The company relies substantially on its top 10 suppliers of the raw materials and work-in- progress goods used in its manufacturing processes. Any shortages, delay or disruption in the supply of the raw materials the company use in its manufacturing process may have a material adverse effect on its business, financial condition, results of operations and cash flows.

Any disruption, breakdown or shutdown of its manufacturing facilities may have a material adverse effect on its business, financial condition, results of operations and cash flows.

Its manufacturing facilities, and the company registered office are located on leasehold lands and rental basis. If the company is unable to renew existing leases or relocate its operations on commercially reasonable terms, there may be a material adverse effect on its business, financial condition and operations.

The costs of the raw materials that the company use in its manufacturing process are subject to volatility. Increases or fluctuations in raw material prices, may have a material adverse effect on its business, financial condition, results of operations and cash flows.

Its inability to maintain the company distribution network in India and attract additional dealers may have a material adverse effect on its results of operations and financial condition.

The company is highly dependent on its skilled personnel for its day-to-day operations. The loss of or the company inability to attract or retain such persons have a material adverse effect on its business performance.

The company has entered into and will continue to enter into related-party transactions which may potentially have conflict of interest with such related parties.

The company has substantial working capital requirements and may require additional financing to meet those requirements, which could have a material adverse effect on its results of operations, cash flows and financial condition.

Objects of the Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of its Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders' approval.

While the company has identified three listed peers in India, however, it may be difficult to benchmark and evaluate its finan ial performance against the said listed peer.