SMR Jewels Ltd IPO

The company may continue to derives a material portion of its revenue from the company's top ten customers and its financial dependence on the company's top ten customers poses a potential risk. A reduction in business from these top ten customers or any other major clients could have negative implications for both its revenue and profitability.

The company is highly dependent on its suppliers for uninterrupted supply of Raw-Materials. Any shortfall in the supply of the company's raw materials, or an increase in our raw material costs and other input costs, may adversely affect the pricing and supply of its products with subsequently having an adverse effect on the business, results of operations and financial conditions of the company.

The company's revenues are highly dependent on its operations in geographical region of state of Gujarat. Any adverse development affecting the company's operations in this region could have an adverse impact on its business, financial condition and results of operations.

A significant portion of its manufacturing relies on artisans or Karigars who operate independently, which could introduce the company to potential risks stemming from any challenges or changes affecting their operations.

Regulatory and Financial Risks Due to Delay in Filing Form MGT-14 and Late Refund of Application Money.

Certain delays, discrepancies and Omissions have been detected in the company's statutory records, as well as in records related to the submission of returns to the concerned Registrar of Companies.

There are certain discrepancies and non-compliances noticed in filing of returns and deposit of statutory dues with the taxation and other statutory authorities in the past. Any delay in payment of statutory dues by the Company in future, may result in the imposition of penalties, which could adversely impact its financials.

Any fluctuation in price and supply of raw materials, particularly gold, which is the company's primary raw material for the manufacture of the company's products, could adversely impact its income. The company's gold and jewellery business faces risks from market volatility and changing consumer preferences. Fluctuations in commodity prices like gold could impact its costs and profitability. Evolving consumer tastes influence product demand, necessitating continuous adaptation to remain competitive.

The Company requires significant amounts of working capital for continued growth. Our inability to meet its working capital requirements may have an adverse effect on the results of operations.

The company has experienced negative cash flows from Operating and investing activities in the past.