Paradeep Pari.

Risks

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

• The company lack ownership of the registered office used by the company. Any interference with its entitlements as the licensee/lessee or the cancellation of contracts with its licensors/ lessors could have a negative effect on the company activities and, as a result, its overall business.

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

• Its business, growth prospects and financial performance largely depends on its ability to obtain new contracts, and there is no assurance that the company will be able to procure new contracts.

• The Company`s top 10 customers contribute majority of its revenues from operations for the period ended March 31, 2024. Any loss of business from one or more of them may adversely affect its revenues and profitability.

• The company has in the past entered into transactions with related parties and may continue to do so in the future. These or any future related party transactions may potentially involve conflicts of interest and there can be no assurance that the company could not have achieved better terms, had such arrangements been entered into with unrelated parties.

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

• Its other properties are not owned by it. In the event, the company is unable to renew the lease/rent agreements, or if such agreements are terminated, its may suffer a disruption in the company operations.

• The average cost of acquisition of Equity Shares by its Promoter could be lower than the floor price.

• The industry in which the company operates has many big players due to which the Company faces a lot of competition from them. This may affect its business operational and financial conditions.

• Two legal cases are pending against the Promoter and managing director.

• If the company is unable to attract new clients or its existing clients do not wish to do business with the company, the growth of its business and cash flows will be adversely affected.

• Breakdown, Mishaps or accidents could result in a loss or slowdown in operations and could also cause damage to life and property.

• The company requires certain approvals and licenses in the ordinary course of business and are required to comply with certain rules and regulations to operate its business, and the failures to obtain, retain and renew such approvals and licenses in timely manner or comply with such rules and regulations or at all may adversely affect its operations.

• There have been certain inadvertent inaccuracies, delay and non-compliances with respect to certain regulatory filings and corporate actions taken by the Company. Consequently, its may be subject to regulatory actions and penalties for any past or future non-compliance and its business and financial condition may be adversely affected.

• Its Group Company is engaged in the similar line of business as of the Company. There are no non - compete agreements between the Company and these Promoter Group Entities. Its cannot assure that the company Promoter will not favour the interests of such entities over its interest or that the said entities will not expand which may increase its competition and may adversely affect business operations and financial condition of the Company.

• Its business is dependent on the transportation infrastructure in India and the company ability to utilise its vehicles in an uninterrupted manner. Any disruptions or delays in this regard could adversely affect it and lead to a loss of reputation and/ or profitability.

• The Company has during the preceding one year from the date of the Draft Red Herring Prospectus have allotted Equity Shares at a price which is lower than the Issue Price.

• Changes in technology may render its current technologies obsolete or requires the company to undertake substantial capital investments, which could adversely affect its results of operations.

• Its Promoters/Directors and Promoter Group Member have provided personal guarantees for loan facilities obtained by the Company, and any failures or default by the Company to repay such loans in accordance with the terms and conditions of the financing documents could trigger repayment obligations on them, which may impact their ability to effectively service their obligations as its Promoters/Directors and thereby, impact the company business and operations.

• The company has not identified any alternate source of funding and hence any failures or delay on its part to mobilize the required resources or any shortfall in the Issue proceeds may delay the implementation. schedule.

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

• There are certain restrictive covenants in the agreements that the Company has entered into with Banks.

• Its success depends largely upon the services of the company Directors, Promoters and other Key Managerial Personnel and its ability to attract and retain them. Demand for Key Managerial Personnel in the industry is intense and its inability to attract and retain Key Managerial, may affect the business and operations of the Company.

• The deployment of funds raised through this Issue shall not be subject to any Monitoring Agency and shall be purely dependent on the discretion of the management of the Company.

• Significant increases in freight, transportation and other costs may materially and adversely affect its business, financial condition and results of operations.

• Its ability to pay dividends in the future will depends upon the company future earnings, financial condition, cash flows, working capital requirements, capital expenditure and restrictive covenants in its financing arrangements.

• Relevant copy of educational qualifications of its directors is not traceable.

• The company faces competition from both domestic as well as international players and its inability to compete effectively may have a material adverse impact on its business and results of operations.

• The company cannot guarantee the accuracy or completeness of facts and other statistics with respect to India, the Indian economy and industry in which the company operates contained in the prospectus.

• Its inability to collect receivables and default in payment from the company customers could result in the reduction of its profits and affect the company cash flows.

• Any negative cash flows in the future would adversely affect its cash flow requirements, which may adversely affect the company ability to operate its business and implement the company growth plans, thereby affecting its financial condition.

• The company operate and have 1,124 permanent employees on its payroll, as on February 20, 2025. the company manpower may contravene its policies or violate applicable laws or act negligently, which may adversely affect its business, financial condition, results of operations and cash flows.

• Its applications for registration of the company trademarks including (LOGO) under classes 39 is currently pending in certain jurisdictions and as a result, its may be unable to adequately obtain, maintain, protect and enforce the company intellectual property rights. Its may also be subject to intellectual property infringement claims, which may be expensive to defend and may disrupt its business and operations.

• The Objects of the Issue for which funds are being raised have not been appraised by any bank or financial institution.

• The requirements of being a public listed company may strain its resources and impose additional requirements.