Monitoring Agency Report

Date: November 05, 2026 To, To, The Compliance Manager The Manager Listing Department Listing and Compliance Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G Dalal Street, Bandra-Kurla Complex, Bandra (East), Mumbai - 400001 Mumbai - 400051 Scrip Code: 544899 Scrip Symbol: PRIORITY Subject: Monitoring Agency Report for the quarter ended 30th September, 2026 Dear Sir/Ma’am, In compliance with Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby enclose the Monitoring Agency Report dated November 4, 2026 issued by CARE Ratings Limited, Monitoring Agency, for the quarter ended September 30, 2026, in relation to the private placement and Initial Public Offer of the Company. This intimation is also available on the Company’s website at https://priorityjewels.in/investors/. You are requested to take the above information on record. Thanking you. Yours faithfully, For Priority Jewels Limited Aakriti Bhushan Company Secretary and Compliance Officer Membership No. A67952 Priority Jewels Limited Regd. Office: Plot No. 121, Street No. 15/18, MIDC, Andheri (E), Mumbai – 400 093 Phone: (022) 67679898 / 2838 1818, Fax: (022) 2838 1616 CIN # L52393MH2007PLC174977 Website: www.priorityjewels.in E-mail: saurabh@priorityindia.com Monitoring Agency Report No. CARE/PRO/GEN/2026-27/1083 The Board of Directors Priority Jewels Limited Plot No. 121, Street No. 15/18 MIDC, Andheri (East), Mumbai, Maharashtra, India- 400093 November 04, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the private placement and IPO of Priority Jewels Limited (“the Company”) We write in our capacity of Monitoring Agency for the private placement and fresh Issue for the amount aggregating to Rs.107.18 crore of the Company and refer to our duties cast under section 162A and section 41 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, 2026 as per aforesaid SEBI Regulations and Monitoring Agency Agreement dated August 21, 2026. Request you to kindly take the same on records. Thanking you, Yours faithfully, Ashish Kashalkar Associate Director Ashish.kashalkar@careedge.in Report of the Monitoring Agency Name of the issuer: Priority Jewels Ltd For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No; please refer to comments mentioned in table (3) ‘Details of the arrangement made to ensure the monitoring of issue proceeds’ (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. Signature: Name and designation of the Authorized Signatory: Ashish Kashalkar Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Priority Jewels Limited Name of the promoter : Shailesh Sangani, Manisha Sangani, Tushar Mehta, Aditi Motla, Sangani Parikh, Priority Retail Ventures Private Limited Industry/sector to which it belongs : Gems, Jewellery and watches 2) Issue Details Issue Period : February 04, 2026 to February 10, 2026 Type of issue (public/rights) : Pre-IPO (Private Placement) Type of specified securities : Equity shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs.15.68 crore Issue Period : August 28, 2026 to September 01, 2026 Type of issue (public/rights) : Public (IPO) Type of specified securities : Equity shares IPO Grading, if any : Not Applicable Issue size (in crore) : Rs.91.50 crore Note: The Company had undertaken a pre-Issue placement of 8,25,000 Equity Shares at an issue price of Rs190.00 per Equity Share (including a premium of Rs 180.00 per Equity Share) aggregating to an amount of Rs.15.68 crore, by way of a private placement in accordance with Section 42 of the Companies Act, 2013 and Rule 14 of the Companies (Prospectus and Allotment of Securities) Rules, 2014, each as amended. The Pre-IPO Placement had been undertaken pursuant to the approval of the Board and shareholders, each dated January 28, 2026, and Equity Shares through the Pre-IPO Placement had been allotted pursuant to Board resolution dated February 14, 2026. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications considered by Comments of the Comments of the Particulars Reply Monitoring Agency for Monitoring Agency Board of Directors preparation of report Utilization of pre- IPO proceeds towards GCP for which disclosure was made post IPO: The company had filed its Draft Red Herring Prospectus (DRHP) in April The disclosure was 2025 for an initial public offering (IPO). The DRHP disclosed that the made during IPO Company may undertake a pre-IPO placement prior to completion of the process and relevant proposed IPO process. Subsequently, pursuant to the approval of its addendum published Board of Directors, the Company undertook a pre-IPO placement in along with basis of February 2026 and allotted 8,25,000 equity shares through a private allotment ad dated placement, aggregating to Rs15.68 crore. The proceeds from the pre- September 4, 2026. IPO placement were utilized during Q4FY26 and Q1FY27 towards GCP. Post this, the company filed an Abridged Red Herring Prospectus on August 28, 2026 and a Prospectus on September 1, 2026 in connection with its IPO. While these documents disclosed the details of the pre-IPO placement undertaken by the Company, they did not disclose that the said proceeds had already been utilised. The Company thereafter Whether all utilization is as Prospectus, Board Resolution, completed its IPO in [Showing first 8,000 characters — download PDF for full document]