Monitoring Agency Report - IPO

Date: November 03, 2026 To, To, Listing/Compliance Department Listing/Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Plot No. C/1, Dalal Street, G-Block, Bandra-Kurla Complex, Mumbai - 400001 Bandra (E), Mumbai - 400051 BSE Scrip Code: 544459 NSE Symbol: SHANTIGOLD Dear Sir/ Madam, Subject: Monitoring Agency Report Pursuant to Regulation 32 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we are enclosing herewith Monitoring Agency Report issued by Acuité Ratings & Research Limited, Monitoring Agency, for the quarter ended September 30, 2026 in respect of utilization of proceeds of the Initial Public Offer (‘IPO’) of the Company. The above-mentioned statement has been duly reviewed by the Audit Committee at its meeting held on November 03, 2026. Please take the same on your records. This intimation is also being uploaded on the Company’s website at www.shantigold.in. We request you to take the same on record. Thanking you, For Shanti Gold International Limited Vrushti Shah Company Secretary & Compliance Officer Report of the Monitoring Agency (MA) for Quarter ended September, 2026 Name of the issuer Shanti Gold International Limited For quarter ended September, 2026 Name of the Monitoring Agency Acuité Ratings and Research Limited (a) Deviation from the objects No deviation is observed (b) Range of Deviation Not Applicable (c) Any other material fact to be highlighted None 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. Signature: Signing Authority: Vikas Mishra Designation: Deputy Vice President - Process Excellence Report Date: November 03, 2026 Acuité Ratings & Research Limited SEBI Registered | RBI Accredited 708, Lodha Supremus, Lodha iThink Techno Campus, Kanjurmarg (East), Mumbai – 400 042 +91 99698 98000 | www.acuite.in | info@acuite.in | CIN: U74999MH2005PLC155683 1 Issuer Details 1.1 Name of the issuer Shanti Gold International Limited 1.2 Names of the promoter Mr. Pankaj Kumar Jagawat, Mr. Manoj Kumar Jain and Mr. Shashank Jagawat 1.3 Promoter Group None 1.4 Industry/sector to which it belongs Gems Jewellery and Watches / Consumer Durables 2 Issue Details 2.1 Issue Period July 25, 2025 to July 29, 2025 2.2 Type of issue Public Issue 2.3 Type of specified securities Equity Share 2.4 IPO Grading, if any Not Applicable 2.5 Issue size (INR Cr.) 360.11 3. Details of the arrangement made to ensure the monitoring of issue proceeds Source of information/certifications Sr. Comments of the Monitoring Comments of the Issuer’s Particulars Reply from the issuer considered by Monitoring No. Agency Audit Committee Agency for preparation of report Utilization is delayed. Whether all utilization is as per the disclosures in 1 Yes For details, please refer section No Comments the Offer Document? 4.: ii. Progress in the objects. Whether shareholder approval has been Material deviation is not 2 obtained in case of material deviations from Not Applicable No Comments observed. expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed 3 No No change is observed. No Comments objects of the issue has changed? No deviation has been reported in any of the Monitoring Agency reports issued for the preceding Is there any major deviation observed over the 4 No reporting periods. No Comments earlier monitoring agency reports? Further, no other Monitoring Documents provided by the Agency has been appointed issuer - Bank Statements, to monitor the objects of the Invoices, Fixed deposit and issue. Statutory auditors Certificate Government / Statutory Whether all Government/statutory approvals 5 Not Applicable by J Kala & Associates approval is not required for the No Comments related to the object(s) have been obtained? objects. Arrangement pertaining to Whether all arrangements pertaining to technical assistance / 6 technical assistance/collaboration are in Not Applicable No Comments collaboration is not required operation? with reference to the objects. No favorable event is Are there any favorable events improving the 7 No observed that may improve No Comments viability of these object(s)? the viability of these objects. No unfavorable event Are there any unfavorable events affecting the affecting the viability of the 8 No No Comments viability of the object(s)? stated objects was noted during the reporting period. No relevant information is Is there any other relevant information that evident that may materially 9 may materially affect the decision making of No No Comments affect the decision making the investors? of the investors. 4. Details of object(s) to be monitored: i. Cost of object(s): Source of Original cost Comments of the Issuer’s Audit Committee information/certifications (as per the Revised Sr. Comments of the Item Head considered by Monitoring Offer Cost No. Agency for preparation of Document) (INR Cr.) Monitoring Agency Reason of Proposed Particulars of firm report (INR Cr.) Cost financing arrangement revision option Funding of capital expenditure requirements 1 46.30 - towards setting up of the Proposed Jaipur Facility. Funding incremental Documents provided by working capital the issuer - Bank 2 200.00 - requirements of our Statements, Invoices, Company Fixed deposit and No Change No Comments Repayment and/or pre- Statutory auditors observed payment, in full or part, of Certificate by M/s J. Kala 3 17.00 - certain borrowings availed & Associates. by our Company. 4 General corporate purposes 46.01 - 5 Issue Related expenses 50.80 - Total 360.11 - Timelines for utilization of Issue Proceeds: Sr. Utilisation Item Head No. By Funding of capital expenditure requirements towards setting up of the Proposed Jaipur Facility. Funding incremental working capital requirements of our Company FY 2026 Repayment and/or pre-payment, in full or part, of certain borrowings availed by our Company. 4 General corporate purposes ii. Progress in [Showing first 8,000 characters — download PDF for full document]