Monitoring Agency Report

Date: 14-08-2026 National Stock Exchange of India Limited BSE Limited To, To, Exchange Plaza, 5 Floor, Plot No. C/1, Phiroze Jeejeebhoy Towers, G Block, Bandra-Kurla Complex, Bandra, Dalal Street, Mumbai- 400051. Mumbai – 400 001 SWARAJ 544861 Company Symbol: Scrip Code: Dear Sirs, Sub Monitoring Agency Report for the quarter ended June 30, 2026 Pursuant to Regulation 162A(4) of Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please (cid:976)ind enclosed herewith the Monitoring Agency Report for the quarter ended June 30, 2026 issued by CRISIL Ratings Limited in respect of utilisation of proceeds from preferential issue of Equity Shares and convertible warrants. Kindly take the same on record. Thanking You, Yours Faithfully, For Swaraj Suiting Limited Rahul Kumar Verma Company Secretary & Compliance Of(cid:976)ice Encl- As above Monitoring Agency Report Swaraj Suiting Limited for the quarter ended June 30, 2026 CRL/MAR/ SRJSL/2026-27/1947 August 14, 2026 Swaraj Suiting Limited F-483 to F-487, RIICO Growth Centre, Hamirgarh, Bhilwara (Rajasthan) – 311 025 Dear Sir/Madam, Qualified Monitoring Agency Report for the quarter ended June 30, 2026 - in relation to the Preferential Issue of Swaraj Suiting Limited (“the Company”) Pursuant to Regulation 162A of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated December 26, 2025, entered with the Company, enclosed herewith the Qualified Monitoring Agency Report, issued by Crisil Ratings Limited, Monitoring Agency, as per Schedule XI of the SEBI ICDR Regulations towards utilization of proceeds of Preferential Issue 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) Qualified Report of the Monitoring Agency (MA) Name of the issuer: Swaraj Suiting Limited For quarter ended: June 30, 2026 Name of the Monitoring Agency: Crisil Ratings Limited (a) Deviation from the objects: Yes, deviation is observed in the Preferential Equity category, wherein Rs 3.23 crore were utilised were utilized in excess of the revised cost approved for the object of Working Capital, as stipulated in the Notice to Extraordinary General Meeting (EGM) dated December 02, 2025, the corrigendum thereto dated December 16, 2025, and the Board Resolution dated February 06, 2026. Further, no supporting approval/document evidencing authorization for such excess utilization was provided to the Monitoring Agency. (Refer note 1&2 below) (b) Range of Deviation: Up to 10% (Refer note 1 below) Note 1: Preferential Issue Equity category- During the quarter ended March 31, 2026, the Company had fully utilized the revised allocation of Rs 58.08 crore earmarked for the object "Working Capital". Accordingly, no further funds were available for utilization under this object during the reported quarter. However, the Company has utilized an additional Rs 3.23 crore towards Working Capital, resulting in a deviation from the revised object-wise allocation approved pursuant to the Notice to EGM dated December 2, 2025, corrigendum thereto dated December 16, 2025, and Board Resolution dated February 6, 2026. Further, as at quarter ended June 30, 2026, no approval or other supporting document authorizing the aforesaid excess utilization had been made available to the Monitoring Agency. Consequently, the excess utilization under Working Capital has led to a corresponding reduction in the funds available for Capital Expenditure. Note 2 : Preferential Issue Warrant category- During the quarter ended March 31, 2026, the Company had utilized Rs 14.20 crore towards the object of Working Capital, which exceeded the revised allocation of Rs 9.40 crore from the proceeds of the preferential issue of warrants. This excess utilization of Rs 4.80 crore resulted in a financial deviation from the revised cost of objects as specified in the Notice to EGM dated December 02, 2025, the Corrigendum to Notice to EGM dated December 16, 2025, and the Board Resolution dated February 07, 2026. Further, as at quarter ended June 30, 2026, no approval or other supporting document authorizing the aforesaid excess utilization had been made available to the Monitoring Agency. Consequently, the excess utilization towards Working Capital resulted in a corresponding shortfall of Rs. 4.80 crore in the funds available for utilization towards the object of Capital Expenditure. 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 and 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: Swaraj Suiting Limited Names of the promoter: a. Mr. Mohammed Sabir Khan b. Mrs. Samar Khan c. Mr. Nasir Khan Industry/sector to which it belongs: Other textile product industry 2) Issue Details 2.1 For proceeds raised from Preferential Issue Equity: Issue Period: January 26, 2026 to February 05, 2026 Type of issue (public/rights): Preferential Issue (PI) Type of specified securities: Equity shares IPO Grading, if any: NA Issue size: *Rs 79.56 crore (Refer Note 4 on page 8) 2.2 For proceeds raised from Preferential Issue warrant: Issue Period: January 26, 2026 to February 07, 2026 Type of issue (public/rights): Preferential issue Type of specified securities: Warrants IPO Grading, if any: NA Issue size: *Rs 146.92 crore (Refer note 5 on page 8) *Crisil Ratings shall be monitoring the Issue proceeds totalling to Rs 226.48crore. 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 Board of Directors Monitoring Agency for preparation of report A. Preferential Issue Equity: Pro [Showing first 8,000 characters — download PDF for full document]