Airfloa Rail Technology Ltd IPO

Experienced Promoters having deep domain knowledge to scale up the business.

In house manufacturing capabilities.

Long-standing customer base leading to stability in our business operations.

Management team having established track record.

Established track record of successfully completed projects.

Strong order books.

Our business and revenues are substantially dependent on Indian Railways. Any adverse change in policy of the Ministry of Railways, GOI MoR may lead to our contracts being foreclosed, terminated, restructured or renegotiated, which may have a material effect on our business and results of operations.

We depend on the entities under Indian Railways for a significant portion of contracts in our order book which are awarded on a tender basis. There is no assurance that our bids will be accepted and future contracts will be awarded to us by Indian Railways. This may result in an adverse effect on our business growth, financial condition and results of operations.

Increases in the prices of raw materials required for our operations could adversely affect our business and results of operations.

Our Subsidiary company is in a similar line of business as us which may involve conflict of interest, which could adversely impact our business.

Our operations are subject to high working capital requirements. If we are unable to generate sufficient cash flows to allow us to make required payments, there may be an adverse effect on our results of operations.

Our Registered Office and one of the Manufacturing facility from where we operate is not owned by us.

We have had negative cash flows from Operating activities in the past and a consequent net decrease in cash and cash equivalents in some of the recent years.

Our Company has not adequately complied with some of the provisions of Companies Act, 2013. There are certain discrepancies/errors noticed in some of our corporate records relating to forms filed with the Registrar of Companies and other provisions of Companies Act, 2013. Any penalty or action taken by any regulatory authorities in future, for noncompliance with provisions of corporate and other law could impact the reputation and financial position of the Company to that extent.

We have been unable to locate certain of our historical corporate records. Our Company was incorporated in 1997 and certain corporate records and documents filed by us with the RoC are not traceable.

An inability to comply with repayment and other covenants in the financing agreements or otherwise meet our debt servicing obligations could adversely affect our business, financial condition, cash flows and credit rating.