Ganesh Green

The Company offers a diversified range of solutions.

Leverage its capabilities to capture strong industry tailwinds and growth prospects for solar energy.

In house designing and execution team and established track record.

Order Book of projects across India.

Experienced Promoters and senior management team.

Stable financial performance.

The company bid for projects funded by the Central and State Governments and derive its revenues from the work orders awarded to it. Any reduction in budgetary allocation to its industry sector may affect the number of projects that the government authorities/bodies may plan to develop in a particular period. Its business is directly and significantly dependent on projects awarded by them.

Its projects are awarded through the competitive bidding process by government authorities/bodies. The company may not be able to qualify for, compete and win future projects, which could adversely affect its business and results of operations.

The company relies on its in-house designing and engineering team for project execution. Loss of employee(s) may have an adverse effect on the execution of its projects.

Its business is working capital intensive. If the company experience insufficient cash flows to meet required payments on its working capital requirements, there may be an adverse effect on the results of its operations.

Its Order Book may not be representative of the company future results and its actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company`s results of operations.

Delays in the completion of current and future projects could lead to termination of engineering, procurement and construction ("EPC") agreements or cost overruns, which could have an adverse effect on its cash flows, business, results of operations and financial condition.

Projects sub-contracted or undertaken through a joint venture may be delayed on account of the performance of the joint venture partner, principal or sub-contractor, resulting in delayed payments.

Increase in the prices of raw materials and labour could have an adverse effect on its business, results of operations and financial condition.

Its actual cost in executing Projects may vary substantially from the assumptions underlying its bid or estimates. Its may be unable to recover all or some of the additional costs and expenses, which may have a material adverse effect on its results of operations, cash flows and financial condition.

The Company has not adequately complied with some of the provisions of Companies Act, 2013. There are certain discrepancies/errors noticed in some of its corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for noncompliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.

Its Statutory Auditor have included certain qualifications in their Audit Report (including CARO Report) for financial statements pertaining to F.Y. 2022-23.

The restated financial statements have been provided by peer reviewed chartered accountants who is not statutory auditor of the Company.

Its business is operating under various laws which require the company to obtain approvals from the concerned statutory/regulatory authorities in the ordinary course of business and its inability to obtain, maintain or renew requisite statutory and regulatory permits and approvals for its business operations could materially and adversely affect its business, prospects, results of operations and financial condition.

An inability to complete its Ongoing Projects by their respective expected completion dates or at all could have a material adverse effect on its business, results of operations and financial condition.

The company contracts with government authorities/bodies usually contain terms that favour them and they may terminate its contracts prematurely under various circumstances beyond its control and as such, the company has limited ability to negotiate terms of these contracts and may have to accept restrictive or onerous provisions. Its inability to negotiate terms that are favourable to the company may have a material adverse impact on its financial condition and results of operations.

The company has limited experience in the business of manufacturing Solar PV modules and there is no assurance that the company will be able to maintain or increase its revenue from operations in the long term.

Its business is exposed to various implementation risk and other uncertainties which may adversely affect its business, results of operations and financial condition.

The company has projects in diverse geographical regions which may expose it to various challenges.

The company is subject to risks arising from interest rate fluctuations, which could reduce the profitability of its projects and adversely affect its business, financial condition and results of operations.

There have been instances of delays of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013

The company is required to furnish bank guarantees as part of its business. The company inability to arrange such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.

Its manufacturing facilities are located on leased premises. If the company is unable to renew these leases or relocate on commercially suitable terms, it may have a material adverse effect on its business, results of operation and financial condition.

The company is susceptible to supply shortages and interruptions, long lead times, and price fluctuations for raw materials and components, any of which could disrupt its supply chain and have a material adverse impact on the company`s results of operations.

The company derives a significant portion of its revenue from certain states and failures to expand its operations into new geographic regions and markets may restrict its growth and adversely affect the company`s business.

The company is significantly dependent on the EPC projects in Electrical contracting services and Solar System & Allied Services. An inability to anticipate or adapt to evolving up gradation or inability to ensure quality delivery or reduction in the demand of these projects may adversely impact its revenue from operations and growth prospects.

The company currently avail benefits under the EPCG licenses. In order to continuously avail the benefits, the company is required to export goods of a defined amount. Any failures in meeting the obligations may make it liable to pay duty proportionate to unfulfilled obligations along with interest.

