Nouveau Global Ventures Ltd Management Discussions

The following discussion is intended to convey managements perspective on our financial condition and results of operations for the year ended on March 31,2025 March 31, 2024 and March 31, 2023. You should read the following discussion of our financial condition and results of operations together with our restated financial statements included in the Draft Red Herring Prospectus. You should also read the section entitled “Risk Factors” beginning on page no-25 of this Draft Red Herring Prospectus, which discusses a number of factors, risks and contingencies that could affect our financial condition and results of operations. The following discussion relates to our Company and, is based on our restated financial statements, which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the following discussion are also based on internally prepared statistical information and on other sources. Our fiscal year ends on March 31 of each year, so all references to a particular fiscal year (“Fiscal Yeaf) are to the twelve-month period ended March 31 of that year.

In this section, unless the context otherwise requires, any reference to “we", “us" or “our" refers to ATS Techno Limited, our Company. Unless otherwise indicated, financial information included herein are based on our “RestatedFinancial Statements” for the Financial Years 2024-25 ,2023-24, and 2022-23 are included in this Draft Red Herring Prospectus beginning on page 204.

BUSINESS OVERVIEW

Our Company is engaged in the business of manufacturing various types of steel rolls, and other steel components catering to steel, paper, hydro power, and thermal power industries. Our product portfolio includes steel rolls such as Looper Roll, Screen Roll, Deflector Roll, Bridle Roll, Stabilizer Rolls, ROT Roll, Lead Roll for Paper Industry, and other engineering components such as guide bush, piston rod, TC Coated Needle Cone, coated sleeve, valve spindle, etc. In addition, we provide surface engineering services through thermal spray coatings, which are designed to enhance equipment performance, extend service life, reduce maintenance requirements, and protect against wear, corrosion, and high-temperature damage, factors that are critical for uninterrupted plant operations. These coatings also helps in maintaining efficiency and lowering the need for frequent maintenance or replacements. Along with manufacturing steel rolls, we offer these coating services as an integrated solution to meet the operational requirements of the steel industry and other heavy industries. In addition, the Company undertakes coating projects for refineries, boilers, and turbine components, applying thermal spray coatings to improve the service life and reliability of critical machinery.

Alongside these services, the Company manufactures and supplies rollers to customers in international markets including the USA, Europe, the UAE, and Australia. With the expansion of its manufacturing capacity, the Company has been able to address a broader set of requirements from both domestic and international industries by offering an integrated mix of coating solutions and engineered roll products. Details of the export projects and obligations undertaken by the Company are provided under the chapter titled Business “Overview beginning” on page No 127 of this Draft Red Herring Prospectus.

SIGNIFICANT DEVELOPMENTS SUBSEQUENT TO THE LAST FINANCIAL YEAR:

After the date of last financial period i.e. March 31, 2025 there is no any significant development occurred in the Company except mentioned below:

1. The Board of the Company has approved to raise funds through Initial Public Offering in the board meeting held on August 01^st, 2025.

2. The members of the Company approved proposal of Board of Directors to raise funds through initial public offering in the Extra Ordinary General meeting held on August 25^th, 2025.

3. The Company has issued 1,70,40,000 equity shares as Bonus Shares in the ratio of 24:1 on September 01, 2025 to the existing shareholders.

4. Company had entered into Lease agreement dated with the certain parties for the Manufacturing Units for the further details please refer section titled Immovable Property under the chapter our Business overview on page No. 127 of this DRHP.

KEY FACTORS AFFECTING THE RESULTS OF OPERATION:

Our Companys future results of operations could be affected potentially by the following factors:

1. Changes in Fiscal, Economic or Political conditions in India

2. Failure to adapt the changing technology in our industry of operation may adversely affect our business

3. Failure to comply with regulations prescribed by authorities of the jurisdiction in which we operate

4. Competition with existing and new entrants.

5. Our ability to retain our key managements persons and other employees;

6. Failure to successfully upgraded our portfolio from time to time.

7. Companys ability to successfully implement growth strategy and expansion plans.

8. Changes in Laws and Regulations that apply to our Industry.

9. Failure to comply with the quality standards and requirements of our customers

10. Exchange rate Fluctuation may affect the cost of Raw Material.

OUR SIGNIFICANT ACCOUNTING POLICIES Revenue Recognition

i. Revenue from sale of goods is recognized when significant risk and rewards of ownership of the goods have been passed to the buyer and it is reasonable to expect ultimate collection. Sale of goods is recognized net of GST and other taxes as the same is recovered from customers and passed on to the government.

