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 supriob@icraindia.com
Building No. 8, 2nd Floor, Tower A | Tel.: +91.124 .4545300 | Website: www.icra.in | ||
DLF Cyber City, Phase II | CIN : L749999DL1991PLC042749 | Email: info@icraindia.com | ||
Gurugram - 122002, Haryana | Helpdesk: +91 9354738909 | |||
Registered Office: B-710, Statesman House, 148, Barakhamba Road, New Delhi 110001. Tel. :+91.11.23357940-41 | ||||
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
- Deviation from the objects of the issue:
No deviation - the utilization of the issuance proceeds is in line with the objects of the issue - 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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Asian Granito India Limited published this content on 04 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 August 2022 07:26:06 UTC.