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.
Our top 10 customers accounted for 58.67%, 60.98% and 62.51% of our revenue from operations in Fiscals 2026,
2025 and 2024, respectively. Loss of any of our key customers, or reduction in revenue earned from such key
customers, may have an adverse effect on our business, financial condition and results of operations.
Purchases from our top 10 suppliers accounted for 56.05%, 62.29% and 59.69% of our total purchases in Fiscals
2026, 2025 and 2024, respectively. We rely on the timely supply of different raw materials for manufacturing, personalizing and printing our products. Our business could be adversely affected if our suppliers fail to meet their
delivery obligations or raise their prices.
We generate a significant portion of our revenues from sale of cards manufactured by us. Any adverse developments
affecting this vertical may adversely affect our business, results of operations, financial condition, and cash flows.
Our Promoter, Tonse Gautham Pai and Primacy Industries Private Limited ("PIPL"), one of our Group Companies
and an entity forming part of the members of our 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 our Promoter Group. The invocation of such guarantees and involvement of our Promoter and
PIPL pose a material risk to our business operations, reputation and financial condition.
Our 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, we are required to comply with
extensive security requirements. Failure to comply with such security requirements may lead to revocation of our
registration, which may adversely affect our business, financial condition, results of operations and cash flows.
Our Promoter, Tonse Gautham Pai, has provided guarantees in connection with our borrowings. Our business,
financial condition, results of operations and prospects may be adversely affected by the revocation of all or any of
the guarantees provided by our Promoter in connection with our borrowings.
There have been instances of non-compliance with rules and regulations framed by the RBI, in relation to issuances
of securities of our Company, particularly in relation to delay in reporting requirements and refund of excess share
application amount. We had filed a compounding application with the RBI and have received a compounding order.
We cannot assure you that any regulatory proceedings or actions will not be initiated against us in the future and
we will not be subject to any penalty imposed by regulatory authorities.
We enter into certain related party transactions in the ordinary course of our business and we cannot assure you
that such transactions will not have an adverse effect on our results of operation and financial condition.
Any slowdown, system outages, or disruption in our manufacturing operations, personalization bureaus and
printing facilities could have an adverse impact on our business operations and financial performance.
