Monitoring Agency Report for the Quarter ended 31st March 2026.
GANESHCP · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
CARE Ratings, as Monitoring Agency for the company's Rs.130 crore IPO (September 2025), has flagged deviations in fund utilization. The company spent Rs.1.86 crore on marketing and Rs.5.84 crore on growth opportunities (office interior works and plant & machinery) under General Corporate Purpose without obtaining requisite board approvals as required by the prospectus. For the Darjeeling roasted gram flour manufacturing unit, only Rs.2.46 crore was utilized against a projected Rs.15 crore by March 2026—resulting in an 84% shortfall. The delay is attributed to market volatility and geopolitical logistical constraints. Total unutilized IPO proceeds stand at Rs.51.06 crore, largely parked in fixed deposits with AU Small Finance Bank. The Board plans to ratify the GCP expenditure at its May 22 meeting.
The absence of proper board approvals for GCP spending and the significant delay in manufacturing unit deployment raise governance concerns for investors. The Rs.51 crore unutilized amount represents slower-than-anticipated capital deployment, though funds remain safely deployed in bank FDs.