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Aritas Vinyl Ltd IPO

Status: Closed

Overview

IPO date
16 Jan 2026 to 20 Jan 2026
Face value
₹ 10 per share
Price
₹ 40 to ₹47 per share
Issue Size
7,983,000 shares
(aggregating up to ₹ 37.52 Cr)
Allotment Date
21 Jan 2026
Listing at
NSE
Issue type
Book Building - SME
Sector
Leather

Objectives of Aritas Vinyl Ltd IPO

Aritas Vinyl Ltd IPO Strategy

About Aritas Vinyl Ltd

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T&C*

Strengths vs Risks of Aritas Vinyl Ltd

Know the pros & cons

Strengths

  • arrowImprove and increase Operational efficiencies and cost minimization.
  • arrowMarket Penetration & Development.
  • arrowFocus on the product development of new products, through process innovation.
  • arrowEstablish OEM Partnerships.
  • arrowEnhancing branding, promotional and marketing activities.

Risks

  • arrowWe have a limited operating history in manufacturing.
  • arrowThe Company has made Preferential allotment in the financial year 2020-21 for the allotment of 20,00,000 Equity shares on Various Dates without obtaining the valuation report from the registered valuer as required u/s 62(1)(c) of the companies act 2013.
  • arrowOur Manufacturing Units are subject to inspection under the GPCB.
  • arrowWe use certain raw materials which are easily inflammable, any event of fire or misshape could expose us to the risk of liabilities, loss of revenue and increased expenses.
  • arrowWe are subject to strict compliance of the quality and use of our products. Any deviation of the quality not as per the specification of the customers may harm our reputation and/or have an adverse impact on our sales, revenue and profitability.
  • arrowThe disadvantages of artificial leather include environmentally harmful production, environmentally harmful disposal and the comparatively lower quality compared to real leather. So, if Government imposes restrictions/new regulations on the production and use of artificial leather, it will have an adverse effect on our business, revenue and profitability.
  • arrowThe company durability of the artificial Leather is less as compared to Real Leather, and therefore the company has to faces competition with real leathe manufacturerr. If, the company ais unable to compete with real leather, its business and profitability will be adversely affected.
  • arrowThe company operates in a heavily regulated sector which requires strict compliances and its operations are subject to environmental, health and safety Regulations.
  • arrowA shortage or non-availability of utilities like electricity, fuel or water may adversely affect our manufacturing operations and have an adverse effect on our business, results of operations and financial condition.
  • arrowOur business depends on our manufacturing facility and the loss of or shutdown of our manufacturing unit on any grounds could adversely affect our business or results of operations.
  • arrowWe may be unable to attract and retain employees with the requisite skills, expertise and experience, which would adversely affect our operations, business growth and financial results.
  • arrowThe Company is dependent on a few suppliers for purchases of product/service. The loss of any of these large suppliers may affect our business operations adversely.
  • arrowWe are dependent on third party transportation service providers for delivery of raw materials from suppliers to us and delivery of finished products to our customers. Any failure on part of such transport service providers to meet their obligations could have a material adverse effect on our business, financial condition and results of operation.
  • arrowOur revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • arrowAny fluctuations in prices of raw materials or shortage in supply of raw material for manufacturing our products, could adversely impact our business.
  • arrowOne of its promoter group company Elegant Vinyl Private Limited is engaged in the similar business in which issuer company is engaged which may create a conflict of interest. Further, the company does not enjoy contractual protection by way of a non-compete or other agreement or arrangement with its group company.
  • arrowOur company has certain export obligations which are yet to be completed.
  • arrowWe have not entered into long-term contracts with our major customers and we operate on the basis of purchase orders, loss of any important customer could adversely affect our revenues and profitability.
  • arrowOur insurance coverage may not be sufficient or adequate to protect us against all manufacturing and business risks, which may adversely affect our business, results of operations, financial condition and cash flows.
  • arrowOur international operations are subject to many uncertainties and we are exposed to foreign currency exchange rate fluctuations.
  • arrowWe have contingent liabilities and our financial condition could be adversely affected if any of these contingent liabilities materializes.
  • arrowThe company has been converted in to public limited Company on January 23, 2025, any non-compliance with the provisions of Companies Act, 2013 may attract penalties against its Company which could impact the company financial and operational performance and reputation.
  • arrowThe company has filed certain ROC forms with additional fees in the past which was delayed compliances of certain provision under Companies Act, 2013
  • arrowThe Company has made Preferential allotment in the financial year 2020-21 for the allotment of 20,00,000 Equity shares on Various Dates without obtaining the valuation report from the registered valuer as required u/s 62(1)(c) of the companies act 2013.
  • arrowThe requirements of being a public listed company may strain its resources and impose additional requirements.
  • arrowThere have been few instances of delays in filing of Goods and Service Tax returns GSTR -3B(GST) only.
  • arrowThe company Registered office and factory premises are not owned by the Company
  • arrowThe company is subject to restrictive covenants under its financing agreements that could limit the company flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company repayment obligations, cross defaults under other financing agreements, termination of one or more of its financing agreements or force it to sell the coompany assets, which may adversely affect its cash flows, business, results of operations and financial condition.
  • arrowThe Company, is involved in litigation proceedings that may have a material adverse outcome.
  • arrowIts Promoters/Directors has issued personal guarantees and/or mortgaged their property in relation to debt facilities availed by it, which if revoked, may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • arrowIts Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • arrowThe company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and the company manufacturing facility, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on its results of operations.
