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14[th] May, 2025

National Stock Exchange of India Ltd. Exchange Plaza, C-1, Block G, Bandra Kurla Complex Bandra (E), Mumbai – 400051 Symbol - TEXRAIL

BSE Limited P. J. Towers, Dalal Street, Mumbai – 400001 Scrip Code - 533326

Dear Sirs,

Pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 & the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are enclosing herewith the draft Monitoring Agency Report(s) for the quarter ended 31[st] March, 2025 issued by the Monitoring Agency, CARE Ratings Limited appointed for qualified institutions placement & preferential issue.

Thanking you,

Yours faithfully,

For Texmaco Rail & Engineering Limited

SANDEEP Digitally signed by SANDEEP KUMAR KUMAR SULTANIA Date: 2025.05.14 SULTANIA 17:51:21 +05'30'

Sandeep Kumar Sultania Company Secretary & Compliance Officer

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Draft Report

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No. CARE/KRO/GEN/2025-26/1006

The Board of Directors

Texmaco Rail and Engineering Limited

Belgharia Kolkata - 700056

May 12, 2025

Dear Sir,

– Monitoring Agency Report for the quarter ended March 31, 2025 in relation to the Qualified Institutional Placement of Texmaco Rail and Engineering Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Qualified Institutional Placement for the amount aggregating to Rs.750.00 crore of the Company and refer to our duties cast under 173A of the Securities & Exchange Board of India (Issue of Capital & Disclosure Requirements) Regulations, 2018.

In this connection, we are enclosing the Monitoring Agency Report for the quarter ended March 31, 2025, as per aforesaid SEBI ICDR Regulations and Monitoring Agency Agreement dated November 06, 2023.

Request you to kindly take the same on records.

Thanking you, Yours faithfully,

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Richa Bagaria

Associate Director

[email protected]

CARE Ratings Limited

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Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

Report of the Monitoring Agency (MA)

Name of the issuer: Texmaco Rail and Engineering Limited For quarter ended: March 31, 2025 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.

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Signature: Name of the Authorized Signatory: Richa Bagaria Designation of Authorized person/Signing Authority: Associate Director

CARE Ratings Limited

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Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

1) Issuer Details:

Name of the issuer : Texmaco Rail and Engineering Limited Name of the promoters : Mr. S.K. Poddar Industry/sector to which it belongs : Industrial Manufacturing – Railway Wagons

2) Issue Details

Issue Period : November 21, 2023 – November 24, 2023 Type of issue : Qualified Institutional Placement of equity shares Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in Rs. crore) : Rs.750.00 crore*

The issue and Allotment of 5,80,90,000 Equity Shares each at a price of ₹129.11 per Equity Share, including a premium of ₹128.11 per Equity Share, aggregating

to ₹750.00 crores pursuant to Chapter VI of the SEBI ICDR Regulations and other applicable provisions of the Companies Act, 2013 and the rules made thereunder.

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

		Source of information / certifications		Comments of
			Comments of the
Particulars	Reply	considered by Monitoring Agency for		the Board of
			Monitoring Agency
		preparation of report		Directors

Whether all utilization is as per the disclosures in the Offer Document?	Yes, as per CA certificate	Chartered Accountant certificate*, Placement Document,Bank statement	Refer Note 1
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?	No material deviation is observed	Chartered Accountant certificate*, Placement Document and Bank Statement	Nil
Whether the means of finance for the disclosed objects of the issue have changed?	No	Management confirmation	Nil
Is there any major deviation observed over the earlier monitoringagencyreports?	No material deviation is observed.	Monitoring Agency Report dated January 31, 2025	Nil
Whether all Government/statutory approvals related to the object(s)have been obtained?	Not Required	Management confirmation	Nil
Whether all arrangements pertaining to technical assistance/collaboration are in operation?	Not Required	Management confirmation	Nil
CARE Ratings Limited

Are there any favorable/unfavorable events affecting the viabilityof these object(s)?	No	Management confirmation	Nil
Is there any other relevant information that may materially affect the decision making of the investors?	No	Management confirmation	Nil

Chartered Accountant certificate from L. B. Jha and Co. (chartered accountants) dated May 06, 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 –