11. Interest is recognized on a time proportion basis taking into account the amount outstanding and the rate applicable.

iii. Other items of income and expenses are recognised on accrual basis.

iv. Income from export entitlement is recognized as on accrual basis.

For remaining Significant accounting policies, please refer Significant Accounting Policies, “Annexure IV” beginning under Chapter titled “Restated Financial Information” beginning on page No: 213 of the Draft Red Herring Prospectus.

RESULTS OF KEY OPERATIONS			( in lakhs)
Particulars	For the year ended on
	31.03.2025	31.03.2024	31.03.2023
Income from continuing operations
Revenue from operations
Sale of goods	4,596.68	2,960.57	1,955.19
Job work Receipts	4,186.47	2,951.52	2,824.45
Total Revenue	8,783.15	5,912.09	4,779.64
% of growth	48.60	23.69
Other Income	13.70	25.88	7.88
% total Revenue	0.16	0.44	0.16
Total Revenue	8,796.85	5,937.97	4,787.52
	48.15	24.03
Expenses
Cost of Material Consumed	4,326.39	3,173.23	2624.33
% of Revenue	49.46	53.67	54.91
Manufacturing and Operating Cost	1,262.06	781.67	735.99
% Increase/(Decrease)	61.46	6.21
Employee benefits expense	729.85	609.32	491.14
% Increase/(Decrease)	19.78	24.06
Finance Costs	133.44	100.42	116.04
% Increase/(Decrease)	32.88	(13.46)
Other expenses	458.43	463.25	348.66
% Increase/(Decrease)	(1.04)	32.87
Depreciation and amortisation expenses	193.82	177.08	160.78
% Increase/(Decrease)	9.45	10.14
Total Expenses	7,103.99	5,304.97	4,476.94
% to total revenue	80.74	89.34	93.51
EBDITA	2,006.42	884.62	579.52
% to total revenue	22.81	14.90	12.10
Restated profit before tax from continuing operations	1,692.86	633.00	310.58
Exceptional Item
Total tax expense	418.33	157.46	76.61
Restated profit after tax from continuing operations (A)	1274.53	475.54	233.97
% to total revenue	14.49	8.01	4.89

COMPARISON OF F.Y. 2024-25 WITH F.Y. 2023-24:

Income from Operations

Our Company is engaged in the business of manufacturing Process Roller( Bridle Roll, Deflector Roll), Stabilizer Rolls, ROT roller, Looper Roller, screen Roller, WET Tunnel Furnace Roll and provide service Thermal spray coating on roller for steel Industries, Coating on Hydro turbine components, In-situ / On-site coating on Cylinder of Paper Industries, In-situ Boiler Tube coating for Thermal power, Converter Hood coating for steel industries, Repairing and refurbishment of Hydro turbine components, coating on industrial components. In the F.Y. 2024 -25, the Companys total revenue was 8783.15 Lakhs, which is increased by 48.56 % in compare to total Income from operations of 5912.09 Lakhs in F.Y. 2023-24. The total revenue includes manufacturing Turnover of 4598.68 lakhs and sale of service of 4186.47 lakhs in FY 2024-25 as against manufacturing Turnover of 2960.57 lakhs and sale of service of 2951.52 lakhs. The Manufacturing turnover was increased by 55.33 % in FY 2024-25 in comparison of the manufacturing turnover of FY 2023 -24 Simultaneously the sale of service was increased by 41.84 % in comparison of the sale of Service of FY 2023-24. The ratio of manufacturing turnover and sales of service was 52: 48 in FY 2024-25 while it was 50: 50 in FY 2023-24.

We have introduced technically advanced products, rigorously tested and approved by all major steel plants. As a result, we secured large-volume orders from prominent clients. Initially focused on supplying rolls (components), we have now transitioned to delivering complete roll assemblies following significant technological upgrades. This shift has led to a rise in product value and pricing, further contributing to our revenue growth.

Growth in Job Work Services

Alongside economic growth, our Job Work services have expanded significantly in the Steel, Hydro, and Thermal Power sectors, enabling us to diversify our service offerings and deepen our market presence.

Other Income

The other Income for the FY 2024-25 was 13.70 Lakhs which was 25.88 lakhs in the FY 2023-24. The other income includes interest earned on the fixed deposit, foreign exchange fluctuation gain and Duty draw back.