  • arrowThe Company logo has been registered with the Trade Mark Authority. Any failure to protect its intellectual property could have a material adverse effect on the company business
  • arrowThe company is dependent upon the experience and skill of our promoter, management team and key managerial personnel and senior management personnel. Loss of its Promoter or the company inability to attract or retain such qualified personnel, could adversely affect its business, results of operations and financial condition.
  • arrowThe company may not be able to successfully manage the growth of its operations and execute the company growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
  • arrowThe company operates in a competitive business environment. Competition from existing players and new entrants and consequent pricing pressures may adversely affect its business, financial condition and results of operations.
  • arrowThe company has experienced negative cash flows in previous years / periods. Any operating losses or negative cash flow in the future could adversely affect its results of operations and financial condition.
  • arrowIts business is working capital intensive involving relatively long implementation periods. The company require substantial financing for its business operations. The company indebtedness and the conditions and restrictions imposed on by its financing arrangements could adversely affect the company ability to conduct its business.
  • arrowThe average cost of acquisition of Equity Shares held by its Promoters is lower than the Issue Price.
  • arrowIts Promoters, Directors and Key Managerial Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
  • arrowThe company has unsecured loans from promoters, directors and their relatives, which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its liquidity and business operations.
  • arrowThe company has entered into certain transactions with related parties. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.
  • arrowThere is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by its Audit Committee.
  • arrowThe company has not identified any alternate source of financing the ,Objects of the Issue". If its fails to mobilize resources as per its plans, the company growth plans may be affected.
  • arrowIts ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • arrowDelays in raising funds from the IPO could adversely impact the implementation schedule.
  • arrowThe company has not independently verified certain data in this Draft Red Herring Prospectus.
  • arrowIts funding requirements and proposed deployment of the Net Proceeds are based on management estimates and have not been independently appraised and may be subject to change based on various factors, some of the company is beyond its control.
  • arrowAny futures issuance of Equity Shares may dilute the shareholding of the Investor or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • arrowThe issue price of the Equity Shares may not be indicative of market price of the company equity shares after the issue and the market price of its Equity shares may decline below the issue price.
  • arrowSale of shares by its promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • arrowIts future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by it, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
  • arrowThere is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platforms of BSE in a timely manner or at all.
  • arrowThe Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not developes. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • arrowThere are restrictions on daily weekly monthly movements in the price of the equity shares, which may adversely affect the shareholder"s ability to sell for the price at which it can sell, equity shares at a particular point in time.
  • arrowOne of its promoter group company Elegant Vinyl Private Limited is engaged in the similar business in which issuer company is engaged which may create a conflict of interest. Further, the company does not enjoy contractual protection by way of a non-compete or other agreement or arrangement with the company's group company.
  • arrowThe company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of solar power project. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the power plant in a timely manner, or at all, the same may result in time and cost over-runs.
  • arrowThe company is subject to strict compliance of the quality and use of its products. Any deviation of the quality not as per the specification of the customers may harm the company's reputation and/or have an adverse impact on its sales, revenue and profitability.
  • arrowThe company's Manufacturing Units are subject to inspection under the GPCB.
  • arrowThe company use certain raw materials which are easily inflammable, any event of fire or misshape could expose the company to the risk of liabilities, loss of revenue and increased expenses.
  • arrowThe disadvantages of artificial leather include environmentally harmful production, environmentally harmful disposal and the comparatively lower quality compared to real leather. So, if Government imposes restrictions/new regulations on the production and use of artificial leather, it will have an adverse effect on the company's business, revenue and profitability.
  • arrowThe company has experienced negative cash flows in previous years / periods. Any operating losses or negative cash flow in the future could adversely affect its results of operations and financial condition.
  • arrowThe company has certain export obligations which are yet to be completed.
  • arrowThe durability of the artificial Leather is less as compared to Real Leather, and therefore we have to face competition with real leathe manufacturerr. If, the company is unable to compete with real leather, our business and profitability will be adversely affected.
  • arrowThe company operates in a heavily regulated sector which requires strict compliances and its operations are subject to environmental, health and safety Regulations.
  • arrowA shortage or non-availability of utilities like electricity, fuel or water may adversely affect its manufacturing operations and have an adverse effect on the company's business, results of operations and financial condition.
  • arrowThe company's business depends on its manufacturing facility and the loss of or shutdown of the company's manufacturing unit on any grounds could adversely affect its business or results of operations.
  • arrowThe company may be unable to attract and retain employees with the requisite skills, expertise and experience, which would adversely affect its operations, business growth and financial results.
