SAWALIYA FOOD PRODUCTS LIMITED

Prospectus Dated:August11,2025 (Pleasereadsection32oftheCompaniesAct,2013) 100%BookBuiltOffer (PleasescanthisQRcodetoviewtheProspectus) SAWALIYAFOODPRODUCTSLIMITED CorporateIdentificationNumber:U15400MP2014PLC032843 REGISTEREDOFFICE TELEPHONE,EMAILANDFACSIMILE CONTACTPERSON WEBSITE Survey No. 9/2/1/2 Gavla, Tehsil Tel:+918770326514 NamitaSinghRathour, www.sawaliyafood.com Pithampur, Dhar - 454 775, Madhya Email:info@sawaliyafood.com CompanySecretaryand Pradesh,India. Facsimile:N.A. ComplianceOfficer PROMOTERSOFOURCOMPANY:RAGHAVSOMANIANDPRIYASOMANI DETAILSOFTHEOFFER OFS SIZE (BY NO. OF FRESHISSUESIZE TYPE SHARES OR BY AMOUNT TOTALOFFERSIZE ELIGIBILITY IN₹) FreshIssueand 26,02,800*Equity 3,00,000*EquitySharesofface 29,02,800* Equity This Offer has been made in terms of Regulation OfferforSale Sharesoffacevalue valueof₹10eachaggregating Sharesoffacevalueof 229(1) of Chapter IX of the SEBI (ICDR) of₹10each ₹360.00lakhs ₹10eachaggregating Regulations, 2018 as amended. For details, see aggregating₹ *Subject to finalization of Basis of ₹3,483.36lakhs “Other Regulatory and Statutory Disclosures – 3,123.36lakhs Allotment *Subject to finalization Eligibility for the Offer” on page 254. For further *Subjecttofinalization ofBasisofAllotment detailsinrelationtoshareallocationandreservation ofBasisofAllotment amongQIBs,NIIsandIIs,see“OfferStructure”on page273. DETAILSOFOFFERFORSALE,SELLINGSHAREHOLDERSANDTHEIRWEIGHTEDAVERAGECOSTOFACQUISITION(“WACA”) NAME TYPE NUMBEROFEQUITYSHARESOFFACEVALUEOF₹10EACH WACAIN₹PER OFFERED/AMOUNTIN₹ EQUITYSHARE* RaghavSomani PromoterSellingShareholder 1,50,000EquitySharesoffacevalueof₹10eachaggregatingto₹180.00lakhs 0.85 PriyaSomani PromoterSellingShareholder 1,50,000EquitySharesoffacevalueof₹10eachaggregatingto₹180.00lakhs 0.27 *AscertifiedbytheStatutoryAuditorpursuanttoacertificatedatedJuly25,2025. RISKINRELATIONTOTHEFIRSTOFFER ThisbeingthefirstpublicOfferoftheEquitySharesofourCompany,therehasbeennoformalmarketfortheEquityShares.ThefacevalueofeachEquity Shareis₹10.TheFloorPrice,CapPriceandOfferPriceweredeterminedbyourCompanyinconsultationwiththeBookRunningLeadManager,onthe basisoftheassessmentofmarketdemandfortheEquitySharesbywayoftheBookBuildingprocess,asstatedunder“BasisforOfferPrice”onpage112 shouldnotbeconsideredtobeindicativeofthemarketpriceoftheEquitySharesaftertheEquitySharesarelisted.Noassurancecanbegivenregardingan activeorsustainedtradingintheEquitySharesnorregardingthepriceatwhichtheEquityShareswillbetradedafterListing. GENERALRISK InvestmentsinEquityandEquity-relatedsecuritiesinvolveadegreeofriskandinvestorsshouldnotinvestanyfundsinthisOfferunlesstheycanaffordto taketheriskoflosingtheirentireinvestment.InvestorsareadvisedtoreadtheriskfactorscarefullybeforetakinganinvestmentdecisionintheOffer.For takinganinvestmentdecision,investorsmustrelyontheirownexaminationofourCompanyandtheOfferincludingtherisksinvolved.TheEquityShares offeredintheOfferhavenotbeenrecommendedorapprovedbytheSecuritiesandExchangeBoardofIndia(“SEBI”),nordoesSEBIguaranteetheaccuracy oradequacyofthisProspectus.Specificattentionoftheinvestorsisinvitedofthesectiontitled“RiskFactors”beginningonpage29ofthisProspectus. ISSUER&PROMOTERSELLINGSHAREHOLDERSABSOLUTERESPONSIBILITY OurCompany,havingmadeallreasonableinquiries,acceptsresponsibilityforandconfirmsthatthisProspectuscontainsallinformationwithregardtoour CompanyandtheOffer,whichismaterialinthecontextoftheOffer,thattheinformationcontainedinthisProspectusistrueandcorrectinallmaterialaspects andisnotmisleadinginanymaterialrespect,thattheopinionsandintentionsexpressedhereinarehonestlyheldandthattherearenootherfacts,theomission ofwhichmakesthisProspectusasawholeoranyofsuchinformationortheexpressionofanysuchopinionsorintentions,misleadinginanymaterialrespect. Further, each of the Selling Shareholders, severally and not jointly, accepts responsibility for only such statements specifically confirmed or specifically undertakenbysuchPromoterSellingShareholdersinthisProspectustotheextentsuchstatementsspecificallypertaintoitselfand/oritsOfferedSharesand confirms that such statements are true and correct in all material respects and are not misleading in any material respect. However, none of the Selling Shareholders assume any responsibility for any other statements, disclosures or undertakings, including without limitation, any and all of the statements, disclosuresorundertakingsmadebyorinrelationtoourCompany,itsbusiness,oranyotherSellingShareholder,inthisProspectus. LISTING TheEquitySharesofferedthroughthisProspectusareproposedtobelistedontheEmergePlatformofNationalStockExchangeofIndiaLimited(“NSE”)in termsoftheChapterIXoftheSEBI(ICDR)Regulations,2018asamendedfromtimetotime.OurCompanyhasreceivedan‘in-principle’approvalletter datedApril28,2025fromNSEforusingitsnameinthisofferdocumentforlistingoursharesontheEmergePlatformofNationalStockExchangeofIndia Limited.ForthepurposeofthisOffer,theDesignatedStockExchangewasNSE. BOOKRUNNINGLEADMANAGER NAMEANDLOGO CONTACTPERSON TELEPHONE&EMAIL BrijeshParekh Telephone:+912246046494 E-mail:mb@unistonecapital.com UnistoneCapitalPrivateLimited REGISTRARTOTHEOFFER NAMEANDLOGO CONTACTPERSON TELEPHONE&EMAIL AnujRana Telephone:+9101126812683 E-mail:ipo@skylinerta.com SkylineFinancialServicesPrivateLimited BID/OFFERPERIOD ANCHORPORTIONBIDDINGDATE:Wednesday,August06,2025 BID/OFFEROPENEDON:Thursday,August07,2025 BID/OFFERCLOSEDON:Monday,August11,2025* *UPImandateendtimeanddatewereat5:00pmontheBid/OfferClosingDate.PROSPECTUS Dated:August11,2025 (Pleasereadsection32oftheCompaniesAct,2013) 100%BookBuiltOffer SAWALIYAFOODPRODUCTSLIMITED SawaliyaFoodProductsLimited(our“Company”orthe“Issuer”)wasincorporatedonJuly01,2014as‘SawaliyaFoodProductsPrivateLimited’,aprivate limitedcompanyundertheCompaniesAct,2013,pursuanttoacertificateofincorporationdatedJuly01,2014issuedbytheRegistrarofCompanies,Madhya PradeshatGwalior.Further,ourCompanywasconvertedintoapubliclimitedcompanypursuanttoaresolutionpassedbyourBoardofDirectorsinitsmeeting heldonMay16,2024andbytheShareholdersinanExtraordinaryGeneralMeetingheldonMay27,2024andconsequentlythenameofourCompanywas changedto‘SawaliyaFoodProductsLimited’andafreshcertificateofincorporationdatedJuly15,2024wasissuedbytheRegistrarofCompanies,Central ProcessingCentre.ThecorporateidentificationnumberofourCompanyisU15400MP2014PLC032843.FordetailsinrelationtothechangeinRegistered OfficeofourCompany,pleaserefertothechaptertitled,“HistoryandCertainCorporateMatters”onpage170. RegisteredOffice:SurveyNo.9/2/1/2Gavla,TehsilPithampur,Dhar-454775,MadhyaPradesh,India;Telephone:+918770326514;E-mail: info@sawaliyafood.com:Facsimile:N.A.; Website:www.sawaliyafood.com;ContactPerson:NamitaSinghRathour,CompanySecretary&ComplianceOfficer;CorporateIdentityNumber: U15400MP2014PLC032843 PROMOTERSOFOURCOMPANY:RAGHAVSOMANIANDPRIYASOMANI DETAILSOFTHEOFFER INITIALPUBLICOFFEROF29,02,800EQUITYSHARESOFFACEVALUEOF₹10EACH(“EQUITYSHARES”)OFTHECOMPANYATANOFFER PRICEOF₹120PEREQUITYSHARE(INCLUDINGASHAREPREMIUMOF₹110PEREQUITYSHARE)FORCASH,AGGREGATING₹3,483.36LAKHS (“PUBLICOFFER”)COMPRISINGAFRESHISSUEOF26,02,800EQUITYSHARESOFFACEVALUEOF₹10EACHAGGREGATING₹3,123.36LAKHS (THE“FRESHISSUE”)ANDANOFFERFORSALEOF3,00,000EQUITYSHARESOFFACEVALUEOF₹10EACHCOMPRISINGOF1,50,000EQUITY SHARESOFFACEVALUEOF₹10EACHBYRAGHAVSOMANIAND1,50,000EQUITYSHARESOFFACEVALUEOF₹10EACHBYPRIYASOMANI (“THESELLINGSHAREHOLDEROR“PROMOTERSELLINGSHAREHOLDERS”)(“OFFERFORSALE”)AGGREGATING₹360.00LAKHS,OUTOF WHICH1,46,400EQUITYSHARESOFFACEVALUEOF₹10EACHOFFACEVALUEOF₹10EACH,ATANOFFERPRICEOF₹120PEREQUITY SHARE FOR CASH, AGGREGATING ₹ 175.68 LAKHS WAS RESERVED FOR SUBSCRIPTION BY THE MARKET MAKER TO THE OFFER (THE “MARKETMAKERRESERVATIONPORTION”).THEPUBLICOFFERLESSMARKETMAKERRESERVATIONPORTIONI.E.OFFEROF27,56,400 EQUITYSHARESOFFACEVALUEOF₹10EACHOFFACEVALUEOF₹10EACH,ATANOFFERPRICEOF₹120PEREQUITYSHAREFORCASH, AGGREGATING ₹ 3,307.68 LAKHS IS HEREINAFTER REFERRED TO AS THE “NET OFFER”. THE PUBLIC OFFER AND NET OFFER WILL CONSTITUTE29.27%AND27.79%RESPECTIVELYOFTHEPOST-OFFERPAID-UPEQUITYSHARECAPITALOFOURCOMPANY. *SubjecttofinalizationoftheBasisofAllotment IncaseofanyrevisioninthePriceBand,theBid/OfferPeriodshallbeextendedforatleastthreeadditionalWorkingDaysaftersuchrevisionofthePriceBand,subjecttothe totalBid/OfferPeriodnotexceeding10WorkingDays.Incasesofforcemajeure,bankingstrikeorsimilarcircumstances,ourCompanymay,forreasonstoberecordedin writingextendtheBid/OfferPeriodforaminimumofoneWorkingDay,subjecttotheBid/OfferPeriodnotexceeding10WorkingDays.AnyrevisioninthePriceBand,and therevisedBid/OfferPeriod,ifapplicable,wasbewidelydisseminatedbynotificationtotheStockExchangesbyissuingapressreleaseandalsobyindicatingthechangeon thewebsiteoftheBRLMandattheterminalsoftheMembersoftheSyndicateandbyintimationtoDesignatedIntermediariesandSponsorBankasapplicable. TheOfferwasmadethroughtheBookBuildingProcess,intermsofRule19(2)(b)oftheSecuritiesContracts(Regulation)Rules,1957,asamended(“SCRR”)readwithRegulation229oftheSEBI ICDRRegulationsandincompliancewithRegulation253oftheSEBIICDRRegulationswhereinnotmorethan50.00%oftheNetOfferwasavailableforallocationonaproportionatebasisto QualifiedInstitutionalBuyers(“QIBs”)(the“QIBPortion”),providedthatourCompanyinconsultationwiththeBRLMallocated60.00%oftheQIBPortiontoAnchorInvestorsonadiscretionary basis(“AnchorInvestorPortion”).One-thirdoftheAnchorInvestorPortionwasreservedfordomesticMutualFunds,subjecttovalidBidshavingbeenreceivedfromthedomesticMutualFundsat orabovetheAnchorInvestorAllocationPriceinaccordancewiththeSEBIICDRRegulations.Intheeventofunder-subscriptionornon-allocationintheAnchorInvestorPortion,thebalanceEquity ShareswereaddedtotheQIBPortion(otherthantheAnchorInvestorPortion)(“NetQIBPortion”).Further,5.00%oftheNetQIBPortionwasmadeavailableforallocationonaproportionatebasis toMutualFundsonly,andtheremainderoftheNetQIBPortionwasmadeavailableforallocationonaproportionatebasistoallQIBBidders,includingMutualFunds,subjecttovalidBidshaving beenreceivedatorabovetheOfferPrice.However,iftheaggregatedemandfromMutualFundsislessthan5.00%oftheNetQIBPortion,thebalanceEquitySharesavailableforallocationinthe MutualFundPortionwillbeaddedtotheremainingNetQIBPortionforproportionateallocationtoQIBs.Further,notlessthan15.00%oftheNetOfferwasavailableforallocationonaproportionate basistoNon-InstitutionalInvestorsoutofwhich(a)one-thirdofsuchportionwerereservedforapplicantswithapplicationsizeofmorethan₹2.00lakhsandupto₹10.00lakhs;and(b)twothirdof suchportionwerereservedforapplicantswithapplicationsizeofmorethan₹10.00lakhs,subjecttounsubscribedportionineitherofsuchsub-categorieshavebeenallocatedtoapplicantsintheother sub-categoryofNon-InstitutionalInvestorsandnotlessthan35.00%oftheNetOfferwereavailableforallocationtoIndividualInvestorsinaccordancewiththeSEBIICDRRegulations,subjectto validBidshavingbeenreceivedfromthematorabovetheOfferPrice.AllPotentialBidders,otherthanAnchorInvestors,wererequiredtoparticipateintheOfferbymandatorilyutilisingthe ApplicationSupportedbyBlockedAmount(“ASBA”)processbyprovidingdetailsoftheirrespectiveASBAAccountsandUPIIDincaseofUPIBidders,ifapplicable,inwhichthecorresponding BidAmountswasblockedbytheSelfCertifiedSyndicateBanks(“SCSBs”)orbytheSponsorBank(s)undertheUPIMechanism,asthecasemaybe,totheextentofrespectiveBidAmounts.Anchor InvestorswerenotpermittedtoparticipateintheOfferthroughtheASBAprocess.Fordetails,see“OfferProcedure”onpage277ofthisProspectus.Providedfurtherthatforthepurposeofpublic issuebyanissuertobelisted/listedonSMEexchangemadeinaccordancewithChapterIXoftheseregulations,thewords“retailindividualinvestors”shallbereadaswords“individualinvestors whoappliesforminimumapplicationsize” AllpotentialinvestorsparticipatedintheOfferthroughanApplicationSupportedbyBlockedAmount(“ASBA”)processincludingthroughUPImode(asapplicable)byprovidingdetailsaboutthe bankaccountwhichwasblockedbytheSelfCertifiedSyndicateBanks(“SCSBs”)forthesame.Fordetailsinthisregard,specificattentionisinvitedto“OfferProcedure”onpage277ofthis Prospectus.AcopyofProspectuswillbedeliveredtotheRegistrarofCompaniesforfilinginaccordancewithSection32oftheCompaniesAct,2013. RISKINRELATIONTOTHEFIRSTOFFER ThisbeingtheOfferoftheIssuer,therehasbeennoformalmarketforthesecuritiesoftheIssuer.Thefacevalueoftheequitysharesis₹10.TheOfferprice/floorprice/pricebandshouldnotbetaken tobeindicativeofthemarketpriceofthespecifiedsecuritiesafterthespecifiedsecuritiesarelisted. NoassurancecanbegivenregardinganactiveorsustainedtradingintheequitysharesoftheIssuer norregardingthepriceatwhichtheequityshareswillbetradedafterlisting. GENERALRISK InvestmentsinEquityandEquity-relatedsecuritiesinvolveadegreeofriskandinvestorsshouldnotinvestanyfundsinthisOfferunlesstheycanaffordtotaketheriskoflosingtheirentireinvestment. InvestorsareadvisedtoreadtheriskfactorscarefullybeforetakinganinvestmentdecisionintheOffer.Fortakinganinvestmentdecision,investorsmustrelyontheirownexaminationofourCompany andtheOfferincludingtherisksinvolved.TheEquitySharesofferedintheOfferhavenotbeenrecommendedorapprovedbytheSecuritiesandExchangeBoardofIndia(“SEBI”),nordoesSEBI guaranteetheaccuracyoradequacyoftheProspectus.Specificattentionoftheinvestorsisinvitedofthesectiontitled“RiskFactors”beginningonpage29ofthisthisProspectus. ISSUER’S&PROMOTERSELLINGSHAREHOLDERSABSOLUTERESPONSIBILITY OurCompany,havingmadeallreasonableinquiries,acceptsresponsibilityforandconfirmsthatthisProspectuscontainsallinformationwithregardtoourCompanyandtheOffer,whichismaterial inthecontextoftheOffer,thattheinformationcontainedinthisProspectusistrueandcorrectinallmaterialaspectsandisnotmisleadinginanymaterialrespect,thattheopinionsandintentions expressedhereinarehonestlyheldandthattherearenootherfacts,theomissionofwhichmakesthisProspectusasawholeoranyofsuchinformationortheexpressionofanysuchopinionsor intentions,misleadinginanymaterialrespect.Further,eachoftheSellingShareholders,severallyandnotjointly,acceptsresponsibilityforonlysuchstatementsspecificallyconfirmedorspecifically undertakenbysuchSellingShareholderinthisProspectustotheextentsuchstatementsspecificallypertaintoitselfand/oritsOfferedSharesandconfirmsthatsuchstatementsaretrueandcorrectin allmaterialrespectsandarenotmisleadinginanymaterialrespect.However,noneoftheSellingShareholdersassumeanyresponsibilityforanyotherstatements,disclosuresorundertakings,including withoutlimitation,anyandallofthestatements,disclosuresorundertakingsmadebyorinrelationtoourCompany,itsbusiness,oranyotherSellingShareholder,inthisProspectus. LISTING TheEquitySharesofferedthroughthisProspectusareproposedtobelistedontheEmergePlatformofNationalStockExchangeofIndiaLimited(“NSE”)intermsoftheChapterIXoftheSEBI (ICDR)Regulations,2018asamendedfromtimetotime.OurCompanyhasreceivedan‘in-principle’approvalletterdatedApril28,2025fromNSEforusingitsnameinthisofferdocumentfor listingoursharesonNSE.ForthepurposeofthisOffer,theDesignatedStockExchangewillbeNSE. BOOKRUNNINGLEADMANAGER REGISTRARTOTHEOFFER UNISTONECAPITALPRIVATELIMITED SKYLINEFINANCIALSERVICESPRIVATELIMITED A/305,DynastyBusinessPark,Andheri-KurlaRoad, D-153A,1stFloor,OkhlaIndustrialArea, AndheriEast,Mumbai–400059,Maharashtra,India. Phase-I,NewDelhi–110020,Delhi,India. Telephone:+912246046494 Telephone:+9101126812683 Facsimile:N.A. Facsimile:N.A. Email:mb@unistonecapital.com E-mail/Investorgrievanceemail:ipo@skylinerta.com Investorgrievanceemail:compliance@unistonecapital.com Website:www.skylinerta.com Website:www.unistonecapital.com ContactPerson:AnujRana ContactPerson:BrijeshParekh SEBIRegistrationNo.:INR000003241 SEBIregistrationnumber:INM000012449 OFFERPROGRAMME ANCHORPORTIONBIDDINGDATE:WEDNESDAY,AUGUST06,2025 BID/OFFEROPENEDON:THURSDAY,AUGUST07,2025 BID/OFFERCLOSEEDON:MONDAY,AUGUST11,2025* *UPImandateendtimeanddatewasat5:00pmontheBid/OfferClosingDate.(THISPAGEHASBEENINTENTIONALLYLEFTBLANK)TABLEOFCONTENTS SECTIONI–GENERAL..................................................................................................................................................................6 DEFINITIONSANDABBREVIATIONS..........................................................................................................................................6 CERTAINCONVENTIONS,USEOFFINANCIALINFORMATIONANDMARKETDATAANDCURRENCYOF PRESENTATION..............................................................................................................................................................................18 FORWARD-LOOKINGSTATEMENTS........................................................................................................................................20 SECTIONII-OFFERDOCUMENTSUMMARY......................................................................................................................22 SECTIONIII–RISKFACTORS...................................................................................................................................................29 SECTIONIV-INTRODUCTION.................................................................................................................................................65 THEOFFER.......................................................................................................................................................................................65 SUMMARYOFFINANCIALINFORMATION..............................................................................................................................67 GENERALINFORMATION............................................................................................................................................................71 CAPITALSTRUCTURE...................................................................................................................................................................84 OBJECTSOFTHEOFFER...............................................................................................................................................................96 BASISFOROFFERPRICE............................................................................................................................................................112 STATEMENTOFPOSSIBLESPECIALTAXBENEFITS...........................................................................................................119 SECTIONV–ABOUTTHECOMPANY...................................................................................................................................121 INDUSTRYOVERVIEW................................................................................................................................................................121 OURBUSINESS..............................................................................................................................................................................139 KEYINDUSTRIALREGULATIONSANDPOLICIES................................................................................................................161 HISTORYANDCERTAINCORPORATEMATTERS................................................................................................................170 OURMANAGEMENT....................................................................................................................................................................174 OURPROMOTERSANDPROMOTERGROUP..........................................................................................................................187 OURGROUPCOMPANIES...........................................................................................................................................................191 DIVIDENDPOLICY.......................................................................................................................................................................192 SECTIONVI–FINANCIALINFORMATION.........................................................................................................................193 RESTATEDFINANCIALINFORMATION..................................................................................................................................193 OTHERFINANCIALINFORMATION.........................................................................................................................................226 MANAGEMENT’SDISCUSSIONANDANALYSISOFFINANCIALPOSITIONANDRESULTSOFOPERATIONS.......227 CAPITALISATIONSTATEMENT................................................................................................................................................236 FINANCIALINDEBTEDNESS......................................................................................................................................................237 SECTIONVII–LEGALANDOTHERINFORMATION.......................................................................................................245 OUTSTANDINGLITIGATIONANDMATERIALDEVELOPMENTS.....................................................................................245 GOVERNMENTANDOTHERSTATUTORYAPPROVALS.....................................................................................................249 OTHERREGULATORYANDSTATUTORYDISCLOSURES..................................................................................................253 SECTIONVIII–OFFERINFORMATION...............................................................................................................................265 TERMSOFTHEOFFER................................................................................................................................................................265 OFFERSTRUCTURE.....................................................................................................................................................................273 OFFERPROCEDURE.....................................................................................................................................................................277 RESTRICTIONSONFOREIGNOWNERSHIPOFINDIANSECURITIES...............................................................................310 SECTIONIX–DESCRIPTIONOFEQUITYSHARESANDTERMSOFARTICLESOFASSOCIATION..................312 SECTIONX-OTHERINFORMATION....................................................................................................................................343 MATERIALCONTRACTSANDDOCUMENTSFORINSPECTION........................................................................................343 DECLARATION..............................................................................................................................................................................345SECTIONI–GENERAL DEFINITIONSANDABBREVIATIONS ThisProspectususescertaindefinitionsandabbreviationswhich,unlessthecontext otherwiseindicatesorimplies,shallhave thesamemeaningasprovidedbelow.Referencestoanylegislation,act,regulation,rule,guidelineorpolicyshallbetosuch legislation, act, regulation, rule, guideline or policy, as amended, supplemented or re-enacted fromtime to time and any referencetoastatutoryprovisionshallincludeanysubordinatelegislationmadefromtimetotimeunderthatprovision. ThewordsandexpressionsusedinthisProspectusbutnotdefinedherein,shall have,totheextentapplicable,themeaning ascribedtosuchtermsundertheCompaniesAct,theSEBIICDRRegulations,theSCRA,theDepositoriesActortherulesand regulationsmadethereunder. GENERALANDCOMPANYRELATEDTERMS Term Description “Company”, “our Company”, SawaliyaFoodProductsLimited,acompanyincorporatedundertheCompaniesAct, “the Company”, “the Issuer”, 2013, having its Registered Office at Survey No. 9/2/1/2 Gavla, Tehsil Pithampur, or“Sawaliya” Dhar-454775,MadhyaPradesh,India. OurPromoter(s) Promoters of our Company, namely Raghav Somani and Priya Somani. For further details,pleaseseethesectionentitled“OurPromotersandPromoterGroup”onpage 187ofthisProspectus. PromotersGroup Companies, individuals and entities (other than companies) as defined under Regulation 2(1)(pp) of the SEBI (ICDR) Regulations, 2018 which is provided in the chaptertitled“OurPromotersandPromoter’sGroup”. COMPANYRELATEDTERMS Term Description Articles / Articles of ArticlesofAssociationofourCompany. Association/AOA AuditCommittee TheAuditCommitteeoftheBoardofDirectorsconstitutedinaccordancewithSection 177oftheCompaniesAct,2013.Fordetailsrefersectiontitled“OurManagement” onpage174ofthisProspectus. Auditor/StatutoryAuditor StatutoryauditorofourCompany,namely,M/s.MaheshwariandGupta. BankerstotheCompany BankertoourCompany,namely,StateBankofIndia. Board of Directors / TheBoardofDirectorsoftheCompanyunlessotherwisespecified. Board/BOD CompaniesAct TheCompaniesAct,1956/2013asamendedfromtimetotime. CIN CorporateIdentificationNumberofourCompanyi.e.U15400MP2014PLC032843. Chairman ChairmanofourBoardofDirectorsandoftheCompany,RaghavSomani. ChiefFinancialOfficer(CFO) TheChiefFinancialofficerofourCompany,PankajNeema. Company Secretary and The Company Secretary and Compliance Officer of our Company, being Namita ComplianceOfficer(CS) SinghRathour. DepositoriesAct TheDepositoriesAct,1996,asamendedfromtimetotime. DIN DirectorIdentificationNumber. EquityShares EquitySharesofourCompanyofFaceValueof₹10eachunlessotherwisespecifiedin thecontextthereof. EquityShareholders Persons/EntitiesholdingEquitySharesofOurCompany. ED ExecutiveDirector GroupCompanies Companieswithwhichtherehavebeenrelatedpartytransactions,duringthelastthree financial years, as covered under the applicable accounting standards and other companies as considered material by the Board in accordance with the Materiality Policy. IndependentDirector A non-executive & Independent Director as per the Companies Act, 2013 and the SEBI(ListingObligationsandDisclosureRequirements)Regulations,2015. IndianGAAP GenerallyAcceptedAccountingPrinciplesinIndia. ISIN INE10VS01016. “KMP”or“KeyManagerial Key managerial personnel of our Company in terms of Regulation 2(1)(bb) of the Personnel” SEBI ICDR Regulations and Section 2(51) of the Companies Act, 2013, and as 6Term Description disclosedin“OurManagement-KeyManagerialPersonnel”onpage184. KeyPerformanceIndicators/ KeyfinancialandoperationalperformanceindicatorsofourCompany,asincludedin KPIs “Basis for the Offer Price”, “Our Business – Key Performance Indicators” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations–KeyPerformanceIndicators”onpages112,141and227,respectively. MaterialityPolicy The policy on identification of group companies, material creditors and material litigation,adoptedbyourBoardonJuly29,2025inaccordancewiththerequirements oftheSEBIICDRRegulations. MD/ Managing Director(s)/ TheManagingDirectorofourCompany,namely,RaghavSomani. Chairman and Managing Director/CMD MOA/ Memorandum / MemorandumofAssociationofourCompanyasamendedfromtimetotime. MemorandumofAssociation Non-Residents ApersonresidentoutsideIndia,asdefinedunderFEMA. NominationandRemuneration TheNominationandRemunerationCommitteeofourBoardofDirectorsconstituted Committee in accordance with Companies Act, 2013. For details refer section titled “Our Management”onpage174ofthisProspectus. Non-ExecutiveDirector ADirectornotbeinganExecutiveDirectororanIndependentDirector. NRIs/NonResidentIndians ApersonresidentoutsideIndia,asdefinedunderFEMAandwhoisacitizenofIndia oraPersonofIndianOriginunderForeignOutsideIndiaRegulations,2000. RegisteredOffice The registered office of our Company situated at Survey No. 9/2/1/2 Gavla, Tehsil Pithampur,Dhar-454775,MadhyaPradesh,India. Restated Financial Information/ The Restated Financial Information of our Company, which comprises the Restated RestatedFinancialStatements/ StatementofAssetsandLiabilitiesoftheCompanyasatMarch31,2025,March31, 2024andMarch31,2023,theRestated StatementofProfitandLoss(includingother comprehensive income), the Restated Statement of Cash Flows for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and summary statement of Significant Accounting Policies and other explanatory information prepared in accordance with the requirements of Section 26(1) of Part I of Chapter III of the CompaniesAct,2013,theSEBIICDRRegulationsandtheGuidanceNoteonReports inCompanyProspectuses(Revised2019)issuedbytheICAI,asamendedfromtime totime. ROC/RegistrarofCompanies Registrar of Companies, Madhya Pradesh at Gwalior, having its office at 3rd Floor, ‘A’ Block, Sanjay Complex, Jayendra Ganj, Gwalior - 474 009, Madya Pradesh, India. SeniorManagement Senior management of our Company determined in accordance with Regulation 2(1)(bbbb) of the SEBI ICDR Regulations. For details, see “Our Management” on page174ofthisProspectus. Shareholders ShareholdersofourCompany,fromtimetotime. StakeholdersRelationship The Stakeholders Relationship Committee of our Board of Directors constituted in Committee accordance with Section 178 of the Companies Act, 2013. For details refer section titled“OurManagement”onpage174ofthis Prospectus. Whole-timeDirector PriyaSomani,theWhole-timeDirectorofourCompany. OFFERRELATEDTERMS Terms Description AbridgedProspectus Abridged Prospectus means a memorandum containing such salient features of a ProspectusasmaybespecifiedbySEBIinthisbehalf. AcknowledgementSlip TheslipordocumentissuedbytheDesignatedIntermediarytoanApplicantasproof ofregistrationoftheApplication. Addendum TheaddendumdatedApril23,2025totheDraftRedHerringProspectus. Allotment OfferoftheEquitySharespursuanttotheOffertothesuccessfulapplicants. AllotmentAdvice NoteoradviceorintimationofAllotmentsenttotheBidderswhohavebeenallotted EquitySharesaftertheBasisofAllotmenthasbeenapprovedbytheDesignatedStock Exchange. Allotment/Allot/Allotted Unlessthecontextotherwiserequires,allotmentofEquitySharesofferedpursuantto theFreshIssuepursuanttosuccessfulBidders. Allottee(s) ThesuccessfulapplicanttowhomtheEquitySharesarebeing/havebeenoffered. AnchorInvestor A Qualified Institutional Buyer, applying under the Anchor Investor Portion in accordance with the requirements specified in the SEBI ICDR Regulations and the 7Terms Description ProspectusandwhohasBidforanamountofatleast₹200lakhs. AnchorInvestorAllocation ₹ 120 per equity share i.e. the price at which Equity Shares were allocated to the Price AnchorInvestorsintermsoftheRedHerringProspectusandthisProspectus,which wasdecidedbyourCompanyinconsultationwiththeBookRunningLeadManager duringtheAnchorInvestorBid/OfferPeriod. AnchorInvestorApplication The application form used by an Anchor Investor to make a Bid in the Anchor Form InvestorPortionandwhichwasconsideredasanapplicationforAllotmentinterms oftheRedHerringProspectusandthisProspectus. AnchorInvestorBid/Offer August 06, 2025, being one working day prior to the Bid/ Offer Opening Date, on Period whichBidsbyAnchorInvestorswassubmittedandallocationtotheAnchorInvestors wascompleted. AnchorInvestorOfferPrice ₹120perequitysharebeingthefinalpriceatwhichtheEquityShareswereAllotted totheAnchorInvestorsintermsoftheRedHerringProspectusandthisProspectus. AnchorInvestorPortion Upto60%oftheQIBPortionconsistingof8,19,600EquitySharesoffacevalueof ₹ 10 each which were allocated by our Company, in consultation with the Book Running Lead Manager, to the Anchor Investors on a discretionary basis in accordancewiththeSEBI(ICDR)Regulations. Application Supportedby An application, whether physical or electronic, used by applicants to make an BlockedAmount/ASBA applicationauthorizingaSCSBtoblocktheapplicationamountintheASBAAccount maintainedwiththeSCSB. ApplicationForm The Form in terms of which the applicant shall apply for the Equity Shares of our Company. ASBAAccount AnaccountmaintainedwiththeSCSBandspecifiedintheapplicationformsubmitted byASBAapplicantforblockingtheamountmentionedintheapplicationform. ASBABid ABidmadebyASBABidder. Bankers to the Offer BankertotheOffer,PublicOfferBank,RefundBankandSponsorBank,beingKotak MahindraBankLimited. BasisofAllotment The basis on which equity shares will be allotted to successful applicants under the Offer and which is described in paragraph titled“Basis of allotment”under chapter titled“OfferProcedure”startingfrompage277ofthisProspectus. Bid An indication to make an Offer during the Bid/Offer Period by an ASBA Bidder pursuant to submission of the ASBA Form to subscribe to or purchase the Equity SharesatapricewithinthePriceBand,andintermsoftheRedHerringProspectus and the relevant Bid cum Application Form. The term “Bidding”was construed accordingly. BidAmount Theamountat whichthe bidderswererequiredtomake a bid forthe EquityShares ofourCompanyintermsoftheRedHerringProspectus. BidcumApplicationForm Theformintermsofwhichthebidderswererequiredtomakeabid,includingASBA Form,andwhichwasconsideredasthebidfortheAllotmentpursuanttothetermsof theRedHerringProspectus. BidLot 1,200EquitySharesoffacevalueof₹10eachandinmultiplesof1,200EquityShares offacevalueof₹10eachthereafter. Bid/OfferPeriod The period between the Bid/ Offer Opening Date and the Bid/ Offer Closing Date, inclusive of both days, during which prospective Bidders submitted their Bids, in termsoftheRedHerringProspectusandthisProspectus. Bid/OfferClosingDate Except in relation to Anchor Investors, the date on which the Syndicate Designated Branches and the Registered Brokers started accepting Bids, being notified in all editionsofFinancialExpress(awidelycirculatedEnglishnationaldailynewspaper), all editions of Jansatta (a widely circulated Hindi national daily newspaper) and regional editions of Chaitanya Lok, a Hindi daily newspaper, (Hindi being the regional language of Madhya Pradesh where our Registered Office is located). The registeredofficeofthe Companyissituated,eachwith wide circulation and caseof anyrevision,theextendedBid/OfferOpeningDatealsotobenotifiedonthewebsites andterminalsoftheSyndicateMembers,andSCBsasrequiredundertheSEBIICDR Regulation. Bid/OfferOpeningDate ThedateonwhichtheSyndicate,theDesignatedBranchesandtheRegisteredBrokers started accepting Bids, which was notified in all editions of Financial Express (a widely circulated English national daily newspaper), and all editions of Jansatta (a widelycirculatedHindinationaldailynewspaper)andregionaleditionsofChaitanya Lok, a Hindi newspaper, (Hindi being the regional language of Madhya Pradesh wheretheregisteredofficeofthecompanyissituated,eachwithwidecirculation,and 8Terms Description incaseofanyrevision,theextendedBid/OfferOpeningDatealsotobenotifiedon the website and terminals of the Syndicate and SCSBs, as required under the SEBI ICDRRegulations. Bidder/Investor AnyprospectiveinvestorwhomakesabidforEquitySharesintermsofRedHerring Prospectus. BiddingCenters CentersatwhichtheDesignatedIntermediariesshallacceptthe BidcumApplication Formsi.e.DesignatedSCSBBranchforSCSBs,SpecifiedLocationsformembersof theSyndicate,BrokerCentersforRegisteredBrokers,DesignatedRTALocationsfor RTAsandDesignatedCDPLocationsforCDPs. BiddingCenters Centers at which the Designated Intermediaries shall accept the Application Forms i.e. Designated SCSB Branch for SCSBs, Specified Locations for members of the Syndicate, Broker Centers for Registered Brokers, Designated RTA Locations for RTAsandDesignatedCDPLocationsforCDPs. BookBuildingProcess Book building process, as provided in Part A of Schedule XIII of the SEBI ICDR Regulations,intermsofwhichtheOfferisbeingmade. BRLM/BookRunningLead BookRunningLeadManagertotheOffer,inthiscasebeingUnistoneCapitalPrivate Manager Limited. BrokerCenters Broker centers notified by the Stock Exchanges where investors submitted the ApplicationFormstoaRegisteredBroker.ThedetailsofsuchBrokerCenters,along with the names and contact details of the Registered Brokers are available on the websitesoftheStockExchange. CapPrice The higher end of the Price Band,subject toany revisionsthereto, abovewhich the OfferPricewasnotfinalizedandabovewhichnoBidswereaccepted. Cut-OffPrice TheOfferPrice,whichcouldbeanypricewithinthePricebandasfinalizedbyour CompanyinconsultationwiththeBRLM.OnlyIndividualInvestorswereentitledto Bid at the Cut off Price. QIBs (including Anchor Investor) and Non-Institutional InvestorswerenotentitledtoBidattheCut-offPrice. ClientId Client Identification Number maintained with one of the Depositories in relation to demataccount. Collecting Depository AdepositoryparticipantasdefinedundertheDepositoriesAct,1996,registeredwith ParticipantsorCDPs SEBIandwhoiseligibletoprocurebidsattheDesignatedCDPLocationsinterms of circular no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 issued bySEBI. Controlling Branches of the Suchbranchesof the SCSBswhichcoordinatewiththeBRLM, the Registrartothe SCSBs OfferandtheStockExchange. DemographicDetails ThedemographicdetailsoftheApplicantssuchastheirAddress,PAN,nameofthe applicantfather/husband,investorstatus,andoccupationandBankAccountdetails. Depository A depository registered with SEBI under the SEBI (Depositories and Participants) Regulations,2018. DepositoryParticipant ADepositoryParticipantasdefinedundertheDepositoriesAct,1996. Designated Intermediaries/ The members of the Syndicate, sub-syndicate/agents, SCSBs, Registered Brokers, CollectingAgent CDPs and RTAs, who are categorized to collect Application Forms from the Applicant,inrelationtotheOffer. DesignatedCDPLocations SuchlocationsoftheCDPswherebiddersubmittedtheBidcumApplicationForms toCollectingDepositoryParticipants. ThedetailsofsuchDesignatedCDPLocations,alongwithnamesandcontactdetails of the Collecting Depository Participants eligible to accept Bid cum Application FormsareavailableonthewebsiteoftheStockExchangei.e.www.nseindia.com DesignatedDate The date on which amounts blocked by the SCSBs are transferred from the ASBA Accounts,asthecasemaybe,tothePublicOfferAccountortheRefundAccount,as appropriate, in terms of the Red Herring Prospectus and this Prospectus, after finalization of the Basis of Allotment in consultation with the Designated Stock Exchange, following which the Board of Directors Alloted Equity Shares to successfulBiddersintheOffer. DesignatedRTALocations SuchlocationsoftheRTAswherebiddersubmittedtheBidcumApplicationForms to RTAs. The details of such Designated RTA Locations, along with names and contact details of the RTAs eligible to accept Bid cum Application Forms are availableonthewebsiteoftheStockExchangei.e.www.nseindia.com DesignatedSCSBBranches SuchbranchesoftheSCSBswhichcollectedtheASBABidcumApplicationForm from the ASBA bidder and a list of which is available on the website of SEBI at http://www.sebi.gov.in/sebiweb/home/list/5/33/0/0/Recognized-Intermediaries or at suchotherwebsiteasmaybeprescribedbySEBIfromtimetotime. 9Terms Description DesignatedStockExchange EmergePlatformofNationalStockExchangeofIndiaLimited(“NSEEmerge”). DPID DepositoryParticipant’sIdentityNumber. DraftRedHerringProspectus Draft Red Herring Prospectus dated October 15, 2024, filed with NSE Emerge in accordance with Section 32 of the Companies Act, 2013 and SEBI (ICDR) Regulations. ElectronicTransferofFunds RefundsthroughECS,NEFT,DirectCreditorRTGSasapplicable. EligibleNRI NRIsfromjurisdictionsoutsideIndiawhereitwasnotunlawfultomakeanissueor invitation under the Offer and in relation to whom this Prospectus constituted an invitationtosubscribetotheEquitySharesAllottedherein. EligibleQFIs QFIsfromsuchjurisdictionsoutsideIndiawhereitwasnotunlawfultomakeanOffer or invitation under the Offer and in relation to whom the Prospectus constitutes an invitationtopurchasetheEquitySharesOfferedtherebyandwhohaveopeneddemat accountswithSEBIregisteredqualifieddepositaryparticipants. Emerge Platform of National The Emerge platform of National Stock Exchange of India Limited, approved by StockExchangeofIndiaLimited SEBIasanSMEExchangeforlistingofequitysharesissuedunderChapterIXofthe SEBIICDRRegulations. EscrowAccount The account(s) to be opened with the Escrow Collection Bank and in whose favour theAnchorInvestorswilltransfermoneythroughNACH/directcredit/NEFT/RTGS inrespectoftheBidAmountwhensubmittingaBid. First/Solebidder The bidderwhose name appears first inthe Bidcum Application Form or Revision Form. FloorPrice ThelowerendofthePriceBand,being₹114,subjecttoanyrevision(s)thereto,not being less thanthefacevalueofEquityShares,atorabovewhichtheOfferPricewas finalizedandbelowwhichnoBidswereaccepted. Foreign Venture Capital Foreign Venture Capital Investors registered with SEBI under theSecuritiesand Investors ExchangeBoardofIndia(ForeignVentureCapitalInvestors)Regulations,2000. FPI/ForeignPortfolioInvestor AForeignPortfolioInvestorwhohasbeenregisteredunderSecuritiesandExchange BoardofIndia(ForeignPortfolioInvestors)Regulations,2014,providedthatanyFII or QFI who holds a valid certificate of registration shall be deemed to be a foreign portfolioinvestortilltheexpiryoftheblockofthreeyearsforwhichfeeshavebeen paidaspertheSEBI(ForeignInstitutionalInvestors)Regulations,1995,asamended. FreshIssue/Issue TheFreshIssueof26,02,800EquitySharesoffacevalueof₹10eachaggregating₹ 3,123.36Lakhs. FugitiveEconomicOffender AnindividualwhoisdeclaredafugitiveeconomicoffenderunderSection12ofthe FugitiveEconomicOffendersAct,2018. General Information The General Information Document for investing in public issues, prepared and Document(GID) issued in accordance with the SEBI circular (SEBI/HO/CFD/DIL1/CIR/P/2020/37) datedMarch17,2020andtheUPICirculars.TheGeneralInformationDocumentis available on the websites of the Stock Exchange, and the Book Running Lead Manager. GIRNumber GeneralIndexRegistryNumber. Individual Investors/(II)/ Individual Applicants, who have applied for the Equity Shares for a minimum IndividualBidder/(IB) applicationsizeoftwolotswhereinamountexceedsmorethan₹2,00,000inanyof the bidding options in the offer (including HUFs applying through their Karta and EligibleNRIs). IndividualInvestorPortions PortionoftheOfferbeingnotlessthan35%oftheNetOfferconsistingof9,64,800 EquitySharesoffacevalueof₹10eachwhichshallbeavailableforallocationtoIBs (subjecttovalidBidsbeingreceivedatorabovetheOfferPrice),whichshallnotbe less than the minimum Bid Lot subject to availability in the Individual Investor Portion,andtheremainingEquitySharestobeAllottedonaproportionatebasis. ListingAgreement TheEquityListingAgreementtobesignedbetweenourCompanyandtheNSE. MarketMaker TheMarketMakertotheOffer,inthiscasebeingAlacritySecuritiesLimited. MarketMakerReservation Thereservedportionof1,46,400EquitySharesoffacevalueof₹10eachatanOffer Portion priceof₹120eachaggregatingto₹175.68LakhstobesubscribedbyMarketMaker inthisOffer. MarketMakingAgreement The Market Making Agreement dated July 23, 2025 between our Company, the SellingShareholders,BookRunningLeadManagerandMarketMaker. MutualFunds A mutual fund registered with SEBI under the SEBI (Mutual Funds) Regulations, 1996,asamendedfromtimetotime. MutualFundPortion 5% of the Net QIB Portion, (other than anchor allocation), which shall be available for allocation to Mutual Funds only on a proportionate basis, subject to valid Bids beingreceivedatorabovetheOfferPrice. 10Terms Description NetOffer The Offer excluding the Market Maker Reservation Portion of 27,56,400 Equity Sharesoffacevalueof₹10eachfullypaidforcashatapriceof₹120EquityShare aggregating₹3,307.68LakhsbyourCompany. NetQIBPortion The portion of the QIB Portion less the number of Equity Shares Allocated to the AnchorInvestors. NetProceeds The Gross Proceeds less our Company’s share of the Offer-related expenses applicabletotheFreshIssue.FordetailsaboutuseoftheNetProceedsandtheOffer relatedexpenses,see“ObjectsoftheOffer”onpage96. Non-InstitutionalApplicant/ All Applicants, including FPIs which are individuals, corporate bodies and family Investors offices,thatarenotQIBsorIIsandwhohadsubmittedApplicationforEquityShares foranamountofmorethan₹2.00Lakhs(butnotincludingNRIsotherthanEligible NRIs). Non-InstitutionalPortion The portion of the Offer being not less than 15% of the Net Offer consisting of 4,21,200 Equity Shares which was made available for allocation on a proportionate basis to Non-Institutional Bidders, subject to valid Bids being received at or above theOfferPriceorthroughsuchothermethodofallocationasmaybeintroducedunder applicablelaw. NPCI NPCI, a Reserve Bank of India (RBI) initiative, is an umbrella organization for all retail payments in India. It has been set up with the guidance and support of the ReserveBankofIndia(RBI)andIndianBanksAssociation(IBA). OfferAgreement Agreement dated October 11, 2024 entered amongst our Company, the Selling Shareholders and the Book Running Lead Manager, pursuant to which certain arrangementswereagreedtoinrelationtotheOffer. OfferClosing OurOfferclosedonMonday,August11,2025. OfferDocument Includes the Draft Red Herring Prospectus, the Red Herring Prospectus and this ProspectustobefiledwithRegistrarofCompanies. OfferforSale Saleof3,00,000EquitySharesoffacevalueof₹10each,bytheSellingShareholders forcashatapriceof₹120perEquityShare(includingapremiumof₹110perEquity Share)aggregating₹360.00Lakhs. OfferOpening OurOfferopenedonThursdayAugust07,2025 OfferPeriod TheperiodsbetweentheOfferOpeningDateandtheOfferClosingDateinclusiveof both days and during which prospective Applicants were required to submit their Biddingapplication. OfferPrice ThepriceatwhichtheEquityShareswereofferedbyourCompanythroughtheRed HerringProspectus,being₹120(includingsharepremiumof₹110perEquityShare). OfferProceeds Proceeds to be raised by our Company through this Fresh Issue, for further details pleasereferchaptertitled“ObjectsoftheOffer”page96ofthisProspectus. Offer/OfferSize/InitialPublic TheInitialPublicOfferof29,02,800Equitysharesof₹10eachatanOfferPriceof Offer/InitialPublicOffering/ ₹120perEquityshare,includingapremiumof₹110perequityshareaggregating₹ IPO 3,483.36lakhscomprisingaFreshIssueof26,02,800EquitySharesoffacevalueof ₹10eachandtheOfferforSaleofupto3,00,000EquitySharesoffacevalueof₹10 eachbySellingShareholders. OfferedShares Offer of 3,00,000 Equity Shares of face value of ₹ 10 each aggregating ₹ 360.00 lakhsbeingofferedforsalebytheSellingShareholdersintheOffer. Person/Persons Any individual, sole proprietorship, unincorporated association, unincorporated organization, body corporate, corporation, company, partnership, limited liability company,jointventure,ortrustoranyotherentityororganizationvalidlyconstituted and/orincorporatedinthejurisdictioninwhichitexistsandoperates,asthecontext requires. PriceBand PriceBandofaminimumprice(FloorPrice)of₹114andthemaximumprice(Cap Price)of₹120. PricingDate ThedateonwhichourCompanyinconsultationwiththeBRLM,finalizedtheOffer Price. Prospectus ThisProspectusfiledwiththeRoCinaccordancewiththeCompaniesAct,2013,and theSEBIICDRRegulationscontaining,interalia,theOfferPricethatisdetermined at the end of the Book Building Process, the size of the Offer and certain other information,includinganyaddendaorcorrigendathereto. Public Offer Account AgreementdatedJuly25,2025enteredintobyourCompany,SellingShareholders, Agreement/BankertotheOffer Book Running Lead Manager, Banker to the Offer, Syndicate Member and the Agreement/Cash Escrow and RegistrartotheOfferforcollectionoftheApplicationAmounts. SponsorBankAgreement 11Terms Description PublicOfferAccount AccountopenedwiththeBankertotheOffertoreceivemoniesfromtheSCSBsfrom thebankaccountoftheASBAbidder,ontheDesignatedDate. PublicOfferAccountBank The bank with whom the Public Offer Account was opened for collection of Bid AmountsfromtheEscrowAccountandASBAAccountsontheDesignatedDate,in thiscasebeingKotakMahindraBankLimited. QualifiedInstitutionalBuyers/ The qualified institutional buyers as defined under Regulation 2(1)(ss) of the SEBI QIBs ICDRRegulations. QIBCategory/QIBPortion TheportionoftheNetOffer(includingtheAnchorInvestorPortion)beingnotmore than50%oftheNetOffer,consistingof13,70,400EquitySharesoffacevalueof₹ 10 each which were made available for allocation to QIBs (including Anchor Investors) on a proportionate basis, (in which allocation to Anchor Investor were made available on a discretionary basis, as determined by our Company in consultation with the BRLM), subject to valid Bids being received at or above the OfferPrice. RedHerringProspectus/RHP The Red Herring Prospectus dated July 29, 2025 issued in accordance with Section 32 of the Companies Act, 2013 and the provisions of the SEBI ICDR Regulations, whichwillnothavecompleteparticularsofthepriceatwhichtheEquityShareswill beOfferedandthesizeoftheOffer,includinganyaddendaorcorrigendathereto. RefundBank(s) /Refund Bank(s) which is / are clearing member(s) and registered with the SEBI as Bankers Banker(s) to the Offer at which the Refund Accounts was opened in case listing of the Equity Sharesdoesnotoccur,inthiscasebeingKotakMahindraBankLimited. RefundAccount The‘no-lien’and‘non-interestbearing’accountopenedwiththeRefundBank,from whichrefunds,ifany,ofthewholeorpart,oftheBidAmounttotheAnchorInvestors shallbemade. RegisteredBroker Individuals or companies registered with SEBI as “Trading Members” (except Syndicate/ Sub-Syndicate Members) who hold valid membership of either NSE or National Stock Exchange of India Limited having right to trade in stocks listed on StockExchanges,throughwhichinvestorscouldbuyorsellsecuritieslistedonstock exchanges,alistofwhichisavailableonhttps://www.nseindia.com/ Registrar / Registrar to the RegistrartotheOfferbeingSkylineFinancialServicesPrivateLimited. Offer/RTA RegistrarAgreement TheregistraragreementdatedOctober11,2024enteredintobetweenourCompany, the Selling Shareholders and the Registrar to the Offer in relation to the responsibilitiesandobligationsoftheRegistrartotheOfferpertainingtotheOffer. Regulations Unless the context specifies something else, this means the SEBI (Issue of Capital andDisclosureRequirements)Regulations,2018. RevisionForm The form used by the bidders to modify the quantity of Equity Shares or the bid AmountinanyoftheirBidcumApplicationFormsoranypreviousRevisionForm(s). SCSB ASelfCertifiedSyndicateBankregisteredwithSEBIundertheSEBI(Bankerstoan Issue)Regulations,1994andIssuesthefacilityofASBA,includingblockingofbank account. A list of all SCSBs is available at https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&int mId=35 SEBIMasterCircular MastercirculardatedJune21,2023issuedbytheSecuritiesandExchangeBoardof India in order to enable the stakeholders to have access to all circulars/directions issued under the relevant provisions of the SEBI ICDR Regulations, 2018 at one place. SponsorBank TheBankertotheOfferregisteredwithSEBIandappointedbyourCompanytoact asaconduitbetweentheStockExchangesandtheNPCIinordertopushthemandate collectrequestsand/orpaymentinstructionsoftheIndividualInvestorsintotheUPI andcarryoutotherresponsibilities,intermsoftheUPICirculars. SellingShareholdersor RaghavSomaniandPriyaSomani,aretheSellingShareholdersofourCompany. PromoterSellingShareholders ShareEscrowAgent TheshareescrowagentappointedpursuanttotheShareEscrowAgreement,namely SkylineFinancialServicesPrivateLimited. ShareEscrowAgreement TheagreementdatedJuly23,2025,enteredintobetweenourCompany,theSelling Shareholders and the Share Escrow Agent in connection with the transfer of the Offered Shares by the Selling Shareholders and credit of such Equity Shares to the demataccountoftheAllotteesinaccordancewiththeBasisofAllotment. SubSyndicateMember The sub-syndicate members, if any, appointed by the BRLM and the Syndicate Members,tocollectASBAFormsandRevisionForms. SyndicateAgreement The agreement dated July 23, 2025 entered into amongst our Company, the Selling 12Terms Description Shareholders,theBRLMandtheSyndicateMembers,inrelationtothecollectionof BidsinthisOffer. SyndicateMember(s) Syndicate member(s) as defined under Regulation 2(1) (hhh) of the SEBI ICDR Regulations,namelyAlacritySecuritiesLimited. TransactionRegistrationSlip/ The slip or document issued by a member of the Syndicate or an SCSB (only on TRS demand),asthecasemaybe,tothebidders,asproofofregistrationofthebid. Underwriter UnistoneCapitalPrivateLimited UnderwritingAgreement The Agreement dated July 23, 2025 entered into between the Company, Selling Shareholders,BRLMandtheUnderwriter. UPI Unified payment Interface, which is an instant payment mechanism, developed by NPCI. UPICircular Circularno.SEBI/HO/CFD/DIL2/CIR/P/2018/138datedNovember01,2018issued bySEBIas amended or modified by SEBI from time to time, including circular no.SEBI/HO/CFD/DIL2/CIR/P/2019/50datedApril03,2019,circularno. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020, circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021,circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 02, 2021, the circular no.SEBI/HO/CFD/DIL2/CIR/P/2022/45datedApril05,2022,thecircular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022, the circular no.SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, SEBI master circularno.SEBI/HO/CFD/PoD-2/P/CIR/2023/00094 dated June 21, 2023, SEBIcircularno.SEBI/HO/CFD/TPD1/CIR/P/2023/140datedAugust09,2023,and any other circularsissuedbySEBIoranyothergovernmentalauthorityinrelation theretofromtimetotime. UPIID ID created on UPI for single-window mobile payment system developed by the NPCI. UPIMandateRequest Arequest(intimatingtheIndividualInvestorbywayofanotificationontheMobile AppandbywayofaSMSdirectingtheIndividualInvestortosuchMobileApp)to theIndividualInvestorinitiatedbytheSponsorBanktoauthorizeblockingoffunds ontheMobileAppequivalenttoBidAmountandSubsequentdebitoffundsincase ofAllotment. UPIMechanism The bidding mechanism that was used by a II to make a Bid in the Offer in accordancewiththeUPICirculars. UPIPIN PasswordtoauthenticateUPItransactions. WilfulDefaulterandFraudulent A wilful defaulter(s) and fraudulent borrower(s) as defined under SEBI ICDR Borrower Regulations. WorkingDays IntermsofRegulation2(1)(mmm)ofSEBIICDRRegulations,workingdaymeans all days on which commercial banks in Mumbai are open for business. Further, in respectofOfferPeriod,workingdaymeansalldays,excludingSaturdays,Sundays andpublicholidays,onwhichcommercial banksinMumbai areopenforbusiness. Furthermore,thetimeperiodbetweentheOfferClosingDateandthelistingofEquity SharesonNSE,workingdaymeansalltradingdaysofNSE,excludingSundaysand bankholidays,aspercircularsissuedbySEBI. CONVENTIONALANDGENERALTERMS/ABBREVIATIONS Term Description “₹”or“Rs.”or“Rupees”or IndianRupee “INR” “Consolidated FDI Policy” or Consolidated Foreign Direct Investment Policy notified by DPIIT through notification “FDIPolicy” issuedbyDPIIT,effectivefromOctober15,2020. “Financial Year” or “Fiscal Periodof12monthsendingMarch31ofthatparticularyear. Year”or“FY” “OCBs”or“OverseasCorporate Acompany,partnership,societyorothercorporatebodyowneddirectlyorindirectlyto Body” theextentofatleast60%byNRIsincludingoverseastrusts,inwhichnotlessthan60% ofbeneficialinterestisirrevocablyheldbyNRIsdirectlyorindirectlyandwhichwasin existenceonOctober3,2003andimmediatelybeforesuchdatehadtakenbenefitsunder thegeneralpermissiongrantedtoOCBsunderFEMA. A/c Account AGM AnnualGeneralMeeting 13Term Description AIF AlternativeInvestmentFund,asdefinedandregisteredwithSEBIundertheSecurities andExchangeBoardofIndia(AlternativeInvestmentFunds)Regulations,2012. AS AccountingStandardsissuedbytheInstituteofCharteredAccountantsofIndia CAGR CompoundedAnnualGrowthRate CAN ConfirmationAllocationNote CategoryIAIF AIFswhoareregisteredas“CategoryIAlternativeInvestmentFunds”undertheSEBI AIFRegulations CategoryIFPIs FPIswhoareregisteredas“CategoryIforeignportfolioinvestors”undertheSEBIFPI Regulations. CategoryIIAIF AIFswhoareregisteredas“CategoryIIAlternativeInvestmentFunds”undertheSEBI AIFRegulations. CategoryIIFPIs FPIswhoareregisteredas“CategoryIIforeignportfolioinvestors”undertheSEBIFPI Regulations. CategoryIIIAIF AIFswhoareregisteredas“CategoryIIIAlternativeInvestmentFunds”undertheSEBI AIFRegulations. CBDT CentralBoardofDirectTaxes,GovernmentofIndia. CDSL CentralDepositoryServices(India)Limited CentralGovernment CentralGovernmentofIndia CFO ChiefFinancialOfficer CIN CorporateIdentificationNumber CIT CommissionerofIncomeTax CLRA ContractLabour(RegulationandAbolition)Act,1970 CompaniesAct1956 ErstwhileCompaniesAct,1956alongwiththerelevantrulesmadethereunder. Companies Act, 2013 / CompaniesAct,2013alongwithrulesmadethereunder CompaniesAct CS CompanySecretary CSR CorporateSocialResponsibility DepositoriesAct TheDepositoriesAct,1996 Depository(ies) A depository registered with SEBI under the Securities and Exchange Board of India (DepositoriesandParticipants)Regulations,1996. DIN DirectorIdentificationNumber DPID DepositoryParticipant’sIdentificationNumber EBITDA EarningsbeforeInterest,Tax,DepreciationandAmortisation ECB ExternalCommercialBorrowings ECBMasterDirections Master Direction – External Commercial Borrowings, Trade Credits and Structured ObligationsdatedMarch26,2019issuedbytheRBI. ECS ElectronicClearingSystem EGM ExtraordinaryGeneralMeeting EPFAct Employees’ProvidentFundandMiscellaneousProvisionsAct,1952 EPS Earningspershare ESIAct Employees’StateInsuranceAct,1948 FCNRAccount Foreign Currency Non Resident (Bank) account established in accordance with the FEMA FEMA The Foreign Exchange Management Act, 1999 read with rules and regulations thereunder FEMARegulations TheForeignExchangeManagement(TransferorIssueofSecuritybyaPersonResident OutsideIndia)Regulations,2017 FEMARules ForeignExchangeManagement(Non-debtInstruments)Rules,2019 FinancialYear/Fiscal Theperiodof12monthscommencingonApril1oftheimmediatelyprecedingcalendar yearandendingonMarch31ofthatparticularcalendaryear FIR Firstinformationreport FPIs ForeignportfolioinvestorsasdefinedandregisteredundertheSEBIFPIRegulations FugitiveEconomicOffender An individual who is declared a fugitive economic offender under Section 12 of the FugitiveEconomicOffendersAct,2018 FVCI ForeignVentureCapitalInvestorsasdefinedandregisteredundertheSEBIFVCI Regulations GDP GrossDomesticProduct GoI/Government TheGovernmentofIndia GST GoodsandServicesTax HUF(s) HinduUndividedFamily(ies) ICAI InstituteofCharteredAccountantsofIndia 14Term Description ICSI TheInstituteofCompanySecretariesofIndia IFRS InternationalFinancialReportingStandards IFSC IndianFinancialSystemCode IncomeTaxAct/ITAct IncomeTaxAct,1961 IndAS The Indian Accounting Standards referred to in the Companies (Indian Accounting Standard)Rules,2015,asamended IndianGAAP GenerallyAcceptedAccountingPrinciplesinIndia InsiderTrading Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, Regulations 2015,asamendedfromtimetotime. InsolvencyCode InsolvencyandBankruptcyCode,2016,asamendedfromtimetotime. ISIN InternationalSecuritiesIdentificationNumber IT InformationTechnology MCA TheMinistryofCorporateAffairs,GoI MerchantBanker Merchant banker as defined under the Securities and Exchange Board of India (MerchantBankers)Regulations,1992asamended Mn/mn Million MOF MinistryofFinance,GovernmentofIndia MOU MemorandumofUnderstanding MSME Micro,Small,andMediumEnterprises MutualFunds MutualfundsregisteredwiththeSEBIundertheSecuritiesandExchangeBoardofIndia (MutualFunds)Regulations,1996 N.A.orNA NotApplicable NACH NationalAutomatedClearingHouse NAV Net Asset Value per Equity Share at a particular date computed based on total equity dividedbynumberofEquityShares NetWorth NetworthasdefinedunderRegulation2(1)(hh)oftheSEBIICDRRegulations,i.e.,the aggregate value of the paid-up share capital and all reserves created out of the profits, securitiespremiumaccountanddebitorcreditbalanceofprofitandlossaccount,after deducting the aggregate value of the accumulated losses, deferred expenditure and miscellaneousexpenditurenotwrittenoffaspertherestatedbalancesheet,butdoesnot include reserves created out of revaluation of assets, write-back of depreciation and amalgamation. NR Non-residentorperson(s)residentoutsideIndia,asdefinedundertheFE NRE Non-residentialexternal NREAccount Non-residentialexternalaccount NRI A person resident outside India, who is a citizen of India and shall have the same meaning as ascribed to such term in the Foreign Exchange Management (Deposit) Regulations,2016. NRO Non-residentordinary NROAccount Non-residentordinaryaccount NSE NationalStockExchangeofIndiaLimited NSDL NationalSecuritiesDepositoryLimited NTA NetTangibleAssets OCI OverseasCitizenofIndia ODI Off-shoreDerivateInstruments p.a. Perannum P/ERatio Price/EarningsRatio PAN PermanentAccountNumber PAT ProfitAfterTax PBT ProfitBeforeTax PIO PersonofIndianOrigin PLR PrimeLendingRate R&D ResearchandDevelopment RBI TheReserveBankofIndia RBIAct ReserveBankofIndiaAct,1934 RoNW ReturnonNetWorth RTGS RealTimeGrossSettlement SARFAESIAct TheSecuritizationandReconstructionofFinancialAssetsandEnforcementofSecurity InterestAct,2002. SAT SecuritiesAppellateTribunal SCRA SecuritiesContract(Regulation)Act,1956 15Term Description SCRR TheSecuritiesContracts(Regulation)Rules,1957 SEBI TheSecuritiesandExchangeBoardofIndiaconstitutedundertheSEBIAct,asamended SEBIAct TheSecuritiesandExchangeBoardofIndiaAct,1992,asamended SEBIAIFRegulations Securities and Exchange Board of India (Alternative Investments Funds) Regulations, 2012,asamended SEBIBTIRegulations SecuritiesandExchangeBoardofIndia(BankerstoanIssue)Regulations,1994 SEBIFPIRegulations TheSecuritiesandExchangeBoardofIndia(ForeignPortfolioInvestors)Regulations, 2019. SEBIFVCIRegulations Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations,2000. SEBIICDRRegulations The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations,2018,asamended. SEBIListingRegulations Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)Regulations,2015,asamended. SEBITakeoverRegulations The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers)Regulations,2011,asamended. SEBIVCFRegulations Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996, sincerepealedandreplacedbytheSEBI(AIF)Regulations. SICA SickIndustrialCompanies(SpecialProvisions)Act,1985,asamendedfromtimetotime SME SmallandMediumEnterprises StampAct TheIndianStampAct,1899,asamendedfromtimetotime StateGovernment TheGovernmentofastateinIndia StockExchange Unless the context requires otherwise, refers to, theNational Stock Exchange of India Limited. TDS TaxDeductedatSource TrademarksAct TrademarksAct,1999,asamended U.S.GAAP GenerallyAcceptedAccountingPrinciplesintheUnitedStatesofAmerica US$/USD/USDollar UnitedStatesDollar,theofficialcurrencyoftheUnitedStatesofAmerica USA/U.S./US UnitedStatesofAmerica,itsterritoriesandpossessions,anystateoftheUnitedStates ofAmericaandtheDistrictofColumbia. VAT ValueAddedTax VCFs VentureCapitalFundsasdefinedinandregisteredwithSEBIundertheSEBIVCF RegulationsortheSEBIAIFRegulations,asthecasemaybe. w.e.f. Witheffectfrom Year/CalendarYear Unless context otherwise requires, shall refer to the twelve-month period ending December31. INDUSTRYRELATEDTERMS Term Description APEDA Agricultural&ProcessedFoodProductsExportDevelopmentAuthority CA ControlledAtmosphere CAD currentaccountdeficit Covid-19 CoronavirusDisease DFP DesignatedFoodParks DPIIT DepartmentforPromotionofIndustry,andInternalTrade ETP EffluentTreatmentPlan FDI ForeignDirectInvestment FPOs FarmerProducersOrganizations FRE FirstRevisedEstimates FY FinancialYear GDP GrossDomesticProduct GOI GovernmentofIndia GVA grossvalueadded HFIs High-FrequencyIndicators ILO InternationalLabourOrganization IMF InternationalMonetaryFund IQF IndividualQuickFreezing LLPD LakhLitresPerDay MA ModifiedAtmosphere 16Term Description MFP MegaFoodPark MoFPI MinistryofFoodProcessingIndustries MT Metrictonne NABARD NationalBankforAgricultureandRuralDevelopment ODOP OneDistrictOneProduct PLISFPI Production-LinkedIncentiveSchemeforFoodProcessingIndustry PLISMBP PLISchemeforMillet-basedProducts PMFME PrimeMinisterFormalizationofMicroFoodProcessingEnterprisesScheme PMKSY PradhanMantriKisanSampadaYojana PSL PrioritySectorLending RTE/RTC Ready-to-Eat/Ready-to-Cook SHGs SelfHelpGroups TOP Tomato,Onion,andPotato UK UnitedKingdom UNGA TheUnitedNation’sGeneralAssembly U.S. UnitedStates US$ UnitedStatesDollar Notwithstanding the foregoing, terms in“Descriptionof Equity Sharesand Terms of Articles ofAssociation”, “Statement of Possible Special Tax Benefits”, “Industry Overview”, “Key Industrial Regulations and Policies”, “Financial Information”, “OutstandingLitigationandMaterialDevelopments”and“OfferProcedure”onpages312,119,121,161,193,245and277, respectivelyofthisProspectus,willhavethemeaningascribedtosuchtermsintheserespectivesections. 17CERTAINCONVENTIONS,USEOFFINANCIALINFORMATIONANDMARKETDATAANDCURRENCY OFPRESENTATION CertainConventions Allreferencesto“India”containedinthisProspectusaretotheRepublicofIndiaanditsterritoriesandpossessionsandall referenceshereintothe“Government”,“IndianGovernment”,“GoI”,CentralGovernment”orthe“StateGovernment”are totheGovernmentofIndia,centralorstate,asapplicable. Unless otherwise specified, any time mentioned in thisProspectus is in Indian Standard Time (“IST”). Unless indicated otherwise,allreferencestoayearinthisProspectusaretoacalendaryear. Unlessstatedotherwise,allreferencestopagenumbersinthisProspectusaretothepagenumbersofthisProspectus. FinancialData Unlessstatedotherwiseorthecontextotherwiserequires,thefinancialinformationandfinancialratiosinthisProspectus hasbeenderivedfromourRestatedFinancialInformation.Forfurtherinformation,pleaseseethesectiontitled“Financial Information”onpage193ofthisProspectus. OurCompany’sfinancialyearcommencesonApril1andendsonMarch31ofthenextyear.Accordingly,allreferences toaparticularfinancialyear,unlessstatedotherwise,aretothetwelve(12)monthperiodendedonMarch31ofthatyear. TheRestatedFinancialInformationofourCompany,whichcomprisestheRestated StatementofAssetsandLiabilitiesof the Company as at March 31, 2025, March 31, 2024 and March 31, 2023, the Restated Statement of Profit and Loss (including other comprehensive income), the Restated Statement of Cash Flows for the years ended March 31, 2025, March 31, 2024 and March 31, 2023 and summary statement of Significant Accounting Policies and other explanatory informationpreparedinaccordancewiththerequirementsofSection26(1)ofPartIofChapterIIIoftheCompaniesAct, 2013,theSEBIICDRRegulationsandtheGuidanceNoteonReportsinCompanyProspectuses(Revised2019)issuedby theICAI,asamendedfromtimetotime.TherearesignificantdifferencesbetweenIndAS,IndianGAAP,U.S.GAAPand IFRS.OurCompanydoesnotprovidereconciliationofitsfinancialinformationtoIFRSorU.S.GAAP.OurCompanyhas notattemptedtoexplainthosedifferencesorquantifytheirimpactonthefinancialdataincludedinthisProspectusandit isurgedthatyouconsultyourownadvisorsregardingsuchdifferencesandtheirimpactonourfinancialdata.Accordingly, thedegreetowhichthefinancialinformationincludedinthisProspectuswillprovidemeaningfulinformationisentirely dependentonthereader’sleveloffamiliaritywithIndianaccountingpoliciesandpractices,theCompaniesAct,theIndian GAAPandtheSEBIICDRRegulations.AnyreliancebypersonsnotfamiliarwithIndianaccountingpoliciesandpractices onthefinancialdisclosurespresentedinthisProspectusshould,accordingly,belimited. Unless the context otherwise indicates, any percentage amounts, as set forth in “Risk Factors”, “Our Business” and “Management’s Discussion and Analysis of Financial Position and Results of Operations” on page 29, 139 and 227 respectively,ofthisProspectus,andelsewhereinthisProspectushavebeencalculatedonthebasisoftheRestatedFinancial StatementsofourCompany,preparedinaccordancewith GAAP,andtheCompaniesActandrestatedinaccordancewith theSEBIICDRRegulations. InthisProspectus,anydiscrepanciesinanytablebetweenthetotalandthesumsoftheamountslistedareduetorounding off.Allfiguresindecimalshavebeenroundedofftotheseconddecimalandallthepercentagefigureshavebeenrounded offtotwodecimalplacesincludingpercentagefiguresin“RiskFactors”,“IndustryOverview”and“OurBusiness”onpage 29,121and139respectively,thisProspectus. CurrencyandUnitsofPresentation Allreferencesto: • “Rupees”or“₹”or“INR”or“Rs.”aretoIndianRupee,theofficialcurrencyoftheRepublicofIndia;and • “USD”or“US$”or“$”aretoUnitedStatesDollar,theofficialcurrencyoftheUnitedStatesofAmerica. Our Company has presented all numerical information in is Prospectus in “lacs” units or in whole numbers where the numbershavebeentoosmalltorepresentinlacs.Onelacrepresents1,00,000andonemillionrepresents10,00,000. Exchangerates 18ThisProspectuscontainsconversionsofcertainothercurrencyamountsintoIndianRupeesthathavebeenpresentedsolely to comply with the SEBI ICDR Regulations. These conversions should not be construed as a representation that these currencyamountscouldhavebeen,orcanbeconvertedintoIndianRupees,atanyparticularrateoratall. Thefollowingtablesetsforth,fortheperiodsindicated,informationwithrespecttotheexchangeratebetweentheIndian Rupeeandotherforeigncurrencies: Currency Exchangerateason(in₹) March31,2025^ March31,2024* March31,2023 1USD 85.58 83.37 82.22 ^Since,March31,2025wasapublicholidayandApril01,2025wasaRBImandatedholiday,andMarch29,2025andMarch30,2025 wereSaturdayandSundayrespectively,theexchangerateasofMarch28,2024hasbeenconsidered. *Since,March31,2024wasapublicholiday,theexchangerateasofApril01,2024hasbeenconsidered. (Source:www.rbi.org.in andwww.fbil.org.in) IndustryandMarketData Unlessstatedotherwise,theindustryandmarketdataandforecastsusedthroughoutthisProspectushasbeenobtainedfrom industrysourcesaswellasGovernmentPublications.IndustrysourcesaswellasGovernmentPublicationsgenerallystate thattheinformationcontainedinthosepublicationshasbeenobtainedfromsourcesbelievedtobereliable.Theextentto which the market and industry data used in this Prospectus is meaningful depends on the reader’s familiarity with and understandingofthemethodologiesusedincompilingsuchdata.Therearenostandarddatagatheringmethodologiesin the industry in which the business of our Company is conducted, and methodologies and assumptions may vary widely amongdifferentindustrysources.Accordingly,investmentdecisionsshouldnotbebasedsolelyonsuchinformation. In accordance with the SEBI ICDR Regulations, “Basis for Offer Price” on page 112 of this Prospectus includes information relating to our peer group entities. Such information has been derived from publicly available sources, and neither we, nor the BRLM have independently verified such information. Such data involves risks, uncertainties and numerousassumptionsandissubjecttochangebasedonvariousfactors,includingthosediscussedin“RiskFactors”on page29ofthisProspectus. 19FORWARD-LOOKINGSTATEMENTS This Prospectus contains certain “forward-looking statements”. These forward-looking statements generally can be identifiedbywordsorphrasessuchas“aim”,“anticipate”,“believe”,“expect”,“estimate”,“intend”,“objective”,“plan”, “propose”, “project”, “will”, “will continue”, “will pursue” or other words or phrases of similar import. Similarly, statementsthatdescribeourstrategies,objectives,plansorgoalsarealsoforward-lookingstatements.Allforward-looking statementsaresubjecttorisks,uncertainties,expectationsandassumptionsaboutusthatcouldcauseactualresultstodiffer materiallyfromthosecontemplatedbytherelevantforward-lookingstatement.Theseforward-lookingstatements,whether made by us or a third party, are based on our current plans, estimates and expectations and actual results may differ materiallyfromthosesuggestedbysuchforward-lookingstatements. Actual results may differ materially from those suggested by forward-looking statements due to risks or uncertainties associatedwithexpectationsrelatingtoandincluding,regulatorychangespertainingtotheindustriesinIndiainwhichwe operateandourabilitytorespondtothem,ourabilitytosuccessfullyimplementourstrategy,ourgrowthandexpansion, technological changes, our exposure to market risks, general economic and political conditions in India which have an impactonitsbusinessactivitiesorinvestments,themonetaryandfiscalpoliciesofIndia,inflation,deflation,unanticipated turbulenceininterestrates,foreignexchangerates,equitypricesorotherratesorprices,theperformanceofthefinancial marketsinIndiaandglobally,changesindomesticlaws,regulationsandtaxesandchangesincompetitionintheindustries inwhichweoperate. CertainimportantfactorsthatcouldcauseactualresultstodiffermateriallyfromourCompany’sexpectationsinclude,but arenotlimitedto,thefollowing: • Wedependononeofourkeycustomersforasignificantportionofourrevenue,andanydecreaseinrevenuesorsales fromsuchcustomermayadverselyaffectourbusinessandresultsofoperations. • Wederiveasignificantportionofourrevenuefromcertainofourproducts.Ifsalesvolumeorpriceofsuchproducts declinesinthefuture,orifweareunabletosellsuchproductsforanyreason,ourbusiness,financialcondition,cash flows and results of operations could be adversely affected. Our commercial success is largely dependent upon our abilitytostrategicallydiversifyourproductportfolio.Presently,wedealinalimitednumberofproductsandtherefore, ourabilitytodiversifyandsuccessfullymarketourproductsmightbelimited,whichmayhaveanadverseimpacton ourrevenueandprofitability. • Wederiveasignificantportionofourrevenuesfromrepeatorderswhichweidentifyasordersplacedbykeycustomers that have placed orders with our Company previously. Any loss of, or a significant reduction in the repeat orders receivedbyuscouldadverselyaffectourbusiness,resultsofoperations,financialconditionandcashflows. • Ourbusinessissubjecttoseasonalvariationsthatcouldresultinfluctuationsinourresultsofoperations.Further,fresh vegetables being the principal raw material used for manufacturing of our products, our business depends on the availability of such vegetables and any shortage of vegetables may adversely affect our business and results of operations. • The improper handling, processing or storage of raw materials or products, or spoilage of and damage to such raw materialsandproducts,oranyrealorperceivedcontaminationinourproducts,couldsubjectustoregulatoryandlegal action,damageourreputationandhaveanadverseeffectonourbusiness,resultsofoperationsandfinancialcondition. Forfurtherdiscussionoffactorsthatcouldcausetheactualresultstodifferfromourestimatesandexpectations,see“Risk Factors”,“OurBusiness”and“Management’sDiscussionandAnalysisofFinancialPositionandResultsofOperations” beginning on page 29, 139 and 227, respectively, of this Prospectus. By their nature, certain market risk disclosures are onlyestimatesandcouldbemateriallydifferentfromwhatactuallyoccursinthefuture.Asaresult,actualgainsorlosses couldmateriallydifferfromthosethathavebeenestimated. We cannot assure investors that the expectations reflected in these forward-looking statements will prove to be correct. Giventheseuncertainties,investorsarecautionednottoplaceunduerelianceonsuchforward-lookingstatementsandnot toregardsuchstatementsasaguaranteeoffutureperformance. Forward-looking statements reflect current views as on the date of this Prospectus and are not a guarantee of future performance. These statements are based on our management’s beliefs and assumptions, which in turn are based on currently available information. Although we believe the assumptions upon which these forward-looking statements are basedarereasonable,anyoftheseassumptionscouldprovetobeinaccurate,andtheforward-lookingstatementsbasedon theseassumptionscouldbeincorrect.NeitherourCompany,ourDirectors,thePromoters,theSyndicatenoranyoftheir respectiveaffiliateshaveanyobligationtoupdateorotherwisereviseanystatementsreflectingcircumstancesarisingafter thedatehereofortoreflecttheoccurrenceofunderlyingevents,eveniftheunderlyingassumptionsdonotcometofruition. 20InaccordancewiththeSEBIICDRRegulations,ourCompany,thePromotersandtheBookRunningLeadManagerwill ensure that the Bidders in India are informed of material developments until the time of the grant of listing and trading permissionbytheStockExchangefortheOffer. NeitherourCompany,ourDirectors,ourPromoters,theSellingShareholders,theBRLMnortheSyndicateoranyoftheir respectiveaffiliateshaveanyobligationtoupdateorotherwisereviseanystatementsreflectingcircumstancesarisingafter thedatehereofortoreflecttheoccurrenceofunderlyingevents,eveniftheunderlyingassumptionsdonotcometofruition. InaccordancewiththeSEBIICDRRegulations,ourCompanywillensurethatBiddersinIndiaareinformedofmaterial developments pertaining to our Company fromthe date of this Prospectus inrelation tothe statements and undertakings madebyourCompanyandtheSellingShareholders,inrespectoftheOfferedSharesinthisProspectusuntilthetimeof thegrantoflistingandtradingpermissionbytheStockExchangeforthisOffer. Inthisregard,theSellingShareholdersshall,severallyandnotjointly,ensurethatourCompanyandBRLMareinformed ofmaterialdevelopmentsinrelationtothestatementsandundertakingsspecificallyconfirmedorundertakenbytheSelling ShareholderswithrespecttotheOfferedSharesintheProspectusuntilthetimeofthegrantoflistingandtradingpermission bytheStockExchangeforthisOffer. 21SECTIONII-OFFERDOCUMENTSUMMARY The following is a general summary of the terms of the Offer. This summary should be read in conjunction with and is qualified in its entirety by, the more detailed information appearing elsewhere in this Prospectus, including the sections entitled“RiskFactors”,“IndustryOverview”,“OutstandingLitigationandMaterialDevelopments”,“OurPromotersand PromoterGroup”,“FinancialInformation”,“ObjectsoftheOffer”,“OurBusiness”,“OfferProcedure”and“Description ofEquitySharesandTermsofArticlesofAssociation”beginningonpage29,121,245,187,193,96,139,277and312, respectivelyofthisProspectus. 1. SummaryofIndustryinwhichtheCompanyisoperating FoodandgrocerymarketinIndiaisthesixth-largestintheworld.Foodprocessingindustrycontributes32%tothisfood market and is also one of the largest industries in the country, contributing 13% to total export and 6% of industrial investment.ThemarketsizeoffoodprocessingsectorinIndiaisestimatedtoreachUS$1,274billionin2027fromUS$ 866 billion in 2022. India’s agricultural and processed food exports gone up to more than US$ 50 billion in 2022-23, accountingfor22.6%oftheoverallagri-foodexports.Thecoldchaininfrastructurecreatedby372completedcoldchain projects until October 2023, is as following: a) 10.3 lakh MT of Cold Storage, Controlled Atmosphere (CA)/Modified Atmosphere(MA)StorageandDeepFreezer;b)335MTperhourofIndividualQuickFreezing(IQF);c)175.8LakhLiters PerDay(LLPD)MilkProcessing/Storage;andd)1860reefervehicles.Forfurtherdetails,pleaserefertothechaptertitled “IndustryOverview”beginningonpage121ofthisProspectus. 2. SummaryofBusiness Founded in 2014, our Company is a manufacturer and processer of dehydrated vegetables, serving leading institutional manufacturers engaged in branded packaged food industries, traders and international importers of dehydrated products. Assuch,wearedeeplyconnectedwiththebrandedpackagedfoodindustryandthisaccountedfor66.15%ofourrevenue inFinancialYear2025.Ourproductsfindwideapplicationasrawmaterialsinthefastmovingconsumergoods(“FMCG”) industry, for products such as cup noodles, ready to eat noodles, pasta, soup, etc. Our main products include dehydrated carrot,dehydratedcabbageanddehydratedringbeans/beans.Overtheyears,wehavecraftedasustainableaswellasan integrated business model wherein we source our raw materials directly from farmers to ensure that we use absolutely naturalingredientsinourproducts.Sincethefarmersarelocatedincloseproximitytoourmanufacturingunit,wehavean advantageofprocuringdesiredquantityofrawmaterialsmainlybeingcarrots,atcostcompetitivepricesandlowlogistical costs.Since,wesourceourrawmaterialsdirectlyfromthefarmers,weareabletoofferourproductsatalowerrangethan our competitors, thereby having a unique pricing model. Additionally, our tie-ups with farmers enable us to procure vegetables,especiallycarrotinourwarehouse,andselltheunder-utilisedrawmaterials,athigherpricesinthemarketand gainfromthefluctuationinpricesoftherawmaterials. Forfurtherdetails,pleaserefertochaptertitled“OurBusiness”beginningonpage139ofthisProspectus. 3. Promoters ThePromotersofourCompanyareRaghavSomaniandPriyaSomani.Forfurtherdetails,pleaserefertothechaptertitled “OurPromotersandPromoterGroup”beginningonpage187ofthisProspectus. 4. DetailsoftheOffer Initialpublicofferof29,02,800* EquitySharesoffacevalueof₹10each offacevalue₹10each(“EquityShares”)of ourCompanyforcashatapriceof₹120perequityshare(includingasecuritiespremiumof₹110perEquityShare)(the “Offer Price”), aggregating to ₹ 3,483.36 lakhs (“Offer”), comprising a fresh issue of 26,02,800 Equity Shares of face valueof₹10eachaggregatingto₹3,123.36lakhs(the“FreshIssue”)andanofferforsaleof3,00,000EquitySharesof facevalueof₹10eachcomprisingofanofferof1,50,000EquitySharesoffacevalueof₹10eachbyRaghavSomaniand 1,50,000 Equity Shares of face value of ₹ 10 each by Priya Somani (the “Selling Shareholders” or “Promoter Selling Shareholders”)(“OfferForSale”)aggregatingto₹360.00lakhs,outofwhich1,46,400EquitySharesoffacevalueof₹ 10eachaggregatingto₹175.68lakhswillbereservedforsubscriptionbymarketmaker(“MarketMakerReservation Portion”).TheofferlesstheMarketMakerReservationPortioni.e.Offerof27,56,800EquitySharesoffacevalueof₹ 10eachatanOfferPriceof₹120perEquityShareaggregatingto₹3,307.68lakhsishereinafterreferredtoasthe“Net Offer”.TheOfferandtheNetOfferwillconstitute29.27%and27.79%,respectivelyofthepostOfferpaidupequityshare capitaloftheCompany. 22ThepricebandwasdecidedbyourCompanyinconsultationwiththeBookRunningLeadManager(“BRLM”)andwas advertisedinalleditionsofFinancialExpress(awidelycirculatedEnglishnationaldailynewspaper),alleditionsofJansatta (a widely circulated Hindi national daily newspaper) and regional editions of Chaitanya Lok, a Hindi daily newspaper, (HindibeingtheregionallanguageofMadhyaPradeshwhereourRegisteredOfficeislocated),eachwithwidecirculation, atleast2(two)workingdayspriortothebid/Offeropeningdatewiththerelevantfinancialratioscalculatedatthefloor priceandthecappriceandwasmadeavailabletotheEmergeplatformofNationalStockExchangeofIndiaLimited(“NSE Emerge”, referred to as the “Stock Exchange”) for the purpose of uploading on their website for further details kindly refertochaptertitled“TermsoftheOffer”beginningonpage265ofthisProspectus. *SubjecttofinalizationofBasisofAllotment 5. DetailsoftheSellingShareholders TheSellingShareholdershaveconsentedtoparticipateintheOfferforSaleinthefollowingmanner: Name of the Type Date of Equity Shares of EquitySharesofface % of the pre-Offer Selling Authorization face value of ₹ 10 value of ₹ 10 each paid-up Equity Share Shareholder Letter each held as of offered by way of capital date of the OfferforSale Prospectus RaghavSomani Promoter September27,2024 30,72,476 1,50,000 42.00 PriyaSomani Promoter September27,2024 30,72,462 1,50,000 42.00 6. ObjectsoftheOffer ThedetailsoftheproceedsoftheOfferaresetoutinthefollowingtable: (₹inlakhs) Particulars Amount GrossProceedsoftheOffer 3,123.36 Less:Offerrelatedexpenses 250.49 NetProceedsoftheOffer 2,872.87 7. UtilizationofNetOfferProceeds WeproposetoutilizetheNetProceedsinthefollowingmanner: (₹inlakhs) Sr.No. Particulars Estimated amount 1. Funding capital expenditure requirements towards (i) purchase of new machinery and 748.66 upgradationofexistingmachineryinstalledand(ii)settingupofon-gridrooftopsolarPV systemofacapacityof149.04KWpatourexistingmanufacturingunit 2. Fundingofworkingcapitalrequirements 1,000.00 3. Repayment and/or pre-payment, in part or full, of certain borrowings availed by our 461.15 Company 4. Generalcorporatepurposes(1) 663.06 (1)Theamounttobeutilisedforgeneralcorporatepurposesshallnotexceed25%oftheGrossProceedsoftheOffer. Forfurtherdetails,pleaseseechaptertitled“ObjectsoftheOffer”beginningonpage96ofthisProspectus. 8. AggregatePreOfferShareholdingofPromoters(alsothePromoterSellingShareholders)andthemembersofour PromoterGroup Following are the details of the pre-Offer shareholding of our Promoters (also the Promoter Selling Shareholder) and PromoterGroup: Sr.No. NameoftheShareholders Pre-Offer Post-Offer NumberofEquity %ofPre-Offer Numberof %ofPost- Sharesoffacevalue EquityShare EquityShares OfferEquity of₹10each Capital offacevalue Share of₹10each Capital Promoter(alsothePromoterSellingShareholders) 1. RaghavSomani 30,72,476 42.00 29,22,476 29.47 2. PriyaSomani 30,72,462 42.00 29,22,462 29.47 23Sr.No. NameoftheShareholders Pre-Offer Post-Offer NumberofEquity %ofPre-Offer Numberof %ofPost- Sharesoffacevalue EquityShare EquityShares OfferEquity of₹10each Capital offacevalue Share of₹10each Capital Total(A) 61,44,938 84.00 58,44,938 58.93 PromoterGroup 3. MadhavSomani 2,92,617 4.00 2,92,617 2.95 4. KrishnaKantSomani 2,92,617 4.00 2,92,617 2.95 5. HansaSomani 2,92,617 4.00 2,92,617 2.95 Total(B) 8,77,851 12.00 8,77,851 8.85 Total(A+B) 70,22,789 96.00 67,22,789 67.78 Forfurtherdetails,pleaserefertothechaptertitled“CapitalStructure”beginningonpage84ofthisProspectus. 9. Aggregate Pre- Offer Shareholding of Promoter/ Promoter Group and Additional Top 10 Shareholders of the CompanyasatAllotment Sr.No. Pre-OfferShareholdingasonthedateofthis Post-OffershareholdingasatAllotment Prospectus* Shareholders Numberof %ofthePre- AttheLowerendofthe AttheUpperendofthe EquityShares Offerpaidup PriceBand PriceBand held EquityShare Numberof %ofthePre- Numberof %ofthePre- capital Equity Offerpaidup Equity Offerpaidup Sharesheld EquityShare Sharesheld EquityShare capital capital Promoters 1. RaghavSomani 30,72,476 42.00 29,22,476 29.47 29,22,476 29.47 2. PriyaSomani 30,72,462 42.00 29,22,462 29.47 29,22,462 29.47 PromoterGroup 1. MadhavSomani 2,92,617 4.00 2,92,617 2.95 2,92,617 2.95 2. KrishnaKantSomani 2,92,617 4.00 2,92,617 2.95 2,92,617 2.95 3. HansaSomani 2,92,617 4.00 2,92,617 2.95 2,92,617 2.95 AdditionalTop10Shareholders 1. VrandaBaheti 2,92,617 4.00 2,92,617 2.95 2,92,617 2.95 2. KamlaBaiSomani 14 Negligible 14 Negligible 14 Negligible Total 73,15,420 100.00 70,15,420 70.73 70,15,420 70.73 Notes: 1.ThePromoterGroupshareholdersareMadhavSomani,KrishnaKantSomaniandHansaSomani. 2.IncludesalloptionsthathavebeenexerciseduntildateofProspectusandanytransfersofequitysharesbyexistingshareholdersafterthedateofthe pre-Offerandpricebandadvertisementuntildateofprospectus. 3.BasedontheOfferpriceof₹120andsubjecttofinalizationofthebasisofallotment. 10.SummaryofFinancialInformation FollowingarethedetailsaspertheRestatedFinancialInformationasatandfortheyearsendedMarch31,2025,March 31,2024andMarch31,2023: (₹inlakhs,exceptsharedata) S.No. Particulars March31,2025 March31,2024 March31,2023 1. ShareCapital 731.54 12.37 12.37 2. NetWorth 1,264.84 570.27 258.31 3. Revenuefromoperations 3,418.42 2,339.78 1,508.87 4. ProfitafterTax 694.57 311.96 59.41 5. EarningsperShare 9.49 4.26 0.81 6. NetAssetValueperequityshare 17.29 7.80 3.53 7. Totalborrowings 2,249.12 1,293.02 1,335.71 *Notannualised Forfurtherdetails,pleaserefertothesectiontitled“FinancialInformation”beginningonpage193ofthisProspectus. 11.AuditorqualificationswhichhavenotbeengiveneffecttointheRestatedFinancialInformation TheRestatedFinancialInformationdonotcontainanyqualificationsbytheStatutoryAuditors. 2412.SummaryofOutstandingLitigation AsummaryofthependingtaxproceedingsandothermateriallitigationsinvolvingourCompany,ourPromotersandour Directorsareprovidedbelow: a) LitigationsinvolvingourCompany i) CasesfiledagainstourCompany: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters 5 1.35 IndirectTaxmatters Nil Nil Actionstakenbyregulatoryauthorities Nil Nil Materialcivillitigations Nil Nil ii) CasesfiledbyourCompany: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters Nil Nil IndirectTaxmatters Nil Nil Materialcivillitigations Nil Nil b) LitigationsinvolvingourDirectors i) CasesfiledagainstourDirectors: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters Nil Nil IndirectTaxmatters Nil Nil Actionstakenbyregulatoryauthorities Nil Nil Materialcivillitigations Nil Nil ii) CasesfiledbyourDirectors: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters Nil Nil IndirectTaxmatters Nil Nil Materialcivillitigations Nil Nil c) LitigationsinvolvingourPromoters i) CasesfiledagainstourPromoters: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters Nil Nil IndirectTaxmatters Nil Nil Actionstakenbyregulatoryauthorities Nil Nil Materialcivillitigations Nil Nil ii) CasesfiledbyourPromoters: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters Nil Nil IndirectTaxmatters Nil Nil Materialcivillitigations Nil Nil 25A summary of outstanding litigation proceedings involving our Key Managerial Personnel and Senior Management, as disclosedinthisProspectus,isprovidedbelow: Categoryofindividuals Criminalproceedings Statutoryorregulatoryactions Aggregateamountinvolved(₹inlakhs) ByourKMPsandSMPs Nil Nil Nil AgainstourKMPsandSMPs Nil Nil Nil For further details, please refer to the chapter titled “Outstanding Litigations and Material Developments” beginning on page245ofthisProspectus. 13.RiskFactors Pleaserefertothesectiontitled“RiskFactors”beginningonpage29ofthisProspectus. 14.SummaryofContingentLiabilities As per the Restated Financial Information as at and for the Financial Years ended on March 31, 2025, 2024 and 2023, followingisthedetailofcontingentliabilitiesofourCompany: (₹inlakhs) Particulars AsatMarch31,2025 AsatMarch31,2024 AsatMarch31,2023 TDSDemand 1.35 1.35 1.20 Forfurtherdetails,kindlyrefer“RestatedFinancialInformation–Note41–ContingentLiability”fromthechaptertitled “RestatedFinancialInformation”onpage193ofthisProspectus. 15.SummaryofRelatedPartyTransactions As per the Restated Financial Information as at and for the Financial Years ended on March 31, 2025, 2024 and 2023, followingarethedetailsoftherelatedpartytransactionsofourCompany: (₹inlakhs) Sr.No. NatureofTransaction FortheyearendedMarch FortheyearendedMarch FortheyearendedMarch 31,2025 31,2024 31,2023 TransactionwithRelatedParties 1 Remuneration RaghavSomani 24.00 12.00 12.00 MadhavSomani - 12.00 12.00 PriyaSomani 12.00 - - RavikantGupta 0.40 - - ShwetaBhamare 0.40 - - 2 Salary HansaSomani 12.00 6.00 6.00 KrishnakantSomani 12.00 6.00 6.00 PriyaSomani - 6.00 6.00 VrandaBaheti 12.00 - - MadhavSomani 24.00 - - PankajNeema 6.24 - - NamitaSinghRathour 1.35 - - 3 LoansTaken HansaSomani 27.46 10.12 12.16 KrishnakantSomani 17.22 42.86 24.94 KrishnakantSomani 6.22 0.42 0.31 HUF PriyaSomani 17.44 7.32 5.93 RaghavSomani 115.94 35.99 27.95 MadhavSomani 79.06 9.85 6.23 VrandaBaheti 11.88 - - 26Sr.No. NatureofTransaction FortheyearendedMarch FortheyearendedMarch FortheyearendedMarch 31,2025 31,2024 31,2023 KamalaBaiSomani 7.62 - - 4 LoansRepaid PriyaSomani - 0.53 2.75 KrishnakantSomani - 55.00 14.50 KrishnakantSomani - - - HUF HansaSomani - 2.75 3.50 RaghavSomani - 37.46 20.15 MadhavSomani - 1.56 4.70 5 Interestpaid HansaSomani 1.38 1.80 1.34 KrishnakantSomani 1.16 2.63 2.21 PriyaSomani 0.91 1.03 0.53 KrishnakantSomani 0.28 0.46 0.34 HUF VrandaBaheti 0.18 - - KamlaBaiSomani 0.13 - - RaghavSomani 0.64 - - BalancesOutstandingattheendoftheYear 1 UnsecuredLoans RaghavSomani 150.20 38.84 40.30 MadhavSomani 88.88 9.82 1.53 HanshaSomani 52.71 25.25 17.88 KrishnakantSSomani 11.27 5.02 4.60 HUF KrishnakantSSomani 40.20 22.98 35.12 PriyaSomani 34.25 16.81 10.02 VrandaBaheti 11.88 - - KamalaBaiSomani 7.62 - - 2 Remuneration Payable RavikantGupta 0.40 - - MadhavSomani 0.40 - - 3 SalaryPayable PankajNeema 0.52 - - NamitaSinghRathour 1.35 - - Forfurtherdetails,kindlyrefer“RestatedFinancialInformation–Note27StatementOfRelatedPartyTransaction”from thechaptertitled“RestatedFinancialInformation”onpage193ofthisProspectus. 16.FinancialsArrangements TherearenofinancingarrangementswherebythePromoters,SellingShareholders,membersofthePromoterGroup,the DirectorsofourCompanyandtheirrelatives,havefinancedthepurchasebyanyotherpersonofsecuritiesofourCompany other than in the normal course of the business of the financing entity during the period of six months immediately precedingthedateofthisProspectus. 17.WeightedAveragePriceoftheEquitySharesacquiredbyourPromoters(alsothePromoterSellingShareholders) inthelastoneyearprecedingthedateofthisProspectus 27The details of the weighted average price of the Equity Shares acquired by our Promoters (also the Promoter Selling Shareholders)inthelastoneyearprecedingthedateofthisProspectusisasfollows: NameofthePromoters/Selling No.ofsharesacquiredinlastoneyearfromthedate WeightedAveragePrice(in₹) Shareholders ofthis Prospectus Promoters(alsothePromoterSellingShareholders) RaghavSomani 8,37,948 NIL PriyaSomani 8,37,944 NIL *AscertifiedbytheStatutoryAuditors,bywayoftheircertificatedatedJuly25,2025. 18.AverageCostofAcquisitionofEquitySharesforPromoters(alsothePromoterSellingShareholders) TheaveragecostofacquisitionofEquitySharesforthePromoters(alsothePromoterSellingShareholders)isasfollows: NameofthePromoters/SellingShareholders No.ofsharesheld AverageCostofAcquisition(in₹) RaghavSomani 30,72,476 0.85 PriyaSomani 30,72,462 0.27 *AscertifiedbytheStatutoryAuditors,bywayoftheircertificatedatedJuly25,2025. 19.Pre-IPOPlacement OurCompanydoesnotcontemplateanyissuanceorplacementofEquitySharesfromthedateofthisProspectusuntilthe listingoftheEquityShares. 20.Issueofequitysharesmadeinlastoneyearforconsiderationotherthancash Exceptasstatedbelow,ourCompanyhasnotissuedsharesforconsiderationotherthancashduringlastoneyear: Dateofallotment Numberof Face IssuePrice Natureofallotment Benefit Sourceoutof EquityShares Value accruedto whichbonus offacevalue our sharesissued of₹10each Company allotted September2,2024* 19,95,116 10 Consideration BonusIssueintheratioofthree(3) Nil Bonusissuedout otherthancash Bonus Equity Shares for every 8 ofCompany’sfree (eight) Equity Share held on reserves. August 30, 2024, authorised by ourBoard,pursuanttoaresolution passed at its meeting held on August 22, 2024, and by our Shareholders pursuant to a resolutionpassedattheEGMheld onAugust23,2024. *Forlistofallotteesseenote(3)ofparagraphtitled“ShareCapitalHistoryofourCompany”inthechaptertitled“CapitalStructure” onpage84ofthisProspectus. 21.SplitorconsolidationofEquitySharesinthelastoneyear TherehasnotbeenasplitorconsolidationofEquitySharesinthelastoneyear. 22.Exemptionfromcomplyingwithanyprovisionsofsecuritieslaws,ifany,grantedbySEBI Our Company has not applied or received any exemptions from SEBI from complying with any provisions of securities laws. 28SECTIONIII–RISKFACTORS AninvestmentintheEquitySharesinvolvesahighdegreeofrisk.Youshouldcarefullyconsideralltheinformationinthis Prospectus, includingthe risks anduncertainties described below, beforemaking aninvestment in the EquityShares.In makinganinvestmentdecision,prospectiveinvestorsmustrelyontheirownexaminationofusandthetermsoftheOffer includingthemeritsandrisksinvolved.Therisksdescribedbelowarenottheonlyonesrelevanttous,ourEquityShares, theindustryorthesegmentinwhichweoperate.Additionalrisksanduncertainties,notpresentlyknowntousorthatwe currentlydeemimmaterialmayariseormaybecomematerialinthefutureandmayalsoimpairourbusiness,resultsof operations and financial condition. If any of the following risks, or other risks that are not currently known or are now deemed immaterial, actually occur, our business, results of operations, cash flows and financial condition could be adverselyaffected,thetradingpriceofourEquitySharescoulddecline,andasprospectiveinvestors,youmayloseallor partofyourinvestment.Youshouldconsultyourtax,financialandlegaladvisorsaboutparticularconsequencestoyouof an investment in this Offer. The financial and other related implications of the risk factors, wherever quantifiable, have beendisclosedintheriskfactorsmentionedbelow.However,therearecertainriskfactorswherethefinancialimpactis notquantifiableand,therefore,cannotbedisclosedinsuchriskfactors. Toobtainacompleteunderstanding,youshouldreadthissectioninconjunctionwiththesections“IndustryOverview”, “OurBusiness”and“Management’sDiscussionandAnalysisofFinancialPositionandResultsofOperations”onpages 121, 139 and 227 of this Prospectus, respectively. The industry-related information disclosed in this section that is not otherwisepubliclyavailableisderivedfromindustrysourcesaswellasGovernmentPublications.Industrysourcesaswell asGovernmentPublicationsgenerallystatethattheinformationcontainedinthosepublicationshasbeenobtainedfrom sourcesbelievedtobereliablebutthattheiraccuracyandcompletenessandunderlyingassumptionsarenotguaranteed andtheirreliabilitycannotbeassured. ThisProspectusalsocontainsforward-lookingstatementsthatinvolverisks,assumptions,estimatesanduncertainties.Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors,includingtheconsiderationsdescribedbelowand,inthesectiontitled“Forward-LookingStatements”onpage20 ofthisProspectus. Unlessspecifiedorquantifiedintherelevantriskfactorsbelow,wearenotinapositiontoquantifythefinancialorother implicationsofanyoftherisksdescribedinthissection.Unlessthecontextrequiresotherwise,thefinancialinformation ofourCompanyhasbeenderivedfromtheRestatedFinancialInformation. Materiality: TheRiskFactorshavebeendeterminedonthebasisoftheirmateriality.Thefollowingfactorshavebeenconsideredfor determiningthematerialityofRiskFactors: • Someeventsmaynotbematerialindividuallybutmaybefoundmaterialcollectively; • Someeventsmayhavematerialimpactqualitativelyinsteadofquantitatively;and • Someeventsmaynotbematerialatpresentbutmayhaveamaterialimpactinfuture. Thefinancialandotherrelatedimplicationsofrisksconcerned,whetherquantifiablehavebeendisclosedintheriskfactors mentionedbelow.However,thereareriskfactorswheretheimpactmaynotbequantifiableandhence,thesamehasnot been disclosed in such risk factors. The numbering of the risk factors has been done to facilitate ease of reading and referenceanddoesnotinanymannerindicatetheimportanceofoneriskoveranother. InthisProspectus,anydiscrepanciesinanytablebetweentotalandsumsoftheamountlistedareduetoroundingoff. In this section, unless the context requires otherwise, any reference to “we”, “us” or “our” refers to Sawaliya Food ProductsLimited Theriskfactorsareclassifiedasunderforthesakeofbetterclarityandincreasedunderstanding. 29INTERNALRISKFACTORS BUSINESSRELATEDRISKS 1. Wedependononeofourkeycustomersforasignificantportionofourrevenue,andanydecreaseinrevenuesor sales from such customer may adversely affect our business and results of operations. Further, we do not have firmcommitmentagreementswithsomeofourcustomers.Ifourcustomerschoosenottosourcetheirrequirements from us, there may be a material adverse effect on our business, financial condition, cash flows and results of operations Weareamanufacturerandprocesserofdehydratedvegetables,servingleadinginstitutionalmanufacturersengaged inbrandedpackagedfoodindustries,tradersandinternationalimportersofdehydratedproducts.Wederivemajority ofourrevenuefromaleadingFMCGmanufacturer,headquarteredinWestBengal,India.Wehaveenteredintoformal agreementswithsuchcustomer,whichhasavalidityrangingfromten(10)monthstotwelve(12)months,whichare extendablemutuallybasedonthedemandofproductsandstatusofexecutionoftheorder.While,wehaveexecuted formal agreements with the leading FMCG manufacturer, we cannot assure you that either of the parties will not terminatesuchagreementorbreachanycovenantofsuchagreements.Further,intheeventsuchagreementsarenot renewedorifsuchagreementsarerenewed,thetermsaddedthereinarenotfavourabletoourCompany,ourbusiness andfinancialconditionwillbeadverselyaffected. Theaforementionedcustomeraccountsforasubstantialportionofoursales,andconsequentlyourrevenue,andwe expectthatsuchcustomerwillcontinuetorepresentasubstantialportionofourrevenuefromsaleofproductsinthe foreseeablefuture.Therevenueearnedfromthesaleofourproducts,throughourtoptencustomersduringtheFiscals 2025,2024and2023havebeenprovidedbelow: Particulars Fiscal2025 Revenueincurredin(₹inlakhs) %oftotalrevenue Customer1 709.80 20.67% Customer2 651.87 18.98% Customer3 480.84 14.00% Customer4 419.96 12.23% Customer5 340.52 9.92% Customer6 130.27 3.79% Customer7 89.84 2.62% Customer8 62.79 1.83% Customer9 53.38 1.55% Customer10 30.94 0.90% Total 2,970.22 86.50% Particulars Fiscal2024 Revenueincurredin(₹inlakhs) %oftotalrevenue Customer1 507.42 21.44 Customer2 335.47 14.17 Customer3 229.72 9.70 Customer4 210.90 8.91 Customer5 124.69 5.27 Customer6 62.13 2.63 Customer7 41.21 1.74 Customer8 18.45 0.78 Customer9 11.87 0.50 Customer10 11.52 0.49 Total 1553.38 65.63 Particulars Fiscal2023 Revenueincurredin(₹inlakhs) %oftotalrevenue Customer1 381.17 24.91 Customer2 333.08 21.77 30Particulars Fiscal2023 Revenueincurredin(₹inlakhs) %oftotalrevenue Customer3 278.90 18.23 Customer4 202.46 13.23 Customer5 93.32 6.10 Customer6 89.33 5.84 Customer7 22.28 1.46 Customer8 11.22 0.73 Customer9 8.84 0.58 Customer10 6.70 0.44 Total 1427.30 93.27 ThenumberofcustomersassociatedwithusduringtheFiscals2025,2024and2023havebeenprovidedbelow: FiscalYear Particulars 2025 2024 2023 NumberofCustomers 91 84 12 Given that we derive a significant portion of our revenue from one customer, we are exposed to additional risks including,butnotlimitedto(i)strictercompliancerequirementswhichmayincreaseourcompliancecosts;(ii)terms and conditions of contracts, tend to be more onerous and are often more difficult to negotiate; and (iii) inability to diversifyourrisksrelatingtocustomerconcentrationordefaultordelayinpaymentsbycustomers.While,wehave sustained above-average profitability due to prudent inventory management, however our operations remains susceptible to cyclicality in the FMCG industry, which may result in an adverse impact on our business, results of operationandfinancialconditions. We do not enter into formal agreements or arrangements withsome of our customers and typically rely on blanket purchaseordersissuedbyourcustomersfromtimetotimethatsetoutthepriceperunitoftheproductsthataretobe supplied to/ purchased by them from us. Pursuant to the purchase order, our customers provide us the product specification,quantitiesofunitstobesuppliedalongwiththedeliveryschedulesspecifyingthedetailsofdelivery.In theeventourcustomersterminatetheirarrangementswithusorcommitdefaultsinpaymentofamountsowedtous, our business, results of operations and financial condition may be impacted. Due to the absence of long term agreements with some of our customers, the actual sales by our Company may differ from the estimates of our management.Thelossofoneormoreofthesesignificantorkeycustomersorareductionintheamountofbusiness weobtainfromthemcouldhaveanadverseeffectonourbusiness,resultsofoperations,financialconditionandcash flows.While,theaforementionedeventshavenotoccurredinthepast,howeveroccurrenceofanysucheventsinthe futuremayhaveanadverseimpactonourbusiness,resultsofoperationsandfinancialcondition. In the event, there takes place a shift of practice, wherein our customers start manufacturing raw materials such as dehydratedproductsin-house,toreducetheirdependenceonthirdpartymanufacturers,itmayhaveanadverseimpact onourbusinessandresultsofoperations.Itmayalsohappenthatourcompetitorsareabletoimprovetheefficiency of their manufacturing process and thereby offer similar or high-quality products at competitive prices. While the aforementioned events have not materially occurred in the past, however upon occurrence of any such events, our Companymaybeunabletoadequatelyreacttosuchdevelopmentswhichmayaffectourrevenuesandprofitability. Our future success depends in part on our ability to reduce our dependence on our key customers by further diversifying our product portfolio and customer base. We propose to invest in capital expenditure from the Net Proceeds of the Offer, for adding additional machinery in our manufacturing unit, which would enable us to manufactureproductssuchasdehydratedonionflakes,etc.Wealsowishtoincreaseourmanufacturingcapacityby increasingourmanufacturingcapacitybyaddingadditionalmachineryinbothofourproductionlinestocatertolarge quantities of orders from a number of customers. Any failure to successfully manufacture and marketour products could adversely affect our business, financial condition, cash flows and results of operations. Our business, growth prospects andfinancial performancelargelydependson ourabilitytoattractnewclients,retainour existingclients andeffectivelyimplementourdiversificationandexpansionstrategies.Wecannotassureyouthatwewillbeableto achieve the same in a timely and effective manner, on the occurrence of such an event, our business, results of operationsandfinancialconditionwillbemateriallyandadverselyaffected. 2. We derive a significant portion of our revenue from certain of our products. If sales volume or price of such products declines in the future, or if we are unable to sell such products for any reason, our business, financial 31condition, cash flows and results of operations could be adversely affected. Our commercial success is largely dependentuponourabilitytostrategicallydiversifyourproductportfolio.Presently,wedealinalimitednumber of products and therefore, our ability to diversify and successfully market our products might be limited, which mayhaveanadverseimpactonourrevenueandprofitability. Weareamanufacturerandprocesserofdehydratedvegetables,servingleadinginstitutionalmanufacturersengaged in branded packaged food industries, traders and international importers of dehydrated products. Presently, our product portfolio includes, dehydrated carrot, dehydrated cabbage and dehydrated ring beans/beans. For details in respectofourproducts,pleasereferto“OurBusiness-Flexibleanddiversifiedproductportfolio”onpage144ofthis Prospectus. We derive a significant portion of our revenue from dehydrated carrots and dehydrated ring beans. A break up of the product-wise revenues earned by our Company during the Fiscals 2025, 2024 and 2023 have been providedbelow: Particulars FiscalYear 2025 2024 2023 Revenue %oftotal Revenue %oftotal Revenue %oftotal earnedin(₹ revenuefrom earnedin(₹ revenuefrom earnedin(₹ revenuefrom inlakhs) operations inlakhs) operations inlakhs) operations OurMainProducts Dehydrated 1,052.46 30.79% 689.80 29.48 605.15 40.11 CarrotCubes(A Grade) Dehydrated 533.74 15.61% 61.16 2.61 199.91 13.25 CabbageFlakes (AGrade) DehydratedRing 1,043.45 30.52% 740.44 31.65 488.55 32.38 Beans(AGrade) Carrot 59.81 1.75% - - 83.30 5.52 OurAncillaryProducts Dehydrated 89.84 2.63% 142.65 6.10 116.55 7.72 CarrotCubes(B Grade) Dehydrated 30.94 0.91% 88.89 3.80 8.96 0.59 WhiteOnion Flakes(A Grade) Dehydrated - - 7.32 0.31 4.00 0.27 CarrotChuri WashedCarrot 398.06 11.64% 609.51 26.05 - - DextroseMono 3.40 0.10% - - - - Hydrate Dehydrated - - - - 0.85 0.06 WhiteOnion Skin Dehydrated - - - - 1.60 0.11 WhiteOnion Unsorted WheatPowder 206.72 6.05% Total 3,418.42 100.00% 2,339.78 100.00 1,508.87 100.00 AsondateofthisProspectus,wederiveasignificantportionofourrevenuefromalimitednumberofproductsand ourabilitytoexpandouroperationsandincreaseourrevenueandprofitsisdependentuponstrategicdiversification ofourproductportfolio.Ifthesalesvolumeorpricingoftheaforementionedproductsdeclinesinthefuturedueto any reason, such as shortage in the supply of raw materials, disruption in the manufacturing process, decrease in consumerdemand;orifthisproductmaynolongerbesoldduetowithdrawalorcancellationofapplicableregulatory approvals, etc., our business, financial condition, cash flows and results of operations could be adversely affected. Therehavenotbeenanyinstanceswhereinwehadtowithdrawcertainofourproducts,howeveroccurrenceofany sucheventsinrespectofourbestsellingproductscouldhaveanadverseimpactonourbusiness,resultsofoperations andfinancialcondition. 32Our Company had commenced its business operations by manufacturing dehydrated carrots and has subsequently addeddehydratedringbeansandcabbageaspartofitsofferedproducts.Wehaveinthepastsuccessfullyaddedand commercialisedourproducts,bycrosssellingthemtoourexistingcustomers,howeverwecannotassureyouthatwe shallbeabletoachievethesameinthefutureaswell.Weareintheprocessofdiversifyingourproductportfolioby addingproductssuchasdehydratedbeetroot,dehydratedpapayaanddehydratedonions,howeversuchproductsare inthedevelopmentstage.Wecannotassureyouthatsuchproductswillbedevelopedintimeorthatsuchproducts shallbecommerciallysuccessfulwithourcustomers.Intheevent,ourcustomerhighlightanyqualityorhealthrelated concernsinsuchproductswemayhavetoredevelopourproductstherebyleadingtoincreasedexpenditureonproduct development and delayed returns on investment. We have incurred an amount aggregating to ₹NIL, ₹ NIL, ₹ 8.80 lakhsand₹1.51lakhsasexpendituretowardsproductdevelopmentduringtheFiscals2025,2024and2023,which constituted0%,0%,0.61%and0.12%,respectivelyofourtotalexpenses,respectively.Ourfailuretoeffectivelyreact tothesesituationsortosuccessfullyintroducenewproductscouldadverselyaffectourbusiness,prospects,resultsof operationsandfinancialcondition. 3. We derive a significant portion of our revenues from repeat orders which we identify as orders placed by key customers that have placed orders with our Company previously. Any loss of, or a significant reduction in the repeatordersreceivedbyuscouldadverselyaffectourbusiness,resultsofoperations,financialconditionandcash flows. Wederiveasignificantportionofourrevenuefromoperationsfromrepeatordersfromourkeycustomerswhichwe identifyasordersplacedbykeycustomers,whohaveplacedorderswithourCompanypreviously.Setforthbelowis ourrevenuefromsuchcustomersintheFinancialYearsendedMarch31,2025,March31,2024andMarch31,2023: Particulars March31,2025 March31,2024 March31,2023 (₹inlakhs) %ofour (₹inlakhs) %ofour (₹inlakhs) %ofour revenuefrom revenuefrom revenuefrom operations operations operations Revenue 1,781.63 52.12 1,239.42 52.97 1,400.53 92.82 from repeat ordersfrom key customers We have historically been dependent, and expect to depend, on such repeat orders, for a substantial portion of our revenue and the loss of any them for any reason (including due to loss of, or termination of existing arrangements; limitationtomeetanyurgentdemand,failuretoaddressissueswithqualityofproducts,ordisputeswithacustomer; adversechangesinthefinancialconditionofourcustomers,suchaspossiblebankruptcyorliquidationorotherfinancial hardship,changeinbusinesspracticesofourdealers)couldhaveamaterialadverseeffectonourbusiness,resultsof operations,financialconditionandcashflows. 4. Ourbusinessissubjecttoseasonalvariationsthatcouldresultinfluctuationsinourresultsofoperations.Further, freshvegetablesbeingtheprincipalrawmaterialusedformanufacturingofourproducts,ourbusinessdepends ontheavailabilityofsuchvegetablesandanyshortageofvegetablesmayadverselyaffectourbusinessandresults ofoperations. Ourbusinessisinfluencedbytheavailabilityofvegetables,suchascarrots,cabbage,ringbeans,etc.Ourproduction schedulesarethereforedependentupontheavailabilityofsuchproductsatcostcompetitiveprices.While,therehave beeninstancesinthepast,whereinouroperationswereaffectedbyseasonalfluctuationsonaccountofnon-availability ofvegetables,wecannotassureyouthatsuchinstanceshallnotoccurinthefuture.Forinstance,duringtheFinancial Year2024,ourCompanyexperiencedareductioninproductionofdehydratedcarrotandcabbage,onaccountofless availabilityoffreshvegetablesinthemarket,owingtoseasonalfluctuation.Ourbusinessdependsontheavailability of fresh vegetables and any shortage of such vegetables may adversely affect our business and results of operations. We do not own any land for cultivation of vegetables and we purchase our entire raw material requirement directly fromvariousindependentfarmersfromwithinandoutsideourreservedarea.Thefarmersfromwhomweprocureour rawmaterialsarenotobligatedtoselltheirproducetoourCompanyandcanoffertheirproductstoourcompetitorsat betterpricing,thereforeweneedtomaintaincordialrelationswiththesefarmerstoensurethattheyselltheirproduce to us. Also, we strive to maintain relations with farmers in other areas not in our immediate vicinity so that we have adequatesupplyofvegetablesduringallseasons.Further,thefarmersassociatedwithushavenolegalorcontractual obligationtocultivatethevegetablesprocuredbyusandmayinsteadgrowothercrops.Ifthefarmersfromwhomwe 33procureourrawmaterials,cultivateothercrops,orotherwiselimittheircultivationofthedesiredvegetables,wemay haveashortageoftherawmaterial.Wedonothaveanylongtermagreementwithourfarmersandalsothefarmersare notobligatedtoselltheirproducetous.Theabsenceoflong-termcontractsatfixedpricesexposesustovolatilityin thepricesof rawmaterialsthatwerequireandwemaybeunabletopassthesecostsontoourcustomers,whichmay reduceourprofitmargins.Wealsofaceariskthatoneormoreofourexistingsuppliersmaydiscontinuetheirsupplies tous,andanyinabilityonourparttoprocurerawmaterialsfromalternatesuppliersinatimelyfashion,orofadesired quality,oroncommerciallyacceptableterms,mayadverselyaffectouroperations. Abreakupoftheexpensesincurredfromtopfiveandtoptensuppliersareasunder: (₹inLakhs) Particulars Fiscal2025 Fiscal2024 Fiscal2023 Amount Percentage Amount Percentage Amount Percentage (%) (%) (%) Top5suppliers 1,366.11 62.41 408.23 23.68 582.89 41.67 Top10suppliers 1,599.42 73.07 549.31 31.87 727.30 51.99 ToensurethatthefarmersstayinterestedinsellingtheirproducetoourCompany,wemayneedtoprovidefinancial and other incentives to the farmers, which may increase our expenditure, which we may not able to pass on to our customers.Ontheotherhand,diversionofvegetablestoourcompetitorsmayreducetheshareofvegetablesavailable forusandmayadverselyaffectourfinancialconditionandresultsofoperation.Inaddition,adverseweatherconditions, cropdisease,pestattacksmayadverselyaffectcropyieldsandrecoveryratesforanygivenharvestandmayadversely affect our manufacturing operations. Flood or drought can adversely affect the supply and pricing of the vegetables procured by us from the farmers. There can be no assurance that weather patterns, crop disease or the cultivation of certainvegetablevarietieswillnotreducetheamountofrawmaterialsthatwecanrecoverinanygivenharvest.Any reductioninthevegetablessourcedcouldhaveamaterialadverseeffectonourbusinessandresultsofoperations. 5. Theimproperhandling,processingorstorageofrawmaterialsorproducts,orspoilageofanddamagetosuchraw materialsandproducts,oranyrealorperceivedcontaminationinourproducts,couldsubjectustoregulatoryand legalaction,damageourreputationandhaveanadverseeffectonourbusiness,resultsofoperationsandfinancial condition. The products that we manufacture or process are subject to risks such as contamination, adulteration and product tamperingduringtheirmanufacture,transportorstorage.Wefaceinherentbusinessrisksofexposuretoproductliability orrecallclaimsintheeventthatourproductsfailtomeettherequiredqualitystandardsorareallegedtoresultinharm tocustomers.Thesecontaminationsmaybehumaninducedornatural,and,asaresult,thereisariskthattheycould affect our final products. Vegetables, if not stored properly may be exposed to deterioration, fleas, putrefaction or diseases, such as, Salmonella, Campylobacter, Enterohaemorrhagic Escherichia coli, etc. The food borne illness initiatedindomesticrefrigeratormaybeattributedtoinappropriatefoodstorageincludingineffectivechillstorageand refrigeratormanagement.Failuretofollowcorrectpracticesinthemaintenance,useorcleaningofdomesticrefrigerator poses a number of risks to consumers. Microbial contamination caused by unwashed raw foods, hands, leaking packages,utensilsurface,etcareintroducedtodomesticrefrigeratorandcandirectlycontaminateotherstoredfoods. (Source: https://www.ijcmas.com/6-12-2017/Shweta%20Madhwal%20and%20Sonika%20Sharma.pdf) There is a potential for deterioration of our products as a result of improper handling at the processing, packing, storing or transportationlevels,whichmayadverselyaffectourcustomerimage.Suchrisksmaybecontrolled,butnoteliminated, byadherencetogoodmanufacturingpracticesandfinishedproducttesting.Wehavelittle,ifany,controloverproper handling once our products are shipped to our customers. We face the risk of legal proceedings and product liability claimsbeingbroughtbyvariousentities,includingconsumers,distributorsandgovernmentagenciesforvariousreasons includingfordefectiveorcontaminatedproductssoldorservicesrendered.Ifweexperienceaproductrecallorarea party to a product liability case, we may incur considerable expense in litigation. We cannot assure that we will not experience product recalls or product liability losses in the future. Further, we do not have any product liability insurancecoverandgettingsuchaninsuranceafreshwillrequireadditionalcost.Anyproductrecall,productliability claim or adverse regulatory action may adversely affect our reputation and brand image, as well as entail significant costs in excess of available insurance coverage, which could adversely affect our reputation, business, results of operationsandfinancialcondition.While,theaforementionedeventshavenotoccurredinthepast,howeveroccurrence ofsucheventsinthefuture,mayhaveamaterialimpactonourbusiness,resultsofoperationsandfinancialcondition. 6. Our Company is reliant on the demand from the FMCG industry for a significant portion of our revenue. Any downturnintheFMCGindustryoraninabilitytoincreaseoreffectivelymanageoursalescouldhaveanadverse impactonourCompany’sbusinessandresultsofoperations. 34We manufacture dehydrated carrot, dehydrated cabbage and dehydrated ring beans / beans, as raw materials in the fastmovingconsumergoods(“FMCG”)industry,forproductssuchascupnoodles,readytoeatnoodles,pasta,soup, etc.Accordingly,ourrevenueofoperationsforourproductsissignificantlydependentuponthesuccessoftheFMCG industry. Our revenues are highly dependent on our customers from theFMCG industry and the loss of any of our customersfromanyindustrywhichwecatertomayadverselyaffectoursalesandconsequentlyonourbusinessand resultsofoperations. Intheevent,ourcustomerssubstituteourproductswiththatofourcompetitorsduetodifferenceinpriceorquality oftheproducts,itmayhaveanadverseimpactonthedemandforourproducts.Similarly,intheeventourcompetitors who are larger than us or develop alliances to compete against us may be able to improve the efficiency of their manufacturingprocessortheirdistributionorrawmaterialssourcingprocessandtherebyofferhighqualityproducts at lower price and our Company may be unable to adequately react to such developments which may affect our revenuesandprofitability.Furthermore,ourcompetitorsmaybeabletowith-standindustrydownturnsbetterthanus or provide customers with products at more competitive prices; thereby impacting our revenues and profitability adversely. 7. Thecommercialsuccessofourproductsdependstoalargeextentonthesuccessoftheproductsofourenduse customers.Ifthedemandfortheenduseproductsinwhichourproductsareusedasarawmaterialsdeclines,it couldhaveamaterialadverseeffectonourbusiness,financialconditionandresultsofoperations. The products manufactured and supplied by us are primarily utilized as raw materials in the FMCG industry, for manufacturinginstantproductssuchas,cupnoodles,readytoeatnoodles,pasta,soup,etc.Ourcustomersaremainly leadinginstitutionalmanufacturersengagedinbrandedpackagedfoodindustries,tradersandinternationalimporters of dehydrated products. For further details, please refer to the chapter titled “Our Business” at page 139 of this Prospectus. The demand of our products is directly proportional to the demand of the products of our customers who use our productstomarkettheirproductsandservices.Therefore,thecommercialsuccessofourbusinessishighlydependent on the commercial viability, demand and success of the end use products of our customers. Any downturn in the demandofsuchproductscouldhaveadirectimpactonthedemandofourproductsandourbusinessoperations.Any disturbanceintheindustryinwhichourcustomerssupplytheirenduseproductscouldadverselyimpactourbusiness duetoourhighdependenceonourcustomers.Areductioninthedemand,developmentandproductionactivitiesin theindustriesinwhichtheenduseproductsofourcustomersaresuppliedto,maycorrespondinglycauseadeclinein thedemandforourproductsduetoaslumpinthebusinessactivitiesofourcustomers.Alternatively,intheeventour customersdeviseanothercosteffectivemethodtomarketandselltheirproductsorifourcustomersareabletofind a cheaper alternative for our products, it could conversely result in a reduction in the demand of our products and haveamaterialadverseeffectonourbusiness,financialconditionandresultsofoperations. Wecannotassureyouthatwewillbedevelopdiverseapplicationsofourproductsinvariousindustriestodiversify andbifurcateourbusinessriskinasystematicmannerandcountereffectthefailureofoneindustrytoavoidanimpact on our business operations. We also cannot assure you that we will be able to provide cost effective and quality products to our customers, which would deter them from approaching our competitors to substitute our products at lower prices. Our failure to effectively react to these situations or to successfully introduce new products or new applications for our existing products could adversely affect our business, prospects, results of operations and financialcondition. 8. OurmanufacturingunitandouroperationsaregeographicallyconcentratedinMadhyaPradesh.Consequently, we are exposed to risks from economic, regulatory and other developments in such region which could have an adverse effect on our business, results of operations and financial condition. Further, our continued operations arecriticaltoourbusinessandanyshutdownofourmanufacturingunitmayadverselyaffectourbusiness,results ofoperationsandfinancialcondition. OurmanufacturingunitandourbusinessoperationsarelocatedinDistrictDhar,MadhyaPradesh.Ourproductsfind extensiveapplicationintheFMCGsector.OurproductsfindwideapplicationasrawmaterialsintheFMCGindustry, for products such as cup noodles, ready to eat noodles, pasta, soup, etc. Since all our manufacturing and storage operations are restricted in Madhya Pradesh, the economic and regulatory condition in Madhya Pradesh may be impact our business operations, on account of various factors outside our control, including prevailing local, social and economic conditions, changes in the applicable governmental regulations, demographic trends, changes in regulations governing employment of labourers, fluctuation in the income levels and interest rates, among other 35factors. Further, since our manufacturing unit is concentrated in Madhya Pradesh any political disruption, natural calamitiesorcivildisruptions,oppositionandprotests,particularlyinlocationswhereweoperateinMadhyaPradesh, could adversely affect our business operations or strategy. There is no assurance that such disruption in business operationswouldnotbringanyhindranceinthefunctioningofourmanufacturingunit.Consequently,ourbusiness, resultsofoperations,cashflowsandfinancialconditionhavebeenandwillcontinuetobeheavilydependentonthe performance of, and the prevailing conditions affecting the FMCG industry in Madhya Pradesh and all over India. While,theaforementionedeventshavenotoccurredinthepast,howeveroccurrenceofsucheventsinthefuture,may haveamaterialimpactonourbusiness,resultsofoperationsandfinancialcondition. Further,asaresult,anylocalsocialunrest,naturaldisasterorbreakdownofservicesandutilitiesinMadhyaPradesh, could have material adverse effect on the business, financial position and results of our operations. Our current manufacturing unit is subject to operating risks, such as breakdown or failure of equipment, power supply or processes, reduction or stoppage of water supply, performance below expected levels of efficiency, obsolescence, naturaldisasters,industrialaccidentsandtheneedtocomplywiththedirectivesofrelevantgovernmentauthorities. Intheevent,weareforcedtoshutdownourmanufacturingunitforaprolongedperiod;itwouldadverselyaffectour earnings,ourotherresultsofoperationsandfinancialconditionasawhole.Spirallingcostoflivingaroundourunit may push our manpower costs in the upward direction, which may reduce our margin and cost competitiveness. While,theaforementionedeventshavenotoccurredinthepast,howeveroccurrenceofsucheventsinthefuture,may haveamaterialimpactonourbusiness,resultsofoperationsandfinancialcondition. In addition to the above if our manufacturing unit suffers losses as a result of any industrial accident, we may be forced to shut down our manufacturing unit which could result in us being unable to meet with our commitments, which will have an adverse effect on our business, results of operation and financial condition. Further, any contraventionofornon-compliancewiththetermsofvariousregulatoryapprovalsapplicabletoourmanufacturing unit may also require us to cease or limit production until such non-compliance is remedied to the satisfaction of relevantregulatoryauthorities.While,theaforementionedeventshavenotoccurredinthepast,howeverwecannot assureyouthatwewillnotexperienceworkdisruptionsinthefutureresultingfromanydisputewithouremployees orotherproblemsassociatedwithouremployeesandthelaborinvolvedinourmanufacturingunit,whichmayhinder ourregularoperatingactivitiesandleadtodisruptionsinouroperations,whichcouldadverselyaffectourbusiness, prospects,financialcondition,cashflowsandresultsofoperations. 