Expenditure:

Cost of Material Consumed

The Cost of Material Consumed of F.Y. 2024-25 was 4326.39 Lakhs against the cost of Material Consumed of 3173.23 Lakhs in F.Y. 2023-24. The cost of material consumed was 49.26 % of the total revenue in F.Y 2024-25 as against 53.67 % of total revenue in F.Y 2023-24.

Manufacturing and Operating Cost:

The manufacturing and operating costs comprise site operation charges, power and fuel, gas and fuel expenses, and maintenance and repair expenses. During FY 2024-25, these costs amounted to 1,262.06 Lakhs as compared to 781.67 Lakhs in FY 2023-24, reflecting an increase of 61.46%. The increase in manufacturing and operating costs is directly attributable to the growth in business operations. In FY 2024-25, the Companys business grew by 48.56%, and accordingly, the costs have risen in proportion to the scale of operations.

Employee Benefits Expenses:

The Employee expenses for F.Y. 2024-25 was 729.85 Lakhs against the expenses of 609.32 Lakhs in F.Y. 202324 showing increase by 19.78%. The increase in the employe cost was on account of annual increment and increase in the staff.

Finance Cost:

The Finance Cost for the F.Y. 2024-25 was 133.44 Lakhs against the cost of 100.42 Lakhs in the F.Y. 2023-24 showing increase of 32.88 %. The finance cost was increased on account of overall increase of the Borrowings. The total outstanding of the borrowings as on March 31.2025 was 2947.54 lakhs as against 1522.97 lakhs as on March 31.2024. The cash inflow from the long-term borrowings and short-term borrowings in the FY 2024-25 was 1424.57 lakhs resulting in to high finance cost. The Borrowing was increased substantially in FY 2024-25 in comparison of FY 2023-24 but the interest cost was not increased substantially on account of major disbursement of loans were in the last quarter of 2024-25. The Kotak Mahindra Bank Limited had sanctioned bride loan for purchase of plant and machinery which will be repaid from the proceeds of the public issue.

Other Expenses

Other Expenses increased to 458.43 Lakhs for F.Y. 2024-25 against 463.25 Lakhs in F.Y. 2023-24 showing decrease of 1.04 %. The reduction in the other expenses was marginal. The reason for reduction of other expenses was mainly due to reduction of sales and Exhibition expenses from 81.18 lakhs in FY 2023-24 to 28.05 Lakhs in FY 2024-25. The increase in Conveyance Tour and Travelling, shed rent, Transportation and Cartage Charges, royalty and technical Fees in FY 2024-25 in comparison to FY 2023-24 was less than the reduction of the sales and exhibition expenses resulting in to overall reduction of other expenses

Depreciation and Amortization Expenses:

he Depreciation for F.Y. 2024-25 was 193.82 Lakhs as compared to 177.08 Lakhs for F.Y. 2023-24. The depreciation increased by 9.45 % in F.Y. 2024-25 as compared to F.Y. 2023-24. The depreciation in FY 2024-25 was increased on account of addition of the Fixed assets by 1539.82 lakhs in FY 2024-25.

EBDITA

The EBDITA for F.Y. 2024-25 was 2006.42 Lakhs as compared to 884.82 Lakhs for F.Y. 2023-24. The EBDITA was 22.81 % of total Revenue in FY 2024-25 as compared to 14.90 % in F.Y. 2023-24. EBDITA has improved due to improvements in material consumption ratios to sales from 53.67 % in FY 2023-24 to 49.25 % in FY 2024-25 and increase in the business by 48.56 % in FY 2024-25 in comparison to FY 2023-24. The Total expenses to total revenue in FY 2024-25 was 80.74 % as against the 89.34% in FY 2023-24. Our Revenue growth in job work increases in 2024-25 by 41.84% compared to 2023-24 4.50%. Job work services have better profit as it contains high-end technical services mainly in Steel & Power industries.

Profit after Tax (PAT)

PAT is 1274.53 lakhs for the F.Y. 2024-25 compared to 475.54 lakhs in F.Y. 2023-24. The PAT was 14.49% of total revenue in F.Y. 2024-25 compared to 8.01 % of total revenue in F.Y. 2023 -24. The Profit margin has increased on account of increase of business by 48.56 %. Our Revenue growth in job work increases in 2024-25 by 41.84 % compared to 2023-24 4.50%. Job work services has better profit as they contain high end technical services mainly in Steel & Power industries.

