AI assistant
JAINEX AAMCOL LTD. — Capital/Financing Update 2026
Feb 13, 2026
60883_rns_2026-02-13_e40ca8f4-6fb8-4676-b8d8-1e287bfb5b21.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [55 x 56] intentionally omitted <==
JAINEX AAMCOL LIMITED Regd Off.: L-3, MIDC Industrial Area P.O. Chikalthana Aurangabad - 431006 Email: [email protected] CIN: L74999MH1947PLC005695
February 13, 2026
BSE Limited
Listing Operations Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai - 400 001
Dear Sirs,
Sub: Submission of Monitoring Agency Report for the Quarter ended 31[st] December, 2025
Dear Sir/Ma’am,
Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 82(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report for the quarter ended 31st December, 2025 issued by CARE Ratings Limited appointed to monitor the utilization of proceeds of the Rights Issue of the Company.
This is for your information and records.
Thanking you,
Yours sincerely,
For JAINEX AAMCOL LIMITED
Digitally signed by KUNAL KUNAL BAFNA BAFNA Date: 2026.02.13 17:42:40 +05'30'
Kunal Bafna Whole-time Director and CFO 00902536
Monitoring Agency Report
==> picture [144 x 40] intentionally omitted <==
No. CARE/PRO/GEN/2025-26/1072
The Board of Directors
Jainex Aamcol Limited
L-3, MIDC Industrial Area, P.O. Chikalthana, Aurangabad- 431 006 Maharashtra
February 13, 2026
Dear Sir/Ma’am,
- Monitoring Agency Report for the quarter ended December 31, 2025 in relation to the Rights issue of Jainex Aamcol Limited (“the Company”)
We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to Rs.8.98 crore of the Company and refer to our duties cast under 82 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 December 31, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 20, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
==> picture [109 x 25] intentionally omitted <==
Ashish Kashalkar
Associate Director [email protected]
==> picture [24 x 45] intentionally omitted <==
==> picture [596 x 41] intentionally omitted <==
==> picture [144 x 40] intentionally omitted <==
Report of the Monitoring Agency
Name of the issuer: Jainex Aamcol Limited For quarter ended: December 31, 2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No deviation
(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.
Signature: Name of the Authorized Signatory: Ashish Kashalkar Designation of Authorized person/Signing Authority: Associate Director
==> picture [24 x 45] intentionally omitted <==
==> picture [596 x 41] intentionally omitted <==
==> picture [144 x 40] intentionally omitted <==
1) Issuer Details: Name of the issuer : Jainex Aamcol Limited Name of the promoter : Jainex Foods Private Limited, Bharati Bafna, Kunal Bafna and Bhagat Singh Dugar Industry/sector to which it belongs : Consumer Discretionary - Automobile and Auto Components - Auto Components & Equipments
2) Issue Details Issue Period : December 01, 2025 to December 09, 2025 Type of issue (public/rights) : Rights Issue Type of specified securities : Equity shares IPO Grading, if any : Not Applicable Issue size (in `crore) : Rs.8.98 crore (Refer to Note below)
Note: The company allotted 7,48,169 equity shares under the rights issue at Rs.120 per share (including a share premium of Rs.110 per share), aggregating to Rs.8.98 crore. Out of this, Rs.7.43 crore was received from investors in the bank allotment account. The balance amount of Rs.1.55 crore, relating to unsecured loans payable to Coventry Metals Rajasthan Private Limited, Jainex Foods Private Limited and Mr. Kunal Bafna, was adjusted against the subscription amount payable by them towards the rights issue, in lines with the offer document dated November 14, 2025 and the board resolution dated November 24, 2025. Accordingly, Rs.1.55 crore was not received in the bank allotment account and has been adjusted against repayment of unsecured loans.
