Pyramid Technoplast Limited

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SEC: 35/2023-24 Date: February 08, 2024

National Stock Exchange of India Ltd.

BSE Limited

Exchange Plaza, 5[th] Floor, 1[st] Floor, New Trading Ring, Plot No. C/1, G Block, Rotunda Bldg., P. J. Towers, Bandra- Kurla Complex, Dalal Street, Fort, Bandra (East), Mumbai – 400 051 Mumbai 400 001

Symbol: PYRAMID Scrip Code: 543969

Through: NEAPS Through: BSE Listing Centre

Dear Sir/Madam,

Subject: Disclosure In Terms of Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Dear Sir/Madam,

Pursuant to Regulation 32(1) of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 read with related SEBI Circular, we hereby confirm that there is no deviation or variation in the utilization of proceeds of the Initial Public Offer (IPO) from the objects stated in the Prospectus. A Statement of deviation or variation issued by the Monitoring Agency is enclosed herewith.

Kindly take the above information on record.

Thanking you,

Yours faithfully, For Pyramid Technoplast Limited,

ZOYA JAHUR SHAIKH Digitally signed by ZOYA JAHUR SHAIKH DN: c=IN, o=Personal, title=4688, pseudonym=133018388907934680oX665SXNDTecLi, 2.5.4.20=49819359b9d8f7a0758c9f453cb75305b80296453c0594b1e9ddfdc642fc2a32, postalCode=400097, st=Maharashtra, serialNumber=e5ba130d981d4a8d0804cdc7f6dd0c57e4e28fd0b3ecc681dc17b156ad9ebdb6, cn=ZOYA JAHUR SHAIKH Date: 2024.02.08 18:15:29 +05'30'

___

Zoya Jahur Shaikh

Company Secretary & Compliance officer ACS: 65907

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ICRA Limited

Date: January 30, 2024

Mr. Jaiprakash Agarwal

Chief Financial Officer

Office No: 2, 2nd Floor, Shah Trade Centre, Rani Sati Marg, Western Express Highway, Malad East, Mumbai, Maharashtra 400097

Dear Sir,

Re: Final Monitoring Agency report of Pyramid Technoplast Limited for Q3 FY2024

Please refer to agreement dated July 26,2023 appointing ICRA Limited as the Monitoring Agency (MA) for Pyramid Technoplast Limited’s IPO Issue.

After due consideration, ICRA has prepared the attached final Monitoring Agency report as per SEBI (Issue of Capital and Disclosure Requirements) Regulations for Q3 FY2024.

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 Pyramid Technoplast Limited against any objects / heads or assurance on outcome of such spending.

We thank you for your kind cooperation extended during the course of Q3 FY2024. 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 GOYAL NARANG Date: 2024.01.30 NARANG 18:50:50 +05'30'

Parul Goyal Narang

Vice President & Head- Process Excellence

[email protected]

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: [email protected] Helpdesk: +91 9354738909

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

R A T I N G ● R E S E A R C H ● I N F O R M A T I O N

December 2023

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MONITORING AGENCY REPORT

Name of the Issuer: Pyramid Technoplast Limited

For quarter ended: December 31, 2023

Name of the Monitoring Agency (MA): 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:

PARUL Digitally signed by PARUL GOYAL GOYAL NARANG Date: 2024.01.30 NARANG 18:49:56 +05'30'

Parul Goyal Narang Vice President & Head-Process Excellence

Analyst: Dhwani Vinchhi QA: Parul Narang

December 2023

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1. Issuer Details

Name of the Issuer : Pyramid Technoplast Limited

Name(s) of the promoters:

Promoters

Bijay Kumar Agarwal Madhu Agarwal Pushpa Devi Bijaykumar Agarwal Jaiprakash Bijaykumar Agarwal Yash Synthetics Private Limited Credence Financial Consultancy LLP

Source: BSE

Industry/ sector to which it belongs : Packaging.

2. Issue Details

Issue Period : Opening date- August 18, 2023

Closing date- August 22, 2023

Type of Issue : Initial Public Offer

Type of specified securities : Equity shares

IPO Grading, if any : No credit rating agency registered with SEBI has been appointed in respect of obtaining grading for the offer.