9. We generate our major portion of sales from our operations in certain geographical regions. Any adverse developmentsaffectingouroperationsintheseregionscouldhaveanadverseimpactonourrevenueandresults ofoperations. Wegeneratemajorsalesfromourcustomerssituatedatselectgeographicalregions,namely,Karnataka,Maharashtra and Madhya Pradesh. Such geographical concentration of our business in these regions heightens our exposure to adverse developments related to competition, as well as economic and demographic changes in these regions which mayadverselyaffectourbusinessprospects,financialconditionsandresultsofoperations.Thetablesetsforthbelow revenueearnedbyourCompanybyofferingservicesinvariousstatesasapercentageofourrevenuefromoperations duringtheperiodindicated: (₹inlakhs) State FiscalYear 2025 2024 2023 Revenue %oftotal Revenue %oftotal Revenue %oftotal earnedin(₹ revenue earnedin(₹ revenue earnedin(₹ revenue inlakhs) inlakhs) inlakhs) Madhya 2,621.84 76.70 1175.28 50.23 296.81 19.67 Pradesh Maharashtra 395.37 11.57 253.718 10.84 290.25 19.24 Uttarakhand 80.98 2.37 124.69 5.33 85.93 5.69 Gujarat 54.86 1.60 117.74 5.03 47.2 3.13 Kerala 0.00 0.00 0 0.00 63.33 4.20 Karnataka 151.54 4.43 438.625 18.75 348 23.06 Punjab 0.00 0.00 0 0.00 22.28 1.48 WestBengal 23.99 0.70 0 0.00 152.61 10.11 Total 3,328.58 97.37 2,110.06 90.00 1,306.41 87.00 Existing and potential competitors to our businesses in these states may increase their focus on these states. The 36concentration of our operations heightens our exposure to adverse developments related to competition, as well as economic, political, demographic and other changes, which may adversely affect our business prospects, financial conditionsandresultsofoperations.Whilewestrivetogeographicallydiversifyourproductportfolioandreduceour concentrationrisk,wecannotassureyouthatadversedevelopmentsassociatedwiththeregionwillnotimpactonour business. If we are unable to mitigate the concentration risk, we may not be able to develop our business as planned andourbusiness,financialconditionandresultsofoperationcouldbeadverselyaffected. Thisconcentrationofbusinesssubjectsustovariousrisks,includingbutnotlimitedto: (i) vulnerabilitytochangeinlaws,policiesandregulationsofthepoliticalandeconomicenvironment; (ii) perceptionbyourpotentialcustomersthatwearearegionalcompanywhichhampersusfromcompetingforlarge andcomplexprojectsatthenationallevel;and (iii) limitation on our ability to implement the strategy to cluster projects in the states where we intend to conduct business. Further,anysignificantinterruptiontoouroperationsdirectlyorindirectlyasaresultofanysevereweatherorother natural disasters could materially and severely affect our business, financial condition and results of operations. Similar adverse consequences could follow if war, or war-like situation were to prevail or terrorist attacks, etc. In such instance, we may have to completely halt our operations which may severely impact our business operations. Anysuchdisruptionforanyreasoncouldresultinsignificantincreaseofcostsanddelaysinexecutionoforders. Factors such as competition, culture, regulatory regimes, business practices and customs, industry needs, transportation,inothermarketswherewemayexpandouroperationsmaydifferfromthoseinsuchregions,andour experience in these regions may not be applicable to other markets. In addition, as we enter new markets and geographicalareas,wearelikelytocompetenotonlywithnationalplayers,butalsolocalplayerswhomighthavean established local presence, are more familiar with local regulations, business practices and industry needs, have strongerrelationshipswithlocaldistributors,dealers,relevantgovernmentauthorities,suppliersorareinastronger financialpositionthanus,allofwhichmaygivethemacompetitiveadvantageoverus.Ourinabilitytoexpandinto areasoutsideourpresentgeographicalregionsmayadverselyaffectourbusinessprospects,financialconditionsand results of operations. While our management believes that our Company has requisite expertise and vision togrow andmarkitspresenceinothermarketsgoingforward,investorsshouldconsiderourbusinessandprospectsinlight of the risks, losses and challenges that we may face and should not rely on our results of operations for any prior periods as an indication of our future performance. While such instances have not materially occurred in the past, however future occurrence of any such instances could impact our earnings, financial condition and results of operation. 10. We may face several risks associated with the proposed expansion of our manufacturing unit, which could hamperourgrowth,prospects,cashflowsandbusinessandfinancialcondition. We intend to utilize a portion of the Net Proceeds of thisOffer towards upgradation of our existing manufacturing unit,toenhancethequalityofourproductsandincreasetheproductioncapacityofourmanufacturingunit.Wealso intendtoreduceour electricitycostsandmake our operationssustainablebyinstallingroof topsolar panels. These willcontributeimmenselytowardsourbusinessoperationsandmarketposition.Forfurtherdetails,pleaserefertothe chaptertitled“ObjectoftheOffer”atpage96ofthisProspectus. Duringtheprocessofexpansionofourmanufacturingunit,wemayfaceseveraldifficultiessuchascostoverrunsor delays for various reasons, including, but not limited to, our financial condition, changes in business strategy and external factors such as market conditions, competitive environment and interest or exchange rate fluctuations, changes indesignandconfiguration,increaseininputcosts ofconstructionmaterialsandlabourcosts, incremental preoperative expenses, taxes and duties, start-up costs, interest and finance charges, working capital margin, environmentandecologycostsandotherexternalfactorswhichmaynotbewithinthecontrolofourmanagement. AnydelayinexpansionofourmanufacturingunitcouldleadtorevenuelossforourCompany.Further,ourexpansion planmaybesubjecttodelaysandotherrisks,whichmaybecausedduetocertainotherunforeseenevents,suchas unforeseenengineeringortechnicalproblems,disputeswithworkers,unanticipatedcostincreasesorchangesinscope and delays in obtaining certain property rights and government approvals and consents. While we may seek to minimizetherisksfromanyunanticipatedevents,itcannotbeassuredthatallpotentialdelayscouldbemitigatedand thatwewillbeabletopreventanycostandtimeover-runsandanylossofprofitsresultingfromsuchdelays,shortfalls anddisruptions. 37Further,thebudgetedcostmayproveinsufficienttomeettherequirementsoftheproposedcapitalexpendituredue to, among other things, cost escalation, which could drain our internal cash flows or compel us to raise additional capital,whichmaynotbeavailableontermsfavorabletousoratall.Wecannotassurethatwewillbeabletocomplete theaforementionedexpansionofourmanufacturingunitinaccordancewiththeproposedscheduleofimplementation and any delay in setting up such plants in a timely manner, or at all, could have an adverse impact on our growth, prospects, cash flows and business and financial condition. 11. There have been instances of delays in payment of statutory dues, i.e. TDS by the Company. In case of any delayinpaymentofstatutorydueinfuturebyourCompany,theRegulatoryAuthoritiesmayimposemonetary penaltiesonusortakecertainpunitiveactionsagainstourCompanyinrelationtothesamewhichmayhave adverseimpactonourbusiness,financialconditionandresultsofoperations. Inthepast,therehavebeencertaininstancesofdelaysinpaymentofstatutorydues,i.e.TDS,bytheCompany.The detailsofthedelaycausedinpaymentofstatutorydueshavebeenprovidedbelow: ForFY 24-25 Month DueDateoffiling DateofFilingReturn DelayPeriod Apr-24 07-05-2024 29-07-2024 83 May-24 07-06-2024 29-07-2024 52 Jun-24 07-07-2024 29-07-2024 22 ForFY 23-24 Month DueDateoffiling DateofFilingReturn DelayPeriod Aug-23 07-09-2023 29-10-2023 52 Sep-23 07-10-2023 29-10-2023 22 Oct-23 07-11-2023 26-01-2024 80 Nov-23 07-12-2023 26-01-2024 50 Dec-23 07-01-2024 26-01-2024 19 Jan-24 07-02-2024 21-03-2024 43 Feb-24 07-03-2024 22-05-2024 76 Mar-24 30-04-2024 22-05-2024 22 ForFY 22-23 Month DueDateoffiling DateofFilingReturn DelayPeriod Nov-22 07-12-2022 09-12-2022 2 Dec-22 07-01-2023 14-01-2023 7 Jan-23 07-02-2023 08-02-2023 1 Feb-23 07-03-2023 09-03-2023 2 Mar-23 30-04-2023 31-05-2023 31 Apr-23 07-05-2023 03-08-2023 88 May-23 07-06-2023 03-08-2023 57 Jun-23 07-07-2023 03-08-2023 27 The delays in TDS payment has occurred due to delay in reconciliation of accounts with customers, delay in bill settlement. Also, sometimes these delays were also due to administrative and technical issues on the portal during theseperiods. OurCompanyhasalreadymadeprovisionsinthefinancialsoftheCompanyforsuchdelaypayments.OurCompany has implemented structural modifications by appointing a Chief Financial Officer, Pankaj Neema, to improve its financialandoperationalmanagement.Further,ourCompanyhasalsoappointedSunilMishra,asitsOperationsHead tospecificallyaddressandpreventanydelaysinthestatutorypayments,therebyensuringcompliancewithfinancial obligations. Additionally, we have enhanced accounting processes by implementing daily updates of financial transactions to ensure availability of an accurate and up-to-date financial data, facilitating timely processing of statutorypaymentsandreducingriskofdelayinpayments.Itcannotbeassured,thattherewillnotbesuchinstances inthefutureorourCompanywillnotcommitanyfurtherdelaysordefaultsinrelationtopaymentofstatutorydues. Thehappeningofsucheventmaycauseimpositionoffine/penaltywhichmayhaveadverseeffectontheresultsof ouroperationsandfinancialposition. 3812. OurCompanyproposestoutilizepartoftheNetProceedsforrepaymentorpre-payment,infullorinpart,of all or certain secured borrowings availed by our Company and accordingly, the utilization of that portion of theNetProceedswillnotresultincreationofanytangibleassets. OurCompanyintendstoutiliseapartoftheNetProceedsforrepaymentorpre-payment,infullorinpart,ofallor certainsecuredborrowingsavailedbyourCompany.Thedetailsoftheloansidentifiedtoberepaidorprepaidusing theNetProceedshavebeendisclosedinthesectiontitled“ObjectsoftheOffer”onpage96ofthisProspectus.While webelievethatutilizationofNetProceedsforrepaymentofsecuredloanswouldhelpustoreduceourcostofdebt andenabletheutilizationofourfundsforfurtherinvestmentinbusinessgrowthandexpansion,thepre-paymentof loanswillnotresultinthecreationofanytangibleassetsforourCompany. 13. There have been instances of delays in filings of certain forms which were required to be filed as per the reportingrequirementsundertheCompaniesAct,2013toROC. Inthepast,therehavebeencertaininstancesofdelaysinfilingstatutoryformswhichhavebeensubsequentlyfiled bypaymentofanadditionalfeeasspecifiedbyROC.Thedetailsofsuchformshavebeenprovidedbelow: Sr.No. Name of the Form/ DateofEvent DueDateoffiling ActualDateofFiling Return 1 CHG-1 15.12.2020 14.01.2021 02.02.2021 2 CHG-1 17.12.2020 16.01.2021 02.02.2021 3 CHG-1 30.11.2021 30.12.2021 11.01.2022 4 CHG-1 23.02.2022 25.03.2022 02.04.2022 5 CHG-1 05.09.2022 05.10.2022 03.11.2022 6 CHG-1 29.12.2020 28.01.2021 02.02.2021 7 CHG-1 27.09.2021 27.10.2021 20.11.2021 8 CHG-1 23.02.2022 25.03.2022 08.04.2022 9 CHG-1 12.11.2022 12.12.2022 13.12.2022 10 AOC-4 30.09.2023 29.10.2023 30.10.2023 11 DPT-3 31.03.2020 30.06.2020 28.09.2024 12 DPT-3 31.03.2023 30.06.2023 01.08.2023 13 MR-1 22.07.2024 20.09.2024 28.09.2024 14 MR-1 22.07.2024 20.09.2024 28.09.2024 15 MGT-14(Revised) 22.07.2024 21.08.2024 29.09.2024 16 DPT-3(Revised) 31.03.2021 30.06.2021 23.09.2024 17 ADT-1(Revised) 30.09.2022 15.10.2022 23.09.2024 18 INC-27 27.05.2024 11.06.2024 27.06.2024 (Due to delayed processing and approval of connectedMGT14byRoC) NoshowcausenoticeinrespecttotheabovehasbeenreceivedbyourCompanytilldateandnopenaltyorfinehas beenimposedbyanyregulatoryauthorityinrespecttothesame.OurCompanyhasappointedafulltimeCompany Secretary and Compliance officer, Namita Singh Rathour, to ensure compliance with Companies Act, 2013 and monitorstatutoryfilingsrequiredtobemadeunderthesaidActtoavoiddelayinfilingofstatutoryforms.Itcannot beassured,thattherewillnotbesuchinstancesinthefutureorourCompanywillnotcommitanyfurtherdelaysin relationtoitsreportingrequirements,oranypenaltyorfinewillnotbeimposedbyanyregulatoryauthorityinrespect to the same. The happening of such event may cause a material effect on our results of operations and financial position. 14. TherehavebeensomeinstancesofincorrectfilingswiththeRegistrarofCompaniesandothernon-compliances undertheCompaniesAct,2013inthepastwhichmayattractpenalties. Therehavebeencertaindiscrepanciesandincorrectfilingsinrelationtostatutoryfilingsrequiredtobemadebyus with the RoC under applicable laws, as well as certain other non-compliances incurred by us under the Companies Act,2013andCompaniesAct1956whichhavebeenintimatedtotheRoConOctober11,2024.Thedetailsofsuch discrepanciesareprovidedbelow: 39Sr. Particulars Clarification No. 1 FormSH-7filedon22.05.2024andFormMGT14 Subsequenttothesaidform,anotherFormSH-7ofthe filedon20.05.2024fortheEGMheldon23.04.2024 companywasfiledon24.08.2024,forfurtherincrease wherein eMoA attached to the Form included inauthorisedcapital,inwhichtheappropriateoriginal modified subscribers sheet containing latest (incorporation)subscriberslistwasattached. shareholdingsoftheSubscriberstotheMoAinstead oftheOriginal(incorporation)subscribers. We would like to inform that as on date, the current MoA of the company is updated with the original (incorporation)subscribersonly. 2 Form PAS-3 filed on 25.05.2024 for allotment of Inadvertently, the Company missed attaching the 51,96,576 bonus equity shares of Rs. 10 each on board resolution for allotment of bonus shares in the 23.05.2024 wherein extract of minutes of Form PAS-3 dated 23.05.2024. The same has been shareholders’meetingwasattachedinsteadofboard submittedwiththeRoC. resolutionofallotment. 3 Form CHG 1 filed on 27.06.2024 for Creation of The Company has submitted copies of the Deed of charge on 15.05.2024 in favour of State Bank of HypothecationandMortgageDeedwiththeRoC. India by creation of Hypothecation Deed and Mortgage. The Company had attached an arrangementletterenteredintowithSBIcontaining all details of the borrowings and properties/assets charged. However, inadvertently Deed of Hypothecation AndMortgageDeedwerenotattachedintheform. 4 Form DIR-12 filed on 17.08.2024 for appointment Inadvertently, the Company missed attaching the of Mrs. Priya Somani as additional director on certified copy of board resolution for appointment of 22.07.2024whereintheCompanymissedattaching PriyaSomaniasanAdditionalDirector.Thesamehas the final signed copy of Board Resolution dated beensubmittedwiththeRoC. 22.07.2024. Further, the Company had appointed Somani as Whole Time Director in the same meetingheldon22.07.2024,itmissedoutonfiling Further, the DIR 12 for change in designation from separate DIR-12 for appointment as Whole-time “Additional Director” to “Whole Time Director” Director. w.e.f. 22.07.2024 cannot be filed now in view of a subsequent filing of DIR 12 of AGM dt. 26.07.2024, Subsequently, in AGM held on 26.07.2024, Mrs. we have filed the resolution passed by the Board on SomaniwasconfirmedasWholeTimeDirectorand July 22, 2024 for appointment of Priya Somani as accordingly the Company filed DIR-12 after the Whole-timeDirectorwiththeRoC. AGM for change in designation from “Additional Director”to“WholeTimeDirector” 5 Form:MGT7/7A(SubmissionofAnnualReturn) Byinadvertence,certainclericalerrorsreportedinthe WhilefilingeFormMGT7/7Aforrespectiveyears MGT 7A/7. The correct details have been submitted from 2020-21 to 2022-23, the Company had withtheRoC. inadvertently made certain clerical errors in Form MGT7/7AfiledbytheCompany. 6 MGT 14 for special resolution approved by the The Company has passed the shareholder resolution members on 21.07.2014 was filed with MCA on forpriorapprovalofconversionofunsecuredloaninto 11.10.2024 with regards to prior approval of equityon21.07.2014,whichwasdulyrecordedinthe shareholdersforconversionofloanintoequity. minutebookalso,howevercompanyhasinadvertently missedoutonfilingoftheMGT14ofthesameandas soonasitwasbroughttoitsnotice,Companyhasduly submittedthesamewithapplicableadditionalfeeson 11.10.2024. 7 There were delays in filing of certain forms and Due to inadvertence and without any mala fide returnswiththeRegistrarofCompanies intentions,certainforms/returnswiththeRegistrarof Companies (“RoC”) were filed with delay alongwith applicableadditionalfees.Further,therewerecertain clericalmistakesandcertaindeficienciesinfollowing secretarial standards issued by the Institute of Company Secretaries of India in certain forms and 40Sr. Particulars Clarification No. returns filed with MCA and that such instances were purely unintentional and by inadvertence and the Company assures the office of RoC to ensure timely andappropriatefilingsinfuture. We hereby confirm that the aforementioned non-compliances shall not have a material impact on the business and financialsofourCompany. Thesaidintimationhasbeenincludedasamaterialdocumentforinspectioninthesectiontitled“MaterialContracts andDocumentsforInspection”startingonpage343ofthisProspectus. Although no regulatory action, fine or penalty has been taken/ levied on our Company for the abovementioned purporteddefault/non-compliance,however,itcannotbeassuredthatnosuchregulatoryaction,fineorpenaltywill betaken/leviedinthefuture.Further,wecannotassureyouthatsuchnon-complianceswillnotoccurinthefuture. Therefore,iftheconcernedauthoritiesimposemonetarypenaltiesonusortakecertainpunitiveactionsagainstour Company or its directors/ officers in relation to the same, our business and financial condition could be adversely affected. 15. OurCompanyrequiressignificantamountofworkingcapitalforacontinuinggrowth.Ourinabilitytomeetour workingcapitalrequirementsmayadverselyaffectourresultsofoperations. Our business requires a significant amount of working capital. As per our settled business terms, we require our customers to pay the full amount of the consideration only after they receive the delivery of the order, as a result, significantamountsofourworkingcapitalareoftenrequiredtofinancethepurchaseofrawmaterialandexecution ofmanufacturingprocessesbeforepaymentisreceivedfromourcustomers.Further,wearealsorequiredtomeetthe increasing demand and for achieving the same, adequate stocks have to be maintained which requires sufficient working capital. The FMCG industry all over the world is expecting an increase in demand on account of various factors such as, population growth, urbanization, rising disposable incomes, technological advancements, and changing consumer preferences. Variation in demand in the FMCG industry, which would directly increase the demandofourproductsduetotheirusageasarawmaterial.Intheevent,weareunabletosourcetherequiredamount ofworkingcapitalforaddressingsuchincreaseddemandofourproducts,wemightnotbeabletoefficientlysatisfy thedemandofourcustomers.Evenifweareabletosourcetherequiredamountoffunds,wecannotassureyouthat such funds would be sufficient to meet our cost estimates and that any increase in the expenses will not affect the priceofourproducts. TheCompany’sworkingcapitalrequirementsfortheyearendedMarch31,2025,2024and2023andfundingofthe sameareassetoutinthetablebelow: Particulars March31,2025 March31,2024 March31,2023 CurrentAssets Inventories 1,763.46 1,313.82 851.36 TradeReceivables 1,671.86 283.49 58.95 ShortTermLoansandAdvances 210.00 122.62 195.23 OtherCurrentAssets 45.91 18.57 13.23 Total(A) 3,691.24 1,738.50 1,118.78 CurrentLiabilities TradePayables 699.92 486.84 333.84 OtherCurrentLiabilities 28.15 45.15 49.76 ShortTermProvisions 354.63 127.10 6.86 Total(B) 1,082.70 659.09 390.46 NetWorkingCapital(A)-(B) 2,608.54 1,079.41 728.31 SourcesofWorkingCapital Borrowings 857.18 493.57 413.00 Networth 1,751.36 585.84 315.32 41Further,oneoftheobjectsofthisOfferincludefundingofworkingcapitalrequirementsofourCompany,whichis based on management estimates and certain assumptions. For more information in relation to such management estimates and assumptions, please see “Objects of the Offer” on page 96 of this Prospectus. Our working capital requirements may be subject to change due to factors beyond our control including force majeure conditions, an increaseindefaultsbyourcustomers,non-availabilityoffundingfrombanksorfinancialinstitutions.Accordingly, suchworkingcapitalrequirementsmaynotbeindicativeoftheactualrequirementsofourCompanyinthefutureand investorsareadvisedtonotplaceunduerelianceonsuchestimatesoffutureworkingcapitalrequirements. While, there have been no instances in the past where the Company was unable to meet our working capital requirementsthatadverselyaffectedourresultsofoperations.Anydelayinprocessingourpaymentsbyourcustomers mayincreaseourworkingcapitalrequirement.Further,ifacustomerdefaultsinmakingpaymentsforaproducton which we have devoted significant resources, it could affect our profitability and liquidity and decrease the capital reservesthatareotherwiseavailableforotheruses. Wemayfileaclaimforcompensationofthelossthatweincurred pursuant to such defaults but settlement of disputes generally takes time and financial and other resources, and the outcomeisoftenuncertain.Ingeneral,wetakeprovisionsforbaddebts,includingthosearisingfromsuchdefaults basedprimarilyonageingandotherfactorssuchasspecialcircumstancesrelatingtospecialcustomers.Therecanbe no assurance that such payments will be remitted by our clients to us on a timely basis or that we will be able to effectively manage the level of bad debt arising from defaults. We may also have large cash outflows, including among others, losses resulting from environmental liabilities, litigation costs, adverse political conditions, foreign exchangerisksandliabilityclaims. Allofthesefactorsmayresult,inincreaseintheamountsofreceivablesandshort-termborrowings.Ifwedecideto raiseadditionalfundsthroughtheincurrenceofdebt,ourinterestanddebtrepaymentobligationswillincrease,and could have a significant effect on our profitability and cash flows and we may be subject to additional covenants, whichcouldlimitourabilitytoaccesscashflowsfromoperations.Anyissuanceofequity,ontheotherhand,could resultinadilutionofyourshareholding.Accordingly,continuedincreasesinourworkingcapitalrequirementsmay haveanadverseeffectonourfinancialconditionandresultsofoperations.While,suchinstanceshavenotoccurred inthepast,howeveroccurrenceofsuchinstancesinthefuturemayhaveanadverseeffectonourfinancialcondition andresultsofoperations. 16. Ifourproductdevelopmenteffortsdonotsucceed,wemaynotbeabletoimproveourexistingproductsand/or introducenewproducts,whichcouldadverselyaffectourresultsofoperations,growthandprospects.Further, ifweareunabletoanticipateandrespondtochangesinthemarkettrendsandchangingcustomerpreferences inatimelyandeffectivemanner,orifwefailtomaintainourreputation,brandvalueorincreasethemarket forourproducts,thedemandforourproductsmaydecline. In order to remain competitive, we are required to review the performance of our existing products and the manufacturingprocessandtakenecessaryactionstoimprovetaste,applicationsandvarietyofourexistingproducts andnewpotentialproducts,incompliancewithapplicableregulatorystandards.Weintendtoutiliseaportionofthe Net Proceeds towards upgradation of our existing Unit, to manufacture additional products such as onion flakes, dehydratedbeetrootanddehydratedpapaya.ThiswillenableourCompanytocatertolargenumberofcustomersin different geographies. Our investments towards product development could result in higher costs without a corresponding increase in revenues. However, we cannot assure you that the product development initiatives taken byourCompanywouldsucceedorresultinanimprovementineitherourexistingproductsormanufacturingprocess whichmayaffectourabilitytocompetewithourcompetitorsandhaveanadverseeffectonouroperations.Further, ourproductdevelopmentinitiativeswithrespecttodevelopingnewusesforexistingproductsornewproductsmay not result in the development of cost-effective or economically viable solutions, thereby affecting our operations, growthandprospects. Ifweareunabletogaugethechangingtastesandpreferenceofendusecustomersorchangingtrendsintheindustry andareunabletoupgradeourproductportfolioinlinewiththesameitmayhaveanadverseeffectonourbusiness operations.Ourproductshavevariedapplicationsandaremajorlyusedinfastfood,suchascupnoodles,readytoeat noodles, pasta, soup, etc. Since our products forma key raw material for manufacturing the end us products of our customers,weareexpectedtobeawareofthechangingtastes,preferencesandregulatoryrequirements.Therefore, results of our operations are dependent on our ability to anticipate, gauge and respond to such changes and devise newproductsormodifyourexistingproductsinlineswiththechangesinmarkettrendsaswellascustomerdemands andpreferences.Ifweareunabletorespondtothechangesorupgradeourproductsperiodicallyaspertheprevalent market trends,or if we are unable toadapt tosuchchanges bylaunching newproducts asperthe demand, we may significantlyloseourmarketpositionandexistingcustomerbasewhichmayadverselyaffectourresultsofoperations andfinancialcondition. 4217. OurCompanyisyettoplaceordersfortheplantandmachineryandrooftopsolarequipmentfortheproposed expansionofourmanufacturingunit.Anydelayinplacingordersorprocurementofsuchplantandmachinery maydelaythescheduleofimplementationandpossiblyincreasethecostofcommissioningthemanufacturing unit. OurCompanyhasreceivedthirdpartyquotationsfortheplantandmachineryandrooftopsolarequipmentrequired tobeinstalledintheproposedfacilityinourmanufacturingunit,fordetailspleaserefertothechaptertitled“Objects oftheOffer”onpage96ofthisProspectus.Although,wehaveidentifiedthetypeofplantandmachinery androof top solar equipment to be purchased for the existing facility, we are yet to place order for 100% of the plant and machinery and roof top solar equipment. The cost of the machineries and roof top solar equipment is based on the quotationsreceivedfromsuppliersandsuchquotationsaresubjecttochangeduetovariousfactorssuchas,change in supplier of equipment, change in the government regulation and policies, change in management’s view of desirability of the current plans, possible cost overruns, etc. Since, we have not yet placed orders for 100% of our plant and machinery and roof top solar equipment we cannot assure that we will be able to procure the same in a timelymannerandatthesamepriceatwhichthequotationshavebeenreceived.Delayinprocurementofthesame cancausetimeandcostoverrunintheimplementationofourproposedexpansionofthemanufacturingunitandcan alsocompelustobuysuchmachineriesatahigherprice,thuscausingthebudgetedcosttovary.Further,someofthe machineryisbeingprocuredfromChina,thereforewearedependentuponsmoothtraderelationsbetweenIndiaand China. In view of the ongoing clashes between both the countries, if any of the countries decide to restrict or all together halt the trade, our expansion plans may be adversely impacted. We may have to arrange for alternative machineriesorsuppliers,whichmaybetimetakingorcausedelayincompletionofexpansionofourmanufacturing unit.Asaresultourbusiness,financialcondition,resultsofoperationsandprospectscouldbemateriallyandadversely affected. 18. The cost estimates for the proposed expansion of our manufacturing unit have been derived from internal estimatesofourmanagementandmaynotbeaccurate. The anticipated cost of the proposed expansion of our manufacturing unit will be ₹ 748.66 Lakhs. For ascertaining this cost, reliance has been placed on the estimates, budgets and numerous assumptions made by our management andanybankorfinancialinstitutionhasnotappraisedthesame.Theactualcostsofexpansionofourmanufacturing unitmayexceedsuchbudgetedamountsduetoavarietyoffactorssuchasconstructiondelays,escalationcostofraw material, interest rates, labour costs, regulatory and environmental factors, weather conditions and our financing needs.Ourfinancialcondition,resultsofoperationsandliquiditywouldbemateriallyandadverselyaffectedifour expansion costs materially exceed such budgeted amounts. As a result, our business, financial condition, results of operationsandprospectscouldbemateriallyandadverselyaffected.Forfurtherdetailsofthescheduledoperational datesofourproposedunit,see“ObjectsoftheOffer”onpage96ofthisProspectus. 19. Ourproductscontributetothefastmovingconsumergoodsindustry,whichhasexperiencedisruptioninthe past,onaccountofhealthconcernsandimproperhandlingoffoodmaterials.Anysuchdisruptionmaydirectly impactourbusiness,resultsofoperationsandfinancialconditions. Wearesusceptibletorisksrelatingtodeclineinrevenuefromoperations,duetodisruptioninsalesoffinalproducts ofourcustomers.Forinstance,inJune2015,theFoodSafetyandStandardsAuthorityofIndia(FSSAI)hadbanned Magginoodles,forcingNestleIndiatostopproductionandwithdrawtheproductfromthemarket.Thebanwasdue toconcernsaboutleadlevelsintheproduct,whichwerefoundtoexceedlegalstandards.Occurrenceofsuchevents with any of our customers, leading to halting of their operations or temporary disruption in sales, could adversely impactourbusinessandfinancialcondition. Further, the FMCG industry as a whole faces several health-related concerns, on account of addition of common ingredients like sugar, fat, and salt, which are linked to obesity and other health issues. According to the WHO, a specializedagencyoftheUN,FMCGcompaniesareworseningtheworldwideincidenceofheartdisease,cancer,and diabetes.Intheevent,theGovernmentofIndiaorofcountrieswhereourcustomersoperate,restrictmanufacturing, exportorimportofFMCGproducts,orlevyheavyimportorexportduties,ourexpenditureandcustomerbasemay beimpacted.While,ourproductsdonotcauseanyhealthconcernsandthereforetheirapplicationscanbediversified invariousotherapplicationssuchasOats,Upma,Poha,etc.Wemayrequireteamtodiversifyourcustomerbaseand increaseapplicationsofourproducts,howeverwebelievethatweshallbeabletoaddresstheaforementionedevents, toreducetheimpactonourbusiness,resultsofoperationsandfinancialconditions.While,theaforementionedevents have not occurred in the past, occurrence of any such events may impact our results of operations, cash flows and profits. 4320. Technologicaladvancementmayleadtomorecost-effectivetechnologiesthatcanbeperformedatlowercosts or at better quality, which could adversely affect our business, financial condition, results of operations and cashflows. Advancesintechnologymayleadtothedevelopmentofmorecost-effectivetechnologies.Currentlyweusehotair technologyfordehydrationvegetables.Ourcompetitorsmayadoptnewtechnologywhichmayleadtobetterquality products at cost effective basis which may result in increase in their market share. Our revenues may be adversely affectedincludingourfuturebusinessprospects,financialcondition,resultsofoperationandourfuturecashflows. Ourabilitytoanticipatechangesintechnologyandtodevelopandintroducenewandenhancedproductssuccessfully onatimelybasiswillbeasignificantfactorinourabilitytogrowandtoremaincompetitive.Wecannotassureyou thatwewillbeabletoachievethetechnologicaladvancesthatmaybenecessaryforustoremaincompetitiveorthat certain of our products will not become obsolete. We are also subject to the risks generally associated with new productintroductionsandapplications,includinglackofmarketacceptanceanddelaysinproductdevelopment.Any failure on our part to forecast and / or meet the changing demands will have an adverse effect on our business, profitabilityandgrowthprospects. 21. Any manufacturing or quality control problems may damage our reputation for quality products and expose ustolitigationorotherliabilities,whichcouldadverselyaffectourfinancialresults. Food Processing and dehydration are subject to significant regulatory scrutiny. We own and operate one manufacturing facility in Madhya Pradesh and must register, and manufacture products in these facilities in accordance with applicable regulatory regime in India and the countries in which we export our products. Furthermore,weareliableforthequalityofourproductsfortheentiredurationoftheshelflifeoftheproduct.After our products reach the market after certain developments and additions by our primary customers which could adverselyaffectdemandforourproducts,includinganycontaminationofourproductsbyintermediaries,re-review ofproductsthatarealreadymarketed,newscientificinformation,greaterscrutinyinadvertisingandpromotion,the discoveryofpreviouslyunknownsideeffectsortherecallorlossofapprovalofproductsthatwemanufacture,market orsell.Therehasbeenaninstanceinthepast,whereinoneofourclientsfromUnitedStatesofAmericahadrejected an entire export shipment of dehydrated carrot, on account of contamination of the packaging with feces of birds, duringtransit.Onreportingofsuchanevent,ourCompanyadviseditsclienttodisposeofftheentireshipment,asa resultofwhichitincurredalossof₹26.46lakhs.Despitetheabove,theclientchosenottoinitiateanylegalaction againstourCompany.Therecanbenoassurancethattherewillnotbeanyregulatoryactions,recallsofanyofour productsorinvestigationsofourmanufacturingfacilitiesorourprocessesinthefuture.Wealsofacetheriskofloss resultingfrom,andtheadversepublicityassociatedwith,manufacturingorqualityproblems.Suchadversepublicity harms the brand image of our Company and products. We may be subject to claims resulting from manufacturing defectsornegligenceinstorageandhandlingofourproducts.Theexistence,oreventhreat,ofamajorproductliability claimcouldalsodamageourreputationandaffectconsumers’viewsofourotherproducts,therebyadverselyaffecting ourbusiness,resultsofoperationsandfinancialcondition.Anylossofourreputationorbrandimage,forwhatsoever reasonmayleadtoalossofexistingbusinesscontractsandadverselyaffectourabilitytoenterintoadditionalbusiness contractsinthefuture. 22. Weoperateinacompetitivebusinessenvironmentandourinabilitytocompeteeffectivelymayadverselyaffect ourbusiness,resultsofoperations,financialconditionandcashflows. ThedehydratedproductindustryinIndiaiscompetitivewithbothorganizedandunorganizedmarkets.However,we are required to compete both in the domestic and international markets. We may be unable to compete with the prices and products offered by our competitors (local as well as international). Wemayhavetocompetewith newplayersinIndiaandabroadwhoenterthemarketandareabletooffercompetingproducts.Ourcompetitorsmay have access to greater financial, manufacturing, research and development, design, marketing, distribution and otherresources and more experience in obtaining the relevant regulatoryapprovals.Increasingcompetitionmay result in pricing pressures and decreasing profit margins or loss of market share or failure to improve our market position,anyofwhichcouldsubstantiallyharmourbusinessandresultsofoperations. We cannot assure you that we willbe able to compete with our existing as well as futurecompetitors as well as the productspricesand payment terms offered by them. In addition, our customers may enter into contract manufacturing arrangements withthirdparties,forproductsthattheyarepresentlypurchasingfromus. Our failure to successfully face existing and future competition may have an adverse impact on ourbusiness,growthanddevelopment. Further, some of our competitors may be larger than we are and may have greater resources, market presence, geographicreachandtheabilitytoproductswithbetterbrandrecognitionthanours.Someofourcompetitorsmaybe 44abletoprocurerawmaterialsatlowercoststhanus,andconsequentlybeabletoselltheirproductsatlowerprices. As a result, our competitors may be able to withstand industry downturns better than us or provide customers with productsatmorecompetitiveprices.Someofourinternationalcompetitorsmaybeabletocapitalizeontheiroverseas experience to compete in the Indian market. Consequently, we cannot assure you that we will be able to compete successfullyinthefutureagainstourexistingorpotentialcompetitorsorthatourbusinessandresultsofoperations willnotbeadverselyaffectedbyincreasedcompetition.Wecannotassureyouthatwewillbeabletomaintainour existingmarketshare.Ourcompetitorsmaysignificantlyincreasetheirmarketingexpensestopromotetheirbrands and products, which may require us to similarly increase our advertising and marketing expenses and engage in effectivepricingstrategies,whichwemaynotbeabletopassontoourcustomerswhichinturnmayhaveanadverse effect on our business, results of operations and financial condition. For further details, please see “Industry Overview”onpage121ofthisProspectus. 23. Anydelaysand/ordefaultsincustomerpaymentscouldresultinincreaseofworkingcapitalinvestmentand/or reductionofourCompany’sprofits,therebyaffectingouroperationandfinancialcondition. Weareexposedtopaymentdelaysand/ordefaultsbyourcustomers.Ourfinancialpositionandfinancialperformance aredependentonthecreditworthinessofourcustomers.AnydelaysinpaymentsmayrequireourCompanytomake aworkingcapitalinvestment.Wecannotassureyouthatpaymentsfromalloranyofourcustomerswillbereceived inatimelymannerortothatextentwillbereceivedatall.Ifacustomerdefaultsinmakingitspaymentsonanorder onwhichourCompanyhasdevotedsignificantresources,orifanorderinwhichourCompanyhasinvestedsignificant resources is delayed, cancelled or does not proceed to completion, it could have a material adverse effect on our Company’sresultsofoperationsandfinancialcondition.Whiletherehavebeennoinstancesofdelaysand/ordefaults inreceiptofpaymentsfromourcustomersthatresultedinanincreaseinworkingcapitalrequired,howeverwecannot assureyouthatsuchinstanceswillnotoccurinthefuture.Thereisnoguaranteeonthetimelinessofalloranypart of our customers’ payments and whether they will be able to fulfill their obligations, which may arise from their financialdifficulties,deteriorationintheirbusinessperformance,oradownturnintheglobaleconomy.Ifsuchevents orcircumstancesoccur,ourfinancialperformanceandouroperatingcashflowsmaybeadverselyaffected. 24. Our inability to effectively manage our growth or to successfully implement our business plan and growth strategycouldadverselyaffectourbusiness,resultsofoperationsandfinancialcondition. Wehaveexperiencedconsiderablegrowthoverthepastthreeyearsandwehaveexpandedouroperationsandproduct portfolio. We cannot assure you that our growth strategies will continue to be successful or that we will be able to continuetoexpandfurther,oratthesamerate. Ourinabilitytoexecuteourgrowthstrategiesinatimelymannerorwithinbudgetestimatesorourinabilitytomeet the expectations of our customers and other stakeholders, could have an adverse effect on our business, results of operations and financial condition. Our future prospects will depend on our ability to grow our business and operations.Thedevelopmentofsuchfuturebusinesscouldbeaffectedbymanyfactors,includinggeneral,political andeconomicconditionsinIndia,governmentpoliciesorstrategiesinrespectofspecificindustries,prevailinginterest rates and price of equipment and raw materials. Further, in order to manage our growth effectively, we must implement,upgradeandimproveouroperationalsystems,proceduresandinternal controlsonatimelybasis.Ifwe failtoimplementthesesystems,proceduresandcontrolsonatimelybasis,orifthereareweaknessesinourinternal controls that would result in inconsistent internal standard operating procedures, we may not be able to meet our customers’ needs, hire and retain new employees or operate our business effectively. Failure to manage growth effectivelycouldadverselyaffectourbusinessandresultsofoperations. 25. Our Company requires significant amount of working capital for a continuing growth. Our inability to meet ourworkingcapitalrequirementsmayadverselyaffectourresultsofoperations. Our business requires a significant amount of working capital. As per our settled business terms, we require our customers to pay the full amount of the consideration only after they receive the delivery of the order, as a result, significantamountsofourworkingcapitalareoftenrequiredtofinancethepurchaseofrawmaterialandexecution ofmanufacturingprocessesbeforepaymentisreceivedfromourcustomers.Further,wearealsorequiredtomeetthe increasing demand and for achieving the same, adequate stocks have to be maintained which requires sufficient working capital. The FMCG industry all over the world is expecting an increase in demand on account of various factors such as, population growth, urbanization, rising disposable incomes, technological advancements, and changing consumer preferences. Variation in demand in the FMCG industry, which would directly increase the demandofourproductsduetotheirusageasarawmaterial.Intheevent,weareunabletosourcetherequiredamount ofworkingcapitalforaddressingsuchincreaseddemandofourproducts,wemightnotbeabletoefficientlysatisfy 45thedemandofourcustomers.Evenifweareabletosourcetherequiredamountoffunds,wecannotassureyouthat such funds would be sufficient to meet our cost estimates and that any increase in the expenses will not affect the priceofourproducts. TheCompany’sworkingcapitalrequirementsfortheyearendedMarch31,2025,2024and2023andfundingofthe sameareassetoutinthetablebelow: (₹Inlakhs) Particulars March31,2025 March31,2024 March31,2023 CurrentAssets Inventories 1,763.46 1,313.82 851.36 TradeReceivables 1,671.86 283.49 58.95 ShortTermLoansandAdvances 210.00 122.62 195.23 OtherCurrentAssets 45.91 18.57 13.23 Total(A) 3,691.24 1,738.50 1,118.78 CurrentLiabilities TradePayables 699.92 486.84 333.84 OtherCurrentLiabilities 28.15 45.15 49.76 ShortTermProvisions 354.63 127.10 6.86 Total(B) 1,082.70 659.09 390.46 NetWorkingCapital(A)-(B) 2,608.54 1,079.41 728.31 SourcesofWorkingCapital Borrowings 857.18 493.57 413.00 Networth 1,751.36 585.84 315.32 Further,oneoftheobjectsofthisOfferincludefundingofworkingcapitalrequirementsofourCompany,whichis based on management estimates and certain assumptions. For more information in relation to such management estimates and assumptions, please see “Objects of the Offer” on page 96 of this Prospectus. Our working capital requirements may be subject to change due to factors beyond our control including force majeure conditions, an increaseindefaultsbyourcustomers,non-availabilityoffundingfrombanksorfinancialinstitutions.Accordingly, suchworkingcapitalrequirementsmaynotbeindicativeoftheactualrequirementsofourCompanyinthefutureand investorsareadvisedtonotplaceunduerelianceonsuchestimatesoffutureworkingcapitalrequirements. Anydelayinprocessingourpaymentsbyourcustomersmayincreaseourworkingcapitalrequirement.Further,ifa customerdefaultsinmakingpaymentsforaproductonwhichwehavedevotedsignificantresources,itcouldaffect ourprofitabilityandliquidityanddecreasethecapitalreservesthatareotherwiseavailableforotheruses. Wemay fileaclaimforcompensationofthelossthatweincurredpursuanttosuchdefaultsbutsettlementofdisputesgenerally takestime and financial and other resources, and the outcome is often uncertain. In general, we takeprovisionsfor bad debts, including those arising from such defaults based primarily on ageing and other factors such as special circumstances relating to special customers. There can be no assurance that such payments will be remitted by our clientstousonatimelybasisorthatwewillbeabletoeffectivelymanagethelevelofbaddebtarisingfromdefaults. We may also have large cash outflows, including among others, losses resulting from environmental liabilities, litigationcosts,adversepoliticalconditions,foreignexchangerisksandliabilityclaims. Allofthesefactorsmayresult,inincreaseintheamountsofreceivablesandshort-termborrowings.Ifwedecideto raiseadditionalfundsthroughtheincurrenceofdebt,ourinterestanddebtrepaymentobligationswillincrease,and could have a significant effect on our profitability and cash flows and we may be subject to additional covenants, whichcouldlimitourabilitytoaccesscashflowsfromoperations.Anyissuanceofequity,ontheotherhand,could resultinadilutionofyourshareholding.Accordingly,continuedincreasesinourworkingcapitalrequirementsmay haveanadverseeffectonourfinancialconditionandresultsofoperations. 26. Wearedependentoninformationtechnologysystemsincarryingoutourbusinessactivitiesanditformsapart ofourbusiness.Further,ifweareunabletoadapttotechnologicalchangesandsuccessfullyimplementnew technologies or if we face failure of our information technology systems, we may not be able to compete effectivelywhichmayresultinhighercostsandwouldadverselyaffectourbusinessandresultsofoperations. Wearedependentoninformationtechnologysysteminconnectionwithcarryingoutourbusinessactivitiesandsuch systems form a part of our business. Any failure of our information technology systems could result in business 46interruptions,includingthelossofourcustomers,lossofreputationandweakeningofourcompetitiveposition,and couldhaveamaterialadverseeffectonourbusiness,financialconditionandresultsofoperations.Additionally,our informationtechnologysystems,specificallyoursoftware,TallyPrimemaybevulnerabletocomputerviruses,piracy, hackingorsimilardisruptiveproblems.Computervirusesorproblemscausedbythirdpartiescouldleadtodisruptions in our business activities. Fixing such problems caused by computer viruses or security breaches may require interruptions,delaysortemporarysuspensionofourbusinessactivities,whichcouldadverselyaffectouroperations. Breachesofourinformationtechnologysystemsmayresultinunauthorizedaccesstoconfidentialinformationofour Company.Suchbreachesofourinformationtechnologysystemsmayrequireustoincurfurtherexpendituretoputin place advanced security systems to prevent any unauthorised access to our networks. While, the aforementioned eventshavenotoccurredinthepast,however,anybreachofoursystemsorsoftwareleadstotheleakingofourtrade secretsoranyinventivetechniquesdevisedbyourCompany,itmightleadtolossofouroriginalityinthemarketand increasethechanceofourproductsbeingsubstitutedbytheproductsofourcompetitors. Ourfuturesuccessdependsinpartofourabilitytorespondtotechnologicaladvancementsandemergingstandards and practices on a cost-effective and a timely basis. Our failure to successfully adopt such technologies in a cost- effectivemannercouldincreaseourcoststherebycompellingustobidatlowermarginswhichmightleadtolossof bidding opportunities vis-à-vis such competitors. Additionally, the government authorities may require adherence withcertaintechnologiesandwecannotassureyouthatwewouldbeabletoimplementsuchtechnologiesinatimely manner or at all. The cost of upgrading or implementing new technologies or upgrading our existing equipment or expandingourcapacitycouldbesignificant,lesscosteffectiveandthereforecouldnegativelyimpactourprofitability, resultsofoperations,financialconditionaswellasourfutureprospects.While,theaforementionedeventshavenot occurredinthepast,however,occurrenceofanysucheventsmayhaveanadverseimpactonourbusiness,resultsof operationsandfinancialcondition. 27. Under-utilizationofourmanufacturingcapacitiesmayhaveanadverseeffectonourbusiness,futureprospects andfuturefinancialperformance. Thesuccessofanycapacityinvestmentandexpectedreturnoninvestmentoncapitalexpenditureissubjectto,among otherfactors,theabilitytoprocurerequisiteregulatoryapprovalsinatimelymanner;recruitandensuresatisfactory performance of personnel to further grow our business; and the ability to absorb additional infrastructure costs and developnewexpertise.Ourabilitytomaintainourprofitabilitydependsonourabilitytooptimizetheproductmixto supporthigh-marginproductsandproductswithconsistentlong-termdemandandthedemandandsupplybalanceof our products in the principal and target markets. In particular, the level of our capacity utilization can impact our operating results. Capacity utilization is also affected by our product mix and the demand and supply balance. Set forthbelowisthedetailoftheinstalledandutilizedcapacityofourmanufacturingunitforthelastthreeyears. Products Units 2022-23 2023-24 2024-25 CapacityProductioUtilizatio CapacityProductioUtilizatio CapacityProductioUtilizatio n n n n n n Dehydrate MT 400 325 81.25% 650 455 70% 650 635 97% dCarrot Agrade Dehydrate MT 100 90 90% 200 150 60% 200 85 42% dCarrot Bgrade Dehydrate MT 200 165 82.5% 300 265 88% 300 280 93% dRing Beans Dehydrate MT 200 130 65% 250 150 50% 250 230 92% d Cabbage Others MT 50 20.84 41.68% 100 87.50 87.50% 100 95 95% TOTAL 950 730.84 76.93% 1,500 1,107.5 73.83% 1,500 1,325 88.00% For further information, see “Our Business - Capacity Installed and Capacity Utilization” on page 154 of this Prospectus. These capacity utilization details are not indicative of future capacity utilization rates, which are dependentonvariousfactors,includingdemandforourproducts,availabilityofrawmaterials,ourabilitytomanage ourinventoryandimproveoperationalefficiency. 47OurCompanyhasexperiencedadeclineincapacityutilisationofcarrot,it’sbyproductsandcabbageaswellasits by-products, on account of reduction in availability of fresh vegetables in the market. Under-utilization of our manufacturing capacities over extended periods, or significant under-utilization in the short-term, could materially andadverselyimpactourbusiness,growthprospectsandfuturefinancialperformance.Ourcapacityutilizationlevels aredependentonour abilitytocarryoutuninterruptedoperationsatourmanufacturingunit,theavailabilityofraw materials,industry/marketconditions,aswellasbytheproductrequirementsof,andprocurementpracticefollowed by us. In the event we face prolonged disruptions at our manufacturing unit including due to interruptions in the supplyofwater,electricityorasaresultoflabourunrest,orareunabletoprocuresufficientrawmaterials,wewould notbeabletoachievefullcapacityutilizationofourcurrentmanufacturingunit,resultinginoperationalinefficiencies whichcouldhaveamaterialadverseeffectonourbusinessandfinancialcondition. 28. Wemaybeunabletogrowourbusinessinadditionalgeographicregionsorinternationalmarkets,whichmay adverselyaffectourbusinessprospectsandresultsofoperations. OurCompanyseekstogrowitsmarketreachdomesticallytoexploreuntappedmarketsandsegments;however,we cannot assure you that we will be able to grow our business as planned. Infrastructure and logistical challenges in addition to the advancement of research and development in the FMCG industry, changing customers’ taste and preferences may prevent us from expanding our presence or increasing the penetration of our products. Further, customersmaybepriceconsciousandwemaybeunabletocompeteeffectivelywiththeproductsofourcompetitors. Ifweareunabletogrowourbusinessinthesenewmarketseffectively,ourbusinessprospects,resultsofoperations andfinancialconditionmaybeadverselyaffected. Further,expansionintonewinternationalmarketsisimportanttoourlong-termprospects.Competingsuccessfullyin international markets requires additional management attention and resources to tailor our services to the unique aspects of each new country. We may face various risks, including legal and regulatory restrictions, increased advertising and brand building expenditure, challenges caused by distance, language and cultural differences, in additiontoourlimitedexperiencewithsuchmarketsandcurrencyexchangeratefluctuations.Internationalmarkets require a very high standard of quality of products and our Company may not be able to match the international standardstherebyfailingtomakeabrandpresenceintheinternationalmarkets.Ifweareunabletomakelong-lasting relationswiththemajorcustomersintheoverseasmarketorifweareunabletojustifythequalityofourproductsto them, it may make it difficult for us to enter into such markets. These and other risks, which we do not foresee at present, could adversely affect any international expansion or growth, which could have an adverse effect on our business,resultsofoperationsandfinancialcondition. 29. If we are not able to obtain, renew or maintain our statutory and regulatory licenses, registrations and approvals required to operate our business, it may have a material adverse effect on our business, results of operationsandfinancialcondition. Werequirecertainstatutoryandregulatorylicenses,registrationsandapprovalstooperateourbusinesssomeofwhich are granted for a fixed period oftime and need tobe renewedfromtime totime.Further, infuture, we mayalsobe requiredtoobtainnewlicenses,registrationsandapprovalsforanyproposedoperations,includinganyexpansionof existingoperations.Therecanbenoassurancethattherelevantauthoritieswillrenewsuchlicenses,registrationsand approvalsinatimelymanneroratall.Therehavebeeninstancesinthepast,whereinlicensesandapprovalsobtained byourCompany,weobtainedwithadelayandthereforeourCompanyoperateditsmanufacturingunitwithoutsuch licensesandapprovals.Further,theselicenses,registrationsandapprovalsaresubjecttoseveralconditions,andour Companycannotassurethatitshallbeabletocontinuouslymeetsuchconditionsorbeabletoprovecompliancewith suchconditionstostatutoryauthorities,andthismayleadtocancellation,revocationorsuspensionofrelevantlicenses, approvals and registrations. We may be subject to penalties or suffer a disruption in our business activities, any of whichcouldadverselyaffectourresultsofoperations.Further,ourCompanywillberesponsibleforbearinganyand allliabilitiesarisingoutofthisnon-compliance.Ifweareunabletorenew,maintainorobtaintherequiredregistrations orapprovals,itmayresultintheinterruptionofouroperationsandmayhaveamaterialadverseeffectonourrevenues and operations. Failure by our Company to renew, maintain or obtain the required licenses or approvals, or cancellation,suspension,orrevocationofanyofthelicenses,approvalsandregistrationsmayresultintheinterruption ofourCompany’soperationsandmayhaveamaterialadverseeffectonourbusiness.Forfurtherdetailsonthelicenses obtainedbyourCompanyandlicensesforwhichrenewalapplicationshavebeenmade,kindlyreferthechaptertitled “GovernmentandOtherApprovals”beginningonpage249ofthisProspectus. 30. Wedonotownanytradenamesortrademarks. Wemaybeunabletoadequatelyprotectourintellectualproperty. Furthermore,wemaybesubjecttoclaimsallegingbreachofthirdpartyintellectualpropertyrights. Anylitigation relatedtoourintellectualpropertycouldbetimeconsumingandcostly. 48Wedonotownanycopyright,trademark,tradenameorotherintellectualpropertyrightinortothenamesorlogos, including the “ ” logo and the “Sawaliya Food” or “Sawaliya” trade names or trademarks with the Trade Mark Registry.Wedonotenjoythestatutoryprojectionsaccordedtoaregisteredtrademarkincludesentenceonapplication toregisternewlogo.Therecanbenoassurancethatwewillbeabletoregisterthetrademarkandthelogoorthatthird parties will not infringe on our intellectual property, causing damage to our business prospects, reputation and goodwill.Wemayneedtolitigateinordertodeterminethevalidityofsuchclaimsandthescopeoftheproprietary rightsofothers.Whiletheaforementionedinstanceshavenotoccurredinthepast,occurrenceofanysuchlitigation could be time consuming and costly and the outcome cannot be guaranteed. We may not be able to detect any unauthorizeduseortakeappropriateandtimelystepstoenforceorprotectitsintellectualproperty. 31. We are dependent on third party transportation providers for delivery of raw materials to us from our suppliers and delivery of our finished products to our customers. We have not entered into any formal contracts with our transport providers and any failure on part of such service providers to meet their obligations could adversely affectourbusiness,financialconditionandresultsofoperation. To ensure smooth functioning of our manufacturing operations, we need to maintain continuous supply and transportation of the raw materials required from the supplier to our manufacturing unit and transportation of our finished products from our unit to our customers, which may be subject to various uncertainties and risks. We are significantlydependentonthirdpartytransportationprovidersforthedeliveryofrawmaterialstousanddeliveryof ourfinishedproductstoourcustomers.Uncertaintiesandriskssuchastransportationstrikesordelayinsupplyofraw materials and products could have an adverse effect on our supplies and deliveries to and from our customers and suppliers.Additionally,rawmaterialsandproductsmaybelostordamagedintransitforvariousreasonsincluding occurrenceofaccidentsornaturaldisasters.While,theaforementionedeventshavenotoccurredinthepast,however occurrenceofinstancesoffailuretomaintainacontinuoussupplyofrawmaterialsortodeliverourproductstoour distribution intermediaries in a timely, efficient and reliable manner could adversely affect our business, results of operationsandfinancialcondition. Further,wehavenotenteredintoanylongtermagreementswithourtransportersforanyofourmanufacturingunit andthecostsoftransportationaregenerallybasedonmutualtermsandtheprevailingmarketprice.Intheabsenceof suchagreements,wecannotassurethatthetransportagencieswouldfulfilltheirobligationsorwouldnotcommita breachoftheunderstandingwithus.Intheeventthatthefinishedgoodsorrawmaterialssufferdamageorarelost during transit, we may not able to prosecute the agencies due to lack of formal agreements. Further, the transport agencies are not contractually bound to deal with us exclusively, we may face the risk of our competitors offering better terms or prices, which may cause them to cater to our competitors alongside us or on a priority basis, which couldadverselyaffectourbusiness,resultsofoperationsandfinancialcondition.While,theaforementionedevents havenotoccurredinthepast,however,occurrenceofanysucheventsmayhaveanadverseimpactonourbusiness, resultsofoperationsandfinancialcondition. 32. If we are unable to identify customer demand accurately and maintain an optimal level of inventory proportionately,ourbusiness,resultsofoperationsandfinancialconditionmaybeadverselyaffected. The success of our business depends upon our ability to anticipate and forecast customer demand and trends. Any errorinsuchidentificationcouldresultineithersurplusstock,whichwemaynotbeabletosellinatimelymanner, ornostockatall,orunderstocking,whichwillaffectourabilitytomeetcustomerdemand.Weplanourinventory andestimateoursalesbasedontheforecast,demandandrequirementsforourproductsbasedonpastdata.Anoptimal levelofinventoryisimportanttoourbusinessasitallowsustorespondtocustomerdemandeffectivelybyreadily making our products available to our customers. Ensuring continuous availability of our products requires prompt turnaround time and a high level of coordination across raw material procurement, manufacturers, suppliers, warehouse management and departmental coordination. While we aim to avoid under-stocking and over-stocking, ourestimatesandforecastsmaynotalwaysbeaccurateandtherehavebeennoinstancesinthepastthatwouldsuggest an inability of our Company to identify customer demand accurately and maintain an optimal level of inventory proportionately,howeveroccurrenceofanysucheventsmayimpactourbusiness,resultsofoperationsandfinancial condition.Ifwefailtoaccuratelyforecastcustomerdemand,wemayexperienceexcessinventorylevelsorashortage ofproducts available for sale. Ifwe over-stockinventory, ourcapital requirements mayincreaseand we may incur additional financing costs. Any unsold inventory would have to be sold at a discount, leading to losses. We cannot assureyouthatwewillbeabletosellsurplusstockinatimelymanner,oratall,whichinturnmayadverselyaffect ourbusiness,resultsofoperationsandfinancialcondition.Ifweunder-stockinventory,ourabilitytomeetcustomer demandmaybeadverselyaffected. 4933. Wehavesignificantpowerrequirementsforcontinuousrunningofourmanufacturingunit.Anydisruptiontoour operations on account of interruption in power supply or any irregular or significant hike in power tariffs may haveaneffectonourbusiness,resultsofoperationsandfinancialcondition. Our manufacturing unit has significant electricity requirements and any interruption in the supply of power may temporarily disrupt our operations. All our manufacturing unit receive power supply from local power authorities. Since,wehaveasignificantpowerconsumption,anyunexpectedorunforeseenincreaseinthetariffratescanincrease theoperatingcostofourmanufacturingunitandtherebycauseanincreaseintheproductioncostwhichwemaynot be able to pass on to our customers. The details of electricity expenses and total expenses of our Company are as follows: Particulars Fiscal 2025 2024 2023 Expense(₹in %of Expense(₹in %of Expense(₹ %of lakhs) expense lakhs) expense inlakhs) expense Electricity 81.56 3.26 71.70 3.73 53.00 3.64 Expenses TotalExpense 2,501.10 1,923.65 1,457.86 Therearelimitednumberofelectricityprovidersintheareasfromwhereweoperateduetowhichincaseofaprice hike, we may not be able to find a cost-effective substitute, which may negatively affect our business, financial condition,cashflowsandresultsofoperations.Forfurtherdetails,pleaserefertothechaptertitled“OurBusiness” onpage139ofthisProspectus. 34. Our Promoters, Directors, Senior Management and Key Managerial Personnel have interests in our Company otherthanreimbursementofexpensesincurredornormalremunerationorbenefits. OurPromoters,Directors,SeniorManagementandKeyManagerialPersonnel,maybedeemedtobeinterestedinour Company, in addition to the regular remuneration or benefits, reimbursements of expenses, Equity Shares held by themortheirrelatives,theirdividendorbonusentitlement,benefitsarisingfromtheirdirectorshipinourCompany. OurPromoters,Director,SeniorManagementandKeyManagerialPersonnelmayalsobeinterestedtotheextentof anytransactionenteredintobyourCompanywithanyothercompanyorfirminwhichtheyaredirectorsorpartners. For further details please refer to the paragraphs titled ― “Interest of our Directors” in the chapter titled ― “Our Management”,theparagraphstitled―“InterestofourPromotersandOtherInterestsandDisclosures”inthechapter titled―“OurPromotersandPromoterGroup”,“FinancialIndebtedness”and“RestatedFinancialInformation”on pages179,188,237and193,respectivelyofthisProspectus. There can be no assurance that our Promoters, Directors, Senior Management and Key Managerial Personnel will exercisetheirrightsasshareholderstothebenefitandbestinterestofourCompany.OurPromotersandmembersof ourPromoterGroupwillcontinuetoexercisesignificantcontroloverourCompany,includingbeingabletocontrol the composition of our Board of Directors and determine decisions requiring simple or special majority voting of shareholders,andourothershareholdersmaybeunabletoaffecttheoutcomeofsuchvoting.OurDirectorsandour KeyManagementPersonnelmaytakeorblockactionswithrespecttoourbusiness,whichmayconflictwiththebest interestsofourCompanyorthatofminorityshareholders. 35. One of our Promoters and members of our Promoter Group have extended personal guarantees with respect to loan facilities availed by our Company. Further, some of the members of our Promoter Group have extended personal properties as collateral for securing the facilities availed by our Company. Revocation of any or all of these personal guarantees or withdrawal of such properties may adversely affect our business operations and financialcondition. OurPromoter,RaghavSomaniandmemberofourPromoterGroupnamely,MadhavSomani,KrishnakantSomani and Hansa Somani have extended personal guarantees in favour of State Bank of India with respect to the loan facilities availed by our Company. Further, members of our Promoter Group, Shantilal Balmukund Somani HUF, Hansa Somani and Krishnakant Somani have extended their personal properties as collateral for securing the loans availed by our Company. In the event any of these guarantees are revoked, our lenders may require us to furnish alternateguaranteesoranadditionalsecurityormaydemandarepaymentoftheoutstandingamountsunderthesaid facilitiessanctionedormayeventerminatethefacilitiessanctionedtous.TherecanbenoassurancethatourCompany willbeabletoarrangesuchalternativeguaranteesinatimelymanneroratall.Intheeventifthepersonalproperty 50of our Promoter Group is withdrawn, our lenders may require us to furnish alternate properties or may demand a repayment of the outstanding amounts under the said facilities sanctioned or may even terminate the facilities sanctionedtous.TherecanbenoassurancethatourCompanywillbeabletoarrangesuchalternativepropertiesina timelymanneroratall.Ifthepropertiesarewithdrawn,theabilityofourCompanytocontinueitsbusinessoperations could be adversely affected. If our lenders enforce these restrictive covenants or exercise their options under the relevantdebtfinancingagreements,ouroperationsanduseofassetsmaybesignificantlyhamperedandlendersmay demandthepaymentoftheentireoutstandingamountandthisinturnmayalsoaffectourfurtherborrowingabilities therebyadverselyaffectingourbusinessandoperations. 36. Our Promoters and members of the Promoter Group have significant control over the Company and have the abilitytodirectourbusinessandaffairs;theirinterestsmayconflictwithyourinterestsasashareholder. UponcompletionofthisOffer,ourPromotersandmembersofourPromoterGroupwillcollectivelyhold67.78%of the Equity share capital of our Company. As a result, our Promoters will have the ability to exercise significant influence over all matters requiring shareholders’ approval. Accordingly, our Promoters will continue to retain significant control, including being able to control the composition of our Board of Directors, determine decisions requiringsimpleorspecialmajorityvotingofshareholders,undertakingsaleofallorsubstantiallyallofourassets, timinganddistributionofdividendsandterminationofappointmentofourofficers,andourothershareholdersmay beunabletoaffecttheoutcomeofsuchvoting.TherecanbenoassurancethatourPromoterswillexercisetheirrights asshareholderstothebenefitandbestinterestsofourCompany.Further,suchcontrolcoulddelay,deferorprevent a change in control of our Company, impede a merger, consolidation, takeover or other business combination involving our Company, or discourage a potential acquirer from making a tender offer or otherwise attempting to obtain control of our Company even if it is in our Company’s best interest. The interests of our Promoters could conflictwiththeinterestsofourotherequityshareholders,andourPromoterscouldmakedecisionsthatmaterially andadverselyaffectyourinvestmentintheEquityShares. 37. TheaveragecostofacquisitionofEquitySharesheldbyourPromoterscouldbelowerthantheOfferPrice. OurPromoters’averagecostofacquisitionofEquitySharesinourCompanymaybelowerthantheOfferPricewhich isproposedtobedeterminedthroughaBookBuildingProcess.TheaveragecostofacquisitionofEquitySharesfor thePromoters(alsothePromoterSellingShareholders)isasfollows: Name of the Promoters/ AverageCostofAcquisition(in₹) No.ofsharesheld SellingShareholders RaghavSomani 30,72,476 0.85 PriyaSomani 30,72,462 0.27 *AscertifiedbytheStatutoryAuditors,bywayoftheircertificatedatedJuly25,2025. ForfurtherdetailsregardingaveragecostofacquisitionofEquitySharesbyourPromotersinourCompanyandbuild- upofEquitySharesbyourPromotersinourCompany,pleaserefertothechaptertitled“CapitalStructure”onpage 84ofthisProspectus. 38. Ourfuturefundrequirements,intheformoffurtherissueofcapitalorsecuritiesand/orloanstakenbyus,may beprejudicialtotheinterestoftheShareholdersdependinguponthetermsonwhichtheyareeventuallyraised. We may require additional capital from time to time depending on our business needs. Any further issue of Equity SharesorconvertiblesecuritieswoulddilutetheshareholdingoftheexistingShareholdersandsuchissuancemaybe doneontermsandconditions,whichmaynotbefavorabletothethenexistingShareholders.Ifsuchfundsareraised intheformofloansordebtorpreferenceshares,thenitmaysubstantiallyincreaseourfixedinterest/dividendburden anddecreaseourcashflows,thusadverselyaffectingourbusiness,resultsofoperationsandfinancialcondition. 39. Wehaveinpastenteredintorelatedpartytransactionsandwemaycontinuetodosointhefuture. As of March 31, 2025, we have entered into several related party transactions with our Promoters, individuals and entitiesformingapartofourpromotergrouprelatingtoouroperations.Inaddition,wehaveinthepastalsoentered intotransactionswithotherrelatedparties.Forfurtherdetails,pleaserefertothechaptertitled―“RestatedFinancial Information”atpage193ofthisProspectus. While we confirm that all our related party transactions have been conducted on an arm’s length basis and is in compliance with the Companies Act, 2013 and other applicable laws, we cannot assure you that we may not have 51achieved more favorable terms had such transactions been entered into with unrelated parties. There can be no assurance that such transactions, individually or taken together, will not have an adverse effect on our business, prospects, results of operations and financial condition, including because of potential conflicts of interest or otherwise. In addition, our business and growth prospects may decline if we cannot benefit from our relationships withtheminthefuture. 40. Ouragreementswithlendersforfinancialarrangementscontainrestrictivecovenantsforcertainactivitiesandif weareunabletogettheirapproval,itmightrestrictourscopeofactivitiesandimpedeourgrowthplans. We have entered into agreements for our borrowings with certain lenders. These borrowings include secured fund based and non-fund based facilities. These agreements include restrictive covenants which mandate certain restrictions in terms of our business operations such as change in capital structure, formulation of any scheme of amalgamation or reconstruction, declaring dividends, further expansion of business, granting loans to directors, repayingunsecuredloansfromthirdparties,undertakeguaranteeobligationsonbehalfofanyotherborrower,which requireourCompanytoobtainpriorapprovalofthelendersforanyoftheaboveactivities.Weherebyconfirmthat wehavereceivedno-objectioncertificatesfromourlendersfromwhomsecuredloanswereavailed,forthepurpose ofundertakingthisOffer.Wecannotassureyouthatourlenderswillprovideuswiththeseapprovalsinthefuture. For details of these restrictive covenants, please refer to chapter titled ― “Financial Indebtedness” on page 237 of thisProspectus. Further,someofourfinancingarrangementsincludecovenantstomaintainourtotaloutsideliabilitiesandtotalnet worth up to a certain limit and certain other liquidity ratios. We cannot assure prospective investors that such covenantswillnothinderourbusinessdevelopmentandgrowthinthefuture.Adefaultunderoneofthesefinancing agreementsmayalsoresultincross-defaultsunderotherfinancingagreementsandresultintheoutstandingamounts under such financing agreements becoming due and payable immediately. Defaults under one or more of our Company’s financing agreements may limit our flexibility in operating our business, which could have an adverse effectonourcashflows,business,resultsofoperationsandfinancialcondition. It may be possible for a lender to assert that we have not complied with all applicable terms under our existing financing documents. Further we cannot assure that we will have adequate funds at all times to repay these credit facilitiesandmayalsobesubjecttodemandsforthepaymentofpenalinterest. 41. OurCompany’smanagementwillhaveflexibilityinutilizingtheNetProceedsfromtheOfferandthedeployment ofthenetproceedsfromtheOfferisnotsubjecttoanymonitoringbyanyindependentagency. OurCompanyintendstoprimarilyusetheNetProceedstowardstheobjectsasmentionedin“ObjectsoftheOffer” onpage96ofthisProspectus.IntermsoftheSEBI(ICDR)Regulations,wearenotrequiredtoappointamonitoring agency since the Offer size is not in excess of ₹ 5,000 lakhs. The Audit Committee of our Company shall be monitoring utilisation of Net Proceeds, and the investors will be relying on the judgment of the Audit Committee regarding the application of the Net Proceeds from the Offer. Our company may have to revise its management estimatesfromtimetotimeandconsequentlyitsrequirementsmaychange. Further, pursuant to Section 27 of the Companies Act 2013, any variation in the objects would require a special resolution of the shareholders and our Promoters or controlling shareholders will be required to provide an exit opportunitytotheShareholdersofourcompanywhodonotagreetosuchproposaltovarytheobjects,insuchmanner asmaybeprescribedinfuturebytheSEBI.OurCompanyshallinformaboutmaterialdeviationsintheutilizationof Offerproceedstothestockexchangeandshallalsosimultaneouslymakethematerialdeviations/adversecomments of the audit committee to public. Accordingly, prospective investors in the offer will need to rely upon our Audit Committee’s judgment with respect to the use of net proceeds. If we are unable to enter into arrangements for utilizationofnetproceedsasexpectedandassumedbyusinatimelymanneroratall,wemaynotbeabletoderive theexpectedbenefitsfromtheproceedsoftheOfferandourbusinessandfinancialresultsmaysuffer. 42. OurCompanyhasavailedcertainunsecuredloanswhicharerecallableinnature. AsonAugust31,2024,ourCompanyhasoutstandingcurrentunsecuredloanswhichhavebeenextendedbyourthird parties which may be recalled at any time. We cannot assure you that our lenders would not demand repayment of unsecured loans extended to us. In the event, our lenders seek repayment of any these loans, our Company would needtofindalternativesourcesoffinancing,whichmaynotbeavailableoncommerciallyreasonableterms,oratall. Ifweareunabletoarrangeforanysuchfinancingarrangements,wemaynothaveadequateworkingcapitaltocarry out the operations or complete our ongoing operations. Therefore, any such demand may adversely affect our 52business,financialconditionandresultsofoperations.Forfurtherdetails,see“FinancialIndebtedness”onpage237 ofthisProspectus. 43. Inadditiontoourexistingindebtednessforourexistingoperations,wemayincurfurtherindebtednessduringthe courseofbusiness.Wecannotassurethatwewouldbeabletoserviceourexistingand/oradditionalindebtedness. As on August 31, 2024 our Company’s total fund based indebtedness is ₹ 1,405.35 lakhs. In addition to the indebtedness for our existing operations, we may incur further indebtedness during the course of our business. We cannotassureyouthatwewillbeabletoobtainfurtherloansatfavorableterms.Increasedborrowings,ifany,may adverselyaffectourdebt-equityratioandourabilitytoborrowatcompetitiverates.Inaddition,wecannotassureyou thatthebudgetingofourworkingcapitalrequirementsforaparticularyearwillbeaccurate.Theremaybesituations where we may under-budget our working capital requirements, which may lead to delays in arranging additional workingcapitalrequirements,lossofreputation,levyofliquidateddamagesandcancauseanadverseeffectonour cashflows. Anyfailuretoserviceourindebtednessorotherwiseperformourobligationsunderourfinancingagreementsentered with our lenders or which may be entered into by our Company, could trigger cross default provisions, penalties, accelerationofrepaymentofamountsdueundersuchfacilitieswhichmaycauseanadverseeffectonourbusiness, financial condition and results of operations. For details of our indebtedness, please refer to the chapter titled ― “FinancialIndebtedness”onpage237ofthisProspectus. 44. WehavenotmadeanyalternatearrangementsformeetingourcapitalrequirementsfortheObjectsoftheOffer. Further,wehavenotidentifiedanyalternatesourceoffinancingthe‘ObjectsoftheOffer’.Anyshortfallinraising /meetingthesamecouldadverselyaffectourgrowthplans,operationsandfinancialperformance. Asondate,wehavenotmadeanyalternatearrangementsformeetingourcapitalrequirementsfortheObjectsofthe Offer. We meet our capital requirements through our bank finance, unsecured loans, owned funds and internal accruals.Anyshortfallinournetownedfunds,internalaccrualsandourinabilitytoraisedebtinfuturewouldresult inusbeingunabletomeetourcapitalrequirements,whichinturnwillnegativelyaffectourfinancialconditionand resultsofoperations.Further,wehavenotidentifiedanyalternatesourceoffundingandhenceanyfailureordelay onourparttoraisemoneyfromthisofferoranyshortfallintheofferproceedsmaydelaytheimplementationschedule andcouldadverselyaffectourgrowthplans.Forfurtherdetails,pleaserefertothechaptertitled“ObjectsoftheOffer” beginningonpage96ofthisProspectus. 45. Our success largely depends upon the knowledge and experience of our Promoters, Directors and our Key Managerial Personnel. Loss of any of our Directors and key managerial personnel or our ability to attract and retainthemcouldadverselyaffectourbusiness,operationsandfinancialcondition. The growth and success of our Company’s future significantly depends upon the experience of our Promoters and continuedservicesandthemanagementskillsofourKeyManagerialPersonnelandthe guidanceofourPromoters and Directors for development of business strategies, monitoring its successful implementation and meeting future challenges. We believe the expertise, experience and continued efforts of our Key Managerial Personnel and their inputsarevaluabletofortheoperationsofourCompany.Ourfuturesuccessandgrowthdependlargelyonourability toattract,motivateandretainthecontinuedserviceofourhighlyskilledmanagementpersonnel.OurCompanyhas never beenfacedwith a challengeof high rate of attrition of our KeyManagement Personnel in the past, however, anyattritionofourexperiencedKeyManagerialPersonnel,wouldadverselyimpactourgrowthstrategy.Wecannot assureyouthatwewillbesuccessfulinrecruitingandretainingasufficientnumberofpersonnelwiththerequisiteskillsto replacethoseKeyManagerialPersonnelwholeave.Intheeventweareunabletomotivateandretainourkeymanagerial personnel and thereby lose the services of our highly skilled Key Managerial Personnel may adversely affect the operations,financialconditionandprofitabilityofourCompanyandtherebyhamperingandadverselyaffectingour abilitytoexpandourbusiness.ForfurtherdetailsonourDirectorsandKeyManagerialPersonnel,pleaserefertothe chaptertitled―“OurManagement”onpage174ofthisProspectus. 46. Ourinabilitytoprocureand/ormaintainadequateinsurancecoverinconnectionwithourbusinessmayadversely affectouroperationsandprofitability. Our operations are subject to inherent risks and hazards which may adversely impact our profitability, such as breakdown, malfunctions, sub-standard performance or failures of manufacturing equipment, fire, riots, third party liabilityclaims,loss-in-transitforourproducts,accidentsandnaturaldisasters.Detailsofourtotalinsurancecoverage vis-à-visournetassetsasonMarch31,2025,March31,2024andMarch31,2023issetoutbelow: 53Particulars AsonMarch31,2025 AsonMarch31,2024 AsonMarch31,2023 Insurancecoverage*(A) 2,682.58 582.02 351.61 Netassets**asperRestated 2,584.61 1,968.16 1,651.71 FinancialInformation(B) Nettangibleassets***(C) 1,289.63 584.32 274.85 Insuranceexpensesasper 2.08 2.80 1.63 RestatedFinancial Information Insurancecoveragetimesthe 1.04 0.30 0.21 netassets(A/B) Insurancecoveragetimesthe 2.08 1.00 1.28 nettangibleassets(A/C) *Insurance coverage = Total insurance coverage amount by considering insurance policies of property, equipments, vehicles, stock,erectionandallriskinsurance **Netassets=Property,PlantandEquipment(netblock)+CapitalWorkinProgress+Intangibles(netblock)+Investment Property(Buildingsnetblock)+Inventories ***‘NetTangibleAssets’meansnetblockofProperty,PlantandEquipment,capitalworkinprogressforfixedassets(including capitaladvances),CurrentAssets,Non-currentassets(otherthanNetblockofProperty,PlantandEquipment,IntangibleAssets and Deferred Tax) and excludes Borrowings (secured loans and unsecured loans) and current and non-current liabilities and provisions. AscertifiedbyourStatutoryAuditors,M/sMaheshwariandGupta,pursuanttoacertificatedatedJuly25,2025. Presently,wemaintaininsurancecover,detailsofwhichhavebeenprovidedbelow: Sr. Insurer DescriptionofProperty PolicyNo. Expirydate Insured No. Insured Amount 1. Liberty General Car Policy Maruti 2011400702237002949 August30, 4,27,640 Insurance Baleno-Zeta1.2 01000 2025 Limited 2. Future Generali Tata Motors- Tiago (P) 132/02/11/0825/MTP/0 August07, 330,000 India Insurance XZA 000060579 2025 Company limited 3. United India BajajAutoLtd/Pulsar 0402013123P11556500 February22, 76,395 Insurance 125NeonDiscBS6 5 2024to February21, Company 2029 Limited 4. ICICI Lombard Toyota/UrbanCruiser TIL/11248743 OwnDamage: 16,83,550 General Hyryder February22, 2024to Insurance February23, Company 2026 Limited ThirdParty: February22, 2023to February21, 2026 5. Future Generali Employee L0268010 August04,2025 11,000,000 India Insurance Compensation InsurancePolicy Company limited Employee Compensation Insurance for Skilled and unskilled 54Sr. Insurer DescriptionofProperty PolicyNo. Expirydate Insured No. Insured Amount employees with additional coverage of medical examination of 55workers. 6. United India • On Entire Building 1920001124P10746678 August16,2025 • 20,000,0 Insurance Buit Of Class I 2 00 Company Construction &/Or • 25,000,0 Store Room &/Or Limited 00 Godown &/Or All • 20,000,0 Associated Const OfficeBuilding. 00 • OnEntirePlantand Machinery &/Or Transformer &/Or Electrical &/Or Mechanical Installation &/ Or Self Conveyor, Exhaust Fan, Cyclon Separator, Silencer, Spares &/Or Tools Of TradeContainedAt AbovePremises. • On Goods Such As Fruits/Vegetables &/ Or Dried &/Or Dehydration Forms Of Fruits/Dry Fruits/Vegetables Placed &/Or Lying &/Or Contained In The Factory Premises &/Or In GodownBuilding 7. United India • On Entire Building 1920001124P10746625 August16,2025 • 32,500,0 Insurance Buit of Class I 0 00 Company Construction of • 30,000,0 Cold Storage Limited 00 Building &/ Or All • 140,000, Associated Const Plinth and 000 Foundation/Eps Thermal Installation • OnEntirePlantand Machinery &/Or Frozen Chamber Loading Elevator, Steel R Ack. Wooden Planks at abovepremises. • StockOfPotato/Ch Hana/Kirana Goods /Dry Fruits/Fruits/Veget ables/Grains/Carrot s/Gaggery/Coriand 55Sr. Insurer DescriptionofProperty PolicyNo. Expirydate Insured No. Insured Amount er/Onion &/Or All Kinds Of Fruits/ &/Or Packing Material Of All KindPlaceD&/Or Lying &/Or Contained At AbovePremises Therearemanyeventsthatcouldcausesignificantdamagestoouroperations,orexposeustothird-partyliabilities, whetherornotknowntous,forwhichwemaynotbeinsuredoradequatelyinsured,whichinturnmayexposeusto certainrisksandliabilities.Therecanbenoassurancethatourinsurancepolicieswillbeadequatetocoverthelosses in respect of which the insurance had been availed. Further, there can be no assurance that any claim under the insurancepoliciesmaintainedbyuswillbehonoredfully,inpart,orontime.Ifweweretoincurasignificantliability forwhichwewerenotfullyinsured,itcouldadverselyaffectourresultsofoperationsandfinancialposition.While, wehavenotincurredanysignificantliabilityinthepast,wecannotassureyouthatsuchinstanceswillnotoccurin thefuture.Occurrenceofanysuchinstancesmayhaveanadverseimpactonourbusiness,resultsofoperationsand financialcondition. 47. Wehavecertaincontingentliabilitiesandourfinancialconditionandprofitabilitymaybeadverselyaffectedifany ofthesecontingentliabilitiesmaterialize. AsofMarch31,2025,ourcontingentliabilitiesandcommitments(totheextentnotprovidedfor)asdisclosedinthe notestoourRestatedFinancialInformationaggregatedto₹1.35lakhs.Thedetailsofourcontingentliabilitiesareas follows: (₹inlakhs) Particulars Asat Asat Asat 31March2025 31March2024 31March2023 TDSDemand 1.35 1.35 1.20 TheTDSdemandprimarilyarisesfromPANdiscrepancies,latepayments,andshortdeductions.OurCompanyisin the process of filing an appeal against the raised TDS demand, and as such, it has been disclosed as a contingent liability. For further details of contingent liability, see the section titled ― “Financial Information” on page 193 of this Prospectus. Furthermore, there can be no assurance that we will not incur similar or increased levels of contingent liabilitiesinthefuture. 48. OurCompanyhadnegativecashflowsinthepastyears,detailsofwhicharegivenbelow.Sustainednegativecash flowcouldimpactourgrowthandbusiness. Wehaveexperiencednegativecashflowsinthepastwhichhavebeensetoutbelow: Fiscal Particulars 2025 2024 2023 NetCashfromOperatingActivities (431.26) -* -* NetCashfromInvestingActivities (343.20) -* (560.02) NetCashusedinFinancingActivities -* (183.82) -* *Indicatedpositivecashflow. ThenegativeoperatingcashflowfortheyearendedMarch31,2025isprimarilyduetoanincreasedworkingcapital requirementdrivenbytradereceivablesandinventories.ThespikeobservedfromApriltoJune2024inFiscal2025 canbeattributedtotheadditionofnon-institutionalcustomers,whotypicallyrequirelongercreditperiods. Cash flow of a company is a key indicator to showthe extent of cash generated from operations to meet its capital expenditure,paydividends,repayloans,andmakenewinvestmentswithoutraisingfinancefromexternalresources. Suchnegativecashflowsleadtoanetdecreaseincashandcashequivalents.Anynegativecashflowinfuturecould adverselyaffectouroperationsandfinancialconditionsandthetradingpriceofourEquityShares.Forfurtherdetails, 56pleaserefer“FinancialInformation”and“Management’sDiscussionandAnalysisofFinancialConditionandResults ofOperations”onpages193and227,respectively. 49. Wearesubjecttoforeigncurrencyexchangeratefluctuationswhichcouldhaveamaterialandadverseeffecton ourresultsofoperationsandfinancialconditions. OurCompanycaterstobothdomestic&exportmarkets.Aportionofourrevenuefromoperationsismadeupfrom export sales; the realization for such export operations is in foreign currency. Changes in value of currencies with respecttotheRupeemaycausefluctuationsinouroperatingresultsexpressedinRupees.Theexchangeratebetween the Rupee and other currencies is variable and may continue to fluctuate in future. Any adverse or unforeseen fluctuations with respect to the unhedged exchange rate of any foreign currency for Indian Rupees may affect our Company‘sresultsofoperations. 50. ThereareoutstandinglitigationsinvolvingourCompanywhich,ifdeterminedadversely,mayaffectourbusiness andfinancialcondition. AsonthedateofthisProspectus,ourCompanyisinvolvedincertainlegalproceedings.Theselegalproceedingsare pending at different levels of adjudication before various courts and tribunals. The amounts claimed in these proceedings have been disclosed to the extent ascertainable and include amounts claimed jointly and/or severally fromusand/orotherparties,asthecasemaybe.Wecannotassureyouthattheselegalproceedingswillbedecided in favour of our Company or that no further liability will arise out of these proceedings. Our Company may incur significantexpensesinsuchlegalproceedingsandwemayhavetomakeprovisionsinourfinancialstatements,which could increase our expenses and liabilities. Any adverse decision may adversely affect our business, results of operationsandfinancialcondition. AsummaryofthependinglitigationsinvolvingourCompanyisprovidedbelow: LitigationsinvolvingourCompany i) CasesfiledagainstourCompany: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters 5 1.35 IndirectTaxmatters Nil Nil Actionstakenbyregulatoryauthorities Nil Nil Materialcivillitigations Nil Nil ii) CasesfiledbyourCompany: NatureofLitigation Numberofmattersoutstanding Amountinvolved(₹inlakhs) Criminalmatters Nil Nil DirectTaxmatters Nil Nil IndirectTaxmatters Nil Nil Materialcivillitigations Nil Nil Forfurtherdetails,pleaserefertothechaptertitled“OutstandingLitigationsandMaterialDevelopments”beginning onpage245ofthisProspectus. 51. Wearedependentuponthegrowthprospectsoftheindustries,whereendproductismadeusingourproduct Our Company is in to manufacturing of dehydrated vegetables which have substantial demand from food manufacturing companies. Our products are used in making masala, gravies, sauces, etc. We thus cater to the requirementsoftheseindustriesandanyslowdowninthegrowthrateordownwardtrendinanyoftheseindustries directlyorindirectlyimpactourowngrowthprospectsandmayresultindeclineinprofitsandturnoverofsales. 52. Non-Compliancewith,andchangesin,safety,healthandenvironmentallawsandregulationsmayadverselyaffect ourbusiness,prospects,financialconditionandresultsofoperations 57Due to the nature of our business, we expect to be or continue to be subject to extensive and increasinglystringent environmental,healthandsafetylawsandregulationsandvariouslabour,workplaceandrelatedlawsandregulations. Wearealsosubjecttoenvironmentallawsandregulations,includingbutnotlimitedto: a. Environment(Protection)Act,1986 b. Air(PreventionandControlofPollution)Act,1981 c. Water(PreventionandControlofPollution)Act,1974 d. HazardousWasteManagement&HandlingRules,2008 e. OtherregulationspromulgatedbytheMinistryofEnvironmentandForestsandthePollutionControlBoardsof thestateofMadhyaPradesh. whichgovernthedischarge,emission,storage,handlinganddisposalofavarietyofsubstancesthatmaybeusedin orresultfromtheoperationsofourbusiness. Thescopeandextentofnewenvironmentalregulations,includingtheireffectonouroperations,cannotbepredicted and hence the costs and management time required to comply with these requirements could be significant. AmendmentstosuchstatutesmayimposeadditionalprovisionstobefollowedbyourCompanyandaccordinglythe Company needs to incur clean-up and remediation costs, as well as damages, payment of fines or other penalties, closureofproductionfacilitiesfornon-compliance,otherliabilitiesandrelatedlitigation,couldadverselyaffectour business,prospects,financialconditionandresultsofoperations. 53. Ourabilitytopaydividendsinthefuturemaybeaffectedbyanymaterialadverseeffectonourfutureearnings, financialconditionorcashflows. Ourabilitytopaydividendsinfuturewilldependonourearnings,financialconditionandcapitalrequirements.Our businessisworkingcapitalintensiveandwearerequiredtoobtainconsentsfromcertainofourlenderspriortothe declarationofdividendasperthetermsoftheagreementsexecutedwiththem.Wemaybeunabletopaydividends in the near or medium term, and our future dividend policy will depend on our capital requirements and financing arrangementsinrespectofouroperations,financialconditionandresultsofoperations.AlthoughourCompanyhas declared dividends in the past, however there can be no assurance that our Company will declare dividends in the futurealso.Forfurtherdetails,pleaserefertothechaptertitled“DividendPolicy”andthechaptertitled“Financial Indebtedness”onpages192and237respectively,ofthisProspectus. 54. Thedeploymentoffundsisentirelyatourdiscretionandasperthedetailsmentionedinthechaptertitled“Objects oftheOffer”. Astheoffersizeislessthan₹5,000lakhs,underRegulation41oftheSEBIICDRRegulationsitisnotrequiredthat a monitoring agency be appointed by our Company, for overseeing the deployment and utilization of funds raised throughthisOffer.Therefore,thedeploymentofthefundstowardstheObjectsofthisOfferisentirelyatthediscretion ofourBoardofDirectorsandisnotsubjecttomonitoringbyexternalindependentagency.OurBoardofDirectors alongwiththeAuditCommitteewillmonitortheutilizationofOfferproceedsandshallhavetheflexibilityinapplying theproceedsofthisOffer.However,themanagementofourCompanyshallnothavethepowertoaltertheobjectsof this Offer except with the approval of the Shareholders of the Company given by way of a special resolution in a general meeting, in the manner specified in Section 27 of the Companies Act, 2013. Additionally, the dissenting shareholders being those shareholders who have not agreed to the proposal to vary the objects of this Offer, our Promotersshallprovidethemwithanopportunitytoexitatsuchprice,andinsuchmannerandconditionsasmaybe specifiedbytheSEBI,inrespecttothesame.Forfurtherdetails,pleaserefertothechaptertitled―“Objectsofthe Offer”onpage96ofthisProspectus. 55. The data and statistics added in this Prospectus may be incomplete or inaccurate or may not be comparable to statisticsproducedelsewhere. We have not independently verified data from the Industry and related data contained in thisProspectus. Such data may also be produced on a different basis from comparable information compiled with regards to other countries. Therefore,discussionsofmattersrelatingtoIndia,itseconomyortheindustriesinwhichweoperatethatisincluded herein are subject to the caveat that the statistical and other data upon which such discussions may be incomplete, inaccurateorunreliable. Duetoincorrect orineffectivedatacollectionmethods ordiscrepancies betweenpublished informationandmarketpracticeandotherproblems,thestatisticshereinmaybeinaccurateormaynotbecomparable to statistics produced elsewhere and should not be unduly relied upon. Further, we cannot assure you that they are statedorcompiledonthesamebasisorwiththesamedegreeofaccuracy,asthecasemaybe,elsewhere. 5856. WehavenotindependentlyverifiedcertaindatainthisProspectus. We have not independently verified data from the Industry and related data contained in this Prospectus. We have primarilyrelieduponthereportspublishedbyIndianBrandEquityFoundationformakingdisclosuresinthechapter titled“IndustryOverview”inthisProspectus.Suchdatamayalsobeproducedonadifferentbasisfromcomparable informationcompiledwithregardstoothercountries.Therefore,discussionsofmattersrelatingtoIndia,itseconomy ortheindustriesinwhichweoperatethatisincludedhereinaresubjecttothecaveatthatthestatisticalandotherdata uponwhichsuchdiscussionsarebasedhavenotbeenverifiedbyusandmaybeincomplete,inaccurateorunreliable. Duetoincorrectorineffective datacollection methodsordiscrepancies betweenpublished information and market practiceandotherproblems,thestatisticshereinmaybeinaccurateormaynotbecomparabletostatisticsproduced elsewhere and should not be unduly relied upon. Further, we cannot assure you that they are stated or compiled on thesamebasisorwiththesamedegreeofaccuracy,asthecasemaybe,elsewhere. 57. OurCompanyproposestoutilizepartoftheNetProceedsforrepaymentorpre-payment,infullorinpart,ofall orcertainsecuredborrowingsavailedbyourCompanyandaccordingly,theutilizationofthatportionoftheNet Proceedswillnotresultincreationofanytangibleassets. OurCompanyintendstoutiliseapartoftheNetProceedsforrepaymentorpre-payment,infullorinpart,ofallor certainsecuredborrowingsavailedbyourCompany.Thedetailsoftheloansidentifiedtoberepaidorprepaidusing theNetProceedshavebeendisclosedinthesectiontitled“ObjectsoftheOffer”onpage96ofthisProspectus.While we believe that utilization of Net Proceeds for repayment of secured loans would helpus to reduceour cost of debt andenabletheutilizationofourfundsfor furtherinvestmentinbusinessgrowthandexpansion,thepre-payment of loanswillnotresultinthecreationofanytangibleassetsforourCompany. 58. Wecouldbeharmedbyemployeemisconductorerrorsthataredifficulttodetectandanysuchincidencescould adverselyaffectourfinancialcondition,resultsofoperationsandreputation. Employeemisconductorerrorscouldexposeustobusinessrisksorlosses,includingregulatorysanctionsandcause serious harm to our reputation. There can be no assurance that we will be able to detect or deter such misconduct. Moreover,theprecautionswetaketopreventanddetectsuchactivitymaynotbeeffectiveinallcases.Ouremployees andagentsmayalsocommiterrorsthatcouldsubjectustoclaimsandproceedingsforallegednegligence,aswellas regulatory actions. While, there have been no instances in the past that would suggest any employee misconduct or errorsthataredifficulttodetectoranysuchincidencesonaccountofwhichourbusiness,financialcondition,results ofoperationsandgoodwillcouldbeadverselyaffected,howeveroccurrenceofsucheventsmayimpactourbusiness, financialconditionandresultsofoperations. 59. WearedependentonanewlyformedteamofKeyManagerialPersonnelandSeniorManagerialPersonnel,which may present potential challenges in areas such as cultural alignment, operational efficiency, stakeholder confidence,andtheexecutionofstrategicinitiatives.Ifweareunabletoattractorretainsuchqualifiedpersonnel, thiscouldadverselyaffectourbusiness,financialconditionandresultsofoperations. OurCompanyhasrecentlyundergoneatransition,withallKeyManagerialPersonnel(KMP)andSeniorManagerial Personnel(SMP)beingrecruitedpostFY24.WearedependentonournewteamofKeyManagerialPersonneland SeniorManagerialPersonnel,tomanageourcurrentoperationsandmeetfuturebusinesschallenges.Whilewehave a new management team in place, we cannot guarantee that the team will not face difficulties in aligning with our Company’s culture, operational processes, and strategic goals, which could affect decision-making and operational efficiency. Furthermore, the team’s ability to effectively navigate the industry, understand market dynamics, and successfullyimplementkeyinitiativesisstillunproven,potentiallyleadingtodelaysorsuboptimalperformance.For detailsinrelationtotheexperienceofourKeyManagerialPersonnelandourSeniorManagementPersonnel,please seetheChaptertitled“OurManagement”beginningonpage174oftheProspectus. 60. Therequirementsofbeingalistedcompanymaystrainourresources. We are not a listed Company and have not, historically, been subjected to the increased scrutiny of our affairs by shareholders,regulatorsandthepublicatlargethatisassociatedwithbeingalistedcompany.Asalistedcompany, we will incur significant legal, accounting, corporate governance and other expenses that we did not incur as an unlistedcompany.WewillbesubjecttothelistingagreementswiththeStockExchangesandcompliancesofSEBI (LODR)Regulationswhichwillrequireustofileauditedannualandunauditedhalfyearlyresultsandlimitedreview reportswithrespecttoourbusinessandfinancialcondition.Ifweexperienceanydelays,wemayfailtosatisfyour 59reportingobligationsand/orwemaynotbeabletoreadilydetermineandaccordinglyreportanychangesinourresults ofoperationsaspromptlyasotherlistedcompanieswhichmayadverselyaffectthefinancialpositionoftheCompany. Asalistedcompany,wewillneedtomaintainandimprovetheeffectivenessofourdisclosurecontrolsandprocedures andinternalcontroloverfinancialreporting,includingkeepingadequaterecordsofdailytransactionstosupportthe existence of effective disclosure controls and procedures, internal control over financial reporting and additional compliancerequirementsundertheCompaniesAct,2013.Inordertomaintainandimprovetheeffectivenessofour disclosure controls and procedures and internal control over financial reporting, significant resources and management oversight will be required. As a result, management’s attention may be diverted from other business concerns, which could adversely affect our business, prospects, financial condition and results of operations. In addition,wemayneedtohireadditionallegalandaccountingstaffwithappropriatelistedcompanyexperienceand technicalaccountingknowledgeandwecannotassureyouthatwewillbeabletodosoinatimelymanner. 61. TheEquityShareshaveneverbeenpubliclytradedandtheOffermaynotresultinanactiveorliquidmarketfor theEquityShares. PriortotheOffer,therehasbeennopublicmarketfortheEquityShares,andanactivetradingmarketontheStock Exchanges may not develop or be sustained after the Offer. Listing and quotation does not guarantee that a market fortheEquityShareswilldevelop,orifdeveloped,theliquidityofsuchmarketfortheEquityShares.Althoughwe currently intend that the Equity Shares will remain listed on the Stock Exchanges, there is no guarantee of the continued listing of the Equity Shares. Failure to maintain our listing on the Stock Exchanges or other securities marketscouldadverselyaffectthemarketvalueoftheEquityShares. TheOfferPriceoftheEquitySharesisproposedtobedeterminedthroughafixedpriceprocessinaccordancewith the SEBI ICDR Regulations and may not be indicative of the market price of the Equity Shares at the time of commencementoftradingoftheEquitySharesoratanytimethereafter.ThemarketpriceoftheEquitySharesmay be subject to significant fluctuations in response to, among other factors, variations in our operating results of our Company, market conditions specific to the industry we operate in, developments relating to India, volatility in securitiesmarketsinjurisdictionsotherthanIndia,variationsinthegrowthrateoffinancialindicators,variationsin revenueorearningsestimatesbyresearchpublications,andchangesineconomic,legalandotherregulatoryfactors. YoumaynotbeabletoresellyourEquitySharesatapricethatisattractivetoyou. 62. ThereisnoguaranteethattheEquitySharesofferedpursuanttotheOfferwillbelistedontheEmergePlatform ofNationalStockExchangeofIndiaLimitedinatimelymanneroratall. InaccordancewithIndianlawandpractice,permissionforlistingandtradingoftheEquitySharesofferedpursuant totheOfferwillnotbegranteduntilaftertheEquityShareshavebeenissuedandallotted.Approvalforlistingand tradingwillrequireallrelevantdocumentsauthorizingtheissuanceofEquitySharestobesubmitted.Therecouldbe afailureordelayinlistingtheEquitySharesontheEmergePlatformofNationalStockExchangeofIndiaLimited due to delay in submission of required documents/ completion of formalities/compliance with required laws by the issuer.AnyfailureordelayinobtainingtheapprovalwouldrestrictyourabilitytodisposeofyourEquityShares. 63. There is no existing market for our Equity Shares, and we do not know if one will develop to provide you with adequateliquidity.Further,anactivetradingmarketfortheEquitySharesmaynotdevelopandthepriceofthe EquitySharesmaybevolatile. AnactivepublictradingmarketfortheEquitySharesmaynotdevelopor,ifitdevelops,maynotbemaintainedafter theOffer.OurCompany,inconsultationwiththeBookRunningLeadManager,willdeterminetheOfferPrice.The OfferPricemaybehigherthanthetradingpriceofourEquitySharesfollowingthisOffer.Asaresult,investorsmay notbeabletoselltheirEquitySharesatorabovetheOfferPriceoratthetimethattheywouldliketosell.Thetrading price of the Equity Shares after the Offer may be subject to significant fluctuations in response to factors such as, variations in our results of operations, market conditions specific to the sectors in which we operate economic conditionsofIndiaandvolatilityofthesecuritiesmarketselsewhereintheworld. 64. ThepriceoftheEquitySharesmaybehighlyvolatileaftertheOffer,whichcouldresultinsubstantiallossesfor investorsacquiringtheEquitySharesintheOffer. The price of the Equity Shares on the Indian stock exchanges may fluctuate after this Offer as a result of several factors,including,volatilityintheIndianandglobalsecuritiesmarket;ouroperationsandperformance;performance ofourcompetitorsandtheperceptioninthemarketaboutinvestmentsintheourindustry;adversemediareportson 60usortheindustry;changesintheestimatesofourperformanceorrecommendationsbyfinancialanalysts;significant developments in India’s economic liberalization and deregulation policies; and significant developments in India’s fiscalandenvironmentalregulations.TherecanbenoassurancethatthepricesatwhichtheEquitySharesareinitially traded will correspond to the prices at which the Equity Shares will trade in the market subsequently. The market priceoftheEquitySharesmaybevolatileandcouldfluctuatesignificantlyandrapidlyinresponseto,amongothers, thefollowingfactors,someofwhicharebeyondourcontrol: • volatility in the Indian and global securities market or in the value of the Rupee relative to the U.S. Dollar, the Euroandotherforeigncurrencies; • ourprofitabilityandperformance; • changesinfinancialanalysts’estimatesofourperformanceorrecommendations; • perceptionsaboutourfutureperformanceortheperformanceofIndiancompaniesingeneral; • performanceofourcompetitorsandtheperceptioninthemarketaboutinvestmentsintheindustriesinwhichwe operate; • adversemediareportsaboutusortheindustriesinwhichweoperate; • significantdevelopmentsinIndia’seconomicliberalisationandderegulationpolicies; • significantdevelopmentsinIndia’sfiscalandenvironmentalregulations; • economicdevelopmentsinIndiaandinothercountries;and • anyotherpoliticaloreconomicfactors. ThesefluctuationsmaybeexaggeratedifthetradingvolumeoftheEquitySharesislow.Volatilityinthepriceofthe Equity Shares may be unrelated or disproportionate to our results of operations. It may be difficult to assess our performanceagainsteitherdomesticorinternationalbenchmarks. Indian stock exchanges, including the Stock Exchanges, have experienced substantial fluctuations in the prices of listedsecuritiesandproblemssuchastemporaryexchangeclosures,brokerdefaults,settlementdelaysandstrikesby brokers.ThegoverningbodiesofIndianstockexchangeshavealso,fromtimetotime,imposedrestrictionsontrading in certain securities, limitations on price movements and margin requirements. Further, disputes have occurred betweenlistedcompanies,stockexchangesandotherregulatorybodies,whichinsomecasesmayhavehadanegative effectonmarketsentiment.Ifsuchorsimilarproblemsweretocontinueorrecur,theycouldaffectthemarketprice andliquidityofthesecuritiesofIndiancompanies,includingtheEquityShares. 65. YouwillnotbeabletosellimmediatelyontheStockExchangeanyoftheEquitySharesyoupurchaseintheOffer. TheEquityShareswillbelistedontheEmergePlatformofNationalStockExchangeofIndiaLimited.Pursuantto Indian regulations, certain actions must be completed before the Equity Shares can be listed and trading may commence.UponreceiptoffinalapprovalfromtheStockExchanges,tradingintheEquitySharesistocommence withinthree(03)workingdaysofthedateofclosureoftheOfferorsuchothertimeasmaybeprescribedbySEBI. SEBIpursuanttoitscircularbearingreferencenumberSEBI/HO/CFD/TPD1/CIR/P/2023/140datedAugust9,2023 hasreducedthetimetakenforlistingofspecifiedsecuritiesaftertheclosureofpublicissueto3workingdays(T+3 days)asagainstthepreviousrequirementof6workingdays(T+6days);‘T’beingissueclosingdate.OurCompany shallfollowthetimelineprovidedundertheaforementionedcircular. WecannotassurethattheEquityShareswillbecreditedtoinvestors’demataccounts,orthattradingintheEquity Shareswillcommence,withinthetimeperiodprescribedbylaw.Further,therecanbenoassurancethattheEquity SharestobeAllottedpursuanttothisOfferwillbelistedontheStockExchangesinatimelymanneroratall. 66. TherearerestrictionsondailymovementsinthetradingpriceoftheEquityShares,whichmayadverselyaffecta shareholder’sabilitytosellEquitySharesorthepriceatwhichEquitySharescanbesoldataparticularpointin time. Our listed Equity Shares will be subject to a daily “circuit breaker” imposed on listed companies by the Stock Exchanges,whichdoesnotallowtransactionsbeyondcertainvolatilityinthetradingpriceoftheEquityShares.This circuit breaker operates independently of the index-based market-wide circuit breakers generally imposed by SEBI on Indian stock exchanges. The percentage limit on the Equity Shares’ circuit breaker will be set by the Stock ExchangesbasedonhistoricalvolatilityinthepriceandtradingvolumeoftheEquityShares.TheStockExchanges arenotrequiredtoinformourCompanyofthepercentagelimitofthecircuitbreaker,andtheymaychangethelimit without our knowledge. This circuit breaker would effectively limit the upward and downward movements in the tradingpriceoftheEquityShares.Asaresultofthiscircuitbreaker,therecanbenoassuranceregardingtheability ofshareholderstosellEquitySharesorthepriceatwhichshareholdersmaybeabletoselltheirEquityShares. 6167. AnyfutureissuanceofEquityShares,orconvertiblesecuritiesorotherequity-linkedsecuritiesbyourCompany maydiluteyourshareholdingandanysaleofEquitySharesbyourPromotersormembersofourPromotersGroup mayadverselyaffectthetradingpriceoftheEquityShares. Any future issuance of the Equity Shares, convertible securities or securities linked to the Equity Shares by our CompanymaydiluteyourshareholdinginourCompany;adverselyaffectthetradingpriceoftheEquitySharesand our ability to raise capital through further issue of our securities. In addition, any perception by investors that such issuancesorsalesmightoccurcouldalsoaffectthetradingpriceoftheEquityShares.Wecannotassureyouthatwe willnotissueadditionalEquityShares.ThedisposalofEquitySharesbyanyofourPromotersandPromoterGroup, ortheperceptionthatsuchsalesmayoccurmaysignificantlyaffectthetradingpriceoftheEquityShares.Wecannot assureyouthatourPromotersandPromoterGroupwillnotdisposeof,pledgeorencumbertheirEquitySharesinthe future. 68. SaleofEquitySharesbyourPromotersorothersignificantshareholder(s)mayadverselyaffectthetradingprice oftheEquityShares. Any instance of disinvestments of Equity Shares by our Promoters or by other significant shareholder(s) may significantlyaffectthetradingpriceofourEquityShares.Further,ourmarketpricemayalsobeadverselyaffected evenifthereisaperceptionorbeliefthatsuchsaleofEquitySharesmightoccur. EXTERNALRISKFACTORS 69. Changing laws, rules and regulations and legal uncertainties, including adverse application of tax laws, may adverselyaffectourbusinessandfinancialperformance. Theregulatoryandpolicyenvironmentinwhichweoperateisevolvingandissubjecttochange.TheGovernmentof Indiamayimplementnewlawsorotherregulationsandpoliciesthatcouldaffectourproductsorthebuildingmaterial industryingeneral,whichcouldleadtonewcompliancerequirements,includingrequiringustoobtainapprovalsand licensesfromtheGovernmentofIndiaandotherregulatorybodies,orimposeonerousrequirements. Newcompliancerequirementscouldincreaseourcostsorotherwiseadverselyaffectourbusiness,financialcondition, cash flows and results of operations. Furthermore, the manner in which new requirements will be enforced or interpretedcanleadtouncertaintyinouroperationsandcouldadverselyaffectouroperations.Anychangestosuch laws, including the instances mentioned below, may adversely affect our business, financial condition, results of operations,cashflowsandprospects. Additionally,theGovernmentofIndiahasintroduced(a)theCodeonWages,2019(“WagesCode”);(b)theCode on Social Security, 2020 (“Social Security Code”); (c) the Occupational Safety, Health and Working Conditions Code, 2020; and (d) the Industrial Relations Code, 2020 (collectively, the “Labour Codes”) which consolidate, subsume and replace numerous existing central labour legislations. The Government of India has deferred the effectivedateofimplementationoftherespectiveLabourCodes,andtheyshallcomeintoforcefromsuchdatesas maybenotified.DifferentdatesmayalsobeappointedforthecomingintoforceofdifferentprovisionsoftheLabour Codes.Whiletherulesforimplementationunderthesecodeshavenotbeennotifiedinitsentirety,asanimmediate consequence,thecomingintoforceofthesecodescouldincreasethefinancialburdenonourCompany,whichmay adverselyimpactourprofitability.Weareyettodeterminetheimpactofallorsomesuchlawsonourbusinessand operationswhichmayrestrictourabilitytogrowourbusinessinthefuture.Forexample,theSocialSecurityCode aimstoprovideuniformityinprovidingsocialsecuritybenefitstotheemployeeswhichwasearliersegregatedunder differentactsandhaddifferentapplicabilityandcoverage.Furthermore,theWagesCodelimitstheamountsthatmay be excluded from being accounted toward employment benefits (such as gratuity and maternity benefits) to a maximumof50.00%ofthewagespayabletoemployees.Theimplementationofsuchlawshastheabilitytoincrease our employee and labour costs, thereby adversely impacting our results of operations, cash flows, business and financial performance. Further, the Government of India introduced the Bharatiya Nyaya Sanhita, 2024 with effect fromJuly01,2024torepealtheIndianPenalCode,1860. Unfavourable changes in or interpretations of existing, or the promulgation of new laws, rules and regulations including foreign investment and stamp duty laws governing our business and operations could result in us being deemed to be in contravention of such laws and may require us to apply for additional approvals. We may incur increasedcostsandotherburdensrelatingtocompliancewithnewrequirements,whichmayalsorequiresignificant management time and other resources, and any failure to comply may adversely affect our business, results of operations, financial condition, cash flows and prospects. Uncertainty in the application, interpretation or implementation of any amendment to, or change in, governing law, regulation or policy, including by reason of an absence,oralimitedbody,ofadministrativeorjudicialprecedentmaybetimeconsumingaswellascostlyforusto resolveandmayaffecttheviabilityofourcurrentbusinessorrestrictourabilitytogrowourbusinessesinthefuture. 6270. OurbusinessissubstantiallyaffectedbyprevailingeconomicconditionsinIndia. We perform all of our activities in India, and the predominant portions of our customers are Indian nationals. As a result, we are highly dependent on prevailing economic conditions in India and our results of operation are significantly affected by factors influencing the Indian economy. Factors that may adversely affect the Indian economy,andhenceourresultsofoperations,include: • anyincreaseinIndianinterestratesorinflation; • prevailingincomeconditionsamongIndianconsumersandIndiancorporations; • changesinIndia’spresenttax,trade,fiscalormonetarypolicies; • natural disasters, political instability, communal disturbances, riots, civil unrest, terrorism or military conflict in Indiaorincountriesintheregionorglobally,includinginIndia’svariousneighboringcountries;and • prevailingnational,regionalorglobaleconomicconditions,includinginIndia’sprincipalexportmarkets. Inadditiontothefactorssetforthabove,ourbusinessmaybeaffectedbyadversechangesspecifictotheindustriesin whichweoperate. 71. ForeigninvestorsaresubjecttoforeigninvestmentrestrictionsunderIndianlaw. Under the foreign exchange regulations currently in force in India, transfers of shares between non-residents and residentsarefreelypermitted(subjecttocertainexceptions)iftheycomplywiththepricingguidelinesandreporting requirements specified by the RBI. If the transfer of shares is not in compliance with such pricing guidelines or reporting requirements or fall under any of the exceptions, then the prior approval of the RBI will be required. Additionally,shareholderswhoseektoconverttheRupeeproceedsfromasaleofsharesinIndiaintoforeigncurrency and repatriate that foreign currency from India will require a no objection or a tax clearance certificate from the incometaxauthority.WecannotassureyouthatanyrequiredapprovalfromtheRBIoranyotherGovernmentagency canbeobtainedonanyparticulartermsoratall. 72. AnydowngradingofIndia’sdebtratingbyanindependentagencymayharmourabilitytoraisefinancing. AnyadverserevisionstoIndia’screditratingsinternationaldebtbyinternationalratingagenciesmayadverselyaffect our ability to raise additional overseas financing and the interest rates and other commercial terms at which such additionalfinancingisavailable.Thiscouldhaveanadverseeffectonourabilitytofundourgrowthonfavourable termsoratall,andconsequentlyadverselyaffectourbusinessandfinancialperformanceandthepriceofourEquity Shares. 73. Politicalinstabilityorachangeineconomicliberalizationandderegulationpoliciescouldseriouslyharmbusiness andeconomicconditionsinIndiagenerallyandourbusinessinparticular. The Government of India has traditionally exercised and continues to exercise influence over many aspects of the economy. Our business and the market price and liquidity of our Equity Shares may be affected by interest rates, changesinGovernmentpolicy,taxation,socialandcivilunrestandotherpolitical,economicorotherdevelopments in or affecting India. The rate of economic liberalization could change, and specific laws and policies affecting the information technology sector, foreign investment and other matters affecting investment in our securities could changeaswell.Anysignificantchangeinsuchliberalizationandderegulationpoliciescouldadverselyaffectbusiness andeconomicconditionsinIndia,generally,andourbusiness,prospects,financialconditionandresultsofoperations, inparticular. 74. Global economic, political and social conditions may harm our ability to do business, increase our costs and negativelyaffectourstockprice. Globaleconomicandpoliticalfactorsthatarebeyondourcontrol,influenceforecastsanddirectlyaffectperformance of our business. These factors include interest rates, rates of economic growth, fiscal and monetary policies of governments,inflation,deflation,foreignexchangefluctuations,consumercreditavailability,fluctuationsinmarkets, consumer debt levels, unemployment trends and other matters that influence consumer confidence and spending. Increasing volatility in financial markets may cause these factors to change with a greater degree of frequency and magnitude,whichmaynegativelyaffectourstockprices. 75. NaturalcalamitiescouldhaveanegativeimpactontheIndianeconomyandcauseourbusinesstosuffer. India has experienced natural calamities such as earthquakes, tsunami, floods etc. In recent years, the extent and severityofthesenaturaldisastersdeterminetheirimpactontheIndianeconomy.Prolongedspellsofabnormalrainfall or other natural calamities could have a negative impact on the Indian economy, which could adversely affect our business,prospects,financialconditionandresultsofoperationsaswellasthepriceoftheEquityShares. 76. Terroristattacks,civilunrestsandotheractsofviolenceorwarinvolvingIndiaorothercountriescouldadversely 63affectthefinancialmarkets,ourbusiness,financialconditionandthepriceofourEquityShares. AnymajorhostilitiesinvolvingIndiaorotheractsofviolence,includingcivilunrestorsimilareventsthatarebeyond ourcontrol,couldhaveamaterialadverseeffectonIndia’seconomyandourbusiness.Incidentssuchastheterrorist attacks,otherincidentssuchasthoseinUS,Indonesia,MadridandLondon,andotheractsofviolencemayadversely affect the Indian stock markets where our Equity Shares will trade as well as the global equity markets generally. Suchactscouldnegativelyimpactbusinesssentimentaswellastradebetweencountries,whichcouldadverselyaffect our Company’s business and profitability. Additionally, such events could have a material adverse effect on the marketforsecuritiesofIndiancompanies,includingtheEquityShares. 64SECTIONIV-INTRODUCTION THEOFFER PRESENTOFFERINTERMSOFTHISPROSPECTUS EquitySharesOfferedthroughPublic Offerof29,02,800 EquityShares of ₹ 10 each for cashata price of ₹ Offer(1)(2) 120 (including a Share premium of ₹ 110 per Equity Share) per share aggregatingto₹3,483.36Lakhs TheOfferConsistsof: FreshIssue 26,02,800 Equity Shares of ₹ 10 each for cash at a price of ₹ 120 (including a Share premium of ₹ 110 per Equity Share) per share aggregating₹3,123.36lakhs. Offerforsale(6) Offerforsalebyexistingshareholdersof3,00,000equitysharesof₹10 eachatapriceof₹120perequityshareaggregatingto₹360.00lakhs. Outofwhich: OfferReservedfortheMarketMaker 1,46,400 Equity Shares of ₹ 10 each for cash at a price of ₹ 120 (including a Share premium of ₹ 110 per Equity Share) per share aggregatingto₹175.68Lakhs NetOffertothePublic 27,56,400 Equity Shares of ₹ 10 each for cash at a price of ₹ 120 (including a Share premium of ₹ 110 per Equity Share) per share aggregatingto₹3,307.68Lakhs Outofwhich* A. QIBPortion(4)(5) Notmorethan13,70,400EquitySharesof₹10eachforcashataprice of ₹ 120 (including a Share premium of ₹ 110 per Equity Share) per shareaggregatingto₹1,644.48Lakhs Ofwhich i. AnchorInvestorPortion 8,19,600 Equity Shares of ₹ 10 each for cash at a price of ₹ 120 (including a Share premium of ₹ 110 per Equity Share) per share aggregatingto₹983.52Lakhs ii. Net QIB Portion (assuming Anchor 5,50,800 Equity Shares of ₹ 10 each for cash at a price of ₹ 120 Investor Portionisfullysubscribed) (including a Share premium of ₹ 110 per Equity Share) per share aggregatingto₹660.96Lakhs Ofwhich (a) AvailableforallocationtoMutualFunds 27,540EquitySharesof₹10eachforcashatapriceof₹120(including only(5%oftheNetQIBPortion) aSharepremiumof₹110perEquityShare)pershareaggregatingto₹ 33.05Lakhs (b) Balance of QIB Portion for all QIBs 5,50,800 Equity Shares of ₹ 10 each for cash at a price of ₹ 120 includingMutualFunds (including a Share premium of ₹ 110 per Equity Share) per share aggregatingto₹660.96Lakhs Ofwhich (a) onethirdoftheportionavailabletonon- 1,40,400EquitySharesoffacevalue₹10each institutional investors was reserved for applicantswithapplicationsizeofmore than two lots and up to such lots equivalenttonotmorethan₹10lakhs; (b) twothirdoftheportionavailabletonon- 2,80,800EquitySharesoffacevalue₹10each institutional investors was reserved for applicantswithapplicationsizeofmore than₹10lakhs B. Non-InstitutionalPortion Notlessthan4,21,200EquitySharesof₹10eachforcashatapriceof ₹120(includingaSharepremiumof₹110perEquityShare)pershare aggregatingto₹505.44Lakhs C. IndividualInvestorPortion Notlessthan9,64,800EquitySharesof₹10eachforcashatapriceof ₹120(includingaSharepremiumof₹110perEquityShare)pershare aggregatingto₹1,157.76Lakhs PreandPost–OfferEquityShares EquitySharesoutstandingpriortothe 73,15,420EquitySharesoffacevalueof₹10each Offer EquitySharesoutstandingaftertheOffer 99,18,220EquitySharesoffacevalueof₹10each 65UseofNetProceedsbyourCompany Please see the chapter titled “Objects of the Offer” on page 96 of this Prospectus. *SubjecttofinalisationoftheBasisofAllotment.NumberofsharesmayneedtobeadjustedforlotsizeupondeterminationofOffer price. Notes: 1) TheOfferisbeingmadeintermsofChapterIXoftheSEBI(ICDR)Regulations,2018,asamendedfromtimetotime.ThisOfferis beingmadebyourcompanyintermsofRegulationof229(1)ofSEBIICDRRegulationsreadwithRule19(2)(b)(i)ofSCRRwherein notlessthan25%ofthepost–Offerpaidupequitysharecapitalofourcompanyarebeingofferedtothepublicforsubscription. 2) ThepresentOfferhasbeenauthorizedpursuanttoaresolutionofourBoarddatedSeptember23,2024andpursuanttoaspecial resolutionofourShareholderspassedinanExtra-OrdinaryGeneralMeetingdatedSeptember26,2024underSection62(1)(c)of theCompaniesAct,2013. 3) TheSellingShareholdershaveconsentedtoparticipateintheOfferforSaleinthefollowingmanner: Name of the Type Date of Authorization Equity Shares of EquitySharesofface % of the pre- Selling Letter facevalueof₹10 value of ₹ 10 each Offer paid-up Shareholders each held as of offered by way of Equity Share date of the OfferforSale capital Prospectus Raghav Promoter September27,2024 30,72,476 1,50,000 42.00 Somani PriyaSomani Promoter September27,2024 30,72,462 1,50,000 42.00 TheSellingShareholdershaveconfirmedthattheEquitySharesproposedtobeofferedandsoldintheOfferareeligibleintermof SEBI(ICDR)Regulations,2018andthattheyhavenotbeenprohibitedfromdealingsinsecuritiesmarketandtheEquityShares offeredandsoldarefreefromanylien,encumbranceorthird-partyrights.TheSellingShareholdershavealsoseverallyconfirmed thattheyarethelegalandbeneficialownersoftheEquitySharesbeingofferedbythemundertheOfferforSale. 4) Intheeventofover-subscription,allotmentshallbemadeonaproportionatebasis,subjecttovalidBidsreceivedatorabovethe OfferPrice.Allocationtoinvestorsinallcategories,excepttheIndividualInvestorPortion,shallbemadeonaproportionatebasis subject to valid bids received at or above the Offer Price. The allocation to each Individual Investor shall not be less than the minimumBid Lot, and subject toavailability of Equity Shares intheIndividual Investor Portion, the remaining available Equity Shares,ifany,shallbeallocatedonaproportionatebasis. 5) TheSEBIICDRRegulationspermittheOfferofsecuritiestothepublicthroughtheBookBuildingProcess,whichstatesthat,not lessthan15%oftheNetOffershallbeavailableforallocationonaproportionatebasistoNon-InstitutionalBiddersand notless than35%oftheNetOffershallbeavailableforallocationonaproportionatebasistoIndividualInvestorsand notmorethan50% oftheNetOffershallbeallottedonaproportionatebasistoQIBs,subjecttovalidBidsbeingreceivedatorabovetheOfferPrice. Accordingly,wehaveallocatedtheNetOfferi.e.notmorethan50%oftheNetOffertoQIBandnotlessthan35%oftheNetOffer shallbeavailableforallocationtoIndividualInvestorsandnotlessthan15%oftheNetOffershallbeavailableforallocationto Non-institutionalbidders. 