Refex Industries Limited — Capital/Financing Update 2025

Aug 11, 2025

August 11, 2025

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The BSE Limited 1stFloor, New Trading Wing, Rotunda Building, Phiroze Jeejeebhoy Towers, Dalal Street, Fort, Mumbai – 400001, Maharashtra, India Security Code: 532884	The National Stock Exchange of India Limited Exchange Plaza, 5thFloor, C – 1, Block G, Bandra Kurla Complex, Bandra East, Mumbai – 400051, Maharashtra, India 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 June 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 June 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 www.refex.co.in.

Kindly take the same on records.

Thanking you.

Yours faithfully, For & on behalf of Refex Industries Limited

Digitally signed by ANKIT ANKIT PODDAR PODDAR Date: 2025.08.11 21:42:55 +05'30'

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

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Annexure A

No. CARE/CRO/GEN/2025-26/1010

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

August 11, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended June 30, 2025 - in relation to the Preferential issue of Refex Industries Limited (“the Company”)

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 June 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

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Report of the Monitoring Agency

Name of the issuer: Refex Industries Limited For quarter ended: June 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 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: Ratheesh Kumar Designation of Authorized person/Signing Authority: Associate Director

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1) Issuer Details:

Name of the issuer : Refex Industries Limited Name of the promoter : M/s. Refex Holding Private Limited (Erstwhile M/s Sherisha Technologies Private Ltd) Industry/sector to which it belongs : Industrial Gases

2) Issue Details

Issue Period : March 27,2024 to April 11, 2024 Type of issue (public/rights) : Preferential issue Type of specified securities : Equity shares and warrants IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 220 crores

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 Notice of EGM?	Yes	Chartered Accountant Certificate* Bank statements	Not applicable	No comments
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Notice of EGM?	Not Applicable	Not applicable	Not applicable	No comments
Whether the means of finance for the disclosed objects of the issue have changed?	No	Not applicable	Not applicable	No comments
Is there any major deviation observed over the earlier monitoringagencyreports?	No	Not applicable	Not applicable	No comments
Whether all Government/statutory approvals related to the object(s)have been obtained?	Not applicable	Not applicable	Not applicable	No comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not applicable	Not applicable	Not applicable	No comments
Are there any favorable/unfavorable events affecting the viabilityof these object(s)?	No	Not applicable	Not applicable	No comments
Is there any other relevant information that may materially affect the decision makingof the investors?	No	Not applicable	Not applicable	No comments

*Chartered Accountant certificate from A B C D & Co LLP, Dated July 21, 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.

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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 Notice of EGM) 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	Working Capital	Notice of EGM, Chartered Accountant certificate#, Bank statement	96	-	Nil	No comments	No comments	No comments
2	Capital Expenditure	Notice of EGM, Chartered Accountant certificate, Bank statement	20	-	Nil	No comments	No comments	No comments
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate, Bank statement	50	-	Nil	No comments	No comments	No comments
4	General Corporate Purpose	Notice of EGM, Chartered Accountant certificate, Bank statement	54	-	Nil	No comments	No comments	No comments
Total			220

Chartered Accountant certificate from A B C D & Co. LLP. Dated July 21, 2025.

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(ii)Progress in the objects –	(ii)Progress in the objects –	(ii)Progress in the objects –
Sr. No		Source of information / certifications		Amount	l					Comments of the Board of Directors
				received during March 27,2024 to June 30, 2025 in Rs. Crore^	Amount utiised in Rs. Crore			Total	Comments of the Monitoring Agency
			Amount as		As at beginning of the quarter in Rs. Crore		At the			Reasons for idle funds	Proposed course of action
	Item	considered by	proposed				end of	unutilised
	Head	Monitoring	in the Notice f i			During the	the	amount in
		Agency for preparation of report	o EGM n Rs.			quarter in Rs.	quarter	Rs. Crore
			Crore			Crore	in Rs. Crore
1	Working Capital	Notice of EGM, Chartered Accountant certificate#, Bank statement	96	148.68	85.37	0.00	85.37	0.00	--	No comments	No comments
2	Capital Expenditure	Notice of EGM, Chartered Accountant certificate#	20		0.00	0.00	0.00	0.00	--	No comments	No comments
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate#, Bank statement	50		32.41	0.00	32.41	0.00	--	No comments	No comments
4	General Corporate Purpose	Notice of EGM, Chartered Accountant certificate#, Bank statement	54		30.90	0.00	30.90	0.00	--	No comments	No comments
Total			220*	148.68	148.68	0.00	148.68	0.00

*The amount is rounded off to nearest crores

Chartered Accountant certificate from A B C D & Co LLP: Dated July 21, 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. The remaining amount is expected to be received on exercise of the option, within 18 months from date of issue of warrant.

