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User: 
    Consider you are a stock market news analyser. You are given with the parsed text of a pdf of a stock.
    You have to analyse the text given and summarize the text to extract the following information:

    - What is the current capital expenditure of the company?
    - What is the current PAT of the company and what is the projected (potential or proposed) PAT of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the current revenue/topline of the company and what is the projected (potential or proposed) revenue of the company?
      Also give reason from the document that how did you came to this figure?
    - What is the projected/potential/proposed profit and its brief details describing how it can be achieved?
    - What is the CAGR mentioned in the text?
    - What is the Turnover of the company mentioned in the text with timeframe like monthly, quarterly or annual?
    - Mention the time frame like quarterly, monthly or yearly as mentioned in the extracted text.

    The text is:
     
 
 
 
 
Date: 21st October, 2024 
 
To, 
BSE Limited, 
Corporate Services Department, 
Phiroze Jeejeebhoy Tower, 
Dalal Street, 
Mumbai – 400001. 
BSE Scrip Code: 531112 
 
Respected Sir / Madam, 
 
Subject: Regulation 32(6) of the SEBI (Listing Obligations and Disclosure Requirements) 
Regulations, 2015- Monitoring Agency Report for the Quarter ended 30th September, 2024. 
 
Pursuant to Regulation 32(6) of Securities and Exchange Board of India (Listing Obligations and 
Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Monitoring 
Agency Report for the Quarter ended 30th September, 2024, issued by Infomerics Valuation and 
Rating Pvt. Ltd. appointed in respect of utilization of proceeds of the Preferential Issue of the 
Company, duly reviewed by the Audit Committee Meeting and the Board Meeting of the Company 
held on October 21, 2024. 
 
Kindly take the same on your records. 
 
For Balu Forge Industries Limited 
 
 
 
 
Jaspalsingh Prehladsingh Chandock 
Managing Director 
DIN 00813218 
 
Enclosure: A/A 
 
 
JASPALSINGH 
PREHLADSINGH 
CHANDOCKDigitally signed by 
JASPALSINGH PREHLADSINGH CHANDOCK Date: 2024.10.21 23:38:30 +05'30' 
1 
 
 
 
 
 
Monitoring Agency Report  
for Balu Forge Industries Limited  
for the quarter ended  September  30, 
2024  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2 
 
 
Monitoring Agency Report  
Oct 17 , 2024 
To Balu Forge Industries  Limited  
506, Imperial Palace, 45 Telly Park Road,  
Andheri East, Mumbai - 400069  
 
 
Dear Sir,  
Monitoring Agen cy Report for the quarter ended  Sep 30, 2024  - in relation to the issue of 
equity shares on preferential basis  and issue of share warrants  to the promoters.  
Pursuant to Regulation 41(2) of SEBI (lssue  of Capital and Disclosure Requirements) 
Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated Feb 
01 2024, we in our capacity of Monitoring Agent to the Company hereby enclose the 
Monitoring Agency Report as per Schedule XI of the SEBI ICDR Regulations toward s 
utilization of proceeds of the public issue  for the quarter ended  Sep 30, 202 4. Request you to 
kindly take the same on records.  
Thanking you,  
 For and on behalf of  Infomerics Valuation and Rating Private  Limited  
 
 
 
(Director  - Ratings ) 
 
 
 
 
 
 
 
OM PARKASH 
JAINDigitally signed by 
OM PARKASH JAIN Date: 2024.10.17 21:51:37 +05'30' 
3 
 
