HVAX Technologies Limited - IPO

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

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

3. Significant portion of its supply are from the company related parties being HVAX Engineering and Isovax Technologies.

4. The company has experienced significant working capital requirements in past and may continue to experience in future also. If the company experience insufficient cash flows from its operations or are unable to borrow to meet the company working capital requirements, it may materially and adversely affect its business, cash flows and results of operations.

5. The company source a large part of its new orders from the company relationships with customers, both present and past. Any failures to maintain its long-standing relationships with the company existing customers or forge similar relationships with new ones would have a material adverse effect on its business operations and profitability.

6. Its current Order Book does not guarantee full realization of future income. Some orders may be subject to modifications, cancellations, delays, holds, or partial payments by customers, which could have adverse effects on its operational results.

7. The company appoint contract labour for carrying out its operations and the company may be held responsible for payment of wages of such workers, if the independent contractors through whom such workers are hired default on their payment obligations. Such obligations could have an adverse impact on its results of operations, cash flows and financial condition.

8. The Company has reported certain negative cash flows from its operating activity, investing activity and financing activity, details of which are given below. Sustained negative cash flow could impact its growth and business.

9. Its Promoters, Directors and Key Managerial Personnel may have interests other than reimbursement of expenses incurred and receipt of remuneration or benefits from the Company. Certain of its Promoters and Directors may have interests in entities, which are in businesses similar to its and this may result in conflict of interest with the company.

10. Its historical performance is not indicative of the company future growth or financial results and its may not be able to sustain its historical growth rates or effectively execute the company strategies, which may adversely affect its business and financial results.