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(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 of quarter
*Not applicable, since the company has utilized all thefunds received between March 27,2024 to June 30, 2025.

Chartered Accountant certificate from A B C D & Co., Dated July 21, 2025 .

(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	Asper the Notice of EGM	Actual	days/ months)	Reason of delay	Proposed course of action
Working capital	Within two years from the date of receipt of funds	Ongoing	No delay	No comments	No comments
Capital expenditure	Within two years from the date of receipt of funds	Ongoing	No delay	No comments	No comments
Investment in subsidiaries	Within two years from the date of receipt of funds	Ongoing	No delay	No comments	No comments
General corporate purpose	Within two years from the date of receipt of funds	Ongoing	No delay	No comments	No comments

Chartered Accountant certificate from A B C D & Co. LLP, Dated July 21, 2025.

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

			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
NIL					No comments

Chartered Accountant certificate from A B C D & Co. LLP, Dated July 21, 2025.

^ 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 “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.

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Annexure B

No. CARE/CRO/GEN/2025-26/1011

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

August 11, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended June 30, 2025 - in relation to the Preferential Issue of Refex Industries Limited (“the Company”)

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 June 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

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Report of the Monitoring Agency

Name of the issuer: Refex Industries Limited For quarter ended: June 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 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: Ratheesh Kumar Designation of Authorized person/Signing Authority: Associate Director

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1) Issuer Details:

Name of the issuer : Refex Industries Limited Name of the promoter : M/s. Refex Holding Private Limited (Erstwhile M/s Sherisha Technologies Private Ltd) Industry/sector to which it belongs : Industrial Gases, coal and ash handling

2) Issue Details

Issue Period : October 28, 2024, to November 07,2024 Type of issue (public/rights) : Preferential Issue Type of specified securities : Equity Shares and warrants IPO Grading, if any : Not Applicable Issue size (in crore) : Rs. 905.44 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	Chartered Account Certificate* Bank statements and supporting documents	There is no separate monitoring agency account, proceeds from share subscription account is transferred to cash credit account of the company and utilized towards the objects of the issue from there.	No Comments
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	Not applicable	Not applicable	Not applicable	No Comments
Whether the means of finance for the disclosed objects of the issue have changed?	No	Not applicable	Not applicable	No Comments
Is there any major deviation observed over the earlier monitoring agency reports?	Yes	Bank statements, Invoices and FD receipts	In Q4FY25, Part of the proceeds meant for subsidiary's operating expenses or loan repayment were parked as Fixed Deposit at subsidiary’s bank account.	No Comments
Whether all Government/statutory approvals related to the object(s)have been obtained?	Not applicable	Not applicable	Not applicable	No Comments
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	No	Not applicable	Not applicable	No Comments
		3

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
Are there any favorable/unfavorable events affecting the viabilityof these object(s)?	No	Not applicable	Not applicable	No Comments
Is there any other relevant information that may materially affect the decision makingof the investors?	No	Not applicable	Not applicable	No Comments

*Chartered Accountant certificate from A B C D & Co LLP Dated: July 21, 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 –

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Original cost (as per the Notice of EGM) 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 arrangemen ts made
1	Working Capital	Notice of EGM, Chartered Accountant certificate#,Bank statement	323.81	323.81	Nil	No Comments	No Comments	No Comments
2	Capital Expenditure	Notice of EGM, Chartered Accountant certificate#,Bank statement	85.00	85.00	Nil		No Comments	No Comments
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate#,Bank statement	260.00	260.00	Nil		No Comments	No Comments
4	Repayment of Loans	Notice of EGM, Chartered Accountant certificate#, Bank statement	59.00	36.63	Adjusted for Under subscribed value of the equityshare *		No Comments	No Comments
5	General Corporate Purposes	Notice of EGM, Chartered Accountant certificate#,Bank statement	200.00	200.00	Nil		No Comments	No Comments
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 amount allotted for ’Repayments of loans’ 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: July 21, 2025