Report of the Monitoring Agency  
Name of the Issuer:  Balu Forge Industries Limited  
For quarter ended:  Sep 30, 2024 
Name of the Monitoring Agency:  Infomerics Valuation and Rating Private Limited  
(a) Deviation from the objects: N il 
– Utilization different from Objects stated in OD but in line with change of objects approved by 
shareholders’  resolution; or  
– Utilization neither in line with Objects stated in OD nor approved by shareholders’ resolution  
– In case of no deviation, the fact would be stated.  
(b) Range of Deviation*: 0%  
Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. 
For example, up to  10%, 10 – 25%, 25 -50%, 50 -75%, 75 -100%, not ascertainable etc.  
* Range of Deviation may be computed by taking weighted average of financial deviation of 
each object in the ratio of  issue proceeds allocated for it. Non -financial deviation may be 
indicated separately by way of notes.  
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 responsibilit y, 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, 201 3. 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 declare that we do not have any direct / indirect interest in or relationship with the  
issuer/promoters/directors/management and also confirm that we do not perceive any conflict of  
4 
 
interest in such  relationship / interest while monitoring and reporting the utilization of issue 
proceeds by the issuer.  
We further declare that this report provides true and fair view of the utilization of issue proceeds.  
 
 
 
Signature:  
Name of the Authorized Person/Signing Authority:              Om Parkash Jain  
Designation of Authorized person/Signing Authority:          Director - Ratings  
Seal of the Monitoring Agency:  
Date:  Oct 17, 202 4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OM PARKASH 
JAINDigitally signed by OM 
PARKASH JAIN Date: 2024.10.17 21:52:07 
+05'30' 
5 
 
1) Issuer Details:  
 
Name of the issuer: Balu Forge Industries  Limited  
 
Names of the promoters of the issuer: Jaspal Singh Chandock  
  
Industry/sector to which it belongs:  Manufacturing of forged crankshafts and forged components    
 
2) Issue Details:  
Issue Period: 18 Months from the date of allotment  
 
Type of issue (public/rights): P referential  Issue  
 
Type of specified securities:  equity share and convertible warrant  
 
Grading:  NA 
 
Issue size (Rs in Crores): Rs. 137.70  crores  (Note No. 1  & 2) 
 
Note 1  
The company had offered 25.00 Lakhs  Equity Shares under the Private Placement , at Rs. 183.60  per share (including share premium of Rs. 1 73.60  
per share) aggregating to ₹ 45.90  crore. The issue was subscribed,  and the company has allotted 25.00 Lakhs  Equity Shares to the applicants.  
 
Note 2  
The company had offered 5 0,00,000 Warrants under the Preferential Issue, at Rs. 183.60  per share (including premium of Rs. 1 73.60  per 
share/warrant) aggregating to ₹ 91.80  crore. The issue was Subscribed fully,  and the company has allotted 23,50,000  Equity Share upon the conversion 
of the share warrants to the applicants.  
 
  
6 
 
Particulars  Remarks  Amount  
Total shares issued and subscribed as part of Preferential Issue (A)  25,00,000  45.90  
Total Warrants issued (B)  50,00,000  91.80  
Total Warrants converted in to shares during the period (Fully paid up) (C)  23,50,000  43.14  
Warrants still outstanding to be exercised within eighteen (18) months from the date of 
allotment (Deposit amount received) (D)  26,50,000  12.17 
Total subscriptions towards Preferential issue (in Rs. Crore) (A +  C + D)  101.21 * 101.21  
Details of expenses incurred related to issue (in Rs.)  -  
Net Proceeds of Preferential Issue (Rs. Crores) (A + B)   137.70**  
^ Each warrant is convertible into one (1) equity share and the conversion can be exercised at any  time within a period of 18 months from date of 
allotment of warrants, in one or more tranches, as the case maybe and on such other terms and conditions applicable. Option f or conversion of warrants 
into equity shares will be available upon payment of full price of warrant before such exercise of option.  
 
*Includes complete conversion value of 2 3,50,000  convertible  warrants amounting to Rs. 4 3.14 crores, and deposit amount on outstanding 26,50,000 
shares warrants amounting to Rs. 12.17  crores, furthermore, includes subscription amount of 25,00,000  shares at Rs. 45.90  crores.  
 
