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SARASWATI SAREE DEPOT LTD.
S. No. 144/1, Manade Mala, Gandhinagar Road,
P.O. Uchgaon,
Dist. Kolhapur, Maharashtra, 416005
Ph: 0231-2683333, 0231-2532020, 0231-2610284
Email: cs@saraswatisareedepotlimited.com
Website:www.saraswatisareedepot.com
CIN: L14101PN2021PLC199578
Date: August 14, 2025
To,
National Stock Exchange of India Limited
Exchange Plaza, C-1, Block G,
Bandra Kurla Complex,
Bandra (East)
Mumbai- 400051
NSE Scrip Code: SSDL
To,
BSE Ltd
Phirozee Jeejeebhoy Towers,
Dalal Street, Fort, Mumbai - 400 001
BSE Scrip Code: 544230
Subject: Monitoring Agency Report for the quarter ended June 30, 2025.
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, 2025 issued by
CRISIL Ratings Limited, Monitoring Agency, for the quarter ended June 30, 2025, in respect
of utilization of proceeds of the Initial Public Offer of the Company.
The said report for the quarter ended June 30, 2025, is duly reviewed by the Audit
Committee and the Board of the Company on August 14, 2025, 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, 2025
Encl. As Above
1
Monitoring Agency Report
for
Saraswati Saree Depot Limited
for the quarter ended
June 30, 2025
2
CRL/MAR/SASDPI/2025-26/1417
August 14, 2025
To
Saraswati Saree Depot Limited
Sr No.144/1 Manademala,
Near Tawade Hotel, Gandhinagar Road,
Uchagaon, Kolhapur, Maharashtra – 416005, India
Dear Sir,
Monitoring Agency Report for the quarter ended June 30, 2025 - �L�Q���U�H�O�D�W�L�R�Q���W�R���W�K�H���,�Q�L�W�L�D�O���3�X�E�O�L�F���2�I�I�H�U�����·�,�3�2�������R�I��
Saraswati Saree Depot Limited ���·�W�K�H���&�R�P�S�D�Q�\����
Pursuant to Regulation 41(2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 (“SEBI ICDR
Regulations”) and Monitoring Agency Agreement dated July 15, 2024, enclosed herewith the 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, 2025.
Request you to kindly take the same on records.
Thanking you,
For and on behalf of Crisil Ratings Limited
Shounak Chakravarty
Director, Ratings (LCG)
4
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.
$Out of the issue expenses of Rs 133.30 million, the Company has spent Rs 127.73 million towards the issue related expenses
as at the quarter ended March 31, 2025. The remaining amount of Rs 5.57 million is lying in public issue account of the
Company.
^Certificate dated August 01, 2025, issued by M/s Sanjay Vhanbatte and Co, Chartered Accountants (Firm Registration
Number: 112996W), Statutory Auditors of the Company.
3) Details of the arrangement made to ensure the monitoring of issue proceeds:
Particulars
Reply
Source of information/
certifications considered
by Monitoring Agency
for preparation of report
Comments
of the
Monitoring
Agency
Comments
of the
Board of
Directors
Whether all utilization is as per the disclosures
in the Offer Document?
NA
Management
undertaking, Statutory
Auditor’s certificate^,
Prospectus, Bank
Statements
No
utilization
during the
reported
quarter
No
comments
5
Particulars
Reply
Source of information/
certifications considered
by Monitoring Agency
for preparation of report
Comments
of the
Monitoring
Agency
Comments
of the
Board of
Directors
Whether shareholder approval has been
obtained in case of material deviations from
expenditures
disclosed
in
the
Offer
Document?
NA
Management
undertaking, Statutory
Auditor’s certificate^
No
Deviations
No
comments
Whether the means of finance for the disclosed
objects of the issue has changed?
No
No
Comments
No
comments
Is there any major deviation observed over the
earlier monitoring agency reports?
No
No
Comments
No
comments
Whether all Government/statutory approvals
related to the object(s) have been obtained?
NA
No
Comments
No
comments
Whether all arrangements pertaining to
technical
assistance/collaboration
are
in
operation?
NA
No
Comments
No
comments
Are there any favorable events improving the
viability of these object(s)?
No
No
Comments
No
comments
Are there any unfavorable events affecting the
viability of the object(s)?
No
No
Comments
No
comments
Is there any other relevant information that
may materially affect the decision making of
the investors?
No
No
Comments
No
comments
NA represents Not Applicable
^Certificate dated August 01, 2025, issued by M/s Sanjay Vhanbatte and Co, Chartered Accountants (Firm Registration Number:
112996W), Statutory Auditors of the Company.
6
4) Details of object(s) to be monitored:
i. Cost of the object(s):
Sr.
No.
