Asian Granito India : Monitoring Agency Report

ICRA Limited

Date: August 04, 2022

Mr. Mehul Shah

Chief Financial Officer

Asian Granito India Limited

202, Dev Arc,Opp Iskcon Temple.

Sarkhej Gandhinagar Highway,

Ahmedabad Gujarat - 380015

Dear Sir/Madam,

Re: Final Monitoring Agency report of Asian Granito India Limited for Q1 FY2023

Please refer to agreement dated April 06, 2022 appointing ICRA Limited as the Monitoring Agency (MA) Asian Granito India Limited's IPO/Rights Issue/Further Public Offer.

After due consideration, ICRA has prepared the attached final Monitoring Agency report as per SEBI (Issue of Capital and Disclosure Requirements) Regulations for Q1FY2023.

Please note that the Monitoring Agency report does not constitute a commentary on the quality of the objects of the issue, appropriateness or reasonableness of costs or spending by Asian Granito India Limited against any objects / heads or assurance on outcome of such spending.

We thank you for your kind cooperation extended during the course of Q1FY2023. Should you require any clarification, please do not hesitate to get in touch with us.

We look forward to your communication and assure you of our best services.

With kind regards

For ICRA Limited

Suprio Banerjee

Vice President and Sector Head [e-mail]

Building No. 8, 2nd Floor, Tower A		Tel.: [phone]		Website: www.icra.in
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Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :[phone]
R A T I N G	●	R E S E A R C H	●	I N F O R M A T I O N

MONITORING AGENCY REPORT

Name of the Issuer: Asian Granito India Limited

For quarter ended: Q1 FY2023

Name of the Monitoring Agency: ICRA Limited

1. Deviation from the objects of the issue:
   No deviation - the utilization of the issuance proceeds is in line with the objects of the issue
2. 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:

Surpio Banerjee, Vice President & Sector head

Analyst: Dhwani Vinchhi

QA: Parul Narang

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1. Issuer Details

Name of the Issuer: Asian Granito India Limited

Name(s) of the promoters:

Promoters

Kamleshkumar Bhagubhai Patel

Mukeshbhai Jivabhai Patel

Rameshbhai Bhikhabhai Patel

Kanubhai Bhikhabhai Patel

Pankaj M Patel

Girish N Patel

Bhaveshbhai Vinodbhai Patel

Hasmukhbhai Patel

Source: BSE

Industry/ sector to which it belongs: Consumer Discretionary

2. Issue Details

Issue Period: Opening date- April 25, 2022

Closing date- May 10, 2022

Type of Issue: Rights Issue

Type of specified securities: Equity shares

IPO Grading, if any: No credit rating agency registered with SEBI appointed for grading the offer

Issue Size (Rs. Crore): With OFS portion: 440.96 Crore; Excluding OFS portion: 440.96 Crore. Net proceeds: 422.17 Crore (Excluding Issue Related Expense)

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3. Details of the arrangement made to ensure the monitoring of issue proceeds

Source of information,

Comments of

certifications considered

Comments of the Monitoring

the Issuer's

Particulars

Reply

by the Monitoring

Agency

Board of

Agency for the

Directors

preparation of report

-Certification from

Whether all utilization is as per

Statutory Auditors

-Confirmation from

No deviation observed

the disclosures in the Offer

Yes

management

Document?

-Bank statement of the

proceeds account

Whether shareholder approval

has been obtained in case of

Not

As confirmed by the

material deviations# from

No comments

Applicable

Issuer's management

expenditures disclosed in the

Offer Document?

Whether the means of finance

for the disclosed objects of the

No

As confirmed by the

No comments

issue has changed?

Issuer's management

Is there any major deviation

Not

This is the first Monitoring

observed over the earlier

Agency Report since the

No comments

Applicable

monitoring agency reports?

rights issue conclusion.

For all capex related to

Greenfield project in Morbi, i.e.,

As confirmed by the

Future Ceramic Private Limited,

AGL

Sanitaryware

Private

Whether all Government/

Issuer's management

Limited and AGL Surfaces Private

statutory approvals related to

No

Limited,

government/statutory

the object(s) have been

approvals for

land

conversion,

obtained?

building

plan

and

subsequent

consents

and

licenses

from

Pollution

control and Electricity

board etc. are pending.

Whether all arrangements

For

all

capex

related

to

Greenfield project in Morbi, i.e.,

pertaining to technical

No

Future Ceramic Private Limited,

assistance/ collaboration are in

AGL

Sanitaryware

Private

operation?

Limited and AGL Surfaces Private

Limited,

technical assistance

is

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