** Upon complete exercise of outstanding 26,50,000 convertible warrants . 
 
3) Details of the arrangement made to ensure the monitoring of issue proceeds:  
(Give item by item description for all the objects stated in offer document separately in following format )  
7 
 
Particulars  Reply  Source of information / 
certifications considered by 
Monitoring Agency for 
preparation of report  Comments of Monitoring  
Agency  Comments of 
Board of  
Directors  
Whether all the utilization is as per disclosure in 
Offer  
Document?  Yes Bank Statement, Management 
Certificate, CA Certificate, 
EOGM Resolution, and Invoices  The utilization is in line with 
the objects mentioned in the 
EOGM resolution  No Comments 
Required  
Whether Shareholder approval is obtained  in case 
of material deviations  from expenditures 
disclosed in Offer  
Document?  No deviations  - No Material Deviation^  No Comments 
Required  
Whether means of finance for disclosed objects of 
the Issue has changed?  No - Nil No Comments 
Required  
Any major deviation observed over the earlier 
monitoring agency reports?  No - No Deviation**  No Comments 
Required  
Whether all Government / Statutory approvals 
related to the object(s) obtained?  Yes Listing approval from BSE  & 
NSE  - No Comments         
Required  
Whether all arrangements pertaining to technical  
assistance/collaboration in operation?  Not Applicable  - Not Applicable  No Comments 
Required   
8 
 
Any favourable events improving object(s) 
viability  Not Applicable  - Nil No Comments 
Required  
Any unfavourable events affecting object(s) 
viability  Not Applicable  - Nil No Comments 
Required  
Any other relevant information that may 
materially affect the decision making of the 
investors  Not Applicable  - Nil No Comments 
Required  
         * The above details are verified by M.B. Agrarwal & Co. Chartered Accountants  (Membership Number :  061362)  vide its CA certificate  dated Oct 17, 2024 . 
**Auditor’s remark: No deviations from expenditure disclosed in the Offer document.  
^ Material Deviation would mean  
a) deviation in the objects or purposes for which the funds have been raised  
b) deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer document  
 
4) Details of object(s)s to be monitored:  
(i) Cost of object(s) - 
(Give Item by Item Description for all the Objects Stated in Offer Document  separately in following format:  
Sl. 
No Item Head  Source of  information 
/ certifications 
considered by 
Monitoring Agency 
for preparation of 
report  Original cost 
(as per the 
Offer 
Document) in 
Rs. Crore  Revised 
Cost in 
Rs. 
Crore  Comments of 
Monitoring Agency  Comments of Board of Directors   
9 
 
  
    
Reason of 
cost 
revision  Proposed 
financing  
option  Particulars 
of firm 
arrangeme
nts made  
1 Working capital 
requirement  EOGM*  95.63  103.28  Refer Note   Nil Nil Nil 
2 General corporate 
purpose  EOGM*  42.07  34.42  Nil Nil 
 TOTAL   137.70   137.70      
    * Sourced from Page 09 of the Special Resolution passed at Extraordinary General Meeting held on Aug 09, 2024.  
Note :  The company has mistakenly mentioned the amount  utilised  under general corporate of Rs. 30.60 Crore which comes to 33.33% of the issue 
size, however as per the ICDR guidelines the utilisation under the general corporate purpose will not exceed 25% of the issue  size i.e. Rs. 22.95 Crore. 
Hence the mistake has be en corrected by the company under the Extra -ordinary general meeting on Dated Aug 09, 2024 and the same was approved 
by the Members.   
10 
 
 
     (ii) Progress in the object(s) - 
(Give Item by Item Description for all the Objects Stated in Offer Document separately in the following format)  
Sl. 
No Item 
Head  Source of 
information 
/ 
certifications 
considered 
by 
Monitoring 
Agency for 
preparation 
of report  Amount 
as 
proposed 
in the 
Offer 
Document 
in Rs. 
Crore  Amount 
raised 
till Sep 
30, 2024 
(Rs. 
crore)        Amount utilized  Unutilised 
amount in 
Rs. crore  Comments 
of 
Monitoring 
Agency  Comments of Board 
of Directors  
  
