Monitoring Agency Report

Date: 20th July, 2026 Ref: TARIL/SECT/2026-27/NSE-BSE/COMPL/029 To, To, BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra - Kurla Complex, Mumbai - 400 001 Bandra (E), Mumbai - 400 051 Security Code : 532928 Trading Symbol : TARIL Dear Sir/Madam, Sub: Monitoring Agency Report for the quarter ended 30th June, 2026 Ref: Funds raised through Qualified Institutional Placement In accordance with Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, and Regulation 173A of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, we are pleased to provide the Monitoring Agency Report for the quarter ended 30th June, 2026, duly reviewed by the Audit Committee of the Company is enclosed herewith. This report has been issued by India Ratings and Research Private Limited, the Monitoring Agency responsible for overseeing the use of funds raised through the Qualified Institutional Placement. Please take the same on your record. Thanking you, Yours faithfully, For Transformers and Rectifiers (India) Limited Rakesh Kiri Company Secretary Encl.: As above India Ratings Fitch Group &Research Date: 20th July 2026 Transformers and Rectifiers (India) Limited Survey No. 427 P/3-4 & 431 P/1-2, Sarkhej - Bavla Highway, Moraiya, Sanand, Ahmedabad -382213 Subject: Monitoring Agency Report for the quarter ended 30th June 2026 in relation to Qualified Institutions Placement (QIP). Dear Sir, Pursuant to Regulation 173A (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and Monitoring Agency Agreement dated 27th May 2024, please find enclosed herewith the Monitoring Agency Report, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of QIP for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking You, For and on behalf of India Ratings & Research Private Limited SHRIKANT Digitally signed by SHRIKANT GANDHI GANDHI DEV Date: 2026.07.20 21 :54:01 +05'30' Name: Shrikant Dev Designation: Company Secretary India Ratings & Research Private Limited A Fitch Group Company Wockhardt Towers, Level 4, West Wing, Bandra Kurla Complex, Bandra (East), Mumbai 400 051 Tel: +9122 4000 1700 Fax: +9122 4000 1701 CIN/LLPIN: U67100MH1995FTC140049 www.indiaratings.co.in India Ratings Fitch Group &Research Report of the Monitoring Agency {MA) Name of the issuer: Transformers and Rectifiers {India) Limited For quarter ended: 30th June 2026 Name of the Monitoring Agency: India Ratings & Research Private Limited (a) Deviation from the objects: Yes. The Company has utilized more than 25% of Gross Proceeds for General Corporate Purposes (GCP) which is not in line with the Objects stated in the offer document. Approval of shareholders is pending for the same. (b) Range of Deviation: up to 10%. Refer Note 1 on page no. 6 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: Shrikant Dev (Company Secretary) Date: 20th July 2026 Page 1 of 9 India Ratings Fitch Group &Research 1) Issuer Details: Name of the issuer: Transformers and Rectifiers (India) Limited Names of the promoter: • Jitendra Ujamsi Mamtora • Karunaben Jitendra Mamtora • Satyen Jitendra Mamtora • Jitendra Ujamsi Mamtora (HUF) • Janki Ashish Kiri • Aakanksha Satyen Mamtora • Bipin Ujamashi Mamtora • Dilip Ujamashi Mamtora Industry/sector to which it belongs: Manufacturing of transformers and reactors 2) Issue Details: Issue Period: 10th June 2024 to 13th June 2024 Type of issue (public/rights): Qualified Institutions Placement (QIP) Type of specified securities: 75,18,796 Equity Shares of FV" 1 each@" 665.00 per Equity Share. IPO Grading, if any: Not Applicable Issue size: INR 5,000.00 Mn 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information Comments / certifications Comments of the of the Particulars Reply considered by Monitoring Agency Board of Monitoring Agency for Directors preparation of report • Refer Note 1 on page no. 6. Management undertaking, Statutory • GCP utilization is more Whether all utilization is as per Auditor Certificate*, than 25% of Gross No the disclosures in the Offer No Placement Document, Proceeds. Comments Document? Relevant Bank • Delay in Deployment of Statements. issue proceeds by more than 15 Months. Whether shareholder approval Management has been obtained in case of undertaking, Statutory No material deviations from No No Comments Auditor Certificate, Comments expenditures disclosed in the Placement Document Offer Document? Page 2 of 9 India Ratings Fitch Group &Research Source of information Comments / certifications Comments of the of the Particulars Reply considered by Monitoring Agency Board of Monitoring Agency for Directors preparation of report Whether the means of finance for Management the disclosed objects of the issue No undertaking, Statutory No Comments Comments has changed? Auditor certificate. Is there any major deviation observed over the earlier No NA No Comments Comments monitoring agency reports? Whether all Management Government/statutory approvals No NA undertaking, Statutory No Comments related to the object(s) have been Comments Auditor certificate. obtained? Whether all arrangements Management pertaining to technical No NA undertaking, Statutory No Comments assistance/collaboration are in Comments Auditor certificate. operation? Are there any favorable events Management improving the viability of these No undertaking, Statutory No Comments Comments object(s)? Auditor certificate. Are there any unfavorable events Management affecting the viability of the No undertaking, Statutory No Comments Comments object(s)? Auditor certificate. • Company raised the QIP proceeds in Jun'24. As o [Showing first 8,000 characters — download PDF for full document]