		Source of information /	Original cost (as				Comments of the Board of Directors	Comments of the Board of Directors
				Revised
Sr.	Item Head	certifications considered	per the Offer	Cost in	Comments of the	Reason for cost	Proposed	Particulars of firm
No		by Monitoring Agency for	Document) in Rs.		Monitoring Agency			arrangements
		preparation of report	Crore	Rs. Crore		revision	financing option	made
1	Funding the capital expenditure requirements of our Company for purchase of new equipment and machinery and certain civil work at our manufacturing facility at Belgharia, Agarpara, Sodepur and Urla	Chartered Accountant certificate*, Placement Document	100.00	Not Applicable	Amount is specified separately as per Placement Document
2	Repayment of certain outstanding borrowings availed by the company	Chartered Accountant certificate*, Placement Document	251.20	Not Applicable	Amount is specified separately as per Placement Document
3	Working capital requirement	Chartered Accountant certificate*, Placement Document	250.00	Not Applicable	Amount is specified separately as per Placement
CARE Ratings Limited

					Document
4	General Corporate Purpose	Chartered Accountant certificate*, Placement Document	132.05	Not Applicable	Amount is specified separately as per Placement Document
Total			733.25

Chartered Accountant certificate from L. B. Jha and Co. (chartered accountants) dated May 06, 2025.

(ii) Progress in the objects –

		Source of information	Amount as						Comments of the	Comments of the
				Amount utilised in Rs. Crore
		/ certifications	proposed in				Unutilised		Board	of Directors

Sr.		considered by	the	As at	During		amount	Comments of the
	I Hd					At the end of			Reasons	Proposed
No	tem ea	Monitoring Agency	Offer	beginning of the	the		in Rs.	Monitoring Agency
		for preparation of	Document	quarter in	quarter in	the Quarter	crore		for idle	course of
		report	in Rs. Crore	Rs. Crore	Rs. Crore	in Rs. Crore			funds	action

1	Funding the capital expenditure requirements of company for purchase of new equipment and machinery and certain civil work at our manufacturing facility at Belgharia, Agarpara, Sodepur and Urla	Chartered Accountant certificate*, Placement Document and Cash Credit Account statement	100.00	45.76	10.98	56.74	43.26	The company has spent Rs.10.98 crore towards funding the capital expenditure requirements of company for purchase of new equipment and machinery and certain civil work at our manufacturing facility at Belgharia, Agarpara, Sodepur and Urla in Q4FY25.
2	Repayment of certain outstanding borrowings availed by the company	Chartered Accountant certificate*, Placement Document.	251.20	251.20	--	251.20	--	--
CARE Ratings Limited
Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803 CIN-L67190MH1993PLC071691

3	Working capital requirement	Chartered Accountant certificate*, Placement Document.	250.00	250.00	--	250.00	--	--
4	General Corporate Purpose	Chartered Accountant certificate*, Placement Document.	132.05	132.05	--	132.05	--	--
Total			733.25	679.01	10.98	689.99	43.26

Chartered Accountant certificate from L. B. Jha and Co. (chartered accountants) dated May 06, 2025.

Note 1 :

During Q4FY25 payments were made from Cash Credit Accounts which were subsequently reimbursed from redemption proceeds of Mutual Funds. As per the company management, the funds have been used for Capital Expenditure (Rs.10.98 crore) along with reimbursement of capex (Rs 1.64 crore) incurred in Q3FY25 for which Chartered Accountant certificate and CC account statements have been shared with CARE Ratings Limited. There are numerous other debits and credits in the said CC accounts, and hence we are not directly able to ascertain utilization of funds for the defined objects.

The Board may take note of this.

The following expenses have been undertaken as certified by L. B. Jha and Co. (chartered accountants) in Q4FY25:

Sl No	Category	Amount Paid(in Rs crore)	Included Items
1	Electrical and Maintenance	0.45	APFC Panel/RCCB Panel for WeldingMachine/Motor Spares
2	Material HandlingEquipment	4.12	Yard GantryCrane/Forklift/HeavyDutyRackingSystem/Crane Refurbishment/Hydra
3	Production Equipment	4.39	Tower Light/CNC Cutting Machine/Air Plasa Machine/Fixture/Shot Blasting Booth/Painting Booth/ Turn Table/BendingMachines/CNC Milling& Machining
4	Civil	1.71	Construction Cost(New Bay,Water test facility,Pit)/Floor Raising/Galvaume Sheets/Rail Track
5	Contingency	0.32
Total		10.98

