Lakhankiya & Dosi LLP, Chartered Accountants and Statutory Auditor of Sihora Industries Limited, have certified the utilization of IPO proceeds up to September 30, 2026. The certification includes Annexure A (Statement of Deviation or Variation) and Annexure B (Statement of utilization of issue proceeds).

Key Quantitative Figures

  • Total amount raised through IPO: ₹1056.00 lakh
  • Date of fund raising: October 15, 2025
  • Total amount utilized as of September 30, 2026: ₹983.87 lakh
  • Unutilized amount: ₹72.13 lakh

Deviation Details

The company reported a deviation in the use of funds raised, specifically:

  • ₹60.50 lakh reallocated from original capital expenditure object towards purchase of 4 additional Crochet Knitting Machines, 12 Coiling Machines and 12 Stitching Machines for integrated zipper manufacturing
  • ₹3.23 lakh of unutilized Public Issue Related Expenses diverted towards capital expenditure for purchase of new machinery
  • Total deviation: ₹63.73 lakh

Approval Process

The deviation was proposed by the Audit Committee and Board of Directors at their respective meetings held on July 15, 2026. The Members of the Company approved the deviation through Special Resolution passed via Postal Ballot on August 17, 2026.

Utilization Breakdown by Object

Funding Capital Expenditure towards purchase of additional plant & machinery:

  • Original allocation: ₹200.00 lakh
  • Modified allocation: ₹203.23 lakh
  • Actual utilized: ₹137.10 lakh
  • Unutilized: ₹66.13 lakh

Repayment or prepayment of borrowings:

  • Original allocation: ₹257.63 lakh
  • Actual utilized: ₹257.63 lakh
  • Unutilized: ₹0.00 lakh

Meeting additional working capital requirements:

  • Original allocation: ₹350.00 lakh
  • Actual utilized: ₹350.00 lakh
  • Unutilized: ₹0.00 lakh

General Corporate Purposes:

  • Original allocation: ₹155.00 lakh
  • Actual utilized: ₹155.00 lakh
  • Unutilized: ₹0.00 lakh

Public Issue Related Expenses:

  • Original allocation: ₹93.37 lakh
  • Modified allocation: ₹90.14 lakh
  • Actual utilized: ₹84.14 lakh
  • Unutilized: ₹6.00 lakh

Monitoring and Comments

No monitoring agency was appointed for the issue. The Audit Committee and auditors provided no comments on the deviation.