Oval Projects

Strong Project execution capabilities.

Experienced Promoter and Management Team.

Optimal Utilization of Resources.

Visible growth through a robust order book.

Continue to enhance our project execution capabilities.

Leveraging its market skills and relationship.

Continue to develop Client relationship and expand its client base.

There are outstanding legal proceedings involving the Company, Promoter and Directors. Any adverse decision in such proceedings may adversely affect its business, financial condition and results of operations.

The Company has experienced negative cash flows in the past. Its cannot assure you that we will achieve or sustain profitability and not continue to incur losses going forward.

The company business typically requires significant amounts of working capital and historically, its business growth has been dependent on high working capital requirements. If the experience insufficient cash flows or are unable to access suitable financing to meet working capital requirements and loan repayment obligations, The business, financial condition and results of operations could be adversely affected.

Its substantial portion of the revenue is dependent on government controlled entities including central and state government entities. However, delays or a lack of tenders from government entities, along with adverse changes in government policies, could materially impact its business through contract foreclosures, terminations, restructurings, or renegotiations, affecting the company operations and financial performance.

The company has Order Book of approximately Rs. 45,299.61 lakhs as on April 09, 2025. However, the company Order Book may not be representative of the company future results, as projects included in its Order Book particularly for the projects where its the lowest bidder, may be cancelled, modified, or delayed beyond the company control, leading to significant deviations from estimated income and adversely affecting its business, reputation, financial condition, and future prospects.

The Company is dependent on a few suppliers for purchases of materials. The Company has not entered intolong-term agreements with its suppliers for supply of materials. In the event its unable to procure adequate amounts of raw materials, at competitive prices the business, results of operations and financial condition may be adversely affected.

The Company operates under several statutory and regulatory permits, licenses and approvals. Its failure to obtain and/or renew any approvals or licenses in future may have an adverse impact on the business operations.

Contribution of the top customers has been diversified over the period. However, a significant portion of its revenue from operations is attributable to certain key customers and to projects located in India, and its business and profitability is dependent on the ability to win projects from such customers.

Majority of the revenues are from oil and gas sector. Significant social, political, or economic changes in the oil and gas sector could adversely affect its business, results of operations, financial condition, and cash flows.

If any of the projects are terminated prematurely, its may not receive payments due to it, which could adversely affect the business, financial condition and results of operation.

In the past the Company has paid late filing fees for non-compliances with certain provisions of the labour and other applicable statutory laws in the last three fiscals.

There are certain discrepancies in the company corporate compliances, and we may be subjected to penalties in such event.

The company has experienced growth in recent years and may be unable to sustain of the growth or manage it effectively. The cannot assure you that the company will be able to successfully execute its growth strategies, which could affect its business, prospects, results of operations and financial condition.

The company has certain contingent liabilities, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.

Its inability to meet our obligations, including financial and other covenants under the debt financing arrangements could adversely affect its business, results of operations and financial condition.

Its may not be able to collect receivables due from the customers, in a timely manner, or at all, which may adversely affect its business, financial condition, results of operations and cash flows.

The company require various statutory and regulatory permits and approvals in the ordinary course of the business, and its failure to obtain, renew or maintain them in a timely manner may adversely affect its operations.

The company is highly dependent on its Key Managerial Personnel, Senior Management Personnel and skilled professionals for the business. The loss of or its inability to attract or retain such persons could have an adverse effect on the business performance.

Its inability to protect or use The company intellectual property rights may adversely affect its business. We may also unintentionally infringe upon the intellectual property rights of others, any misappropriation of which could harm the competitive position.

Inaccurate estimation of risks, revenues or costs for a project could negatively impact the profitability and operational results. Actual costs during project execution may significantly deviate from bid assumptions, leading to challenges in recovering additional expenses and potentially having a material adverse effect on its operational results, cash flows, and financial condition.

Failure to successfully implement its business strategies may materially and adversely affect the business, prospects, financial condition and results of operations.

The company is required to furnish bank guarantees as part of the business. Its inability to arrange such bank guarantees or the invocation of such bank guarantees or the company inability to fulfil any or all of the obligations under such bank guarantees may or may not adversely affect of the cash flows and financial condition.

The average cost of acquisition of Equity Shares by its Promoter could be lower than the Offer Price.

The company is exposed to claims, penalties and damages resulting from delays in the projects which may have an adverse effect on the business.

The company contracts with government agencies usually contain terms that favour the government customers, who may terminate the contracts prematurely and impose restrictions on the Company from procurement of any future contracts under various circumstances beyond its control, which may have a material adverse impact on the financial condition and results of operations.

Its business and operation involve inherent occupational hazards which can be dangerous and could cause injuries to people or property.

Bidding for a tender involves various activities such as detailed project study and cost estimations. Inability to accurately estimate the cost may lead to a reduction in the expected rate of return and profitability estimates.

