Monitoring Agency Report

Date: August 14, 2026 To, To, National Stock Exchange of India Limited BSE Ltd Exchange Plaza, C-1, Block G, Phirozee Jeejeebhoy Towers, Bandra Kurla Complex, Dalal Street, Fort, Mumbai - 400 001 Bandra (East) Mumbai- 400051 BSE Scrip Code: 544230 NSE Scrip Code: SSDL Subject: Monitoring Agency Report for the quarter ended June 30, 2026. Dear Sir/ Ma’am, Pursuant to Regulation 32 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”), read with Regulation 41 of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, we hereby submit the Monitoring Agency Report dated August 14, 2026 issued by CRISIL Ratings Limited, Monitoring Agency, for the quarter ended June 30, 2026, in respect of utilization of proceeds of the Initial Public Offer of the Company. The said report for the quarter ended June 30, 2026, is duly reviewed by the Audit Committee and the Board of the Company on August 14, 2026, and the same is enclosed herewith. Thanking You, Yours Sincerely, FOR SARASWATI SAREE DEPOT LIMITED Vidhi Bharat Oswal Company Secretary & Compliance Officer Membership No.: A77054 Place: Kolhapur Date: August 14, 2026 Encl. As Above Monitoring Agency Report Saraswati Saree Depot Limited for the quarter ended June 30, 2026 CRL/MAR/SASDPI/2026-27/1925 August 14, 2026 Saraswati Saree Depot Limited Sr No.144/1 Manademala, Near Tawade Hotel, Gandhinagar Road, Uchagaon, Kolhapur, Maharashtra – 416005, India Dear Sir, Sub: Final Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Initial Public Offer (“IPO”) of Saraswati Saree Depot Limited (“the Company”) Pursuant to Regulation 41(2) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated July 15, 2024, entered with the Company, we enclose the final 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) Final Report of the Monitoring Agency (MA) Name of the issuer: Saraswati Saree Depot 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: Saraswati Saree Depot Limited Names of the promoter: Mr. Mahesh Sajandas Dulhani Mr. Rajesh Sujandas Dulhani Mr. Shankar Laxmandas Dulhani Mr. Vinod Shevakram Dulhani Industry/sector to which it belongs: Garments & Apparels 2) Issue Details Issue Period: 12 August 2024 to 14 August 2024 Type of issue (public/rights): Initial Public Offer (IPO) Type of specified securities: Equity Shares IPO Grading, if any: NA Issue size: Rs 1,600.13 million (Fresh issue - Rs 1,039.97# million and OFS of Rs 560.16 million) *Note: Particulars Amount (Rs million) Gross proceeds of the Fresh Issue 1,039.97# Less: Issue Expenses 133.30 Net Proceeds 906.67 #Crisil Ratings shall be monitoring the gross proceeds. 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 Proceeds Proceeds have been have been Management utilised utilised undertaking, Statutory towards the towards the Auditor’s certificate^, Whether all utilization is as per the disclosures Issue Issue Yes Prospectus (hereinafter in the Offer Document? expenses expenses referred as “Offer and GCP as and GCP as document”), Bank mentioned mentioned Statements in the in the Prospectus Prospectus Whether shareholder approval has been obtained in case of material deviations from No No expenditures disclosed in the Offer Comments Comments Document? 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 Whether the means of finance for the disclosed No No objects of the issue has changed? Comments Comments Is there any major deviation observed over the No No earlier monitoring agency reports? Comments Comments Whether all Government/statutory approvals No No related to the object(s) have been obtained? Comments Comments Management undertaking, Statutory Whether all arrangements pertaining to Auditor’s certificate^ No No technical assistance/collaboration are in NA Comments Comments operation? Are there any favorable events improving the No No viability of these object(s)? Comments Comments Are there any unfavorable events affecting the No No viability of the object(s)? Comments Comments Is there any other relevant information that No No may materially affect the decision making of No Comments Comments the investors? NA represents Not Applicable ^Certificate dated July 30, 2026, issued by M/s Sanjay Vhanbatte and Co, Chartered Accountants (Firm Registration Number: 112996W), 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 certification (as per the Particulars of Sr. Cost of the Reason of Proposed Item considered Offer firm No. (Rs in Monitoring Cost financing Head by MA for Document) arrangements million) Agency revision option preparation (Rs in made of report million) Funding working No revision revision capital during the 1 810.00 810.00 during the - - requirements reported Management reported [Showing first 8,000 characters — download PDF for full document]