  • arrowThe Company is dependent on a few suppliers for purchases of product/service. The loss of any of these large suppliers may affect its business operations adversely.
  • arrowThe company is dependents on third party transportation service providers for delivery of raw materials from suppliers to the company and delivery of finished products to its customers. Any failure on part of such transport service providers to meet their obligations could have a material adverse effect on the company's business, financial condition and results of operation.
  • arrowThe company's revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
  • arrowAny fluctuations in prices of raw materials or shortage in supply of raw material for manufacturing the company's products, could adversely impact its business.
  • arrowThe company has not entered into long-term contracts with its major customers and the company operates on the basis of purchase orders, loss of any important customer could adversely affect its revenues and profitability.
  • arrowThe company's insurance coverage may not be sufficient or adequate to protect the company against all manufacturing and business risks, which may adversely affect its business, results of operations, financial condition and cash flows.
  • arrowThe company's international operations are subject to many uncertainties and the company is exposed to foreign currency exchange rate fluctuations.
  • arrowThe company has contingent liabilities and its financial condition could be adversely affected if any of these contingent liabilities materializes.
  • arrowThe company has been converted in to public limited Company on January 23, 2025, any non-compliance with the provisions of Companies Act, 2013 may attract penalties against the Company which could impact the company's financial and operational performance and reputation.
  • arrowThe company had filed certain ROC forms with additional fees in the past which was delayed compliances of certain provision under Companies Act, 2013
  • arrowThe requirements of being a public listed company may strain the company's resources and impose additional requirements.
  • arrowThere have been few instances of delay in filing of Goods and Service Tax returns GSTR -3B(GST) only.
  • arrowThe company's Registered office and factory premises are not owned by the Company
  • arrowThe company is subject to restrictive covenants under its financing agreements that could limit the company's flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company's repayment obligations, cross defaults under other financing agreements, termination of one or more of our financing agreements or force the company to sell its assets, which may adversely affect the company's cash flows, business, results of operations and financial condition.
  • arrowThe Company, is involved in litigation proceedings that may have a material adverse outcome.
  • arrowThe company's Promoters/Directors have issued personal guarantees and/or mortgaged their property in relation to debt facilities availed by the company, which if revoked, may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • arrowThe company's Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • arrowThe company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and our manufacturing facility, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's results of operations.
  • arrowThe Company logos has been registered with the Trade Mark Authority. Any failures to protect the company's intellectual property could have a material adverse effect on its business
  • arrowThe company is dependents upon the experience and skill of its promoter, management team and key managerial personnel and senior management personnel. Loss of the company's Promoter or the company's inability to attract or retain such qualified personnel, could adversely affect its business, results of operations and financial condition.
  • arrowThe company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
  • arrowThe company operates in a competitive business environment. Competition from existing players and new entrants and consequent pricing pressures may adversely affect its business, financial condition and results of operations.
  • arrowThe company's business is working capital intensive involving relatively long implementation periods.The company requires substantial financing for its business operations. The company's indebtedness and the conditions and restrictions imposed on by its financing arrangements could adversely affect its ability to conduct our business.
  • arrowThe average cost of acquisition of Equity Shares held by its Promoters is lower than the Issue Price.
  • arrowThe company's Promoters, Directors and Key Managerial Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
  • arrowThe company has unsecured loans from promoters, directors and their relatives, which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its liquidity and business operations.
  • arrowThe company has entered into certain transactions with related parties. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.
  • arrowThere is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of our Management and its Board of Directors, though it shall be monitored by the company's Audit Committee.
  • arrowThe company has not identified any alternate source of financing the `Objects of the Issue'. If we fail to mobilize resources as per the company's plans, the company's growth plans may be affected.
  • arrowThe company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • arrowDelay in raising funds from the IPO could adversely impact the implementation schedule.
  • arrowThe company has not independently verified certain data in this Red Herring Prospectus.
  • arrowThe company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and have not been independently appraised and may be subject to change based on various factors, some of which are beyond its control.
  • arrowAny future issuance of Equity Shares may dilute the shareholding of the Investor or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • arrowThe issue price of the Equity Shares may not be indicative of market price of the company's equity shares after the issue and the market price of its Equity shares may decline below the issue price.
  • arrowSale of shares by its promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • arrowThe company's future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by the company, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
  • arrowThere is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner or at all.
  • arrowThe Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • arrowThere are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.

