<ul><li>Our Director and our Promoters are involved in certain tax proceeding. Further, our Company may be party to certain litigations and claims during the course of its business. Any adverse decision may make us liable to liabilities/penalties and may adversely affect our reputation, business and financial status.</li><li>We generate our major portion of revenue from our operations in certain geographical regions and any adverse developments affecting our operations in these regions could have an adverse impact on our revenue and results of operations.</li><li>We require working capital for our day-to-day operations and any discontinuance or our inability to acquire adequate working capital timely and on favourable terms may have an adverse effect on our operations, profitability and growth prospects.</li><li>Our business is dependent on the road network and our ability to utilize vehicles in an uninterrupted manner. Any disruptions or delays in this regard could adversely affect us and lead to a loss of reputation and/ or profitability.</li><li>Substantial portion of our revenue from operations is dependent from limited number of customers, the loss of such customers, the deterioration of their financial position or prospects, or a reduction in their demand for our products could affect our business, financial position and future prospects of our Company.</li><li>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.</li><li>Our Company does not own the Corporate Office through which we conduct our business operations.</li><li>There are certain discrepancies/errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 1956/2013. Any penalty or action taken by any regulatory authorizes in future, for non-compliance with provisions of corporate or any other law could impact the financial position of the Company to that extent.</li><li>Our Company had negative cash flows in the ten months period ended January 31, 2025 and for the financial years ended March 31, 2024, March 31, 2023 and March 31, 2022; details of which are given below. Sustained negative cash flow could impact our growth and business.</li><li>Our Company has higher debt-equity ratio which requires significant cash flows to service our debts obligations, and this, together with the conditions and restrictions imposed by our financing arrangements, fluctuations in the interest rates may limit our ability to operate freely and grow our business.</li><li>An inability to pass on any increase in operating expenses, particularly freight and supervision charges and trip expenses, to our customers may adversely affect our business and results of operations.</li><li>We require certain approvals, licenses, registration and permits for our business, and the failure to obtain or renew them in a timely manner may adversely affect our operations.</li><li>Our Company may not be able to deliver the consignment on timely basis due to breakdown, mishaps or accidents, because of which we could become liable to claims by our customers, suffer adverse publicity and incur substantial cost as result of deficiency in our service which could adversely affect our results of operations.</li><li>We are subject to various risks associated with transportation and we may face claims relating to loss or damage to goods, personal injury claims or other operating risks that are not adequately insured.</li><li>We may be unable to sufficiently obtain, maintain, protect, or enforce our intellectual property and other proprietary rights.</li><li>Our failure to perform in accordance with the standards prescribed in our client contracts could result in loss of business or payment of penalties as per contract terms.</li><li>Our Company has availed unsecured loans which may be recalled by the lenders on demand.</li><li>Any customer dispute regarding our performance or workmanship may amount in delay or withholding of payment to us and may adversely affect our business.</li><li>Delays or defaults in payment to vendors supplying trucks on hire could hamper our business operations viz delay or non-procurement of trucks on hire for goods transportation.</li><li>Trade Receivables form a substantial part of our current assets. Failure to manage our trade receivables could have an adverse effect on our net sales, profitability, cash flow and liquidity. Further, we are also exposed to the risk of delays or non-payment by our clients and other counterparties, which may also result in cash flow mismatches.</li><li>Our insurance coverage may not be adequate to protect us against certain operating hazards and this may have a material adverse effect on our business and financial conditions.</li><li>We operate in a highly competitive industry and increased competition may lead to a reduction in our revenues, reduced profit margins or a loss of market share.</li><li>Our Company is proposing to increase its fleet of trucks and consequently also expect demand for qualified drivers to increase. We are working in a man-power centric industry and trained and qualified drivers are crucial to our performance and if our Company is unable to attract and retain a sufficient number of qualified drivers, our business, financial condition and results of operations could be adversely affected.</li><li>We are exposed to the risk of delays or non-payment by our clients and other counterparties, which may also result in cash flow mismatches.</li><li>Disruptions or failures in our information technology systems including cyber risks may affect our operations.