Highly diversified product portfolio used across various Application Industries.
Well established R&D capabilities driving innovation with strong pipeline of products to address customised
customer requirements.
Long standing relationships with a diversified customer base and strong global presence.
Experienced, Qualified and Professional Leadership Team with a focus on business sustainability.
Robust financial performance.
The company's business is dependent on its manufacturing facilities and the company is subject to certain related risks. For
instance, MPCB, in the past had directed it to shut-down the company's manufacturing facilities situated at Khopoli,
Maharashtra and Mahad, Maharashtra. Unplanned slowdowns, unscheduled shutdowns or prolonged
disruptions in its manufacturing operations or under - utilization of the company's manufacturing capacities could
have an adverse effect on its business, results of operations, cash flows and financial condition.
Some of the raw materials that the company uses, certain by products that are generated, as well as its finished
products are hazardous, corrosive and flammable and requires expert handling and storage, as applicable.
Any accidents may result in loss of life or property and disrupt the company operations which may have an adverse
effect on its results of operation, cash flows and financial condition.
There are outstanding litigations involving the Company, Promoters and Directors, and any adverse
outcome in any of these proceedings may adversely affect its results of operations and financial condition.
The company's net cash from operating activities has significantly moved in the past. Any significant fluctuation in
its cash flow from operating activities or negative net cash flow from operating activities in the future
could have an adverse impact on the company's growth prospects, financial condition and the trading price of the
Equity Shares.
The Deputy Director, Industrial Safety & Health, Raigad District has issued show cause notices against
Gaurang Natwarlal Parikh (in his capacity as occupant of the Company), one of the Promoters of the
Company alleging violation of provisions of the Factories Act, 1948. While its cannot assess any definitive
financial or operational impact of this litigation, any adverse outcome in these proceedings could have a
material adverse effect on the company's reputation which could in turn have a material adverse impact on its
business.
The report of the company's Statutory Auditors on the Audited Financial Statements for Fiscals 2026 and Audited
Consolidated Financial Statements for Fiscal 2025 and 2024 contains emphasis of matter. Further, the
report of its Statutory Auditors on the Audited Financial Statements for Fiscal 2026 and Audited
Consolidated Financial Statements for Fiscal 2025 and 2024 is also modified to the extent of internal
financial controls of the Company.
The company has certain contingent liabilities and commitments, which, if materialized, may affect its financial
condition and results of operations. As of March 31, 2026, March 31, 2025 and March 31, 2024 the company
aggregate contingent liabilities and commitments were Rs. 1,091.22 million, Rs. 468.07 million and Rs. 675.98
million constituting 24.33%, 12.74% and 20.75% of its net worth, respectively.
The company's business and the demand for its products is reliant on the success of the company's customers products with
end consumers and any decline in the demand for the end products could have an adverse impact on its
business, results of operations, cash flows and financial condition.
The company requires a number of approvals, licences, registrations and permits to operates its business and the
failures to obtain or renew these licences in a timely manner, or at all, may have an adverse effect on the company's
business, results of operations and financial condition.
Information relating to the historical installed capacity and capacity utilization of the company's manufacturing
facilities included in this Red Herring Prospectus is based on various assumptions and estimates and its
future production and capacity may vary. Further, an inability to utilize the company's manufacturing facility to its
full or optimal capacity, non-utilization of such capacities could have an adverse effect on the company's results of
operations, cash flows and financial condition.