Its rely on third parties, including for equipment and labour, to complete our projects and any failure arising from non-performance, delayed performance or inadequate quality in the performance of work by such third parties, or a failure by third-party agencies to comply with applicable laws, to obtain the necessary approvals, or provide services on agreed terms, could adversely affect the business, financial condition, results of operations and cash flows.

Fluctuation in cost of raw materials or any shortages, delay or disruption in the supply of the raw materials its use in the manufacturing process due to factors beyond the control or may have a material adverse effect on the business, financial condition, results of operations and cash flows.

Fraud, theft, employee negligence or similar incidents may adversely affect its results of operations and financial condition.

The company operate in a labour - intensive industry and are subject to stringent labour laws and any strike, work stoppage or increased wage demand by our employees or any other kind of disputes with the employees could adversely affect its business, financial condition, results of operations and cash flows.

There are certain delays in payment of statutory dues by it. Any further delay in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on the financial condition and cash flows.

Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the Net Proceeds as disclosed in this Draft Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders` approval.

The objects of the Fresh Issue is funding working capital requirements, which is based on certain assumptions and estimates. Any failure in arranging adequate working capital for the operations may adversely affect its business, results of operations, cash flows and financial conditions.

The company management will have broad discretion in how we apply the Net Proceeds, including interim use of the Net Proceeds, and there is no assurance that the objects of the Offer will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by us will result in any increase in the value of your investment.

The object of the Offer is funding working capital requirements, which is based on certain assumptions and estimates. Any failure in arranging adequate working capital for the operations may adversely affect its business, results of operations, cash flows and financial conditions.

The Offer includes Fresh Issue and Offer for Sale by certain existing shareholders of the Company. The proceeds from the Offer for Sale component of the Offer shall be received directly by the Selling Shareholders. The company will not receive any proceeds from the Offer for Sale portion.

Trade receivables, contract assets and inventories form a substantial part of the current assets and net worth. Failure to manage the same could have an adverse effect on the profitability, cash flow and liquidity.

The company insurance coverage may be inadequate, which could have an adverse effect on its financial condition and results of operations.

The company has entered into, and will continue to enter into, related-party transactions which may potentially involve conflicts of interest.

Certain Agreements in relation to the immovable properties may not be registered as a result of which the title to such properties may be faulty.

The Directors do not have prior experience of holding a directorship in a company listed on the Stock Exchanges.

Its cannot assure that the construction of the projects will be free from any or all defects, which may adversely affect the business, financial condition, results of operations and prospects.

The registered office used by the Company is not registered in the name and is located on rented premises. There can be no assurance that the rent agreement will be renewed upon termination or that the will be able to obtain other premises on rent or on same or similar commercial terms.

The COVID 19 pandemic, or any future pandemic or widespread public health emergency, could impact its business, financial condition, cash flows and results of operations.

If the company is unable to establish and maintain an effective system of internal controls and compliances, its businesses and reputation could be adversely affected.

The Promoter will continue to retain a majority shareholding in the Company after the Offer, which will allow them to exercise significant influence over it.

For its business, we rely heavily on the Promoter namely, Goutam Debnath, who is the Chairman and Managing Director. The company business performance may have an adverse effect by his departure or by its failure to recruit or keep them.

The Promoter has provided personal guarantees as security for certain facilities availed by the Company. If these guarantees are revoked, its may be unable to procure alternative guarantees satisfactory to the lenders, which may adversely affect its business, results of operations, cash flows and financial condition.

Certain of the Directors, Promoter and Key Managerial Personnel and members of Senior Management may have interests in it other than reimbursement of expenses incurred and normal remuneration or benefits.

Conflicts of interest may arise out of common business objects between the Company and the Promoter, Group Company, Subsidiaries and certain of the members of the Promoter Group.

The determination of the Price Band is based on various factors and assumptions and the Offer Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.

The company has availed unsecured loans that may be recalled at any time.

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

The Directors and Promoter may enter into ventures which are in businesses similar to the company.

In the past the Company has paid late filing fees for non-compliances with certain provisions of the Companies Act and other applicable laws in the last three Years.

If any of the company projects are terminated prematurely, its may not receive payments due to it, which could adversely affect the company business, financial condition and results of operation.

The company face certain competitive pressures from the existing competitors and new entrants in both public and private sector. Increased competition and aggressive bidding by such competitors are expected to make its ability to procure business in future more uncertain which may adversely affect the company business, financial condition and results of operations.

The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively. the company cannot assure you that we will be able to successfully execute its growth strategies, which could affect the company business, prospects, results of operations and financial condition.

The company has certain contingent liabilities, which, if they materialize, may adversely affect its results of operations, financial condition and cash flows.

The company inability to meet its obligations, including financial and other covenants under the company debt financing arrangements could adversely affect its business, results of operations and financial condition.

The company inability to collect receivables in time and make timely payments to its vendors, could materially and adversely affect the company business, cash flows, financial condition and results of operations.

The company may not be able to collect receivables due from the company customers, in a timely manner, or at all, which may adversely affect its business, financial condition, results of operations and cash flows.

