been advanced or loaned or invested by the company to or in any
other person(s) or entities, including foreign entities (“Intermediaries”), with the
understanding that the intermediary shall whether directly or indirectly lend or
invest in other persons or entities identified in any manner by or on behalf of the

company (Ultimate Beneficiaries) or provide any guarantee, security or the like
on behalf of the Ultimate beneficiaries.

(b) no funds have been received by the company from any person(s) or entities,
including foreign entities (“Funding Parties”), with the understanding that the
such 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 guarantee, security or the like on behalf
of the Ultimate beneficiaries.

(c) Based on the audit procedures performed, we report that nothing has come to
our notice that has caused us to believe that the representations given under
sub-clause (i) and (ii) of Rule 11(e) by the management contain any material mis¬
statement.

v. Since the company has not declared or paid any dividend during the year, the question
of commenting on whether dividend declared or paid is in accordance with Section
123 of the Act does not arise.

vi. Based on the audit procedures performed in terms of Proviso to Rule 3(1) of the
Companies (Accounts) Rules, 2014 for maintaining books of account using accounting
software which has a feature of recording audit trail (edit log) facility, we report that the
company has maintained the books of accounts in the software which has a feature of
recording audit trail of transactions entered in the software.

(C) With respect to the matters to be included in the Auditor’s Report in accordance with
the requirements of section 197(16) of the Act, as amended,

In our opinion and to the best of our information and according to the explanation given to
us, the company has not paid any remuneration to its directors during the year hence the
provision of this Section is not applicable to the company.

For and on behalf of
B L Dasharda & Associates
Chartered Accountants
F.R. No.:112615W

Sd/-

Sushant Mehta
Partner

Place : Mumbai

M.No. : 112489

Dated : 30^th May, 2025

UDIN : 25112489BMIUYV4919