Ideal Technoplast Industries Ltd Management Discussions

OF FINANCIAL POSITION AND RESULTS OF OPERATIONS

You should read the following discussion of our financial position and results of operations together with our Restated Standalone Financial Information, which have been included in this Prospectus. You should also read the section entitled "RISK FACTORS" beginning on page no. 17 and "FORWARD LOOKING STATEMENTS" beginning on page no. 11, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations.

The following discussion and analysis of our financial position and results of operations is based on our Restated Standalone Financial Information for the period ended 29^th February, 2024 and for the financial years ended March 31^st, 2023, 2022 and 2021 including the related notes and reports, included in this Prospectus prepared in accordance with requirements of the Companies Act and restated in accordance with the SEBI Regulations, which differ in certain material respects from IFRS, U.S. GAAP and GAAP in other countries. Our Financial Statements, as restated have been derived from our audited financial statements for the respective period and years. Accordingly, the degree to which our Restated Standalone Financial Information will provide meaningful information to a prospective investor in countries other than India is entirely dependent on the readers level of familiarity with Indian GAAP, Companies Act, SEBI Regulations and other relevant accounting practices in India.

This discussion contains forward-looking statements and reflects our current views with respect to future events and financial performance. Actual results may differ materially from those anticipated in these forward looking statements as a result of certain factors such as those described under "RISK FACTORS" and "FORWARD LOOKING STATEMENTS" on page nos. 17 and 11, respectively, and elsewhere in this Prospectus. Our Financial Year ends on March 31 of each year. Accordingly, all references to a particular Financial Year are to the 12 months ended March 31 of that year.

BUSINESS OVERVIEW

Our Company was originally formed and registered as a Partnership Firm under the Partnership Act, 1932 ("Partnership Act") in the name and style of "M/s. Ideal Technoplast Industries", pursuant to a deed of partnership dated 24^th August, 2012. Thereafter "M/s. Ideal Technoplast Industries" was converted from Partnership Firm to a Limited Company under Part I (Chapter XXI) of the Companies Act, 2013 in the name of "Ideal Technoplast Industries Limited" and received a certificate of incorporation dated 23^rd November, 2023 issued by the Registrar of Companies, Ahmedabad. As on date of this Prospectus the Corporate Identification Number of our Company is U22203GJ2023PLC146444.

Our Company is promoted by Mr. Prafulbhai Karshanbhai Vaghasia, Mrs. Vaishnavi Prafulbhai Vaghasiya, Mr. Vipulbhai Dulabhai Mendapara, Mrs. Mitulaben Vipulbhai Mendapara, Mr. Gauravbhai Chhaganbhai Gopani and Mrs. Ashaben Gauravbhai Gopani and was earlier known as "M/s/ Ideal Technoplast Industries". M/s. Ideal Technoplast Industries was formed in the year 2012 and over the years, it has established its business in the rigid plastic packaging i.e. Industrial Containers Manufacturing industry. Afterwards our Partnership firm converted into Limited company and the name of the firm was also change to "Ideal Technoplast Industries Limited".

Our company is a manufacturer and supplier of rigid plastic packaging, with a significant presence in both domestic and international markets (indirectly through export houses and third parties). We provide industrial packaging solutions for sectors such as paints, agro, chemicals, cosmetics, adhesives, lubricants, food, and edible oil. Our Surat facility spans multiple stories, covering an area of 20,000 sq. ft., and features advanced technology, including a fully automated plant. We employ In-Mould Labelling (IML) via robotic automation that enhances our output capacity. Additionally, we have specialized units for production, R&D, quality control, and automated screen printing. Our quality testing procedures cover everything from raw material sourcing to the final product, including weight checks, drop tests, finishing evaluations, and leak tests.

Our company offers a range of rigid plastic packaging solutions with advanced manufacturing technologies, including In-House Design & Printing Technology. We specialize in manufacturing square packaging containers known for their ruggedness, durability, and ease of handling heavy items. The technology used for manufacturing these containers includes fully automatic machines with robotic arms, reducing human intervention throughout the manufacturing process. These machines feature in-mould labelling technology and Heat Transfer Mould Labeling Technology, allowing direct printing on the containers instead of applying labels. This ensures standardized finished products and maintains desired quality while increasing production efficiency. Our specialization in square container manufacturing is supported by custom-designed moulds tailored to meet customer requirements.

