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Ind-Swift Laboratories Ltd. Capital/Financing Update 2025

May 15, 2025

62552_rns_2025-05-15_a09d59fa-e6c3-4fac-85e4-100fcb58cfd5.pdf

Capital/Financing Update

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Ref: ISLL:CH:2025

Date: 15[th] May, 2025

The President The Vice President, Corporate Relationship Department Listing Compliance Department, BSE Limited National Stock Exchange of India Limited, Phiroze Jeejeebhoy Towers, Exchange Plaza, 5[th] Floor 25[th] Floor, Dalal Street, Plot No. C/2, G-Block, Mumbai 400 001 Bandra Kurla Complex, Bandra (E), Mumbai 400 051

ISIN: INE915B01019 BSE Scrip Code: 532305

NSE Symbol: INDSWFTLAB

SUB: MONITORING AGENCY REPORT FOR THE QUARTER ENDED 31[ST] MARCH 2025 FOR FUNDS RAISED THROUGH PREFERENTIAL ISSUE

Dear Sir/Ma’am,

Pursuant to Regulation 162A (4) of Chapter V of SEBI ( Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32 (6) of SEBI (Listing Obligations and Disclosure Requirements), 2015, we are enclosing herewith Monitoring Agency Report issued by Care Ratings Limited, Monitoring Agency, for the quarter ended 31.03.2025 with respect to the Preferential Issue and allotment of 2,60,00,000 fully convertible warrants on preferential basis.

Kindly take note of the same and oblige.

Thanking you

For IND-SWIFT LABORATORIES LTD.

Pardeep Digitally signed by Pardeep Verma Verma Date: 2025.05.15 19:21:03 +05'30' PARDEEP VERMA VP-CORPORATE AFFAIRS & COMPANY SECRETARY

Encl: a/a

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No. CARE/NRO/GEN/2025-26/1041

The Board of Directors Ind-Swift Laboratories Limited

SCO 850, Shivalik Enclave, NAC, Manimajra, Chandigarh, Chandigarh - 160101

May 15, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended March 31, 2025 - in relation to the Preferential Issue of Ind-Swift Laboratories Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 314.60 crore of the Company and refer to our duties cast under Regulation 162A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 12, 2024.

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Sandeep Aggarwal

Associate Director [email protected]

CARE Ratings Limited

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4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

CIN-L67190MH1993PLC071691

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Report of the Monitoring Agency

Name of the issuer: Ind-Swift Laboratories Limited For quarter ended: March 31, 2025

Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No

(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 there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity.

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.

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Signature:

Name and designation of the Authorized Signatory: Sandeep Aggarwal Designation of Authorized person/Signing Authority: Associate Director

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion Phone: +91-120-445 2000 (East), Mumbai - 400 022 Phone: +91-22-6754 3456

Email: [email protected] • www.careedge.in

CIN-L67190MH1993PLC071691

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1) Issuer Details:

Name of the issuer : Ind-Swift Laboratories Limited Name of the promoter : Mr. Navrattan Munjal Industry/sector to which it belongs : Pharmaceuticals & Biotechnology - Pharmaceuticals Issue Details Issue Period : 18 months from date of allotment (Date of allotment: August 30, 2024) Type of issue (public/rights) : Preferential Issue Type of specified securities : Fully convertible warrants IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 314.60 (CARE Ratings Limited is monitoring the gross proceeds pertaining to fresh issue under Preferential Issue)

2) Issue Details

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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3) Details of the arrangement made to ensure the monitoring of issue proceeds:

Particulars Reply Source of information
/ certifications
considered by
Monitoring Agency for
preparation of report		 Comments of the
Monitoring Agency		 Comments of the
Board of Directors
Whether all utilization is as per the disclosures in the
Offer Document?		 Yes CA Certificate*, Bank
Statements, Management
Certificate		 All the proceeds from the preferential
issue have been utilized as per the
objectives
mentioned
in
the
offer
document. However, the company had
transferred the funds from monitoring
account to its Bank of India’s overdraft
account & thereafter to multiple current
accounts during Q4FY25. There were
numerous debit and credit entries in the
current
accounts,
including
group
companies’ transactions. Accordingly, we
were not directly able to ascertain the
utilization of issueproceeds.		 All funds have been used strictly as per the
objectives mentioned in the offer document.
All
supporting
documents
like
bank
statements, CA certificate, and fund trail
have already been shared with the
Monitoring Agency. Transfers were done for
operational efficiency and for the operations
of the company. Everything is properly
documented. The utilisation of the issue
proceeds is very much for the objects
mentioned in the offer document.
Whether shareholder approval has been obtained in case
of material deviations# from expenditures disclosed in
the Offer Document?		 No material
deviation		 Not applicable Not applicable -
Whether the means of finance for the disclosed objects
of the issue have changed?		 No Not applicable Not applicable -
Is there any major deviation observed over the earlier
monitoring agency reports?		 No Not applicable Not applicable -
Whether all Government/statutory approvals related to
the object(s) have been obtained?		 No Not applicable Not applicable -
Whether all arrangements pertaining to technical Not applicable Not applicable Not applicable -

