Please find attached Monitoring Agency Report for the Q1 FY27

Ref No: MSAFE/SE/2026-27/35 Date: 10.08.2026 Corporate Relationship Department BSE Limited, Phiroze Jeejeebhoy Towers Dalal Street, Mumbai - 400001 BSE Scrip Code: 544695 Subject: Submission of Monitoring Agency Report for the Quarter ended 30th June, 2026 Dear Sir/Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with Regulation 262 of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed the Monitoring Agency Report for the quarter ended 30th June, 2026 issued by Care Rating Limited in respect of utilisation of funds raised through Initial Public Offer (IPO) of equity shares made by the Company. This information will also be available on the website of the Company at https://msafegroup.com . Thanking You For Msafe Equipments Limited Renuka Uniyal Company Secretary & Compliance Officer M No. A71663 MSAFE EQUIPMENTS LIMITED (FORMERLY KNOWN AS MSAFE EQUIPMENTS PRIVATE LIMITED) CIN: L29309DL2019PLC353936 Registered Office: C-186, Vivek Vihar, Phase-1, Jhilmil, Delhi-110095 Phone No. 9859857500, Email Id: info@msafegroup.com Web: www.msafegroup.com Draft Monitoring Agency Report Monitoring Agency Report No. CARE/HO/GEN/2026-2027/1127 The Board of Directors Msafe Equipments Limited C-186, Vivek Vihar, Phase-1, Jhilmil, Delhi-110095 August 10, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offering (IPO) - SME of equity shares of Msafe Equipments Limited (“the Company”) We write in our capacity of Monitoring Agency for the Initial Public Offering (IPO) - SME of equity shares for the amount aggregating to Rs. 54.12 crore of the Company and refer to our duties cast under Regulation 262 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 October 25, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Raunak Modi Assistant Director raunak.modi@careedge.in Report of the Monitoring Agency Name of the issuer: Msafe Equipments Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (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 Monitoring Agency (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: Raunak Modi Designation of Authorized person/Signing Authority: Assistant Director 1) Issuer Details: Name of the issuer : Msafe Equipments Limited Name of the promoter : Pradeep Aggarwal, Rushil Agarwal, Ajay Kumar Kanoi, Rajani Ajay Kanoi, Vansh Aggarwal, Guarav Ajay Kumar Kanoi and Monika Agarwal Industry/sector to which it belongs : Industrial Products – Aluminium, Copper & Zinc Products 2) Issue Details Issue Period : January 28, 2026, to January 30, 2026 Type of issue (public/rights) : Initial Public Offering (IPO) Type of specified securities : Equity Shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs. 54.12 crore 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report All issue proceeds utilised in Q1 FY27 are towards the objects No comments specified in the Red-Herring Prospectus. However, there is delay in utilization of proceeds as compared to timelines specified in Red-Herring Prospectus. As per the Red- Herring Prospectus, the implementation of objects could be rescheduled or revised at the discretion of the management, Whether all utilization is as per the disclosures in the CA certificate*, Red-Herring Prospectus, subject to compliance with applicable laws. The MA has received Offer Document? management declaration an email from the company’s compliance officer defining the management as Board of Directors, Chief Financial Officer, Compliance officer and Chief Executive Officer. The MA also received email dated May 07, 2026, from the Chief Financial Officer approving revision in timeline for implementation of objects to March 31, 2027, which was scheduled to be utilised by March 31, 2026. Source of information / certifications Comments of the Particulars Reply considered by Monitoring Agency for Comments of the Monitoring Agency Board of Directors preparation of report The company has transferred funds from MA account to other bank accounts for onward utilization. Such other accounts contain multiple other debits and credits resulting in comingling of funds. Whether shareholder approval has been obtained in Not CA certificate*, Red-Herring Prospectus case of material deviations# from expenditures Nil No comments applicable and management declaration disclosed in the Offer Document? Whether the means of finance for the disclosed CA certificate*, Red-Herring Prospectus No Nil No comments objects of the issue have changed? and management declaration Is there any major deviation observed over the earlier MA report for quarter ended March 31, Please refer to the previous MA report dated May 14, 2026 for No No comments monitoring agency reports? 2026 dated May 14, 2026 earlier observations. Whether all Government/statutory approvals related CA certificate* and management No Nil No comments to the object(s) have been obtained? declaration Whether all arrangements pertaining to technical Not CA certificate* and management Nil No comments assistance/collaboration are in operation? applicable declaration There is a delay in utilization of issue proceeds which could impact Are there any favorable/unfavorable events affecting CA certificate* and management No the viability of objects. The timeline [Showing first 8,000 characters — download PDF for full document]