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CARE Ratings Limited

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803 CIN-L67190MH1993PLC071691

(iii) Deployment of un-utilized proceeds:

Sr.						Market Value / NAV as on
	f i d f h i id	A Id
No.	Type o nstrument an name o te entty nveste	mount nveste	Maturity date	Earning	Return on Investment (%)	the end of quarter

	in	(Rs. Crore)				(Rs crore)

1	Mutual Fund- Aditya Birla Sun Life(ABSL)Savings Fund	43.26	--	--	--	43.26

^We have not been able to monitor any income earned from the temporary deployment of the issue proceeds. The Company has parked the funds in money market mutual funds.

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

				Comments of the Board of	Comments of the Board of
	Completion Date
				Directors

Objects			Delay (no. of days/ months)		Proposed
	As per the offer
		Actual		Reason of delay	course of
	document
					action

Funding the capital expenditure requirements of Company for purchase of new equipment and machinery and certain civil work at manufacturing facility at Belgharia,Agarpara,Sodepur and Urla	50% in FY23-24 & balance in FY24-25	Ongoing	Delay in utilizing 50% of the proceeds in FY23-24 by 12 months and ongoing delay in utilizing balance funds for capex in FY24-25.
Repayment / pre-payment, in full or in part, of certain outstanding borrowings availed by our Company	100% in FY23-24	March 31, 2024	No delay
Funding working capital requirements of our Company	100% in FY23-24	June 30, 2024	3 months
General corporate purposes	100% in FY23-24	September 30, 2024	6 months

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

5) Details of utilization ofproceeds stated as General Corporate Purpose(GCP) amount in the offer document:	5) Details of utilization ofproceeds stated as General Corporate Purpose(GCP) amount in the offer document:	5) Details of utilization ofproceeds stated as General Corporate Purpose(GCP) amount in the offer document:	5) Details of utilization ofproceeds stated as General Corporate Purpose(GCP) amount in the offer document:		Comments of the Board of Directors
S			Source of information / certifications considered by Monitorin Aenc	Ct f Miti	Comments of the
		Amount in
r. No	Item Head	Rs. Crore	g gy forpreparation of report	ommens o onorng Agency	Board of Directors
Utilization ofproceeds stated as General Corporate Purpose had been completed inQ2FY25
CARE Ratings Limited Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803 4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in CIN-L67190MH1993PLC071691

^Section from the offer document related to GCP:

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CARE Ratings Limited

Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803 CIN-L67190MH1993PLC071691

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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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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CARE Ratings Limited

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Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

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Draft Report

No. CARE/KRO/GEN/2025-26/1007

The Board of Directors Texmaco Rail & Engineering Limited

Belgharia Kolkata - 700056

May 12, 2025

Dear Sir/Ma’am,

Monitoring Agency Report for the quarter ended March 31, 2025 - in relation to the Preferential issue of Texmaco Rail & Engineering Limited (“the Company”)

We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 150.00 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, 2025, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated May 17, 2024.

Request you to kindly take the same on records.

Thanking you,

Yours faithfully,

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Richa Bagaria

Associate Director

[email protected]

CARE Ratings Limited

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Unit No. A/7/4, 7th Floor Block A, Apeejay House, 4th Floor, Godrej Coliseum, Somaiya Hospital 15 Park Street, Kolkata – 700016 Road, Off Eastern Express Highway, Sion (East), Phone: +91-33-4018 1600/2283 1803 Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

Report of the Monitoring Agency

Name of the issuer: Texmaco Rail and Engineering Limited For quarter ended: March 31, 2025 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil.

