1. Since September 12, 2022 the Company owns 100% of the equity shareholding of its Subsidiaries. As the Company did not own 100% of the equity shareholding of its Subsidiaries during Fiscal 2022, Fiscal 2021 and Fiscal 2020, the Restated Financial Information does not include financial information for its Subsidiaries prior to their acquisitions by the Company. Accordingly, its Restated Financial Information, as of, and for the years ended, March 31, 2022, 2021 and 2020, are not comparable to any future financial results that the company may prepare. In addition, because of their nature, its Proforma Consolidated Financial Information addresses a hypothetical situation and, therefore, does not represent its factual results of operations or financial condition.
2. The company is dependent on, and derive a substantial portion of its revenue from, a single customer, Signify Innovations India Limited, erstwhile Philips India, and over 85% its revenue is derived from the company top twenty customers. Cancellation by its top customers or delay or reduction in their orders could have a material adverse effect on its business, results of operations and financial condition.
3. The company do not receive firm and long-term volume purchase commitments from its customers. If the company customers choose not to renew their supply contracts with it or continue to place orders with the company, its business and results of operations will be adversely affected.
4. Its business is dependent and will continue to depend on the company manufacturing facilities, and its subject to certain risks in the company manufacturing process such as the breakdown or failure of equipment, industrial accidents, injury to employees, severe weather conditions and natural disasters. In addition, any strikes, work stoppages or increased wage demands by its employees could also interfere with the company operations.
5. The company is dependent on its R&D activities for its future success. If the company do not successfully develop new products in a timely and cost-effective manner, its business, results of operations and financial condition may be adversely affected.
6. Its operations are subject to environmental and workers' health and safety laws and regulations. The company may have to incur material costs to comply with these regulations or suffer material liabilities or damages in the event of an incidence or non-compliance of environment and other similar laws and regulations which may have a material adverse effect on its reputation, business, financial condition and results of operations.
7. The company relies on a number of third party suppliers for its key components, materials and stock-in-trade as well as customer support services including product repairs and returns. Any shortfall in the supply of its components and raw materials or an increase in the company component or raw material costs, or other input costs, may adversely affect the pricing and supply of its products and have an adverse effect on its business, results of operations and financial condition.
8. Its operate in a competitive environment and may not be able to effectively compete due to various factors not under the company control, which could have a material adverse effect on its business, results of operations and financial condition.
9. The company proposed capacity expansion plans relating to its manufacturing facilities are subject to the risk of unanticipated delays in implementation, cost overruns and certain Government approvals and licenses. If the company is unable to implement the expansion plans at the planned cost or unable to obtain Government approvals and licenses, it could materially and adversely impact its business, results of operations and financial condition.
10. The company business may expose it to potential warranty claims, product recalls and returns, which could adversely affect its results operations, goodwill and the marketability of the company products.