Rays of Belief Limited IPO

In Fiscal 2025, the company deriveds 39.64% of the company's Revenue from Operations from the export of support services to Carving Futures Pte. Ltd., the company's Holding Company, who is also the company's Corporate Promoter, and Carving Futures Inc., the company's Promoter Group entity. Any adverse change in, or termination of, this agreement, or any conflict of interest arising from such related party arrangements, could adversely affect its business, financial condition, results of operations and cash flows. Further, 50.21% of the company's Revenue from Operations for Fiscal 2025, as reflected in the company's Pro Forma Consolidated Financial Information, was derived from 3 (three) newly acquired centres in the United States. Any loss of business from these centres may adversely affect our revenues and profitability.

and the company's Registered Office, Corporate Office, 90 out of 136 of our centres in India and our newly acquired centres in the United States are in premises not owned by the company and the company has only leasehold rights. Lease amount paid for the company's centres was Rs.22.41 million as on September 30, 2025. Additionally, monies from our net issue under capital expenditure object will be utilized towards leased premises rent payment, for premises having leased for tenure of 11 months - 3 years. the company's landlords may not renew leases of existing centres with us or renegotiate terms of the company's leases, which could adversely affect its business, financial condition and results of operations.

The Objects of the Issue include expansion of the company's business by setting up New Centres across India. The company may not be able to successfully implement this, or may face delays in the implementation schedule, causing a material adverse effect on its business, financial condition, and results of operations.