CARYSIL LIMITED — Capital/Financing Update 2025

May 9, 2025

==> picture [189 x 146] intentionally omitted <==

May 09, 2025

To, To, BSE Limited National Stock Exchange of India Limited Department of Corporate Services Exchange Plaza, Plot No. C/1 Phiroze Jeejeebhoy Towers, 'G' Block, Bandra – Kurla Complex Dalal Street, Bandra East, Mumbai - 400 001 Mumbai - 400 051 Scrip Code: 524091 Trading Symbol: CARYSIL

Sub: Monitoring Agency Report issued by ICRA Limited for the utilization of funds raised through Qualified Institutions Placement for quarter ended March 31, 2025

In compliance with Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby submit the Monitoring Agency Report for the quarter ended March 31, 2025. This report has been issued by ICRA Limited, the Monitoring Agency appointed by the Company, to monitor the utilization of funds raised through the Qualified Institutions Placement (QIP).

You are requested to take the same on record.

Thanking you, Yours Faithfully,

For CARYSIL LIMITED

REENA Digitally signed by REENA TEJAS TEJAS SHAH Date: 2025.05.09 SHAH 11:01:27 +05'30'

REENA SHAH COMPANY SECRETARY & COMPLIANCE OFFICER

Encl.: a/a

==> picture [141 x 76] intentionally omitted <==

==> picture [115 x 54] intentionally omitted <==

ICRA Limited

Date: May 08, 2025

Mr. Anand Sharma Executive Director & Group CFO Carysil Limited Survey No. 312, Navagam Vartej 364060 Bhavnagar, (Gujarat) India

Dear Sir,

Re: Final Monitoring Agency report of Carysil Limited for Q4 FY2025

Please refer to agreement dated July 01, 2024, appointing ICRA Limited as the Monitoring Agency (MA) for Carysil Limited’s QIP Issue.

After due consideration, ICRA has prepared the attached final Monitoring Agency report as per SEBI (Issue of Capital and Disclosure Requirements) Regulations for Q4 FY2025.

Please note that the Monitoring Agency report does not constitute a commentary on the quality of the objects of the issue, appropriateness or reasonableness of costs or spending by Carysil Limited against any objects / heads or assurance on outcome of such spending.

We thank you for your kind cooperation extended during the course of Q4 FY2025. Should you require any clarification, please do not hesitate to get in touch with us.

We look forward to your communication and assure you of our best services.

With kind regards

For ICRA Limited

PARUL Digitally signed by PARUL GOYAL NARANG GOYAL Date: 2025.05.08 NARANG 17:45:09 +05'30'

Parul Goyal Narang Vice President & Head- Process Excellence Parul.goyal@icraindia.com

Building No. 8, 2[nd] Floor, Tower A DLF Cyber City, Phase II Gurugram – 122002, Haryana

Tel.: +91.124 .4545300 CIN : L749999DL1991PLC042749

Website: www.icra.in Email: info@icraindia.com Helpdesk: +91 9354738909

Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41

RATING ● RESEARCH ● INFORMATION

Sensitivity Label : Internal

March 2025

MONITORING AGENCY REPORT

Name of the Issuer: Carysil Limited For quarter ended: March 31, 2025

Name of the Monitoring Agency: ICRA Limited

• (a) Deviation from the objects of the issue:

No deviation - the utilization of the issuance proceeds is in line with the objects of the issue.

• (b) Range of deviation:

Not Applicable

Declaration:

We declare that this report provides an objective view of the utilization of the issue proceeds in relation to the objects of the issue based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. The MA does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives. This Report is not intended to create any legally binding obligations on the MA which accepts no responsibility, whatsoever, for loss or damage from the use of the said information. The views and opinions expressed herein do not constitute the opinion of MA to deal in any security of the Issuer in any manner whatsoever. Nothing mentioned in this report is intended to or should be construed as creating a fiduciary relationship between the MA and any issuer or between the agency and any user of this report. The MA and its affiliates also do not act as an expert as defined under Section 2(38) of the Companies Act, 2013. The MA or its affiliates may have credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that we do not perceive any conflict of interest in such relationship/ interest while monitoring and reporting the utilization of the issue proceeds by the issuer. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board.