Aritas Vinyl Ltd Peer Comparison

Understand the company’s industry standing

Aritas Vinyl Ltd
Mirza International Ltd
Amin Tannery Ltd
Face Value
10
2
1
Standalone / Consolidated
Standalone
Standalone
Standalone
Total Income Rs. Cr.
98.02
570.25
41.64
EPS-Basis
13.14
0.93
0.03
EPS-Diluted
---
---
---
NAV Per Share
15.97
33.56
1.19
P/E-Basic EPS
---
39.71
58.67
P/E-Diluted EPS
---
---
---
RONW(%)
20.39
-0.86
2.27
Latest NAV Period
---
---
---
Latest NAV
---
---
---
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The IPO opens on 16 Jan 2026 & closes on 20 Jan 2026.

Aritas Vinyl Limited was incorporated as 'Aritas Vinyl Private Limited' on April 17, 2020 with the Registrar of Companies, Ahmedabad. Subsequently, Company was converted from a Private Limited Company to Public Limited and the name of Company was changed to 'Aritas Vinyl Limited' and a Fresh Certificate of Incorporation has been issued on January 23, 2025 by the Registrar of Companies, Central Registration Centre. Company is engaged in manufacturing of technical textile, such as 'Artificial leather' also known as PU Synthetic leather and PVC-coated leather, using the latest technology known as Transfer Coating Technology. Manufacturing facility is situated at, Taluka Daskroi, near Ahmedabad operating an installed production capacity of around 7.8 million meters per year. PVC leather, also known as polyvinyl chloride leather, is a type of synthetic leather made by coating a fabric typically polyester or cotton-with a layer of PVC (polyvinyl chloride) offering a soft, flexible, and alternative to genuine leather. PVC-Coated Leather is manufactured by coating fabric with polyvinyl chloride, providing enhanced durability, water resistance and affordability. Synthetic Leather is widely replacing traditional leather. Synthetic Leather is economical, durable, requires low maintenance and easy fabric to work with. The products come in variety of colour, texture and patterns in different industry such as seat covers, door covers, dashboards, shoe uppers, shoe lining and insoles, sandals, furnishing and Upholstery, purses, bags and briefcases, diary covers and stationery items, garments, belts, wallets etc. The Company started manufacturing unit in 2022 with an installed Capacity of 42 lakhs meters per year. In Fiscal 2023-24, it enhanced the installed capacity from 42 lakhs meters to 78 Lakh meters by investing in the plant and machinery. Company raised funds through IPO by issuing 79,83,000 equity shares of Rs 10, aggregating to Rs 37.52 crore, comprising a fresh issue of 69,98,600 equity shares amounting to Rs 32.89 crore and the offer for sale of 9,84,400 equity shares amounting to Rs 4.63 crore on January 20, 2026.

