Refex Industries Limited — Audit Report / Information 2026

Nov 12, 2025

November 12, 2025

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The BSE Limited The National Stock Exchange of India Limited 1[st] Floor, New Trading Wing, Rotunda Building, Exchange Plaza, 5[th] Floor, C – 1, Block G, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Bandra Kurla Complex, Bandra East, Mumbai – 400001, Maharashtra, India Mumbai – 400051, Maharashtra, India Security Code: 532884 Symbol: REFEX

Ref.: Regulation 162A (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 and Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

Subject : Monitoring Agency Reports for the quarter ended September 30, 2025

Dear Sir/Ma’am,

Pursuant to Regulation 162A (4) of Chapter V of Securities and Exchange Board of India (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 Reports issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended September 30, 2025 in relation to utilisation of funds raised pursuant to the issue of equity shares and warrants on preferential basis as per details given below:

• i. Preferential issue of equity shares and warrants to promoter vide EGM Notice dated March 27, 2024 as Annexure-A ;

• ii. Preferential issue of equity shares and warrants to promoter & non-promoters vide EGM Notice dated October 26, 2024 as Annexure-B .

The reports are also placed on the Company’s website at https://refex.co.in/investors/

Kindly take the same on records.

Thanking you.

Yours faithfully,

For & on behalf of Refex Industries Limited

ANKIT Digitally signed by ANKIT PODDAR PODDAR Date: 2025.11.12 11:54:49 +05'30'

______ Ankit Poddar

Company Secretary & Compliance Officer Membership No.- ACS – 25443

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Annexure - A

No. CARE/CRO/GEN/2025-26/1014

The Board of Directors

Refex Industries Limited

2[nd] floor, No. 313 Refex Towers, Sterling Road, Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu- 600034

November 11, 2025

Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Preferential issue of Refex

We write in our capacity of Monitoring Agency for the Preferential Issue of 50,00,000 equity shares and preferential issue of 1,25,75,000 warrants which are convertible into equivalent number of equity shares of face value of Rs. 2 each for the amount aggregating to Rs.62.50 crores and Rs. 157.19 crores respectively, of the Company and refer to our duties cast under 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 September 30, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated March 26, 2024.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Ratheesh Kumar Associate Director Ratheesh.kumar@careedge.in

Report of the Monitoring Agency

Name of the issuer: Refex Industries Limited For quarter ended: September 30, 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 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 respons

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Signature:

Name and designation of the Authorized Signatory: Ratheesh Kumar Designation of Authorized person/Signing Authority: Associate Director

1) Issuer Details:

Name of the issuer Name of the promoter Industry/sector to which it belongs

: Refex Industries Limited

: M/s. Refex Holding Private Limited (Erstwhile M/s Sherisha Technologies Private Ltd) : Industrial Gases, coal and ash handling

2) Issue Details

Issue Period Type of issue (public/rights) Type of specified securities IPO Grading, if any Issue size (in crore)

: March 27,2024 to April 11, 2024 : Preferential issue : Equity shares and warrants : Not applicable : Rs. 220 crores

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

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Source of information / certifications Comments of the
Comments of the
Particulars Reply considered by Monitoring Agency for Board of
Monitoring Agency
preparation of report Directors
Whether all utilization is as per the disclosures in the Offer Chartered Accountant Certificate
Yes Not applicable No comments
Document? Bank statements
Whether shareholder approval has been obtained in case of
Not
material deviations# from expenditures disclosed in the Offer Not applicable Not applicable No comments
Applicable
Document?
Whether the means of finance for the disclosed objects of the
No Not applicable Not applicable No comments
issue have changed?
Is there any major deviation observed over the earlier
No Not applicable Not applicable No comments
monitoring agency reports?
Whether all Government/statutory approvals related to the Not
Not applicable Not applicable No comments
object(s) have been obtained? applicable
Whether all arrangements pertaining to technical Not
Not applicable Not applicable No comments
assistance/collaboration are in operation? applicable
Are there any favorable/unfavorable events affecting the
No Not applicable Not applicable No comments
viability of these object(s)?
The promoter share pledge
Is there any other relevant information that may materially
Yes Company disclosure percentage increased from 10.37% in No comments
affect the decision making of the investors?
Q1 FY26 to 30.19% in Q2 FY26.
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*Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