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Particulars Reply Source of information
/ certifications
considered by
Monitoring Agency for
preparation of report		 Comments of the
Monitoring Agency		 Comments of the
Board of Directors
assistance/collaboration are in operation?
Are there any favorable/unfavorable events affecting the
viability of these object(s)?		 Yes Bombay Stock Exchange
Website		 The company’s current share price is Rs.
70.19 (as of May 9, 2025) which is
significantly below the warrant’s exercise
price of Rs.121.00. It may lead to the
subscribers
to
not
invest
in
the
outstanding share warrants, which may
ultimately affect the viability of the
objects.		 Matter of opinion. The fluctuation in market
price is a general business risk. Following US
elections, the global market is highly
volatile. The company continues to remain
committed to its business expansion plans
and corporate initiatives and is pursuing
them as per timelines outlined. Further, in
the past, company has reached an all-time
high share price of Rs. 296.50 reflecting its
strong market position and historical
performance. Our consistent track record
and strong growth make us confident that
investors will continue to find the company
an attractive investment opportunity.
Is there any other relevant information that may
materially affect the decision making of the investors?		 Yes Bombay Stock Exchange
Website		 As mentioned below** -
  • *Chartered Accountant Certificate from Rattan Kaur & Associates (Statutory Auditors of Ind-Swift Laboratories Limited (ISLL)) dated May 08, 2025.

**After receiving shareholders’ approval, the company sold its Active Pharmaceutical Ingredients (APIs) business and Contract Research and Manufacturing Services (CRAMS) during Q4FY24 to repay debt obligations of both the company and its group company (Ind-Swift Limited). During 9MFY25, the company had negligible operations as the major business had already been sold. However, Ind-Swift Limited, a group company involved in the formulations business, is proposed to merge with the company after obtaining the necessary approvals. #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 funds actually utilized by more than 10% of the amount projected in the offer documents.

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, 4th Floor, Godrej Coliseum, Somaiya Hospital Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Road, Off Eastern Express Highway, Sion (East), Phone: +91-120-445 2000 Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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4)Details of objects to be monitored:

(i) Cost of objects –

S.
No.		 Item
Head		 Source of information /
certifications considered by
Monitoring Agency for preparation
of report		 Original cost
(as per the
Offer
Document)
in Rs. Crore		 Comments of the Board of Directors Comments of the Board of Directors Comments of the Board of Directors
Revised
Cost
in Rs.
Crore		 Comments
of the
Monitoring
Agency		 Reason
for cost
revision		 Proposed
financing
option		 Particulars of -
firm
arrangements
made
1 Expansion of Business of the Company
or the Wholly Owned Subsidiaries		 Extra Ordinary General Meeting
Resolution, Management Certificate		 150.00 - Not
applicable		 - - -
2 Investment in existing or to be
acquired Subsidiaries		 Extra Ordinary General Meeting
Resolution, Management Certificate		 50.00 - - - -
3 Working Capital for existing business Extra Ordinary General Meeting
Resolution, Management Certificate		 39.60 - - - -
4 General Corporate purpose Extra Ordinary General Meeting
Resolution, Management Certificate		 75.00 - - - -
Total 314.60