6) SubjecttovalidBidsbeingreceivedatorabovetheOfferPrice,undersubscription,ifany,inanycategory,exceptintheQIBPortion, wouldbeallowedtobemetwithspill-overfromanyothercategoryorcombinationofcategoriesofBiddersatthediscretionofour Company,inconsultationwiththeBookRunningLeadManagerandtheDesignatedStockExchange,subjecttoapplicablelaws. 7) TheEquitySharesbeingofferedbytheSellingShareholdersareeligibleforbeingofferedforsaleaspartoftheOfferintermsofthe SEBIICDRRegulations.FordetailsofauthorizationsreceivedfortheOffer,see“OtherRegulatoryandStatutoryDisclosures”on page253. Fordetails,includinggroundsforrejectionofBids,referto“OfferStructure”and“OfferProcedure”onpage273and 277,respectively.FordetailsofthetermsoftheOffer,see“TermsoftheOffer”onpage265. OurCompanyinconsultationwiththeBookRunningLeadManager,allocated60%oftheQIBPortiontoAnchorInvestors onadiscretionarybasisinaccordance withtheSEBI (ICDR) Regulations. One-thirdof the Anchor Investor Portionwas reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the AnchorInvestorAllocationPrice.Intheeventofunder-subscriptionintheAnchorInvestorPortion,theremainingEquity ShareswasaddedtotheQIBPortion.Further,5%oftheNetQIBPortionwasavailableforallocationonaproportionate basistoMutualFundsonly,andtheremainderoftheQIBPortionwasavailableforallocationonaproportionatebasisto all QIB Bidders (other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above theOfferPrice.However,iftheaggregatedemandfromMutualFundsislessthan5%oftheNetQIBPortion,thebalance Equity Shares available for allotment in the Mutual Fund Portion was added to the Net QIB Portion and allocated proportionately to the QIB Bidders (other than Anchor Investors) in proportion to their Bids. For further details, please refersectiontitled“OfferProcedure”beginningonpage277ofthisProspectus. 66SUMMARYOFFINANCIALINFORMATION The following tables provide the summary of financial information of our Company derived from the Restated Financial Information as at and the Financial Years ended March 31, 2025, 2024 and 2023. The Restated Financial Information referredtoaboveispresentedunderthesectiontitled“FinancialInformation”beginningonpage193ofthisProspectus. The summary of financial information presented below should be read in conjunction with the Restated Financial Information, the notes thereto and the chapters titled “Financial Information” and “Management’s Discussion and AnalysisofFinancialPositionandResultsofOperations”beginningonpage193and227,respectivelyofthisProspectus. (Thispagehasbeenintentionallyleftblank) 67RESTATEDSTATEMENTOFASSETSANDLIABILITIES (₹inlakhs) PARTICULARS Asat Asat Asat 31March2025 31March2024 31March2023 A) EQUITYANDLIABILITIES 1. Shareholders'Funds (a) Sharecapital 731.54 12.37 12.37 (b) Reservesandsurplus 533.30 557.90 245.93 Total(A) 1,264.84 570.27 258.31 2 NonCurrentLiabilities (a) Long-termborrowings 1,167.89 616.82 813.36 (b) DeferredTaxliabilities(net) 24.79 14.05 16.54 (c) Long-termprovisions 4.49 3.75 2.65 Total(B) 1,197.17 634.62 832.56 3 CurrentLiabilities (a) Short-termborrowings 1,081.23 676.21 522.35 (b) Tradepayables (i)totaloutstandingduesofmicroenterprisesandsmall - - - enterprises;and (ii)totaloutstandingduesofcreditorsotherthanmicro 699.92 486.84 333.84 enterprisesandsmallenterprises (c) Othercurrentliabilities 28.15 45.15 49.76 (d) Shorttermprovisions 354.63 127.10 6.86 Total(C) 2,163.93 1,335.29 912.81 TotalEquityandLiabilities(A+B+C) 4,625.94 2,540.18 2,003.68 B) ASSETS 1. NonCurrentAssets (a) Property,plantandequipmentandIntangibleassets (i)Property,plantandequipment 779.41 654.34 401.73 (ii)CapitalWorkinProgress 41.74 - 398.62 821.15 654.34 800.35 (b) Non-currentinvestments 2.84 2.59 27.44 (d) Longtermloansandadvances 99.73 57.01 46.22 Total(A) 923.71 713.94 874.00 2. CurrentAssets (a) Inventories 1,763.46 1,313.82 851.36 (b) Tradereceivables 1,671.86 283.49 58.95 (c) Cashandcashequivalents 10.98 87.74 10.90 (d) Shorttermloansandadvances 210.00 122.62 195.23 (e) Othercurrentassets 45.91 18.57 13.23 Total(B) 3,702.22 1,826.24 1,129.68 TotalAssets(A+B) 4,625.94 2,540.18 2,003.68 68RESTATEDSTATEMENTOFPROFITANDLOSSACCOUNT (₹inlakhs) PARTICULARS Fortheperiod Fortheyear Fortheyear ended ended ended 31March2025 31March2024 31March2023 1 Income (a) Revenuefromoperations 3,418.42 2,339.78 1,508.87 (b) Otherincome 15.42 27.26 21.38 Totalincome 3,433.84 2,367.04 1,530.26 2 Expenditure (a) Costofrawmaterialconsumed 1,951.39 1,723.80 1,398.95 (b) Purchasesofstockintrade 237.53 - - (c) Changesininventoriesoffinishedgoods,work-in-progress (449.64) (462.45) (575.57) andstock-in-trade (d) Employeebenefitexpenses 171.01 121.75 115.05 (e) Financecost 258.40 141.13 81.92 (f) Depreciation&amortizationexpense 46.09 55.04 35.94 (g) Otherexpenses 286.31 344.38 401.57 Totalexpenses 2,501.10 1,923.65 1,457.86 3 Profit/(Loss)beforeexceptionalandextraordinaryitem 932.75 443.39 72.40 Exceptionalitems - - - 4 Profit/(Loss)beforetax(2-4) 932.75 443.39 72.40 5 Taxexpense: (a) Taxexpenseforcurrentyear 227.44 133.92 12.59 (b) Deferredtax 10.74 (2.49) 0.41 Netcurrenttaxexpenses 238.18 131.43 12.99 6 Profit/(Loss)fortheperiodfromcontinuingoperations(5- 694.57 311.96 59.41 6) Earningspershare RestatedBasicandDiluted[nominalvalueofINR10per 9.49 4.26 0.81 share] 69RESTATEDSTATEMENTOFCASHFLOWS (₹inlakhs) PARTICULARS Fortheperiod Fortheyear Fortheyear ended ended ended 31March2025 31March2024 31March2023 A)CashFlowFromOperatingActivities: NetProfitbeforetax 932.75 443.39 72.40 Adjustmentfor: Depreciation 46.09 55.04 35.94 Interestincomeonfixeddeposit (1.81) (3.77) (1.49) Interestpaid 258.40 141.13 81.92 LossonSaleofFixedAsset 1.76 - - Baddebt 12.02 - - ProvisionforDoubtfuldebts 0.90 - - Operatingprofitbeforeworkingcapitalchanges 1,250.11 635.80 188.77 ChangesinWorkingCapital (Increase)/DecreaseinInventories (449.64) (462.45) (575.57) (Increase)/Decreaseintradereceivables (1,401.29) (224.54) 148.45 (Increase)/Decreaseinothercurrentassets (27.34) (5.35) 4.25 Increase/(Decrease)intradepayables 213.08 153.00 231.19 Increase/(Decrease)inothercurrentliabilities (17.00) (4.61) 30.65 Increase/(Decrease)inLongtermprovisions 0.74 1.10 0.81 Increase/(Decrease)inshorttermprovisions 227.53 120.24 (0.49) (203.82) 213.18 28.07 DirectTaxPaid (227.44) (133.92) (12.59) CashFlowBeforeExtraordinaryItem (431.26) 79.26 15.48 ExtraordinaryItems - - - CashFlowFromOperatingActivities (431.26) 79.26 15.48 B)CashFlowFromInvestingActivities: Purchase/Sale of Property, Plant and Equipment net of (171.16) 90.96 42.56 subsidy Capitalworkinprogress (41.74) - (398.62) (Increase)/Decreaseinshorttermloans&advances (87.39) 72.62 (140.31) (Increase)/DecreaseinNon-currentinvestment (0.24) 24.85 (18.92) (Increase)/DecreaseinLongtermloans&advances (42.72) (10.79) (46.22) LossonSaleofFixedAsset (1.76) - - Interestincomeonfixeddeposit 1.81 3.77 1.49 Netcashflowfrominvestingactivities (343.20) 181.40 (560.02) C)CashFlowFromFinancingActivities: Increaseinlongtermborrowings 1,288.75 2.04 523.14 (Decrease)inlongtermborrowings (737.68) (198.58) (63.12) Increase/(Decrease)inshorttermborrowings 405.03 153.85 171.95 InterestPaid (258.40) (141.13) (81.92) Netcashflowfromfinancingactivities 697.69 (183.82) 550.05 NetIncrease/(Decrease)InCash&CashEquivalents (76.76) 76.84 5.52 Cashequivalentsatthebeginningoftheyear 87.74 10.90 5.38 Cashequivalentsattheendoftheyear 10.98 87.74 10.90 70GENERALINFORMATION OurCompanywasincorporatedonJuly01,2014as‘SawaliyaFoodProductsPrivateLimited’,aprivatelimitedcompany undertheCompaniesAct, 2013,pursuanttoacertificateofincorporationdatedJuly 01,2014issuedbytheRegistrarof Companies,MadhyaPradeshatGwalior.Further,ourCompanywasconvertedintoapubliclimitedcompanypursuantto a resolution passed by our Board of Directors in its meeting held on May 16, 2024 and by the Shareholders in an Extraordinary General Meeting held on May 27, 2024 and consequently the name of our Company was changed to ‘SawaliyaFoodProductsLimited’andafreshcertificateofincorporationdatedJuly15,2024wasissuedbytheRegistrar ofCompanies,CentralProcessingCentre.TheCorporateIdentityNumberofourCompanyisU15400MP2014PLC032843. FordetailsinrelationtothechangeinRegisteredOfficeofourCompany,pleaserefertothechaptertitled,“Historyand CertainCorporateMatters”onpage170. RegisteredOfficeofourCompany SawaliyaFoodProductsLimited SurveyNo.9/2/1/2Gavla, TehsilPithampur,Dhar-454775, MadhyaPradesh,India. Telephone:+918770326514 Facsimile:N.A. E-mail:info@sawaliyafood.com Investorgrievanceid:investor.grievance@sawaliyafood.com Website:www.sawaliyafood.com CIN:U15400MP2014PLC032843 AsondateofthisProspectus,ourCompanydoesnothaveacorporateoffice. RegistrarofCompanies OurCompanyisregisteredwiththeRegistrarofCompanies,MadhyaPradeshatGwaliorsituatedatthefollowingaddress: RegistrarofCompanies,MadhyaPradeshatGwalior 3rdFloor,‘A’Block,SanjayComplex, JayendraGanj,Gwalior-474009, MadyaPradesh,India BoardofDirectorsofourCompany SetforthbelowarethedetailsofourBoardofDirectorsasonthedateofthisProspectus: Sr.No. Name Designation DIN Address 1. RaghavSomani Chairman and Managing 06770088 402, Navratna Galaxy, 95 Gumasta Director Nagar, Indore – 452 009, Madhya Pradesh,India 2. PriyaSomani Whole-timedirector 10630638 402, Navratna Galaxy, 95 Gumasta Nagar, Indore – 452 009, Madhya Pradesh,India 3. Kartavya Kumar Non-ExecutiveDirector 09281531 08, Vasant Vihar Colony, Behind Chitlangya LokmanyaNagarShoppingComplex, Sudama Nagar, Indore – 452 009, MadhyaPradesh,India. 4. RavikantGupta IndependentDirector 02041825 49-A, Prime City, Dhannalal Dharmshala, Sukhliya, Indore – 452 010,MadhyaPradesh,India. 5. ShwetaBhamare IndependentDirector 10499418 179 Padmalay Colony, Near Chhota Bangarda,Indore–452006,Madhya Pradesh,India. 71FordetailedprofileofourDirectors,pleaserefertothechaptertitled“OurManagement”onpage174oftheProspectus. ChiefFinancialOfficer PankajNeema,istheChiefFinancialOfficerofourCompany.Hiscontactdetailsaresetforthhereunder: SurveyNo.9/2/1/2Gavla, TehsilPithampur,Dhar-454775, MadhyaPradesh,India. Telephone:+918770326514 Facsimile:N.A. E-mail:cfo@sawaliyafood.com CompanySecretaryandComplianceOfficer NamitaSinghRathour,istheCompanySecretaryandComplianceOfficerofourCompany.Hercontactdetailsareset forthhereunder. SurveyNo.9/2/1/2Gavla, TehsilPithampur,Dhar-454775, MadhyaPradesh,India. Telephone:+918770326514 Facsimile:N.A. E-mail:cs@sawaliyafood.com Investorgrievances Investors can contact the Company Secretary and Compliance Officer, the Book Running Lead Manager or the Registrar to the Offer in case of any pre-Offer or post-Offer related grievances, such as non-receipt of letters of Allotment,non-creditofAllottedEquitySharesintherespectivebeneficiaryaccount,non-receiptofrefundorders ornon-receiptoffundsbyelectronicmode,etc. All Offer related grievances, other than that of Anchor Investors, may be addressed to the Registrar to the Offer with a copy to the relevant Designated Intermediary(ies) to whom the Bid cum Application Form was submitted. The Bidder shouldgivefulldetailssuchasnameofthesoleorFirstBidder,BidcumApplicationFormnumber,Bidder’sDPID,Client ID,UPIID,PAN,dateofsubmissionoftheBidcumApplicationForm,addressoftheBidder,numberofEquityShares appliedfor,thenameandaddressoftheDesignatedIntermediary(ies)wheretheBidcumApplicationFormwassubmitted by the Bidder and ASBA Account number (for Bidders other than UPI Bidders using the UPI Mechanism) in which the amountequivalenttotheBidAmountwasblockedortheUPIIDincaseofUPIBiddersusingtheUPIMechanism.Further, theBiddershallalsoencloseacopyoftheAcknowledgmentSliporprovidetheacknowledgementnumberreceivedfrom theDesignatedIntermediary(ies)inadditiontotheinformationmentionedhereinabove. In terms of SEBI Master Circular, SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, as amended pursuant to SEBI circular SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, and SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2022/51datedApril20,2022andsubjecttoapplicablelaw,anyASBABidderwhoseBidhas notbeenconsideredforAllotment,duetofailureonthepartofanySCSB,shallhavetheoptiontoseekredressalofthe samebytheconcernedSCSBwithinthreemonthsofthedateoflistingoftheEquityShares.SCSBsarerequiredtoresolve these complaints within 15 days, failing which the concerned SCSB would have to pay interest at the rate of 15% per annumforanydelaybeyondthisperiodof15days.Further,theinvestorsshallbecompensatedbytheSCSBsattherate higher of ₹ 100 or 15% per annum of the application amount in the events of delayed or withdrawal of applications, blockingofmultipleamountsforthesameUPIapplication,blockingofmoreamountthantheapplicationamount,delayed unblockingofamountsfornon-allotted/partially-allottedapplicationsforthestipulatedperiod.Inaneventthereisadelay in redressal of the investor grievance in relation to unblocking of amounts, the Book Running Lead Manager shall compensatetheinvestorsattheratehigherof₹100or15%perannumoftheapplicationamount.Further,intermsofSEBI circularSEBI/HO/CFD/DIL2/CIR/P/2022/51datedApril20,2022,thepaymentofprocessingfeestotheSCSBsshallbe undertakenpursuanttoanapplicationmadebytheSCSBstotheBRLM,andsuchapplicationshallbemadeonlyafter(i) unblockingofapplicationamountsforeachapplicationreceivedbytheSCSBhasbeenfullycompleted,and(ii)applicable compensationrelatingtoinvestorcomplaintshasbeenpaidbytheSCSB. 72AllgrievancesrelatingtoBidssubmittedthroughRegisteredBrokersmaybeaddressedtotheStockExchangewithacopy totheRegistrartotheOffer.TheRegistrartotheOffershallobtaintherequiredinformationfromtheSCSBsforaddressing anyclarificationsorgrievancesofASBABidders. AllOffer-relatedgrievancesoftheAnchorInvestorsmaybeaddressedtotheRegistrartotheOffergivingfulldetailssuch asthenameofthesoleorFirstBidder,AnchorInvestorApplicationFormnumber,Bidders’DPID,ClientID,PAN,date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares applied for, Bid Amount paidonsubmissionoftheAnchorInvestorApplicationFormandthenameandaddressoftheBookRunningLeadManager wheretheAnchorInvestorApplicationFormwassubmittedbytheAnchorInvestor. DetailsofKeyIntermediariespertainingtothisOfferofourCompany: BookRunningLeadManager UnistoneCapitalPrivateLimited A/305,DynastyBusinessPark, Andheri-KurlaRoad,AndheriEast, Mumbai–400059,Maharashtra,India. Telephone:+912246046494 Facsimile:N.A. Email:mb@unistonecapital.com Investorgrievanceemail:compliance@unistonecapital.com ContactPerson:BrijeshParekh Website:www.unistonecapital.com SEBIRegistrationnumber:INM000012449 CIN:U65999MH2019PTC330850 RegistrartotheOffer SkylineFinancialServicesPrivateLimited D-153A,1stFloor,OkhlaIndustrialArea, Phase-I,NewDelhi–110020,Delhi,India. Telephone:+9101126812683 Facsimile:N.A. E-mail/Investorgrievanceemail:ipo@skylinerta.com Website:www.skylinerta.com ContactPerson:AnujRana SEBIRegistrationNo.:INR000003241 CIN:U74899DL1995PTC071324 LegalAdvisortotheOffer T&SLaw UnitNumber15,LogixTechnova, BlockB,Sector132,Noida–201304, UttarPradesh,India. Telephone:+911206661348 Facsimile:N.A. Email:info@tandslaw.in ContactPerson:SagarikaKapoor StatutoryandPeerReviewAuditorofourCompany M/s.MaheshwariandGupta, CharteredAccountants 312-314,ManasBhawan,Ext., 11/2R.N.T.Marg,Indore–452001, MadhyaPradesh,India. Telephone:+917314050760 Email:sunilrlmaheshwari@gmail.com 73ContactPerson:C.A.SunilMaheshwari MembershipNo.:403346 FirmRegistrationNo.:006179C PeerReviewCertificateNo.:017845 BankerstoourCompany StateBankofIndia SMEKhelprashalBranch,2ndFloor, SBIAOBuilding,InfrontofHighCourt, YNRoad,Indore–452003, MadhyaPradesh,India. Telephone:+919999315614 Facsimile:N.A. Website:www.onlinesbi.sbi Email:yuvraj.suryavanshi@sbi.co.in ContactPerson:ShriYuvrajSuryavanshi BankertotheOfferandRefundBank KotakMahindraBankLimited IntellionSquare,501,5thFloor,AWing, InfinityITPark,Gen.A.K.VaidyaMarg, Malad–East,Mumbai400097 Telephone:022-66056603 Website:www.kotak.com Email:cmsipo@kotak.com SEBIregistrationnumber:INBI00000927 CIN:L65110MH1985PLC038137 ContactPerson:SiddheshShirodkar SponsorBank KotakMahindraBankLimited IntellionSquare,501,5thFloor,AWing, InfinityITPark,Gen.A.K.VaidyaMarg, Malad–East,Mumbai400097 Telephone:022-66056603 Website:www.kotak.com Email:cmsipo@kotak.com SEBIregistrationnumber:INBI00000927 CIN:L65110MH1985PLC038137 ContactPerson:SiddheshShirodkar ShareEscrowAgent SkylineFinancialServicesPrivateLimited D-153A,1stFloor,OkhlaIndustrialArea, Phase-I,NewDelhi–110020,Delhi,India. Telephone:+9101126812683 Facsimile:N.A. E-mail/Investorgrievanceemail:ipo@skylinerta.com Website:www.skylinerta.com ContactPerson:AnujRana SEBIRegistrationNo.:INR000003241 CIN:U74899DL1995PTC071324 SyndicateMember AlacritySecuritiesLimited 74101,HariDarshan,B-wing,BhogilalFadiaRoad, KandivaliWest,Mumbai,MaharashtraIndia–400067 Telephone:+919594499983 Email:alacritysec@gmail.com ContactPerson:KishoreVShah CIN:L99999MH1994PLC083912 SEBIRegistrationNo.:INZ000215936 MarketMakerRegistration(SMESegmentofNSE):NSE/MEM/1086/09098 DesignatedIntermediaries Self-CertifiedSyndicateBanks(SCSB’s) ThelistofSCSBs,asupdatedtilldate,isavailableonwebsiteofSecuritiesandExchangeBoardofIndiaatbelowlink. https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34; https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35 InvestorsarerequestedtorefertheSEBIwebsiteforupdatedlistofSCSBsandtheirdesignatedbranches. Self-CertifiedSyndicateBankseligibleasSponsorBanksforUPI ThelistofSelfCertifiedSyndicateBanksthathavebeennotifiedbySEBItoactasInvestorsBankorIssuerBankforUPI mechanism are provide on the website of SEBI on https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=41 SyndicateSCSBBranches InaccordancewithSEBICircularNo.SEBI/HO/CFD/DIL2/CIR/P/2019/76datedJune28,2019andSEBICircularNo. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26,2019, Individual InvestorsApplyingusing the UPI Mechanismmay applythroughtheSCSBsandmobileapplicationswhosenamesappearsonthewebsiteoftheSEBI (https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40) and updated from time to time. A list of SCSBs and mobile applications, which are live for applying in public issues using UPI mechanism is provided as ‘Annexure A’ for the SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, as amended. RegisteredBrokers The list of the Registered Brokers, including details such as postal address, telephone number and e-mail address, is providedonthewebsiteoftheStockExchange,atNSEatwww.nseindia.comasupdatedfromtimetotime RegistrarandShareTransferAgents ThelistoftheRegistrartoOfferandShareTransferAgents(RTAs)eligibletoacceptApplicationsformsattheDesignated RTA Locations, including details such as address, telephone number and e-mail address, are provided at https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=10,asupdatedfromtimetotime. CollectingDepositoryParticipants(CDP’s) The list of the Collecting Depository Participants (CDPs) eligible to accept Application Forms at the Designated CDP Locations, including details such as name and contact details, are provided at https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=19 for NSDL CDPs and at https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=18 for CDSL CDPs, as updated fromtimetotime.ThelistofbranchesoftheSCSBsnamedbytherespectiveSCSBstoreceivedepositsoftheBidcum ApplicationFormsfromtheDesignatedIntermediarieswillbeavailableonthewebsiteoftheSEBI(www.sebi.gov.in)and updatedfromtimetotime. IPOGrading NocreditagencyregisteredwithSEBIhasbeenappointedforgradingfortheOffer. 75CreditRating AsthisisanOfferofEquityShares,creditratingisnotrequired. GreenShoeOption NoGreenShoeOptionisapplicableforthisOffer. BrokerstotheOffer AllmembersoftherecognizedstockexchangeswouldbeeligibletoactasBrokerstotheOffer. DebentureTrustees AsthisisanOfferisofEquityShares,theappointmentofDebenturetrusteesisnotrequired. MonitoringAgency AstheNetProceedsoftheOfferwillbelessthan₹5,000lakhs,undertheSEBIICDRRegulations,itisnotrequiredthat amonitoringagencybeappointedbyourCompany. AppraisingEntity NoneoftheobjectsforwhichtheNetProceedswillbeutilisedhavebeenappraisedbyanyagency. ExpertOpinion Exceptasstatedbelow,ourCompanyhasnotobtainedanyexpertopinions: Our Company has received written consent dated July 25, 2025 from the Statutory Auditors to include their name as required under Section 26(5) of the Companies Act 2013 read with SEBI ICDR Regulations in this Prospectus as an “expert” as defined under Section 2(38) of the Companies Act 2013 to the extent and in its capacity as an independent StatutoryAuditorandinrespectofits(i)examinationreportdatedJuly15,2025onourRestatedFinancialInformation; and(ii)itsreportdatedJuly15,2025onthestatementofspecialtaxbenefitsinthisProspectusandsuchconsenthasnot beenwithdrawnasonthedateofthisProspectus. OurCompanyhasreceivedwrittenconsentdatedJuly28,2025fromJKConsultant,IndependentCharteredEngineer,to includetheirnameasrequiredundersection26(5)oftheCompaniesAct,2013readwithSEBIICDRRegulations,inthis Prospectus, and as an “expert” as defined under section 2(38) of the Companies Act, 2013, in relation to and for the inclusion of (i) the certificate dated July 15, 2025 issued to certify the proposed capacity expansion in our current manufacturingunit;and(ii)certificatedatedJuly28,2025issuedtocertifytheinstalledcapacityandcapacityutilization atour current manufacturingunit situatedinMadhya Pradesh. We confirmthatsuch consent has not beenwithdrawn as onthedateofthisProspectus,however,theterm“expert”shallnotbeconstruedtomeanan“expert”asdefinedunderthe U.S.SecuritiesAct. Inter-seAllocationofResponsibilities UnistoneCapitalPrivateLimited,beingthesoleBookRunningLeadManagerwillberesponsibleforalltheresponsibilities related to co-ordination and other activities in relation to the Offer. Hence, a statement of inter se allocation of responsibilitiesisnotrequired. Filing The Red Herring Prospectus and this Prospectus have beeb filed with NSE situated at Exchange Plaza, C/1, G Block, Bandra-KurlaComplex,Bandra(East)-400051,Maharashtra,India As per SEBI Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2023/29 dated February 15, 2023, company has uploaded the IssueSummaryDocument(ISD)onexchangeportal. 76TheRedHerringProspectuswasnotfiledwithSEBI,nordidSEBIissueanyobservationontheOfferDocumentinterms ofRegulation246(2)ofSEBIICDRRegulations.However,pursuanttosubregulation(5)ofRegulation246oftheSEBI ICDRRegulations,thecopyoftheOfferDocumentwasfurnishedtotheBoard(SEBI)inasoftcopy.PursuanttoSEBI CircularNumberSEBI/HO/CFD/DIL1/CIR/P/2018/011datedJanuary19,2018,acopyoftheOfferDocumenthasbeen filedonlinethroughSEBIIntermediaryPortalathttps://siportal.sebi.gov.in. AcopyoftheRedHerringProspectusalongwiththedocumentswererequiredtobefiledunderSection32oftheCompanies Act, 2013 and copy of this Prospectus to be filed under 26 of the Companies Act, 2013 has been filed with the RoCand throughtheelectricportalathttp://www.mca.gov.in/mcafoportal/loginvalidateuser.do. ChangesinAuditorsduringthelastthreeyears Exceptasstatedbelow,therehasnotbeenanychangeintheStatutoryAuditorofourCompanyinlastthreeyears. NameofAuditor DateofChange Reasonforchange NirzaGattani&Associates, July20,2024 Resigned from the post of Statutory Auditor on CharteredAccountants accountofpre-occupation 5/17,MaheshNagar, Indore–452002,MadhyaPradesh,India Telephone:+919827368830 EmailId:canirzagattani@gmail.com ContactPerson:NirzaGattani MembershipNo.:414551 FirmRegistrationNo.:018035C M/sMaheshwariandGupta, July21,2024 Statutory Auditor appointed to fill the casual CharteredAccountants vacancy caused on account of resignation of the 312-314,ManasBhawan,Ext., erstwhileauditor. 11/2R.N.T.Marg,Indore–452001, MadhyaPradesh,India. Telephone:+917314050760 July26,2024 Appointment of M/s. Maheshwari and Gupta, Email:sunilrlmaheshwari@gmail.com CharteredAccountants,asthestatutoryauditorof ContactPerson:C.A.SunilMaheshwari ourCompanyforaperiodoffiveyears. MembershipNo.:403346 FirmRegistrationNo.:006179C PeerReviewCertificateNo.:017845 BOOKBUILDINGPROCESS Book Building, with reference to the Offer, refers to the process of collection of Bids on the basis of the Red Herring ProspectuswithinthePriceBand.ThePriceBandwasdeterminedbyourCompanyinconsultationwiththeBookRunning Lead Manager in accordance with the Book Building Process and advertised in all editions of the Financial Express, an Englishnationalnewspaper,alleditionsofJansatta,aHindinationalnewspaperandregionaleditionsoftheHindiDaily newspaper,ChaitanyaLok(Hindi,beingtheregionallanguageofMadhyaPradesh,whereourRegisteredOfficeissituated) at least two working days prior to the Bid/Offer Opening date. The Offer Price was determined by our Company in consultation with the Book Running Lead Manager in accordance with the Book Building Process after the Bid/Offer ClosingDate. PrincipalpartiesinvolvedintheBookBuildingProcessare- • OurCompany; • TheBookRunningLeadManager,inthiscasebeingUnistoneCapitalPrivateLimited; • The Syndicate Member(s) who are intermediaries registered with SEBI / registered as brokers with National Stock ExchangeofIndiaLimitedandeligibletoactasUnderwriters.TheSyndicateMember(s)forthisofferbeing,Alacrity SecuritiesLimited; • TheRegistrartotheOffer,inthiscasebeingSkylineFinancialServicesPrivateLimited; • TheEscrowCollectionBanks/BankerstotheOfferand • TheDesignatedIntermediariesandSponsorbank The SEBI ICDR Regulations have permitted the Offer of securities to the public through the Book Building Process, whereinallocationtothepublicshallbemadeasperRegulation253oftheSEBIICDRRegulations. 77TheOfferhasbeenmadethroughtheBookBuildingProcesswherein50%oftheNetOfferwasavailableforallocation onaproportionatebasistoQIBs,providedthatourCompanymayinconsultationwiththeBRLMallocateupto60%of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI (ICDR) Regulations (the “AnchorInvestorPortion”),outofwhichonethirdwerereservedfordomesticMutualFunds,subjecttovalidBidsbeing receivedfromdomesticMutualFundsatorabovetheAnchorInvestorOfferPrice.5%oftheQIBPortionwasavailable for allocation on a proportionate basis to Mutual Funds only, and the remainder of the QIB Portion was available for allocationonaproportionatebasistoallQIBBidders,includingMutualFunds,subjecttovalidBidsbeingreceivedator abovetheOfferPrice.Further,notlessthan15%oftheNetOfferwasavailableforallocationonaproportionatebasisto Non-Institutional Bidders and not less than 35% of the Net Offerwas available for allocation to Individual Investors, in accordancewiththeSEBIRegulations,subjecttovalidBidsbeingreceivedatorabovetheOfferPrice. AllpotentialBidderscouldparticipateintheOfferthroughanASBAprocessbyprovidingdetailsoftheirrespectivebank accountwhichwasblockedbytheSCSBs.AllBiddersweremandatorilyrequiredtoutilizetheASBAprocesstoparticipate intheOffer.Under-subscriptionifany,inanycategory,exceptintheQIBCategory,wouldbeallowedtobemetwithspill over from any other category or a combination of categories at the discretion of our Company in consultation with the BRLMandtheDesignatedStockExchange. AllBidders,otherthanAnchorInvestorsweremandatorilyrequiredtousetheASBAprocessbyprovidingthedetailsof theirrespectiveASBAAccountinwhichthecorrespondingBidAmountwasblockedbytheSCSBsor,inthecaseofUPI Bidders,byusingtheUPIMechanism.AnchorInvestorswerenotpermittedtoparticipateintheOfferthroughtheASBA process. InaccordancewiththeSEBIICDRRegulations,QIBandNon-InstitutionalBidderswerenotallowedtowithdraworlower thesizeoftheirBids(intermsofthequantityoftheEquitySharesortheBidAmount)atanystage.AnchorInvestorswere notallowedtoreviseandwithdrawtheirBidsaftertheAnchorInvestorBiddingDate.Individualinvestorscanrevisetheir BidsduringtheBid/OfferPeriodandwithdrawtheirBidsuntiltheBid/OfferClosingDate. SubjecttovalidBidshavingbeenreceivedatorabovetheOfferPrice,allocationtoallcategoriesintheNetOffer,shall bemadeonaproportionatebasis,exceptforIndividualInvestorPortionwhereallotmenttoeachIndividualInvestorsshall not be less than the minimum bid lot, subject to availability of Equity Shares in Individual Investor Portion, and the remainingavailable EquityShares,ifany,shallbeallottedonaproportionatebasis.Under–subscription,ifany,inany category, would be allowed to be met with spill – over from any other category or a combination of categories at the discretionofourCompanyinconsultationwiththeBookRunningLeadManagerandtheStockExchange.However,under –subscription,ifany,intheQIBPortionwillnotbeallowedtobemetwithspilloverfromothercategoriesoracombination ofcategories. IntermsofSEBICircularNo.CIR/CFD/POLICYCELL/11/2015datedNovember10,2015andtheSEBI(IssueofCapital and Disclosure Requirements) Regulations, 2018, all the investors applying in a public Offer shall use only Application SupportedbyBlockedAmount(ASBA)processforapplicationprovidingdetailsofthebankaccountwhichwillbeblocked by the Self Certified Syndicate Banks (SCSBs) for the same. Further, pursuant to SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 01, 2018, Individual Investors applying in public Offer may use eitherApplicationSupportedbyBlockedAmount(ASBA)facilityformakingapplicationoralsocanuseUPIasapayment mechanism with Application Supported by Blocked Amount for making application. For details in this regards, specific attentionisinvitedtothechaptertitled“OfferProcedure”beginningonpage277oftheProspectus. TheprocessofBookBuildingundertheSEBIICDRRegulationsissubjecttochangefromtimetotimeandtheinvestors areadvisedtomaketheirownjudgmentaboutinvestmentthroughthisprocesspriortomakingaBidorapplicationinthe Offer. ForfurtherdetailsonthemethodandprocedureforBidding,pleaseseesectionentitled“OfferProcedure”onpage277of thisProspectus. Illustration of the Book Building and Price Discovery Process: Bidders should note that this example is solely for illustrative purposes and is not specific to the Offer. Bidders can bid at any price within the Price Band. For instance, assume a PriceBand of ₹ 20to₹ 24per share, Offer sizeof3,000EquityShares and receipt offive Bids fromBidders, detailsofwhichareshowninthetablebelow.TheillustrativebookgivenbelowshowsthedemandfortheEquityShares oftheIssueratvariouspricesandiscollatedfromBidsreceivedfromvariousinvestors. BidQuantity BidAmount(₹) CumulativeQuantity Subscription 500 24 500 16.67% 781,000 23 1,500 50.00% 1,500 22 3,000 100.00% 2,000 21 5,000 166.67% 2,500 20 7,500 250.00% The price discovery is a function of demand at various prices. The highest price at which the Issuer is able to Offer the desirednumberofEquitySharesisthepriceatwhichthebookcutsoff,i.e.,₹22.00intheaboveexample.TheCompany inconsultationwiththeBRLM,mayfinalisetheOfferPriceatorbelowsuchCut-OffPrice,i.e.,atorbelow₹22.00.All Bids at or above this Offer Price and cut-off Bids are valid Bids and are considered for allocation in the respective categories. StepsthatwererequiredtobetakenbytheBiddersforBidding: • CheckeligibilityformakingaBid(seesectiontitled“OfferProcedure”onpage277ofthisProspectus); • Ensure that you have a demat account and the demat account details are correctly mentioned in the Bid cum ApplicationForm; • EnsurecorrectnessofyourPAN,DPIDandClientIDmentionedintheBidcumApplicationForm.Basedonthese parameters,theRegistrartotheOfferwillobtaintheDemographicDetailsoftheBiddersfromtheDepositories. • ExceptforBidsonbehalfoftheCentralorStateGovernmentofficials,residentsofSikkimandtheofficialsappointed bythecourts,whomaybeexemptfromspecifyingtheirPANfortransactinginthesecuritiesmarket,forBidsofall valuesensurethatyouhavementionedyourPANallottedundertheIncomeTaxActintheBidcumApplicationForm. The exemption for Central or State Governments and officials appointed by the courts and for investors residing in Sikkim is subject to the Depositary Participant’s verification of the veracity of such claims of the investors by collectingsufficientdocumentaryevidenceinsupportoftheirclaims. • Ensure that the Bid cum Application Form is duly completed as per instructions given in thisProspectus and in the BidcumApplicationForm; Bid/OfferProgram: Event IndicativeDates Bid/OfferOpeningDate(1) Thursday,August07,2025 Bid/OfferClosingDate(2) Monday,August11,2025 FinalizationofBasisofAllotmentwiththeDesignatedStockExchange OnorbeforeTuesday,August12,2025 Initiation of Allotment / Refunds / Unblocking of Funds from ASBA On or before Wednesday, August 13, AccountorUPIIDlinkedbankaccount 2025 CreditofEquitySharestoDemataccountsofAllottees On or before Wednesday, August 13, 2025 CommencementoftradingoftheEquitySharesontheStockExchange OnorbeforeThursday,August14,2025 The above timetable is indicative and does not constitute any obligation on our Company or the Book Running Lead Manager.WhilstourCompanyshallensurethatallstepsforthecompletionofthenecessaryformalitiesforthelistingand the commencement of trading of the Equity Shares on the Stock Exchange are taken within 3 Working Days of the Bid/OfferClosingDate,thetimetablemaychangeduetovariousfactors,suchasextensionoftheBid/OfferPeriodbyour Company, revision of the Price Band or any delays in receiving the final listing and trading approval from the Stock Exchange.TheCommencementoftradingoftheEquityShareswillbeentirelyatthediscretionoftheStockExchangeand in accordance with the applicable laws. SEBI pursuant to its circular bearing reference number SEBI/HO/CFD/TPD1/CIR/P/2023/140datedAugust9,2023hasreducedthetimetakenforlistingofspecifiedsecurities aftertheclosureofpublicissueto3workingdays(T+3days)asagainstthepresentrequirementof6workingdays(T+6 days);‘T’beingissueclosingdate.OurCompanyshallfollowthetimelinesprovidedundertheaforementionedcircular. BidCumApplicationFormsandanyrevisionstothesamewasacceptedonlybetween10.00a.m.to5.00p.m.(IST)during theOfferPeriod(exceptfortheBid/OfferClosingDate).OntheBid/OfferClosingDate,theBidCumApplicationForms willbeacceptedonlybetween10.00a.m.to3.00p.m.(IST)forIndividualInvestorandnon-IndividualInvestorBidders. Due to the limitation of time available for uploading the Bid Cum Application Forms on the Bid/ Offer Closing Date, Bidders were advised to submit their applications one (1) day prior to the Bid/ Offer Closing Date and, in any case, not later than 3.00 p.m. (IST) on the Bid/ Offer Closing Date. Any time mentioned in this Prospectus is IST. Bidders were cautionedthat,intheeventalargenumberofBidCumApplicationFormsarereceivedontheBid/OfferClosingDate,as is typically experienced in public Offer, some Bid Cum Application Forms may not get uploaded due to the lack of 79sufficient time. Such Bid Cum Application Forms that could not be uploaded were considered for allocation under this Offer.ApplicationswereacceptedonlyonWorkingDays,i.e.,MondaytoFriday(excludinganypublicholidays).Neither our Company nor the BRLM is liable for any failure in uploading the Bid Cum Application Forms due to faults in any software/hardwaresystemorotherwise. InaccordancewithSEBIICDRRegulations,QIBsandNon-InstitutionalApplicantswerenotallowedtowithdraworlower the size of their Application (in terms of the quantity of the Equity Shares or the Application amount) at any stage. Individual Applicants could revise or withdraw their Bid Cum Application Forms prior to the Bid/ Offer Closing Date. AllocationtoIndividualApplicants,inthisOfferwillbeonaproportionatebasis. In case of discrepancy in the data entered in the electronic book vis-à-vis the data contained in the physical Bid Cum ApplicationForm,foraparticularApplicant,thedetailsasperthefilereceivedfromStockExchangemaybetakenasthe finaldataforthepurposeofAllotment.Incaseofdiscrepancyinthedataenteredintheelectronicbookvis-à-visthedata containedinthephysicalorelectronicBidCumApplicationForm,foraparticularASBAApplicant,theRegistrartothe OffershallasktherelevantSCSBs/RTAs/DPs/stockbrokers,asthecasemaybe,fortherectifieddata. WITHDRAWALOFTHEOFFER IfourCompanywithdrawstheOfferanytimeaftertheBid/OfferOpeningDatebutbeforetheallotmentofEquityShares, apublicnoticewithin2(two)workingdaysoftheBid/OfferClosingDate,providingreasonsfornotproceedingwiththe Offer shall be issued by our Company. The notice of withdrawal will be issued in the same newspapers where the pre- OfferadvertisementshaveappearedandtheStockExchangewillalsobeinformedpromptly. The BRLM, through the Registrar to the Offer, will instruct the SCSBs to unblock the ASBA Accounts within 1 (one) workingDayfromthedayofreceiptofsuchinstruction. Notwithstanding the foregoing, the Offer is subject to obtaining the final listing and trading approvals of the Stock ExchangewithrespecttotheEquitySharesofferedthroughtheRedHerringProspectus,whichourCompanywillapply foronlyafterAllotment. UNDERWRITINGAGREEMENT TheCompanyandtheBookRunningLeadManagertotheOfferherebyconfirmthat theOfferwas100%Underwritten bytheUnderwriters,UnistoneCapitalPrivateLimited. PursuanttothetermsoftheUnderwritingAgreementdatedJuly23,2025enteredintobyCompany,SellingShareholders, BRLM and the Underwriter, the obligations of the Underwriters are subject to certain conditions specified therein. The DetailsoftheUnderwritingcommitmentsareasunder: No.ofshares Amount %ofthetotal DetailsoftheUnderwriters underwritten* Underwritten OfferSize (₹inLakh) Underwritten UnistoneCapitalPrivateLimited 29,02,800 3,483.36 100.00% *Includes1,46,400Equitysharesof₹10.00eachforcashatapriceof₹120theMarketMakerReservationPortionwhicharetobe subscribedbytheMarketMakerinitsownaccountinordertoclaimcompliancewiththerequirementsofRegulation261oftheSEBI (ICDR)Regulations,asamended. In the opinion of our Board of Directors (based on a certificate given by the Underwriter), the resources of the above- mentioned Underwriter is sufficient to enable it to discharge its underwriting obligation in full. The above mentioned Underwriter is registered with SEBI under Section 12(1) of the SEBI Act and registered as brokers with the Stock Exchanges. DETAILSOFTHEMARKETMAKINGARRANGEMENTFORTHISOFFER Our Company has entered into a Market Making Agreement dated July 23, 2025 with the following Market Maker for fulfillingtheMarketMakingobligationsunderthisOffer: Particulars DetailsoftheMarketMaker Name AlacritySecuritiesLimited 80Address 101,HariDarshan,B-wing,BhogilalFadiaRoad,Kandivali West,Mumbai,MaharashtraIndia–400067 Telephone +919594499983 Email alacritysec@gmail.com ContactPerson KishoreVShah CIN L99999MH1994PLC083912 SEBIRegistrationNo. INZ000215936 MarketMakerRegistration(SMESegmentofNSE) NSE/MEM/1086/09098 InaccordancewithRegulation261oftheSEBIICDRRegulations,ourCompanyandtheSellingShareholdershaveentered into an agreement with the Book Running Lead Manager and the Market Maker (duly registered with National Stock ExchangeofIndiaLimitedtofulfiltheobligationsofMarketMaking)datedJuly23,2025toensurecompulsoryMarket MakingforaminimumperiodofthreeyearsfromthedateoflistingofequitysharesofferedinthisIssuer. AlacritySecuritiesLimited,registeredwithEMERGEPlatformofNationalStockExchangeofIndiaLimitedwillactas theMarketMakerandhasagreedtoreceiveordeliverofthespecifiedsecuritiesinthemarketmakingprocessforaperiod ofthreeyearsfromthedateoflistingofourEquitySharesorforaperiodasmaybenotifiedbyanyamendmenttoSEBI ICDRRegulations. The Market Maker shall fulfil the applicable obligations and conditions as specified in the SEBI ICDR Regulations, as amendedfromtimetotimeandthecircularsissuedbyNationalStockExchangeofIndiaLimitedandSEBIinthismatter fromtimetotime. FollowingisasummaryofthekeydetailspertainingtotheMarketMakingArrangement: 1. TheMarketMakershallberequiredtoprovidea2-wayquotefor75%ofthetimeinaday.Thesameshallbemonitored by the Stock Exchange. Further, the Market Maker shall inform the Stock Exchange in advance for each and every blackoutperiodwhenthequotesarenotbeingofferedbytheMarketMaker. 2. The minimum depth of the quote shall be ₹ 1,00,000. However, the Investors with holdings of value less than ₹ 1,00,000 shall be allowed to offer their holding to the Market Maker in that scrip provided that he sells his entire holdinginthatscripinonelotalongwithadeclarationtotheeffecttothesellingbroker. 3. ExecutionoftheorderatthequotedpriceandquantitymustbeguaranteedbytheMarketMaker,forthequotesgiven byhim. 4. Afteraperiodofthree(3)monthsfromthemarketmakingperiod,themarketmakerwouldbeexemptedtoprovide quote if the Shares of market maker in our Company reaches to 25% of Offer Size (Including the 1,46,600 Equity Sharesoffacevalueof₹10eachoughttobeallottedunderthisOffer).AnyEquitySharesallottedtoMarketMaker under this Offer over and above 1,46,600 Equity Shares of face value of ₹ 10 each would not be taken in to considerationofcomputingthethresholdof25%ofOfferSize.AssoonastheSharesofmarketmakerinourCompany reduceto24%ofOfferSize,themarketmakerwillresumeproviding2-wayquotes. 5. Thereshallbenoexemption/thresholdondownside.However,intheeventtheMarketMakerexhaustshisinventory throughmarketmakingprocess,NationalStockExchangeofIndiaLimitedmayintimatethesametoSEBIafterdue verification. 6. TherewouldnotbemorethanfiveMarketMakerfortheCompany’sEquitySharesatanypointoftimeandtheMarket MakermaycompetewithotherMarketMakerforbetterquotestotheinvestors. 7. Onthefirstdayofthelisting,therewillbepre-openingsession(callauction)andthereafterthetradingwillhappen aspertheequitymarkethours.Thecircuitswillapplyfromthefirstdayofthelistingonthediscoveredpriceduring thepre-opencallauction.Incaseequilibriumpriceisnotdiscoveredthepricebandinthenormaltradingsessionshall bebasedonOfferprice. 8. TheMarkerMakermayalsobepresentintheopeningcallauction,butthereisnoobligationonhimtodoso. 9. TherewillbespecialcircumstancesunderwhichtheMarketMakermaybeallowedtowithdrawtemporarily/fully from the market – for instance due to system problems, any other problems. All controllable reasons require prior approvalfromtheExchange,whileforce-majeurewillbeapplicablefornon-controllablereasons.Thedecisionofthe 81Exchangefordecidingcontrollableandnon-controllablereasonswouldbefinal. 10. The Market Maker shall have the right to terminate said arrangement by giving one month notice or on mutually acceptabletermstotheBookRunningLeadManager,whoshallthenberesponsibletoappointareplacementMarket Maker. IncaseofterminationoftheabovementionedMarketMakingagreementpriortothecompletionofthecompulsory MarketMakingperiod,itshallbetheresponsibilityoftheLeadManagertoarrangeforanotherMarketMaker(s)in replacementduringthetermofthenoticeperiodbeingservedbytheMarketMakerbutpriortothedateofreleasing theexistingMarketMakerfromitsdutiesinordertoensurecompliancewiththerequirementsofRegulation261of theSEBI(ICDR)Regulations.FurthertheCompanyandtheLeadManagerreservetherighttoappointotherMarket Maker(s) either as a replacement of the current Market Maker or as an additional Market Maker subject to the total number of Designated Market Makers does not exceed 5 (five) or as specified by the relevant laws and regulations applicableatthatparticularpointoftime. 11. RiskcontainmentmeasuresandmonitoringforMarketMaker:EMERGEPlatformofNationalStockExchange of India Limited will have all margins which are applicable on the National Stock Exchange of India LimitedMain Board viz., Mark-to-Market, Value-At-Risk (VAR) Margin, Extreme Loss Margin, Special Margins and Base MinimumCapitaletc.NationalStockExchangeofIndiaLimitedcanimposeanyothermarginsasdeemednecessary fromtime-to-time. 12. Punitive Action in case of default by Market Maker: EMERGE Platform of National Stock Exchange of India Limitedwillmonitortheobligationsonarealtimebasisandpunitiveactionwillbeinitiatedforanyexceptionsand/ ornon-compliances.Penalties/finesmaybeimposedbytheExchangeontheMarketMaker,incaseheisnotableto providethedesiredliquidityinaparticularsecurityasperthespecifiedguidelines.Thesepenalties/fineswillbeset bytheExchangefromtimetotime.TheExchangewillimposeapenaltyontheMarketMakerincaseheisnotpresent in the market (offering two way quotes) for at least 75% of the time. The nature of the penalty will be monetary as wellassuspensioninmarketmakingactivities/tradingmembership. 13. The Department of Surveillance and Supervision of the Exchange would decide and publish the penalties / fines / suspensionforanytypeofmisconduct/manipulation/otherirregularitiesbytheMarketMakerfromtimetotime. 14. PriceBandandSpreads:SEBICircularbearingreferenceno:CIR/MRD/DP/02/2012datedJanuary20,2012,haslaid downthatforOffersizeupto₹250crores,theapplicablepricebandsforthefirstdayshallbe: a. IncaseequilibriumpriceisdiscoveredintheCallAuction,thepricebandinthenormaltradingsessionshall be5%oftheequilibriumprice. b. IncaseequilibriumpriceisnotdiscoveredintheCallAuction,thepricebandinthenormaltradingsession shallbe5%oftheOfferprice. 15. Additionally,thesecuritiesoftheCompanywillbeplacedinSPOSandwouldremaininTradeforTradesettlement forfirst10daysfromcommencementoftrading.ThefollowingspreadwillbeapplicableontheSMEplatform. Sr.No. MarketPriceSlab(inRs.) ProposedSpread(in%tosaleprice) 1. Upto50 9 2. 50to75 8 3. 75to100 6 4. Above100 5 All the above mentioned conditions and systems regarding the Market Making Arrangement are subject to change basedonchangesoradditionalregulationsandguidelinesfromSEBIandStockExchangefromtimetotime. 16. Pursuant to SEBI Circular number CIR/MRD/DSA/31/2012 dated November 27, 2012, limits on the upper side for marketmakersduringmarketmakingprocesshasbeenmadeapplicable,basedontheOffersizeandasfollows: OfferSize Buyquoteexemptionthreshold Re-Entrythresholdforbuyquote (includingmandatoryinitial (includingmandatoryinitialinventory inventoryof5%oftheOffersize) of5%oftheOffersize) Upto₹20Crore 25% 24% 82OfferSize Buyquoteexemptionthreshold Re-Entrythresholdforbuyquote (includingmandatoryinitial (includingmandatoryinitialinventory inventoryof5%oftheOffersize) of5%oftheOffersize) ₹20Croreto₹50Crore 20% 19% ₹50Croreto₹80Crore 15% 14% Above₹80Crore 12% 11% TheMarketMakingarrangement,tradingandotherrelatedaspectsincludingallthosespecifiedaboveshallbesubject totheapplicableprovisionsoflawand/ornormsissuedbySEBI/NationalStockExchangeofIndiaLimitedfrom timetotime. All the above mentioned conditions and systems regarding the Market Making Arrangement are subject to change basedonchangesoradditionalregulationsandguidelinesfromSEBIandStockExchangefromtimetotime. 83CAPITALSTRUCTURE ThesharecapitalofourCompanyasondateofthisProspectusissetforthbelow: (₹inlakhs,exceptsharedata) AggregateValueat AggregateValue Sr.No. Particulars NominalValue atOfferPrice A. AuthorisedShareCapitaloutofwhich: 1,21,25,000EquityShareshavingfacevalueof₹10each(1) 1,212.50 - B. Issued,SubscribedandPaid-upShareCapitalbeforetheOfferoutofwhich 73,15,420EquityShareshavingfacevalueof₹10each 731.54 - C. PresentOfferintermsofthisProspectus(2)(4) Offerof29,02,800EquitySharesof₹10eachatapriceof₹ 290.28 3,483.36 120 perEquityShare TheOfferConsistsof: 26,02,800EquitySharesof₹10eachforcashatapriceof₹ 260.28 3,123.36 120 (including a Share premium of ₹ 110 per Equity Share) pershareaggregating₹3,123.36lakhs. Offer for sale by the Selling Shareholders of 3,00,000 equity 30.00 360.00 shares of ₹ 10 each at a price of ₹ 120 per equity share aggregatingto₹360.00lakhs.(2) D. Paid-upShareCapitalaftertheOffer 99,18,220EquitySharesof₹10each 991.82 E. SecuritiesPremiumAccount BeforetheOffer Nil AftertheOffer 2,863.08 *SubjecttofinalizationofBasisofAllotment (1) FordetailsinchangeinAuthorisedShareCapitalofourCompany,pleasereferto“HistoryandCertainCorporateMatters-Amendmentstothe MemorandumofAssociation”onpage170ofthisProspectus. (2) ThepresentOfferwasauthorizedpursuanttoaresolutionofourBoarddatedSeptember23,2024andpursuanttoaspecialresolutionofour ShareholderspassedinanExtra-OrdinaryGeneralMeetingdatedSeptember26,2024underSection62(1)(c)oftheCompaniesAct,2013. (3) TheEquitySharesbeingofferedbyeachoftheSellingShareholdersareeligibletobeofferedforsalepursuanttotheOfferforSaleintermsofthe SEBIICDRRegulations.EachoftheSellingShareholderhas,severallyandnotjointly,consentedtothesaleoftheirrespectiveportionoftheOffered SharesintheOfferforSale.ForfurtherdetailsontheauthorizationsoftheSellingShareholdersinrelationtotheOfferedShares,seethesections titled“TheOffer”and“OtherRegulatoryandStatutoryDisclosures”onpages65and253,respectively. (4) Allocation to all categories shall be made on a proportionate basis subject to valid Applications received at or above the Offer Price. Under- subscription,ifany,in anyofthecategories,would beallowedto bemetwith spill-overfrom anyoftheothercategoriesora combination of categoriesatthediscretionofourCompanyinconsultationwiththeBookRunningLeadManagerandDesignatedStockExchange.Suchinter-se spillover,ifany,wouldbeaffectedinaccordancewithapplicablelaws,rules,regulationsandguidelines. ClassesofShares OurCompanyhasonlyoneclassofsharecapitali.e.,EquitySharesoffacevalueof₹10eachonly.AlltheissuedEquity Sharesarefullypaid-up.OurCompanyhasnooutstandingconvertibleinstrumentsasonthedateofthisProspectus. NOTESTOTHECAPITALSTRUCTURE 1) ShareCapitalHistoryofourCompany: EquityShareCapital Thefollowingtablesetsforthdetailsofthehistoryofpaid-upEquitySharecapitalofourCompany: 84Dateof No.of Face Issue Natureof Natureof Cumulative Cumulativepaid- Allotment Equity value Price consideration Allotment numberof upCapital Sharesof (₹) (₹) Equity (₹) facevalue Shares of₹10each On 10,000 10 10 Cash Subscription to 10,000 1,00,000 Incorporation* Memorandum of Association(1) February 6, 1,12,728 10 110 Cash Conversion of 1,22,728 12,27,280 2015 loan into Equity Shares(2) March2,2015 1,000 10 110 Cash Conversion of 1,23,728 12,37,280 loan into Equity Shares(3) May23,2024 51,96,576 10 N.A. Consideratio BonusIssueinthe 53,20,304 5,32,03,040 n other than ratio of forty two cash (42) new equity shares for every one (1) Equity Shares held on May16,2024(4) September 2, 19,95,116 10 N.A. Consideratio BonusIssueinthe 73,15,420 7,31,54,200 2024 n other than ratio of three (3) cash newequityshares for eight (8) Equity Shares held on August 30,2024(5) *TheMoAofourCompanywassignedonJune3,2014,however,ourCompanywasincorporatedonJuly1,2014.Further,theallotment pursuanttothesubscriptiontoMoAwasundertakenonJuly21,2014. (1) SubscriptiontoMoAofourCompany,bysubscribingtoatotalof10,000EquitySharesoffacevalueof₹10eachbyRaghavSomani (5,000EquitySharesoffacevalueof₹10each);andRohitSomani(5,000EquitySharesoffacevalueof₹10each). (2) Our Company entered into Conversion Agreements on July 21, 2014 ("Effective Date”) with each of its creditors to convert unsecuredloanavailedfromthemtoequityshares.Inlieuofrepayment,creditorsofourCompanyelectedtoconvertoutstanding principalamountplusaccruedandunpaidinterestintotheequitysharesofourCompany.Accordingly,ourCompanyissuedtotal of1,12,728EquitySharesoffacevalueof₹10eachtoRaghavSomani(44,545);RohitSomani(29,091);NarayanSomani(16,364); ShantilalSomaniHUF(4,545);ChandrakantaSomani(4,545);KamalabaiSomani(10,910);andDhiraSomani(2,728). (3) Our Company entered into Conversion Agreements on July 21, 2014 ("Effective Date”) with each of its creditors to convert unsecuredloanavailedfromthemtoequityshares.Inlieuofrepayment,creditorsofourCompanyelectedtoconvertoutstanding principalamountplusaccruedandunpaidinterestintotheequitysharesofourCompany.Accordingly,ourCompanyissuedtotal of1,000EquitySharesoffacevalueof₹10eachtoRaghavSomani. (4) Bonusissueof51,96,576EquitySharesoffacevalueof₹10eachtoRaghavSomani(11,13,588);MadhavSomani(11,13,588); HansaSomani(9,00,732);KrishnaSomani(9,00,732);PriyaSomani(5,83,968);andVrandaBaheti(5,83,968). (5) Bonusissueof19,95,116EquitySharesoffacevalueof₹10eachtoRaghavSomani(8,37,948);MadhavSomani(79,805);Krishna KantSomani(79,805);HansaSomani(79,805);PriyaSomani(8,37,944);VrandaBaheti(79,805);KamlaBaiSomani(4). Except as disclosed in “Risk Factors – Risk Factor 14 - There have been some instances of incorrect filings with the Registrar of Companies and other non-compliances under the Companies Act, 2013 in the past which may attract penalties” on page 39, we confirm that our Company is in compliance with the Companies Act, 2013 with respect to issuanceofsecuritiessinceinceptiontillthedateoffilingofProspectus. 2) PreferenceSharecapitalhistoryofourCompany OurCompanydoesnothaveanypreferencesharecapitalasonthedateofthisProspectus. 3) IssueofequitysharesforconsiderationotherthancashoroutofrevaluationreservesandthroughBonusIssue: OurCompanyhasnotissuedequitysharesthroughbonusissueoutofrevaluationreservesorcapitalredemptionreserve. Forfurtherdetails,pleaserefertothesectiontitled“FinancialInformation”beginningonpage193ofthisProspectus. Exceptassetoutbelowwehavenotissuedequitysharesforconsiderationotherthancash: 85Dateof Numberof Face IssuePrice Natureof Benefitaccrued Sourceoutof allotment Equity Valu allotment toour whichbonus Sharesof e Company sharesissued facevalue of₹10each allotted May23,2024 51,96,576 10 Consideratio Bonus Issue in the Nil Bonusissuedoutof n other than ratiooffortytwo(42) security premium cash Bonus Equity account and Shares for every 1 reserves and Equity Share held surplusaccount. on May 16, 2024, authorised by our Board,pursuanttoa resolution passed at its meeting held on May1,2024,andby our Shareholders pursuant to a resolution passed at the EGM held on May23,2024. September 2, 19,95,116 10 Consideratio Bonus Issue in the Nil Bonusissuedoutof 2024 n other than ratio of three (3) freereserves. cash Bonus Equity Shares for every 8 (eight)EquityShare held on August 30, 2024, authorised by our Board, pursuant to a resolution passedatitsmeeting held on August 22, 2024, and by our Shareholders pursuant to a resolution passed at the EGM held on August23,2024. Fordetailsinrespectoflistofallottees,pleasesee“-ShareCapitalHistoryofourCompany-EquityShareCapital”onpage84. 4) As of date of this Prospectus, our Company has not allotted Equity Shares pursuant to any scheme approved under sections391-394oftheCompaniesAct,1956and/orsections230-232oftheCompaniesAct,2013. 5) OurCompanyhasnotissuedanyEquitySharesunderanyemployeestockoptionschemeoremployeestockpurchase scheme. 6) OurCompanyhasnotissuedanyEquitySharesatapricewhichmaybelowerthantheOfferPrice,duringaperiodof oneyearprecedingthedateofthisProspectus. 86ynapmoCruofonrettaPgnidloherahS )7 :sutcepsorPsihtfoetadehtnosaynapmoCruofonrettapgnidloherahsehtstneserperwolebelbatehT fo.oN forebmuN ni-dekcolfo.oN oherahS fo.oN nidlehsthgiRgnitoVforebmuN idloherahS .oNlatoT fo.oN fo.oN ylluffo.oN fo.oN foyrogetaC getaC ytiuqE ytiuqE serahSytiuqE sagnidl serahS )XI(seitirucesfossalchcae %asagn serahsfo serahs yltraP pu-diap loherahS )II(redloherahS yro serahS serahS )IIX( %a gniylrednu .onlatotfo )IIV(dleh lrednu -diap ytiuqE )III(sred )I( nidleh rodegdelp nimussa nidnatstuo ytiuqEfo = gniy pu serahS lairetamed esiwrehto llufg g serahS (+)V(+)VI(tisopedytiuqE )VI(dleh mrofdezi derebmucne isrevnocelbitrevnoc detaluclac( )IV++ yro serahS )VIX( )IIIX( fono seitiruces repsa tpiecer dleh %asA .oN %asA .oN itrevnoc gnidulcni( asalatoT latoT ssalC )RRCS )IV(s )V( latotfo a( latotfo )a( elb )stnarraw fo% )ytiuqE( asA)IIIV( serahs ) serahs eitiruces )C+B+A( fo% dleh dleh s )2C+B+A( )b( *)b( )a(.oN 987,22,07 - - 87.76 987,22,76 - - 00.69 987,22,07 987,22,07 00.69 987,22,07 - - 987,22,07 5 dnasretomorP )A( puorGretomorP 136,29,2 - - 59.2 136,29,2 - - 00.4 136,29,2 136,29,2 00.4 136,29,2 - - 136,29,2 2 cilbuP )B( - - - - - - - - - - - - - - - - noN-retomorPnoN )C( cilbuP - - - - - - - - - - - - - - - - serahS )1C( tisoped gniylrednu tpieceryro - - - - - - - - - - - - - - - - ybdlehserahS )2C( stsurt eeyolpme 024,51,37 - - 37.07 024,51,07 - - 00.001 024,51,37 024,51,37 00.001 024,51,37 - - 024,51,37 7 latoT .)tnemtollafosisabfolavorppaottcejbuS(latipaceussitsopfosisabehtnodetaluclaC* ehT.serahsytiuqEehtfognitsilehtotroirpyad)1(eno,snoitalugeRgnitsiLIBESehtfo13noitalugeRrednudebircserpmrofehtni,ynapmoCruofonrettapgnidloherahsehteliflliwynapmoCruO retomorPruofosrebmemdnasretomorPruoybdlehserahSytiuqEehT.serahSytiuqEhcusfognidartfotnemecnemmocerofebegnahcxEkcotSfoetisbewehtnodedaolpueblliwnrettapgnidloherahs .mrofdezilairetamednierapuorG 788) OtherdetailsofshareholdingofourCompany: a) Particularsoftheshareholdersholding1%ormoreofthepaid-upsharecapitalofourCompanyaggregatingto80% ormoreofthepaid-upsharecapitalandthenumberofsharesheldbythemasonthedateoffilingofthisProspectus: Sr.No. Particulars No.ofEquitySharesof %ofSharestoPre–Offer facevalueof₹10each EquityShareCapital 1. RaghavSomani 30,72,476 42.00 2. PriyaSomani 30,72,462 42.00 3. MadhavSomani 2,92,617 4.00 4. VrandaBaheti 2,92,617 4.00 5. KrishnaKantSomani 2,92,617 4.00 6. HansaSomani 2,92,617 4.00 Total 73,15,406 100.00 b) Particularsoftheshareholdersholding1%ormoreofthepaid-upequitysharecapitalofourCompanyandthenumber ofsharesheldbythemten(10)dayspriortothedateoffilingofthisProspectus: Sr. Particulars No.ofEquitySharesof %ofSharestoPre–Offer No. facevalueof₹10each EquityShareCapital 1. RaghavSomani 30,72,476 42.00 2. PriyaSomani 30,72,462 42.00 3. MadhavSomani 2,92,617 4.00 4. VrandaBaheti 2,92,617 4.00 5. KrishnaKantSomani 2,92,617 4.00 6. HansaSomani 2,92,617 4.00 Total 73,15,406 100.00 c) Particularsoftheshareholdersholding1%ormoreofthepaid-upequitysharecapitalofourCompanyandthenumber ofsharesheldbythemone(01)yearfromthedateoffilingofthisProspectus: Sr. Particulars No.ofEquitySharesof %ofSharestoPre–Offer No. facevalueof₹10each EquityShareCapital 1. RaghavSomani 26,514 21.43 2. MadhavSomani 26,514 21.43 3. PriyaSomani 6,362 5.14 4. HansaSomani 21,446 17.33 5. KrishnaKantSomani 21,446 17.33 6. KamlaBaiSomani 21,446 17.33 Total 1,23,728 99.99 d) Particularsoftheshareholdersholding1%ormoreofthepaid-upequitysharecapitalofourCompanyandthenumber ofsharesheldbythemtwo(02)yearspriortofilingofthisProspectus: Sr. Particulars No.ofEquitySharesof %ofSharestoPre–Offer No. facevalueof₹10each EquityShareCapital 1. RaghavSomani 26,514 21.43 2. MadhavSomani 26,514 21.43 3. PriyaSomani 6,362 5.14 4. HansaSomani 21,446 17.33 5. KrishnaKantSomani 21,446 17.33 6. KamlaBaiSomani 21,446 17.33 Total 1,23,728 99.99 e) NoneoftheshareholdersofourCompanyholding1%ormoreofthepaid-upcapitaloftheCompanyasonthedate ofthefilingoftheProspectusareentitledtoanyEquitySharesuponexerciseofwarrant,optionorrighttoconvert adebenture,loanorotherinstrument. 88f) OurCompanyhasnotmadeanyinitialpublicofferofitsEquitySharesoranyconvertiblesecuritiesduringthe preceding02(two)yearsfromthedateofthisProspectus. g) OurCompanydoesnothaveanyintentionorproposaltoalteritscapitalstructurewithinaperiodofsix(06)months fromthedateofopeningoftheofferbywayofsplit/consolidationofthedenominationofEquitySharesorfurther issue of Equity Shares whether preferential or bonus, rights or further public issue basis. However, our Company mayfurtherissueEquityShares(includingissueofsecuritiesconvertibleintoEquityShares)whetherpreferentialor otherwiseafterthedateoftheopeningoftheOffertofinanceanacquisition,mergerorjointventureorforregulatory complianceorsuchotherschemeofarrangementoranyotherpurposeastheBoardmaydeemfit,ifanopportunity ofsuchnatureisdeterminedbyitsBoardofDirectorstobeintheinterestofourCompany. 9) ShareholdingofourPromoters Setforthbelowarethedetailsofthebuild-upofshareholdingofourPromoter: RaghavSomani Dateof Natureof Considerati No.of F.V Issue/ %ofPre- %ofPost- Allotment/ Transaction on Equity (in Transfer Offer OfferEquity Transfer Sharesof Rs.) Price Equity PaidUp facevalue (inRs.) PaidUp Capital of₹10 Capital each July21,2024 Subscription Cash 5,000 10 10 0.07 0.05 toMoA February 6, Conversion of Cash 44,545 10 110 0.61 0.45 2015 loanintoEquity Shares March2,2015 Conversion of Cash 1,000 10 110 0.01 0.01 loanintoEquity Shares August13,2015 Transfer of Cash (2,959) 10 102 (0.04) (0.03) EquitySharesto DhiraSomani August13,2015 Transfer of Cash (10,536) 10 102 (0.14) (0.11) EquitySharesto Kamla Bai Somani August13,2015 Transfer of Cash (10,536) 10 102 (0.14) (0.11) EquitySharesto Chandrakanta Somani May23,2024 Bonus Issue in Consideratio 11,13,588 10 N.A. 15.22 11.23 theratioofforty notherthan two (42) new cash equitysharesfor every one (1) Equity Shares heldonMay16, 2024 July18,2024 Transfer by Cash 1,92,530 10 N.A. 2.63 1.94 way of gift from Vranda Baheti July18,2024 Transfer by Cash 7,09,366 10 N.A. 9.70 7.15 way of gift from Hansa Somani 89Dateof Natureof Considerati No.of F.V Issue/ %ofPre- %ofPost- Allotment/ Transaction on Equity (in Transfer Offer OfferEquity Transfer Sharesof Rs.) Price Equity PaidUp facevalue (inRs.) PaidUp Capital of₹10 Capital each July18,2024 Transfer by Cash 1,92,530 10 N.A. 2.63 1.94 way of gift from Madhav Somani September 2, Bonus Issue in Consideratio 8,37,948 10 N.A. 11.45 8.45 2024 theratioofthree notherthan (3) new equity cash shares for eight (8) Equity Shares held on August30,2024 Total 30,72,476 42.00 30.98* *CalculatedwithoutdeductingOfferforSaleShares PriyaSomani Dateof Natureof Consideration No.of F.V Issue/ %ofPre- %ofPost- Allotment/ Transaction Equity (in Transfer Offer OfferEquity Transfer Sharesof Rs.) Price Equity PaidUp facevalue (inRs.) PaidUp Capital of₹10 Capital each June27,2021 Transfer from Cash 6,362 10 130 0.09 0.06 Narayan Ji Somani May15,2024 Transfer by Cash 7,542 10 N.A. 0.10 0.08 way of gift from Kamla BaiSomani May23,2024 Bonus Issue in Consideration 5,83,968 10 N.A. 7.98 5.89 theratioofforty otherthancash two (42) new equitysharesfor every one (1) Equity Shares heldonMay16, 2024 July18,2024 Transfer by Cash 1,92,530 10 N.A. 2.63 1.94 way of gift from Vranda Baheti July18,2024 Transfer by Cash 7,34,760 10 N.A. 10.04 7.41 way of gift from from Madhav Somani July18,2024 Transfer by Cash 7,09,356 10 N.A. 9.70 7.15 way of gift from from Krishnakant Somani September 2, Bonus Issue in Consideration 8,37,944 10 N.A. 11.45 8.45 2024 theratioofthree otherthancash 90Dateof Natureof Consideration No.of F.V Issue/ %ofPre- %ofPost- Allotment/ Transaction Equity (in Transfer Offer OfferEquity Transfer Sharesof Rs.) Price Equity PaidUp facevalue (inRs.) PaidUp Capital of₹10 Capital each (3) new equity shares for eight (8) Equity Shares held on August 30, 2024 Total 30,72,462 42.00 30.98* *CalculatedwithoutdeductingOfferforSaleShares 10) AsonthedateoftheProspectus,theCompanyhasseven(7)members/shareholders. 11) The details of the Shareholding of the Promoters (also the Promoter Selling Shareholders) and members of the PromoterGroupasonthedateofthisProspectusaresetforthinthetablebelow: Sr. NameoftheShareholders Pre-Offer Post-Offer No. Numberof %ofPre-Offer Numberof %ofPost- EquitySharesof EquityShare Equity OfferEquity facevalueof₹ Capital Sharesofface Share 10each valueof₹10 Capital each Promoter(alsothePromoterSellingShareholders) 1. RaghavSomani 30,72,476 42.00 29,22,476 29.47 2. PriyaSomani 30,72,462 42.00 29,22,462 29.47 Total(A) 61,44,938 84.00 58,44,938 58.93 PromoterGroup 3. MadhavSomani 2,92,617 4.00 2,92,617 2.95 4. KrishnaKantSomani 2,92,617 4.00 2,92,617 2.95 5. HansaSomani 2,92,617 4.00 2,92,617 2.95 Total(B) 8,77,851 12.00 8,77,851 8.85 Total(A+B) 70,22,789 96.00 67,22,789 67.78 12) Except as disclosed in “Shareholding of our Promoters”, our Promoters who are also the Selling Shareholders, PromoterGroup,DirectorsofourCompanyandtheirrelativeshavenotundertakenpurchaseorsaletransactionsin theEquitySharesofourCompany,duringaperiodofsix(6)monthsprecedingthedateonwhichthisProspectusis filedwithStockExchange. 13) There are no financing arrangements wherein the Promoters, Promoter Group, the Directors of our Company and theirrelatives,havefinancedthepurchasebyanyotherpersonofsecuritiesofourCompanyotherthaninthenormal courseofthebusinessofthefinancingentityduringtheperiodofsix(06)monthsimmediatelyprecedingthedateof filingoftheProspectus. 14) Promoters’ContributionandotherLock-Indetails: PursuanttoRegulation236and238oftheSEBI(ICDR)Regulations,anaggregateof20.00%ofthefullydilutedpost- Offer capital of our Company held by the Promoters shall be locked in for a period of three years from the date of Allotment (“Minimum Promoters’ Contribution”), and the Promoters’ shareholding in excess of 20% of the fully dilutedpost-OfferEquitySharecapitalshallbelockedinforaperiodofoneyearfromthedateofAllotment. Thelock-inoftheMinimumPromoter’sContributionwouldbecreatedasperapplicablelawsandproceduresanddetails ofthesameshallalsobeprovidedtotheStockexchangebeforethelistingoftheEquityShares. FollowingarethedetailsofMinimumPromoters’Contribution: 91Numberof Natureof Dateof Face Offer/ Natureof %of Periodof Equity Allotment/ Allotment value Acquisition consideration fully lock-in(in Shares Transfer andDate (in₹) Priceper (cash/other diluted years) locked- when Equity thancash) post- in*(1)(2)(3) made Share(in Offer fully ₹) paid-up paid-up capital RaghavSomani 5,000 Subscription to July 21, 10 10 Cash 0.05 3 MoA 2024 44,545 Conversion of loan February 10 110 Cash 0.45 3 intoEquityShares 06,2015 1,000 Conversion of loan March 02, 10 110 Cash 0.01 3 intoEquityShares 2015 11,13,588 BonusIssueintheratio May 23, 10 N.A. Consideration 11.23 3 of forty two (42) new 2024 other than equitysharesforevery cash one (1) Equity Shares heldonMay16,2024 1,92,530 Transfer by way of July 18, 10 N.A. Cash 1.94 3 gift from Vranda 2024 Baheti 6,30,537 Transfer by way of July 18, 10 N.A. Cash 6.36 3 gift from Hansa 2024 Somani 19,87,200 20.04 *SubjecttofinalisationofBasisofAllotment. (1)Foraperiodofthreeyearsfromthedateofallotment. (2)AllEquityShareshavebeenfullypaid-upatthetimeofallotment. (3)AllEquitySharesheldbyourPromotersareindematerializedform. For details on the build-up of the Equity Share capital held by our Promoters, see “Details of the Build-up of our Promoters’shareholding”onpage89. ThePromoters’Contributionhasbeenbroughttotheextentofnotlessthanthespecifiedminimumlotandfrompersons definedas‘promoter’undertheSEBI(ICDR)Regulations. TheEquitySharesthatarebeinglocked-inarenot,andwillnotbe,ineligibleforcomputationofPromoters’Contribution underRegulation237oftheSEBI(ICDR)Regulations.Inthiscomputation,asperRegulation237oftheSEBI(ICDR) Regulations,ourCompanyconfirmsthattheEquityShareswhicharebeinglocked-indonot,andshallnot,consistof: • EquitySharesacquiredduringtheprecedingthreeyearsforconsiderationotherthancashandrevaluationofassetsor capitalizationofintangibleassets • EquitySharesresultingfrombonusissuebyutilizationofrevaluationsreservesorunrealizedprofitsoftheCompany orfrombonusissueagainstEquityShareswhichareotherwiseineligibleforminimumpromoters’contribution; • EquitySharesacquiredduringtheprecedingoneyear,atapricelowerthanthepriceatwhichtheEquitySharesare beingofferedtothepublicintheOffer; • EquitySharesallottedtothepromoteragainstthecapitalexistinginthefirmsforaperiodoflessthanoneyearona continuousbasis. • EquitySharesheldbythePromotersthataresubjecttoanypledge;and • EquitySharesforwhichspecificwrittenconsenthasnotbeenobtainedfromtherespectiveshareholdersforinclusion oftheirsubscriptioninthePromoters’Contributionsubjecttolock-in. OurCompanyhasnotbeenformedbytheconversionofapartnershipfirmintoacompanyinthepastoneyearandthus, no Equity Shares have been issued to our Promoter upon conversion of a partnership firm in the past one year. All the EquitySharesheldbythePromoterandthemembersofthePromoterGroupareheldindematerializedform. In terms of undertaking executed by our Promoters, Equity Shares forming part of Promoters’ Contribution subject to lockinwillnotbedisposed/sold/transferredbyourPromotersduringtheperiodstartingfromthedateoffilingof the 92RedHerringProspectustillthedateofcommencementoflockinperiodasstatedinthisProspectus. OtherthantheEquityShareslocked-inasPromoters’Contributionforaperiodofthreeyearsasstatedinthetableabove, theentirepre-OffercapitalofourCompany,includingtheexcessofminimumPromoters’Contribution,asperRegulation 238 of the SEBI (ICDR) Regulations, shall be locked in for a period of one year from the date of Allotment of Equity SharesintheOffer.Suchlock–inoftheEquityShareswouldbecreatedasperthebyelawsoftheDepositories. DetailsofPromoters’ContributionLocked-inforTwoYearsandOneYear IntermsofRegulation238(b)oftheSEBI(ICDR)Regulations,2018andincompliancewithadditionaleligibilitycriteria forinprincipleapprovalforlistingonNSEEmergePlatformandapplicabilityofcorporategovernanceprovisionsunder SEBI (LODR) Regulations, 2015 on SME companies”, in addition to the Minimum Promoters contribution which is locked in for three years held by the promoters, as specified above, the 50% of pre-offer Equity Shares share capital constituting19,28,869EquitySharesshallbelockedinforaperiodoftwoyearsandremaining50%ofpre-offerEquity Shares share capital constituting 19,28,869 Equity Shares shall be locked in for a period of one year from the date of allotmentofEquitySharesinthisoffer. LockinofEquitySharesheldbyPersonsotherthanthePromoterlocked-inforOneYear: IntermsofRegulation239oftheSEBI(ICDR)Regulations,2018,inadditiontotheMinimumPromoterscontribution asperregulation238(a)and238(b)oftheSEBI(ICDR)Regulations,2018,theentirepre-offerequitysharecapitalheld bypersonsotherthanthepromotersshallbelockedinforaperiodofoneyearfromthedateofallotmentofEquityShares inthisoffer.IntermsofRegulation241oftheSEBI(ICDR)Regulations,2018,theEquityShareswhicharesubjectto lock-inshallcarryinscription‘non-transferable’alongwiththedurationofspecifiednon-transferableperiodmentioned in the face of the security certificate. The shares which are in dematerialized form, if any, shall be locked in by the respective depositories. The details of lock-in of the Equity Shares shall also be provided to the Designated Stock ExchangebeforethelistingoftheEquityShares. Otherrequirementsinrespectof‘lock-in’ IntermsofRegulation243oftheSEBI(ICDR)Regulations,theEquitySharesheldbypersonsotherthanthePromoters priortotheOffermaybetransferredtoanyotherpersonholdingtheEquityShareswhicharelocked-inasperRegulation 239 of the SEBI (ICDR) Regulations, subject to continuation of the lock-in in the hands of the transferees for the remainingperiodandcompliancewiththeTakeoverCodeasapplicable. IntermsofRegulation243oftheSEBI(ICDR)Regulations,theEquitySharesheldbyourPromoterswhicharelocked inaspertheprovisionsofRegulation238oftheSEBI(ICDR)Regulations,maybetransferredtoandamongstPromoters /membersofthePromoterGrouportoanewpromoterorpersonsincontrolofourCompany,subjecttocontinuationof lock-ininthehandsoftransfereesfortheremainingperiodandcomplianceofTakeoverCode,asapplicable. IntermsofRegulation242(a)oftheSEBI(ICDR)Regulations,thelocked-inEquitySharesheldbyourPromoterscan bepledgedonlywithanyscheduledcommercialbanksorpublicfinancialinstitutionsorasystemicallyimportantnon- bankingfinancecompanyorahousingfinancecompanyascollateralsecurityforloansgrantedbysuchbanksorfinancial institutions, provided that such loans have been granted for the purpose of financing one or more of the objects of the OfferandpledgeoftheEquitySharesisatermofsanctionofsuchloans. IntermsofRegulation242(b)oftheSEBIICDRRegulations,theEquitySharesheldbythePromoterswhicharelocked- in for a period of one year from the date of allotment may be pledged only with scheduled commercial banks, public financialinstitutions,systemicallyimportantnon-bankingfinancecompaniesorhousingfinancecompaniesascollateral security for loans granted by such entities, provided that such pledge of the Equity Shares is one of the terms of the sanctionofsuchloans. 15) Lock-inoftheEquitySharestobeAllotted,ifany,totheAnchorInvestors One half of the Equity Shares allotted to Anchor Investors under the Anchor Investor Portion shall be locked- in for a period of 90 days from the date of Allotment and the remaining Equity Shares allotted to Anchor Investors under the AnchorInvestorPortionshallbelocked-inforaperiodof30daysfromthedateofAllotment. 16) Our Company, our Promoters, our Directors and the Book Running Lead Manager have no existing buyback arrangementsoranyothersimilararrangementsforthepurchaseofEquitySharesbeingofferedthroughtheOffer. 9317) Thepost-OfferpaidupEquityShareCapitalofourCompanyshallnotexceedtheauthorisedEquityShareCapital ofourCompany. 18) There have been no financing arrangements whereby our Directors or any of their relatives have financed the purchasebyanyotherpersonofsecuritiesofourCompanyduringthesixmonthsimmediatelyprecedingthedateof filingofthisProspectus. 19) NopersonconnectedwiththeOffer,including,butnotlimitedto,ourCompany,themembersoftheSyndicate,or ourDirectors,shallofferanyincentive,whetherdirectorindirect,inanymanner,whetherincashorkindorservices orotherwisetoanyBidderformakingaBid,exceptforfeesorcommissionforservicesrenderedinrelationtothe Offer. 20) ThereneitherhavebeenandtherewillbenofurtherissueofEquityShareswhetherbywayofissueofbonusshares, preferentialallotment,rightsissueorinanyothermannerduringtheperiodcommencingfromthedateoffilingof theProspectusuntiltheEquityShareshavebeenlistedontheStockExchangeorallapplicationmonieshavebeen refunded,asthecasemaybe. 21) Our Company has no outstanding warrants, options to be issued or rights to convert debentures, loans or other convertibleinstrumentsintoEquitySharesasonthedateofthisProspectus. 22) ThereshallbeonlyonedenominationoftheEquityShares,unlessotherwisepermittedbylaw.OurCompanywill complywithsuchdisclosureandaccountingnormsasmaybespecifiedbySEBIfromtimetotime. 23) TherewerenotransactionsEquitySharesmadebyourPromotersandthePromoterGroupduringtheperiodbetween thedateoffilingtheDraftRedHerringProspectusandthedateofclosureoftheOffer,whichwererequiredtobe reportedtotheStockExchangeswithin24hoursofthetransaction. 24) AllEquitySharesissuedpursuanttotheOffershallbefullypaid-upatthetimeofAllotmentandtherearenopartly paid-upEquitySharesasonthedateofthisProspectus. 25) AsonthedateofthisProspectus,theBookRunningLeadManagerandtheirrespectiveassociates(asdefinedunder theSecuritiesandExchangeBoardofIndia(MerchantBankers)Regulations,1992)donotholdanyEquityShares of our Company. The Book Running Lead Manager and their affiliates may engage in the transactions with and perform services for our Company in the ordinary course of business or may in the future engage in commercial bankingandinvestmentbankingtransactionswithourCompanyforwhichtheymayinthefuturereceivecustomary compensation. 26) Except for Raghav Somani and Priya Somani who are our Promoters (also the Selling Shareholders) in this Offer, noneofourmembersofourPromoterGroupparticipatedintheOffer. 27) FollowingarethedetailsofEquitySharesofourCompanyheldbyourDirectors,KeyManagementPersonneland SeniorManagement: Sr. Name of the Pre-Offer Post-Offer No. Shareholders NumberofEquity %ofPre-Offer NumberofEquity %ofPost-Offer Sharesofface EquityShare Sharesofface EquityShare valueof₹10each Capital valueof₹10each Capital 1. RaghavSomani 30,72,476 42.00 29,22,476 29.47 2. PriyaSomani 30,72,462 42.00 29,22,462 29.47 3. VrandaBaheti 2,92,617 4.00 2,92,617 2.95 Total 64,37,555 88.00 61,37,555 61.88 28) OurCompanyhasnotraisedanybridgeloanswhichareproposedtoberepaidfromtheproceedsoftheOffer. 29) Investorsmaynotethatincaseofover-subscription,allotmentwillbeonproportionatebasisasdetailedunder“Basis of Allotment” in the chapter titled “Offer Procedure” beginning on page 277 of this Prospectus. In case of over- subscription in all categories the allocation in the Offer shall be as per the requirements of Regulation 253 (2) of SEBI(ICDR)Regulations,asamendedfromtimetotime. 9430) AninvestorcouldnotmakeanapplicationformorethanthenumberofEquitySharesofferedinthisOffer,subject tothemaximumlimitofinvestmentprescribedunderrelevantlawsapplicabletoeachcategoryofinvestor. 31) Anover-subscriptiontotheextentof10%oftheOffercanberetainedforthepurposeofroundingofftothenearest integerduringfinalizingtheallotment,subjecttominimumallotment,whichistheminimumapplicationsizeinthis Offer.Consequently, theactualallotmentmaygoupbyamaximumof10%oftheOffer,asaresultofwhich,the post-OfferpaidupcapitalaftertheOfferwouldalsoincreasebytheexcessamountofallotmentsomade.Insuchan event,theEquitySharesheldbythePromotersandsubjecttolock-inshallbesuitablyincreased;soastoensurethat 20%ofthepostOfferpaid-upcapitalislockedin. 32) Undersubscription,ifany,inanyofthecategories,wouldbeallowedtobemetwithspill-overfromanyoftheother categoriesoracombinationofcategoriesatthediscretionofourCompanyinconsultationwiththeBookRunning LeadManagerandDesignatedStockExchange.Suchinter-sespillover,ifany,wouldbeeffectedinaccordancewith applicablelaws,rules,regulationsandguidelines. 33) Nopayment,direct,indirectinthenatureofdiscount,commission,andallowance,orotherwiseshallbemadeeither byusorbyourPromoterstothepersonswhoreceiveallotments,ifany,inthisOffer. 34) AsondateofthisProspectus,therearenooutstandingfinancialinstrumentsoranyotherrightsthatwouldentitlethe existingPromotersorshareholdersoranyotherpersonanyoptiontoreceiveEquitySharesaftertheOffer. 35) We confirm that none of the investors of our Company are directly/indirectly related with Book Running Lead Managersandtheirassociates. 95OBJECTSOFTHEOFFER TheOffercomprisesofafreshissue26,02,800EquitySharesof₹10eachatapriceof₹120perEquityShare,including a share premium of ₹ 110 per equity share aggregating to ₹ 3,123.36 Lakhs by our Company and an Offer for Sale of upto3,00,000EquitySharesoffacevalueof₹10eachcomprisingofanoffer1,50,000EquitySharesoffacevalueof₹ 10 each by Raghav Somani and 1,50,000 Equity Shares of face value of ₹ 10 each by Priya Somani (the “Selling Shareholders”or“PromoterSellingShareholders”)aggregatingto₹360.00Lakhs. OurCompanyproposestoutilizetheNetProceedsfromtheOffertowardsthefollowingobjects: 1. Funding capital expenditure requirements towards (i) purchase of new machinery and upgradation of existing machineryinstalled;and(ii)settingupofon-gridrooftopsolarPVsystemofacapacityof149.04KWpatourexisting manufacturingunit; 2. Fundingofworkingcapitalrequirements; 3. Repaymentand/orpre-payment,inpartorfull,ofcertainborrowingsavailedbyourCompany;and 4. GeneralCorporatePurposes. (Collectively,referredtohereinasthe“Objects”) In addition, our Company expects to receive the benefits of listing of the Equity Shares on the Stock Exchange and enhancementofourCompany’svisibilityandbrandimageandcreationofapublicmarketforourEquitySharesinIndia. The main objects clause and objects incidental and ancillary to the main objects as set out in the Memorandum of Associationenableour Companytoundertake our existing businessactivities and toundertake the activities for which thefundsarebeingraisedintheOffer. NetProceeds ThedetailsoftheproceedsoftheOfferaresetforthinthetablebelow: (₹inlakhs) Particulars Amount GrossProceedsoftheOffer 3,123.36 Less:OfferExpenses*# 250.49 NetProceeds 2,872.87 *Fordetailssee"OfferRelatedExpenses"belowonpage109. #ExcludingexpensesincurredfromtheOfferforSale. RequirementofFundsandUtilizationofNetProceeds TheNetProceedsareproposedtobeusedinthemannersetoutininthefollowingtable: (₹inlakhs) Sr.No. Particulars Estimatedamount 1. Fundingcapitalexpenditurerequirementstowards(i)purchaseofnewmachinery 748.66 and upgradation of existing machinery installed; and (ii) setting up of on-grid rooftop solar PV system of a capacity of 149.04KWp at our existing manufacturingunit 2. Fundingofworkingcapitalrequirements 1,000.00 3. Repaymentand/orpre-payment,inpartorfull,ofcertainborrowingsavailedby 461.15 ourCompany 4. Generalcorporatepurposes(1) 663.06 (1)Theamounttobeutilisedforgeneralcorporatepurposesshallnotexceed25%oftheGrossProceedsoftheOffer. ScheduleofimplementationandMeansofFinance We propose to deploy the Net Proceeds towards the aforesaid Objects in accordance with the estimated scheduleof implementationanddeploymentoffundssetforthinthetablebelow: 96(₹inlakhs) Sr. Particulars Totalestimated Amount which will be EstimatedUtilisationofNetProceeds No. cost financed from Net Financial Year Financial Year Proceeds(1) 2025-26 2026-27 1. Funding capital 748.66 748.66 748.66 - expenditure requirements towards (i) purchase of new machinery and upgradation of existing machinery installed; and (ii) setting up of on-grid rooftop solar PV system of a capacity of 149.04KWp at our existing manufacturing unit 2. Funding of working 1,000.00 1,000.00 200.00 800.00 capitalrequirements 3. Repayment and/or pre- 461.15 461.15 461.15 - payment,inpartorfull,of certain borrowings availedbyourCompany 4. General corporate 663.06 663.06 663.06 - purposes Total 2,872.87 2,872.87 2,072.87 800.00 Giventhedynamicnatureofourbusiness,wemayhavetoreviseourfundingrequirementsanddeploymentonaccount of a variety of factors such as our financial condition, business strategy and external factors such as market conditions competitiveenvironmentandinterestorexchangeratefluctuations,changesindesignandconfigurationoftheproject, increaseininputcostsofconstructionmaterialsandlabourcosts,logisticsandtransportcostsincrementalpreoperative expenses,taxesandduties,interestandfinancecharges,engineeringprocurementandconstructioncosts,workingcapital margin, regulatory costs, environmental factors and other external factors which may not be within the control of our management.Thismayentailreschedulingorrevisingtheplannedexpenditureandfundingrequirements,includingthe expenditure for a particular purpose, at the discretion of our management, subject to compliance with applicable law. Moreover,iftheactual utilisationtowardsanyoftheObjectsislowerthantheproposeddeploymentsuchbalancewill beusedforgeneralcorporatepurposestotheextentthatthetotalamounttobeutilizedtowardsgeneralcorporatepurposes willnotexceed25%ofthegrossproceedsfromtheOfferinaccordancewiththeSEBIICDRRegulations.Incaseofa shortfallinraisingrequisitecapitalfromtheNetProceedsoranincreaseinthetotalestimatedcostoftheObjects,business considerationsmayrequireustoexplorearangeofoptionsincludingutilisingourinternalaccrualsandseekingadditional debtfromexistingandfuturelenders.Webelievethatsuchalternatearrangementswouldbeavailabletofundanysuch shortfalls. Further, in case of variations in the actual utilization of funds earmarked for the purposes set forth above, increasedfundrequirementsforaparticularpurposemaybefinancedbysurplusfunds,ifany,availableinrespectofthe otherpurposesforwhichfundsarebeingraisedintheOffer.TotheextentourCompanyisunabletoutilizeanyportion of the Net Proceeds towards the aforementioned objects, or is able to utilise additional Net Proceeds in a preceding Financial Year, as comparedto theestimatedscheduled ofdeployment specified above, our Company shall deploythe NetProceedsinthesubsequentorprecedingfinancialyear,asapplicable,towardstheaforementionedObjects.Forfurther detailssee“RiskFactors–RiskFactor41-OurCompany’smanagementwillhaveflexibilityinutilizingtheNetProceeds fromtheOfferandthedeploymentofthenetproceedsfromtheOfferisnotsubjecttoanymonitoringbyanyindependent agency”onpage52. The fund requirements mentioned above for purchase of machineries, equipment and solar facility are based on the internal management estimates of our Company and quotation received from third parties. The fund requirements mentionedaboveexceptforpurchaseofmachineries,equipmentandsolarfacilityarebasedontheinternalmanagement estimates of our Company, and have not been verified by the Book Running Lead Manager or appraised by any bank, financial institution. The fund requirements are based on current circumstances of our business and our Company may havetoreviseitsestimatesfromtimetotimeonaccountofvariousfactorsbeyonditscontrol,suchasmarketconditions, competitive environment, costs of commodities and interest or exchange rate fluctuations. Consequently, the fund requirementsofourCompanyaresubjecttorevisionsinthefutureatthediscretionofthemanagement.Intheeventof 97any shortfall of funds for the activities proposed to be financed out of the Net Proceeds as stated above, our Company mayre-allocatetheNetProceedstotheactivitieswheresuchshortfallhasarisen,subjecttocompliancewithapplicable laws.Further,incaseofashortfallintheNetProceedsorcostoverruns,ourmanagementmayexplorearangeofoptions includingutilisingourinternalaccrualsorseekingdebtfinancing.Forfurtherdetailssee“RiskFactors–RiskFactor18 –Thecostestimatesfortheproposedexpansionofourmanufacturingunithavebeenderivedfrominternalestimatesof ourmanagementandmaynotbeaccurate.”onpage43. ThefundrequirementssetoutfortheaforesaidobjectsoftheOfferareproposedtobemetentirelyfromtheNetProceeds. Inviewofabove,weconfirmthat,withrespecttotheObjects,ourCompanyisnotrequiredtomakefirmarrangement offinanceunderRegulation230(1)(e)oftheSEBIICDRRegulations. BasisofEstimationfortheObjectsoftheOffer OurCompanyhasexperiencedgrowthinitsrevenuefromoperationsinthepast.Thedetailsofournetworth,revenue fromoperationsandprofitaftertaxfortheFinancialYearsendedMarch31,2025,March31,2024andMarch31,2023 hasbeenprovidedbelow: (₹inlakhs) S.No. Particulars March31,2025 March31,2024 March31,2023 1. NetWorth 1,264.84 570.27 258.31 2. Revenuefromoperations 3,418.42 2,339.78 1,508.87 3. ProfitafterTax 694.57 311.96 59.41 A. IncreaseinInventoryDays: • Our Company purchases large quantities of fresh produce during peak harvest seasons and store dehydrated productsforsaleduringoff-peakperiods.Thisapproach,alongwiththelongshelflifeofdehydratedproducts, enablesustomeetyear-rounddemandandmaintainabufferagainstmarketfluctuations. • Forthereasonmentionedabove,theinventorydayshaveincreasedfrom136daysinFiscal2023to169days inFiscal2024anddecreasedto164daysinFiscal2025.Weexpecttomaintainaconsistentlevelof164days forFiscal2026andFiscal2027. B. IncreaseinCustomerBase: • Thecompanyhasmadesubstantialeffortstogrowitscustomerbase,resultinginasignificantincreaseinthe numberofcustomers. Fiscal Particulars 2025 2024 2023 NumberofCustomers 91 84 12 Ourcustomerbaseincreasedfrom12to84inFY2023-24duetodirectsalesofcarrotstotradersandwholesalers. Wepurchasecarrotsfromsuppliers,performnecessarywashingandprocessing,andthensellthemtoourcustomers. • GrowthStatistics: v InFiscal2023,numberofcustomersassociatedwiththeCompanyincreasedto12resultinginrevenue fromoperationsof₹1,508.87lakhs. v InFiscal2024,numberofcustomersassociatedwiththeCompanyincreasedto84resultinginrevenue fromoperationsof₹2,339.78lakhs. v InFiscal2025,numberofcustomersassociatedwiththeCompanyincreasedto91resultinginrevenue fromoperationsof₹3,418.42lakhs. C. Revenue: Thecompany’sfinancialperformanceoverthepastthreefiscalyears,showssubstantialgrowthinrevenue: (₹inLakhs) Fiscal Particulars 2025 2024 2023 RevenuefromOperations 3,418.42 2,339.78 1,508.87 Growth(%) 46.10% 55.07% 11.25% 98D. AssetsandLiabilities: The company’s financial position reflects an increasing trend in assets, particularly in inventories, indicating growingoperationsandliquidityneeds: (₹inLakhs) Fiscal Particulars 2025 2024 2023 CurrentAssets 3,691.24 1,738.50 1,118.78 CurrentLiabilities 1,082.70 659.09 390.46 NetWorkingCapital 2,608.54 1,079.41 728.31 Incrementalworkingcapital 1,529.13 351.10 301.83 OurCompany'sworkingcapitalneedsforaspecificperiodareinfluencedbyvariousfactors,suchaslargeordersizeof rawmaterials,highinventory,andcustomerpaymentterms.OurworkingcapitalrequirementsforthePeriodendedMarch 31,2025,2024,and2023were2,608.54lakhs,₹1,079.41lakhs,₹728.31lakhs,respectively.Basedonhistoricaltrends, we anticipate a significant increase in our working capital requirements, leading to requirement of increased capital expenditure. Setforthbelowisthedetailoftheinstalledandutilizedcapacityofourmanufacturingunitforthelastthreeyears. Products Units 2022-23 2023-24 2024-25 Capaci Produ Utiliza Capaci Produ Utiliza Capaci Produ Utiliza ty ction tion ty ction tion ty ction tion Dehydrated MT 400 325 81.25% 650 455 70% 650 635 97% Carrot A grade Dehydrated MT 100 90 90% 200 150 60% 200 85 42% CarrotBgrade Dehydrated MT 200 165 82.5% 300 265 88% 300 280 93% RingBeans Dehydrated MT 200 130 65% 250 150 50% 250 230 92% Cabbage Others MT 50 20.84 41.68% 100 87.50 87.50% 100 95 95% TOTAL 950 730.84 76.93% 1,500 1,107.5 73.83% 1,500 1,325 88.00% WeconfirmthattheestimatesdisclosedinthisProspectushavebeenobtainedfromathirdpartywhichisindependent Settingupofon-gridrooftopsolarPVsystemofacapacityof149.04KWp ThedetailsoftheestimatedtotalcostofelectricitytobeincurredbyourCompanypost-installationofSolarPlant,and NetSavingsonaccountofcommissioningofSolarPlanthavebeenprovidedbelow: Month Unit Averagecostof UnitsGeneratedby149.04 Balanceto Savingon Consumed Electricityper KwSolarestimating4units be electricityCost Unit perKwperDay(For30 consumed days) April23 1,20,786 7.26 17,884 NIL 1,29,837.00 May23 70,697 7.26 17,884 NIL 1,29,837.00 June23 43,908 7.26 17,884 NIL 1,29,837.00 July23 31,188 7.26 17,884 NIL 1,29,837.00 August23 53,982 7.26 17,884 NIL 1,29,837.00 September23 36,006 7.26 17,884 NIL 1,29,837.00 October23 32,783 7.26 17,884 NIL 1,29,837.00 November 7,464 7.26 17,884 10,420 54,188.64 23 December 56,430 7.26 17,884 NIL 2,04,761.04 23 99Month Unit Averagecostof UnitsGeneratedby149.04 Balanceto Savingon Consumed Electricityper KwSolarestimating4units be electricityCost Unit perKwperDay(For30 consumed days) January24 87,561 7.26 17,884 NIL 1,29,837.00 February24 88,796 7.26 17,884 NIL 1,29,837.00 March24 98,858 7.26 17,884 NIL 1,29,837.00 TotalSavings 15,57,317.68 Scheduleofimplementationoftheaforesaidobjects: Sr. ActivityDescription StartSchedule TargetCompletion No 1. Planningandprocurementofequipment August10,2025 October10,2025 2. Solarinstallation August10,2025 September10,2025 DetailsoftheObject ThedetailsoftheObjectsoftheOfferaresetoutbelow: 1. Funding capital expenditure requirements towards (i) purchase of new machinery and upgradation of existing machinery installed; and (ii) setting up of on-grid rooftop solar PV system of a capacity of 149.04KWp at our existingmanufacturingunit Our Company is a manufacturer and processer of dehydrated vegetables, serving leading institutional manufacturers engaged in branded packaged food industries, traders and international importers of dehydrated products. Our primary productsinclude,dehydratedcarrots,dehydratedcabbageanddehydratedringbeans/beans.Allourproductsareproduced at our manufacturing facility, located in District Dhar, Madhya Pradesh, with a production capacity of approximately 1500MTforallourdehydratedproducts,dividedintotwofacilities.Thisenablesustohaveaneffectivecontroloverthe manufacturing process and to ensure consistent quality of our products. We have in the past undertaking capital expenditureatourmanufacturingfacility,andthereforehaveatrackrecordofincreasingourmanufacturingcapacityand scalingouroperationsaccordingly.Forinstance,weestablishedourmanufacturingunitwithasemi-automaticlineanda small dryer, for processing and manufacturing dehydrated vegetables, in 2017. In 2019, we automated the existing manufacturingunitbyreplacingthesemi-automaticlinewithanautomaticprocesslineandinstalledanin-housemeyer colorsortermachineforimprovingqualityofourproducts.Intheyear2022,withtheaimofexpandingourmanufacturing capacity, we had installed an additional vegetable processing line to increase production and set up an additional food dehydration and processing line in our manufacturing unit. We further expanded our manufacturing capacity and increasedourabilitytostoreandprocessrawmaterialsandfinishedproducts,byestablishinganin-housecoldstoragein our manufacturing unit. The storage has a captive storage capacity of 2,000 M.T and has complemented our manufacturing operations by increasing the life span of our raw materials and finished products, thus increasing our inventorydaysandordercompletionturnaroundtime. Wenowwishtoaddadditionalplantandmachineryatoursecondproductionlineinordertoundertakingindependent manufacturingoperationsineachofourfacilities,andaddapackaginglineforpackagingourproductsatafasterpace. Presently,ifwewishtocarryoutmanufacturingoperationsafteraproductioncycle,wearerequiredtostopouroperations tofirstcleantheentiremachinerytoreducetheriskofcontamination.Withanindependentsecondline,weshallbeable to simultaneously carry out manufacturing operations while undertaking cleaning operations in one production line. Additionally, we also wish to install additional machinery to enhance the quality of our products and further automate our quality and inspection processes. The machines proposed to be installed shall enable us in de-clustering beans and snippingofgreenbeanstoensureun-sippedbeansarenotprocessedfordehydration.Further,theproposedadditionto ourmachinery,shallalsoenableusinidentifyingdefectsthatariseduringsnippingorcuttingofvegetablesandforsorting Bgradevegetablesfromagradevegetables,duringthemanufacturingprocess.Weshallalsobeaddingnewproductsto ourportfoliothroughthenewmachinesproposedtobepurchasefromtheNetProceeds.Weintendtoutiliseanamount of₹646.27lakhstowardsfundingofcapitalexpenditurebyinstallingadditionalmachineryinboththefacilitiesatour existingmanufacturingunit.Webelievethatthesaidcapitalexpenditurewillenableusinmanufacturingbetterquality productswhichwillincreaseoursalesandreduceourdebtors. OurCompanyhasidentifiedthemachinerytobepurchasedandobtainedquotationsfromrespectivevendors/suppliers andisyettoplaceanyordersorenterintodefinitiveagreementsforpurchaseofsuchmachinery.Theamounttobespent 100andmachinerytobeprocuredbyourCompanywilldependuponbusinessrequirementsandtechnologicaladvancement. Thedetailsandtotalestimatedcosttowardspurchasingmachineryisasfollows: Sr. Particulars Units PerUnit TotalCost Quotation Validityof No. tobe Price (₹lacs) referenceand quotation purc (₹lacs) Date hase d 1.(a) Bean Cluster Cutter Pre- 1set 30.42* 30.42* Reference 6months snipper (Model: number: TDCPS02): SAWALIYAFO ODS130824-TA- The machine is suitable to BEAN cut the clusters (declustering) and for the Date: May 17, pre-snipping of the green 2025 beans. Processing capacity of up to 2 tons per hour of green beans (b) Unsnipped Bean Remover 2set 20.28* 40.56* (Model:TUBR01): Unsnippedbeanremoveris designed for automatic sorting of unsnipped green beans after processing in beansnipper Processing capacity of up to2tonsperhour Manufacturedby: Tabanli Makina Sanayi Ve TicaretLimitedSirketi TotalMachinecost - 70.98* 2. TOMRA5B800Sorter: 1set 297.38* 297.38* Reference 12months The sorter machines are number: designed and custom-built 29072025-AMR- to sort specific products 1 and target certain defects. Thissorterisengineeredto Date: July 28, enhance the quality of the 2025 final product by efficiently removing impurities from the product stream. A feed shaker ensures even distribution of the product on the feed chute, while defects are collected on a rejectshakerorbelt. Total required constant capacityof400kg/hour Manufactured by: Tomra Sorting India Private Limited TotalMachinecost - 297.38 3. FamFoodCuttingMachines: 101Sr. Particulars Units PerUnit TotalCost Quotation Validityof No. tobe Price (₹lacs) referenceand quotation purc (₹lacs) Date hase d a) One FAM model 1set 70.68 70.68 Reference November7, VOLANTIS New number: 2025 Transverse Slicer, 1- 07052025/Volant dimensional cutting is/MTS/20 machinewith2beltsin"V" for slices of fresh Date: May 7, vegetables with wheels and 2025 packaging b) InlineFeederforbeans 1set 25.59 25.59 Manufactured by: FAM N.V. TotalMachinecost - 96.27 4. MetalDetectorsformanufacturingdehydratedonionflakes a) Mesutronic GMBH Make 2set 9.06 18.12 Reference 12months MetalSeperator(Quicktron number: 05A150) SITPL/QN/2024- 25/133 Capacity of 2,500 Kgs Per Date: September Hour (including freight, 8,2024 insurance and installation cost) b) OptionalAccessories: TotalCostofmiscellaneous 2set 0.40 0.80 optionalaccessories Manufactured by: Safesurge Inspection Technologies Private Limited TotalMachinecost - 18.92 5. X-RayInspectionMachine a) X-Ray Inspection Machine 2set 38.27 76.54 Reference 12months (model number: AD-4991- number: 2515) (including freight, SITPL/QN/2022- insurance and installation 23/132 cost) b) OptionalAccessories: Date:September Total (Optional 2set 4.64 9.28 08,2024 Accessories) Manufactured by: Safesurge Inspection Technologies Private Limited TotalMachinecost 42.91 85.82 EquipmentsforVegetableProcessingLine Equipments for Vegetable 1set 118.57# 118.57# Reference November 25, ProcessingLine number: 2025 Manufacturedby: BX20250728 Henan Baixin Machinery Equipments Company Date:July28, Limited (including freight, 2025 insurance and installation cost) TotalMachinecost 118.57 TotalCostofMachinery - 687.94 102*TheamountinthequotationismentionedintermsofEuro.EurohasbeenconvertedintoINRusingtheexchangerateof1EUR=₹ 101.41. #TheamountinthequotationismentionedintermsofUSD.USDhasbeenconvertedintoINRusingtheexchangerateof1USD=₹ 86.55. Source–www.rbi.org.in/scripts/ReferenceRateArchive.aspxallexchangeratesaredatedJuly28,2025) $Theamountincludedinthequotationmaybesubjecttopricerevisions,basis,interalia,prevailingmarketconditions,priceofraw materials,increaseintaxes/dutiesleviedbygovernmentalauthorities.Incaseofanincreaseinquotedamountduetoapricerevision, ourCompanywillbearthedifferenceoutofinternalaccruals. Nosecond-handorusedmachineryisproposedtobepurchasedoutoftheNetProceeds. Governmentapprovals: Since,theadditionalplantandmachinery,proposedtobepurchasedforourmanufacturingunitshallresultin(i)better quality compliance and assurance; and (ii) increase in production volumes, on account of increase in efficiency, the installedcapacity of the manufacturing unit shall remainthe same.Accordingly, our Company isnot requiredtoapply foranylicensesandapprovalsfortheproposedexpansioninitsmanufacturingunit. Proposedincreaseincapacity We envisage an increase in the production capacity of our manufacturing unit in the Fiscal 2026 and Fiscal 2027 and proposetocommencethecommercialproductionthroughthenewmachineryproposedtobeinstalledbyDecember2025. FromApril,2026toMarch,2027,fortheentireyear,theproductioncapacityisexpectedtobe370MT.Thesamehas beencertifiedbyM/s.JKConsultant,IndependentCharteredEngineerpursuanttoitscertificatedatedJuly28,2025. ProposedScheduleofDeployment Theproposedscheduleofdeploymentoftheproposedscheduleofdeploymenthasbeenprovidedbelow: Sr.No Particulars Estimatestatus/Expected Estimatecompletion commencementdate date 1. Planningandprocurementofequipment August10,2025 October10,2025 2. Erectionandinstallationofequipment November10,2025 December10,2025 3. Trialrun December10,2025 4. Commencementofcommercialproduction December15,2025 In the event, our Company receives a quotation from a vendors, which is lower than the quote mentioned above, our Companyshallreservetherightoffinalisingthesaidquote,inordertoensureeffectiveutilisationoftheNetProceeds. Settingupofon-gridrooftopsolarPVsystemofacapacityof149.04KWp Werequireasubstantialamountofelectricalpowerforrunningourbusinessoperations.Atpresenttheelectricityforour manufacturingunitissourcedfromMPPaschimKshetraVidyutVitaranCo.Ltd.andanamountof₹81.56lakhs,₹71.70 lakhs,and₹53.00lakhs,wasincurredbyusfortheperiodendedMarch31,2025,March31,2024andMarch31,2023, asexpensetowardssourcingelectricpowerforourmanufacturingunit,whichconstituted3.26%,3.73%,and3.64%of ourtotalexpenses,respectively. Adequateandcost-effectivesupplyofelectricalpoweriscriticaltoouroperations,whichentailssignificantconsumption ofelectricalpower.Theshortageornon-availabilityofelectricalpowermayadverselyaffectourmanufacturingprocess andhaveanadverseimpactonourresultsofoperationsandfinancialcondition.Weproposetoreduceourdependency onthirdpartiesforsourcingpowerforouroperationsandalsoreducethecostincurredtowardssourcingofelectricityfor ouroperations.Weintendtoutiliseanamountof₹60.72lakhstowardssettingupofrooftopongridsolarpowerplantin ourexistingmanufacturingunittoreducecostofelectricity,whichconsequentlywillresultinincreaseincashflowand betterfinancialconditions. Additionally, our Company has over the years developed a sustainable business model which not only benefits the businessoperationsofourCompanybutalsocontributestothefarmercommunityandtheenvironmentatlarge.Afew ofthesustainablepracticesfollowedbyourCompanyhavebeenprovidedbelow: 103a) weprocureorganicvegetablesdirectlyfromfarmersinMadhyaPradeshandAmritsarandfromAgriculturalProduce Marketing Committee (“APMC”) to maintain cost-competitiveness and freshness of our raw materials. We have maintainedgoodandcordialrelationswithlocalcarrotgrowingfarmerbasesoastoensureun-interruptedsupplyof carrotwithintherequiredtimeperiodandreducedcarbonfootprintforourprocurementoperations;and b) themachineryinstalledatourmanufacturingunit,utilisesautomaticheatgenerationtodehydratevegetables,toreduce generationandreleaseofsteamoutsidethemanufacturingunit.Thiscapacityenhancementhasmadeouroperations sustainableandenvironmentalfriendly. We believe our move towards installing rooftop on grid solar power plant would make our Company eligible for entering into geographies, where institutional manufacturers mandate inculcating sustainability as part of manufacturingprocess. OurCompanyhasobtainedaquotationfromWareeEnergiesLimitedtowardssettingupofrooftopongridsolarpower plantfromtheNetProceedsandisyettoplaceanyordersorenterintodefinitiveagreementstowardssetupofsuchsolar facility.Thebreak-downofsuchquotationreceivedfromVendor–“WareeEnergiesLimited”aresetforthbelow: Sr. Details of the Basic Total MPEB Total Quantity Dateof Validityof No. equipment project basic charges project Quotation Quotation cost project (₹ in cost(in INR/Wp cost lakhs) lakhs)# (₹ in lakhs) 1. 49.04kWp-Solar 35 52.50 0.98 60.72 1 May17, 6months Pv System 2025 (540Wp, 144 – Cell, Half Cut Monocrystalline) Structure type: Elevation on tin share Inverter details: 100.00 kWp + 33 kWpThreePhase (solar edge inverter with poweroptimizer) Total 60.72* *TheabovepriceincludesserviceslikeDesign,Engineering,InstallationandCommissioning. #Excludingapplicabletaxes Aspertheaforementionedquotation,WareeEnergiesLimitedshallberesponsibleforthefollowingactivities: a) Completionofnetmeteringprocedure, b) Commissioning; c) supplyofsolarpanelsandotherancillaryACandDCequipment; d) civilworkforinstallationofrooftopongridsolarpowerplant;and e) Liaisoning,procurementandobtainingapprovalsfromMPEBfornet-metering. Scheduleofimplementationoftheaforesaidobjects: Sr.No ActivityDescription StartSchedule TargetCompletion 1. Planningandprocurementofequipment August10,2025 October10,2025 2. Solarinstallation August10,2025 September10,2025 In the event, our Company receives a quotation from a vendor, which is lower than the quote mentioned above, our Companyshallreservetherightoffinalisingthesaidquote,inordertoensureeffectiveutilisationoftheNetProceeds. 1042. Fundingofworkingcapitalrequirements Weproposetoutilize₹1,000lakhsfromtheNetProceedstofundtheworkingcapitalrequirementsofourCompanyin theFinancialYear2025&2026. Basisofestimationofworkingcapitalrequirementandestimatedworkingcapitalrequirements TheCompany’sworkingcapitalrequirementsfortheperiodendedMarch31,2025,2024and2023andfundingofthe sameareassetoutinthetablebelow: (₹Inlakhs) Particulars March31,2025 March31,2024 March31,2023 CurrentAssets Inventories 1,763.46 1,313.82 851.36 TradeReceivables 1,671.86 283.49 58.95 ShortTermLoansandAdvances 210.00 122.62 195.23 OtherCurrentAssets 45.91 18.57 13.23 Total(A) 3,691.24 1,738.50 1,118.78 CurrentLiabilities TradePayables 699.92 486.84 333.84 OtherCurrentLiabilities 28.15 45.15 49.76 ShortTermProvisions 354.63 127.10 6.86 Total(B) 1,082.70 659.09 390.46 NetWorkingCapital(A)-(B) 2,608.54 1,079.41 728.31 SourcesofWorkingCapital Borrowings 857.18 493.57 413.00 Networth 1,751.36 585.84 315.32 On the basis of our existing working capital requirements and the estimated working capital requirements, our Board, pursuant to their resolution dated July 29, 2025 has approved the projected working capital requirements for Financial Years2025and2026andtheproposedfundingofsuchworkingcapitalrequirementsasstatedbelow: (₹inlakhs) Particulars March31,2027 March31,2026 CurrentAssets Inventories 2,525.00 2,000.00 TradeReceivables 2,000.00 1,500.00 ShortTermLoansandAdvances 325.00 275.00 OtherCurrentAssets 125.00 75.00 Total(A) 4,975.00 3,850.00 CurrentLiabilities TradePayables 950.00 750.00 OtherCurrentLiabilities 50.00 25.00 ShortTermProvisions 375.00 350.00 Total(B) 1,375.00 1,125.00 NetWorkingCapital(A)-(B) 3,600.00 2,725.00 SourcesOfWorkingCapital Borrowings 800.00 800.00 Networth 2,000.00 1,725.00 IPOProceeds 800.00 200.00 Assumptions 105Particulars AsAtMarch31, March31,2027 March31,2026 March31,2025 March31,2024 March31,2023 Inventories 164 164 164 169 136 TradeReceivables 127 138 104 27 32 TradePayables 122 125 125 119 97 Justifications Particulars Justification Inventory Over the past three fiscal years, inventory days have gradually increased. In Fiscal 2023, inventory days were recorded at 136 days, rising to 169 days in Fiscal 2024, and decreased to 164daysinFiscal2025.Movingforward,weexpecttomaintainaconsistentlevelof164days forFiscal2026andFiscal2027. Largequantitiesoffreshproducearepurchasedduringpeakharvestseasonsandthendehydrated for sale during off-peak periods. This approach, along with the long shelf life of dehydrated products, enables us to meet year-round demand and maintain a buffer against market fluctuations. However, the projected decrease in inventory days reflects efforts to implement improvedinventorymanagementpractices.Thesepracticesaimtooptimizeholdingcostswhile ensuringthatproductavailabilityalignswithgrowingdemand. TradeReceivables Over the past three fiscal years, our company has seen fluctuations in trade receivables days. Thesedaysdecreasedfrom32inFiscal2023to27inFiscal2024,andthenincreasedto104days inFiscal2025.Lookingahead,weanticipateTradereceivablesdaysat138daysforFiscal2026 and127daysforFiscal2027. TheinitialdownwardtrendreflectstheCompany’simprovedcollectionefficiencyandeffective working capital management. However, the noticeable spike during fiscal year 2025 can be attributednotonlytoseasonalfactorsinherenttothedehydrationbusiness,butmoresignificantly to strategic expansion efforts. Specifically, the Company broadened its customer base by increasingsalestotraders,inadditiontoitsongoingtransactionswithcorporateclients.Thisshift ledtoahighervolumeofsales,accompaniedbyextendedcreditperiodstypicallyassociatedwith trader transactions. Consequently, delays in payments stemming from customers’ internal cash flowmanagementalsocontributedtotheupwardtrend. As a result of the Company’s strategic decision to expand its customer base by engaging more actively with traders, the average trade receivable working days increased to 104. This shift reflects both the nature of trader transactions which often involve longer credit cycles and the Company’sintentionalmovetoofferextendedcreditperiodstocustomers.Theseinitiativeswere aimedatstrengtheningrelationships,capturinggreatermarketshare,andacceleratinggrowthin newlytargetedoperationalregions.Whilethisledtolongerpaymentcycles,itwasacalculated approachtoestablishabroaderpresenceandbuildlong-termcustomerloyaltyacrossdiversified channels. TradePayables Overthepastthreefiscalyears,thecompanyhasseenanincreaseinitstradepayabledays.These days increased from 97 in Fiscal 2023 to 119 in Fiscal 2024, followed by a further rise to 125 daysinFiscal2025.Lookingahead,thecompanyanticipatesastabilizationat125daysinFiscal 2026,withareductionto122daysinFiscal2027.Thistrendintradepayabledaysreflectsour strategicapproachtosuppliermanagementwithinthedehydrationindustry.Theinitialincrease in trade payable days was a direct result of our efforts to leverage negotiating power to secure extended payment terms. This strategy aligned with longer receivable cycles and was aimed at optimizingcashflow,particularlyduringaperiodofworkingcapitalconstraints.DuringFiscal 2023toFiscal2024,wefacedashortageofworkingcapital,whichledtodelaysinpaymentsto ourtradepayables.This,inturn,resultedinhighercostsforrawmaterialsfromcreditors. However,withtheincreaseinourworkingcapitalfacilityinthecurrentyear,weintendtoreduce our trade payable days moving forward. By doing so, we aim to take advantage of lower raw material prices, thereby improving our gross margins. The projected decrease in payable days alsoindicatesashifttowardsmoretimelypayments,drivenbyourcommitmenttomaintaining strongsupplierrelationshipsandensuringareliablesupplyofrawmaterials. 106Particulars Justification Toreducerawmaterialcostsandimproveprofitability,thecompanyplanstoshortenitspayable days. By analyzing raw material needs, the company buys directly from farmers, to avail a discountontherawmaterialprocured,theCompanyisrequiredtomakeupfrontpaymenttosuch farmers. We believe that reducing payable days will enable the company to take advantage of thesediscounts,loweringcostsandimproveprofitability. 3. Repaymentand/orpre-payment,inpartorfull,ofcertainborrowingsavailedbyourCompany OurCompanyhasenteredintovariousfinancingarrangementsfromtimetotime,withvariouslenders.Thefinancing arrangementsavailedbyourCompanyinclude,interalia,unsecuredloans,creditfacilityandtermloans.Fordisclosure of our Company’s secured and unsecured borrowings as on June 30, 2025, please refer to chapter titled “Financial Indebtedness”beginningonpage237. AsatJune30,2025,ourtermloansaggregatedto₹461.15lakhs.OurCompanyproposestoutiliseanestimatedamount of ₹ 461.15 lakhs from the Net Proceeds of the Offer towards full or partial repayment or pre-payment of such outstanding borrowings availed by our Company. In the event the Net Proceeds are insufficient for payment of pre- payment penalty or accrued interest, as applicable, such payment shall be made from the internal accruals of our Company.Wemaychoosetorepayand/orpre-paycertainborrowingsavailedbyus,otherthanthoseidentifiedinthe tablebelow,whichmayincludeadditionalborrowingswemayavailafterthefilingofthisProspectus.Giventhenature oftheseborrowingsandthetermsofrepayment/pre-payment,theaggregateoutstandingborrowingamountsmayvary fromtimetotime.Inlightoftheabove,atthetimeoffilingtheRedHerringProspectusorProspectuswiththeRoC, the details in this chapter shall be suitably updated to reflect the revised amounts or loans as the case may be which have been availed by us. In the event our Board deems appropriate, the amount allocated for estimated schedule of deployment of Net Proceeds in a particular Fiscal may be repaid/ pre-paid in part or full by our Company in the subsequentFiscal. However,theaggregateamounttobeutilisedfromtheNetProceedstowardsrepaymentand/orprepayment,inpartor full,ofcertainborrowings,wouldnotexceed₹461.15Lakhs. Webelievethatsuchrepayment/pre-paymentwillhelpreduceouroutstandingindebtedness,debtservicingcostsand enable utilisation of our internal accruals for further investment in the growth and expansion of our business. Such reductionofouroutstandingindebtednesswillalsohelpustoimproveourabilitytoraisefurtherresourcesinthefuture tofundourpotentialbusinessdevelopmentopportunitiesandplanstogrowandexpandourbusiness. ThefollowingtableprovidesdetailsofloansandfacilitiesasatJune30,2025,whichareproposedtobepre-paidorpartly orfullyrepaidbyourCompanyfromtheNetProceeds: (₹inlakhs) S. Nam Deta Amoun Date Outstan Net Purpos Interes Whethe Prepaym Important No. eof ilsof t of ding Proce eof trate r ent termsof the loan Sanctio Sanct loansas eds availing (%) repaya penalties, theloans entit s ned ion onJune propo loans P.A bleon ifany y avail 30,2025 sedto deman ed (inRs. be d Lakhs) utilise d 1. Stat Term 51.00 May 38.97 38.97 Capital 1% 47 2% a) e Loan 15, Expendi above months prepaym Equitable Ban 1: 2024 ture EBLR ent mortgage 2. kof Term 89.00 72.84 72.84 Capital which 58 penalty of factory Indi Loan Expendi is months incase land and a 2: ture prese of building 3. Term 76.00 50.51 50.51 Capital ntly 35 takeover at Loan Expendi 9.15% months andno diverted 3: ture p.a. prepaym land 4. Term 347.00 298.83 298.83 Capital 71 ent survey Loan Expendi months charges no.9/2/1/2 4: ture applicabl Rakba eincase 0.523 107S. Nam Deta Amoun Date Outstan Net Purpos Interes Whethe Prepaym Important No. eof ilsof t of ding Proce eof trate r ent termsof the loan Sanctio Sanct loansas eds availing (%) repaya penalties, theloans entit s ned ion onJune propo loans P.A bleon ifany y avail 30,2025 sedto deman ed (inRs. be d Lakhs) utilise d owned Hect. fundsare Village utilized Gawli, for Tehsiland foreclos Dist Dhar urefor Admeasur MSME ing 0.523 units Hect.in the name of Sawaliya Food Products Pvt Ltd Boundarie s:-East- Govt Road West- Land of survey no.9/2/1/1 North- Road South- Land of survey no.9/2/2 b) Hypothec ation of plant and Machiner y at factory of Sawaliya food products pvt Itd situated at survey no,9/2/1/2 , Village Gawll, Tehsiland DistDhar Tot 563.00 461.15 461.15 al ^InaccordancewithClause9(A)(2)(b)ofPartAofScheduleVIoftheSEBIICDRRegulations,wehaveobtainedacertificatedated July25,2025fromtheStatutoryAuditorsM/sMaheshwariandGupta,CharteredAccounts(ICAIFirmRegistrationNo.:006179C), 108certifyingthattheborrowingshavebeenutilizedtowardsthepurposesforwhichsuchborrowingswereavailedbyus.Forfurther details,see“FinancialIndebtedness”onpage237ofthisProspectus. IncaseweareunabletoraisetheOfferProceedstilltheduedateforrepaymentofanyoftheabovementionedportion oftheloans,thefundsearmarkedforsuchrepaymentthatis₹461.15LakhsfromtheNetProceedsmaybeutilisedfor paymentoffutureinstalmentsoftheabove-mentionedloan. WeclarifythattheaforementionedloanshavebeenutilizedforcapitalexpenditurebyourCompany. In addition to the above, we may, fromtime to time, enter into further financing arrangements and draw down funds thereunder. In such cases or in case any of the above loans are prepaid, repaid, redeemed (earlier or scheduled), refinancedorfurtherdrawndownpriortothecompletionoftheIssue,wemayutilizeNetProceedstowardsprepayment and/orrepaymentofsuchadditionalindebtednessavailedbyus,detailsofwhichshallbeprovidedintheProspectus. NoportionoftheNetProceeds,thatwillbeutilisedforrepayment/prepayment,infullorpart,ofcertainborrowings availed by our Company, will be directly or indirectly routed to our Promoters, members of the Promoter Group, Directors,KeyManagerialPersonnelorSeniorManagement. Weconfirmthatexceptasdisclosedinthechaptertitled“RiskFactors–RiskFactor–15-Therehavebeeninstances ofdelayinrepaymentofloansinthepast.Wecannotassureyouthatanysuchdelaysshallnotoccurinthefutureor thatsuchdelayswouldnottriggeranyrestrictivecovenantsoreventsofdefaultaspertheagreementsexecutedwith our lenders” on page 41, there have been no instances of delays, defaults and rescheduling / restructuring of our borrowingsorloans. 4. GeneralCorporatePurposes Ourmanagement,inaccordancewiththepoliciesofourBoard,willhaveflexibilityinutilizingtheproceedsearmarked for general corporate purposes. We intend to deploy the balance Fresh Issue proceeds aggregating to ₹ 663.06 Lakhs towardsthegeneralcorporatepurposestodriveourbusinessgrowth.InaccordancewiththepoliciessetupbyourBoard, wehaveflexibilityinapplyingtheremainingNetProceeds,forgeneralcorporatepurposeincludingbutnotrestrictedto, meetingoperatingexpenses,initialdevelopmentcostsforprojectsotherthantheidentifiedprojects,andthestrengthening ofourbusinessdevelopmentandmarketingcapabilities,meetingexigencies,whichtheCompanyintheordinarycourse ofbusinessmaynotforeseeoranyotherpurposesasapprovedbyourBoardofDirectors,subjecttocompliancewiththe necessaryprovisionsoftheCompaniesAct,2013. OfferRelatedExpenses We confirm that any Offer related expenses shall not be considered as a part of General Corporate Purpose. Further in case,ouractualOfferexpensesturntobelesserthantheestimatedOfferexpensesof₹279.37lakhs,suchsurplusamount shall be utilized for General Corporate Purpose in such a manner that the amount for general corporate purposes, as mentionedintheProspectus,shallnotexceed25%oftheamountraisedbyourCompanythroughthisIssue. The total expenses of the Offer are estimated to be approximately ₹ 279.37 lakhs. The expenses of this Offer include, amongothers,listingfees,sellingcommissionandbrokerage,feespayabletotheBRLM,feespayabletolegalcounsel, feespayabletotheRegistrartotheOffer,EscrowCollectionBank(s)andSponsorBanktotheOffer,processingfeeto the SCSBs for processing application forms, brokerage and selling commission payable to members of the Syndicate, Registered Brokers, CRTAs and CDPs, printing and stationery expenses, advertising and marketing expenses, fees payable to consultants and auditors for deliverables in connection with the Offer and all other incidental and miscellaneousexpensesforlistingtheEquitySharesontheStockExchange. Otherthan(i)thelistingfeeswhichshallbesolelybornebytheCompany;and(ii)allcosts,feesandexpensesthatare associated with and incurred in connection with the Offer shall be borne by the Company and each of the Selling Shareholders solely based on the following: (i) by the Company in relation to the Equity Shares issued and allotted by the Company in the Fresh Issue; and (ii) by the Selling Shareholders in proportion to their respective number of the OfferedSharessoldandtransferred intheOfferforSale,inaccordancewithApplicableLaw,includingsection28(3)of CompaniesAct,2013.AllestimatedOfferrelatedexpensestobeproportionatelybornebytheSellingShareholdersshall bedeductedfromtheproceedsoftheOfferforSale,andsubsequently,thebalanceamountfromtheOfferforSalewill be paid to the Selling Shareholders. In the event, any expense is paid by our Company on behalf of the Selling Shareholdersinthefirstinstance,itwillbereimbursedtoourCompany,bytheSellingShareholderstotheextentofits respectiveproportionofOfferrelatedexpenses,directlyfromthePublicOfferAccount. 109Itisclarifiedthat,iftheofferiswithdrawnornotcompletedforanyreasonwhatsoever,allOfferrelatedexpensesshall besharedbetweenourCompanyandtheSellingShareholdersinproportiontothenumberofEquitySharesofferedby ourCompanythroughtheFreshIssueandthenumberofOfferedSharesofferedbytheSellingShareholderintheOffer forSale,inaccordancewithApplicableLaw. Thebreak-upoftheestimatedOfferexpensesaresetforthbelow: Activity Estimated As a % total Asa%ofthe expenses estimatedOffer total Offer (₹ in related size(1) lakhs) expenses(1) BookRunningLeadManager’sfees 30.00 10.74% 0.86% Selling,MarketingandUnderwritingFees 198.87 71.18% 5.71% FeespayabletoMarketMakertotheOffer 6.00 2.15% 0.17% FeespayabletoRegistrartotheOffer 2.00 0.72% 0.06% FeespayableforAdvertisingandPublishingexpenses 15.00 5.37% 0.43% Fees payable to Regulators including Stock Exchanges & 10.00 3.58% 0.29% Depositories PaymentforPrinting&Stationery,Postage,etc. 3.50 1.25% 0.10% Fees payable to Statutory Auditor, Legal Advisors and other 7.00 2.51% 0.20% Professionals Others(1)(2) 7.00 2.51% 0.20% TotalestimatedOfferrelatedexpenses 279.37 100.00% 8.02% *PleasenotethatthecostmentionedisanestimatequotationasobtainedfromtherespectivepartiesandexcludesGST,interestrate andinflationcost.TheamountdeployedsofartowardOfferexpensesshallberecoupedoutoftheOfferproceeds. Notes: StructureforcommissionandbrokeragepaymenttotheSCSBsSyndicate,RTAs,CDPsandSCSBs 1. Thefunddeployedtowardsofferexpensesis₹23.50lakhspursuanttocertificateissuedbyourStatutoryAuditordatedAugust11, 2025andthesamewillberecoupedoutofOfferexpenses. 2. IncludesSellingcommissionpayabletoregisteredbroker,SCSBs,RTAs,CDPsontheportiondirectlyprocuredfromIndividual ApplicantsandNon–InstitutionalApplicants,wouldbe0.15%ontheallotmentamountontheapplicationwhereinsharesare allotted. 3. Includescommission/Processingfeesof₹10pervalidapplicationformsforSCSBs.Incasethetotalprocessingfeespayableto SCSBsexceeds₹Onelakh,thentheamountpayabletoSCSBswouldbeproportionatelydistributedbasedonthenumberofvalid applicationssuchthatthetotalProcessingFeespayabledoesnotexceed₹Onelakh. The Offer expenses shall be payable in accordance with the arrangements or agreements entered into by our Company withtherespectiveDesignatedIntermediary. InterimUseofFunds Pendingutilisationforthepurposesdescribedabove,weundertaketotemporarilyinvestthefundsfromtheNetProceeds only with scheduled commercial banks. In accordance with Section 27 of the Companies Act 2013 and the applicable laws,ourCompanyconfirmsthatitshallnotusetheNetProceedsforbuying,tradingorotherwisedealinginsharesof anyotherlistedcompanyorforanyinvestmentintheequitymarkets.Further,theinterimuseoffunds,ifmade,shallbe madeinaccordancewiththeapplicablelaws. BridgeLoan OurCompanyhasnotraisedanybridgeloanswhicharerequiredtoberepaidfromtheNetProceeds. MonitoringofUtilisationofFunds Inaccordance withRegulation262oftheSEBIICDRRegulations,sincetheNetProceedsdonotexceed₹5,000.00lakhs, appointmentofmonitoringagencyisnotapplicable. VariationinObjectsoftheOffer 110In accordance with Sections 13(8) and 27 of the Companies Act, 2013, our Company shall not vary the Objects ofthe OfferunlessourCompanyisauthorisedtodosobywayofaspecialresolutionofitsShareholdersthroughapostalballot andsuchvariationwillbeinaccordancewiththeapplicablelawsincludingtheCompaniesAct,2013andtheSEBIICDR Regulations. In addition, the notice issued to the Shareholders in relation to the passingof such special resolution shall specifytheprescribeddetailsandbepublishedinaccordancewiththeCompaniesAct,2013.ThePostalBallotNoticeshall simultaneously be published in the newspapers, one in English, and one in Hindi, the vernacular language of the jurisdictionwhereourRegisteredOfficeissituated.OurPromoterswillberequiredtoprovideanexitopportunitytosuch Shareholderswhodonotagreetotheabovestatedproposal to vary the objects, at a price and in such manner as may be prescribedbySEBIinRegulation290andScheduleXXoftheSEBIICDRRegulations. AppraisingEntity NoneoftheObjectsforwhichtheNetProceedswillbeutilisedhavebeenappraisedbyanybank/financialinstitutionor anyotheragency. OtherConfirmations ExceptfortheproceedspayabletothePromoterSellingShareholderspursuanttotheOfferforSale,nopartoftheNet Proceeds will be paid to our Promoters, Promoter Group, Directors, or our Key Managerial Personnel and Senior Management,exceptintheordinarycourseofbusiness.OurCompanyhasnotenteredintonorhasplannedtoenterinto any arrangement/ agreements with our Promoters, Promoter Group, Directors or our Key Management Personnel in relationtotheutilisationoftheNetProceeds. 111BASISFOROFFERPRICE ThePriceBandandtheOfferPricewasdeterminedbyourCompanyinconsultationwiththeBRLM,andonthebasisof assessmentofmarketdemandfortheEquitySharesIssuedthroughtheBookBuildingProcessandthequantitativeand qualitativefactorsasdescribedbelow.ThefacevalueoftheEquitySharesis₹10eachandtheFloorPriceis11.40times thefacevalueandtheCapPriceis12.00timesthefacevalue. Investors should refer to “Risk Factors”, “Our Business”, “Financial Information” and “Management Discussion and Analysis of Financial Position and Results of Operations” on pages 29, 139, 193 and 227, respectively, to have an informedviewbeforemakinganinvestmentdecision. QualitativeFactors SomeofthequalitativefactorswhichformthebasisforcomputingtheOfferPriceare: ● Premiercustomerbaseleadingtostabilityinourbusinessoperations ● Flexibleanddiversifiedproductportfolio ● Sustainablebusinessoperations ● QualityAssuranceandQualityControlofourproducts. ● Strategically located manufacturing facilities with modern infrastructure and integrated manufacturing facilities withacorefocusonquality. ● Costefficientsourcingandlocationaladvantage ● Wellexperiencedmanagementteamwithprovenprojectmanagementandimplementationskills. Forfurtherdetails,see“RiskFactors”and“OurBusiness”onpages29and139,respectively. QuantitativeFactors TheinformationpresentedinthissectionisderivedfromourRestatedFinancialStatements.Fordetails,see“Financial Information”onpage193.InvestorsshouldevaluateourCompanyandformtheirdecisionstakingintoconsiderationits earningsandbasedonitsgrowthstrategy.Someofthequantitativefactorswhichmayformthebasisforcomputingthe Offerpriceareasfollows: 1. BasicandDilutedEarningsperShare(EPS),asadjustedforchangesincapital. Yearended BasicEPS(in₹) DilutedEPS(in₹) Weight Fiscal2025 9.49 9.49 3 Fiscal2024 4.26 4.26 2 Fiscal2023 0.81 0.81 1 WeightedAverage 6.30 6.30 Notes: a) Weightedaverage=Aggregateofyear-wiseweightedEPSdividedbytheaggregateofweights,i.e.(EPSxweight)foreachyear dividedbythetotalofweights. b) BasicanddilutedEPSarebasedontheRestatedFinancialInformation. c) ThefacevalueofeachEquityShareis₹10. d) Earnings per Share (₹) = Profit after tax excluding exceptional items attributable to equity shareholders for the year/period dividedbytheweightedaverageno.ofequityshares.TheweightedaveragenumberofEquitySharesoutstandingduringthe year. e) BasicEPSanddilutedEPScalculationsareinaccordancewithAccountingStandard20‘EarningsperShare’. f) Adjustedforequitysharesallottedunderbonusissueintheratioof3:8postJune30,2024. 