Three experienced and technically sound promoters as well as directors, namely Mr. Vipulbhai Dulabhai Mendapara, Mr. Gauravbhai Chhaganbhai Gopani, and Mr. Prafulkumar Karsanbhai Vaghasiya, all residing in Surat, lead the foundation of our company with a combined 12 years of expertise in the Plastic Industry, Mr. Prafulkumar Karsanbhai Vaghasiya co-founded Ideal Technoplast in 2012, which has since become a prominent plastic packaging manufacturer in India. Mr. Vipulbhai Dulabhai Mendapara oversees production, maintenance, and delivery, while Mr. Gauravbhai Chhaganbhai Gopani initially took on marketing responsibilities and has driven the companys market positioning and fostered sustainable growth alongside the other promoter directors, contributing to various aspects of the business and promoting growth.

Our promoters have a collective experience spanning over 12 years, focusing on innovation and manufacturing diverse plastic packaging products. Our manufacturing facility is fully automated, enabling us to deliver products with high-quality finishes that meet market expectations. We demonstrate our commitment to sustainability through our eco-friendly approach, which includes recycling waste plastic containers as inputs in our manufacturing process. The company has installed plastic shredding and grinding machines to recycle plastic waste generated during manufacturing, preventing environmental harm and promoting sustainability. This waste includes defective containers and lids, as well as excess plastic from finishing processes, which are shredded and ground into granules. These granules are then reprocessed with raw materials to manufacture new containers and lids, showcasing our eco-friendly practices and commitment to sustainability.

Additionally, the manufacturing facility has an extensive setup covering a 3,000 square meter plot area, providing substantial production capacity. As a specialized manufacturer of square packaging containers in various sizes and variants, our products are recognized and accepted by different industry segments for their ruggedness, durability, and ease of handling heavy items, as well as their convenience for stacking and storage.

For more details kindly refer our chapter titled "BUSINESS OVERVIEW" begins from page no. 88 of this Prospectus.

Key Performance Indicators of our Company:

(Rs. In Lakhs)

Particulars	As on February, 29th, 2024	As on 31st March, 2023	As on 31st March, 2022	As on 31st March, 2021
Revenue from Operations1	2,424.11	1,199.30	567.81	569.47
Growth in Revenue from Operations (%) 2	120.50	111.21	-0.29	-
EBITDA3	398.04	114.03	32.64	31.41
EBITDA Margin (%)4	16.42	9.51	5.75	5.52
PAT5	326.61	50.62	10.53	9.82
PAT Margin (%)6	13.47	4.22	1.85	1.72
Net Debt7	427.80	582.07	144.09	111.20
Total Equity8	743.07	188.60	137.98	127.45
ROE (%)9	43.95	26.84	7.63	7.70
ROCE (%)10	32.95	12.09	9.05	10.20
EPS (Basic & Diluted)11	23.35	3.63	0.75	0.70

Note: 1. Revenue from operation means revenue from sales;

2. Growth in Revenue from Operations (%) is calculated as Revenue from Operations of the relevant period minus Revenue from Operations of the preceding period, divided by Revenue from Operations of the preceding period;

3. EBITDA is calculated as Profit before tax + Depreciation + Finance Costs Other Income;

4. EBITDA Margin is calculated as EBITDA divided by Revenue from Operations;

5. PAT is calculated as Profit before tax Taxes;

6. PAT Margin is calculated as PAT for the period/year divided by revenue from operations;

7. Net debt = Non-current borrowing + current borrowing - Cash and cash equivalent, Bank balance, and Investments;

8. Total Equity = Equity share capital + Other equity;

9. ROE = Net profit after tax / Total equity;

10. ROCE = Profit before tax and finance cost / Capital employed*

*Capital employed = Total Equity +Non-current borrowing + Current Borrowing - Deferred Tax Assets;

11. EPS = Net Profit after tax, as restated, attributable to equity shareholders divided by weighted average number of equity shares outstanding during the year/ period.

After the date of last Audited accounts i.e., 29^th February, 2024, the Directors of our Company confirm that, there have not been any significant material developments except as stated below:

1. The Board of Directors of the Company approved the Initial Public Offering of our Company in their meeting held on 02^nd March, 2024.

