There are outstanding legal proceedings involving the Company, Promoters and Directors. Any adverse decision in such proceeding may have a material adverse effect on its business, results of operations and financial condition.

There have been some instances of non-filing/ delays / incorrect filings in the past with certain statutory authorities. If the authorities impose monetary penalties on it or take certain punitive actions against the Company in relation to the same, its business, financial condition and results of operations could be adversely be affected.

Its historical revenues have been significantly dependent on few customers. The loss of one or more of its significant customers or significant reduction in production and sales or demand for its product from the company's significant customers may adversely affect its business, financial condition, result of operations and cash flows.

The Company is yet to place orders for 86% of its plant & machinery for its proposed object, as specified in the Objects of the Issue. Any delay in placing orders, procurement of plant & machinery may delay its implementation schedule and may also lead to increase in price of these plant & machinery, further affecting its revenue and profitability.

The company generates its major portion of sales from its operations in certain geographical regions especially Maharashtra, Karnataka, Goa and Delhi and internationally also. For the year ended March 31, 2024 and March 31, 2023 the Company generated 87.53% and 82.04% from Domestic Sales and 12.47% and 17.96% from International Sales respectively of its revenue from operation cumulatively. Any adverse developments affecting its operationsin these regions could have an adverse impact on its revenue and results of operations.

Any significant decline in the demand for its products i.e., coated duplex paper boards or introduction of alternative technology or consumer habits may adversely affect its profitability and business prospects.

The company is mainly dependent on imports for supply of its major raw material; i.e., waste paper.

Certain documents filed by it with the Registrar of Companies and certain corporate records and other documents, are not traceable."

The Company is dependent on third party transportation providers, with whom the company has no formal arrangements, for the delivery of its raw materials and goods and any disruption in their operations or a decrease in the quality of their services or an increase in the transportation costs could adversely affect the Company's reputation and results of operations.

The company has experienced negative cash flows from operating, investing and financing activities in the past.