  
 As at 
Beginning  
of the 
quarter  During 
the 
quarter  At the 
end of 
the 
quarter    
Reason 
of idle 
funds  Proposed 
Course 
of 
Action  
1 Working 
capital 
requirement  EOGM*, Bank 
Statement, 
Invoices, CA 
Certificate**  103.28  75.91  49.73  26.18  75.91  27.37  The funds 
have been 
used by the 
company to     
11 
 
          purchase 
raw materials 
from its 
suppliers   
2 General 
corporate 
purpose  EOGM*, Bank 
Statement, 
Invoices, CA 
Certificate**  34.42  25.30  19.12  6.18 25.30  9.12 The funds 
have been 
used by the 
company  to 
purchase  
stores & 
consumables, 
Packing 
material & 
other raw 
materials.  - 
TOTAL  137.70  101.21  68.85  32.36  101.21  36.49^     
       *Sourced from Page 09 of the Special Resolution passed at Extraordinary General Meeting held on Aug 09, 2024.  
      ** The above details are verified by M.B. Agrarwal & Co. Chartered Accountants (Membership Number :061362)  vide its CA certific ate  dated Oct 1 7, 2024.   
      ^Includes outstanding warrants  of 26,50,000  yet to be converted of Rs.  36.49  crores .  
12 
 
 
*Brief description of Object (s): 
S.no Name of the object(s)  Brief description of the object(s)  Location of the object(s) (if 
applicable  
1 Working capital requirement  The company has utilised a sum of Rs. 75.91  Crore till 
Sept 2024  out of which Rs. 49.73 crore has been utilised 
till March 2024. This payment majorly pertains to the 
multiple suppliers for the purchase of raw materials & 
Bill Discounting Charges . There has been nil utilisation 
of funds during quarter ended June, 2024.  - 
2 General corporate purpose  The company has utilised a sum of Rs. 25.30  Crore till 
Sept 2024  out of the Rs.  19.12  Crore  till March 2024.  
The funds have been used by the company to purchase 
stores & consumables, Packing material & other raw 
materials.  There has been nil utilisation of funds during 
quarter ended June, 2024.  - 
 
(iii) Deployment of unutilized IPO proceeds - Not Applicable     
Sl. no.  Type of instrument  
where amount 
invested*  Amount 
invested  Maturity 
date Earnings  Return on 
Investment 
(ROI %)  Market Value as at  
the end of quarter**  
        
13 
 
Note:  The total amount to be collected from the issue was Rs. 137.70 Crore  out of which the amount received  and utilised by the Company was  Rs. 101.21  Crore  
till September  2024 . The Balance amount of Rs . 36.49  Crore  is yet to be received within 18 months from the date of issue.   
(iv) Delay in implementation of the object(s) - Not applicable  
Object(s) Name  Completion Date  Delay (No. of days/  
months)  Comments of Board of Directors  
 
As per Offer Document  Actual *   
Reason of delay  Proposed 
Course of  
Action  
 
5) Details of utilisation of Proceeds stated as General Corporate Purpose (GCP) amount in the offer document :   
S.No  Item Head  Amount in Rs. 
Crore  Source oof Information/Certifications 
Considered by the Monitoring agency for 
preparation of report  Comments of 
Monitoring Agency  Comments of the 
Board of Directors  
1 Business 
Disbursement  6.18 Bank Statement, Invoices, CA Certificate * The Gross proceeds 
have been utilised in 
accordance with the 
objects of the issue.  None  
       *The above details are verified by M.B. Agrarwal & Co. Chartered Accountants (Membership Number :061362)  vide its CA certifi cate  dated Oct 1 7, 2024.    
14 
 