2. Price/Earning(P/E)RatioinrelationtoPricebandof₹114to₹120perEquityShare P/E at the higher end of P/Eatthelowerendofthe Particulars the price band (no. of priceband (no.oftimes) times) a) P/EratiobasedonBasicEPSasatMarch31,2025 12.01 12.64 b) P/EratiobasedonDilutedEPSasatMarch31,2025 12.01 12.64 IndustryPrice/Earning(P/E)Ratio 112Basedonthepeercompanyinformation(excludingourCompany)givenbelowinthissection: Particulars P/Eratio Industry Highest 25.40 Lowest 25.40 Average 25.40 Notes:P/EratiohasbeencomputedbasedontheclosingmarketpriceofequitysharesonBSEasonJuly21,2025,dividedby thedilutedEPSfortheyearendedMarch31,2025. 3. ReturnonNetWorth(RONW): Yearended RoNW(%) Weight Fiscal2025 54.91% 3 Fiscal2024 54.70% 2 Fiscal2023 23.00% 1 WeightedAverage 49.52% Notes: a) RoNW=NetProfitaftertax,asrestateddividedbyNet-worth,asrestated(Networthincludesharecapitalandreservesand surplus) b) ThefiguresdisclosedabovearebasedontheRestatedFinancialStatementsofourCompany. 4. NetAssetValue(NAV)perEquityShare FinancialYear NetAssetValueperequityshares NetAssetValueperEquityShareasofMarch31,2025 17.29 NetAssetValueperEquityShareasofMarch31,2024 7.80 AfterCompletionoftheOffer -AttheFloorPrice 42.67 -AttheCapPrice 44.24 OfferPrice 120 Notes: a) Net asset value per equity share is calculated as net worth as of the end of relevant period divided by the weighted averagenumberofequitysharesoutstandingattheendoftheperiod.Networthrepresentstheaggregatevalueofequity sharecapital,instrumentsentirelyequityinnatureandotherequityandarebasedonRestatedFinancialInformation. b) Adjustedforequitysharesallottedunderbonusissueintheratioof3:8postJune30,2024. 5. Comparisonwithlistedindustrypeer: FollowingisthecomparisonwithourpeercompanieslistedinIndia: NameOftheCompany Fortheyearended2025 Face Revenue Basic Diluted P/E Return NAVper value from EPS EPS (based onnet Equity (₹) operations on worth Share(₹) (₹inlakhs)(1) (₹) (₹) Dilute (%) dEPS) SawaliyaFoodProducts 10 3,418,42 9.49 9.49 12.64 54.91% 17.29 Limited PeerGroup PrimeFreshLimited 10 20,676.55 6.69 6.69 25.40 13.07% 51.67 Source:AllthefinancialinformationforlistedindustrypeersmentionedaboveisonConsolidatedbasisasavailablesourced fromthefinancialReportsofthepeercompanyuploadedontheBSEwebsitefortheyearendedMarch31,2025. Notes: 1. P/ERatiohasbeencomputedbasedontheclosingmarketpriceofequitysharesontheBSEwebsiteonJuly21,2025, dividedbytheDilutedEPS. 2. ReturnonNet-worthhasbeencomputedastheNetProfitaftertax,asrestateddividedbyNet-worth,asrestated(Networth includesharecapitalandreservesandsurplus) 3. NAViscomputedastheclosingnetworthdividedbytheweightedaveragenumberofequitysharesoutstanding. 113Investors should read the above mentioned information along with “Risk Factors”, “Our Business”, Management DiscussionandAnalysisofFinancialPositionandResultsofOperations”and“FinancialInformation”onpages29,139, 227and193,respectively,tohaveamoreinformedview.ThetradingpriceoftheEquitySharescoulddeclineduetothe factorsmentionedinthe“RiskFactors”andyoumayloseallorpartofyourinvestments. 6. Keyfinancialandoperationalperformanceindicators(“KPIs”) The KPIs disclosed below have been used historically by our Company to understand and analyse the business performance,whichinresult,helpusinanalysingthegrowthofvariousverticals. OurCompanyconfirmsthatitshallcontinuetodisclosealltheKPIsincludedinthissectiononaperiodicbasis,atleast onceinayear(oranylesserperiodasdeterminedbytheBoardofourCompany),foradurationofoneyearafterthedate oflistingoftheEquitySharesontheStockExchangeortillthecompleteutilisationoftheproceedsoftheFreshIssueas per the disclosure made in the Objects of the Offer Section, whichever is later or for such other duration as may be requiredundertheSEBIICDRRegulations. KPI Explanations RevenuefromOperations RevenuefromOperationsisusedbyourmanagementtotracktherevenueprofileof (₹Lakhs) the business and in turn helps assess the overall financial performance of our Companyandsizeofourbusiness. TotalRevenue TotalRevenueisusedtotackthetotalrevenuegeneratedbythebusinessincluding otherincome. EBITDA(₹Lakhs) EBITDAprovidesinformationregardingtheoperationalefficiencyofthebusiness. EBITDAMargin(%) EBITDA Margin is an indicator of the operational profitability and financial performanceofourbusiness. Profit After Tax Profit after tax provides information regarding the overall profitability of the (₹Lakhs) business. PATMargin PATMarginisanindicatoroftheoverallprofitabilityandfinancialperformanceof ourbusiness. RoE(%) RoE provides how efficiently our Company generates profits from shareholders’ funds. DebtToEquityRatio Debt-to-equity(D/E)ratioisusedtoevaluateacompany’sfinancialleverage. InterestCoverageRatio The interest coverage ratio is a debt and profitability ratio used to determine how easilyacompanycanpayinterestonitsoutstandingdebt. Return on Capital Itiscalculatedasprofitbeforetaxplusfinancecostsdividedbytotalequityplusnon- employed(RoCE)(%) currentliabilities. CurrentRatio It tells management how business can maximize the current assets on its balance sheettosatisfyitscurrentdebtandotherpayables. Net Capital Turnover Thismetricenablesustotrackthehoweffectivelycompanyisutilizingitsworking Ratio capitaltogeneraterevenue. The KPIs disclosed below have been approved by a resolution of our Audit Committee dated July 25, 2025 and the membersoftheAuditCommitteehaveverifiedthedetailsofallKPIspertainingtotheCompany.Further,themembers of the Audit Committee have confirmed that there are no KPIs pertaining to our Company that have been disclosed to anyinvestorsatanypointoftimeduringthethreeyearsperiodpriortothedateoffilingofthisProspectus.Further,the KPIshereinhavebeencertifiedbytheStatutoryAuditorsM/sMaheshwariandGupta,CharteredAccounts(ICAIFirm RegistrationNo.:006179C),bytheircertificatedatedJuly25,2025. FinancialKPIofourCompany SrNo. Metric AsofandfortheFiscal 2025 2024 2023 1 RevenueFromoperations(₹inLakhs) 3,418.42 2,339.78 1,508.87 2 TotalIncome(₹inLakhs) 3,433.84 2,367.04 1,530.26 3 OperatingEBITDA(₹inLakhs) 1,221.82 612.30 168.87 4 OperatingEBITDAMargin(%) 35.74% 26.17% 11.19% 5 ProfitAfterTax(₹inLakhs) 694.57 311.96 59.41 6 PATMargin(%) 20.32% 13.33% 3.94% 7 ReturnonEquity(ROE)(%) 75.70% 75.30% 25.99% 114SrNo. Metric AsofandfortheFiscal 2025 2024 2023 8 ReturnonCapitalEmployed(ROCE)(%) 48.96% 49.24% 14.40% 9 DebttoEquityRatio 1.78 2.27 5.17 10 CurrentRatio 1.71 1.37 1.24 11 NetCapitalTurnoverRatio 2.22 4.77 6.96 Notes: a) Ascertifiedby theStatutoryAuditorsM/sMaheshwariandGupta,CharteredAccounts(ICAIFirmRegistrationNo.:006179C) pursuanttotheircertificatedatedJuly25,2025.TheAuditcommitteeinitsresolutiondatedJuly11,2025hasconfirmedthatthe Company has not disclosed any KPIs to any investors at any point of time during the three years preceding the date of this Prospectusotherthanasdisclosedinthissection. b) RevenuefromOperationsmeanstheRevenuefromOperationsasappearingintheRestatedFinancialStatements. c) OperatingEBITDAreferstoearningsbeforeinterest,taxes,depreciation,amortizationlessotherincome. d) OperatingEBITDAMarginreferstoOperatingEBITDAduringagivenperiodasapercentageofrevenuefromoperationsduring thatperiod. e) PATMarginquantifiesourefficiencyingeneratingprofitsfromourrevenueandiscalculatedbydividingournetprofitaftertaxes byrevenuefromoperations. f) Returnonequity(RoE)isequaltoprofitfortheyeardividedbytheAveragetotalequityandisexpressedasapercentage. g) RoCE(ReturnonCapitalEmployed)(%)iscalculatedasEBITdividedbycapitalemployed.Capitalemployediscalculatedas TotalEquityplusLongtermDebt. h) DebttoEquityratioiscalculatedbydividingthetotaldebtbytotalequity. i) CurrentRatioisaliquidityratiothatmeasuresourabilitytopayshort-termobligations(thosewhichareduewithinoneyear)and iscalculatedbydividingthecurrentassetsbycurrentliabilities. j) NetCapitalTurnoverRatioquantifiesoureffectivenessinutilizingourworkingcapitalandiscalculatedbydividingourrevenue fromoperationsbyourworkingcapital(i.e.,currentassetslesscurrentliabilities). See “Management Discussion and Analysis of Financial Position and Results of Operations” on page 227 for the reconciliationandthemannerofcalculationofourkeyfinancialperformanceindicators. For further information in relation to historical use of such KPIs by our Company to monitor the operational and/or financialperformanceofourCompany,“OurBusiness—KeyPerformanceIndicators”onpage141. ComparisonoffinancialKPIsandOperationalKPIsofourCompanyandourlistedpeer. Metric SawaliyaFoodProductsLimited PrimeFreshLimited Asofand Asofand Asofand Asofand Asofand Asofand forthe forthe forthe forthe forthe forthe Fiscal2025 Fiscal2024 Fiscal2023 Fiscal2025 Fiscal2024 Fiscal2023 RevenueFromoperations 3,418.42 2,339.78 1,508.87 20,676.55 14,920.90 9,934.55 (₹inLakhs) Totalrevenue(₹inlakhs) 3,433.84 2,367.04 1,530.26 20,770.86 14,957.55 9,969.15 Operating EBITDA (₹ in 1,221.82 612.30 168.87 1,237.98 973.46 710.71 lakhs) Operating EBITDA 35.74% 26.17% 11.19% 5.99% 6.52% 7.15% Margin(%) Profit after tax (₹ in 694.57 311.96 59.41 921.42 704.46 512.69 lakhs) PATMargin(%) 20.32% 13.33% 3.94% 4.46% 4.72% 5.16% Return on Equity (ROE) 75.70% 75.30% 25.99% 13.90% 15.24% 19.44% (%) Return on Capital 48.96% 49.24% 14.40% 18.62% 16.02% 24.06% Employed(ROCE)(%) DebttoEquityRatio 1.78 2.27 5.17 0.06 0.00 0.16 CurrentRatio 1.71 1.37 1.24 7.90 7.37 4.07 Net Capital Turnover 2.22 4.77 6.96 3.00 2.79 3.43 Ratio Notes: a) RevenuefromOperationsmeanstheRevenuefromOperationsasappearingintheRestatedFinancialStatements. b) OperatingEBITDAreferstoearningsbeforeinterest,taxes,depreciation,amortizationlessotherincome. 115c) OperatingEBITDAMarginreferstooperatingEBITDAduringagivenperiodasapercentageofrevenuefromoperations duringthatperiod. d) PATMarginquantifiesourefficiencyingeneratingprofitsfromourrevenueandiscalculatedbydividingournetprofitafter taxesbyrevenuefromoperations. e) Returnonequity(RoE)isequaltoprofitfortheyeardividedbytheAveragetotalequityandisexpressedasapercentage. f) RoCE(ReturnonCapitalEmployed)(%)iscalculatedasEBITdividedbycapitalemployed.Capitalemployediscalculated asTotalEquityplusLongtermDebt(Debtincludesleaseliabilities). g) DebttoEquityratioiscalculatedbydividingthetotaldebt(Debtincludesleaseliabilities)bytotalequity. h) CurrentRatioisaliquidityratiothatmeasuresourabilitytopayshort-termobligations(thosewhichareduewithinone year)andiscalculatedbydividingthecurrentassetsbycurrentliabilities. i) NetCapitalTurnoverRatioquantifiesoureffectivenessinutilizingourworkingcapitalandiscalculatedbydividingour revenuefromoperationsbyourworkingcapital(i.e.,currentassetslesscurrentliabilities). 7. Weightedaveragecostofacquisition(“WACA”),floorpriceandcapprice (a) ThepricepershareofourCompanybasedontheprimary/newissueofshares(equity/convertiblesecurities) Therehavebeennoprimary/newissueofEquitySharesorconvertiblesecurities,excludingsharesissuedunder ESOP/ESOSandissuanceofbonusshares,duringthe18monthsprecedingthe dateofthisProspectus, where such issuance is equal to or more that 5% of the fully diluted paid-up share capital of ourCompany (calculatedbasedonthepre-Issuecapitalbeforesuchtransaction(s)andexcludingESOPsgrantedbutnotvested), in a single transaction or multiple transactions combined together over a span of rolling 30 days (b) The price per share of our Company based on secondary sale/ acquisitions of shares (equity / convertible securities) There have been no secondary sale/ acquisitions of Equity Shares or any convertible securities, where our Promoters, members ofourPromoterGroup orShareholder(s) having the right to nominatedirector(s)in the Board of Directors of the Company are a party to the transaction (excluding gifts), during the 18 months preceding the date of this Prospectus, where either acquisition or sale is equal to or more than 5% of the fully diluted paid up share capital of the Company (calculated based on the pre-Issue capital before such transaction(s)and excluding ESOPs granted but not vested),in a single transaction or multiple transactions combinedtogetheroveraspanofrolling30days Since there are no such transactions to report to under (a) and (b) therefore, information based on last five primary or secondarytransactions(secondarytransactionswhereourPromoters/membersofourPromoter Group orShareholder(s) having the right to nominate director(s) in the Board ofourCompany, are a party to the transaction),during the threeyears prior to the date of thisProspectusirrespectiveofthesizeoftransactions,isasbelow Primarytransactions Dateofallotment No.ofequity Face Issue Natureof Natureof Total shares value price allotment consideration Consideration allotted per per (in₹lakhs) equity equity share share (₹) (₹) May23,2024 51,96,576 10 - Bonusissue Otherthancash - intheratio of42(forty- two) bonusshares forevery 1(one) existing Equity Share. September02,2024 19,95,116 10 - Bonusissue Otherthancash - intheratio of3(three) bonusshares 116Dateofallotment No.ofequity Face Issue Natureof Natureof Total shares value price allotment consideration Consideration allotted per per (in₹lakhs) equity equity share share (₹) (₹) forevery 8(eight) existing Equity Share. Weightedaveragecostofacquisition(WACA) Nil SecondaryTransactions Dateof Nameof Nameof No.of Face Priceof Nature Natureof Total Transfe Transferor Transferee Securities valueof securities of consideration Conside r Securities (₹) transact ration ion (in₹ lakhs) May15, KamlaBai Priya 7,542 10 NA Gift Otherthan - 2024 Somani Somani cash May15, KamlaBai Vranda 13,904 10 NA Gift Otherthan - 2024 Somani Baheti cash May25, Krishna KamlaBai 10 10 500 Transfer Cash 0.05 2024 Kant Somani Somani July18, Vranda Raghav 1,92,530 10 NA Gift Otherthan - 2024 Baheti Somani cash July18, Hansa Raghav 7,09,366 10 NA Gift Otherthan - 2024 Somani Somani cash July18, Madhav Raghav 1,92,530 10 NA Gift Otherthan - 2024 Somani Somani cash July18, Vranda Priya 1,92,530 10 NA Gift Otherthan - 2024 Baheti Somani cash July18, Madhav Priya 7,34,760 10 NA Gift Otherthan - 2024 Somani Somani cash July18, Krishna Priya 7,09,356 10 NA Gift Otherthan - 2024 Kant Somani cash Somani Weightedaveragecostofacquisition(WACA) Nil FloorpriceandcappricebeingXtimestheweightedaveragecostofacquisition(WACA)basedonprimary/secondary transaction(s)asdisclosedintermsofclause(a)and(b),shallbedisclosedinthefollowingmanner: PastTransactions Weightedaverage FloorPrice CapPrice costofacquisition (₹) ₹114 ₹120 WACAofEquitySharesthatwereissuedbyour N.A. N.A. N.A. Company WACAofEquitySharesthatwereacquiredor N.A. N.A. N.A. soldbywayofsecondarytransactions Since there were no primary or secondary transactions of equity shares of our Company during the 18 months preceding the date of filing of this Prospectus, the information has been disclosed for price per share of our CompanybasedonthelastfiveprimaryorsecondarytransactionswhereourPromoters/membersofourPromoterGroup orShareholder(s)havingtherighttonominatedirector(s)ontheBoardofourCompany,areapartytothetransaction, duringthethreeyearspriortothedateoffilingofthisProspectusirrespectiveofthesizeofthetransaction,isasbelow: a)Basedonprimaryissuances Nil N.A. N.A. b)Basedonsecondarytransactions Nil N.A. N.A. 1178. JustificationforBasisforOfferPrice. ExplanationforOfferPrice/CapPricebeingXpriceofweightedaveragecostofacquisitionofprimaryissuanceprice/ secondarytransactionpriceofEquityShares(setoutin7above)alongwithourCompany’skeyperformanceindicators fortheFiscals2025,2024and2023. • OurCompanysuppliesdehydratedvegetablestoleadingFMCGplayersforready-to-eatproducts,contributingover 60%ofrevenueinrecentfiscals.WithIndia’sfoodprocessingsectorprojectedtogrowsignificantly,thispremier customerbaseensuresstableandscalablebusinessoperations. • Our Company’s flexible manufacturing setup and customer-driven approach enable rapid product diversification, reflectedinrevenuegrowthfrom₹1,508.87lakhsinFiscal2023to₹3,418.42lakhsinFiscal2025.Keycontributors in Fiscal 2025 include dehydrated carrot cubes (A grade) at ₹ 1,052.46 lakhs, ring beans (A grade) at ₹ 1,043.45 lakhs, and cabbage flakes (A grade) at ₹ 533.74 lakhs, demonstrating our ability to scale high-demand products whilereducingrelianceonanysingleoffering. • Our Company adopts sustainable practices by sourcing quality vegetables directly from farmers and using eco- friendly technology to reduce environmental impact. Investments in solar energy and resource-efficient processes strengthenourcompetitivenessandsupportlong-term,responsiblegrowth. • OurCompanyensuresstringentqualitycontrolthroughadvancedautomation,in-houselabs,andregulatory-certified processes, supported by a skilled Quality Division. With multiple global certifications and regular audits, we consistentlydeliversafe,compliant,andhigh-qualitydehydratedvegetableproducts. • Ourexperiencedmanagementteam,withdeeprootsintheFMCGindustry,playsavitalroleinstrategicdecision- makingandoperationalgrowth.Theirprovenexpertiseandstabilitypositionuswelltocapitaliseonfuturemarket opportunitiesandbusinessexpansion. 9. TheOfferPriceis12timesoftheFaceValueoftheEquityShares. TheOfferPriceof₹120hasbeendeterminedbyourCompany,inconsultationwiththeBRLM,onthebasisofmarket demandfrominvestorsforEquityShares,asdeterminedthroughtheBookBuildingProcess,andisjustifiedinviewof the above qualitative and quantitative parameters. Investors should read the above-mentioned information along with “RiskFactors”,“OurBusiness”,“ManagementDiscussionandAnalysisofFinancialPositionandResultsofOperations” and “Financial Information” on pages 29, 139, 227 and 193, respectively, to have a more informed view. The trading priceoftheEquitySharescoulddeclineduetothefactorsmentionedinthe“RiskFactors”andyoumayloseallorpart ofyourinvestments. 118STATEMENTOFPOSSIBLESPECIALTAXBENEFITS To, TheBoardofDirectors SawaliyaFoodProductsLimited (FormerlyknownasSAWALIYAFOODPRODUCTSPRIVATELIMITED) SurveyNo.9/2/1/2Gavla, TehsilPithampur,Dhar-454775, MadhyaPradesh,India. DearSir(s): Sub: Proposed initial public offering of equity shares of ₹ 10 each (the “Equity Shares”) of Sawaliya Food ProductsLimited(the“Company”andsuchoffering,the“Issue”) WereportthattheenclosedstatementinAnnexureA,statesthepossiblespecialtaxbenefitsavailabletotheCompany andtoitsshareholdersundertheapplicabletaxlawspresentlyinforceinIndiaincludingtheIncomeAct,1961(‘Act’), as amended by the Finance Act, 2023 i.e. applicable for FY 2023-2024, AY 2024-2025 and AY 2025-2026 and other direct tax laws presently in force in India. Several of these benefits are dependent on the Company or its shareholders fulfillingtheconditionsprescribedundertherelevantprovisionsofthestatute.Hence,theCompanyoritsshareholders to derive the stated special tax benefits is dependent upon their fulfilling such conditions, which based on business imperativestheCompanyfacesinthefuture,theCompanymayormaynotchoosetofulfill. The benefits discussed in the enclosed annexure are not exhaustive. This statement is only intended to provide general informationtotheinvestorsandisneitherdesignednorintendedtobeasubstituteforprofessionaltaxadvice.Inviewof the individual nature of the tax consequences and the changing tax laws, each investor is advised to consult his or her own tax consultant with respect to the specific tax implications arising out of their participation in the Issue. We are neithersuggestingnoradvisingtheinvestortoinvestmoneybasedonthisstatement. Wedonotexpressanyopinionorprovideanyassuranceastowhether: i) theCompanyoritsshareholderswillcontinuetoobtainthesebenefitsinfuture;or ii) theconditionsprescribedforavailingthebenefitshavebeen/wouldbemetwith. The contents of the enclosed statement are based on information, explanations and representations obtained from the CompanyandonthebasisofourunderstandingofthebusinessactivitiesandoperationsoftheCompany. The benefits discussed in the enclosed statement are not exhaustive nor are they conclusive. The contents stated in the annexurearebasedontheinformation,explanationsandrepresentationsobtainedfromtheCompany. We hereby give consent to include this statement of tax benefits in the Draft Red Herring Prospectus, Red Herring Prospectus, this Prospectus and submission of this certificate as may be necessary, to the Stock Exchange/ SEBI/ any regulatoryauthorityand/orfortherecordstobemaintainedbytheBookRunningLeadManagerinconnectionwiththe Issueandinaccordancewithapplicablelaw. Terms capitalized and not defined herein shall have the same meaning as ascribed to them in the Draft Red Herring Prospectus/RedHerringProspectus/Prospectus. Sincerely, ForM/sMaheshwari&Gupta, CharteredAccountants ICAIFirmRegistrationNo.:403346 CASunilMaheshwari Partner MembershipNo:403346 Place:Indore Date:25.07.2025 UDIN:25403346BMIIKB8989 119Annexure-A ANNEXURE TO THE STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS AVAILABLE TO THE COMPANYANDITSSHAREHOLDERS The information provided below sets out the possible special tax benefits available to the Company and the Equity ShareholderundertheIncomeTaxAct1961(readwiththerules,circularsandnotificationsissuedinconnectionthereto), asamendedbytheFinanceAct,2021presentlyinforceinIndia.Itisnotexhaustiveorcomprehensiveandisnotintended tobeasubstituteforprofessionaladvice.Investorsareadvisedtoconsulttheirowntaxconsultantwithrespecttothetax implicationsofaninvestmentintheEquitySharesparticularlyinviewofthefactthatcertainrecentlyenactedlegislation maynothaveadirectlegalprecedentormayhaveadifferentinterpretationonthebenefits,whichaninvestorcanavail. A. SPECIALTAXBENEFITSTOTHECOMPANYUNDERTHEINCOMETAXACT,1961(THE“ACT”) TherearenopossiblespecialtaxbenefitsavailabletothecompanyunderIncomeTaxAct,1961readwiththerelevant IncomeTaxRules,1962,theCustomsTariffAct,1975,theCentralGoodsandServicesTaxAct,2017,theIntegrated GoodsandServicesTaxAct,2017,theUnionTerritoryGoodsandServicesTaxAct,2017,respectiveStateGoods andServicesTaxAct,2017andGoodsandServicesTax(CompensationtoStates)Act,2017readwiththerelevant CentralGoodsandServicesTaxRules,2017,IntegratedGoodsandServicesTaxRules,2017,UnionTerritoryGoods and Services Tax Rules, State Goods and Services Tax Rules, 2017 and notifications issued under these Acts and Rulesandtheforeigntradepolicy. B. SPECIAL TAX BENEFITS TO THE SHAREHOLDERS UNDER THE INCOME TAX ACT, 1961 (THE “ACT”) TherearenoSpecialtaxbenefitsavailabletotheshareholdersoftheCompany. Notes: 1. WehavenotconsideredthegeneraltaxbenefitsavailabletotheCompany,orshareholdersoftheCompany. 2. TheaboveisaspertheTaxLawsasondate. 3. TheaboveStatementofpossiblespecialtaxbenefitssetsouttheprovisionsofTaxLawsinasummarymanneronly andisnotacompleteanalysisorlistingofalltheexistingandpotentialtaxconsequencesofthepurchase,ownership anddisposalofEquityShares. 4. This Statement does not discuss any tax consequences in any country outside India of an investment in the Equity Shares. The subscribers of the Equity Shares in the country other than India are urged to consult their own professionaladvisersregardingpossibleincome–taxconsequencesthatapplytothem. 120SECTIONV–ABOUTTHECOMPANY INDUSTRYOVERVIEW MACROECONOMIC:OVERVIEW Globalgrowthisexpectedtoremainstableyetunderwhelming.However,notablerevisionshavetakenplace beneaththesurfacesinceApril2024,withupgradestotheforecastfortheUnitedStatesoffsettingdowngrades to those for other advanced economies, in particular, the largest European countries. Likewise, in emerging market and developing economies, disruptions to production and shipping of commodities—especially oil— conflicts, civil unrest, and extreme weather events have led to downward revisions to the outlook for the MiddleEastandCentralAsiaandthatforsub-SaharanAfrica.Thesehavebeencompensatedforbyupgrades to the forecast for emerging Asia, where surging demand for semiconductors and electronics, driven by significantinvestmentsinartificialintelligence,hasbolsteredgrowth,atrendsupportedbysubstantialpublic investment in China and India. Five years from now, global growth should reach 3.1 percent—a mediocre performancecomparedwiththepre-pandemicaverage. As global disinflation continues, services price inflation remains elevated in many regions, pointing to the importance of understanding sectoral dynamics and of calibrating monetary policy accordingly, as discussed in Chapter 2. With cyclical imbalances in the global economy waning, near-term policy priorities should be carefully calibrated to ensure a smooth landing. At the same time, structural reforms are necessary to lift medium-term growth prospects, while support for the most vulnerable should be maintained. Chapter 3 discussesstrategiestoenhancethesocialacceptabilityofthesereforms—acrucialprerequisiteforsuccessful implementation. Global growth is expected to remain stable yet underwhelming. At 3.2 percent in 2024 and 2025, the growth projection is virtually unchanged from those in both the July 2024 World Economic Outlook Update and the April2024WorldEconomicOutlook.However,notablerevisionshavetakenplacebeneaththesurface,with upgradestotheforecastfortheUnitedStatesoffsettingdowngradestothoseforotheradvancedeconomies— in particular, the largest European countries. Likewise, in emerging market and developing economies, disruptions to production and shipping of commodities—especially oil—conflicts, civil unrest, and extreme weather events have led to downward revisions to the outlook for the Middle East and Central Asia and that for sub-Saharan Africa. These have been compensated for by upgrades to the forecast for emerging Asia, where surging demand for semiconductors and electronics, driven by significant investments in artificial intelligence,hasbolsteredgrowth.Thelatestforecastforglobalgrowthfiveyearsfromnow––at3.1percent— remains mediocre compared with the pre-pandemic average. Persistent structural headwinds—such as populationagingandweakproductivity—areholdingbackpotentialgrowthinmanyeconomies. Cyclical imbalances have eased since the beginning of the year, leading to a better alignment of economic activitywithpotentialoutputinmajoreconomies.Thisadjustmentisbringinginflationratesacrosscountries closertogetherandonbalancehascontributedtolowerglobalinflation.Globalheadlineinflationisexpected to fall from an annual average of 6.7 percent in 2023 to 5.8 percent in 2024 and 4.3 percent in 2025, with advanced economies returning to their inflation targets sooner than emerging market and developing economies. As global disinflation continues to progress, broadly in line with the baseline, bumpson the road to price stability are still possible. Goods prices have stabilized, but services price inflation remains elevated in many regions, pointing to the importance of understanding sectoral dynamics and of calibrating monetary policyaccordingly. Risks to the global outlook are tilted to the downside amid elevated policy uncertainty. Sudden eruptions in financialmarketvolatility—asexperiencedinearlyAugust—couldtightenfinancialconditionsandweighon investmentandgrowth,especiallyindevelopingeconomiesinwhichlargenear-termexternalfinancingneeds may trigger capital outflows and debt distress. Further disruptions to the disinflation process, potentially triggeredbynewspikesincommoditypricesamidpersistentgeopoliticaltensions,couldpreventcentralbanks fromeasingmonetarypolicy,whichwouldposesignificantchallengestofiscalpolicyandfinancialstability. Deeper- or longer-than-expected contraction in China’s property sector, especially if it leads to financial instability, could weaken consumer sentiment and generate negative global spill overs given China’s large 121footprint in global trade. An intensification of protectionist policies would exacerbate trade tensions, reduce marketefficiency,andfurtherdisruptsupplychains.Risingsocialtensionscouldpromptsocialunrest,hurting consumer and investor confidence and potentially delaying the passage and implementation of necessary structuralreforms. Ascyclicalimbalancesintheglobaleconomywane,near-termpolicyprioritiesshouldbecarefullycalibrated toensureasmoothlanding.Inmanycountries,shiftinggearsonfiscalpolicyisurgentlyneededtoensurethat public debt is on a sustainable path and to rebuild fiscal buffers; the pace of adjustment should be tailored to country-specific circumstances. Structural reforms are necessary to lift medium-term growth prospects, but support for the most vulnerable should be maintained. Chapter 3 discusses strategies to enhance the social acceptabilityofthesereforms—acrucialprerequisiteforsuccessfulimplementation.Multilateralcooperation isneededmorethanevertoacceleratethegreentransitionandtosupportdebt-restructuringefforts.Mitigating the risks of geo economic fragmentation and strengthening rules-based multilateral frameworks are essential toensurethatalleconomiescanreapthebenefitsoffuturegrowth. BASELINEOUTLOOK:STABLEGROWTHAMIDCONTINUINGDISINFLATION: Global growth is expected to remain broadly flat— decelerating from 3.3 percent in 2023 to 3.1 percent by 2029—and is largely unchanged from World Economic Outlook forecasts in April 2024 and October 2023 (Tables 1.1 and 1.2; Figure 1.12).1 Under the surface, however, offsetting revisions have brought major economies closer together as cyclical forces wane and GDP moves closer to potential. As inflation recedes, policy rates are expected to follow suit, preventing undue increases in real interest rates. Interest rates are expectedtograduallydescendtowardtheirnaturallevels:thelevelsofrisk-freerealWinterestratescompatible withoutputatpotentialandinflationattarget.AlthoughglobalrevisionstotheforecastsinceAprilhavebeen minimal, offsetting shifts at the country group level reflect recent shocks and policies, most notably in emerging market and developing economies. Cuts in production and shipping of commodities (oil in particular),conflicts,andcivilunresthaveledtodownwardrevisionsto theregionaloutlooksfor theMiddle EastandCentralAsiaandforsub-SaharanAfrica.Atthesametime,surgingdemandforsemiconductorsand electronics,drivenbysignificantinvestmentinartificialintelligence,hasfueledstrongergrowthinemerging Asia. 122GROWTHOUTLOOK:MAJORECONOMIESDRAWCLOSERTOGETHER: Following a reopening rebound in 2022, growth in advanced economies markedly slowed in 2023 and is projectedtoremainsteady,oscillatingbetween1.7and1.8percentuntil2029.Thisapparentstabilityconceals 123differing country dynamics as various cyclical forces unwind and economic activity gets back in line with potential.IntheUnitedStates,growthisexpectedtodecelerate,withoutputreachingpotentialfromaboveby 2029. In the United Kingdomand the euro area,on theotherhand,activity is projected toaccelerate,closing theoutputgapfrombelow.InJapan,wheretheoutputgapisalreadyclosed,GDPisexpectedtogrowinline withpotential. IntheUnitedStates,projectedgrowthfor2024hasbeenrevisedupwardto2.8percent,whichis0.2percentage point higher than the July forecast, on account of stronger outturns in consumption and non-residential investment. The resilience of consumption is largely the result of robust increases in real wages (especially amonglower-incomehouseholds)andwealtheffects.Growthisanticipatedtoslowto2.2percentin2025as fiscalpolicyisgraduallytightenedandacoolinglabourmarketslowsconsumption.WithGDPgrowthlower thanpotential,theoutputgapisexpectedtostartclosingin2025. In the euro area, growth seems to have reached its lowest point in 2023. A touch weaker than projected in April and July 2024, GDP growth is expected to pick up to a modest 0.8 percent in 2024 as a result of better export performance, in particular of goods. In 2025, growth is projected to rise further to 1.2 percent, helped bystrongerdomesticdemand.Risingrealwagesareexpectedtoboostconsumption,andagradualloosening ofmonetarypolicyisexpectedtosupportinvestment.Persistentweaknessinmanufacturingweighsongrowth for countries such as Germany and Italy. However, whereas Italy’s domestic demand is expected to benefit from the European Union–financed National Recovery and Resilience Plan, Germany is experiencing strain fromfiscalconsolidationandasharpdeclineinrealestateprices. Offsetting dynamics are also at play among other advanced economies. Growth is expected to decelerate in Japan in 2024, with the slowdown reflecting temporary supply disruptions and fading of one-off factors that boostedactivityin2023,suchasthesurgeintourism.WithrespecttoApril,growthisreviseddownward,by 0.6percentagepoint,to0.3percentfor2024,reflectingatemporarysupplydisruptioninthecarindustryand thebaseeffectofhistoricaldatarevisions.Anaccelerationto1.1ispredictedin2025,withgrowthboostedby privateconsumptionasrealwagegrowthstrengthens.IntheUnitedKingdom,incontrast,growthisprojected tohaveacceleratedto1.1percentin2024andisexpectedtocontinuedoingsoto1.5percentin2025asfalling inflationandinterestratesstimulatedomesticdemand. GROWTHOUTLOOK:EMERGINGMARKETSGETSUPPORTFROMASIA: Inamannersimilartothatforadvancedeconomies,thegrowthoutlookforemergingmarketanddeveloping economies is remarkably stable for the next two years, hovering at about 4.2 percent and steadying at 3.9 percent by 2029. And just as in advanced economies, offsetting dynamics are occurring between country groups.ComparedwiththatinApril,growthinemergingmarketanddevelopingeconomiesisrevisedupward by 0.1 percentage point for 2024, reflecting upgrades for Asia (China and India) that more than offset downgradesforsubSaharanAfricaandfortheMiddleEastandCentralAsia. Emerging Asia’s strong growth is expected to subside, from 5.7 percent in 2023 to 5.0 percent in 2025. This reflectsasustainedslowdownintheregion’stwolargestcountries.InIndia,theoutlookisforGDPgrowthto moderate from 8.2 percent in 2023 to 7 percent in 2024 and 6.5 percent in 2025, because pent-up demand accumulatedduringthepandemichasbeenexhausted,astheeconomyreconnectswithitspotential.InChina, the slowdown is projected to be more gradual. Despite persisting weakness in the real estate sector and low consumer confidence, growth is projected to have slowed only marginally to 4.8 percent in 2024, largely thankstobetter-than-expectednetexports.ComparedwiththatinApril,theforecasthasbeenrevisedupward by0.2percentagepointin2024and0.4percentagepointin2025.Recentpolicymeasuresmayprovideupside risktonear-termgrowth. Incontrast,growthintheMiddleEastandCentralAsiaisprojectedtopickupfromanestimated2.1percent in 2023 to 3.9 percent in 2025, as the effect on the region of temporary disruptions to oil production and shipping are assumed to fade away. Compared with that in April, the projection has been revised downward by0.4percentagepointfor2024,mainlytheresultoftheextensionofoilproductioncutsinSaudiArabiaand 124ongoingconflictinSudantakingalargetoll In sub-Saharan Africa, GDP growth is similarly projected to increase, from an estimated 3.6 percent in 2023 to4.2percentin2025,astheadverseimpacts ofpriorweathershocks abateandsupplyconstraintsgradually ease.ComparedwiththatinApril,theregionalforecastisreviseddownwardby0.2percentagepointfor2024 and upward by 0.1 percentage point for 2025. Besides the ongoing conflict that has led to a 26 percent contractionoftheSouthSudaneseeconomy,therevisionreflectsslowergrowthinNigeria,amidweaker-than- expectedactivityinthefirsthalfoftheyear. InLatinAmericaandtheCaribbean,growthisprojectedtodeclinefrom2.2percentin2023to2.1percentin 2024 before rebounding to 2.5 percent in 2025. In Brazil, growth is projected at 3.0 percent in 2024 and 2.2 percentin2025.Thisisanupwardrevisionof0.9percentagepointfor2024,comparedwithJuly2024World EconomicOutlookUpdateprojections,owingtostrongerprivateconsumptionandinvestmentinthefirsthalf of the year from a tight labour market, government transfers, and smaller-than-anticipated disruptions from floods. However, with the still-restrictive monetary policy and the expected cooling of the labour market, growth is expected to moderate in 2025. In Mexico, growth is projected at 1.5 percent in 2024, reflecting weakeningdomesticdemandonthebackofmonetarypolicytightening,beforeslowingfurtherto1.3percent in 2025 on a tighter fiscal stance. Overall, offsetting revisions leave the regional growth forecast broadly unchangedsinceApril. Growth in emerging and developing Europe is projected to remain steady at 3.2 percent in 2024 but to ease significantly to 2.2 percent in 2025. The moderation reflects a sharp slowdown in Russia from 3.6 percent in 2023to1.3percentin2025asprivateconsumptionandinvestmentslowamidreducedtightnessinthelabour marketandslowerwagegrowth.InTurkey,growthisexpectedtoslowfrom5.1percentin2023to2.7percent 125in2025,withtheslowdowndrivenbytheshifttomonetaryandfiscalpolicytighteningsincemid-2023. https://www.imf.org/en/Publications/WEO/Issues/2024/10/22/world-economic-outlook-october-2024 INDIANECONOMICOVERVIEW: StrongeconomicgrowthinthefirstquarterofFY23helpedIndiaovercometheUKtobecomethefifth-largest economyafteritrecoveredfromtheCOVID-19pandemicshock.NominalGDPorGDPatCurrentPricesfor Q1 2024-25 is estimated at Rs. 77.31 lakh crores (US$ 928.9 billion) with growth rate of 9.7%, compared to the growth of 8.5% for Q1 2023-24. The growth in nominal GDP during 2023-24 is estimated at 9.6% as compared to 14.2% in 2022-23.Strong domestic demand for consumption and investment, along with Government’scontinuedemphasisoncapitalexpenditureareseenasamongthekeydriveroftheGDPinthe second half of FY24. During the period April-September 2025, India’s exports stood at US$ 211.46 billion, withEngineeringGoods(26.57%),PetroleumProducts(16.51%)andelectronicgoods(7.39%)beingthetop three exported commodity. Rising employment and increasing private consumption, supported by rising consumersentiment,willsupportGDPgrowthinthecomingmonths. Future capital spending of the government in the economy is expected to be supported by factors such as tax buoyancy, the streamlined tax system with low rates, a thorough assessment and rationalisation of the tariff structure,andthedigitizationoftaxfiling.Inthemediumrun,increasedcapitalspendingoninfrastructureand asset-building projects is set to increase growth multipliers. The contact-based services sector has demonstrated promise to boost growth by unleashing the pent-up demand. The sector's success is being capturedbyanumberofHFIs(High-FrequencyIndicators)thatareperformingwell,indicatingthebeginnings ofacomeback. India has emerged as the fastest-growing major economy in the world and is expected to be one of the top three economic powers in the world over the next 10-15 years, backed by its robust democracy and strong partnerships. India'sappealasadestinationforinvestmentshasgrownstrongerandmoresustainablebecauseofthecurrent periodofglobalunpredictabilityandvolatility,andtherecordamountsofmoneyraisedbyIndia-focusedfunds in2022areevidenceofinvestorfaithinthe"InvestinIndia"narrative. RealGDPorGDPatConstant(2011-12)PricesfortheperiodQ12024-25isestimatedatRs.43.64lakhcrore (US$ 524 billion), against the First Revised Estimates (FRE) of GDP for the year Q1 2023-24 of Rs. 40.91 lakh crore (US$ 491 million). The growth in real GDP during 2023-24 is estimated at 8.2% as compared to 7.0%in2022-23.Thereare113unicornstartupsinIndia,withacombinedvaluationofoverUS$350billion. As many as 14 tech startups are expected to list in 2024 Fintech sector poised to generate the largest number of future unicorns in India. With India presently has the third-largest unicorn base in the world. The governmentisalsofocusingonrenewablesourcesbyachieving40%ofitsenergyfromnon-fossilsourcesby 2030. India is committed to achieving the country's ambition of Net Zero Emissions by 2070 through a five- prongedstrategy,‘Panchamrit’.Moreover,Indiaranked3rdintherenewableenergycountryattractiveindex. AccordingtotheMcKinseyGlobalInstitute,Indianeedstoboostitsrateofemploymentgrowthandcreate90 million non-farm jobs between 2023 to 2030 in order to increase productivity and economic growth. The net employmentrateneedstogrowby1.5%perannumfrom2023to2030toachieve8-8.5%GDPgrowthbetween sametimeperiods.India’scurrentaccountdeficit(CAD)narrowedto0.7%ofGDPinFY24.TheCADstood atUS$9.7billionfortheQ12024-25fromUS$8.9billioninQ12023-24or1.1%ofGDP.Thiswaslargely duetodecreaseinmerchandisetradedeficit. Exports fared remarkably well during the pandemic and aided recovery when all other growth engines were losing steam in terms of their contribution to GDP. Going forward, the contribution of merchandise exports may waver as several of India’s trade partners witness an economic slowdown. According to Minister of Commerce and Industry, Consumer Affairs, Food and Public Distribution and Textiles Mr. Piyush Goyal, 126IndianexportsareexpectedtoreachUS$1trillionby2030. RECENTDEVELOPMENTS: Indiaisprimarilyadomesticdemand-driveneconomy,withconsumptionandinvestmentscontributingto70% oftheeconomicactivity.Withanimprovementintheeconomic scenario and the Indian economy recovering from the Covid-19 pandemic shock, several investments and developments have been made across various sectors of the economy. According to World Bank, India must continue to prioritise lowering inequalitywhilealsoputtinggrowth-orientedpoliciesintoplace to boost the economy. In view of this, there have been some developments that have taken place in the recent past. Some of themarementionedbelow. ● According to HSBC Flash India PMI report, business activity surged in April to its highest level in about 14 years as well as sustained robust demand. The composite index reached 62.2, indicating continuous expansion since August 2021, alongside positive job growth and decreased input inflation, affirmingIndia'sstatusasthefastest-growingmajoreconomy. ● As of October 11, 2024, India’s foreign exchange reserves stoodatUS$690.43billion. ● In1H2024,IndiasawatotalofUS$31.5billioninPE-VCinvestments. ● India secured 39th position out of 133 economies in the Global Innovation Index 2024. India rose from 81st position in 2015 to 39th position in 2024. India ranks 3rdposition in the global number of scientificpublications. ● In September 2024, the gross Goods and Services Tax (GST) stood at highest monthly revenue collectionatRs.1.73lakhcrore(US$20.83billion). ● BetweenApril2000–June2024,cumulativeFDIequityinflowstoIndiastoodatUS$1,013.45billion. ● In August 2024, the overall IIP (Index of Industrial Production) stood at 145.6. The Indices of Industrial Production for the mining, manufacturing and electricity sectors stood at 125.1, 147.1 and 219.3,respectively. ● According to data released by the Ministry of Statistics & Programme Implementation (MoSPI), India’sConsumerPriceIndex(CPI)basedretailinflationreached5.49%(Provisional)forSeptember 2024. ● Foreign Institutional Investors (FII) inflows between April-July (2023-24) were close to Rs. 80,500 Crores (US$ 9.67 billion), while Domestic Institutional Investors (DII) sold Rs. 4,500 Crores (US$540.56 million) in the same period. As per depository data, Foreign Portfolio Investors (FPIs) invested(US$13.89billion)inIndiaduringJanuary-(upto15thJuly)2024. ● ThewheatprocurementduringRabiMarketingSeason(RMS)2024-25(tillMay)wasestimatedtobe 266 Lakhs metric tonnes (LMT) and the rice procured in Kharif Marketing Season (KMS) 2024-25 was400LMT. GOVERNMENTINITIATIVES: Over the years, the Indian government has introduced many initiatives to strengthen the nation's economy. TheIndiangovernmenthasbeeneffectiveindevelopingpoliciesandprogrammesthatarenotonlybeneficial for citizens to improve their financial stability but also for the overall growth of the economy. Over recent decades, India's rapid economic growth has led to a substantial increase in its demand for exports. Besides this,anumberofthegovernment'sflagshipprogrammes,includingMakeinIndia,Start-upIndia,DigitalIndia, theSmartCityMission,andtheAtalMissionforRejuvenationandUrbanTransformation,isaimedatcreating immenseopportunitiesinIndia.Inthisregard,someoftheinitiativestakenbythegovernmenttoimprovethe economicconditionofthecountryarementionedbelow: 127● InJuly2024,theMinistryofFinanceheldtheUnionBudgetandannouncedthatfor2024-25,thetotal receipts other than borrowings and the total expenditure are estimated at Rs. 32.07 lakh crore (US$ 383.93billion)andRs.48.21lakhcrore(US$577.16billion),respectively. ● InFebruary2024,theFinanceMinistryannouncedthetotalexpenditureinInterim2024-25estimated atRs.47,65,768Crores(US$571.64billion)ofwhichtotalcapitalexpenditureisRs.11,11,111Crores (US$133.27billion). ● On January 22, 2024, Prime MinisterMr. Narendra Modi announced the 'Pradhan Mantri Suryodaya Yojana'.Underthisscheme,1crorehouseholdswillreceiverooftopsolarinstallations. ● OnSeptember17,2023,PrimeMinisterMr.NarendraModilaunchedtheCentralSectorSchemePM- VISHWAKARMA in New Delhi. The new scheme aims to provide recognition and comprehensive support to traditional artisans & craftsmen who work with their hands and basic tools. This initiative isdesignedtoenhancethequality,scale,andreachoftheirproducts,aswellastointegratethemwith MSMEvaluechains. ● On August 6, 2023, Amrit Bharat Station Scheme was launched to transform and revitalize 1309 railway stations across the nation. This scheme envisages development of stations on a continuous basiswithalong-termvision. ● On June 28, 2023, the Ministry of Environment, Forests, and Climate Change introduced the ‘Draft CarbonCreditTradingScheme,2023’. ● From April 1, 2023, Foreign Trade Policy 2023 was unveiled to create an enabling ecosystem to supportthephilosophyof‘AatmanirbharBharat’and‘LocalgoesGlobal’. ● ToenhanceIndia’smanufacturingcapabilitiesbyincreasinginvestmentandproductioninthesector, the government of India has introduced the Production Linked Incentive Scheme (PLI) for Pharmaceuticals. ● PrimeMinister’sDevelopmentInitiativeforNorth-EastRegion(PM-DevINE)wasannouncedinthe UnionBudget2022-23withafinancialoutlayofRs.1,500Crores(US$182.35million). ● Prime Minister Mr Narendra Modi has inaugurated a new food security scheme for providing free food grains to Antyodaya Ann Yojna (AAY) & Primary Household (PHH) beneficiaries, called PradhanMantriGaribKalyanAnnYojana(PMGKAY)fromJanuary1,2023. ● The Amrit Bharat Station scheme for Indian Railways envisages the development of stations on a continuous basis with a long-term vision, formulated on December 29, 2022, by the Ministry of Railways. ● OnOctober7,2022,theDepartmentforPromotionofIndustry,andInternalTrade(DPIIT)launched Credit Guarantee Scheme for Start-ups (CGSS) aiming to provide credit guarantees up to a specified limit by start-ups, facilitated by Scheduled Commercial Banks, Non-Banking Financial Companies andSecuritiesandExchangeBoardofIndia(SEBI)registeredAlternativeInvestmentFunds(AIFs). ● Telecom Technology Development Fund (TTDF) Scheme was launched in October 2022 by the Universal Service Obligation Fund (USOF), a body under the Department of Telecommunications. The objective is to fund R&D in rural-specific communication technology applications and form synergies among academia, start-ups, research institutes, and the industry to build and develop the telecomecosystem. ● Home&CooperationMinisterMr.AmitShahlaidthefoundationstoneandperformedBhoomiPujan of Tanot Mandir Complex Project under Border Tourism Development Programme in Jaisalmer in September2022. ● InAugust2022,Mr.NarendraSinghTomar,MinisterofAgricultureandFarmersWelfare inaugurated four new facilities at the Central Arid Zone Research Institute (CAZRI), which has been rendering excellentservicesformorethan60yearsundertheIndianCouncilofAgriculturalResearch(ICAR). ● InAugust2022,aSpecialFoodProcessingFundofRs.2,000Crores(US$242.72million)wassetup with NationalBank for Agricultureand RuralDevelopment (NABARD)to provide affordable credit forinvestmentsinsettingupMegaFoodParks(MFP)aswellasprocessingunitsintheMFPs. ● InJuly2022,DeendayalPortAuthority(DPA)announcedplanstodeveloptwoMegaCargoHandling TerminalsonaBuild-Operate-Transfer(BOT)basisunderPublic-PrivatePartnership(PPP)Modeat anestimatedcostofRs.5,963Crores(US$747.64million). ● InJuly2022,theUnionCabinetchairedbyPrimeMinisterMr.NarendraModi,approvedthesigning 128of the Memorandum of Understanding (MoU) between India & Maldives. This MoU will provide a platform to tap the benefits of information technology for court digitization and can be a potential growthareaforITcompaniesandstart-upsinbothcountries. ● India and Namibia entered a Memorandum of Understanding (MoU) on wildlife conservation and sustainable biodiversity utilization on July 20, 2022, for establishing the cheetah into the historical rangeinIndia. ● In July 2022, the Reserve Bank of India (RBI) approved international trade settlements in Indian rupees(Rs.)topromotethegrowthofglobaltradewithemphasisonexportsfromIndiaandtosupport theincreasinginterestoftheglobaltradingcommunity. ● The Agnipath Scheme aims to develop a young and skilled armed force backed by an advanced warfaretechnologyschemebyprovidingyouthwithanopportunitytoserveIndianArmyfora4-year period.ItisintroducedbytheGovernmentofIndiaonJune14,2022. ● In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the foundation stone of development projects worth Rs. 21,000 Crores (US$ 2.63 billion) at Gujarat Gaurav Abhiyan at Vadodara. ● Mr. Rajnath Singh, Minister of Defence, launched 75 newly developed Artificial Intelligence (AI) products/technologies during the first-ever ‘AI in Defence’ (AIDef) symposium and exhibition organizedbytheMinistryofDefenceinNewDelhionJuly11,2022. ● In June 2022, Prime Minister Mr. Narendra Modi laid the foundation stone of 1,406 projects worth morethanRs.80,000Crores(US$10.01billion)attheground-breakingceremonyoftheUPInvestors Summit in Lucknow. The Projects encompass diverse sectors like Agriculture and Allied industries, IT and Electronics, MSME, Manufacturing, Renewable Energy, Pharma, Tourism, Defence & Aerospace,andHandloom&Textiles. ● The Indian Institute of Spices Research (IISR) under the Indian Council for Agricultural Research (ICAR)inkedaMemorandumofUnderstanding(MoU)withLysterraLLC,aRussia-basedcompany forthecommercializationofbiocapsule,anencapsulationtechnologyforbio-fertilizationonJune30, 2022. ● As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading partners including major trade agreements like the India-UAE Comprehensive Partnership Agreement (CEPA) and the India-AustraliaEconomicCooperationandTradeAgreement(IndAusECTA). ● 'Mission Shakti' was applicable with effect from April 1, 2022, aimed at strengthening interventions forwomen’ssafety,security,andempowerment. ● The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister for Finance & CorporateAffairs,Ms.NirmalaSitharaman.ThebudgethadfourprioritiesPMGatiShakti,Inclusive Development,ProductivityEnhancementandInvestment,andFinancingofInvestments.IntheUnion Budget 2022-23, effective capital expenditure is expected to increase by 27% at Rs. 10.68 trillion (US$142.93billion)toboosttheeconomy.Thiswillbe4.1%ofthetotalGrossDomesticProduction (GDP). ● Strengthening of Pharmaceutical Industry (SPI) was launched in March 2022 by the Ministry of Chemicals & Fertilisers to provide credit linked capital and interest subsidy for Technology UpgradationofMSMEunitsinpharmaceuticalsector,aswellassupportofuptoRs.20Crores(US$ 2.4 million) each for common facilities including Research centre, testing labs and ETPs (Effluent TreatmentPlant)inPharmaClusters,toenhancetheroleofMSMEs. ● Under PM GatiShakti Master Plan, the National Highway Network will develop 25,000 km of new highways network, which will be worth Rs. 20,000 Crores (US$ 2.67 billion). In 2022-23. Increased governmentexpenditureisexpectedtoattractprivateinvestments,withaproduction-linkedincentive scheme providing excellent opportunities. Consistently proactive, graded, and measured policy supportisanticipatedtoboosttheIndianeconomy. ● InFebruary2022,TheMinistryofSocialJustice&EmpowermentlaunchedtheSchemeforEconomic Empowermentof Denotified/Nomadic/SemiNomadic tribalcommunities(DNTs)(SEED)to provide basicfacilitieslikegoodqualitycoaching,andhealthinsurance.livelihoodsinitiativeatacommunity levelandfinancialassistancefortheconstructionofhouses. ● In February 2022, Minister for Finance and Corporate Affairs Ms. Nirmala Sitharaman said that productivity linked incentive (PLI) schemes would be extended to 14 sectors to achieve the mission 129of Aatmanirbhar Bharat and create 60 lakh jobs with an additional production capacity of Rs. 30 trillion(US$401.49billion)inthenextfiveyears. ● In the Union Budget of 2022-23, the government announced funding for the production-linked incentive(PLI)schemefordomesticsolarcellsandmodulemanufacturingofRs.24,000Crores(US$ 3.21billion). ● In the Union Budget of 2022-23, the government announced a production-linked incentive (PLI) schemeforBulkDrugswhichwasaninvestmentofRs.2,500Crores(US$334.60million). ● In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman announced that a scheme for design-led manufacturing in 5G would be launched as part of the PLI scheme. ● InSeptember2021,UnionCabinetapprovedmajorreformsinthetelecomsector,whichareexpected to boost employment, growth, competition, and consumer interests. Key reforms include rationalization of adjusted gross revenue, rationalization of bank guarantees (BGs), and encouragementofspectrumsharing. ● In the Union Budget of 2022-23, the government has allocated Rs. 44,720 Crores (US$ 5.98 billion) toBharatSancharNigamLimited(BSNL)forcapitalinvestmentsinthe4Gspectrum. ● Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated Rs. 650 Crores (US$ 86.69 million) for the Deep Ocean mission that seeks to explore vast marine living and non-living resources. Department of Space (DoS) has got Rs. 13,700 Crores (US$ 1.83 billion) in 2022-23 for severalkeyspacemissionslikeGaganyaan,Chandrayaan-3,andAdityaL-1(sun). ● In May 2021, the government approved the production-linked incentive (PLI) scheme for manufacturing advanced chemistry cell (ACC) batteries at an estimated outlay of Rs. 18,100 Crores (US$2.44billion);thismoveisexpectedtoattractdomesticandforeigninvestmentsworthRs.45,000 Crores(US$6.07billion). ● Minister for Finance & Corporate Affairs Ms. Nirmala SitharamanannouncedintheUnionBudgetof2022-23 that the Reserve Bank of India (RBI) would issue DigitalRupeeusingblockchainandothertechnologies. ● In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 trillion (US$ 31.88 billion) and over 400 new high-speed trains were announced. The concept of "One Station, One Product" was also introduced. ● To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old Special EconomicZone(SEZ)act. ● In June 2021, the RBI (Reserve Bank of India) announced that the investment limit for FPI (foreign portfolioinvestors)intheStateDevelopmentLoans(SDLs)andgovernmentsecurities(G-secs)would persistunaffectedat2%and6%,respectively,inFY22. ● In November 2020, the Government of India announced Rs. 2.65 trillion (US$ 36 billion) stimulus packagetogeneratejobopportunitiesandprovideliquiditysupporttovarioussectorssuchastourism, aviation, construction, and housing. Also, India's cabinet approved the production-linked incentives (PLI) scheme to provide ~Rs. 2 trillion (US$ 27 billion) over five years to create jobs and boost productioninthecountry. ● NumerousforeigncompaniesaresettinguptheirfacilitiesinIndiaonaccountofvariousGovernment initiativeslikeMakeinIndiaandDigitalIndia.PrimeMinisterofIndiaMr.NarendraModilaunched the Make in India initiative with an aim to boost the country's manufacturing sector and increase the purchasing power of the average Indian consumer, which would further drive demand and spur development, thus benefiting investors. The Government of India, under its Make in India initiative, is trying to boost the contribution made by the manufacturing sector with an aim to takeit to 25% of the GDP from the current 17%. Besides, the government has also come up with the Digital India initiative, which focuses on three core components: the creation of digital infrastructure, delivering servicesdigitally,andincreasingdigitalliteracy. 130● On January 29, 2022, the National Asset Reconstruction Company Ltd (NARCL) will acquire bad loans worth up to Rs. 50,000 Crores (US$ 6.69 billion) about 15accountsbyMarch31,2022.IndiaDebtResolutionCo.Ltd (IDRCL) will control the resolution process. This will clean up India’s financial system, help fuel liquidity, and boost the Indianeconomy. ● National Bank for Financing Infrastructure and Development (NaBFID) is a bank that will provide non-recourse infrastructure financing and is expected to support projects from the first quarter of FY23; it is expected to raise Rs. 4 trillion(US$53.58billion)inthenextthreeyears. ● By November 1, 2021, India, and the United Kingdom hope to begin negotiations on a free trade agreement. The proposed FTA between these two countries is likelytounlockbusinessopportunitiesandgeneratejobs.Bothsideshaverenewedtheircommitment toboosttradeinamannerthatbenefitsall. ● InAugust2021,PrimeMinisterMr.NarendraModiannouncedaninitiativetostartanationalmission toreachtheUS$400billionmerchandiseexporttargetbyFY22. ● In August 2021, Prime Minister Mr. Narendra Modi launched a digital payment solution, e-RUPI, a contactlessandcashlessinstrumentfordigitalpayments. ● In April 2021, Dr. Ahmed Abdul Rahman AlBanna, Ambassador of the UAE to India and Founding Patron of IFIICC, stated that trilateral trade between India, the UAE and Israel is expected to reach US$110billionby2030. ● India is expected to attract investment of around US$ 100 billion in developing the oil and gas infrastructureduring2019-23. ● TheGovernmentofIndiaisexpectedtoincreasepublichealthspendingto2.5%oftheGDPby2025. ROADAHEAD: In the second quarter of FY24, the growth momentum of the first quarter was sustained, and high-frequency indicators (HFIs) performed well in July and August of 2023. India's comparatively strong position in the externalsectorreflectsthecountry'spositiveoutlookforeconomicgrowthandrisingemploymentrates.India ranked5thinforeigndirectinvestmentinflowsamongthedevelopedanddevelopingnationslistedforthefirst quarter of 2022. India's economic story during the first half of the current financial year highlighted the unwavering support the government gave to its capital expenditure, which, in2023-24,stood 37.4% higher thanthesameperiodlastyear. Inthebudgetof2024-25,capitalexpendituretookleadbysteeplyincreasingthecapitalexpenditureoutlayby 17.1 % to Rs.11 lakh crore (US$ 133.51 billion) over Rs. 9.48 lakh crore (US$ 113.91 billion) in 2023- 24. Strongerrevenuegenerationbecauseofimprovedtaxcompliance,increasedprofitabilityofthecompany, andincreasingeconomicactivityalsocontributedtorisingcapitalspendinglevels Since India’s resilient growth despite the global pandemic, India's exports climbed at the second-highest rate withayear-over-year(YoY)growthof8.39%inmerchandiseexportsanda29.82%growthinserviceexports till April 2023. With a reduction in port congestion, supply networks are being restored. The CPI-C inflation reduction from June 2022 already reflects the impact. In September 2023 (Provisional), CPI-C inflation was 5.02%,downfrom7.01%inJune2022. Withaproactivesetofadministrativeactionsbythegovernment,flexiblemonetarypolicy,andasofteningof globalcommoditypricesandsupply-chainbottlenecks,inflationarypressuresinIndialooktobeonthedecline overall. https://www.ibef.org/economy/indian-economy-overview FOODPROCESSINGINDUSTRYININDIA 131Indiaisoneofthelargestpopulatedcountriesintheworldandisexpectedtocontinuehavingoneofyoungest populationsintheworldtill2030.India'sfoodprocessingsector'smarketsizeisestimatedtomorethandouble to Rs. 60,40,300crore(US$ 700 billion) in 2030 from Rs. 26,49,103 crore (US$ 307 billion) in 2023, driven bygrowingdemandforprocessedproducts,accordingtoindustrybodyPHDCCI.Thisgrowthwillbebacked by rising population, changing lifestyle and food habits due to rising disposable income and urbanization. Growth in India is projected to remain strong at 6.3% in 2024. In 2023, India imported US$ 21 billion of processed foods and related products from all sources, while exports totaled US$ 17 billion. In the last eight yearsending2022-23,FoodProcessingsectorhasbeengrowingatanAverageAnnualGrowthRate(AAGR) ofaround5.35%. Conducive policies for encouraging FDI, tax benefits, and favourable Government schemes coupled with promisinggrowthprospectshavehelpedtheindustryattractprivateinvestments.Foodprocessingunitsqualify for complete profit exemption in the first five years. 100% deduction is permitted on capital expenditure for coldchainorwarehouse.TheProductionLinkedIncentiveSchemeforFoodProcessingIndustrywithabudget ofUS$1.3billion(Rs.10,900crore)isbeingimplementedfrom2021-22to2026-27tomodernizeandenhance competitiveness of the food processing. The food processing sector allows 100% FDI under the automatic route. Initiatives like planned infrastructure spend of around US$ 1 trillion and Rs. 25 lakh crore (US$ 300 billion) to boost the rural economy have put the food processing sector on a high growth trajectory. Following the meeting in October 2024, the United Arab Emirates (UAE) will invest Rs. 17,258 crore (US$ 2 billion) in India over the next two years, to establish food processing facilities leveraging local agricultural produce for markets in the Middle East and beyond. The food processing industry has received Rs. 85,343 crore (US$ 12.96billion)inFDIequityinflowsfromApril2000-September2024. India is the fifth largest economy in the world and expected to be the fastest growing economy among major G20 countries, with GDP growth estimated to be around 8% in FY24. The market size of food processing sector in India is estimated to reach US$ 1,274 billion in 2027 from US$ 866 billion in 2022. The food processingsectorhasgrownsubstantially,averaginganannualgrowthrateofaround7.3%,during2015-2022. As of 2024, it contributes around 8.80% and 8.39% of Gross Value Added (GVA) in Manufacturing and Agriculturerespectively,13%ofIndia'sexportsand6%oftotalindustrialinvestment. India is the largest producer of milk and spices and one of the leading producers of fruits and vegetables, poultry, meat and seafood. India has access to several natural resources that provides it with a competitive advantageinthefoodprocessingsector.Duetoitsdiverseagro-climaticconditions,ithasawide-rangingand largerawmaterialbasesuitableforfoodprocessingindustries. AccordingtotheViksitBharat@2047report,India'sfoodprocessingsectorwillgrowsignificantly,reaching US$ 1,100 billion by FY35, US$ 1,500 billion by FY40, US$ 1,900 billion by FY45, and US$ 2,150 billion byFY47.ThefoodprocessingindustryhasreceivedRs.85,343crore(US$12.96billion)inFDIequityinflows fromApril2000-September2024.ThegrowingconsumptionoffoodisexpectedtoreachUS$1.2trillionby 2025-26,owingtourbanizationandchangingconsumptionpatterns.TheIndianfoodandbeveragepackaged industry is experiencing substantial growth with market size projected to increase from US$ 33.7 billion in 2023toUS$46.3billionby2028. The Ministry of Food Processing Industries (MoFPI) is implementing the Pradhan Mantri Kisan Sampada Yojana(PMKSY)since2017-18,aimedatmodernizinginfrastructureandsupplychains.With540approved projects and 399 completed, PMKSY has created 86.06 lakh metric ton (LMT) processing and 22.63 LMT preservation capacities during 2020-2023. Under the Atmanirbhar Bharat Abhiyan, MoFPI is implementing the"PMFormalizationofMicrofoodprocessingEnterprises(PMFME)Scheme,"offeringfinancial,technical, and business aid to establish or upgrade micro food processing enterprises. The scheme, operational from 2020- 21 to 2024-25 with a budget of Rs. 10,000 crore (US$ 1.2 billion), aims to support 2 lakh micro food processingenterprises.TheProductionLinkedIncentiveSchemeforFoodProcessingIndustry(PLISFPI)with a budget of US$ 1.3 billion (Rs. 10,900 crore) is aimed at incentivizing manufacturing, promoting 132innovative/organicSMEproducts,andendorsingIndianbrandsinternationally. MarketOverview • As of 2024, the Indian food and grocery market is the world's sixth largest, with retail contributing 70% of the sales. The Indian food processing industry accounts for 32% of the country's total food market,oneofthelargestindustriesinIndiaandisrankedfifthintermsofproduction,consumption, exportandexpectedgrowth. • FoodandgrocerymarketinIndiaisthesixth-largestintheworld.Foodprocessingindustrycontributes 32% to this food market and is also one of the largest industries in the country, contributing 13% to totalexportand6%ofindustrialinvestment. • Gross Value Added (GVA) in Food Processing sector has increased from Rs. 1.61 lakh crore (US$ 24.60 billion) in 2015-16 to Rs. 1.92 lakh crore (US$ 24.43 billion) in 2022-23 (as per First Revised EstimatesofMinistryofStatisticsandProgrammeImplementation). • The food processing sector is expected to reach Rs. 60,40,300 crore (US$ 700 billion) by 2030. The marketsizewillfurtherincreasetoRs.94,91,900crore(US$1,100billion)by2035,Rs.1,29,43,500 crore (US$ 1,500 billion) by 2040, Rs. 1,63,95,100 crore (US$ 1,900 billion) in 2040 and Rs. 1,85,52,350crore(US$2,150billion)by2047,accordingtoareportbyPHDCCI. • India’s agricultural and processed food exports gone up to more than US$ 50 billion in 2022-23, accountingfor22.6%oftheoverallagri-foodexports. • The cold chain infrastructure created by 372 completed cold chain projects until October 2023, is as following: 1. 10.3lakhMTofColdStorage,ControlledAtmosphere(CA)/ModifiedAtmosphere(MA)Storageand DeepFreezer. 2. 335MTperhourofIndividualQuickFreezing(IQF). 3. 175.8LakhLitersPerDay(LLPD)MilkProcessing/Storage. 4. 1860reefervehicles. • MilkproductionofIndiaisestimatedtoreach236.35milliontonnesin2023-24registeringagrowth of2.5%over230.58milliontonnesin2022-23. 133• Milkprocessingcapacityisexpectedtoreach108MMTby2025. • InitiativeslikeplannedinfrastructurespendofaroundUS$1trillionandUS$300billion(Rs.25lakh crore)toboosttheruraleconomyhaveputthefoodprocessingsectoronahighgrowthtrajectory. • Ministry of Food Processing Industries (MoFPI) has provided financial assistance to eligible entities for setting up of food processing projects wherein 948 cold storages with the capacity of 18.16 lakh MT have been established under various component schemes of Pradhan Mantri Kisan Sampada Yojana (PMKSY) till January 2024. As of 31 October 2024, 1,079 PMKSY projects have been completed. • Ason30thJune2024,MinistryofFoodProcessingIndustrieshasapproved41MegaFoodParks,399 Cold Chain projects, 76 Agroprocessing Clusters, 588 Food Processing Units, 61 Creation of Backward & Forward Linkages Projects & 52 Operation Green projects under corresponding componentschemesofPMKSY. • Under the Atmanirbhar Bharat Abhiyan, MoFPI has implemented the "PM Formalization of Micro food processing Enterprises (PMFME) Scheme," offering financial, technical, and business aid to establish or upgrade micro food processing enterprises. The scheme, operational from 2020-21 to 2024-25withabudgetofUS$1.2billion(Rs.10,000crore),isaimedatsupporting2lakhmicrofood processingenterprises. • The Production Linked Incentive Scheme for Food Processing Industry (PLISFPI) was approved in March2021,withabudgetofRs.10,900crore(US$US$1.3billion)tobeimplementedfrom2021- 22 to 2026-27. By 31 October 2024, 171 applications had been approved under this scheme, with beneficiariesinvestingRs.8,910crore(US$1.03billion)andreceivingRs.1,084crore(US$125.60 million)inincentives.Itisaimedatincentivizingmanufacturing,promotinginnovative/organicSME products, and endorsing Indian brands internationally. Additionally, a PLI Scheme for Millet-based Products(PLISMBP)waslaunchedinFY23withanoutlayof~US$96million(Rs.800crore). • ThefoodprocessingindustryhasreceivedRs.85,343crore(US$12.96billion)inFDIequityinflows fromApril2000-September2024. 134Exportofprocessedfoodandrelatedproducts • Indiaexports keyprocessedfoodproducts suchaspulses,processedvegetables,processedfruitsand juices,groundnuts,guargum,cerealpreparations,milledproducts,alcoholicbeverages,oilmeals,etc. • InFY25(April-October)exportofprocessedfruitsandvegetablesstoodatUS$1,094million,Lives stockproductsatUS$1,819millionandotherprocessedfoodsstandatUS$2,212million. • During April-March FY24, processed fruits & Juices accounted for US$ 682.58 million, processed vegetables accounted for US$ 787.28 million, dairy products accounted for US$ 272.64 million, poultryproductsaccountedforUS$184.58million,andmiscellaneousprocesseditemsaccountedfor US$1326.24million. • Exports of processed fruits and vegetables increased by 9.34% YoY in April- February (FY23-24) while exports of livestock products increased by 12.72% and exports of other processed foods increasedby6.32%duringthesameperiod. • Exports of processed fruits and vegetables accounted for 8.9% of total exports in April-February (FY24)whileexportsoflivestockproductsandotherprocessedfoodsaccountedfor18.3%and18.7%, respectively. • India exported US$ 1,113.17 million worth of Ready To Eat products, US$ 497.87 million worth of Ready To Cook products and US$ 537.84 million worth of Ready To Serve products from April to DecemberinFY24.ThemajordestinationsofRTEexportduringthisperiodweretheU.S.A,U.A.E, andCanadawhilethemajorexportdestinationsforRTCexportwereBangladesh,U.S.A,Nepal,and U.A.E. 135RecentTrendsandStrategies IntheUnionBudget2025-26: • The Ministry of Food Processing Industries (MoFPI) was allocated Rs. 4,364 crore (US$ 505.70 million)intheUnionBudget2025-26. • Pradhan Mantri Kisan Sampada Yojana (PMKSY) budget was allocated Rs. 729 crore (US$ 84.50 million).Thefoodprocessingindustry's • Production-Linked Incentive Scheme was allocated Rs. 1,444 crore (US$ 167.30 billion) to promote innovationinthesector. • An outlay of Rs. 2,000 crore (US$ 231.80 million) was allocated towards the Prime Minister FormalizationofMicroFoodProcessing • EnterprisesScheme(PMFME). RiseinGVA Gross Value Added (GVA) in Food Processing sector has increased from 1.61 lakh crore in 2015-16 to 1.92 lakh crore in 2022-23 (as per First Revised Estimates of Ministry of Statistics and Programme Implementation). IncreasingFDIEquityInflow The food processing industries have attracted US$ 12.96 billion between April 2000-September 2024, constitutingaround1.83%ofthetotalFDIequityinflowinallsectors,placingitintop15sectors. Risingexports India’sexportsofagriculturalandprocessedfoodproductsrosebymorethan11%YoYtoRs.1,53,337crore (US$ 17.77 billion) during April- December of FY25, after the government removed most of the restrictions 136onriceshipments. Increasedemployment • ThefoodprocessingindustryinIndiaisoneofthelargestemployerswithinorganizedmanufacturing, accountingfor12.41%oftotalemploymentintheorganisedsectoraspertheeconomicsurvey2024- 25. • The employment in Food Processing Industries has increased from 17.73 lakh in 2014-15 to 20.68 lakhin2021-22asperthelatestAnnualSurveyofIndustries(ASI)report. StrategiesadoptedInfrastructureDevelopment • Mega Food Park (MFP) Scheme connects farmers, processors, and retailers through a cluster-based model in agri/horti zones, offering cold chains, collection centers, and developed plots for entrepreneurs. • 41MFPprojectswereapproved;24operationalasofDecember2023. • The Integrated Cold Chain Scheme ensures seamless farm-to-consumer cold chain infrastructure, includingpre-cooling,storage,anddistributionforproductslikehorticulture,dairy,andmeat. • AsofOctober2023,372projectscreated: 1. 0.3lakhMTofcold/CA/MAstorage&deepfreezers 2. 335MT/hourofIQFcapacity 3. 175.8LLPDmilkprocessing/storage 4. 1,860reefervehicles FiscalIncentivesAndCreditFacilities • Food processing units get full profit exemption for the first 5 years, followed by a 25% (30% for companies)deductionforthenext5years. • 100%capitalexpendituredeductionisallowedforcoldchainsandwarehouses. • Loans to food/agro-processing units and cold chains qualify as Agriculture under Priority Sector Lending(PSL). • A Rs. 2,000 crore (US$ 263 million) Food Processing Fund with NABARD offers affordable credit toMegaFoodParksanddesignatedfoodparks. GlobalHubForMillets • TheUNGAdeclared2023astheInternationalYearofMillets,withIndiaaimingtobecomeaGlobal HubforMillets(ShreeAnna),ashighlightedintheUnionBudget2023-24. • Indiahostedatwo-dayGlobalMilletsConferenceinMarch2023duringitsG20presidency,withover 102countriesdiscussingmillets'production,consumption,nutritionalbenefits,valuechain,andR&D. • The Indian Institute of Millets Research in Hyderabad was designated as a Center of Excellence for sharingbestpracticesandresearchglobally. • India’smilletproductionreached17.32milliontonnesin2022-23. WorldFoodIndia • The Ministry of Food Processing Industries hosted ‘World Food India’ event, in November 2023, in NewDelhi. • Theeventprovidedadistinctiveplatformtoallthestakeholdersinthefoodvaluechainincludingfood processors, equipment manufacturers, producers, cold chain players, technology providers, logistics players, researchers, start-ups and innovators, food retailers etc. to engage and demonstrate their capabilities. GrowthDriversandOpportunities 137Opportunitiesinthefoodprocessing Developingstrongsupplychains • Strongsupplychainslinkingfarmerstoprocessingandmarketsarecrucial. • Lackofon-farmcooling,grading,andcoldchainfacilitiesforcesfarmerstosellatlowerprices;total wastagerangedfrom2–12%in2022acrossvariousfoodcategories. • Local grading and storage can boost product value, and the government is involving multiple stakeholderstostrengthenthesupplychainecosystem. • India’s processed food industry is projected to reach US$ 1,274 billion by 2027, with a focus on infrastructurelikecoldstorage,abattoirs,andfoodparks. MakeinIndia • Thefoodprocessingsectorisakeyfocusunderthe“MakeinIndia”initiative. • MoFPIisactivelyenhancinginfrastructureandpromotinginvestmentinthesector. • Mega Food Parks in agri-rich regions offer entrepreneurs ready plots, factory structures, and shared processingfacilitiesonlong-termleases. Start-upIndia • India’s food processing sector has 3,300+ recognized startups across 425 districts, employing over 33,000people. • Backed by incubators, accelerators, and funding, these startups are key drivers of innovation and growth. • Schemes like the Startup India Seed Fund and Tax Exemption Benefits support startups in the food andagrivaluechain. CommonInfrastructureforIndustrialParks • ThefoodprocessingsectoroffersinvestmentopportunitiesworthUS$2.36billionacross31projects underCommonInfrastructureforIndustrialParks. • Theseprojectsincludespecializedprocessingunits,ETPs,labs,warehouses,andlogisticssupport. • The infrastructure boosts manufacturing efficiency, ensures regulatory compliance, and enhances exportcapabilities. Source:https://www.ibef.org/industry/food-processing 138OURBUSINESS Someoftheinformationinthefollowingsection,especiallyinformationwithrespecttoourplansandstrategies,contain certainforward-lookingstatementsthatinvolverisksanduncertainties.Youshouldread“ForwardLookingStatements” onpage20ofthisProspectusforadiscussionoftherisksanduncertaintiesrelatedtothosestatements.Ouractualresults maydiffermateriallyfromthoseexpressedinorimpliedbytheseforward-lookingstatements.OurCompany’sstrengths anditsabilitytosuccessfullyimplementitsbusinessstrategiesmaybeaffectedbyvariousfactorsthathaveaninfluence onitsoperations,orontheindustrysegmentinwhichourCompanyoperates,whichmayhavebeendisclosedin“Risk Factors”onpage29.Thissectionshouldbereadinconjunctionwithsuchriskfactors. Unlessotherwiseindicated,industryandmarketdataincludedinthissectionhasbeenderivedfromtheindustrysources. Thissectionshouldbereadinconjunctionwiththe“IndustryOverview”onpage121ofthisProspectus.OurFinancial Year ends on March 31 of each year, and references to a particular Financial Year are to the 12-month period ended March31ofthatyear. Unlessotherwisestated,orthecontextotherwiserequires,thefinancialinformationusedinthissectionisderivedfrom our“RestatedFinancialInformation’’,includedinthisProspectusonpage193. OVERVIEW Foundedin2014,ourCompanyisamanufacturerandprocesserofdehydratedvegetables,servingleadinginstitutional manufacturersengagedinbrandedpackagedfoodindustries,tradersandinternationalimportersofdehydratedproducts. Assuch,wearedeeplyconnectedwiththebrandedpackagedfoodindustryandthisaccountedfor66.15%ofourrevenue in Financial Year 2025. Our products find wide application as raw materials in the fast moving consumer goods (“FMCG”)industry,forproductssuchascupnoodles,readytoeatnoodles,pasta,soup,etc.Ourmainproductsinclude dehydratedcarrot,dehydratedcabbageanddehydratedringbeans/beans.Overtheyears,wehavecraftedasustainable aswellasanintegratedbusinessmodelwhereinwesourceourrawmaterialsdirectlyfromfarmerstoensurethatweuse absolutelynaturalingredientsinourproducts.Sincethefarmersarelocatedincloseproximitytoourmanufacturingunit, wehaveanadvantageofprocuringdesiredquantityofrawmaterialsmainlybeingcarrots,atcostcompetitivepricesand lowlogisticalcosts.Since,wesourceourrawmaterialsdirectlyfromthefarmers,weareabletoofferourproductsata lowerrangethanourcompetitors,therebyhavingauniquepricingmodel.Additionally,ourtie-upswithfarmersenable ustoprocurevegetables,especiallycarrotinourwarehouse,andselltheunder-utilisedrawmaterials,athigherpricesin themarketandgainfromthefluctuationinpricesoftherawmaterials. Our Company has a diversified customer portfolio for its products. Our customer base is divided into three categories namely,institutionalmanufactures,Indianaswellasforeigntradersandinternationalcustomers.Ourcustomerbasehas beendescribedbelow: • Institutional manufacturers: The sale of our products to institutional manufacturers constitutes our business to business (B2B) model, wherein our Company processes and/or supplies dehydrated products as per the specifications of renowned FMCG companies and food processing companies as per their specifications. We generallysupplydehydratedproductstooneoftheleadingFMCGcompaniesheadquarteredinWestBengal,India andtoadomesticinstitutionalpackagedfoodmanufacturer. • Traders: We also sell our products to local as well as foreign traders, who further sell our products to domestic institutionalmanufacturersorexportourproductstodifferentgeographies.Ourlocaltradersareconcentratedinand around Madhya Pradesh and typically sell our products to local manufacturer of FMCG companies. Further, our foreigntradersarelocatedinUnitedStatesofAmericaandfurthersellourproductstointernationalmanufacturers ofFMCGproducts,operatingmainlyintheAsianregions. • International customers: Our Company exports its finished products to various intermediaries in United States of America and has therefore established an indirect international presence for its products. Additionally, products which do not qualify our quality requirements, are exported to different countries for manufacturing of pet food. The sales and marking team of our Company has enabled us to create a separate distribution vertical wherein we directly sell our products to international intermediaries and therefore reducing our dependence upon our trader network. The revenue earned from the sale of our products, through institutional customers, traders and international customers duringtheFiscals2025,2024and2023havebeenprovidedbelow: 139Particulars Fiscal 2024 2024 2023 Revenue %oftotalrevenue Revenue %oftotal Revenue %oftotal earnedin earnedin(₹in revenue earnedin(₹in revenue (₹in lakhs) lakhs) lakhs) Institutional 2,261.41 66.15% 1,009.70 43.15% 1,198.07 79.40% customers Traders 1,067.17 31.22% 1,100.36 47.03% 108.34 7.18% International 89.84 2.63% 229.72 9.82% 202.46 13.42% customers Total 3,418.42 100.00% 2,339.78 100.00% 1,508.87 100.00% Allourproductsareproducedatourmanufacturingfacility,locatedinDistrictDhar,MadhyaPradesh,withaproduction capacityofapproximately1500MTforallourdehydratedproducts,dividedintotwofacilities.Thisenablesustohave an effective control over the manufacturing process and to ensure consistent quality of our products. Our Company operatesundertheguidanceofourPromoters,RaghavSomaniandPriyaSomani,whohavealongstandingexperience inthefooddehydrationandfoodprocessing industry.Duringtheyear2014,ourPromotersincorporatedourCompany andintheyear2015,weestablishedamanufacturingunitwithasemi-automaticlineandasmalldryer,forprocessing andmanufacturingdehydratedvegetables.In2019,weautomatedtheexistingmanufacturingunitbyreplacingthesemi- automaticlinewithanautomaticprocessline.Wealsoinstalledanin-housemeyercolorsortermachineforimproving quality of our products. In the year 2022, with the aim of expanding our manufacturing capacity, we had installed an additionalvegetableprocessinglinetoincreaseproductionandsetupanadditionalfooddehydrationandprocessingline inourmanufacturingunit.Wefurtherexpandedourmanufacturingcapacityandincreasedourabilitytostoreandprocess raw materials and finished products, by establishing an in-house cold storage in our manufacturing unit. We wish to enhance our existing manufacturing process and increase our manufacturing capacity by utilising ₹ 748.66 lakhs from theNetProceedstowardsinstallingadditionalmachineryinbothofourproductionlinesandsettingupofon-gridrooftop solarPVsystemofacapacityof149.04KWpatourexistingmanufacturingunit.Forfurtherdetails,pleasesee“Objects oftheOffer”onpage96ofthisProspectus. We have a successful track record which has enabled us to develop an effective business model with stringent control over processes, including raw material procurement, manufacturing operations, inventory management and logistics management.Weadheretostringentproductqualitystandardsandcloselytrackconsumerpreferencesacrosssegments fromcross-sectionofmarkets. OurCompanyhasadoptedazero-wastagepolicytoensureefficientresourceutilization, wherein,unutilizedrawmaterials,suchascarrots,aresoldtocapitalisemarketfluctuations,whilesub-standardproducts areexportedforpetfoodproductiontointernationalintermediaries.Thecommercialisationofourwastematerialmakes ourmanufacturingunitazerowastageunit.Owingtotheenhancedqualityofourproducts,ourCompanyhasreceived approvalfromtheUnitedStatesFoodandDrugAdministrationforitsproducts. Sinceincorporation,ithasbeenourCompany’svisionandfocustomanufactureandsupplysuperiorqualityproductsto ourcustomers,whichhasenabledustoexpandourbusinessoperations.Wehaveaqualitycontrolandassurancedivision (“QualityDivision”)inourmanufacturingunitwhichcarriesouttherequiredtestsonthematerialsreceivedincluding rawmaterialswhichareusedinthemanufacturingprocessandalsoonthefinalproducts.OurQualityDivisioncarries outsensory,physicalorchemicalandmicrobiologicaltestsontherawmaterialsandfinishedproductstoensurethatour productsarecompliantwiththespecificationsprovidedbyourcustomersincaseofinstitutionssalesandarecompliant withspecificationsofFSSAI.OurQualityDivisionalsocarriesouttestsonallthestagesofourmanufacturingprocesses to ensure that the quality is built through the process. In order to ensure delivery of utmost quality products to our customers,ourCompanyonaperiodicbasis,engagesthirdpartylaboratoriestocarryoutqualitychecksonitsfinished products,onasamplebasis. We have a strong and experienced management team with a cumulative experience of more than two decades has positionedourbusinesswellforcontinuedgrowthanddevelopment.OurPromotershaveplayedakeyroleindeveloping ourbusinessandwebenefitfromtheirsignificantexperienceinthefoodprocessingindustry.Wealsohaveaqualified key management team with experience in food processing industry, including in the areas of manufacturing, product development, quality control, information technology, strategy and business development. We believe that the domain knowledge and experience of our individual Promoters and our key management team provides us with a significant competitiveadvantageasweseektogrowinourexistingmarketsandenternewsegmentsandgeographies.Thesuccess of our management team is also demonstrated by our growth including our ability to develop new products as well as attractandretainourcustomersoveralongperiodoftime.Wealsobelieveourmanagementteamhasdemonstratedits 140abilitytoexecuteourrequiredbusinessplanandhastheskillsandexperienceneededtoimplementourstrategicobjectives relatedtoourbusinessandexpansioninthefuture. OurrevenuesfromoperationsfortheFiscals2025,2024and2023were₹3,418.42lakhs,₹2,339.78lakhsand₹1,508.87 lakhs respectively. Our operating EBITDA for the Fiscals 2025, 2024 and 2023 were ₹1,221.82 lakhs, ₹612.20 lakhs and ₹168.87 lakhs, respectively, respectively. Our profit after tax for the Fiscals 2025, 2024 and 2023 were ₹694.57 lakhs, ₹311.96 lakhs and ₹59.41 lakhs, respectively, respectively. For further details, please refer to the section titled “FinancialInformation”onpage193ofthisProspectus. The table below sets forth a break-up of the revenue earned by our Company across various countries during the precedingthreeyears: Fiscal 2025 2024 2023 Country Revenue Revenue Revenue %oftotal %oftotal %oftotal earnedin earnedin earnedin revenue revenue revenue (₹inlakhs) (₹inlakhs) (₹inlakhs) USA 89.84 2.63% 229.72 10% 202.46 13% Total 89.84 2.63% 229.72 10% 202.46 13% KEYPERFORMANCEINDICATORS The key financial and operational performance indicators of our Company as at and for the Financial Years ended on March31,2025,March31,2024andMarch31,2023havebeenprovidedbelow: SrNo. Metric AsofandfortheFiscal 2025 2024 2023 1 RevenueFromoperations(₹inLakhs) 3,418.42 2,339.78 1,508.87 2 TotalIncome(₹inLakhs) 3,433.84 2,367.04 1,530.26 3 OperatingEBITDA(₹inLakhs) 1,221.82 612.30 168.87 4 OperatingEBITDAMargin(%) 35.74% 26.17% 11.19% 5 ProfitAfterTax(₹inLakhs) 694.57 311.96 59.41 6 PATMargin(%) 20.32% 13.33% 3.94% 7 ReturnonEquity(ROE)(%) 75.70% 75.30% 25.99% 8 ReturnonCapitalEmployed(ROCE)(%) 48.96% 49.24% 14.40% 9 DebttoEquityRatio 1.78 2.27 5.17 10 CurrentRatio 1.71 1.37 1.24 11 NetCapitalTurnoverRatio 2.22 4.77 6.96 *Notannualised Notes: a) AscertifiedbytheStatutoryAuditorsM/sMaheshwariandGupta,CharteredAccounts(ICAIFirmRegistrationNo.:006179C) pursuanttotheircertificatedatedJuly25,2025.TheAuditcommitteeinitsresolutiondatedJuly25,2025hasconfirmedthatthe Company has not disclosed any KPIs to any investors at any point of time during the three years preceding the date of this Prospectusotherthanasdisclosedinthissection. b) RevenuefromOperationsmeanstheRevenuefromOperationsasappearingintheRestatedFinancialStatements. c) OperatingEBITDAreferstoearningsbeforeinterest,taxes,depreciation,amortizationlessotherincome. d) OperatingEBITDAMarginreferstoOperatingEBITDAduringagivenperiodasapercentageofrevenuefromoperationsduring thatperiod. e) PATMarginquantifiesourefficiencyingeneratingprofitsfromourrevenueandiscalculatedbydividingournetprofitaftertaxes byrevenuefromoperations. f) Returnonequity(RoE)isequaltoprofitfortheyeardividedbytheAveragetotalequityandisexpressedasapercentage. g) RoCE(ReturnonCapitalEmployed)(%)iscalculatedasEBITdividedbycapitalemployed.Capitalemployediscalculatedas TotalEquityplusLongtermDebt. h) DebttoEquityratioiscalculatedbydividingthetotaldebtbytotalequity. i) CurrentRatioisaliquidityratiothatmeasuresourabilitytopayshort-termobligations(thosewhichareduewithinoneyear)and iscalculatedbydividingthecurrentassetsbycurrentliabilities. j) NetCapitalTurnoverRatioquantifiesoureffectivenessinutilizingourworkingcapitalandiscalculatedbydividingourrevenue fromoperationsbyourworkingcapital(i.e.,currentassetslesscurrentliabilities). FINANCIALHIGHLIGHTS 141Thetablebelowsetsforthabreak-upoftherevenueearnedbyourCompanyacrossvariousdomesticstatesduringthe precedingthreeyears: State Fiscal 2025 2024 2023 Revenueearned %oftotal Revenueearned %oftotal Revenueearned %oftotal in(₹inlakhs) revenue in(₹inlakhs) revenue in(₹inlakhs) revenue Madhya 2,621.84 76.70 1175.28 50.23 296.81 19.67 Pradesh Maharashtra 395.37 11.57 253.718 10.84 290.25 19.24 Uttarakhand 80.98 2.37 124.69 5.33 85.93 5.69 Gujarat 54.86 1.60 117.74 5.03 47.2 3.13 Kerala 0.00 0.00 0.00 0.00 63.33 4.20 Karnataka 151.54 4.43 438.625 18.75 348 23.06 Punjab 0.00 0.00 0.00 0.00 22.28 1.48 WestBengal 23.99 0.70 0.00 0.00 152.61 10.11 Total 3,328.58 97.37 2,110.06 90.00 1,306.41 87.00 Thetablebelowsetsforthabreak-upoftherevenueearnedbyourCompanyacrossvariouscountriesduringthepreceding threeyears: Fiscal 2025 2024 2023 Countr Revenue Revenue y Revenueearnedin(₹in %oftotal %oftotal %oftotal earnedin(₹in earnedin(₹in lakhs) revenue revenue revenue lakhs) lakhs) USA 89.84 2.63% 229.72 10% 202.46 13% Total 89.84 2.63% 229.72 10% 202.46 13% Thetablebelowsetsforthabreak-upoftherevenueearnedbyourCompanyfromtoptencustomersduringthepreceding threeyears: Fiscal2025 Particulars Revenueearnedin(₹inlakhs) %oftotalrevenue Customer1 709.80 20.67% Customer2 651.87 18.98% Customer3 480.84 14.00% Customer4 419.96 12.23% Customer5 340.52 9.92% Customer6 130.27 3.79% Customer7 89.84 2.62% Customer8 62.79 1.83% Customer9 53.38 1.55% Customer10 30.94 0.90% Total 2,970.22 86.50% Fiscal2024 Particulars Revenueearnedin(₹inlakhs) %oftotalrevenue Customer1 507.42 21.44 Customer2 335.47 14.17 Customer3 229.72 9.70 Customer4 210.90 8.91 Customer5 124.69 5.27 Customer6 62.13 2.63 Customer7 41.21 1.74 Customer8 18.45 0.78 Customer9 11.87 0.50 142Fiscal2024 Particulars Revenueearnedin(₹inlakhs) %oftotalrevenue Customer10 11.52 0.49 Total 1,553.38 65.63 Fiscal2023 Particulars Revenueearnedin(₹inlakhs) %oftotalrevenue Customer1 381.17 24.91 Customer2 333.08 21.77 Customer3 278.90 18.23 Customer4 202.46 13.23 Customer5 93.32 6.10 Customer6 89.33 5.84 Customer7 22.28 1.46 Customer8 11.22 0.73 Customer9 8.84 0.58 Customer10 6.70 0.44 Total 1,427.29 93.27 Thetablebelowsetsforthabreak-upofthetoptensuppliersduringtheprecedingthreeyears: Fiscal2025 Particulars Expensesincurredin(₹inlakhs) %oftotalexpenses Supplier1 752.03 34.36 Supplier2 258.95 11.83 Supplier3 134.92 6.16 Supplier4 132.63 6.06 Supplier5 87.58 4.00 Supplier6 59.97 2.74 Supplier7 53.57 2.45 Supplier8 42.25 1.93 Supplier9 39.22 1.79 Supplier10 38.30 1.75 Total 1,599.42 73.07 Fiscal2024 Particulars Expensesincurredin(₹inlakhs) %oftotalexpenses Supplier1 113.89 6.61 Supplier2 95.36 5.53 Supplier3 87.36 5.07 Supplier4 59.95 3.48 Supplier5 51.67 3.00 Supplier6 51.00 2.96 Supplier7 47.15 2.74 Supplier8 24.35 1.41 Supplier9 17.58 1.02 Supplier10 1.01 0.06 Total 549.31 31.87 Fiscal2023 Particulars Expensesincurredin(₹in %oftotalexpenses lakhs) Supplier1 202.74 14.49 Supplier2 141.01 10.08 Supplier3 97.24 6.95 Supplier4 78.21 5.59 Supplier5 63.69 4.55 143Fiscal2023 Particulars Expensesincurredin(₹in %oftotalexpenses lakhs) Supplier6 54.69 3.91 Supplier7 54.64 3.91 Supplier8 30.04 2.15 Supplier9 2.64 0.19 Supplier10 2.40 0.17 Total 727.30 51.99 OURCOMPETITIVESTRENGTHS Premiercustomerbaseleadingtostabilityinourbusinessoperations OurCompanyhasinvestedinestablishingprocesses,teamsandinfrastructuretoserveitscustomers,whoareleadersin theFMCGindustry.OurCompanyoffersitsproducts,mainlydehydratedvegetablestoaleadingFMCGmanufacturer, whouseourproductstomanufacturereadytoeat,noodles,pastasandsoupsunderrenownedbrands. Therevenueearned fromthesaleofourproducts,throughinstitutionalcustomersduringtheFiscals2025,2024and2023havebeenprovided below: Fiscal 2025 2024 2023 Revenue earned in % of total Revenue earned in % of total Revenue earned in % of total (₹inlakhs) revenue (₹inlakhs) revenue (₹inlakhs) revenue 2,261.41 66.15% 1,008.78 43 919.17 60 FoodandgrocerymarketinIndiaisthesixth-largestintheworld.Foodprocessingindustrycontributes32%tothisfood market and is also one of the largest industries in the country, contributing 13% to total export and 6% of industrial investment.Gross Value Added (GVA) in Food Processing sector has increased from Rs. 1.61 lakh crore (US$ 24.60 billion)in2015-16toRs.1.92lakhcrore(US$24.43billion)in2022-23(asperFirstRevisedEstimatesofMinistryof Statistics and Programme Implementation). The food processing sector is expected to reach Rs. 60,40,300 crore (US$ 700 billion) by 2030. The market size will further increase to Rs. 94,91,900 crore (US$ 1,100 billion) by 2035, Rs. 1,29,43,500 crore (US$ 1,500 billion) by 2040, Rs. 1,63,95,100 crore (US$ 1,900 billion) in 2040 and Rs. 1,85,52,350 crore (US$ 2,150 billion) by 2047, according to a report by PHDCCI. (Source: https://www.ibef.org/industry/food- processing). SinceourproductsareanimportantcomponentoftheproductsmanufacturedintheFMCGindustry,thereforethedemand of our products is directly proportional to the demand of the products of our customers. We believe that owing to our scalablemanufacturinginfrastructure,cost-effectiverawmaterialsourcing,qualityofferingsandscalableoperations,we arestrategicallypositionedtogainfromtheindustrytailwindsintheFMCGindustry. Flexibleanddiversifiedproductportfolio Our capacity to continuously diversify and develop our products, effectively supported by our strategically located manufacturing and distribution network, enables us to launch and market new products aligned to evolving consumer preferences.Ourproducts aregenerallystandardisedinnature,howeveronspecificrequirementsofourcustomers,we also customise our product offerings. For instance, we are in the process of developing dehydrated pumpkin and dehydrated beetroot, on special order basis for our customers. Our Company had initially started its operations by manufacturing dehydrated carrots, however it has scaled and expanded its operations by manufacturing dehydrated cabbageaswellasFrenchbeans,solelybasedonthedemandofourcustomers.Ourflexibleandscalablemodelfacilitates minimaltime-to-scale,andhasenabledustogeneratesignificantrevenuesfromeachofourproducts.Abreakupofthe product-wiserevenuesearnedbyourCompanyduringtheFiscals2025,2024and2023havebeenprovidedbelow: 144Particulars FiscalYear 2025 2024 2023 Revenue %oftotal Revenue %oftotal Revenue %oftotal earnedin(₹in revenuefrom earnedin(₹in revenuefrom earnedin(₹in revenuefrom lakhs) operations lakhs) operations lakhs) operations OurMainProducts 1,052.46 30.79% 689.80 29.48 605.15 40.11 Dehydrated 533.74 15.61% 61.16 2.61 199.91 13.25 CabbageFlakes (AGrade) DehydratedRing 1,043.45 30.52% 740.44 31.65 488.55 32.38 Beans(AGrade) Carrot 59.81 1.75% 609.51 26.05 83.30 5.52 OurAncillaryProducts Dehydrated 89.84 2.63% 142.65 6.10 116.55 7.72 CarrotCubes(B Grade) DehydratedWhite 30.94 0.91% 88.89 3.80 8.96 0.59 OnionFlakes(A Grade) Dehydrated - - 7.32 0.31 4.00 0.27 CarrotChuri WashedCarrot 398.06 11.64% - - - - DextroseMono 3.40 0.10% - - - - Hydrate DehydratedWhite - - - - 0.85 0.06 OnionSkin DehydratedWhite - - - - 1.60 0.11 OnionUnsorted WheatPowder 206.72 6.05% Total 3,418.42 100.00% 2,339.78 100.00 1,508.87 100.00 Ourmanufacturingfacilitieshavebeendesignedandexecutedinsuchamannerthatthemachineryinstalledcanprocess andmanufactureproductsinadditiontoourexistingproducts,thusenablingustoexpandourproductportfoliowithout havingtomakesubstantialinfrastructure.Inordertocapitalisethisability,weproposetoexpandourproductstoinclude, dried papaya, dried beetroot and dried pumpkin. Owing to our wide range of products, our business and results of operationsarelesssusceptibletopricefluctuationordisruptionsinmarkettrends. Sustainablebusinessoperations Weareasociallyandethicallycompliantmanufacturerandexporterofdehydratedvegetablestorenownedbrandsand localmanufacturers.Inordertoeffectivelyfollowqualitynormsprescribedbyourclients,weprocureorganicvegetables directlyfromfarmersinMadhyaPradeshandAmritsar.WealsoprocurevegetablesfromAgriculturalProduceMarketing Committee(“APMC”)tomaintaincost-competitivenessandfreshnessofourrawmaterials.Wehavemaintainedgood andcordialrelationswithcarrotgrowingfarmerbasesoastoensureun-interruptedsupplyofcarrotwithintherequired timeperiod.Thisnotonlyhelpsusinensuringthesupplyof qualityrawmaterialsbutalsoensuresthattheWebelieve thattheserelationshipsgiveusacompetitiveadvantage,byofferingpriorityrawmaterialsupplyfromdesignatedfarmers, ascomparedtoourcustomers. Additionally, the machinery installed at our manufacturing unit, utilises automatic heat generation to dehydrate vegetables, to reduce generation and release of steam outside the manufacturing unit. This capacity enhancement has made our operations sustainable and environmental friendly. We also propose to utilise a portion of the Net Proceeds aggregating to ₹ 53.48 lakhs from the Offer, for the purpose of funding purchase and installation of solar panel in our manufacturing unit to reduce our dependence on non-renewable energy sources and reduce the cost involved in manufacturing our products. We believe our sustainable operations would also make our products eligible for entering into newer geographies, such as Europe. For further details, please see “Objects of the Offer” on page 96 of this Prospectus. 145Ourgoalistoconstantlyimproveourprocessesinawaythatresultsinefficientandavoidsexcessusageofpower,water and other natural resources. Sustainability has become more relevant today than it has ever been. It is one of the fundamentalsofasuccessfulbusinessstrategy.Webelieveinoperatingwithefficiency,bydeliveringapositiveimpact on the planet and on our stakeholders and communities. This belief drives our success philosophy. Our goal is to constantly improve our processes in ways that would lead to optimal utilization of resources like power, water and the otheressentialnaturalresources.Takingsuchenvironmentallyawaremeasuresalsoaddontoourbusinesscompetencies inadynamicbusinessenvironmentandcontinuestoprovidesustainablegrowthandprofitabilitytoourstakeholders. QualityAssuranceandQualityControlofourproducts. Wearecommittedtowardsqualityofourproducts.Ourdeterminationtowardsqualityisdemonstratedbywell-defined quality and safety procedures at various stages of our manufacturing process from procurement of raw material to distribution of our products. Owing to the expertise of our experienced and trained team forming part of our Quality Division, all our products are manufactured strictly as per the regulatory standards.Our manufacturing unit has a fully equippedQualityDivision,whichincludedourChairmanandManagingDirector,RaghavSomani,withexperiencedand qualified staff to carry out quality checks and inspections at all the stages of our manufacturing process. We have necessaryinfrastructuretotestourrawmaterialsandfinishedproductstomatchthequalitystandardsasspecifiedbythe relevant customers and FSSAI Standards. Our Quality Division and in-house quality laboratory is well-equipped for ensuringthequalityandcompliancewithregulatorystandards.Inordertoensuredeliveryofutmostqualityproductsto ourcustomers,ourCompanyonaperiodicbasis,engagesFSSAIapprovedlaboratoriestocarryoutqualitychecksonits finishedproducts, onasamplebasis.OurCompanyhas receivedthefollowing qualityrelated approvals, whichcertify thequalityofourproductsaswellasmanufacturingprocedures: Sr. Type of IssuingAuthority Reference / Date of Validupto No. License/Approval Registration / Issue/Renewa LicenseNo. l 1. License under Food Designated Officer, 10019026001401 December 14, January02,2027 Safety and Standards Food Safety and 2023 Act, 2006 (Central Standards Authority License) to carry on the of India, business of Government of manufacturing, India. exporting, importing, trading of dehydrated fruitsandvegetables 2. Certificate of U.S.FoodandDrug U.S.FDAReg. November 06, December 31, Registration pursuant to Administration (US No.:13915865732 2024 2025 Federal Food Drug and FDA) Cosmetic Act as U.S.FDAUFI amended by the (DUNS)No.: BioterrorismActof2002 675487930 andtheFDAFoodSafety ModernizationAct. 3. KosherCertificate London Beth Din 14873929 February 10, February09,2026 Kashrut Division 2025 (KLBD) 4. Registration - cum - Agricultural and File No.: September 9, September 08, Membership Certificate Processed Food RCMCRENEWAP 2024 2029 issued for Fresh Onions, Products Export EDA00057318AM Other Fresh Vegetables, Development 25 Fresh Mangoes, Fresh Authority,Bhopal Grapes, Other Fresh Fruits, Dried & Preserved Vegetables, OtherProcessedFruits Vegetables 5. Certificate of International ICI/9071625/24 September 12, September 11, Registration to certify Certification & 2024 2027 that the Management 146Sr. Type of IssuingAuthority Reference / Date of Validupto No. License/Approval Registration / Issue/Renewa LicenseNo. l System of our Company Inspection UK First has been formally Limited Surveillance assessed and found to Audit on or comply with the before: requirements of HACCP August 12, (Hazard Analysis and 2025 Critical Control Points) for the scope of Second Manufacturing of Surveillance DehydratedVegetables. Audit on or before: August 12, 2026 6. Certificate of ICV IN/76014908/1345 September 12, September 11, Registration to certify ASSESSMENTS 2024 2027 that the Management PVT.LTD. System of our Company 1st hasbeenauditedbyICV Surveillance andfoundtobe Due: August in compliance with the 12,2025 requirements of the standard ISO 22000 : 2nd 2018 (Food Safety Surveillance Management Systems) Due: August for the scope of 12,2026 Manufacturing of DehydratedVegetables. We adopt stringent quality control measures for our products. Given the high level of automation at our plant, we can producethedesiredqualityconsistently.Thevegetablesaretestedatvariousstagesfromtheirprocurementtodehydration stage.Inthedehydrationstage,ourteamofexpertssupervisesandcheckthecolourandcompositionoftheproductsto ensure that the products are fit to be dispatched to our customers. Our teams also carry out checks to ensure that the chemicals composition of the product matches the requirement of our customers, and the products are free from any external biological elements such as, E-coli, bacteria, etc. Our industrial customers themselves have stringent quality control requirements and perform regular audits of our facility. We have a strong focus on innovation in processes to improveyieldsandreducecosts.Thelevelofautomationinourmanufacturingunithasbeenprovidedbelow: Description 2024-25 2023-2024 2022-2023 LevelofAutomation 85% 85% 85% We hereby submit that the Company has conducted trial runs to test the manufacturing process and suitability of the current equipment in the manufacturing. The samples which were manufactured were sent to the customers and the Company observed certain shortcomings in the current equipment base. The Company is presently planning to modify the equipment which suit the process required for new products. Upon completion of this, the Company will market productsandapproachnewcustomersforthesame. Strategicallylocatedmanufacturingfacilitywithmoderninfrastructureandintegratedmanufacturingfacilitieswith acorefocusonquality. Ourstrategicallylocatedmulti-productmanufacturingunitmanufacturesproductsclosetooursuppliersandreducesour costsoftransportationbymanufacturingalmostallourproductunderoneroof,therebygivingusanadvantageoverour competitors.OurmanufacturingunitissituatedinDistrictDharinMadhyaPradesh. 147Intheyear2022,wehadconstructedanin-housecoldstorageinourmanufacturingunittoincreaseourmanufacturing capacitybyaddinglongevitytoourstorageprocess,andenablingstorageofourfinishedproductsforaprolongedperiod oftime.Ourcaptivecoldstoragehastheabilitytocontroltemperatureandhumidityinsidethestoragechambertostore fresh vegetables (raw material) as well as finished goods. Having storage on site reduces our logistics cost and also provideabilitytobuyrawmaterialinexcessofrequirementwhenpricesofrawmaterialareatlowerendenablingusto bringouraveragecostofprocurementtolowerside.Ourinvestmentinmoderninfrastructureandourabilitytoenhance capacity utilization in excess of installed capacities in manufacturing results into economies of scale. We manufacture multiple products under one roof in one of our manufacturing unit, which results in cost savings in terms of shared overheads and resources across different product categories. It also reduces transportation costs and improves logistics management as our dealers can place orders for multiple products from one manufacturing facility resulting in single truckloaddeliveryenablingthemtoreplenishstocksatregularintervals. OurCompanyproducesdriedvegetablesbyextractingmoistureusingadryer.InOctober2024ourCompanyhadinstalled an dewatering vibrating screen to remove moisture. This has helped in reducing the drying time for vegetables. Please findbelowofmoisturecontentanddryingtimeofvegetablesbeforeandafterinstallingdewateringvibratingscreen: Particulars* Before Installing Dewatering After Installing Dewatering VibratingScreen VibratingScreen Initial Moisture of Vegetables 98.0% 92.0% beforefeedingtoDryer Drying Time for Vegetables in 300-330Minutes 250-280Minutes Dryer *AscertifiedbyM/sJKConsultants,IndependentCharteredEngineer,pursuanttoitscertificatedatedJuly15,2025. Webelievethatafterinstallationofdewateringscreeninitialmoistureofvegetablesisreducedby6%beforefeedingit to dryer. This reduction of moisture reduces overall drying time of vegetables, leading to preservation of essential nutrientsofvegetables,leadingtohigherqualityofproductsandincreasedefficiencyofmanufacturingprocess.Above processhasincreasedcompaniesefficiencyinproducingdriedvegetables.Apartfromabovemachineryinstallationwe havealsoincreasedourinfrastructurebybuildingrawmaterialshadeforfasterunloadingofrawmaterialandreducing thewaitingtimeoftrucksinfactorypremisesbenefittingusinouroperations. Costefficientsourcingandlocationaladvantage Webelievethatourcost-efficientmanufacturingandsupplychainmanagementresultsinasignificantreductioninour operationalcosts.Withourexperience,weareabletotimeourprocurementofrawmaterialssourcethesematerialsata competitive price. The location of our current manufacturing unit gives us a significant competitive cost advantage in termsofrawmaterialsourcing,manufacturingandlabourcosts. Wellexperiencedmanagementteamwithprovenprojectmanagementandimplementationskills. Weareledbyagroupofindividuals,havingabackgroundandexperienceintheFMCGindustry.OurPromotershave beenassociatedwithussincetheinceptionandareactivelyinvolvedinthestrategicdecisionmakingforourCompany, pertaining to corporate and administrative affairs, financial operations, expansion activities, business development and management of overall business. The team comprises of personnel having technical, operational and business 148developmentexperience.Wehaveemployedsuitabletechnicalandsupportstafftomanagekeyareasofactivitiesallied tooperations.Ourteamiswellqualifiedandexperiencedandhasbeenresponsibleforthegrowthofouroperations.We believe the stability of our management team and the industry experience brought in coupled with their strong repute, will enable us to continue to take advantage of future market opportunities and expand into new markets. For further details of the educational qualifications and experience of our management team, our Key Managerial Personnel and SeniorManagerialPersonnelpleasereferthechaptertitled“OurManagement”beginningonpage174ofthisProspectus. OURBUSINESSSTRATEGIES Increasingourmanufacturingcapacitytofocusonthegrowingdemandofourcoreproducts Wehaveovertheyearsincreasedourproductioncapacitiesthroughconsistentgrowthandinnovation.Duringtheyear 2014,ourPromotersincorporatedourCompanyandintheyear2015,weestablishedamanufacturingunitwithasemi- automatic line and a small dryer, for processing and manufacturing dehydrated vegetables. In 2019, we automated the existingmanufacturingunitbyreplacingthesemi-automaticlinewithanautomaticprocessline.Wealsoinstalledanin- housemeyercolorsortermachineforimprovingqualityofourproducts.Intheyear2022,withtheaimofexpandingour manufacturing capacity, we had installed an additional vegetable processing line to increase production and set up an additional food dehydration and processing line in our manufacturing unit. We further expanded our manufacturing capacityandincreasedourabilitytostoreandprocessrawmaterialsandfinishedproducts,byestablishinganin-house cold storage in our manufacturing unit. We believe that our strong presence in the Indian market positions us well to capitaliseontheanticipatedgrowthindemandofourcoreproducts.Weintendtoexpandthemanufacturingcapacityby adding new machinery to our existing manufacturing unit, which will increase the present capacity and enhance the qualityofourproducts.Aspartofsuchinvestment,weintendtoincurexpendituretowardspurchaseofnewmachinery andequipmentforourtwoproductionlinesandalsoinstallsolarrooftopsfromNetProceedsoftheOffer.Thestrategic decisiontoaddadditionalmachinery,willincreaseourabilitytocatertotheexpectedincreaseindemandofourproducts. We believe that our strategic decision to expand the capacity of our manufacturing unit will significantly increase our product offering and we also expect to benefit from economies of scale. For further details, please refer to the chapter titled“ObjectsoftheOffer”onpage96ofthisProspectus. Additionof‘driedpapaya,driedbeetrootanddriedpumpkin’asadditionalproducts We intend to enter new product categories viz. dried papaya, dried beetroot and dried pumpkin for our institutional customers.Inaccordancewiththis,whileweseektocontinuetostrengthenourexistingproductportfolio,weintendto further diversify into products with prospects for increased growth and profitability. We plan to continue to increase offeringsinourcurrentbusinesssegmentsaswellasdiversifyintonewproductsbytappingintosegmentswhichinthe viewofourmanagementhaveattractivegrowthprospects.Webelievethatouremphasisonqualityofmanufactureand timelydeliveryofourofferingshavebeenakeyfactorinourabilitytoattractnewcustomersandtoretainourexisting customers. We intend to draw on our experience, market position and ability to timely deliver quality products to successfullyforayintoothersectorsaswellastoothergeographies. Based on the orders received by our Company for dried papaya, dried beetroot and dried pumpkin, we had undertaken trialrunsformanufacturingthesaidproductsinourmanufacturingunit.Theproductsderivedduringthetrialrunswere sent as samples toourcustomers. Presently, ourCompanyisinthe process of planning an upgrade of itsequipment to manufacturethenewproductsonaregularbasis. Diversifyingandincreasingpenetrationinmarkets Our Company is proposing to expand its business operations globally by exporting our products/by-products to countries/continents such as Europe. Our products find various applications in manufacture of wide variety of FMCG products.OurCompanybelievesthattheglobalmarketsoffervariousopportunitiesintermofsub-geographicpenetration andproduct/marketdiversificationwhichweintendtoseizeandincreaseourmarketsharebyexploringuntappedmarkets andsegmentstoenhanceourgeographicalreach. Strengthenourmarketingnetwork We intend to increase our distribution network by adding additional institutional customers to our customer base, domestically as well as internationally. Our ability to enhance our business operations shall be dependent upon us increasingourcustomerbasethroughourmarketingefforts.Ourcorecompetencyliesinthethoroughunderstandingof ourcustomers’needsandpreferences,ourvisiontoengageinsustainablepracticesandprovidingunparalleledqualityof 149our products thereby achieving customer loyalty. We intend to strengthen our existing marketing team by inducting qualified and experienced personnel, who will supplement our existing marketing strategies in the domestic and internationalmarkets. Wewouldaimourbusinessstrategiestobedynamicandproactive,giventhemacroandmicromarketenvironmentsin whichweoperateorwherewemayexpandinthefuture.OurCompanyshallalwaysstriveto: § achievemaximumoperationalefficiency; § strengthenandexpandourmarketpositionandproductportfolio; § enhanceourdepthofexperience,knowledge-baseandknow-how;and § increaseournetworkofdistributors,customersandgeographicalreach. DETAILSOFOURBUSINESS PRODUCTS DehydratedCarrot Dryingcarrotsusingadehydratorpreservesthebrightorangecolor,flavorandmostofthenutrientsofthefreshvegetable. Driedcarrotsareterrificinsoups(includinghomemadesoupstocks),stewsandpastasauces.Theyalsotakeupverylittle space and weigh almost nothing, which makes them very easy to store. Dehydrated carrots are used in various dishes including casseroles, loaves, pizza toppings, omelettes and bread, stews and soups. They also work well for stir-frying with other vegetables. Due to such diverse uses of dehydrated carrots, the export of dehydrated carrots from India has beenincreasingovertheyears. ProcessingofDehydratedCarrotbeginswithpickingthebest-qualityfreshCarrots,numerousqualitychecks,washing, cuttingandblanchingensurethecleanestcarrotbeforedrying.Dehydratedcarrotscontainlowmoistureandarecooked before drying for use in ready to eat products such as noodles, soups etc. Before packing Dehydrated carrots undergo rigorousqualitycheckssuchasgrading,sortingandmetaldetectiontoensurethemostpremiumqualityforourclients. Wepackandsupplyinvariouspacksizesaccordingtoclientrequirements. WetypicallymarketandselldehydratedcarrottoleadingFMCGcompanies,whofurtherutiliseourproductsformaking soups,noodles,pastas,etc.WealsoexportourproductstoforeigntradersinUnitedStatesofAmerica. Product Photo DehydratedCarrot DehydratedCabbage Greenish-whitecoloureddehydratedcabbagerecreatesfreshnessandincreasesthevolumewhenrehydratedpossessing thetasteoffreshlycookedcabbages.Dehydratedcabbageseaseoffthewashing,dicing,andboilingofthefreshcabbage by putting back our flakes form. Fresh cabbages are dehydrated making it easy to mingle with instant products. Dehydratedcabbageisusedformakinginstantsouppowder,noodlesfeedthetastemaker,foodpremixappetizers,etc. Processing of Dehydrated Cabbage begins with picking the best-quality fresh Cabbage, numerous quality checks, washing,cuttingandblanchingensurethecleanestcabbagebeforedrying.Dehydratedcabbagecontainlowmoistureand 150arecookedbeforedryingforuseinreadytoeatproductssuchasnoodles,soupsetc.BeforepackingDehydratedcabbage undergoesrigorousqualitycheckssuchasgrading,sortingandmetaldetectiontoensurethemostpremiumqualityfor ourclients.Wepackandsupplyinvariouspacksizesaccordingtoclientrequirements. We typically market and sell dehydrated cabbage to leading FMCG companies, who further utilise our products for makingsoups,noodles,pastas,etc.WealsoexportourproductstoforeigntradersinUnitedStatesofAmerica. Product Photo DehydratedCabbage DehydratedRingBeans/Beans DarkgreenishbrowncrispydehydratedFrenchbeansflakesputinlotsofnutrientswithcolourandtaste.Ourdehydrated Frenchbeanswhensoakedrehydrateretainingmanypotentialbenefits.Driedgreenbeanseliminatethetimeforremoving skins, peeling, and washing the beans. Dehydrated French beans are used for making many products such as, noodles, instantfoodmix,souppowders,etc. Processing of Dehydrated Beans begins with picking the best-quality fresh French Beans, numerous quality checks, washing, cutting, snipping and blanching ensure the cleanest Beans before drying. Dehydrated Beans contain low moisture and are cooked before drying for use in ready to eat products such as noodles, soups etc. Before packing Dehydrated beans undergo rigorous quality checks such as grading, sorting and metal detection to ensure the most premiumqualityforourclients.Wepackandsupplyinvariouspacksizesaccordingtoclientrequirements. WetypicallymarketandselldehydratedbeanstoleadingFMCGcompanies,whofurtherutiliseourproductsformaking soups,noodles,pastas,etc.WealsoexportourproductstoforeigntradersinUnitedStatesofAmerica. Product Photo DehydratedRingBeans DehydratedCarrotBgrade Dehydrated Carrot B grade is a by-product of Dehydrated Carrot. During the color sorting process discoloured and offcolour material is obtained from premium quality. Carrots are naturally rich in fiber and Beta carotene and thus DehydratedCarrotBgradeisgoodrawmaterialformakingpetfood. WegenerallyexportdehydratedCarrotBgradetoforeigntradersorinstitutionmanufacturinginUnitedStatesofAmerica formanufacturingpetfood. 151Product Photo DehydratedCarrotBgrade WashedCarrot: We usually store carrot in our cold storage to ensure timely availability of raw material during seasonal variations or periodduringwhichthesupplyofcarrotexperiencesashortage.Wefurtherclarifythattheprocessinvolvedinprocessing ofwashedcarrotinvolvesanumberofstepsandhasbeenenumeratedbelowforreference: a) Carrotsstoredincoldstoragearesenttotheprocessingplant,forfurtherprocessing; b) Carrotsarewashedusingwatertoremovedirtanddebris; c) These washed carrots pass through a sorting belt where are sorted according to size i.e., small broken pieces are removedandsenttodryinglineforproducingdriedcarrot,andotherimpuritiesareremoved; d) Washedcarrotobtainedfromaboveprocessafterremovingbrokenpiecesarepolishedusingbrushpeelerstoremove fibre; e) Goodqualitywashedcarrotarepackedandsenttotradersandfurtherprocessors. Our Company has adopted a zero-wastage policy to ensure efficient resource utilization, wherein, unutilized raw materials,suchascarrots,aresoldtocapitalisemarketfluctuations.Saleofsuchproductsarecategorisedas‘carrots’ intherevenuebifurcation. MANUFACTURINGPROCESS Rawmaterialprocurement Our Company is engaged in the business of manufacturing dehydrated vegetables. We typically purchase our raw materials, mainly being fresh vegetables from local farmers or mandis or agricultural produce marketing committee (“APMC”) located in various states. The details of the raw materials required and the source of their procurement has beenprovidedbelow: RawMaterial Sourceofprocurement Carrot Localfarmersandtraders Cabbage BrokersofvariousAPMCmainlyNasikandChhindwara Frenchbeans BrokersofvariousAPMCmainlyAmritsarandChhindwara DextroseMonohydrate TradersbasedinIndore Biocoal TradersbasedinIndore PackagingMaterial VariousmanufacturersfromIndore RAWMATERIALPROCUREMENTPROCESS We procure carrots directly from farmers located in close proximity to our manufacturing unit. We therefore easily approachsuchfarmersforprocurementofrawmaterialsatcostcompetitivepricesandlowlogisticalcosts.Weprocure ourothermainrawmaterials,beingcabbageandFrenchbeansthroughAPMCsinNasik,AmritsarandChhindwara.We purchase raw materials through brokers operating in these APMCs, who purchase the materials onour behalf andthen transportthesametousthroughsurfacetransportation.Otherancillaryrawmaterialssuchasdextrosemonohydrate,bio coalandpackagingmaterialareprocuredlocallythroughtraders. 152PRODUCTIONPROCESS Incomingofrawmaterials Feedingofvegetablesin (freshvegetables) Washingofvegetablesto thesnippingmachines/ purchasedfrom removeimpurities brushpeeleranddrum mandi/farmersatfactory washer Dicingandcuttingof Blanchingandcooking vegetablesusingadvance Inspectionandcooling Automaticsugaraddition ofvegetablesin machinesfromurschel belt mixer continuousblancher andfam Furtherdryinginbin Continuousdryingof dryersforachieving Packaging vegetables desiredmoisture Incoming of raw materials (fresh vegetables) purchased from mandi/farmers at factory: The manufacturing process starts with purchase of fresh vegetables, mainly, carrots, beans and cabbage. The raw materials are brought to our manufacturingunitandinspectedbyourQualityTeamtocheckthecolour,texture,aroma,visualappearance,defectsor wormsinthevegetables. Washingofvegetablestoremoveimpurities:Vegetablesarewashedinourin-housewasherstoremoveimpuritiesand preparethevegetablesfordehydrationprocess. Feeding of vegetables in the snipping machines/ brush peeler and drum washer: Owing to the texture of carrots, we further wash them in a barrel washer to further clean the carrots. Post cleaning of vegetables, we feed carrots into the brushpeelermachineandbeansintoasnippertodicecarrotsandremovetheoutercoatingofbeans. Dicingandcuttingofvegetablesusingadvancemachinesfromurschelandfam:Postdicingofvegetables,ourQuality Teaminspectsthevegetablestocheckforqualityofdicing,colourofvegetables,texture,etc.Thisstepensuresthatthe semi-finishedproductisofgoodqualityandcanbeprocessesfurtherinthemanufacturingprocess. Blanching and cooking of vegetables in continuous blancher: We have installed specialised machinery in our manufacturing unit where vegetables are cooked and blanched, as per the requirements of our customers, The cooking conditionsdependontheenduseoftheproductbyourcustomers,andthereforearecustomisedaccordingly. Inspectionandcoolingbelt:Since,ourQualityTeamconductstestingateachstepofthemanufacturingprocess,cooked andblanchedvegetablesareinspectedtocheckthevisualappearance,color,aroma,tasteandtexture.Thistesthelpsour teamstodifferentiateAgradeproductfromBgradeproducts.Agradeproductsarefurtherprocesseduntilpackagingfor ourkeyinstitutionscustomersandBgradeproductsareseparatedtobesentformanufacturingofanimalfeed.While,the inspectioniscarriedoutthecookedvegetablesarecooleddowntoprepareforfurtherprocessing. Automaticsugaradditionmixer:Basedontherequirementofourcustomers,anddependingontheamounttheywishto spend on our products, we add dextrose monohydrate process in our products to remove water from the product and furtherprocessthevegetablesfordehydration. Continuousdryingofvegetables:Uponadditionofadditives,wesubjectthesemi-finishedvegetablestohotair,inour specialiseddryersforfivetosixhourstoremovemoistureanddehydratethevegetablesfully. 153Furtherdryinginbindryersforachievingdesiredmoisture:Inordertoensurecompleteremovalofmoistureandavoid contamination risks, we further dry the vegetables in bi dryers using the centrifugal process, to remove any leftover moisture. Packaging:Basedonthedeliveryrequirements,theproductsareeithersentforpackagingorarestoredinthecoldstorage asstock.Packaginginvolvesmultiplestepsincluding,gradingofmaterialaccordingtosizeandremovingofundersize oroversizematerial,colorsortingtoremovediscolor,foreignmaterialandstemsandtestsformetaldetection.Oncethe aforementionedstepsarecompleted,ourteamsstartspackagingofproducts.Thepackagingofourproductsisstandard innatureandisundertakeninsmallbagswhicharethenpackedincartonsandshippedtothecustomer.Incertaincases, wealsocommissionthirdpartytestingreportspriortodispatch,basedontherequirementsofourcustomers. LISTOFMACHINERY Followingisthelistofmajormachineryinstalledatourmanufacturingunit: Sr. Description Quantity/ Capacity SeriesNo. No.of Production Owned/ Second- No. ofPlant/ No.of of batches (MT/M) Leased hand/ Machinery/ machinery Equipment perday New Utility 1 Vegetable 1 Fresh2 NA Continuous 900MT Owned New Washer MT/hr 2 Carrot 1 Fresh2 NA Continuous 900MT Owned New Destoner MT/hr 3 BeansSnipper 7 Fresh2 NA Continuous 900MT Owned New MT/hr 4 CarrotBarrel 1 Fresh2 NA Continuous 900MT Owned New Washer MT/hr 5 Dicer 2 Fresh2 NA Continuous 900MT Owned New MT/hr 6 Slicer 1 Fresh2 NA Continuous 900MT Owned New MT/hr 7 Blancher 2 Fresh2 NA Continuous 900MT Owned New MT/hr 8 CarrotPeeler 2 Fresh2 NA Continuous 900MT Owned New MT/hr 9 SugarMixer 2 Fresh2 NA Continuous 900MT Owned New MT/hr 10 Continuous 1 Dried200 NA Continuous 125MT Owned New DryerBoiler kg/hr Based 11 Continuous 1 Dried200 NA Continuous 125MT Owned New DryerHeat kg/hr PumpBased 12 Grader 1 Dried500 NA Continuous 125MT Owned New kg/hr 13 ColorSorter 1 Dried500 NA Continuous 125MT Owned New kg/hr 14 BinDryers 9 Dried500 NA Continuous 125MT Owned New kg/hr 15 MetalDetector 1 Dried500 NA Continuous 125MT Owned New kg/hr 16 Conveyors 15 NA NA Continuous NA Owned New 17 Boiler 1 2000000 NA Continuous 125MT Owned New lakhs kcal/hr 18 De-watering 1 Fresh2 N.A. Continuous 900MT Owned New vibrator MT/hr CapacityInstalledandCapacityUtilisation 154Setforthbelowisthedetailoftheinstalledandutilizedcapacityofourmanufacturingunitforthelastthreeyears. Products Unit 2022-23 2023-24 2024-25 s Capaci Produ Utiliza Capaci Produ Utiliza Capaci Produ Utiliza ty ction tion ty ction tion ty ction tion Dehydrated MT 400 325 81.25% 650 455 70% 650 635 97% CarrotAgrade Dehydrated MT 100 90 90% 200 150 60% 200 85 42% CarrotBgrade Dehydrated MT 200 165 82.5% 300 265 88% 300 280 93% RingBeans Dehydrated MT 200 130 65% 250 150 50% 250 230 92% Cabbage Others MT 50 20.84 41.68% 100 87.50 87.50% 100 95 95% TOTAL 950 730.84 76.93% 1,500 1,107.5 73.83% 1,500 1,325 88.00% Thetablebelowsetforththedetailsofstate-wisebifurcationofrawmaterialsoftheCompanyinthepastthreefinancial yearsaswellasstubperiodinabsoluteaswellaspercentageterms: State Fiscal 2025 2024 2023 Purchase %oftotal Purchasecost %oftotal Purchasecost %oftotal costin Purchase in Purchase in Purchase (₹inlakhs) (₹inlakhs) (₹inlakhs) MadhyaPradesh 2,092.01 95.57 1,443.61 83.75 1,141.35 81.59 Gujarat 35.28 1.61 189.55 11.00 61.22 4.38 Punjab 21.55 0.98 80.58 4.67 84.74 6.05 Maharashtra 22.31 1.02 - - 107.7 7.7 WestBengal - - - - - - TamilNadu 17.78 0.81 10.06 0.58 - - Haridwar - - - - - - Telangana - - - - 3.94 0.28 Total 2,188.92 100.00 1,723.80 100.00 1,398.95 100.00 HUMANRESOURCE Ourmanpowerisaprudentmixoftheexperiencedandyoungpeoplewhichgivesusthedualadvantageofstabilityand growth,alongwithassuranceofquality. DepartmentwisebifurcationofouremployeesasofJune30,2025hasbeenprovidedbelow: Sr.No. Division/Department Numberof Employee 1. TopManagement 2 2. FinanceDepartment 2 3. HumanResourceDepartment 2 4. Sales&MarketingDepartment 1 5. Purchase&ProcurementDepartment 1 6. LegalandComplianceDepartment 1 7. Production 9 8. AdministrativeDepartment 3 9. Qualitycontrol 4 Total 25 OurCompanydoesnotemploycontractlabourundertheContractLabour(Regulation&Abolition)Act,1970. 