</li><li>Our dependence on third-party truck operators during excessive demand periods or for specific consignment requirements could adversely affect business, results of operations, cash flows and financial condition</li><li>Our Company has not entered into any long-term contracts with our customers and we typically operate on consignment basis. Inability to maintain regular order flow would adversely impact our revenues and profitability.</li><li>We are subject to various laws and extensive government regulations and if we fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required in the ordinary course of our business, including environmental, health and safety laws and other regulations, our business financial condition, results of operations and cash flows may be adversely affected.</li><li>An increasing age of transportation vehicles and increasing prices of new vehicles may adversely affect our business and results of operations.</li><li>We are dependent on various third parties for the adequate and timely supply of equipment and maintenance of our vehicles, and any delays or increase in costs related thereto may adversely affect our business.</li><li>We are significantly dependent on vehicles hired by us for providing transportation services to our customers. Any disruptions in hiring vehicles or any misconduct from their staff will affect our customer base and financial position of our Company.</li><li>Some of the KMPs/SMPs are associated with our Company for less than one year.</li><li>Brand recognition is important to the success of our business, and our inability to build and maintain our brand name will harm our business, financial condition and results of operation.</li><li>Our success depends largely upon the services of our Directors, Promoters and other Key Managerial Personnel and our ability to attract and retain them. Demand for key managerial personnel in the industry is intense and our inability to attract and retain key managerial, may affect the business and operations of our Company.</li><li>Foreign Trade restrictions could materially and adversely affect our business, financial condition and results of operations.</li><li>The industry in which we operate is labour intensive and our operations may be materially adversely affected by strikes, work stoppages or increased wage demands by our employees.</li><li>We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue. Further we have not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect our growth plans, business operations and financial condition</li><li>There are certain discrepancies and non-compliances noticed in some of our financial reporting and/or records relating to filing of returns and deposit of statutory dues with the taxation and other statutory authorities.</li><li>We do not verify the contents of the goods transported by us, thereby exposing us to the risks associated with the transportation of goods in violation of applicable regulations.</li><li>Our Promoters have provided personal guarantees for loan facilities obtained by our Company, and any failure or default by our 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 our Promoters and their relatives and thereby, impact our business and operations.</li><li>Our financing agreements contain covenants that limit our flexibility in operating our business. If we are not in compliance with certain of these covenants and are unable to obtain waivers from the respective lenders, our lenders may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on our business and financial condition.</li><li>Our inability to retain manpower in our company could adversely affect operations to run smoothly and require us to hire new talent in the company which would increase our costs due to the hiring and training process.</li><li>If we are unable to manage our growth effectively or if our estimates or assumptions used in developing our strategic plan are inaccurate or we are unable to execute our strategic plan effectively, our business and prospects may be materially and adversely affected.</li><li>Adverse publicity regarding our service or company could negatively impact us.</li><li>We have in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our Company's financial condition and results of operations.</li><li>Any Penalty or demand raised by statutory authorities in future may adversely affect our financial position of the Company.</li><li>We could be adversely affected by employee misconduct or errors including those of third-party vendors from whom we hire logistics services, that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.</li><li>Our Company has recently transited from a private to a public company. The process for updating the details of the Company across all portals and platform is underway and any delay in such updation may make the company liable to penalties or regulatory action.</li><li>The average cost of acquisition of Equity Shares by our Promoter is lower than the issue price.</li><li>Our Promoters do not have prior experience in handling higher business volume.</li><li>Failures in IT systems and infrastructure supporting our system and operations could significantly disrupt our operations and have a material adverse effect on our business, results of operations, cash flows and financial condition.</li><li>Our failure to compete effectively against existing and new competitors, could adversely affect our market share, business, financial condition, results of operations and prospects.