 
DISCLAIMERS:  
➢ This Report is prepared by Infomerics Valuation and Rating Private 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 informatio n 
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.  
➢ 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 Issu er and third -party 
sources like statutory auditors/independent chartered accountant appointed by the Issuer 
believed by it to be accurate and reliable.  
➢ 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.  
➢ 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, lawyers, chartered engineers or other experts, and relies 
on in its reports  
➢ 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 matte r 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.  
➢ 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 MA providing or intending to provide any servi ces in jurisdictions 
outside India, where it does not have the necessary licenses and/or registration to carry out its 
business activities referred to above.  
➢ Access or use of this report does not create a client relationship between MA and the 
user.  
➢ MA 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.  
➢ 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  
15 
 
any investment inany 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 comprises professional opinion of MA as of the date they are expressed, 
based on the information received from the issuer and other sources considered reliable by 
MA. Any opinions expressed here are in good faith, are subject to change without n otice, 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.  
➢ Neither MA 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 inte rruptions therein, 
regardless of the cause, or for the results obtained from the use of any part of the report. MA 
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 MA or any aforesaid party be liable to any user for any direct, 
indirect, incidental, exemplary, compensatory, punitive, special or consequential damages, 
costs, expenses, le gal 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.  
➢ MA has established policies and procedures to maintain the confidentiality of certain 
non-public information received in connection with the preparation of this report. MA has in 
place a code of conduct and policies for managing conflict of interest.  
➢ 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 MA.  
➢ By accepting a copy of this Report, the recipient accepts the terms of this Disclaimer, 
which forms an integral part of this Report.  
 
 
 
 
 
 
 
  
1 
 
 
 
 
 
Monitoring Agency Report  
for Balu Forge Industries Limited  
for the quarter ended  September  30, 
2024  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2 
 
 
Monitoring Agency Report  
Oct 17 , 2024 
To Balu Forge Industries  Limited  
506, Imperial Palace, 45 Telly Park Road,  
Andheri East, Mumbai - 400069  
 
 
Dear Sir,  
Monitoring Agen cy Report for the quarter ended  Sep 30, 2024  - in relation to the issue of 
equity shares on preferential basis  and issue of share warrants  to the promoters.  
Pursuant to Regulation 41(2) of SEBI (lssue  of Capital and Disclosure Requirements) 
Regulations, 2018 (“SEBI ICDR Regulations”) and Monitoring Agency Agreement dated Oct 
09, 2024 we in our capacity of Monitoring Agent to the Company hereby enclose the 
Monitoring Agency Report as per Schedule XI of the SEBI ICDR Regulations toward s 
utilization of proceeds of the public issue  for the quarter ended  Sep 30, 202 4. Request you to 
kindly take the same on records.  
Thanking you,  
 For and on behalf of  Infomerics Valuation and Rating Private  Limited  
 
 
 
(Director  - Ratings ) 
 
 
 
 
 
 
 
OM PARKASH 
JAINDigitally signed by OM 
PARKASH JAIN Date: 2024.10.17 18:27:55 +05'30' 
3 
 
Report of the Monitoring Agency  
Name of the Issuer:  Balu Forge Industries Limited  
For quarter ended:  Sep 30, 2024 
Name of the Monitoring Agency:  Infomerics Valuation and Rating Private Limited  
(a) Deviation from the objects: N il 
– Utilization different from Objects stated in OD but in line with change of objects approved by 
shareholders’  resolution; or  
– Utilization neither in line with Objects stated in OD nor approved by shareholders’ resolution  
– In case of no deviation, the fact would be stated.  
(b) Range of Deviation*: 0%  
Indicate range of percentage deviation from the amount of issue proceeds earmarked for objects. 
For example, up to  10%, 10 – 25%, 25 -50%, 50 -75%, 75 -100%, not ascertainable etc.  
* Range of Deviation may be computed by taking weighted average of financial deviation of 
each object in the ratio of  issue proceeds allocated for it. Non -financial deviation may be 
indicated separately by way of notes.  
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 responsibilit y, 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, 201 3. 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 declare that we do not have any direct / indirect interest in or relationship with the  
issuer/promoters/directors/management and also confirm that we do not perceive any conflict of  
4 
 
interest in such  relationship / interest while monitoring and reporting the utilization of issue 
proceeds by the issuer.  
We further declare that this report provides true and fair view of the utilization of issue proceeds.  
 
