We were among the largest manufacturers of payment cards, both globally and in India in Fiscal 2026.
We have long-standing relationships with marquee customers.
We have expansive product portfolio, powered by innovation, offering comprehensive solutions.
We have technology-driven facilities and operations, with a focus on security compliance.
We have experienced management team with committed employee base, backed by the Manipal Group.
The company's top 10 customers accounted for 58.67%, 60.98% and 62.51% of its revenue from operations in Fiscals 2026,
2025 and 2024, respectively. Loss of any of the company's key customers, or reduction in revenue earned from such key
customers, may have an adverse effect on its business, financial condition and results of operations.
Purchases from the company's top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of its total purchases in Fiscals
2026, 2025 and 2024, respectively. The company relies on the timely supply of different raw materials for manufacturing, personalizing and printing the company's products. Its business could be adversely affected if the company's suppliers fails to meet their
delivery obligations or raise their prices.
The company generates a significant portion of its revenues from sale of cards manufactured by it. Any adverse developments
affecting this vertical may adversely affect the company's business, results of operations, financial condition, and cash flows.
The company's Promoter, Tonse Gautham Pai and Primacy Industries Private Limited ("PIPL"), one of its Group Companies
and an entity forming part of the members of the company's Promoter Group, have provided personal and corporate
guarantees, respectively, in relation to financing arrangement availed by MVP Group International Inc., one of
the members of its Promoter Group. The invocation of such guarantees and involvement of the company's Promoter and
PIPL pose a material risk to its business operations, reputation and financial condition.
The company's planned acquisition of second-hand equipment as part of the Objects of the Offer carries inherent operational,
efficiency and financial risks.
In order to be registered with payment networks such as MasterCard and RuPay, the company is required to comply with
extensive security requirements. Failures to comply with such security requirements may lead to revocation of its
registration, which may adversely affect the company's business, financial condition, results of operations and cash flows.
The company's Promoter, Tonse Gautham Pai, has provided guarantees in connection with its borrowings. The company's business,
financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of
the guarantees provided by the company's Promoter in connection with its borrowings.
There have been instances of non-compliance with rules and regulations framed by the RBI, in relation to issuances
of securities of the Company, particularly in relation to delay in reporting requirements and refund of excess share
application amount. The company has filed a compounding application with the RBI and has received a compounding order.
The company cannot assure you that any regulatory proceedings or actions will not be initiated against it in the future and
its will not be subject to any penalty imposed by regulatory authorities.
The company enters into certain related party transactions in the ordinary course of its business and the company cannot assure you
that such transactions will not have an adverse effect on its results of operation and financial condition.
Any slowdown, system outages, or disruption in the company's manufacturing operations, personalization bureaus and
printing facilities could have an adverse impact on its business operations and financial performance.
