You should read the following discussion in conjunction with our restated financial statements attached in the chapter titled
"Financial Information of the Company" beginning on page 153. You should
also read the section titled "Risk Factors" on page
25 and the section titled "Forward Looking Statements" on page 18 of this
Red Herring Prospectus, which discusses a number of
factors and contingencies that could affect our financial condition and results of
operations. The following discussion relates to us,
and, unless otherwise stated or the context requires otherwise, is based on our Restated
Financial Statements.
Our financial statements have been prepared in accordance with Indian GAAP, the
Companies Act and the SEBI (ICDR)
Regulations and restated as described in the report of our auditor dated September 11,
2025 which is included in this Red Herring
Prospectus under "Financial Statements ". The Restated Financial Information has
been prepared on a basis that differs in certain
material respects from generally accepted accounting principles in other jurisdictions,
including US GAAP and IFRS. Our financial
year ends on March 31 of each year, and all references to a particular financial year are
to the twelve-month period ended March
31 of that year.
Business Overview
Our Company was incorporated in 2006 and is engaged in the manufacturing, supply, and
export of rubber-based products catering
primarily to the requirements of the railways, infrastructure, and other commercial
applications. We manufacture a diversified range
of products including elastomeric bridge bearings, POT-PTFE bearings, spherical bearings,
expansion joints for infrastructure,
composite grooved rubber sole plates (CGRSP), UIC rubber vestibules, rubberized railway
crossing pads, moulded and long-length
rubber sheets, gym mats, rolls, cow mats, rubber beadings, and other commercial rubber
products.Our products are used in railway
coaches, sleepers, railway crossings, bridges, flyovers, roads, highways, and other
infrastructure and commercial applications. We
supply products to Indian Railways as well as to private sector organizations operating
across various industries. Our Company
focuses on developing and delivering rubber solutions that are designed to meet the
functional, safety, and performance requirements
of modern railway, industrial, and infrastructure projects.
Our company holds source approval for various infrastructure projects from the Ministry
of Road Transport and Highways
(MORTH) for supplying Elastomeric Bearings, Expansion Joints, POT-PTFE Bearings, and Strip
Seal Joints and is an approved
vendor with the Research Designs & Standards Organisation (RDSO) for supplying
Elastomeric Bearings, Expansion Joints, POT-
PTFE Bearings, Composite Grooved Rubber Sole Plates (CGSRP), and UIC Rubber Vestibules
across India. We are also listed in
the Indian Railways vendor directory of approved manufacturers for Elastomeric Bearings,
Expansion Joints, POT-PTFE Bearings,
UIC Rubber Vestibules and Composite Grooved Rubber Sole Plates and have secured approvals
from the Ministry of Railways and
the Dedicated Freight Corridor Corporation of India (DFCC) for projects on the Eastern and
Western Corridors. Internationally, our
products have been supplied to projects in the Kingdom of Saudi Arabia since 2020, and our
CE compliance for Rubber Sheets,
Structural Bearings, Elastomeric Bearings, and Elastomeric Seals further strengthens our
global market presence.
Our rubber manufacturing facility operates at Plot No. 3, Sy. No. 228/9, Kucharam
Village, Manoharabad Mandal, Hyderabad,
Telangana 502336, spanning 9993 square meters with 8094 square meters for the plant
building and 1899 square meters as green
belt. We equip our facility with modern machinery including kneaders, mixing mills,
hydraulic presses, rotocure machines,
calendaring machines, and extruders. We maintain ISO 9001:2015, ISO 14001:2015
(Environmental Management System), and
ISO 45001:2018 (Occupational Health & Safety) certifications, demonstrating our
commitment to quality, environmental
sustainability, and workforce safety. We implement quality control measures at every
production stage through our In-house NABL-
accredited laboratory, which follows ISO/IEC 17025 standards to ensure materials and
finished products meet established
specifications.
We procure a diverse range of raw materials essential for producing rubber products,
including natural and synthetic rubber, metal
sheets, rubber compounds, carbon black powder, white clay, oils, activators, adhesives,
plasticizers, and other key ingredients,
ensuring the durability and performance of our products. These raw materials are sourced
primarily from domestic suppliers,
including manufacturers and traders, and are selected based on factors such as market
availability, pricing, and quality. The cost of
materials consumed (including the purchase of stock in trade and changes in inventory)
accounted for 52.75%, 60.63% and 65.36%
of our revenue from operations for the financial years ending March 31, 2025, 2024, and
2023, respectively.
