The Company, Directors, Promoters and Group Companies are parties to certain legal proceedings. Any adverse decision in such proceedings may have a material adverse effect on its business, results of operations and financial condition.

The availability of look-alikes, counterfeit products, primarily in the company's domestic markets, manufactured by other companies and passed off as the company's products, could adversely affect its goodwill and results of operations.

The Company maintains high level of inventory for uninterrupted production activities.

The company's cost of production is exposed to fluctuations in the prices of raw material prices, particularly Timber.

The Company has negative cash flow in recent fiscals, details of which are given below. Sustained negative cash flow could adversely impact its business, financial condition and results of operations.

The company's Group Companies have incurred losses in the past and may incur losses in the future.

The average cost of acquisition of Equity Shares by the company's Promoters is lower than the Issue Price.

The company has certain contingent liabilities, which, if materialized, may affect its financial condition and results of operations.

The company has not entered into any definitive agreements with its customers/dealers.

The company does not own the certain premises which the company uses for the purpose of its business operations.