Signature:

Digitally signed PARUL by PARUL GOYAL GOYAL NARANG Date: NARANG 2025.05.08 17:31:05 +05'30'

Parul Goyal Narang

Vice President & Head-Process Excellence

Analyst: Sweety Shaw QA: Dhwani Vinchhi

1

March 2025

1. Issuer Details

Name of the Issuer : Carysil Limited

Name(s) of the promoters:

Promoters

Mr. Chirag Ashwinbhai Parekh

Ms. Shetal Chirag Parekh

Source: Letter of Offer

Industry/ sector to which it belongs : Manufacturing and selling kitchen sinks, kitchen appliances, faucets, wash basins, WC, tiles, etc.

2. Issue Details

Issue Period : Opening date- July 01, 2024

Closing date- July 03, 2024

Type of Issue : QIP Issue

Type of specified securities : Equity shares

Issue Size (Rs. Crore): 125.00 Crore

With OFS portion: Not Applicable; Excluding OFS portion: Not Applicable.

Net Proceeds: INR 121.65 Crore (Excluding Issue Related Expenses amounting INR 3.35 crore)

2

March 2025

3. Details of the arrangement made to ensure the monitoring of issue proceeds.

	Particulars	Reply	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors
Whether all utilization is as per the disclosures in the Offer Document?		Yes	-Offer Letter -Bank statement of the proceeds account Peer Reviewed CA Certificate	No deviation observed	No Comments
Whether shareholder approval has been obtained in case of material deviations#from expenditures disclosed in the Offer Document?		No	As confirmed by the Issuer’s management	No comments	No comments
Whether the means of finance for the disclosed objects of the issue has changed?		No	As confirmed by the Issuer’s management	No comments	No comments
Is there any major deviation observed over the earlier monitoring agency reports?		No	No deviation observed.	No comments	No comments
Whether all Government/ statutory approvals related to the object(s) have been obtained?		Yes	As confirmed by the Issuer’s management	No comments	No comments
Whether all arrangements pertaining to technical assistance/ collaboration are in operation?		Yes	As confirmed by the Issuer’s management	No comments	No comments
Are there any favorable events improving the viability of these object(s)?		No	As confirmed by the Issuer’s management	As understood from the Issuer’s management	No comments
Are there any unfavorable events affecting the viability of the object(s)?		No	As confirmed by the Issuer’s management	As understood from the Issuer’s management	No comments
Is there any other relevant information that may materially affect the decision making of the investors?		No	As confirmed by the Issuer’s management	As understood from the Issuer’s management	No comments

3

March 2025

4. Details of the object(s) to be monitored.

(i) Cost of object(s)

S.N.	Item Head	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Original cost (as per the offer document) [Rs. Crore]	Revised cost [Rs. Crore]	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
						Reason for cost revision	Propos ed financi ng option	Particulars of firm arrangements made
1	Funding the capital expenditure towards procurement and installation of machines, equipment and moulds required for the /or new manufacturing facility(ies).	Offer Letter	62.50	Not Applicable	No comments	N.A.	N.A.	N.A.
2	Funding the company’s working capital requirements	Offer Letter	31.25	Not Applicable	No comments	N.A.	N.A.	N.A.
3	General corporate purposes	Offer Letter	27.90	Not Applicable	No comments	N.A.	N.A.	N.A.
Total			121.65

4

March 2025

(ii) Progress in the object(s)

