Mayasheel Vent.

Risks

• The company`s main source of revenue comes from projects that are initiated or approved by NHIDCL (National Highways Infrastructure Development Corporation Limited) and other government department. If there are unfavourable changes in the policies of the central or state government, it could result in the closure, termination, restructuring, or renegotiation of its contracts, potentially impacting its business and financial performance significantly.

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

• Certain Loans and Borrowings are reported in the financial statements of the company but have not actually been transferred.

• Majority of assets, including both movable and immovable, have not yet been mutated under the current name of the company.

• The company had negative cash flows in the past and may continue to have negative cash flows in the future.

• Its business is subject to monsoon season and other environmental factors, that can adversely affect its business and result of operations.

• Infrastructure projects are generally assigned to its organization upon fulfillment of specified pre-qualification prerequisites and subsequent engagement in a competitive tendering procedure. Any failures to secure new infrastructure projects or premature termination of contracts awarded to it could potentially have adverse repercussions on both its business operations and financial standing.

• Majority of its revenues from operations are majorly derived from the northeastern estate i.e., Assam, Manipur and Nagaland. Any adverse developments affecting its operations in these states could have an adverse impact on its revenue and the results of operations.

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

• Its insurance coverage in connection with the company`s business may not be adequate and may adversely affect its operations and profitability.

• The property of the registered office used by the Company for the purpose of its operations is not owned by it.

• The Company is dependent on third parties for the supply of raw materials required for its projects and is exposed to risks relating to fluctuations in commodity prices and shortage of raw material. Further, the company does not have any long-term supply agreements with the raw material providers.

• Its business demands substantial working capital, and any delays in securing the necessary funds could negatively affect its financial performance.

• As an integral aspect of its business operations, it is necessary for us to provide bank guarantees and additional guarantees. Failing to secure these guarantees or the activation of such guarantees has the potential to negatively impact its cash flows and financial standing.

• The company procures majority of its raw material from suppliers belonging to state of Assam ,Nagaland and West Bengal. Any dispute with one or more of them may adversely affect its business operations.

• The company has high debt equity ratio, indicating a significant reliance on borrowed funds for financing operations and projects.

• The company depends on the services of external third-party service providers and contractors to carry out specific components of its projects. Any failures on their part to fulfill their contractual obligation could have adverse implications for its business, operational results, and cash flows.

• The Company is dependent on third parties for the supply of raw materials required for its projects and is exposed to risks relating delay in payments made to them.

• Projects included in its order book and the company future projects may be delayed, modified or cancelled for reasons beyond its control which may materially and adversely affect its business, prospects, reputation, profitability, financial condition and results of operation.

• Its projects requires deployment of labour and depend on availability of labour. In case of unavailability of such labour, its business operations could be affected.

• Its projects face various implementation and other uncertainties, such as the risks of exceeding planned time and cost, which could have negative effects on its business, financial health, operational results, and overall prospects.

• The company utilizes several credit facilities provided by the bank, and in accordance with the sanctioned terms, certain restrictive covenants are imposed on the company. If the company is unable to obtain approval from its lenders, it might restrict its scope of activities and obstruct its growth plans.

• The Company may incur penalties or liabilities for non-compliances with certain provisions of the GST Act, Income Tax Act, and other applicable laws in the last 5 Years.

• The Company have made certain delays in compliance with certain statutory provisions of the Companies Act, 2013. Such non- compliances / delayed filings may attract penalties and/or fine against the Company and its directors which could impact the financial position of the Company to that extent.

• Its operations are subject to physical hazards and similar risks that could expose it to material liabilities, loss in revenues and increased expenses.

• Its operations relies on third-party transportation for the timely delivery of raw materials from its suppliers. Any failures on the part of transporter to fulfill their obligations may significantly impact its business, financial condition, and operational results.

• The Company has entered into certain Related Party Transaction in the past and may continue to do so in the future.

• The company cannot provide a guarantee that its construction projects or work sites will be entirely free from defects.

• Substantial rises in the costs, scarcity, or delays in the availability of labour and essential materials may impact its projected construction expenses and timelines, potentially leading to cost overruns and reduced profitability.

• The average cost of acquisition of Equity Shares by its Promoters could be lower than the Issue Price.

• The company requires certain approvals and licenses in the ordinary course of business and the failures to successfully obtain/renew such registrations would adversely affect its operations, results of operations and financial condition.

• In addition to normal remuneration, other benefits and reimbursement of expenses of some of its directors and Key Management Personnel who are interested in the Company to the extent of their shareholding and dividend entitlement in the Company.

• The company has issued Equity Shares during the last one year at a price that may be below the Issue Price.

• The Company`s operation and growth is dependent upon successful implementation of its business strategies.

• Its success is dependent on the company Promoters, senior management and skilled manpower. Its inability to attract and retain key personnel or the loss of services of its Promoters or Managing Director and Directors may have an adverse effect on its business prospects.

• If the company fails to maintain an effective system of internal controls, its may not be able to successfully manage or accurately report its financial risk.

• Certain Agreements, deeds or licenses and certificates may be in the previous name of the company, the company has to update the name of the company in all the statutory approvals and certificates due to the conversion of the Company.

• There is no monitoring agency appointed by the Company and the deployments of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by the Audit Committee.

• Certain key performance indicators for certain listed industry peers included in this Red Herring Prospectus have been sourced from public sources and there is no assurance that such financial and other industry information is complete.

• The Company`s future funding requirements, in the form of further issue of capital or other securities and/or loans that might be availed by it, may turn out to be prejudicial to the interest of the shareholders depending upon the terms and conditions on which they are raised.

• Industry information included in this Red Herring Prospectus has been derived from an industry report from various websites. The reliability on the forecasts of the reports could be incorrect and would significantly impact its operations.

• Its ability to pay dividends in the future will depends on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.

• 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.