155UTILITIES Power TheelectricityforourmanufacturingunitissourcedfromMPPaschimKshetraVidyutVitaranCo.Ltd. Water Ourprocessingunithasadequatewatersupplyposition.Wesourcewatersupplyfromaborewellwhichhasbeendugin ourmanufacturingunit. COLLABORATIONS AsondateofthisProspectus,wehavenotenteredintoanytechnicalorfinancialcollaborationsoragreements. MARKETING,BRANDING&ADVERTISING Wehavealong-standingpresenceinthemarketwhichhelpsustogetrepeatordersfromourexistingcustomersandalso get an opportunity to serve new customers. With the quality of our products that we offer and maintain, we have been abletoupholdrelationswithourcustomerssincelongtimeandwestrivetomaintaintheserelationsthroughourevolving products to meet the requirements of our customers. Additionally, we also offer sample based products to prospective customers. There have been instances wherein we have offered our products as sample to reputed customers and then onboardedthemasourcustomers. OurPromoterheadsthesalesandmarketingdivisionofourCompany.Underhisguidance,ourCompanyhasbeenable tocreateabusinessmodel,whereinwedirectlyaswellasthroughunorganiseddistributionchannels,marketandsellour products to our domestic as well as international customers. We maintain a dedicated marketing team, which includes our Whole-time Director, Priya Somani, which coordinates corporate-level branding efforts that range from personal meetingswiththecustomerstoofferingproductsaspertheneedsofourcustomers. INFORMATIONTECHNOLOGY Webelievethatanappropriateinformationtechnologyinfrastructureisimportanttosupportthegrowthofourbusiness. OurITinfrastructureenablesustotrackprocurementofrawmaterialsandsaleoffinishedgoods.WeutilizeTallyPrime softwarewhichsupportsales,purchase,inventorymanagementandfinancialreportinginourCompany. COMPETITION Weoperateinthefoodindustrywhichishighlycompetitiveandfragmentedandwecompetewitharangeofunorganized players, at the national and regional level. Further, while we have an expanding portfolio of products, our competitors may have the advantage of focusing on concentrated products. Further, we compete against established players also, whichmayhavegreateraccesstofinancial,technicalandmarketingresourcesandexpertiseavailabletothemthanusin theproductsandservicesinwhichwecompeteagainstthem. Webelievetheprincipalelementsofcompetitioninourindustryarequality,price,andrangeoftheproductsoffered.Our presenceofovertwodecadesinthemarketcoupledwiththehighqualityandrangeofproductsaswellasourproduct developmentcapabilities,helpsusinhavingacompetitiveedgeinthemarket.Forfurtherinformationonthecompetition, wefaceinthemarketsinwhichweoperate,pleaseseethechaptertitled“IndustryOverview”beginningonpage121of this Prospectus. QUALITYCONTROL Weplacesignificantemphasisonqualitycontrol.Wehaveaqualitycontrolandassurancedivision(“QualityDivision”), which is aided by third party quality agencies. We have implemented internal procedures to ensure quality control at variousstagesofproduction,fromprocurementandprocessingofrawmaterialtoinventorystorage.Ourqualitycontrol operationsarealsoaidedbythirdpartyqualitycontrolagencieswhichareengagedbyourCompany.Ourmanufacturing unit has personnel responsible for monitoring the parameters of raw materials, semi-finished and finished products, reportinganyirregularitiesintheproductionprocessandmakingcorrectionsaccordingly. 156Further,someofourcustomersmandateaqualitycheckonthefinishedproductsfromatestingagencyoftheirchoice, thereforeourQualityTeamobtainsthirdpartytestingreportsonfinishedproducts,toensurecompliancewithqualityand chemical composition requirements prescribed by our customers. Our Quality Team along with third party testing agenciesensurethattherawmaterialsandfinishedproductsofourCompanymeetthequalityparametersprescribedby ourcustomers. HEALTHANDSAFETY Ouractivitiesaresubjecttopollutioncontrollawsandvariousregulationswhichgovern,amongothermatters,thestorage andhandlingofrawmaterialsandfinishedgoods.Forfurtherinformation,pleaserefertothechaptertitled“KeyIndustry RegulationsandPolicies”beginningonpage161ofthisProspectus.Wecontinuetoensurecompliancewithapplicable healthandsafetyregulationsandotherrequirementsinouroperations. Wehavecomplied,andwillcontinuetocomply,withallapplicablelaws,rulesandregulations.Wehaveobtained,orare intheprocessofobtainingorrenewing,allmaterialconsentsandlicensesfromtherelevantgovernmentalagenciesthat are necessary for us to carry on our business. For further information, please see the chapter titled “Government and OtherApprovals”beginningonpage249ofthisProspectus. INSURANCE OurCompanyhasthefollowinginsurancepoliciesininsureitsoffices,manufacturingfacilityandassets: S. Insurer Descriptionof PolicyNo. Expirydate InsuredAmount No. PropertyInsured 1. Liberty General Car Policy Maruti 201140070223700294901000 August30,2025 4,27,640 Insurance Baleno-Zeta1.2 Limited 2. Future Generali Tata Motors- Tiago 132/02/11/0825/MTP/0000060 August7,2025 330,000 India Insurance (P)XZA 579 Company limited 3. United India BajajAutoLtd/ 0402013123P115565005 February22, 76,395 Insurance Pulsar125Neon 2024toFebruary DiscBS6 Company 21,2029 Limited 4. ICICI Lombard Toyota/Urban TIL11099406 OwnDamage: 16,83,550 General CruiserHyryder February22,2024 toFebruary23, Insurance 2026 Company Limited ThirdParty: February22,2023 toFebruary21, 2026 5. Future Generali Employee L0268010 August4,2025 11,000,000 India Insurance Compensation InsurancePolicy Company limited Employee Compensation Insurancefor Skilledand unskilled employeeswith additionalcoverage ofmedical 157S. Insurer Descriptionof PolicyNo. Expirydate InsuredAmount No. PropertyInsured examinationof55 workers. 6. United India • On Entire 1920001124P107466782 August16,2025 • 20,000,000 Insurance Building Buit • 25,000,000 Company Of Class I • 20,000,000 Construction Limited &/Or Store Room &/Or Godown &/Or All Associated Const Office Building. • On Entire Plant and Machinery &/Or Transformer &/Or Electrical &/Or Mechanical Installation &/ Or Self Conveyor, Exhaust Fan, Cyclon Separator, Silencer, Spares &/Or Tools Of Trade Contained At Above Premises. • OnGoodsSuch As Fruits/Vegetabl es &/ Or Dried &/Or Dehydration Forms Of Fruits/Dry Fruits/Vegetabl es Placed &/Or Lying &/Or Contained In The Factory Premises &/Or In Godown Building 7. United India • On Entire 1920001124P107466250 August16,2025 • 32,500,000 Insurance Building Buit • 30,000,000 Company of Class I • 140,000,000 Construction of Limited Cold Storage Building &/ Or All Associated Const Plinth and Foundation/Eps 158S. Insurer Descriptionof PolicyNo. Expirydate InsuredAmount No. PropertyInsured Thermal Installation • On Entire Plant and Machinery &/Or Frozen Chamber Loading Elevator, Steel R Ack. WoodenPlanks at above premises. • Stock Of Potato/Ch Hana/Kirana Goods /Dry Fruits/Fruits/V egetables/Grain s/Carrots/Gagg ery/Coriander/ Onion&/OrAll Kinds Of Fruits/ &/Or Packing Material Of All Kind Place D &/Or Lying &/Or Contained At Above Premises Details of our total insurance coverage vis-à-vis our net assets as on March 31, 2025, March 31, 2024, and March 31, 2023issetoutbelow: Particulars AsonMarch31,2025 AsonMarch31,2024 AsonMarch31,2023 Insurancecoverage*(A) 2,682.58 582.02 351.61 Netassets**asperRestated 2,584.61 1,968.16 1,651.71 FinancialInformation(B) Nettangibleassets***(C) 1,289.63 584.32 274.85 InsuranceexpensesasperRestated 2.08 2.80 1.63 FinancialInformation Insurancecoveragetimesthenet 1.04 0.30 0.21 assets(A/B) Insurancecoveragetimesthenet 2.08 1.00 1.28 tangibleassets(A/C) *Insurancecoverage=Totalinsurancecoverageamountbyconsideringinsurancepoliciesofproperty,equipments,vehicles,stock, erectionandallriskinsurance **Netassets=Property,PlantandEquipment(netblock)+CapitalWorkinProgress+Intangibles(netblock)+InvestmentProperty (Buildingsnetblock)+Inventories *** ‘Net Tangible Assets’ means net block of Property, Plant and Equipment, capital work in progress for fixed assets (including capitaladvances),CurrentAssets,Non-currentassets(otherthanNetblockofProperty,PlantandEquipment,IntangibleAssetsand DeferredTax)andexcludesBorrowings(securedloansandunsecuredloans)andcurrentandnon-currentliabilitiesandprovisions. AscertifiedbyourStatutoryAuditors,M/sMaheshwariandGupta,pursuanttoacertificatedatedJuly25,2025. INTELLECTUALPROPERTYRIGHTS AsondateofthisProspectus,ourCompanydoesnothaveanyIntellectualProperties. 159INFRASTRUCTUREANDFACILITIES ManufacturingUnit SurveyNo.9/2/1/2Gavla, TehsilPithampur,Dhar-454775, MadhyaPradesh,India All our facilities including our in-house quality laboratory, Quality Division, sales and marketing division, warehouse andcoldstoragearehousedinourmanufacturingunit. TRANSPORTATION OurCompanyengagesthirdpartytransportprovidersfortransportingrawmaterialsandfinishedproducts. LANDANDPROPERTY As on date of this Prospectus, our Company has one (1) owned property. The details of the owned property of our Companyhavebeenprovidedbelow: Sr. Detailsofthe Particularsofthe Consideration/ Usage No. Deed/Agreement property,descriptionand LicenseFee/Rent area 1. Sale deed between Shri Industrial Diverted land Consideration of ₹ RegisteredOffice Ashwini Verma (“Seller”) withTin 61,05,000 and Rohit Somani and Shed at Village Gwala, Raghav Somani Block Nalchha, Revenue (“Purchaser”) Inspector Circle 4, under PatwariHalkaNo. 61/121, Tehsil and District Dhar, Land Officer, Loan Booklet(ReenPustika)No. is LL-912342 which is situatedunderMunicipality Limit. It is situated outside IndustrialArea andinsidetheGawlaRoad –454775. AsondateofthisProspectus,wedonothaveanyleaseholdproperties. We hereby confirm that, there are no conflict of interest between the lessor of the immovable properties, (crucial for operationsofthecompany),ourCompany,ourPromoters,PromoterGroup,KeyManagerialPersonnelandourDirectors. 160KEYINDUSTRIALREGULATIONSANDPOLICIES The following description is an overview of certain sector-specific relevant laws and regulations in India which are applicabletotheoperationsofourCompanyanditsbusiness.Thedescriptionoflawsandregulationssetoutbelowis notexhaustiveandisonlyintendedtoprovidegeneralinformationtoBidders.Theinformationinthissectionisneither designed nor intended to be a substitute for professional legal advice and investors are advised to seek independent professionallegaladvice. Thestatementsbelowareobtainedfrompublicationsavailableinthepublicdomainbasedonthecurrentprovisionsof applicable Indian law, and the judicial, regulatory and administrative interpretations thereof, which are subject to change or modification by legislative, regulatory, administrative, quasi-judicial or judicial decisions/actions and our Companyareundernoobligationtoupdatethesame. A. INDUSTRYRELATEDLAWSANDREGULATIONS TheFoodSafetyandStandardsAct,2006(“FSSA”)andtheregulationsframedthereunder TheFSSAwasenactedonAugust23,2006repealingandreplacingthePreventionofFoodAdulterationAct,1954. TheFSSApursuestoconsolidatethelawsrelatingtofoodandestablishtheFoodSafetyandStandardsAuthorityof India(“FSSAI”)forlayingdownscientificstandardsforarticlesoffoodandtoregulatetheirmanufacture,storage, distribution, sale and import to ensure availability of safe and wholesome food for human consumption, and for mattersconnectedtherewithorincidentalthereto.ThestandardsprescribedbytheFSSAIincludespecificationsfor foodadditives, flavourings, processing aidsand materialsincontact with food, ingredients, contaminants, pesticide residue,biologicalhazardsandlabels.UndertheprovisionsoftheFSSA,nopersonmaycarryonanyfoodbusiness exceptunderalicensegrantedbytheFSSAI.TheFSSAsetsforththerequirementsforlicensingandregisteringfood businessesinadditiontolayingdownthegeneralprinciplesforsafety,responsibilitiesandliabilitiesoffoodbusiness operators. InexerciseofpowersundertheFSSA, theFSSAIhasalsoframedtheFoodSafetyandStandardsRules, 2011 (“FSSR”). The FSSR sets out the enforcement structure of ‘commissioner of food safety’, ‘the food safety officer’and‘thefoodanalyst’andproceduresoftakingextracts,seizure,samplingandanalysis.TheFSSAalsolays down penalties for various offences, including recall procedures. The Food Safety and Standards (Licensing and Registration of Food Businesses) Regulations, 2011 provides for the conditions and procedures for registration and licensing process for food business and lays down general requirements to be fulfilled by various food business operators(“FBOs”),includingpettyFBOsaswellasspecificrequirementstobefulfilledbybusinessesdealingwith certainfoodproducts.IntermsoftheFoodSafetyandStandards(FoodRecallProcedure)Regulations,2017,every FBO engaged in manufacture, importation or wholesale supply of food is required to have a food recall plan. The packagingdonebyaFBOisrequiredtocomplywiththeFoodSafetyandStandards(Packaging)Regulations,2018, whilelabellinganddisplayofpre-packagedfooditemsmustcomplywiththeFoodSafetyandStandards(Labelling and Display) Regulations 2020. According to the Food Safety and Standards (Licensing and Registration of Food Business)AmendmentRegulations,2018,ane-commerceFBO(whichincludessellersandbrandownerwhodisplay oroffertheirfoodproducts,throughe-commerce,andprovidersoftransportationservicesforthefoodproductsand/or providing last mile delivery transportation to the end consumers), is required to obtain central license from the concernedcentrallicensingauthority. FoodSafetyandStandards(PackagingRegulations),2018(the“Regulations”) TheFoodSafetyandStandardsAuthorityofIndiahadinaccordancewiththepowersconferreduponitunderSection 23 of Food Safety and Standards Act, 2006 promulgated the Food Safety and Standards (Packaging and Labelling) Regulations,2011forpackagingandlabellingoffood.OnJanuary03,2019,theFoodSafetyandStandardsAuthority ofIndia(“FSSAI”)announcednewregulationswithrespecttofoodpackaginganddividedtheseregulationsintotwo regulations,(i)theFoodSafetyandStandards(Packaging)Regulations,2018;and(ii)theFoodSafetyandStandards (LabellingandDisplay)Regulations,2020.TheFoodSafetyandStandards(Packaging)Regulations,2018replaced the packaging provisions of the Food Safety and Standards (Packaging and Labelling) Regulations, 2011. The new regulations include both general and specific requirements for packaging materials and in particular, they prescribe anoverallmigrationlimitof60mg/kgor10mg/dm2andspecificmigrationlimitsforcertaincontaminatesinplastic packaging materials. The regulations also specify that food packaging materials must now comply with Indian Standards(“IS”)listedinSchedulesI,II,andIIforpaperandpaperboardmaterials,metalandmetalalloys,andplastic materials, respectively. Previously, compliance with the standards was voluntary. They are available for purchase through the Bureau of Indian Standards (“BIS”). Furthermore, the revised regulations ban both the use of recycled plasticsinfoodpackagingandtheuseofnewspaperandsuchothermaterialsforpackingorwrappingoffoodarticles. They also reference specific Indian Standards for printing inks for use on food packages. Schedule IV of the 161regulationsisalistofsuggestedpackagingmaterialsfordifferentfoodproductcategories. TheRegulationsbroadlyprescribethegeneralandspecificrequirementswhichneedtobefollowedwhilepackaging foodandfoodproducts.Thegeneralrequirementstobeadheredbyafoodmanufacturerwhichpackingfoodisthat interalia(i)thepackagingmaterialcompliedwiththeprescribedIndianStandardsandwherevertheIndianStandards are not available it should comply with the international standards; (ii) any material which comes in direct contact with food or likely to come in contact with food used for packaging, preparation, storing, wrapping, transportation and sale or service of food shall be of food grade quality; (iii) packaging materials shall be suitable for the type of product,theconditionsprovidedforstorageandtheequipmentforfilling,sealingandpackagingoffoodaswellas transportationconditions;(iv)packagingmaterialsshallbeabletowithstandmechanical,chemicalorthermalstresses encountered during normal transportation; (v) food products shall be packed in clean, hygienic and tamper-proof packageorcontainer;(vi)tincontainersonceused,shallnotbere-usedforpackagingoffood;(vii)plasticcontainers ofcapacity5literandaboveandglassbottles,whicharereusedforpackagingoffood,shallbesuitablydurable,easy tocleanordisinfect;(viiI)printinginksforuseonfoodpackagesshallconformtoIS:15495;(ix)printedsurfaceof packaging material shall not come into direct contact with food products; (x) newspaper or any such material shall not be used for storing and wrapping of food; (xi) in case of multilayer packaging the layer which comes in direct contact with food or layers likely to come in contact with food shall meet the requirements of packaging materials specified in Schedule I, II and III of these regulations; (xii) the materials listed in Schedule I, II and III of these regulationsshallbecompatiblewiththeirintendeduseasapackagingmaterialsoasnottoalterthequalityandsafety ofthefoodproduct;(xiii)everyfoodbusinessoperatorshallobtainthecertificateofconformityissuedbyNational Accreditation Board for Testing and Calibration Laboratories (“NABL”) accredited laboratory against these regulations for the packaging material which comes in direct contact with food or layers likely to come in contact withfoodtobeused. Thespecificrequirementshavebeendiversifiedonthebasisofthenatureofthepackagingmaterial.TheRegulations prescribe specific packaging requirements for the following packaging materials intended to come in contact with foodproducts(i)paperandboardmaterials;(ii)glasscontainers;(iii)metalandmetalalloys;and(iv)plasticmaterials. ThevariousstandardstobemetbytheaforementionedpackagingmaterialhavebeenprescribedunderSchedulesIto IV. FoodSafetyandStandards(LabellingandDisplay),2020(the“Regulations”) TheFoodSafetyandStandardsAuthorityofIndia(“FSSAI”)hasnotifiedFoodSafetyandStandards(Labellingand Display) Regulations, 2020, prescribing the labelling requirements of pre-packaged foods and display of essential informationonpremiseswherefoodismanufactured,processed,servedandstored.Accordingtothenotification,the Food Business Operator (“FBO”) shall comply with all the provisions of these regulations after one year from the date of their publication in the Official Gazette except Chapter 3 (display of information in food service establishments) of these regulations, to which Food Business Operator shall comply by January 1, 2022. The Regulationsalsointroducetheconceptof‘principaldisplaypanel’,whichrefertothepartofthecontainer/package which is intended or likely to be displayed or presented or shown or examined by the customer under normal and customaryconditionsofdisplay,saleorpurchaseofthefoodarticlecontainedthereinandistypicallythefirstthing aconsumerwillseewhentheylookattheproduct.Chapter1oftheRegulations,prescribesthelabellingrequirements ofpre-packagedfoodsanddisplayofessentialinformationonpremiseswherefoodismanufactured,processed,served andstored;Chapter2coversthegeneralrequirementsoflabellingofprepackagedfoodssuchasNameoffood,Name of food, List of ingredients, Nutritional information, Calculation of Nutrients; Chapter 3 of the regulation contains Display of information in food service establishments; Chapter 4 indicates Labelling Requirements of non-retail container;Chapter5ofregulationmentionsofLabellingofpackagedFoodAdditivesforRetailSaleandScheduleII hasbeensetoutwithmandatorylabellingdeclarationforvariousfoodproducts. TheRegulationsprescribegeneralandspecificrequirementstobeadheredtobyaFBOwhilepackagingandlabelling afoodproduct,thekeyrequirementshavebeendetailedbelow: • Foodproductssoldthroughe-commerceoranyotherdirectsellingmeans;theRegulationmandatestherequirement thatthelabelmustbeprovidedtotheconsumerthroughappropriatemeansbeforesale. • Whereaningredientisitselftheproductoftwoormoreingredients,suchacompoundingredientmustbedeclared, bytheirspecificnames;inthelistofingredients,orbydeclaringalloftheingredientsofcompoundingredientasif theywereindividualingredientsofthefinalfood.Whereacompoundingredientconstituteslessthan5percent.of thefood,theingredients,otherthanfoodadditivesthatservethetechnologicalfunctioninthefoodproducts,thesame isnotrequiredtobedeclared. • Everypackageoffoodmaterialwhichisnotmeantforhumanconsumptionshallbearadeclarationtothiseffectby 162aspecifiedsymbolofablackcolourcrossinsideasquarewithblackoutline. • In case of alcoholic beverages, a declaration is required to be provided on the label providing the details of the manufacturer/importer,etc.Theformatofprovidingthedeclarationis,“Bottledby”or“BlendedandBottledby“or “ImportedandBottledby”,or“DistilledandBottledby”. • TheFSSAIlogoandlicensenumberofthebrandownermustbedisplayedonthelabel.Inaddition,thelicensenumber ofthemanufacturerormarketerorpackerorbottler,asthecasemaybe,ifdifferentfromthebrandowner,mustalso be displayed on the label. For imported food products, the importer must display FSSAI logo and license number alongwithnameandaddressofimporter. • FBOsmustdisplayonalltheirpremises,wherefoodisstored,processed,distributedorsold,theRegistration/License No.orFoodSafetyDisplayBoardifspecified,alongwithotherinformationasmaybespecifiedbytheFSSAIata prominentplaceinthepremises. • Provisions are included with regard to declarations to be made on foods and ingredients which are known to cause allergy.FoodServiceEstablishmentsmustmentionthefollowingagainstthefooditemsdisplayedonthemenucards orboards:informationrelatingtofoodallergensasprescribed.Allergensmayalsobedepictedbyeasy-to-understand symbols,logoforvegornon-veg.UndertheprovisionswithregardtoLabellingRequirementsofnon-retailcontainer an additional declaration requirement is introduced- Name and address of the manufacturer or packer (including countryoforiginforimportedpackages). LegalMetrologyAct,2009(“LegalMetrologyAct”) TheLegalMetrologyActcameintoeffectonJanuary13,2010andhasrepealedandreplacedtheStandardsofWeights andMeasuresAct,1976andtheStandardsofWeightsandMeasures(Enforcement)Act,1985.TheLegalMetrology Act seeks to establish and enforce standards of weights and measures, regulate trade and commerce in weights, measures and other goods which are sold or distributed by weight, measure or number and for matters connected therewithorincidentalthereto.TheLegalMetrologyActprovidesthatforprescribedspecificationsfor162allweights andmeasuresusedbyanentitytobebasedonmetricsystembasedontheinternationalsystemofunitsonly. LegalMetrology(PackagedCommodities)AmendmentRules,2017(“PackagedCommodityRules”) ThePackagedCommodityRuleshaveamendedtheLegalmetrology(PackagedCommodities)Rules,2011,andlays down specific provisions applicable to packages intended for retail sale, whole-sale and for export and import. Pursuant to the packaged Commodity Rules, any pre-packaged commodity sold for use and consumption by the citizens must properly mention several details such as, the description and quantity of ingredients, date of manufacturing, date of expiry (for items prone to expiration), weight, statutory warnings, manufacturer address, contactandsomeotherinfolikeconsumercaredetails,countryoforigin,etc. StandardsofWeightsandMeasuresAct,1976 TheStandardsofWeightsandMeasuresAct,1976(the“Act”)wasenactedtoregulatetradeorcommerceinweights, measuresandothergoodswhicharesoldordistributedbyweight,measureornumberandtoprovideforsuchmatters asmaybeconnectedthereto. TheActenumeratesthespecificbaseunitstomeasuregoodsandproducts.Anyoffence underthisActispunishablewithimprisonmentorfineorwithbothbasedonthetypeofviolation. HazardAnalysisandCriticalControlPoints(“HACCP”) TheHazardAnalysisandCriticalControlPointssystemisasystematicandpreventiveapproachcrucialforensuring foodsafety.HACCPisamanagementsysteminwhichfoodsafetyisaddressedthroughtheanalysisandcontrolof biological, chemical, and physical hazards from raw material production, procurement and handling, to manufacturing, distribution and consumption of the finished product. By systematically analyzing and addressing criticalcontrolpoints,suchasspecificstagesintheproductionprocesswherehazardscouldarise,HACCPenables dairy processing companies to proactively mitigate risks and uphold the safety and quality of their products. Compliance with HACCP principles is not only a regulatory requirement in many jurisdictions but also a fundamental practice for safeguarding consumer health and maintaining the reputation of dairy products in the market. Dairy processing companies must adhere to the principles of HACCP to establish a robust food safety management system. The HACCP plan involves a step-by-step analysis, encompassing hazard identification, determination of critical control points, establishment of critical limits, implementation ofmonitoring procedures, and the development of corrective actions in case deviations occur. This systematic and preventive approach not only ensures the safety of dairy products but also enhances overall quality control. By adopting HACCP, dairy processingcompaniescansystematicallyevaluateandcontrolpotentialbiological,chemical,andphysicalhazards 163thatmayariseduringvariousstagesofproduction.Thisincludesexaminingfactorssuchasrawmaterialhandling, processing,packaging,anddistribution.TheproactivenatureofHACCPallowscompaniestoidentifypotentialrisks before they become hazards, enabling timely interventions to maintain product safety and integrity. HACCP implementationisoftenseenasabestpracticeinthefoodindustry,demonstratingacommitmenttoqualityassurance and consumer safety. Many regulatory authorities and international food safety standards require or recommend HACCPasamandatoryelementoffoodsafetymanagementsystems. TheAgriculturalandProcessedFoodsProductsExportDevelopmentAuthorityAct,1985(the“APEDAAct”) The APEDA Act provides for establishment of Agricultural and Processed Food Products Export Development Authority (the “APEDA”) for the development and promotion of export of certain agriculture and processed food products.PersonsexportinganyoneormoreoftheproductsspecifiedintheschedulestotheAPEDAActarerequired to be registered under the APEDA Act and are required to adhere to specified standards and specifications. The APEDAActprovidesforimprisonmentandmonetarypenaltiesforbreachofitsprovisions.Further,theAgricultural and Processed Food Products Export Development Authority Rules, 1986 have been framed for effective implementation of the APEDA Act and provides for the application, grant and cancellation of registration to be obtainedbyexportersofagriculturalproduce. BureauofIndianStandardsAct,2016(“BISAct”) The BIS Act provides for the establishment of the Bureau of Indian Standards (“BIS”) for the harmonious development of the activities of standardisation, conformity assessment and quality assurance of goods, articles, processes, systems and services. The BIS Act for the functions of the BIS which includes, among others, (a) recognizingasanIndianstandard,anystandardestablishedforanyarticleorprocessbyanyotherinstitutioninIndia or elsewhere; (b) specifying a standard mark which shall be of such design and contain such particulars as may be prescribedtorepresentaparticularIndianstandard;and(c)undertaketestingofsamplesforpurposesotherthanfor conformity assessment and (d) undertake activities related to legal metrology. The BIS Act empowers the Central GovernmentinconsultationwiththeBIStoordercompulsoryuseofstandardmarkforanygoodsorprocessifitfinds itexpedienttodosoinpublicinterest.TheBISActalsoprovidesthepenaltiesincasethereisacontraventionofthe provisionsoftheBISAct. InformationTechnologyAct,2000 TheInformationTechnologyAct,2000(the“ITAct”) creates aliabilityona body corporatewhichisnegligentin implementing and maintaining reasonable security practices and procedures, and thereby causing wrongful loss or wrongfulgaintoanyperson,whilepossessing,dealingwith,orhandlinganysensitivepersonaldataorinformation in a computer resource owned, controlled or operated by it but affords protection to intermediaries with respect to third party information liability. The IT Act also provides for civil and criminal liability including compensation, fines, and imprisonment for various computer related offences. These include offences relating to unauthorised disclosureofconfidentialinformationandcommittingoffraudulentactsthroughcomputers,tamperingwithsource code,unauthorisedaccess,publicationortransmissionofobscenematerialetc.TheITActempowerstheGovernment ofIndia to formulaterules withrespect to reasonable security practicesandprocedures and sensitive personal data. Additionally, the IT Act empowers the Government of India to direct any of its agencies to intercept, monitor or decryptanyinformationintheinterestofsovereignty,integrity,defenceandsecurityofIndia,amongotherthings.In April 2011, the Department of Information Technology under the Ministry of Communications and Information Technology notified the Information Technology (Reasonable Security Practices and Procedures and Sensitive Personal Data or Information) Rules 2011 under Section 43A of the IT Act and the Information Technology (IntermediariesGuidelines)Rules,2011underSection79(2)oftheITAct. SaleofGoodsAct,1930 TheSaleofGoodsAct,1930(the“SaleofGoodsAct”)governscontractsrelatingtothesaleofgoods.Thecontracts forsaleofgoodsaresubjecttothegeneralprinciplesofthelawrelatingtocontracts.Acontractforsalemaybean absolute one or based on certain conditions. The Sale of Goods Act contains provisions in relation to the essential aspects of such contracts, including the transfer of ownership of goods, delivery of goods, rights and duties of the buyerandseller,remediesforbreachofcontractandtheconditionsandwarrantiesimpliedunderacontractforthe saleofgoods. ConsumerProtectionAct,2019 164The Consumer Protection Act, 2019 (“Consumer Act”), has repealed Consumer Protection Act, 1986 and provides fortheprotectionofinterestoftheconsumersandthesettlementofdisputesraisedbytheconsumers.Theprovisions oftheConsumerProtectionAct,2019have beenmade effective videnotificationno. F. No.J-9/1/2020-CPUdated July23,2020andnotificationno.F.No.J-9/1/2020-CPUdatedJuly15,2020asissuedbytheCentralGovernment. TheConsumerActsetsoutamechanismforconsumerstofilecomplaintsagainst,interalia,serviceprovidersincases ofdeficienciesinservices,unfairorrestrictivetradepracticesandexcessivepricing.Athree-tierconsumergrievance redressal mechanism has been implemented pursuant to the Consumer Act, atthe national, state and district levels. Further,theConsumerActestablishedaCentralConsumerProtectionAuthoritytopromote,enforceandprotectthe rights of consumers. If the allegations specified in a complaint about the services provided are proved, the service providercanbedirectedtointeraliaremovethedeficienciesintheservicesinquestion,returntothecomplainantthe chargespaidbythecomplainantandpaycompensation,includingpunitivedamages,foranylossorinjurysuffered bytheconsumer.Non-compliancewiththeordersoftheauthoritiesmayattractcriminalpenaltiesintheformoffines and/orimprisonment. FactoriesAct,1948(the“FactoriesAct”) The Factories Act defines a “factory” to cover any premises which employs 10 or more workers and in which manufacturingprocessiscarriedonwiththeaidofpowerandanypremiseswherethereareatleast20workers,even while there may not be an electrically aided manufacturing process being carried on. State Governments have the authority to formulate rules in respect of matters such as prior submission of plans and their approval for the establishmentoffactoriesandregistrationandlicensingoffactories.TheFactoriesActprovidesthatthepersonwho hasultimatecontrolovertheaffairsofthefactoryandinthecaseofacompany,anyoneofthedirectors,mustensure thehealth,safetyandwelfareofallworkers.Itprovidessuchsafeguardsofworkersinthefactoriesaswellasoffers protectiontotheexploitedworkersandimprovetheirworkingconditions. ShopsandEstablishmentsActsofvariousStates Under the provisions of local shops and establishments legislations applicable in the states in which such establishments are set up, establishments are required to be registered. Such legislations regulate the working and employmentconditionsoftheworkersemployedinshops andestablishmentsincludingcommercialestablishments and provide for fixation of working hours, rest intervals, overtime, holidays, leave, termination of service, maintenance of shops and establishments and other rights and obligations of the employers and employees. Our offices, stores, warehouses and distribution centres have to be registered under the shops and establishments legislationsofthestateswheretheyarelocated. B. TAXRELATEDLAWS ThetaxrelatedlawsthatareapplicabletoourCompanyincludetheCustomsAct,1962,theIncomeTaxAct,1961, theIncomeTaxRules,1962andGSTwhichincludestheCentralGoodsandServicesTaxAct,2017,variousState GoodsandServicesTaxlegislations,andtheIntegratedGoodsandServicesTaxAct,2017. C. ENVIRONMENTRELATEDLAWS Air(PreventionandControlofPollution)Act,1981 The Air (Prevention and Control of Pollution) Act, 1981 (“Air Act”) provides for the prevention, control and abatement of air pollution. Pursuant to the provisions of the Air Act, any person establishing or operating any industrial plant within an air pollution control area, must obtain the consent of the relevant state pollution control board prior to establishing or operating such industrial plant. The state pollution control board must decide on the application within a periodof 4 months of receipt of suchapplication. The consent may contain certain conditions relating to specifications of pollution control equipment to be installed at the facilities. No person operating any industrialplantinanyairpollutioncontrolareaispermittedtodischargetheemissionofanyairpollutantinexcess ofthestandardslaiddownbythestatepollutioncontrolboard. E-WasteManagementRules,2016(the“E-WasteRules”) TheE-WasteRulesapplytoeverymanufacturer,producer,consumer,bulkconsumer,collectioncentres,dealers,e- retailer,refurbisher,dismantlerandrecyclerinvolvedinmanufacture,sale,transfer,purchase,collection,storageand processing of ewaste or electrical and electronic equipment as classified under the E-Waste Rules, including their components,consumables,partsandspareswhichmaketheproductoperations.TheE-WasteRulesmandatethata manufacturermustobtainanauthorisationfromthestatepollutioncontrolboardandalsosubmitannualreturnstothe 165sameAuthority.Producersofsuche-wastealsohaveextensiveresponsibilitiesandobligationsandmaycomeunder the scrutiny of either the central pollution control board or the state pollution control board. The manufacturer, producer, importer, transporter, refurbisher, dismantler and recycler shall be liable for all damages caused to the environmentorathirdpartyduetoimproperhandlingandmanagementofthee-wasteandmayhavetopayfinancial penaltiesasleviedforanyviolationoftheprovisionsundertheserulesbythestatepollutioncontrolboardwiththe priorapprovalofthecentralpollutioncontrolboard. D. INTELLECTUALPROPERTYLAWS TradeMarksAct,1999 Indian trademark law permits the registration of trademarks for goods and services. The Trade Marks Act, 1999 (“TradeMarkAct”)governsthestatutoryprotectionoftrademarksandforthepreventionoftheuseoffraudulent marks in India. An application for trademark registration may be made by individual or joint applicants and can be madeonthebasisofeitheruseorintentiontouseatrademarkinthefuture.Oncegranted,trademarkregistrationis validfortenyears,unlesscancelled,andmayberenewedindefinitelyuponpaymentofrenewalfeeseverytenyears. Ifnotrenewedaftertenyears,themarklapsesandtheregistrationhastoberestored.TheTradeMark(Amendment) Act, 2010 has been enacted by the Government to amend the Trade Mark Act to enable Indian nationals as well as foreignnationalstosecuresimultaneousprotectionoftrademarkinothercountries.Italsoseekstosimplifythelaw relatingtotransferofownershipoftrademarksbyassignmentortransmissionandtoalignthelawwithinternational practice. In March 2017, the Trade Marks Rules, 2017 (“Trade Mark Rules”) were notified, in supersession of the Trade MarksRules,2002.TheTradeMarksRulesbroughtwiththemsomechangesintheapplicationprocess,intermsof anincreaseinapplicationfeesandcommonformatsformultiplekindsofapplications.However,thee-filingprocess hasbeenincentivizedbyprovidinglowerapplicationfees. TheCopyrightAct,1957(“CopyrightAct”) TheCopyrightActservestocreatepropertyrightsforcertainkindsofintellectualproperty,generallycalledworksof authorship. The intellectual property protected under the Copyright Act includes copyrights subsisting in original literary, dramatic, musical or artistic works, cinematograph films, and sound recordings, including computer programmes,tablesandcompilationsincludingcomputerdatabases.Whilecopyrightregistrationisnotaprerequisite foracquiringorenforcingacopyrightinanotherwisecopyrightablework,registrationundertheCopyrightActacts asprimafacieevidenceoftheparticularsenteredthereinandmayhelpexpediteinfringementproceedingsandreduce delay caused due to evidentiary considerations. Upon registration, the copyright protection for a work exists for a periodof60yearsfollowingthedemiseoftheauthor.Reproductionofacopyrightedworkforsaleorhireandissuing ofcopiestothepublic,amongothers,withoutconsentoftheownerofthecopyrightareactswhichexpresslyamount toaninfringementofcopyright. E. FOREIGNTRADERELATEDLAWS ForeignTrade(DevelopmentandRegulation)Act,1992,asamended(“ForeignTradeAct”). TheForeignTradeActempoweredtheCentralGovernmenttomakeprovisionsforthedevelopmentandregulation of foreign trade by way of facilitating imports into as well as augmenting exports from the country and in all other mattersrelatedtoforeigntrade.Thegovernmenthasalsobeengivenawidepowertoprohibit,restrictandregulate theexportsandimportsingeneralaswellasspecifiedcasesofforeigntrade.Itisauthorisedtoperiodicallyformulate theIndianForeignTradePolicy,2015-20(“ForeignTradePolicy”)andamenditthereafterwheneveritdeemsfit.All exportsandimportsarerequiredtobeincompliancewiththispolicy.TheForeignTradePolicyprovidesforcertain schemes for the promotion of export of finished goods and import of inputs. The Foreign Trade Act, read with the ForeignTradePolicy,alsoprovidesthatnopersonorcompanycanmakeexportsorimportswithouthavingobtained animporterexportercode(IEC)numberunlesssuchpersonorcompanyisspecificallyexempted.TheIECshallbe validuntilitiscancelledbytheissuingauthority. TheForeignExchangeManagementAct,1999(“FEMA”)andregulationsframedthereunder Foreign investment in India is governed primarily by the provisions of the FEMA, and the rules, regulations and notifications thereunder, as issued by the RBI from time to time and the FEMA Rules and the Consolidated FDI Policy.IntermsoftheConsolidatedFDIPolicy,foreigninvestmentispermitted(exceptintheprohibitedsectors)in 166Indian companies either through the automatic route or the Government route, depending upon the sector in which theforeigninvestmentissoughttobemade.IntermsoftheConsolidatedFDIPolicy,theworkofgrantinggovernment approval for foreign investment under the Consolidated FDI Policy and FEMA has now been entrusted to the concernedadministrativeministries/departments. TheFEMARuleswereenactedonOctober17,2019insupersessionoftheForeignExchangeManagement(Transfer orIssueofSecuritybyaPersonResidentOutsideIndia)Regulations,2017,exceptforthingsdoneoromittedtobe donebeforesuchsupersession.ThetotalholdingbyanyindividualNRI,onarepatriationbasis,shallnotexceedfive percentofthetotalpaid-upequitycapitalonafullydilutedbasisorshallnotexceedfivepercentofthepaid-upvalue ofeachseriesofdebenturesorpreferencesharesorsharewarrantsissuedbyanIndiancompanyandthetotalholdings ofallNRIsandOCIsputtogethershallnotexceed10%ofthetotalpaid-upequitycapitalonafullydilutedbasisor shallnotexceed10%ofthepaid-upvalueofeachseriesofdebenturesorpreferencesharesorsharewarrant.Provided thattheaggregateceilingof10percentmayberaisedto24percentifaspecialresolutiontothateffectispassedby thegeneralbodyoftheIndiancompany. ThetotalholdingbyeachFPIoraninvestorgroup,shallbelessthan10percentofthetotalpaid-upequitycapitalon afullydilutedbasisorlessthan10percentofthepaid-upvalueofeachseriesofdebenturesorpreferencesharesor sharewarrantsissuedbyanIndiancompanyandthetotalholdingsofallFPIsputtogether,includinganyotherdirect andindirectforeigninvestmentsintheIndiancompanypermittedundertheserules,shallnotexceed24percentof paid-up equity capital on a fully diluted basis or paid-up value of each series of debentures or preference shares or share warrants. The said limit of 10 percent and 24 percent shall be called the individual and aggregate limit, respectively. WitheffectfromApril1,2020,theaggregatelimitshallbethesectoralcapsapplicabletoIndiancompaniesaslaid out inparagraph3(b) ofScheduleI of FEMARules, withrespect topaid-up equitycapital onfullydilutedbasisor suchsamesectoralcappercentageofpaid-upvalueofeachseriesofdebenturesorpreferencesharesorsharewarrants. Further, in accordance with Press Note No. 4 (2020 Series), dated October 15, 2020 issued by the DPIIT, all investments by entities of a country which shares land border with India or where the beneficial owner of an investmentintoIndiaissituatedinorisacitizenofanysuchcountry,willrequirepriorapprovaloftheGovernment ofIndia,asprescribedintheConsolidatedFDIPolicy. Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of Regulation21oftheSEBIFPIRegulations,anFPI,mayissue,subscribetoorotherwisedealinoffshorederivative instruments(asdefinedundertheSEBIFPIRegulationsasanyinstrument,bywhatevernamecalled,whichisissued overseasbyaFPIagainstsecuritiesheldbyitinIndia,asitsunderlying)directlyorindirectly,onlyintheevent(i) such offshore derivative instruments are issued only by persons registered as Category I FPIs; (ii) such offshore derivative instruments are issued only to persons eligible for registration as Category I FPIs; (iii) such offshore derivativeinstrumentsareissuedaftercompliancewith‘knowyourclient’normsasspecifiedbySEBI;and(iv)such otherconditionsasmaybespecifiedbySEBIfromtimetotime. F. EMPLOYMENTRELATEDLAWS InordertorationalizeandreformlabourlawsinIndia,theGovernmentofIndiahasnotifiedfourlabourcodeswhich areyettocomeintoforceasonthedateofthisProspectus,namely,(i)theCodeonWages,2019whichwillrepeal the Payment of Bonus Act, 1965, Minimum Wages Act, 1948, Equal Remuneration Act, 1976 and the Payment of WagesAct,1936,(ii)theIndustrialRelationsCode,2020whichwillrepealtheTradeUnionsAct,1926,Industrial Employment(StandingOrders)Act,1946andIndustrialDisputesAct,1947,(iii)theCodeonSocialSecurity,2020 which will repeal certain enactments including the Employee's Compensation Act, 1923, the Employees’ State Insurance Act, 1948, the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952, Maternity Benefit Act,1961,EmploymentExchanges(CompulsoryNotificationofVacancies)Act,1959andthePaymentofGratuity Act, 1972 and (iv) the Occupational Safety, Health and Working Conditions Code, 2020 which will repeal certain enactments including the Factories Act, 1948, Motor Transport Workers Act, 1961 and the Contract Labour (RegulationandAbolition)Act,1970. Certain portions of the Code on Wages, 2019 and Code on Social Security, 2020, have come into force upon notification by the Ministry of Labour and Employment. The remaining provisions of these codes shall become effectiveasandwhennotifiedbytheGovernmentofIndia.Abriefsummaryoftheaforementionedlawshavebeen providedbelow: TheCodeonWages,2019 167TheCodeonWages,2019receivedtheassentofthePresidentofIndiaonAugust8,2019andproposestosubsume fourexistinglawsnamely,thePaymentofWagesAct,1936,theMinimumWagesAct,1948,thePaymentofBonus Act,1965andtheEqualRemunerationAct,1976.TheCentralGovernmenthasnotifiedcertainprovisionsofthiscode mainlyinrelationtotheconstitutionoftheadvisoryboard. TheOccupationalSafety,HealthandWorkingConditionsCode,2020 TheOccupationalSafety,HealthandWorkingConditionsCode,2020receivedtheassentofthePresidentofIndiaon September 28, 2020 and proposes to subsume certain existing legislations, including the Factories Act, 1948, the ContractLabour(RegulationandAbolition)Act,1970,theInter-StateMigrantWorkmen(RegulationofEmployment andConditionsofService)Act,1979andtheBuildingandOtherConstructionWorkers(RegulationofEmployment andConditionsofService)Act,1996.Theprovisionsofthiscodewillbebroughtintoforceonadatetobenotified bytheCentralGovernment. TheIndustrialRelationsCode,2020 The Industrial Relations Code, 2020 received the assent of the President of India on September 28, 2020 and it proposes to subsume three existing legislations, namely, the Industrial Disputes Act, 1947, the Trade Unions Act, 1926 and the Industrial Employment (Standing Orders) Act, 1946. The provisions of this code will be brought into forceonadatetobenotifiedbytheCentralGovernment. TheCodeonSocialSecurity,2020 TheCodeonSocialSecurity,2020receivedtheassentofthePresidentofIndiaonSeptember28,2020anditproposes to subsume certain existing legislations including the Employee's Compensation Act, 1923, the Employees’ State InsuranceAct,1948,theEmployees’ProvidentFundsandMiscellaneousProvisionsAct,1952,theMaternityBenefit Act,1961,thePaymentofGratuityAct,1972,theBuildingandOtherConstructionWorkers’WelfareCessAct,1996 andtheUnorganisedWorkers’SocialSecurityAct,2008.TheCentralGovernmenthasnotifiedcertainprovisionsof thiscodemainlyinrelationtotheconstitutionoftheadvisoryboard. ContractLabour(RegulationandAbolition)Act,1970,asamended(the“CLRAAct”) TheCLRAActrequirestheprincipalemployerofanestablishmentinwhichtwentyormoreworkmenareemployed or were employed on any day of the preceding twelve months as contract labour, to make an application to the concerned officer for registration of the establishment. In the absence of registration, contract labour cannot be employed in the establishment. Likewise, every contractor who employees or who employed on any day of the precedingtwelvemonthstwentyormoreworkmen,isrequiredtoobtainalicenseandnottoundertakeorexecuteany workthroughcontractlabourexceptunderandinaccordancewiththelicenseissued.TheCLRAActimposescertain obligationsonthecontractorinrelationtoestablishmentofcanteens,restrooms,drinkingwater,washingfacilities, firstaid,otherfacilitiesandpaymentofwages.However,intheeventthecontractorfailstoprovidetheseamenities, the principal employer is under an obligation to provide these facilities within a prescribed time period. Penalties, includingbothfinesandimprisonment,maybeleviedforcontraventionoftheprovisionsoftheCLRAAct. EmployeesStateInsuranceAct,1948,asamended(the“ESICAct”) The ESI Act, provides for certain benefits to employees in case of sickness, maternity and employment injury. All employees in establishments covered by the ESI Act are required to be insured, with an obligation imposed on the employertomakecertaincontributionsinrelationthereto.Inaddition,theemployerisalsorequiredtoregisteritself undertheESIActandmaintainprescribedrecordsandregisters. Employees(ProvidentFundandMiscellaneousProvisions)Act,1952,asamended(the“EPFAct”) The EPF Act applies to factories employing over 20 employees and such other establishments and industrial undertakings as notified by the GoI from time to time. It requires all such establishments to be registered with the stateprovidentfundcommissionerandrequiressuchemployersandtheiremployeestocontributeinequalproportion totheemployees’providentfundtheprescribedpercentageofbasicwagesanddearnessandotherallowancespayable toemployees.TheEPFActalsorequirestheemployertomaintainregistersandsubmitamonthlyreturntotheState providentfundcommissioner. TheSexualHarassmentofWomenatWorkplace(Prevention,ProhibitionandRedressal)Act,2013 TheSexualHarassmentofWomenatWorkplace(Prevention,ProhibitionandRedressal)Act,2013(“SHWWAct”) provides for the protection of women at workplace and prevention of sexual harassment at workplace. The SHWW Actalsoprovidesforaredressalmechanismtomanagecomplaintsinthisregard.Sexualharassmentincludesoneor more of the following acts or behaviour namely, physical contact and advances or a demand or request for sexual favoursormakingsexuallycolouredremarks,showingpornographyoranyotherunwelcomephysical,verbalornon- 168verbalconductofsexualnature.TheSHWWActmakesitmandatoryforeveryemployerofaworkplacetoconstitute anInternalComplaintsCommittee,whichshallalwaysbepresideduponbyawoman. TheEqualRemunerationAct,1976 TheEqualRemunerationAct,1976,asamended(“ERAct”)providesforthepaymentofequalremunerationtomen andwomenworkersforsameorsimilarnatureofworkandpreventionofdiscrimination,onthegroundofsex,against womeninthematterofemploymentandformattersconnectedtherewithorincidentalthereto.UndertheERAct,no discriminationispermissibleinrecruitmentandserviceconditions,exceptwhereemploymentofwomenisprohibited or restricted by law. It also provides that every employer should maintain such registers and other documents in relationtotheworkersemployedbyhim/herintheprescribedmanner. G. GENERALCORPORATEANDOTHERALLIEDLAWS Apart from the above list of laws which is inclusive in nature and not exhaustive – general laws like the Indian ContractAct,1872,SpecificReliefAct,1963,NegotiableInstrumentsAct,1881,SaleofGoodsAct,1930,Consumer ProtectionAct,1986,Anti-TrustlawsuchasCompetitionAct,2002andcorporateActsnamelyCompaniesAct,2013 arealsoapplicabletotheCompany. 169HISTORYANDCERTAINCORPORATEMATTERS OurCompanywasincorporatedonJuly1,2014as‘SawaliyaFoodProductsPrivateLimited’,aprivatelimitedcompany undertheCompaniesAct,2013,pursuanttoacertificateofincorporationdatedJuly1,2014issuedbytheRegistrarof Companies,MadhyaPradeshatGwalior.Further,ourCompanywasconvertedintoapubliclimitedcompanypursuant to a resolution passed by our Board of Directors in its meeting held on May 16, 2024 and by the Shareholders in an Extraordinary General Meeting held on May 27, 2024 and consequently the name of our Company was changed to ‘SawaliyaFoodProductsLimited’andafreshcertificateofincorporationdatedJuly15,2024wasissuedbytheRegistrar of Companies, Central Processing Centre. The corporate identification number of our Company is U15400MP2014PLC032843. ChangeinregisteredofficeofourCompany TheRegisteredOfficeofourCompanyatthetimeofincorporationwassituatedatFlatNumber402,NavratnaGalaxy, 95GumastaNagar,Indore-452009,MadhyaPradesh,India. ThedetailsofchangesmadetoourRegisteredOfficepostincorporationofourCompanyareprovidedbelow: Effectivedateofchange Detailsofchange Reason(s)forchange July26,2024 TheregisteredofficeofourCompanywaschanged Foroperationalconvenience from Flat Number 402, Navratna Galaxy, 95 GumastaNagar,Indore-452009,MadhyaPradesh, India to Survey No. 9/2/1/2 Gavla, Tehsil Pithampur,Dhar-454775,MadhyaPradesh,India. MainObjectsofourCompany ThemainobjectsofourCompanyareasfollows: 1. Toestablish,start,operate,propagate,manufacture,produce,grow,cultivate,process,collaborate,import,export,sell, purchaseorotherwisedealinandmarketingormultimarketingoffreshanddehydratedvegetables,whetherrootsor leafy,vegetationanditsvalueaddition,healthandnutritionproducts,foodorfoodsupplements,whethermedicinalor aromatic,throughplantsorotherwiseorthroughusualorunusualherbs,plantationortubercrops,fruits,mushroom, nuts, fresh or canned, dehydrated or frozen fruits, vegetables or any genetic combination thereof, fast foods, marine andseafoods,energyfoods,beekeepinghoneyanditsprocessing,sericultureanditsprocessingandtooperatefarming undersatellitecontractualbuybackschemesincludingcultivation&processing&medicinalandaromaticplants,usual &unusualrareherbs,recyclingoforganicwaste,fermentationandmembraneprocesstechnology. 2. To carry on the business as traders, exporters, agents, representatives, wholesale, retail dealers, assemblers, manufacturers, stockiest, importers, exporters or distributors, act as franchisee, showroom, gallery of computers, peripherals, computer components, electronic equipments and all component parts, spare parts accessories and equipments and apparatus for use in connection therewith, and to plan, design, develop, improve market, distribute, sell,license,lease,install,alter,import,exportorotherwise. ThemainobjectsascontainedintheMoAenableourCompanytocarryonthebusinesspresentlybeingcarriedout. AmendmentstotheMemorandumofAssociation ThefollowingamendmentshavebeenmadetotheMemorandumofAssociationofourCompanyinthelastten(10)years: Date of shareholder’s Natureofamendments resolution October31,2014 ClauseVoftheMoAwasamendedtoincreasetheauthorisedshareof our Companyfrom ₹5,00,000 divided into 50,000 Equity Shares of face value of ₹ 10 each to ₹ 12,50,000 dividedinto1,25,000EquitySharesoffacevalueof₹10each. April23,2024 ClauseVoftheMoAwasamendedtoincreasetheauthorisedshareofourCompanyfrom₹ 12,50,000dividedinto1,25,000EquitySharesoffacevalueof₹10eachto₹10,12,50,000 dividedinto1,01,25,000EquitySharesoffacevalueof₹10each. 170Date of shareholder’s Natureofamendments resolution May27,2024 Our Companywasconverted intoa public limitedcompanyand consequently the name of ourCompanywaschangedto‘SawaliyaFoodProductsLimited’. Accordingly,ClauseIof theMoAwasamendedtoreflectthechangeinnameofourCompany,postitsconversion. August23,2024 ClauseVoftheMoAwasamendedtoincreasetheauthorisedshareofourCompanyfrom₹ 10,12,50,000 divided into 1,01,25,000 Equity Shares of face value of ₹ 10 each to ₹ 12,12,50,000dividedinto1,21,25,000EquitySharesoffacevalueof₹10each. CorporateprofileofourCompany For details regarding the description of our Company’s activities, services, market, growth, technology, managerial competence, standing with reference to prominent competitors, launch of key services, entry in new geographies or exit fromexistingmarkets,majordistributorsandcustomers,segment,marketingandcompetition,pleaserefertothechapters titled“OurBusiness”,“OurManagement”and“Management’sDiscussionandAnalysisofFinancialPositionandResults ofOperations”onpages139,174and227respectively,ofthisProspectus. MajorEventsandMilestones Thetablebelowsetsforthsomeofthekeyevents,milestonesinourhistorysinceitsincorporation: Year Events 2015 OurCompanyestablishedafactorywithasemi-automaticlineandasmalldryer. OurCompanyexpandedourproductportfoliobymanufacturingcarrotflakes(AGrade) 2016 OurCompanyexpandedourproductportfoliobymanufacturingcabbageflakes(AGrade) 2017 OurCompanyexpandedourproductportfoliobymanufacturingbeanflakes(AGrade) 2019 Our Company automated the existing manufacturing unit by replacing the semi-automatic line with an automaticprocessline.Wealsoinstalledanin-housemeyercolorsortermachineforimprovingqualityofour products. OurCompanyreceivedapprovalfromtheUnitedStatesFoodandDrugAdministrationanddispatcheditsfirst exportshipment. 2022 OurCompanyexpandedtheexistingmanufacturingunitbyinstallinganadditionalvegetableprocessingline toincreaseproduction. 2023 Our Company established an in-house cold storage and set up a new state-of-the-art facility by utilizing sustainableenergy. 2024 Our Company was converted from a private limited company to a public limited company and the name of ourCompanywaschangedto‘SawaliyaFoodProductsLimited’. AwardsandAccreditations ThetablebelowsetsforthsomeofthekeyawardsreceivedbyourCompanyinitshistorysinceitsincorporation: Year Events 2021 OurCompanyreceivedcertificateofappreciationforoutstandingcontributioninsupportingITC FoodsDivisioninFoodsDivisionProcurementConclave2021. TimeandCostOverrun OurCompanyhasnotexperiencedanysignificanttimeandcostoverruninsettingupprojects. DelaysorDefaultsorReschedulingofBorrowingswithFinancialInstitutions/Banks Other than as disclosed below, there have been no defaults or rescheduling/ restructuring of borrowings with financial institutions/banksintheCompany. OurCompanyhasexperienceddelaysinrepaymentofloans,detailsofwhichhavebeenprovidedbelow: 171Banks DetailsofLoansavailed FinancialYearinwhich Amountofdelay PeriodofDelay(indays) delayoccurred (₹inlakhs) HDFC TermLoan April-2023 3.06 4 Bank May-2023 10.04 3 Limited June-2023 8.76 2 July-2023 8.27 14 August-2023 8.33 3 September-2023 1.29 8 October-2023 8.44 6 November-2023 8.50 7 December-2023 8.56 16 January-2024 10.15 6 February-2024 9.31 2 March-2024 9.37 1 April-2024 9.44 6 May-2024 9.51 2 Detailsregardingmaterialacquisitionordisinvestmentsofbusiness/undertakings,mergers,amalgamation OurCompanyhasnotmadeanybusinessacquisition,mergerandamalgamationordisinvestmentofbusinessinthelastten years. Revaluationofassetsinthelasttenyears OurCompanyhasneitherrevalueditsassetsnorhasissuedanyEquityShares(includingbonusshares)bycapitalizingany revaluationreservesinthelasttenyears. HoldingCompany AsonthedateofthisProspectus,ourCompanydoesnothaveaholdingcompany. SubsidiariesofourCompany AsonthedateofthisProspectus,ourCompanydoesnothaveanysubsidiary. AssociateorJointventuresofourCompany AsonthedateofthisProspectus,ourCompanydoesnothaveanyassociateorjointventures. StrategicandFinancialPartners AsondateofthisProspectusourCompanydoesnothaveanystrategicandfinancialpartners. ShareholdersandOtherAgreements Therearenoshareholdersandothermaterialagreements,apartfromthoseenteredintointheordinarycourseofbusiness carriedonorintendedtobecarriedonbyus. AgreementswithkeymanagerialpersonneloraDirectororPromotersoranyotheremployeeoftheCompany TherearenoagreementsenteredintoexceptintheordinarycourseofbusinessbyaKeyManagerialPersonnelorDirector or Promoters or any other employee of our Company, either by themselves or on behalf of any other person, with any shareholder or any other third party with regard to compensation or profit sharing in connection with dealings in the securitiesofourCompany. GuaranteesgivenbyPromotersofferingitssharesintheOfferforSale Except as stated in “Financial Indebtedness” on page 237 of this Prospectus, our Promoters, who are also the Selling ShareholdersinthisOffer,havenotgivenanyguaranteesonbehalfofourCompany. 172MaterialAgreements TheCompanyconfirmsthat,therearenootheragreementsandclauses/covenantswhicharematerialandwhichneedto bedisclosedandthattherearenootherclauses/covenantswhichareadverse/pre-judicialtotheinterestofthepublic shareholders. TheCompanyfurtherconfirmsthataspertheArticlesofAssociation(‘AoA’)oftheCompanyasamendedfromtimeto time,therearenoarticles/provisionsintheAoAenablingapersontoexerciseorbeentitledtoanyspecialrightsofany nature. OtherAgreements Therearenootheragreements/arrangementsandclauses/covenantswhicharematerialandwhichneedstobedisclosed ornon-disclosureofwhichmayhavebearingontheinvestmentdecision,otherthantheoneswhichhavealreadydisclosed inthisProspectus. 173OURMANAGEMENT OurBoardofDirectors In accordance with our Articles of Association, unless otherwise determined in a general meeting of the Company and subjecttotheprovisionsoftheCompaniesAct,2013andotherapplicablerules,thenumberofDirectorsoftheCompany shall be as per the applicable provisions of the Companies Act, 2013. As on date of this Prospectus, we have five (5) DirectorsonourBoard,whichincludesone(1)ManagingDirector,one(1)Whole-timeDirector,one(1)Non-Executive Directorandtwo(2)IndependentDirectors.OurBoardcomprisesoftwo(2)womendirectors. Setforthbelow,aredetailsregardingourBoardasonthedateofthisProspectus: Name, DIN, Date of Birth, Designation, Address, Age OtherDirectorships Occupation,TermandNationality (years) RaghavSomani 34 Nil DIN:06770088 DateofBirth:June12,1991 Designation:ChairmanandManagingDirector Address:402,NavratnaGalaxy,95GumastaNagar,Indore –452009,MadhyaPradesh,India. Occupation:Business Term:Aperiodoffive(05)yearswitheffectfromJuly22, 2024toJuly21,2029 PeriodofDirectorship:DirectorsinceIncorporation Nationality:Indian PriyaSomani 34 Nil DIN:10630638 DateofBirth:March20,1991 Designation:Whole-timeDirector Address:402,NavratnaGalaxy,95GumastaNagar,Indore –452009,MadhyaPradesh,India. Occupation:Business Term:Aperiodoffive(05)yearswitheffectfromJuly22, 2024toJuly21,2029 PeriodofDirectorship:DirectorsinceJuly22,2024 Nationality:Indian KartavyaKumarChitlangya 44 Companies DIN:09281531 TaishtyeebandhanNamkeenPrivateLimited DateofBirth:November3,1980 174Name, DIN, Date of Birth, Designation, Address, Age OtherDirectorships Occupation,TermandNationality (years) LLP’s Designation:Non-ExecutiveDirector RunichaRealtyLLP Address: 08, Vasant Vihar Colony, Behind Lokmanya Nagar Shopping Complex, Sudama Nagar, Indore – 452 009,MadhyaPradesh,India. Occupation:Business Term:Liabletoretirebyrotation PeriodofDirectorship:DirectorsinceJuly22,2024 Nationality:Indian RavikantGupta 51 Companies DIN:02041825 1. JhabuaFinanceprivateLimited;and 2. NilkanthDealersPrivateLimited DateofBirth:May27,1974 Designation:IndependentDirector LLP’s Address: 49-A, Prime City, Dhannalal Dharmshala, Nil Sukhliya,Indore–452010,MadhyaPradesh,India. Occupation:Business Term: A period of five (05) years commencing fromJuly 22,2024toJuly21,2029 PeriodofDirectorship:DirectorsinceJuly22,2024 Nationality:Indian ShwetaBhamare 32 Companies DIN:10499418 AgroPhos(India)Limited DateofBirth:September7,1992 LLP’s Designation:IndependentDirector Address: 179 Padmalay Colony, Near Chhota Bangarda, Nil Indore–452006,MadhyaPradesh,India. Occupation:Business Term: A period of five (05) years commencing fromJuly 22,2024toJuly21,2029 PeriodofDirectorship:DirectorsinceJuly22,2024 Nationality:Indian BriefBiographiesofourDirectors 175RaghavSomani,aged34years,isoneofthePromoters,ChairmanandManagingDirectorofourCompany. Heholdsa bachelor’sdegreeinengineeringfromVisvesvarayaTechnologicalUniversity,Belgaum.Heholdsanexperienceofalmost adecadeinbusinessdevelopment,productionandprocessingofdriedvegetablesandmarketingmanagement. Presently, he heads the division of marketing, production and business development of our Company and has been associated with ourCompanysinceincorporation. PriyaSomani,aged34years,isoneofthePromotersandWhole-timeDirectorofourCompany.Sheholdsabachelor’s degree in commerce from University of Rajasthan. She holds a master’s degree in business administration from Jayoti Vidyapeeth Women’s University. Presently, she heads the food safety and quality division and looks after the overall hygiene of the production facility of our Company. She holds an experience of four years in food safety and quality management. She has been associated with our Company since May 25, 2020 in the capacity of a quality executive and waspromotedtothepositionofWhole-timeDirectorwitheffectfromJuly22,2024. Kartavya Kumar Chitlangya, aged 44 years, is Non-Executive Director of our Company. He attended Devi Ahilya Vishwavidyalaya, Indore to pursue bachelor’s degree in commerce. He attended Maharishi Mahesh Yogi Vedic Vishwavidyalayatopursueamaster’sdegreeinbusinessadministration.HeispresentlyassociatedwithMaxLifeInsurance CompanyLimited,inthecapacityofanindependentagent.HeisthesoleproprietorofPerfectFinancialServices,which isengagedinofferingloanprocessingservicesandhasanexperienceofmorethanfouryearsinthefinancesector.Hehas beenassociatedwithourCompanysinceJuly22,2024. RavikantGupta,aged51years,isanIndependentDirectorofourCompany.HeattendedDeviAhilyaVishwavidyalaya, Indoretopursuebachelor’sdegreeincommerceandmaster’sdegreeineconomicsandbusinessadministration.Inthepast, hewasassociatedwithSkylineAdvisoryServicesPrivateLimitedinthecapacityofresearchexecutiveformorethansix years;withVipulMedCorpTPAPrivateLimited,inthecapacityofassistantmanagercorporateformorethanfiveyears; withNewgenInsuranceBrokingPrivateLimitedinthecapacityofseniormanager–businessdevelopmentformorethan fouryears;andwithBharatRe-InsuranceBrokersPrivateLimitedinthecapacityofSBU-Lead.Atpresent,heisassociated with Four Brothers Express Insurance Brokers Private Limited for nine months, in the capacity of area sales manager – Indore since April 1, 2024. He has an experience of more than nineteen years in business development and general management.HehasbeenassociatedwithourCompanysinceJuly22,2024. ShwetaBhamare,aged32years,isanIndependentDirectorofourCompany.SheattendedDeviAhilyaVishwavidyalaya, Indore to pursue bachelor’s and master’s degree in commerce. She is an associate member of the Institute of Company SecretariesofIndia.Inthepast,shewasassociatedwithMohiniHealthandHygieneLimitedfor2years,KalyanKetToll PrivateLimitedformorethanfourmonths,SimranFeedsPrivateLimitedforoneyeareightmonthsandSimranNutrifoods Private Limited for one year seven months, in the capacity of a company secretary. She has an experience of more than fouryearsinthesecretarialandcomplianceindustryandhasbeenassociatedwithourCompanysinceJuly22,2024. AsonthedateoftheProspectus A. Noneoftheabove-mentionedDirectorsareontheRBIListofwilfuldefaultersorFraudulentBorrowers. B. Neither Promoters nor persons forming part of our Promoter Group, our directors or persons in control of our CompanyorourCompanyaredebarredfromaccessingthecapitalmarketbySEBI. C. None of the Promoters, Directors or persons in control of our Company, has been or is involved as a promoter, directororpersonincontrolofanyothercompany,whichisdebarredfromaccessingthecapitalmarketunderany orderordirectionsmadebySEBIoranyotherregulatoryauthority. D. None ofourDirectors are/were director of anycompany whose shares were delisted from anystock exchange(s) duringhis/hertenure. E. NoneofPromotersorDirectorsofourCompanyareafugitiveeconomicoffender. F. None of our Directors are/were director of any company whose shares were suspended from trading by stock exchange(s) or under any order or directions issued by the stock exchange(s)/ SEBI/ other regulatory authority in thelastfiveyears. G. Inrespectofthetrackrecordofthedirectors,therehavebeennocriminalcasesfiledorinvestigationsbeingundertaken withregardtoallegedcommissionofanyoffencebyanyofourdirectorsandnoneofourdirectorshavebeencharge- sheetedwithseriouscrimeslikemurder,rape,forgery,economicoffence. 176RelationshipbetweenourDirectors ExceptforRaghavSomani,whoisthespouseofPriyaSomani,noneofourDirectorsarerelatedtoeachother. ArrangementsorUnderstandingwithMajorShareholders NoneofourKeyManagerialPersonnel,SeniorManagementorDirectorshavebeenappointedpursuanttoanyarrangement or understanding with our major shareholders, customers, suppliers or others pursuant to which any of the directors was selectedasadirectorormemberofseniormanagement. We confirm that there are no conflict of interest between the suppliers of raw materials and third party service providers (crucialforoperationsofourCompany)andourCompany,KeyManagerialPersonnelandDirectors. PaymentorBenefittoofficersofourCompany ExceptasstatedotherwiseinthisProspectusandanystatutorypaymentsmadebyourCompany,nonon-salaryamountor benefithasbeenpaid,intwoprecedingyears,orgivenorisintendedtobepaidorgiventoanyofourCompany’sofficers exceptremunerationofservicesrenderedasDirectors,officersoremployeesofourCompany. ServiceContracts Other than the statutory benefits that the KMPs are entitled to, upon their retirement, Directors and the Key Managerial PersonnelofourCompanyhavenotenteredintoanyservicecontractspursuanttowhichtheyareentitledtoanybenefits uponterminationofemploymentorretirement. BorrowingPowersofourBoard OurArticlesofAssociation,subjecttoapplicablelaw,authorizeourBoardtoraiseorborrowmoneyorsecurethepayment ofanysumofmoneyforthepurposesofourCompany.OurCompanyhas,pursuanttoan-specialresolutionpassedatthe Annual General Meeting held on July 26, 2024, resolved that in accordance with the provisions of the Companies Act, 2013,ourBoardisauthorisedtoborrow,fromtimetotime,suchsumorsumsofmoneysastheBoardwhichtogetherwith themoneysalreadyborrowedbyourCompany(apartfromtemporaryloansobtainedortobeobtainedfromtheCompany’s bankersintheordinarycourseofbusiness),mayexceedatanytimetheaggregateofthepaid-upcapitalofourCompany, its free reserves and securities premium of our Company, that is to say, reserves not set apart for any specific purpose, providedthatthetotalamountofmoney/moneysborrowedbytheBoardofDirectorsandoutstandingatonetimeshallnot exceed₹5,000lakhs. TermsofappointmentandremunerationofourManagingDirectorandWholetimeDirector RaghavSomani Pursuant to a resolution passed by the Board of Directors at the meeting held on July 22, 2024 and approved by the Shareholders of our Company at an AGM held on July 26, 2024, Raghav Somani was designated as the Chairman and ManagingDirectorofourCompanyforaperiodof five(05)yearswitheffectfromJuly22,2024toJuly21,2029along withthetermsofremuneration,inaccordancewithSections196,197,203andScheduleVandotherrelevantprovisions oftheCompaniesAct,2013readwiththerulesprescribedthereunder.ThetermsandconditionsapprovedbytheBoardof DirectorsandtheShareholdershavebeensummarisedbelow: BasicSalary ₹2,00,000permonth Commission/ NotExceeding1%ofthenetprofitoftheCompanyinanyfinancialyearastheBoardmaydetermine performance fromtimetotimebutshallnotexceedtheamountequivalenttothesalaryfortherelevantperiod;it linkedincentive: maybepaidpro-rataonamonthlybasisattheabsolutediscretionoftheBoard. Perquisites: PerquisitesinaccordancewiththerulesoftheCompanyandanyadditionalperquisitesasmaybe decidedbytheBoardofDirectorsoftheCompanyfromtimetotime. EarnedLeave: AsperrulesoftheCompany. Medical ReimbursementofexpensesincurredforselfandfamilyasperthepolicyoftheCompany. Reimbursement: 177LeaveTravel LeaveTravelConcessionforselfandfamily,onceinayearincurredinaccordancewiththerules Concession: oftheCompany. Explanation: Familymeansthespouse,thedependentchildrenanddependentparentsoftheWholetimeDirector. Minimum WhereinanyfinancialyearduringthecurrencyoftenureoftheManagingDirector,theCompany Remuneration: hasnoprofitsoritsprofitsareinadequate,theCompanywillpayremunerationbywayofsalaryand perquisitesnotexceedingthelimitsasspecifiedabove.TheBoardofDirectorsshallhavelibertyto alter and vary the aforesaid terms and conditions relating to remuneration in line with such amendmentsasmaybemadefromtimetotimetotheCompaniesAct,2013. PriyaSomani Pursuant to a resolution passed by the Board of Directors at the meeting held on July 22, 2024 and approved by the ShareholdersofourCompanyatanAGMheldonJuly26,2024,PriyaSomaniwasdesignatedastheWhole-timeDirector of our Company for a period of five (05) years with effect from July 22, 2024 to July 21, 2029 along with the terms of remuneration,inaccordancewithSections196,197,203andScheduleVandotherrelevantprovisionsoftheCompanies Act,2013readwiththerulesprescribedthereunder.ThetermsandconditionsapprovedbytheBoardofDirectorsandthe Shareholdershavebeensummarisedbelow: BasicSalary ₹1,00,000permonth Commission/ NotExceeding1%ofthenetprofitoftheCompanyinanyfinancialyearastheBoardmaydetermine performance fromtimetotimebutshallnotexceedtheamountequivalenttothesalaryfortherelevantperiod;it linkedincentive: maybepaidpro-rataonamonthlybasisattheabsolutediscretionoftheBoard. Perquisites: PerquisitesinaccordancewiththerulesoftheCompanyandanyadditionalperquisitesasmaybe decidedbytheBoardofDirectorsoftheCompanyfromtimetotime. EarnedLeave: AsperrulesoftheCompany. Medical ReimbursementofexpensesincurredforselfandfamilyasperthepolicyoftheCompany. Reimbursement: LeaveTravel LeaveTravelConcessionforselfandfamily,onceinayearincurredinaccordancewiththerules Concession: oftheCompany. Explanation: Familymeansthespouse,thedependentchildrenanddependentparentsoftheWholetimeDirector. Minimum WhereinanyfinancialyearduringthecurrencyoftenureoftheManagingDirector,theCompany Remuneration: hasnoprofitsoritsprofitsareinadequate,theCompanywillpayremunerationbywayofsalaryand perquisitesnotexceedingthelimitsasspecifiedabove.TheBoardofDirectorsshallhavelibertyto alter and vary the aforesaid terms and conditions relating to remuneration in line with such amendmentsasmaybemadefromtimetotimetotheCompaniesAct,2013. RemunerationdetailsofourDirectors (i) RemunerationofourExecutiveDirectors TheaggregatevalueoftheremunerationpaidtotheExecutiveDirectorsinFiscal2025isasfollows: Sr.No. NameoftheDirector Remuneration(₹inlakhs) 1. RaghavSomani 24.00 2. PriyaSomani 12.00 (ii) SittingfeedetailsofourIndependentDirectorsandNon-ExecutiveDirectorsduringtheFiscal2025: Sr.No. NameoftheDirector Remuneration(₹inlakhs) 1. RavikantGupta 0.40 2. ShwetaBhamare 0.40 3. KartavyaKumarChitlangya NIL OurBoardofDirectorsintheirmeetingheldonJuly22,2024havefixed₹5,000assittingfeeforIndependentDirectors, forattendingmeetingsoftheBoardofDirectorsanditscommittees. PaymentorbenefittoDirectorsofourCompany 178Except as disclosed in this Prospectus, no amount or benefit has been paid or given within the two preceding years or is intendedtobepaidorgiventoanyoftheExecutiveDirectorsexceptthenormalremunerationforservicesrenderedasa DirectorofourCompany.Additionally,thereisnocontingentordeferredcompensationpayabletoanyofourDirectors. RemunerationpaidtoourDirectorsbyourSubsidiary AsonthedateofthisProspectus,ourCompanydoesnothaveasubsidiary. LoanstoDirectors There are no loans that have been availed by the Directors from our Company that are outstanding as on the date of this Prospectus. ShareholdingofDirectorsinourCompany Except as stated below, none of our Directors holds any Equity Shares of our Company as on the date of filing of this Prospectus: Sr.No. NameofDirector NumberofEquityShares %ofthepre-OfferEquityShare offacevalueof₹10each Capital 1) RaghavSomani 30,72,476 42.00 2) PriyaSomani 30,72,462 42.00 *OurArticlesofAssociationdonotrequireourDirectorstoholdanyqualificationEquitySharesintheCompany. InterestofourDirectors OurExecutiveDirectorsmaybedeemedtobeinterestedtotheextentofremunerationpaidtothemforservicesrendered asaDirectorofourCompanyandreimbursementofexpenses,ifany,payabletothem.Fordetailsofremunerationpaidto oursee“TermsofappointmentandremunerationofourExecutiveDirectors”above. OurDirectorsmayalsobeinterestedtotheextentofEquityShares,ifany,heldbythemorheldbytheentitiesinwhich theyareassociatedaspromoters,directors,partners,proprietorsortrusteesorkartasorcoparcenersorheldbytheirrelatives orthatmaybesubscribedbyorallottedtothecompanies,firms,ventures,trustsinwhichtheyareinterestedaspromoters, directors,partners,proprietors,membersortrustees,pursuanttothisOffer.Exceptasdisclosedin“FinancialInformation” and“OurPromotersandPromoterGroup”beginningonpage193and187,respectivelyofthisProspectus,ourdirectors arenotinterestedinanyothercompany,entityorfirm. MadhavSomani,brotherofourManagingDirector,RaghavSomani,wasassociatedwithourCompany,inthecapacityof an Executive Director and, our Managing Director may be deemed to be interested to the extent of remuneration paid to him.HeispresentlyemployedwithourCompanyinthecapacityofanassociate–salesandmarketingandourManaging DirectormaybedeemedtobeinterestedtotheextentofremunerationpaidtoMadhavSomani,inthesaidcapacity. Further,KrishnaKantSomani,thefatherofourManagingDirector,RaghavSomani,wasemployedwithourCompany,in thecapacityofanassociate–purchaseandprocurement.Additionally,HansaSomani,themotherofourManagingDirector, Raghav Somani was employed with our Company, in the capacity of associate – HRD. Our Managing Director may be deemedtobeinterestedintheremunerationpayabletothembyourCompany.Forfurtherdetails,pleaserefertothechapter titled“RestatedFinancialInformation-RelatedPartyTransactions”onpage193ofthisProspectus. Except as stated in “Restated Financial Information –Related Party Transactions” from the chapter titled “Restated FinancialInformation”onpage193ofthisProspectus,ourDirectorsdonothaveanyotherinterestinthebusinessofour Company. Interestastoproperty Exceptasmentionedin“OurBusiness-LandandProperty”and“RestatedFinancialInformation–AnnexureV-Notesto Restated Financial Information – Note 27 Statement Of Related Party Transaction” from the chapter titled “Restated Financial Information” on page 160 and 193 of this Prospectus our Directors do not have any interest in any property acquiredorproposedtobeacquiredbyourCompany. BonusorProfitSharingPlanforourDirectors 179NoneofourDirectorsareapartytoanybonusorprofitsharingplan. ChangesinourBoardduringtheLastThreeYears Exceptasdisclosedbelow,therehavebeennochangesinourBoardduringthelastthreeyears. NameofDirector Dateof DateofCessation ReasonsforChange/Appointment Appointment PriyaSomani - July20,2024 ResignationfromthepostofExecutiveDirector RaghavSomani July22,2024 - DesignatedastheChairmanandManagingDirector Kartavya Kumar July22,2024 - AppointedasAdditional(Non-Executive)Director* Chitlangya RavikantGupta July22,2024 - AppointedasAdditional(Independent)Director* ShwetaBhamare July22,2024 - AppointedasAdditional(Independent)Director* MadhavSomani - July22,2024 ResignationasExecutiveDirector PriyaSomani July22,2024 - AppointedasAdditional(Executive)Director* PriyaSomani July22,2024 - DesignatedastheWhole-timeDirector *TheappointmentoftheDirectorwasregularisedbytheShareholdersintheAGMheldonJuly26,2024. ManagementOrganizationStructure SetforthisthemanagementorganizationstructureofourCompany: BOARD OF DIRECTORS NON MANAGING WHOLE-TIME EXECUTIVE DIRECTOR DIRECTOR DIRECTOR INDEPENDENT DIRECTORS KEYMANAGERIAL SENIOR PERSONNEL MANAGEMENT CorporateGovernance AsourCompanyiscomingwithanissueintermsofChapterIX oftheSEBI(ICDR)Regulations,2018asamended from time to time, as on date of this Prospectus, the requirement specified in regulations 17, 18, 19, 20, 21, 22, 23, 24,25,26,27andclauses(b)to(i)ofsub-regulation(2)ofregulation46andparaC,DandEofScheduleVofSEBI (LODR) Regulations, 2015 are not applicable to our Company. In additions to the applicable provisions of the CompaniesAct,2013willbeapplicabletoourcompanyimmediatelyuponthelistingofEquitySharesontheStock Exchanges.However,ourCompanyhascompliedwiththecorporategovernancerequirement,particularlyinrelation toappointmentofindependentdirectorsincludingwomandirectoronourBoard,constitutionofanAuditCommittee and Nomination and Remuneration Committee. Our Board functions either on its own or through committees constitutedthereof,tooverseespecificoperationalareas. CommitteesofourBoard 180Our Board has constituted following committees in accordance with the requirements of the Companies Act and SEBI ListingRegulations: a) AuditCommittee; b) Stakeholders’RelationshipCommittee;and c) NominationandRemunerationCommittee; Detailsofeachofthesecommitteesareasfollows: AUDITCOMMITTEE The Audit Committee was constituted vide Board resolution dated July 22, 2024 pursuant to Section 177 of the CompaniesAct,2013.AsonthedateofthisProspectus,theAuditCommitteecomprisesof: NameoftheDirector StatusinCommittee NatureofDirectorship RavikantGupta Chairperson IndependentDirector ShwetaBhamare Member IndependentDirector RaghavSomani Member ManagingDirector TheAuditCommitteeshallberesponsiblefor,amongotherthings,asmayberequiredbythestockexchanges)fromtime totime,thefollowing: A. PowersofAuditCommittee TheAuditCommitteeshallhavethefollowingpowers: • Toinvestigateanyactivitywithinitstermsofreference; • Toseekinformationfromanyemployee; • Toobtainoutsidelegalorotherprofessionaladvice; • Tosecureattendanceofoutsiderswithrelevantexpertise,ifitconsidersnecessary;and • SuchotherpowersasmaybeprescribedundertheCompaniesActandSEBIListingRegulations. B. RoleoftheAuditCommittee Theroleoftheauditcommitteeshallincludethefollowing: 1. Oversight of the company's financial reporting process and the disclosure of its financial information to ensure that thefinancialstatementsarecorrect,sufficientandcredible; 2. Recommendationforappointment,remunerationandtermsofappointmentofauditorsofthecompany; 3. Approvalofpaymenttostatutoryauditorsforanyotherservicesrenderedbythestatutoryauditors; 4. Formulationofapolicyonrelatedpartytransactions,whichshallincludematerialityofrelatedpartytransactions; 5. Reviewing,atleastonaquarterlybasis,thedetailsofrelatedpartytransactionsenteredintobytheCompanypursuant toeachoftheomnibusapprovalsgiven; 6. Examiningandreviewing,withthemanagement,theannualfinancialstatementsandauditor'sreportthereonbefore submissiontotheBoardforapproval,withparticularreferenceto: a. MattersrequiredtobeincludedintheDirector'sResponsibilityStatementtobeincludedintheboard’sreportin termsofclause(c)ofsub-section3ofsection134ofCompaniesAct,2013; b. Changes,ifany,inaccountingpoliciesandpracticesandreasonsforthesame; c. Majoraccountingentriesinvolvingestimatesbasedontheexerciseofjudgmentbymanagement; d. Significantadjustmentsmadeinthefinancialstatementsarisingoutofauditfindings; e. Compliancewithlistingandotherlegalrequirementsrelatingtofinancialstatements; f. Disclosureofanyrelatedpartytransactions;and g. Modifiedopinion(s)inthedraftauditreport. 7. Reviewing,withthemanagement,thequarterlyfinancialstatementsbeforesubmissiontotheBoardforapproval; 8. Reviewing,withthemanagement,thestatementofuses/applicationoffundsraisedthroughanissue(publicissue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring the utilization of proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter; 1819. Reviewingandmonitoringtheauditor'sindependenceandperformance,andeffectivenessofauditprocess; 10. Approvalofanysubsequentmodificationoftransactionsofthecompanywithrelatedpartiesandomnibusapproval for related party transactions proposed to be entered into by the Company, subject to the conditions as may be prescribed; Explanation: The term "related party transactions" shall have the same meaning as provided in Clause 2(zc) of the SEBIListingRegulationsand/ortheAccountingStandardsand/ortheCompaniesAct,2013. 11. Scrutinyofinter-corporateloansandinvestments; 12. Valuationofundertakingsorassetsofthecompany,whereveritisnecessary; 13. Evaluationofinternalfinancialcontrolsandriskmanagementsystems; 14. Reviewing, with the management, performance of statutory and internal auditors, adequacy of the internal control systems; 15. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit; 16. Discussionwithinternalauditorsofanysignificantfindingsandfollowupthereon; 17. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraudorirregularityorafailureofinternalcontrolsystemsofamaterialnatureandreportingthemattertotheBoard; 18. Discussionwithstatutoryauditorsbeforetheauditcommences,aboutthenatureandscopeofauditaswellaspost- auditdiscussiontoascertainanyareaofconcern; 19. Recommendingtotheboardofdirectorstheappointmentandremovaloftheexternalauditor,fixationofauditfees andapprovalforpaymentforanyotherservices; 20. Monitoringtheenduseoffundsraisedthroughpublicoffersandrelatedmatters; 21. Lookingintothereasonsforsubstantialdefaultsinthepaymenttodepositors,debentureholders,shareholders(incase ofnon-paymentofdeclareddividends)andcreditors; 22. Reviewingthefunctioningofthewhistleblowermechanism; 23. Monitoringtheenduseoffundsraisedthroughpublicoffersandrelatedmatters; 24. Overseeing the vigil mechanism established by the Company, with the chairman of the Audit Committee directly hearinggrievancesofvictimizationofemployeesanddirectors,whousedvigilmechanismtoreportgenuineconcerns inappropriateandexceptionalcases; 25. Approval of appointment of CFO (i.e., the whole-time Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate; 26. Reviewing the utilization of loans and/or advances from/investments by the holding company in the subsidiary exceeding rupees hundred crores or 100% of the asset size of the subsidiary, whichever is lower including existing loans/advances/investments,asmaybeapplicable. 27. Carryingoutanyother functionsrequiredtobe carriedout asperthe termsof reference of the Audit Committeeas containedintheSEBIListingRegulationsoranyotherapplicablelaw,asandwhenamendedfromtimetotime. 28. Considerandcommentonrationale,cost-benefitsandimpactofschemesinvolvingmerger,demerger,amalgamation etc.,onthelistedentityanditsshareholders. 29. To review compliance with the provisions of the Securities and Exchange Board of India (Prohibition of Insider Trading)Regulations,2015,atleastonceinafinancialyearandshallverifythatthesystemsforinternalcontrolunder thesaidregulationsareadequateandareoperatingeffectively;and 30. SuchrolesasmaybeprescribedunderCompaniesAct,SEBIListingRegulationsandotherapplicableprovisions. Further,theAuditCommitteeshallmandatorilyreviewthefollowinginformation: 1. Managementdiscussionandanalysisoffinancialconditionandresultsofoperations; 2. Managementletters/lettersofinternalcontrolweaknessesissuedbythestatutoryauditors; 3. Internalauditreportsrelatingtointernalcontrolweaknesses; 4. Theappointment,removalandtermsofremunerationofthechiefinternalauditor; 5. StatementofdeviationsintermsoftheSEBIListingRegulations: a.Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchanges)intermsofRegulation32(1)oftheSEBIListingRegulations,and b.Annualstatementoffundsutilizedforpurposesotherthanthosestatedintheofferdocument/prospectus/noticein termsofRegulation32(7)theSEBIListingRegulations. 6. Reviewthefinancialstatements,inparticular,theinvestmentsmadebyanyutilizedsubsidiary; AsrequiredundertheSEBI(LODR)Regulations,theAuditCommitteeshallmeetatleastfourtimesinayear,andnot morethanonehundredandtwentydaysshallelapsebetweentwomeetings.Thequorumshallbetwomemberspresent, oronethirdofthemembers,whicheverisgreater,providedthatthereshouldbeaminimumoftwoindependent directorspresent. 182STAKEHOLDERS’RELATIONSHIPCOMMITTEE The Stakeholders’ Relationship Committee has been formed by the Board of Directors, at the meeting held on July 22, 2024.AsonthedateofthisProspectustheStakeholders’RelationshipCommitteecomprisesof: NameoftheDirector StatusinCommittee NatureofDirectorship RavikantGupta Chairperson IndependentDirector ShwetaBhamare Member IndependentDirector RaghavSomani Member ManagingDirector ThescopeandfunctionoftheStakeholders'RelationshipCommitteeisinaccordancewithSection178oftheCompanies Act,2013andtheSEBIListingRegulationsandthetermsofreference,powersandscopeoftheStakeholders'Relationship CommitteeofourCompanyinclude: 1. Considering and specifically looking into various aspects of interest of shareholders, debenture holders and other securityholders; 2. ResolvingthegrievancesofthesecurityholdersoftheCompanyincludingcomplaintsrelatedtotransfer/transmission of shares, non-receipts of annual reports, non-receipt of declared dividends, issue of new / duplicate certificates, generalmeetings,etc.; 3. Reviewofmeasurestakenforeffectiveexerciseofvotingrightsbymembers; 4. Investigatingcomplaintsrelatingtoallotment ofshares, approvals oftransferortransmissionof shares, debentures oranyothersecurities; 5. Givingeffecttoalltransfer/transmissionofsharesanddebentures,dematerialisationofsharesandre-materialisation ofshares,splitandissueofduplicate/consolidatedsharecertificates,compliancewithalltherequirementsrelatedto shares,debenturesandothersecuritiesfromtimetotime; 6. Reviewofadherencetotheservicestandardsadoptedbythelistedentityinrespectofvariousservicesbeingrendered bytheRegistrarandShareTransferAgent; 7. Review of the various measures and initiatives taken by the Company for reducing the quantum of unclaimed dividendsandensuringtimelyreceiptofdividendwarrants/annualreports/statutorynoticesbytheshareholdersofthe Company 8. Carrying out such other functions as may be specified by the Board from time to time or specified/provided under theCompaniesActorSEBIListingRegulations,orbyanyotherregulatoryauthority. TheStakeholdersRelationshipCommitteeshallmeetatleastonceinayear. NOMINATION AND REMUNERATION COMMITTEE The Nomination and Remuneration Committee was constituted at a meeting of the Board of Directorsheldon July 22,2024.AsonthedateofthisProspectustheNominationandRemunerationCommitteecomprisesof: NameoftheDirector StatusinCommittee NatureofDirectorship RavikantGupta Chairperson IndependentDirector ShwetaBhamare Member IndependentDirector KartavyaKumarChitlangya Member Non-ExecutiveDirector The scope and function of the Nomination and Remuneration Committee is in accordance with Section 178 of the Companies Act, 2013 and SEBI Listing Regulations and the terms of reference, powers and role of our Nomination and RemunerationCommitteeareasfollows: 1. Formulation of the criteria for determining qualifications, positive attributes and independence of a director and recommendtotheboardofdirectorsapolicyrelatingto,theremunerationofthedirectors,keymanagerialpersonnel andotheremployees; TheNominationandRemunerationCommittee,whileformulatingtheabovepolicy,shouldensurethat: (i) Thelevelandcompositionofremunerationbereasonableandsufficienttoattract,retainandmotivatedirectors ofthequalityrequiredtorunourCompanysuccessfully; (ii) Relationshipofremunerationtoperformanceisclearandmeetsappropriateperformancebenchmarks;and 183(iii) Remuneration to directors, key managerial personnel and senior management involves a balance between fixedandincentivepayreflectingshort-and-longtermperformanceobjectivesappropriatetotheworkingof theCompanyanditsgoals. 1. FormulationofcriteriaforevaluationoftheperformanceoftheindependentdirectorsandtheBoard; 2. Devisingapolicyondiversityofboardofdirectors; 3. Identifying persons who are qualified to become directors and who may be appointed in senior management in accordancewiththecriterialaiddown,andrecommendtotheboardofdirectorstheirappointmentandremovaland shallspecifythemannerforeffectiveevaluationofperformanceofBoard,itscommitteesandindividualdirectors tobecarriedouteitherbytheBoard,bytheNominationandRemunerationCommitteeorbyanindependentexternal agencyandreviewitsimplementationandcompliance. 4. Analysing,monitoringandreviewingvarioushumanresourceandcompensationmatters; 5. Deciding whether to extend or continue the term of appointment of the independent director, on the basis of the reportofperformanceevaluationofindependentdirectors; 6. Determining the Company's policy on specific remuneration packages for executive directors including pension rightsandanycompensationpayment,anddeterminingremunerationpackagesofsuchdirectors; 7. Recommendingtotheboard,allremuneration,inwhateverform,payabletoseniormanagementandotherstaff,as deemednecessary; 8. ReviewingandapprovingtheCompany'scompensationstrategyfromtimetotimeinthecontextofthethencurrent Indianmarketinaccordancewithapplicablelaws; 9. PerformingsuchfunctionsasarerequiredtobeperformedbythecompensationcommitteeundertheSecuritiesand ExchangeBoardofIndia(ShareBasedEmployeeBenefitsandSweatEquity)Regulations,2021,ifapplicable; 10. Framingsuitablepolicies,proceduresandsystemstoensurethatthereisnoviolationofsecuritieslaws,asamended fromtimetotime,including: a) theSecuritiesandExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations,2015;and b) theSecuritiesandExchangeBoardofIndia(ProhibitionofFraudulentandUnfairTradePracticesRelating totheSecuritiesMarket)Regulations,2003,bythetrust,theCompanyanditsemployees,asapplicable; 11. Administering,monitoringandformulatingdetailedtermsandconditionsoftheemployeestockoptionscheme,if any,oftheCompany; 12. Construing and interpreting the ESOP Scheme and any agreements defining the rights and obligations of the CompanyandeligibleemployeesundertheESOPScheme,andprescribing,amendingand/orrescindingrulesand regulationsrelatingtotheadministrationoftheESOPScheme; 13. PerformingsuchotheractivitiesasmaybedelegatedbytheBoardorspecified/providedundertheCompaniesAct, 2013 to the extent notified and effective, as amended or by the Securities and Exchange board of India (Listing Obligations and Disclosure Requirements) regulations, 2015, as amended or by any other applicable law or regulatoryauthority. 14. Foreveryappointmentofanindependentdirector,theNominationandRemunerationCommitteeshallevaluatethe balanceofskills,knowledgeandexperienceontheBoardandonthebasisofsuchevaluation,prepareadescription of the role and capabilities required of an independent director. The person recommended to the Board for appointmentasanindependentdirectorshallhavethecapabilitiesidentifiedinsuchdescription.Forthepurposeof identifyingsuitablecandidates,theCommitteemay: 1.usetheservicesofanexternalagencies,‘ifrequired; 2.considercandidatesfromawiderangeofbackgrounds,havingdueregardtodiversity;and 3.considerthetimecommitmentsofthecandidates. 15. Carrying out any other functions required to be carried out by the Nomination and Remuneration Committee as containedintheSEBIListingRegulationsoranyotherapplicablelaw,asandwhenamendedfromtimetotime. TheNominationandRemunerationCommitteeshallmeetatleastonceinayear. Anymembersofthiscommitteemayberemovedorreplacedanytimebytheboard,anymemberofthiscommitteeceasing tobeadirectorshallbeceasedtobeamemberofthiscommittee. CompliancewithSMEListingRegulations The provisions of the SEBI (Listing Obligation and Disclosures) Regulations, 2015 will be applicable to our CompanyimmediatelyuponthelistingofEquitySharesofour CompanyonEmergePlatformofNSE. OurKeyManagerialPersonnel 184InadditiontoourManagingDirector,whosedetailshavebeenprovidedunderparagraphabovetitled‘BriefProfileofour Directors’,setforthbelowarethedetailsofourKeyManagerialPersonnelasonthedateoffilingofthisProspectus: PankajNeema,aged51,istheChiefFinancialOfficerofourCompany.Heholdsabachelor’sdegreeincommercefrom Devi Ahilya Vishwavidyalaya, Indore. In the past, he was associated with Hindustan Equipments Private Limited in capacityofheadofaccount&taxation(accountdepartment).Hehasanexperienceofmorethanfourteenyearsinthefield ofaccountingandfinance.HehasbeenassociatedwithourCompanysinceNovember25,2023inthecapacityofsenior accountantandwaspromotedastheChiefFinancialofourCompanywitheffectfromJuly22,2024andoverseesfinance andaccountsofourCompany.Hehasreceivedaremunerationof₹6.24lakhsduringFiscal2025. Namita Singh Rathour, aged 36, is the Company Secretary and Compliance Officer of our Company. She attended UniversityofPunetopursuebachelor’sandmaster’sdegreeincommerce. ShealsoattendedVikramUniversity,Ujjainto pursuebachelor’sdegreeinlaw.SheisanassociatememberoftheInstituteofCompanySecretariesofIndia.Inthepast, she was associated with L&L Products India Private Limited and Reichindia Pharma Limited in capacity of whole-time company secretary. She has an experience of more than three years in in secretarial and compliance matters. She has receivedaremunerationof₹1.35lakhsduringFiscal2025. AllourKeyManagerialPersonnelarepermanentemployeesofourCompany. OurSeniorManagerialPersonnel Apart from our Managing Directors, Chief Financial Officer and Company Secretary and Compliance Officer, whose details have been provided under paragraph above titled ‘Brief Profile of our Directors’ and ‘Our Key Managerial Personnel’,setforthbelowarethedetailsofourSeniorManagerialPersonnelasonthedateoffilingofthisProspectus: SunilMishra,aged36,istheOperationsHeadofourCompany.HeattendedGovernmentMahakoshalArts&Commerce AutonomousCollege,Jabalpurtopursuebachelor’sdegreeinbusinessadministration.Inthepast,hewasassociatedwith Pacifice Exports in the capacity of executive; with Teamlease Services Limited, in the capacity of credit processing associate; and with Swarababy Products Private Limited, in the capacity of an executive. He has an experience of more thanfiveyearsinadministrativemanagementandbankingandfinancematters.HehasbeenassociatedwithourCompany sinceApril1,2024.Hehasreceivedaremunerationof₹4.20lakhsduringFiscal2025. Vranda Baheti, aged 26 is the HR Manager of our Company. She holds a bachelor’s degree in commerce from Vikram University, Ujjain. She attended Prestige Institute of Management and Research to pursue master’s degree in business administration. In the past, she was associated with Valyrian Labs Private Limited, in the capacity of human resource executive.Shehasanexperienceofmorethantwoyearsinhumanresourceadministration.Shehasbeenassociatedwith ourCompanysinceApril1,2024.Shehasreceivedaremunerationof₹12.00lakhsduringFiscal2025. Relationship of Key Managerial Personnel and Senior Management with our Directors, Promoters and / or other KeyManagerialPersonnelandSeniorManagement Exceptasdisclosedundertheheading“RelationshipbetweenourDirectors”,noneofourKeyManagerialPersonneland SeniorManagementarerelatedtoeachotherortoanyofourDirectors. ShareholdingoftheKeyManagerialPersonnelandSeniorManagement Except as disclosed below, none of the Key Management Personnel and Senior Management hold shareholding in our Company: Sr.No. NameofSMP NumberofEquitySharesoffacevalueof₹10each %ofEquityShareCapital 1) VrandaBaheti 2,92,617 4.00 BonusorProfitSharingPlanforourKeyManagerialPersonnelandSeniorManagement NoneofourKeyManagerialPersonnelandSeniorManagementisapartytoanybonusorprofitsharingplan. PaymentorbenefittoKeyManagerialPersonnelandSeniorManagementofourCompany ExceptasdisclosedinthisProspectus,noamountorbenefithasbeenpaidorgivenwithintwoprecedingyearsorisintended tobepaidorgiventoanyoftheKeyManagerialPersonnelandSeniorManagementexceptthenormalremunerationfor 185services rendered by them. Additionally, there is no contingent or deferred compensation payable to any of our Key ManagerialPersonnelandSeniorManagement. InterestofKeyManagerialPersonnelandSeniorManagement ExceptasdisclosedinthisProspectus,noneofourKeyManagerialPersonnelandSeniorManagementhaveanyinterestin ourCompanyotherthantotheextentoftheremuneration,equitysharesheldbythemorbenefitstowhichtheyareentitled toaspertheirtermsofappointmentandreimbursementofexpensesincurredbythemduringtheordinarycourseofbusiness. Further,thereisnoarrangementorunderstandingwiththemajorshareholders,customers,suppliersorothers,pursuantto whichanyofourKeyManagerialPersonnelandSeniorManagementhavebeenappointed. ChangesinKeyManagerialPersonnelandSeniorManagementintheLastThreeYears Inadditiontothechangesspecifiedunder“ChangesinourBoardduringtheLastThreeYears”,setforthbelow,arethe changesinourKeyManagerialPersonnelandSeniorManagementinthelastthreeyearsimmediatelyprecedingthedate offilingofthisProspectus: Name Designation Dateofchange Reason PankajNeema ChiefFinancialOfficer July22,2024 Appointment NamitaSinghRathour CompanySecretaryand July22,2024 Appointment ComplianceOfficer SunilMishra OperationsHead April1,2024 Appointment VrandaBaheti HRManager April1,2024 Appointment TheattritionoftheKeyManagementPersonnelandSeniorManagementisaspertheindustrystandards. Employees’StockOptionPlan As on date of this Prospectus, our Company does not have any employee stock option plan or purchase schemes for our employees. LoanstakenbyDirectors/KeyManagementPersonnelandSeniorManagement OurCompanyhasnotgrantedanyloanstotheDirectorsand/orKeyManagementPersonnelandSeniorManagementason thedateofthisProspectus. 186OURPROMOTERSANDPROMOTERGROUP OurPromoters ThePromotersofourCompanyareRaghavSomaniandPriyaSomani. ThedetailsoftheshareholdingofourPromoters,asondateofthisProspectushasbeenprovidedbelow: Sr.No. Particulars No.ofEquitySharesoffacevalueof₹ %ofSharestoPre–OfferEquity 10each ShareCapital 1. RaghavSomani 30,72,476 42.00 2. PriyaSomani 30,72,462 42.00 Total 61,44,938 84.00 Fordetails,pleasesee“CapitalStructure–ShareholdingofourPromoters”onpage89. DetailsofourPromoters 1. RaghavSomani RaghavSomani,aged34years,istheChairmanandManagingDirectorofour Company. He resides at 402, Navratna Galaxy, 95 Gumasta Nagar, Indore – 452009,MadhyaPradesh,India. ThePermanentAccountNumberofRaghavSomaniisDGIPS2177H. ForcompleteprofileofRaghavSomani,alongwithdetailsofhisdateofbirth, educationalqualifications,professionalexperience,positions/postsheldinthe past and other directorships and special achievements, please see “Our Management”onpage174. 2. PriyaSomani PriyaSomani,aged34years,istheWhole-timeDirectorofourCompany.She residesat402,NavratnaGalaxy,95GumastaNagar,Indore–452009,Madhya Pradesh,India. ThePermanentAccountNumberofPriyaSomaniisBDIPG1548R. For complete profile of Priya Somani, along with details of her date of birth, educationalqualifications,professionalexperience,positions/postsheldinthe past and other directorships and special achievements, please see “Our Management”onpage174. OtherVenturesofourPromoters TheventuresinwhichourPromotersisinvolvedinareasfollows: RaghavSomani Sr.No. Nameoftheentity NatureofInterest 1. Nil Nil 187PriyaSomani Sr.No. Nameoftheentity NatureofInterest 1. Nil Nil Our Company confirms that the permanent account numbers, bank account numbers, passport numbers, Aadhaar card numbersanddrivinglicensenumbersofourPromoterswassubmittedtoNSEatthetimeoffilingtheDraftRedHerring Prospectus. ChangeinControlofourCompany TherehasbeennochangeinthecontrolofourCompanysinceincorporation. ExperienceofourPromotersinthebusinessofourCompany OurPromotersholdexperienceinthebusinessofourCompany.FordetailsinrelationtoexperienceofourPromotersin thebusinessofourCompany,pleaserefertothechaptertitled“OurManagement”beginningonpage174ofthisProspectus. InterestofourPromoters InterestinpromotionofourCompany OurPromotersareinterestedinourCompanytotheextentthattheyhavepromotedourCompanyandtotheextentoftheir shareholdinginourCompanyandthedividendspayable,ifany,andanyotherdistributionsinrespectoftheirshareholding inourCompanyortheshareholdingoftheirrelativesinourCompany.Fordetailsoftheshareholdinganddirectorshipsof our Promoters in our Company, please refer to the chapter titled “Capital Structure”, “Our Management” and “Restated FinancialInformation”beginningonpage84,174and193,respectivelyofthisProspectus. InterestofPromotersinourCompanyotherthanasaPromoter OurPromoters,RaghavSomaniistheManagingDirector,andPriyaSomaniistheWhole-timeDirectorofourCompany, therefore, maybedeemedto be interested to the extent of anyremuneration payable to themin suchcapacity. Except as stated in this section and the section titled “Our Management”, “Financial Indebtedness” and “Restated Financial Information”beginningonpage174,237and193,respectively,ourPromotersdonothaveanyinterestinourCompany otherthanasPromoters. Except as disclosed in “Financial Information” and “Financial Indebtedness” on page 193 and 237, respectively in this Prospectus,ourPromotersandmembersofourPromoterGrouphave(i)notextendedanypersonalguaranteesand(ii)have not provided their personal properties, for securing the repayment of the bank loans obtained by our Company. Our PromotershavealsoadvancedcertainunsecuredloanstoourCompany,forfurtherdetails,pleaserefertothechaptertitled “FinancialIndebtedness”onpage237ofthisProspectus. No sum has been paid or agreed to be paid to our Promoters or to the firms or companies in which our Promoters are interestedasmembersincashorsharesorotherwisebyanyperson,eithertoinducethemtobecomeortoqualifythem,as directors or promoters or otherwise for services rendered by our Promoters or by such firms or companies in connection withthepromotionorformationofourCompany. InterestinthepropertiesofourCompany OurPromotersarenotinterestedinthepropertiesacquiredbyourCompanyinthethreeyearsprecedingthedateoffiling of this Prospectus with NSE or proposed to be acquired by our Company, or in any transaction by our Company for the acquisitionofland,constructionofbuildingorsupplyofmachinery. We confirm that there are no conflict of interest between the suppliers of raw materials and third party service providers (crucialforoperationsofourCompany)andourPromotersandPromoterGroup. OtherInterestandDisclosures 188OurPromotersarenotinterestedinanytransactioninacquisitionoflandorproperty,constructionofbuildingandsupply ofmachinery,oranyothercontract,agreementorarrangemententeredintobytheCompanyandnopaymentshavebeen madeorareproposedtobemadeinrespectofthesecontracts,agreementsorarrangements. PaymentorbenefitstoourPromotersandPromoters’Groupduringthelasttwoyears MadhavSomani,brotherofourManagingDirector,RaghavSomani,wasassociatedwithourCompany,inthecapacityof anExecutiveDirector.HeispresentlyemployedwithourCompanyinthecapacityofanassociate–salesandmarketing and may be deemed to be interested to the extent of remuneration paid to Madhav Somani, in the said capacity. Further, Krishna Kant Somani, the father of our Managing Director, Raghav Somani, was employed with our Company, in the capacityofanassociate–purchaseandprocurement.Additionally,HansaSomani,themotherofourManagingDirector, Raghav Somani was employed with our Company, in the capacity of associate – HRD. The aforementioned members of PromoterGroupmaybedeemedtobeinterestedintheremunerationpayabletothembyourCompany.Forfurtherdetails, pleaserefertothechaptertitled“RestatedFinancialInformation-RelatedPartyTransactions”beginningonpage193of thisProspectus. Except as stated in this chapter and in the chapter titled “Restated Financial Information - Related Party Transactions”, therehasbeennopaymentofanyamountofbenefitstoourPromotersorthemembersofourPromoters’Groupduringthe last two years from the date of this Prospectus nor is there any intention to pay or give any benefit to our Promoter or Promoters’GroupasonthedateofthisProspectus.Forfurtherdetails,pleaserefertothechaptertitled“RestatedFinancial Information-RelatedPartyTransactions”onpage193ofthisProspectus. LitigationsinvolvingourPromoters AsondateofthisProspectus,therearenolitigationinvolvingourPromoters. Guarantees Exceptasdisclosedinthechaptertitled“FinancialIndebtedness”,ourPromotershavenotextendedanyguaranteesagainst theEquitySharesheldbythemtothirdpartiesinrespectofourCompanyandtheEquitySharesthatareoutstandingason thedateoffilingofthisProspectus. DetailsofCompanies/FirmsfromwhichourPromotershasdisassociatedinthelastthreeyears Our Promoter has not disassociated themselves from any company/firm during three years preceding the date of this Prospectus. OURPROMOTERS’GROUP In addition to our Promoters, the following individuals and entities form part of our Promoters’ Group in terms of Regulation2(1)(pp)oftheSEBI(ICDR)Regulations: IndividualsformingpartofthePromoters’Group: S.No. NameofmemberofourPromoterGroup RelationshipwithourPromoter RaghavSomani 1. PriyaSomani Spouse 2. KrishnaKantSomani Father 3. HansaSomani Mother 4. MadhavSomani Brother 5. - Sister 6. RudrakshSomani Son 7. AnayaSomani Daughter 8. AnilKumarGattani Spouse’sfather 9. SunitaGattani Spouse’smother 10. RaghavGattani Spouse’sbrother 11. - Spouse’ssister PriyaSomani 1. RaghavSomani Spouse 189S.No. NameofmemberofourPromoterGroup RelationshipwithourPromoter 2. AnilKumarGattani Father 3. SunitaGattani Mother 4. RaghavGattani Brother 5. - Sister 6. RudrakshSomani Son 7. AnayaSomani Daughter 8. KrishnaKantSomani Spouse’sfather 9. HansaSomani Spouse’smother 10. MadhavSomani Spouse’sbrother 11. - Spouse’ssister EntitiesformingpartofthePromoters’Group: Exceptasstatedbelow,noothercompany,firmorHUFareformingpartofthepromoters’group: Sr.No. Nameoftheentities 1. M/s.CharbhujaMinerals(PartnershipFirm) 2. M/s.ShantiJewellers(Proprietorship) 3. ShreeNamakUdyog(Proprietorship) 4. RakshakFoodsPrivateLimited 5. ShreejiSaltIndustries(Proprietorship) 6. SitaramRamavtarandCo.(PartnershipFirm) 7. ShreeImpex(Proprietorship) 8. ShreeSaltWorks(PartnershipFirm) 9. M/s.RaghavGattani(Proprietorship) 10. KrishnakantShantilalSomani(HUF) 11. ShantilalBalmukundSomani(HUF) OtherConfirmations Neither our Promoters nor members of the Promoters’ Group have been declared as wilful defaulters by the RBI or any othergovernmentalauthoritynorthereareanyviolationsofsecuritieslawscommittedbytheminthepastorarecurrently pendingagainstthem. Our Promoters have not been declared as a Fugitive Economic Offender under Section 12 of the Fugitive Economic OffendersAct,2018. NeitherPromotersnorentitiesformingpartofourPromoters’Grouphavebeendebarredorprohibitedfromaccessingor operatingincapitalmarketsunderanyorderordirectionpassedbySEBIoranyotherregulatoryorgovernmentalauthority. OurPromotersandmembersofthePromoters’Grouparenotandhaveneverbeenpromoter,directorsorpersonincontrol ofanyothercompany,whichisdebarredorprohibitedfromaccessingoroperatingincapitalmarketsunderanyorderor directionpassedbySEBIoranyotherregulatoryorgovernmentalauthority. There is no litigation or legal action pending or taken by any ministry, department of the Government or statutory authorityduringthelast5(five)yearsprecedingthedateofthisProspectusagainstourPromoters. We confirm that as on date of this Prospectus, there is no conflict of interest between the suppliers of raw materials and thirdpartyserviceproviders(crucialforoperationsofourCompany)andourPromotersormembersofourPromoterGroup. 190OURGROUPCOMPANIES InaccordancewiththeSEBIICDRRegulationsandtheapplicableaccountingstandards,forthepurposeofidentification of‘groupcompanies’,ourCompanyhasconsideredsuchcompanieswithwhichtherewererelatedpartytransactionsduring theperiodforwhichRestatedFinancialStatementshasbeendisclosedinthisProspectus,ascoveredundertheapplicable accountingstandards. Accordingly,allsuchcompanieswithwhichtherewererelatedpartytransactionsduringtheperiodscoveredintheRestated Financial Statements, as covered under the applicable accounting standards, shall be considered as Group Companies in termsoftheSEBIICDRRegulations. Basedontheparametersoutlinedabove,ourCompanydoesnothaveanygroupcompaniesasonthedateofthisProspectus. 191DIVIDENDPOLICY The declaration and payment of dividends, if any, will be recommended by the Board of Directors and approved by the Shareholders,attheirdiscretion,subjecttotheprovisionsoftheArticlesofAssociationandapplicablelaw,includingthe CompaniesAct.Thedividend,ifany,willdependonanumberoffactors,includingbutnotlimitedto,netoperatingprofit after tax, working capital requirements, capital expenditure requirements, cash flow required to meet contingencies, outstandingborrowings,andapplicabletaxesincludingdividenddistributiontaxpayablebyourCompany.Inaddition,our abilitytopaydividendsmaybeimpactedbyanumberoffactors,includingrestrictivecovenantsunderloanorfinancing arrangements our Company is currently availing of, or may enter into, to finance our fund requirements for our business activities.AsonthedateofthisProspectus,ourCompanydoesnothaveaformaldividendpolicy. Upon listing of the Equity Shares of our Company and subject to the SEBI Listing Regulations, we may be required to formulateadividenddistributionpolicywhichshallberequiredtoinclude,amongothers,detailsofcircumstancesunder whichtheshareholdersmayormaynotexpectdividend,thefinancialparametersthatshallbeconsideredwhiledeclaring dividend, internal and external factors that shall be considered for declaration of dividend, policy as to how the retained earningswillbeutilizedandparametersthatshallbeadoptedwithregardtovariousclassesofshares,asapplicable. OurCompanyhasnotdeclaredanydividendsduringthelastthreeFinancialYears.Further,ourCompanyhasnotdeclared anydividendinthecurrentFiscal.Thereisnoguaranteethatanydividendswillbedeclaredorpaidinfuture.Fordetails inrelationtotheriskinvolved,pleaserefersectiontitled“RiskFactors”onpage29ofthisProspectus. (Theremainderofthispageisintentionallyleftblank) 192SECTIONVI–FINANCIALINFORMATION RESTATEDFINANCIALINFORMATION S.No. Details PageNumber 1. ExaminationReportonRestatedFinancialStatementsfortheFinancialYearsended 194 March31,2025,March31,2024andMarch31,2023 RestatedFinancialStatementsfortheFinancialYearsendedMarch31,2025,March 198 2. 31,2024andMarch31,2023 (Theremainderofthispageisintentionallyleftblank) 193ExaminationreportofIndependentAuditorontheRestatedFinancialStatementsof SawaliyaFoodProductsLimited (FormerlyknownasSawaliyaFoodProductsPrivateLimited) To, TheBoardofDirectors SawaliyaFoodProductsLimited (FormerlyknownasSAWALIYAFOODPRODUCTSPRIVATELIMITED) SurveyNo.9/2/1/2Gavla, TehsilPithampur,Dhar-454775, MadhyaPradesh,India. DearSir, 1. We have examined the attached Restated Financial Statements of SAWALIYA FOOD PRODUCTS LIMITED (Formerly known as SAWALIYA FOOD PRODUCTS PRIVATE LIMITED), (“Company” ) comprisingthe RestatedStandalone Financial Statements of the Companyconstituting RestatedStatement ofAssetsandLiabilitiesasat 31stMarch2025,2024and2023,theRestatedStatementsofProfitandLoss, the Restated Cash Flow Statement for the year ended 31st March 2025, 2024 and 2023. the Summary Statement of Significant Accounting Policies, the Notes and Annexures as forming part of these Restated Financial Statements (collectively, the “Restated financial statement”), as approved by the Board of Directors ofthe Companyat their meetingheld onJuly15,2025 forthepurpose of inclusionintheDraft offer document/ offer document (“Draft offer document/ offer document”) prepared by the Company in connectionwithitsproposedSME Initial PublicOffer ofequityshares(“SME IPO”) preparedinterms of therequirementsof: a) Section26ofPartIofChapterIIIoftheCompaniesAct,2013(the“Act"); b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,2018,asamended("ICDRRegulations");and c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of CharteredAccountantsofIndia(“ICAI”),asamendedfromtimetotime(the“GuidanceNote”). Management’sResponsibilityfortheRestatedFinancialStatements 2. TheCompany’sBoard of Directorsisresponsibleforthe preparationof the RestatedFinancialStatements forthepurposeofinclusionintheDraftofferdocument/offerdocument 3. TheRestatedFinancialStatementshavebeenpreparedbythemanagementoftheCompanyonthebasisof preparation stated in Annexure 4 to the Restated Financial Statements. The Board of Directors of the Company’s responsibility includes designing, implementing, and maintaining adequate internal control relevanttothepreparationandpresentationoftheRestatedFinancialStatements.TheBoardofDirectorsis alsoresponsiblefor identifyingandensuringthatthe Companycomplies withtheAct,ICDR Regulations, andtheGuidanceNote. Auditors’Responsibilities 4. WehaveexaminedsuchRestatedFinancialStatementstakingintoconsideration: a. The terms of reference and terms of our engagement agreed with you in accordance with our engagement letter; requestingus to carryout the assignment, in connection with the proposed IPO of equitysharesoftheCompany b. TheGuidanceNote.TheGuidanceNotealsorequiresthatwecomplywiththeethicalrequirements of theCodeofEthicsissuedbytheICAI; 194c. Concepts of test checks and materiality to obtain reasonable assurance based on verification of evidencesupportingtheRestatedFinancialStatements;and d. TherequirementsofSection26oftheActandtheICDRRegulations. Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance withtheAct,theICDRRegulations,andtheGuidanceNoteinconnectionwiththeproposedinitialpublicoffer ofitsequitysharesoftheCompany. 5. TheRestatedFinancialStatementshavebeencompiledbythemanagementoftheCompanyfrom: i. AuditedstandaloneFinancialStatementsofthecompanyasatandfortheperiodendedMarch31,2025 whichwerepreparedinaccordancewiththeAccountingStandardsasprescribedunderSection133of theAct,readwithRule7oftheCompanies(Accounts)Rules,2014,asamended,andotheraccounting principlesgenerallyacceptedinIndia(“AuditedFinancialStatements2025”); ii. TheauditedfinancialstatementsoftheCompanyasatandforthefinancialyearendedMarch31,2024 whichwerepreparedinaccordancewiththeAccountingStandardsasprescribedunderSection133of theAct,readwithRule7oftheCompanies(Accounts)Rules,2014,asamended,andotheraccounting principlesgenerallyacceptedinIndia(“AuditedFinancialStatements2024”); iii. TheauditedfinancialstatementsoftheCompanyasatandforthefinancialyearendedMarch31,2023 whichwerepreparedinaccordancewiththeAccountingStandardsasprescribedunderSection133of theAct,readwithRule7oftheCompanies(Accounts)Rules,2014,asamended,andotheraccounting principlesgenerallyacceptedinIndia(“AuditedFinancialStatements2023”); We have audited the Special Purpose financial statements for the year ended March 31, 2024 which werepreparedinaccordancewiththeAccountingStandardsforthelimitedpurposeofcomplyingwith therequirementofgettingitsfinancialstatementsauditedbyanauditfirmholdinga validpeerreview certificateissuedbythe“PeerReviewBoard”oftheICAIasrequiredbyICDRRegulationsinrelation to proposed IPO. We have issued our report dated September 23, 2024 on these special purpose financialstatements. The statutory audits of the for the for financial year ended on March 31, 2024, March 31, 2023 and March 31, 2022 were conducted by the Previous Statutory Auditor I.e. Nirza Gattani & Associates, Chartered Accountants (“Previous Auditor”). Accordingly, reliance has been placed on the financial information examined by him for the said years. The examination report included for these years is basedsolelyonthereportsubmittedbyhimandnoaudithasbeencarriedoutbyus. 6. Forthepurposeofourexamination,wehavereliedon: a. the Auditors’ reports issued byus dated July11,2025 Audited Financial Statements as at and for the yearendedMarch31,2025asreferredinParagraph5above; b. theAuditors’reportsissuedbyPreviousAuditordatedApril10,2024onAuditedFinancialStatements 2024asatandfortheyearendedMarch31,2024asreferredinParagraph5above; c. the Auditors’ reports issued by Previous Auditor dated on September 07, 2023 Audited Financial Statements2023asatandfortheyearendedMarch31,2023asreferredinParagraph5above; 7. Basedonourexaminationandaccordingtotheinformationandexplanationsgiventous,wereportthatthe Restatedfinancialinformationhavebeenprepared: a) have beenpreparedafterincorporatingadjustmentsforchangesinaccountingpolicies, materialerrors and regrouping/reclassifications retrospectively in the period/financial period ended March 31, 2025, March 31, 2024 and March 31, 2023 to reflect the same accounting treatment as per the accounting policiesandgroupings/classificationsasatandfortheperiodendedMarch31,2025; 195b) Therearenoqualificationsintheauditor’sreportsontheStandalonefinancialstatementsofasat31st March 2025, 31st March 2024, and 31st March 2023, which require any adjustments to the Restated financialStatements. c) havebeenpreparedinaccordancewiththeAct,ICDRRegulationsandtheGuidanceNote. 8. We have been subjected to the peer review process of the ICAI and hold a valid peer review certificate issuedbythe“PeerReviewBoard”oftheICAI. 9. The Restated Financial Statements do not reflect the effects of events that occurred subsequent to the respectivedatesofthereportsonAuditedFinancialStatementsmentionedinparagraph7above. 10. The report should not in any way be construed as a re-issuance or re-dating of any of the previous audit reportsissuedbyusorPreviousAuditornorshouldthisreportbeconstruedasanewopiniononanyofthe financialstatementsreferredtotherein. 11. Wehavenoresponsibilitytoupdateourreportforeventsandcircumstances occurringafterthedateofthe report. 12. Our report isintendedsolelyforuse ofthe Board of Directorsfor inclusion in the OfferDocuments tobe filedwithSEBI,StockExchange,andROCinconnectionwiththeproposedIPO.Ourreportshouldnotbe used,referredto,ordistributedforanyotherpurposeexceptwithourpriorconsentinwriting.Accordingly, wedonotacceptorassumeanyliabilityoranydutyofcareforanyotherpurposeortoanyotherpersonto whomthisreportisshownorintowhosehandsitmaycomewithoutourpriorconsentinwriting. ForM/sMaheshwari&Gupta CharteredAccountants ICAIFRN.:006179C CASunilMaheshwari Partner MembershipNo.:403346 Place:Indore Date:15/07/2024 UDIN:25403346BMIIKA6657 196SawaliyaFoodProductsLimited (FormerlyknownasSawaliyaFoodProductsPrivateLimited) CIN: U15400MP2014PLC032843 AnnexureI-RestatedStatementofAssetsandLiabilities (AmountinINRlakhs,unlessotherwisestated) PARTICULARS Note Asat Asat Asat Nos. 31March2025 31March2024 31March2023 A) EQUITYANDLIABILITIES 1. Shareholders'Funds (a) Sharecapital 1 731.54 12.37 12.37 (b) Reservesandsurplus 2 533.30 557.90 245.93 Total(A) 1,264.84 570.27 258.31 2 NonCurrentLiabilities (a) Long-termborrowings 3a 1,167.89 616.82 813.36 (b) DeferredTaxliabilities(net) 4 24.79 14.05 16.54 (c) Long-termprovisions 5 4.49 3.75 2.65 Total(B) 1,197.17 634.62 832.56 3 CurrentLiabilities (a) Short-termborrowings 3b 1,081.23 676.21 522.35 (b) Tradepayables 6 (i)totaloutstandingduesofmicroenterprisesandsmall - - - enterprises;and (ii)totaloutstandingduesofcreditorsotherthanmicro 699.92 486.84 333.84 enterprisesandsmallenterprises (c) Othercurrentliabilities 7 28.15 45.15 49.76 (d) Shorttermprovisions 8 354.63 127.10 6.86 Total(C) 2,163.93 1,335.29 912.81 TotalEquityandLiabilities(A+B+C) 4,625.94 2,540.18 2,003.68 B) ASSETS 1. NonCurrentAssets (a) Property,plantandequipmentandIntangibleassets (i)Property,plantandequipment 9 779.41 654.34 401.73 (ii)CapitalWorkinProgress 9a 41.74 - 398.62 821.15 654.34 800.35 (b) Non-currentinvestments 10 2.84 2.59 27.44 (d) Longtermloansandadvances 11 99.73 57.01 46.22 Total(A) 923.71 713.94 874.00 2. CurrentAssets (a) Inventories 12 1,763.46 1,313.82 851.36 (b) Tradereceivables 13 1,671.86 283.49 58.95 (c) Cashandcashequivalents 14 10.98 87.74 10.90 (d) Shorttermloansandadvances 15 210.00 122.62 195.23 (e) Othercurrentassets 16 45.91 18.57 13.23 Total(B) 3,702.22 1,826.24 1,129.68 TotalAssets(A+B) 4,625.94 2,540.18 2,003.68 TheabovestatementshouldbereadwithBasisofPreparation,SignificantAccountingPoliciesappearinginAnnexureIV,andNotesto RestatedFinancialInformationappearinginAnnexureV. ThisistheRestatedStatementofAssetsandLiabilitiesreferredtoinourreportofevendate. ForM/sMaheshwari&Gupta For SawaliyaFoodProductsLimited CharteredAccountants FirmRegistrationNumber:006179C RaghavSomani MadhavSomani Director Director CASunilMaheshwari (DIN-06770088) (DIN-08798017) Partner M.No.:403346 Place:Indore Date:15thJuly,2025 197 NamitaSingh PankajNeema CompanySecretary ChiefFinancialOfficer M.No.ACS-48724SawaliyaFoodProductsLimited (FormerlyknownasSawaliyaFoodProductsPrivateLimited) CIN: U15400MP2014PLC032843 AnnexureII-RestatedStatementofProfitandLoss (AmountinINRlakhs,unlessotherwisestated) PARTICULARS Note Fortheperiodended Fortheyearended Fortheyearended Nos. 31March2025 31March2024 31March2023 1 Income (a) Revenuefromoperations 17 3,418.42 2,339.78 1,508.87 (b) Otherincome 18 15.42 27.26 21.38 Totalincome 3,433.84 2,367.04 1,530.26 2 Expenditure (a) Costofrawmaterialconsumed 19 1,951.39 1,723.80 1,398.95 (b) Purchasesofstockintrade 20 237.53 - - (c) Changes in inventories of finished goods, work-in- 21 (449.64) (462.45) (575.57) progressandstock-in-trade (d) Employeebenefitexpenses 22 171.01 121.75 115.05 (e) Financecost 23 258.40 141.13 81.92 (f) Depreciation&amortizationexpense 24 46.09 55.04 35.94 (g) Otherexpenses 25 286.31 344.38 401.57 Totalexpenses 2,501.10 1,923.65 1,457.86 3 Profit/(Loss)beforeexceptionalandextra 932.75 443.39 72.40 ordinaryitem Exceptionalitems - - - 4 Profit/(Loss)beforetax(2-4) 932.75 443.39 72.40 5 Taxexpense: (a) Taxexpenseforcurrentyear 227.44 133.92 12.59 (c) Deferredtax 10.74 (2.49) 0.41 Netcurrenttaxexpenses 238.18 131.43 12.99 6 Profit/(Loss)fortheperiodfromcontinuing 694.57 311.96 59.41 operations(5-6) Earningspershare RestatedBasicandDiluted[nominalvalueofINR10 9.49 4.26 0.81 pershare] TheabovestatementshouldbereadwithBasisofPreparation,SignificantAccountingPoliciesappearinginAnnexureIV,andNotestoRestated FinancialInformationappearinginAnnexureV. ThisistheRestatedStatementofProfitandLossreferredtoinourreportofevendate. ForM/sMaheshwari&Gupta For SawaliyaFoodProductsLimited CharteredAccountants FirmRegistrationNumber:006179C RaghavSomani MadhavSomani CASunilMaheshwari Director Director Partner (DIN-06770088) (DIN-08798017) M.No.:403346 Place:Indore Date:15thJuly,2025 NamitaSingh PankajNeema CompanySecretary ChiefFinancialOfficer M.No.ACS-48724 198SawaliyaFoodProductsLimited (FormerlyknownasSawaliyaFoodProductsPrivateLimited) CIN: U15400MP2014PLC032843 AnnexureIII-RestatedStatementofCashFlows (AmountinINRlakhs,unlessotherwisestated) PARTICULARS Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 A)CashFlowFromOperatingActivities: NetProfitbeforetax 932.75 443.39 72.40 Adjustmentfor : Depreciation 46.09 55.04 35.94 Interestincomeonfixeddeposit (1.81) (3.77) (1.49) Interestpaid 258.40 141.13 81.92 LossonSaleofFixedAsset 1.76 - - Baddebt 12.02 - - ProvisionforDoubtfuldebts 0.90 - - Operatingprofitbeforeworkingcapitalchanges 1,250.11 635.80 188.77 ChangesinWorkingCapital (Increase)/DecreaseinInventories (449.64) (462.45) (575.57) (Increase)/Decreaseintradereceivables (1,401.29) (224.54) 148.45 (Increase)/Decreaseinothercurrentassets (27.34) (5.35) 4.25 Increase/(Decrease)intradepayables 213.08 153.00 231.19 Increase/(Decrease)inothercurrentliabilities (17.00) (4.61) 30.65 Increase/(Decrease)inLongtermprovisions 0.74 1.10 0.81 Increase/(Decrease)inshorttermprovisions 227.53 120.24 (0.49) (203.82) 213.18 28.07 DirectTaxPaid (227.44) (133.92) (12.59) CashFlowBeforeExtraordinaryItem (431.26) 79.26 15.48 ExtraordinaryItems - - - CashFlowFromOperatingActivities (431.26) 79.26 15.48 B)CashFlowFromInvestingActivities: Purchase/SaleofProperty,PlantandEquipmentnetofsubsidy (171.16) 90.96 42.56 Capitalworkinprogress (41.74) - (398.62) (Increase)/Decreaseinshorttermloans&advances (87.39) 72.62 (140.31) (Increase)/DecreaseinNon-currentinvestment (0.24) 24.85 (18.92) (Increase)inLongtermloans&advances (42.72) (10.79) (46.22) LossonSaleofFixedAsset (1.76) - - Interestincomeonfixeddeposit 1.81 3.77 1.49 Netcashflowfrominvestingactivities (343.20) 181.40 (560.02) C)CashFlowFromFinancingActivities: Increaseinlongtermborrowings 1,288.75 2.04 523.14 (Decrease)inlongtermborrowings (737.68) (198.58) (63.12) Increase/(Decrease)inshorttermborrowings 405.03 153.85 171.95 InterestPaid (258.40) (141.13) (81.92) Netcashflowfromfinancingactivities 697.69 (183.82) 550.05 NetIncrease/(Decrease)InCash&CashEquivalents (76.76) 76.84 5.52 Cashequivalentsatthebeginningoftheyear 87.74 10.90 5.38 Cashequivalentsattheendoftheyear 10.98 87.74 10.90 Notes:- PARTICULARS Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 1 ComponentofCashandCashequivalents Cashonhand 9.37 11.68 10.37 Balanceswithbanks -InCurrentAccounts 1.62 15.50 0.53 -InDepositAccountMatutityle - 60.56 - 2.1 TheRestatedStatementofCashFlowshasbeenpreparedundertheindirectmethodassetoutinAS3, StatementofCashFlows. 