Western Carriers (India) Limited - IPO

1. The company depends on a limited number of key customers for a majority of its revenues, which exposes the company to a high risk of customer concentration. Particularly, the company depends significantly on customers in the metals and FMCG industries and are highly dependent on the performance of these industries. A decrease in the revenues the company derives from them could materially and adversely affect its business, results of operations, cash flows and financial condition.

2. The company operates in the Indian logistics industry and may be adversely affected by certain factors affecting the growth of this industry. Additionally, its business is dependent on the company ability to utilise the logistics infrastructure in an uninterrupted manner. Any disruption or deficiencies in the logistics infrastructure, including those affecting freight and container traffic could impair its operations and adversely affect the company's business and results of operations. Any damage to its brand image or reputation may adversely affect the company's growth.

3. There may be delays or defaults in payment by its customers or the tightening of payment periods by thirdparty service providers which could negatively affect its cash flows. As a result, the company experience significant working capital requirements and its inability to meet the company working capital requirements may materially and adversely affect its business, cash flows and financial condition.

4. The company depends on its network partners, third-party service providers and vendors /suppliers in certain aspects of its operations and unsatisfactory services provided by them or failures to maintain relationships with them could disrupt its operations.

5. The company has a long-standing relationship with an Indian rail container logistics provider, which is currently controlled by the Government. If there is a change in control in this Indian rail container logistics provider, it could adversely affect its relationship with it and its may not be able to enter into arrangements with other third-party service providers at favourable terms and in a timely manner which could materially and adversely affect its business and operations and financial condition.

6. The company is highly dependent on its Promoters, the company Key Managerial Personnel and its Senior Management and any inability on the company part to retain or find suitable replacements for such personnel could adversely affect its business, results of operations and financial condition.

7. There have been past instances of non-compliance under the provisions of the Companies Act. An adjudication order has been issued imposing penalty on the Company and certain of its officers. Any other penalties that may be imposed or other regulatory actions that may be taken in this regard, could adversely impact itsr reputation, business and the company results of operations.

8. There have been past instances of certain delays in form filing under the provisions of the Companies Act. Any proceedings that may be initiated in this regard, or any adverse outcome of such proceedings, including penalties or other regulatory actions, could adversely impact its reputation, business and our results of operations.

9. The objects of the Offer has not been appraised by any bank or financial institution and the company cannot assure you that the objects of the Offer will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior shareholders' approval.

10. Its Promoter, Chairman and Managing Director, Rajendra Sethia and its Promoter, Whole-time Director and Chief Executive Officer, Kanishka Sethia were directors of a listed company, Western Conglomerate Limited, whose shares were suspended from being traded on the Calcutta Stock Exchange during the term of their directorship in that company.