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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(ii) Progress in the objects– (ii) Progress in the objects– (ii) Progress in the objects–
Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Comments of the Board of
Directors
Amount as
proposed
in the Offer
Document
in Rs.
Crore		 Amount
raised
till date
i.e.
March
31,
2025		 Amount utilised in Rs. Crore Total
 Comments of the
Monitoring Agency
As at
beginnin
g of the
quarter
in Rs.
Crore		 Reasons for idle
funds		 Propose
d
course
of
action
At the
During
 unutilise
end of
the
 d amount
the
quarter
in Rs.
Crore		 in Rs.
crore
quarter
in Rs.
Crore
1 Expansion
of business
of
the
company or
the
wholly
owned
subsidiaries		 CA Certificate*,
Management
Certificate, Bank
Statements;
sale deed copies		 150.00 92.63 7.62 6.75 14.37 1.19 During Q4FY25, Rs. 6.75
crore has been utilized to
pay for registration/ stamp
duty charges and, TDS
related to the purchase of
land
for
the
company’
expansion plan. However,
the estimated total project
cost is yet to be finalized.		 The amount spent
was part of the
planned
land
acquisition
for
expansion.
Full
project cost is being
worked out and will
be
shared
once
finalized.		 -
2 Investment
in
existing
or
to
be
acquired
subsidiaries		 CA Certificate*,
Management
Certificate, Bank
Statements		 50.00 - - - Nil amount spent during
Q4FY25		 - -
3 Working
Capital
for
existing
business		 CA Certificate*,
Management
Certificate, Bank
Statements		 39.60 - 5.50 5.50 The
funds
have
been
utilized by the company for
payment
of
salary,
statutory payments, etc.
The
company
had
transferred
these
funds
from monitoring account to
its Bank of India’s overdraft		 All relevant details
have been provided.
Each transaction is
backed
by
supporting
documentation,
including
specific
utilization entries,to		 -

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Comments of the Board of
Directors		 Comments of the Board of
Directors
Amount as
proposed
in the Offer
Document
in Rs.
Crore		 Amount
raised
till date
i.e.
March
31,
2025		 Amount utilised in Rs. Crore Total
 Comments of the
Monitoring Agency
As at
beginnin
g of the
quarter
in Rs.
Crore		 Reasons for idle
funds		 Propose
d
course
of
action
At the
During
 unutilise
end of
the
 d amount
the
quarter
in Rs.
Crore		 in Rs.
crore
quarter
in Rs.
Crore
account & thereafter to
multiple current accounts
during Q4FY25. There were
numerous debit and credit
entries
in
the
current
accounts, including group
companies’
transactions.
Accordingly, we were not
directly able to ascertain
the
utilization
of
issue
proceeds.		 demonstrate
that
the proceeds were
used solely for the
purposes disclosed
in
the
offer
document.
Any
inter-account
movement
was
purely logistical and
appropriately
accounted for. The
utilisation
of
the
issue proceeds is
very much for the
objects mentioned
in
the
offer
document.
4 General
Corporate
purpose		 CA Certificate*,
Management
Certificate, Bank
Statements		 75.00 50.03 21.21 71.24 As per management, the
amount of Rs.21.21 crore
has been fully utilized for
repayment of the overdraft
facility. However, the GCP		 As per the ICDR
regulations, up to
25% of the issue
proceeds
can
be
used for"General		 -

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Comments of the Board of
Directors		 Comments of the Board of
Directors
Amount as
proposed
in the Offer
Document
in Rs.
Crore		 Amount
raised
till date
i.e.
March
31,
2025		 Amount utilised in Rs. Crore Total
 Comments of the
Monitoring Agency
As at
beginnin
g of the
quarter
in Rs.
Crore		 Reasons for idle
funds		 Propose
d
course
of
action
At the
During
 unutilise
end of
the
 d amount
the
quarter
in Rs.
Crore		 in Rs.
crore
quarter
in Rs.
Crore
clause
of
the
offer
document
does
not
specifically
mention
the
repayment of overdraft as a
purpose under GCP.		 Corporate Purpose"
(GCP).
The
definition of GCP
includes
purposes
not
specifically
allocated in the offer
document.
Repayment of the
OD
facility
is
a
routine
corporate
activity
and
falls
under this scope.
The
transfers
between
multiple
accounts were done
for
operational
efficiency
and
to
support
the
company’s
operations.
The
utilisation
of
the
issue proceeds is
very much for the
objects mentioned

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Sr.
No		 Item
Head		 Source of
information /
certifications
considered by
Monitoring
Agency for
preparation of
report		 Comments of the Board of
Directors		 Comments of the Board of
Directors
Amount as
proposed
in the Offer
Document
in Rs.
Crore		 Amount
raised
till date
i.e.
March
31,
2025		 Amount utilised in Rs. Crore Total
 Comments of the
Monitoring Agency
As at
beginnin
g of the
quarter
in Rs.
Crore		 Reasons for idle
funds		 Propose
d
course
of
action
At the
During
 unutilise
end of
the
 d amount
the
quarter
in Rs.
Crore		 in Rs.
crore
quarter
in Rs.
Crore
in
the
offer
document.
Total (Gross proceeds) 314.60 92.63# 57.65 33.46 91.11 1.19@
  • *Chartered Accountant Certificate from Rattan Kaur & Associates (Statutory Auditors of Ind-Swift Laboratories Limited (ISLL)) dated May 08, 2025.

