The Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect its revenues and profitability.

The Company is dependent on few States. Loss of any of this large States may affect its business operations.

Two of its Promoters and Non-Executive Directors i.e. Ms. Durva Yogesh Patil and Mr. Shatanik Vivek Patil has limited experience in the Heat Exchanger Industry in which the Company is operating.

The Company is dependent on few Countries. Loss of any of this large Countries may affect its business operations.

The Company is dependent on a few suppliers for purchase of product. Loss of any of these large suppliers may affect its business operations.

The company has given corporate guarantee in relation to certain debt facilities to its group company which if claimed, may require the company to pay the guaranteed amount.

Its business is dependent on the company manufacturing facility. The loss of or shutdown of operations of its manufacturing facility may have a material adverse effect on its business, financial condition and results of operations.

The Company has not entered into any agreements/ contracts for the supply of raw material and other utilities. Risks related to shortfall or non-availability of raw material and other utilities may adversely affect its manufacturing processes and have an adverse impact on the company operations and financial condition.

The company will continue to be controlled by its Promoters after the completion of the Issue.

The Company, Promoters, Directors and Group Companies are involved in certain legal proceedings. Any adverse decision in such proceedings may render it/them liable to liabilities/penalties and may adversely affect its business and results of operations.