 
 
Signature:  
Name of the Authorized Person/Signing Authority:              Om Parkash Jain  
Designation of Authorized person/Signing Authority:          Director - Ratings  
Seal of the Monitoring Agency:  
Date:  Oct 17, 202 4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
OM PARKASH 
JAINDigitally signed by OM 
PARKASH JAIN Date: 2024.10.17 18:28:24 +05'30' 
5 
 
1) Issuer Details:  
 
Name of the issuer: Balu Forge Industries  Limited  
 
Names of the promoters of the issuer: Jaspal Singh Chandock  
  
Industry/sector to which it belongs:  Manufacturing of forged crankshafts and forged components    
 
2) Issue Details:  
Issue Period: 18 Months from the date of allotment  
 
Type of issue (public/rights): P referential  Issue  
 
Type of specified securities:  equity share and convertible warrant  
 
Grading: NA 
 
Issue size (Rs in Crores): Rs. 496.80  crores  (Note No. 1  & 2) 
 
Note 1  
The company had offered 45.00 Lakhs  Equity Shares under the Private Placement , at Rs. 360.00  per share (including share premium of Rs. 350.00  
per share) aggregating to ₹ 162.00  crore. The issue was subscribed,  and the company has allotted 45.00 Lakhs  Equity Shares to the applicants.  
 
Note 2  
The offer comprises of 93,00,000 warrants of the company convertible into equal number of equity  shares at a price of Rs. 360.00  per warrant as 
determined on the relevant date (for the purpose of  calculating the price of equity warrants convertible into equal number of equity shares to be  issued) 
in accordance with the provisions of Chapter V of the SEBI ICDR Regulations aggregating  to Rs. 334.80  Crore for cash consideration by way of 
preferential allotment to Specified  investors/Identified investors which also includes promoters and members of promoter gro up of  the company.  
  
6 
 
Particulars  Remarks  Amount  
Total shares issued and subscribed as part of Preferential Issue (A)  45,00,000  162.00  
Total Warrants issued (B)  93,00,000  334.80  
Total Warrants converted in to shares during the period (Fully paid up) (C) - - 
Warrants still outstanding to be exercised within eighteen (18) months from the date of 
allotment (Deposit amount received) (D)  93,00,000  83.70  
Total subscriptions towards Preferential issue (in Rs. Crore) (A + C + D)  245.70  245.70  
Details of expenses incurred related to issue (in Rs.)  - - 
Net Proceeds of Preferential Issue (Rs. Crores) (A + B)   496.80*  
^ Each warrant is convertible into one (1) equity share and the conversion can be exercised at any  time within a period of 18 months from date of 
allotment of warrants, in one or more tranches, as the case maybe and on such other terms and conditions applicable. Option f or conversion of warrants 
into equity shares will be available upon payment of full price of warrant before suc h exercise of option.  
 
* Upon complete exercise of outstanding 93,00,000  Convertible  warrants  into equity shares.  
 
2) Details of the arrangement made to ensure the monitoring of issue proceeds:  
 
 
 
  
7 
 
(Give item by item description for all the objects stated in offer document separately in following format ) 
Particulars  Reply  Source of information / 
certifications considered by 
Monitoring Agency for 
preparation of report  Comments of Monitoring  
Agency  Comments of 
Board of  
Directors  
Whether all the utilization is as per disclosure in 
Offer  
Document?  Yes Bank Statement, Management 
Certificate, CA Certificate, 
EOGM Resolution, and Invoices  The utilization is in line with 
the objects mentioned in the 
EOGM resolution  No Comments 
Required  
Whether Shareholder approval is obtained  in case 
of material deviations  from expenditures 
disclosed in Offer  
Document?  No - No Material Deviation^  No Comments 
Required  
Whether means of finance for disclosed objects of 
the Issue has changed?  No - Nil No Comments 
Required  
Any major deviation observed over the earlier 
monitoring agency reports?  No - No Deviation**  No Comments 
Required  
Whether all Government / Statutory approvals 
related to the object(s) obtained?  Yes Listing approval from BSE  & 
NSE  - No Comments         
Required   
8 
 
