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Kingfa Science & Technology (India) Ltd Capital/Financing Update 2026
61430_rns_2026-05-13_6d76e0ea-1230-4c28-88e7-b519b27580c0.pdf
Capital/Financing Update
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KINGFA
KINGFA/SE/2026-27
Date: 13/05/2026
To,
National Stock Exchange of India Limited
Exchange Plaza, Plot No. C/1, G- Block, Bandra –Kurla Complex, Bandra (East), Mumbai 400051
BSE Limited
Corporate Relationship Department 1st Floor, New Trading Ring, Rotunda Building, P.J. Towers, Dalal Street, Fort, Mumbai 400001
Symbol: KINGFA
Scrip Code: 524019
Subject: Monitoring Agency Report for the Quarter ended March 31, 2026.
Dear Sir/Madam,
Pursuant to Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 enclosed herewith the Monitoring Agency Report with respect to the utilization of issue proceeds for the quarter ended March 31, 2026 issued by CARE Ratings Limited.
We request you to take the above information on record.
Thanking You,
Yours faithfully
For Kingfa Science & Technology (India) Limited
DEEPAK VYAS
Digitally signed by DEEPAK VYAS
Date: 2026.05.13 16:06:03 +05'30'
Deepak Vyas
Company Secretary & Compliance officer
Kingfa Science & Technology (India) Limited
CIN: L25209TN1983PLC010438
Regd. Office: Dhun Building, III Floor,
827, Anna Salai, Chennai - 600002.
Tel: +44 – 28521736 Fax: +44 – 28520420
E-mail: [email protected]
Website: www.kingfaindia.com
Careedge RATINGS
No. CARE/ARO/GEN/2026-27/1047
The Board of Directors
Kingfa Science & Technology (India) Limited
Dhun Building,
3rd Floor, 827, Mount Road,
Madras, Tamilnadu,
India – 600002
May 13, 2026
Dear Sir,
Monitoring Agency Report for the quarter ended March 31, 2026 - in relation to the preferential issue of Kingfa Science & Technology India Limited ("the Company")
We write in our capacity of Monitoring Agency for the preferential issue for the amount aggregating to Rs.500 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, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated September 08, 2025.
Request you to kindly take the same on records.
Thanking you,
Yours faithfully,
Jignesh Trivedi
Jignesh Trivedi
Assistant Director
[email protected]
Report of the Monitoring Agency
Name of the issuer: Kingfa Science & Technology (India) Limited
For quarter ended: March 31, 2026
Name of the Monitoring Agency: CARE Ratings Limited
(a) Deviation from the objects: Nil
(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:
Jignesh Trivedi
Name and designation of the Authorized Signatory: Jignesh Trivedi
Designation of Authorized person/Signing Authority: Assistant Director
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1) Issuer Details:
Name of the issuer : Kingfa Science & Technology (India) Limited
Name of the promoter : Kingfa Science & Technology Co. Ltd (KSTCL; Parent Company)
Industry/sector to which it belongs : Industrials – Capital Goods – Industrial Products – Plastic Products Industrial
2) Issue Details
Issue Period : Not applicable
Type of issue (public/rights) : Preferential Issue
Type of specified securities : Equity Shares
IPO Grading, if any : Not applicable
Issue size (in crore) : Rs.500 crore
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* | ||
| Management Certificate | ||||
| Bank Statement | ||||
| Sample Invoices | KSTIL utilized Rs.40.63 crore towards GCP during Q4FY26. | No comments received | ||
| Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document? | Not applicable | CA Certificate* | ||
| Management Certificate | ||||
| Bank Statement | Not applicable | No comments received | ||
| Whether the means of finance for the disclosed objects of the issue have changed? | No | Management Certificate | No | No comments received |
| Is there any major deviation observed over the earlier monitoring agency reports? | No | Management Certificate | ||
| Monitoring Agency Report | ||||
| (dated February 09, 2026) | No deviation observed | No comments received | ||
| Whether all Government/statutory approvals related to the object(s) have been obtained? | Government/statutory approvals (if required) related to any object will be obtained as and when required | Management Certificate | Government/statutory approvals (if required) related to any object will be obtained as and when required | No comments received |
| Whether all arrangements pertaining to technical assistance/collaboration are in | Not applicable | Management Certificate | Not applicable | No comments received |
| 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 |
|---|---|---|---|---|
| operation? | ||||
| Are there any favorable/unfavorable events affecting the viability of these object(s)? | No | Management Certificate | Nil | No comments received |
| Is there any other relevant information that may materially affect the decision making of the investors? | No | Management Certificate | Nil | No comments received |
- Chartered Accountant certificate from M/s. P G Bhagwat LLP dated April 17, 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.
