Monitoring Agency Report

Cello World Limited (formerly known as ‘Cello World Private Limited’) Regd. Office: 597/2A, Somnath Road, Dabhel, Nani Daman, Daman & Diu - 396 210. (India) Admin Office: Cello House, Corporate Avenue, 'B' Wing, 8th Floor, Sonawala Road, Goregaon (East), Mumbai-400 063, (India), Tel: 022 6997 0000, e-mail: cello.sales@celloworld.com, grievance@celloworld.com Website: www.corporate.celloworld.com CIN: L25209DD2018PLC009865 November 05, 2026 BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Dalal Street, Exchange Plaza, C-1, Block - G, Bandra Kurla Mumbai - 400 001 Complex, Bandra (East), Mumbai - 400 051 Scrip Code: 544012 Symbol: CELLO Subject: Monitoring Agency Report for the quarter ended September 30, 2026 Pursuant to Regulation 32(6) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 41(4) of Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed herewith the Monitoring Agency Report for the quarter ended September 30, 2026, issued by CARE Rating Limited, Monitoring Agency, appointed to monitor the utilisation of proceeds of the Qualified Institutional Placement (QIP) of the Company. This is for information and dissemination on your website. Thanking you. Yours faithfully, For Cello World Limited Hemangi Trivedi Company Secretary and Compliance Officer M.no. A27603 Encl: A/a Monitoring Agency Report No. CARE/HO/GEN/2026-27/1219 The Board of Directors Cello World Limited 597/2A, Somnath Road, Dabhel, Nani Daman 396 210, Daman and Diu, India November 05, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended September 30, 2026 - in relation to the Qualified Institutional Placement (QIP) issue of Cello World Limited (“the Company”) We write in our capacity of Monitoring Agency for the QIP Issue for the amount aggregating to Rs. 737.32 crore of the Company and refer to our duties cast under regulation 173A 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 July 03, 2024. Request you to kindly take the same on records. Thanking you, Yours faithfully, Darshan Shah Associate Director Darshan.Shah@careedge.in Monitoring Agency Report Report of the Monitoring Agency Name of the issuer: Cello World Limited For quarter ended: September 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: No deviation (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: Darshan Shah Designation of Authorized person/Signing Authority: Associate Director Monitoring Agency Report 1) Issuer Details: Name of the issuer : Cello World Limited (CWL) Name of the promoter : Pradeep Ghisulal Rathod, Pankaj Ghisulal Rathod and Gaurav Pradeep Rathod Industry/sector to which it belongs : Consumer Durables – Houseware 2) Issue Details Issue Period : July 03, 2024, to July 05, 2024 Type of issue (public/rights) : Qualified Institutional Placement (QIP) Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 737.32 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / Comments of the certifications considered by Comments of the Particulars Reply Board of Monitoring Agency for Monitoring Agency Directors preparation of report • There has been delay in utilization of issue proceeds towards Object 1. The implementation was originally scheduled for completion by March 31, 2025. The company subsequently extended the timeline to March 31, 2026, through a Board Resolution dated May 23, 2025. Subsequently, the company passed another Board Resolution dated May 27, 2026, to further extend the implementation timeline to September 30, 2026, citing unforeseen external circumstances, CA Certificate*, placement including adverse macroeconomic conditions and evolving document, bank statement, mutual geopolitical developments. As on September 30, 2026, Rs.1.51 Whether all utilization is as per the fund statement, undertaking from crore still remain unutilized. (Details covered under table 4 (iv) No Comments disclosures in the Offer Document? the subsidiary, Board Resolutions, Delay in implementation of the object(s) of this report). Received PAS-3, PAS-5, Management Certificate • Utilization of proceeds during Q2FY27 is towards the objects as per the placement document. However, the same was routed through Current Account of the subsidiary wherein the company has also undertaken other transactions resulting in comingling of funds and CARE Ratings Limited has relied on supporting documents including proforma invoices, tax invoices, customs duty payment e‑receipts, purchase orders, Bank Statement, Management classification for utilization towards Objects and CA certificate. Monitoring Agency Report Source of information / Comments of the certifications considered by Comments of the Particulars Reply Board of Monitoring Agency for Monitoring Agency Directors preparation of report Whether shareholder approval has been obtained in case of material deviations# Not CA Certificate*, Management No Comments No comment from expenditures disclosed in the Offer applicable Certificate Received Document? Whether the means of finance for the The company has shared a resolution passed by QIP committee of Placement document, Board No Comments disclosed objects of the issue have Yes Board of Directors of CWL dated July 09, 2024, to adjust the increase in Resolution Received changed? QIP Issue expense against object 5 - Augmenting working capital. Is there any major deviation observed [Showing first 8,000 characters — download PDF for full document]