Its business is dependent on certain major customers, with whom the company does not have firm commitment agreements. The loss of such customers, a significant reduction in purchases by such customers, or a lack of commercial success of a particular vehicle model of which the company is a significant supplier could adversely affect its business, results of operations and financial condition.

The company significantly relies on automotive molding products (injection and blow molding) division for a significant amount of revenue, and any interruption or reduction in the customers in the said division may adversely affect its business and results of operations.

Pricing pressure from customers may adversely affect its gross margin, profitability and ability to increase the company prices, which in turn may materially adversely affect its business, results of operations and financial condition.

The company is heavily dependent on the performance of the passenger vehicle market in India. Any adverse changes in the conditions affecting the passenger vehicle market can adversely impact its business, results of operations and financial condition.

Its failure to identify and understand evolving industry trends and preferences and to develop new products to meet its customers' demands may materially adversely affect the company's business.

There have been instances of delays in payment of statutory dues, i.e. ESIC and EPF by the Company. In case of any delay in payment of statutory due in future by our Company, the Regulatory Authorities may impose monetary penalties on it or take certain punitive actions against the Company in relation to the same which may have adverse impact on its business, financial condition and results of operations.

The company failures to compete effectively in the highly competitive automotive components industry and to keep pace with advances with its research and development ("R&D") capabilities, including retaining qualified engineers and staff, could result in the loss of customers, which could have an adverse effect on its business, results of operations, financial condition and future prospects.

The company depends on third parties for the supply of raw materials and delivery of products and such third parties could fail to meet their obligations, which may have a material adverse effect on its business, results of operations and financial condition.

As on date the company has not obtained any of the approvals, clearances and permissions as may be required from the relevant authorities for the proposed expansion at its manufacturing units. In the event the company is unable to obtain such approvals and permits, its business, results of operations, cash flows and financial condition could be adversely affected.

There can be no assurance that the objects of the Issue will be achieved within the time frame anticipated or at all, or that the deployment of the Net Proceeds in the manner intended by it will result in any increase in the value of your investment. Further, the plan for deployment of the Net Proceeds has not been appraised by any bank or financial institution.