Voler Car Limited - IPO

1. Its top ten customers contribute majority of the company revenues from operations. Any loss of business from one or more of them may adversely affect its revenues and profitability.

2. The company business depends on its relationships with vendors who supply vehicles and chauffeurs to it, and any adverse changes in such relationships, or its inability to enter into new relationships, could adversely affect the company business and results of operations.

3. The company has long standing relationships with some of its customers which also contribute significantly to the company revenue from operations. If one or more of such customers choose to terminate its contracts, the company business, financial condition and results of operations may be adversely affected.

4. The Company, its Directors and its Promoters are party to certain litigation and claims. These legal proceedings are pending at different levels of adjudication before various forums and regulatory authorities. Any adverse decision may make it liable to liabilities/penalties and may adversely affect its reputation, business and financial status.

5. The company has, in the past, defaulted in the repayment of certain debt and the interest upon such debt facilities.

6. The company generate a significant percentage of its revenue from operations from customers in Kolkata and Mumbai in India. If the company operations in these cities are negatively affected, its financial results and future prospects would be adversely impacted.

7. The company business is working capital intensive and its in constant requirement of cash flow for the company working capital requirements. If its experience insufficient cash flows to make required payments or fund working capital requirements, there may be an adverse effect on its results of operations.

8. Strong competition in the employee transportation service industry could decrease the market share and compel the company to either reduce the cost charged or increase the payments made to vendors. This may have an adverse impact on the enrolments, revenues and profitability.

9. The company has had negative cash flows from investing and financing activities in the past in some of the recent years.

10. The company success depends largely upon the knowledge and experience of its Promoters and other Key Managerial Personnel. Any loss of the company Promoters and key managerial personnel or its ability to attract and retain them could adversely affect the company business, operations and financial condition.