</li><li>Our ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.</li><li>If we are not successful in managing our business and growth in future, our profitability may decrease and result in adverse impact on our business, results of operations and financial condition.</li><li>Our Promoters and Promoter Group will continue to retain significant control in our Company, which will allow them to influence the outcome of matters submitted to shareholders for approval.</li><li>There is no monitoring agency appointed by Our Company and the deployment of funds are at the discretion of our Management and our Board of Directors, though it shall be monitored by our Audit Committee.</li><li>In addition to normal remuneration or benefits and reimbursement of expenses, some of our directors and key managerial personnel are interested in our Company to the extent of their shareholding, and dividend entitlement in our Company.</li><li>If we are unable to source business opportunities effectively, we may not achieve our financial objectives.</li><li>Our actual results could differ from the estimates and projections used to prepare our financial statements.</li><li>If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.</li><li>We may not be successful in implementing our business strategies.</li><li>Within the parameters as mentioned in the chapter titled "Objects of the Issue" beginning on page 87 of this Draft Red Herring Prospectus, our Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.</li><li>Managing employee benefit pressures in India may prevent us from sustaining our competitive advantage which could adversely affect our business prospects and future financial performance.</li><li>In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect our revenues and results of operations.</li><li>Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by our major shareholders may adversely affect the trading price of our Equity Shares.</li><li>The requirements of being a public listed company may strain our resources and impose additional requirements.</li><li>We have not independently verified certain data in this Draft Red Herring Prospectus.</li><li>An investment in the Equity Shares is subject to general risk related to investments in Indian Companies.</li><li>Any variation in the utilization of the Net Proceeds of the Issue as disclosed in this Draft Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.</li><li>The Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.</li><li>Our 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.</li><li>There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the EMERGE platform of NSE in a timely manner or at all.</li><li>Any future issuance of Equity Shares may dilute your shareholding and sale of our Equity Shares by our Promoters or other shareholders may adversely affect the trading price of the Equity Shares.</li><li>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.</li><li>Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.</li><li>The price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not develop.</li><li>Foreign investors are subject to foreign investment restrictions under Indian law that limits our ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.</li><li>We could become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in our products, which in turn could adversely affect our business operations and our sales could be diminished if we are associated with negative publicity.</li><li>The Company's customers operate in various industry segments/verticals and fluctuations in the performance of the industries in which the customers operate may result in a loss of customers, a decrease in the volume of work undertake or the price at which the company offer its products.</li><li>Delays or defaults in client payments could result in a reduction of our profits.</li><li>If we fail to keep our technical knowledge and process know-how confidential, we may suffer a loss of our competitive advantage.</li><li>We have not yet placed orders in relation to the funding Capital Expenditure towards purchase of Side Wall Trailer with Prime Mover which is proposed to be financed from the Issue proceeds of the IPO. In the event of any delay in placing the orders, may result in time and cost over-runs and our business, prospects and results of operations may be adversely affected.</li><li>Our insurance coverage may not be adequate to protect us against certain operating hazards and this may have a material adverse effect on our business and financial conditions.</li><li>We operate in a highly competitive industry and increased competition may lead to a reduction in our revenues, reduced profit margins or a loss of market share.</li><li>Our Company is proposing to increase its fleet of trucks and consequently also expect demand for qualified drivers to increase. We are working in a man-power centric industry and trained and qualified drivers are crucial to our performance and if our Company is unable to attract and retain a sufficient number of qualified drivers, our business, financial condition and results of operations could be adversely affected.</li><li>We are exposed to the risk of delays or non-payment by our clients and other counterparties, which may also result in cash flow mismatches.</li><li>Disruptions or failures in our information technology systems including cyber risks may affect our operations.</li><li>Our dependence on third-party truck operators during excessive demand periods or for specific consignment requirements could adversely affect business, results of operations, cash flows and financial condition.