2. The Shareholders of the Company approved the Initial Public Offering of our Company in their meeting held on 09^th March, 2024.

STATEMENT OF SIGNIFICANT ACCOUNTING POLICIES

For details in respect of Statement of Significant Accounting Policies, please refer Restated Financial Statements under chapter titled "RESTATED FINANCIAL STATEMENTS" beginning on page no. 138 of this Prospectus.

Significant Developments after February 29^th, 2024 that may affect our Future Results of Operations

The Directors confirm that there have been no events or circumstances since the date of the last financial statements as disclosed in the Prospectus which materially or adversely affect or is likely to affect the profitability of our Company, or the value of our assets, or our ability to pay liabilities within next twelve months.

FACTORS AFFECTING OUR RESULTS OF OPERATIONS

Our business is subjected to various risks and uncertainties, including those discussed in the section titled "RISK FACTORS" beginning on page no. 17 of this Prospectus. Our results of operations and financial conditions are affected by numerous factors including the following:

1. Our dependence on limited number of customers/suppliers/brands for a significant portion of our revenues;

2. Any failure to comply with the financial and restrictive covenants under our financing arrangements;

3. Our ability to retain and hire key employees or maintain good relations with our workforce;

4. Impact of any reduction in sales of our services/products;

5. Rapid Technological advancement and inability to keep pace with the change;

6. Increased competition in industries/sector in which we operate;

7. General economic and business conditions in India and in the markets in which we operate and in the local, regional and national economies;

8. Changes in laws and regulations relating to the Sectors in which we operate;

9. Political instability or changes in the Government in India or in the government of the states where we operate could cause us significant adverse effects; 10. Failure to obtain any applicable approvals, licenses, registrations and permits in a timely manner;

11. Occurrence of natural or man-made disasters could adversely affect our results of operations and financial condition; and 12. Our inability to successfully diversify our product offerings may adversely affect our growth and negatively impact our profitability. 13. COVID-19 Pandemic

BRIEF FINANCIALS OF OUR COMPANY

(Rs. In Lakhs)

Particulars	For the period ended February 29th, 2024		For the year ended March 31,
			2023		2022		2021
	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income	Amount	% of Total Income
Revenue from operations	2,424.11	99.98%	1,199.30	99.96%	567.81	99.94%	569.47	100.00%
Other Income	0.41	0.02%	0.50	0.04%	0.32	0.06%	0.00	0.00%
Total Income	2,424.52	100.00%	1,199.79	100.00%	568.13	100.00%	569.47	100.00%
EXPENDITURE
Cost Of Material Consumed	1,712.36	70.63%	1,073.02	89.43%	457.94	80.60%	448.29	78.72%
Changes In Inventories	-18.65	-0.77%	-138.42	-11.54%	3.68	0.65%	-2.44	-0.43%
Employees Benefits Expenses	55.12	2.27%	29.28	2.44%	33.55	5.91%	56.46	9.91%
Finance Costs	38.72	1.60%	40.12	3.34%	16.18	2.85%	14.35	2.52%
Depreciation And Amortization Expense	36.98	1.53%	23.06	1.92%	7.72	1.36%	6.50	1.14%
Other Expenses	277.25	11.44%	121.38	10.12%	40.01	7.04%	35.76	6.28%
TOTAL EXPENSES	2,101.78	86.69%	1,148.45	95.72%	559.07	98.41%	558.90	98.14%
Profit Before Tax	322.75	13.31%	51.34	4.28%	9.06	1.59%	10.57	1.86%
Tax Expenses
Current Tax	81.24	3.35%	12.92	1.08%	2.28	0.40%	2.66	0.47%
Deffered Tax (Liabilities) / Assets	-85.10	-3.51%	-12.20	-1.02%	-3.74	-0.66%	-1.91	-0.33%
Profit After Tax	326.61	13.47%	50.62	4.22%	10.53	1.85%	9.82	1.72%

Financial Performance Highlights for the period ended 29^th February, 2024:

The following descriptions set forth information with respect to the key components of our profit and loss statement.

