BSECompany Update5d ago · 14 Aug 2026, 09:44 pm
Kindly find the enclosed disclosure.
Shlokka Dyes Ltd · 544582
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Shlokka Dyes Ltd has received a qualified monitoring agency report from Crisil Ratings Ltd for the quarter ended June 30, 2026, citing deviations in the utilization of IPO proceeds, including excess utilization of Rs 1,256.83 lakhs towards working capital and Rs 367.00 lakhs towards lead manager fees and underwriting commission.
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Shlokka Dyes Ltd - 544582 - Announcement under Regulation 30 (LODR)-Monitoring Agency Report
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Date: August 14, 2026
The General Manager,
BSE Limited,
Phiroze Jeejeebhoy Towers, Dalal Street,
Fort, Mumbai – 400 001.
Scrip Code: 544582
SUBJECT: MONITORING AGENCY REPORT FOR THE QUARTER ENDED DECEMBER 2025 AND JUNE
2026:
Dear Sir/Madam,
Pursuant to Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 read with Regulation 41(4) of the SEBI (Issue of Capital and Disclosure Requirements) Regulations,
2018, please find enclosed the Monitoring Agency Report for the quarter ended June 30, 2026, issued by
the Monitoring Agency, in respect to utilization of proceeds from Initial Public Offering (IPO).
Please note that, being an SME Listed Company, we are voluntarily complying with the above referred
Regulations.
This is for your information and records.
Yours faithfully,
For SHLOKKA DYES LIMITED
Vaibhav Shah
Managing Director
DIN: 06826565
Monitoring Agency Report
Shlokka Dyes Limited
for the quarter ended
and June 30, 2026
CRL/MAR/SHDYLI/2026-27/1888
August 14, 2026
Shlokka Dyes Limited
Plot No-C/54, GIDC,
Saykha, Saran,Vagra, Bharuch,
Gujarat - 392140
Dear Sir,
Qualified Final Monitoring Agency Reports for the quarter ended June 30, 2026 - in relation to Initial Public
Offer (“IPO”) of Shlokka Dyes 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 September 02, 2025 (“the agreement”), enclosed
herewith qualified Final Monitoring Agency Reports issued by Crisil Ratings Limited, Monitoring Agency, as per
Schedule XI of the SEBI ICDR Regulations regarding utilization of proceeds raised from 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)
Qualified Final Report of the Monitoring Agency (“MA”)
Name of the issuer: Shlokka Dyes Limited
For quarter ended: June 30, 2026
Name of the Monitoring Agency: Crisil Ratings Limited (“CRL”)
(a) Deviation from the objects: Yes. Refer notes below
(b) Range of Deviation: 10-25% (During the quarter ended March 31, 2026, an excess utilization of Rs1,256.83 lakh,
resulted in a deviation from the object wise cost allocation as disclosed in the Prospectus dated October 15, 2025.)
Note 1: CRL had initially issued the ‘Qualified Monitoring Agency Report – Issuer Non-Cooperative’ for the quarter ended
December 31, 2025, to the Company on February 14, 2026, due to non-receipt of the requisite documents and clarifications
related to utilisation of issue proceeds for the quarter ended December 31, 2025. Subsequently, the Company has shared the
relevant documents/information for the quarter ended December 31, 2025, as well as for the quarter ended March 31, 2026, in
the month of May 2026. Accordingly, updated MA report is issued for quarter ended December 31, 2025, along with the MA
report for the quarter ended March 31, 2026. CRL hereby disclaims any responsibility and liability arising from breach of
regulatory timelines, including delayed submission of the MA Report to relevant regulatory authorities, that may be attributed
to the delay on the part of the issuer Company in providing relevant data and/or information necessary for the issuance of the
MA report for the quarter ended December 31, 2025.
Note 2: With respect to the object of ‘capital expenditure for purchase of machinery and equipment’, as disclosed in the
Prospectus, the following deviations in utilization were observed during the quarter ended June 30, 2026.
a) The Company has utilized issue proceeds amounting to Rs. 187.03 lakhs for purchases from vendors that differs from
those disclosed in the Prospectus.
b) The Company has also utilized issue proceeds amounting to Rs. 110.11 lakhs towards civil work-related expenses,
which was not a specified use of proceeds under the aforementioned object.
Note 3: During the quarter ended March 31, 2026, the Company had utilized Rs 4,056.83 lakhs towards the object of Working
Capital, as against the allocation of Rs 2,880.00 lakhs disclosed in the Prospectus dated October 15, 2025. This excess utilization
of Rs 1,256.83 lakhs constituted a financial deviation from the object wise cost allocation of issue proceeds as specified in the
Prospectus dated October 15, 2025. Further, as at quarter ended June 30, 2026, no approval or other supporting documents
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. 1,256.83 lakhs in the
funds available for utilization towards the object of Capital expenditure, Repayment of debt, General Corporate purposes and
Offer expenses.
Note 4: During the quarter ended March 31, 2026, the Company has paid Rs. 367.00 lakhs to ‘Somani Ventures and
Innovations Limited’ towards lead manager fees and underwriting commission, which is inconsistent with the Prospectus
disclosure naming ‘Interactive Financial Services Limited’ as the lead manager of the issue. The statutory auditor's certificate
dated May 13, 2026, does not provide explicit confirmation of the payment details, and the Company did not provide a formal
agreement between these parties to support the payment. Consequently, MA observed a deviation in the utilisation of issue
proceeds under the 'issue expense' category compared to the disclosures provided in Company’s Prospectus. Further, as at
quarter ended June 30, 2026, no approval or other supporting document authorizing the aforesaid utilization had been made
available to the Monitoring Agency.
Declaration:
We declare that this report aims to provide 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 to be accurate and
reliable. However, non-cooperation by the Issuer including non-sharing of necessary information has hindered CRL’s ability
to provide any view in this case. 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 Au
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