The company has received more than 25% of the total warrant issue price to the tune of Rs.8,12,491 from one of the allottees; Saral Incorporated VCC Sub Fund 1 which will be returned in due course. On receipt of Rs.13.90 crore from Zeal Global Opportunity Fund (FPI), the company has allotted 15,32,000 equity shares upon conversion of equivalent number of warrants during Q4FY25.

@Total unutilized amount of Rs.1.19 crore does not include interest income of Rs.0.33 crore on matured Fixed Deposits (FD).

(iii) Deployment of unutilized proceeds:

Sr. No. Type of instrument and name of the
entity invested in		 Amount invested
(In Rs. Crore)		 Maturity date Earning Return on
Investment (%)		 Market Value as at the
end of quarter
1. Balance in Warrants Receipt Account – Bank
of India (620020110000489)		 0.02 - - - 0.02
2. Amount transferred in the current account –
Bank of India (620030100010220)		 1.50 - - - 1.50
Total unutilized proceeds 1.52* - - 1.52

*The company has earned an interest income of Rs.0.33 crore on matured Fixed Deposits (FD).

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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

Completion Date Completion Date Delay (no. of Comments of the Board of Directors Comments of the Board of Directors
Objects As per the offer
days/		 Proposed course of
Reason of delay

document		 Actual months)
action
Expansion of Business of the Company or the Wholly
Owned Subsidiaries		 December 31, 2027 Ongoing Not applicable - -
Investment in existingor to be acquired Subsidiaries December 31,2026 Ongoing Not applicable - -
WorkingCapital for existingbusiness December 31,2026 Ongoing Not applicable - -
General Corporatepurpose December 31,2026 Ongoing Not applicable - -

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

Source of information / Amount certifications considered Sr. No Item Head^ Comments of Monitoring Agency Comments of the Board of Directors in Rs. Crore by Monitoring Agency for preparation of report As per the ICDR regulations, up to 25% of As per management, the amount of Rs.21.21 crore the issue proceeds can be used for "General has been fully utilized for repayment of the Corporate Purpose" (GCP). The definition of overdraft facility. However, the GCP clause of the GCP includes purposes not specifically offer document does not specifically mention the allocated in the offer document. Repayment repayment of overdraft as a purpose under GCP. Bank Statements, of the OD facility is a routine corporate Further, from company’s Bank of India’s overdraft 1. Working capital usage 21.21 Management Certificate, activity and falls under this scope. account, the funds were transferred thereafter to CA Certificate The transfers between multiple accounts multiple current accounts. There were numerous were done for operational efficiency and to debits and credits in such current accounts, support the company’s operations. The including group companies’ transactions. utilisation of the issue proceeds is very much Accordingly, we were not directly able to ascertain for the objects mentioned in the offer the utilization of issue proceeds. document. Total 21.21*

*Chartered Accountant Certificate from Rattan Kaur & Associates (Statutory Auditors of Ind-Swift Laboratories Limited (ISLL)) dated May 08, 2025.

CARE Ratings Limited

9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 Email: [email protected] • www.careedge.in

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CIN-L67190MH1993PLC071691

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Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as "Monitoring Agency/MA"). The MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided by the Issuer and information obtained from sources believed by it to be accurate and reliable. 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.

b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer and third-party sources like statutory auditors (or from peer reviewed CA firms) appointed by the Issuer believed by it to be accurate and reliable.

c) Nothing contained in this Report is capable or 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 MA is also not responsible for any errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever to the users of this Report.

d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable, it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it receives from auditors (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its reports.

e) The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example, the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally from issuers or underwriters of the instruments, facilities, securities or from obligors.

CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456

Email: [email protected] • www.careedge.in

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9th Floor, C-001/A2, Berger Towers, Sector-16B, Noida, Gautam Budh Nagar, Uttar Pradesh – 201 301 Phone: +91-120-445 2000

CIN-L67190MH1993PLC071691

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