Skyways Air Services Ltd IPO

Our dependence on carriers for cargo transportation exposes us to risks related to capacityavailability, cost fluctuations, and service disruptions. Our entire revenue is dependent upon theavailability of the carriers and any disruption will materially and adversely affect our business,results of operations, and financial condition.

We rely on limited number of suppliers and procure 32.08%, 38.29%, 39.12 and 39.52% of our costof service for the nine months period ended December 31, 2024, Financial Year 2024, 2023 and2022 respectively from our Top 5 suppliers and 47.05%, 54.31%, 52.69% and 50.87% of our cost ofservice from our top 10 suppliers for the nine months period ended December 31, 2024, FinancialYear 2024, 2023 and 2022 respectively. Any failure of us to maintain good business relations andcontinued arrangements with such suppliers may adversely affect our results of operations andfinancial condition.

Some of our subsidiaries including step down subsidiary(ies), including the ones acquired by us,have incurred, or continue to incur, losses, which could negatively impact our financialperformance.

Any adverse developments affecting trade volumes and freight rates may have an adverse effecton our business, results of operations, and financial condition.

We have significant working capital requirements which have historically been funded throughborrowings. Any inability to access adequate working capital loans on commercially reasonableterms may adversely effect our business, financial condition and results of operations.

We have had negative cash flows in the past. Sustained negative cash flow could adversely impactour business, financial condition and growth.

The agreements governing our indebtedness contain conditions and restrictions on our operations,additional financing, and capital structure.

If we are not able to sell container space that we purchase from sea shipping lines, we will not beable to recover our costs and our profitability may suffer.

We enter into certain related party transactions in the ordinary course of our business and wecannot assure you that such transactions will not have an adverse effect on our results ofoperations and financial condition.

We are highly dependent on our workforce, which is a key asset for our logistics operations, andany inability to attract, retain or effectively manage our personnel may adversely affect ourbusiness and results of operations.