Aritas Vinyl Ltd IPO will close on 20 Jan 2026.

  • Improve and increase Operational efficiencies and cost minimization.
  • Market Penetration & Development.
  • Focus on the product development of new products, through process innovation.
  • Establish OEM Partnerships.
  • Enhancing branding, promotional and marketing activities.

S.No Promoters Name Pre Issue Shares Pre Issue Percentage Post Issue Shares Post Issue Percentage
1 Anilkumar Prakashchandra Agraw 783250 6.17 657036 3.36
2 Sanjaykumar Kantilal Patel 662350 5.22 565977 2.9
3 Ankit Anilbhai Agrawal 765128 6.03 705775 3.61
4 Mohit Ashokkumar agrawal 1299464 10.24 1198661 6.13
5 Rohit Dineshbhai Agrawal 765118 6.03 765118 3.92
6 Rutvik Patel 580008 4.57 580008 2.97
7 Shubham Sunilbhai Agrawal 765118 6.03 705766 3.61
8 Agrawal Ashaben Rajendra 371818 2.93 333131 1.7

  • We have a limited operating history in manufacturing.
  • The Company has made Preferential allotment in the financial year 2020-21 for the allotment of 20,00,000 Equity shares on Various Dates without obtaining the valuation report from the registered valuer as required u/s 62(1)(c) of the companies act 2013.
  • Our Manufacturing Units are subject to inspection under the GPCB.
  • We use certain raw materials which are easily inflammable, any event of fire or misshape could expose us to the risk of liabilities, loss of revenue and increased expenses.
  • We are subject to strict compliance of the quality and use of our products. Any deviation of the quality not as per the specification of the customers may harm our reputation and/or have an adverse impact on our sales, revenue and profitability.
  • The disadvantages of artificial leather include environmentally harmful production, environmentally harmful disposal and the comparatively lower quality compared to real leather. So, if Government imposes restrictions/new regulations on the production and use of artificial leather, it will have an adverse effect on our business, revenue and profitability.
  • The company durability of the artificial Leather is less as compared to Real Leather, and therefore the company has to faces competition with real leathe manufacturerr. If, the company ais unable to compete with real leather, its business and profitability will be adversely affected.
  • The company operates in a heavily regulated sector which requires strict compliances and its operations are subject to environmental, health and safety Regulations.
  • A shortage or non-availability of utilities like electricity, fuel or water may adversely affect our manufacturing operations and have an adverse effect on our business, results of operations and financial condition.
  • Our business depends on our manufacturing facility and the loss of or shutdown of our manufacturing unit on any grounds could adversely affect our business or results of operations.
  • We may be unable to attract and retain employees with the requisite skills, expertise and experience, which would adversely affect our operations, business growth and financial results.
  • The Company is dependent on a few suppliers for purchases of product/service. The loss of any of these large suppliers may affect our business operations adversely.
  • We are dependent on third party transportation service providers for delivery of raw materials from suppliers to us and delivery of finished products to our customers. Any failure on part of such transport service providers to meet their obligations could have a material adverse effect on our business, financial condition and results of operation.
  • Our revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on our business, financial condition, results of operations and cash flows.
  • Any fluctuations in prices of raw materials or shortage in supply of raw material for manufacturing our products, could adversely impact our business.
  • One of its promoter group company Elegant Vinyl Private Limited is engaged in the similar business in which issuer company is engaged which may create a conflict of interest. Further, the company does not enjoy contractual protection by way of a non-compete or other agreement or arrangement with its group company.
  • Our company has certain export obligations which are yet to be completed.
  • We have not entered into long-term contracts with our major customers and we operate on the basis of purchase orders, loss of any important customer could adversely affect our revenues and profitability.
  • Our insurance coverage may not be sufficient or adequate to protect us against all manufacturing and business risks, which may adversely affect our business, results of operations, financial condition and cash flows.
  • Our international operations are subject to many uncertainties and we are exposed to foreign currency exchange rate fluctuations.
  • We have contingent liabilities and our financial condition could be adversely affected if any of these contingent liabilities materializes.
  • The company has been converted in to public limited Company on January 23, 2025, any non-compliance with the provisions of Companies Act, 2013 may attract penalties against its Company which could impact the company financial and operational performance and reputation.
  • The company has filed certain ROC forms with additional fees in the past which was delayed compliances of certain provision under Companies Act, 2013
  • The Company has made Preferential allotment in the financial year 2020-21 for the allotment of 20,00,000 Equity shares on Various Dates without obtaining the valuation report from the registered valuer as required u/s 62(1)(c) of the companies act 2013.
  • The requirements of being a public listed company may strain its resources and impose additional requirements.
  • There have been few instances of delays in filing of Goods and Service Tax returns GSTR -3B(GST) only.
  • The company Registered office and factory premises are not owned by the Company
  • The company is subject to restrictive covenants under its financing agreements that could limit the company flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company repayment obligations, cross defaults under other financing agreements, termination of one or more of its financing agreements or force it to sell the coompany assets, which may adversely affect its cash flows, business, results of operations and financial condition.
  • The Company, is involved in litigation proceedings that may have a material adverse outcome.
  • Its Promoters/Directors has issued personal guarantees and/or mortgaged their property in relation to debt facilities availed by it, which if revoked, may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • Its Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and the company manufacturing facility, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on its results of operations.
  • The Company logo has been registered with the Trade Mark Authority. Any failure to protect its intellectual property could have a material adverse effect on the company business
  • The company is dependent upon the experience and skill of our promoter, management team and key managerial personnel and senior management personnel. Loss of its Promoter or the company inability to attract or retain such qualified personnel, could adversely affect its business, results of operations and financial condition.