</li><li>Our Company has not entered into any long-term contracts with our customers and we typically operate on consignment basis. Inability to maintain regular order flow would adversely impact our revenues and profitability.</li><li>An increasing age of transportation vehicles and increasing prices of new vehicles may adversely affect our business and results of operations.</li><li>We are subject to various laws and extensive government regulations and if we fail to obtain, maintain or renew our statutory and regulatory licenses, permits and approvals required in the ordinary course of our business, including environmental, health and safety laws and other regulations, our business financial condition, results of operations and cash flows may be adversely affected.</li><li>We are dependent on various third parties for the adequate and timely supply of equipment and maintenance of our vehicles, and any delays or increase in costs related thereto may adversely affect our business.</li><li>We are significantly dependent on vehicles hired by us for providing transportation services to our customers. Any disruptions in hiring vehicles or any misconduct from their staff will affect our customer base and financial position of our Company.</li><li>Some of the KMPs/SMPs are associated with our Company for less than one year.</li><li>Brand recognition is important to the success of our business, and our inability to build and maintain our brand name will harm our business, financial condition and results of operation.</li><li>Our success depends largely upon the services of our Directors, Promoters and other Key Managerial Personnel and our ability to attract and retain them. Demand for key managerial personnel in the industry is intense and our inability to attract and retain key managerial, may affect the business and operations of our Company.</li><li>Foreign Trade restrictions could materially and adversely affect our business, financial condition and results of operations.</li><li>The industry in which we operate is labour intensive and our operations may be materially adversely affected by strikes, work stoppages or increased wage demands by our employees.</li><li>We have not made any alternate arrangements for meeting our capital requirements for the Objects of the Issue. Further we have not identified any alternate source of financing the Objects of the Issue. Any shortfall in raising / meeting the same could adversely affect our growth plans, business operations and financial condition</li><li>There have been certain discrepancies / non-compliances and delays relating to filing of returns pertaining to GST, TDS, PF and ESI with the statutory authorities which have led the Company to bear financial penalties. Any such delays in meeting the statutory timelines in future may have an impact on the profitability of the Company and any Penalty or demand raised by statutory authorities in future may adversely affect our financial position of the Company.</li><li>We do not verify the contents of the goods transported by us, thereby exposing us to the risks associated with the transportation of goods in violation of applicable regulations.</li><li>Our Promoters have provided personal guarantees for loan facilities obtained by our Company, and any failure or default by our 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 our Promoters and their relatives and thereby, impact our business and operations.</li><li>Although our Company has obtained the consent/No objection certificate of our lender (ICICI Bank Ltd) for the Proposed IPO, however, our financing agreements contain covenants that limit our flexibility in operating our business. If we are not in compliance with certain of these covenants our lender may accelerate the repayment schedules, and enforce their respective security interests, leading to a material adverse effect on our business and financial condition.</li><li>Our inability to retain manpower in our company could adversely affect operations to run smoothly and require us to hire new talent in the company which would increase our costs due to the hiring and training process.</li><li>If we are unable to manage our growth effectively or if our estimates or assumptions used in developing our strategic plan are inaccurate or we are unable to execute our strategic plan effectively, our business and prospects may be materially and adversely affected.</li><li>Adverse publicity regarding our service or company could negatively impact us.</li><li>We have in the past entered into related party transactions and may continue to do so in the future. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our Company's financial condition and results of operations.</li><li>Any Penalty or demand raised by statutory authorities in future may adversely affect our financial position of the Company.</li><li>We could be adversely affected by employee misconduct or errors including those of third-party vendors from whom we hire logistics services, that are difficult to detect and any such incidences could adversely affect our financial condition, results of operations and reputation.</li><li>Our Company has recently transited from a private to a public company. The process for updating the details of the Company across all portals and platform is underway and any delay in such updation may make the company liable to penalties or regulatory action.