2.2 TheabovestatementshouldbereadwithBasisofPreparation,SignificantAccountingPoliciesappearingin AnnexureIV,andNotestoRestatedFinancialInformationappearinginAnnexureV. 2.3 ThisistheRestatedStatementofCashFlowsreferredtoinourreportofevendate. ForM/sMaheshwari&Gupta For SawaliyaFoodProductsLimited CharteredAccountants FirmRegistrationNumber:006179C RaghavSomani MadhavSomani CASunilMaheshwari Director Director Partner (DIN-06770088) (DIN-08798017) M.No.:403346 Place:Indore Date:15thJuly,2025 NamitaSingh PankajNeema CompanySecretary ChiefFinancialOfficer M.No.ACS-48724 199ANNEXURE-4 SIGNIFICANTACCOUNTINGPOLICYANDNOTESTOTHERESTATEDSUMMARYSTATEMENTS A.BACKGROUND Sawaliya Food ProductsLimited is aPublic Company domiciled in India originallyincorporated as Sawaliya Food ProductsPrivateLimitedon01stJuly,2014.ThecompanygotconvertedtoPublicLimitedCompanyvidecertificate of incorporation dated 12th July, 2024 issued by Registrar of Companies having Corporate Identification Number U15400MP2014PLC032843. The Company is engaged in the business of manufacturing and trading of fresh and dehydratedvegetableswhetherrootsorleafy,healthandnutritionproduct,etc. B.STATEMENTOFSIGNIFICANTACCOUNTINGPOLICIES 1.BASISOFPREPARATIONOFFINANCIALSATEMENTS TheRestatedStatementofAssetsandLiabilitiesoftheCompanyasonMarch31,2025,asonMarch31,2024andas on March 2023 and the Restated Statement of Profit and Loss and Restated Statements of Cash Flows for the period/yearendedonMarch31,2025,March31,2024andMarch31,2023andtheannexurethereto(collectively,the “Restated FinancialStatements” or“Restated Summary Statements”)havebeenextracted by the managementfrom theAuditedFinancialStatementsoftheCompanyfortheperiod/yearended onMarch31,2025,March31,2024and March31,2023. The financial statements are prepared and presented under the historical cost convention and evaluated on a going- concernbasisusingtheaccrualsystemofaccountinginaccordancewiththeaccountingprinciplesgenerallyaccepted inIndia(IndianGAAP)andtherequirementsoftheCompaniesAct,includingtheAccountingStandardsasprescribed bytheCompanies(AccountingStandards)Rules,2014aspersection133oftheCompaniesAct,2013. Allamountdisclosedin FinancialsStatementandnoteshavebeenroundedofftothenearestlakhs(exceptearnings pershare)aspertherequirementofScheduleIII,unlessotherwisestated. The financial statement of the company has been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards specified under Section 133 the CompaniesAct,2013,readwithRule7oftheCompaniesAccountingRules,2014andtherelevantprovisionsofthe Companies Act ("the 2013Act"), 2013. The financial statements have been prepared on accrual basis under the historicalcostconvention.Theaccountingpoliciesadoptedinthepreparationofthefinancialstatementsareconsistent withthosefollowedinthepreviousyear. 2.USEOFESTIMATES The preparation offinancialstatement in conformity with the GAAP requiresestimatesand assumption to bemade thataffectthereportedamountofassetsandliabilitiesonthedateofthefinancialstatementsandthereportedamounts of revenue and expenses during the reporting period. The estimates and assumptions used in the accompanying financialstatementarebaseduponmanagement'sevaluationoftherelevantfactsandcircumstancesasonthedateof financial statements. Actual results may differ from the estimates used in preparing the accompanying financial statements. Difference between the actual result and estimates are recognized in the year in which the results are knownormaterialized. 3.PROPERTY,PLANT&EQUIPMENT Property, plant and equipment (PPE) are stated at their cost of acquisition or construction less accumulated depreciation.TheCompanycapitalizesallcostsrelatingtotheacquisitionandinstallationofFixedAssets. 200Subsequent expenditure is capitalized only if it is probable that future economic benefits associated with the expenditurewillflowtothecompany. 4.DEPRECIATION The Company computes depreciation for all tangible fixed assets using the straight line based on estimated useful livesafterretainingaresidualvalueof5%foralltheassets.Depreciationischargedonapro-ratabasisfromthedate ofinstallationtillthedatetheassetsaresoldordisposed.Inviewofmanagement,theusefullifeofthetangiblefixed assetsisasperthelifespecifiedinScheduleIIoftheCompaniesAct,2013. 5.IMPAIRMENTOFASSETS TheCompanyassessesateachbalancesheetdatewhetherthereisanyindicationthatanassetmaybeimpaired.Ifany suchindicationexists,theCompanyestimatestherecoverableamountoftheasset.Ifsuchrecoverableamountofthe assetortherecoverableamountofthecashgeneratingunittowhichtheassetbelongsislessthanitscarryingamount, the carrying amount is reduced to its recoverable amount and the reduction is treated as an impairment loss and is recognizedin theprofit & lossaccount.Ifatthe balance sheetdate thereis an indicationthat a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amountsubjecttoamaximumofdepreciatedhistoricalcostandisaccordinglyreversedintheprofit&lossaccount 6.GOVERNMENTGRANTS TheCompanyhasreceivedsubsidyfromgovernmentauthorities.Subsidyarerecognizedwhenthereisareasonable assurancethatthesamewillbereceivedandallattachedconditionswillbecompliedwithifany. Subsidyisreducedfromcostoftherespectiveassetagainstwhichisreceived. 7.BORROWINGCOSTS Borrowing cost includes interest, amortization of ancillary cost incurred in connection with the arrangement of borrowingsandexchangedifferencesarisingfromforeigncurrencyborrowingstotheextenttheyareregardedasan adjustmenttotheinterestcost. Borrowingcostsdirectlyattributabletotheacquisition,constructionorproductionofanassetthatnecessarilytakesa substantialperiodoftimetogetreadyforitsintendeduseorsalearecapitalizedaspartofthecostoftherespective asset.Allotherborrowingcostsareexpensedintheperiodtheyoccur. 8.INVENTORIES Inventoriesarestatedatcostornetrealizablevalue,whicheverislower.Costofinventoriescomprisesofexpenditure incurredinthenormalcourseofbusinessinbringinginventoriestotheirpresentlocation. Cost comprises of cost of Purchase & other costs incurred in bringing them to their respective present location and conditionandisdeterminedonFirst-in-First-Out(FIFO)basis. 9.CASH&CASHEQUIVALENTS CashandCashEquivalentsinthebalancesheetincludecashatbank,cash,cheque,draftonhandanddemanddeposits withanoriginalmaturityoflessthanthreemonths,whicharesubjecttoaninsignificantrisksofchangesinvalue. 10.CURRENT/NONCURRENTCLASSIFICATIONS TheScheduleIIItotheActrequiresassetsandliabilitiestobeclassifiedaseitherCurrentorNon-current.Anassetis classifiedascurrentwhenitsatisfiesanyofthefollowingcriteria: a) it is expected to be realized in, or is intended for sale or consumption in, the entity’s normal operating cycle; 201b)itisheldprimarilyforthepurposeofbeingtraded; c)itisexpectedtoberealizedwithintwelvemonthsafterthebalancesheetdate;or d)Itiscashoracashequivalentunlessitisrestrictedfrombeingexchangedorusedtosettlealiabilityforat leasttwelvemonthsafterthebalancesheetdate. Currentassetsincludethecurrentportionofnon-currentfinancialassets.Allotherassetsareclassifiedasnon-current. Aliabilityisclassifiedascurrentwhenitsatisfiesanyofthefollowingcriteria: a) itisexpectedtobesettledin,theentity’snormaloperatingcycle; b) itisheldprimarilyforthepurposeofbeingtraded; c) itisduetobesettledwithintwelvemonthsafterthebalancesheetdate;or d) The Company does not have an unconditional right to defer settlement of the liability for at least twelve monthsafterthebalancesheetdate. Currentliabilitiesincludecurrentportionofnon-currentfinancialliabilities.Allotherliabilitiesareclassifiedasnon- current. OPERATINGCYCLE Operating cycle is the time between the acquisition of assets for processing and their realization in cash or cash equivalents. 11.REVENUERECOGNITION Revenue is recognized to theextent that it is probable that the economic benefits will flow to the company and the revenuecanbereliablymeasured. SaleofGoods Revenue from,sale of goods isrecognized in the statement of profit and lossaccount when the significant risk and rewardofownershiphavebeentransferredtothebuyer.TheCompanycollectsGTSonbehalfofthegovernmentand, therefore,thesearenoteconomicbenefitsflowingtotheCompany.Hence,theyareexcludedfromrevenue. OtherIncome Otherincomeifanyisrecognizedonaccrualbasis. 12.EMPLOYEEBENEFITS ShortTermEmployeeBenefits The short-term employee benefits expected to be paid in exchange for the services rendered by employees are recognizedasanexpenseduringtheperiodwhentheemployeesrendertheservices. Post-EmploymentBenefits DefinedContributionPlans Thecompanyhasnopolicyofencashmentandaccumulationofleave.Therefore,noprovisionofleaveEncashment ismade. Company'scontributiontoProvidentFundandotherFundsfortheyearisaccountedonaccrualbasisandchargedto theStatementofProfit&Lossfortheyear. DefinedBenefitsPlans Thecostofthedefinedbenefitplanandotherpost-employmentbenefitsandthepresentvalueofsuchobligationare determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ fromactualdevelopmentsinthefuture.Theseincludethedeterminationofthediscountrate,futuresalaryincreases, mortalityratesandfuturepensionincreases.Duetothecomplexitiesinvolvedinthevaluationanditslong-termnature, 202adefinedbenefitobligationishighlysensitivetochangesintheseassumptions.Allassumptionsarereviewedateach reportingdate. Thecompany hasrecognizedthegratuity payableto theemployeesasdefined benefitplans.Theliabilityinrespect of these benefits is calculatedusing the Projected Unit Credit Method and spread over the period during which the benefitisexpectedtobederivedfromemployees'services 13.TAXATION Taxexpensecomprisescurrenttax(i.e.amountoftaxfortheperioddeterminedinaccordancewiththeIncomeTax Act, 1961) and deferred tax charge or credit (reflecting the tax effect of timing differences between accounting incomeandtaxableincomefortheperiod). Currenttax Provisionforincometaxisrecognizedbasedonestimatedtaxliabilitycomputedafteradjustingforallowances, disallowancesandexemptionsinaccordancewiththeIncomeTaxAct,1961. Deferredtaxation Thedeferredtaxchargeorcreditandthecorrespondingdeferredtaxliabilitiesandassetsarerecognizedusingthetax ratesthathavebeenenactedorsubstantivelyenactedatthebalancesheetdate. Deferredtaxassetsarerecognizedonly totheextentthereisreasonablecertaintythattheassetcanberealizedinfuture;however,wherethereisunabsorbed depreciation or carried forward loss under taxation laws, deferred tax assets are recognized only if thereis a virtual certaintyofrealizationoftheassets.Deferredtaxassetsarereviewedateachbalancesheetdateandwrittendownor written-uptoreflecttheamountthatisreasonably/virtuallycertain(asthecasemaybe)toberealized. MinimumAlternativeTax(MAT)credit MAT credit asset is recognized where there is convincing evidence that the asset can be realized in future. MAT creditassetsarereviewedateachbalancesheetdateandwrittendownorwrittenuptoreflecttheamountthatis reasonablycertaintoberealized. 14.PROVISIONSANDCONTINGENCIES TheCompanycreatesaprovisionwhenthereispresentobligationasaresultofapasteventthatprobablyrequiresan outflowofresourcesandareliableestimatecanbemadeoftheamountoftheobligation.Adisclosureforacontingent liabilityismadewhenthereisapossibleobligationorapresentobligationthatmay,butprobablywillnot,requirean outflowofresources.Whenthereisapossibleobligationorapresentobligationinrespectofwhichthelikelihoodof outflowofresourcesisremote,noprovisionordisclosureismade. Provisionsarereviewedateachbalancesheetdateandadjustedtoreflectthecurrentbestestimate.Ifitisnolonger probablethattheoutflowofresourceswouldberequiredtosettletheobligation,theprovisionisreversed. Contingentassetsarenotrecognizedinthefinancialstatements.However,contingentassetsareassessedcontinually and if it is virtually certain that an economic benefit will arise, the asset and related income are recognized in the periodinwhichthechangeoccurs. Losscontingenciesarisingfrom claims,litigation,assessment,fines,penalties,etc.arerecordedwhenitisprobable thataliabilityhasbeenincurredandtheamountcanbereasonablyestimated. 15.SEGMENTREPORTING (i)BusinessSegment The accounting policies adopted for segment reporting are in line with the accounting policies of their Company. Revenues, expenses, assets and liabilities have been identified into segments on the basis of their relationship to 203operating activities of segments (taking into account the nature of products and services and the risk and rewards associated with them)andinternalmanagementinformation systemsand thesame isreviewedfrom timeto timeto realignthesametoconformtothebusinessunitsoftheCompany.Revenues,expenses,assets,andliabilities,which arecommontotheenterpriseasawholeandarenotallocabletothesegmentsonareasonablebasis,havebeentreated as"CommonRevenues/Expenses/Assets/Liabilities”,asthecasemaybe. (ii)GeographicalSegment TheCompanyactivities/operationsaremajortoinIndiaandexportassuch,thereisonlytwogeographicalsegment. 16.INVESTMENTS Investmentswhicharereadilyrealizableandintendedtobeheldfornotmorethanayearfromthedateonwhichsuch investments are made, are classified as current investments. All other investments are classified as non-current investments. Oninitialrecognition,allinvestmentsaremeasuredatcost.Thecostcomprisespurchasepriceanddirectlyattributable acquisitionchargessuchasbrokerage,fees&duties. Longterminvestmentsprescribedintheconsolidatedfinancialstatementsarecarriedatcostandcurrentinvestment atlowerofcostandfairvalue. Currentinvestmentsarecarriedinthefinancialstatementsatlowerofcostandfairvaluedeterminedonanindividual investment basis. Long-terminvestmentsarecarried atcost. However,provision fordiminution in valueis madeto recognizeadeclineotherthantemporaryinthevalueoftheinvestments Ondisposalofaninvestment,thedifferencebetweencarryingamountandnetdisposalproceedsischarged/credited totheconsolidatedstatementofprofit&loss. 17.CASHFLOWSTATEMENTS Cashflowsarereportedusingtheindirectmethod,wherebyprofitbeforetaxisadjustedfortheeffectsoftransactions ofnon-cashnature,anydeferralsoraccrualsofpastorfutureoperatingcashreceiptsorpaymentsanditemofincome or expenses associated with investing or financing cash flows. Cash flows from operating, investing and financing activitiesoftheCompanyaresegregated,accordingly. 204C.NOTESTOACCOUNTS 1. NON-ADJUSTMENTITEMS NoAuditqualificationsfortherespectiveperiodswhichrequireanycorrectiveadjustmentintheseRestated FinancialStatementsoftheCompanyhavebeenpointedoutduringtherestatedperiod. 2. MATERIALREGROUPING Appropriateregroupinghasbeenmadeintherestatedsummary statementsofAssetsandLiabilitiesProfits and Losses and Cash flows wherever required by reclassification of the corresponding items of income expensesassetsandliabilitiesinordertobringtheminlinewiththerequirementsoftheSEBIRegulations. The figures have been grouped and classified wherever they werenecessary and have been rounded off to the nearest rupee in lakhs. Other figures of the previous years have been regrouped / reclassified and / or rearrangedwherevernecessary. 3. PAYABLETOMICRO,SMALLANDMEDIUMENTERPRISES Under theMicro,Small and Medium Enterprises DevelopmentAct, 2006which came into forcefrom2nd October2006,certaindisclosuresarerequiredtobemaderelatingtoMicroandSmallEnterprises. Based on theinformationreceived from thecompanyregarding supplierstatusundertheMicro, Smalland MediumEnterprisesDevelopmentAct,2006.bifurcationhavebeenmade. 205NOTESFORMINGPARTOFTHEFINANCIALSTATEMENTS SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 1 Sharecapital Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Authorised Numberofshares 1,21,25,000 1,25,000 1,25,000 EquitysharesofRs.10each 1,212.50 12.50 12.50 Issued Numberofshares 73,15,420 1,23,728 1,23,728 EquitysharesofRs.10eachfullypaidup 731.54 12.37 12.37 Subscribed&Paidup Numberofshares 73,15,420 1,23,728 1,23,728 EquitysharesofRs.10eachfullypaidup 731.54 12.37 12.37 a)Rights,preferencesandrestrictionsattachedtoequityshares TheCompanyhasasingleclassofequityshares.Accordingly,allequitysharesrankequallywithregardtodividendsandshareintheCompany’sresidualassets.The equitysharesareentitledtoreceivedividendasdeclaredfromtimetotime.Thevotingrightsofanequityshareholderareinproportiontoitsshareofthepaid-upequity capitaloftheCompany.Votingrightscannotbeexercisedinrespectofsharesonwhichanycallorothersumspresentlypayablehavenotbeenpaid. b)Reconciliationofthenumberofequitysharesoutstandingatthebeginningandendofthereportingperiod/year: Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Balanceatthebeginningoftheperiod/year 1,23,728 1,23,728 1,23,728 Add:Bonusissueofequityshares 71,91,692 - Add:Rightissueofequityshares - - Balanceattheendoftheperiod/year 73,15,420 1,23,728 1,23,728 c)FortheperiodoffiveyearsimmediatelyprecedingthedateasatwhichtheBalanceSheetisprepared: (A) Notallottedanysharesotherthanforcash(OtherthanBonus), (B)Thecompanyhas51,96,576equitysharebywayofbonusintheratioof42:1on23rdMay,2024andagainissued19,95,116equitysharebywayofbonusinthe ratioof3:8on2ndSeptember,2024. (C)Notboughtbackanyshares d)Detailsofshareholdersholdingmorethan5percentofequitysharesintheCompany: NameofShareholders Asat Asat Asat 31March2025 31March2024 31March2023 RaghavSomani 30,72,476 26,514 26,514 %Holding 42.00% 21.43% 21.43% MadhavSomani 2,92,617 26,514 26,514 %Holding 4.00% 21.43% 21.43% KrishnaSomani 2,92,617 21,446 21,446 %Holding 4.00% 17.33% 17.33% PriyaSomani 30,72,462 6,362 6,362 %Holding 42.00% 5.14% 5.14% Hansasomani 2,92,617 21,446 21,446 %Holding 4.00% 17.33% 17.33% KamlaBaiSomani 10 21,446 21,446 %Holding 0.00% 17.33% 17.33% VrindaSomani 2,92,617 - - %Holding 4.00% 0.00% 0.00% e)ShareholdingofPromoters Sharesheldbypromotersattheendoftheperiod Asat31March2025 Promoter'sname No.ofShares %oftotalshares %changeduring theperiod RaghavSomani 30,72,476 42.00% 20.57% MadhavSomani 2,92,617 4.00% -17.43% KrishnaSomani 2,92,617 4.00% -13.33% 206NOTESFORMINGPARTOFTHEFINANCIALSTATEMENTS Sharesheldbypromotersattheendoftheyear Asat31March2024 Promoter'sname No.ofShares %oftotalshares %changeduring theperiod RaghavSomani 26,514 21.43% 0.00% MadhavSomani 26,514 21.43% 0.00% KrishnaSomani 21,446 17.33% 0.00% Sharesheldbypromotersattheendoftheyear Asat31March2023 Promoter'sname No.ofShares %oftotalshares %changeduring theperiod RaghavSomani 26,514 21.43% 0.00% MadhavSomani 26,514 21.43% 0.00% KrishnaSomani 21,446 17.33% 0.00% Note 2 Reservesandsurplus Particulars Asat Asat Asat 31March2025 31March2024 31March2023 a)SecuritiesPremium Balanceasperthelastfinancialstatements 113.73 113.73 113.73 Less:OnaccountofBonusissue (113.73) - - Balanceasperendoftheperiod/year(A) - 113.73 113.73 b)SurplusinProfitandLossAccount Balanceasperthelastfinancialstatements 444.17 132.21 72.80 Add/Less:Profit/(Loss)fortheperiod/year 694.57 311.96 59.41 Less:Issueofbonusshares(refernote1(c)) (405.93) - Less:Issueofbonusshares(refernote1(c)) (199.51) Balanceasperendoftheperiod/year(B) 533.30 444.17 132.21 Total(A+B) 533.30 557.90 245.93 Note 3 Borrowings(Refer Note32 fortermsandsecuritydetails) 3a Long-termborrowings Particulars Asat Asat Asat 31March2025 31March2024 31March2023 SecuredLoan -Frombankandfinancialinstitutions 486.67 567.98 665.51 Less:CurrentMaturityoflongtermborrowing (147.74) (132.53) (74.36) 338.93 435.45 591.15 UnsecuredLoan -FromRelatedParties 397.00 118.72 109.45 -Frombankandfinancialinstitutions 508.27 112.76 147.76 Less:CurrentMaturityoflongtermborrowing (76.31) (50.11) (34.99) 828.96 181.37 222.21 Total 1,167.89 616.82 813.36 3b Short-termborrowings Particulars Asat Asat Asat 31March2025 31March2024 31March2023 SecuredLoan -Currentmaturitiesoflongtermborrowings 147.74 132.53 74.36 -Frombankandfinancialinstitutions 857.18 493.57 413.00 1,004.93 626.10 487.36 UnsecuredLoan -Currentmaturitiesoflongtermborrowings 76.31 50.11 34.99 76.31 50.11 34.99 Total 1,081.23 676.21 522.35 Theaboveamountincludes: SecuredBorrowings 1,343.85 1,061.54 1,078.51 UnsecuredBorrowings 905.27 231.48 257.21 207NOTESFORMINGPARTOFTHEFINANCIALSTATEMENTS Note 4 Deferredtaxbalances(Net) Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Openingbalance(A) 14.05 16.54 16.14 (DTA)/DTLfortheyear(B) 10.74 (2.49) 0.41 ClosingBalanceofDeferredTax(Asset)/Liability(A+B) 24.79 14.05 16.54 Note 5 Longtermprovisions Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Provisionforgratuity 4.49 3.75 2.65 Total 4.49 3.75 2.65 Note 6 Tradepayables Particulars Asat Asat Asat 31March2025 31March2024 31March2023 ForGoods&Services -Micro,smallandmediumenterprises - - - -Others 699.92 486.84 333.84 699.92 486.84 333.84 Furtherclassifiedto: -Relatedparty - - - -Others 699.92 486.84 333.84 699.92 486.84 333.84 ForTradePayablesAgeing,referNotestoAccounts-Note33 Note 7 Othercurrentliabilities Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Statutorydues -GoodsandServicesTax -TDS 16.20 3.88 3.15 -Otherstatutorydues 2.59 0.23 - SalaryPayable 3.76 3.80 - Advancefromcustomers - 19.06 16.61 AdvancesReceivedfromOthers - 18.18 30.00 otherpayables 5.59 - - Total 28.15 45.15 49.76 Note 8 Shorttermprovisions Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Provisionforgratuity 0.19 0.16 0.10 Provisionforincometax(netofAdvancetaxandTDS) 353.44 126.64 6.61 Auditfeespayable 1.00 0.30 0.15 Total 354.63 127.10 6.86 208SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note9 Property,plantandequipment PARTICULARS Factory Factory Plant& Furniture& Office Motor& Total Land Building Machinery Fixtures Equipments Vehicals Asat31March2025 GROSSCARRYINGAMOUNT Openinggrosscarryingamount 65.96 186.87 552.31 23.25 2.98 64.57 895.94 Additions 132.02 39.95 3.00 174.96 Disposals/Adjustment - - 6.90 4.47 - 11.08 22.45 ClosingGrossCarryingAmount 65.96 318.89 585.36 21.78 2.98 53.48 1,048.46 ACCUMULATEDDEPRECIATION Openingaccumulateddepreciation - 39.70 145.29 17.71 0.88 38.02 241.60 Depreciationchargedduringtheyear 8.13 30.85 1.05 0.57 5.49 46.09 Disposals/Adjustments - 5.89 4.05 - 8.71 18.65 ClosingAccumulatedDepreciation - 47.84 170.25 14.71 1.45 34.80 269.05 NetCarryingAmount 65.96 271.05 415.11 7.07 1.54 18.69 779.41 PARTICULARS Factory Factory Plant& Furniture& Office Motor& Total Land Building Machinery Fixtures Equipments Vehicals Asat31March2024 GROSSCARRYINGAMOUNT Openinggrosscarryingamount 65.96 186.87 245.34 25.35 0.83 63.94 588.29 Additions - - 39.35 - 2.16 0.63 42.14 AdditionsthroughCWIP 398.62 398.62 Disposals/Adjustment/Subsidy(1) - - 131.00 2.10 - - 133.10 ClosingGrossCarryingAmount 65.96 186.87 552.31 23.25 2.98 64.57 895.94 ACCUMULATEDDEPRECIATION Openingaccumulateddepreciation - 33.79 106.82 15.93 0.31 29.71 186.56 Depreciationchargedduringtheyear 5.92 38.47 1.78 0.57 8.31 55.04 Disposals/Adjustments - - - - - - - ClosingAccumulatedDepreciation - 39.70 145.29 17.71 0.88 38.02 241.60 NetCarryingAmount 65.96 147.17 407.02 5.54 2.10 26.55 654.34 PARTICULARS Factory Factory Plant& Furniture& Office Motor& Total Land Building Machinery Fixtures Equipments Vehicals Asat31March2023 GROSSCARRYINGAMOUNT Openinggrosscarryingamount 65.96 186.87 310.90 25.35 0.83 40.94 630.85 Additions - - - - - 23.00 23.00 Disposals/Adjustment/Subsidy(2) - - 65.56 - - - 65.56 ClosingGrossCarryingAmount 65.96 186.87 245.34 25.35 0.83 63.94 588.29 ACCUMULATEDDEPRECIATION Openingaccumulateddepreciation - 27.87 87.56 13.52 0.16 21.51 150.62 Depreciationchargedduringtheyear 5.92 19.25 2.41 0.16 8.21 35.94 Disposals/Adjustments - - - - - ClosingAccumulatedDepreciation - 33.79 106.82 15.93 0.31 29.71 186.56 NetCarryingAmount 65.96 153.09 138.52 9.42 0.51 34.22 401.73 209Note: TitledeedsofImmovablePropertyheldinnameoftheCompany. (1)CompanyhasreceivedacapitalsubsidyofRs131.00lakhsfortheestablishmentofcoldstoragefromministryoffoodprocess.Inaccordancewith theaccountingpolicyfollowedbythecompanyandAS12-"AccountingforGovernmentGrants",thesubsidyhasbeenreducedfromthecostof respectiveassets.AsaresultthecarringamountofProperty,plantandEquipmentasat31stMarch2024isnetofsubsidy. (2)CompanyhasreceivedacapitalsubsidyofRs65.56lakhsforcapitalexpansionfromstategovernmentInaccordancewiththeaccountingpolicy followedbythecompanyandAS12-"AccountingforGovernmentGrants",thesubsidyhasbeenreducedfromthecostofrespectiveassets.Asa resultthecarringamountofProperty,plantandEquipmentasat31stMarch2023isnetofsubsidy. Note 9a CapitalworkinProgress Attheendoftheperiod AsatAsat31March2025 AmountinCWIPforaperiodof Particulars Lessthan1 1-2year 2-3year Morethan3 Total year Year Projectsinprogress* 41.74 - - - 41.74 Projectstemporarilysuspended - - - - - *Forconstructionofshed Attheendoftheperiod AsatAsat31March2024 AmountinCWIPforaperiodof Particulars Lessthan1 1-2year 2-3year Morethan3 Total year Year Projectsinprogress - - - - - Projectstemporarilysuspended - - - - - Attheendoftheperiod AsatAsat31March2023 AmountinCWIPforaperiodof Particulars Lessthan1 1-2year 2-3year Morethan3 Total year Year Projectsinprogress* 398.62 - - - 398.62 Projectstemporarilysuspended - - - - - *Forinstallationofcoldstorage 210NOTESFORMINGPARTOFTHEFINANCIALSTATEMENTS SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 10 Non-currentinvestments Particulars Asat Asat Asat 31March2025 31March2024 31March2023 FixedDepositwithBank 2.84 2.59 27.44 Total 2.84 2.59 27.44 Note 11 Longtermloansandadvances Particulars Asat Asat Asat 31March2025 31March2024 31March2023 BalancewithRevenueauthority 99.73 57.01 46.22 Total 99.73 57.01 46.22 Note 12 Inventories Particulars Asat Asat Asat 31March2025 31March2024 31March2023 FinishedGoods 1,763.46 1,313.82 851.36 Total 1,763.46 1,313.82 851.36 Note 13 Tradereceivables Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Unsecured -Consideredgood 1,672.76 283.49 58.95 Less: Provisionfordoubtfuldebts 0.90 - - 1,671.86 283.49 58.95 Furtherclassifiedas: Receivablefromrelatedparties - - - Receivablefromothers 1,671.86 283.49 58.95 1,671.86 283.49 58.95 For TradeReceivablesAgeing,referNotestoAccounts- Note34 Note 14 Cashandcashequivalents Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Cashonhand 9.37 11.68 10.37 Balanceswithbanks -InCurrentAccounts 1.62 15.50 0.53 -InDepositAccountMatutitylessthan3Month - 60.56 - Total 10.98 87.74 10.90 Note 15 Shorttermloansandadvances Particulars Asat Asat Asat 31March2025 31March2024 31March2023 AdvancesGiven -SuppliersandOthers 210.00 122.62 195.23 Total 210.00 122.62 195.23 Note 16 Othercurrentassets Particulars Asat Asat Asat 31March2025 31March2024 31March2023 SecurityDeposit 20.84 17.53 11.95 PrepaidIPOexpense 23.96 Prepaidinsurance 1.11 1.04 1.28 Total 45.91 18.57 13.23 211NOTESFORMINGPARTOFTHEFINANCIALSTATEMENTS SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 17 Revenuefromoperations Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 SalesManufacturedgoods 3,185.27 2,339.78 1,508.87 SalesTradedgoods 233.15 - - Total 3,418.42 2,339.78 1,508.87 Note 18 Otherincome Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 DiscountonPurchaseA/c 4.43 16.71 8.26 InterestReceived 1.81 3.77 1.49 ForexGain - - 1.03 ExportBenefit - 6.10 10.29 OtherMiscelleneousIncome 9.18 0.69 0.32 Total 15.42 27.26 21.38 Note 19 Costofrawmaterialconsumed Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 OpeningStock - - - Add:Purchases 1,951.39 1,723.80 1,398.95 Less:ClosingStock - - - Total 1,951.39 1,723.80 1,398.95 Note 20 Purchasesofstockintrade Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 OpeningStock - - - Purchases 237.53 less:ClosingStock - - - Total 237.53 - - Note 21 Changesininventoriesoffinishedgoods,work-in-progressandstock-in-trade Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 OpeningStockofFinishedGoods 1,313.82 851.36 275.79 Less: ClosingStockofFinishedGoods 1,763.46 1,313.82 851.36 Total (449.64) (462.45) (575.57) Note 22 Employeebenefitexpenses Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 a)SalarytoStaff 118.98 61.56 65.95 b)SalarytoWorkers 6.76 30.57 22.42 c)DirectorRemuneration 36.80 24.00 24.00 d)Bonus 4.26 3.10 1.03 e)Gratuity 0.76 1.17 0.87 f)Employeewelfare&Other 3.45 1.36 0.77 212 Total 171.01 121.75 115.05NOTESFORMINGPARTOFTHEFINANCIALSTATEMENTS Note 23 Financecost Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 a)InteresttoBank,Financialinstitutionsandrelatedparties 228.69 136.63 74.39 b)BankCommission&Charges 29.71 4.49 7.52 Total 258.40 141.13 81.92 Note 24 Depreciation&amortizationexpense Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 Depreciation 46.09 55.04 35.94 Total 46.09 55.04 35.94 Note 25 Otherexpenses Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 ManufacturingExpenses Cutting&CleaningExpenses 35.25 25.01 2.00 CustomDuty&Charges - 5.04 10.34 ColdStorage 9.22 3.22 26.39 WaterExpenses - 6.49 - Repair&Maintenance 16.85 24.01 27.66 FreightInward - 0.37 26.60 CarrotFarmingLabourExp. - 19.05 Packingmaterial 2.22 4.31 4.81 AdministrativeExpenses InvestormeetExpenses - 28.00 Insurance 2.08 2.80 1.63 Commission&Brokrage 2.66 1.78 0.56 Consultancy&Legalfees 9.94 1.86 2.54 FactoryExpenses 8.03 5.38 2.99 LicenseFees&Taxes 2.15 3.16 0.09 ForexExpenses - - 5.32 TravellingExpenses 14.01 18.03 8.93 Auditfees 1.00 0.30 0.27 ProfitandLossonSaleofFixedAsset 1.76 - - Baddebtswrittenoff 12.02 - - ProvisionforDoubtfuldebts 0.90 - - Donation - 0.01 1.00 ROCCharges 10.30 - - Misc.Expenses 94.90 121.10 122.45 SellingandDistribution 21.38 8.66 6.84 Freight&Hammali 41.67 65.81 151.17 Total 286.31 344.38 401.57 Note 25A Auditremuneration Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 -Foraudit 1.00 0.30 0.27 1.00 0.30 0.27 213SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 26 StatementOfTaxShelter Particulars Asat Asat Asat 31March2025 31March2024 31March2023 A Profitbeforetaxesasrestated 932.75 443.39 72.40 -TaxableatnormalRate 932.75 443.39 72.40 -TaxableatspecialRate B NormalTaxRateApplicable% 25.17% 25.17% 26.00% MATTaxRateApplicable% - 15.60% C TaxImpactasperNormalTaxrate(A*B) 234.75 111.59 18.82 TaxImpactasperMATTaxrate(A*B) - - 11.29 D Adjustments: Add: ROC 10.30 Provisionfordoubtfuldebt 0.90 - - Lossonsaleoffixedasset 1.76 - - Amountsdisallowableundersection40 - - 1.00 DepreciationasperCompaniesAct 46.09 55.04 35.94 Provisionofgratuity 0.76 1.17 0.87 Less: DepreciationasperIncomeTaxAct 88.87 47.22 37.74 DeductionunderChapterVIA 1.00 Total (29.06) 8.99 (0.93) E UnabsorbedLoss/(CarriedForwardLossSetoff) - - - F NetAdjustment(F)=(D+E) (29.06) 8.99 (0.93) G TaxExpenses/(Saving)thereon (7.31) 2.26 (0.24) H TaxLiability,AfterConsideringtheeffectofAdjustmentAsper 227.44 113.86 18.58 NormalProvision(C+G) I TaxLiabilityAsperMAT(C+G) - - 11.29 J Nettax(HigherofHorI) 227.44 113.86 18.58 K MATCreditutilisedasperincometaxcomputation - (7.15) L Interest - 20.07 1.16 M DeferredTax 10.74 (2.49) 0.41 N TotalTaxexpenses(H+I) 238.18 131.43 12.99 STATEMENTOFDEFERREDTAX(ASSETS)/LIABILITIESASRESTATED Particulars Asat 31March2025 31March2024 31March2023 A WDVasperCompaniesAct,2013 713.45 588.38 335.76 B WDVasperIncometaxAct,1961 614.20 531.38 271.26 DifferenceinWDV(A-B) 99.24 56.99 64.51 C DeferredTax(Asset)/Liability 24.98 14.34 16.77 GratuityExpenses 0.76 1.17 0.87 D Total 0.76 1.17 0.87 E DeferredTax(Asset)/Liability(E) (0.19) (0.29) (0.23) F TotalDeferredTax(Asset)/Liability(C+E) 24.79 14.05 16.54 DeferredTax(Asset)/Liabilityendoftheyear 24.79 14.05 16.54 DeferredTax(Assets)/LiabilityasperBalancesheetofPreviousYear 14.05 16.54 16.14 DeferredTax(Assets)/LiabilitytrasfertoP&L 10.74 (2.49) 0.41 Notes: 1TheaforesaidstatementoftaxsheltershasbeenpreparedaspertherestatedsummarystatementofprofitsandlossesoftheCompany.The permanent/timing 2TdihffefigureshforthbeyearendedMdarchi3d1,i2025harebkaselddontdheproivisifonhalciomputationofTotalIncoimepreparedbdytbheCompany. 3Theabovestatementshouldbereadwiththesignificantaccountingpoliciesandnotestorestatedsummarystatementsofassetsandliabilities,profits andlosses d hfl i i A IVI II dIII 214SawaliyaFoodProductsLimited(CIN:U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 27 StatementOfRelatedPartyTransaction 1.Namesoftherelatedpartieswithwhomtransactionwerecarriedoutduringtheyearsanddescriptionofrelationship: Sr.No. Name DescriptionofRelationship 1PriyaSomani DirectorFrom25/05/2024 2KrishnakantSomani Director'sFather 3HansaSomani Director'sMother 4KrishnakantSomaniHUF Director'sFatherHUF 5RaghavSomani Director 6MadhavSomani Director'sBrotherTill22/07/2024 7VrindaBaheti Director'sWife 8PankajNeema CFO 9NamitaSinghRathour CompanySecretary 10RavikantGupta Director 11KartavyaKumarChitlangya Director 12ShwetaBhamare Director 2.TransactionwithKeyManagementPersonnel/Directors Sr.No. NatureofTransaction Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 1Remuneration RaghavSomani 24.00 12.00 12.00 PriyaSomani 12.00 RavikantGupta 0.40 ShwetaBhamare 0.40 MadhavSomani - 12.00 12.00 2Salary HansaSomani 12.00 6.00 6.00 MadhavSomani 24.00 - - KrishnakantSomani 12.00 6.00 6.00 PriyaSomani - 6.00 6.00 VrindaBaheti 12.00 - - PankajNeema 6.24 - - NamitaSinghRathour 1.35 3LoansTaken HansaSomani 27.46 10.12 12.16 KrishnakantSomani 17.22 42.86 24.94 KrishnakantSomaniHUF 6.25 0.42 0.31 PriyaSomani 17.44 7.32 5.93 RaghavSomani 115.94 35.99 27.95 MadhavSomani 79.06 9.85 6.23 VrindaBaheti 11.88 - - KamalaBaisomani 7.62 4LoansRepaid PriyaSomani - 0.53 2.75 KrishnakantSomani - 55.00 14.50 KrishnakantSomaniHUF - - - HansaSomani - 2.75 3.50 RaghavSomani - 37.46 20.15 MadhavSomani - 1.56 4.70 5Interestpaid HansaSomani 1.38 1.80 1.34 KrishnakantSomani 1.16 2.63 2.21 PriyaSomani 0.91 1.03 0.53 KrishnakantSomaniHUF 0.28 0.46 0.34 VrindaBaheti 0.18 KamlaBaiSomani 0.13 RaghavSomani 0.64 3.BalancesOutstandingattheendoftheYear Sr.No. Particulars Asat Asat Asat 31March2025 31March2024 31March2023 1UnsecuredLoans RaghavSomani 150.20 38.84 40.30 MadhavSomani 88.88 9.82 1.53 HanshaSomani 52.71 25.25 17.88 KrishnakantSSomaniHUF 11.27 5.02 4.60 KrishnakantSSomani 40.20 22.98 35.12 PriyaSomani 34.25 16.81 10.02 VrindaBaheti 11.88 - - KamalaBaisomani 7.62 2RemunerationPayable RavikantGupta 0.40 - - ShwetaBhamare 0.40 - - - - 3SalaryPayable - - NamitaSinghRathour 1.35 - - PankajNeema 0.52 - - 215SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 28 StatementOfCapitalisation Particulars PreIssue PostIssue 31March2025 [.] Debt ShortTermDebt 857.18 LongTermDebt(Includingcurrentmaturity) 1,391.94 TotalDebt 2,249.12 Shareholders'Fund(Equity) ShareCapital 731.54 Reserves&Surplus 533.30 Less:MiscellaneousExpensesnotw/off - TotalShareholders'Fund(Equity) 1,264.84 LongTermDebt/Equity 1.10 TotalDebt/Equity 1.78 Notes: 1.Short term debts represents the debts which areexpected to be paid/payablewithin 12 months and excludes installment of termloansrepayablemorethan12months. 2.LongtermdebtsrepresentdebtsotherthanShorttermdebtsasdefinedabove 3.Thefiguresdisclosed above arebased on restated statementofassetsand liabilitiesoftheCompanyasatMarch 31,2025. EffectofIncreaseinCapitalafterMarch31,2025nottaken. 216SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 29 StatementOfMandatoryAccountingRatios Particulars Asat Asat Asat 31March2025 31March2024 31March2023 Networth(A) 1,264.84 570.27 258.31 EarningsBeforeInterest,Tax,DepreciationandAmortisation(EBITDA) 1,221.82 612.30 168.87 Restatedprofitaftertax(B) 694.57 311.96 59.41 Numberofequityshareoutstandingasontheendofyear/period-ReferNote1 73,15,420 1,23,728 1,23,728 Weightedaveragenumberofequitysharesoutstandingduringtheyear/period(D)-ReferNote1 73,15,420 73,15,420 73,15,420 Weightedaveragenumberofdilutedequitysharesoutstandingduringtheyear/period(E)-ReferNote1 73,15,420 73,15,420 73,15,420 Basicearningpershare(INR)(B/D) 9.49 4.26 0.81 Dilutedearningpershare(INR)(B/E) 9.49 4.26 0.81 Returnonnetworth(%)(B/A) 54.91% 54.70% 23.00% Netassetvaluepershare-(A/D)(FacevalueofRs.10each) 17.29 7.80 3.53 Note: 1)Theratioshavebeencomputedasbelow: (a)Basicearningspershare(₹):NetprofitaftertaxasrestatedforcalculatingbasicEPS/Weightedaveragenumberofequitysharesoutstandingattheendof theperiod/year (b)Dilutedearningspershare(₹):NetprofitaftertaxasrestatedforcalculatingdilutedEPS/Weightedaveragenumberofequitysharesoutstandingattheendofthe period/yearfordilutedEPS (c)Returnonnetworth(%):Netprofitaftertax(asrestated)/Networthattheendoftheperiod/year (d)Netassetsvaluepershare:NetWorthattheendoftheperiodoryear/Totalnumberofequitysharesoutstandingattheendoftheperiod/year 2)Weightedaveragenumberofequitysharesisthenumberofequitysharesoutstandingatthebeginningoftheyearadjustedbythenumberofequitysharesissued duringtheyearmultipliedbythetimeweightingfactor.Thetimeweightingfactoristhenumberofdaysforwhichthespecificsharesareoutstandingasaproportion oftotalnumberofdaysduringtheyear. 3)Networthforratiosmentionedinnote1(c)and1(d)is=Equitysharecapital+Reservesandsurplus(including,SecuritiesPremium,GeneralReserveandsurplus instatementofprofitandloss). 4)ThefiguresdisclosedabovearebasedontherestatedsummarystatementsoftheCompany. 5)EBITDAhasbeencalculatedasProfitbeforetax+Depreciation+InterestExpenses-OtherIncome 217SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 30Financialratios Particulars Unitofmeasurement Numerator Denominator Fortheyearended Fortheyearended %Change Remarks 31March2025 31March2024 March31,2025- March31,2025-March March31,2024 31,2024 Currentratio Times Currentassets Currentliabilities 1.71 1.37 Duetoincreaseincurrent 25.09% assetofthecompany Debtequityratio Times Total debt (includingNetworth 1.78 2.27 NA current maturities of longtermborrowings) -21.58% Debtservicecoverageratio Times Earnings for debtDebtservice=Interest 0.75 0.62 NA service = Net profit&leasepayments aftertaxes+Non-cash+principalrepayments 19.96% operating expenses + Interestexpense Returnonequityratio Percentage Netprofitsaftertaxes Averagenetworth 75.70% 75.30% 0.53% NA Inventoryturnoverratio Times Revenue fromAverageinventory 2.22 2.16 NA 2.80% operations Tradereceivableturnoverratio Times Revenue fromAverage trade 3.50 13.66 Duetoincreaseinrevenue -74.41% operations receivable andtradereceivable Tradepayableturnoverratio Times Totalpurchases Averagetradepayables 3.69 4.20 -12.19%NA Netcapitalturnoverratio Times Revenue fromWorking capital = 2.22 4.77 Duetoincreaseinrevenue operations currentassets– -53.37% andworkingcapital currentliabilities Netprofitratio Percentage Netprofitaftertax Revenue from 20.32% 13.33% Duetoincreaseinprofirof 52.39% operations thecompany Returnoncapitalemployed Percentage EarningsbeforeinterestCapital employed = 48.96% 49.24% andtaxes networth -0.56%NA +LongTermDebt Returnoninvestment Percentage Netprofitaftertax TotalAsset 15.01% 12.28% 22.26%NA Numerator Denominator Fortheyearended Fortheyearended %Change Remarks Particulars Unitofmeasurement 31March2024 31March2023 FY24-FY23 FY23-FY22 Currentratio Times Currentassets Currentliabilities 1.37 1.24 10.51% NA Debtequityratio Times Total debt (includingNetworth 2.27 5.17 -56.15% Duetoincreasein current maturities of turnoverandincreasein longtermborrowings) PATofcompanyforFY 2024 Debtservicecoverageratio Times Earnings for debtDebtservice=Interest 0.62 0.29 111.93% Duetoincreasein service = Net profit&leasepayments turnoverandincreasein aftertaxes+Non-cash+principalrepayments PATofcompanyforFY operating expenses + 2024comparetodebt Interestexpense Returnonequityratio Percentage Netprofitsaftertaxes Averagenetworth 75.30% 25.99% 189.77% Duetoincreasein turnoverandincreasein PATofcompanyforFY 2024 Inventoryturnoverratio Times Revenue fromAverageinventory 2.16 2.68 -19.27% NA operations Tradereceivableturnoverratio Times Revenue fromAverage trade 13.66 11.33 20.62% NA operations receivable Tradepayableturnoverratio Times Totalpurchases Averagetradepayables 4.20 6.41 -34.46% Duetoincreasein purchaseislessthan increseinaveragetrade payablecomapareto fy 2023 Netcapitalturnoverratio Times Revenue fromWorking capital = 4.77 6.96 -31.50% operations currentassets– currentliabilities Netprofitratio Percentage Netprofitaftertax Revenue from 13.33% 3.94% 238.65% Durtoincreasein operations turnoverandPATforFY 2024 Returnoncapitalemployed Percentage EarningsbeforeinterestCapital employed = 49.24% 14.40% 241.95% DuetoincreaseinEBIT andtaxes networth comparetopreviousyear +LongTermDebt Returnoninvestment Percentage Netprofitaftertax TotalAsset 12.28% 2.96% 314.22% Duetoincraeseinturover itleadstoincreaseinNet fit 218SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) AdditionalnotestoRestatedFinancialInformation Note 31 StatementofAdjustmentsinthefinancialstatements (a)Impactofrestatementadjustments Belowmentionedisthesummaryofresultsofrestatementadjustmentsmadetotheauditedfinancialstatementsoftherespectiveperiod/yearsand itsimpactonprofits. Particulars Asat Asat Asat 31March2025 31March2024 31March 2023 Netprofitbeforetaxasperauditedfinancialstatements 932.75 440.64 73.27 Restatementadjustments: Provisionforgratuity - - (0.87) Previousyeargratuityexpense - 2.75 PrepaidIPOexpense - - - - - - 2.75 (0.87) Restatednetprofitbeforetax 932.75 443.39 72.40 (a)ReconciliationofrestatedEquity/Networth Particulars Asat Asat Asat 31March2025 31March2024 31March 2023 Equity/Networthasperauditedfinancials 1,264.18 588.00 250.60 Restatementadjustments: ProvisionofTax 1.87 (18.19) (9.80) ProvisionofGratuityearlieryear - - (2.75) PrepaidIPOexpense - - - DeferredtaxAdjustment (1.21) 0.46 20.26 0.66 (17.73) 7.71 RestatedEquity/Networth 1,264.84 570.27 258.31 (b)Explanatorynotesfortherestatementadjustments (i)Theamountrelatingtotheincome/expenseshavebeenadjustedintheyeartowhichthesamerelatestoandunderwhichheadthesamerelatedto (ii)Thecompanyhasprovidedexcessprovisionoftaxintheyearinwhichincometaxreturnhasbeenfiledandhasbeenadjustedinpriorperiod itemsinfinancialsbutintherestatedfinancialsithasbeenadjustedinthesamefinancialyearwhereitrelatesto. (iii)Appropriateadjustmentshavebeenmadeintherestatedconsolidatedfinancialstatements,whereverrequired,byreclassificationofthe correspondingitemofincome,expenses,assetsandliabilities,inordertobringtheminlinewiththegroupingsasperauditedfinancialsofthe companyforalltheyears. 219SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 32 Statementoftermsofloansandsecuritydetails Nameof Natureof DateofIssue Sanctioned Securities Re-Payment Rateof Outstanding Lender/Fund Facility Amount offered Period Interest amount(asper Books) 31March2025 SecuredLoans StateBankofIndia TermLoan01 18/05/2024 51.00 AsperNote1 47 10.15% 41.95 StateBankofIndia TermLoan02 18/05/2024 89.00 AsperNote1 58 10.15% 76.89 StateBankofIndia TermLoan03 18/05/2024 347.00 AsperNote1 71 10.15% 311.05 StateBankofIndia TermLoan04 18/05/2024 76.00 AsperNote1 35 10.15% 56.77 Total 486.67 CashCredit: StateBankofIndia CC 18/05/2024 850.00AsperNote2 10.15% 857.18 Total 857.18 UnsecuredLoans Directorsandotherrelatedparties RaghavSomani NA 150.20 MadhavSomani NA 88.88 HanshaSomani NA 52.71 KrishnakantSSomaniHUF NA 11.27 KrishnakantSSomani NA 40.20 PriyaSomani NA 34.25 VrindaBaheti NA 11.88 KamalaBaisomani 7.62 397.00 BankandFinancialInstitution AdityaBirla LtdLoanA/c 17/10/2022 20.0NA 36 18.00% 5.40 AmbitFinvestPrivateLimited 19-11-2024 30.3NA 30 17.00% 28.33 CholamandalamLoanA/C 16/09/2022 20.0NA 60 16.00% 12.28 HeroFincorpLoanA/C 29/04/2023 15.2NA 36 18.00% 6.88 ICICIBANKLoanAc 25/08/2022 20.0NA 36 15.89% 4.65 Neogrowth 05-12-2024 40.0NA 36 20.01% 37.49 RBLLoanA/c 30/09/2022 25.0NA 36 16.00% 5.84 SwanFinanceLimited 10-05-2024 350.0NA 12 15.00% 362.03 TataCapitalLimited 08-10-2024 35.0NA 36 16.50% 31.91 UgroCapitalLimitedLoanA/c 31/10/2022 25.2NA 36 17.00% 6.74 YesBankLtdLoanA/c 20/10/2022 30.0NA 36 16.75% 6.73 508.27 Note 1 1.Equitablemortgageoffactorylandandbuildingatdivertedlandsurveyno.9/2/1/2Rakba0.523Hect.VillageGawli, TehsilandDistDharAdmeasuring0.523Hect.inthenameofSawaliyaFoodProductsPvtLtd Boundaries:- East-GovtRoadWest-Landofsurveyno.9/2/1/1North-RoadSouth-Landofsurveyno.9/2/2 2.HypothecationofplantandMachineryatfactoryofSawaliyafoodproductspvtltdsituatedatsurveyno.9/2/1/2, VillageGawli,TehsilandDistDhar 2 Firstand100%chargebyway ofHypothecationoftheunit'sentirestockofrawmaterials, WorkinProgressand finishedgoodsandothercurrentassetsincludingstoresandspares,consumableitems/packingmaterials,goodsin transitand/orstored/lyinginCompany'sfactorypremises/site,godownsoratanyotherplaceasmaybeapprovedby theBankfromtimetotimeincludingoutstandingmoneys,BookDebts/Receivablesetc. 220SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note33 Thetradepayablesageingschedule: Attheendoftheperiod Asat31March2025 Outstandingforfollowingperiodsfromduedateofpayment Notduefor Particulars Lessthan1 1-2year 2-3year Morethan3 Total payment year Year MSME - - - - - - Others 677.80 22.12 - - 699.92 Disputeddues-MSME - - - - - - Disputeddues-Others - - - - - - Attheendoftheyear Asat31March2024 Outstandingforfollowingperiodsfromduedateofpayment Notduefor Particulars Lessthan1 1-2year 2-3year Morethan3 Total payment year Year MSME - - - - - - Others 377.34 109.49 - - 486.84 Disputeddues-MSME - - - - - - Disputeddues-Others - - - - - - Attheendoftheyear Asat31March2023 Outstandingforfollowingperiodsfromduedateofpayment Notduefor Particulars Lessthan1 1-2year 2-3year Morethan3 Total payment year Year MSME - - - - Others 333.67 0.18 - - 333.84 Disputeddues-MSME - - - - - - Disputeddues-Others - - - - - - Note34 Thetradereceivablesageingschedule: Attheendoftheperiod Asat31March2025 Lessthan6 6Monthto1 Morethan3 Particulars NotDue 1-2years 2-3years Total months year Years (i)Undisputedtradereceivables–consideredgood 1,203.76 422.34 45.76 1,671.86 (ii)Undisputedtradereceivables–considereddoubtful - - - - - - (iii)Disputedtradereceivablesconsideredgood - - - - - - (iv)Disputedtradereceivablesconsidereddoubtful - - - - - - Attheendoftheyear Asat31March2024 Lessthan6 6Monthto1 Morethan3 Particulars NotDue 1-2years 2-3years Total months year Years (i)Undisputedtradereceivables–consideredgood 283.19 0.14 0.17 - 283.49 (ii)Undisputedtradereceivables–considereddoubtful - - - - - - (iii)Disputedtradereceivablesconsideredgood - - - - - - (iv)Disputedtradereceivablesconsidereddoubtful - - - - - - Attheendoftheyear Asat31March2023 Lessthan6 6Monthto1 Morethan3 Particulars NotDue 1-2years 2-3years Total months year Years (i)Undisputedtradereceivables–consideredgood 58.28 - 0.67 - - 58.95 (ii)Undisputedtradereceivables–considereddoubtful - - - - - - (iii)Disputedtradereceivablesconsideredgood - - - - - - (iv)Disputedtradereceivablesconsidereddoubtful - - - - - - 221SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 35 EmployeeBenefits I. Definedcontributionplans The Companyhasclassifiedthevariousbenefitsprovidedtoemployeesasunder: a. Contributiontoprovidentfund&Otherfunds Theexpenserecognisedduringtheperiodtowardsdefinedcontributionplan- Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 Contributiontoprovidentfund&Otherfunds 3.45 1.36 0.77 II. Definedbenefitplans Gratuity TheCompanyshouldprovideforgratuityforemployeesinIndiaasperthePaymentofGratuityAct,1972.Employeeswhoareincontinuous serviceforaperiodof5yearsareeligibleforgratuity.Theamountofgratuitypayableonretirement/terminationistheemployeeslastdrawn basicsalarypermonthcomputedproportionatelyfor15dayssalarymultipliedforthenumberofyearsofservice,subjecttoapaymentceilingof IBNaRse2d0o0n0t0h0e0a/ctuarialvaluationobtainedinthisrespect,thefollowingtablesetsoutthedetailsoftheemployeebenefitobligationasatbalance Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 I. Changesinpresentvalueofobligations Presentvalueofobligationasatthebeginningoftheperiod 3.92 2.75 1.88 Interestcost 0.28 0.21 0.14 Currentservicecost 1.13 0.74 0.55 Benefitspaid - - - Actuarial(Gain)/LossonobligationsduetochangeinfinancialAssu 0.20 0.13 (0.08) Actuarial(Gain)/LossonobligationsduetoExperienceAdjustment (0.85) 0.09 0.27 Presentvalueofobligationasattheendoftheperiod 4.68 3.92 2.75 II. Actuarial(Gain)/Lossrecognised Actuarial(Gain)/lossfortheperiod–Obligations (0.65) 0.22 0.18 Actuarial(Gain)/Lossfortheperiod–Planassets - - - Total(Gain)/Lossfortheperiod (0.65) 0.22 0.18 Actuarial(Gain)/Lossrecognisedintheperiod (0.65) 0.22 0.18 Unrecognisedactuarial(Gain)/Lossattheendoftheperiod - - - III. AmounttoberecognisedintheBalanceSheet Presentvalueofobligationattheendofperiod 4.68 3.92 2.75 Fairvalueoftheplanassetsattheendofperiod Surplus/(Deficit) (4.68) (3.92) (2.75) Unrecognisedpastservicecost - - - Amountnotrecognisedasasset(Para59(b)limit) - - - Netasset/(liability)recognisedinbalancesheet (4.68) (3.92) (2.75) IV. Expenserecognisedinthestatementofprofitandloss Currentservicecost 1.13 0.74 0.55 Pastservicecost - - - Interestcost 0.28 0.21 0.14 Actuarial(Gain)/Lossrecognisedintheperiod (0.65) 0.22 0.18 Expensesrecognisedinthestatementofprofit&lossattheendof 0.76 1.17 0.87 period 222V. Reconciliationofnetasset/(liability)recognised Netasset/(liability)recognisedatthebeginningoftheperiod (3.92) (2.75) (1.88) BenefitsdirectlypaidbyCompany - - - Expenserecognisedattheendofperiod (0.76) (1.17) (0.87) Netasset/(liability)recognisedattheendoftheperiod (4.68) (3.92) (2.75) VI. Experienceadjustmentforthecurrentperiod Presentvalueofobligations 4.68 3.92 2.75 Planassets Surplus/(Deficit) (4.68) (3.92) (2.75) Experience(Gain)orLossonplanliabilities (0.85) 0.09 0.27 Experience(Gain)orLossonplanassets - - - Classification Currentliability 0.19 0.16 0.10 Non-currentliability 4.49 3.75 2.65 Total 4.68 3.92 2.75 BestestimateforcontributionduringnextPeriod CurrentServiceCost 0.98 1.13 0.74 NetInterestCost 0.32 0.28 0.21 ExpectedExpensesRecognizedintheStatementofProfitor Loss 1.30 1.42 0.95 forNextYear# #NextyearActualExpensewillalsoincludeActuarialGain/lossas incurredinnextyearand/oranypastservicecostwhichmayarise. VII. Actuarialassumptions: Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 Discountrate 7.22%p.a 7.22%p.a. 7.50%p.a SalaryEscalationRate 7.00%p.a 7.00%p.a 7.00%p.a AttritionRate 5.00%p.a. 5.00%p.a. 5.00%p.a. RetirementAge 60Years 60Years 60Years MortalityRate IndianAssuredLives IndianAssuredLives IndianAssuredLives Mortality (2012-14) Mortality (2012-14) Mortality (2012-14) Ultimate Ultimate Ultimate *Itisactuariallycalculatedtermoftheplanusingprobabilitiesofdeath,withdrawalandretirement. ^Itissimplearithmeticaldifferencebetweenretirementageandaverageage(byzeroingoutnegativesforemployeesaboveretirementage)and iscalculatedwithoutusinganydecrements. 223SawaliyaFoodProductsLimited(CIN: U15400MP2014PLC032843) AnnexureV-NotestoRestatedFinancialInformation (AmountinINRlakhs,exceptforsharedataunlessotherwisestated) Note 36 SEGMENTREPORTING (i)BusinessSegment TheaccountingpoliciesadoptedforsegmentreportingareinlinewiththeaccountingpoliciesoftheirCompany.Revenues,expenses,assetsand liabilitieshavebeenidentifiedintosegmentsonthebasisoftheirrelationshiptooperatingactivitiesofsegments(takingintoaccountthenatureof productsandservicesandtheriskandrewardsassociatedwiththem)andinternalmanagementinformationsystemsandthesameisreviewedfrom timetotimetorealignthesametoconformtothebusinessunitsoftheCompany.Revenues,expenses,assets,andliabilities,whicharecommonto theenterpriseasawholeandarenotallocabletothesegmentsonareasonablebasis,havebeentreatedas"Common Revenues/Expenses/Assets/Liabilities”,asthecasemaybe.Companyarebelongstoonlyonesegment. (ii)GeographicalSegment TheCompanyactivities/operationsareconfinedtoIndiaandoutsideIndia assuchthereistwogeographicalsegment.Accordingly,thefigures appearinginthesefinancialstatementsrelatetotheCompanytwogeographicalsegment. Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 InIndia 3,328.58 2,110.08 1,306.42 OutSideIndia 89.84 229.70 202.46 Total 3,418.42 2,339.78 1,508.87 Note 37 CAPITALMANAGEMENT TheprimaryobjectiveoftheCompany’scapitalmanagementistoensurethatitmaintainsanefficientcapitalstructureandmaximizesshareholder value.TheCompanymanagesitscapitalstructureandmakesadjustmentsinlightofchangesineconomicconditions,annualoperatingplansand longtermandotherstrategicinvestmentplans.Inordertomaintainoradjustthecapitalstructure,theCompanymayadjusttheamountofdividends paidtoshareholdersorissuenewshares.TheCompanyisnotsubjecttoanyexternallyimposedcapitalrequirements.Nochangesweremadeinthe objectives,policiesorprocessesformanagingcapital periodendedMarch31,2025andyearendedMarch31,2024andMarch31,2023 .The Companymonitorscapitalusingaratioof'adjustednetdebt'to'equity'.Forthispurpose,adjustednetdebtisdefinedastotalliabilities,comprising interest-bearingloansandborrowings lesscashandcashequivalents.Equitycomprisesallcomponentsofequityincludingsharepremiumandall otherequityreservesattributabletotheequityshareholders. TheCompany'sadjustednetdebttoequityratioisasfollows. Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 Borrowings 2,249.12 1,293.02 1,335.71 Less:cashandcashequivalents 10.98 87.74 10.90 Adjustednetdebt 2,238.14 1,205.28 1,324.81 TotalEquity 1,264.84 570.27 258.31 Adjustednetdebttoadjustedequity ratio 1.77 2.11 5.13 Note38 Foreignexchangeearnings/expendituresduringtheyear Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 Foreignexchangeearnings 89.84 229.70 202.46 Foreignexchangeexpenditures - 25.93 96.48 Note39 UnhedgedForeignCurrencyExposureduringtheyear Particulars Fortheperiodended Fortheyearended Fortheyearended 31March2025 31March2024 31March2023 TradePayables USDconvertinINR - - - TradeReceivables USDconvertinINR 74.85 25.96 - Note40 Sundrydebtors,sundrycreditors,loans&advancesbalancesaresubjecttoconfirmation. Note41 ContingentLiability TheProvisionforContingentLiabilityasperAS29Provisions,ContingentLiabilitiesandContingentAssetsisasfollows: Particulars Asat Asat Asat 31March2025 31March2024 31March2023 TDSDemand* 1.35 1.35 1.20 *ThisdemandismainlyduetomismatchofPAN,latepaymentandshortdeductionandcompanyinaprocesstofilereply 224Note42 OTHERRELEVANTDISCLOSURES AdditionalregulatoryinformationrequiredbyScheduleIIIofCompaniesAct,2013: A. BalanceofDebtors&Creditors&Loans&advancesTaken&givingaresubjecttoconfirmationandsubjecttoconsequential adjustments,ifany.Debtors&creditorsbalancehasbeenshownseparatelyandtheadvancesreceivedandpaidfrom/tothe partiesisshownasadvancefromcustomerandadvancetosuppliers. B. Thecompanyhasnotransactions,whicharenotrecordedinthebooksofaccountsandwhicharesurrenderedordisclosedas incomeduringtheyearinthetaxassessmentorinsearchorsurveyorunderanyotherrelevantprovisionoftheIncomeTaxAct, 1961. C. TheCompanyhasnottradedorinvestedincryptocurrencyorvirtualcurrencyfortheyearended31stMarch2025,March2024 andMarch2023 D. TheCompanydonothadanytransactionfortheyearended31March2025andfortheyearendedMarch2024,March 2023withthecompanieswhicharestruckoffundersection248oftheCompaniesAct,2013orsection560oftheCompanies Act,1956. E. Thecompanyhasnotbeendeclaredaswillfuldefaulterbyanybankorfromanyotherlenderforthetheyearended31stMarch 2025,March2024andMarch2023 F. Thecompanyhasregisteredallthechargeswhicharerequiredtoberegisteredunderthetermsoftheloanandliabilitiesand submittedDocumentswithROCwithintheperiodasrequiredbyCompaniesAct,2013. G. Aspertheinformation&detailavailableonrecordsandthedisclosuregivenbythemanagement,thecompanyhascomplied withthenumberoflayersprescribedunderclause(87)ofsection2ofthecompaniesactreadwiththeCompanies(Restriction onnumberoflayers)Rules2017. H. AspertheInformation&detailsavailableonrecordsandthedisclosuregivenbythemanagement,thecompanyhasnot advanced,loanedorinvestedtoanyotherpersonorentityorforeignentitleswiththeunderstandingthattheintermediaryshall directlyorindirectlylendorinvestinotherpersonorentitiesidentifiedinanymannerwhatsoeverbyoronbehalfofthe companyorprovidedanyguarantee,securityorliketooronbehalfofthecompany.Furtherthecompanyhasnotreceivedany fundsfromanyperson,entityincludingtheforeignentitywiththeunderstandingthatthecompanyshalldirectlyorindirectly lend,investorguarantee,securityorlikemanneronbehalfofthefundingparty. I. Compliancewithapprovedscheme(s)ofarrangements:TheCompanyhasnotenteredintoanyschemeofarrangementwhich hasanaccountingimpactoncurrentorpreviousfinancialyear. J. ThesaidprovisionsofCorporateSocialResponsibilityundersection135ofCompaniesAct,2013arenotapplicabletothe company. ForM/sMaheshwari&Gupta For SawaliyaFoodProductsLimited CharteredAccountants FirmRegistrationNumber:006179C RaghavSomani MadhavSomani CASunilMaheshwari Director Director Partner (DIN-06770088) (DIN-08798017) M.No.:403346 Place:Indore Date:15thJuly,2025 NamitaSingh PankajNeema CompanySecretary ChiefFinancialOfficer M.No.ACS-48724 225OTHERFINANCIALINFORMATION Accountingratios The accounting ratios derived from Restated Financial Statements required to be disclosed under the SEBI ICDR Regulationsaresetforthbelow: (₹inlakhs,perEquitySharedata) Particulars 31March 31March 31March 2025 2024 2023 RestatedPATasperProfitandLossAccount 694.57 311.96 59.41 EBITDA 1,221.82 612.30 168.87 ActualNumberofoutstandingequitysharesattheendoftheyear 73,15,420 1,23,728 1,23,728 WeightedNumberofoutstandingequitysharesattheendofthe 73,15,420 53,20,304 53,20,304 year(Pre-Bonus) WeightedNumberofoutstandingequitysharesattheendofthe 73,15,420 73,15,420 73,15,420 year(Post-Bonus) NetWorth 1,264.84 570.27 258.31 CurrentAssets 3,691.24 1,738.50 1,118.78 CurrentLiabilities 1,082.70 659.09 390.46 Earningspershare BasicEPS(Pre-Bonus) 9.49 252.13 48.01 DilutedEPS(Pre-Bonus) 9.49 252.13 48.01 BasicEPS(Post-Bonus) 9.49 4.26 0.81 DilutedEPS(Post-Bonus) 9.49 4.26 0.81 ReturnonNetWorth(%) 54.91 54.70 23.00 NetAssetValuepershare 17.29 7.80 3.53 NominalValueperequityshare(₹) 10.00 10.00 10.00 Forfurther details, see “Management’s Discussion and Analysis ofFinancialConditionandResultsof Operations”on page227. Otherfinancialstatements InaccordancewiththeSEBIICDRRegulations,theauditedfinancialstatementsofourCompanyfortheFiscals2025, 2024and2023(“AuditedFinancialStatements”),respectively,areavailableonourwebsiteatwww.sawaliyafood.com. Our Company is providing a link to this website solely to comply with the requirements specified in the SEBI ICDR Regulations.TheAuditedFinancialStatementsofourCompanyandthereportsthereondonotconstitute,(i)apartofthe Red Herring Prospectus; or (ii) this prospectus, a statement in lieu of this prospectus, an offering circular, an offering memorandum, an advertisement, an offer or a solicitation of any offer or an offer document to purchase or sell any securitiesundertheCompaniesAct,theSEBIICDRRegulations,oranyotherapplicablelawinIndiaorelsewhere. TheAuditedFinancialStatementsandthereportsthereonshouldnotbeconsideredaspartofinformationthatanyinvestor shouldconsidersubscribingfororpurchaseanysecuritiesofourCompanyoranyentityinwhichourShareholdershave significant influence and should not be relied upon or used as a basis for any investmentdecision. Noneof the entities specifiedabove,noranyoftheiradvisors,norBRLM,noranyoftheirrespectiveemployees,directors,affiliates,agents orrepresentativesacceptanyliabilitywhatsoeverforanyloss,directorindirect,arisingfromanyinformationpresented orcontainedintheAuditedFinancialStatements,ortheopinionsexpressedtherein. (Theremainderofthispageisintentionallyleftblank) 226MANAGEMENT’SDISCUSSIONANDANALYSISOFFINANCIALPOSITIONANDRESULTSOF OPERATIONS The following discussion is intended to convey management’s perspective on our financial condition and results of operationsforthefinancialyearendedonMarch31,2025,March31,2024,andMarch31,2023.Youshouldreadthe followingdiscussionofourfinancialconditionandresultsofoperationstogetherwithourrestatedfinancialstatements included in the Prospectus. You should also read the section entitled “Risk Factors” beginning on page 29 of this Prospectus,whichdiscussesseveralfactors,risksandcontingenciesthatcouldaffectourfinancialconditionandresults ofoperations.ThefollowingdiscussionrelatestoourCompanyandisbasedonourrestatedfinancialstatements,which have been prepared in accordance with Indian GAAP, the Companies Act and the SEBI Regulations. Portions of the followingdiscussionarealsobasedoninternallypreparedstatisticalinformationandonothersources.Ourfiscalyear ends on March 31 of each year, so all references to a particular fiscal year (“Fiscal Year”) are to the twelve-month periodendedMarch31ofthatyear. In this section, unless the context otherwise requires, any reference to “we”, “us” or “our” refers to Sawaliya Food Products Limited (erstwhile "Sawaliya Food Products Private Limited"), our Company. Unless otherwise indicated, financial information included herein are based on our “Restated Financial Statements” for Financial Year ended on March31,2023,March31,2024andMarch31,2025includedinthisProspectusbeginningonpage193. BUSINESSOVERVIEW Foundedin2014,ourCompanyisamanufacturerandprocesserofdehydratedvegetables,servingleadinginstitutional manufacturersengagedinbrandedpackagedfoodindustries,tradersandinternationalimportersofdehydratedproducts. Assuch,wearedeeplyconnectedwiththebrandedpackagedfoodindustryandthisaccountedfor66.15%ofourrevenue in Financial Year 2025. Our products find wide application as raw materials in the fast moving consumer goods (“FMCG”)industry,forproductssuchascupnoodles,readytoeatnoodles,pasta,soup,etc.Ourmainproductsinclude dehydratedcarrot,dehydratedcabbageanddehydratedringbeans/beans.Overtheyears,wehavecraftedasustainable aswellasanintegratedbusinessmodelwhereinwesourceourrawmaterialsdirectlyfromfarmerstoensurethatweuse absolutelynaturalingredientsinourproducts.Sincethefarmersarelocatedincloseproximitytoourmanufacturingunit, wehaveanadvantageofprocuringdesiredquantityofrawmaterialsmainlybeingcarrots,atcostcompetitivepricesand lowlogisticalcosts.Since,wesourceourrawmaterialsdirectlyfromthefarmers,weareabletoofferourproductsata lowerrangethanourcompetitors,therebyhavingauniquepricingmodel.Additionally,ourtie-upswithfarmersenable ustoprocurevegetables,especiallycarrotinourwarehouse,andselltheunder-utilisedrawmaterials,athigherpricesin themarketandgainfromthefluctuationinpricesoftherawmaterials. Our Company has a diversified customer portfolio for its products. Our customer base is divided into three categories namely,institutionalmanufactures,Indianaswellasforeigntradersandinternationalcustomers.Ourcustomerbasehas beendescribedbelow: • Institutional manufacturers: The sale of our products to institutional manufacturers constitutes our business to business (B2B) model, wherein our Company processes and/or supplies dehydrated products as per the specifications of renowned FMCG companies and food processing companies as per their specifications. We generallysupplydehydratedproductstooneoftheleadingFMCGcompaniesheadquarteredinWestBengal,India andtoadomesticinstitutionalpackagedfoodmanufacturer. • Traders: We also sell our products to local as well as foreign traders, who further sell our products to domestic institutionalmanufacturersorexportourproductstodifferentgeographies.Ourlocaltradersareconcentratedinand around Madhya Pradesh and typically sell our products to local manufacturer of FMCG companies. Further, our foreigntradersarelocatedinUnitedStatesofAmericaandfurthersellourproductstointernationalmanufacturers ofFMCGproducts,operatingmainlyintheAsianregions. • International customers: Our Company exports its finished products to various intermediaries in United States of America and has therefore established an indirect international presence for its products. Additionally, products whichdonotqualifyourqualityrequirements,areexportedtodifferentcountriesformanufacturingofpetfood.The salesandmarkingteamofourCompanyhasenabledustocreateaseparatedistributionverticalwhereinwedirectly sellourproductstointernationalintermediariesandthereforereducingourdependenceuponourtradernetwork. The revenue earned from the sale of our products, through institutional customers, traders and international customers duringtheFiscals2025,2024and2023havebeenprovidedbelow: 227Particulars Fiscal 2025 2024 2023 Revenue %oftotal Revenue %oftotal Revenue %oftotal earnedin(₹in revenue earnedin(₹in revenue earnedin(₹in revenue lakhs) lakhs) lakhs) Institutional 2,261.41 66.15% 1,009.70 43.15% 1,198.07 79.40% customers Traders 1,067.17 31.22% 1,100.36 47.03% 108.34 7.18% International 89.84 2.63% 229.72 9.82% 202.46 13.42% customers Total 3,418.42 100.00% 2,339.78 100.00% 1,508.87 100.00% Allourproductsareproducedatourmanufacturingfacility,locatedinDistrictDhar,MadhyaPradesh,withaproduction capacityofapproximately1500 MTforallourdehydratedproducts,dividedintotwofacilities.Thisenablesustohave an effective control over the manufacturing process and to ensure consistent quality of our products. Our Company operatesundertheguidanceofourPromoters,RaghavSomaniandPriyaSomani,whohavealongstandingexperience in the food dehydration and food processing industry. During the year 2014, our Promoters incorporated our Company and inthe year2015, we establisheda manufacturing unitwith a semi-automaticline and a smalldryer, for processing andmanufacturingdehydratedvegetables.In2019,weautomatedtheexistingmanufacturingunitbyreplacingthesemi- automaticlinewith anautomatic process line. We alsoinstalled anin-housemeyercolor sortermachine for improving quality of our products. In the year 2022, with the aim of expanding our manufacturing capacity, we had installed an additionalvegetableprocessinglinetoincreaseproductionandsetupanadditionalfooddehydrationandprocessingline inourmanufacturingunit.Wefurtherexpandedourmanufacturingcapacityandincreasedourabilitytostoreandprocess raw materials and finished products, by establishing an in-house cold storage in our manufacturing unit. We wish to enhanceourexistingmanufacturingprocessandincreaseourmanufacturingcapacitybyutilising₹646.27lakhsfromthe Net Proceeds towards installing additional machinery in both of our production lines. For further details, please see “ObjectsoftheOffer”onpage96ofthisProspectus. We have a successful track record which has enabled us to develop an effective business model with stringent control over processes, including raw material procurement, manufacturing operations, inventory management and logistics management.Weadheretostringentproductqualitystandardsandcloselytrackconsumerpreferencesacrosssegments fromcross-sectionofmarkets.OurCompanyhasadoptedazero-wastagepolicytoensureefficientresourceutilization, wherein,unutilizedrawmaterials,suchascarrots,aresoldtocapitalisemarketfluctuations,whilesub-standardproducts areexportedforpetfoodproductiontointernationalintermediaries.Thecommercialisationofourwastematerialmakes ourmanufacturingunitazerowastageunit.Owingtotheenhancedqualityofourproducts,ourCompanyhasreceived approvalfromtheUnitedStatesFoodandDrugAdministrationforitsproducts. Sinceincorporation,ithasbeenourCompany’svisionandfocustomanufactureandsupplysuperiorqualityproductsto ourcustomers,whichhasenabledustoexpandourbusinessoperations.Wehaveaqualitycontrolandassurancedivision (“QualityDivision”)inourmanufacturingunitwhichcarriesouttherequiredtestsonthematerialsreceivedincluding rawmaterialswhichareusedinthemanufacturingprocessandalsoonthefinalproducts.OurQualityDivisioncarries outsensory,physicalorchemicalandmicrobiologicaltestsontherawmaterialsandfinishedproductstoensurethatour productsarecompliantwiththespecificationsprovidedbyourcustomersincaseofinstitutionssalesandarecompliant withspecificationsofFSSAI.OurQualityDivisionalsocarriesouttestsonallthestagesofourmanufacturingprocesses to ensure that the quality is built through the process. In order to ensure delivery of utmost quality products to our customers,ourCompanyonaperiodicbasis,engagesthirdpartylaboratoriestocarryoutqualitychecksonitsfinished products,onasamplebasis. We have a strong and experienced management team with a cumulative experience of more than two decades has positionedourbusinesswellforcontinuedgrowthanddevelopment.OurPromotershaveplayedakeyroleindeveloping ourbusinessandwebenefitfromtheirsignificantexperienceinthefoodprocessingindustry.Wealsohaveaqualified key management team with experience in food processing industry, including in the areas of manufacturing, product development, quality control, information technology, strategy and business development. We believe that the domain knowledge and experience of our individual Promoters and our key management team provides us with a significant competitiveadvantageasweseektogrowinourexistingmarketsandenternewsegmentsandgeographies.Thesuccess of our management team is also demonstrated by our growth including our ability to develop new products as well as attractandretainourcustomersoveralongperiodoftime.Wealsobelieveourmanagementteamhasdemonstratedits abilitytoexecuteourrequiredbusinessplanandhastheskillsandexperienceneededtoimplementourstrategicobjectives relatedtoourbusinessandexpansioninthefuture. 228OurrevenuesfromoperationsfortheFiscals2025,2024and2023were₹3,418.42lakhs,₹2339.78lakhsand₹1508.87 lakhs, respectively. Our operating EBITDA for the Fiscals2025, 2024 and 2023 were ₹1,221.82 lakhs, ₹612.30 lakhs and₹168.87lakhs,respectively.OurprofitaftertaxforFiscals2025,2024and2023were₹694.57lakhs,₹311.96lakhs and₹59.41lakhs,respectively.Forfurtherdetails,pleaserefertothesectiontitled“FinancialInformation”onpage193 ofthisProspectus. SIGNIFICANTDEVELOPMENTSSUBSEQUENTTOTHELASTFINANCIALYEAR: IntheopinionoftheBoardofDirectorsofourCompany,therehavenotarisen,sincethedateofJune30,2024asdisclosed inthis Prospectus,anysignificant developmentsor any circumstancethat materiallyoradversely affect or are likely to affecttheprofitabilityofourCompanyorthevalueofitsassetsoritsabilitytopayitsmaterialliabilitieswithinthenext twelvemonths. KEYFACTORSAFFECTINGTHERESULTSOFOPERATION: OurCompany’sfutureresultsofoperationscouldbeaffectedpotentiallybythefollowingfactors: 1. GeneraleconomicconditionsinIndia,changesinlawsandregulations. 2. Changesinrevenuemix,includinggeographicmixofourrevenues. 3. ChangesinFiscal,EconomicorPoliticalconditionsinIndia. 4. Increasedmarketfragmentation. 5. Competitionwithexistingandnewentrants 6. Seasonalvariationsandavailability/shortageoffreshvegetablesassamebeingtheprincipalrawmaterialusedfor manufacturingofourproducts 7. Dependencyonfewkeycustomers 8. TechnologySystemandInfrastructureRisks OURSIGNIFICANTACCOUNTINGPOLICIES ForSignificantaccountingpoliciespleasereferSignificantAccountingPolicies,“AnnexureIV”beginningunderChapter titled“FinancialInformation”beginningonpage193oftheProspectus. RESULTSOFKEYOPERATIONS Thefollowingtablesetsforthselectfinancialdatafromourrestatedfinancialstatementofprofitandlossforthefinancial yearsendedMarch31,2025,2024and2023thecomponentsofwhicharealsoexpressedasapercentageoftotalrevenue forsuchperiodandfinancialyears. (₹inlakhs) Particulars Fortheyearendedon March31, %of March31, %of March31, %of 2025 Total 2024 Total 2023 Total Income Income Income Revenuefromoperation 3,418.42 99.55% 2,339.78 98.85% 1,508.87 98.60% Otherincome 15.42 0.45% 27.26 1.15% 21.38 1.40% TotalRevenue 3,433.84 100.00% 2,367.04 100.00% 1,530.26 100.00% Costofrawmaterialconsumed 1,951.39 56.83% 1,723.80 72.83% 1,398.95 91.42% Purchasesofstockintrade 237.53 6.92% - - - - Changesininventoriesoffinished goods,work-in-progressand (449.64) (13.09%) (462.45) (19.54%) (575.57) (37.61%) stock-in-trade Employeebenefitexpenses 171.01 4.98% 121.75 5.14% 115.05 7.52% Financecost 258.40 7.53% 141.13 5.96% 81.92 5.35% Depreciation&amortization 46.09 1.34% 55.04 2.33% 35.94 2.35% expense Otherexpenses 286.31 8.34% 344.38 14.55% 401.57 26.24% TotalExpenses 2,501.10 72.84% 1,923.65 81.27% 1,457.86 95.27% ProfitBeforeTax 932.75 27.16% 443.39 18.73% 72.40 4.73% TaxExpenses 238.18 6.94% 131.43 5.55% 12.99 0.85% 229Particulars Fortheyearendedon March31, %of March31, %of March31, %of 2025 Total 2024 Total 2023 Total Income Income Income Profit(Loss)fortheYear 694.57 20.23% 311.96 13.18% 59.41 3.88% ReviewofRestatedFinancials RevenuefromOperations:Revenuefromoperationsconsistsofsaleofproductsthroughinstitutionalcustomers,traders andinternationalcustomersduringtheFiscals2025,2024and2023havebeenprovidedbelow: Particulars Fiscal 2025 2024 2023 Revenue %oftotal Revenue %oftotal Revenue %oftotal earnedin(₹in revenue earnedin(₹in revenue earnedin(₹in revenue lakhs) lakhs) lakhs) Institutional 2,261.41 66.15% 1,009.70 43.15% 1,198.07 79.40% customers Traders 1,067.17 31.22% 1,100.36 47.03% 108.34 7.18% International 89.84 2.63% 229.72 9.82% 202.46 13.42% customers Total 3,418.42 100.00% 2,339.78 100.00% 1,508.87 100.00% Other Income: Other income includes Discount on Purchase A/c, Interest income, Export Benefit and Other MiscellaneousIncome. TotalIncome:Ourtotalincomecomprisesrevenuefromoperationsandotherincome. TotalExpenses:Company’stotalexpensesconsistofCostofrawmaterialconsumed,ChangesininventoriesofFinished goods, Work-in-progress (WIP) and Stock-in-trade, Employee benefit expenses, Finance cost, Depreciation and amortizationexpense,andotherexpenses. ChangesininventoriesofFinishedgoods,WIPandStock-in-trade:Changesininventoriesconsistsofcostsattributable toanincreaseordecreaseininventorylevelsduringtherelevantfinancialperiodinFinishedgoods,WIPandStock-in- trade. Employee Benefits Expense: Employee benefit expense includes Salary to Staff, Salary to Workers, Director’s Remuneration,Bonus,GratuityandEmployeewelfare&otherexpenses. FinanceCost:FinancecostincludesInteresttofinancialinstitutionsandBankCommission&Charges. Otherexpenses:OtherexpensesmainlyconsistofTravellingExpenses,ROCCharges,Consultancy&LegalFeesetc. REVIEWOFOPERATIONFORTHEPERIODENDEDMARCH31,2025: RevenuefromOperations The Company's revenue from operations in the financial year 2024-25 is ₹ 3,418.42 lakhs. This represents ₹ 1,078.64 lakhsor46.10%increasecomparedtothepreviousfinancialyear'srevenuefromoperationsof₹2,339.78lakhs. • Sale of products to Traders in the financial year 2024-25 decreased by ₹33.19 lakhs or 3.02% as compared to financialyear2023-24. • SaleofproductstoInternationalcustomersinthefinancialyear2024-25decreasedby₹139.88lakhsor60.89% ascomparedtofinancialyear2023-24. • Sale of products to Institutional customers in the financial year 2024-24 increased by ₹ 1,251.71 lakhs or 123.97%ascomparedtofinancialyear2023-24. OtherIncome 230OtherIncomeinthefinancialyear2024-25decreasedby₹11.84lakhsor43.43%,reaching₹15.42lakhsincomparison tothe₹27.26lakhsincurredintheFinancialYear2023-24.Thisdecreasewasprimarilyduetonoexportbenefitreceived inthecurrentyearwhichamountedto₹6.01lakhsinthepreviousyearandreductionindiscountsreceivedinthecurrent yearby73.50%or₹12.28lakhsascomparedtothepreviousyear.However,thesamewaspartiallyoffsetbyincreasein miscellaneousincomeby₹8.50lakhs. Costofrawmaterialconsumed Consumption and Manufacturing expenses for the financial year 2024-25 amounted to ₹ 1,951.39 lakhs constituting 56.83%oftotalincome. Purchasesofstockintrade Purchases of stock in trade amounted to ₹ 237.53 lakhs in the financial year 2024-25, which constitutes 6.92% of total income. ChangesininventoriesofFinishedgoods,WIPandStock-in-trade There was an increase of ₹ 449.64 lakhs for Fiscal 2025 as compared to an increase of ₹ 462.45 lakhs for Fiscal 2024, primarilyattributabletoahigherinventoryofFinishedgoodsattheendofFiscal2025. EmployeeBenefitsExpenses EmployeebenefitexpensesintheFinancialYear2024-25increasedby49.26lakhsor40.46%,reaching₹171.01lakhs in comparison to the ₹ 121.75 lakhs incurred in the Financial Year 2023-24. This rise in employee expenses primarily stemmedfromincreasesinDirectorremunerationwhichwentupby₹12.80lakhsandSalarytostaffwhichwentupby ₹57.43lakhs.However,thisincreasewaspartiallyoffsetbyadecreaseinSalarytoworkerswhichwentdownby₹23.81 lakhs. FinanceCosts FinanceCostsintheFinancialYear2024-25increasedby83.10%,reaching₹258.40lakhsincomparisontothe₹141.13 lakhsincurredintheFinancialYear2023-24.ThisriseinfinancecostsprimarilystemmedfromincreasesinInterestto Bank,Financialinstitutionsandrelatedpartieswhichwentupby₹117.28lakhs. Depreciationandamortizationexpenses DepreciationandamortizationexpensesfortheFinancialYear2024-2025,amountedto₹46.09lakhsconstituting1.34% oftotalincome. OtherExpenses Other expenses in the Financial Year 2024-25 decreased by 16.86%, reaching ₹ 286.31 lakhs in comparison to the ₹ 344.38lakhsincurredintheFinancialYear2023-24.Thisdecreaseinotherexpenseswasprimarilyattributedtoseveral factors,including₹28lakhsdecreaseininvestormeetexpenses,₹26.20lakhsdecreaseinmiscellaneousexpense,and 24.13lakhsdecreaseinFreight&Hamaliexpense. TaxExpenses Taxexpensesincreasedby106.75lakhsor81.22%,reachingatotalof₹238.18lakhsinthefinancialyear2024-25,in contrasttothe₹131.43lakhsinthefinancialyear2023-24. ProfitafterTax(PAT) Duetotheaforementionedfactors,theprofitexperiencedanupswing,primarilydrivenbythegrowthintotalincomeand adecreaseintotalexpensesasapercentageoftotalincome.TheProfitAfterTax(PAT)forthefinancialyear2024-25 reached ₹ 694.57 lakhs, marking a notable increase from ₹ 311.96 lakhs in the financial year 2023-24. In the financial year2024-25,PATconstituted20.23%ofthetotalrevenue,incontrastto13.18%inthefiscalyear2023-24. RationaleforincreaseinProfitafterTax(PAT)comparedtoRevenuefromOperation TheincreaseinProfitafterTax(PAT)comparedtoRevenuefromoperationismainlyonaccountof: • Thegrowthinnumberofcustomers.IntheyearendedMarch31,2025numberofcustomersassociatedwithuswas91 ascomparedto84inthefinancialyear2024-25. • Lowerrawmaterialpricesbecauseofbulkorders. COMPARISONOFF.Y.2024WITHF.Y.2023: RevenuefromOperations 231TheCompany'srevenuefromoperationsinthefinancialyear2023-24is₹2,339.78lakhs.Thisrepresents₹830.90lakhs or55.07%increasecomparedtothepreviousfinancialyear'srevenuefromoperationsof₹1,508.87lakhsduetofollowing reason: 1. TotalproductioncapacityofourCompanyincreasedinFY23-24to1,500M.Tfrom950M.TinFY22-23which isanincreaseof58%.AndactualproductioninFY23-24was1,107.5M.T.ascomparedto730.84M.TinFY 22-23whichasanincreaseof52%.ThisismainlyduetoincreaseincapacityintheFY24. 2. InFY2023companydidacapexofestablishingacoldstoragewhichresultedinanincreaseintotalnumberof productiondaysduetoincreasedavailabilityofrawmaterial.Thishasresultedinincreasedrevenue. 3. We have also supplied new product washed carrot in the market for Rs 609.51 lacs in FY 23-24 which leads to increaseinrevenue. OtherIncome OtherIncomeinthefinancialyear2023-24increasedby₹5.88lakhsor27.50%,reaching₹27.26lakhsincomparison tothe₹21.38lakhsincurredintheFinancialYear2022-23.ThisincreasewasprimarilyduetoincreaseinDiscounton PurchaseA/cof₹8.46lakhsanddecreaseinExportbenefitof₹4.19lakhs. Costofrawmaterialconsumed Consumption and Manufacturing expenses for the financial year 2023-24 amounted to ₹ 1,723.80 lakhs constituting 72.83%oftotalincome. ChangesininventoriesofFinishedgoods,WIPandstock-in-trade There was an increase of ₹ 462.45 lakhs for Fiscal 2024 as compared to an increase of ₹ 575.57 lakhs for Fiscal 2023, primarilyattributabletoahigherinventoryofFinishedgoodsattheendofFiscal2024. EmployeeBenefitsExpenses EmployeebenefitexpensesintheFinancialYear2023-24increasedby5.82%,reaching₹121.75lakhsincomparisonto the ₹ 115.05 lakhs incurred in the Financial Year 2022-23. This rise in employee expenses primarily stemmed from increasesinDirectorremunerationwhichwentupby₹24.00lakhs,Salarytoworkerswhichwentupby₹8.14lakhsand Salarytostaffwhichwentdownby₹28.40lakhs FinanceCosts FinanceCostsintheFinancialYear2023-24increasedby72.28%,reaching₹141.13lakhsincomparisontothe₹81.92 lakhsincurredintheFinancialYear2022-23.ThisriseinfinancecostsprimarilystemmedfromincreasesinInterestto financialinstitutionswhichwentupby₹59.21lakhs. Depreciationandamortizationexpenses DepreciationandamortizationintheFinancialYear2023-24increasedby53.15%,reaching₹55.04lakhsincomparison tothe₹35.94lakhsincurredintheFinancialYear2022-23.Theincreaseindepreciationwasprimarilyduetoadditionin assets. OtherExpenses Other expenses in the Financial Year 2023-24 decreased by 14.24%, reaching ₹ 344.38 lakhs in comparison to the ₹ 401.57lakhsincurredintheFinancialYear2022-23.Thisdecreaseinotherexpenseswasprimarilyattributedtoseveral factors,including₹85.36lakhsdecreaseinFreight&Hamaliexpense,₹26.23lakhsdecreaseinFreightinwards,₹23.17 lakhsdecreaseincoldstorageexpenses,₹23.01lakhsincreaseincutting&cleaningexpensesand₹19.05lakhsincrease incarrotfarminglabourexpenses. TaxExpenses Taxexpensesincreasedby911.61%,reachingatotalof₹131.43lakhsinthefinancialyear2023-24,incontrasttothe₹ 12.99lakhsinthefinancialyear2022-23. ProfitafterTax(PAT) Duetotheaforementionedfactors,theprofitexperiencedanupswing,primarilydrivenbythegrowthintotalincomeand adecreaseintotalexpensesasapercentageoftotalincome.TheProfitAfterTax(PAT)forthefinancialyear2023-24 reached₹311.96lakhs,markinganotableincreasefrom₹59.41lakhsinthefinancialyear2022-23.Inthefinancialyear 2023-24,PATconstituted13.18%ofthetotalrevenue,incontrastto3.88%inthefiscalyear2022-23. RationaleforincreaseinProfitafterTax(PAT)comparedtoRevenuefromOperation TheincreaseinProfitafterTax(PAT)comparedtoRevenuefromoperationismainlyonaccountof: 2321. The Company have been procuring the raw material in bulk in it’s specific season at a very cheap price and storeinourcoldstoragewarehousewhichwasoperationalinFY23-24. 2. In the FY 23, the Company’s primary reliance was on two institutional buyers, namely ITC and Silva International (theircombinedsalesaccounted for approximately92%oftotal salesinFY23).Subsequently, thecompanychangeditspolicyandbegansupplyingtoawiderrangeoftradersandmanufacturers,leadingto asignificantincreaseinthenumberofclientsfrom10to82. 3. Thevariablecosthasdecreasedduetoreasonslikehavingowncoldwarehouse(asearlierweusedtostorethe rawmaterialatthirdpartywarehouse)whichhasdecreasedtheothercostslikecoldstoragewarehousecost, Freightinwardexpenseandlogisticcosts: Mar-23 Mar-24 Directin Particulars Amt(In %oftotal Amt(In %oftotal Expenses lacs) expense lacs) expense ColdStorageExpense 26.39 1.81% 3.22 0.17% 1.64% LogisticCost 151.17 10.37% 65.81 3.42% 6.95% FreightInwardExpense 26.60 1.82% 0.37 0.02% 1.81% CashFlow ThetablebelowsummariesourcashflowsfromourRestatedFinancialInformationforthefinancialyearsendedon2025, 2024,and2023: Particulars FY2025 FY2024 FY2023 Netcash(usedin)/Generatedfromoperatingactivities (431.26) 79.26 15.48 Netcash(usedin)/Generatedfrominvestingactivities (343.20) 181.40 (560.02) Netcash(usedin)/Generatedfromfinanceactivities 697.69 (183.82) 550.05 Netincrease/(decrease)incashandcashequivalents (76.76) 76.84 5.52 CashandCashEquivalentsatthebeginningoftheperiod 87.74 10.90 5.38 CashandCashEquivalentsattheendofperiod 10.98 87.74 10.90 CashFlowfrom/(usedin)OperatingActivities NetcashusedinoperatingactivitiesintheFiscal2025was₹(431.26)lakhsandourprofitbeforetaxthatperiodwas₹ 932.75lakhs.Thedifferencewasprimarilyattributabletodepreciationof₹46.09lakhs,Interestpaidof₹258.40lakhs andthereafterchangeinworkingcapitalof₹(1453.92)lakhsrespectively,resultingingrosscashusedinoperationsat₹ (203.82)lakhs.Wehaveincometaxpaidof₹227.44lakhs. Net cash generated from operating activities in the Fiscal 2024 was ₹ 79.26 lakhs and our profit before tax that period was₹443.39lakhs.Thedifferencewasprimarilyattributabletodepreciationof₹55.04lakhs,Interestpaidof₹141.13 lakhs and thereafter change in working capital of ₹ (422.62) lakhs respectively, resulting in gross cash generated from operationsat₹213.18lakhs.Wehaveincometaxpaidof₹133.92lakhs. Net cash generated from operating activities in the Fiscal 2023 was ₹ 15.48 lakhs and our profit before tax that period was ₹ 72.40 lakhs. The difference was primarily attributable to depreciation of ₹ 35.94 lakhs, Interest paid of ₹ 81.92 lakhs and thereafter change in working capital of ₹ (160.70) lakhs respectively, resulting in gross cash generated from operationsat₹28.07lakhs.Wehaveincometaxpaidof₹12.59lakhs. CashFlowfrom/(usedin)InvestingActivities IntheFiscal2025,ournetcashusedininvestingactivitieswas₹(343.20)lakhs,whichwasprimarilyforcapitalworkin progress of ₹ (171.16) lakh, Capital work in progress of ₹ (41.74) lakhs, (Increase)/Decrease in short term loans & advancesof₹(87.39)lakhs,(Increase)/DecreaseinLongtermloans&advancesof₹(42.72)lakhsandInterestincome onfixeddepositof₹1.81lakhsduringthesaidperiod. In the Fiscal 2024, our net cash generated from investing activities was ₹ 181.40 lakhs, which was primarily for Purchase/SaleofProperty,PlantandEquipmentof₹90.96lakhs,(Increase)/Decreaseinshorttermloans&advancesof ₹72.62lakhs,(Increase)/DecreaseinNon-currentinvestmentof₹24.85lakhs,(Increase)/DecreaseinLongtermloans &advancesof₹(10.79)lakhsandInterestincomeonfixeddepositof₹3.77lakhsduringthesaidperiod. IntheFiscal2023,ournetcashusedininvestingactivitieswas₹(560.02)lakhs,whichwasprimarilyforPurchase/Sale ofProperty,PlantandEquipmentof₹42.56lakhs,Capitalworkinprogressof₹(398.62)lakhs,(Increase)/Decreasein short term loans & advances of ₹ (140.31) lakhs, (Increase)/Decrease in Non- current investment of ₹ (18.92) lakhs, 233(Increase)/Decrease in Long term loans & advances of ₹ (46.22) lakhs and Interest income on fixed deposit of ₹ 1.49 lakhsduringthesaidperiod. CashFlowfrom/(usedin)FinancingActivities In the Fiscal 2025, our net cash generated from financing activities was ₹ 697.69 lakhs. This was primarily due to Increase/(decrease)inlongtermborrowingsof₹551.07lakhs,Increase/(Decrease)inshorttermborrowingsof₹405.03 lakhsandInterestPaidof₹(258.40)lakhs. In the Fiscal 2024, our net cash used in financing activities was ₹ (183.82) lakhs. This was primarily due to Increase/(Decrease)inlongtermborrowingsof₹(196.54)lakhs,Increase/(Decrease)inshorttermborrowingsof₹153.85 lakhsandInterestPaidof₹(141.13)lakhs. In the Fiscal 2023, our net cash generated from financing activities was ₹ 550.05 lakhs. This was primarily due to Increase/(Decrease)inlongtermborrowingsof₹460.02lakhs,Increase/(Decrease)inshorttermborrowingsof₹171.95 lakhsandInterestPaidof₹(81.92)lakhs. InformationrequiredasperItem11(II)(C)(iv)ofPartAofScheduleVItotheSEBIRegulations: 1. Unusualorinfrequenteventsortransactions Toourknowledgetherehavebeennounusualorinfrequenteventsortransactionsthathavetakenplaceduringthelast threeyears. 2. Significanteconomicchangesthatmateriallyaffectedorarelikelytoaffectincomefromcontinuingoperations. Our business has beensubject, and we expect it to continue tobesubject to significant economic changes arising from thetrendsidentifiedabovein‘FactorsAffectingourResultsofOperations’andtheuncertaintiesdescribedinthesection entitled“RiskFactors”beginningonpage29ofthisProspectus.Toourknowledge,exceptaswehavedescribedinthis Prospectus,therearenoknownfactorswhichweexpecttobringaboutsignificanteconomicchanges. 3. IncomeandSalesonaccountofmajorproduct/mainactivities IncomeandsalesofourCompanymainlyconsistsofsaleofproducts. 4. Whetherthecompanyhasfollowedanyunorthodoxprocedureforrecordingsalesandrevenues OurCompanyhasnotfollowedanyunorthodoxprocedureforrecordingsalesandrevenues. 5. Knowntrendsoruncertaintiesthathavehadorareexpectedtohaveamaterialadverseimpactonsales,revenue orincomefromcontinuingoperations. Apart from the risks as disclosed under Section titled “Risk Factors” beginning on page 29 in this Prospectus, in our opiniontherearenootherknowntrendsoruncertaintiesthathavehadorareexpectedtohaveamaterialadverseimpact onrevenueorincomefromcontinuingoperations. 6. Extenttowhichmaterialincreasesinnetsalesorrevenueareduetoincreasedsalesvolume,introductionofnew productsorservicesorincreasedsalesprices. Increasesinrevenuesarebyandlargelinkedtoincreasesinvolumeofbusiness. 7. Totalturnoverofeachmajorindustryservicesinwhichtheissuercompanyoperated. The Company is in the business of, the relevant industry data, as available, has been included in the chapter titled “IndustryOverview”beginningonpage121ofthisProspectus. 8. Statusofanypubliclyannouncednewproductsorbusinessservices. OurCompanyhasnotannouncedanynewservicesorbusinessservices. 9. Theextenttowhichbusinessisseasonal. Our Company’s business is subject to seasonality. For further information, kindly check “Risk Factors” beginning on page29inthisProspectus. 10. Anysignificantdependenceonasingleorfewsuppliersorcustomers. The%ofcontributionofourCompany’ssuppliersvis-à-visthetotalpurchasesrespectivelyfortheFiscal2025,2024 and2023isasfollows: 234TopSuppliersasapercentage(%)oftotalpurchases Particulars Fiscal2025 Fiscal2024 Fiscal2023 Top5 62.41% 23.68% 41.67% Top10 73.07% 31.87% 51.99% The%ofcontributionofourCompany’scustomersvis-à-visthetotalrevenuefromoperationsrespectivelyfortheFiscal 2025,2024and2023isasfollows: TopCustomersasapercentage(%)ofRevenuefromoperations Particulars Fiscal2025 Fiscal2024 Fiscal2023 Top5 75.80% 59.49% 84.24% Top10 86.50% 65.63% 93.27% 11. Competitiveconditions. Competitive conditionsare asdescribed under the Chapters titled “Industry Overview” and “OurBusiness” beginning onpages121and139,respectivelyofthisProspectus. 235CAPITALISATIONSTATEMENT ThefollowingtablesetsforthourcapitalisationderivedfromourRestatedFinancialStatementsforthethreemonthperiod ended March 31, 2025, and as adjusted for the Offer. This table should be read in conjunction with “Management’s DiscussionandAnalysisofFinancialConditionandResultsofOperations”,“FinancialInformation”and“RiskFactors” onpages227,193and29,respectively. (in₹lakhs) Particulars PreOfferasatMarch31,2025 PostOffer Borrowings Short-term 857.18 857.18 Long-term(includingcurrentmaturities)(A) 1,391.94 1,391.94 TotalBorrowings(B) 2,249.12 2,249.12 Shareholder'sfund Sharecapital 731.54 991.82 Reserveandsurplus,asrestated 533.30 3,396.38 TotalShareholder'sfund(C) 1,264.84 4,388.20 Long-termborrowings/equityratio{(A)/(C)} 1.10 0.32 Totalborrowings/equityratio{(B)/(C)} 1.78 0.51 Notes: 1. TheabovehasbeencomputedonthebasisoftheRestatedFinancialStatementsoftheCompanyasonMarch31,2025. 2. Currentborrowingisconsideredasborrowingduewithin12monthsfromthebalancesheetdate. 3. Non-Currenttermborrowingisconsideredasborrowingotherthancurrentborrowing,asdefinedaboveandalsoincludesthe currentmaturitiesofnon-currentborrowing. 236FINANCIALINDEBTEDNESS OurCompanyhasavailedloansintheordinarycourseofitsbusinessforthepurposesofworkingcapitalandotherbusiness requirements. OurCompanyhasobtainedthenecessaryconsentrequiredundertheloanagreementsenteredintoinconnectionwithand for undertaking activities in relation to the Offer, including effecting a change in our capital structure, change in our shareholdingpattern,change inourconstitutionaldocumentsincludingamendingtheMemorandumofAssociationand ArticlesofAssociationofourCompany,changeinthemanagementorboardcomposition,asapplicable. SECUREDBORROWINGS As on June 30, 2025, we have availed secured loans of which the total outstanding amount secured loan is ₹ 1,308.15 lakhsasofdate,thedetailsofwhichareasunder: (₹inlakhs) Sr. Lenderand Amount Amount Rateof Tenure PrimarySecurity Collateral No. Purpose Sanctioned Outstanding Interest/ /Tenor Security (as on June Commission 30,2025) 1. StateBankofIndia FBWC Cash 850.00 847.00 1% above 12 CashCredit:First 1. Equitable Credit EBLRwhich months and 100% charge mortgage of Limited is presently by way of HouseatPlot 9.15%p.a. Hypothecation of no.13 H, the unit's entire Scheme stock of raw no.71, Sector materials,Workin A, Progress and Indore finished goods Admeasuring and. other current 273.75 sq assets including metre in the stores and spares, name of Shri consumable Shantilal items/packing Balmukund materials, goods Somani HUF in transit and/or through stored/ lying in authorized Company's person Shri factory premises/ Krishnakant site,godownsorat Somani any other place as Boundaries:- may be approved East- by the Bank from 15.00meter time to time wideroad including West- Plot outstanding no.971&981 moneys, Book North- Pakka Debts/Receivables Nala etc. South- Plot Term Loan 51.00 38.97 47 TermLoan1,2,3 No.12H, 1: months and4: Term Loan 89.00 72.84 58 2.Equitable 2: months mortgageof a. Equitable Term Loan 76.00 50.51 35 Open Plot mortgageof 3: months Survey factorylandand Term Loan 347.00 298.83 71 no.140/1/2, buildingat 4: months Ward no.3, divertedland Club Road, survey Behind 237Sr. Lenderand Amount Amount Rateof Tenure PrimarySecurity Collateral No. Purpose Sanctioned Outstanding Interest/ /Tenor Security (as on June Commission 30,2025) 1. StateBankofIndia no.9/2/1/2 Hanuman Rakba0.523 Mandir, Hect.Village Alirajpur Gawli,Tehsil Tehsil and andDistDhar Dist Admeasuring Alirajpur 0.523Hect.in Admeasuring thenameof 1727 sq ft, SawaliyaFood and 11304 sq ProductsPvt ft. In the Ltd name of Boundaries:- Hansa East-Govt Somani W/o RoadWest- Shri Landofsurvey Krishnakant no.9/2/1/1 Somani North-Road Boundaries:- South-Landof East- Land of surveyno.9/2/2 Raghunan- b. Hypothecation danKothari ofplantand West-Land Machineryat Of factoryof Nandkishore Sawaliyafood Gupta North- productspvtItd Pakka Nala situatedat South-Gall survey no,9/2/1/2, 3. Equitable VillageGawll, mortgage of TehsilandDist House No. Dhar 296, Pratapganj Marg, Ward No. 04, Tehsil and Dist Alirajpur. Admeasuring 1843.75sqft. in the name of Shri Krishnakant Somani Boundaries:- East-Landof Muslim West- House of Jankilal Bhagwandas North- Pratapganj MargNo.1 238Sr. Lenderand Amount Amount Rateof Tenure PrimarySecurity Collateral No. Purpose Sanctioned Outstanding Interest/ /Tenor Security (as on June Commission 30,2025) 1. StateBankofIndia South- Pratapganj MargNo.2 Personal Guarantee: 1. Raghav Somani 2. Madhav Somani 3.Krishnakant Somani 4. Hansa Somani 2. ToyotaFinancialServices Vehicle 21.4 NIL 9.26% 60 HYRYDER & V - Loan months E-DRIVE 2wd HYBRID Total 1,434.40 1,308.15 *ThevehicleloanhasbeenrepaidbyourCompanyonOctober09,2024. UNSECUREDBORROWINGS, AsonJune30,2025,wehaveavailedunsecuredloansofwhichthetotaloutstandingamountis₹900.44lakhsasonthat dateasperthedetailsbelow: Name of the Nature of Date of Sanctioned Re- Rate of Outstanding KeyTerms Lender Facility Sanctioned Amount Payment Interest amountas (₹inlakhs) Period on June30, 2025 (₹inlakhs) Aditya Birla Business October17, 20.00 36 18% 3.46 •Amountofeach FinanceLimited Loan 2022 months p.a. instalment: ₹ 72,305 •Due date for Instalment: 5th day of each month No pre-payment is allowed in first 6 months from the date of disbursement Cholamandalam Business March 9, 20.00 60 16% 11.30 •Instalment Investment and Loan 2023 months p.a. Frequency: Finance Monthly Company •Instalment commencement date: November 5, 2022 239Name of the Nature of Date of Sanctioned Re- Rate of Outstanding KeyTerms Lender Facility Sanctioned Amount Payment Interest amountas (₹inlakhs) Period on June30, 2025 (₹inlakhs) •FirstInstalment amount: ₹ 65, 296 Hero Fincorp Business April 27, 15.17 36 18% 5.52 •Co-Borrower- Limited Loan 2023 months p.a. Raghav Somani, Krishna Kant Somani, and Madhav Somani •Due Date: 3rd ofeverymonth •Event of Default: If repayment of any facility obligations remain overdue for a period of seven(7)days. ICICI Bank Business September 20.00 36 15.50% 2.70 •Instalmenttobe Limited Loan 22,2022 months p.a. paid: ₹70,208 on a monthly basis. •Additional Interest: 24.00% Urgo Capital Business October31, 25.15 36 17.00% 4.30 •FirstInstalment Limited Loan 2022 months p.a. Amount: ₹ 89,667 Yes Bank Business October20, 30.00 36 16.75% 3.78 •Pre-payment Limited Loan 2022 months p.a. allowed upto payment of 6 EMIs •Instalment Frequency: Monthly •Foreclosure charges: 7-24 months of EMI repayment – 4%ofPOS •25-26 months of EMI repayment- 3% ofPOS •37-48 months of EMI repayment – 2%ofPOS •>48 months of EMI 240Name of the Nature of Date of Sanctioned Re- Rate of Outstanding KeyTerms Lender Facility Sanctioned Amount Payment Interest amountas (₹inlakhs) Period on June30, 2025 (₹inlakhs) repayment- NIL RBL Business September 25.00 36 16.00% 3.40 •Equated Loan 30,2022 months p.a. Monthly Instalment: 87,893 •Repayment cycle: 5th of everymonth •Charges of late payment of EMI: 2% additional interest per month on overdue EMI amount Swan Finance Business May 10, 350.00 12 15.00% 362.03 •Penal Interest: Limited Loan 2024 months p.a. 3.00%overand above normal interest •Prepayment- After completionof3 (three) months fromthedateof disbursement of Loan Amount, the Borrower may choose to pre- pay the Loan Amountinpart, without any foreclosure charges or prepayment penalty, provided that (a) each pre- payment instalment is in a multiple of Rs. 25,00,000 (b) The Borrower has provided to the Lender prior written intimation of at least 7 (seven) days. RaghavSomani Unsecured - - On N.A. 156.19 N.A. Loan demand- 241Name of the Nature of Date of Sanctioned Re- Rate of Outstanding KeyTerms Lender Facility Sanctioned Amount Payment Interest amountas (₹inlakhs) Period on June30, 2025 (₹inlakhs) MadhavSomani Unsecured - - On N.A. 94.87 N.A. Loan demand HanshaSomani Unsecured - - On N.A. 55.70 N.A. Loan demand Krishnakant S Unsecured - - On N.A. 11.26 N.A. SomaniHUF Loan demand Krishnakant S Unsecured - - On N.A. 43.20 N.A. Somani Loan demand PriyaSomani Unsecured - - On N.A. 37.25 N.A. Loan demand VrandaBaheti Unsecured - - On N.A. 14.87 N.A. Loan demand Tata Capital Business December 35.00 36month 16.50% 29.47 •Amountofeach Limited Loan 03,2024 instalment: ₹ 1,23,915 36 equal monthly instalments NeoGrowth Business November 40.00 36month 20% 34.87 •Amountofeach CreditPvtLtd Loan 30,2024 instalment: ₹ 1,48,667 •Due date for Instalment: 5th day of each month Ambit Finvest Business January 5, 30.31528 36month 17% 26.27 •Amountofeach PvtLtd Loan 2025 instalment: ₹ 1,08,083 •36 equated monthly instalments Total 900.44 PrincipaltermsofthefinancialarrangementsenteredintobyourCompanyaredisclosedbelow: 1. PenalInterest:ThetermsofcertainfinancingfacilitiesavailedbyourCompanyprescribespenaltiesfornon-compliance ofcertainobligationsbyourCompany.Theseinclude, interalia,delayinpaymentofornon-paymentof instalments or interest, irregularity in cash credit, non-submission / delay in stock statement, non-submission of renewal data, non- compliancewithcovenants,useoffundsforanythingotherthanthepurposeforwhichtheloanwasavailed,non-payment /nonacceptanceofdemand/usancebillsofexchangeonpresentingatduedatesetc. 2. Pre-payment:SomeofthetermsoffacilitiesavailedbyourCompanyhaveprepaymentprovisionswhichallowforpre- paymentoftheoutstandingloanamount,subjecttosuchprepaymentpenaltiesaslaiddowninthefacilityagreements. 3. EventsofDefault:ThefinancingarrangementsenteredintobyourCompanycontainstandardeventsofdefault,including: i. Defaultinperformanceofcovenants,conditionsoragreementsinrespectoftheloan; ii. DefaultinpaymentofEMIsoranyotheramountsduetothelender; iii. Change in constitution, management or existing ownership or control of the Borrower including by reason of liquidation,amalgamation,mergerorreconstruction; iv. Any unauthorized modification in the shareholding patternof our Company including issuance of newsharesinthe sharecapitalofourCompany; v. Any action taken or legal proceedings initiated for winding up, dissolution, or reorganisation or forappointment 242ofreceiver,trusteeorsimilarofficerofanyofCompany’sassets; vi. AnyinformationprovidedbyourCompanyforfinancialassistancefoundtobemisleadingorincorrectinanymaterial respect; vii. For the period of overdue interest/instalment in respect of Term Loans and over drawings above the drawing power/limit in Fund Based Working Capital accounts on account of interest/devolvement of letters of credit/bank guarantee,insufficientstocksandreceivablesetc.; viii.Non-submission of stock statements within 20 days of the succeeding month, Audited Balance Sheet by December 31steveryyear,FFRs,whereverstipulated,withinduedate,review/renewaldataatleastonemonthpriortoduedate; ix. Non-renewalofinsurancepoliciesinatimelymannerorinadequateinsurancecover;and x. Openingnewcurrentorotheraccounts,withbanksoutsidethelendingarrangementwithoutobtainingBank'sNOC, ormaintaininganycurrentwithanybankwouldamounttoaneventofdefault. Thedetailsaboveareindicativeandthereareadditionaltermsthatmayamounttoaneventofdefaultunderthefinancing arrangementsenteredintobyourCompany.OurCompanyisrequiredtoensurethattheaforementionedeventsofdefaultand other events of default, as specified under the agreements relating to the financing arrangements entered into by our Company,arenottriggered. 4. ConsequencesofEventsofDefault:ThefinancingarrangementsenteredintobyourCompanysetouttheconsequencesof occurrenceofeventsofdefault,including: i. In case of default in repayment of the loan/advances or in the payment of the interest thereon or any of the agreed instalments of the loan on due date(s) by the borrower, the Bank and/or the RBI will have an unqualified right to disclose or publish the borrower's name or the name of the borrow-er/unit and its directors/partners/proprietors as defaulters/wilfuldefaultersinsuchmannerandthroughsuchmediumastheBankorRBIintheirabsolutediscretion maythinkfit. ii. IntheeventofdefaultinrepaymenttoourBankorifcrossdefaulthasoccurred,theBankwillhavetherighttoappoint itsnomineeontheBoardofDirectorsoftheborrowertolookafteritsinterests. iii. Incaseofdefaultnotcorrectedwithin90daysorrestructuringofdebt,theregulatoryguidelinesprovideforconversion of debt to equity. The Bank shall have the right to convert loan to equity or other capital in accordance with the regulatoryguidelines.Further,insuchascenario,theborrower.agreestofacilitatetheprocessofconversionofloan toequityorothercapital,Incaseoflistedcompanyapprovalofshareholderstobeobtained. iv. Intheeventofdefault,notcorrectedin90days,theBankshallhavetherighttosecuritisetheassetschargedandin theeventofsuchsecuritisation,theBankwillsuitablyinformtheborrower(s)andguarantor(s).Inaddition,theBank shallhavetherighttonovate/assigntheassetscharged. Thedetailsprovidedaboveareindicativeandtheremaybeadditionalterms,conditionsandrequirementsunderthespecific financingarrangementsenteredintobyourCompany. 5. RestrictiveCovenants:Certainfinancingarrangementsenteredintobyuscontainrestrictivecovenants.An indicativelist ofsuchrestrictivecovenantsisdisclosedbelow.OurCompanyshallnotwithoutthepriorapprovalofthelenders: i. Enterintoborrowingarrangementseithersecuredorunsecuredwithanyotherbank/financialinstitutions,orotherwise oracceptdepositsapartfromtheexistingarrangement; ii. TheBorroweragreesnottoinductanypersoninitsboardofdirectorwhohasbeenidentifiedaswillfuldefaulteras perdirections/guidelinesofRBIorBank iii. Investbywayofsharecapitalinorlendoradvancefundstoorplacedepositswithanyconcern:normaltradecreditor securitydepositsinthenormalcourseofbusinessoradvancestoemployeescan,however,beextended; iv. Transfer of the controlling interest or making anydrastic change in the management set-up including resignation of promoterdirectors(includeskeymanagerialpersonnel); v. PaymentofcommissiontotheguarantorforguaranteeingthecreditfacilitiessanctionedbytheBank. vi. Mortgage,lease,surrenderoralienationofpropertyoranypartthereof; vii. Enter into any agreement or arrangement with any person, institution or local or government body for the use, occupationordisposalofthepropertyoranypartthereofduringthependencyoftheloan; viii.Enterintoanyschemeofmerger,demerger,acquisition,reorganisation,schemeofarrangementorreconstruction; ix. Declareanydividendifitfailstomeetitsinterestpaymentobligations,makeanyinvestmentsbywayofsharecapital ordebenturesand/oradvancefundstoanypartyotherthaninthenormalcourseofbusiness; x. RecognizeorregisteranytransferofsharesinourCompany’sshareholdingpattern/capitalmadeortobemadebythe promotersandtheirassociates; xi. Change or cause to change its shareholding pattern/ extent and nature of holding of the body corporate and/ or its directors/partners/designatedpartnerand/oritsconstituentdocumentsinthenatureofMemorandumofAssociation 243etc.; xii. PermitanysignificantchangeinthenatureofbusinessofourCompany,ownershiporcontrolofourCompany; xiii.Repay/prepayorserviceanyunsecured/securedloansfromthePromoterGroup/Directorsandsuchloansfromthe PromoterGroup/Directorsshall,duringthetenorofthecreditfacilityavailed; Thedetailsprovidedaboveareindicativeandtheremaybeadditionalterms,conditionsandrequirementsunderthespecific financingarrangementsenteredintobyourCompany. For further details of financial and other covenants required to be complied with in relation to our borrowings, see “Risk Factors – Risk Factor – 42 - In addition to our existing indebtedness for our existing operations, we may incur further indebtedness during the course of business. We cannot assure that we would be able to service our existing and/ or additionalindebtedness”onpage53. Forfurtherdetailspertainingtoourindebtedness,see“RestatedFinancialInformation”onpage193. 244SECTIONVII–LEGALANDOTHERINFORMATION OUTSTANDINGLITIGATIONANDMATERIALDEVELOPMENTS Exceptasdisclosedinthissection,therearenooutstanding(i)criminalproceedings;(ii)actionstakenbyregulatoryor statutoryauthorities;(iii)claimsrelatedtodirectandindirecttaxmatters(disclosedinaconsolidatedmanner);and(iv) other pending litigation as determined to be material by our Board pursuant to its resolution dated July 29, 2025(“Materiality Policy”) in each case involving our Company, Promoters and Directors (“Relevant Parties”). Further, there are no disciplinary actions including penalties imposed by the SEBI or the stock exchanges against our Promoters in the last five Financial Years including any outstanding action. Further, there are no outstanding, (i) criminalproceedings;and(ii)actionsbyregulatoryauthoritiesandstatutoryauthorities,againstanyKeyManagerial PersonnelandSeniorManagementofourCompany. For the purposes of (iv) above, in terms of the Materiality Policy, any pending litigation / arbitration proceedings involving the Relevant Parties shall be considered “material” for the purposes of disclosure in this Prospectus, if the aggregate monetary claim/ dispute amount/ liability made by or against our Company in any such pending litigation (individuallyorinaggregate),isequivalenttoorabove: a.) 5%oftherevenueoftheCompanyforthemostrecentauditedfiscalperiod,(amountingto₹171.69lakhs);or(b) (i)2%ofturnover,asperthelatestannualRestatedFinancialInformationofourCompany(amountingto₹68.37 lakhs);or(ii)2%ofnetworth,asperthelatestannualRestatedFinancialInformationofourCompany,exceptin case the arithmetic value of the net worth is negative (amounting to ₹ 25.30 lakhs); or (iii) 5% of the average of absolutevalueofprofitorlossaftertaxasperthelastthreeannualRestatedFinancialInformationofourCompany (amountingto₹17.77lakhs),whicheverislower. Accordingly, outstanding litigation involving our Company have been considered material and disclosed in this sectionwheretheaggregateamountinvolvedinsuchlitigationexceeds₹34.73lakhsi.e.5%oftheProfitaftertax of our Company, as per the latest completed fiscal year of the Restated Financial Information (“Materiality Threshold”). b.) Anysuchpendinglitigation/ arbitrationproceedinginvolvingtheDirectorsorPromotersof ourCompany, which may have a material adverse impact on the business, operations, performance, prospects, financial position or reputationofourCompany;and c.) Any such litigation wherein a monetary liability is not determinable or quantifiable, or which does not fulfil the thresholdasspecifiedin(a)or(b)above,asapplicable,orwhereinourCompanyisnotaparty,buttheoutcomeof which could, nonetheless, have a material effect on the business, operations, performance, prospects, financial positionorreputationofourCompany. Itisclarifiedthatforthepurposesoftheabove,pre-litigationnoticesreceivedbyanyoftheRelevantParties,fromthird parties(otherthanshowcausenoticesissuedbystatutory/regulatory/taxauthoritiesornoticesthreateningcriminal actionorthefirstinformationreports)havenot,andshallnot,unlessotherwisedecidedbyourBoard,beconsideredas material litigation until such time that such Relevant Party, as the case may be, is impleaded as a defendant/s in proceedingsbeforeanyjudicial/arbitralforum. FurtherintermsoftheMaterialityPolicy,creditorsofourCompanytowhomamountduebyourCompanyisequalto or in excess of 5 % of the restated trade payables of our Company as at the end of the latest period included in the Restated Consolidated Financial Information, would be considered as material creditors. Accordingly, a creditor has beenconsidered‘material’byourCompanyiftheamountduetosuchcreditorexceeds₹35.00lakhs. Unlessstatedtothecontrary,theinformationprovidedbelowisasofthedateofthisProspectus.Alltermsdefinedherein inaparticularlitigationdisclosurepertaintothatlitigationonly. 1. LITIGATIONINVOLVINGOURCOMPANY LitigationagainstourCompany 1. CriminalProceedings Nil 2452. ActionstakenbyStatutory/RegulatoryAuthorities Nil 3. TaxProceedings BelowarethedetailsofpendingtaxcasesinvolvingourCompany,specifyingthenumberofcasespendingandthe totalamountinvolved: (₹inlakhs) Particulars Numberofcases Amountinvolved* IndirectTax SalesTax/VAT Nil Nil CentralExcise Nil Nil Customs Nil Nil ServiceTax Nil Nil Total Nil Nil DirectTax CasesfiledagainstourCompany 5 1.35 CasesfiledbyourCompany Nil Nil Total 5 1.35 *Totheextentquantifiable 4. OtherMaterialLitigations Nil 5. DisciplinaryactionagainstourCompanybySEBIoranystockexchangeinthelastfiveFiscals Nil ii. LitigationbyourCompany 1. CriminalProceedings Nil 2. CivilandotherMaterialLitigations Nil 2. LITIGATIONINVOLVINGOURPROMOTERS CasesfiledagainstourPromoters 1. CriminalProceedings Nil 2. ActionstakenbyStatutory/RegulatoryAuthorities Nil 3. TaxProceedings BelowarethedetailsofpendingtaxcasesinvolvingourPromoters,specifyingthenumberofcasespendingandthe totalamountinvolved: (₹inlakhs) Particulars Numberofcases Amountinvolved* IndirectTax 246Particulars Numberofcases Amountinvolved* SalesTax/VAT Nil Nil CentralExcise Nil Nil Customs Nil Nil ServiceTax Nil Nil Total Nil Nil DirectTax CasesfiledagainstourPromoters Nil Nil CasesfiledbyourPromoters Nil Nil Total Nil Nil *Totheextentquantifiable 4. OtherMaterialLitigations Nil CasesfiledbyourPromoters 1. CriminalProceedings Nil 2. OtherMaterialLitigations Nil DisciplinaryactionagainstourPromotersbySEBIoranystockexchangeinthelastfiveFiscals As on date of this Prospectus, no disciplinary action including penalty imposed by SEBI or stock exchanges has been initiatedagainstourPromotersinthelastfiveFiscalsincludinganyoutstandingaction. 3. LITIGATIONINVOLVINGOURDIRECTORS CasesfiledagainstourDirectors 1. CriminalProceedings Nil 2. ActionstakenbyStatutory/RegulatoryAuthorities Nil 3. TaxProceedings BelowarethedetailsofpendingtaxcasesinvolvingourDirectors,specifyingthenumberofcasespendingandthe totalamountinvolved: (₹inlakhs) Particulars Numberofcases Amountinvolved* IndirectTax SalesTax/VAT Nil Nil CentralExcise Nil Nil Customs Nil Nil ServiceTax Nil Nil Total Nil Nil DirectTax CasesfiledagainstourDirectors Nil Nil CasesfiledbyourDirectors Nil Nil Total Nil Nil *Totheextentquantifiable 2473. DisciplinaryactionbySEBIoranystockexchangeinthelastfiveFiscals Nil 4. OtherMaterialLitigations Nil CasesfiledbyourDirectors 1. CriminalProceedings Nil 2. OtherMaterialLitigations Nil 4. LITIGATIONINVOLVINGOURSUBSIDIARY AsondateofthisProspectus,ourCompanydoesnothaveasubsidiary. 5. LITIGATIONINVOLVINGOURGROUPCOMPANY AsondateofthisProspectus,ourCompanydoesnothaveaGroupCompany. 6. LITIGATIONINVOLVINGOURKEYMANAGERIALPERSONNELORSENIORMANAGEMENT As on date of this Prospectus, there are no pending criminal proceedings or actions by regulatory authorities and statutoryauthoritiesinvolvingourKeyManagerialPersonnelandSeniorManagement. 7. OUTSTANDINGDUESTOSMALLSCALEUNDERTAKINGSORANYOTHERCREDITORS IntermsoftheMaterialityPolicydatedJuly25,2025ourCompanyhas5(five)materialcreditor,asondateofthis Prospectus. Detailsofamountsoutstandingtocreditorsisasfollows: (₹inlakhs) Particulars No.ofCreditors Amount Outstandingduestomaterialcreditors 5 488.68 Outstandingduestosmallscaleundertakings - - Outstandingduestoothercreditors 51 211.24 Totaloutstandingdues 56 699.92 Complete details of outstanding dues to our creditors as on March 31, 2025 are available at the website of our Company, www.sawaliyafood.com. Information provided on the website of our Company is not a part of this Prospectusandshouldnotbedeemedtobeincorporatedbyreference.Anyoneplacingrelianceonanyothersource ofinformation,includingourCompany’swebsite,www.sawaliyafood.com,wouldbedoingsoattheirownrisk.For furtherdetails,refertothesectiontitled“FinancialInformation”onpage193ofthisProspectus. 8. MATERIALDEVELOPMENTSINCEMARCH31,2025 Therehavenotarisen,sincethedateofthelastfinancialstatementsdisclosedinthisProspectus,anycircumstances which materially and adversely affect or are likely to affect our profitability taken as a whole or the value of our consolidatedassetsorourabilitytopayourliabilitieswithinthenext12months.Forfurtherdetails,pleasereferto thechaptertitled“Management’sDiscussionandAnalysisofFinancialPositionandResultsofOperations”onpage 227ofthisProspectus. 248GOVERNMENTANDOTHERSTATUTORYAPPROVALS We are required to obtain consents, licenses, registrations, permissions and approvals for carrying out our present business activities. Our Company has obtained the necessary material consents, licenses, permissions and approvals fromtheGovernmentandvariousGovernmentagenciesrequiredforourpresentbusinessandcarryingonourbusiness activities.Fordetailsinconnectionwiththeregulatoryandlegalframeworkwithinwhichweoperate,pleaserefertothe chapter “Key Industrial Regulations and Policies” on page 161 of this Prospectus. The main objects clause of the MemorandumofAssociationandobjectsincidentaltothemainobjectsenableourCompanytocarryoutitsactivities. Thefollowingstatementssetoutthedetailsoflicenses,permissionsandapprovalstakenbyourCompanyundervarious centralandstatelawsforcarryingoutthebusiness: I. OfferrelatedApprovals For the approvals and authorizations obtained by our Company in relation to the Offer, see “Other Regulatory and StatutoryDisclosures–AuthorityfortheOffer”onpage253ofthisProspectus. II. ApprovalsfromtheStockExchange a) OurCompanyhasreceivedanin-principleapprovalfromEmergePlatformofNationalStockExchangeofIndia LimiteddatedApril28,2025forlistingofEquitySharesissuedpursuanttotheIssue. b) OurCompany’sISINisINE10VS01016. III. GeneralApprovals a) CertificateofincorporationdatedJuly01,2014undertheCompaniesAct,2013issuedbyRegistrarofCompanies, MadhyaPradesh. b) FreshCertificateofIncorporationdatedJuly15,2024issuedundertheCompaniesAct,2013issuedbyRegistrarof Companies,CentralProcessingCentre,consequenttoconversionofourCompanyfromaprivatelimitedcompany toapubliclimitedcompany. c) Letter dated February 8, 2024 issued under the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 by the Employees’ Provident Fund Organisation for allotting code number MPIND3200053000 to our Company. d) Letter dated February 8, 2024 issued by the Employees’ State Insurance Corporation under the Employees’ State InsuranceAct,1948forallottingcodenumber18000513050000999toourCompany. e) CertificateofImporter-ExporterCodedatedAugust27,2014andlastmodifiedonMay23,2023bearingfilenumber INRIECPAMEND00001112AM24 issued by Office of the Zonal Director General of Foreign Trade, Ministry of CommerceandIndustry,GovernmentofIndiaforthepurposeofallottingIECnumber5614002189toourCompany. f) Udyam Registration Certificate dated November 18, 2020 issued by the Ministry of Micro, Small and Medium Enterprises, Government of India for allotting udyam registration number UDYAM-MP-23-0006567, to our Company. g) Legal Entity Identifier certificate dated April 13, 2024 issued by the LEI Register India Private Limited for the purposeofallottingLEIno.894500E1NEXODM4HAL40toourCompany. IV. TaxRelatedApprovals a) OurCompany’sPermanentAccountNumberissuedbytheIncomeTaxDepartmentisAAUCS7045J. b) Our Company’s Tax Deduction and Collection Number dated September 17, 2014 issued by the Income Tax DepartmentisBPLS16004C. c) Registration certificate dated January 07, 2021 issued by the Government of India under the Central Goods and ServicesTaxAct,2017forallottingregistrationnumber23AAUCS7045J1ZU(MadhyaPradesh)toourCompany. 249V. BusinessandProjectRelatedApprovals Asmentionedhereinabove,werequirevariousapprovals,licenses,registrationsandpermitstocarryonouroperations inIndiaandforexecutingbusinessprojectsawardedtoourCompany.Someofthesemayexpireintheordinarycourse of business and applications for renewal of such approvals are submitted in accordance with applicable procedures andrequirements.AnindicativelistofthematerialapprovalsrequiredbyourCompanyforconductingouroperations isprovidedbelow: Sr. Type of IssuingAuthority Reference / Date of Valid up No. License/Approval Registration / Issue/Renewal to LicenseNo. 1. Consent to establish Madhya Pradesh ConsentNo:CTE- April26,2023 Validuntil issued under Section 25 Pollution Control 112269 cancelled of the Water (Prevention Board or andControlofPollution) OutwardNo:16551 modified Act, 1974 and under Section 21 of the Air PCBId:32023 (Prevention and Control ofPollution)Act,1981 2. Consent to operate Madhya Pradesh AW-118164 April25,2025 April 30, issued under Section 25 Pollution Control 2028 of the Water (Prevention Board OutwardNo: andControlofPollution) 184726 Act, 1974 and under Section 21 of the Air PCBId:32023 (Prevention and Control ofPollution)Act,1981 3. License to Work a Jt. Chief Inspector FactoryId: November 18, December Factory issued under of Factories, FAC1611950 2024 31,2025 FactoriesAct,1948. MadhyaPradesh LicenceNo: 03/15809/DHR/2m(i) NicNumber:10309 4. Certificate of Deputy Director GOI/MP/2023/2042 April6,2023 Validuntil Registrationissuedunder (LM), Weights and cancelled rule 27 of the Legal Measures Unit, or Metrology (Packaged Department of modified- Commodities) Rules, Consumer Affairs, 2011 Ministry of Consumer Affairs, Foods and Public Distribution, Government of India. 5. License under Food Designated Officer, 10019026001401 December 14, January02, Safety and Standards Food Safety and 2023 2027 Act, 2006 (Central Standards Authority License) to carry on the of India, business of Government of manufacturing, India. exporting, importing, trading of dehydrated fruitsandvegetables 6. Certificate of U.S.FoodandDrug U.S.FDAReg.No.: November 06, December Registration pursuant to Administration (US 13915865732 2024 31,2025 Federal Food Drug and FDA) Cosmetic Act as amended by the 250Sr. Type of IssuingAuthority Reference / Date of Valid up No. License/Approval Registration / Issue/Renewal to LicenseNo. BioterrorismActof2002 U.S.FDAUFI andtheFDAFoodSafety (DUNS)No.: ModernizationAct. 675487930 7. KosherCertificate London Beth Din 14873929 February 2, February Kashrut Division 2025 09,2026 (KLBD) 8. Approval of Chief Municipal 7342/945/14 January 22, - development Officer, Municipal 2023 construction under Council, Office Madhya Pradesh Land Municipal Palima DevelopmentRule,2012 Parishad, District under Municipal Dhar(M.P.) CorporationAct,1961. 9. Sanction of additional Office of the No./S.E./O&MCOM/ February 22, - power 250 KVA over & Superintending HT/D-46/2023-2 2024 above 250 KVA on 33 Engineer(O&M), 4/10391 KV M.P.P.K.V.V. CO. LTD. GPH POLOGROUND INDORE 10. Registration - cum - Agricultural and File No.: September 9, September Membership Certificate Processed Food RCMCRENEWAPE 2024 08,2029 issued for Fresh Onions, Products Export DA00057318AM25 Other Fresh Vegetables, Development Fresh Mangoes, Fresh Authority,Bhopal Grapes, Other Fresh Fruits, Dried & Preserved Vegetables, OtherProcessedFruits Vegetables 11. Certificate of International ICI/9071625/24 September 12, September Registration to certify Certification & 2024 11,2027 that the Management Inspection UK System of our Company Limited First has been formally Surveillance assessed and found to Audit on or comply with the before: August requirements of HACCP 12,2025 (Hazard Analysis and Critical Control Points) Second for the scope of Surveillance Manufacturing of Audit on or DehydratedVegetables. before: August 12,2026 12. Certificate of ICV IN/76014908/1345 September 12, September Registration to certify ASSESSMENTS 2024 11,2027 that the Management PVT.LTD. System of our Company 1stSurveillance hasbeenauditedbyICV Due:August12, andfoundtobe 2025 in compliance with the requirements of the 2nd standard ISO 22000 : Surveillance 2018 (Food Safety Due:August12, Management Systems) 2026 for the scope of 251Sr. Type of IssuingAuthority Reference / Date of Valid up No. License/Approval Registration / Issue/Renewal to LicenseNo. Manufacturing of DehydratedVegetables. 13. Certificate issued for Cummins India - September, Validuntil confirming the Limited 2024 modified complianceoftheDiesel or Generator set with the cancelled CentralPollutionControl Board(CPCB) norms as per the Environment (Protection Rules1986. 14. No-Objection certificate Office of Municipal 75/1A/2024 September12, Validuntil for extraction of ground Council, 2024 modified water Pithampura,Dhar or cancelled VI. IntellectualPropertyRelatedApprovals As on date of this Prospectus, our Company has not obtained or applied for registration of any of its intellectual property. VII. Licenses/ApprovalsforwhichapplicationshavebeenmadebyourCompanyandarepending: 1. OurCompanyhasmadeanapplicationdatedSeptember18,2024videapplicationno.6100017105beforetheNagar Palika, Government of Madhya Pradesh for obtaining Fire NOC under the provision of Madhya Pradesh Land DevelopmentRules. 