We cater to both domestic and international markets. Domestically, we serve direct
customers, traders, and stockists, while
internationally, we collaborate with authorized distributors, traders, and marketing
representatives. Since initiating exports in 2020,
we have expanded our presence to countries including Saudi Arabia, Tanzania, Malawi,
Nepal, Iraq, Poland etc. To strengthen our
global reach, we have appointed distributors in key markets such as Saudi Arabia and Iraq.
In 2024, we established a subsidiary,
Ameenji Rubber Inc., in, North Carolina, USA to solidify our entry into the U.S. market.
Our export revenues for the fiscal years
2025, 2024, and 2023 were ? 1026.77 lakhs, ? 363.70 lakhs and ?560.97 lakhs respectively,
contributing to our overall revenue.
Our Company was originally incorporated on September 20, 2006 as "Ameenji Rubber
Private Limited" under the provisions of the
Companies Act, 1956 with the Registrar of Companies, Telangana. Subsequently our Company
was converted into Public Limited
Company and name of company was changed from "Ameenji Rubber Private Limited"
to "Ameenji Rubber Limited" vide fresh
certificate of incorporation dated July 31, 2024 issued by the Registrar of Companies.
Our Promoters, Mufaddal Najmuddin Deesawala, Sakina Mufaddal Deesawala, Fatema Mufaddal
Deesawala and Zahra Mufaddal
Deesawala have experience of around 18 years, 15 years, 4 years and 1 years respectively
in the rubber industry. Our Promoters
experience has been instrumental in shaping the vision and growth strategies for our
Company. We believe that the experience,
depth and diversity of our Promoter Directors has enabled our Company to scale our
operations in domestic and international
markets. Their industry experience enables us to anticipate and address market trends,
manage and grow our operations, maintain
and leverage customer relationships and respond to changes in customer preferences.
Key Performance Indicators of our Company
(Rs In Lakhs except percentages and ratios)
Key Financial Performance |
As at the Year ended |
||
| FY 2024-25 | FY 2023-24 | FY 2022-23 | |
Revenue from operations1^ |
9405.18 | 8,333.84 | 7,408.48 |
EBITDA(2) |
1858.74 | 1214.09 | 846.20 |
EBITDA Margin(3) |
19.76% | 14.57% | 11.42% |
PAT(4) |
803.38 | 430.65 | 350.09 |
PAT Margin(5) |
8.54% | 5.17% | 4.73% |
RoE(%)(6) |
44.23% | 35.90% | 43.27% |
RoCE (%)(7) |
23.43% | 22.68% | 23.50% |
Net Worth(8) |
2218.20 | 1,414.82 | 984.17 |
Notes:
(1)
Revenue from operation means revenue from services and other operating revenues(2)
EBITDA is calculated as Profit before tax + Depreciation + Interest Expenses - Other Income(3)
‘EBITDA Margin is calculated as EBITDA divided by Revenue from Operations(4) pat is Profit after tax
(5) ‘PAT Margin is calculated as PAT for the year divided by Total Income
(6)
Return on Equity is ratio of Profit after Tax and Average Shareholder Equity(7)
Return on Capital Employed is calculated as EBIT divided by capital employed, which is which is defined as shareholders(8)
Net Worth = Equity Share Capital + Reserve and Surplus (including surplus in the Statement of Profit & Loss) - PreliminaryExplanation for KPI metrics:
KPI |
Explanations |
Revenue from |
Revenue from Operations is used by our management to track the revenue
profile of the business and in turn helps to assess the overall financial performance of our Company and volume of our business |
EBITDA |
EBITDA provides information regarding the operational efficiency of the business |
EBITDA Margin (%) |
EBITDA Margin (%) is an indicator of the operational profitability and
financial performance of our business |
PAT |
Profit after tax provides information regarding the overall profitability of the business. |
PAT Margin (%) |
PAT Margin (%) is an indicator of the overall profitability and financial performance of our business. |
RoE(%) |
RoE provides how efficiently our Company generates profits from shareholders funds. |
RoCE (%) |
RoCE provides how efficiently our Company generates earnings from the
capital employed in the business. |
Net Worth |
Net worth is used by the management to ascertain the total value created
by the entity and provides a snapshot of current financial position of the entity |
STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES
For details in respect of Statement of Significant Accounting Policies, please refer to
"Restated Financial Statements" beginning
on page 153 of this Red Herring Prospectus
1. Derive major portion of our revenues from few customers, loss of any such customer
will have a material adverse impact our
business and revenue;
2. Not entered into any long-term contracts with any of our customers and typically
operate on the basis of short-term contracts
and work orders, which could adversely impact our revenue and profitability;
3. Agreements and work orders with customers expose us to certain risk, which may
negatively impact our revenue and
profitability;