  • The company may not be able to successfully manage the growth of its operations and execute the company growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
  • The company operates in a competitive business environment. Competition from existing players and new entrants and consequent pricing pressures may adversely affect its business, financial condition and results of operations.
  • The company has experienced negative cash flows in previous years / periods. Any operating losses or negative cash flow in the future could adversely affect its results of operations and financial condition.
  • Its business is working capital intensive involving relatively long implementation periods. The company require substantial financing for its business operations. The company indebtedness and the conditions and restrictions imposed on by its financing arrangements could adversely affect the company ability to conduct its business.
  • The average cost of acquisition of Equity Shares held by its Promoters is lower than the Issue Price.
  • Its Promoters, Directors and Key Managerial Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
  • The company has unsecured loans from promoters, directors and their relatives, which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its liquidity and business operations.
  • The company has entered into certain transactions with related parties. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.
  • There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of its Management and the company Board of Directors, though it shall be monitored by its Audit Committee.
  • The company has not identified any alternate source of financing the ,Objects of the Issue". If its fails to mobilize resources as per its plans, the company growth plans may be affected.
  • Its ability to pay dividends in the future will depends upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • Delays in raising funds from the IPO could adversely impact the implementation schedule.
  • The company has not independently verified certain data in this Draft Red Herring Prospectus.
  • Its funding requirements and proposed deployment of the Net Proceeds are based on management estimates and have not been independently appraised and may be subject to change based on various factors, some of the company is beyond its control.
  • Any futures issuance of Equity Shares may dilute the shareholding of the Investor or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • The issue price of the Equity Shares may not be indicative of market price of the company equity shares after the issue and the market price of its Equity shares may decline below the issue price.
  • Sale of shares by its promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • Its future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by it, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
  • There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platforms of BSE in a timely manner or at all.
  • The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not developes. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • There are restrictions on daily weekly monthly movements in the price of the equity shares, which may adversely affect the shareholder"s ability to sell for the price at which it can sell, equity shares at a particular point in time.
  • One of its promoter group company Elegant Vinyl Private Limited is engaged in the similar business in which issuer company is engaged which may create a conflict of interest. Further, the company does not enjoy contractual protection by way of a non-compete or other agreement or arrangement with the company's group company.
  • The company has not yet placed orders in relation to the capital expenditure to be incurred for the proposed purchase of solar power project. In the event of any delay in placing the orders, or in the event the vendors are not able to provide the power plant in a timely manner, or at all, the same may result in time and cost over-runs.
  • The company is subject to strict compliance of the quality and use of its products. Any deviation of the quality not as per the specification of the customers may harm the company's reputation and/or have an adverse impact on its sales, revenue and profitability.
  • The company's Manufacturing Units are subject to inspection under the GPCB.
  • The company use certain raw materials which are easily inflammable, any event of fire or misshape could expose the company to the risk of liabilities, loss of revenue and increased expenses.
  • The disadvantages of artificial leather include environmentally harmful production, environmentally harmful disposal and the comparatively lower quality compared to real leather. So, if Government imposes restrictions/new regulations on the production and use of artificial leather, it will have an adverse effect on the company's business, revenue and profitability.
  • The company has experienced negative cash flows in previous years / periods. Any operating losses or negative cash flow in the future could adversely affect its results of operations and financial condition.
  • The company has certain export obligations which are yet to be completed.
  • The durability of the artificial Leather is less as compared to Real Leather, and therefore we have to face competition with real leathe manufacturerr. If, the company is unable to compete with real leather, our business and profitability will be adversely affected.
  • The company operates in a heavily regulated sector which requires strict compliances and its operations are subject to environmental, health and safety Regulations.
  • A shortage or non-availability of utilities like electricity, fuel or water may adversely affect its manufacturing operations and have an adverse effect on the company's business, results of operations and financial condition.
  • The company's business depends on its manufacturing facility and the loss of or shutdown of the company's manufacturing unit on any grounds could adversely affect its business or results of operations.
  • The company may be unable to attract and retain employees with the requisite skills, expertise and experience, which would adversely affect its operations, business growth and financial results.
  • The Company is dependent on a few suppliers for purchases of product/service. The loss of any of these large suppliers may affect its business operations adversely.
  • The company is dependents on third party transportation service providers for delivery of raw materials from suppliers to the company and delivery of finished products to its customers. Any failure on part of such transport service providers to meet their obligations could have a material adverse effect on the company's business, financial condition and results of operation.
  • The company's revenue from operations is dependent upon a limited number of customers and the loss of any of these customers or loss of revenue from any of these customers could have a material adverse effect on its business, financial condition, results of operations and cash flows.
  • Any fluctuations in prices of raw materials or shortage in supply of raw material for manufacturing the company's products, could adversely impact its business.
