Elin Electronics Limited — Capital/Financing Update 2025

May 14, 2025

Digitally signed by Lata Rani Lata Rani Pawa Pawa Date: 2025.05.14 18:48:44 +05'30'

Report of the Monitoring Agency

Name of the Issuer: ELIN ELECTRONICS LIMITED For quarter ended: 31[th] March 2025 Name of the Monitoring Agency: Axis Bank Limited

(a) Deviation from the objects: No deviation from the objects

(b) Range of Deviation: Not applicable

Declaration:

We hereby declare that this report is based on the format as prescribed by Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended. We further declare that this report provides true and fair view of the utilization of issue proceeds. We declare that we do not have any direct / indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship / interest while monitoring and reporting the utilization of issue proceeds by the issuer.

SAGAR GOVIND Digitally signed by SAGAR GOVIND SHETTY SHETTY Date: 2025.05.14 19:09:28 +05'30' Signature: Name of the Authorized Person/Signing Authority: Designation of Authorized person/Signing Authority: Seal of the Monitoring Agency: Date: May 14, 2025

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

	1) Issuer Details: Name of the issuer: ELIN ELECTRONICS LIMITED The names of the promoters of the issuer: Shri Mangi Lall Sethia, Shri Kamal Sethia, Shri Kishore Sethia, Shri Gaurav Sethia, Shri Sanjeev Sethia, Shri Sumit Sethia, Shri Vinay Kumar Sethia, Smt Suman Sethia, Smt. Vasudha Sethia Industry/sector to which it belongs: EMS (Electronics Manufacturing Services) 2) Issue Details: Issue Period: December 20, 2022 to December 22, 2022 Type of issue (public/rights): Public Issue (IPO) Type of specified securities: Equity Shares Grading: Not applicable Issue size (Rs. in Millions):₹4,750 millions (including fresh issue of₹1,750 millions) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects, stated in the offer document separately in following format) Particulars Reply Source of information/ certifications considered for preparation of report Comments of Monitoring Agency Comments of Board of Directors Whether all the utilization is as per disclosure in Offer Document? Yes Certificate provided by Chartered Accountant No comments No comments as there are no deviation Whether Shareholder approval is obtained in case of material deviations# from expenditures disclosed in Offer Document? NA NA NA NA Whether means of finance for disclosed objects of theIssuehas changed? NO Declaration provided bythe Company No No Any major deviation observed over the earlier monitoring agency reports? NA NA NA NA Whether all Government / Statutory approvals related to the object(s) obtained? NA Declaration provided by the Company NA NA Whether all arrangements pertaining to technical assistance/collaboration in operation? NA Declaration provided by the Company NA NA	1) Issuer Details: Name of the issuer: ELIN ELECTRONICS LIMITED The names of the promoters of the issuer: Shri Mangi Lall Sethia, Shri Kamal Sethia, Shri Kishore Sethia, Shri Gaurav Sethia, Shri Sanjeev Sethia, Shri Sumit Sethia, Shri Vinay Kumar Sethia, Smt Suman Sethia, Smt. Vasudha Sethia Industry/sector to which it belongs: EMS (Electronics Manufacturing Services) 2) Issue Details: Issue Period: December 20, 2022 to December 22, 2022 Type of issue (public/rights): Public Issue (IPO) Type of specified securities: Equity Shares Grading: Not applicable Issue size (Rs. in Millions):₹4,750 millions (including fresh issue of₹1,750 millions) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects, stated in the offer document separately in following format) Particulars Reply Source of information/ certifications considered for preparation of report Comments of Monitoring Agency Comments of Board of Directors Whether all the utilization is as per disclosure in Offer Document? Yes Certificate provided by Chartered Accountant No comments No comments as there are no deviation Whether Shareholder approval is obtained in case of material deviations# from expenditures disclosed in Offer Document? NA NA NA NA Whether means of finance for disclosed objects of theIssuehas changed? NO Declaration provided bythe Company No No Any major deviation observed over the earlier monitoring agency reports? NA NA NA NA Whether all Government / Statutory approvals related to the object(s) obtained? NA Declaration provided by the Company NA NA Whether all arrangements pertaining to technical assistance/collaboration in operation? NA Declaration provided by the Company NA NA	1) Issuer Details: Name of the issuer: ELIN ELECTRONICS LIMITED The names of the promoters of the issuer: Shri Mangi Lall Sethia, Shri Kamal Sethia, Shri Kishore Sethia, Shri Gaurav Sethia, Shri Sanjeev Sethia, Shri Sumit Sethia, Shri Vinay Kumar Sethia, Smt Suman Sethia, Smt. Vasudha Sethia Industry/sector to which it belongs: EMS (Electronics Manufacturing Services) 2) Issue Details: Issue Period: December 20, 2022 to December 22, 2022 Type of issue (public/rights): Public Issue (IPO) Type of specified securities: Equity Shares Grading: Not applicable Issue size (Rs. in Millions):₹4,750 millions (including fresh issue of₹1,750 millions) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects, stated in the offer