Monitoring Agency Report

22nd October 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers “Exchange Plaza” Dalal Street Bandra-Kurla Complex, Bandra (E) Mumbai – 400001 Mumbai – 400051 Scrip Code: 523384 Scrip Code: MAHAPEXLTD Sub: Monitoring Agency Report for the quarter ended September 30, 2026 Dear Sir/ Madam, Pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, please find enclosed Monitoring Agency Report issued by Brickwork Ratings India Private Limited, Monitoring Agency, for the quarter ended September 30, 2026, with respect to the utilisation of proceeds of the Rights Issue of the Company. Thanking you, Yours sincerely, For Maha Rashtra Apex Corporation Limited (Arvind Ganesh Mallya) Company Secretary& Compliance Officer Monitoring Agency Report for Maharashtra Apex Corporation Limited. for the quarter ended September 30, 2026 No. BWR/2026-27/IPM/MACL/02 October 22, 2026 Jamsheed Minoo Panday Chief Financial Officer Maharashtra Apex Corporation Ltd. 3rd Floor, Front Wing North Block, Manipal Centre, 47 Dickenson Road, Bengaluru – 560001, Karnataka, India Dear Sir, Second Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Right Issue of Equity Shares issue of Maharashtra Apex Corporation Ltd (“the company”) Pursuant to Regulation (82) of the SEBI Issue of Capital and Disclosure Requirements Regulations, 2018 (SEBI ICDR Regulations) amended as on March 8, 2025, and Monitoring Agency Engagement Letter dated June 22, 2026, Brickwork Ratings (BWR) has prepared the Second Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilisation of proceeds of funds raised, for the quarter ended September 30, 2026. The funds raised by the Company were through Right Issue of Equity Shares aggregating to Rs.14.09 Crore of the Company. In this connection, we are enclosing the Monitoring Agency Report for the quarter ended September 30, 2026, as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated May 19, 2026. Request you to kindly take the same on records. Thanking you, Yours Faithfully, Mr Niraj Kumar Rathi Senior Director, Ratings - Brickwork Ratings Report of the Monitoring Agency (MA) Name of the issuer: Maharashtra Apex Corporation Limited. For quarter ended: September 2026 Name of the Monitoring Agency: Brickworks Ratings India Private Limited (a) Deviation from the objects: No (b) Range of Deviation: Not Applicable Declaration: We declare that this report is based on the format prescribed by the SEBI (ICDR) Regulations, 2018, we further declare that this report provides a true and fair 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. We declare that we do not have any direct/indirect interest in or relationship with the issuer/promoters/directors/management and also confirm that we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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 a credit rating or other commercial transactions with the entity to which the report pertains and may receive separate compensation for its ratings and certain credit related analyses. We confirm that there is no conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer, or while undertaking credit rating or other commercial transactions with the entity. We have submitted the report herewith in line with the format prescribed by SEBI, capturing our comments, where applicable. There are certain sections of the report under the title “Comments of the Board of Directors”, that shall be captured by the Issuer’s Management / Audit Committee of the Board of Directors subsequent to the MA submitting their report to the issuer and before dissemination of the report through stock exchanges. These sections have not been reviewed by the MA, and the MA takes no responsibility for such comments of the issuer’s Management/Board. Signature: Name of the Authorized Signatory: Mr Niraj Kumar Rathi Designation of Authorized Person/Signing Authority: Senior Director, Ratings - Brickwork Ratings 1) Issuer Details: Name of the issuer: Maharashtra Apex Corporation Ltd. Names of the promoter: Jaya S Pai, Tonse Sudhakar Pai, Sheela Pai, Varada S Prabhu. Industry / sector to which it belongs: Financial Services 2) Issue Details: Issue period: April 02, 2026, to April 30, 2026 Type of issue (public/ rights): Right Issue of Equity shares Type of specified securities: Equity Shares IPO Grading, if any: Not Applicable Issue size (in ₹ Crore): Rs 14.09 crore. Value as per Amount Total Number of Particulars Price (₹) Offer Document Received Securities (₹ Crore) (₹ Crore) Equity Shares-Right issue 1,40,91,896 10 14.09 14.09 Total 1,40,91,896 14.09 14.09 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments Comments certifications of of Particulars Reply considered by Monitoring Board of Monitoring Agency Agency Directors for preparation of report Whether all utilization is as per the Bank Statements, disclosures in the Offer Yes Company’s letter, CA Nil Comments Document? certificate Whether shareholder approval has been obtained in case of material Not No Nil Nil deviations# from expenditures Applicable Comments disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue No Nil Nil Comments has changed? Is there any major deviation Not No observed over the earlier Nil Applicable Nil Comments monitoring agency reports? Whether all Government/statutory approvals related to the object(s) Yes Company’s letter Nil Comments have been obtained? Whether all arrangements pertaining to technical Not No Nil Nil assistance/collaboration are in Applicable Comments operation? Are there any favourable events improving the viability of these No Company’s letter Nil Comments object(s)? Are there any unfavourable events affecting the viability of the No Company’s letter Nil Comments object(s)? Is there any other relevant information that may materially No No Not Applicable Nil affect the decision making of the Comments investors? Notes: #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 utilised by more than 10% of the amount projected in the offer documents. 4) Details of object(s) to be monitored: i. Cost of object(s): Source of Comments of the Board of Directors information / Original certifications Cost (as Revised Comments considered Particulars of Sr. per the Cost of the Reason Proposed Item Head by firm No. Offer (₹ Monitoring of cost financing Monitoring arrangements Document) Crore) Agency revision option Agency for made (₹ Crore) preparation of report To reduce the other Bank current Statements, financial 1 Company 1.16 No Nil No Comments liabilities by letter, CA repaying part [Showing first 8,000 characters — download PDF for full document]