Prostarm Info Systems Limited has announced the appointment of Mr. Ronak Mukesh Shah as its Internal Auditor for the financial year 2026-27. The decision was approved by the Board of Directors during a meeting held on May 22, 2026, under Regulation 30 of the SEBI Listing Regulations.

Mr. Shah is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants of India (ICAI). He brings over 10 years of extensive experience in internal audit, internal financial controls, and process consulting. His professional background spans diverse industries, including IT, Pharmaceuticals, FMCG, Manufacturing, Aviation, BFSI, and Poultry.

Professional Background

The appointee possesses strong hands-on experience in ERP environments, including SAP implementation, ERP readiness assessments, and Business Requirement Document (BRD) preparation. His expertise also covers User Acceptance Testing (UAT), system control evaluations, and exposure to regulatory frameworks such as GST (India), UAE VAT, and DFSA compliance. This ensures adherence to applicable statutory and global requirements for the company.

Furthermore, Mr. Shah has deep expertise in strengthening governance frameworks. He is skilled in designing Standard Operating Procedures (SOPs) and implementing Risk Control Matrixes (RCM) to enhance control effectiveness, operational efficiency, and process robustness.

Appointment Details

The following table outlines the key details regarding the new appointment:

The company has confirmed that there are no specific relationships to disclose between the directors and the newly appointed Internal Auditor. This appointment is effective immediately for the specified financial year.

Prostarm Info Systems Limited has filed a revised Monitoring Agency Report for the quarter ended March 31, 2026 (Q4 FY2025-26), pursuant to Regulation 32(6) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, read with Regulation 41(4) of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018. The report was prepared by Acuité Ratings and Research Limited, the appointed Monitoring Agency, to oversee the utilization of proceeds from the company's Initial Public Offering. The company clarified that the revised submission was necessitated by the inadvertent attachment of an unsigned copy in the earlier intimation, and that the contents of the report remain unchanged.

IPO Issue Overview

The company, which operates in the Other Electrical Equipment / Capital Goods sector, conducted its public issue during May 27, 2025 to May 29, 2025. The key details of the issue are summarized below:

Utilization of IPO Proceeds

The Monitoring Agency reviewed the deployment of IPO proceeds across all stated objects as at the end of Q4 FY2025-26. The report indicates that the majority of funds have been fully utilized, with one object remaining pending. The following table captures the progress in utilization:

General Corporate Purpose Utilization

The INR 42.000 Cr. allocated under General Corporate Purposes was fully utilized by the end of the quarter. The breakdown of its deployment is as follows:

The Monitoring Agency confirmed that the company had fully utilized the funds allocated towards these objects.

Delay in Inorganic Growth Object and Deployment of Unutilized Funds

A delay of 43 days (as on the Monitoring Agency report date) was noted in the implementation of the inorganic growth object, which had a completion date of March 31, 2026, as per the offer document. The object is yet to start. The Board of Directors stated that despite a detailed evaluation of domestic and international acquisition opportunities, no opportunity was identified that met the company's desired strategic and financial parameters, resulting in the temporary non-utilization of these funds.

The INR 12.483 Cr. in unutilized proceeds has been deployed in fixed deposits, as detailed below:

The company's management has proposed redeployment of the unutilized IPO proceeds towards funding working capital requirements and is in the process of seeking requisite shareholder approval for the same. The Board noted that any future inorganic growth or strategic opportunities will be considered for funding through internal accruals or other permissible sources.

Monitoring Agency Findings

The Monitoring Agency, Acuité Ratings and Research Limited, confirmed that no material deviation from the objects of the issue was observed, and no change in the means of finance was noted. Key findings from the compliance review are summarized below:

• Deviation from objects: No deviation observed
• Material deviation requiring shareholder approval: Not applicable
• Change in means of finance: No change observed
• Favorable/unfavorable events affecting viability: None observed
• Government/statutory approvals: Not required for the stated objects
• Information materially affecting investor decision-making: None evident

The report was signed by Vikas Mishra, Deputy Vice President – Process Excellence, Acuité Ratings and Research Limited, and submitted on behalf of Prostarm Info Systems by Sachin Gupta, Company Secretary and Compliance Officer (Membership No: F12500).