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Where material deviation may be defined to mean:

a) Deviation in the objects or purposes for which the funds have been raised

3

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

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Original cost Comments of the Board of Directors
Comments of
Source of information / certifications (as per the Revised Particulars of -
Sr. Item the
considered by Monitoring Agency for Notice of Cost Reason for cost Proposed firm
No Head Monitoring
preparation of report EGM) in Rs. in Rs. revision financing option arrangements
Agency
Crore Crore made
1 Working Capital Notice of EGM, Chartered Accountant 96 - Nil No comments No comments No comments
certificate#, Bank statement
2 Capital Expenditure Notice of EGM, Chartered Accountant 20 - Nil No comments No comments No comments
certificate, Bank statement
3 Investment in subsidiaries Notice of EGM, Chartered Accountant 50 - Nil No comments No comments No comments
certificate, Bank statement
4 General Corporate Purpose Notice of EGM, Chartered Accountant 54 - Nil No comments No comments No comments
certificate, Bank statement
Total 220
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Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

(ii) Progress in the objects

		Source of information /	Amount as	Amount received during	Amount		ore			Com the B Dir	ments of oard of ectors
						utilised in Rs. Cr
Sr. No	Item Head	certifications considered by Monitoring Agency for preparation of report	proposed in the Notice of EGM in Rs. Crore	March	As at beginning of the quarter in Rs. Crore	During the quarter in Rs. Crore	At the end of	Total unutilised	Comments of the Monitoring	Reaso ns for idle funds	Propos ed course of action
				272024 to
				, September			the	amount in	Agency
				30, 2025 in			quarter	Rs. Crore
				Rs. Crore^			in Rs. Crore
1	Working Capital	Notice of EGM, Chartered Accountant certificate#,	96		85.37	0.00	85.37	0.00	--	No com ment s	No comme nts

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4

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Amount Comments of
Source of
received Amount utilised in Rs. Crore the Board of
information /
Amount as during Directors
certifications Total
proposed March At the
Sr. Item considered by unutilised Comments of the Monitoring Propos
in the Notice 27,2024 to As at end of Reaso
No Head Monitoring During the amount in Agency ed
Agency for of EGM in Rs. September beginning of quarter in Rs. the Rs. Crore ns for course
Crore 30, 2025 in the quarter in quarter idle
preparation Crore of
Rs. Crore^ Rs. Crore in Rs. funds
of report action
Crore
Bank
statement
Notice of
No
EGM, No
2 Capital Expenditure Chartered 20 0.00 0.00 0.00 0.00 -- com comme
ment
Accountant nts
certificate# 148.68 s
Notice of
EGM,
No
Chartered No
3 Investment in Accountant 50 32.41 0.00 32.41 0.00 -- com comme
subsidiaries ment
certificate#, nts
Bank s
statement
Notice of
EGM,
No
Chartered No
4 General Corporate Accountant 54 30.90 0.00 30.90 0.00 -- com comme
Purpose ment
certificate#, nts
Bank s
statement
Total 220 148.68 148.68 0.00 148.68 0.00
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• *The amount is rounded off to nearest crores

• Chartered Accountant certificate from A B C D & Co LLP: Dated October 23, 2025

^ The company has received 100% of the amount under preferential issue of 50,00,000 equity shares aggregating to Rs.62.50 crores. The company has received 54.82% of the total issue of warrants amounting to Rs.86.18 crore (54.82% of Rs.157.19 crore). The company received Rs.39.30 crores (25% of Rs.157.19 crores) on April 11,2024 and Rs.46.88 crores (29.82% of Rs.157.19 crores) on July 22,2024 totaling 54.82% of the total issue size of Rs.157.19 crores.

5

(iii) Deployment of unutilized 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
*Not applicable, since the company has utilized all the funds received between March 27,2024 to September 30, 2025.
Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

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

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Completion Date Delay (no. of Comments of the Board of Directors
Objects
As per the Notice of EGM Actual days/ months) Reason of delay Proposed course of action
Within two years from the date
Working capital Ongoing No delay No comments No comments
of receipt of funds
Within two years from the date
Capital expenditure Ongoing No delay No comments No comments
of receipt of funds
Within two years from the date
Investment in subsidiaries Ongoing No delay No comments No comments
of receipt of funds
Within two years from the date
General corporate purpose Ongoing No delay No comments No comments
of receipt of funds
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Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