COMPARISON OF F.Y. 2023-24 WITH F.Y. 2022-23:

Our Company is engaged in the business of manufacturing Process Roller( Bridle Roll, Deflector Roll), Stabilizer Rolls, ROT roller, Looper Roller, screen Roller, WET Tunnel Furnace Roll and provide service Thermal spray coating on roller for steel Industries, Coating on Hydro turbine components, In-situ / On-site coating on Cylinder of Paper Industries, In-situ Boiler Tube coating for Thermal power, Converter Hood coating for steel industries, Repairing and refurbishment of Hydro turbine components, coating on industrial components. In the F.Y. 2023-24, the Companys total revenue was 5912.09 Lakhs, which is increased by 23.69 % total in compare to total Income from operations of 4779.64 Lakhs in F.Y. 2022-23. The total revenue includes manufacturing Turnover of 2960.57 lakhs and sale of service of 2951.521 lakhs in FY 2023-24 as against manufacturing Turnover of 1955.19 lakhs and sale of service of 2824.45 lakhs. The Manufacturing turnover increased by 51.42 % in FY 2023-24 in comparison of the manufacturing turnover of FY 2022-23 Simultaneously the sale of service was increased by 4.50

% in comparison of the sale of Service of FY 2022-23. The ratio of manufacturing turnover and sale of service was 50: 50 in FY 2023-24 while it was 41: 59 in FY 2022-23.

Other Income

The other Income for the FY 2023-24 was 25.88 Lakhs which was 7.88 lakhs in the FY 2022-23. The other income includes interest earned on the fixed deposit, foreign exchange fluctuation gain and Duty drawback.

Expenditure:

Cost of Material Consumed

The Cost of Material Consumed of F.Y. 2023-24 was 3173.23 Lakhs against the cost of Material Consumed of 2624.33 Lakhs in F.Y. 2022-23. The cost of material consumed was 53.67 % of the total revenue in F.Y 2023-24 as against 54.91 % of total revenue in F.Y 2022-23.

Manufacturing and Operating Cost:

The manufacturing and operating costs comprise site operation charges, power and fuel, gas and fuel expenses, and maintenance and repair expenses. During FY 2023-24, these costs amounted to 781.67 Lakhs as compared to 735.99 Lakhs in FY 2022-23, reflecting an increase of 6.21%. The increase in manufacturing and operating costs is directly attributable to the growth in business operations. In FY 2024-25, the Companys business grew by 24.03%, and accordingly, the costs have risen in proportion to the scale of operations. The sale of service increased by 4.50 % in comparison of the sale of Service of FY 2022-23. The major cost is due to sale of service and the service sales increased marginally in FY 2023-24 in comparison to FY 2022-23. Hence the total revenue increased by 23.69 % and the manufacturing and operating costs increased marginally by 6.21%.

Employee Benefits Expenses:

The Employee expenses for F.Y. 2023-24 were 609.32 Lakhs against the expenses of 491.14 Lakhs in F.Y. 202223 showing increase by 24.06%. The increase in the employee cost was on account of the annual increment in the salary of the staff and increase of the staff. The no of employees employed by the Company in FY 2023 -24 were 135 as against 128 no of employees in FY 2022-23.

Finance Cost:

The Finance Cost for the F.Y. 2023-24 was 100.42 Lakhs against the cost of 116.04 Lakhs in the F.Y. 2022-23 showing decrease of 13 46%. The finance cost was decreased on account of repayment of term loan of 104.25 Lakhs in the FY 2023-24 which has reduced the interest cost by 15.25 Lakhs.

Other Expenses

Other Expenses increased to 463.25 Lakhs for F.Y. 2023-24 against 348.66 Lakhs in F.Y. 2022-23 showing increase of 32.87%. The increase in other expenses attribute to the growth of business. The increase in the Conveyance and Tour expenses, Sales and Promotion Expenses and transportation and cartage expenses in the FY 2023-24 in comparison to the FY 2022-23 due to growth of business by 23.69 % result in to increase in the other expenses.

Depreciation and Amortisation Expenses:

The Depreciation for F.Y. 2023-24 was 177.93 Lakhs as compared to 160.78 Lakhs for F.Y. 2022-23. The depreciation increased by 10.14 % in F.Y. 2023-24 as compared to F.Y. 2022-23. The depreciation in FY 2023-24 was increased on account of addition of the Fixed assets by 180.59 lakhs in FY 2023-24.