Item
Head
Source of
information/
certification
considered
by MA for
preparation
of report
Original
cost
(as per the
Offer
Document)
(Rs in
million)
Revised
Cost
(Rs in
million)
Comment
of the
Monitoring
Agency
Comments of the Board of Directors
Reason of
Cost
revision
Proposed
financing
option
Particulars of
firm
arrangements
made
1
Funding
working
capital
requirements
of the
Company
Management
undertaking,
Statutory
Auditor’s
certificate^,
Prospectus
810.00
NA
No revision
No
revision
NA
NA
2
General
Corporate
Purposes#
96.67
NA
No revision
No
revision
NA
NA
Total
906.67
-
-
-
-
-
^Certificate dated August 01, 2025, issued by M/s Sanjay Vhanbatte and Co, Chartered Accountants (Firm Registration Number:
112996W), Statutory Auditors of the Company.
#The amount utilised for general corporate purposes does not exceed 25% of the Gross Proceeds (amounting to Rs 259.99 million) from
the Fresh Issue.
ii. Progress in the object(s):
Sr.
No.
Item Head#
Source of
information/
certifications
considered by
Monitoring
Agency for
preparation of
report
Amount
as
proposed
in the
Offer
Document
(Rs in
million)
Amount utilized (Rs in
million)
Total
unutilized
amount
(Rs in
million)
Comments
of the
Monitoring
Agency
Comments of the Board
of Directors
As at
beginning
of the
quarter
During
the
quarter
At the
end
of the
quarter
Reasons
for idle
funds
Proposed
course of
action
1
Funding
working capital
requirements of
the Company
Management
undertaking,
Statutory
Auditor’s
certificate ^,
Prospectus,
Bank
Statements
810.00
810.00
0.00
810.00
Nil
No
utilisation
during the
reported
quarter
NA
NA
7
Sr.
No.
Item Head#
Source of
information/
certifications
considered by
Monitoring
Agency for
preparation of
report
Amount
as
proposed
in the
Offer
Document
(Rs in
million)
Amount utilized (Rs in
million)
Total
unutilized
amount
(Rs in
million)
Comments
of the
Monitoring
Agency
Comments of the Board
of Directors
As at
beginning
of the
quarter
During
the
quarter
At the
end
of the
quarter
Reasons
for idle
funds
Proposed
course of
action
2
General
Corporate
Purposes
96.67
96.07
0.00
96.07
0.60
To be
utilized in
next
quarter
NA
Sub total
906.67
906.07
0.00
906.07
0.60
-
-
-
3
Issue Expense
133.30
127.73
0.00
127.73
5.57
No
utilisation
during the
reported
quarter
To be
utilized in
next
quarter
NA
Total
1,039.97
1,033.80
0.00 1,033.80
6.17
-
-
-
^Certificate dated August 01, 2025, issued by M/s Sanjay Vhanbatte and Co, Chartered Accountants (Firm Registration Number:
112996W), Statutory Auditors of the Company.
#Brief description of objects:
Object of the Issue
Description of objects as per the offer document filed by the issuer
Funding working capital
requirements of the Company
Company has significant working capital requirements in the ordinary course of
business, and the Company funds working capital needs through internal
accruals and availing financing facilities. Company, in order to support its
incremental business requirements proposes to utilise net proceeds towards
funding its working capital requirements.
General Corporate Purposes
The general corporate purposes for which Company proposes to utilise net
proceeds include, business development initiatives, meeting any expense
including salaries and wages, rent, administration costs, payment of taxes and
duties, and similar other expenses incurred in the ordinary course of business or
towards any exigencies.
The quantum of utilisation of funds towards each of the above purposes will be
determined by board, based on the amount actually available under this head
and the business requirements of Company, from time to time, subject to
compliance with applicable law.
8
iii. Deployment of unutilised proceeds^:
S. No.
Type of instrument and name
of the entity invested in
Amount
invested
(Rs in
million)
Maturity
date
Earning
(Rs in
million)
Return on
Investment
(%)
Market Value as
at the end of
reported quarter
(Rs in million)
1.
Balance in the Public Issue Account
of the company
5.57
-
-
-
5.57
2.
Balance in the Monitoring
account of the Company
(Refer Note 1)
6.21
-
-
-
6.21
Total
11.78
-
-
-
11.78
^Based on management undertaking and Certificate dated August 01, 2025, issued by M/s Sanjay Vhanbatte and Co, Chartered
Accountants (Firm Registration Number: 112996W), Statutory Auditors of the Company.
Note:
1. Includes interest amount of Rs 5.61 million (net of TDS) accumulated on closure of FD’s as at the end of the quarter.
2. During the quarter ended March 31, 2025, the company made a payment of Rs. 59.99 million to Axis Bank, the sponsor bank,
from its Initial Public Offering (IPO) Account towards charges and fees, which included a Tax Deducted at Source (TDS) amount
of Rs. 0.10 million. However, as the TDS was not deducted from the Axis Bank, the company subsequently made a separate
payment from its HDFC Bank Current Account. Consequently, Axis Bank refunded the excess amount of Rs. 0.10 million back
to the IPO Account during the quarter ended June 30, 2025. The company will transfer the refunded proceeds to its Current
Account in the next quarter.