3
==> picture [144 x 40] intentionally omitted <==
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? |
No | Offer document, Board Resolution, Chartered Accountant (CA) Certificate*, Bank statements, Supporting documents and Management confirmation |
As per the board resolution dated December 10, 2025, the company has revised the cost of each object, wherein it has reduced the allocation of funds by Rs.1.92 crore for ‘Towards part repayment of secured loans availed to fund the expansion program’ Object and adjusted the same against all other objects. (Refer to Note 1 below) The utilization of proceeds during Q3FY26 is in line with the revised allocation approved bythe board. |
Unsecured loans carry higher cost compared to secured loans and accordingly, it was considered financially prudent to prioritize repayment of Unsecured Loan. |
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? |
No | Offer document and Management confirmation |
Not Applicable | No comments |
| Whether the means of finance for the disclosed objects of the issue have changed? |
No | Offer document and Management confirmation |
Not Applicable | No comments |
| Is there any major deviation observed over the earlier monitoring agencyreports? |
Not applicable | Not applicable | This is the first monitoring agency report. |
No comments |
| Whether all Government/statutory approvals related to the object(s)have been obtained? |
Not applicable | Offer document and Management confirmation |
Not Applicable | No comments |
| Whether all arrangements pertaining to technical assistance/collaboration are in operation? |
Not applicable | Offer document and Management confirmation |
Not Applicable | No comments |
| Are there any favorable/unfavorable events affecting the viability of these object(s)? |
No | Offer document and Management confirmation |
Nil | No comments |
| Is there anyother relevant information that maymateriallyaffect | Yes | Offer document,Board Resolution and | The companyallotted 7,48,169 equity | Unsecured loans |
4
==> picture [144 x 40] intentionally omitted <==
| 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 |
|---|---|---|---|---|
| the decision making of the investors? | Management confirmation | shares under the rights issue aggregating to Rs.8.98 crore. Out of this, Rs.7.43 crore was received from investors in the bank allotment account. The balance amount of Rs.1.55 crore, relating to unsecured loans payable to Coventry Metals Rajasthan Private Limited, Jainex Foods Private Limited and Mr. Kunal Bafna, was adjusted against the subscription amount payable by them towards the rights issue, in lines with the offer document dated November 14, 2025 and the board resolution dated November 24, 2025. Accordingly, Rs.1.55 crore was not received in the bank allotment account and has been adjusted against repayment of unsecured loans. |
carry higher cost compared to secured loans and accordingly, it was considered financially prudent to prioritize repayment Unsecured Loan. |
Note 1: As per offer document, “Given the dynamic nature of our business, we may have to revise our funding requirements and deployment on account of variety of factors such as our financial condition, business strategy, including external factors which may not be within the control of our management. This may entail rescheduling and revising the planned funding requirements and deployment and increasing or decreasing the funding requirements from the planned funding requirements at the discretion of our management.” Accordingly, the company has taken a board resolution dated December 10, 2025 for revision in cost of the objects.
*The details are verified by R. K. Jagetiya & Co. vide its CA certificate dated February 11, 2026.
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.
5
==> picture [144 x 40] intentionally omitted <==
4) Details of objects to be monitored:
(i) Cost of objects –
| Sr. 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 |
Revised Cost in Rs. Crore |
Comments of the Monitoring Agency |
Comments of the Board of Directors | Comments of the Board of Directors | Comments of the Board of Directors |
|---|---|---|---|---|---|---|---|---|
| Reason for cost revision | Proposed financing option |
Particulars of -firm arrangements made |
||||||
| 1. | To partially fund the Expansion Program |
CA Certificate*, Offer document^,Board Resolution |
2.50 | 2.89 | As per the board resolution dated December 10, 2025, company has reduced the allocation of funds by Rs.1.92 crore for ‘Towards part repayment of secured loans availed to fund the expansion program’ Object and adjusted the same against all other objects. |
None | Rights Issue Proceeds |
Not applicable |
| 2. | Towards repayment of unsecured loans availed to fund the expansion program |
CA Certificate*, Offer document^, Board Resolution |
4.00 | 5.48 | Unsecured loans carry higher cost compared to secured loans and accordingly, it was considered financially prudent to prioritize repayment of Unsecured Loan |
Rights Issue Proceeds |
Not applicable | |
| 3. | Towards part repayment of secured loans availed to fund the expansion program |
CA Certificate*, Offer document^, Board Resolution |
2.13 | 0.21 | Unsecured loans carry higher cost compared to secured loans and accordingly, it was considered financially prudent to prioritize repayment of Unsecured Loan |
Rights Issue Proceeds |
Not applicable | |
| 4. | Issue Related Expenses | CA Certificate*, Offer document^,Board Resolution |
0.35 | 0.40 | None | Rights Issue Proceeds |
Not applicable | |
| Total | 8.98 | 8.98 |
-
*The above details are verified by R. K. Jagetiya & Co. vide its CA certificate dated February 11, 2026.
-
^Sourced from Page no. 40 of the offer document.