1. INCOME:

Revenue from Operation: Our Companys total revenue during the period (April 01, 2024 to February 29, 2024) was 2424.52 Lakhs. The revenue from operation was 2424.11 Lakhs which is almost 99.98% of Total Revenue which consist of sales of Round container, Square container and Bottle. The major increase in sales is due to introduction of square shaped containers which has been accepted by the customers with overwhelming response that has lead to multi-times increase in turnover. The company had presence in 18 states which has further increased to 21 states in India. The company has been able to improve the customer base by adding customers from the agri products industry like cashew and Edible Oil and Ghee industry. The Agri products, food and Edible Oil and Ghee industry has contributed 67% to the total sales of FY 22-23 which has increased to 85% during the period ending on 29^th February, 2024 on account of innovative square shape container product launched by the company.

Other Income: Other Income during the period (April 01, 2023 to February 29, 2024) was 0.41 Lakhs which is 0.02% of the Total Revenue which consist of Dividend income, Interest on Income tax refund and other miscellaneous income.

2. EXPENSES:

Total Expenses: Our Companys total expenses during the said period (April 01, 2023 to February 29, 2024) were 2101.78 Lakhs. The Total Expenditure is almost 86.69% of Total Revenue. The main constituent of Total Expenditure is Cost of Material Consumed, Change in Inventories and Other Expenses which was 1970.96 Lakhs, which is almost 81.29 % of Total Revenue.

Cost of Material Consumed and Changes in Inventories: Cost of Material consumed and changes in Inventories for the said period (April 01, 2023 to February 29, 2024) was 1693.71 Lakhs, almost 69.86% of Total Revenue. This mainly consists purchases of raw material.

Employee Benefits Expense: The Employee Benefit Expenses for the said period (April 01, 2023 to February 29, 2024) was 55.12 Lakhs, almost 2.27% of Total Revenue. This mainly consists Salary and wages to employees.

Finance Cost: The Finance Cost for the said period (April 01, 2023 to February 29, 2024) was 38.72 Lakhs, almost 1.60% of Total Revenue. This mainly consists interest on borrowings.

Depreciation and Amortization Expense: We recognize Depreciation and Amortization expenses on a Straight Line basis and at the rates prescribed under schedule II of the Companies Act, 2013. The cost for the said period (April 01, 2023 to February 29, 2024) was 36.98 Lakhs, almost 1.53 % of Total Revenue.

Other Expenses: Other expenses includes manufacturing and other direct expenses Transportation expenses, Administrative and selling expenses. Total other expenses for the said period (April 01, 2023 to February 29, 2024) was 277.25 Lakhs, almost 11.44% of Total Revenue.

3. PROFIT:

Profit/ (Loss) Before Tax: The Restated Profit Before Tax for the said period (April 01, 2023 to February 29, 2024) was 322.75 Lakhs, almost 13.31 % of Total Revenue.

Profit/ (Loss) after Tax: The Restated Profit After Tax for the said period (April 01, 2023 to February 29, 2024) was 326.61 Lakhs, almost 13.47% of Total Revenue. This profit was mainly because of the following reasons -

i. During this period ending on February 29, 2024 the company has been able to optimise its cost of material consumed by bring in efficiencies in production processes as well as the material stocking pattern of the company has improved on account of increased demand of the customers which has lead to an decrease in the amount of material consumed whereby improving the material consumed to sales ratio, thereby improving the profitability of the business.

ii. During the period ending on February 29, 2024 the company has been able to improve its employee cost to sales ratio by improving the production on account of increased demand of the customers, thereby improving the profitability of the business.

iii. During the period ending on ending on February 29, 2024 the company has been able to improve its finance cost to sales ratio on account of improved sales and sales realizations thereby improving the profitability of the business.

Comparison of Financial Performance of Fiscal 2023 with Fiscal 2022

The following descriptions set forth information with respect to the key components of our profit and loss statement.

1. INCOME:

Total Revenue: During FY 2022-23, the companys revenue from operations and other income increased to 1,199.79 Lakhs, from the amount of 568.13 Lakhs recorded in FY 2021-22.. During FY 21-22 the company was selling its products in 8 to 10 states of India and with the introduction of square shape containers the company has been able to sell its products in more than 18 states now. The company has also been able to improve the customer base by adding customers from the agri products industry like cashew and Edible Oil and Ghee industry, which has helped the company to improve the turnover multifold from FY 22-23. The Agri products, food and Edible Oil and Ghee industry has contributed 67% to the total sales of FY 22-23.

