Its business is dependent on the sale of the company products and services to certain key customers including its Group Companies. The loss of any of these customers or loss of revenue from sales to these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.

The company operates in highly competitive markets, and the scale and resources of some of its competitors may allow them to compete more effectively than the company can, which could result in a loss of its market share and a decrease in the company's net revenues and profitability.

The company is significantly dependent on revenue from sale of PCBA. An inability to anticipate or adapt to evolving up gradation of the required products or inability to ensure product quality or reduction in the demand of these products may adversely impact its revenue from operations and growth prospects.

The company has a history of net losses and its current profits does not reflect its future performance.

Its business is dependent on the company's manufacturing facilities and the company is subject to certain risks in its manufacturing process. Technology failures, Cyber-attacks, other security breaches or obsolescence, destruction, theft, breakdowns of its major plants or machineries or failures to repair or maintain the same could have a material adverse effect on its business, results of operation or financial condition may affect its business, cash flows, financial condition and results of operations.

Inventories and trade receivables form a major part of its current assets. Failure to manage the company's inventory and trade receivables could have an adverse effect on its sales, profitability, cash flow and liquidity.

There are certain discrepancies/errors noticed in some of its corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 1956/ 2013. Moreover the company is unable to trace some of its historical records. Any penalty or action taken by any regulatory authorities in future, for non- compliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.

The company has in the past been in non-compliance with certain reporting requirements under FEMA Regulations, within the prescribed period.

Any delay, interruption or reduction in the supply of raw materials to manufacture its products may adversely affect its business, results of operations, cash flows and financial condition.

The company business is substantially dependent on its design and engineering teams to accurately carryout the estimates and engineering studies for potential orders. Any deviation during the execution of the order as compared to its estimates could have a material adverse effect on its cash flows, results of operations and financial condition.