Whether all arrangements pertaining to technical  
assistance/collaboration in operation?  Not Applicable  - Not Applicable  No Comments 
Required  
Any favourable events improving object(s) 
viability  Not Applicable  - Nil No Comments 
Required  
Any unfavourable events affecting object(s) 
viability  Not Applicable  - Nil No Comments 
Required  
Any other relevant information that may 
materially affect the decision making of the 
investors  Not Applicable  - Nil No Comments 
Required  
         * The above details are verified by M.B. Agrarwal & Co. Chartered Accountants  (Membership Number :  061362)  vide its CA certificate  dated Oct 16, 2024 . 
**Auditor’s remark: No deviations from expenditure disclosed in the Offer document.  
^ Material Deviation would mean  
a) deviation in the objects or purposes for which the funds have been raised  
b) deviation in the amount of funds actually utilised by more than 10% of the amount projected in the offer document  
 
4) Details of object(s)s to be monitored:  
(i) Cost of object(s) - 
(Give Item by Item Description for all the Objects Stated in Offer Document  separately in following format:   
9 
 
Sl. 
No Item Head  Source of  information 
/ certifications 
considered by 
Monitoring Agency 
for preparation of 
report  Original cost 
(as per the 
Offer 
Document) in 
Rs. Crore  Revised 
Cost in 
Rs. 
Crore  Comments of 
Monitoring Agency  Comments of Board of Directors  
  
    
Reason of 
cost 
revision  Proposed 
financing  
option  Particulars 
of firm 
arrangeme
nts made  
1 Purchase & 
installation of new & 
existing plant & 
machinery  EOGM*  189.00  189.00   
 
The gross proceeds 
have been utilised in 
accordance with the 
objects of the issue.     
1 Working capital 
requirement  EOGM*  183.60  183.60  Nil Nil Nil 
2 General corporate 
purpose  EOGM*  124.20  124.20  Nil Nil  
10 
 
 TOTAL   496.80  496.80      
    * Sourced from Page 20 & 26  of the Special Resolution passed at Extraordinary General Meeting held on Aug 09, 2024. .  
11 
 
 
     (ii) Progress in the object(s) - 
(Give Item by Item Description for all the Objects Stated in Offer Document separately in the following format)  
Sl. 
No Item 
Head  Source of 
information 
/ 
certifications 
considered 
by 
Monitoring 
Agency for 
preparation 
of report  Amount 
as 
proposed 
in the 
Offer 
Document 
in Rs. 
Crore  Amount 
raised till 
Sep 30, 
2024 (Rs. 
crore)        Amount utilized  Unutilised 
amount in 
Rs. crore  Comments 
of 
Monitoring 
Agency  Comments of Board 
of Directors  
  
  
 As at 
Beginning  
of the 
quarter  During 
the 
quarter  At the 
end of 
the 
quarter    
Reason 
of idle 
funds  Proposed 
Course 
of 
Action  
1 Purchase & 
installation 
of new & 
existing 
plant & 
machinery  EOGM*, Bank 
Statement, 
Invoices, CA 
Certificate**  189.00    126.2 3 - 77.40 77.40 48.83  The 
company 
has utilised 
the amount 
for the 
purchase  of 
spare Parts  No 
Comments 
Required  -  
12 
 