4. Experience delays and/or defaults in client payments, we may be unable to recover all expenditures;
5. Any change in government policies resulting in increases in taxes payable by us;
Ameenji Rubber Limited
6. Our ability to retain our key managements persons and other employees;
7. Changes in laws and regulations that apply to the industries in which we operate.
8. Our ability to grow our business;
9. Limited operating history in the form of a Corporate Body can makes it difficult for
investors to evaluate our historical
performance or future prospects;
10. Our business and profitability may be negatively affected if we are not able to
anticipate rapid changes in technology, or
innovate and diversify our service offerings in response to market challenges;
11. General economic, political and other risks that are out of our control;
12. Inflation, deflation, unanticipated turbulence in interest rates, equity prices or other rates or prices;
13. Companys ability to successfully implement its growth strategy and expansion plans ;
14. Failure to comply with regulations prescribed by authorities of the jurisdictions in which we operate;
15. Inability to successfully obtain registrations in a timely manner or at all;
16. Occurrence of Environmental Problems & Uninsured Losses;
17. Conflicts of interest with affiliated companies, the promoter group and other related parties;
18. Any adverse outcome in the legal proceedings in which we are involved; and
19. Concentration of ownership among our Promoters.
20. The performance of the financial markets in India and globally;
Discussion on Result of Operations
The following discussion on results of operations should be read in conjunction with
the Restated Financial Statements for the
financial years ended on March 31,2025, March 31, 2024 and March 31,2023.
(Amount in T Lakhs)
Particulars |
FY 2024- 25 |
% of Total Income |
FY 2023- 24 |
% of Total Income |
FY 2022- 23 |
% of Total Income |
Consolidated |
Standalone |
|||||
Income |
||||||
Revenue From Operation |
9,405.18 | 99.60% | 8,333.84 | 98.93% | 7,408.48 | 99.83% |
Other Income |
37.84 | 0.40% | 90.29 | 1.07% | 12.85 | 0.17% |
Total Income |
9,443.03 | 100.00% | 8,424.13 | 100.00% | 7,421.33 | 100.00% |
Expenditure |
||||||
Cost of Material Consumed |
6,087.90 | 64.47% | 5,306.59 | 62.99% | 5,008.43 | 67.49% |
Changes in inventories of finished goods. |
(1,126.71) | -11.93% | (254.16) | -3.02% | (166.59) | -2.24% |
Employee Benefit Expenses |
1,284.32 | 13.60% | 1,085.45 | 12.89% | 610.11 | 8.22% |
Finance Cost |
521.19 | 5.52% | 419.30 | 4.98% | 319.60 | 4.31% |
Depreciation and Amortization Expenses |
341.75 | 3.62% | 195.91 | 2.33% | 164.12 | 2.21% |
Other Expenses |
1,260.80 | 13.35% | 976.82 | 11.60% | 1,068.82 | 14.40% |
Total Expenditure |
8,369.24 | 88.63% | 7,729.91 | 91.76% | 7,004.50 | 94.38% |
Profit/(Loss) Before Exceptional & |
1,073.78 | 11.37% | 694.22 | 8.24% | 416.83 | 5.62% |
Exceptional Item |
- | - | - | - | - | - |
Profit/(Loss) Before Tax |
1,073.78 | 11.37% | 694.22 | 8.24% | 416.83 | 5.62% |
Tax Expense: |
||||||
Tax Expense for Current Year |
277.92 | 2.94% | 183.69 | 2.18% | 143.01 | 1.93% |
Deferred Tax |
(7.52) | -0.08% | 79.88 | 0.95% | (76.27) | -1.03% |
Net Current Tax Expenses |
270.40 | 2.86% | 263.57 | 3.13% | 66.73 | 0.90% |
Profit/(Loss) for the Year transferred to |
803.38 | 8.51% | 430.65 | 5.11% | 350.09 | 4.72% |
Revenue from operations:
Revenue from Operations mainly consists of revenue from sale of industrial rubber
products those include Elastomeric Bridge
Bearings, POT-PTFE Bearings, Spherical Bearings, Expansion Joints, Composite Grooved
Rubber Sole Plates ("CGRSP"), UIC
Rubber Vestibules, Rubberized Railway Crossing Pads, Moulded and Long Length Rubber
Sheets, Gym Mats and Rolls, Cow Mats,
Rubber Beadings and other commercial rubber products.to our customers.