EBDITA

The EBDITA for F.Y. 2023-24 was 884.62 Lakhs as compared to 589.52 Lakhs for F.Y. 2022-23. The EBDITA was 14.90 % of total Revenue in FY 2023-24 as compared to 12.10 % in F.Y. 2022-23. The EBDITA increase in the FY 2023-24 was on account of the increase of the manufacturing turnover and the growth of business by 23.69 % in FY 2023-24. The raw material is steel and the cost of material in FY 2023-24 was also reduced in comparison of FY2022-23

Profit after Tax (PAT)

PAT is 475.54 lakhs for the F.Y. 2023-24 in compared to 233.97 lakhs in F.Y. 2022-23. The PAT was 8.01 % of total revenue in F.Y. 2023-24 compared to 4.89 % of total revenue in F.Y. 2022-23. The PAT increase in the FY 2023-24 was on account of the increase of the manufacturing turnover and the growth of business by 23.69 % in FY 2023-24. The raw material is steel and The cost of material in FY 2023-24 was also reduced in comparison of FY2022-23.

BALANCE SHEET ITEMS

Particulars	For the year ended on
	31.03.2025	31.03.2024	31.03.2023
Long Term Borrowings
Term loan from Bank	491.47	116.81	170.29
Unsecured loan from related Parties and others	758.51	817.57	522.49
Total	1249.98	934.38	692.78
Short term Borrowings
Bank Cash Credit	898.49	535.1	502.46
Long term debts ( Current Maturity)	799.07	53.49	104.25
Total	1697.56	588.59	606.71
Trade Payables
Less Than 6 Months	3410.81	2066.65	1534.57
6 months to 1 year	165.09	61.26	20.9
1-2 years	13.73	40.19	135.17
2-3 years	16.97	24.22
Total	3606.6	2192.32	1690.64
Inventory
Work in progress	445.15	331.06	240.78
Materials and store	759.38	627.95	502.7
Total	1,204.53	959.01	743.48
Loans and Advances Given
Advance to suppliers	56.02	75.46	27.65
Advance for Capital goods	43.79		19.33
Advance to employees	2.73	3.7	7.74
Statutory Advances	216.78	98.58	74.95
other Current Assets	7.02	7.2	20.59
Total	326.34	184.94	150.26
Contingent Liabilities
Bank Guarantee for performance and EMD and security Deposit	377.02	400.68	434.35
Total	377.02	400.68	434.35

Long Term Borrowings

The long-term borrowings include the Term loan from SIDBI, vehicle loan from the ICICI Bank and unsecured loans contributed by the directors, relatives and members. In FY 2024 the company had availed the new term loan from SIDBI for purchase of plant and machinery and loan from ICICI bank Limited for purchase of BMW car. In FY 24-24 -25 The loan from the directors, members and relatives has been reduced by 59.06 Lakhs. In FY 202324, the directors, members and relatives have given additional funds of 295.08 Lakhs resulting in to increase of long-term borrowings.

Short term Borrowings

Short-term borrowings include the working capital limits availed by the Company as well as the current maturities of long-term borrowings. In FY 2024-25, the company had availed the loan from Kotak Mahindra Bank Limited 590.34 Lakhs for the purchase of plant and machinery against the sanctioned limit of 800.00 lakhs , and the repayment will be form the IPO proceeds. It is short term payable within one year result in to Increase in the Short

term borrowings. The outstanding working capital limit is also increased. From 535.10 Lakhs to 898.49 Lakhs in FY 2023-24.

Trade Receivables

The Trade Receivables are considered good and the majority is due for less than 6 months and six months to One year. The outstanding trade receivables for more than 1 year to two years and mor than 2 to 3 years are 0.85 %, 2.94% and 8.00 % for the FY 2024-25, 2023-24 and 2022-23 respectively. The company is efficient in recovering the trade receivables and there is no bed debts in the year under review.

Trade Payables

The majority of Trade Payables are for less than one year. The trade payables are 28.67%, 17.69% and 22.28% of the purchase made during FY 2024-25, 2023-24 and 2022-23 respectively. The Company is enjoying average credit period of Foreign Supplier of 60 Days from the date of material dispatched & in local normally we get 45 days credit period.