of plant  & 
Machinery   
2 Working 
capital 
requirement  EOGM*, Bank 
Statement, 
Invoices, CA 
Certificate**  183.60  58.05 - - - 58.05 Nil No 
Comments 
Required  - 
3 General 
corporate 
purpose  EOGM*, Bank 
Statement, 
Invoices, CA 
Certificate**  124.20  61.42  - 11.80  11.80  49.62  The 
company 
has utilized 
proceeds 
under GCP 
for payment 
of statutory 
dues like 
Income Tax 
& Advance 
Tax No 
Comments 
Required  - 
TOTAL  496.80  245.70  - 89.20 89.20 156.50     
       *Sourced from Page 20 & 26  of the Special Resolution passed at Extraordinary General Meeting held on Aug 09, 2024.  
      ** The above details are verified by M.B. Agrarwal & Co. Chartered Accountants (Membership Number :061362)  vide its CA certific ate  dated Oct 16, 2024.   
      Note : The company had transferred funds from the escrow account  no: 924020047417345  to its current account  no: 318801010338130  for utilisation as and 
when required.  
13 
 
 
*Brief description of Object (s): 
S.no Name of the object(s)  Brief description of the object(s)  Location of the object(s) (if 
applicable  
1 Purchase & installation of new & 
existing plant & machinery  The company has received an amount of Rs. 126.2 3 
Crore for the afore  mentioned object out of which the 
company has utilised an amount of Rs. 77.40 Crore and 
remaining amount of Rs. 48.8 3 Crore has remained 
unutilised  as on Sep 2024 . This payment majorly 
pertains to the multiple suppliers for the purchase of 
raw materials  and spare parts of Plant & machinery.   
2 Working capital requirement  The company has received an amount of Rs. 58.05  
Crore for the afore  mentioned object out of which the 
company has  not utilise d any amount  as on Sep 2024 .  - 
3 General corporate purpose  The company has received an amount of Rs. 61.42 
Crore for the aforementioned object out of which the 
company has utilised an amount of Rs. 11.80 Crore and 
remaining amount of Rs. 49.62 Crore has remained 
unutilised  as on Sept 2024 .This Payment majorly 
comprises of  Income Tax &  Advance Tax . - 
 
 
  
14 
 
(iii) Deployment of unutilized IPO proceeds -     
Sl. no.  Type of instrument  
where amount 
invested*  Amount 
invested  (in 
Crores)  Maturity 
date Earnings  Return on 
Investment 
(ROI %)  Market Value as at  
the end of quarter**  
1 Fixed Deposit  155.00  Dec 12, 2024  52,64,692  7.25 155,52,64,692  
2 Axis Bank – Pref. 
cap Account - 
924020047417345  1.50 - - - 1.50 
Note:  The total amount to be collected from the issue was Rs.  496.80  Crore  out of which the amount received by the Company is Rs. 245.70  Crore  out of which 
Rs. 89.20 Crore  was utilised till September  2024  and balance of Rs. 156.50 crore remained unutilised as on Sept 2024 . The Balance amount of Rs . 251.10  
Crore  is yet to be received within 18 months from the date of issue.   
(iv) Delay in implementation of the object(s) - Not applicable  
 
  
15 
 
Object(s) Name  Completion Date  Delay (No. of days/  
months)  Comments of Board of Directors  
 
As per Offer Document  Actual *   
Reason of delay  Proposed 
Course of  
Action  
 
5) Details of utilisation of Proceeds stated as General Corporate Purpose (GCP) amount in the offer document :   
S.No  Item Head  Amount in Rs. 
Crore  Source oof Information/Certifications 
Considered by the Monitoring agency for 
preparation of report  Comments of 
Monitoring Agency  Comments of the 
Board of Directors  
1 Income Tax 
payment for 
A.Y 2024 -2025  10.00  Bank Statement, Income tax Challan , CA 
Certificate * The Gross proceeds 
have been utilised in 
accordance with the 
objects of the issue.  None  
2 Self Assessment 
Tax payment for 
A.Y 2025 -2026  1.80 Bank Statement, Income tax Challan , CA 
Certificate * The Gross proceeds 
have been utilised in 
accordance with the 
objects of the issue.  None  
       *The above details are verified by M.B. Agrarwal & Co. Chartered Accountants (Membership Number :061362)  vide its CA certifi cate  dated Oct 16, 2024.    
16 
 
 
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17 
 
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