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(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 Notice of EGM in Rs. Crore	Amount received during October 28, 2024 to June 30, 2025 in Rs. Crore^^	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Total	Comments of the Monitoring Agency^	Comments of the Board of Directors	Comments of the Board of Directors
					As at beginning of the quarter in Rs. Crore		At the			Reasons for idle funds	Proposed course of action
								unutilised
							end of
						During the		amount
							the
						quarter in Rs. Crore^		in Rs. crore
							quarter i R
							n s. Crore
1	Working Capital	Notice of EGM, Chartered Accountant certificate#, Bank statement and invoices	323.81	513.38	256.25	9.83	266.08	0.00	Company has spent Rs 9.83 crore towards Payment to suppliers under working capital purpose in Q1FY26	No Comments	No Comments
2	Capital Expenditure	Notice of EGM, Chartered Accountant certificate# and invoices	85.00		3.48	0.00	3.48	0.00	-	No Comments	No Comments
3	Investment in subsidiaries	Notice of EGM, Chartered Accountant certificate#, Bank statement and invoices	260.00		84.31	20.17	104.48	13.50	Company has invested Rs.20.17 crore in subsidiaries. Of which, Rs 13.95 crores transferred to Venwind Refex Power Limited (VRPL) which was utilized towards operating expense. Rs. 6.22 crore transferred to Refex Green Mobility Limited(RGML)which was	No Comments	No Comments

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Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report	Amount as proposed in the Notice of EGM in Rs. Crore	Amount received during October 28, 2024 to June 30, 2025 in Rs. Crore^^	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Amount utilised in Rs. Crore	Total	Comments of the Monitoring Agency^	Comments of the Board of Directors	Comments of the Board of Directors
					As at beginning of the quarter in Rs. Crore		At the			Reasons for idle funds	Proposed course of action
								unutilised
							end of
						During the		amount
							the
						quarter in Rs. Crore^		in Rs. crore
							quarter i R
							n s. Crore
									utilized towards repayment of loans Rs. 3.86 cr and Rs.2.36 cr for operatingexpenses.
4	Repayments of Loans	Notice of EGM, Chartered Accountant certificate#, Bank statement	36.63		36.63	0.00	36.63	0.00	-	No Comments	No Comments
5	General Corporate Purposes	Notice of EGM, Chartered Accountant certificate#, Bank statement	200.00		89.21	0.00	89.21	0.00	-	No Comments	No Comments
Total			905.44	513.38	469.88	30.00	499.88	13.50

^There is no separate monitoring agency account, proceeds from share subscription account is transferred to cash credit account and utilized towards the objects of the issue from there. Company had maintained unutilized amount of Rs 43.50 crore in FDs as on March 31, 2025. In Q1FY26, company liquidated the FD amount of Rs.30 crores to the CC account utilized as mentioned in the above table during Q1FY26.

^^ 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: July 21, 2025.

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(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 of quarter
1	FD – Union Bank 506803030014490	3.50	26-11-2025	-	7.25%	-
2	FD – Union Bank 506803030014486	10.00	08-11-2025	-	7.50%	-

Chartered Accountant certificate from A B C D & Co LLP Dated: July 21, 2025

(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
Objects	As per the offer
		Actual	days/ months)	Reason of delay	Proposed course of action
	document
Working capital	Within three years from the date of receipt of funds	Ongoing	No delay	No Comments	No Comments
Capital expenditure	Within three years from the date of receipt of funds	Ongoing	No delay	No Comments	No Comments
Investment in subsidiaries	Within three years from the date of receipt of funds	Ongoing	No delay	No Comments	No Comments
Repayments of Loans	Within three months from the date of receipt of funds	Completed	50 days*	No Comments	No Comments
General corporate purpose	Within three years from the date of receipt of funds	Ongoing	No delay	No Comments	No Comments

Chartered Accountant certificate from A B C D & Co LLP Dated: July 21, 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 07, 2024, and February 07, 2025, the company repaid loans totaling ₹36.33 crore. The remaining ₹0.30 crore was repaid between February 08, 2025, and March 29, 2025.

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

			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
NIL					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 “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.

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