2. EXPENSES:

Total Expenses: The total expenditure for FY 2022-23 has been increased to 1,148.45 Lakhs as against 559.07 Lakhs in FY 2021-22. This increase was mainly due to increase in cost of materials consumed, finance cost and other expenses.

Cost of Material Consumed and Changes in Inventories: Cost of Material consumed and Changes in Inventories for FY 2022-23 have increased to 934.60 Lakhs, from the amount of 461.61 Lakhs in FY 2021-22. This was mainly due to increase in purchases of raw materials.

Employee Benefits Expense: The Employee Benefit Expenses for FY 2022-23 have decreased to 29.28 Lakhs, from the amount of 33.55 Lakhs in FY 2021-22. This was mainly due to decrease in total salary and wages.

Finance Cost : The Finance Cost for the FY 2022-2023 have increased to 40.12 Lakhs as against 16.18 Lakhs in the FY 2021-22. This was mainly due to increase in interest on borrowings and increase in interest to partners capital.

Depreciation and Amortization Expense: The Depreciation and Amortization Expenses for FY 2022-23 have increased to 23.06 Lakhs, from the amount of 7.72 Lakhs in FY 2021-22. This was mainly due to purchase of new plant and machinery and development of factory building.

Other Expenses: The Other Expenses for the FY 2022-2023 have increased to 121.38 Lakhs as against to 40.01 Lakhs in the FY 2021-22. This increase was majorly due to increase in electricity expenses, transportation expenses,

3. PROFIT:

Profit/ (Loss) Before Tax: The Restated Profit Before Tax for FY 2022-23 has been significantly increased to 51.34 Lakhs as against 9.06 Lakhs in the FY 2021-22. This was mainly due to increase in the sales volume during the fiscal year.

Profit/ (Loss) After Tax: The restated Profit After Tax for FY 2022-23 has been significantly increased to 50.62 Lakhs as against 10.53 Lakhs in the FY 2021-22. This was mainly due to increase in the sales volume during the fiscal year. The major reasons for the increase in profits is because of the introduction of Square shape containers by the company have been able to fetch premium in the selling price of 79/- per container as compared to the round shaped containers and bottles which is being sold at an average selling price of 65/- per container.

Comparison of Financial Performance of Fiscal 2022 with Fiscal 2021

The following descriptions set forth information with respect to the key components of our profit and loss statement.

1. INCOME:

Total Revenue: During FY 2021-22 the revenue from operation and other income of the company decreased slightly to 568.13 Lacs as against 569.47 Lacs in FY 2020-21.

2. EXPENSES:

Total Expenses: The total expenditure for FY 2021-22 increased to 559.07 Lakhs as against 558.90 Lakhs in FY 2020-21. This slight increase was mainly due to increase in cost of materials consumed and other expenses.

Cost of Material Consumed and Changes in Inventories: Cost of Material consumed and Changes in Inventories for FY 2021-22 have increased to 461.61 Lakhs, from the amount of 445.85 Lakhs in FY 2020-21. This was mainly due to purchase of raw material.

Employee Benefits Expense: The Employee Benefit Expenses for FY 2021-22 have decreased to 33.55 Lakhs, against the amount of 56.46 Lakhs in FY 2020-21. This was mainly due to decrease in partnerss remuneration and other employees salaries and wages due to covid-19.

Finance cost: The Finance Cost for the FY 2021-2022 have increased to 16.18 Lakhs as against 14.35 Lakhs in the FY 2020-21. This slight increase was mainly due to increase in interest on borrowings and increase in interest to partners capital.

Depreciation and Amortization Expense: The Depreciation and Amortization Expenses for FY 2021-22 have increased to 7.72 Lakhs, from the amount of 6.50 Lakhs in FY 2020-21. This was mainly due to addition of new plant and machinery.

Other Expenses: The Other Expenses for the FY 2021-2022 increased to 40.01 Lakhs as against 35.76 Lakhs in the FY 2020-21. This increase was mainly due to increase in electricity expenses and repair and maintenance expenses.

3. PROFIT:

Profit/ (Loss) Before Tax: The Restated Profit Before Tax for FY 2021-22 slightly decreased to 9.06 Lakhs as against 10.57 Lakhs in the FY 2020-21. This Slightly decrease was mainly due to covid -19.