Other Income:
Our other income primarily comprises of interest on Term deposits, Profit on sale of car etc.
Total Expenses:
200
Companys total expenses consist of costs like Cost of Goods sold, Employee benefits
expense, Finance costs, Depreciation and
amortization expenses and other expenses.
Employee benefits expense:
Our employee benefits expense primarily comprises of Salaries & wages, staff
welfare expenses, Contribution to Provident Fund
and Other Fund, Gratuity etc.
Finance Costs:
Our finance cost comprises of Interest on loan and other borrowing cost.
Depreciation and Amortization Expenses:
Depreciation includes depreciation of Plant & Machinery, Building, Office Equipment, Furniture & Fixtures, Vehicles etc.
Other Expenses:
Our Other Expenses consists of Freight, Rent, Advertising Expenses, Business and
Promotion Expenses, Insurance Expenses,
Professional Fees, Electricity Charges, Printing & Stationary, Repairs and
Maintenance, Telephone Charges, Water Charges, other
Miscellaneous Expenses.
Financial Performance Highlights for the Year Ended on March 31, 2025 (Based on Restated Financial Statements)
Total Income
Total income for the year ending March 31, 2025 stood at ? 9443.03 Lakhs, which
includes revenue from operation amounting to ?
9405.18 lakhs and other income of ? 37.84 lakhs.
Revenue from Operations
During the year ending March 31, 2025 revenue from operations stood at ? 9405.18 Lakhs.
The revenue from operations includes
the revenue from sale of industrial rubber products consisting of Elastomeric Bridge
Bearings, POT-PTFE Bearings, Spherical
Bearings, Expansion Joints, Composite Grooved Rubber Sole Plates ("CGRSP"), UIC
Rubber Vestibules, Rubberized Railway
Crossing Pads, Moulded and Long Length Rubber Sheets, Gym Mats and Rolls, Cow Mats, Rubber
Beadings and other commercial
rubber products to our customers.
Other Income
During the year ending March 31, 2025, other income was ? 4.57 Lakhs. Other income
consists of interest received on term deposits.
Cost of materials consumed
During the year ending March 31, 2025, cost of material consumed stood at ? 2527.11
lakhs. This is the major portion of the total
expenses of the company representing 64.12% of the total income of the Company.
Employee benefits expenses
Our Company has incurred ? 599.62 Lakhs as Employee benefits expense for the year ending March 31, 2025.
Depreciation and amortization expenses
Depreciation for the year ending March 31, 2025 was ? 176.04 Lakhs.
Other expenses
Other Expenses for the year ending March 31, 2025 stood at ? 561.59 Lakhs.
Restated Profit before tax
The Company reported Restated profit before tax for year ending March 31, 2025 of ? 291.68 Lakhs.
Restated Profit after tax
The Company reported Restated profit after tax for year ending March 31,2025 of ? 218.27 Lakhs.
Financial Year 2025 Compared to Financial Year 2024 (Based on Restated Financial Statements)
Total Income:
Total income for the financial year 2024-25 stood at ? 9443.03 Lakhs whereas in
financial year 2023-24 the same stood at ? 8424.13
Lakhs representing an increase of 12.09%. The main reason of increase was due to increase
in the sale of our products.
Revenue from Operations
During the financial year 2024-25, the net revenue from operation of our Company
increased to ? 9405.18 Lakhs as against ?
8333.84 Lakhs in the financial year 2023-24 representing an increase of 12.86%. Such
increase was due to increase in the sale of
our products.
Other Income:
During the financial year 2024-25, the other income of our Company increased to ? 37.84
Lakhs as against ? 90.29 lakhs in the
financial year 2023-24 representing a decrease of 58.09%. The main reason of decrease was
profit on sale of car of ? 72.46 Lakhs
in the financial year 2023-24.