(b) Range of Deviation: Not applicable

Declaration:

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Signature: Name and designation of the Authorized Signatory: Richa Bagaria Designation of Authorized person/Signing Authority: Associate Director

CARE Ratings Limited

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CIN-L67190MH1993PLC071691

1) Issuer Details:

Name of the issuer : Texmaco Rail & Engineering Ltd Name of the promoter : Mr. S.K. Poddar Industry/sector to which it belongs : Industrial Manufacturing – Railway Wagons

2) Issue Details

Issue Period : Within 18 months from date of allotment of warrants (April 12, 2024) Type of issue : Preferential issue Type of specified securities : Convertible warrants IPO Grading, if any : NA Issue size (in crore) : Rs. 150.00 crore

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

Particulars	Particulars	Reply	Source of information / certifications considered by Monitoring Agency for preparation of report	Comments of the Monitoring Agency
Whether all utilization is as per the disclosures in the Offer Document?		Yes	Chartered Accountant certificate* Placement Document and Bank Statement	Refer Note 1
Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the Offer Document?		Not Applicable	Chartered Accountant certificate*, Placement Document and Bank Statement	Nil
Whether the means of finance for the disclosed objects of the issue have changed?		No	Management confirmation	Nil
Is there any major deviation observed over the earlier monitoring agencyreports?		No material deviation is observed	Monitoring Agency Report dated January 31,2025	Nil
Whether all Government/statutory approvals related to the object(s) have been obtained?		Not Required	Management confirmation	Nil
Whether all arrangements pertaining to technical assistance/collaboration are in operation?		Not Required	Placement Document, Management confirmation	Nil
Are there any favorable/unfavorable events affecting the viability of these object(s)?		Yes	Bombay Stock Exchange Website, Placement Document	In case warrants lapse and the companyis not able to find
	CARE Ratings Limited

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
			alternate fund souring for capex, the same may ultimately affect the viabilityof the object(s).
Is there any other relevant information that may materially affect the decision making of the investors?	Yes	Bombay Stock Exchange Website, Placement Document	Share price lower than warrant exercise price may lead to the subscribers letting the warrants to lapse.

*Chartered Accountant certificate from L.B. Jha and Co. (chartered accountants) dated May 06, 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 Offer Document) in Rs. Crore	Revised Cost in Rs. Crore	Comments of the monitoring agency	Comments of the Board of Directors	Comments of the Board of Directors	Comments of the Board of Directors
						Reason for cost revision	Proposed financing option	Particulars of - firm arrangements made
1	Capital expenditure for expansion of capacity by adding new manufacturing facilities for Rolling Stock and Rolling Stock components (including castings), at Paradip, Odisha, & Kolkata/Howrah, West Bengal.	Chartered Accountant certificate* and placement document	115.00	Not Applicable	Amount is specified separately as per Placement Document
2	Other general corporate purposes and purposes permitted by applicable laws.	Chartered Accountant certificate* and placement document	35.00	Not Applicable	Amount is specified separately as per Placement Document
CARE Ratings Limited

Total 150.00 NA

*Chartered Accountant certificate from L.B. Jha and Co. (chartered accountants) dated May 06, 2025

(ii) Progress in the objects –

Sr. No	Item Head	Source of information / certifications considered by Monitoring Agency for preparation of report						Total		Comments of the Board of Directors	Comments of the Board of Directors
								unutilised	Comments of the
			Amount as	Amount	Amount utilised in		s. Crore	amount in	Monitoring Agency

			proposed in the Offer Document in Rs. Crore	raised till March 31, 2025, in Rs. Crore				Rs. crore
					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	Capital expenditure for expansion of capacity by adding new manufacturing facilities for Rolling Stock and Rolling Stock components (including castings), at Paradip, Odisha, & Kolkata/ Howrah, West Bengal.	Chartered Accountant certificate**, placement document and Cash Credit Account Statement	115.00	37.50	2.84	1.50	4.34	33.16	Company has incurred Rs 1.50 crore towards Capital expenditure for expansion of capacity by adding new manufacturing facilities for Rolling Stock and Rolling Stock components (including castings), at Paradip, Odisha, & Kolkata/ Howrah, West Bengal in Q4FY25
2	Other general corporate purposes and purposes permitted by applicable laws.	Chartered Accountant certificate** and placement document	35.00		-	-	-		No amount has been utilized during the quarter
Total			150.00	37.50*	2.84	1.50	4.34	33.16

* The Company has received Rs. 37.50 crore i.e., 25% of the Warrant Issue Price (Rs.193/-per Warrant) at the time of subscription and allotment of Warrant and the balance consideration i.e. 75% shall be paid prior to allotment of Equity Shares pursuant to exercise of options against each such Warrants by the Warrant holders.