2. OurCompanyhasmadeanapplicationdatedOctober07,2024beforetheMadhyaPradeshPollutionControlBoard for amending its existing consent to establish issued under Section 25 of the Water (Prevention and Control of Pollution)Act,1974andunderSection21oftheAir(PreventionandControlofPollution)Act,1981,byincreasing theinstalledcapacityoftheexistingmanufacturingunitto500M.T. VIII. Licenses/approvalswhichhaveexpiredandforwhichrenewalapplicationshavenotbeenmadebyourCompany. Nil IX. Licenses/ApprovalswhicharerequiredbutnotyetappliedforbyourCompany: 1. OurCompanyisyettoapplyforchangeofournameoncertainofitslicensespursuanttoitsconversionintoapublic limitedcompany. 252OTHERREGULATORYANDSTATUTORYDISCLOSURES AuthorityfortheOffer CorporateApprovals: ThepresentOfferhasbeenauthorizedpursuanttoaresolutionofourBoarddatedSeptember23,2024andpursuanttoa special resolution of our Shareholders passed in an Extra-Ordinary General Meeting dated September 26, 2024 under Section62(1)(c)oftheCompaniesAct,2013. OfferforSale: EachoftheSellingShareholdershave,severallyandnotjointly,confirmedandauthorisedthetransferofitsrespective proportionoftheOfferedSharespursuanttotheOfferforSale,assetoutbelow: Name of the Type Date of EquitySharesof EquitySharesof % of the pre- Selling Authorization face value of ₹ face value of ₹ Offer paid-up Shareholder Letter 10 each held as 10 each offered Equity Share of date of the by way of Offer capital Prospectus forSale RaghavSomani Promoter September27,2024 30,72,476 1,50,000 42.00 PriyaSomani Promoter September27,2024 30,72,462 1,50,000 42.00 EachoftheSellingShareholders,severallyandnotjointly,confirmthatitisincompliancewithRegulation8oftheSEBI (ICDR) Regulations, 2018 and it has held its respective portion of the Offered Shares for a period of at least one year priortothedateoffilingoftheProspectus. In-principleApproval: Our Company has received an In-Principle Approval letter dated April 28, 2025 from NSE for using its name in this ProspectusforlistingoursharesontheEmergePlatformofNSE.NSEistheDesignatedStockExchangeforthepurpose ofthisOffer. Prohibitionbysecuritiesmarketregulators OurCompany,Promoters,eachoftheSellingShareholders,Directors,membersofourPromoterGroup,thepersonsin control of our Company, as applicable, are not prohibited from accessing the capital market or debarred from buying, sellingordealinginsecuritiesunderanyorderordirectionpassedbySEBIoranysecuritiesmarketregulatorinanyother jurisdictionoranyotherauthority/court.Therearenoviolationsofsecuritieslawscommittedbytheminthepastorare pendingagainstthem. OurDirectorsandPromotersarenotdirectorsorpromotersofanyothercompanywhichhasbeendebarredfromaccessing thecapitalmarketsbySEBI.Further,therehasbeennoviolationofanysecuritieslawcommittedbyanyoftheminthe pastandnosuchproceedingsarecurrentlypendingagainstanyofthem. OurCompany,PromotersandDirectorshavenotbeendeclaredasWilfulDefaultersorFraudulentBorrowersbyany bankorfinancialinstitutionorconsortiumthereofinaccordancewiththeguidelinesonWilfulDefaultersorFraudulent BorrowersissuedbytheRBI. OurPromotersorDirectorshavenotbeendeclaredasFugitiveEconomicOffenders. Confirmations 1. Our Company, our Promoters and Promoter’s Group are in compliance with the Companies (Significant BeneficialOwnership)Rules,2018. 2. NoneoftheDirectorsinanymannerassociatedwithanyentitieswhichareengagedinsecuritiesmarketrelated businessandareregisteredwiththeSEBIinthepastfiveyears. 3. TherehasbeennoactiontakenbySEBIagainstanyofourDirectorsoranyentitywithwhichourDirectorsare 253associatedasPromotersordirectors. ProhibitionbyRBIorgovernmentalauthority NeitherourCompany,norourPromoters,northerelatives(asdefinedundertheCompaniesAct)ofourPromoters,nor GroupCompanies/EntitieshavebeenidentifiedaswilfuldefaultersorFraudulentBorrowersbytheRBIoranyother governmentalauthority. EligibilityfortheOffer OurCompanyisnotineligibleintermsofRegulations228ofSEBIICDRRegulationsforthisOfferas: • Neither our Company, nor any of its Promoters, who are also the Selling Shareholders, Promoter Group or DirectorsaredebarredfromaccessingthecapitalmarketbytheBoard. • NeitherourPromoters,whoarealsotheSellingShareholders,noranyDirectorsofourCompanyisapromoteror directorofanyothercompanywhichisdebarredfromaccessingthecapitalmarketbytheBoard. • Neither our Promoters, who are also the Selling Shareholders, nor any of our directors are declared as Fugitive EconomicOffender. • Neitherour Company, nor our Promoters, who are alsothe SellingShareholders, relatives (as definedunder the CompaniesAct,2013)ofourPromotersnorourdirectors,areWilfulDefaultersorafraudulentborrower. OurCompanyiseligiblefortheOfferinaccordancewithRegulation229(1)andotherprovisionsofChapterIXofthe SEBI(ICDR)Regulations2018,asweareanIssuerwhosepostOfferfacevaluepaid-upcapitalshallbeupto₹1,000 lakhscanissueEquitySharestothepublicandproposetolistthesameontheEMERGEPlatformofNationalStock ExchangeofIndiaLimited. OurCompanyalsocomplieswiththeeligibilityconditionslaidbytheEmergePlatformofNationalStockExchange of India Limited for listing of our Equity Shares. The point wise Criteria for Emerge Platform of National Stock ExchangeofIndiaLimitedandcompliancethereofaregivenhereunder: 1. TheIssuershouldbeacompanyincorporatedundertheCompaniesAct1956/2013inIndia. OurCompanyisincorporatedundertheCompaniesAct,2013. 2. ThepostOfferpaidupcapitalofthecompanyshallnotbemorethan₹25.00Crore. Thepresentpaid-upcapitalofourCompanyis₹731.54lakhs,andweareproposingoffer29,02,800EquityShares of₹10eachatofferpriceof₹120perEquityShareincludingsharepremiumof₹110perEquityShare,aggregating to₹3,483.36lakhs(includingofferforsaleof3,00,000EquitySharesof₹10eachatofferpriceof₹120perEquity Shareincludingpremiumof₹110perEquityshare,aggregatingto₹360.00lakhs).Hence,ourPostOfferPaidup Capital will be ₹ 991.82 lakhs. Accordingly, our Company has fulfilled the criteria of post Offer paid up capital prescribedunderRegulation229(1)oftheSEBIICDRRegulations. 3. TrackRecord A. Thecompanyshouldhaveatrackrecordofatleast3years. Our Company was incorporated on July 1, 2014 as ‘Sawaliya Food Products Private Limited’, a private limited companyundertheCompaniesAct,2013,pursuanttoacertificateofincorporationdatedJuly1,2014issuedbythe Registrar of Companies, Madhya Pradesh at Gwalior. Further, our Company was converted into a public limited companypursuanttoaresolutionpassedbyourBoardofDirectorsinitsmeetingheldonMay16,2024andbythe Shareholders in an Extraordinary General Meeting held on May 27, 2024 and consequently the name of our Companywaschangedto‘SawaliyaFoodProductsLimited’andafreshcertificateofincorporationdatedJuly15, 2024wasissuedbytheRegistrarofCompanies,CentralProcessingCentre.Thecorporateidentificationnumberof ourCompanyisU15400MP2014PLC032843.Accordingtothat,ourCompanyhasatrackrecordofthreeasondate offilingofthisProspectus. B. Thecompany/entityshouldhaveoperatingprofit(earningsbeforeinterest,depreciationandtax)fromoperations foratleastany2outof3financialyearsprecedingtheapplicationanditsnet-worthshouldbepositive. OurCompanysatisfiesthecriteriaoftrackrecordwhichgivenhereunderbasedonRestatedFinancialStatement. 254(₹Inlakh) Particulars Fortheyearended Fortheyearended Fortheyearended March31,2025 March31,2024 March31,2023 Operating profit (earnings before interest, 1,192.11 607.80 161.35 depreciation and tax and other income) from operations NetWorthasperRestatedFinancialStatement 1,264.84 570.27 258.31 4. Thecompany/entityshouldhavepositiveFreecashflowtoEquity(FCFE)foratleast2outof3financialyears precedingtheapplication. (₹Inlakh) Particulars Fortheyearended Fortheyearended Fortheyearended March31,2025 March31,2024 March31,2023 FreecashflowtoEquity(FCFE) 141.65 31.40 230.35 5. OtherRequirements Weconfirmthat: i. The Company has not been referred to the Board for Industrial and Financial Reconstruction (BIFR) or no proceedingshavebeenadmittedunderInsolvencyandBankruptcyCodeagainsttheissuer. ii. Thereisnowindinguppetitionagainstthecompany,whichhasbeenadmittedbythecourtoraliquidatorhasnot beenappointed. iii. No material regulatory or disciplinary action by a stock exchange or regulatory authority in the past three years againstourcompany. iv. WeensurethatnoneoftheMerchantBankersinvolvedintheIPOshouldhaveinstancesofanyoftheirIPOdraft OfferdocumentfiledwiththeExchangebeingreturnedinthepast6monthsfromthedateofapplication. v. Ourcompanyhasfacilitatedtradingindematsecuritiesandhasenteredintoanagreementwithboththedepositories vi. TherehasbeennochangeinthePromotersoftheCompanyintheprecedingoneyearfromdateoffilingapplication toNSEforlistingonNSEEMERGE. 6. TheCompanyhasawebsite:www.sawaliyafood.com 7. Disclosures Weconfirmthat: i. Thereisnomaterialregulatoryordisciplinaryactiontakenbyastockexchangeorregulatoryauthorityinthepast one year in respect of Promoters/promoting company(ies), companies promoted by the Promoters/promoting companiesoftheCompany. ii. Thereisnodefaultinpaymentofinterestand/orprincipaltothedebenture/bond/fixeddepositholders,banks,FIs by the Company, Promoters/promoting company(ies), companies promoted by the Promoters/promoting Company(ies)duringthepastthreeyears. iii. There are no litigations record against the applicant, Promoters/promoting company(ies), companies & promoted bythePromoters/promotingcompany(ies). iv. Therearenocriminalcases/investigation/offencesfiledagainstthedirectoroftheCompany. IntermsofChapterIXoftheSEBI(ICDR)Regulations,2018,weconfirmthat: 1. Inaccordancewithregulation260 oftheSEBI ICDRRegulations, thisOfferis100%underwrittenincomplianceof Regulations260(1)and260(2)oftheSEBI(ICDR)Regulations,2018.Fordetailspertainingtounderwriting,please refertoSectiontitled“GeneralInformation”beginningonpage71ofthisProspectus. 2. InaccordancewithRegulation261oftheSEBI(ICDR)Regulations,2018,theBRLMwillensurecompulsorymarket makingforaminimumperiodofthreeyearsfromthedateoflistingofEquitySharesIssueintheInitialPublicOffer. Fordetailsofthemarketmakingarrangement,seeSectiontitled“GeneralInformation”beginningonpage71ofthis Prospectus. 3. InaccordancewithRegulation268oftheSEBI(ICDR)Regulations,weshallensurethatthetotalnumberofproposed Allotteesintheissueshallbegreaterthanorequaltotwohundred(200),otherwise,theentireapplicationmoneywill 255berefundedwithin4(Four)daysofsuchintimation.Ifsuchmoneyisnotrepaidwithin4(Four)daysfromthedateour Company becomes liable to repay it, then our Company and every officer in default shall, on and from expiry of 4 (Four)days,beliabletorepaysuchapplicationmoney,withinterestattherate15%perannum.Further,inaccordance with Section 40 of the Companies Act, 2013, the Company and each officer in default may be punishable with fine and/orimprisonmentinsuchacase. 4. InaccordancewithRegulation246theSEBI(ICDR)Regulations,2018,weshallalsoensurethatwesubmitthesoft copyoftheRedHerringProspectusthroughtheBRLMimmediatelyuponregistrationoftheRedHerringProspectus withtheRegistrarofCompaniesalongwithaDueDiligenceCertificateincludingadditionalconfirmations.However, SEBIshallnotissueanyobservationontheRedHerringProspectus. We further confirm that we shall be complying with all the other requirements as laid down for such anOffer under ChapterIXofSEBI(ICDR)Regulations,2018asamendedfromtimetotimeandSubsequentcircularsandguidelines issuedbySEBIandtheStockExchange. SEBIDISCLAIMERCLAUSE “IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THIS PROSPECTUS TO THE SECURITIESANDEXCHANGEBOARDOFINDIA(SEBI)SHOULDNOTINANYWAYBEDEEMEDOR CONSTRUED THAT THE SAME HAS BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKEANYRESPONSIBILITYEITHERFORTHEFINANCIALSOUNDNESSOFANYSCHEMEORTHE PROJECT FOR WHICH THE OFFER IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS OF THESTATEMENTSMADEOROPINIONSEXPRESSEDINTHISPROSPECTUS.THEBOOKRUNNING LEAD MANAGER HAS CERTIFIED THAT THE DISCLOSURES MADE IN THE PROSPECTUS GENERALLY ADEQUATE AND ARE IN CONFORMITY WITH THE REGULATIONS. THIS REQUIREMENTISTOFACILITATEINVESTORSTOTAKEANINFORMEDDECISIONFORMAKING INVESTMENTINTHEPROPOSEDOFFER. IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE OUR COMPANY IS PRIMARILY RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT INFORMATION IN THIS PROSPECTUS AND EACH OF THE SELLING SHAREHOLDERS WILL BE RESPONSIBLEONLYFORTHESTATEMENTSSPECIFICALLYCONFIRMEDORUNDERTAKENBY IT IN THIS PROSPECTUS IN RELATION TO ITSELF OR ITS RESPECTIVE PORTION OF THE OFFERED SHARES, THE BOOK RUNNING LEAD MANAGER IS EXPECTED TO EXERCISE DUE DILIGENCETOENSURETHATOURCOMPANYANDTHESELLINGSHAREHOLDERSDISCHARGE THEIR RESPONSIBILITY ADEQUATELY IN THIS BEHALF AND TOWARDS THIS PURPOSE, THE BOOK RUNNING LEAD MANAGER HAS FURNISHED TO SEBI, A DUEDILIGENCE CERTIFICATE DATEDOCTOBER15,2025. THE FILING OF THE PROSPECTUS DOES NOT, HOWEVER, ABSOLVE THE ISSUER FROM ANY LIABILITIES UNDER THE COMPANIES ACT, 2013 OR FROM THE REQUIREMENT OF OBTAINING SUCHSTATUTORYOROTHERCLEARANCESASMAYBEREQUIREDFORTHEPURPOSEOFTHE PROPOSEDOFFER.SEBIFURTHERRESERVESTHERIGHTTOTAKEUP,ATANYPOINTOFTIME, WITH THE BOOK RUNNING LEAD MANAGER, ANY IRREGULARITIES OR LAPSES IN THE PROSPECTUS. ALL LEGAL REQUIREMENTS PERTAINING TO THIS OFFER WILL BE COMPLIED WITH AT THE TIME OF FILING OF THE PROSPECTUS WITH THE REGISTRAR OF COMPANIES, MADHYA PRADESHATGWALIOR,INTERMSOFSECTION26,30ANDSECTION32OFTHECOMPANIESACT, 2013. DisclaimerclauseofSMEPlatformoftheNSE Asrequired,acopyoftheDraftRedHerringProspectuswassubmittedwithNSE.Thedisclaimerclauseasintimatedby NSEtoourCompany,postscrutinyoftheDraftRedHerringProspectus,hasbeenprovidedbelow: “Asrequired,acopyofthisOfferDocumenthasbeensubmittedtoNationalStockExchangeofIndiaLimited(hereinafter referredtoasNSE).NSEhasgivenvideitsletterRef.:NSE/LIST/4756datedApril28,2025,permissiontotheIssuerto use the Exchange’s name in this Offer Document as one of the Stock Exchanges on which this Issuer’s securities are proposedtobelisted.TheExchangehasscrutinizedthisdraftofferdocumentforitslimitedinternalpurposeofdeciding 256on the matter of granting the aforesaid permission to this Issuer. It is to be distinctly understood that the aforesaid permission given by NSE should not in any way be deemed or construed that the offer document has been cleared or approvedbyNSE;nordoes itinanymannerwarrant,certifyorendorsethecorrectnessorcompleteness of anyofthe contentsofthisofferdocument;nordoesitwarrantthatthisIssuer’ssecuritieswillbelistedorwillcontinuetobelisted ontheExchange;nordoesittakeanyresponsibilityforthefinancialorothersoundnessofthisIssuer,itspromoters,its managementoranyschemeorprojectofthisIssuer. EverypersonwhodesirestoapplyfororotherwiseacquireanysecuritiesofthisIssuermaydosopursuanttoindependent inquiry,investigationandanalysisandshallnothaveanyclaimagainsttheExchangewhatsoeverbyreasonofanyloss which may be suffered by such person consequent to or in connection with such subscription /acquisition whether by reasonofanythingstatedoromittedtobestatedhereinoranyotherreasonwhatsoever.” DisclaimerfromourCompany,ourDirectors,theSellingShareholdersandBRLM OurCompany,theDirectorsandtheBookRunningLeadManageracceptnoresponsibilityforstatementsmadeotherwise thaninthisProspectusorintheadvertisementsoranyothermaterialissuedbyoratourCompany’sinstanceandanyone placingrelianceonanyothersourceofinformation,includingourCompany’swebsite,www.sawaliyafood.com,orthe websitesofthemembersofourPromoterGrouportheSellingShareholderswouldbedoingsoathisorherownrisk. EachoftheSellingShareholders,severallyandnotjointly,isprovidinginformationinthisProspectusonlyinrelationto itself as a Selling Shareholder and its respective portion of the Offered Shares, and each of the Selling Shareholders, including its directors, partners, affiliates, associates and officers, accepts and/or undertakes no responsibility for any statements made or undertakings provided, including without limitation, any statement made by or in relation to our Company or its business, other than those specifically undertaken or confirmed by it as a Selling Shareholder and its respectiveportionoftheOfferedSharesinthisProspectus. TheBookRunningLeadManageracceptsnoresponsibility,savetothelimitedextentasprovidedintheOfferAgreement entered between the BRLM (Unistone Capital Private Limited) and our Company and Selling Shareholders of the CompanyonOctober11,2024andaswillbeprovidedintheUnderwritingAgreementdatedJuly23,2025enteredinto amongtheUnderwriters,theSellingShareholdersandourCompanyandtheMarketMakingAgreementdatedJuly23, 2025enteredintoamongtheMarketMaker,BRLMandourCompany.Allinformationshallbemadeavailablebyour Company,eachoftheSellingShareholders(totheextentthattheinformationpertainstoitselfanditsrespectiveportion of the Offered Shares) and the Book Running Lead Manager to the public and investors at large and no selective or additionalinformationwouldbeavailableforasectionoftheinvestorsinanymannerwhatsoever,includingatroadshow presentations,inresearchorsalesreports,atBiddingCentresorelsewhere. BidderswillberequiredtoconfirmandwillbedeemedtohaverepresentedtoourCompany,theSellingShareholders, Underwritersandtheirrespectivedirectors,partners,officers,agents,affiliates,andrepresentativesthattheyareeligible under all applicable laws, rules, regulations, guidelines and approvals to acquire the Equity Shares and will not issue, allot, sell, pledge, or transfer the Equity Shares to any person who is not eligible under any applicable laws, rules, regulations,guidelinesandapprovalstoacquiretheEquityShares.OurCompany,theSellingShareholders,Underwriters andtheirrespectivedirectors,partners,officers,agents,affiliates,andrepresentativesacceptnoresponsibilityorliability foradvisinganyinvestoronwhethersuchinvestoriseligibletoacquiretheEquityShares. DisclaimerclauseoftheSellingShareholders TheSellingShareholderswillbeseverallyresponsiblefortherespectivestatementsconfirmedorundertakenbyitin thisProspectusinrelationtoitselfanditsrespectiveportionoftheofferedshares. Note: InvestorswhoapplyintheOfferwillberequiredtoconfirmandwillbedeemedtohaverepresentedtoourCompany, theSellingShareholders,theUnderwriterandtheirrespectivedirectors,officers,agents,affiliatesandrepresentatives thattheyareeligibleunderallapplicablelaws,rules,regulations,guidelinesandapprovalstoacquireEquityShares ofour Company andwillnotoffer, sell,pledge or transferthe EquityShares of our Company toany person whois not eligible under applicable laws, rules, regulations, guidelines and approvals to acquire Equity Shares of our Company.OurCompany,theSellingShareholders,theUnderwritersandtheirrespectivedirectors,officers,agents, affiliatesandrepresentativesacceptnoresponsibilityorliabilityforadvisinganyinvestoronwhethersuchinvestoris eligibletoacquiretheEquitySharesintheOffer.TheBookRunningLeadManageranditsrespectiveassociatesand affiliates may engage in transactions with, and perform services for, our Company, the Selling Shareholders, our 257PromoterGroup,orouraffiliatesorassociatesintheordinarycourseofbusinessandhaveengaged,ormayinfuture engage,incommercialbankingandinvestmentbankingtransactionswithourCompany,theSellingShareholders,our PromoterGroup,andouraffiliatesorassociates,forwhichtheyhavereceivedandmayinfuturereceivecompensation. Disclaimerinrespectofjurisdiction ThisOfferisbeingmadeinIndiatopersonsresidentinIndiaincludingIndiannationalsresidentinIndiawhoarenot minors,HUFs,companies,corporatebodiesandsocietiesregisteredundertheapplicablelawsinIndiaandauthorised toinvestinshares,IndianmutualfundsregisteredwithSEBI,Indianfinancialinstitutions,commercialbanks,regional rural banks, co-operative banks (subject to RBI permission), or trusts under the applicable trust law and who are authorizedundertheirconstitutiontoholdandinvestinshares,andanyFIIsub–accountregisteredwithSEBIwhich isaforeigncorporateorForeignindividual,permittedinsurancecompaniesandpensionfundsandtoFIIsandEligible NRIs.ThisProspectusdoesnot,however,constituteaninvitationtosubscribetoEquitySharesOfferedherebyinany otherjurisdictiontoanypersontowhomitisunlawfultomakeanOfferorinvitationinsuchjurisdiction.Anyperson into whose possession this Prospectus comes is required to inform him or herself about and to observe, any such restrictions.AnydisputearisingoutofthisOfferwillbesubjecttothejurisdictionofappropriatecourt(s)inMumbai only. Noactionhasbeenorwillbetakentopermitapublicofferinginanyjurisdictionwhereactionwouldberequiredfor thatpurpose. Accordingly,ourCompany’sEquityShares,representedtherebymaynotbeofferedorsold,directlyorindirectly,and Prospectus maynot bedistributed, inany jurisdiction,except inaccordancewiththe legal requirementsapplicable in suchjurisdiction.NeitherthedeliveryofProspectusnoranysalehereundershall,underanycircumstances,createany implication that there has been any change in our Company’s affairs from the date hereof or that the information containedhereiniscorrectasofanytimesubsequenttothisdate. DisclaimerclauseunderRule144AoftheU.S.SecuritiesAct,1993 The Equity Shares have not been and will not be registered under the U.S. Securities Act 1933, as amended (the “Securities Act”) or any state securities laws in the United States and may not be offered or sold within the United Statesorto,orfortheaccountorbenefitof,“U.S.persons”(asdefinedinRegulationSoftheSecuritiesAct),except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. Accordingly,theEquityShareswillbeofferedandsold(i)intheUnitedStatesonlyto“qualifiedinstitutionalbuyers”, asdefinedinRule144AoftheSecuritiesAct,and(ii)outsidetheUnitedStatesinoffshoretransactionsinrelianceon RegulationSundertheSecuritiesActandincompliancewiththeapplicablelawsofthejurisdictionwherethoseoffers andsalesoccur. Accordingly, the Equity Shares are being offered and sold only outside the United States in offshore transactions in compliancewithRegulationSundertheSecuritiesActandtheapplicablelawsofthejurisdictionswherethoseoffers andsalesoccur. The Equity Shares have not been, and will not be, registered, listed or otherwise qualified in any other jurisdiction outside India andmaynot beoffered or sold, andapplications may not be made by persons in anysuch jurisdiction, exceptincompliancewiththeapplicablelawsofsuchjurisdiction.Further,eachapplicant,whereverrequires,agrees thatsuchapplicantwillnotsellortransferanyEquityShareorcreateanyeconomicinteresttherein,includinganyoff- shorederivativeinstruments,suchasparticipatorynotes,issuedagainsttheEquitySharesoranysimilarsecurity,other thanpursuant toanexemption from, or ina transaction not subject to, the registrationrequirements of the Securities Actandincompliancewithapplicablelawsandlegislationsineachjurisdiction,includingIndia. FilingofRedHerringProspectus/ProspectuswiththeRegistrarofCompanies TheRedHerringProspectusandProspectuswerefiledwithNSEsituatedatExchangePlaza,C/1,GBlock,Bandra-Kurla Complex, Bandra (East) -400051, Maharashtra, India As per SEBI Circular No. SEBI/HO/CFD/PoD-1/P/CIR/2023/29 dated February 15, 2023, company has uploaded the IssueSummaryDocument(ISD)onexchangeportal. TheRedHerringProspectuswasnotfiledwithSEBI,nordidSEBIissueanyobservationontheOfferDocumentinterms ofRegulation246(2)ofSEBIICDRRegulations.However,pursuanttosubregulation(5)ofRegulation246oftheSEBI ICDRRegulations,thecopyoftheOfferDocumentwasfurnishedtotheBoard(SEBI)inasoftcopy.PursuanttoSEBI CircularNumberSEBI/HO/CFD/DIL1/CIR/P/2018/011datedJanuary19,2018,acopyoftheOfferDocumentwasfiled onlinethroughSEBIIntermediaryPortalathttps://siportal.sebi.gov.in. 258A copy of the Red Herring Prospectus along with the documents were required to be filed under Section 32 of the Companies Act, 2013 and copy of the Prospectus was filed under 26 of the Companies Act, 2013 with the RoC and throughtheelectricportalathttp://www.mca.gov.in/mcafoportal/loginvalidateuser.do. Listing Application is to be made to the Emerge Platform of NSE for obtaining permission to deal in and for an official quotation of our Equity Shares. NSE is the Designated Stock Exchange, with which the Basis of Allotment will be finalizedfortheOffer. OurCompanyhasreceivedanIn-PrincipleApprovalletterdatedApril28,2025fromNSEforusingitsnameinthis offerdocumentforlistingoursharesontheEmergePlatformofNSE. IfthepermissionstodealinandforanofficialquotationofourEquitySharesarenotgrantedbytheNSE,theCompany shallrefundthroughverifiablemeanstheentiremoniesreceivedwithinFourdaysofreceiptofintimationfromstock exchangesrejectingtheapplicationforlistingofspecifiedsecurities,andifanysuchmoneyisnotrepaidwithinfour dayafterthecompanybecomesliabletorepayitthecompanyandeverydirectorofthecompanywhoisanofficerin defaultshall,onandfromtheexpiryofthefourthday,bejointlyandseverallyliabletorepaythatmoneywithinterest attherateoffifteenpercentperannum. OurCompanyshallensurethatallstepsforthecompletionofthenecessaryformalitiesforlistingandcommencement oftradingattheEmergePlatformofNSEmentionedabovearetakenwithinthreeWorkingDaysfromtheOfferClosing Date. Impersonation AttentionoftheApplicantsisspecificallydrawntotheprovisionsofsub-section(1)ofSection38oftheCompanies Act,2013whichisreproducedbelow: “Anypersonwho– a) makesorabetsmakingofanapplicationinafictitiousnametoacompanyforacquiring,orsubscribingfor, itssecurities,or b) makesorabetsmakingofmultipleapplicationstoacompanyindifferentnamesorindifferentcombinations ofhisnameorsurnameforacquiringorsubscribingforitssecurities;or c) Otherwiseinducesdirectlyorindirectlyacompanytoallot,orregisteranytransferof,securitiestohim,orto anyotherpersoninafictitiousname,shallbeliableforactionundersection447.” TheliabilityprescribedunderSection447oftheCompaniesAct,2013-anypersonwhoisfoundtobeguiltyoffraud involving an amount of at least ten lakh rupees or one per cent. of the turnover of the company, whichever is lower shallbepunishablewithimprisonmentforatermwhichshallnotbelessthansixmonthsbutwhichmayextendtoten years(providedthatwherethefraudinvolvespublicinterest,suchtermshallnotbelessthanthreeyears)andshallalso beliabletofinewhichshallnotbelessthantheamountinvolvedinthefraud,butwhichmayextendtothreetimesthe amountinvolvedinthefraud. Providedfurtherthatwherethefraudinvolvesanamountlessthantenlakhrupeesoronepercent.oftheturnoverof the company, whichever is lower, and does not involve public interest, any person guilty of such fraud shall be punishablewithimprisonmentforatermwhichmayextendtofiveyearsorwithfinewhichmayextendtofiftylakh rupeesorwithboth. Consents The written consents of Promoters, who are also the Selling Shareholders, Directors, Company Secretary and ComplianceOfficer,ChiefFinancialOfficer,StatutoryAuditor,BankerstotheCompany,LegalAdvisortotheOffer, theBRLMtotheOffer,RegistrartotheOffer,MarketMaker,BankertotheOffer,SyndicateMembers,ShareEscrow Agent,andUnderwritertoactintheirrespectivecapacitieshavebeenobtained. AboveconsentswerefiledalongwithacopyoftheRedHerringProspectuswiththeROC,asrequiredunderSections 26 and 32 of the Companies Act, 2013 and such consents have not been withdrawn up to the time of delivery of the 259RedHerringProspectusforregistrationwiththeROC. OurCompanyhasreceivedwrittenconsentdatedJuly25,2025fromtheStatutoryAuditorstoincludetheirnameas requiredunder Section26(5) oftheCompaniesAct2013readwithSEBI ICDRRegulationsinthisProspectus asan “expert”asdefinedunderSection2(38)oftheCompaniesAct2013totheextentandinitscapacityasanindependent StatutoryAuditorandinrespectofits(i)examinationreportdatedJuly15,2025onourRestatedFinancialInformation; and(ii)itsreportdatedJuly25,2025onthestatementofspecialtaxbenefitsinthisProspectusandsuchconsenthas notbeenwithdrawnasonthedateofthisProspectus. OurCompanyhasreceivedwrittenconsentdatedJuly28,2025fromJKConsultants,IndependentCharteredEngineer, toincludetheirnameasrequiredundersection26(5)oftheCompaniesAct,2013readwithSEBIICDRRegulations,in thisProspectus,andasan“expert”asdefinedundersection2(38)oftheCompaniesAct,2013,inrelationtoandforthe inclusion of (i) the certificate dated July 15, 2025 issued to certify the proposed capacity expansion in our current manufacturingunit;and(ii)certificatedatedJuly28,2025issuedtocertifytheinstalledcapacityandcapacityutilization atourcurrentmanufacturingunitsituatedinMadhyaPradesh.Weconfirmthatsuchconsenthasnotbeenwithdrawnas onthedateofthisProspectus,however,theterm“expert”shallnotbeconstruedtomeanan“expert”asdefinedunder theU.S.SecuritiesAct. ExpertOpinion Except for the reports in the sections “Statement of Possible Special Tax Benefits”, “Objects of the Offer” and “Financial Information” on pages 119, 96 and 193, respectively of this Prospectus from the Statutory Auditor, our Company has not obtained any expert opinions. We have received written consent from the Statutory Auditor for inclusion of their name in this Prospectus, as required under Companies Act read with SEBI (ICDR) Regulations as “Expert”, defined in section 2(38) of the Companies Act and such consent has not been withdrawn as on the date of this Prospectus. However, the term “expert” shall not be construed to mean an “expert” as defined under the U.S. SecuritiesAct,1933. PreviousPublicorRightsIssue Our Company has not made public issue or rights issue under SEBI ICDR Regulations, in the past. For details of previous issues undertaken by our Company, please refer chapter titled “Capital Structure” beginning on page 84 of thisProspectus. UnderwritingCommission,BrokerageandSellingCommission WehavenotmadeanypreviouspublicIssue.Therefore,nosumhasbeenpaidorispayableascommissionorbrokerage for subscribing to or procuring for or agreeing to procure subscription for any of the Equity Shares of the Company sinceitsinception. Capitalissueduringthelastthreeyears For details of the capital issued of our Company in past three years, please refer chapter titled “Capital Structure” beginning on page 84 of this Prospectus. Our Company does not have any associates, subsidiaries or listed group company,asofthedateofthisProspectus. 260ehtybdeldnah)raeYlaicnaniFtnerrucehtgnidecerpsraeYlaicnaniFowtdnaraeYlaicnaniFtnerrucehtgnirud(seussitsapehtfodrocerkcartehtdnanoitamrofniecirP MLRB gnisolc ni egnahc % -/+ gnisolc ni egnahc %-/+ gnisolc ni egnahc %-/+ gninepO etadgnitsiL eussI ₹(eziSeussI emaNeussI .rS ni egnahc % -/+[ ,ecirp ni egnahc % -/+[ ,ecirp ni egnahc %-/+[ ,ecirp no ecirp ecirp )shkaLni .oN - ]kramhcneb gnisolc - ]kramhcneb gnisolc - ]kramhcneb gnisolc gnitsil syad radnelac ht081 morfsyadradnelacht09 morfsyadradnelacht03 etad gnitsilmorf gnitsil gnitsil mroftalPEMS %30.45- %02.64- %95.24- 00.611 ,42 rebmetpeS 801 29.505,6 gnisaeL nocsnarT nacceD 1 ]%89.9-[ ]%34.8-[ ]%71.6-[ 4202 detimiL %08.17 %56.101 %03.57 00.011 4202,92rebotcO 001 04.206.6 detimiLnoitcefrePCSBO 2 ]%25.0[ ]%96.6-[ ]%62.2-[ %26.75- %75.04- %33.03- 00.461 4202,13rebotcO 861 08.448,9 secivreS laicnaniF ahsU 3 ]%45.0[ ]%13.4-[ ]%13.0-[ detimiL - %94.81- %97.03- 58.88 5202,21yraurbeF 111 00.899,5 )2(detimiLerachtlaeHlliwmA 4 ]%35.6[ ]%18.2[ - %04.9 %52.02 01.561 5202,71yraurbeF 951 86.537,01 detimiLerachtlaeHnadnahC 5 ]%79.8[ ]%32.0[ - %05.75- %63.34- 01.03 5202,70yaM 85 08.893,3 detimiLscinagrOayanurA 6 ]%69.0[ ]%14.2[ - - - 05.631 5202,82yluJ 021 04.899,6 scitsigoL & arfnI yvaS 7 detimiL - - - 00.011 5202,10tsuguA 48 00.088,5 seitilaicepS mehC letaP 8 )2(detimiL - - - 00.101 5202,11tsuguA 301 00.265,5 detimiLseirtsudnIarodahB 9 - - - 09.56 5202,11tsuguA 66 02.445,3 detimiLtsalPlabolGitoyJ 01 moc.aidniesn.www:ecruoS .egnahcxEkcotSdetangiseDsaESN )1( .egnahcxEkcotSdetangiseDsaESB )2( :setoN .elbaliavasa,stropereussitsoplanif/sutcepsorPmorfdeviredeziseussI • .elbacilppasa,eussiehtfoemitehttareussIevitcepserehtybdesolcsidegnahcxEkcotSdetangiseDehtrepsaxednIkramhcneBehtsaderedisnocsiXESNESESBdna05YTFINehT • .elbacilppasa,eussiehtfoemitehttareussIevitcepserehtybdesolcsidegnahcxEkcotSdetangiseDehtrepsasnoitaluclacevobaehtfollarofderedisnocsiESBdnaESNnoecirP • .deredisnocneebsahyadgnidartsuoiverpehtfoecirpgnisolc,yadgnidartatonsiyadht081/ht09/ht03esacnI • .elbaliavatonsiemasrofatad,seussievobaehtfowefrofdespaletonsahetadgnitsilmorf,elbacilppasa,syadradnelac081dnasyadradnelac09,syadradnelac03ecniS • .seussi01tsalotdetcirtseR • 162detimiLetavirPlatipaCenotsinUybdeldnahseussicilbuptsapfonoitamrofniecirpfotnemetatsyrammuS ta gnidart sOPI fo soN raeylaicnaniF tagnidartsOPIfosoN tagnidartsOPIfosoN tagnidartsOPIfosoN desiaRsdnuflatoT latoT radnelaCht081nomuimerp radnelaCht081notnuocsid radnelaCht03nomuimerp radnelaCht03notnuocsid )shkaLnI₹( .on etadgnitsilmorfyad etadgnitsilmorfyad etadgnitsilmorfyad etadgnitsilmorfyad fo OPI sseL neewteB revO sseL neewteB revO sseL neewteB revO sseL neewteB revO nahT %05-52 %05 naht %05-52 %05 naht %05-52 %05 naht %05-52 %05 %52 %52 %52 %52 draoBniaM 1 1 3 - - - 2 2 1 - - - 90.011,92,1 5 42-3202YF - - 1 - - - 2 - 1 1 - - 88.267,98 4 52-4202YF - - - - - - - - - - - - - - 62-5202YF EMS 1 1 2 1 - - 3 2 - - - - 79.529,61 5 42-3202YF - - 1 - 2 2 2 - 1 - 3 - 27.844,24 6 52-4202YF - - - - - - - - - - 1 - 04.383,52 5 62-5202YF 262PerformanceVis-A-VisObjects Exceptasstatedinthechaptertitled“CapitalStructure”beginningonpage84ofthisProspectus,ourCompanyhasnot undertakenanypreviouspublicorrightsissue.NoneoftheEntitiesorassociatesofourCompanyarelistedonany stockexchange. PerformanceVis-À-VisObjects–Public/RightsIssueofSubsidiaries/ListedPromoters AsonthedateofthisProspectus,ourCompanydoesnothaveanysubsidiaries.Further,wedonothaveacorporate promoter. StockMarketDataforourEquityShares ThisbeinganinitialpublicofferingoftheEquitySharesofourCompany,theEquitySharesarenotlistedonanyStock Exchanges. Mechanismforredressalofinvestorgrievances TheRegistrarAgreementprovidesfortheretentionofrecordswiththeRegistrartotheOfferforaminimumperiodof threeyearsfromthedateoflistingandcommencementoftradingoftheEquitySharesontheStockExchanges,subject toagreementwithourCompanyforstorageofsuchrecordsforlongerperiod,toenabletheinvestorstoapproachthe RegistrartotheOfferforredressaloftheirgrievances. IntermsofSEBIMasterCircular,SEBIcircularno.SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/MdatedMarch16,2021, as amended pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, SEBI/HO/CFD/DIL2/CIR/P/2022/51dateApril20,2021andSEBI/HO/CFD/DIL2/P/CIR/2022/75datedMay30,2022 subjecttoapplicablelaw,anyASBABidderwhoseBidhasnotbeenconsideredforAllotment,duetofailureonthepart ofanySCSB,shallhavetheoptiontoseekredressalofthesamebytheconcernedSCSBwithinthreemonthsofthedate oflistingoftheEquityShares.SCSBsarerequiredtoresolvethesecomplaintswithin15days,failingwhichtheconcerned SCSBwouldhavetopayinterestattherateof15%perannumforanydelaybeyondthisperiodof15days.Further,the investors shall be compensated by the SCSBs at the rate higher of ₹100 per day or 15% per annum of the application amountintheeventsofdelayedorwithdrawalofapplications,blockingofmultipleamountsforthesameUPIapplication, blockingofmoreamountthantheapplicationamount,delayedunblockingofamountsfornon-allotted/partiallyallotted applications for the stipulated period. In an event there is a delay in redressal of the investor grievance in relation to unblockingofamounts,theBookRunningLeadManagershallcompensatetheinvestorsattheratehigherof₹100per dayor15%perannumoftheapplicationamount. SEBIpursuanttoitscircularbearingreferencenumberSEBI/HO/CFD/TPD1/CIR/P/2023/140datedAugust9,2023has reducedthetimetakenforlistingofspecifiedsecuritiesaftertheclosureofpublicissueto3workingdays(T+3days)as against the present requirement of 6 working days (T+6 days). ‘T’ being Offer closing date. In partial modification to circulars dated March 16, 2021 and April 20, 2022, the compensation to investors for delay in unblocking of ASBA applicationmonies(ifany)shallbecomputedfromT+3day.Thetimelinesprescribedforpublicissuesasmentionedin SEBI circulars dated November 1, 2018, June 28, 2019, November 8, 2019, March 30, 2020, March 16, 2021, June 2, 2021,andApril20,2022shallstandmodifiedtotheextentstatedinthisCircular. All grievances relating to the Offer may be addressed to the Registrar to the Offer, giving full details such as name, addressoftheapplicant,Bidapplicationnumber,numberofEquitySharesBidfor,amountpaidonBidapplicationand thebankbranchorcollectioncenterwheretheapplicationwassubmitted. AllgrievancesrelatingtotheASBAprocessmaybeaddressedtotheRegistrartotheOfferwithacopytotherelevant SCSBorthememberoftheSyndicate(inSpecifiedCities)ortheSponsorBank,asthecasemaybe,wheretheApplication Form was submitted by the ASBA Bidder or through UPI Mechanism, giving full details such as name, address of the Bidder, Bid application number, UPI Id, number of Equity Shares applied for, amount blocked on application and designatedbranchorthecollectioncenteroftheSCSBsorthememberoftheSyndicate(inSpecifiedCities),asthecase maybe,wheretheApplicationFormwassubmittedbytheASBABidderorSponsorBank. OurCompanyhasobtainedauthenticationontheSCORESintermsofSEBIcircularno.CIR/OIAE/1/2013datedApril 17, 2013 and complied with the SEBI circular (CIR/OIAE/1/2014/CIR/OIAE/1/2013) dated December 18, 2014 in relationtoredressalofinvestorgrievancesthroughSCORES.OurCompanyhasnotreceivedanycomplaintsasonthe dateofthisProspectus. 263DisposalofinvestorgrievancesbyourCompany OurCompanyestimatesthattheaveragetimerequiredbyourCompanyortheRegistrartotheOfferortheSCSB(in caseofASBABidders)orSponsorBank(incaseofUPIMechanism)orforredressalofroutineinvestorgrievances includingthroughSEBIComplaintRedressSystem(SCORES)shallbe10WorkingDaysfromthedateofreceiptof thecomplaint.Incaseofnon-routinecomplaintsandcomplaintswhereexternalagenciesareinvolved,ourCompany willseektoredressthesecomplaintsasexpeditiouslyaspossible. OurCompanyhasconstitutedStakeholdersRelationshipCommitteeasfollows: NameoftheDirector DesignationintheCommittee NatureofDirectorship RavikantGupta Chairman IndependentDirector ShwetaBhamare Member IndependentDirector RaghavSomani Member ChairmanandManagingDirector Our Company has appointed Namita Singh Rathour, the Company Secretary and Compliance Officer, who may be contactedincaseofanypre-Offerorpost-Offerrelatedproblemsatthefollowingaddress: NamitaSinghRathour SurveyNo.9/2/1/2Gavla, TehsilPithampur,Dhar-454775, MadhyaPradesh,India. Telephone:+918770326514 Facsimile:N.A. E-mail:cs@sawaliyafood.com TilldateofthisProspectus,ourCompanyhasnotreceivedanyinvestorcomplaintandnocomplaintsispendingfor resolution. Previousissuesofequitysharesotherwisethanforcash Exceptasstatedinthechaptertitled“CapitalStructure”beginningonpage84ofthisProspectus,ourCompanyhasnot issuedanyEquitySharesforconsiderationotherwisethanforcash. ListedventuresofPromoters TherearenolistedventuresofourCompanyorofourPromotersasondateoffilingofthisProspectus. Outstandingdebenturesorbondsandredeemablepreferencesharesandotherinstruments Therearenooutstandingdebenturesorbondsorredeemablepreferencesharesandotherinstrumentsissuedbythe CompanyasonthedateofthisProspectus. Exemptionfromcomplyingwithanyprovisionsofsecuritieslaws,ifany,grantedbySEBI OurCompanyhasnotappliedorreceivedanyexemptionsfromSEBIfromcomplyingwithanyprovisionsofsecurities laws. OtherConfirmation Weconfirmthattherearenofindings/observationsofanyregulatorsthatarematerial,andwhichneedtobedisclosed ornon-disclosureofwhichmayhavebearingontheinvestmentdecision.ItisfurtherconfirmedthatourCompanyhas notreceivedanyfindings/observationsfromSEBI,asondate. 264SECTIONVIII–OFFERINFORMATION TERMSOFTHEOFFER The Equity Shares being Offered pursuant to this Offer shall be subject to the provision of the Companies Act, SEBI (ICDR)Regulations,2018,SCRA,SCRR,MemorandumandArticles,thetermsofthisProspectus,ApplicationForm,the RevisionForm,theConfirmationofAllocationNote(‘CAN‛)andothertermsandconditionsasmaybeincorporatedin theAllotmentadvicesandotherdocuments/certificatesthatmaybeexecutedinrespectoftheOffer.TheEquityShares shallalsobesubjecttolaws,guidelines,rules,notifications,andregulationsrelatingtotheissueofcapitalandlistingof securities issued fromtime to time by SEBI, the Government of India, NSE, ROC, RBI and / or other authorities, as in forceonthedateoftheIssueandtotheextentapplicable. Pleasenotethat,inaccordancewiththeRegulation256oftheSEBI(ICDR),Regulations,2018readwithSEBIcircular no.CIR/CFD/POLICYCELL/11/2015datedNovember10,2015alltheApplicantshastocompulsorilyapplythroughthe ASBAProcess.Asanalternatepaymentmechanism,UnifiedPaymentsInterface(UPI)hasbeenintroduced(videSEBI Circular Ref: SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018) as a payment mechanism in a phased mannerwithASBAforapplicationsinpublicIssuesbyindividualinvestorsthroughintermediaries(Syndicatemembers, RegisteredStock-Brokers,RegistrarandTransferagentandDepositoryParticipants). Further,videthesaidcircular,RegistrartotheOfferandDepositoryParticipantshavebeenalsoauthorisedtocollect the Application forms. Investors may visit the official website of the concerned stock exchange for any information on operationalization of this facility of form collection by Registrar to the Offer and DPs as and when the same is made available. AuthorityfortheOffer CorporateApprovals: ThepresentOfferhasbeenauthorizedpursuanttoaresolutionofourBoarddatedSeptember23,2024andpursuanttoa special resolution of our Shareholders passed in an Extra-Ordinary General Meeting dated September 26, 2024 under Section62(1)(c)oftheCompaniesAct,2013. OfferforSale: EachoftheSellingShareholdershave,severallyandnotjointly,confirmedandauthorisedthetransferofitsrespective proportionoftheOfferedSharespursuanttotheOfferforSale,assetoutbelow: Name of the Selling Type Date of Equity Shares of Equity Shares of % of the pre- Shareholder Authorization facevalueof₹10 face value of ₹ 10 Offer paid-up Letter each held as of each offered by Equity Share date of the way of Offer for capital Prospectus Sale RaghavSomani Promoter September27, 30,72,476 1,50,000 42.00 2024 PriyaSomani Promoter September 27, 30,72,462 1,50,000 42.00 2024 EachoftheSellingShareholders,severallyandnotjointly,confirmthatitisincompliancewithRegulation8oftheSEBI (ICDR) Regulations, 2018 and it has held its respective portion of the Offered Shares for a period of at least one year priortothedateoffilingoftheProspectus. RankingofEquityShares The Equity Shares being offered shall be subject to the provisions of the Companies Act, 2013 and our Memorandum and Articles of Association and shall rank pari-passu in all respects with the existing Equity Shares of our Company includinginrespectoftherighttoreceivedividendsandothercorporatebenefits,ifany,declaredbyusafterthedateof Allotment. For further details, please refer to Section titled “Description of Equity Shares and terms of the Articles of Association”beginningonpage312oftheProspectus. ModeofPaymentofDividend 265ThedeclarationandpaymentofdividendwillbeaspertheprovisionsofCompaniesAct,theArticlesofAssociation,the provision of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and recommended by the Board of Directors and the Shareholders at their discretion and will depend on a number of factors, including but not limitedtoearnings,capitalrequirementsandoverallfinancialconditionofourCompany.Weshallpaydividendsincash andasperprovisionsoftheCompaniesAct.Forfurtherdetails,pleaserefertochaptertitled“DividendPolicy”beginning onpage192oftheProspectus. FaceValue,OfferPrice,FloorPriceandPriceBand ThefacevalueofeachEquityShareis₹10andtheOfferPriceatthelowerendofthePriceBandis₹114perEquity Share(“FloorPrice”)andatthehigherendofthePriceBandis₹120perEquityShare(“CapPrice”). Atanygivenpointoftime,thereshallbeonlyonedenominationofEquityShares. The Offer Price shall be determined by our Company in consultation with the Book Running Lead Manager and is justifiedunderthechaptertitled“BasisofOfferPrice”beginningonpage112ofthisProspectus. TheOffer TheOffercomprisesaFreshissuebyourCompanyandanOfferforSalebytheSellingShareholders.Expensesforthe OffershallbesharedamongstourCompanyandeachoftheSellingShareholdersinthemannerspecifiedin“Objectsof theOffer”onpage96ofthisProspectus. CompliancewithSEBI(ICDR)Regulations Our Company shall comply with all requirements of the SEBI (ICDR) Regulations, 2018. Our Company shall comply withalldisclosureandaccountingnormsasspecifiedbySEBIfromtimetotime. RightsoftheEquityShareholders Subjecttoapplicablelaws,rules,regulationsandguidelinesandtheArticlesofAssociation,theequityshareholdersshall havethefollowingrights: • Righttoreceivedividend,ifdeclared; • RighttoreceiveAnnualReports&noticestomembers; • Righttoattendgeneralmeetingsandexercisevotingrights,unlessprohibitedbylaw; • Righttovoteonapolleitherinpersonorbyproxy; • Righttoreceiveofferforrightssharesandbeallottedbonusshares,ifannounced; • Righttoreceivesurplusonliquidation;subjecttoanystatutoryorpreferentialclaimsbeingsatisfied; • RightoffreetransferabilityoftheEquityShares;and • Suchotherrights,asmaybeavailabletoashareholderofalistedPublicLimitedCompanyundertheCompaniesAct, termsoftheSEBI(ListingObligationsandDisclosureRequirements)Regulations,2018andtheMemorandumand ArticlesofAssociationofourCompany. MinimumApplicationValue,MarketLotandTradingLot In accordance with Regulation 267 (2) of the SEBI ICDR Regulations, our Company has ensured that the minimum applicationsizeshallnotbelessthan₹1,00,000(RupeesOneLakh)perapplication. Pursuant to Section 29 of the Companies Act, the Equity Shares shall be Allotted only in dematerialised form. As per SEBI ICDR Regulations, the trading of the Equity Shares shall only be in dematerialised form. In this context, two agreements have been signed by our Company with the respective Depositories and the Registrar to the Offer before filingthisProspectus: • TripartiteagreementamongtheNSDL,ourCompanyandRegistrartotheOfferdatedAugust09,2024. • TripartiteagreementamongtheCDSL,ourCompanyandRegistrartotheOfferdatedAugust22,2024. 266AspertheprovisionsoftheDepositoriesAct,1996&regulationsmadethereunderandSection29(1)oftheCompanies Act,2013,theequitysharesofanissuershallbeindematerializedformi.e.notintheformofphysicalcertificates,but be fungible and be represented by the statement issued through electronic mode. The trading of the Equity Shares will happenintheminimumcontractsizeof1,200EquitySharesoffacevalueof₹10eachandthesamemaybemodified by the NSE from time to time by giving prior notice to investors at large. Allocation and allotment of Equity Shares through this Offer will be done in multiples of 1,200 Equity Shares of face value of ₹ 10 each subject to a minimum allotment of 1,200 Equity Shares of face value of ₹ 10 each to the successful Applicants in terms of the SEBI circular No.CIR/MRD/DSA/06/2012datedFebruary21,2012. MinimumNumberofAllottees Theminimum numberof allottees in the Offershall be50shareholders. Incase,the number ofprospective allottees is lessthan200,noallotmentwillbemadepursuanttothisOfferandtheamountsintheASBAAccountshallbeunblocked forthwith. JointHolders Where 2 (two) or more persons are registered as the holders of any Equity Shares, they will be deemed to hold such EquitySharesasjoint-holderswithbenefitsofsurvivorship. Jurisdiction ExclusiveJurisdictionforthepurposeofthisOfferiswiththecompetentcourts/authoritiesinIndia. TheEquitySharehavenotbeenandwillnotberegisteredundertheU.S.SecuritiesActoranystatesecuritieslawsinthe UnitedStatesandmaynotbeissuedorsoldwithintheUnitedStatesorto,orfortheaccountorbenefitof,―U.S.personal (as defined in Regulation S), except pursuant to an exemption from, or in a transaction not subject to, the registration requirementsoftheU.S.SecuritiesActandapplicableU.S.statesecuritieslaws.Accordingly,theEquitySharesarebeing issued and sold only outside the United States in off-shore transactions in reliance on Regulation S under the U.S. SecuritiesActandtheapplicablelawsofthejurisdictionwherethoseissuesandsalesoccur. TheEquityShareshavenotbeenandwillnotberegistered,listedorotherwisequalifiedinanyotherjurisdictionoutside India and may not be issued or sold, and applications may not be made by persons in any such jurisdiction, except in compliancewiththeapplicablelawsofsuchjurisdiction. NominationFacilitytoInvestor InaccordancewithSection72oftheCompaniesAct,2013,thesoleorfirstapplicant,alongwithotherjointapplicant, maynominateanyonepersoninwhom,intheeventofthedeathofsoleapplicantorincaseofjointapplicant,deathof alltheapplicants,asthecasemaybe,theEquitySharesallotted,ifany,shallvest.Aperson,beinganominee,entitledto theEquitySharesbyreasonofthedeathoftheoriginalholder(s),shallinaccordancewithSection72oftheCompanies Act,2013beentitledtothesameadvantagestowhichheorshewouldbeentitledifheorsheweretheregisteredholder oftheEquityShare(s).Wherethenomineeisaminor,theholder(s)maymakeanominationtoappoint,intheprescribed manner, any person to become entitled to Equity Share(s) in the event of his or her death during the minority. A nomination shall stand rescinded upon a sale of equity share(s) by the person nominating. A buyer will be entitled to makeafreshnominationinthemannerprescribed.Freshnominationcanbemadeonlyontheprescribedformavailable onrequestattheRegisteredOfficeofourCompanyortotheRegistrarandTransferAgentofourCompany. InaccordancewithSection72oftheCompaniesAct,2013,anyPersonwhobecomesanomineebyvirtueofSection72 oftheCompaniesAct,2013shallupontheproductionofsuchevidenceasmayberequiredbytheBoard,electeither: • ToregisterhimselforherselfastheholderoftheEquityShares;or • TomakesuchtransferoftheEquityShares,asthedeceasedholdercouldhavemade. Further,theBoardmayatanytimegivenoticerequiringanynomineetochooseeithertoberegisteredhimselforherself ortotransfertheEquityShares,andifthenoticeisnotcompliedwithwithinaperiodof90(ninety)days,theBoardmay thereafterwithholdpaymentofalldividends,bonusesorothermoneyspayableinrespectoftheEquityShares,untilthe requirementsofthenoticehavebeencompliedwith. 267SincetheallotmentofEquitySharesintheOfferisindematerializedform,thereisnoneedtomakeaseparatenomination withus.Nominationsregisteredwiththerespectivedepositoryparticipantoftheapplicantwouldprevail.Iftheinvestors requirechangingthenomination,theyarerequestedtoinformtheirrespectivedepositoryparticipant. Restrictions,ifanyonTransferandTransmissionofEquityShares Exceptforthelock-inofthepre-OffercapitalofourCompany,Promoter’sminimumcontributionasprovidedunderthe chapter titled “Capital Structure” on page 84 of this Prospectus and except as provided in the Articles of Association there are no restrictions on transfer of Equity Shares. Further, there are no restrictions on the transmission of shares/debentures and on their consolidation/splitting, except as provided in the Articles of Association. For details, please refer chapter titled “Description of Equity Shares and terms of the articles of association” on page 312 of this Prospectus. TheaboveinformationisgivenforthebenefitoftheApplicants.TheApplicantsareadvisedtomaketheirownenquiries aboutthelimitsapplicabletothem.OurCompanyandtheBookRunningLeadManagerdonotacceptanyresponsibility for the completeness and accuracy of the information stated herein above. Our Company and the Book Running Lead Manager are not liable to inform the investors of any amendments or modifications or changes in applicable laws or regulations, which may occur after the date of the Prospectus. Applicants are advised to make their independent investigationsandensurethatthenumberofEquitySharesAppliedfordonotexceedtheapplicablelimitsunderlawsor regulations. WithdrawaloftheOffer OurCompanyandtheSellingShareholdersinconsultationwiththeBRLM,reservetherighttonottoproceedwiththe OfferaftertheOfferOpeningDatebutbeforetheAllotment.Insuchanevent,ourCompanywouldissueapublicnotice inthenewspapersinwhichthepre-Offeradvertisementswerepublished,withintwo(2)daysoftheOfferClosingDate orsuchothertimeasmaybeprescribedbySEBI,providingreasonsfornotproceedingwiththeOffer.TheBookRunning Lead Manager, through the Registrar to the Offer, shall notify the SCSBs to unblock the bank accounts of the ASBA Bidders within one (1) Working Day from the date of receipt of such notification. Our Company shall also inform the sametotheStockExchangesonwhichEquitySharesareproposedtobelisted. Notwithstandingtheforegoing,thisOfferisalsosubjecttoobtainingthefinallistingandtradingapprovalsoftheStock Exchange,whichourCompanyshallapplyforafterAllotment. OFFERPROGRAM Events IndicativeDates Bid/OfferOpeningDate1) Thursday,August07,2025 Bid/OfferClosingDate Monday,August11,2025 FinalizationofBasisofAllotmentwiththeDesignatedStockExchange On or before Tuesday, August 12, 2025 InitiationofAllotment/Refunds/UnblockingofFundsfromASBAAccountOn or before Wednesday, August 13, orUPIIDlinkedbankaccount 2025 CreditofEquitySharestoDemataccountsofAllottees On or before Wednesday, August 13, 2025 CommencementoftradingoftheEquitySharesontheStockExchange On or before Thursday, August 14, 2025 **In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) exceedingfourWorkingDaysfromtheBid/OfferClosingDate,theBidderwascompensatedatauniformrateof₹100perdayforthe entiredurationofdelayexceedingfourWorkingDaysfromtheBid/OfferClosingDatebytheintermediaryresponsibleforcausing suchdelayinunblocking.TheBRLMshall,intheirsolediscretion,identifiedandfixedtheliabilityonsuchintermediaryorentity responsibleforsuchdelayinunblocking.Fortheavoidanceofdoubt,theprovisionsoftheSEBIcirculardatedMarch16,2021,as amendedpursuanttoSEBIcirculardatedJune2,2021wasdeemedtobeincorporatedintheagreementstobeenteredintobyand betweentheCompanyandtherelevantintermediaries,totheextentapplicable. Theabovetimetable,otherthantheBid/OfferClosingDate,isindicativeanddoesnotconstituteanyobligationonour CompanytheBRLM. 268While our Company shall ensure that all steps for the completion of the necessary formalities for the listing and the commencementoftradingoftheEquitySharesontheStockExchangearetakenwithin3WorkingDaysoftheBid/Offer Closing Date, the timetable may change due to various factors, such delays in receiving the final listing and trading approvalfromtheStockExchange.TheCommencementoftradingoftheEquityShareswillbeentirelyatthediscretion oftheStockExchangeandinaccordancewiththeapplicablelaws.SEBIpursuanttoitscircularbearingreferencenumber SEBI/HO/CFD/TPD1/CIR/P/2023/140datedAugust9,2023hasreducedthetimetakenforlistingofspecifiedsecurities aftertheclosureofpublicissueto3workingdays(T+3days)asagainstthepresentrequirementof6workingdays(T+6 days);‘T’beingissueclosingdate.OurCompanyshallfollowthetimelinesprovidedundertheaforementionedcircular. AnycircularsornotificationsfromtheSEBIafterthedateoftheProspectusmayresultinchangestotheabove-mentioned timelines.Further,theOfferprocedureissubjecttochangetoanyrevisedcircularsissuedbytheSEBItothiseffect. The BRLM will be required to submit reports of compliance with listing timelines and activities, identifying non- adherencetotimelinesandprocessesandananalysisofentitiesresponsibleforthedelayandthereasonsassociatedwith it. IntermsoftheUPICirculars,inrelationtotheOffer,theBRLMwillsubmitreportofcompliancewithT+3listing timelinesandactivities,identifyingnon-adherencetotimelinesandprocessesandananalysisofentitiesresponsible forthedelayandthereasonsassociatedwithit. SubmissionofBids Bid/OfferPeriod(excepttheBid/OfferClosingDate) SubmissionandRevisioninBids:Onlybetween10.00a.m.and5.00p.m.(IndianStandardTime(“IST”) Bid/OfferClosingDate SubmissionandRevisioninBids:Onlybetween10.00a.m.and3.00p.m.IST OntheBid/OfferClosingDate,theBidsshallbeuploadeduntil: i. 4.00p.m.ISTincaseofBidsbyQIBsandNon-InstitutionalBidders,and ii. until 5.00 p.m. IST or such extended time as permitted by the Stock Exchange, in case of Bids by Individual Investors. . TheRegistrartotheOffershallsubmitthedetailsofcancelled/withdrawn/deletedapplicationstotheSCSBsonadaily basis within 60 minutes of the Bid closure time from the Bid/ Offer Opening Date till the Bid/ Offer Closing Date by obtaining the same from the Stock Exchanges. The SCSBs shall unblock such applications by the closing hours of the WorkingDayandsubmittheconfirmationtotheBRLMandtheRTAonadailybasis. To avoid duplication, the facility of re-initiation provided to Syndicate Members, if any was allowed only once per Bid/batchandasdeemedfitbytheStockExchange,afterclosureofthetimeforuploadingBids. ItwasclarifiedthatBidsnotuploadedontheelectronicbiddingsystemorinrespectofwhichthefullBidAmount wasnotblockedbySCSBsornotblockedundertheUPIMechanismintherelevantASBAAccount,asthecase maybe,wouldberejected. DuetolimitationoftimeavailableforuploadingtheBidsontheBid/OfferClosingDate,Bidderswereadvisedtosubmit their Bids one day prior to the Bid/Offer Closing Date. Any time mentioned in the Red Herring Prospectus and this ProspectusisIndianStandardTime.Bidderswerecautionedthat,intheevent,largenumberofBidsarereceivedonthe Bid/OfferClosingDate,asistypicallyexperiencedinpublicofferings,someBidsmaynotgetuploadedduetolackof sufficient time. Such Bids that could not be uploaded will not be considered for allocation under the Offer. Bids were accepted only during Monday to Friday (excluding any public holiday). None among our Company or any Member of theSyndicateshall be liablefor anyfailurein(i) uploadingthe Bids duetofaultsinanysoftware/hardwaresystemor blockingofapplicationamountbytheSCSBsonreceiptofinstructionsfromtheSponsorBankonaccountofanyerrors, omissions or non-compliance by various parties involved in, or any other fault, malfunctioning or breakdown in, or otherwise,intheUPIMechanism. 269In case of any discrepancy in the data entered in the electronic book vis-a-vis data contained in the physical Bid cum ApplicationForm,foraparticularBidder,thedetailsoftheBidfilereceivedfromtheStockExchangesshallbetakenas thefinaldataforthepurposeofAllotment. MinimumSubscription This Offer is not restricted to any minimum subscription level and is 100% underwritten. As per Section 39 of the CompaniesAct,2013,ifthe―statedminimumamount hasnotbeensubscribedandthesumpayableonapplication is not received within a period of 30 days from the date of the Red Herring Prospectus, the application money has to be returnedwithinsuchperiodasmaybeprescribed.IfourCompanydoesnotreceivethe100%subscriptionoftheOffer through the Offer Document including devolvement of Underwriters, if any, within sixty (60) days from the date of closure of the Offer, our Company shall forthwith refund the entire subscription amount received. If there is a delay beyondfourdaysafterourCompanybecomesliabletopaytheamount,ourCompanyandeveryofficerindefaultwill, onandfromtheexpiryofthisperiod,bejointlyandseverallyliabletorepaythemoney,withinterestorotherpenaltyas prescribedundertheSEBIRegulations,theCompaniesAct2013andapplicablelaw. In accordance with Regulation 260 of the SEBI (ICDR) Regulations, our Offer shall be hundred percent underwritten. Thus,theunderwritingobligationsshallbefortheentirehundredpercentoftheOfferthroughtheRedHerringProspectus andshallnotberestrictedtotheminimumsubscriptionlevel. Further, in accordance with Regulation 268(1) of the SEBI (ICDR) Regulations, our Company shall ensure that the numberofprospectiveallotteestowhomtheEquityShareswillallottedwillnotbelessthan200(TwoHundred). Further, in accordance with Regulation 267(2) of the SEBI (ICDR) Regulations, our Company shall ensure that the minimumapplicationsizeintermsofnumberofspecifiedsecuritiesshallnotbelessthan₹1,00,000(RupeesOneLac only)perapplication. TheEquityShareshavenotbeenandwillnotberegistered,listedorotherwisequalifiedinanyotherjurisdictionoutside India and may not be issued or sold, and applications may not be made by persons in any such jurisdiction, except in compliancewiththeapplicablelawsofsuchjurisdiction. MigrationtoMainBoard AspertheprovisionsoftheChapterIXoftheSEBI(ICDR)Regulations,themigrationtotheMainboardofNSE fromtheEMERGEplatformofNSEonalaterdateshallbesubjecttothefollowing: IfthePaid-upCapitalofourCompanyislikelytoincreaseaboveRs.25Croresbyvirtueofanyfurtherissueof capital by way of rights, preferential issue, bonus issue etc. (which has been approved by a special resolution throughpostalballotwhereinthevotescastbytheshareholdersotherthanthePromoterinfavoroftheproposal amounttoatleast twotimethenumberofvotes castbyshareholdersotherthanpromotershareholdersagainst theproposalandforwhichourCompanyhasobtainedin-principalapprovalfromthemainboard),weshallhave toapplytoNSEforlistingoursharesonitsMainBoardsubjecttothefulfilmentoftheeligibilitycriteriaforlisting ofspecifiedsecuritieslaiddownbytheMainBoard OR If the Paid-up Capital of the company is more than Rs. 10 crore but below Rs.25 crore, we may still apply for migrationtothemainboardifthesamehasbeenapprovedbyaspecialresolutionthroughpostalballotwherein thevotescastbytheshareholdersotherthanthePromoterinfavouroftheproposalamounttoatleasttwotimes thenumberofvotescastbyshareholdersotherthanpromotershareholdersagainsttheproposal. Parameter MigrationpolicyfromNSESMEPlatformtoNSEMainBoard Paid up Capital & Market Thepaid-upequitycapitaloftheapplicantshallnotbelessthan10crores Capitalisation and Averagecapitalisationoftheapplicant'sequityshallnotbelessthan100 crores** **Explanation 270Forthispurposecapitalisationwillbetheproductoftheprice(averageof theweeklyhighandlowoftheclosingpricesoftherelatedsharesquoted onthestockexchangeduring3monthsprecedingtheapplicationdate)and thepostissuenumberofequityshares Revenue from Operation & TherevenuefromoperationsshouldbegreaterthanINR100Crinthelast Earnings before Interest, financialyear. DepreciationandTax(EBITDA) and Shouldhavepositiveoperatingprofitfromoperationsforatleast2out3 financialyears. Listingperiod TheapplicantshouldhavebeenlistedonSMEplatformoftheExchange foratleast3years. PublicShareholders Totalnumberofpublicshareholdersonthelastdayofprecedingquarter fromdateofapplicationshouldbeatleast500. Promoter & Promoter Group Promoter and Promoter Group shall be holding at least 20% of the Holding Companyatthetimeofmakingapplication. Further,asondateofapplicationformigrationtheholdingofPromoter’s shouldnotbelessthan50%ofsharesheldbythemonthedateoflisting. OtherListingconditions • No proceedings have been admitted under Insolvency and Bankruptcy Code against Applicant company and promoting company. • Thecompanyhasnotreceivedanywindinguppetitionadmitted byNCLT/IBC. • Thenetworthofthecompanyshouldbeatleast75crores. • NoMaterialregulatoryactioninthepast3yearslikesuspension of trading against the applicant Company and Promoter by any Exchange. • No debarment of Company/Promoter, subsidiary Company by SEBI. • No Disqualification/Debarment of director of the Company by anyregulatoryauthority. • The applicant company has no pending investor complaints in SCORES. • Coolingperiodoftwomonthsfromthedatethesecurityhascome outofthetrade-to-tradecategoryoranyothersurveillanceaction, byotherexchangeswherethesecurityhasbeenactivelylisted. • NoDefaultinrespectofpaymentofinterestand/orprincipalto the debenture/bond/fixed deposit holders by the applicant, promoter/SubsidiaryCompany. MarketMaking The shares issued and transferred through this Offer are proposed to be listed on the Emerge Platform of NSE with compulsorymarketmakingthroughtheregisteredMarketMakeroftheSMEExchangeforaminimumperiodofthree yearsorsuchothertimeasmaybeprescribedbytheStockExchange,fromthedateoflistingontheEmergePlatformof NSE.Forfurtherdetailsofthemarketmakingarrangementpleaserefertochaptertitled“GeneralInformation”beginning onpage71ofthisProspectus. Arrangementsfordisposalofoddlots 271ThetradingoftheEquityShareswillhappenintheminimumcontractsizeof1,200sharesintermsoftheSEBIcircular No.CIR/MRD/DSA/06/2012datedFebruary21,2012.However,theMarketMakershallbuytheentireshareholdingof ashareholderinonelot,wherevalueofsuchshareholdingislessthantheminimumcontractsizeallowedfortradingon theEmergePlatformofNationalStockExchangeofIndiaLimited. Restrictions,ifany,onTransferandTransmissionofSharesorDebenturesandontheirConsolidationorSplitting Except for lock-in of the pre-Offer Equity Shares andPromoter’s minimumcontribution in the Offer as detailed in the chapter“CapitalStructure”beginningonpage84ofthisProspectusandexceptasprovidedintheArticlesofAssociation, there are no restrictions on transfers of Equity Shares. There are no restrictions on transmission of shares and on their consolidation/splittingexceptasprovidedintheArticlesofAssociation.Theaboveinformationisgivenforthebenefit of the Applicants. The Applicants are advised to make their own enquiries about the limits applicable to them. Our Company and the Book Running Lead Manager do not accept any responsibility for the completeness and accuracy of the information stated hereinabove. Our Company and the Book Running Lead Manager are not liable to inform the investors of any amendments or modifications or changes in applicable laws or regulations, which may occur after the date of the Prospectus. Applicants are advised to make their independent investigations and ensure that the number of EquitySharesAppliedfordonotexceedtheapplicablelimitsunderlawsorregulations. ApplicationbyEligibleNRIs,FPIsorVCFsregisteredwithSEBI It is to be understood that there is no reservation for Eligible NRIs, FPIs or VCF registered with SEBI. Such Eligible NRIs, FPIs or VCF registered with SEBI will be treated on the same basis with other categories for the purpose of Allocation. NRIs,FPIs/FIIsandforeignventurecapitalinvestorsregisteredwithSEBIarepermittedtopurchasesharesofanIndian companyinapublicOfferwithoutthepriorapprovaloftheRBI,solongasthepriceoftheequitysharestobeissuedis notlessthanthepriceatwhichtheequitysharesareissuedtoresidents.ThetransferofsharesbetweenanIndianresident andanon-residentdoesnotrequirethepriorapprovaloftheFIPBortheRBI,providedthat(i)theactivitiesoftheinvestee company are under the automatic route under the foreign direct investment (“FDI”) Policy and the non-resident shareholdingiswithinthesectorallimitsundertheFDIpolicy;and(ii)thepricingisinaccordancewiththeguidelines prescribedbytheSEBI/RBI. ThecurrentprovisionsoftheForeignExchangeManagement(TransferorIssueofSecuritybyaPersonResidentoutside India)Regulations,2000,providesageneralpermissionfortheNRIs,FPIsandforeignventurecapitalinvestorsregistered withSEBItoinvestinsharesofIndiancompaniesbywayofsubscriptioninanIPO.However,suchinvestmentswould besubjecttootherinvestmentrestrictionsundertheForeignExchangeManagement(TransferorIssueofSecuritybya PersonResidentoutsideIndia)Regulations,2000,RBIand/orSEBIregulationsasmaybeapplicabletosuchinvestors. TheAllotmentoftheEquitySharestoNon-Residentsshallbesubjecttotheconditions,ifany,asmaybeprescribedby theGovernmentofIndia/RBIwhilegrantingsuchapprovals. OptiontoreceivesecuritiesinDematerializedForm InaccordancewiththeSEBIICDRRegulations,AllotmentofEquitySharestosuccessfulapplicantswillonlybeinthe dematerializedform.ApplicantswillnothavetheoptionofAllotmentoftheEquitySharesinphysicalform.TheEquity SharesonAllotmentwillbetradedonlyonthedematerializedsegmentoftheStockExchange.Allotteesshallhavethe option to re-materialize the Equity Shares, if they so desire, as per the provisions of the Companies Act and the DepositoriesAct. Further,itismandatoryfortheinvestortofurnishthedetailsofhis/herdepositoryaccount,&ifforanyreason,detailsof theaccountareincompleteorincorrecttheapplicationshallbetreatedasincomplete&mayberejectedbytheCompany withoutanypriornotice. NewFinancialInstruments Therearenonewfinancialinstrumentssuchasdeepdiscountedbonds,debentures,warrants,securedpremiumnotes,etc. issuedbyourCompany. 272OFFERSTRUCTURE ThisOfferisbeingmadeintermsofRegulation229(1)ofChapterIXofSEBI(ICDR)Regulations,2018,asamended fromtimetotime,whereby,anissuerwhosepostOfferpaidupcapitalismorethantencroresbutlessorequaltoTwenty- five crore rupees shall Offer shares to the public and propose to list the same on the Small and Medium Enterprise Exchange (“SME Exchange”, in this case being the NSE i.e. Emerge Platform of National Stock Exchange of India Limited).ForfurtherdetailsregardingthesalientfeaturesandtermsofsuchanOfferpleasereferchaptertitled“Terms oftheOffer”and“OfferProcedure”onpages265and277ofthisProspectus. OfferStructure: OurCompanyisproposingapublicofferof29,02,800EquitySharesoffacevalueof₹10eachoffacevalue₹10each (“EquityShares”)ofourCompanyforcashatapriceof₹120perequityshare(includingasecuritiespremiumof₹110 perEquityShare)(the“OfferPrice”),aggregatingto₹3,483.36lakhs(“Offer”),comprisingafreshissueof26,02,800 Equity Shares of face value of ₹ 10 each aggregating to ₹ 3,123.36 lakhs (the “Fresh Issue”) and an offer for sale of 3,00,000EquitySharesoffacevalueof₹10eachcomprisingofanofferof1,50,000EquitySharesoffacevalueof₹10 each by Raghav Somani and 1,50,000 Equity Shares of face value of ₹ 10 each by Priya Somani (the “Selling Shareholders”or“PromoterSellingShareholders”)(“OfferForSale”)aggregatingto₹360.00lakhs,outofwhich 1,46,400 Equity Shares of face value of ₹ 10 each aggregating to ₹ 175.68 lakhs will be reserved for subscription by marketmaker(“MarketMakerReservationPortion”).TheofferlesstheMarketMakerReservationPortioni.e.Offer of 27,56,800 Equity Shares of face value of ₹ 10 each at an Offer Price of ₹ 120 per Equity Share aggregating to ₹ 3,307.68 lakhs is hereinafter referred to as the “Net Offer”. The Offer and the Net Offer will constitute 29.27% and 27.79%,respectivelyofthepostOfferpaidupequitysharecapitaloftheCompany. TheOfferisbeingmadethroughtheBookBuildingProcess.Forfurtherdetails,pleasereferchaptertitled“Termsofthe Offer”onpage265ofthisProspectus. Particulars of the MarketMaker QIBs Non-Institutional Individual Offer(2) Reservation Applicants Investors Portion Number of Equity 1,46,400 Equity Not more than Not less than Not less than Shares available for Shares of face 13,70,400 Equity Shares 4,21,200 Equity 9,64,800Equity allocation valueof₹10each offacevalueof₹10each. Shares of face value Shares of face of₹10each value of ₹ 10 each Percentageof 5.04% of the Offer Notmorethan50%ofthe Not less than 15% of Not less than Offersize size NetOfferbeingavailable theNetOffer 35% ofthe Net available for for allocation to QIB Offer allocation Bidders. However, up to 5% of the Net QIB Portion may be available for allocation proportionately to Mutual Funds only. Mutual Funds participating in the MutualFundPortionwill also be eligible for allocation in the remaining QIB Portion. Theunsubscribedportion in the Mutual Fund Portion will be added to theNetQIBPortion 60.00%oftheQIBPortion may be available for allocation to Anchor Investors and one third of the Anchor Investors 273Particulars of the MarketMaker QIBs Non-Institutional Individual Offer(2) Reservation Applicants Investors Portion Portion shall be available for allocation to domestic mutualfundsonly. Basis of FirmAllotment Proportionateasfollows: Proportionate Proportionate Allotment(3) a) 27,540 Equity Shares offacevalueof₹10each shall be available for allocation on a proportionate basis to MutualFundsonly;and b) 5,50,800 Equity Shares of face value of ₹ 10eachshallbeavailable for allocation on a proportionate basis to all QIBs, including Mutual Funds receiving allocation as per (a) above ModeofBid Only through the Only through the ASBA Through ASBA Through ASBAProcess process. Process through ASBA Process banks or by using through banks UPIIDforpayment orbyusingUPI IDforpayment ModeofAllotment Compulsorilyindematerializedform MinimumBidSize 1,46,400 Equity Such number of Equity Such number of 2,400 Equity Shares of face Sharesandinmultiplesof Equity Shares in Shares value of ₹ 10 each 1,200 Equity Shares of multiples of 1,200 (Minimum in multiple of face value of ₹ 10 each EquitySharesofface Application 1,200 Equity that the Bid Amount value of ₹ 10 each size i.e. 2,400 Shares of face exceeds₹2,00,000 that Bid size exceeds (2 lots) such valueof₹10each ₹2,00,000 that the amount exceeds ₹ 2 lakhs MaximumBidSize 1,46,400 Equity Such number of Equity Such number of 2,400 Equity Shares of face Shares in multiples of Equity Shares in Shares valueof₹10each 1,200 Equity Shares of multiples of 1,200 (Minimum face value of ₹ 10 each EquitySharesofface Application not exceeding the size of valueof₹10eachnot size i.e. 2,400 the Net Offer, subject to exceeding the size of (2 lots) such applicablelimits the Offer (excluding that the amount the QIB portion), exceeds ₹ 2 subject to limits as lakhs applicable to the Bidder TradingLot 1,200 Equity 1,200 Equity Shares of 1,200 Equity Shares 1,200 Equity Shares of face face value of ₹ 10 each of face value of ₹ 10 Shares of face value of₹ 10each, andinmultiplesthereof each and in multiples value of ₹ 10 however, the thereof each and in MarketMaker may multiples accept odd lots if thereof any in the market as required under the SEBI ICDR Regulations 274Particulars of the MarketMaker QIBs Non-Institutional Individual Offer(2) Reservation Applicants Investors Portion TermsofPayment FullBidAmountshallbeblockedbytheSCSBsinthebankaccountoftheASBABidderor bytheSponsorBankthroughtheUPIMechanism,thatisspecifiedintheASBAFormatthe timeofsubmissionoftheASBAForm. ModeofBid Only through the Only through the ASBA Only through the Only through ASBA process process (excluding the ASBA process the ASBA (excluding the UPI UPIMechanism). (including the UPI process Mechanism). Mechanism for a Bid (including the size of up to ₹ UPI 500,000) Mechanism (1) ThisOfferwasmadeintermsofChapterIXoftheSEBI(ICDR)Regulations,2018,asamendedfromtimetotime. (2) IntermsofRule19(2)oftheSCRRreadwithRegulation252oftheSEBI(ICDR)Regulations,2018,thisisanOfferforat least25%ofthepostOfferpaid-upEquitysharecapitaloftheCompany.ThisOfferisbeingmadethroughBook Building Process,whereinallocationtothepublicshallbeasperRegulation252oftheSEBI(ICDR)Regulations. (3) SubjecttovalidBidsbeingreceivedatorabovetheOfferprice,undersubscription,ifany,inanycategory,exceptinthe QIBPortion,wouldbeallowedtobemetwithspill-overfromanyothercategoryorcombinationofcategoriesofBiddersat thediscretionofourCompanyinconsultationwiththeBookRunningLeadManagerandtheDesignatedStockExchange, subjecttoapplicablelaws. WithdrawaloftheOffer Incase,theCompanywishestowithdrawtheOfferafterBid/OfferOpeningbutbeforeallotment,theCompanywillgive publicnoticegivingreasonsforwithdrawalofOffer.ThepublicnoticewillappearinalleditionsofFinancialExpress(a widely circulated English national daily newspaper), all editions of Jansatta (a widely circulated Hindi nationaldaily newspaper) and regional editions of the Hindi Daily newspaper, Chaitanya Lok (Hindi being the regional language of MadhyaPradeshwhereourRegisteredOfficeislocated). The Book Running Lead Manager, through the Registrar to the Offer, will instruct the SCSBs, to unblock the ASBA AccountswithinoneWorkingDayfromthedayofreceiptofsuchinstruction.Thenoticeofwithdrawalwillbeissuedin thesamenewspaperswherethepre-OfferadvertisementshaveappearedandtheStockExchangewillalsobeinformed promptly.IfourCompanywithdrawstheOfferaftertheBid/OfferClosingDateandsubsequentlydecidestoundertake apublicofferingofEquityShares,ourCompanywillfileafreshRedHerringProspectuswiththestockexchangewhere theEquitySharesmaybeproposedtobelisted. Notwithstanding the foregoing, the Offer is subject to obtaining the final listing and trading approval of the Stock Exchange,whichourCompanywillapplyforonlyafterAllotment. JURISDICTION ExclusivejurisdictionforthepurposeofthisOfferiswiththecompetentcourts/authoritiesatMadhyaPradesh. BID/OFFERPROGRAMME: Events IndicativeDates Bid/OfferOpeningDate1) Thursday,August07,2025 Bid/OfferClosingDate Monday,August11,2025 FinalizationofBasisofAllotmentwiththeDesignatedStockExchange On or before Tuesday, August 12, 2025 Initiation of Allotment / Refunds / Unblocking of Funds from ASBAOn or before Wednesday, August 13, AccountorUPIIDlinkedbankaccount 2025 CreditofEquitySharestoDemataccountsofAllottees On or before Wednesday, August 13, 2025 CommencementoftradingoftheEquitySharesontheStockExchange On or before Thursday, August 14, 2025 *In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) exceedingfourWorkingDaysfromtheBid/OfferClosingDate,theBidderwascompensatedatauniformrateof₹100perdayforthe entiredurationofdelayexceedingfourWorkingDaysfromtheBid/OfferClosingDatebytheintermediaryresponsibleforcausing such delay in unblocking. The BRLM , in their sole discretion, identified and fixed the liability on such intermediary or entity responsibleforsuchdelayinunblocking.Fortheavoidanceofdoubt,theprovisionsoftheSEBIcirculardatedMarch16,2021,as 275amendedpursuanttoSEBIcirculardatedJune2,2021weredeemedtobeincorporatedintheagreementstobeenteredintobyand betweentheCompanyandtherelevantintermediaries,totheextentapplicable. Bidsandanyrevisionstothesamewereacceptedonlybetween10.00a.m.to5.00p.m.(IndianStandardTime)during theOfferPeriodattheBiddingCentersmentionedintheBidcumApplicationForm. Standardizationofcut-offtimeforuploadingofbidsontheBid/Offerclosingdatewas: i. Astandardcut-offtimeof3.00p.m.foracceptanceofbids. ii. Astandardcut-offtimeof4.00p.m.foruploadingofbidsreceivedfromotherthanindividualapplicants. iii. Astandardcut-offtimeof5.00p.m.foruploadingofbidsreceivedfromonlyindividualapplicants,whichmay beextendeduptosuchtimeasdeemedfitbyNSEaftertakingintoaccountthetotalnumberofbidsreceivedup totheclosureoftimingsandreportedbyBRLMtoNSEwithinhalfanhourofsuchclosure. ItwasclarifiedthatBidsnot uploadedinthebook, wouldberejected. Incaseofdiscrepancyinthedataenteredinthe electronicbookvis-à-visthedatacontainedinthephysicalBidform,foraparticularbidder,thedetailsasperphysical bidcumapplicationformofthatBiddermaybetakenasthefinaldataforthepurposeofallotment. BidswerebeacceptedonlyonWorkingDays,i.e.,MondaytoFriday(excludinganypublicholiday). SEBI pursuant to its circular bearing reference number SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 09, 2023 had reduced the time taken for listing of specified securities after the closure of public Offer to 3 working days (T+3 days)asagainstthepresentrequirementof6workingdays(T+6days);‘T’beingOfferclosingdateOurCompanyclosed thisOfferinaccordancewiththetimelineprovidedundertheaforementionedcircular. 276OFFERPROCEDURE AllBidderswererequiredtoreviewthe“GeneralInformationDocumentforInvestinginPublicIssues”preparedand issued in accordance with the circular SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17, 2020 notified by SEBI, suitablymodifiedfromtimetotime,ifany,andtheUPICirculars(“GeneralInformationDocument”),highlightingthe key rules, procedures applicable to public issues in general in accordance with the provisions of the Companies Act, 2013,theSecuritiesContracts(Regulation)Act,1956,theSecuritiesContracts(Regulation)Rules,1957,andtheSEBI Regulations. TheGeneralInformationDocumentswereupdatedtoreflecttheenactmentsandregulationsincludingtheSecuritiesand ExchangeBoardofIndia(ForeignPortfolioInvestors)Regulations,2014,SEBIListingRegulationsandcertainnotified provisions of the Companies Act, 2013, to the extent applicable to a public issue. The General Information Document was also available on the websites of the Stock Exchange and the Lead Manager, before opening of the Offer. Please refertotherelevantprovisionsoftheGeneralInformationDocumentwhichareapplicabletotheOffer. SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/Mdated March 16, 2021effective to public issues opening on or after from May 01, 2021. However, said circular has been modified pursuant to SEBI Circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570datedJune2,2021inwhichcertainapplicableprocedurew.r.t.SMSAlerts,Web portal to CUG etc shall be applicable to Public Issue opening on or after January 1, 2022 and October 1, 2021 respectively. Additionally,allBidderswererequiredtorefertotheGeneralInformationDocumentforinformationinrelationto(i) CategoryofinvestoreligibletoparticipateintheOffer;(ii)maximumandminimumBidsize;(iii)Allocationofshares; (iii)PaymentInstructionsforASBABidders;(iv)IssuanceofCANandAllotmentintheOffer;(v)Generalinstructions (limited to instructions for completing the Application Form); (vi) Submission of Application Form; (vii) Other Instructions(limitedtojointbidsincasesofindividual,multiplebidsandinstanceswhenanapplicationwouldberejected on technical grounds); (viii) applicable provisions of the Companies Act, 2013 relating to punishment for fictitious applications;(vi)modeofmakingrefunds;and(vii)interestincaseofdelayinAllotmentorrefund. SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1, 2018 read with its circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/50datedApril3,2019,hadintroducedanalternatepaymentmechanismusingUnified Payments Interface (“UPI”) and consequent reduction in timelines for listing in a phased manner. From January 1, 2019,theUPIMechanismforIBsapplyingthroughDesignatedIntermediarieswasmadeeffectivealongwiththeexisting processandexistingtimelineofT+6days.(“UPIPhaseI”).TheUPIPhaseIwaseffectivetillJune30,2019. WitheffectfromJuly1,2019,SEBIvideitscircularno.SEBI/HO/CFD/DIL2/CIR/P/2019/76datedJune28,2019,read withcircularno.SEBI/HO/CFD/DIL2/CIR/P/2019/85datedJuly26,2019withrespecttoBidsbyIBsthroughDesignated Intermediaries (other than SCSBs), the existing process of physical movement of forms from such Designated IntermediariestoSCSBsforblockingoffundswasdiscontinuedandonlytheUPIMechanismforsuchBidswithexisting timelineofT+6dayswasmandatedforaperiodofthreemonthsorlaunchoffivemainboardpublicissues,whichever islater(“UPIPhaseII”)andthisphasewastocontinuetillMarch31,2020andpostwhichreducedtimelinefromT+6 daystoT+3dayswastobemadeeffectiveusingtheUPIMechanismforapplicationsbyIBs.Thefinalreducedtimeline of T+3 days for the UPI Mechanism for applications by UPI Bidders (“UPI Phase III”), and modalities of the implementationofUPIPhaseIIIwasnotifiedbySEBIvideitscircularno.SEBI/HO/CFD/TPD1/CIR/P/2023/140dated August 9, 2023 and made effective on a voluntary basis for all issues opening on or after September 1, 2023 and on a mandatory basis for all issues opening on or after December 1, 2023 (“T+3 SEBI Circular”). The Offer will be undertaken pursuant to the processes and procedures under UPI Phase III, subject to any circulars, clarification or notification issued by the SEBI from time to time. Further, SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 as amended pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, and SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 datedApril20,2022,hasintroducedcertainadditionalmeasuresforstreamliningtheprocessofinitialpublicoffersand redressing investor grievances. This circular came into force for initial publicoffers opening on/or after May1, 2021, except as amended pursuant to SEBI circular SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, and the provisions of this circular, are deemed to form part of this Prospectus. SEBI, vide the SEBI RTA Master Circular, consolidatedtheaforementionedcircularstotheextentrelevantforRTAs,andrescindedthesecirculars.Furthermore, pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022, all individual Investors in initialpublicofferings(openingonorafterMay 01,2022)whoseapplicationsizeareupto₹5lakhsshallusetheUPI Mechanism. Subsequently, pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, applicationsmadeusingtheASBAfacilityininitialpublicofferings(openingonorafterSeptember01,2022)shallbe processedonlyafterapplicationmoniesareblockedinthebankaccountsof investors(allcategories).Thesecirculars 277areeffectiveforinitialpublicoffersopeningon/orafterMay01,2021,andtheprovisionsofthesecirculars,asamended, aredeemedtoformpartofthisProspectus. In terms of Regulation 23(5) and Regulation 52 of SEBI ICDR Regulations, the timelines and processes mentioned in SEBI RTA Master Circular, shall continue to form part of the agreements being signed between the intermediaries involvedinthe public issuance process and leadmanager shall continue to coordinate with intermediariesinvolvedin thesaidprocess. BOOKBUILDINGPROCEDURE: This Offer was made in terms of Rule 19(2)(b) of the SCRR, through the Book Building Process in accordance with Regulation 253 of the SEBI ICDR Regulations wherein not more than 50.00% of the Offer was allocated on a proportionate basis to QIBs, allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis in accordance with the SEBI ICDR Regulations. Further, 5.00% of the QIB Portion was available for allocation on a proportionate basis only to Mutual Funds, and spill-over from the remainder of the QIB Portion was available for allocationonaproportionatebasistoallQIBs,includingMutualFunds,subjecttovalidBidsbeingreceivedatorabove theOfferPrice.Further,notlessthan15.00%oftheOfferwasavailableforallocationonaproportionatebasistoNon- Institutional Bidders and not less than 35.00% of the Offer was available for allocation to Individual Investors in accordancewiththeSEBIICDRRegulations,subjecttovalidBidsbeingreceivedatorabovetheOfferPrice. Under-subscription,ifany,inanycategory,exceptintheQIBPortion,wouldbeallowedtobemetwithspilloverfrom any other category or combination of categories of Bidders at the discretion of our Company in consultation with the BRLMandtheDesignatedStockExchangesubjecttoreceiptofvalidBidsreceivedatorabovetheOfferPrice.Under- subscription, if any, in the QIB Portion, would not be allowed to be met with spill-over from any other category or a combinationofcategories. TheEquityShares,onAllotment,shallbetradedonlyinthedematerializedsegmentoftheStockExchange. InvestorsshouldnotethattheEquityShareswillbeallottedtoallsuccessfulBiddersonlyindematerialisedform. TheBidcumApplicationFormswhichdidnothavethedetailsoftheBidders’depositoryaccount,includingDP ID,ClientID,thePANandUPIID,forIBsBiddingintheIndividualInvestorPortionusingtheUPIMechanism, weretreatedasincompleteandwererejected.BiddersdidnothavetheoptionofbeingallottedEquitySharesin physical form. However, theymayget their Equity Shares rematerialized subsequent to allotment of the Equity SharesintheOffer,subjecttoapplicablelaws. AVAILABILITYOFREDHERRINGPROSPECTUS,PROSPECTUSANDAPPLICATIONFORMS TheMemorandumcontainingthesalientfeaturesoftheRedHerringProspectustogetherwiththeApplicationFormsand copiesoftheRedHerringProspectuscouldbeobtainedfromtheRegisteredOfficeofourCompany,fromtheRegistered Office of the Lead Manager to the Offer, Registrar to the Offer as mentioned in the Application form. The application formscouldalsobedownloadedfromthewebsiteofNationalStockExchangeofIndiaLimitedi.e.www.nseindia.com. ApplicantswererequiredtoonlyusethespecifiedApplicationFormforthepurposeofmakinganApplicationinterms of the Red Herring Prospectus. All the applicants were required to apply only through the ASBA process. ASBA ApplicantswererequiredtosubmitanApplicationFormeitherinphysicalorelectronicformtotheSCSBsauthorizing blockingoffundsthatareavailableinthebankaccountspecifiedintheApplicationForm.Applicantswererequiredto only use the specified Application Form for the purpose of making an Application in terms of this Prospectus. The ApplicationFormcontainedspaceforindicatingnumberofspecifiedsecuritiessubscribedforindematform. PhasedimplementationofUnifiedPaymentsInterface SEBI issued UPI Circulars in relation to streamlining the process of public issue of equity shares and convertibles. Pursuant to the UPI Circulars, UPI has been introduced in a phased manner as a payment mechanism (in addition to mechanism of blocking funds in the account maintained with SCSBs under ASBA) for applications by IIs through intermediarieswiththeobjectivetoreducethetimedurationfrompublicissueclosuretolistingfromsixWorkingDays touptothreeWorkingDays.Consideringthetimerequiredformakingnecessarychangestothesystemsandtoensure completeandsmoothtransitiontotheUPIMechanism,theUPICircularsproposestointroduceandimplementtheUPI Mechanisminthreephasesinthefollowingmanner: a) Phase I: This phase was applicable from January 01, 2019 and lasted till June 30, 2019. Under this phase, a IndividualInvestor,besidesthemodesofBiddingavailablepriortotheUPICirculars,alsohadtheoptiontosubmit 278theBidcumApplicationFormwithanyoftheintermediaryandusehis/herUPIIDforthepurposeofblocking offunds.ThetimedurationfrompublicissueclosuretolistingcontinuedtobesixWorkingDays. b) PhaseII:ThisphasecommencedwitheffectfromJuly01,2019andwillcontinueforaperiodofthreemonthsor floating of five main board public issues, whichever is later. Under this phase, submission of the Bid cum Application Form by a Individual Investor through intermediaries to SCSBs for blocking of funds has been discontinuedandhasbeenreplacedbytheUPIMechanism.However,thetimedurationfrompublicissueclosure to listing continues to be six Working Days during this phase. SEBI vide its circular no. SEBI/HO/CFD/DIL2/CIR/P/2020/50datedMarch30,2020extendedthetimelineforimplementationofUPIPhase IItillfurthernotice. c) PhaseIII/T+3:ThisphasehasbecomeapplicableonavoluntarybasisforallissuesopeningonorafterSeptember 1,2023andonamandatorybasisforallissuesopeningonorafterDecember1,2023videT+3PressRelease.In thisphase,thetimedurationfrompublicissueclosuretolistinghasbeenreducedtothreeWorkingDays.TheOffer shall be undertaken pursuant to the processes and procedures as notified in the T+3 Press Release as applicable, subject to any circulars, clarification or notification issued by SEBI from time to time, including any circular, clarificationornotificationwhichmaybeissuedbySEBI. PursuanttotheUPICircular,SEBIhassetoutspecificrequirementsforredressalofinvestorgrievancesforapplications thathavebeenmadethroughtheUPIMechanism.TherequirementsoftheUPICircularinclude,appointmentofanodal officer by the SCSB and submission of their details to SEBI, the requirement for SCSBs to send SMS alerts for the blockingandunblockingofUPImandates,therequirementfortheRegistrartosubmitdetailsofcancelled,withdrawnor deleted applications, and the requirement for the bank accounts of unsuccessful Bidders to be unblocked not later than onedayfromthedateonwhichtheBasisofAllotmentisfinalized.Failuretounblocktheaccountswithinthetimeline would result in the SCSBs being penalised under the relevant securities law. Additionally, if there is any delay in the redressalofinvestorscomplaintsinthisregard,therelevantSCSBaswellasthepost–OfferBRLMwillberequiredto compensatetheconcernedinvestor. AllSCSBsofferingthefacilityofmakingapplicationsinpublicissuesshallalsoprovidethefacilitytomakeapplication using UPI. TheCompanywasrequiredtoappoint one ofthe SCSBs asa SponsorBank toact asa conduit between the Stock Exchanges and NPCI in order to facilitate collection of requests and/ or payment instructions of the Individual InvestorsusingtheUPI. The processing fees for applications made by Individual Investors using the UPI Mechanism may be released to the remitter banks (SCSBs) only after such banks provide a written confirmation on compliance with SEBI Circular No: SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 02, 2021 read with SEBI Circular No: SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/MdatedMarch16,2021. Forfurtherdetails,refertothe“GeneralInformationDocument”availableonthewebsitesoftheStockExchangeandthe BRLM. BidcumApplicationForm Copies of the Bid cum Application Form and the abridged prospectus were made available with the Designated Intermediaries at the Bidding Centres, and our Registered and Corporate Office. An electronic copy of the Bid cum Application Form was also available for download on the website of National Stock Exchange of India Limited (www.nseindia.com)atleastonedaypriortotheBid/OfferOpeningDate. AllBidderswererequiredtomandatorilyparticipateintheOfferonlythroughtheASBAprocess.TheIIsBiddinginthe IndividualInvestorPortioncouldadditionallyBidthroughtheUPIMechanism. IBsBiddingintheIndividualInvestorPortionusingtheUPIMechanismwererequiredtoprovidethevalidUPIIDinthe relevantspaceprovidedintheBidcumApplicationFormandtheBidcumApplicationFormthatdoesnotcontainthe UPIIDwereliabletoberejected. ASBABidders(otherthanIBsusingUPIMechanism)wererequiredtoprovidebankaccountdetailsandauthorization toblockfundsintheirrespectiveASBAAccountsintherelevantspaceprovidedintheASBAFormandtheASBAForms thatdonotcontainsuchdetailswereliabletoberejected. 279ASBA Bidders were required toensure thatthe Bids were made on ASBA Forms bearing the stamp of the Designated Intermediary, submitted at the Bidding Centres only (except in case of electronic ASBA Forms) and the ASBA Forms not bearing such specified stamp were liable to be rejected. IBs Bidding in the Individual Investor Portion using UPI Mechanism, could submit their ASBA Forms, including details of their UPI IDs, with the Syndicate, Sub-Syndicate members,RegisteredBrokers,RTAsorCDPs.IBsauthorizinganSCSBtoblocktheBidAmountintheASBAAccount could submit their ASBA Forms with the SCSBs. ASBA Bidders were required to ensure that the ASBA Account has sufficient credit balance such that an amount equivalent to the full Bid Amount could be blocked by the SCSB or the SponsorBank,asapplicableatthetimeofsubmittingtheBid. TheprescribedcolouroftheApplicationFormforvariouscategoriesisasfollows: Category ColourofApplicationForm* AnchorInvestor** White Resident Indians, including resident QIBs, Non-Institutional Investors, IndividualWhite InvestorsandEligibleNRIsapplyingonanon-repatriationbasis Non-Residents including Eligible NRIs, FII’s, FVCIs etc. applying on a repatriationBlue basis Note:ElectronicBidCumApplicationFormswillalsobeavailablefordownloadonthewebsiteoftheNationalStock ExchangeofIndiaLimited(www.nseindia.com). **BidcumapplicationforAnchorInvestorshallbemadeavailableattheOfficeoftheBRLM. Designated Intermediaries (other than SCSBs) after accepting Bid Cum Application Form submitted by IIs (without using UPI for payment), NIIs and QIBs captured and uploaded the relevant details in the electronic biddingsystemofstockexchange(s)andshallsubmitted/deliveredtheBidCumApplicationFormstorespective SCSBswheretheBiddershasabankaccountandshallnotsubmitittoanynon-SCSBBank. Further,forapplicationssubmittedtodesignatedintermediaries(otherthanSCSBs),withuseofUPIforpayment, after accepting the Bid Cum Application Form, respective intermediary captured and uploaded the relevant applicationdetails,includingUPIID,intheelectronicbiddingsystemofstockexchange(s). BidderswererequiredtoonlyusethespecifiedBidCumApplicationFormformakinganApplicationintermsof theRedHerringProspectus. The Bid Cum Application Form were required only to contain information about the Bidder and the price and thenumberofEquitySharesthattheBidderswishedtoapplyfor.BidCumApplicationFormsdownloadedand printed from the websites of the Stock Exchange shall bear a system generated unique application number. Bidders are required to ensure that the ASBA Account has sufficient credit balance as anamountequivalent to the full Application Amount can be blocked by the SCSB or Sponsor Bank at the time of submitting the Application. AnInvestor,intendingtosubscribetothisOffer,wasrequiredsubmitacompletedBidCumApplicationFormto anyofthefollowingintermediaries(Collectivelycalled–DesignatedIntermediaries”) Sr.No. DesignatedIntermediaries 1. AnSCSB,withwhomthebankaccounttobeblocked,ismaintained 2. Asyndicatemember(orsub-syndicatemember) 3. Astockbrokerregisteredwitharecognizedstockexchange(andwhosenameismentionedonthewebsiteof thestockexchangeaseligibleforthisactivity)(‘broker’) 4. A depository participant (‘DP’) (whose name is mentioned on the website of the stock exchange as eligible forthisactivity) 5. AregistrartoanOfferandsharetransferagent(‘RTA’)(whosenameismentionedonthewebsiteofthestock exchangeaseligibleforthisactivity) Individual investors submitting application with any of the entities at (ii) to (v) above (hereinafter referred as “Intermediaries”),andintendingtouseUPI,wererequiredalsoentertheirUPIIDintheBidCumApplicationForm. The aforesaid intermediary shall, at the time of receipt of application, give an acknowledgement to investor, by giving the counter foil or specifying the application number to the investor, as a proof of having accepted the Bid Cum ApplicationForm,inphysicalorelectronicmode,respectively. 280Theuploadofthedetailsintheelectronicbiddingsystemofstockexchangewillbedoneby: For ApplicationsAfter accepting the form, SCSB were required to capture and upload the relevant details in the submitted byelectronicbiddingsystemasspecifiedbythestockexchangeandwererequiredtobeginblocking InvestorstoSCSB: funds available in the bankaccount specified inthe form, to the extent of the application money specified. For applicationsAfteracceptingtheBidCumApplicationForm,respectiveIntermediarywererequiredtocapture submitted byand upload the relevant details in the electronic bidding system of the stock exchange. Post investors touploading,theywererequiredtoforwardascheduleasperprescribedformatalongwiththeBid intermediaries otherCum Application Forms to designated branches of the respective SCSBs for blocking of funds thanSCSBs: withinonedayofclosureofOffer. For applicationsAfteracceptingtheBidCumApplicationForm,respectiveintermediarywererequiredtocapture submitted byanduploadtherelevantapplicationdetails,includingUPIID,intheelectronicbiddingsystemof investors tostock exchange. Stock exchange were required to share application details including the UPI ID intermediaries otherwith sponsor bank on a continuous basis, to enable sponsor bank to initiate mandate request on thanSCSBswithuseinvestors for blocking of funds. Sponsor bank were required to initiate request for blocking of ofUPIforpayment:funds through NPCI to investor. Investor to accept mandate request for blocking of funds, on his/hermobileapplication,associatedwithUPIIDlinkedbankaccount. Stockexchangevalidatedtheelectronicbiddetailswithdepository’srecordsforDPID/ClientIDandPAN,ona real-time basis and bring the inconsistencies to the notice of intermediaries concerned, for rectification and re- submissionwithinthetimespecifiedbystockexchange. Stockexchangeallowedmodificationofselectedfieldsviz.DPID/ClientIDorPanID(EitherDPID/ClientIDor PanIDcanbemodifiedbutnotBOTH),BankcodeandLocationcode,inthebiddetailsalreadyuploaded. UponcompletionandsubmissionoftheBidCumApplicationFormtoApplicationCollectingintermediaries,theBidders were deemed to have authorized our Company to make the necessary changes in the Prospectus, without prior or subsequentnoticeofsuchchangestotheBidders. ForIBsusingUPIMechanism,theStockExchangesharedtheBiddetails(includingUPIID)withtheSponsorBankon acontinuousbasistoenabletheSponsorBanktoinitiateUPIMandateRequesttoIBsforblockingoffunds.TheSponsor BankinitiatedrequestforblockingoffundsthroughNPCItoIBs,whoacceptedtheUPIMandateRequestforblocking offundsontheirrespectivemobileapplicationsassociatedwithUPIIDlinkedbankaccount.ForallpendingUPIMandate Requests, the Sponsor Bank initiated requests for blocking of funds in the ASBA Accounts of relevant Bidders with a confirmation cut-off time of 12:00 pm on the first Working Day after the Bid/ Offer Closing Date (“Cut- Off Time”). Accordingly,IBsacceptedUPIMandateRequestsforblockingofffundspriortotheCut-OffTimeandallpendingUPI Mandate Requests at the Cut-Off Time lapsed. The NPCI maintained an audit trail for every bid entered in the Stock Exchangebiddingplatform,andtheliabilitytocompensateIBs(usingtheUPIMechanism)incaseoffailedtransactions shallbewiththeconcernedentity(i.e.theSponsorBank,NPCIorthebankerstoanOffer)atwhoseendthelifecycleof thetransactionhascometoahalt.TheNPCIsharedtheaudittrailofalldisputedtransactions/investorcomplaintstothe SponsorBanksandthebankerstoanOffer.TheBRLMwasalsorequiredtoobtaintheaudittrailfromtheSponsorBanks andtheBankerstotheOfferforanalysingthesameandfixingliability. WHOCOULDBID? Each Bidder was required to check whether it was eligible to apply under applicable law, rules, regulations, guidelines and policies. Furthermore, certain categories of Bidders, such as NRIs, FPIs and FVCIs were not allowedtoapplyintheOfferortoholdEquityShares,inexcessofcertainlimitsspecifiedunderapplicablelaw. BidderswererequestedtorefertotheRHPformoredetails. Subjecttotheabove,anillustrativelistofBiddersisasfollows: a) IndiannationalsresidentinIndiawhoarenotincompetenttocontractundertheIndianContractAct,1872,as amended,insingleorasajointapplicationandminorshavingvalidDemataccountasperDemographicDetails provided by the Depositories. Furthermore, based on the information provided by the Depositories, our CompanyshallhavetherighttoaccepttheApplicationsbelongingtoanaccountforthebenefitofminor(under guardianship); b) Hindu Undivided Families or HUFs, in the individual name of the Karta. The Bidder should specify that the application is being made in the name of the HUF in the Bid Cum Application Form as follows: ―Name of 281SoleorFirst Bidder: XYZ HinduUndivided Family applying through XYZ, where XYZ is the name of the Karta.Applications by HUFs would beconsideredatparwiththosefromindividuals; c) Companies,corporatebodiesandsocietiesregisteredundertheapplicablelawsinIndiaandauthorizedtoinvest intheEquitySharesundertheirrespectiveconstitutionalandcharterdocuments; d) MutualFundsregisteredwithSEBI; e) EligibleNRIsonarepatriationbasisoronanon-repatriationbasis,subjecttoapplicablelaws.NRIsotherthan EligibleNRIsarenoteligibletoparticipateinthisOffer; f) IndianFinancialInstitutions,scheduledcommercialbanks,regionalruralbanks,co-operativebanks(subjectto RBIpermission,andtheSEBIRegulationsandotherlaws,asapplicable); g) FPIsotherthanCategoryIIIFPI;VCFsandFVCIsregisteredwithSEBI; h) LimitedLiabilityPartnerships(LLPs)registeredinIndiaandauthorizedtoinvestinequityshares; i) Sub-accounts of FIIs registered with SEBI, which are foreign corporate or foreign individuals only under the Non-InstitutionalBidder‘scategory; j) VentureCapitalFundsandAlternativeInvestmentFund(I)registeredwithSEBI;StateIndustrialDevelopment Corporations; k) ForeignVentureCapitalInvestorsregisteredwiththeSEBI; l) Trusts/societies registered under the Societies Registration Act, 1860, as amended, or under any other law relatingtoTrustsandwhoareauthorizedundertheirconstitutiontoholdandinvestinequityshares; m) Scientificand/orIndustrialResearchOrganizationsauthorizedtoinvestinequityshares; n) InsuranceCompaniesregisteredwithInsuranceRegulatoryandDevelopmentAuthority,India; o) ProvidentFundswithminimumcorpusof₹25Croresandwhoareauthorizedundertheirconstitutiontohold andinvestinequityshares; p) Pension Funds and Pension Funds with minimum corpus of ₹ 25 Crores and who are authorized under their constitutiontoholdandinvestinequityshares; q) National Investment Fund set up by Resolution no. F. No. 2/3/2005-DDII dated November 23, 2005 of GovernmentofIndiapublishedintheGazetteofIndia; r) Multilateralandbilateraldevelopmentfinancialinstitution; s) EligibleQFIs; t) Insurancefundssetupandmanagedbyarmy,navyorairforceofthe UnionofIndia; u) InsurancefundssetupandmanagedbytheDepartmentofPosts,India; v) Any other person eligible to apply in this Offer, under the laws, rules, regulations, guidelines and policies applicabletothem. APPLICATIONSNOTTOBEMADEBY: 1. Minors(exceptthroughtheirGuardians) 2. Partnershipfirmsortheirnominations 3. ForeignNationals(exceptNRIs) 2824. OverseasCorporateBodies Aspertheexistingregulations,OCBswerenoteligibletoparticipateinthisOffer.TheRBIhashoweverclarified initscircular,A.P.(DIRSeries)CircularNo.44,datedDecember8,2003thatOCBswhichareincorporatedand are not under the adverse notice of the RBI are permitted to undertake fresh investments as 138 incorporated non-residententitiesintermsofRegulation5(1)ofRBINotificationNo.20/2000-RBdatedMay3,2000underFDI SchemewiththepriorapprovalofGovernmentiftheinvestmentisthroughGovernmentRouteandwiththeprior approvalofRBIiftheinvestmentisthroughAutomaticRouteoncasebycasebasis.OCBsmayinvestinthisOffer provided it obtains a prior approval from the RBI. On submission of such approval along with the Bid Cum ApplicationForm,theOCBwereeligibletobeconsideredforshareallocation. MAXIMUMANDMINIMUMAPPLICATIONSIZE 1. ForIndividualInvestors TheApplicationwasrequiredtobeforaminimumof1,200x2EquitySharesoffacevalueof₹10eachandin multiplesof1,200EquitySharesoffacevalueof₹10eachthereafter,soastoensurethattheApplicationPrice payablebytheBidderdoesnotexceed₹2,00,000.IncaseofrevisionofApplications,theIndividualInvestors wererequiredtotoensurethattheApplicationPricedoesnotexceed₹2,00,000. 2. ForOtherthanIndividualInvestors(Non-InstitutionalApplicantsandQIBs): TheApplicationwasrequiredtobeforaminimumofsuchnumberofEquitySharesthattheApplicationAmount exceeds₹2,00,000andinmultiplesof1,200EquitySharesoffacevalueof₹10eachthereafter.AnApplication couldnotbesubmittedformorethantheNetOfferSize.However,themaximumApplicationbyaQIBinvestor should not exceed the investment limits prescribed for them by applicable laws. Under existing SEBI Regulations,aQIBBiddercouldnotwithdrawitsApplicationaftertheOfferClosingDateandisrequiredtopay 100%QIBMarginuponsubmissionofApplication. In case of revision in Applications, the Non-Institutional Bidders, who are individuals, had to ensure that the Application Amount is greater than ₹ 2,00,000 for being considered for allocation in the Non-Institutional Portion. Bidders were advised to ensure that any single Application from them did not exceed the investment limits or maximumnumberofEquitySharesthatcouldbeheldbythemunderapplicablelaworregulationorasspecified intheRedHerringProspectusandthisProspectus. TheaboveinformationwasgivenforthebenefitoftheBidders.TheCompanyandtheBRLMwerenotliablefor anyamendmentsormodificationorchangesinapplicablelawsorregulations,whichcouldoccurafterthedateof this Prospectus. Bidders were advised to make their independent investigations and ensure that the number of EquitySharesappliedfordidnotexceedtheapplicablelimitsunderlawsorregulations. METHODOFBIDDINGPROCESS OurCompany,inconsultationwiththeBRLMdecidedthePriceBandandtheminimumBidlotsizefortheOfferand thesamewasadvertisedinalleditionsofFinancialExpress(awidelycirculatedEnglish nationaldailynewspaper),all editions of Jansatta (a widely circulated Hindi nationaldaily newspaper) and regional editions of the Hindi Daily newspaper,ChaitanyaLok(HindibeingtheregionallanguageofMadhyaPradeshwhereourRegisteredOfficeislocated) eachwithwidecirculationatleasttwoWorkingDayspriortotheBid/OfferOpeningDate.TheBRLMandtheSCSBs acceptedBidsfromtheBiddersduringtheBid/OfferPeriod. a) TheBid/OfferPeriodwasforaminimumofthreeWorkingDaysanddidnotexceed10WorkingDays.TheBid/ Offer Period maybe extended, if required, by an additional three Working Days, subject to the total Bid/ Offer Periodnotexceeding10WorkingDays. b) EachBidcumApplicationFormgavetheBidderthechoicetoBidforuptothreeoptionalprices(fordetailsrefer to the paragraph titled “Bids at Different Price Levels and Revision of Bids” below) within the Price Band and specify the demand (i.e., the number of Equity Shares Bid for) in each option. The price and demand options submitted by the Bidder in the Bid cum Application Form will be treated as optional demands from the Bidder andwerenotbecumulated.AfterdeterminationoftheOfferPrice,themaximumnumberofEquitySharesBid 283forbyaBidder/ApplicantatorabovetheOfferPricewasconsideredforallocation/Allotmentandtherestofthe Bid(s),irrespectiveoftheBidAmount,becameautomaticallyinvalid. c) TheBidder/ApplicantcouldnotBidthroughanotherBidcumApplicationFormafterBidsthroughoneBidcum ApplicationFormweresubmittedtoaBRLMortheSCSBs.SubmissionofasecondBidcumApplicationForm toeitherthesameortoanotherBRLMorSCSBweretreatedasmultipleBidandwereliabletoberejectedeither before entering the Bid into the electronic bidding system, or at any point of time prior to the allocation or AllotmentofEquitySharesinthisOffer.However,theBiddercouldrevisetheBidthroughtheRevisionForm, theprocedureforwhichisdetailedundertheparagraph“BuildupoftheBookandRevisionofBids”. d) TheBRLM/theSCSBsenteredeachBidoptionintotheelectronicbiddingsystemasaseparateBidandgenerate a Transaction Registration Slip, (“TRS”), for each price and demand option and give the same to the Bidder. Therefore,aBiddercouldreceiveuptothreeTRSsforeachBidcumApplicationForm. e) UponreceiptoftheBidcumApplicationForm,submittedwhetherinphysicalorelectronicmode,theDesignated Branch of the SCSB shall verified if sufficient funds equal to the Bid Amount were available in the ASBA Account,asmentionedintheBidcumApplicationForm,priortouploadingsuchBidswiththeStockExchange. f) IfsufficientfundswerenotavailableintheASBAAccount,theDesignatedBranchoftheSCSBwererequiredto rejectsuchBidsandshallnotuploadsuchBidswiththeStockExchange. g) If sufficient funds were available in the ASBA Account, the SCSB blocked an amount equivalent to the Bid Amount mentioned in the Bid cum Application Form and entered each Bid option into the electronic bidding systemasaseparateBidandgeneratedaTRSforeachpriceanddemandoption.TheTRSwasfurnishedtothe ASBABidderonrequest. h) The Bid Amount remained blocked in the aforesaid ASBA Account until finalization of the Basis of Allotment and consequent transfer of the Bid Amount against the Allotted Equity Shares to the Public Offer Account, or untilwithdrawal/failureoftheOfferoruntilwithdrawal/rejectionoftheBidcumApplicationForm,asthecase maybe.OncetheBasisofAllotmentisfinalized,theRegistrartotheOffershallsendanappropriaterequestto theSCSBforunblockingtherelevantASBAAccountsandfortransferringtheamountallocabletothesuccessful Bidders to the Public Offer Account. In case of withdrawal/failure of the Offer, the blocked amount shall be unblockedonreceiptofsuchinformationfromtheRegistrartotheOffer. BIDSATDIFFERENTPRICELEVELSANDREVISIONOFBIDS a. OurCompanyinconsultationwiththeBRLM,finalizedtheOfferPricewithinthePriceBand,withouttheprior approvalof,orintimation,totheBidders. b. The Bidders could Bid at any price within the Price Band. The Bidder had to Bid for the desired number of Equity Shares at a specific price. Individual Investors may Bid at the Cut-off Price. However, bidding at the Cut-off Price was prohibited for QIB and Non-Institutional Bidders and such Bids from QIB and Non- InstitutionalBidderswererequiredtoberejected. c. Individual Investors, who Bid at Cut-off Price agree that they were required to purchase the Equity Shares at any price within the Price Band. Individual Investors were required to submit the Bid cum Application Form along with a cheque/demand draft for the Bid Amount based on the Cap Price with the Syndicate. In case of ASBA Bidders (excluding Non-Institutional Bidders and QIB Bidders) bidding at Cut-off Price, the ASBA BiddersinstructedtheSCSBstoblockanamountbasedontheCapPrice. ParticipationbyAssociates/AffiliatesofBRLMandtheSyndicateMembers TheBRLMandtheSyndicateMembers,ifany,werenotallowedtopurchaseinthisOfferinanymanner,except towards fulfilling their underwriting obligations. However, the associates and affiliates of the BRLM and the SyndicateMembers,ifany,maysubscribetoEquitySharesintheOffer,eitherintheQIBCategoryorintheNon- InstitutionalCategoryasmaybeapplicabletosuchBidders,wheretheallocationisonaproportionatebasisand suchsubscriptionwouldbeontheirownaccountoronbehalfoftheirclients. OptiontoSubscribeintheOffer 284a. AsperSection29(1)oftheCompaniesAct2013,allotmentofEquitySharesshallbemadeindematerializedform only.Investorswillnothavetheoptionofgettingallotmentofspecifiedsecuritiesinphysicalform. b. TheEquityShares,onallotment,shallbetradedontheStockExchangeindematsegmentonly. c. Asingleapplicationfromanyinvestordidnotexceedtheinvestmentlimit/minimumnumberofEquityShares thatcanbeheldbyhim/her/itundertherelevantregulations/statutoryguidelinesandapplicablelaw. InformationfortheBidders: 1. OurCompanyandtheBookRunningLeadManagerdeclaredtheOfferOpeningDateandOfferClosingDatein theRedHerringProspectustoberegisteredwiththeRoCandalsopublishedthesameinalleditionsofFinancial Express(awidelycirculatedEnglishnationaldailynewspaper),alleditionsofJansatta(awidelycirculatedHindi nationaldailynewspaper)andregional editionsoftheHindiDailynewspaper,ChaitanyaLok(Hindibeingthe regionallanguageofMadhyaPradeshwhereourRegisteredOfficeislocated)eachwithwidecirculation.This advertisementshallbeinprescribedformat. 2. Our Company filed the Red Herring Prospectus with the RoC at least 3 (three) days before the Offer Opening Date. 3. Copies of the Bid Cum Application Form along with Abridge Prospectus and copies of the Red Herring Prospectusweremadeavailablewiththe,theBookRunningLeadManager,theRegistrartotheOffer,andatthe Registered Office of our Company. Electronic Bid Cum Application Forms were also made available on the websitesoftheStockExchange. 4. Any Bidder who wanted to obtain the Red Herring Prospectus and/ or the Bid Cum Application Form could obtainthesamefromourRegisteredOffice. 5. BidderswhowereinterestedinsubscribingfortheEquitySharesshouldapproachDesignatedIntermediariesto registertheirapplications. 6. Bid Cum Application Forms submitted directly to the SCSBs would required to bear the stamp of the SCSBs and/ortheDesignatedBranch,ortherespectiveDesignatedIntermediaries.BidCumApplicationFormsubmitted byApplicantswhosebeneficiaryaccountisinactivewererejected. 7. The Bid Cum Application Form could be submitted either in physical or electronic mode, to the SCSBs with whom the ASBA Account is maintained, or other Designated Intermediaries (Other than SCSBs). SCSBs providedtheelectronicmodeofcollectingeitherthroughaninternetenabledcollectingandbankingfacilityor such other secured, electronically enabled mechanism for applying and blocking funds in the ASBA Account. TheIndividualApplicantshadtoapplyonlythroughUPIChannel,theyhadtoprovidetheUPIIDandvalidate theblockingofthefundsandsuchBidCumApplicationFormsthatdidnotcontainsuchdetailswereliableto berejected. 8. Bidders applying directly through the SCSBs were required to ensure that the Bid Cum Application Form is submittedtoaDesignatedBranchofSCSB,wheretheASBAAccountwasmaintained.Applicationssubmitted directlytotheSCSB’sorotherDesignatedIntermediaries(OtherthanSCSBs),therelevantSCSB,blockedan amount in the ASBA Account equal to the Application Amount specified in the Bid Cum Application Form, beforeenteringtheASBAapplicationintotheelectronicsystem. 9. Except for applications by or on behalf of the Central or State Government and the Officials appointed by the courtsandbyinvestorsresidingintheStateofSikkim,theBidders,orinthecaseofapplicationinjointnames, the first Bidder (the first name under which the beneficiary account is held), were required to mention his/her PANallottedundertheIncomeTaxAct.InaccordancewiththeSEBIRegulations,thePANwouldbethesole identification number for participating transacting in the securities market, irrespective of the amount of transaction. Any Bid Cum Application Form without PAN was liable to be rejected. The demat accounts of BiddersforwhomPANdetailshavenotbeenverified,excludingpersonresidentintheStateofSikkimorpersons who may be exempted from specifying their PAN for transacting in the securities market, were required to be “suspended for credit” and no credit of Equity Shares pursuant to the Offer was required to be made into the accountsofsuchBidders. 28510. The Bidders were required to note that in case the PAN, the DP ID and Client ID mentioned in the Bid Cum Application Form and entered into the electronic collecting system of the Stock Exchange Designated IntermediariesdidnotmatchwithPAN,theDPIDandClientIDavailableintheDepositorydatabase,theBid CumApplicationFormwasliabletoberejected. BIDSBYHUFS BidsbyHinduUndividedFamiliesorHUFswererequiredtobemadeintheindividualnameoftheKarta.TheBidder wasrequiredtospecifythattheBidisbeingmadeinthenameoftheHUFintheBidcumApplicationForm/Application Form as follows: “Name of sole or first Bidder: XYZ Hindu Undivided Family applying through XYZ, where XYZ is thenameoftheKarta”.Bids/ApplicationsbyHUFswasconsideredatparwithBids/Applicationsfromindividuals. BIDSBYMUTUALFUNDS WithrespecttoBidsbyMutualFunds,acertifiedcopyoftheirSEBIregistrationcertificatewererequiredtobelodged alongwiththeBidcumApplicationForm.Failingthis,ourCompany inconsultationwiththeBRLM,reservedtheright torejectanyBidwithoutassigninganyreasonthereof. BidsmadebyassetmanagementcompaniesorcustodiansofMutualFundswererequiredtospecificallystatenamesof theconcernedschemesforwhichsuchBidsaremade. IncaseofaMutualFund,aseparateBidcanbemadeinrespectofeachschemeoftheMutualFundregisteredwithSEBI andsuchBidsinrespectofmorethanoneschemeoftheMutualFundwillnotbetreatedasmultipleBidsprovidedthat theBidsclearlyindicatetheschemeconcernedforwhichtheBidhasbeenmade. NoMutualFundschemewererequiredtoinvestmorethan10.00%ofitsnetassetvalueinequitysharesorequityrelated instrumentsofanysinglecompanyprovidedthatthelimitof10.00%shallnotbeapplicableforinvestmentsincaseof indexfundsorsectororindustryspecificschemes.NoMutualFundunderallitsschemesshouldownmorethan10.00% ofanycompany’spaid-upsharecapitalcarryingvotingrights. BIDSBYELIGIBLENRIS Eligible NRIs were required to obtain copies of Bid cum Application Form from the Designated Intermediaries. Only BidsaccompaniedbypaymentinIndianRupeesorfreelyconvertibleforeignexchangewillbeconsideredforAllotment. EligibleNRIBiddersbiddingonarepatriationbasisbyusingtheNon-ResidentFormswererequiredtoauthorizetheir SCSB(iftheyareBiddingdirectlythroughtheSCSB)orconfirmoraccepttheUPIMandateRequest(incaseofBidding throughtheUPIMechanism)toblocktheirNon-ResidentExternal(“NRE”)accounts,orForeignCurrencyNon-Resident (“FCNR”) Accounts, and eligible NRI Bidders bidding on a non- repatriation basis by using Resident Forms should authorizetheirSCSB(iftheyareBiddingdirectlythroughSCSB)orconfirmoraccepttheUPIMandateRequest(incase ofBiddingthroughtheUPIMechanism)toblocktheirNon-ResidentOrdinary(“NRO”)accountsforthefullBidAmount, atthetimeofthesubmissionoftheBidcumApplicationForm.ParticipationofEligibleNRIsintheOffershallbesubject totheFEMARules. In accordance with the Consolidated FDI Policy, the total holding by any individual NRI, on a repatriation or non- repatriation basis, did not exceed 5.00% of the total paid-up equity capital on a fully diluted basis or shall not exceed 5.00% of the paid-up value of each series of debentures or preference shares or share warrants issued by an Indian company and the total holdings of all NRIs and OCIs put together, on a repatriation or non- repatriation basis, did not exceed10%ofthetotalpaid-upequitycapitalonafullydilutedbasisordidnotexceed10%ofthepaid-upvalueofeach seriesofdebenturesorpreferencesharesorsharewarrant.Providedthattheaggregateceilingof10.00%mayberaised to24.00%ifaspecialresolutiontothateffectispassedbythegeneralbodyoftheIndiancompany. NRIs were permitted to apply in the Offer through Channel I or Channel II (as specified in the UPI Circular). Further, subjecttoapplicablelaw,NRIsmayuseChannelIV(asspecifiedintheUPICircular)toapplyintheOffer,providedthe UPIfacilitywasenabledfortheirNRE/NROaccounts. NRIs applying in the Offer using UPI Mechanism were advised to enquire with the relevant bank whether their bank accountisUPIlinkedpriortomakingsuchapplication.FordetailsofinvestmentbyNRIs,see“RestrictionsonForeign OwnershipofIndianSecurities”beginningonpage310.ParticipationofeligibleNRIswassubjecttoFEMANDIRules. 286BIDSBYFPIS IntermsoftheSEBIFPIRegulations,theOfferofEquitySharestoasingleFPIoraninvestorgroup(whichmeansthe same multiple entities having common ownership directly or indirectly of more than 50% or common control) were requiredtobebelow10%ofourpost-OfferEquitySharecapital.Further,intermsoftheFEMANDIRules,witheffect fromApril1,2020,theaggregateFPIinvestmentlimitisthesectoralcapapplicabletoanIndiancompanyasprescribed intheFEMANDIRuleswithrespecttoitspaid-upequitycapitalonafullydilutedbasis.Currently,thesectoralcapfor retailtradingoffoodproductsmanufacturedand/orproducedinIndiais100%underautomaticroute. FPIs were permitted to participate in the Offer subject to compliance with conditions and restrictions which may be specified by the Government from time to time. In case of Bids made by FPIs, a certified copy of the certificate of registrationissuedundertheSEBIFPIRegulationswasrequiredtobeattachedtotheBidcumApplicationForm,failing whichourCompanyreservedtherighttorejectanyBidwithoutassigninganyreason.FPIswhowishedtoparticipatein theOfferwereadvisedtousetheBidcumApplicationFormforNon-Residents. IntermsoftheFEMA,forcalculatingtheaggregateholdingofFPIsinacompany,holdingofallregisteredFPIswere requiredtobeincluded. TheFEMANDIRuleswereenactedonOctober17,2019insupersessionoftheForeignExchangeManagement(Transfer orIssueofSecuritybyaPersonResidentOutsideIndia)Regulations,2017,exceptasrespectsthingsdoneoromittedto be done before such supersession. FPIs are permitted to participate in the Offer subject to compliance with conditionsandrestrictionswhichmaybespecifiedbytheGovernmentfromtimetotime. SubjecttocompliancewithallapplicableIndianlaws,rules,regulations,guidelinesandapprovalsintermsofRegulation 21oftheSEBIFPIRegulations,anFPI,mayissue,subscribetoorotherwisedealinoffshorederivativeinstruments(as definedundertheSEBIFPIRegulationsasanyinstrument,bywhatevernamecalled,whichisissuedoverseasbyaFPI againstsecuritiesheldbyitinIndia,asitsunderlying)directlyorindirectly,onlyintheevent(i)suchoffshorederivative instrumentsareissuedonlybypersonsregisteredasCategoryIFPIs;(ii)suchoffshorederivativeinstrumentsareissued only to persons eligible for registration as Category I FPIs; (iii) such offshore derivative instruments are issued after compliancewith‘knowyourclient’norms;and(iv)suchotherconditionsasmaybespecifiedbySEBIfromtimetotime. An FPI issuing off-shore derivate instruments is also required to ensure that any transfer of off-shore derivative instrumentsissuedby,oronbehalfofitsubjectto,interalia,thefollowingconditions: (i). suchoffshorederivativeinstrumentsaretransferredtopersonsubjecttofulfilmentofSEBIFPIRegulations;and (ii). PriorconsentoftheFPIisobtainedforsuchtransfer,exceptwhenthepersonstowhomtheoffshorederivative instrumentsaretobetransferredarepre-approvedbytheFPI. BidsbyFPIswhich287inalizthemulti-investmentmanagerstructureinaccordancewiththeOperationalGuidelinesfor ForeignPortfolioInvestorsandDesignatedDepositoryParticipantsissuedtofacilitateimplementationoftheSEBIFPI Regulations (“Operational FPI Guidelines”), submitted with the same PAN but with different beneficiary account numbers, Client IDs and DP IDs shall not be treated as multiple Bids (“MIMBids”). It was clarified that FPIs bearing the same PAN would be treated as multiple Bids by a Bidder and would be rejected, except for Bids from FPIs that 287inaliz the multi- investment manager structure in accordance with the Operational FPI Guidelines (such structure referred to as “MIM Structure”). In order to ensure valid Bids, FPIs making MIM Bids using the same PAN and with differentbeneficiaryaccountnumbers,ClientIDsandDPIDs,wererequiredtosubmitaconfirmationthattheirBidsare undertheMIMStructureandindicatethenameoftheirinvestmentmanagersinsuchconfirmationwhichweresubmitted alongwitheachoftheirBidcumApplicationForms.IntheabsenceofsuchconfirmationfromtherelevantFPIs, such MIMBidswererejected. BIDSBYSEBI-REGISTEREDAIFS,VCFSANDFVCIS TheSEBIFVCIRegulations,SEBIVCFRegulationsandtheSEBIAIFRegulationsprescribe,interalia,theinvestment restrictionsontheFVCIs,VCFsandAIFsregisteredwithSEBIrespectively.FVCIscouldinvestonlyupto33.33%of theinvestiblefundsbywayofsubscriptiontoaninitialpublicoffering.CategoryIAIFandCategoryIIAIFcannotinvest morethan25%oftheinvestiblefundsinoneinvesteecompanydirectlyorthroughinvestmentintheunitsofotherAIFs. ACategoryIIIAIFcouldnotinvestmorethan10%oftheinvestiblefundsinoneinvesteecompanydirectlyorthrough investmentintheunitsofotherAIFs.AIFswhichwereauthorizedunderthefunddocumentstoinvestinunitsofAIFs areprohibitedfromofferingtheirunitsforsubscriptiontootherAIFs.AVCFregisteredasaCategoryIAIF,asdefined 287in the SEBI AIF Regulations, cannot invest more than 1/3rd of its investible funds by way of subscription to an initial publicofferingofaventurecapitalundertaking.Additionally,aVCFthathasnotre-registeredasanAIFundertheSEBI AIFRegulationsshall continuetobe regulatedbytheSEBI VCFRegulations(andaccordinglyshall notbeallowedto participate in the Offer) until the existing fund or scheme managed by the fund is wound up and such funds shall not launchanynewschemeafterthenotificationoftheSEBIAIFRegulations. TherewasnoreservationforEligibleNRIs,FPIsandFVCIsandallBiddersweretreatedonthesamebasiswithother categoriesforthepurposeofallocation. Further,theshareholdingofVCFs,categoryIAIFsorcategoryIIAIFsandFVCIsholdingEquitySharespriortoOffer, shallbelocked-inforaperiodofatleastoneyearfromthedateofpurchaseofsuchEquityShares. All non-resident investors should note that refunds, dividends and other distributions, if any, were payable in Indian Rupeesonlyandnetofbankchargesandcommission. The Company or the BRLM were not to be held responsible for loss, if any, incurred by the Bidder on account of conversionofforeigncurrency. BIDSBYLIMITEDLIABILITYPARTNERSHIPS In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008, a certifiedcopyofcertificateofregistrationissuedundertheLimitedLiabilityPartnershipAct,2008,wererequiredtobe attachedtotheBidcumApplicationForm.Failingthis,ourCompany inconsultationwiththeBRLM,reservedtheright torejectanyBidwithoutassigninganyreasonthereof. BIDSBYBANKINGCOMPANIES In case of Bids made by banking companies registered with RBI, certified copies of: (i) the certificate of registration issuedby RBI, and (ii) the approval of suchbanking company’sinvestment committee were requiredtobeattachedto the Bid cum Application Form. Failing this, our Company in consultation with the BRLM, reserved the right to reject any Bid without assigning any reason thereof. The investment limit for banking companies in non-financial services companies as per the Banking Regulation Act, the Reserve Bank of India (Financial Services provided by Banks) Directions, 2016, as amended and Master Circular on Basel III Capital Regulations dated July 1, 2014, as amended, is 10.00%ofthepaidupsharecapitaloftheinvesteecompany,notbeingitssubsidiaryengagedinnon-financialservices, or10.00%ofthebank’sownpaid-upsharecapitalandreserves,whicheverislower. However,abankingcompanywaspermittedtoinvestinexcessof10%butnotexceeding30%ofthepaidupsharecapital ofsuchinvesteecompany,subjecttopriorapprovaloftheRBIif(i)theinvesteecompanyisengagedinnon-financial activitiespermittedforbankingcompaniesintermsofSection6(1)oftheBankingRegulationAct;or(ii)theadditional acquisitionisthroughrestructuringofdebt,ortoprotectthebankingcompany’sinterestonloans/investmentsmadetoa company.ThebankwasrequiredtosubmitatimeboundactionplantotheRBIforthedisposalofsuchshareswithina specified period. The aggregate investment made by a banking company along with its subsidiaries, associates or joint ventures or entities directly or indirectly controlled by the bank; and mutual funds managed by asset management companies controlled by the bank, more than 20% of the investee company’s paid up share capital engaged in non- financial services. However, this cap doesn’t apply to the cases mentioned in (i) and (ii) above. The aggregate equity investments made by a banking company in all subsidiaries and other entities engaged in financial services and non- financialservices,includingoverseasinvestmentsshouldnotexceed20%ofthebank’spaid-upsharecapitalandreserves. IntermsoftheMasterCircularonBaselIIICapitalRegulationsdatedJuly1,2014,asamended(i)abank’sinvestment inthecapitalinstrumentsissuedbybanking,financialandinsuranceentitiesshouldnotexceed10%ofitscapitalfunds; (ii)banksshouldnotacquireanyfreshstakeinabank’sequityshares,ifbysuchacquisition,theinvestingbank’sholding exceeds 5% of the investee bank’s equity capital; (iii) equity investment by a bank in a subsidiary company, financial services company, financial institution, stock and other exchanges should not exceed 10% of the bank’s paid-up share capitalandreserves;(iv)equityinvestmentbyabankincompaniesengagedinnon-financialservicesactivitieswouldbe subjecttoalimitof10%oftheinvesteecompany’spaid-upsharecapitalor10%ofthebank’spaid-upsharecapitaland reserves, whichever is less; and (v) a banking company is restricted from holding shares in any company, whether as pledgee,mortgageeorabsoluteowner,ofanamountexceeding30%ofthepaid-upsharecapitalofthatcompanyor30% of its own paid-up share capital and reserves, whichever is less. For details in relation to the investment limits under MasterDirection–OwnershipinPrivateSectorBanks,Directions,2016,see“KeyRegulationsandPolicies”beginning onpage161. 