Correct option is D
Given:
JAY : MDB
PAN : SDQ
PAN : SDQ

Logic: Each letter in the first word is shifted +3 forward in the alphabet to get the second word.
JAY : MDB
J +3 → M
A +3 → D
Y +3 → B
PAN : SDQ
PAN : SDQ
P +3 → S
A +3 →D
N +3 → Q
Let's check options:
A) HEN → KHJ
H +3 → K
E +3 → H
N +3 → Q (But here it is J — so incorrect)
KHQ ≠ KHJ
B) RIC → ULZ
R +3 → U
I +3 → L
C +3 → F (Z is incorrect)
ULF ≠ ULZ
C) KUT → HRW
K +3 → N (Here it is H)
U +3 → X (Here it is R)
T +3 → W
D) UPC → XSF
U +3 → X
P +3 → S
C +3 → F (Correct)
Thus, the correct option is: (d)