Announcement under Regulation 30 (LODR)-Monitoring Agency Report

Monitoring Agency Report Horizon Reclaim (India) Limited for the quarter ended June 30, 2026 CRL/MAR/HOREIL/2026-27/1854 August 13, 2026 Horizon Reclaim (India) Limited Khasra no. 9, Dehradun Road, Near Nirankari Bhawan, Village - Kumar Hera, Saharanpur - 247001, Uttar Pradesh Dear Sir, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Horizon Reclaim (India) Limited (“the Company”) Pursuant to Regulation 262 (2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated May 18, 2026, enclosed herewith the Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of IPO for the quarter ended June 30, 2026. Request you to kindly take the same on records. Thanking you, For and on behalf of Crisil Ratings Limited Shounak Chakravarty Director, Ratings (LCG) Report of the Monitoring Agency (MA) Name of the issuer: Horizon Reclaim (India) Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Not applicable (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 we do not perceive any conflict of interest in such relationship/interest while monitoring and reporting the utilization of the issue proceeds by the issuer. 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: Shounak Chakravarty Designation of Authorized person/Signing Authority: Director, Ratings (LCG) 1) Issuer Details: Name of the issuer: Horizon Reclaim (India) Limited Names of the promoter: Mr. Mohit Bajaj, Mrs. Malika Bajaj Industry/sector to which it belongs: Rubber 2) Issue Details Issue Period: June 12, 2026, to June 16, 2026 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 5,427.28 lakhs* *Note: Particulars Amount (Rs. lakhs) Gross proceeds 5,427.28 Less: Issue expenses 450.33 Net proceeds 4,976.95 #Crisil Ratings shall be monitoring the net proceeds. Net Proceeds have been revised from Rs 4,992.84 lakhs to Rs 4,976.95 lakhs. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments certifications considered Comments of the of the Particulars Reply by Monitoring Agency Monitoring Agency Board of for preparation of report Directors Statutory Auditor certificate^, Management Whether all utilization is as per undertaking, Prospectus No utilization towards the disclosures in the Offer Yes dated June 17, 2026 objects during the comments Document? (hereinafter referred to as reported quarter “Offer document”), Bank Statements Whether shareholder approval has been obtained in case of material deviations from NA No comments comments expenditures disclosed in the Offer Document? Whether the means of finance for the disclosed objects of the issue No No comments comments has changed? Is there any major deviation observed over the earlier NA No comments comments monitoring agency reports? Whether all Government/ statutory approvals related to the NA Statutory Auditor No comments comments object(s) have been obtained? certificate^, Whether all arrangements Management pertaining to technical undertaking No NA No comments assistance/collaboration are in comments operation? Are there any favorable events improving the viability of these No No comments comments object(s)? Are there any unfavorable events affecting the viability of the No No comments comments object(s)? Is there any other relevant information that may materially No No No comments affect the decision making of the comments investors? NA represents Not Applicable ^Certificate dated August 05, 2026, issued by M/s Padam Dinesh & Company, Chartered Accountants (Firm Registration Number: 00961N) and M/s V. Singhi & Associates, Chartered Accountants (Firm Registration Number: 311017E), Joint Statutory Auditors of the Company. 4) Details of object(s) to be monitored: i. Cost of the object(s): Comments of the Board of Directors Source of Original information/ cost Revised Comment of Particulars certification Sr. (as per the Cost the Reason of Proposed of firm Item considered by No. Offer (Rs in Monitoring Cost financing arrangement Head MA for Document) lakhs) Agency revision option s preparation of (Rs in lakhs) made report Funding the working capital No No No 1 600.00 600.00 No revision requirements of comments comments comments the Company Pre-payment or Repayment of all or a portion of No No No 2 2,670.00 2,670.00 No revision certain outstanding comments comments comments borrowings availed Statutory by the Company Auditor Funding Capital certificate^, Expenditure for Management No No No 3 the installation of 943.00 943.00 No revision undertaking, comments comments comments additional Plant & Offer Machinery document decrease in General corporate GCP is due No No 4 779.84 763.95 Refer note 1 purposes# to increase comments comments in issue expense Total 4,992.84 4,976.95 - - - - ^Certificate dated August 05, 2026, issued by M/s Padam Dinesh & Company, Chartered Accountants (Firm Registration Number: 00961N) and M/s V. Singhi & Associates, Chartered Accountants (Firm Registration Number: 311017E), Joint Statutory Auditors of the Company. #The amount utilised for general corporate purposes does not exceed 15% of the total issue size or Rs 10 crore, whichever is lower of the amount raised through the IPO. Note 1: During the quarter ended June 30, 2026, net proceeds have been revised from Rs 4,992.84 lakhs to Rs 4,976.95 lakhs, on account of actual issue expenses being higher than estimated as disclosed in the Offer document, by Rs 15.89 lakhs and the same has been reduced from GCP cost. ii. Progress in the object(s): Source of Amount utilized (Rs in Comments of the Board information/ Amount lakhs) of Directors certifications as considered by proposed Total Comments Monitoring in the unutilized of the Sr. As at At the Item Head# Agency for Offer amount Monitoring No. beginning During end [Showing first 8,000 characters — download PDF for full document]