Profit/ (Loss) after Tax: The Restated Profit After Tax for FY 2021-22 increased to 10.53 Lakhs as against 9.82 Lakhs in the FY 2020-21. This Slightly increase was due to creation of deferred tax asset.

CASH FLOWS:

(Rs. In Lakhs)

Particulars	For the period ended February 29th, 2024	For the Year ended March 31st
		2023	2022	2021
Net Cash from Operating Activities	274.04	63.23	72.57	14.18
Net Cash from Investing Activities	(326.62)	(383.59)	(64.25)	(27.91)
Net Cash from Financing Activities	77.70	321.87	(13.27)	7.59

Cash Flows from Operating Activities

Net cash Flow from operating activities for the period ended 29^th February, 2024 was at 274.04 Lakhs as compared to the Profit Before Tax at 322.75 Lakhs. This was primarily due to increase in profit, addition of non-cash expenditure and working capital change.

Net cash Flow from operating activities for year ended 31^st March, 2023 was at 63.23 Lakhs as compared to the Profit Before Tax at 51.34 Lakhs. This was primarily due to increase in profit, addition of non-cash expenditure and working capital change.

Net cash flow from operating activities for year ended 31^st March, 2022 was at 72.57 Lakhs as compared to the Profit Before Tax at 9.06 Lakhs. This was primarily due to addition of non-cash expenditure and positive working capital change.

Net cash Flow from operating activities for year ended 31^st March, 2021 was at 14.18 Lakhs as compared to the Profit Before Tax at 10.57 Lakhs. This was primarily due to addition of non- cash expenditure.

Cash Flows from Investment Activities

For the year period ended 29^th February,2024 net cash outflows from Investing Activities were 326.62 Lakhs. This was mainly on account of purchase of fixed assets.

For the year ended 31^st March, 2023, net cash outflows from Investing Activities were 383.59 Lakhs. This was mainly on account of Purchase of fixes assets.

For the year ended 31^st March, 2022, net cash outflows from Investing Activities were 64.25 Lakhs. This was mainly on account of Purchase of fixes assets.

For the year ended 31^st March, 2021, net cash outflows from Investing Activities were 27.91 Lakhs. This was mainly on account of Purchase of fixes assets.

Cash Flows from Financing Activities

For the period ended 29^th February, 2024, net cash Inflow from financing activities was 77.70 Lakhs. This was primarily on account of right issue of shares, unsecured loan taken and paid during the year.

For the year ended 31^st March, 2023, net cash Inflow from financing activities was 321.87 Lakhs. This was primarily on account of movement in unsecured loans from directors and secured loan from bank and Interest paid.

For the year ended 31^st March, 2022, net cash outflow from financing activities was 13.27 Lakhs. This was primarily on account of movement in unsecured loans from directors and secured loan from bank and Interest paid.

For the year ended 31^st March, 2021, net cash Inflow from financing activities was 7.59 Lakhs. This was primarily on account of of movement in unsecured loans from directors and secured loan from bank and Interest paid.

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. There are no Unusual or infrequent events or transactions in our Company. The transactions are as per usual business operations.

2. Significant economic changes that materially affected or are likely to affect income from continuing operations.

Except for any change in economic policy affecting service industry in India, there are no other 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 no. 17 in the 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.

Our Companys future costs and revenues will be determined by growth of industry in which we operate.

5. Increases in net sales or revenue and Introduction of new products or services or increased sales prices.

Increases in revenues are by and large linked to increases in volume of our business.

6. Status of any publicly announced New Products or Business Segment.

Our Company has not announced any new products.

7. Seasonality of business.

The nature of our business is not seasonal.

8. Competitive conditions.

Competitive conditions are as described under the Chapters "INDUSTRY OVERVIEW" and "BUSINESS OVERVIEW" beginning on page nos. 80 and 88, respectively of the Prospectus.

9. Details of material developments after the date of last balance sheet i.e. February 29^th, 2024.

Except as mentioned in this Prospectus, no circumstances have arisen since the date of last financial statement until the date of filing the Prospectus, which materially and adversely affect or are likely to affect the operations or profitability of our Company, or value of its assets, or its ability to pay its liability within next twelve months.