Inventory

The Company follows a make-to-order production model; therefore, it does not maintain any finished goods. Orders that are received and currently under processing are treated as work-in-progress. Accordingly, the inventory primarily comprises raw materials such as Steel, Steel Grit, Coating Material and Aluminum Oxide Grit etc.

Loans and Advances Given.

The majority of the loans and advances include statutory advances like Advance tax, TCS Receivable and TDS Receivable. The company provides services to the clients and TDs is deducted by the clients which will be adjusted against the liability of payment of t ax.

Contingent Liabilities

The contingent Liabilities includes the bank guarantee given by the Company which includes performance Guarantee and Earnest Money Deposit.

CASH FLOW ( in lakhs)

Particulars	March 31, 2025	March 31, 2024	March 31, 2023
Net cash from Operating Activities	246.58	59.31	299.57
Net cash flow from Investing Activities	(1539.82)	(180.19)	(277.83)
Net Cash Flow Financing Activities	1291.13	123.05	(109.87)

Cash flow March 31, 2025

The Company has positive Cash flow from operating on account of the profit earned by the Company more than the funds used for change in working capital. The company generates sufficient cash from its day-to-day business to fund operations, without relying on external financing. The Company invested in the fixed assets resulting in negative cash flow from investing activities. The Company enhanced the long-term borrowings and enhanced the short-term borrowing for financing the purchase of fixed assets. The short-term borrowings include the short-term loan for purchase of plant and machinery. The borrowing leads to positive cash flow from Financing activity,

Cash flow March 31, 2024

The Company has positive Cash flow from operating on account of the profit earned by the Company more than the funds used for change in working capital. The company generates sufficient cash from its day-to-day business to fund operations, without relying on external financing. The Company invested in the fixed assets resulting in negative cash flow from investing activities. The Company enhanced the long-term borrowings and enhanced the short-term borrowing for financing the purchase of fixed assets. The borrowing leads to positive cash flow from Financing activity,

Cash flow March 31, 2023

The Company has positive Cash flow from operating on account of the profit earned by the Company more than the funds used for change in working capital. The company generates sufficient cash from its day-to-day business to fund operations, without relying on external financing. The Company invested in the fixed assets resulting in negative cash flow from investing activities. The repayment of long-term borrowings and the related interest outflow

exceeded the short-term borrowings availed by the Company, resulting in negative cash flow from financing activities. The Company has not raised additional borrowings to meet its interest obligations.

Information required as per Item 11 (II) (C) (iv) of Part A of Schedule VI to the SEBI Regulations:

1. Unusual or infrequent events or transactions

To our knowledge there have been no unusual or infrequent events or transactions that have taken place during the last three years

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

Our business has been subject, and we expect it to continue to be subject to significant economic changes arising from the trends identified above in ‘Factors Affecting our Results of Operations and the uncertainties described in the section entitled “Risk Factors” beginning on page 25 of this Draft Red Herring Prospectus. To our knowledge, except as we have described in this Draft Red Herring Prospectus, there are no known factors which we expect to bring about significant economic changes.

3. Income and Sales on account of major product/main activities

Income and sales of our Company on account of major activities derives from Manufactured and service.

4. Whether the company has followed any unorthodox procedure for recording sales and revenues

Our Company has not followed any unorthodox procedure for recording sales and revenues.

5. 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 titled “Risk Factors beginning on page no 25 in this Draft 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.

6. Extent to which material increases in net sales or revenue are due to increased sales volume, introduction of new products or services or increased sales prices.

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

7. Total turnover of each major industry segment in which the issuer company operated.

The Company is in the business of manufacturing and sale of service, the relevant industry data, as available, has been included in the chapter titled "Industry Overview" beginning on page no 119 of this Draft red Herring Prospectus.

8. Status of any publicly announced new products or business segment.

Our Company has not announced any new services or business segment.

9. The extent to which business is seasonal.

Our business is not seasonal.

10. Any significant dependence on a single or few suppliers or customers.

Our top 10 buyers and suppliers constitute majority of our business.

Particulars	Purchase / Sales
	2024-25	%	^2023-2024	%	2022-2023	%
Top 10 Buyers	4472.19	50.92	3448.56	58.33	2225.13	46.55
Top 10 suppliers	1679.87	36.74	1393.03	41.11	1188.60	47.02

11. Competitive conditions.

Competitive conditions are as described under the Chapters titled “Industry Overview” and “Business Overview ” beginning on pages 119 and 127, respectively of this Draft Red Herring Prospectus.