Total Expenses
Total expenses of the company comprise of Cost of material consumed, Changes in
inventory of Finished Goods, Employee benefit
expenses, Finance costs, Depreciation and amortization and other expenses. The total
expense for the financial year 2024-25
increased to ? 8369.24 Lakhs from ? 7729.91 lakhs in the financial year 2023-24
representing an increase of 8.27%. Such increase
was due to increase in business operations of the Company.
Cost of Goods Sold
The cost of Goods sold decreased to ? 4961.19 lakhs in FY 2024-25 as against ? 5052.43
lakhs in FY 2023-24 representing a
decrease of approximately 1.81%. This reduction was mainly due to improved procurement
efficiency and better cost control
measures. Also, the cost of Goods sold to Revenue ratio which was 60.63% in the FY 2023-24
and declined to 52.75% in the FY
2024-25 as disclosed in the heading revenue from operation mentioned above.
Employee benefits expense:
Our Company has incurred ? 1284.32 Lakhs as Employee benefits expense during the
financial year 2024-25 as compared to ?
1085.45 Lakhs in the financial year 2023-24. The increase of 18.32% was due to increase in
salary and wages.
Finance costs:
Finance costs were for the financial Year 2024-25 increased to ? 521.19 Lakhs as
against ? 419.30 Lakhs during the financial year
2023-24. The increase of 24.30% was due to increase in the borrowings. Our finance costs
include interest expenses and other
borrowing costs.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2024-25 stood at ? 341.75 Lakhs as against ? 195.91
Lakhs during the financial year 2023-24.
The increase in depreciation was around 74.44% in comparison to the previous year. The
Reason of increase was due to purchase
of property, plant & equipment.
Other Expenses:
Our Company has incurred ? 1260.80 Lakhs during the Financial Year 2024-25 on other
expenses as against ? 976.82 Lakhs during
the financial year 2023-24. There was increase of 29.07% in comparison to the previous
year. Other expenses consist of Freight,
Rent, Advertising Expenses, Business and Promotion Expenses, Insurance Expenses,
Professional Fees, Electricity Charges,
Printing & Stationary, Repairs and Maintenance, Telephone Charges, Water Charges,
other Miscellaneous Expenses.
Restated profit before tax:
Net profit before tax for the financial year 2024-25 increased to ? 1073.78 Lakhs as
compared to ? 694.22 Lakhs in the financial
year 2023-24. This increase of 54.67% which was majorly due to factors as mentioned above.
Restated profit for the year:
The Company reported Restated profit after tax for the financial year 2024-25 of ?
803.38 Lakhs in comparison to ? 430.65 lakhs
in the financial year 2023-24. The increase of 86.55% was majorly due to factors mentioned
above.
Financial Year 2024 Compared to Financial Year 2023 (Based on Restated Financial Statements)
Total Income:
Total income for the financial year 2023-24 stood at ? 8424.13 Lakhs whereas in
financial year 2022-23 the same stood at ? 7421.33
Lakhs representing an increase of 13.51%. The main reason of increase was due to increase
in the sale of our products.
Revenue from Operations
During the financial year 2023-24, the net revenue from operation of our Company
increased to ? 8333.84 Lakhs as against ?
7408.48Lakhs in the financial year 2022-23 representing an increase of 12.49%. Such
increase was due to increase in the sale of our
products.
Other Income:
During the financial year 2023-24, the other income of our Company increased to ? 90.29
Lakhs as against ? 12.85 lakhs in the
financial year 2022-23 representing an increase of 602.88%. The main reason of increase
was profit on sale of car of ? 72.46 Lakhs
in the financial year 2023-24.
Total Expenses
Total expenses of the company comprise of Cost of material consumed, Changes in
inventory of Finished Goods, Employee benefit
expenses, Finance costs, Depreciation and amortization and other expenses. The total
expense for the financial year 2023-24
increased to ? 7729.91 Lakhs from ? 7004.50 lakhs in the financial year 2022-23
representing an increase of 10.36%. Such increase
was due to increase in business operations of the Company.
Cost of Goods Sold
The cost of Goods sold increased to ? 5052.43 lakhs in FY 2023-24 as against ? 4841.84
lakhs in FY 2021-22 representing an
increase of approximately 4.35%. The main reason for increase in the cost of Goods sold
was due to increase in the Revenue, Also,
the cost of Goods sold to Revenue ratio which was 65.36% in the FY 2022-23 and went to
60.63% in the FY 2023-24 as disclosed
in the heading revenue from operation mentioned above. Thus, there is no major variance on
account of Cost of goods sold and it
remained constant to increase in Revenue.