Issue Size (Rs. Crore): 153.0520

With OFS portion: INR 153.0520 Crore; Excluding OFS portion: INR 91.3000 Crore. Net proceeds: INR 85.3000 Crore (Excluding Issue Related Expenses) *

*Actual amount transferred to Proceeds account stood at INR 88.934 Crore which includes INR 3.634 Crore to be reimbursed to the company as issue related expenses. Hence, ICRA will be monitoring the net proceeds as per prospectus.

December 2023

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

	Reply	Source of information, certifications considered by the Monitoring Agency for the preparation of report	Comments of the Monitoring Agency
Whether all utilization is as per the disclosures in the Offer Document?	*Yes*	-Statutory Auditor Certificate -Confirmation from management -Bank statement of the proceeds account	No deviation observed.
Whether shareholder approval has been obtained in case of material deviations#from expenditures disclosed in the Offer Document?	*Not* *Applicable*	As confirmed by the Issuer’s management	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 deviation observed.
Is there any major deviation observed over the earlier monitoringagencyreports?	No	No deviation observed.	No comments
Whether all Government/ statutory approvals related to the object(s) have been obtained?	*Not* *Applicable*	As confirmed by the Issuer’s management	No comments
Whether all arrangements pertaining to technical assistance/ collaboration are in operation?	*Not* *Applicable*	As confirmed by the Issuer’s management	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
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
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

# Where material deviation is defined to mean:

(a) Deviation in the objects or purposes for which the funds had been raised.

(b) Deviation in the amount of funds utilized by more than 10% of the amount specified in the offer document.

December 2023

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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	Repayment and/or pre-payment or repayment, in full or part, of certain outstanding borrowings availed by our Company	Prospectus	40.0000	Not Applicable	No comments
2	Funding working capital requirements of our Company	Prospectus	40.2143	Not Applicable	No comments
3	General Corporate Purpose	Prospectus	5.0857	Not Applicable	No comments
*Total*			*85.3000*

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December 2023

(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	Comments of the Monitoring Agency	Comments of the Issuer’s Board of Directors	Comments of the Issuer’s Board of Directors
					[Rs. Crore]
				As at the beginning of the quarter					Reasons for idle funds	Proposed course of action
						At the	unutilized
					During the	end of	amount
					quarter	the	[Rs. Crore]
						quarter
1	Repayment and/or pre- payment or repayment, in full or part, of certain outstanding borrowings availed by our Company	-Statutory Auditor Certificate -Bank statement of the proceeds account - Prospectus	*40.0000*	*40.0000*	-	*40.0000*	Nil	No comments
A	HDFC Bank - Term Loan			13.00	-	13.00	Nil
B	HDFC Bank - Cash Credit			19.00	-	19.00	Nil
C	Axis Bank – Cash Credit and GECL			3.50	-	3.50	Nil
D	Federal Bank – Cash Credit and GECL			4.50	-	4.50	Nil
2	Funding working capital requirements of our Company	Same as above	40.2143	23.8000	16.4143	40.2143	Nil	No comments
3	General corporate purposes	Same as above	5.0857	-	5.0857	5.0857	Nil	The company has fully utilized IPO Proceeds
*Total*			*85.3000*	*63.8000*	*21.5000*	*85.3000*	*Nil*

December 2023

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(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]
Not Applicable

Source: As certified by Banka & Banka, Chartered Accountant (ICA).

* As on 31[st] December 2023, the company has fully utilized the IPO Proceeds.

December 2023

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(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
Repayment and/or pre-payment or repayment, in full or part, of certain outstanding borrowings availed by our Company	*FY23 - FY24*	*On Schedule*	N.A.
Funding incremental working capital requirements of our Company	*FY23 - FY24*	*On Schedule*	N.A.
General corporate purposes	*FY23 - FY24*	*On Schedule*	N.A.

Source: As confirmed by the Issuer’s management

^ Refers to the latest estimate of the completion date

December 2023

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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	Payment to creditors	5.0857	-Statutory Auditor Certificate -Bank statement of the proceeds account	No Comments
*Total*		*5.0857*

AI assistant

Pyramid Technoplast Limited Audit Report / Information 2024

59722_rns_2024-02-08_4bed591a-b369-4126-8dc3-f7dce14e3fdf.pdf

National Stock Exchange of India Ltd.

BSE Limited

Subject: Disclosure In Terms of Regulation 32(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Zoya Jahur Shaikh

Date: January 30, 2024

Mr. Jaiprakash Agarwal