Monitoring Agency Report for the Quarter ended June 30, 2026 under Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

August 14, 2026 The Manager- Listing Department, BSE Limited P.J. Towers, Dalal Street, Fort, Mumbai- 400001, Maharashtra, India. Scrip ID/Code: TRUECOLORS/544531 Subject: Monitoring Agency Report for the quarter ended June 30, 2026. Reference No.: Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Respected Sir/ Madam, Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 262(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, please find enclosed Monitoring Agency Report towards utilization of proceeds of Initial Public Offering “IPO”) for the quarter ended June 30, 2026, issued by CRISIL Ratings Limited, duly reviewed and taken on record by the Board of Directors & Audit Committee of the Company. Further, we hereby confirm that there has been no deviation in the utilization of Issue proceeds from the objects as stated in the Prospectus dated 26th September, 2025 for IPO of Equity Shares. We request you to take the above information on your records. Thanking you. Yours Faithfully. For True Colors Limited (Formerly Known as True Colors Private Limited) Javanika Gandharva Company Secretary & Compliance Officer ICSI M. No.: A42880 TRUE COLORS LIMITED (Formerly known as TRUE COLORS PRIVATE LIMITED) @ 49192743-35001 9 REGISTERED OFFICE 9 FACTORY ® info@truecolorsgroup.com True Colors House, P-8, GR Flr to 3rd Fir, Plot No. 44 & 51, Rajhans Zesto Kalakachha, - wwwiriecolorsgroup.com SSoimraak,a Gnujair anit ,W aIdndii, , Pa3t9el5 0L0in2e , 3 Khatodar: a JNaalvailaporr e3 9(6N4ea3r5 Paqlausarna t (Crossn d) R CIN : 117299GJ2021PLC126265 | GST NO.: 24AAICTI214A1ZN | PAN NO.: AAICT9214A 2 120 o 90012015 14001:2015 45001:2018 Monitoring Agency Report True Colors Limited for the quarter ended June 30, 2026 CRL/MAR/ TRCOLI22/2026-27/1969 August 14, 2026 True Colors Limited True Colors House, P-8, Ground to 3rd Floor, Somakanji ni Wadi, Patel Lane, Khatodara, Surat – 395002, Gujarat, India Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of True Colors Limited (“the Company”) Pursuant to Regulation 262(2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated August 08, 2025, 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: True Colors Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: No (b) Range of Deviation: NA 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: True Colors Limited Names of the promoter: Mr. Ashish Kumar Durlbhbhai Mulani Mr. Sanjay Raghubhai Desai Mr. Sagarkumar Bipinbhai Mulani Mr. Panchani Satishkumar Jayantibhai Industry/sector to which it belongs: Textiles 2) Issue Details Issue Period: 23 September 2025 to 25 September 2025 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Fresh issuance of Rs. 108.86 crores (Net proceeds of Rs. 100.70 crores*) 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ Comments Comments certifications considered of the of the Particulars Reply by Monitoring Agency Monitoring Board of for preparation of report Agency Directors Management undertaking, Statutory Utilization Whether all utilization is as per the No Yes Auditor’s certificate^, as per Offer disclosures in the Offer Document? Comments Prospectus, Bank Document Statements Whether shareholder approval has been obtained in case of material deviations No No from expenditures disclosed in the Offer Comments Comments Document? Whether the means of finance for the No No disclosed objects of the issue has NA Comments Comments changed? Source of information/ Comments Comments certifications considered of the of the Particulars Reply by Monitoring Agency Monitoring Board of for preparation of report Agency Directors Is there any major deviation observed No No over the earlier monitoring agency No Comments Comments reports? Whether all Government/statutory No No approvals related to the object(s) have NA Comments Comments been obtained? Management Undertaking & Statutory Auditor’s Whether all arrangements pertaining to certificate^ No No technical assistance/collaboration are in NA Comments Comments operation? Are there any favorable events No No improving the viability of these NA Comments Comments object(s)? Are there any unfavorable events No No affecting the viability of the object(s)? Comments Comments Is there any other relevant information No No that may materially affect the decision NA Comments Comments making of the investors? NA represents Not Applicable ^ Certificate dated August 13, 2026 issued by M/s. Lakhankiya & Dosi LLP, Chartered Accountants (Firm Registration Number: 154114W), Statutory Auditors of the Company. 4) Details of object(s) to be monitored: i. Cost of the object(s): Source of Original Comments of the Board of Directors information/ cost Revised Comment Particular certification (as per the Sr. Cost of the Reason of Proposed s of firm Item considered Offer No (Rs in Monitoring Cost financing arrangeme Head by MA for Document) crores) Agency revision option nts preparation (Rs in made of report crores) Funding working No No No 1 ca [Showing first 8,000 characters — download PDF for full document]