The company has certain contingent liabilities that have not been provided for in its restated consolidated financial statements, which if realised, could adversely affect its financial condition.

The company has experienced negative cash flows in the past and may continue to do so in the future and the same may adversely affect its cash flow requirements, which in turn may adversely affect its ability to operate the company`s business and implement its growth plans, thereby affecting its financial condition.

Its operations are dependent on a significant number of contract labour and an inability to access adequate labour at reasonable costs at its project sites across India may adversely affect the company`s business prospects and results of operations.

The company is dependent upon the experience of its management team and a number of KMP and senior management personnel. If the company is unable to attract or retain such team, this could adversely affect its business, results of operations and financial condition.

Unsecured loans taken by it can be recalled at any time.

Its inability to respond adequately to increased competition in the company`s business may adversely affect its business, financial condition and results of operations.

Its business transactions are with government or government funded entities in India, which may expose it to risk, including additional regulatory scrutiny.

Any variation in the utilization of the Net Proceeds as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior approval of the shareholders of the Company.

The logo used by the Company is not registered under the Trade Marks Act, 1999. Failures to protect its intellectual property rights may adversely affect its competitive business position, financial condition and profitability.

There are outstanding legal proceedings involving the Company which may adversely affect its business, financial conditions, and results of operations.

Industry information included in this Red Herring Prospectus has been derived from industry sources. There can be no assurance that such third-party statistical, financial and other industry information is complete, reliable or accurate.

The Company has in the past entered into related party transactions with its Directors, Promoters and Promoter Group members/ entities, Group Companies and joint ventures and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on its financial condition and results of operations.

Its lenders have charge over the company immovable and movable properties in respect of finance availed by it.

The company cannot assure you that its will be able to success fully execute its growth strategies, which could affect the company`s business prospects, results of operations and financial condition.

The company cannot assure you that the company will be able to secure adequate financing in the future on acceptable terms. The company failures to obtain sufficient financing could result in delay or abandonment of its business plans and this may have an adverse effect on its growth and operations.

An inability to comply with repayment and other covenants in the financing agreements or otherwise meet its debt servicing obligations could adversely affect the company`s business, financial condition, cash flows and credit rating.

Its insurance coverage may not adequately protect the company against all losses or the insurance cover may not be available for all the losses as per the insurance policy, which could adversely affect business, results of operations and financial condition.

Any Penalty or demand raised by statutory authorities in future will affect financial position of the Company.

Its Promoters and Promoter Group will continue to retain significant control in the Company after the Issue which will allow them to influence the outcome of matters submitted to shareholders for approval. Such a concentration of ownership may also have the effect of delaying, preventing or deterring a change in control.

Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.

Its employees may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.

The company is exposed to the risks of malfunctions or disruptions of information technology systems.

Its funding requirements and proposed deployment of the Net Proceeds are based on management estimates and may be subject to change based on various factors, some of which are beyond its control.

The company Promoters and Promoter Group Members have provided guarantees for loans availed by it, and in the event the same is enforced against them, it could adversely affect its Promoters` ability to manage the affairs of the Company.

Its operations are subject to risks of mishaps or accidents that could cause damage or loss to life and property and could also result in loss or slowdown in its business.

Excessive dependence on Kotak Mahindra Bank Limited and HDFC Bank Limited in respect of Loan facilities obtained by the Company.

The company is subject to certain restrictive covenants in debt facilities provided to it by its lenders.

The average cost of acquisition of Equity Shares by its Promoters is lower than the face value of Equity Share.

Its may requires further equity issuance, which will lead to dilution of equity and may affect the market price of its Equity Shares or additional funds through incurring debt to satisfy its capital needs, which the company may not be able to procure and any future equity offerings by the company.

The Issue price of its Equity Shares may not be indicative of the market price of its Equity Shares after the Issue and the market price of the company`s Equity Shares may decline below the issue price and you may not be able to sell your Equity Shares at or above the Issue Price.

Certain data mentioned in this Red Herring Prospectus has not been independently verified.

QIBs and Non-Institutional Bidders are not permitted to withdraw or lower their Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage after submitting a Bid and Retail Individual Investors are not permitted to withdraw their Bids after Bid/Issue Closing Date.