The company has experienced negative cash flows in relation to its operating, investing and financing activities in the last three financial years. Any negative cash flows in the future would adversely affect its results of operations and financial condition.

Its Directors & Promoters, Senior Management and Key Managerial Personnel have no interests other than reimbursement of expenses incurred and normal remuneration or benefits in the Company.

Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect business prospects, results of operations and financial condition.

There are outstanding litigations involving the Company, Promoters and Directors which, if determined adversely, may affect its business and financial condition.

The company requires a number of approvals, NOCs, licenses, registrations and permits in the ordinary course of its business. Some of the approvals are required to be obtained by it and any failure or delay in obtaining the same in a timely manner may adversely affect its operations.

The average cost of acquisition of Equity Shares by its Promoters may be lower than the Issue Price.

The company has significant power requirements for continuous running of its factories. Any disruption to its operations on account of interruption in power supply or any irregular or significant hike in power tariffs may have an effect on its business, results of operations and financial condition.

The company does not have long-term agreements with its suppliers or customers and the loss of one or more of them or a reduction in their demand for its products could adversely affect its business, results of operations, financial condition and cash flows. Further, its inability to accurately forecast demand for the company products or manage its inventory or working capital requirements may have an adverse effect on its business, results of operations and financial condition.

The compzany has issued Equity Shares at prices that may be lower than the Issue Price in the last 12 months.

Its operations depends on the availability of timely and cost-efficient transportation and other logistic facilities and any prolonged disruption may adversely affect its business, results of operations, cash flows and financial conditions.