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
No utilization towards GCP duringtheQ2FY26.	No comments

^ Section from the offer document related to GCP:

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6

Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as ). 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 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, 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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Annexure - B

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No. CARE/CRO/GEN/2025-26/1015

The Board of Directors

Refex Industries Limited

2[nd] floor, No. 313 Refex Towers, Sterling Road, Valluvar Kottam High Road, Nungambakkam, Chennai, Tamil Nadu- 600034

November 11, 2025

Monitoring Agency Report for the quarter ended September 30, 2025 - in relation to the Preferential Issue of Refex

We write in our capacity of Monitoring Agency for the Preferential Issue of 81,77,068 equity shares and preferential issue of 1,11,70,000 warrants which are convertible into equivalent number of equity shares of face value of Rs. 2 each for the amount aggregating to Rs.382.69 crores and Rs. 522.75 crores respectively, of the Company and refer to our duties cast under 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 September 30, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated October 30, 2024.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Ratheesh Kumar

Associate Director Ratheesh.Kumar@careedge.in

Report of the Monitoring Agency

Name of the issuer: Refex Industries Limited For quarter ended: September 30, 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 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 respons

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Signature:

Name and designation of the Authorized Signatory: Ratheesh Kumar Designation of Authorized person/Signing Authority: Associate Director

1) Issuer Details:

Name of the issuer Name of the promoter Industry/sector to which it belongs

: Refex Industries Limited

: M/s. Refex Holding Private Limited (Erstwhile M/s Sherisha Technologies Private Ltd) : Industrial Gases, coal and ash handling

2) Issue Details

Issue Period Type of issue (public/rights) Type of specified securities IPO Grading, if any Issue size (in crore)

: October 28, 2024, to November 07,2024 : Preferential Issue : Equity Shares and warrants : Not Applicable : Rs. 905.44 crore

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

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Source of information / certifications Comments of the
Comments of the
Particulars Reply considered by Monitoring Agency for Board of
Monitoring Agency
preparation of report Directors
Whether all utilization is as per the disclosures in the Offer Chartered Account Certificate
Yes Not applicable No comments
Document? and Bank statements
Whether shareholder approval has been obtained in case of
Not
material deviations# from expenditures disclosed in the Offer Not applicable Not applicable No comments
applicable
Document?
Whether the means of finance for the disclosed objects of the
No Not applicable Not applicable No comments
issue have changed?
In Q4FY25, Part of the proceeds
meant for subsidiary's operating
Is there any major deviation observed over the earlier
Yes Bank statements, Invoices and FD receipts expenses or loan repayment were No comments
monitoring agency reports?
parked as Fixed Deposit at
Whether all Government/statutory approvals related to the Not
Not applicable Not applicable No comments
object(s) have been obtained? applicable
Whether all arrangements pertaining to technical
No Not applicable Not applicable No comments
assistance/collaboration are in operation?
Are there any favorable/unfavorable events affecting the
No Not applicable Not applicable No comments
viability of these object(s)?
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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
Is there any other relevant information that may materially affect the decision making of the investors?	Yes	Company disclosures	The promoter shares pledge percentage increased from 10.37% in Q1FY26 to 30.19% inQ2FY26.	No comments

*Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

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

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Original cost Comments of the Board of Directors
Source of information /
(as per the Comments of Particulars of
Sr. Item certifications considered by Revised Cost
Notice of the Monitoring Reason for Proposed -firm
No Head Monitoring Agency for in Rs. Crore
EGM) in Rs. Agency cost revision financing option arrangements
preparation of report
Crore made
Notice of EGM, Chartered
1 Working Capital Accountant certificate#, Bank 323.81 323.81 Nil No comments No comments No comments
statement
Notice of EGM, Chartered
2 Capital Expenditure Accountant certificate#, Bank 85.00 85.00 Nil No comments No comments No comments
statement
Notice of EGM, Chartered
3 Investment in subsidiaries Accountant certificate#, Bank 260.00 260.00 Nil No comments No comments No comments
statement
Notice of EGM, Chartered Adjusted for
Accountant certificate#, Bank Under
4 Repayment of Loans statement 59.00 36.63 subscribed No comments No comments No comments
value of the
equity share
5 General Corporate Purposes Notice of EGM, Chartered 200.00 200.00 Nil No comments No comments No comments
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Accountant certificate#, Bank statement
Total	927.81	905.44*

• Out of the total issue of 86,55,000 equity shares, 94% (81,77,068 shares) was subscribed and paid and company received Rs.382.69 crores . Total proceeds envisaged in the offer document was Rs. 927.81 crore which reduced to Rs.905.44 crore due to the undersubscription of equity shares. Company has revised the amou from Rs.59 crore as per offer document to Rs.36.63 crore to factor in this undersubscription.

Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

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(ii) Progress in the objects
Source of Amount Comments of the
Amount utilised in Rs. Crore
information / received during Board of Directors
certifications Amount as October 28, Total
As at At the
Sr. Item considered by in the Notice proposed September 30, 2024 to beginning During the end of unutilised amount Comments of the Monitoring Reasons Proposed
No Head of the the
Monitoring of EGM in Rs. 2025 in Rs. quarter in Rs. Agency for idle course of
quarter quarter
Agency for Crore Crore^^ in Rs. crore funds action
in Rs. in Rs.
preparation Crore
Crore Crore
of report
Notice of
EGM,
Chartered
1 Working Capital Accountant 323.81 266.08 0.00 266.08 0.00 - No No
comments comments
certificate#,
Bank
statement
Notice of 513.38
EGM,
2 Capital Expenditure Chartered 85.00 3.48 0.00 3.48 0.00 - No No
Accountant comments comments
certificate#
and invoices
3 Investment in Notice of 260.00 104.48 0.00 104.48 13.50 - No No
subsidiaries EGM, comments comments
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Source of Amount Comments of the
Amount utilised in Rs. Crore
information / received during Board of Directors
certifications Amount as October 28, Total
As at At the
Sr. Item considered proposed 2024 to beginning During end of unutilised Comments of the
by in the Notice September 30, the amount Monitoring Reasons Proposed
No Head of the the
Monitoring of EGM in Rs. 2025 in Rs. quarter in Rs. Agency for idle course of
quarter quarter
Agency for Crore Crore^^ in Rs. crore funds action
in Rs. in Rs.
preparation Crore
Crore Crore
of report
Chartered
Accountant
certificate#,
Bank
statement
Notice of
EGM,
Chartered
4 Repayments of Loans Accountant 36.63 36.63 0.00 36.63 0.00 - No No
comments comments
certificate#,
Bank
statement
Notice of
EGM,
Chartered
5 General Corporate Accountant 200.00 89.21 0.00 89.21 0.00 - No No
Purposes comments comments
certificate#,
Bank
statement
Total 905.44 513.38 499.88 0.00 499.88 13.50
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^^ The company has received 100% of the allotted equity shares of 81,77,068 aggregating to Rs.382.69 crores and 25% of the total issue of warrants amounting to Rs.130.68 crore. The remaining amount is expected to be received on exercise of the option, within 18 months from date of issue of warrant.

• Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

(iii) Deployment of unutilized proceeds:

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Type of instrument and name of Return on Market Value as at the
Sr. No. Amount invested Maturity date Earning
the entity invested in Investment (%) end of quarter
1 FD Union Bank 3.50 26-11-2025 - 7.25% -
506803030014490
2 FD Union Bank 10.00 08-11-2025 - 7.50% -
506803030014486
# Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.
(iv) Delay in implementation of the object(s)
Completion Date Comments of the Board of Directors
Delay (no. of
Objects As per the offer
Actual days/ months) Reason of delay Proposed course of action
document
Within three years from
Working capital the date of receipt of Ongoing No delay No comments No comments
funds
Within three years from
Capital expenditure the date of receipt of Ongoing No delay No comments No comments
funds
Within three years from
Investment in subsidiaries the date of receipt of Ongoing No delay No comments No comments
funds
Within three months
Repayments of Loans from the date of receipt Completed 50 days No comments No comments
of funds
Within three years from
General corporate purpose the date of receipt of Ongoing No delay No comments No comments
funds
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Chartered Accountant certificate from A B C D & Co LLP Dated: October 23, 2025.

• As per the offer document, the repayment of loans was to be completed within three months from the date of receipt of funds, which was November 07, 2024. Between November

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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
No utilization towards GCP duringtheQ2FY26.	No comments

• ^ Section from the offer document related to GCP:

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Disclaimers to MA report:

a) This Report is prepared by CARE Ratings Ltd (hereinafter referred to as ). 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 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, 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.