Aditya Ultra Steel Limited - IPO

1. Business of the Company is dependent on Kamdhenu Brand.

2. The company has given corporate guarantee in relation to certain debt facilities to its group company which if claimed, may requires the company to pay the guaranteed amount.

3. Almost entire operations of the Company is limited in the state of Gujarat. Any adverse development affecting its operations in this region could have an adverse impact on its business, financial condition and results of operations.

4. Its Managing Director Mr. Sunny Sunil Singhi has limited experience in the steel industry in which the Company is operating.

5. The Company is dependent on few numbers of customers for sales. Loss of any of this large customer may affect its revenues and profitability.

6. The Company is dependent on a few suppliers for purchase of product. Loss of any of these large suppliers may affect its business operations.

7. Its business is dependent on the company manufacturing facility. The loss of or shutdown of operations of its manufacturing facility may have a material adverse effect on the company's business, financial condition and results of operations.

8. Steel Manufacturing Plants involve hazardous processes that can cause personal injury and loss of life, severe damage to and destruction of property and equipment, which could result in incurring material liabilities, loss of revenues and increased expenses.

9. The company will continue to be controlled by its Promoters after the completion of the Issue.

10. The Company has not entered into any agreements/ contracts for the supply of raw material and other utilities. Risks related to shortfall or non- availability of raw material and other utilities may adversely affect its manufacturing processes and have an adverse impact on its operations and financial condition.