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, 2024, 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, 2024, 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.

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, 2024, taken on
record by the Board of Directors, none of the directors are disqualified as on 31^st March, 2024 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 with effect from 1st April 2023, 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: 28^th May, 2024

UDIN NO: 24112489BKANXR6991