S.N.	Item Head*	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Amount as proposed in the offer document [Rs. Crore]	Amount utilized [Rs. Crore]	Amount utilized [Rs. Crore]	Amount utilized [Rs. Crore]	Total unutilized t	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
				As at the beginning of the quarter					Reasons for idle funds	Proposed course of action
					Di	At th
						e	amoun [R
					urng th	d f
						en o	s. C]
					e t	th
						e	rore
					quarer	quarter
1	Funding the capital expenditure towards procurement and installation of machines, equipment and moulds required for the /or new manufacturing facility(ies).	-Offer Letter -Bank statement of the proceeds account -Peer Reviewed CA Certificate	62.50	4.76	2.65	7.41	55.09	No comments	No comments	No comments
2	Funding the company’s working capital requirements	Same as above	31.25	31.25	-	31.25	NIL	No comments	No comments	No comments
3	General corporate purposes	Same as above	27.90	2.22	25.68	27.90	NIL	No comments	No comments	No comments
Total			121.65	38.23	28.33	66.56	55.09

(iii) Deployment of unutilized proceeds

S.N.	Type of instrument and name of the entity invested in	Amount invested [Rs. Crore]	Maturity date	Earning [Rs. Crore]	Return on Investment [%]	Market Value as at the end of quarter [Rs. Crore]
1	Fixed Deposit with HDFC Bank Account Number- 50301000946541	5.00	8th July 2025	0.25	7.40%	5.25

5

March 2025

2	Fixed Deposit with HDFC Bank Account Number- 50301000947541	5.00	8th July 2025	0.25	7.40%	5.25
3	Fixed Deposit with HDFC Bank Account Number- 50301000948442	5.00	8th July 2025	0.25	7.40%	5.25
4	Fixed Deposit with HDFC Bank Account Number- 50301000949497	5.00	8th July 2025	0.25	7.40%	5.25
5	Fixed Deposit with HDFC Bank Account Number- 50301000951410	5.00	8th July 2025	0.25	7.40%	5.25
6	Fixed Deposit with HDFC Bank Account Number- 50301000952222	5.00	8th July 2025	0.25	7.40%	5.25
7	Fixed Deposit with HDFC Bank Account Number- 50301000959065	5.00	8th July 2025	0.25	7.40%	5.25
8	Fixed Deposit with HDFC Bank Account Number- 50301000960079	5.00	8th July 2025	0.25	7.40%	5.25
9	Fixed Deposit with HDFC Bank Account Number- 50301000961069	5.00	8th July 2025	0.25	7.40%	5.25
10	Fixed Deposit with HDFC Bank Account Number- 50301000961974	5.00	8th July 2025	0.25	7.40%	5.25
11	Balance in HDFC Monitoring Account- 57500001522173	0.006	-	-	-	0.006
12	Balance in the Current Account with Citi Bank-001	2.91	-	-	-	2.91
13	Balance in the Current Account with HDFC Bank-A/C No- 57500000236087	2.18	-	-	-	2.18
	Total	55.09		2.50*		57.59

Source: As certified by Park & Company *Value represents as net of TDS

6

March 2025

(iv) Delay in the implementation of the object(s)

	Completion date	Completion date		Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
Object(s)	As per the offer document	Actual^	Delay [Number of days or months]	Reason for delay	Proposed course of action
Funding the capital expenditure towards procurement and installation of machines, equipment and moulds required for the /or new manufacturing facility(ies).	Fiscal year ended March 2025-2026	On Schedule	N.A.	No Comments	No Comments
Funding the company’s working capital requirements	Fiscal year ended March 2025	On Schedule	N.A.	No Comments	No Comments
General corporate purposes	Fiscal year ended March 2025	On Schedule	N.A.	No Comments	No Comments

Source: As confirmed by the Issuer’s management

7

March 2025

5. Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document

S.N.	Item Head	Amount [Rs. Crore]	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors
1	Advertising & Publicity Expenses	2.22*	-Bank statement of the proceeds account -Peer Reviewed CA Certificate	No Comments	No Comments
2	Acrysil USA Loan Payment	2.81^	Same As Above	No Comments	No Comments
3	Raising Funds-Right Issue CSL	4.25^	Same As Above	No Comments	No Comments
4	Supplier’s Payment	18.20^	Same As Above	No Comments	No Comments
5	Sales Promotion Expenses	0.42^	Same As Above	No Comments	No Comments
Total		27.90

• The said utilization was made in Q3 FY2025

• ^ The said utilization was made in Q4 FY2025

8