1. We operate in a niche industry and cater to an elite class of customers which includes entrepreneurs, high ranking corporate leaders, politicians, diplomats, celebrities and other VIPs. These categories of customers require specialised and customised services as per their requirements. Our inability to provide quality services to these customers could have a material adverse effect on our business, results of operations and financial condition.
2. Increase in the rate of Aviation Turbine Fuel ("ATF"), which is a key component in operating costs, may have an adverse effect on our operations and financials.
3. We have not yet placed all orders as per Objects of the Issue, which may have an adverse effect on operations.
4. One of our members of our Promoter Group, P Karthik Iyer Parasuraman is involved in certain legal proceedings and these proceedings are pending at different levels of adjudication before various courts.
5. Failure to comply with covenants in our Aircraft Lease Agreements could adversely affect our Business operations and Financial conditions.
6. We have experienced working capital requirements in the past and may continue to experience in future also. If we experience insufficient cash flows from our operations or are unable to borrow to meet our working capital requirements, it may materially and adversely affect our business, cash flows and results of operations.
7. The airline industry is subject to extensive regulation. Any Changes in government regulations imposing additional restrictions on our operations could increase our operating costs and result in service delays and disruptions.
8. There have been certain instances of non-compliances and/or delay in compliance, including with respect to certain regulatory filings by our Company in the past. Consequently, we may be subject to regulatory actions and penalties for any such non-compliance and our business, financial condition and reputation may be adversely affected.
9. We derive a significant portion of our revenue from a limited number of clients. Our inability to acquire new clients or loss of all or a substantial portion to any of our major client, for any reason and/or, continued reduction of the business from them, could have a material adverse impact on our business, results of operations, financial condition and cash flows.
10. The name and logo of our Company have not been registered under the Trademarks Act, 1999. We may not be able to protect our IPR, resulting in someone else being able to use or possibly challenge our use of such intellectual property.