1. A significant portion (more than 80%) of its revenue from operations in each of the last three Fiscals is attributable to the Indian two-wheeler automotive sector. Any adverse changes in the two-wheeler automotive sector could adversely impact its business, results of operations and financial condition.
2. The company is dependent on its top three customers who contribute more than 50.00% of its revenue from operations with it single largest customer contributing more than 30.00% of its revenue from operations in each of the last three Fiscals. Loss of any of these customers or a reduction in purchases by any of them could adversely affect its business, results of operations and financial condition.
3. The company's business and profitability is substantially dependent on the availability and cost of its raw materials, including Aluminium, and any disruption to the timely and adequate supply of raw materials, or volatility in the prices of raw materials may adversely impact its business, results of operations and financial condition.
4. The company depends on third parties for the supply of raw materials and do not have firm commitments for supply or exclusive arrangements with any of its suppliers. Loss of suppliers may have an adverse effect on the company business, results of operations and financial condition.
5. The company may not be successful in implementing its growth strategies, particularly increasing the company market share in the evolving electric vehicle market, which could have an adverse effect on its business, financial condition, cash flows and results of operations.
6. The company has undertaken and may continue to undertake technical collaborations, joint ventures, strategic investments, alliances and acquisitions in the future, which may be difficult to integrate and manage, exposing it to risks that could adversely affect the company business.
7. The company has experienced growth in recent years and may be unable to sustain its growth or manage it effectively.
8. The company use third-party dealers to market, sell and deliver products in the independent aftermarket ("IAM") category and are subject to risks associated with these arrangements.
9. The company outsource certain operations of its business such as transport, logistics and other processes to third parties. Any failure by such third parties to deliver their services could have an adverse impact on the company business.
10. The company manufacturing facilities are concentrated in the state of Haryana and certain products (disc brake pads and safety control cables) are manufactured only at its manufacturing facilities in Haryana. Any significant social, political, economic or seasonal disruption, natural calamities or civil disruptions in Haryana could have an adverse effect on the company business, results of operations, future cash flows and financial condition.