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 | ||
|---|---|---|---|---|---|---|---|---|
| Reason for cost revision | Proposed financing option | Particulars of -firm arrangements made | ||||||
| 1 | Phase 2 Factory/Phase II Building Construction-at Chakan, Pune | EGM Notice, Management certificate, CA Certificate* | 187.00 | NA | Nil | No comments received | No comments received | No comments received |
| 2 | Office Administration, R&D Building – at Chakan Pune | EGM Notice, Management certificate, CA Certificate* | 44.00 | NA | No comments received | No comments received | No comments received | |
| 3 | Plant and Machinery | EGM Notice, Management certificate, CA Certificate* | 102.00 | NA | No comments received | No comments received | No comments received | |
| 4 | Land Acquisition for Expansion in South India | EGM Notice, Management certificate, CA Certificate* | 42.00 | NA | No comments received | No comments received | No comments received | |
| 5 | General Corporate Purpose | EGM Notice, Management certificate, CA Certificate* | 125.00 | NA | No comments received | No comments received | No comments received | |
| Total | 500.00 |
- Chartered Accountant certificate from M/s. P G Bhagwat LLP dated April 17, 2026
(ii) Progress in the objects -
| Sr. No | Item Head | Source of information / certifications considered by Monitoring Agency for preparation of report | Amount as proposed in the Offer Document in Rs. Crore | Amount utilised in Rs. Crore | Total unutilised amount in Rs. crore | Comments of the Monitoring Agency | Comments of the Board of Directors | |||
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | Proposed course of action | ||||||
| 1 | Phase 2 Factory/Phase II Building Construction-at Chakan, Pune | EGM Notice, Management certificate, Bank Statement FDR Statement, CA Certificate* | 187.00 | 0.00 | 0.00 | 0.00 | 187.00 | Nil | No comments received | No comments received |
| 2 | Office Administration, R&D Building – at Chakan Pune | EGM Notice, Management certificate, Bank Statement, FDR Statement, CA Certificate* | 44.00 | 0.00 | 0.00 | 0.00 | 44.00 | Nil | No comments received | No comments received |
| 3 | Plant and Machinery | EGM Notice, Management certificate, Bank Statement, FDR Statement, CA Certificate*, | 102.00 | 60.29 | 0.00 | 60.29 | 41.71 | Nil | No comments received | No comments received |
| 4 | Land Acquisition for Expansion in South India | EGM Notice, Management certificate, Bank Statement FDR Statement, CA Certificate* | 42.00 | 0.00 | 0.00 | 0.00 | 42.00 | Nil | No comments received | No comments received |
| 5 | General Corporate Purpose | EGM Notice, Management certificate, Bank Statement FDR Statement, CA Certificate*, Sample Invoices | 125.00 | 54.86 | 40.63 | 95.49 | 29.51 | KSTIL utilized Rs.40.63 crore towards vendor payments and bank charges during Q4FY26. | No comments received | No comments received |
| Total | 500.00 | 115.15 | 40.63 | 155.78 | 344.22 |
- Chartered Accountant certificate from M/s. P G Bhagwat LLP dated April 17, 2026
(iii) Deployment of unutilized proceeds:
| Sr. No. | Type of instrument and name of the entity invested in* | Amount invested (Rs. Crore) | Maturity date | Earning (Accrued Interest) | Return on Investment (%) | Market Value as at the end of quarter* |
|---|---|---|---|---|---|---|
| 1 | Fixed deposit – ICBC | 40.00 | 20-04-2026 | 1.17 | 5.85% | 41.17 |
| 2 | Fixed deposit – ICBC | 110.00 | 06-07-2026 | 3.31 | 6.00% | 113.31 |
| 3 | Fixed deposit – ICBC | 135.00 | 06-10-2026 | 4.07 | 6.05% | 139.07 |
| 4 | Savings & Current Account (Preferential Issue Account) – ICBC | 62.12 | - | - | - | 62.12 |
| Less: Interest earned on FDs matured during the quarter | -2.90 | - | - | - | -2.90 | |
| Total | 344.22 | 8.55 | 352.77 |
*Market Value for FDs include the accrued interest on the same as on March 31, 2026.; ICBC: Industrial and Commercial Bank of China Limited
(iv) Delay in implementation of the object(s) –
| Objects | Completion Date | Delay (no. of days/ months) | Comments of the Board of Directors | ||
|---|---|---|---|---|---|
| As per the offer document | Actual | Reason of delay | Proposed course of action | ||
| Phase 2 Factory/Phase II Building Construction-at Chakan, Pune | June 2027 | - | - | No comments received | No comments received |
| Office Administration, R&D Building – at Chakan Pune | June 2027 | - | - | No comments received | No comments received |
| Plant and Machinery | June 2027 | - | - | No comments received | No comments received |
| Land Acquisition for Expansion in South India | June 2027 | - | - | No comments received | No comments received |
| General Corporate Purpose | June 2027 | - | - | No comments received | No comments received |
5) Details of utilization of proceeds stated as General Corporate Purpose (GCP) amount in the offer document:
| Sr. No. | Item Head^ | Amount in Rs. Crore | Source of information / certifications considered by Monitoring Agency for preparation of report | Comments of Monitoring Agency | Comments of the Board of Directors |
|---|---|---|---|---|---|
| 1 | Vendor Payment | 40.63 | Management Certificate, Bank Statement, CA Certificate*, Sample Invoices | KSTIL utilized Rs.40.63 crore towards vendor payments and bank charges during Q4FY26. | No comments received |
| 2 | Bank Charges | 0.003 | |||
| Total | 40.63 |
- Chartered Accountant certificate from M/s. P G Bhagwat LLP dated April 17, 2026
Section from the offer document related to GCP:
"We propose to deploy the balance proceeds of the Preferential Issue aggregating up to INR 124,99,92,400 towards general corporate purposes, subject to such utilization not exceeding 25% of the consideration received for allotment of Equity Shares. The general corporate purposes for which we propose to utilize the proceeds of the Preferential Issue includes meeting day to day expenses which includes amongst other things, includes, short-term working capital requirements, meeting any expense of the Company, including meeting any shortfall in capital expenditure to be incurred, salaries and wages, administration, insurance, repairs and maintenance, payment of taxes and duties, servicing of borrowings including payment of interest, brand building and other marketing expenses, meeting expenses incurred in the ordinary course of business and towards any exigencies, and any other purpose as considered expedient and as approved periodically by our Board or a duly constituted committee thereof, subject to compliance with applicable law, including the necessary provisions of the Companies Act, 2013."
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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 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, 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.
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