  • The company has not entered into long-term contracts with its major customers and the company operates on the basis of purchase orders, loss of any important customer could adversely affect its revenues and profitability.
  • The company's insurance coverage may not be sufficient or adequate to protect the company against all manufacturing and business risks, which may adversely affect its business, results of operations, financial condition and cash flows.
  • The company's international operations are subject to many uncertainties and the company is exposed to foreign currency exchange rate fluctuations.
  • The company has contingent liabilities and its financial condition could be adversely affected if any of these contingent liabilities materializes.
  • The company has been converted in to public limited Company on January 23, 2025, any non-compliance with the provisions of Companies Act, 2013 may attract penalties against the Company which could impact the company's financial and operational performance and reputation.
  • The company had filed certain ROC forms with additional fees in the past which was delayed compliances of certain provision under Companies Act, 2013
  • The requirements of being a public listed company may strain the company's resources and impose additional requirements.
  • There have been few instances of delay in filing of Goods and Service Tax returns GSTR -3B(GST) only.
  • The company's Registered office and factory premises are not owned by the Company
  • The company is subject to restrictive covenants under its financing agreements that could limit the company's flexibility in managing its business or to use cash or other assets. Any defaults could lead to acceleration of the company's repayment obligations, cross defaults under other financing agreements, termination of one or more of our financing agreements or force the company to sell its assets, which may adversely affect the company's cash flows, business, results of operations and financial condition.
  • The Company, is involved in litigation proceedings that may have a material adverse outcome.
  • The company's Promoters/Directors have issued personal guarantees and/or mortgaged their property in relation to debt facilities availed by the company, which if revoked, may require alternative guarantees, repayment of amounts due or termination of the facilities.
  • The company's Promoter and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.
  • The company is required to obtain, renew or maintain statutory and regulatory permits, licenses and approvals to operate its business and our manufacturing facility, and any delay or inability in obtaining, renewing or maintaining such permits, licenses and approvals could result in an adverse effect on the company's results of operations.
  • The Company logos has been registered with the Trade Mark Authority. Any failures to protect the company's intellectual property could have a material adverse effect on its business
  • The company is dependents upon the experience and skill of its promoter, management team and key managerial personnel and senior management personnel. Loss of the company's Promoter or the company's inability to attract or retain such qualified personnel, could adversely affect its business, results of operations and financial condition.
  • The company may not be able to successfully manage the growth of its operations and execute the company's growth strategies which may have an adverse effect on its business, financial condition, results of operations and future prospects.
  • The company operates in a competitive business environment. Competition from existing players and new entrants and consequent pricing pressures may adversely affect its business, financial condition and results of operations.
  • The company's business is working capital intensive involving relatively long implementation periods.The company requires substantial financing for its business operations. The company's indebtedness and the conditions and restrictions imposed on by its financing arrangements could adversely affect its ability to conduct our business.
  • The average cost of acquisition of Equity Shares held by its Promoters is lower than the Issue Price.
  • The company's Promoters, Directors and Key Managerial Personnel may have interest in the Company, other than reimbursement of expenses incurred or remuneration.
  • The company has unsecured loans from promoters, directors and their relatives, which are repayable on demand. Any demand from lenders for repayment of such unsecured loans, may adversely affect its liquidity and business operations.
  • The company has entered into certain transactions with related parties. These transactions or any future transactions with its related parties could potentially involve conflicts of interest.
  • There is no monitoring agency appointed by the Company and the deployment of funds are at the discretion of our Management and its Board of Directors, though it shall be monitored by the company's Audit Committee.
  • The company has not identified any alternate source of financing the `Objects of the Issue'. If we fail to mobilize resources as per the company's plans, the company's growth plans may be affected.
  • The company's ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.
  • Delay in raising funds from the IPO could adversely impact the implementation schedule.
  • The company has not independently verified certain data in this Red Herring Prospectus.
  • The company's funding requirements and proposed deployment of the Net Proceeds are based on management estimates and have not been independently appraised and may be subject to change based on various factors, some of which are beyond its control.
  • Any future issuance of Equity Shares may dilute the shareholding of the Investor or any sale of Equity Shares by its Promoter or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • The issue price of the Equity Shares may not be indicative of market price of the company's equity shares after the issue and the market price of its Equity shares may decline below the issue price.
  • Sale of shares by its promoters or other significant shareholder(s) may adversely affect the trading price of the Equity Shares.
  • The company's future funds requirements, in the form of fresh issue of capital or securities and/or loans taken by the company, may be prejudicial to the interest of the shareholders depending upon the terms on which they are eventually raised.
  • There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the SME Platform of BSE in a timely manner or at all.
  • The Equity Shares have never been publicly traded, and, after the Issue, the Equity Shares may experience price and volume fluctuations, and an active trading market for the Equity Shares may not develop. Further, the price of the Equity Shares may be volatile, and you may be unable to resell the Equity Shares at or above the Issue Price, or at all.
  • There are restrictions on daily weekly monthly movement in the price of the equity shares, which may adversely affect the shareholder's ability to sell for the price at which it can sell, equity shares at a particular point in time.

