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 August 07, 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 June 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 June 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/2026-27/1125 The Board of Directors Cello World Limited 597/2A, Somnath Road, Dabhel, Nani Daman 396 210, Daman and Diu, India August 07, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 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 June 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: June 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 a delay in utilisation of issue proceeds towards Object 1. The company had initially extended the implementation timeline from March 31, 2025, to March 31, 2026, through a board resolution dated May 23, 2025 and subsequently to September 30, 2026 vide board resolution CA Certificate*, placement dated May 27, 2026. (Details covered under table 4 (iv) Delay in document, bank statement, implementation of the object(s) of this report). mutual fund statement, Whether all utilization is as per the disclosures • Utilization of proceeds during Q1FY27 is towards the objects as No comments No undertaking from the in the Offer Document? per the placement document. However, the same was routed received subsidiary, Board Resolutions, through Current Account of the subsidiary wherein the company PAS-3, PAS-5, Management has also undertaken other transactions resulting in comingling of Certificate funds and CARE Ratings Limited has relied on supporting documents including proforma invoices, tax invoices, debit advice cum invoices, customs duty payment e‑receipts, purchase orders, Bank Statement, Management classification for utilization towards Objects and CA certificate. Whether shareholder approval has been obtained in case of material deviations# from Not CA Certificate*, Management No comments No comment expenditures disclosed in the Offer applicable Certificate received Document? 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 The company has shared a resolution passed by QIP committee of Whether the means of finance for the Placement document, Board No comments Yes Board of Directors of CWL dated July 09, 2024, to adjust the increase disclosed objects of the issue have changed? Resolution received in QIP Issue expense against object 5 - Augmenting working capital. Previous Monitoring Agency Is there any major deviation observed over the No comments No Report and Management There is no major deviation in the previous Monitoring Agency report. earlier monitoring agency reports? received Certificate As per the placement document, some of the approvals have already been received and the remaini [Showing first 8,000 characters — download PDF for full document]