Announcement under Regulation 30 (LODR)- Monitoring Agency Report for the quarter ended June 30, 2026

ASHNISHA INDUSTRIES LIMITED August 14, 2026 The Department of Corporate Services BSE Limited 251 h Floor, P. J. Tower, Dalal Street, Fort, Mumbai -400 001 Security ID: ASHNI Security Code: 541702 Dear Sir/Madam, Sub: Monitoring Agency Report for the quarter ended June30, 2026 Pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 82(4) of the Securities and L change Board of India {Issue of Capital and Disclosure Requirement) Regulations, 2018, please find enclosed herewith Monitoring Agency Report for the quarter ended June 30, 2026, issued by CARE Ratings Limited for utilisation of proceeds of Rights Issue of the Company. There are no variation/deviation in the utilisation of funds. This is for your information and record purpose. Thanking You. For, Ashnisha Industries Limited fl n ~. I) 1 ' , Z"TJusr~,t'. · ~ AHMEDAB.\!J) ·-t Ashok C Shah ~ ~ ! ,I$' Managing Director • ~\Pp. * DIN: 02467830 ,,# Encl: As above L46620GJ2009PLC057629 No. CARE/ARO/GEN/2026-27/1133 The Board of Directors Ashnisha Industries Limited 7thFloor, Ashoka Chambers, Opp. HCG Hospital Mithakhali Six Roads, Ahmedabad, Gujarat, India, 380006 August 13, 2026 Dear Sir/ Ma’am, Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Rights issue of Ashnisha Industries Limited (“the Company”) We write in our capacity of Monitoring Agency for the Rights Issue for the amount aggregating to Rs.49.24 crore of the Company and refer to our duties cast under 82 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 September 29, 2025. Request you to kindly take the same on records. Thanking you, Yours faithfully, Nikita Goyal Associate Director Nikita.goyal@careedge.in Report of the Monitoring Agency Name of the issuer: Ashnisha Industries Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: CARE Ratings Limited (a) Deviation from the objects: Yes, as per Letter of Offer (LOF), the object of “To fund solar project” was supposed to be completed by March 2026, however, there was delay in this object. The company has not obtained any shareholder approval for the said object. (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 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: Nikita Goyal Designation of Authorized person/Signing Authority: Associate Director 1) Issuer Details: Name of the issuer : Ashnisha Industries Limited Name of the promoter : 1. Ashok Chinubhai Shah 2. Shalin Ashok Shah 3. Leena Ashok Shah Industry/ sector to which it belongs : Trading and Distributors 2) Issue Details Issue Period : October 14, 2025 to November 11, 2025 Type of issue : Right issue Type of specified securities : Equity shares IPO Grading, if any : Not applicable Issue size (in crore) : Rs.49.24 Crore Note: Ashnisha Industries Limited issued 16,41,25,000 fully paid-up equity shares for cash at a price of Rs.3 per Rights Equity Share, including a share premium of Rs.2 per Rights Equity Share, for an amount of Rs.49.24 crore to the Eligible Shareholders in the ratio of 13 Rights Equity Shares for every 8 Fully paid-up Equity Shares held on the Record Date i.e. October 06, 2025. 3) Details of the arrangement made to ensure the monitoring of issue proceeds: Source of information/ certifications considered by Comments of the Comments of the Board of Particulars Reply Monitoring Agency for Monitoring Agency Directors preparation of report 1. From the funds allocated All utilization made by the Company towards the object of GCP, the are as per the Offer Document. The company has utilised funds of office renovation, office Rs.6.65 crore towards office equipments and office furniture can renovation, office equipments, be considered as GCP the Company office furniture and towards had taken approval of Board in the advances for land procurement meeting held on 13/12/2025. Letter of offer for new corporate office. This CA certificate* expenditure is not explicitly Management certificate included in the stated heads of Whether all utilization is as per the No ICICI Bank Current Account expenditure under GCP as per disclosures in the Offer Document? statement LOF. However, company has Sample Invoices obtained board approval for the Stock Exchange filing same dated December 13, 2025 (which was made available to CARE Ratings team during this review). The agreement copies and invoices sought for the aforesaid transaction of land have not been provided by client. Whether shareholder approval has been As per Letter of Offer (LOF), the rights The estimated time for project obtained in case of material deviations# Stock Exchange Filing issue proceeds of Rs.15 crore towards completion was stated as from expenditures disclosed in the Offer the object “To fund solar project” December 2026 in the Offer Document? were stated to be utilised by March Document and the timeline for Source of information/ certifications considered by Comments of the Comments of the Board of Particulars Reply Monitoring Agency for Monitoring Agency Directors preparation of report 2026 (though estimated time for completion of project is also clearly project completion was stated as given as subject to receipt of December 2026). There has been approval from the Government delay in the utilsation of the aforesaid authorities & the same is proceeds (with utilsation having been mentioned in the offer document as completed in June 2026). The well. Henceforth any shareholder company has not obtained any approval for the said delay is not shareholder approval for the said required. The utilization has been delay. made in compliance with LOF and Further, al [Showing first 8,000 characters — download PDF for full document]