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**Chartered Accountant certificate from L.B. Jha and Co. (chartered accountants) dated May 06, 2025

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CARE Ratings Limited

Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

Note 1 : During Q4FY25 payments were made from Cash Credit Accounts which were subsequently reimbursed from redemption proceeds of Mutual Funds. As per the company management, the funds have been used for Capital Expenditure (Rs.1.50 crore) for which Chartered Accountant certificate and CC account statements have been shared with CARE Ratings Limited. There are numerous other debits and credits in the said CC accounts, and hence we are not directly able to ascertain utilization of funds for the defined objects. The Board may take note of this.

The following expenses have been undertaken as certified by L. B. Jha and Co. (chartered accountants):

Sr No	Particulars	Amount Paid(Rs crore)
1	SalaryCapitalized	0.29
2	Fees for TEV Report	0.04
3	Lease Rentals Capitalized	1.13
4	Medical Expenses Capitalized	0.04
	Total	1.50

( iii) Deployment of unutilized proceeds^:

Sr. No.	Type of instrument and name of the entity invested in	Amount invested (Rs crore)	Maturity date	Earning	Return on Investment (%)	Market Value as at the end of quarter (Rs crore)
1	Mutual Fund- Aditya Birla Sun Life(ABSL)Savings Fund	33.16	-	-	-	33.16

^We have not been able to monitor any income earned from the temporary deployment of the issue proceeds.

The Company has parked the funds in money market mutual funds.

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

	Completion Date		Delay (no.	Comments of	the Board of Directors
Objects			of days/		Proposed course of
	As per the offer document	Actual		Reason of delay
			months)		action

Capital expenditure for expansion of capacity by adding new manufacturing facilities for Rolling Stock and Rolling Stock components (including castings) at Paradip, Odisha, & Kolkata/Howrah,West Bengal.	Proceeds from the preferential issue to be utilized within 24 months from the date of receipt of respective amount. (i.e. 24 months from 10 and 12 April 2024)	On schedule	-
Other general corporate purposes and purposes permitted by applicable laws.
CARE Ratings Limited

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


		Amount	Source of information / certifications considered
Sr. No	Item Head^			Comments of Monitoring Agency	Comments of the Board of Directors
		in Rs. Crore	by Monitoring Agency for preparation of report


The amount has not yet been utilized.

^ Section from the offer document related to GCP:

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CARE Ratings Limited

Unit No. A/7/4, 7th Floor Block A, Apeejay House, 15 Park Street, Kolkata – 700016 Phone: +91-33-4018 1600/2283 1803

CIN-L67190MH1993PLC071691

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai - 400 022 Phone: +91-22-6754 3456 • www.careedge.in

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Disclaimers to MA report:

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CARE Ratings Limited

Phone: +91-22-6754 3456 • www.careedge.in

CIN-L67190MH1993PLC071691

AI assistant

Texmaco Rail & Engineering Limited — Capital/Financing Update 2025

61835_rns_2025-05-14_4bf542d6-490b-4407-a89e-a002c06c182b.pdf

14[th] May, 2025

Thanking you,

Yours faithfully,

For Texmaco Rail & Engineering Limited

The Board of Directors

Texmaco Rail and Engineering Limited

Richa Bagaria

CARE Ratings Limited

Report of the Monitoring Agency (MA)

Declaration:

CARE Ratings Limited

1) Issuer Details:

2) Issue Details

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

Where material deviation may be defined to mean:

4) Details of objects to be monitored:

(i) Cost of objects –

(ii) Progress in the objects –

Note 1 :

CARE Ratings Limited

(iii) Deployment of un-utilized proceeds:

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

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

^Section from the offer document related to GCP:

CARE Ratings Limited

Disclaimers to MA report:

CARE Ratings Limited

Draft Report

The Board of Directors Texmaco Rail & Engineering Limited

Monitoring Agency Report for the quarter ended March 31, 2025 - in relation to the Preferential issue of Texmaco Rail & Engineering Limited (“the Company”)

Richa Bagaria

CARE Ratings Limited

Report of the Monitoring Agency

Declaration:

CARE Ratings Limited

1) Issuer Details:

2) Issue Details

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

Where material deviation may be defined to mean:

4) Details of objects to be monitored:

(ii) Progress in the objects –

CARE Ratings Limited

( iii) Deployment of unutilized proceeds^:

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

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

CARE Ratings Limited

Disclaimers to MA report:

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