The company require various statutory and regulatory permits and approvals in the ordinary course of its business, and the company failure to obtain, renew or maintain them in a timely manner may adversely affect its operations.

There are certain delays in reporting of statutory dues by it. Any further such delays may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on the company financial condition and cash flows.

The registered office used by the Company is not registered in the company name and is located on rented premises. There can be no assurance that the rent agreement will be renewed upon termination or that we will be able to obtain other premises on rent or on same or similar commercial terms.

The company is highly dependent on its Key Managerial Personnel, Senior Management Personnel and skilled professionals for the company business. The loss of its inability to attract or retain such persons could have an adverse effect on the company business performance.

The company inability to protect or use its intellectual property rights may adversely affect the company business. its may also unintentionally infringe upon the intellectual property rights of others, any misappropriation of which could harm the company competitive position.

Inaccurate estimation of risks, revenues or costs for a project could negatively impact our profitability and operational results. Actual costs during project execution may significantly deviate from bid assumptions, leading to challenges in recovering additional expenses and potentially having a material adverse effect on the operational results, cash flows, and financial condition.

Failure to successfully implement our business strategies may materially and adversely affect the company business, prospects, financial condition and results of operations.

The company is required to furnish bank guarantees as part of the company business. its inability to arrange such bank guarantees or the invocation of such bank guarantees or the company inability to fulfil any or all of the obligations under such bank guarantees may or may not adversely affect our cash flows and financial condition.

The average cost of acquisition of Equity Shares by the company Promoter could be lower than the Issue Price.

The company is exposed to claims, penalties and damages resulting from delays in its projects which may have an adverse effect on the company business.

The company contracts with government agencies usually contain terms that favour the government customers, who may terminate its contracts prematurely and impose restrictions on the Company from procurement of any future contracts under various circumstances beyond its control, which may have a material adverse impact on the company financial condition and results of operations.

The company business and operation involve inherent occupational hazards which can be dangerous and could cause injuries to people or property.

The company rely on third parties, including for equipment and labour, to complete its projects and any failure arising from non-performance, delayed performance or inadequate quality in the performance of work by such third parties, or a failure by third-party agencies to comply with applicable laws, to obtain the necessary approvals, or provide services on agreed terms, could adversely affect the company business, financial condition, results of operations and cash flows.

Fluctuation in cost of raw materials or any shortages, delay or disruption in the supply of the raw materials its use in the company manufacturing process due to factors beyond its control or may have a material adverse effect on the company business, financial condition, results of operations and cash flows.

Fraud, theft, employee negligence or similar incidents may adversely affect the company results of operations and financial condition.

The company operate in a labour - intensive industry and are subject to stringent labour laws and any strike, work stoppage or increased wage demand by our employees or any other kind of disputes with its employees could adversely affect the company business, financial condition, results of operations and cash flows.

Objects of the Fresh Issue for which the funds are being raised have not been appraised by any bank or financial institutions. Any variation in the utilization of the company Net Proceeds as disclosed in this Red Herring Prospectus would be subject to certain compliance requirements, including prior Shareholders` approval.

The objects of the Fresh Issue is funding working capital requirements, which is based on certain assumptions and estimates. Any failure in arranging adequate working capital for the company operations may adversely affect its business, results of operations, cash flows and financial conditions.

The company management will have broad discretion in how its apply the Net Proceeds, including interim the company of the Net Proceeds, and there is no assurance that the objects of the Issue will be achieved within the time frame expected or at all, or that the deployment of the Net Proceeds in the manner intended by it will result in any increase in the value of your investment.

The company cannot assure that the construction of its projects will be free from any or all defects, which may adversely affect the company business, financial condition, results of operations and prospects.

The COVID 19 pandemic, or any future pandemic or widespread public health emergency, could impact the company business, financial condition, cash flows and results of operations.

If the company unable to establish and maintain an effective system of internal controls and compliances, its businesses and reputation could be adversely affected

The company Promoter will continue to retain a majority shareholding in the Company after the Issue, which will allow them to exercise significant influence over it.

For the company business, its rely heavily on the company Promoter namely, Goutam Debnath, who is the Chairman and Managing Director. its business performance may have an adverse effect by his departure or by the company failure to recruit or keep them.

The company Promoter has provided personal guarantees as security for certain facilities availed by the Company. If these guarantees are revoked, its may be unable to procure alternative guarantees satisfactory to the company lenders, which may adversely affect its business, results of operations, cash flows and financial condition.

Certain of the company Directors, Promoter and Key Managerial Personnel and members of Senior Management may have interests in it other than reimbursement of expenses incurred and normal remuneration or benefits

The determination of the Price Band is based on various factors and assumptions and the Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares upon listing on the Stock Exchanges.

The company has availed unsecured loans that may be recalled at any time. Further, the company has not received consent from one of the relevant lenders in relation to the Issue.

The company Directors and Promoter may enter into ventures which are in businesses similar to its.