document separately in following format) Particulars Reply Source of information/ certifications considered for preparation of report Comments of Monitoring Agency Comments of Board of Directors Whether all the utilization is as per disclosure in Offer Document? Yes Certificate provided by Chartered Accountant No comments No comments as there are no deviation Whether Shareholder approval is obtained in case of material deviations# from expenditures disclosed in Offer Document? NA NA NA NA Whether means of finance for disclosed objects of theIssuehas changed? NO Declaration provided bythe Company No No Any major deviation observed over the earlier monitoring agency reports? NA NA NA NA Whether all Government / Statutory approvals related to the object(s) obtained? NA Declaration provided by the Company NA NA Whether all arrangements pertaining to technical assistance/collaboration in operation? NA Declaration provided by the Company NA NA	1) Issuer Details: Name of the issuer: ELIN ELECTRONICS LIMITED The names of the promoters of the issuer: Shri Mangi Lall Sethia, Shri Kamal Sethia, Shri Kishore Sethia, Shri Gaurav Sethia, Shri Sanjeev Sethia, Shri Sumit Sethia, Shri Vinay Kumar Sethia, Smt Suman Sethia, Smt. Vasudha Sethia Industry/sector to which it belongs: EMS (Electronics Manufacturing Services) 2) Issue Details: Issue Period: December 20, 2022 to December 22, 2022 Type of issue (public/rights): Public Issue (IPO) Type of specified securities: Equity Shares Grading: Not applicable Issue size (Rs. in Millions):₹4,750 millions (including fresh issue of₹1,750 millions) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects, stated in the offer document separately in following format) Particulars Reply Source of information/ certifications considered for preparation of report Comments of Monitoring Agency Comments of Board of Directors Whether all the utilization is as per disclosure in Offer Document? Yes Certificate provided by Chartered Accountant No comments No comments as there are no deviation Whether Shareholder approval is obtained in case of material deviations# from expenditures disclosed in Offer Document? NA NA NA NA Whether means of finance for disclosed objects of theIssuehas changed? NO Declaration provided bythe Company No No Any major deviation observed over the earlier monitoring agency reports? NA NA NA NA Whether all Government / Statutory approvals related to the object(s) obtained? NA Declaration provided by the Company NA NA Whether all arrangements pertaining to technical assistance/collaboration in operation? NA Declaration provided by the Company NA NA	1) Issuer Details: Name of the issuer: ELIN ELECTRONICS LIMITED The names of the promoters of the issuer: Shri Mangi Lall Sethia, Shri Kamal Sethia, Shri Kishore Sethia, Shri Gaurav Sethia, Shri Sanjeev Sethia, Shri Sumit Sethia, Shri Vinay Kumar Sethia, Smt Suman Sethia, Smt. Vasudha Sethia Industry/sector to which it belongs: EMS (Electronics Manufacturing Services) 2) Issue Details: Issue Period: December 20, 2022 to December 22, 2022 Type of issue (public/rights): Public Issue (IPO) Type of specified securities: Equity Shares Grading: Not applicable Issue size (Rs. in Millions):₹4,750 millions (including fresh issue of₹1,750 millions) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: (Give item by item description for all the objects, stated in the offer document separately in following format) Particulars Reply Source of information/ certifications considered for preparation of report Comments of Monitoring Agency Comments of Board of Directors Whether all the utilization is as per disclosure in Offer Document? Yes Certificate provided by Chartered Accountant No comments No comments as there are no deviation Whether Shareholder approval is obtained in case of material deviations# from expenditures disclosed in Offer Document? NA NA NA NA Whether means of finance for disclosed objects of theIssuehas changed? NO Declaration provided bythe Company No No Any major deviation observed over the earlier monitoring agency reports? NA NA NA NA Whether all Government / Statutory approvals related to the object(s) obtained? NA Declaration provided by the Company NA NA Whether all arrangements pertaining to technical assistance/collaboration in operation? NA Declaration provided by the Company NA NA
	Particulars	Reply	Source of information/ certifications considered for preparation of report	Comments of Monitoring Agency	Comments of Board of Directors
	Whether all the utilization is as per disclosure in Offer Document?	Yes	Certificate provided by Chartered Accountant	No comments	No comments as there are no deviation
	Whether Shareholder approval is obtained in case of material deviations# from expenditures disclosed in Offer Document?	NA	NA	NA	NA
	Whether means of finance for disclosed objects of theIssuehas changed?	NO	Declaration provided bythe Company	No	No
	Any major deviation observed over the earlier monitoring agency reports?	NA	NA	NA	NA
	Whether all Government / Statutory approvals related to the object(s) obtained?	NA	Declaration provided by the Company	NA	NA
	Whether all arrangements pertaining to technical assistance/collaboration in operation?	NA	Declaration provided by the Company	NA	NA