6
==> picture [144 x 40] intentionally omitted <==
(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 |
Comments of the Board of Directors |
|||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Amount as proposed in the Offer Document in Rs. Crore |
Revised cost (Rs. Crore) |
Amount | utilised in Rs. Crore | Total unutilise |
Comments of the Monitoring Agency |
||||||
| As at beginning of the quarter in Rs. Crore |
During the quarter in Rs. Crore |
At the end of the quarter in Rs. Crore |
Reasons for idle funds |
Propose d course of action |
|||||||
| d | |||||||||||
| amount | |||||||||||
| in Rs. crore |
|||||||||||
| 1 | To partially fund the Expansion Program |
Offer document^, Board Resolution, CA Certificate*, Bank statements, Invoices |
2.50 | 2.89 | 0.00 | 0.84 | 0.84 | 2.05 | In Q3FY26, the company utilized Rs.0.84 crore, directly from the dedicated current account, towards its expansion program (payments related to construction of building). The same is verified by management certificate, bank statement and invoices. |
No comme nts |
No commen ts |
| 2 | Towards repayment of unsecured loans availed to fund the expansion program |
Offer document^, Board Resolution, CA Certificate*, Bank statements, Undertaking from unsecured loan providers |
4.00 | 5.48 | 0.00 | 5.48 | 5.48 | 0.00 | In Q3FY26, the company repaid unsecured loans of Rs.2.53 crore to Coventry Metal Rajasthan Private Limited, Rs.1.27 crore to Mr. Kunal Bafna, Rs.1.18 crore to Jainex Foods Private Limited and Rs.0.50 crore to M. Bafna Technovations Private Limited, which is in line with board resolution dated December 10, 2025. |
No comme nts |
No commen ts |
7
==> picture [144 x 40] intentionally omitted <==
| 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 |
Revised cost (Rs. Crore) |
Amount | utilised in Rs. Crore | Total unutilise |
Comments of the Monitoring Agency |
||||||
| As at beginning of the quarter in Rs. Crore |
During the quarter in Rs. Crore |
At the end of the quarter in Rs. Crore |
Reasons for idle funds |
Propose d course of action |
|||||||
| d | |||||||||||
| amount | |||||||||||
| in Rs. crore |
|||||||||||
| Of the total Rs.5.48 crore, Rs.3.93 crore was paid directly from the dedicated current account and the balance Rs.1.55 crore was adjusted against the subscription amount payable by the unsecured loan providers towards the rights issue, in lines with the offer document dated November 14, 2025 and the board resolution dated November 24, 2025. The same is verified by CA certificate, management certificate, bank statement and undertaking from unsecured loanproviders. |
|||||||||||
| 3. | Towards part repayment of secured loans availed to fund the expansionprogram |
Offer document^, Board Resolution, CA Certificate*, Bank statements |
2.13 | 0.21 | 0.00 | 0.00 | 0.00 | 0.21 | Nil utilization towards this object in Q3FY26. |
No comme nts |
No commen ts |
8
==> picture [144 x 40] intentionally omitted <==
| 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 |
Revised cost (Rs. Crore) |
Amount | utilised in Rs. Crore | Total unutilise |
Comments of the Monitoring Agency |
||||||
| As at beginning of the quarter in Rs. Crore |
During the quarter in Rs. Crore |
At the end of the quarter in Rs. Crore |
Reasons for idle funds |
Propose d course of action |
|||||||
| d | |||||||||||
| amount | |||||||||||
| in Rs. crore |
|||||||||||
| 4. | Issue Related Expenses |
Offer document^, Board Resolution, CA Certificate*, Bank statements, Invoices |
0.35 | 0.40 | 0.00 | 0.25 | 0.25 | 0.15 | In Q3FY26, the company utilized Rs.0.25 crore towards issue related expenses directly from the dedicated current account, which is in line with the objects. Of this, Rs.0.22 crore is reimbursement of issue expenses spent before money from rights issue was raised. The same is verified by CA certificate, management certificate, bank statement and invoices. |
No comme nts |
No commen ts |
| Total | 8.98 | 8.98 | 0.00 | 6.57 | 6.57 | 2.41 |
- *The above details are verified by R. K. Jagetiya & Co. vide its CA certificate dated February 11, 2026.
^Sourced from Page no. 40 of the offer document
9
==> picture [144 x 40] intentionally omitted <==
(iii) Deployment of unutilized public issue proceeds:
| Sr. No. | Type of instrument and name of the entity invested in |
Amount invested | Maturity date | Earning | Return on Investment(%) |
Market Value as at the end ofquarter |
|---|---|---|---|---|---|---|
| 1. | Bank balance in ICICI Bank Dedicated Current Account(110505006953) |
2.41 | - | - | - | 2.41 |
| Total | 2.41 | - | - | - | 2.41 |
The above details are verified by R. K. Jagetiya & Co. vide its CA certificate dated February 11, 2026.
(iv) Delay in implementation of the object(s)
| Completion Date | Completion Date | Comments of the Board of Directors | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| Delay (no. of days/ | |||||
| Objects | As per the offer | Proposed course of |
|||
| Actual | months) | Reason of delay | |||
| document* | action |
||||
| Topartiallyfund the Expansion Program | 31-03-2026 | Ongoing | Not Applicable | No comments | No comments |
| Towards repayment of unsecured loans availed to fund the expansionprogram |
31-03-2026 |
December 30, 2025 |
No delay | No comments | No comments |
| Towards part repayment of secured loans availed to fund the expansionprogram |
31-03-2026 |
- | Not Applicable | No comments | No comments |
| Issue Related Expenses | No timeline mentioned in offer document |
Not Applicable | Not Applicable | No comments | No comments |
*Timeline is sourced from page no. 40 of the offer document.
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document – Not Applicable
| Source of information / certifications | |||||
|---|---|---|---|---|---|
| Amount | |||||
| Sr. No | Item Head | considered by Monitoring Agency for | Comments of Monitoring Agency | Comments of the Board of Directors | |
| in Rs. Crore | |||||
| preparation of report | |||||
| Not Applicable | No comments |
10
==> picture [144 x 41] intentionally omitted <==
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 auditor/internal auditor which is peer reviewed audit firm 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 statutory auditors/internal auditor which is peer reviewed audit firm (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.