The company derives 51.62 % of the company revenue from its top ten customers, 41.01% of the company revenue is derived from its top five customers and further, the company top three customers collectively accounted for approximately 31.18% of its revenue for six months ended September 30, 2025. Loss of such customers or reduction in business from such customers, the deterioration of their financial condition or prospects, or a reduction in their demand for the company products could adversely affect its business, results of operations, financial condition and cash flows.

The company does not have continuing or exclusive arrangements with any of its suppliers of materials and other material inputs. Loss of suppliers or any failures by the company suppliers to make timely delivery of materials may have an adverse effect on its business, supply chain, results of operations, financial condition and cash flows.

The company business is dependent and will continue to depends on its manufacturing facilities situated in Jammu, India which exposes it to regional risks and risks in relation to the company manufacturing process. Any disruption, slowdown, or shutdown in its manufacturing operations or other manufacturing, or production problems caused by unforeseen events could adversely affect the company business, results of operations, financial condition and cash flows.

The Company had negative cash flows from its operating, investing, and financing activities in the past period /years, details of which are given below. Sustained negative cash flow could impact the company growth and business.

The company is significantly dependent on its customers located in a single geographical region i.e. Jammu and Kashmir. Loss of customers and revenue in Jammu, India could materially affect the company business, results of operations, and financial condition.

The company may not be able to collect receivables due from the company customers, in a timely manner, or at all, which may adversely affect its business, financial condition, results of operations and cash flows. As of September 30, 2025, Fiscal 2025, Fiscal 2024 and Fiscal 2023, the company trade receivables were Rs.1,247.94 lakhs, Rs.942.69, Rs.659.65 lakhs and Rs.532.33 lakhs respectively.

There have been lapses, discrepancies, and delays in certain historical filings and secretarial records of the Company, including inaccuracies and missing attachments. Although these filings have since been completed, such delays may be considered non-compliance under applicable law. While no regulatory or penal action has been initiated to date, its cannot assure you that such action will not be initiated in the future.

Certain statutory records and filings of the Company with the Registrar of Companies are not traceable. The absence of these historical records may pose a risk in terms of completeness and accessibility of information relating to certain corporate actions of the Company.

An increase in the prices of its basic raw material and consumables could raise the company manufacturing costs and could adversely affect its profitability.

The company operates in a single business segment, and any adverse developments in this segment could have a material adverse effect on the company business, financial condition, and results of operations.