Syrma SGS Technology : Monitoring Agency Report

Date: November 14, 2022
To,
Listing Department	Department of Corporate Service
National Stock Exchange of India Limited	BSE Limited
Exchange Plaza, C-1, G Block, Bandra Kurla Complex,	Phiroze Jeejeebhoy Towers,
Bandra (East), Mumbai - 400 051.	Dalal Street, Mumbai - 400 001.
Symbol: SYRMA	Scrip Code: 543573

Subject: Report of the Monitoring Agency under Regulation 41 (4) of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018.

________________________________________________________________________________________________________________________

Dear Sir/ Madam,

Pursuant to the aforesaid SEBI ICDR Regulations and SEBI Listing Regulations, please find enclosed herewith the monitoring agency report in respect of utilization of proceeds of the initial public offer of the Company for the quarter ended September 30, 2022, issued by CRISIL Ratings Limited, Monitoring Agency. The said Monitoring Agency Report shall also be available on the Company's website at www.syrmasgs.com.

You are requested to take the same on record and disseminate to all concerned.

For Syrma SGS Technology Limited

Digital Signer:RAHUL NITIN SINNARKAR

DN:CN=RAHUL NITIN SINNARKAR,

E=[e-mail],

RAHUL NITIN Phone=81df714db6789cff9249b46bfaf541f74564568825d6

b9345ab952faa0effb2d,

OID.2.5.4.65=509995ef7ba4424291f5978417320935,

SINNARKAR SERIALNUMBER=b9bcf8e135797b3768d2309cb346a72a

6ea327e8189e800907c77f94bc27409e, O=Personal,

L=THANE, S=MAHARASHTRA, PostalCode=421202,

Rahul SinnarkarC=IN

Date:14-Nov-22 23:16:35 +05:30

Company Secretary & Compliance Officer

Membership No: A39709

Place: Mumbai

Monitoring Agency Report

for

Syrma SGS Technology Limited

for the quarter ended

September 30, 2022

CRL/MAR/SYMTPL/2022-23/1003

November 14, 2022

To

Syrma SGS Technology Limited

Unit no. 601, 6th floor, Floral Deck PL MIDC,

Andheri (East) Mumbai, Maharashtra - 400093

Dear Sir,

Monitoring Agency Report for the quarter ended September 30, 2022 - in relation to the Initial

Public Offer ("IPO") of Syrma SGS Technology Limited ("the Company")

Pursuant to Regulation 41(2) of SEBI (lssue of Capital and Disclosure Requirements) Regulations, 2018 ("SEBI ICDR Regulations") and Monitoring Agency Agreement dated August 02, 2022, 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 towards utilization of proceeds of IPO for the quarter ended September 30, 2022.

Request you to kindly take the same on records.

Thanking you,

For and on behalf of CRISIL Ratings Limited

Saurabh Kamdar

Director

Report of the Monitoring Agency (MA)

Name of the issuer: Syrma SGS Technology Limited

For quarter ended: September 2022

Name of the Monitoring Agency: CRISIL Ratings Limited

1. Deviation from the objects: Not applicable
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:

Name and designation of the Authorized Signatory: Saurabh Kamdar

Designation of Authorized person/Signing Authority: Director

1) Issuer Details:
Name of the issuer:	Syrma SGS Technology Limited
Names of the promoter:	a. Sandeep Tandon
	b. Jasbir Singh Gujral
	c. Veena Kumari Tandon
	d. Tancom Electronics Private Limited
Industry/sector to which it belongs:	Electronics manufacturing
2) Issue Details
Issue Period:	Friday, August 12, 2022 to Thursday, August 18, 2022
Type of issue (public/rights):	Public Issue - Initial Public Offer (IPO)
Type of specified securities:	Equity Shares
IPO Grading, if any:	NA
Issue size:	Rs 8,401.26 million
	Issue size comprises of fresh issuance/gross proceeds of
	Rs 7,660.00 million (net proceeds of Rs 7,257.22 million*)
	and an offer for sale of Rs 741.26 million

*CRISIL Ratings shall be monitoring the net proceeds amount

3) Details of the arrangement made to ensure the monitoring of issue proceeds:

Source of information

/certifications

Comments of

Comments

considered

by

Particulars

Reply

the Monitoring

of the Board

Monitoring Agency

Agency

of Directors

for preparation

of

report

Management

Whether

all utilization

is as per

undertaking,

Statutory Auditor

the disclosures

in

the

Offer

Yes/ No

Yes@

Yes

Certificate*,

Document?

Final Offer Document,

Bank Statements

Whether

shareholder

approval

has been obtained in case of

material

deviations

from

Yes/ No

NA

NA

NA

expenditures disclosed

in the

Offer Document?

Whether the means of finance for

Management

undertaking,

the disclosed objects of the issue

Yes/ No

No

No

Final Offer Document,

has changed?

Bank Statements

Is there any major deviation

observed

over

the

earlier

Yes/ No

NA

NA

NA

monitoring agency reports?