</li><li>The average cost of acquisition of Equity Shares by our Promoter is lower than the issue price.</li><li>Our Promoters do not have experience in handling high business volume and this may restrain the growth of the Company.</li><li>Failures in IT systems and infrastructure supporting our system and operations could significantly disrupt our operations and have a material adverse effect on our business, results of operations, cash flows and financial condition.</li><li>Our failure to compete effectively against existing and new competitors, could adversely affect our market share, business, financial condition, results of operations and prospects.</li><li>Our ability to pay dividends in the future will depend upon future earnings, financial condition, cash flows, working capital requirements and capital expenditures.</li><li>If we are not successful in managing our business and growth in future, our profitability may decrease and result in adverse impact on our business, results of operations and financial condition.</li><li>Our Promoters and Promoter Group will continue to retain significant control in our Company, which will allow them to influence the outcome of matters submitted to shareholders for approval.</li><li>There is no monitoring agency appointed by Our Company and the deployment of funds are at the discretion of our Management and our Board of Directors, though it shall be monitored by our Audit Committee.</li><li>In addition to normal remuneration or benefits and reimbursement of expenses, some of our directors and key managerial personnel are interested in our Company to the extent of their shareholding, and dividend entitlement in our Company.</li><li>If we are unable to source business opportunities effectively, we may not achieve our financial objectives.</li><li>Our actual results could differ from the estimates and projections used to prepare our financial statements.</li><li>If we fail to maintain an effective system of internal controls, we may not be able to successfully manage, or accurately report, our financial risks.</li><li>We may not be successful in implementing our business strategies.</li><li>Within the parameters as mentioned in the chapter titled "Objects of the Issue" beginning on page 91 of this Red Herring Prospectus, our Company's management will have flexibility in applying the proceeds of this Issue. The fund requirement and deployment mentioned in the Objects of this Issue have not been appraised by any bank or financial institution.</li><li>Managing employee benefit pressures in India may prevent us from sustaining our competitive advantage which could adversely affect our business prospects and future financial performance.</li><li>In the event there is any delay in the completion of the Issue, there would be a corresponding delay in the completion of the objects / schedule of implementation of this Issue which would in turn affect our revenues and results of operations.</li><li>Any future issuance of Equity Shares may dilute your shareholdings, and sale of the Equity Shares by our major shareholders may adversely affect the trading price of our Equity Shares.</li><li>The requirements of being a public listed company may strain our resources and impose additional requirements.</li><li>We have not independently verified certain data in this Red Herring Prospectus.</li><li>An investment in the Equity Shares is subject to general risk related to investments in Indian Companies.</li><li>Any variation in the utilization of the Net Proceeds of the Issue as disclosed in this Red Herring Prospectus shall be subject to certain compliance requirements, including prior Shareholders' approval.</li><li>The Issue Price of the Equity Shares may not be indicative of the market price of the Equity Shares after the Issue.</li><li>Our 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.</li><li>There is no guarantee that the Equity Shares issued pursuant to the Issue will be listed on the EMERGE platform of NSE in a timely manner or at all.</li><li>Any future issuance of Equity Shares may dilute your shareholding and sale of our Equity Shares by our Promoters or other shareholders may adversely affect the trading price of the Equity Shares.</li><li>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.</li><li>Investors may be subject to Indian taxes arising out of capital gains on the sale of the Equity Shares.</li><li>The price of our Equity Shares may be volatile, or an active trading market for our Equity Shares may not develop.</li><li>Foreign investors are subject to foreign investment restrictions under Indian law that limits our ability to attract foreign investors, which may adversely impact the market price of the Equity Shares.</li><li>We could become liable to customers, suffer adverse publicity and incur substantial costs as a result of defects in our products, which in turn could adversely affect our business operations and our sales could be diminished if we are associated with negative publicity.</li><li>The Company's customers operate in various industry segments/verticals and fluctuations in the performance of the industries in which the customers operate may result in a loss of customers, a decrease in the volume of work undertake or the price at which the company offer its products.</li><li>Delays or defaults in client payments could result in a reduction of our profits.</li><li>If we fail to keep our technical knowledge and process know-how confidential, we may suffer a loss of our competitive advantage.</li></ul>