Employee benefits expense:
Our Company has incurred ? 1085.45 Lakhs as Employee benefits expense during the
financial year 2023-24 as compared to ?
610.11 Lakhs in the financial year 2022-23. The increase of 77.91% was due to increase in
salary and wages.
Finance costs:
Finance costs were for the financial Year 2023-24 increased to ? 419.30 Lakhs as
against ? 319.60 Lakhs during the financial year
2022-23. The increase of 31.20% was due to increase in the borrowings. Our finance costs
include interest expenses and other
borrowing costs.
Depreciation and Amortization Expenses:
Depreciation for the financial year 2023-24 stood at ? 195.91 Lakhs as against ? 164.12
Lakhs during the financial year 2022-23.
The increase in depreciation was around 19.37% in comparison to the previous year.
Other Expenses:
Our Company has incurred ? 976.82 Lakhs during the Financial Year 2023-24 on other
expenses as against ? 1068.82 Lakhs during
the financial year 2022-23. There was decrease of 8.61% in comparison to the previous
year. Other expenses consist of Freight,
Rent, Advertising Expenses, Business and Promotion Expenses, Insurance Expenses,
Professional Fees, Electricity Charges,
Printing & Stationary, Repairs and Maintenance, Telephone Charges, Water Charges,
other Miscellaneous Expenses.
Restated profit before tax:
Net profit before tax for the financial year 2023-24 increased to ? 694.22 Lakhs as
compared to ? 416.83 Lakhs in the financial year
2022-23. This increase of 66.55% which was majorly due to factors as mentioned above.
Restated profit for the year:
The Company reported Restated profit after tax for the financial year 2023-24 of ?
430.65 Lakhs in comparison to ? 350.09 lakhs
in the financial year 2022-23. The increase of 23.01% was majorly due to factors mentioned
above.
Information required as per Item (II)(C)(iv) of Part A of Schedule VI to the SEBI Regulations:
An analysis of reasons for the changes in significant items of income and expenditure is given hereunder:
1. Unusual or infrequent events or transactions
There has not been any unusual trend on account of our business activity. Except as
disclosed in this Red Herring Prospectus, there
are no unusual or infrequent events or transactions in our Company.
2. Significant economic changes that materially affected or are likely to affect income from continuing operations.
There are no significant economic changes that may materially affect or likely to affect income from continuing operations.
3. Known trends or uncertainties that have had or are expected to have a material
adverse impact on sales, revenue or income
from continuing operations.
Apart from the risks as disclosed under Section "Risk Factors"
beginning on page 25 of the Red Herring Prospectus, in our opinion
there are no other known trends or uncertainties that have had or are expected to have a
material adverse impact on revenue or
income from continuing operations.
4. Future changes in relationship between costs and revenues
Other than as described in the sections "Risk Factors ", "Our Business " and "Managements Discussion and Analysis of Financial
Condition and Results of Operations" on pages 25, 102 and 198
respectively, to our knowledge, no future relationship between
expenditure and income is expected to have a material adverse impact on our operations and
finances.
5. Segment Reporting
Our business activity primarily falls within a single business and geographical
segment, other than as disclosed in "Restated
Financial Statements" on page 153, we do not follow any other segment
reporting
6. Status of any publicly announced New Products or Business Segment
Except as disclosed in the Chapter "Our Business" on page 102
of this Red Herring Prospectus, our Company has not announced
any new product or service.
7. Seasonality of business
Our business is not subject to seasonality. For further information, see "Industry
Overview" and "Our Business" on pages 90 and
102 respectively of this Red Herring Prospectus.
8. Dependence on single or few customers
Given the nature of our business operations, we do not believe our business is dependent on any single or a few customers
9. Competitive conditions
Competitive conditions are as described under the Chapters "Industry
Overview" and "Our Business" beginning on pages 90
and
102 respectively of this Red Herring Prospectus.
10. Details of material developments after the date of last balance sheet i.e., March 31, 2025
1. Our Company has approved the Restated Financial Statements for the financial years
ended on March 31, 2025, March 31,2024
and March 31, 2023 in the Board meeting dated September 11, 2025.
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