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

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Any favourable events improving object(s) NA NA NA NA
viability
Any unfavourable events affecting object(s) NA Declaration provided NA NA
viability by the Company
Any other relevant information that may No NA NA No comments as there are no
materially affect the decision making of the deviation
investors
# Where material deviation may be defined to mean:
a) Deviation in the objects or purposes for which the funds have been raised
b) Deviation in the amount of fund actually utilized by more than 10% of the amount projected in the offer documents.
4) Details of object(s)s to be monitored:
(i) Cost of object(s): All in ₹ Millions
Sl. Item Head Source of Original Revised Cost Comments of Comments of Board of Directors
No information/ Cost (as Monitoring Reason of cost Proposed financing Particulars of
certifications per Offer Agency revision option firm
considered for Document arrangements
preparation of ) made
report
1 Repayment/ As per
prepayment, in prospectus and
full or part, of Company
certain declaration 880.00 NA No Comments NA NA NA
borrowings
availed of by
our Company
2 Funding As per
capital prospectus and
expenditure Company
375.89 NA No Comments NA NA NA
towards declaration
upgrading and
expanding our
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Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

		existing facilities at (i) Ghaziabad, Uttar Pradesh and (ii) Verna, Goa
	3	General corporate purposes	As per prospectus and Company declaration		390.24			395.63		No Comments			NA		NA		NA
	(ii) Progress in the object(s): All in₹Millions
	S. No	Item Head$		Source of information/ certifications considered for preparation of report		Amoun t as propos ed in Offer Docum ent		Amount utilized					Total unutilized Amount	Comment s of Monitoring Agency		Comments of Board of Directors
								As at Beginning of the quarter	During the quarter		At the end of the quarter					Reason of idle funds	Proposed Course of Action
	1	Repayment/ prepayment, in full or part, of certain borrowings availed of by our Company (Note -1)		Certificate provided by Chartered Accountant and Company declaration		880.00		880.00	-		880.00		-	No Comment s		NA	No Comments
	2	Funding capital expenditure towards upgrading and expanding our existing facilities at (i) Ghaziabad, Uttar		Certificate provided by Chartered Accountant and Company declaration		375.89		247.95	103.53		351.48		24.41	No Comment s		NA	No Comments

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

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Pradesh and (ii) Verna,
Goa
Certificate
provided
by Chartered No
3 General corporate Accountant 395.63 395.63 - 395.63 - Comment NA No
purposes Comments
and s
Company
declaration
Total 1651.52 1523.58 103.53 1627.11 24.41
Note 1: The Company has proposed for repayment / prepayment in full or part of certain borrowings based on the amount outstanding as on October 31,
2022 as mentioned in the “Object of the Offer” section of the prospectus for IPO. Actual Utilization as given above therefore includes certain repayment /
prepayments instalments made by the company after such date of October 31, 2022 upto December 30, 2022 (i.e. listing day) being claimed as
reimbursements to the amount proposed.
Note 2: The Company has made pre-payment of proposed repayment of Fiscal 2025 in the Fiscal 2024 itself. The Management of the company has obtained
formal opinion from the Independent Professionals and is of the view that the such pre-payment is done from the net proceeds of the IPO only. The pre-
payment has not caused any increase in the amount allocated for prepayment and repayment in full or part, of borrowings availed by the Company as
disclosed in the prospectus and therefore same shall not amount to any variation or deviation from the Objects of the Offer as disclosed in the prospectus.
Note 3: Due to change of market scenario, upgradation of technologies and cost efficiency, the actual capital expenditures for expansion have been
made different than stated in the prospectus in terms of expansion location and asset item. The Management of the company has obtained formal opinion
from the Independent Professionals and is of the view that no prejudice is being caused by change of expansion locations or change of machineries (having
similar use) given the fact that the same will lead to an overall increase in the profitability of the Company and also same does not amount to a material
deviation or variation in the objects of the offer as disclosed in the prospectus.
(iii) Deployment of unutilized proceeds: All in ₹ Millions
Sl. Type of instrument where amount invested Amount Maturity date Earnings Return on Investment Market Value as at
No invested (Gross) (ROI %) the end of quarter
1 Fixed Deposit (Standard Chartered Bank) 99.00 18-04-2025 7.77 8.00% 106.77
Total 99.00 7.77 106.77
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Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com

	S.no	Item Head	Amount as proposed in offer document	Amount Utilized			Amount Unutilized
				As at Beginning of the quarter	During the quarter	At the end of the quarter
	1	General Corporate Purpose	395.63	395.63	-	395.63	-

Axis Bank Limited, ‘Axis House’, C-2, Wadia International Centre, Pandurang Budhkar marg, Worli, Mumbai - 400 025. www.axisbank.com