The Issue type of Aritas Vinyl Ltd is Book Building - SME.

The minimum application for shares of Aritas Vinyl Ltd is 6000.

The total shares issue of Aritas Vinyl Ltd is 7983000.

Initial public issue up to 79,84,400 equity shares, comprising of (A) fresh issue of up to 69,98,600 equity shares by the company (B) an offer for sale of 9,84,400 equity shares by the selling shareholder face value of Rs. 10/- each of Aritas Vinyl Limited ("AVL" or the "Company" or the "Issuer") for cash at a price of Rs.47 per equity share including a share premium of Rs.37 per equity share (the "Issue Price") aggregating to Rs.37.53 ("the Issue"), of which 4,02,000 equity shares of face value of Rs. 10/- each for cash at a price of Rs. 47 per equity share including a share premium of Rs. 37 per equity share aggregating to Rs.1.89 will be reserved for subscription by market maker to the issue (the "Market Maker Reservation Portion"). The issue less the market maker reservation portion i.e., net issue of 75,81,000 equity shares of face value of Rs. 10/- each at a price of Rs. 47 per equity share aggregating to Rs.35.63 crores is herein after referred to as the "Net Issue". The issue and the net issue will constitute 40.55% and 38.50% respectively of the post issue paid up equity share capital of the company. Price Band: Rs. 47 per equity share of face value Rs. 10/- each. The floor price is 4.7 times of the face value of the equity shares. Bids can be made for a minimum of 6000 equity shares and in multiples of 3000 equity shares thereafter.