Monitoring Agency Report

CIN: L66120MP1995PLC008959 Date: 14th August, 2026 To, To, The Listing Department The Listing Department BSE Limited National Stock Exchange of India Ltd. Department of Corporate Affairs Exchange Plaza, Plot No. C/1, G Block Phiroze Jeejeebhoy Towers Bandra-Kurla Complex, Dalal Street Bandra (E) Mumbai - 400 001 Mumbai - 400 051 ISIN- INE337M01021 ISIN- INE337M01021 Scrip Id- 533676 Symbol - INDOTHAI Dear Sir/Madam, Subject: Monitoring Agency Report on the utilization of proceeds raised through preferential issue, for quarter ended 30th June 2026. Ref.: Regulation 32(6) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Regulation 41(4) of the Securities and Exchange Board of India SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI LODR Regulations”), read with Regulations 162A of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”), please find enclosed herewith Monitoring Agency Report issued by CARE Ratings Limited, in respect of utilization of proceeds raised through the preferential issue, for the quarter ended 30th June 2026. We request you to take the same on record. Thanking you, Yours faithfully For Indo Thai Securities Limited Shruti Sikarwar Company Secretary cum Compliance Officer Encl: As above Monitoring Agency Report No. CARE/HO/GEN/2026-27/1150 The Board of Directors Indo Thai Securities Ltd. Capital Tower, 2nd Floor, Plot Nos. 169A-171 PU-4, Scheme No.-54, Indore, Madhya Pradesh, India, 452010 August 14, 2026 Dear Sir/Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Preferential Issue of Indo Thai Securities Limited (“the Company”) We write in our capacity of Monitoring Agency for the Preferential Issue for the amount aggregating to Rs. 118.20 crore of the Company and refer to our duties cast under 162A 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 January 08, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Saleem Shaik Associate Director shaik.saleem@careedge.in Report of the Monitoring Agency Name of the issuer: Indo Thai Securities Ltd For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Nil (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 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: Saleem Shaik Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Indo Thai Securities Ltd. Name of the promoter : Mr. Dhanpal Doshi and Mr. Parasmal Doshi Industry/sector to which it belongs : Financial Services - Stockbroking 2) Issue Details Issue Period : January 01, 2025, to January 14, 2025 Type of issue (public/rights) : Preferential Issue Type of specified securities : Equity Shares and Convertible Warrants IPO Grading, if any : NA Issue size (in crore) : Rs. 118.20 crore# #Indo Thai Securities Limited had come out with preferential issue to raise up to Rs. 120.20 crore for 9,04,000 shares aggregating to Rs. 45.20 crores and 15,00,000 convertible warrants aggregating to Rs. 75.00 crores resulting in total offer size of Rs. 120.20 crores. Owing to cancellation of one allotee, only 14,60,000 convertible warrants have been allotted amount to Rs. 73 crores, reducing the proceed size to Rs. 118.20 crores. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors The Board of Directors noted that there are no deviations, and the Yes, Company has utilized the Whether all utilization is as per the disclosures in the Offer Offer document, Chartered Accountant funds were utilised Yes gross proceeds as per offer Document? certificate*, Bank statement for the purpose document. stated in the offer document and notice sent to the shareholders. Whether shareholder approval has been obtained in case of material deviations# from expenditures disclosed in the NA Not Applicable Not applicable since no deviations NA Offer Document? Whether the means of finance for the disclosed objects of No Chartered Accountant certificate* No NA the issue have changed? Is there any major deviation observed over the earlier No deviation over earlier MA No Previous MA reports NA monitoring agency reports? reports Source of information / certifications Comments of the Comments of the Particulars Reply considered by Monitoring Agency for Board of Monitoring Agency preparation of report Directors Whether all Government/statutory approvals related to the NA Management Certificate Not Applicable NA object(s) have been obtained? Whether all arrangements pertaining to technical NA Management Certificate Not Applicable NA assistance/collaboration are in operation? Are there any favorable/unfavorable events affecting the No Chartered Accountant certificate* No NA viability of these object(s)? There was cancellation of one allotee during initial allotment Is there any other relevant information that may materially (Q4FY25), thereby reducing issue No Chartered Accountant certificate* NA affect the decision making of the investors? size to Rs. 118.20 cr. However, this does not have any material impact. *Chartered Accountant certificate from SPARK and Associates Chartered Accountants LLP dated August 10, 2026 The funds raised through preferential issue are not utilized for Related Party [Showing first 8,000 characters — download PDF for full document]