3. Monitoring the deployment of Interest Income earned from unutilised proceeds does not form part of the scope of Monitoring
Agency report.
iv. Delay in implementation of the object(s):
Not applicable, on the basis of management undertaking and Certificate dated August 01, 2025, issued by M/s Sanjay
Vhanbatte and Co, Chartered Accountants (Firm Registration Number: 112996W), Statutory Auditors of the Company.
Object(s)
Completion Date
Comments of the Board of Directors
As per the Offer
Document
Actual
Reason of delay
Proposed course of
action
Not Applicable
5) Details of utilization of proceeds stated as General Corporate Purpose amount in the offer document^:
Not applicable, on the basis of management undertaking and Certificate dated August 01, 2025, issued by M/s Sanjay
Vhanbatte and Co, Chartered Accountants (Firm Registration Number: 112996W), Statutory Auditors of the Company.
9
Disclaimers:
a) This Report is prepared by Crisil Ratings Limited (hereinafter referred to as "Monitoring Agency” / “MA" / “CRL”). The
MA has taken utmost care to ensure accuracy and objectivity while developing this Report based on the information provided
by the Issuer and information obtained from sources believed by it to be accurate and reliable. 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.
b) This Report has to be seen in its entirety; the selective review of portions of the Report may lead to inaccurate assessments. For
the purpose of this Report, MA has relied upon the information provided by the management /officials/ consultants of the Issuer
and third-party sources like Statutory Auditor’s (or from peer reviewed CA firms) appointed by the Issuer believed by it to be
accurate and reliable.
c) Nothing contained in this Report is capable or 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 MA is also not responsible for any
errors in transmission and specifically states that it, or its directors, employees do not have any financial liabilities whatsoever
to the users of this Report.
d) The MA and its affiliates do not act as a fiduciary. The MA and its affiliates also do not act as an expert to the extent defined
under Section 2(38) of the Companies Act, 2013. While the MA has obtained information from sources it believes to be reliable,
it does not perform an audit and undertakes no independent verification of any information/ certifications/ statements it
receives from auditors (or from peer reviewed CA firms), lawyers, chartered engineers or other experts, and relies on in its
reports.
e)
The MA or its affiliates may have other commercial transactions with the entity to which the report pertains. As an example,
the MA may rate the issuer or any debt instruments / facilities issued or proposed to be issued by the issuer that is subject
matter of this report. The MA may receive separate compensation for its ratings and certain credit-related analyses, normally
from issuers or underwriters of the instruments, facilities, securities or from obligoRs
f)
The MA report is intended for the jurisdiction of India only. This report does not constitute an offer of services. Without
limiting the generality of the foregoing, nothing in the report is to be construed as CRL providing or intending to provide any
services in jurisdictions outside India, where it does not have the necessary licenses and/or registration to carry out its business
activities referred to above.
g) Access or use of this report does not create a client relationship between CRL and the user.
h) CRL is not aware that any user intends to rely on the report or of the manner in which a user intends to use the report. In
preparing this report, MA has not taken into consideration the objectives or particular needs of any particular user.
i)
It is made abundantly clear that the report is not intended to and does not constitute an investment advice. The report is not
an offer to sell or an offer to purchase or subscribe for any investment in any securities, instruments, facilities or solicitation of
any kind to enter into any deal or transaction with the entity to which the report pertains. The report should not be a basis for
any investment decision within the meaning of any law or regulation (including the laws and regulations applicable in the
US).
j)
The report comprises professional opinion of CRL as of the date they are expressed, based on the information received from the
issuer and other sources considered reliable by CRL. Any opinions expressed here are in good faith, are subject to change
without notice, and are only current as of the stated date of their issue. The report does not constitute statements of fact or
recommendations to purchase, hold or sell any securities/instruments or to make any investment decisions.
k) Neither CRL nor its affiliates, third-party providers, as well as their directors, officers, shareholders, employees or agents
guarantee the accuracy, completeness or adequacy of the report, and shall not have any liability for any errors, omissions or
interruptions therein, regardless of the cause, or for the results obtained from the use of any part of the report. CRL and each
aforesaid party disclaims any and all express or implied warranties, including but not limited to any warranties of
merchantability, suitability or fitness for a particular purpose or use or use. In no event shall CRL or any aforesaid party be
liable to any user for any direct, indirect, incidental, exemplary, compensatory, punitive, special or consequential damages,
costs, expenses, legal fees or losses (including, without limitation, lost income or lost profits and opportunity costs) in
connection with any use of any part of the report even if advised of the possibility of such damages.
l)
CRL has established policies and procedures to maintain the confidentiality of certain non-public information received in
connection with the preparation of this report. CRL has in place a code of conduct and policies for managing conflict of interest.
m) Unless required under any applicable law, this report should not be reproduced or redistributed to any other person or in any
form without prior written consent from CRL.
10
n) By accepting a copy of this Report, the recipient accepts the terms of this Disclaimer, which forms an integral part of this
Report.