288BIDSBYSCSBS SCSBs participating in the Offer were required to comply with the terms of the circulars issued by the SEBI dated September13,2012andJanuary2,2013.SuchSCSBswererequiredtoensurethatformakingapplicationsontheirown account using ASBA, they should have a separate account in their own name with any other SEBI registered SCSBs. Further, such account shall be used solely for the purpose of making application in public issues and clear demarcated fundsshouldbeavailableinsuchaccountforsuchapplications. BIDSBYSYSTEMICALLYIMPORTANTNBFCS In case of Bids made by Systemically Important NBFCs registered with RBI, certified copies of: (i) the certificate of registrationissuedbyRBI,(ii)thelastauditedfinancialstatementsonastandalonebasis,(iii)anetworthcertificatefrom itsstatutoryauditors,and(iv)suchotherapprovalasmayberequiredbytheSystemicallyImportantNBFCsarerequired tobeattachedtotheBidcumApplicationForm.Failingthis,ourCompany inconsultationwiththeBRLM,reservedthe righttorejectanyBidwithoutassigninganyreasonthereof. Systemically Important NBFCs participating in the Offer shall comply with all applicable regulations, directions, guidelinesandcircularsissuedbytheRBIfromtimetotime. TheinvestmentlimitforSystemicallyImportantNBFCsshouldbeasprescribedbyRBIfromtimetotime. BIDSBYINSURANCECOMPANIES In case of Bids made by insurance companies registered with the IRDAI, a certified copy of certificate of registration issuedbyIRDAIwererequiredtobeattachedtotheBidcumApplicationForm.Failingthis,ourCompanyinconsultation withtheBRLM,reservedtherighttorejectanyBidwithoutassigninganyreasonthereof. TheexposurenormsforinsurersareprescribedundertheIRDAIInvestmentRegulations,basedoninvestmentsinequity sharesoftheinvesteecompany,theentiregroupoftheinvesteecompanyandtheindustrysectorinwhichtheinvestee company operates. Insurance companies participating in the Offer were advised to refer to the IRDAI Investment Regulations2016,asamended,whicharebroadlysetforthbelow: a) equity shares of a company: the lower of 10%* of the outstanding equity shares (face value) or 10% of the respectivefundincaseoflifeinsureror10%ofinvestmentassetsincaseofgeneralinsurerorreinsurer; b) theentiregroupoftheinvesteecompany:notmorethan15%oftherespectivefundincaseofalifeinsureror 15%ofinvestmentassetsincaseofageneralinsurerorreinsureror15%oftheinvestmentassetsinallcompanies belongingtothegroup,whicheverislower;and c) theindustrysectorinwhichtheinvesteecompanyoperates:notmorethan15%ofthefundofalifeinsurerora generalinsurerorareinsureror15%oftheinvestmentasset,whicheverislower. The maximum exposure limit, in the case of an investment in equity shares, cannot exceed the lower of an amount of 10%oftheinvestmentassetsofalifeinsurerorgeneralinsurerandtheamountcalculatedunder(a),(b)and(c)above, asthecasemaybe. *Theabovelimitof10%shallstandsubstitutedas15%ofoutstandingequityshares(facevalue)forinsurancecompanies withinvestmentassetsof₹25,000,000lakhsormoreand12%ofoutstandingequityshares(facevalue)forinsurerswith investmentassetsof₹5,000,000lakhsormorebutlessthan₹25,000,000lakhs. InsurancecompaniesparticipatinginthisOfferwererequiredtocomplywithallapplicableregulations,guidelinesand circularsissuedbyIRDAIfromtimetotime. BIDSBYPROVIDENTFUNDS/PENSIONFUNDS In case of Bids made by provident funds/pension funds, subject to applicable laws, with minimum corpus of ₹ 2,500 lakhs, a certified copy of a certificate from a chartered accountant certifying the corpus of the provident fund/pension fundwasrequiredtobeattachedtotheBidcumApplicationForm.Failingthis,ourCompany inconsultationwiththe BRLM,reservedtherighttorejectanyBidwithoutassigninganyreasonthereof. 289BIDSBYANCHORINVESTORS OurCompanyinconsultationwiththeBRLM,mayconsiderparticipationbyAnchorInvestorsintheOfferforupto60% oftheQIBPortioninaccordancewiththeSEBIRegulations.OnlyQIBsasdefinedinRegulation2(1)(ss)oftheSEBI Regulations and not otherwise excluded pursuant to Schedule XIII of the SEBI Regulations are eligible to invest. The QIBPortionwererequiredtobereducedinproportiontoallocationundertheAnchorInvestorPortion.Intheeventof undersubscription in the Anchor Investor Portion, the balance Equity Shares will be added to the QIB Portion. In accordancewiththeSEBIRegulations,thekeytermsforparticipationintheAnchorInvestorPortionareprovidedbelow. 1) AnchorInvestorBidcumApplicationFormswillbemadeavailablefortheAnchorInvestorsattheofficesof theBRLM. 2) TheBidmustbeforaminimumofsuchnumberofEquitySharessothattheBidAmountisatleast200.00 lakhs.ABidcannotbesubmittedforover60%oftheQIBPortion.IncaseofaMutualFund,separateBids byindividualschemesofaMutualFundwillbeaggregatedtodeterminetheminimumapplicationsizeof 200.00lakhs 3) One-thirdoftheAnchorInvestorPortionwillbereservedforallocationtodomesticMutualFunds. 4) Bidding for Anchor Investors will open one Working Day before the Bid/ Offer Opening Date and be completedonthesameday. 5) Our Company in consultation with the BRLM, will finalize allocation to the Anchor Investors on a discretionarybasis,providedthattheminimumandmaximumnumberofAllotteesintheAnchorInvestor Portionwillbe,asmentionedbelow: • where allocation in the Anchor Investor Portion is up to ₹ 200.00 Lakhs, maximum of 2 (two) Anchor Investors. • wheretheallocationundertheAnchorInvestorPortionismorethan₹200.00Lakhsbutupto₹2,500.00 Lakhs, minimum of 2 (two) and maximum of 15 (fifteen) Anchor Investors, subject to a minimum Allotmentof₹100.00LakhsperAnchorInvestor;and • where the allocation under the Anchor Investor portion is more than 2500.00 Lakhs:(i)minimum of 5 (five) and maximum of 15 (fifteen) Anchor Investors for allocation upto2500.00 Lakhs; and (ii) an additional10AnchorInvestorsforeveryadditionalallocation of 2500.00 Lakhs or part thereof in the Anchor Investor Portion; subject toa minimum Allotment of100.00LakhsperAnchorInvestor. 6) AllocationtoAnchorInvestorswillbecompletedontheAnchorInvestorBid/OfferPeriod.Thenumberof Equity Shares allocated to Anchor Investors and the price at which the allocation is made will be made availableinthepublicdomainbytheBRLMbeforetheBid/OfferOpeningDate,throughintimationtothe StockExchange. 7) AnchorInvestorscannotwithdraworlowerthesizeoftheirBidsatanystageaftersubmissionoftheBid. 8) If the Offer Price is greater than the Anchor Investor Allocation Price, the additional amount being the differencebetweentheOfferPriceandtheAnchorInvestorAllocationPricewillbepayablebytheAnchor Investorswithin2(two)WorkingDays fromtheBid/OfferClosingDate.IftheOfferPriceislowerthan theAnchorInvestorAllocationPrice,AllotmenttosuccessfulAnchorInvestorswillbeatthehigherprice, i.e.,theAnchorInvestorOfferPrice. 9) At the end of each day of the bidding period, the demand including allocation made to anchor investors, shall be shown graphically on the bidding terminals of syndicate members and website of stock exchange offeringelectronicallylinkedtransparentbiddingfacility,forinformationofpublic. 10) EquitySharesAllottedintheAnchorInvestorPortionwillbelockedinforaperiodof30daysfromthedateof Allotment. 11) The BRLM, our Promoters, Promoter Group or any person related to them (except for Mutual Funds 290sponsored by entities related to the BRLM) will not participate in the Anchor Investor Portion. The parametersforselectionofAnchorInvestorswillbeclearlyidentifiedbytheBRLMandmadeavailableas partoftherecordsoftheBRLMforinspectionbyes. 12) Bids made by QIBs under both the Anchor Investor Portion and the QIB Portion were not required tobe consideredmultipleBids. 13) AnchorInvestorswerenotrequiredtopermittedtoBidintheOfferthroughtheASBAprocess. BIDSUNDERPOWEROFATTORNEY In case of Bids made pursuant to a power of attorney or by limited companies, corporate bodies, registered societies, EligibleFPIs,MutualFunds,SystemicallyImportantNBFCs,insurancecompanies,insurancefundssetupbythearmy, navy or air force of the Union of India, insurance funds set up by the Department of Posts, India, or the National Investment Fund and provident funds with a minimum corpus of ₹ 2,500lakhs (subject to applicable law) and pension funds with a minimum corpus of ₹ 2,500 lakhs, a certified copy of the power of attorney or the relevant resolution or authority,asthecasemaybe,alongwithacertifiedcopyofthememorandumofassociationandarticlesofassociation and/or bye laws were required to be lodged along with the Bid cum Application Form. Failing this, our Company in consultation with the BRLM, reserved the right to accept or reject any Bid in whole or in part, in either case without assigninganyreasontherefore. OurCompanyinconsultationwiththeBRLM,intheirabsolutediscretion,reservestherighttorelaxtheabovecondition of simultaneous lodging of the power of attorney along with the Bid cum Application Form subject to the terms and conditionsthatourCompany inconsultationwiththeBRLMmaydeemfit. ISSUANCEOFACONFIRMATIONNOTE(“CAN”)ANDALLOTMENTINTHEOFFER: 1. UponapprovalofthebasisofallotmentbytheDesignatedStockExchange,theBRLMorRegistrartotheOffer shallsendtotheSCSBsalistoftheirBidderswhohavebeenallocatedEquitySharesintheOffer. 2. TheRegistrar will then dispatch a CAN to their Bidders who have been allocated Equity Shares in the Offer. ThedispatchofaCANshallbedeemedavalid,bindingandirrevocablecontractfortheBidder. OfferProcedureforApplicationSupportedbyBlockedAccount(ASBA)Bidders InaccordancewiththeSEBICircularNo.CIR/CFD/POLICYCELL/11/2015datedNovember10,2015alltheBidders have to compulsorily apply through the ASBA Process. Our Company and the Book Running Lead Manager are not liableforanyamendments,modifications,orchangesinapplicablelawsorregulations,whichmayoccurafterthedate ofthisProspectus.ASBABiddersareadvisedtomaketheirindependentinvestigationsandtoensurethattheASBABid CumApplicationFormiscorrectlyfilledup,asdescribedinthissection. ThelistsofbanksthathavebeennotifiedbySEBItoactasSCSB(SelfCertifiedSyndicateBanks)fortheASBAProcess are provided on https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes. For details on designated branchesofSCSBcollectingtheBidCumApplicationForm,pleaserefertheabove-mentionedSEBIlink. Termsofpayment The entire Offer price of ₹ 120 per share were payable on application. In case of allotment of lesser number of Equity Sharesthanthenumberapplied,theRegistrarinstructedtheSCSBstounblocktheexcessamountpaidonApplicationto theBidders. SCSBswererequiredtotransfertheamountaspertheinstructionoftheRegistrartothePublicOfferAccount,thebalance amountaftertransferwererequiredtobeunblockedbytheSCSBs. TheBidderswererequiredtonotethatthearrangementwithBankerstotheOfferortheRegistrarwerenotprescribedby SEBI and has been established as an arrangement between our Company, Banker to the Offer and the Registrar to the OffertofacilitatecollectionsfromtheBidders. Paymentmechanism 291TheBidderswererequiredtospecifythebankaccountnumberintheirBidCumApplicationFormandtheSCSBsblocked anamountequivalenttotheApplicationAmountinthebankaccountspecifiedintheBidCumApplicationForm.The SCSBkepttheApplicationAmountintherelevantbankaccountblockeduntilwithdrawal/rejectionoftheApplication orreceiptofinstructionsfromtheRegistrartounblocktheApplicationAmount.However,Non-IndividualBidderscould neitherwithdrawnorlowerthesizeoftheirapplicationsatanystage.IntheeventofwithdrawalorrejectionoftheBid CumApplicationFormorforunsuccessfulBidCumApplicationForms,theRegistrartotheOffergaveinstructionsto theSCSBstounblocktheapplicationmoneyintherelevantbankaccountwithinonedayofreceiptofsuchinstruction. TheApplicationAmountremainedblockedintheASBAAccountuntilfinalizationoftheBasisofAllotmentintheOffer andconsequenttransferoftheApplicationAmounttothePublicOfferAccount,oruntilwithdrawal/failureoftheOffer oruntilrejectionoftheApplicationbytheASBABidder,asthecasemaybe. Please note that, in terms of SEBI Circular No. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 and the SEBI(IssueofCapitalandDisclosureRequirements)Regulations,2018,alltheinvestorsapplyinginapublicOfferwere requiredtouseonlyApplicationSupportedbyBlockedAmount(ASBA)processforapplicationprovidingdetailsofthe bank account which will be blocked by the Self-Certified Syndicate Banks (SCSBs) for the same. Further, pursuant to SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 01, 2018, Individual Investors applying in public Offer have to use UPI as a payment mechanism with Application Supported by Blocked Amount for making application. PaymentintoEscrowAccountforAnchorInvestors AlltheinvestorsotherthanAnchorInvestorswererequiredtobidthroughASBAMode.AnchorInvestorswererequested tonotethefollowing: a) ForAnchorInvestors,thepaymentinstrumentsforpaymentintotheEscrowAccountshouldbedrawnin favourof:a.IncaseofresidentAnchorInvestors:―“SAWALIYAFOODS–AnchorAccount-R” b) IncaseofNon-ResidentAnchorInvestors:―“SAWALIYAFOODS–AnchorAccount-NR” c) AnchorInvestorsnotedthattheescrowmechanismwerenotprescribedbySEBIandhadbeenestablishedas anarrangementbetweenourCompany,theSyndicate,theEscrowCollectionBankandtheRegistrartothe OffertofacilitatecollectionsfromtheAnchorInvestors. ElectronicRegistrationofApplications 1. TheDesignatedIntermediariesregisteredtheapplicationsusingtheon-linefacilitiesoftheStockExchange. 2. TheDesignatedIntermediarieswouldundertakemodificationofselectedfieldsintheapplicationdetailsalready uploadedbefore1.00p.m.ofnextWorkingDayfromtheOfferClosingDate. 3. TheDesignatedIntermediarieswereresponsibleforanyacts,mistakesorerrorsoromissionsandcommissionsin relationto, i. theapplicationsacceptedbythem, ii. theapplicationsuploadedbythem iii. theapplicationsacceptedbutnotuploadedbythemor iv. With respect to applications by Bidders, applications accepted and uploaded by any Designated IntermediaryotherthanSCSBs,theBidCumApplicationFormalongwithrelevantschedulesweresent to the SCSBs or the Designated Branch of the relevant SCSBs for blocking of funds and they were responsibleforblockingthenecessaryamountsintheASBAAccounts.IncaseofApplicationaccepted andUploadedbySCSBs,theSCSBsortheDesignatedBranchoftherelevantSCSBswillberesponsible forblockingthenecessaryamountsintheASBAAccounts. 4. Neither the Book Running Lead Manager nor our Company nor the Registrar to theOffer, shall be responsible foranyacts,mistakesorerrorsoromissionandcommissionsinrelationto, 292(i) TheapplicationsacceptedbyanyDesignatedIntermediaries (ii) TheapplicationsuploadedbyanyDesignatedIntermediariesor (iii) TheapplicationsacceptedbutnotuploadedbyanyDesignatedIntermediaries 5. The Stock Exchange Offered an electronic facility for registering applications for the Offer. This facility was availableattheterminalsofDesignatedIntermediariesandtheirauthorizedagentsduringtheOfferPeriod.The Designated Branches or agents of Designated Intermediaries could also set up facilities for off-line electronic registration of applications subject to the condition that they will subsequently upload the off-line data file into the online facilities on a regular basis. On the Offer Closing Date, the Designated Intermediaries uploaded the applicationstillsuchtimeasmaybepermittedbytheStockExchange.Thisinformationwasmadeavailablewith theBookRunningLeadManageronaregularbasis. 6. WithrespecttoapplicationsbyBidders,atthetimeofregisteringsuchapplications,theSyndicateBankers,DPs and RTAs forwarded a Schedule as per format given below along with the Bid Cum Application Forms to DesignatedBranchesoftheSCSBsforblockingoffunds: Sr.No. Details* 1. Symbol 2. IntermediaryCode 3. LocationCode 4. ApplicationNo. 5. Category 6. PAN 7. DPID 8. ClientID 9. Quantity 10. Amount *StockExchangesuniformlyprescribecharacterlengthforeachoftheabove-mentionedfields 7. WithrespecttoapplicationsbyBidders,atthetimeofregisteringsuchapplications,theDesignatedIntermediaries wererequiredtoenterthefollowinginformationpertainingtotheBiddersintointheon-linesystem: • NameoftheBidder; • IPOName: • BidCumApplicationFormNumber; • InvestorCategory; • PAN(ofFirstBidder,ifmorethanoneBidder); • DPIDofthedemataccountoftheBidder; • ClientIdentificationNumberofthedemataccountoftheBidder; • NumberofEquitySharesAppliedfor; • BankAccountdetails; • LocationsoftheBankertotheOfferorDesignatedBranch,asapplicable,andbankcodeoftheSCSBbranch wheretheASBAAccountismaintained;and • Bankaccountnumber. 8. In case of submission of the Application by a Bidder through the Electronic Mode, the Bidder was required to completethe above-mentioneddetailsandmentionthebankaccountnumber,excepttheElectronicASBABid CumApplicationFormnumberwhichwassystemgenerated. 9. The aforesaid Designated Intermediaries , at the time of receipt of application, gave an acknowledgment to the investor, by giving the counter foil or specifying the application number to the investor, as a proof of having acceptedtheBidCumApplicationForminphysicalaswellaselectronicmode.TheregistrationoftheApplication by the DesignatedIntermediariesdidnotguaranteethattheEquityShareswereallocated/allottedeitherbyour Company. 10.Suchacknowledgmentwillbenon-negotiableandbyitselfwillnotcreateanyobligationofanykind. 29311.In case of Non-Individual Investors and Individual Investors, applications were not be rejected except on the technicalgroundsasmentionedintheRedHerringProspectusandthisProspectus.TheDesignatedIntermediaries hadnorighttorejectapplications,exceptontechnicalgrounds. 12.ThepermissiongivenbytheStockExchangestousetheirnetworkandsoftwareoftheOnlineIPOsystemshould notinanywaybedeemedorconstruedtomeanthatthecompliancewithvariousstatutoryandotherrequirements byourCompanyand/ortheBookRunningLeadManagerareclearedorapprovedbytheStockExchanges;nor doesitinanymannerwarrant,certifyorendorsethecorrectnessorcompletenessofanyofthecompliancewith thestatutoryandotherrequirementsnordoesittakeanyresponsibilityforthefinancialorothersoundnessofour company;ourPromoters,ourmanagementoranyschemeorprojectofourCompany;nordoesitinanymanner warrant,certifyorendorsethecorrectnessorcompletenessofanyofthecontentsofthisProspectus,nordoesit warrantthattheEquityShareswillbelistedorwillcontinuetobelistedontheStockExchange. 13.The Designated Intermediaries will be given time till 1.00 p.m. on the next working day after the Bid/ Offer ClosingDatetoverifytheDPIDandClientIDuploadedintheonlineIPOsystemduringtheOfferPeriod,after which the Registrartothe Offer will receive thisdatafrom the StockExchangeand willvalidate the electronic application detailswith Depository’s records. In case no corresponding record is available with Depositories, which matches the three parameters, namely DPID, Client IDandPAN, then suchapplicationsare liable tobe rejected. 14.TheSCSBsshallbegivenonedayaftertheBid/OfferClosingDatetosendconfirmationofFundsblocked(Final certificate)totheRegistrartotheOffer. 15.ThedetailsuploadedintheonlineIPOsystemwereconsideredasfinalandAllotmentwerebasedonsuchdetails forapplications. BuildoftheBook a) BidsreceivedfromvariousBiddersthroughtheDesignatedIntermediarieswereelectronicallyuploadedonthe BiddingPlatformoftheStockExchangeonaregularbasis.Thebookgetsbuiltupatvariouspricelevels.This informationwereavailablewiththeBRLMattheendoftheBid/OfferPeriod. b) Based on the aggregate demand and price for Bids registered on the Stock Exchange Platform, a graphical representationofconsolidateddemandandpriceasavailableonthewebsitesoftheStockExchangewasmade availableatthe BiddingcentersduringtheBid/OfferPeriod. WithdrawalofBids a) IIscouldwithdrawtheirBidsuntilBid/OfferClosingDate.IncaseaIIwishestowithdrawtheBidduringthe Bid/Offer Period, the same could be done by submitting a request for the same to the concerned Designated Intermediarywhocoulddotherequisite,includingunblockingofthefundsbytheSCSBintheASBAAccount. b) The Registrar to the Offer have given instruction to the SCSB for unblocking the ASBA Account on the DesignatedDate.QIBsandNIIscouldneitherwithdrawnorlowerthesizeoftheirBidsatanystage. PriceDiscoveryandAllocation a) Based on the demand generated at various price levels, our Company in consultation with the BRLM, shall finalizetheOfferPrice. b) TheSEBIICDRRegulations,2018specifytheallocationorAllotmentthatmaybemadetovariouscategories of BiddersinanOfferdependingoncompliancewiththeeligibilityconditions.Certaindetailspertainingtothe percentageofOffersizeavailableforallocationtoeachcategoryisdisclosedoverleafoftheBidcumApplication FormandintheRHP.Fordetailsinrelationtoallocation,theBiddermayrefertotheRHPandthisProspectus. c) Under-subscriptionin any category(except QIB Category) isallowedto bemet with spillover fromany other categoryor combination of categories at the discretion of the Issuer in consultation with the BRLM and the DesignatedStockExchangeandinaccordancewiththeSEBIICDRRegulations.UnsubscribedportioninQIB Categoryisnotavailableforsubscriptiontoothercategories. 294d) IncaseofundersubscriptionintheOffer,spill-overtotheextentofsuchunder-subscriptionmaybepermitted from the Reserved Portion to the Offer. For allocation in the event of an undersubscription applicable to the Issuer,BiddersmayrefertotheRHPandthisProspectus. e) IncaseiftheIndividualInvestorcategoryisentitledtomorethantheallocatedportiononproportionatebasis, thecategoryshallbeallottedthathigherpercentage. IllustrationoftheBookBuildingandPriceDiscoveryProcess:Biddersshouldnotethatthisexampleissolelyfor illustrativepurposesandisnotspecifictotheOffer,italsoexcludesBiddingbyAnchorInvestors.Bidderscanbid atanypricewithinthePriceBand.Forinstance,assumeaPriceBandof₹20to₹24pershare,Offersizeof3,000 EquitySharesandreceiptoffiveBidsfromBidders,detailsofwhichareshowninthetablebelow.Theillustrative bookgivenbelowshowsthedemandfortheEquitySharesoftheIssueratvariouspricesandiscollatedfromBids receivedfromvariousinvestors. BidQuantity BidAmount(₹) CumulativeQuantity Subscription 500 24 500 16.67% 1,000 23 1,500 50.00% 1,500 22 3,000 100.00% 2,000 21 5,000 166.67% 2,500 20 7,500 250.00% Thepricediscoveryisafunctionofdemandatvariousprices.ThehighestpriceatwhichtheIssuerisabletoOffer thedesirednumberofEquitySharesisthepriceatwhichthebookcutsoff,i.e.,₹22.00intheaboveexample.The IssuerinconsultationwiththeBRLM,mayfinalisetheOfferPriceatorbelowsuchCut-OffPrice,i.e.,atorbelow₹ 22.00.AllBidsatorabovethisOfferPriceandcut-offBidsarevalidBidsandareconsideredforallocationinthe respectivecategories. AnchorInvestorsarenotallowedtowithdrawtheirBidsafterAnchorInvestorsbiddingdate. GENERALINSTRUCTIONS Do’s: 1. CheckifyouareeligibletoapplyasperthetermsoftheRedHerringProspectusandthisProspectusandunder applicable law, rules, regulations, guidelines and approvals. All should submit their Bids through the ASBA processonly; 2. EnsurethatyouhaveBidwithinthePriceBand; 3. Read all the instructions carefully and complete the Bid cum Application Form, as the case may be, in the prescribedform; 4. EnsurethatyouhavementionedthecorrectASBAAccountnumberifyouarenotanIBbiddingusingtheUPI Mechanism in the Bid cum Application Form and if you are an IB using the UPI Mechanism ensure that you havementionedthecorrectUPIID(withmaximumlengthof45charactersincludingthehandle),intheBidcum ApplicationForm; 5. EnsurethatyourBidcumApplicationFormbearingthestampofaDesignatedIntermediaryissubmittedtothe DesignatedIntermediaryattheBiddingCentre(exceptelectronicBids)withintheprescribedtime; 6. EnsurethatyouhavefundsequaltotheBidAmountintheASBAAccountmaintainedwiththeSCSB,before submittingtheASBAFormtoanyoftheDesignatedIntermediaries; 7. If you are an ASBA Bidderand the first applicant is not the ASBA Account holder, ensure that the Bid cum ApplicationForm is signed by the account holder. Ensure that you have mentioned the correct bank account numberintheBidcumApplicationForm; 8. EnsurethatthesignatureoftheFirstBidderincaseofjointBids,isincludedintheBidcumApplicationForms; 2959. EnsurethatyourequestforandreceiveastampedacknowledgementcounterfoiloftheBidcumApplicationForm forallyourBidoptionsfromtheconcernedDesignatedIntermediary; 10. Ensurethatthename(s)givenintheBidcumApplicationFormis/areexactlythesameasthename(s)inwhich thebeneficiaryaccountisheldwiththeDepositoryParticipant.IncaseofjointBids,theBidcumApplicationForm shouldcontain only the name of the First Bidder whose name should also appear as the first holder of the beneficiaryaccountheldinjoint names.Ensurethatthesignatureofthe FirstBidderisincludedinthe Bidcum ApplicationForms; 11. IBs bidding in the Offer to ensure that they shall use only their own ASBA Account or only their own bank accountlinkedUPIID(onlyforIBsusingtheUPIMechanism)tomakeanapplicationintheOfferandnotASBA AccountorbankaccountlinkedUPIIDofanythirdparty; 12. Ensure that you submit the revised Bids to the same Designated Intermediary, through whom the original Bid wasplacedandobtainarevisedacknowledgment; 13. Ensure that you have correctly signed the authorization/undertaking box in the Bid cum Application Form or have otherwiseprovidedanauthorizationtotheSCSBorSponsorBank,asapplicable,viatheelectronicmode, forblockingfunds in the ASBA Account equivalent to the Bid Amount mentioned in the Bid cum Application Form, as the case may be, at the time of submission of the Bid. In case of IBs submitting their Bids and participatingintheOfferthroughtheUPIMechanism,ensurethatyouauthorizetheUPIMandateRequestraised bytheSponsorBankfor blockingoffundsequivalenttoBidAmountandsubsequentdebit of fundsincase of Allotment; 14. ExceptforBids(i)onbehalfoftheCentralorStateGovernmentsandtheofficialsappointedbythecourts,who, intermsoftheSEBIcirculardatedJune30,2008,maybeexemptfromspecifyingtheirPANfortransactingin thesecuritiesmarket,(ii)submittedbyinvestorswhoareexemptfromtherequirementofobtaining/specifying theirPANfortransactinginthesecuritiesmarket,and(iii)BidsbypersonsresidentinthestateofSikkim,who, intermsofaSEBIcirculardatedJuly20,2006,maybeexemptedfromspecifyingtheirPANfortransactingin the securities market, all Bidders should mention their PAN allotted under the IT Act. The exemption for the CentralortheStateGovernmentandofficialsappointedbythecourtsandforinvestorsresidingintheStateof Sikkim is subject to (a) the Demographic Details received from the respective depositories confirming the exemptiongrantedtothebeneficiaryownerbyasuitabledescriptioninthePANfieldandthebeneficiaryaccount remaining in “active status”; and (b) in the case of residents of Sikkim, the address as per the Demographic Detailsevidencingthesame.AllotherapplicationsinwhichPANisnotmentionedwillberejected; 15. Investors to ensure that their PAN is linked with Aadhar and are in compliance with Central Board of Direct Taxes(“CBDT”)notificationdatedFebruary13,2020andpressreleasedatedJune25,2021. 16. EnsurethattheDemographicDetailsareupdated,trueandcorrectinallrespects; 17. EnsurethatthumbimpressionsandsignaturesotherthaninthelanguagesspecifiedintheEighthScheduletothe Constitution of India are attested by a Magistrate or a Notary Public or a Special Executive Magistrate under officialseal; 18. Ensurethatthecategoryandtheinvestorstatusisindicated; 19. Ensure that in case of Bids under power of attorney or by limited companies, corporates, trust, etc., relevant documentsaresubmitted; 20. Ensure that Bids submitted by any person resident outside India is in compliance with applicable foreign and Indianlaws; 21. Ensure that the Bidder’s depository account is active, the correct DP ID, Client ID, the PAN, UPI ID, if applicable,arementionedintheirBidcumApplicationFormandthatthenameoftheBidder,theDPID,Client ID,thePANandUPIID,ifapplicable,enteredintotheonlineIPOsystemoftheStockExchangebytherelevant DesignatedIntermediary,asapplicable,matcheswiththename,DPID,ClientID,PANandUPIID,ifapplicable, availableintheDepositorydatabase; 29622. EnsurethatwhenapplyingintheOfferusingUPI,thenameofyourSCSBappearsinthelistofSCSBsdisplayed on the SEBI website which are live on UPI. Further, also ensure that the name of the app and the UPI handle being usedfor making the application is also appearing in Annexure ‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85datedJuly26,2019; 23. IBswhowishtorevisetheirBidsusingtheUPIMechanism,shouldsubmittherevisedBidwiththeDesignated Intermediaries,pursuanttowhichIBsshouldensureacceptanceoftheUPIMandateRequestreceivedfromthe SponsorBankto297inalizedblockingoffundsequivalenttotherevisedBidAmountintheIB’sASBAAccount; 24. EnsurethatyouhaveacceptedtheUPIMandateRequestreceivedfromtheSponsorBankpriorto12:00p.m.of theWorkingDayimmediatelyaftertheBid/OfferClosingDate; 25. IBsshallensurethatdetailsoftheBidarereviewedandverifiedbyopeningtheattachmentintheUPIMandate RequestandthenproceedtoauthorizetheUPIMandateRequestusinghis/herUPIPIN.Upontheauthorization of themandate using his/her UPI PIN, an IB may be deemed to have verified the attachment containing the application detailsoftheIBintheUPIMandateRequest andhaveagreedtoblocktheentireBidAmount and authorizedtheSponsorBanktoblocktheBidAmountmentionedintheBidCumApplicationForm; 26. EnsurethatwhileBiddingthroughaDesignatedIntermediary,theBidcumApplicationForm(IBsbiddingusing theUPIMechanism)issubmittedtoaDesignatedIntermediaryinaBiddingCentreandthattheSCSBwherethe ASBAAccount,asspecifiedintheASBAForm,ismaintainedhasnamedatleastonebranchatthatlocationfor the Designated Intermediary to deposit ASBA Forms (a list of such branches is available on the website of www.sebi.gov.in);and 27. FPIsmakingMIMBidsusingthesamePAN,anddifferentbeneficiaryaccountnumbers,ClientIDsandDPIDs, are requiredtosubmitaconfirmationthattheirBidsareundertheMIMstructureandindicatethename oftheir investmentmanagersinsuchconfirmationwhichshallbesubmittedalongwitheachoftheirBidcumApplication Forms.IntheabsenceofsuchconfirmationfromtherelevantFPIs,suchMIMBidsshallberejected. TheBidcumApplicationFormwereliabletoberejectediftheaboveinstructions,asapplicable,werenotcomplied with. Application made using incorrect UPI handle or using a bank account of an SCSB or SCSBs which was not mentioned in the Annexure ‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 wereliabletoberejected. Don’ts: 1. DonotBidforlowerthantheminimumBidsize; 2. DonotBidforaBidAmountexceeding₹2,00,000(forBidsbyIBs); 3. DonotpaytheBidAmountincheques,demanddraftsorbycash,moneyorder,postalorderorbystockinvest; 4. DonotsendBidcumApplicationFormsbypost;insteadsubmitthesametotheDesignatedIntermediaryonly; 5. DonotBidatCut-offPrice(forBidsbyQIBsandNon-InstitutionalBidders); 6. DonotinstructyourrespectivebankstoreleasethefundsblockedintheASBAAccountundertheASBA process; 7. DonotsubmittheBidforanamountmorethanfundsavailableinyourASBAaccount. 8. DonotsubmitBidsonplainpaperoronincompleteorillegibleBidcumApplicationFormsoronBidcum ApplicationFormsinacolourprescribedforanothercategoryofaBidder; 9. IncaseofASBABidders,donotsubmitmorethanoneASBAFormsperASBAAccount; 10. IfyouareaIBandareusingUPImechanism,donotsubmitmorethanoneASBAFormforeachUPIID; 11. DonotsubmittheASBAFormstoanyDesignatedIntermediarythatisnotauthorisedtocollecttherelevant ASBAFormsortoourCompany; 29712. DonotBidonaBidcumApplicationFormthatdoesnothavethestampoftherelevantDesignatedIntermediary; 13. DonotsubmittheGeneralIndexRegister(GIR)numberinsteadofthePAN; 14. DonotsubmitincorrectdetailsoftheDPID,ClientID,PANandUPIID,ifapplicable,orprovidedetailsfora beneficiaryaccountwhichissuspendedorforwhichdetailscannotbeverifiedbytheRegistrartotheOffer; 15. DonotsubmitaBidincaseyouarenoteligibletoacquireEquitySharesunderapplicablelaworyourrelevant constitutionaldocumentsorotherwise; 16. DonotBidifyouarenotcompetenttocontractundertheIndianContractAct,1872(otherthanminorshaving validdepositoryaccountsasperDemographicDetailsprovidedbythedepository); 17. DonotsubmitaBid/reviseaBidAmount,withapricelessthantheFloorPriceorhigherthantheCapPrice; 18. DonotsubmitaBidusingUPIID,ifyouarenotaIB; 19. DonotBidonanotherASBAForm,asthecasemaybe,afteryouhavesubmittedaBidtoanyoftheDesignated Intermediaries; 20. DonotBidforEquitySharesinexcessofwhatisspecifiedforeachcategory; 21. DonotfilluptheBidcumApplicationFormsuchthatthenumberofEquitySharesBidfor,exceedstheOffer sizeand/orinvestmentlimitormaximumnumberoftheEquitySharesthatcanbeheldunderapplicablelawsor regulationsormaximumamountpermissibleunderapplicablelawsorregulations,orunderthetermsoftheRed HerringProspectusandthisProspectus; 22. DonotwithdrawyourBidorlowerthesizeofyourBid(intermsofquantityoftheEquitySharesortheBid Amount)atanystage,ifyouareaQIBoraNon-InstitutionalBidder.IBscanreviseorwithdrawtheirBidsonor beforetheBid/OfferClosingDate; 23. DonotsubmitBidstoaDesignatedIntermediaryatalocationotherthantheBiddingCentres; 24. IfyouareanIBwhichissubmittingtheASBAFormwithanyoftheDesignatedIntermediariesandusingyour UPIIDforthepurposeofblockingoffunds,donotuseanythird-partybankaccountorthirdpartylinkedbank accountUPIID; 25. DonotBidifyouareanOCB;and 26. IfyouareaQIB,donotsubmityourBidafter3:00pmontheBid/OfferClosingDate. TheBidcumApplicationFormwereliabletoberejectediftheaboveinstructions,asapplicable,werenotcomplied with. Further, in case of any pre-Offer or post-Offer related issues regarding share certificates/demat credit/refund orders/unblocking etc., investors can reach out to the Company Secretary and Compliance Officer. For details of Company Secretary and Compliance Officer, please see the section entitled “General Information” and “Our Management”beginningonpages71and174,respectively. ForhelplinedetailsoftheBRLMpursuanttotheSEBI/HO.CFD.DIL2/CIR/P/2021/2480/1/MdatedMarch16,2021, pleaseseethesectionentitled“GeneralInformation”beginningonpage71. GROUNDSFORTECHNICALREJECTION InadditiontothegroundsforrejectionofBidsontechnicalgroundsasprovidedintheGeneralInformationDocument, BiddersarerequestedtonotethatBidsmayberejectedonthefollowingadditionaltechnicalgrounds: 1. BidssubmittedwithoutinstructiontotheSCSBstoblocktheentireBidAmount; 2. BidswhichdonotcontaindetailsoftheBidAmountandthebankaccountdetailsintheASBAForm; 2983. Bidssubmittedonaplainpaper; 4. Bids submitted by IBs using the UPI Mechanism through an SCSBs and/or using a mobile application or UPI handle,notlistedonthewebsiteofSEBI; 5. Bids under the UPI Mechanism submitted by IBs using third party bank accounts or using a third party linked bankaccountUPIID(subjecttoavailabilityofinformationregardingthirdpartyaccountfromSponsorBank); 6. ASBAFormsubmittedtoaDesignatedIntermediarydoesnotbearthestampoftheDesignatedIntermediary; 7. BidssubmittedwithoutthesignatureoftheFirstBidderorsoleBidder; 8. TheASBAFormnotbeingsignedbytheaccountholders,iftheaccountholderisdifferentfromtheBidder; 9. BidsbypersonsforwhomPANdetailshavenotbeenverifiedandwhosebeneficiaryaccountsare“suspended forcredit”intermsofSEBIcircularCIR/MRD/DP/22/2010datedJuly29,2010; 10. GIRnumberfurnishedinsteadofPAN; 11. BidsbyIBswithBidAmountofavalueofmorethan₹2,00,000; 12. BidsbypersonswhoarenoteligibletoacquireEquitySharesintermsofallapplicablelaws,rules,regulations, guidelinesandapprovals; 13. Bidsaccompaniedbystockinvest,moneyorder,postalorderorcash;and 14. Bids uploaded by QIBs after 4.00 pm on the QIB Bid/ Offer Closing Date and by Non-Institutional Bidders uploadedafter4.00p.m.ontheBid/OfferClosingDate,andBidsbyIBsuploadedafter5.00p.m.ontheBid/ OfferClosingDate,unlessextendedbytheStockExchange. Further, in case of any pre-Offer or post Offer related issues regarding share certificates/demat credit/refund orders/unblocking etc., investors shall reach out the Company Secretary and Compliance Officer. For details of the CompanySecretaryandComplianceOfficer,see“GeneralInformation”beginningonpage71. In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) exceeding four Working Days from the Bid/ Offer Closing Date, the Bidder shall be compensated at a uniformrateof₹100perdayfortheentiredurationofdelayexceedingfourWorkingDaysfromtheBid/OfferClosing Datebytheintermediaryresponsibleforcausingsuchdelayinunblocking.TheBRLMshall,intheirsolediscretion, identifyandfixtheliabilityonsuchintermediaryorentityresponsibleforsuchdelayinunblocking. Further,InvestorsshallbeentitledtocompensationinthemannerspecifiedintheSEBIMasterCircular,SEBIcircular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 read with SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570datedJune2,2021incaseofdelaysinresolvinginvestorgrievancesinrelation toblocking/unblockingoffunds. SEBI pursuant to its circular bearing reference number SEBI/HO/CFD/TPD1/CIR/P/2023/140 dated August 9, 2023 hadreducedthetimetakenforlistingofspecifiedsecuritiesaftertheclosureofpublicissueto3workingdays(T+3 days)asagainstthepresentrequirementof6workingdays(T+6days);‘T’beingissueclosingdate.Theprovisionsof this circular were applicable, on voluntary basis for public issues opening on or after September 1, 2023 and on mandatory basis for public issues opening on or after December 1, 2023. Our Company shall close this Offer in accordancewiththetimelineprovidedundertheaforementionedcircular.Thetimelinesprescribedforpublicissuesas mentionedinSEBIcircularsdatedNovember1,2018,June28,2019,November8,2019,March30,2020,March16, 2021,June2,2021,andApril20,2022shallstandmodifiedtotheextentstatedinthisCircular. Namesofentitiesresponsibleforfinalizingthebasisofallotmentinafairandpropermanner The authorized employees of the Designated Stock Exchange, along with the BRLM and the Registrar, shall ensure thattheBasisofAllotmentisfinalizedinafairandpropermannerinaccordancewiththeprocedurespecifiedinSEBI ICDRRegulations. 299For details of instructions inrelation to the Bid cum Application Form, Bidders mayrefer tothe relevant section the GID. BIDDERS WERE REQUIRED TO NOTE THAT IN CASE THE PAN, THE DP ID AND CLIENT ID MENTIONED IN THE BID CUM APPLICATION FORM AND ENTERED INTO THE ELECTRONIC APPLICATION SYSTEM OF THE STOCK EXCHANGE BY THE BIDS COLLECTING INTERMEDIARIES DO NOT MATCH WITH PAN, THE DP ID AND CLIENT ID AVAILABLE IN THE DEPOSITORYDATABASE,THEBIDCUMAPPLICATIONFORMWERELIABLETOBEREJECTED. BASISOFALLOCATION a) The SEBI (ICDR) Regulations specify the allocation or Allotment that may be made to various categories of Bidders in an Offer depending on compliance with the eligibility conditions. Certain details pertaining to the percentage of Offer size available for allocation to each category is disclosed overleaf of the Bid cum ApplicationFormandintheRHP.Fordetailsinrelationtoallocation,theBiddermayrefertotheRHPandthis Prospectus. b) Under-subscriptioninanycategory(exceptQIBCategory)isallowedtobemetwithspilloverfromanyother category or combination of categories at the discretion of the Issuer in consultation with the BRLM and the Designated Stock Exchange and in accordance with the SEBI (ICDR) Regulations, Unsubscribed portion in QIBCategoryisnotavailableforsubscriptiontoothercategories. c) IncaseofundersubscriptionintheOffer,spill-overtotheextentofsuchunder-subscriptionmaybepermitted from the Reserved Portion to the Offer. For allocation in the event of an under-subscription applicable to the Issuer,BiddersmayrefertotheRHPandthisProspectus. ALLOTMENTPROCEDUREANDBASISOFALLOTMENT The allotment of EquityShares toBiddersotherthanIndividual Investorsmaybe onproportionatebasis. No IndividualInvestorwillbeallottedlessthantheminimumBidLotsubjecttoavailabilityofsharesinIndividual InvestorCategoryandtheremainingavailableshares,ifanywillbeallottedonaproportionatebasis.TheIssue was100%underwritten. FlowofEventsfromtheclosureofBiddingperiod(TDAY)TillAllotment: • OnTDay,RTAtovalidatetheelectronicbiddetailswiththedepositoryrecordsandalsoreconcilethe finalcertificatesreceivedfromtheSponsorBankforUPIprocessandtheSCSBsforASBAandSyndicate ASBAprocesswiththeelectronicbiddetails • RTAidentifiescaseswithmismatchofaccountnumberasperbidfile/FCandasperapplicant’sbank accountlinkedtodepositorydemataccountandseekclarificationfromSCSBtoidentifytheapplications withthirdpartyaccountforrejection. • ThirdpartyconfirmationofapplicationstobecompletedbySCSBsonT+1day. • RTApreparesthelistoffinalrejectionsandcirculatetherejectionslistwithBRLM(s)/Companyfortheir review/comments. • Postrejection,theRTAsubmitsthebasisofallotmentwiththeDesignatedStockExchange(DSE). • TheDSE,postverificationapprovesthebasisandgeneratesdrawaloflotswhereverapplicable,through arandomnumbergenerationsoftware. • TheRTAuploadsthedrawalnumbersintheirsystemandgeneratesthefinallistofalloteesasperprocess mentionedbelow. ProcessforgeneratinglistofAllottees: • InstructionisgivenbyRTAintheirSoftwareSystemtoreversecategorywisealltheapplicationnumbers in the ascending order and generate the bucket /batch as per the allotment ratio. For example, if the application number is 78654321 then system reverses it to 12345687 and if the ratio of allottees to 300applicants in a category is 2:7 then the system will create lots of 7. If the drawal of lots provided by DesignatedStockExchange(DSE)is3and5thenthesystemwillpickevery3rdand5thapplicationin eachofthelotofthecategoryandtheseapplicationswillbeallottedthesharesinthatcategory. • Incategorieswherethereisproportionateallotment,theRegistrarwillpreparetheproportionateworking basedontheoversubscriptiontimes. • In categories where there is undersubscription, the Registrar will do full allotment for all valid applications. On the basis of the above, the RTA will work out the allotees, partial allotees and non- allottees, prepare the fund transferlettersandadvicetheSCSBstodebitorunblocktherespectiveaccounts. BASISOFALLOTMENT a. ForIndividualInvestors BidsreceivedfromtheIndividualInvestorsatorabovetheOfferPriceshallbegroupedtogethertodetermine thetotaldemandunderthiscategory.TheAllotmenttoallthesuccessfulIndividual Investorswillbemadeat theOfferPrice. TheOffersizelessAllotmenttoNon-InstitutionalandQIBBidderswereavailableforallotmenttoIndividual Investors whohaveBidintheOfferatapricethatisequaltoor greater thanthe OfferPrice. Ifthe aggregate demandinthiscategoryislessthanorequalto9,64,800EquitySharesoffacevalueof₹10eachatorabove theOfferPrice,fullAllotmentshallbemadetotheIndividualInvestorstotheextentoftheirvalidBids. Iftheaggregatedemandinthiscategoryisgreaterthan9,64,800EquitySharesoffacevalueof₹10eachator abovetheOfferPrice,theAllotmentshallbemadeonaproportionatebasisuptoaminimumof1,200Equity Sharesoffacevalueof₹10eachandinmultiplesof1,200EquitySharesoffacevalueof₹10eachthereafter. ForthemethodofproportionateBasisofAllotment,referbelow. b. ForNon-InstitutionalBidders BidsreceivedfromNon-InstitutionalBiddersatorabovetheOfferPriceshallbegroupedtogethertodetermine thetotaldemandunderthiscategory.TheAllotmenttoallsuccessfulNon-InstitutionalBidderswillbemadeat theOfferPrice. TheOffersizelessAllotmenttoQIBsandIndividualInvestorswasavailableforallotmenttoNon-Institutional Bidders who have Bid in the Offer at a price that is equal to or greater than the Offer Price. If the aggregate demandinthiscategoryislessthanorequalto4,21,200EquitySharesoffacevalueof₹10eachatorabove theOfferPrice,fullallotmentshallbemadetoNon-InstitutionalBidderstotheextentoftheirdemand. Incasetheaggregatedemandinthiscategoryisgreaterthan4,21,200EquitySharesoffacevalueof₹10each atorabovetheOfferPrice,Allotmentshallbemadeonaproportionatebasisuptoaminimumof1,200Equity Sharesoffacevalueof₹10eachandinmultiplesof1,200EquitySharesoffacevalueof₹10eachthereafter. ForthemethodofproportionateBasisofAllotmentreferbelow. c. AllotmentToAnchorInvestor(IfApplicable) a) AllocationofEquitySharestoAnchorInvestorsattheAnchorInvestorAllocationPricewasatthediscretion oftheIssuerinconsultationwiththeBRLM,subjecttocompliancewiththefollowingrequirements: i. notmorethan60%oftheQIBPortionwillbeallocatedtoAnchorInvestors; ii. one-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the price at which allocation is being done to other AnchorInvestors;and iii. allocationtoAnchorInvestorsshallbeonadiscretionarybasisandsubjectto: 301• maximumnumberoftwoAnchorInvestorsforallocationupto₹2crores;aminimumnumberoftwoAnchor Investorsandmaximumnumberof15AnchorInvestorsforallocationofmorethan₹2croresandupto₹ 25croressubjecttominimumallotmentof₹1crorespersuchAnchorInvestor;and • incaseofallocationabovetwenty-fivecrorerupees;aminimumof5suchinvestorsandamaximumof15 such investors for allocation up to twenty-five crore rupees and an additional 10 such investors for every additional twenty-five crore rupees or part thereof, shall be permitted, subject to a minimum allotment of onecrorerupeespersuchinvestor. d. ForQIBs BidsreceivedfromQIBsBiddingintheQIBCategoryatorabovetheOfferPricemaybegroupedtogetherto determinethetotaldemandunderthiscategory.TheQIBCategorymaybeavailableforAllotmenttoQIBswho haveBidatapricethatisequaltoorgreaterthantheOfferPrice.Allotmentmaybeundertakeninthefollowing manner:Allotmentshallbeundertakeninthefollowingmanner: i. Inthefirstinstance,allocationtoMutualFundsfor5%oftheQIBPortionshallbedeterminedasfollows: • IntheeventthatBidsbyMutualFundexceeds5%oftheQIBPortion,allocationtoMutualFundsshallbe doneonaproportionatebasisfor5%oftheQIBPortion. • In the event that the aggregate demand from Mutual Funds is less than 5% of the QIB Portion then all MutualFundsshallgetfullAllotmenttotheextentofvalidBidsreceivedabovetheOfferPrice. • EquitySharesremainingunsubscribed,ifany,notallocatedtoMutualFundsshallbeavailableforAllotment toallQIBBiddersassetoutin(b)below; ii. Inthesecondinstance,allotmenttoallQIBsshallbedeterminedasfollows: • In the event of oversubscription in the QIB Portion, all QIB Bidders who have submitted Bids above the OfferPriceshallbeallottedEquitySharesonaproportionatebasis,uptoaminimumof1,200EquityShares offacevalueof₹10eachandinmultiplesof1,200EquitySharesoffacevalueof₹10eachthereafterfor 60%oftheQIBPortion. • MutualFunds,whohavereceivedallocationasper(a)above,forlessthanthenumberofEquitySharesBid forbythem,areeligibletoreceiveEquitySharesonaproportionatebasis,uptoaminimumof1,200Equity Sharesoffacevalueof₹10eachandinmultiplesof1,200EquitySharesoffacevalueof₹10eachthereafter, alongwithotherQIBBidders. • Under-subscription below 5% of the QIB Portion, if any, from Mutual Funds, would be included for allocationtotheremainingQIBBiddersonaproportionatebasis.TheaggregateAllotmenttoQIBBidders shallnotbemorethan13,70,400EquitySharesoffacevalueof₹10each. iii. BasisofAllotmentforQIBsandNIIsincaseofOverSubscribedOffer: IntheeventoftheOfferbeingOver-Subscribed,theIssuermayfinalisetheBasisofAllotmentinconsultation withtheNationalStockExchangeofIndiaLimitedEmerge(TheDesignatedStockExchange).Theallocation maybemadeinmarketablelotsonproportionatebasisassetforthhereunder: a) ThetotalnumberofSharestobeallocatedtoeachcategoryasawholeshallbearrivedatonaproportionate basis i.e. the total number of Shares applied for in that category multiplied by the inverse of the oversubscriptionratio(numberofBiddersinthecategorymultipliedbynumberofSharesappliedfor). b) ThenumberofSharestobeallocatedtothe successfulBidderswillbearrivedatonaproportionate basisIn marketablelots(i.e.TotalnumberofSharesappliedforintotheinverseoftheoversubscriptionratio). c) ForBidswheretheproportionateallotmentworksouttolessthan1,200EquitySharesoffacevalueof₹10 eachtheallotmentwillbemadeasfollows: • EachsuccessfulBiddershallbeallotted1,200EquitySharesoffacevalueof₹10each;and 302• The successful Bidderout ofthetotal biddersforthat category shall bedeterminedbydrawoflotsinsucha mannerthatthetotalnumberofSharesallottedinthatcategoryisequaltothenumberofSharesworkedoutas per(b)above. d) IftheproportionateallotmenttoaBidderworksouttoanumberthatisnotamultipleof1,200EquityShares of face value of ₹ 10 each, the Bidder would be allotted Shares by rounding off to the nearest multiple of 1,200EquitySharesoffacevalueof₹10eachsubjecttoaminimumallotmentof1,200EquitySharesofface valueof₹10each. e) IftheSharesallottedonaproportionatebasistoanycategoryismorethantheSharesallottedtotheBidders inthatcategory,thebalanceavailableSharesorallocationshallbefirstadjustedagainstanycategory,where theallottedSharesarenotsufficientforproportionateallotmenttothesuccessfulBidderinthatcategory,the balance shares, if any, remaining after such adjustment will be added to the category comprising Bidder applyingfortheminimumnumberofShares.Ifasaresultoftheprocessofroundingofftothenearestmultiple of1,200EquitySharesoffacevalueof₹10each,resultsintheactualallotmentbeinghigherthantheshares offered,thefinalallotmentmaybehigheratthesolediscretionoftheBoardofDirectors,upto110%ofthe sizeoftheOfferspecifiedundertheCapitalStructurementionedintheProspectus. Individual Investor means an investor who applies for shares of value of not more than ₹ 2,00,000/. Investors may note that in case of over subscription, allotment shall be on proportionate basis and will be finalized in consultationwithNationalStockExchangeofIndiaLimited. TheExecutiveDirector/ManagingDirectorofNationalStockExchangeofIndiaLimited–theDesignatedStock ExchangeinadditiontoBook RunningLeadManagerandRegistrartothePublicOffershallberesponsibleto ensurethatthebasisofallotmentisfinalizedinafairandpropermannerinaccordancewiththeSEBI(ICDR) Regulations. FlowofEventsfromtheclosureofBiddingperiod(TDAY)TillAllotment: • OnTDay,RTAtovalidatetheelectronicbiddetailswiththedepositoryrecordsandalsoreconcilethefinal certificates received from the Sponsor Bank for UPI process and the SCSBs for ASBA process with the electronicbiddetails • RTA identifies cases with mismatch of account number as per bid file / FC and as per applicant’s bank account linked to depository demat account and seek clarification from SCSB to identify the applications withthirdpartyaccountforrejection. • ThirdpartyconfirmationofapplicationstobecompletedbySCSBsonT+1day. • RTA prepares the list of final rejections and circulate the rejections list with BRLM/ Company for their review/comments. • Postrejection,theRTAsubmitsthebasisofallotmentwiththeDesignatedStockExchange(DSE). • The DSE, post verification approves the basis and generates draw of lots wherever applicable, through a randomnumbergenerationsoftware. • The RTA uploads the draw numbers in their system and generates the final list of allotees as per process mentionedbelow. ProcessforgeneratinglistofAllottees: • InstructionisgivenbyRTAintheirSoftwareSystemtoreversecategorywisealltheapplicationnumbers in the ascending order and generate the bucket /batch as per the allotment ratio. For example, if the applicationnumberis78654321thensystemreversesitto12345687andiftheratioofallotteestoapplicants inacategoryis2:7thenthesystemwillcreatelotsof7.IfthedrawaloflotsprovidedbyDesignatedStock Exchange(DSE)is3and5thenthesystemwillpickevery3rdand5thapplicationineachofthelotofthe categoryandtheseapplicationswillbeallottedthesharesinthatcategory. 303• In categories where there is proportionate allotment, the Registrar will prepare the proportionate working basedontheoversubscriptiontimes. • Incategorieswherethereisundersubscription,theRegistrarwilldofullallotmentforallvalidapplications. • Onthebasisoftheabove,theRTAwillworkouttheallotees,partialalloteesandnon-allottees,preparethe fundtransferlettersandadvicetheSCSBstodebitorunblocktherespectiveaccounts. IssuanceofAllotmentAdvice 1) UponapprovaloftheBasisofAllotmentbytheDesignatedStockExchange. 2) OnthebasisofapprovedBasisofAllotment,theIssuershallpassnecessarycorporateactiontofacilitatethe allotmentandcreditofequityshares.BiddersareadvisedtoinstructtheirDepositoryParticipantstoacceptthe EquitySharesthatmaybeallottedtothempursuanttotheOffer. The Book Running Lead Manager or the Registrar to the Offer will dispatch an Allotment Advice to their BidderswhohavebeenallocatedEquitySharesintheOffer.ThedispatchofAllotmentAdviceshallbedeemed valid,bindingandirrevocablecontractfortheAllotmenttosuchBidder. 3) Issuer will make the allotment of the Equity Shares and initiate corporate action for credit of shares to the successfulBiddersDepositoryAccountwithin4workingdaysoftheOfferClosingdate.TheIssueralsoensures that credit of shares to the successful Bidders Depository Account is completed within one working Day from thedateofallotment,afterthefundsaretransferredfromASBAPublicOfferAccounttoPublicOfferaccount oftheissuer. DesignatedDate: OntheDesignateddate,theSCSBsshalltransferthefundsrepresentedbyallocationsoftheEquitySharesinto PublicOfferAccountwiththeBankerstotheOffer. TheCompanywillOfferanddispatchlettersofallotment/orlettersofregretalongwithrefundorderorcredit theallottedsecuritiestotherespectivebeneficiaryaccounts,ifany,withinaperiodof4workingdaysoftheBid/ OfferClosingDate.TheCompanywillintimatethedetailsofallotmentofsecuritiestoDepositoryimmediately onallotmentofsecuritiesunderrelevantprovisionsoftheCompaniesAct,2013orotherapplicableprovisions, ifany. InstructionsforCompletingtheBidCumApplicationForm TheApplicationswererequiredtobesubmittedontheprescribedBidCumApplicationFormandinBLOCK LETTERS in ENGLISH only in accordance with the instructions contained herein and in the Bid Cum ApplicationForm.Applicationsnotsomadewereliabletoberejected.Applicationsmadeusingathird-party bankaccountorusingthirdpartyUPIIDlinkedbankaccountwereliabletoberejected.BidCumApplication Forms was required to bear the stamp of the Designated Intermediaries. ASBA Bid Cum Application Forms, whichdidnotbearthestampoftheDesignatedIntermediaries,werelaibletoberejected. SEBI,videCircularNo.CIR/CFD/14/2012datedOctober04,2012hasintroducedanadditionalmechanismfor investors to submit Bid Cum Application Forms in public issues using the stock broker (broker) network of StockExchanges,whomaynotbesyndicatemembersinanOfferwitheffectfromJanuary01,2013.Thelistof BrokerCentreisavailableonthewebsiteofNationalStockExchangeofIndiaLimitedi.e.www.nseindia.com. With a view to broad base the reach of Investors by substantial, enhancing the points for submission of applications,SEBIvideCircularNo.CIR/CFD/POLICYCELL/11/2015datedNovember10,2015haspermitted Registrar to the Offer and Share Transfer Agent and Depository Participants registered with SEBI to accept the BidCum ApplicationForms inPublic Offer with effect from January 01, 2016. The List of RTA and DPs centresforcollectingtheapplicationshallbedisclosedisavailableonthewebsiteof NationalStockExchange ofIndiaLimitedi.e.www.nseindia.com Bidder’sDepositoryAccountandBankDetails 304Pleasenotethat,providingbankaccountdetails,PANNo’s,ClientIDandDPIDinthespaceprovidedinthe BidCumApplicationFormwasmandatoryandapplicationsthatdidnotcontainsuchdetailswereliabletobe rejected. Bidders were required to note that on the basis of name of the Bidders, Depository Participant’s name, Depository Participant Identification number and Beneficiary Account Number provided by them in the Bid Cum Application Form as entered into the Stock Exchange online system, the Registrar to the Offer will obtainedfromtheDepository,thedemographicdetailsincludingaddress,Biddersbankaccountdetails,MICR codeandoccupation(hereinafterreferredtoas ‘DemographicDetails’). TheseDemographicDetailswouldbe used for all correspondence with the Bidders including mailing of the Allotment Advice. The Demographic Details given by Bidders in the Bid Cum Application Form would not be used for any other purpose by the RegistrartotheOffer. BysigningtheBidCumApplicationForm,theBidderwouldbedeemedtohaveauthorizedthedepositoriesto provide, upon request, to the Registrar to the Offer, the required Demographic Details as available on its records. SubmissionofBidCumApplicationForm AllBidCumApplicationFormsdulycompletedwererequiredtobesubmittedtotheDesignatedIntermediaries. The aforesaid intermediaries shall, at the time of receipt of application, give an acknowledgement to investor, bygivingthecounterfoilorspecifyingtheapplicationnumbertotheinvestor,asaproofofhavingacceptedthe BidCumApplicationForm,inphysicalorelectronicmode,respectively. Communications All future communications in connection with Applications made in this Offer should be addressed to the Registrar to the Offer quoting the full name of the sole or First Bidder, Bid Cum Application Form number, BiddersDepositoryAccountDetails,numberofEquitySharesappliedfor,dateofBidCumApplicationForm, nameandaddressoftheDesignatedIntermediarywheretheApplicationwassubmittedthereofandacopyof theacknowledgementslip. InvestorscancontacttheComplianceOfficerortheRegistrartotheOfferincaseofanypre-OfferorpostOffer relatedproblemssuchasnon-receiptoflettersofallotment,creditofallottedsharesintherespectivebeneficiary accounts,etc. DisposalofApplicationandApplicationMoneysandInterestinCaseofDelay The Company shall ensure the dispatch of Allotment advice and give benefit to the beneficiary account with DepositoryParticipantsandsubmitthedocumentspertainingtotheAllotmenttotheStockExchangewithin2 (two)workingdaysofdateofAllotmentofEquityShares. TheCompanyshallusebesteffortstoensurethatallstepsforcompletionofthenecessaryformalitiesforlisting and commencement of trading at NSE Emerge where the Equity Shares are proposed to be listed are taken within6(Six)workingdaysfromOfferClosingDate. InaccordancewiththeCompaniesAct,therequirementsoftheStockExchangeandtheSEBIRegulations,the Companyfurtherundertakesthat: 1. AllotmentandListingofEquitySharesshallbemadewithinthree(03)daysoftheOfferClosingDate; 2. GivingofInstructionsforrefundbyunblockingofamountviaASBAnotlaterthan4(four)workingdaysofthe OfferClosingDate,wouldbeensured;and 3. IfsuchmoneyisnotrepaidwithinprescribedtimefromthedateourCompanybecomesliabletorepayit,then ourCompanyandeveryofficerindefaultshall,onandfromexpiryofprescribedtime,beliabletorepaysuch application money, with interest as prescribed under SEBI (ICDR) Regulations, the Companies Act, 2013 and applicable law. Further, in accordance with Section 40 of the Companies Act, 2013, the Company and each officerindefaultmaybepunishablewithfineand/orimprisonmentinsuchacase. 305SEBIpursuanttoitscircularbearingreferencenumberSEBI/HO/CFD/TPD1/CIR/P/2023/140datedAugust9, 2023hadreducedthetimetakenforlistingofspecifiedsecuritiesaftertheclosureofpublicissueto3working days(T+3days)asagainstthepresentrequirementof6workingdays(T+6days);‘T’beingissueclosingdate. OurCompanyshallclosethisOfferinaccordancewiththetimelineprovidedundertheaforementionedcircular. BASISOFALLOTMENT AllotmentwillbemadeinconsultationNationalStockExchangeofIndiaLimited(TheDesignatedStockExchange). In the event of oversubscription, the allotment will be made on a proportionate basis in marketable lots as set forth here: 1. ThetotalnumberofSharestobeallocatedtoeachcategoryasawholeshallbearrivedatonaproportionatebasis i.e.thetotalnumberofSharesappliedforinthatcategorymultipliedbytheinverseoftheoversubscriptionratio (numberofapplicantsinthecategoryxnumberofSharesappliedfor). 2. ThenumberofSharestobeallocatedtothesuccessfulapplicantswillbearrivedatonaproportionatebasisin marketablelots(i.e.TotalnumberofSharesappliedforintotheinverseoftheoversubscriptionratio). 3. Forapplicationswheretheproportionateallotmentworksouttolessthan 1,200x2EquitySharesoffacevalue of₹10eachtheallotmentwillbemadeasfollows: i. Eachsuccessfulapplicantshallbeallotted1,200x2EquitySharesoffacevalueof₹10each;and ii. Thesuccessfulapplicantsoutofthetotalapplicantsforthatcategoryshallbedeterminedbythedrawlof lots in such a manner that the total number of Shares allotted in that category is equal to the number of Sharesworkedoutasper(2)above. 4. Iftheproportionateallotmenttoanapplicantworksouttoanumberthatisnotamultipleof1,200EquityShares offacevalueof₹10each,theapplicantwouldbeallottedSharesbyroundingofftothelowernearestmultiple of1,200EquitySharesoffacevalueof₹10eachsubjecttoaminimumallotmentof1,200EquitySharesofface valueof₹10each. 5. IftheSharesallocatedonaproportionatebasistoanycategoryismorethantheSharesallottedtotheapplicants in that category, the balance available Shares for allocation shall be first adjusted against any category, where theallottedSharesarenotsufficientforproportionateallotmenttothesuccessfulapplicantsinthatcategory,the balanceShares,ifany,remainingaftersuchadjustmentwillbeaddedtothecategorycomprisingofapplicants applyingfortheminimumnumberofShares. BASISOFALLOTMENTINTHEEVENTOFUNDERSUBSCRIPTION IntheeventofundersubscriptionintheOffer,theobligationsoftheUnderwritersshallgettriggeredintermsofthe Underwriting Agreement. The Minimum subscription of 100.00% of the Offer size shall be achieved before our company proceeds to get the basis of allotment approved by the Designated Stock Exchange. The Executive Director/Managing Director of the National Stock Exchange of India Limited – the Designated Stock Exchange in addition to Book Running Lead Manager and Registrar to the Offer shall be responsible to ensure that the basis of allotmentisfinalizedinafairandpropermannerinaccordancewiththeSEBI(ICDR)Regulations,2018. AspertheRBIregulations,OCBsarenotpermittedtoparticipateintheOffer.ThereisnoreservationforNon- Residents,NRIs,FPIsandforeignventurecapitalfundsandallNon-Residents,NRI,FPIandForeignVenture CapitalFundsapplicantswillbetreatedonthesamebasiswithothercategoriesforthepurposeofallocation. EquitySharesinDematerialisedFormwithNSDL/CDSL ToenableallshareholdersoftheCompanytohavetheirshareholdinginelectronicform,theCompanyisinprocessof enteredintofollowingtripartiteagreementswiththeDepositoriesandtheRegistrarandShareTransferAgent: a) We have entered into a tripartite agreement between NSDL, the Company and the Registrar to the Offer on August09,2024. 306b) We have entered into a tripartite agreement between CDSL, the Company and the Registrar to the Offer on August22,2024. c) TheCompany’sEquitysharesbearanISINNo.INE10VS01016. An Applicant applying for Equity Shares was required to have at least one beneficiary account with either of the DepositoryParticipantsofeitherNSDLorCDSLpriortomakingtheApplication. • The Applicant was required to necessarily fill in the details (including the Beneficiary Account Number and DepositoryParticipant’sidentificationnumber)appearingintheApplicationFormorRevisionForm. • AllotmenttoasuccessfulApplicantwillbecreditedinelectronicformdirectlytothebeneficiaryaccount(with theDepositoryParticipant)oftheApplicant. • NamesintheApplicationFormorRevisionFormwasrequiredtobeidenticaltothoseappearingintheaccount detailsintheDepository.Incaseofjointholders,thenameswerenecessarilyrequiredtobeinthesamesequence astheyappearedintheaccountdetailsintheDepository. • Ifincompleteorincorrectdetailsweregivenundertheheading‘ApplicantsDepositoryAccountDetails’inthe ApplicationFormorRevisionForm,itwasliabletoberejected. • The Applicant was responsible for the correctness of his or her Demographic Details given in the Application FormvisàvisthosewithhisorherDepositoryParticipant. • EquitySharesinelectronicformcanbetradedonlyonthestockexchangeshavingelectronicconnectivitywith NSDL and CDSL. The Stock Exchange where our Equity Shares are proposed to be listed has electronic connectivitywithCDSLandNSDL. • The allotment and trading of the Equity Shares of the Company would be in dematerialized form only for all investors. PRE-OFFERADVERTISEMENT SubjecttoSection30oftheCompaniesAct,2013,ourCompanyhad,afterfilingtheRedHerringProspectuswiththe RoC,publishedaPre-Offeradvertisement,intheformprescribedbytheSEBIICDRRegulations,in:(alleditionsof FinancialExpress(awidelycirculatedEnglishnationaldailynewspaper),alleditionsofJansatta(awidelycirculated Hindinationaldaily newspaper) and regional editions of the Hindi Daily newspaper, Chaitanya Lok (Hindi being the regionallanguageofMadhyaPradeshwhereourRegisteredOfficeislocated). In the Pre-Offer advertisement, we disclosed the Bid/Offer Opening Date and the Bid/Offer Closing Date. The advertisement,subjecttotheprovisionsofSection30oftheCompaniesAct,2013,wasintheformatprescribedinPart AofScheduleXoftheSEBIICDRRegulations. SIGNINGOFTHEUNDERWRITINGAGREEMENTANDTHEROCFILING a) OurCompanyandtheUnderwriterhaveenteredintoanUnderwritingAgreement. b) After signing the Underwriting Agreement, an updated Red Herring Prospectus was filed with the RoC in accordancewithapplicablelaw. IMPERSONATION Attention of the applicants is specifically drawn to the provisions of sub-section (1) of Section 38 of the Companies Act,whichisreproducedbelow: “Anypersonwho: I. makesorabetsmakingofanapplicationinafictitiousnametoacompanyforacquiring,orsubscribingfor,its securities;or 307II. makesorabetsmakingofmultipleapplicationstoacompanyindifferentnamesorindifferentcombinationsof hisnameorsurnameforacquiringorsubscribingforitssecurities;or III. otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him, or to anyotherpersoninafictitiousname,shallbeliableforactionunderSection447.” TheliabilityprescribedunderSection447oftheCompaniesAct,forfraudinvolvinganamountofatleast₹10Lakhs or1.00%oftheturnoveroftheCompany,whicheverislower,includesimprisonmentforatermwhichshallnotbeless thansixmonthsextendingupto10yearsandfineofanamountnotlessthantheamountinvolvedinthefraud,extending uptothreetimessuchamount(providedthatwherethefraudinvolvespublicinterest,suchtermshallnotbelessthan three years.) Further, where the fraud involves an amount less than ₹ 10 lakhs or one per cent of the turnover of the company,whicheverislower,anddoesnotinvolvepublicinterest,anypersonguiltyofsuchfraudshallbepunishable withimprisonmentforatermwhichmayextendtofiveyearsorwithfinewhichmayextendto₹50Lakhorwithboth. UNDERTAKINGSBYOURCOMPANY OurCompanyundertakesthefollowing: • adequatearrangementsshallbemadetocollectallBidcumApplicationFormssubmittedbyBidders; • thecomplaintsreceivedinrespectoftheOffershallbeattendedtobyourCompanyexpeditiouslyandsatisfactorily; • all steps for completion of the necessary formalities for listing and commencement of trading at all the Stock ExchangewheretheEquitySharesareproposedtobelistedshallbetakenwithinsixWorkingDaysoftheBid/Offer ClosingDateorsuchothertimeasmaybeprescribedbytheSEBIorunderanyapplicablelaw; • if Allotment is not made within the prescribed time period under applicable law, the entire Bid amount received will berefunded/unblockedwithinthetimeprescribedunderapplicablelaw,failingwhichinterestwillbedueto bepaidtotheBiddersattherateprescribedunderapplicablelawforthedelayedperiod; • the funds required for making refunds (to the extent applicable) to unsuccessful Bidders as per the mode(s) disclosedshallbemadeavailabletotheRegistrartotheOfferbyourCompany; • where refunds(totheextent applicable) aremade throughelectronictransferof funds, a suitable communication shallbesenttotheBidderwithinthetimeprescribedunderapplicablelaw,givingdetailsofthebankwhererefunds shallbecreditedalongwithamountandexpecteddateofelectroniccreditofrefund; • nofurtherOfferoftheEquitySharesshallbemadeuntiltheEquitySharesofferedthroughtheProspectusarelisted oruntiltheBidmoniesareunblockedinASBAAccount/refundedonaccountofnon-listing,under-subscription, etc. • ourCompany andtheSellingShareholders,inconsultationwiththeBRLM,reservestherightnottoproceedwith theFreshIssue,inwholeorinpartthereof,totheextentoftheOfferedShares,aftertheBid/OfferOpeningDate butbeforetheAllotment.Insuchanevent,ourCompanywouldissueapublicnoticeinthenewspapersinwhich thepre-Offeradvertisementswerepublished,withintwodaysoftheBid/OfferClosingDateorsuchothertimeas may be prescribed by the SEBI, providing reasons for not proceeding with the Offer and inform the Stock ExchangespromptlyonwhichtheEquitySharesareproposedtobelisted;and • ifourCompany andtheSellingShareholders,inconsultationwiththeBRLMwithdrawstheOfferaftertheBid/ OfferClosingDateandthereafterdeterminesthatitwillproceedwithanissueoftheEquityShares,ourCompany shallfileafreshDraftRedHerringProspectuswiththeSEBI. UndertakingsbytheSellingShareholders Onlystatementsandundertakingswhicharespecifically“confirmed”or“undertaken”bytheSellingShareholdersin this Prospectus shall be deemed to be “Statements and Undertakings made by the Selling Shareholders”. All other statementsand/orundertakingsinthisProspectusshallbestatementsandundertakingsmadebyourCompanyevenif thesamerelatestotheSellingShareholders.EachoftheSellingShareholdersspecificallyconfirmsandundertakesthe followinginrespectofhimselfandtheEquitySharesbeingofferedbyhimpursuanttotheOfferforSale: 308• The portion of the offered Shares shall be transferred in the Offer free and clear of any pre-emptive rights, liens, mortgages, charges, pledges, trusts or any other encumbrance or transfer restrictions, both present and future, in a mannerprescribedunderApplicableLawinrelationtotheOffer,andwithoutanyobjectionbyitandinaccordance withtheinstructionsoftheRegistrartotheOffer. • They shall not offer, lend, pledge, charge, transfer or otherwise encumber, sell, dispose off any of their respective OfferedSharesbeingofferedpursuanttotheOfferuntilsuchtimethatthelock-in(ifapplicable)remainseffective saveandexceptasmaybepermittedundertheSEBIICDRRegulations; • TheportionoftheOfferedShareshavebeenheldbytheSellingShareholdersforaminimumperiodofoneyearprior tothedateoffilingtheRedHerringProspectus,suchperioddeterminedinaccordancewithRegulation26(6)ofthe SEBIICDRRegulations. • TheyarethelegalandbeneficialownerandhavefulltitleoftheirrespectiveportionoftheOfferedShares. • That they shall provide all reasonable co-operation as requested by our Company and the Book Running Lead ManagerinrelationtothecompletionoftheAllotmentanddispatchoftheAllotmentAdviceandCAN,ifrequired, andrefundorders(asapplicable)totherequisiteextentoftheirportionoftheOfferedShares. • They will not have recourse to the proceeds of the Offer for Sale, until approval for final listing and trading of the EquitySharesisreceivedfromtheStockExchanges. • TheywilldeposittheirrespectiveportionoftheOfferedSharesinanescrowaccountopenedwiththeShareEscrow AgentpriortofilingoftheProspectuswiththeRoC. • Theyshallnotofferanyincentive,whetherdirectorindirect,inanymanner,whetherincashorkindorservicesor otherwise,toanypersonformakinganApplicationintheOffer,andshallnotmakeanypayment,whetherdirector indirect, whether in the nature of discounts, commission, allowance or otherwise, to any person who makes an ApplicationintheOffer,exceptaspermittedunderapplicablelaw; • That they will provide such reasonable support and extend such reasonable cooperation as may be required by our Company and the Book Running Lead Manager in redressal of such investor grievances that pertain to the Equity SharesheldbyhimandbeingofferedpursuanttotheOffer. The Selling Shareholders have authorized the Company Secretary and Compliance Officer of our Company and the RegistrartotheOffertoredressanycomplaintsreceivedfromApplicantsinrespectoftheOfferforSale UTILIZATIONOFOFFERPROCEEDS OurBoardcertifiesthat: • allmoniesreceivedoutoftheFreshIssueshallbecredited/transferredtoaseparatebankaccountotherthanthe bankaccountreferredtoinsub-section(3)ofSection40oftheCompaniesAct,2013; • detailsofallmoniesutilizedoutoftheFreshIssueshallbedisclosed,andcontinuetobedisclosedtillthetime anypartoftheOfferproceedsremainsunutilized,underanappropriateheadinthebalancesheetofourCompany indicatingthepurposeforwhichsuchmonieshavebeenutilized;and • details of all unutilized monies out of the Fresh Issue, if any shall be disclosed under an appropriate separate headinthebalancesheetindicatingtheforminwhichsuchunutilizedmonieshavebeeninvested. 309RESTRICTIONSONFOREIGNOWNERSHIPOFINDIANSECURITIES ForeigninvestmentinIndiansecuritiesisregulatedthroughtheIndustrialPolicy,1991oftheGovernmentofIndiaand ForeignExchangeManagementAct,1999(“FEMA”).WhiletheIndustrialPolicy,1991prescribesthelimitsandthe conditionssubjecttowhichforeigninvestmentcanbemadeindifferentsectorsoftheIndianeconomy,FEMAregulates theprecisemannerinwhichsuchinvestmentmaybemade.UndertheIndustrialPolicy,unlessspecificallyrestricted, foreigninvestmentisfreelypermittedinallsectorsofIndianeconomyuptoanyextentandwithoutanypriorapprovals, but the foreign investor is required to follow certain prescribed procedures for making such investment. The governmentbodiesresponsibleforgrantingforeigninvestmentapprovalsaretheReserveBankofIndia(“RBI”)and DepartmentofIndustrialPolicyandPromotion,MinistryofCommerceandIndustry,GovernmentofIndia(“DIPP”). TheGovernmentofIndia,fromtimetotime,hasmadepolicypronouncementsonForeignDirectInvestment(“FDI”) throughpressnotesandpressreleases.TheDepartmentofIndustrialPolicyandPromotion,MinistryofCommerceand Industry, Government of India (“DIPP”), has issued consolidated FDI Policy Circular of 2017(“FDI Policy 2017”), which with effect from August 28, 2017, consolidates and supersedes all previous press notes, press releases and clarificationsonFDIPolicyissuedbytheDIPPthatwereinforce.TheGovernmentproposestoupdatetheconsolidated circularonFDIpolicyonceeveryyearandtherefore,FDIPolicy2017willbevaliduntiltheDIPPissuesanupdated circular. The RBI also issues Master Circular on Foreign Investment in India every year. Presently, FDI in India is beinggovernedbyMasterCircularonForeignInvestmentdatedJuly01,2015asupdatedfromtimetotimebyRBI. In terms of the Master Circular, an Indian company may issue fresh shares to people resident outside India (who is eligibletomakeinvestmentsinIndia,forwhicheligibilitycriteriaareasprescribed).Suchfreshissueofsharesshall besubjecttointer-alia,thepricingguidelinesprescribedundertheMasterCircular.TheIndiancompanymakingsuch freshissueofshareswouldbesubjecttothereportingrequirements,inter-aliawithrespecttoconsiderationforissue ofsharesandalsosubjecttomakingcertainfilingsincludingfilingofFormFC-GPR. Under the current FDI Policy of 2017, foreign direct investment in micro and small enterprises is subject to sectoral caps,entryroutesandothersectoralregulations.Atpresent100%foreigndirectinvestmentthroughautomaticroute is permitted in the sector in which our Company operates. Therefore applicable foreign investment up to 100% is permittedinourcompanyunderautomaticroute. IncaseofinvestmentinsectorsthroughGovernmentRouteapprovalfromcompetentauthorityasmentionedinChapter 4 ofthe FDI Policy 2017 hastobeobtainedby the Company. The transfer ofsharesbetweenanIndian resident toa non-residentdoesnotrequirethepriorapprovaloftheRBI,subjecttofulfilmentofcertainconditionsasspecifiedby DIPP/RBI,fromtimetotime.Suchconditionsinclude:(i)wherethetransferofsharesrequiresthepriorapprovalof the Government as per the extant FDI policy provided that: a) the requisite approval of the Government has been obtained;andb)thetransferofsharesadhereswiththepricingguidelinesanddocumentationrequirementsasspecified by the Reserve Bank of India from time to time.; (ii) where the transfer of shares attract SEBI (SAST) Regulations subjecttotheadherencewiththepricingguidelinesanddocumentationrequirementsasspecifiedbyreserveBankof Indiafromtimetotime.;(iii)wherethetransferofsharesdoesnotmeetthepricingguidelinesundertheFEMA,1999 provided that: a) The resultant FDI is in compliance with the extant FDI policy and FEMA regulations in terms of sectoral caps, conditionalities (such as minimum capitalization, etc.), reporting requirements, documentation etc.; b) Thepricingforthetransactioniscompliantwiththespecific/explicit,extantandrelevantSEBIregulations/guidelines (suchasIPO,Bookbuilding,blockdeals,delisting,exit,openoffer/substantialacquisition/SEBISAST);andChartered AccountantsCertificatetotheeffectthatcompliancewiththerelevantSEBIregulations/guidelinesasindicatedabove is attached to the form FC-TRS to be filed with the AD bank and iv) where the investee company is in the financial sector provided that: a) Any ‘fit and proper/due diligence’ requirements as regards the non-resident investor as stipulated by the respective financial sector regulator, from time to time, have been complied with; and b) The FDI policyandFEMAregulationsintermsofsectoralcaps,conditionalities(suchasminimumcapitalization,pricing,etc.), reportingrequirements,documentationetc.,arecompliedwith.AspertheexistingpolicyoftheGovernmentofIndia, OCBs cannot participate in this Offer and in accordance with the extant FDI guidelines on sectoral caps, pricing guidelinesetc.asamendedbyReservebankofIndia,fromtimetotime.Investorsareadvisedtoconfirmtheireligibility undertherelevantlawsbeforeinvestingand/orsubsequentpurchaseorsaletransactionintheEquitySharesofOur Company.Investorswillnotoffer,sell,pledgeortransfertheEquitySharesofourCompanytoanypersonwhoisnot eligible under applicable laws, rules, regulations, guidelines. Our Company, the Underwriters and their respective directors,officers,agents,affiliatesandrepresentatives,asapplicable,acceptnoresponsibilityorliabilityforadvising anyinvestoronwhethersuchinvestoriseligibletoacquireEquitySharesofourCompany. Investmentconditions/restrictionsforoverseasentities 310UnderthecurrentFDIPolicy2017,themaximumamountofInvestment(sectoralcap)byforeigninvestorinanissuing entity is composite unless it is explicitly provided otherwise including all types of foreign investments, direct and indirect,regardlessofwhetherithasbeenmadeforFDI,,FPI,NRI/OCI,LLPs,FVCI,InvestmentVehiclesandDRs underSchedule1,2,,3,6,7,8,9,and11ofFEMA(TransferorIssueofSecuritybyPersonsResidentoutsideIndia) Regulations, 2017. Any equity holding by a person resident outside India resulting from conversion of any debt instrument under any arrangement shall be reckoned as foreign investment under the composite cap. Portfolio Investment upto aggregate foreign investment level of 49% or sectoral/statutory cap, whichever is lower, will not be subject to either Government approval or compliance of sectoral conditions, if such investment does not result in transfer of ownership and/or control of Indian entities from resident Indian citizens to non-resident entities. Other foreigninvestmentswillbesubjecttoconditionsofGovernmentapprovalandcomplianceofsectoralconditionsasper FDIPolicy.Thetotalforeign investment,directandindirect,intheissuingentitywillnotexceedthesectoral/statutorycap. i. InvestmentbyFPIsunderPortfolioInvestmentScheme(PIS): With regards to purchase/sale of capital instruments of an Indian company by an FPI under PIS the total holding by eachFPIoraninvestorgroupasreferredinSEBI(FPI)Regulations,2014shallnotexceed10%ofthetotalpaid-up equitycapitalonafullydilutedbasisorlessthan10%ofthepaid-upvalueofeachseriesofdebenturesorpreference sharesorsharewarrantsissuedbyanIndiancompanyandthetotalholdingsofallFPIsputtogethershallnotexceed 24%ofpaid-upequitycapitalonfullydilutedbasisorpaid-upvalueofeachseriesofdebenturesorpreferenceshares or share warrants. The said limit of 10 percent and 24 percent will be called the individual and aggregate limit, respectively. However, this limit of 24 % may be increased up to sectoralcap/statutory ceiling, as applicable, by the IndiancompanyconcernedbypassingaresolutionbyitsBoardofDirectorsfollowedbypassingofaspecialresolution tothateffectbyitsgeneralbody. ii. InvestmentbyNRIorOCIonrepatriationbasis: The purchase/sale of equity shares, debentures, preference shares and share warrants issued by an Indian company (hereinafterreferredtoas“CapitalInstruments”)ofalistedIndiancompanyonarecognisedstockexchangeinIndia by Non-Resident Indian (NRI) or Overseas Citizen of India (OCI) on repatriation basis is allowed subject to certain conditionsunderSchedule3oftheFEMA(TransferorIssueofsecuritybyapersonresidentoutsideIndia)Regulations, 2017i.e.:-ThetotalholdingbyanyindividualNRIorOCIshallnotexceed5percentofthetotalpaid-upequitycapital onafullydilutedbasisorshouldnotexceed5percentofthepaid-upvalueofeachseriesofdebenturesorpreference sharesorsharewarrants issuedbyanIndiancompanyandthetotalholdingsofallNRIsandOCIsputtogethershall notexceed10percentofthetotalpaid-upequitycapitalonafullydilutedbasisorshallnotexceed10percentofthe paid-up value of each series of debentures or preference 373 shares or share warrants; provided that the aggregate ceilingof10percentmayberaisedto24percentifaspecialresolutiontothateffectispassedbythegeneralbodyof theIndiancompany. iii. InvestmentbyNRIorOCIonnon-repatriationbasis: AspercurrentFDIPolicy2017,schedule4ofFEMA(TransferorIssueofSecuritybyPersonsResidentoutsideIndia) Regulations – Purchase/ sale of Capital Instruments or convertible notes or units or contribution to the capital of an LLPbyaNRIorOCIonnon-repatriationbasis–willbedeemedtobedomesticinvestmentatparwiththeinvestment madebyresidents.Thisisfurthersubjecttoremittancechannelrestrictions.TheEquityShareshavenotbeenandwill notberegisteredundertheU.S.SecuritiesActof1933,asamended(“USSecuritiesAct”)oranyotherstatesecurities lawsintheUnitedStatesofAmericaandmaynotbesoldorofferedwithintheUnitedStatesofAmerica,orto,orfor the account or benefit of “US Persons” as defined in Regulation S of the U.S. Securities Act, except pursuant to exemption from, or in a transaction not subject to, the registration requirements of US Securities Act and applicable state securities laws. Accordingly, the equity shares are being offered and sold only outside the United States of AmericainanoffshoretransactioninrelianceuponRegulationSundertheUSSecuritiesActandtheapplicablelaws ofthejurisdictionwherethoseoffersandsaleoccur. Theabove informationisgivenfor the benefit ofthe Bidders. OurCompany,the SellingShareholdersandtheBook RunningLeadManagerarenotliableforanyamendmentsormodificationorchangesinapplicablelawsorregulations, which may occur after the date of this Prospectus. Bidders are advised to make their independent investigations and ensure that the Applications are not in violation of laws or regulations applicable to them and do not exceed the applicablelimitsunderthelawsandregulations. 311SECTIONIX–DESCRIPTIONOFEQUITYSHARESANDTERMSOFARTICLESOFASSOCIATION CapitalisedtermsusedinthissectionhavethemeaningthathasbeengiventosuchtermsintheArticlesofAssociation ofourCompany.PursuanttoScheduleIoftheCompaniesAct,2013andtheSEBIICDRRegulations,themainprovisions oftheArticlesofAssociationofourCompanyaredetailedbelow: WeconfirmthattherearenomaterialclausesofArticleofAssociationthathavebeenleftoutfromdisclosurehaving bearingontheOffer. Article Articles Particulars No. 1. TableFApplicable. NoregulationcontainedinTable“F”intheFirstScheduletoCompanies Act, 2013 shall apply to this Company but the regulations for the Management of the Company and for the observance of the Members thereof and their representatives shall be as set out in the relevant provisionsoftheCompaniesAct,2013andsubjecttoanyexerciseofthe statutorypowersoftheCompanywithreferencetotherepealoralteration oforadditiontoitsregulationsbySpecialResolutionasprescribedbythe saidCompaniesAct,2013besuchasarecontainedintheseArticlesunless the same are repugnant or contrary to the provisions of the Companies Act,2013oranyamendmentthereto. CAPITAL 3. AuthorizedCapital. The Authorized Share Capital of the Company shall be such amount as may be mentioned in Clause V of Memorandum of Association of the Companyfromtimetotime. 4. Increaseofcapitalbythe The Company may in General Meeting from time to time by Ordinary Companyhowcarriedinto Resolution increase its capital by creation of new Shares which may be effect unclassified and may be classified at the time of issue in one or more classesandofsuchamountoramountsasmaybedeemedexpedient.The newSharesshallbeissueduponsuchtermsandconditionsandwithsuch rightsandprivilegesannexedtheretoastheresolutionshallprescribeand in particular, such Shares may be issued with a preferential or qualified right to dividends and in the distribution of assets of the Company and witharightofvotingatGeneralMeetingoftheCompanyinconformity withSection47oftheAct.WheneverthecapitaloftheCompanyhasbeen increased under the provisions of this Article the Directors shall comply withtheprovisionsofSection64oftheAct. 5. NewCapitalsameasexisting Exceptsofarasotherwiseprovidedbytheconditionsofissueorbythese capital Presents, any capital raised by the creation of new Shares shall be considered as part of the existing capital, and shall be subject to the provisions herein contained, with reference to the payment of calls and installments, forfeiture, lien, surrender, transferandtransmission, voting andotherwise. 6. Non-VotingShares The Board shall have the power to issue a part of authorized capital by way of non-voting Shares at price(s) premia, dividends, eligibility, volume,quantum,proportionandothertermsandconditionsastheydeem fit,subjecthowevertoprovisionsoflaw,rules,regulations,notifications andenforceableguidelinesforthetimebeinginforce. 7. RedeemablePreference Subject to the provisions of the Act and these Articles, the Board of Shares Directors may issue redeemable preference shares to such persons, on suchtermsandconditionsandatsuchtimesasDirectorsthinkfiteitherat premium or at par, and with full power to give any person the option to callfororbeallottedsharesofthecompanyeitheratpremiumoratpar, suchoptionbeingexercisableatsuchtimesandforsuchconsiderationas theBoardthinksfit. 8. Votingrightsofpreference The holder of Preference Shares shall have a right to vote only on shares Resolutions, which directly affect the rights attached to his Preference Shares. 312Article Articles Particulars No. 9. Provisionstoapplyonissue On the issue of redeemable preference shares under the provisions of ofRedeemablePreference Article hereof,thefollowingprovisions-shalltakeeffect: Shares (a) No such Shares shall be redeemed except out of profits of which would otherwise be available for dividend or out of proceeds of a freshissueofsharesmadeforthepurposeoftheredemption; (b) NosuchSharesshallberedeemedunlesstheyarefullypaid; (c) Subject to section 55(2)(d)(i) the premium, if any payable on redemption shall have been provided for out of the profits of the CompanyoroutoftheCompany'ssecuritypremiumaccount,before theSharesareredeemed; (d) Where any such Shares are redeemed otherwise then out of the proceeds of a fresh issue, there shall out of profits which would otherwise have been available for dividend, be transferred to a reserve fund, to be called "the Capital Redemption Reserve Account", a sum equal to the nominal amount of the Shares redeemed,andtheprovisionsoftheActrelatingtothereductionof thesharecapitaloftheCompanyshall,exceptasprovidedinSection 55of the Act apply as if the Capital Redemption Reserve Account werepaid-upsharecapitaloftheCompany;and (e) SubjecttotheprovisionsofSection55oftheAct,theredemptionof preferenceshareshereundermaybeeffectedinaccordancewiththe termsandconditionsoftheirissueandintheabsenceofanyspecific termsandconditionsinthatbehalf,insuchmannerastheDirectors may think fit. The reduction of Preference Shares under the provisions by the Company shall not be taken as reducing the amountofitsAuthorizedShareCapital 10. Reductionofcapital TheCompanymay(subjecttotheprovisionsofsections52,55,66,both inclusive,andotherapplicableprovisions,ifany,oftheAct)fromtimeto timebySpecialResolutionreduce (a) thesharecapital; (b) anycapitalredemptionreserveaccount;or (c) anysecuritypremiumaccount In any manner for the time being, authorized by law and in particular capital may be paid off on the footing that it may be called up again or otherwise. This Article is not to derogate from any power the Company wouldhave,ifitwereomitted. 11. Debentures Any debentures, debenture-stock or other securities may be issued at a discount,premiumorotherwiseandmaybeissuedonconditionthatthey shall be convertible into shares of any denomination and with any privilegesandconditionsastoredemption,surrender,drawing,allotment ofshares,attending(butnotvoting)attheGeneralMeeting,appointment of Directors and otherwise. Debentures with the right to conversion into or allotment of shares shall be issued only with the consent of the CompanyintheGeneralMeetingbyaSpecialResolution. 12. IssueofSweatEquityShares The Company may exercise the powers of issuing sweat equity shares conferred by Section 54 of the Act of a class of shares already issued subject to such conditions as may be specified in that sections and rules framedthereunder. 13. ESOP TheCompanymayissuesharestoEmployeesincludingitsDirectorsother thanindependentdirectorsandsuchotherpersonsastherulesmayallow, under Employee Stock Option Scheme (ESOP) or any other scheme, if authorized by a Special Resolution of the Company in general meeting subject to the provisions of the Act, the Rules and applicable guidelines madethereunder,bywhatevernamecalled. 14. BuyBackofshares Notwithstanding anything contained in these articles but subject to the provisionsofsections68to70andanyotherapplicableprovisionofthe Act or any other law for the time being in force, the company may purchaseitsownsharesorotherspecifiedsecurities. 313Article Articles Particulars No. 15. Consolidation,Sub-Division SubjecttotheprovisionsofSection61oftheAct,theCompanyingeneral andCancellation meeting may, from time to time, sub-divide or consolidate all or any of thesharecapitalintosharesoflargeramountthanitsexistingshareorsub- divideitsshares,oranyofthemintosharesofsmalleramountthanisfixed bytheMemorandum;subjectnevertheless,totheprovisionsofclause(d) of sub-section (1) of Section 61; Subject as aforesaid the Company in general meeting may also cancel shares which have not been taken or agreed to be taken by any person and diminish the amount of its share capitalbytheamountofthesharessocancelled. 16. IssueofDepositoryReceipts Subject to compliance with applicable provision of the Act and rules framed thereunder the company shall have power to issue depository receiptsinanyforeigncountry. 17. IssueofSecurities Subject to compliance with applicable provision of the Act and rules framed thereunder the company shall have power to issue any kind of securities as permitted to be issued under the Act and rules framed thereunder. MODIFICATIONOFCLASSRIGHTS 18. Modificationofrights (a) If at any time the share capital, by reason of the issue of Preference Shares or otherwise is divided into different classes of shares, all or any of the rights privileges attached to any class (unless otherwise provided by the terms of issue of the shares of the class) may, subject to the provisions of Section 48 of the Act and whether or not the Company is beingwound-up,bevaried,modifiedordealt,withtheconsentinwriting of the holders of not less than three-fourths of the issued shares of that class or with the sanction of a Special Resolution passed at a separate generalmeetingoftheholdersofthesharesofthatclass.Theprovisions oftheseArticlesrelatingtogeneralmeetingsshallmutatismutandisapply toeverysuchseparateclassofmeeting. Providedthatifvariationbyoneclassofshareholdersaffectstherightsof anyotherclassofshareholders,theconsentofthree-fourthsofsuchother class of shareholders shall also be obtained and the provisions of this sectionshallapplytosuchvariation. NewIssueofSharesnotto (b) The rights conferred upon the holders of the Shares including affectrightsattachedto PreferenceShare,ifany)ofanyclassissuedwithpreferredorotherrights existingsharesofthatclass. or privileges shall, unless otherwise expressly provided by the terms of theissueofsharesofthatclass,bedeemednottobemodified,commuted, affected,abrogated,dealtwithorvariedbythecreationorissueoffurther sharesrankingparipassutherewith. 19. Sharesatthedisposalofthe SubjecttotheprovisionsofSection62oftheActandtheseArticles,the Directors. sharesinthecapitalofthecompanyforthetimebeingshallbeunderthe controloftheDirectorswhomayissue,allotorotherwisedisposeofthe sameoranyofthemtosuchpersons,insuchproportionandonsuchterms andconditionsandeitheratapremiumoratparandatsuchtimeasthey mayfromtimetotimethinkfitandwiththesanctionofthecompanyin theGeneralMeetingtogivetoanypersonorpersonstheoptionorright to call for any shares either at par or premium during such time and for such consideration as the Directors think fit, and may issue and allot shares in the capital of the company on payment in full or part of any propertysoldandtransferredorforanyservicesrenderedtothecompany intheconductofitsbusinessandanyshareswhichmaysobeallottedmay be issued as fully paid up shares and if so issued, shall be deemed to be fullypaidshares. 20. Powertoissueshareson The Company may issue shares or other securities in any manner preferentialbasis. whatsoever including by way of a preferential offer, to any persons whetherornotthosepersonsincludethepersonsreferredtoinclause(a) or clause (b) of sub-section (1) of section 62 subject to compliance with section42and62oftheActandrulesframedthereunder. 314Article Articles Particulars No. 21. SharesshouldbeNumbered The shares in the capital shall be numbered progressively according to progressivelyandnoshareto their several denominations, and except in the manner hereinbefore besubdivided. mentioned no share shall be sub-divided. Every forfeited or surrendered shareshallcontinuetobearthenumberbywhichthesamewasoriginally distinguished. 22. AcceptanceofShares. An application signed by or on behalf of an applicant for shares in the Company, followed by an allotment of any shares therein, shall be an acceptance of shares within the meaning of these Articles, and every person who thus or otherwise accepts any shares and whose name is on theRegistershallforthepurposesoftheseArticles,beaMember. 23. Directorsmayallotsharesas SubjecttotheprovisionsoftheActandtheseArticles,theDirectorsmay fullpaid-up allot and issue shares in the Capital of the Company as payment or part payment for any property (including goodwill of any business) sold or transferred, goods or machinery supplied or for services rendered to the CompanyeitherinorabouttheformationorpromotionoftheCompany or the conduct of its business and any shares which may be so allotted may be issued as fully paid-up or partly paid-up otherwise than in cash, and if so issued, shall be deemed to be fully paid-up or partly paid-up sharesasaforesaid. 24. Depositandcalletc.tobea Themoney(ifany)whichtheBoardshallontheallotmentofanyshares debtpayableimmediately. being made by them, require or direct to be paid by way of deposit, call orotherwise,inrespectofanysharesallottedbythemshallbecomeadebt duetoandrecoverablebytheCompanyfromtheallotteethereof,andshall bepaidbyhim,accordingly. 25. LiabilityofMembers. Every Member, or his heirs, executors, administrators, or legal representatives, shall pay to the Company the portion of the Capital representedbyhisshareorshareswhichmay,forthetimebeing,remain unpaidthereon,insuchamountsatsuchtimeortimes,andinsuchmanner astheBoardshall,fromtimetotimeinaccordancewiththeCompany’s regulations,requireondatefixedforthepaymentthereof. 26. RegistrationofShares. Shares may be registered in the name of any limited company or other corporate body but not in the name of a firm, an insolvent person or a personofunsoundmind. RETURNONALLOTMENTSTOBEMADEORRESTRICTIONSONALLOTMENT 27. TheBoardshallobservetherestrictionsasregardsallotmentofsharesto thepublic,andasregardsreturnonallotmentscontainedinSections39of theAct. CERTIFICATES 28. ShareCertificates. (a) Every member shall be entitled, without payment, to one or more certificates in marketable lots, for all the shares of each class or denominationregisteredinhisname,oriftheDirectorssoapprove (upon paying such fee as provided in the relevant laws) to several certificates, each for one or more of such shares and the company shall complete and have ready for delivery such certificates within twomonthsfromthedateofallotment,unlesstheconditionsofissue thereof otherwise provide, or within one month of the receipt of application for registration of transfer, transmission, sub-division, consolidation or renewal of any of its shares as the case may be. Every certificate of shares shall be under the seal of the company and shall specify the number and distinctive numbers of shares in respect of which it is issued and amount paid-up thereon and shall beinsuchformasthedirectorsmayprescribeorapprove,provided that in respect of a share or shares held jointly by several persons, the company shall not be bound to issue more than one certificate anddeliveryofacertificateofsharestooneofseveraljointholders shall be sufficient delivery to all such holder. Such certificate shall beissuedonlyinpursuanceofaresolutionpassedbytheBoardand onsurrendertotheCompanyofitsletterofallotmentoritsfractional 315Article Articles Particulars No. coupons of requisite value, save in cases of issues against letter of acceptance or of renunciation or in cases of issue of bonus shares. EverysuchcertificateshallbeissuedunderthesealoftheCompany, which shall be affixed in the presence of two Directors or persons acting on behalf of the Directors under a duly registered power of attorney and the Secretary or some other person appointed by the Board for the purpose and two Directors or their attorneys and the Secretary or other person shall sign the share certificate, provided thatifthecompositionoftheBoardpermitsofit,atleastoneofthe aforesaidtwo Directorsshallbeapersonother thanaManaging or whole-time Director. Particulars of every share certificate issued shallbeenteredintheRegisterofMembersagainstthenameofthe person,towhomithasbeenissued,indicatingthedateofissue. (b) Any two or more joint allottees of shares shall, for the purpose of thisArticle,betreatedasasinglemember,andthecertificateofany shares which may be the subject of joint ownership, may be delivered to anyone of such joint owners on behalf of all of them. For any further certificate the Board shall be entitled, but shall not be bound, to prescribe a charge not exceeding Rupees Fifty. The CompanyshallcomplywiththeprovisionsofSection39oftheAct. (c) A Director may sign a share certificate by affixing his signature thereon by means of any machine, equipment or other mechanical means,suchasengravinginmetalorlithography,butnotbymeans ofarubberstampprovidedthattheDirectorshallberesponsiblefor thesafecustodyofsuchmachine,equipmentorothermaterialused forthepurpose. 29. Issueofnewcertificatesin Ifanycertificatebewornout,defaced,mutilatedortornoriftherebeno placeofthosedefaced,lostor further space on the back thereof for endorsement of transfer, then upon destroyed. productionandsurrenderthereoftotheCompany,anewCertificatemay beissuedinlieuthereof,andifanycertificatelostordestroyedthenupon proofthereoftothesatisfactionofthecompanyandonexecutionofsuch indemnityasthecompanydeemadequate,beinggiven,anewCertificate inlieuthereofshallbegiventothepartyentitledtosuchlostordestroyed Certificate. Every Certificate under the Article shall be issued without paymentoffeesiftheDirectorssodecide,oronpaymentofsuchfees(not exceeding Rs. 50 for each certificate) as the Directors shall prescribe. Provided that no fee shall be charged for issue of new certificates in replacementofthosewhichareold,defacedorwornoutorwherethereis nofurtherspaceonthebackthereofforendorsementoftransfer. Provided that notwithstanding what is stated above the Directors shall comply with such Rules or Regulation or requirements of any Stock Exchange or the Rules made under the Act or the rules made under Securities Contracts (Regulation) Act, 1956, or any other Act, or rules applicableinthisbehalf. TheprovisionsofthisArticleshallmutatismutandisapplytodebentures oftheCompany. 30. Thefirstnamedjointholder (a) If any share stands in the names of two or more persons, the person deemedSoleholder. firstnamedintheRegistershallasregardreceiptsofdividendsorbonus or service of notices and all or any other matter connected with the Company except voting at meetings, and the transfer of the shares, be deemed sole holder thereof but the joint-holders of a share shall be severally as well as jointly liable for the payment of all calls and other payments due in respect of such share and for all incidentals thereof accordingtotheCompany’sregulations. Maximumnumberofjoint (b)TheCompanyshallnotbeboundtoregistermorethanthreepersons holders. asthejointholdersofanyshare. 31. Companynotboundto Except as ordered by a Court of competent jurisdiction or as by law recogniseanyinterestin required, the Company shall not be bound to recognise any equitable, 316Article Articles Particulars No. shareotherthanthatof contingent,futureorpartialinterestinanyshare,or(exceptonlyasisby registeredholders. theseArticlesotherwiseexpresslyprovided)anyrightinrespectofashare otherthananabsoluterightthereto,inaccordancewiththeseArticles,in thepersonfromtimetotimeregisteredastheholderthereofbuttheBoard shall be at liberty at its sole discretion to register any share in the joint namesofanytwoormorepersonsorthesurvivororsurvivorsofthem. 32. Installmentonsharestobe If by the conditions of allotment of any share the whole or part of the dulypaid. amountorissuepricethereofshallbepayablebyinstallment,everysuch installmentshallwhenduebepaidtotheCompanybythepersonwhofor thetimebeingandfromtimetotimeshallbetheregisteredholderofthe shareorhislegalrepresentative. UNDERWRITINGANDBROKERAGE 33. Commission SubjecttotheprovisionsofSection40(6)oftheAct,theCompanymay at any time pay a commission to any person in consideration of his subscribingoragreeing,tosubscribe(whetherabsolutelyorconditionally) foranysharesordebenturesintheCompany,orprocuring,oragreeingto procuresubscriptions(whetherabsolutelyorconditionally)foranyshares ordebenturesintheCompanybutsothatthecommissionshallnotexceed themaximumrateslaiddownbytheActandtherulesmadeinthatregard. Suchcommissionmaybesatisfiedbypaymentofcashorbyallotmentof fullyorpartlypaidsharesorpartlyinonewayandpartlyintheother. 34. Brokerage The Company may pay on any issue of shares and debentures such brokerageasmaybereasonableandlawful. CALLS 35. Directorsmaymakecalls (1) TheBoardmay,fromtimetotime,subjecttothetermsonwhichany shares may have been issued and subject to the conditions of allotment, by a resolution passed at a meeting of the Board and not by a circular resolution, make such calls as it thinks fit, upon the Members in respect of all the moneys unpaid on the shares held by them respectively and each Member shall pay the amount of every call so made on him to the persons and at the time and places appointedbytheBoard. (2) AcallmayberevokedorpostponedatthediscretionoftheBoard. (3) Acallmaybemadepayablebyinstallments. 36. NoticeofCalls Fifteendays’noticeinwritingofanycallshallbegivenbytheCompany specifying the time and place of payment, and the person or persons to whomsuchcallshallbepaid. 37. Callstodatefromresolution. Acallshallbedeemedtohavebeenmadeatthetimewhentheresolution of the Board of Directors authorising such call was passed and may be made payable by the members whose names appear on the Register of Members on such date or at the discretion of the Directors on such subsequentdateasmaybefixedbyDirectors. 38. Callsonuniformbasis. Wheneveranycallsforfurthersharecapitalaremadeonshares,suchcalls shallbemadeonuniformbasisonallsharesfallingunderthesameclass. ForthepurposesofthisArticlesharesofthesamenominalvalueofwhich differentamountshavebeenpaidupshallnotbedeemedtofallunderthe sameclass. 39. Directorsmayextendtime. TheBoardmay,fromtimetotime,atitsdiscretion,extendthetimefixed forthepaymentofanycallandmayextendsuchtimeastoalloranyof thememberswhoonaccountoftheresidenceatadistanceorothercause, which the Board may deem fairly entitled to such extension, but no membershallbeentitledtosuchextensionsaveasamatterofgraceand favour. 40. Callstocarryinterest. If any Member fails to pay any call due from him on the day appointed for payment thereof, or any such extension thereof as aforesaid, heshall be liable to pay interest on the same from the day appointed for the 317Article Articles Particulars No. payment thereof to the time of actual payment at such rate as shall from time to time be fixed by the Board not exceeding 21% per annum but nothinginthisArticleshallrenderitobligatoryfortheBoardtodemand orrecoveranyinterestfromanysuchmember. 41. Sumsdeemedtobecalls. If by the terms of issue of any share or otherwise any amount is made payable at any fixed time or by installments at fixed time (whether on account of the amount of the share or by way of premium) every such amount or installment shall be payable as if it were a call duly made by theDirectorsandofwhichduenoticehasbeengivenandalltheprovisions herein contained in respect of calls shall apply to such amount or installmentaccordingly. 42. Proofontrialofsuitfor On the trial or hearing of any action or suit brought by the Company moneydueonshares. againstanyMemberorhisrepresentativesfortherecoveryofanymoney claimed to be due to the Company in respect of his shares, if shall be sufficienttoprovethatthenameoftheMemberinrespectofwhoseshares the money is sought to be recovered, appears entered on the Register of Membersastheholder,atorsubsequenttothedateatwhichthemoneyis sought to be recovered is alleged to have become due on the share in respect of which such money is sought to be recovered in the Minute Books:andthatnoticeofsuchcallwasdulygiventotheMemberorhis representativesusedinpursuanceoftheseArticles:andthatitshallnotbe necessarytoprovetheappointmentoftheDirectorswhomadesuchcall, northataquorumofDirectorswaspresentattheBoardatwhichanycall was made was duly convened or constituted nor any other matters whatsoever, but the proof of the matters aforesaid shall be conclusive evidenceofthedebt. 43. Judgment,decree,partial Neither a judgment nor a decree in favour of the Company for calls or paymentmottoproceedfor other moneys due in respect of any shares nor any part payment or forfeiture. satisfactionthereundernorthereceiptbytheCompanyofaportionofany money which shall from time to time be due from any Member of the Company in respect of his shares, either by way of principal or interest, noranyindulgencegrantedbytheCompanyinrespectofthepaymentof anysuchmoney,shallprecludetheCompanyfromthereafterproceeding toenforceforfeitureofsuchsharesashereinafterprovided. 44. PaymentsinAnticipationof (a) The Board may, if it thinks fit, receive from any Member callsmaycarryinterest willing to advance the same, all or any part of the amounts of his respective shares beyond the sums, actually called up and uponthemoneyssopaidinadvance,oruponsomuchthereof, from time to time, and at any time thereafter as exceeds the amount of the calls then made upon and due in respect of the sharesonaccountofwhichsuchadvancesaremadetheBoard may pay or allow interest, at such rate as the member paying thesuminadvanceandtheBoardagreeupon.TheBoardmay agree to repay at any time any amount so advanced or may at any time repay the same upon giving to the Member three months’ notice in writing: provided that moneys paid in advanceofcallsonsharesmaycarryinterestbutshallnotconfer arighttodividend (b) ortoparticipateinprofits. (b) No Member paying any such sum in advance shall be entitled to votingrightsinrespectofthemoneyssopaidbyhimuntilthesame would but for such payment become presently payable. The provisions of this Article shall mutatis mutandis apply to calls on debenturesissuedbytheCompany. LIEN 45. CompanytohaveLienon The Company shall have a first and paramount lien upon all the shares. shares/debentures(otherthanfullypaid-upshares/debentures)registered in the name of each member (whether solely or jointly with others) and 318Article Articles Particulars No. upon the proceeds of sale thereof for all moneys (whether presently payable or not) called or payable at a fixed time in respect of such shares/debentures and no equitable interest in any share shall be created exceptuponthefootingandconditionthatthisArticlewillhavefulleffect. Andsuchlienshallextendtoalldividendsandbonusesfromtimetotime declaredinrespectofsuchshares/debentures.Unlessotherwiseagreedthe registrationofatransferofshares/debenturesshalloperateasawaiverof theCompany’slienifany,onsuchshares/debentures.TheDirectorsmay atanytimedeclareanyshares/debentureswhollyorinparttobeexempt fromtheprovisionsofthisclause. 46. Astoenforcinglienbysale. For the purpose of enforcing such lien the Directors may sell the shares subjecttheretoinsuchmannerastheyshallthinkfit,butnosaleshallbe madeuntilsuchperiodasaforesaidshallhavearrivedanduntilnoticein writingoftheintentiontosellshallhavebeenservedonsuchmemberor theperson(ifany)entitledbytransmissiontothesharesanddefaultshall havebeenmadebyhiminpayment,fulfillmentofdischargeofsuchdebts, liabilitiesorengagementsforsevendaysaftersuchnotice.Togiveeffect to any such sale the Board may authorise some person to transfer the shares sold to the purchaser thereof and purchaser shall be registered as the holder of the shares comprised in any such transfer. Upon any such saleastheCertificatesinrespectofthesharessoldshallstandcancelled and become null and void and of no effect, and the Directors shall be entitled to issue a new Certificate or Certificates in lieu thereof to the purchaserorpurchasersconcerned. 47. Applicationofproceedsof ThenetproceedsofanysuchsaleshallbereceivedbytheCompanyand sale. applied in or towards payment of such part of the amount in respect of whichthelienexistsasispresentlypayableandtheresidue,ifany,shall (subjecttolienforsumsnotpresentlypayableasexistedupontheshares beforethesale)bepaidtothepersonentitledtothesharesatthedateof thesale. FORFEITUREANDSURRENDEROFSHARES 48. Ifcallorinstallmentnot IfanyMemberfailstopaythewholeoranypartofanycallorinstallment paid,noticemaybegiven. oranymoneysdueinrespectofanyshareseitherbywayofprincipalor interest on or before the day appointed for the payment of the same, the Directors may, at any time thereafter, during such time as the call or installment or any part thereof or other moneys as aforesaid remains unpaid or a judgment or decree in respect thereof remains unsatisfied in wholeorinpart,serveanoticeonsuchMemberorontheperson(ifany) entitled to the shares by transmission, requiring him to pay such call or installmentofsuchpartthereoforothermoneysasremainunpaidtogether withanyinterestthatmayhaveaccruedandallreasonableexpenses(legal or otherwise) that may have been accrued by the Company by reason of suchnon-payment.Providedthatnosuchsharesshallbeforfeitedifany moneys shall remain unpaid in respect of any call or installment or any partthereofasaforesaidbyreasonofthedelayoccasionedinpaymentdue tothenecessityofcomplyingwiththeprovisionscontainedintherelevant exchangecontrollawsorotherapplicablelawsofIndia,forthetimebeing inforce. 49. Termsofnotice. The notice shall name a day (not being less than fourteen days from the date of notice) and a place or places on and at which such call or installmentandsuchinterestthereonastheDirectorsshalldeterminefrom the day on which such call or installment ought to have been paid and expensesasaforesaidaretobepaid. The notice shall also state that, in the event of the non-payment at or beforethetimeandattheplaceorplacesappointed,thesharesinrespect of which the call was made orinstallment is payable will be liable to be forfeited. 319Article Articles Particulars No. 50. Ondefaultofpayment, Iftherequirementsofanysuchnoticeasaforesaidshallnotbecomplied sharestobeforfeited. with,everyoranyshareinrespectofwhichsuchnoticehasbeengiven, mayatanytimethereafterbutbeforepaymentofallcallsorinstallments, interestandexpenses,dueinrespectthereof,beforfeitedbyresolutionof the Board to that effect. Such forfeiture shall include all dividends declaredoranyothermoneyspayableinrespectoftheforfeitedshareand notactuallypaidbeforetheforfeiture. 51. Noticeofforfeituretoa When any shares have been forfeited, notice of the forfeiture shall be Member given to the member in whose name it stood immediately prior to the forfeiture, and an entry of the forfeiture, with the date thereof shall forthwithbemadeintheRegisterofMembers. 52. Forfeitedsharestobe Any shares so forfeited, shall be deemed to be the property of the propertyoftheCompany Companyandmaybesold,re-allotted,orotherwisedisposedof,eitherto andmaybesoldetc. theoriginalholderthereofortoanyotherperson,uponsuchtermsandin suchmannerastheBoardintheirabsolutediscretionshallthinkfit. 53. Membersstillliabletopay AnyMemberwhoseshareshavebeenforfeitedshallnotwithstandingthe moneyowingattimeof forfeiture, be liable to pay and shall forthwith pay to the Company, on forfeitureandinterest. demand all calls, installments, interest and expenses owing upon or in respectofsuchsharesatthetimeoftheforfeiture,togetherwithinterest thereon from the time of the forfeiture until payment, at such rate as the Board may determine and the Board may enforce the payment of the wholeoraportionthereofasifitwereanewcallmadeatthedateofthe forfeiture,butshallnotbeunderanyobligationtodoso. 54. Effectofforfeiture. Theforfeituresharesshallinvolveextinctionatthetimeoftheforfeiture, ofallinterestinallclaimsanddemandagainsttheCompany,inrespectof the share and all other rightsincidental tothe share, except only suchof thoserightsasbytheseArticlesareexpresslysaved. 55. EvidenceofForfeiture. AdeclarationinwritingthatthedeclarantisaDirectororSecretaryofthe Company and that shares in the Company have been duly forfeited in accordancewiththesearticlesonadatestatedinthedeclaration,shallbe conclusive evidence of the facts therein stated as against all persons claimingtobeentitledtotheshares. 56. Titleofpurchaserand The Company may receive the consideration, if any, given for the share allotteeofForfeitedshares. on any sale, re-allotment or other disposition thereof and the person to whom such share is sold, re-allotted or disposed of may be registered as theholderoftheshareandheshallnotbeboundtoseetotheapplication oftheconsideration:ifany,norshallhistitletothesharebeaffectedby any irregularly or invalidity in the proceedings in reference to the forfeiture,sale,re-allotmentorotherdisposaloftheshares. 57. Cancellationofshare Uponanysale,re-allotmentorotherdisposalundertheprovisionsofthe certificateinrespectof precedingArticle,thecertificateorcertificatesoriginallyissuedinrespect forfeitedshares. of the relative shares shall (unless the same shall on demand by the Company have been previously surrendered to it by the defaulting member)standcancelledandbecomenullandvoidandofnoeffect,and theDirectorsshallbeentitledtoissueaduplicatecertificateorcertificates inrespectofthesaidsharestothepersonorpersonsentitledthereto. 58. Forfeituremayberemitted. Inthemeantimeanduntilanysharesoforfeitedshallbesold,re-allotted, or otherwise dealt with as aforesaid, the forfeiture thereof may, at the discretionandbyaresolutionoftheDirectors,beremittedasamatterof grace and favour, and not as was owing thereon to the Company at the timeofforfeiturebeingdeclaredwithinterestforthesameuntothetime oftheactualpaymentthereofiftheDirectorsshallthinkfittoreceivethe same,oronanyothertermswhichtheDirectormaydeemreasonable. 59. Validityofsale Uponanysaleafterforfeitureorforenforcingalieninpurportedexercise ofthepowershereinbeforegiven,theBoardmayappointsomepersonto execute an instrument of transfer of the Shares sold and cause the purchaser's name to be entered in the Register of Members in respect of the Shares sold, and the purchasers shall not be bound to see to the 320Article Articles Particulars No. regularityoftheproceedingsortotheapplicationofthepurchasemoney, andafterhisnamehasbeenenteredintheRegisterofMembersinrespect of such Shares, the validity of the sale shall not be impeached by any person and the remedy of any person aggrieved by the sale shall be in damagesonlyandagainsttheCompanyexclusively. 60. Surrenderofshares. TheDirectorsmay,subjecttotheprovisionsoftheAct,acceptasurrender of any share from or by any Member desirous of surrendering on such termstheDirectorsmaythinkfit. TRANSFERANDTRANSMISSIONOFSHARES 61. Executionoftheinstrument (a) The instrument of transfer of any share in or debenture of the ofshares. Company shall be executed by or on behalf of both the transferor andtransferee. (b) The transferor shall be deemed to remain a holder of the share or debentureuntilthenameofthetransfereeisenteredintheRegister ofMembersorRegisterofDebentureholdersinrespectthereof. 62. TransferForm. The instrument of transfer of any share or debenture shall be in writing and all the provisions of Section 56 and statutory modification thereof including other applicable provisions of the Act shall be duly complied with in respect of all transfers of shares or debenture and registration thereof. The instrument of transfer shall be in a common form approved by the Exchange; 63. Transfernottoberegistered TheCompanyshallnotregisteratransferintheCompanyotherthanthe exceptonproductionof transfer between persons both of whose names are entered as holders of instrumentoftransfer. beneficial interest in the records of a depository, unless a proper instrument of transfer duly stamped and executed by or on behalf of the transferorandbyoronbehalfofthetransfereeandspecifyingthename, addressandoccupationifany,ofthetransferee,hasbeendeliveredtothe Company along with the certificate relating to the shares or if no such share certificate is in existence along with the letter of allotment of the shares: Provided that where, on an application in writing made to the Company by the transferee and bearing the stamp, required for an instrument of transfer, it is proved to the satisfaction of the Board of Directors that the instrument of transfer signed by or on behalf of the transferorandbyoronbehalfofthetransfereehasbeenlost,theCompany mayregisterthetransferonsuchtermsastoindemnityastheBoardmay thinkfit,providedfurtherthat nothinginthisArticleshallprejudiceany poweroftheCompanytoregisterasshareholderanypersontowhomthe righttoanysharesintheCompanyhasbeentransmittedbyoperationof law. 64. Directorsmayrefuseto SubjecttotheprovisionsofSection58oftheActandSection22Aofthe registertransfer. SecuritiesContracts(Regulation)Act,1956,theDirectorsmay,declineto register— (a) anytransferofsharesonwhichthecompanyhasalien. That registration oftransfer shall however not berefused onthe ground of the transferor being either alone or jointly with any other person or personsindebtedtotheCompanyonanyaccountwhatsoever; 65. Noticeofrefusaltobegiven IftheCompanyrefusestoregisterthetransferofanyshareortransmission totransferorandtransferee. of any right therein, the Company shall within one month from the date on which the instrument of transfer or intimation of transmission was lodged with the Company, send notice of refusal to the transferee and transferor or to the person giving intimation of the transmission, as the casemaybe,andthereupontheprovisionsofSection56oftheActorany statutorymodificationthereofforthetimebeinginforceshallapply. 66. Nofeeontransfer. Nofeeshallbechargedforregistrationoftransfer,transmission,Probate, SuccessionCertificateandletterofadministration,CertificateofDeathor Marriage, Power of Attorney or similar other document with the Company. 321Article Articles Particulars No. 67. ClosureofRegisterof The Board of Directors shall have power on giving not less than seven Membersordebenture days pervious notice in accordance with section 91 and rules made holderorothersecurity thereunder close the Register of Members and/or the Register of holders. debenturesholdersand/orothersecurityholdersatsuchtimeortimesand for such period or periods, not exceeding thirty days at a time, and not exceedingintheaggregatefortyfivedaysatatime,andnotexceedingin theaggregatefortyfivedaysineachyearasitmayseemexpedienttothe Board. 68. CustodyoftransferDeeds. The instrument of transfer shall after registration be retained by the Company and shall remain in its custody. All instruments of transfer whichtheDirectorsmaydeclinetoregistershallondemandbereturned to the persons depositing the same. The Directors may cause to be destroyed all the transfer deeds with the Company after such period as theymaydetermine. 69. Applicationfortransferof Whereanapplicationoftransferrelatestopartlypaidshares,thetransfer partlypaidshares. shallnotberegisteredunlesstheCompanygivesnoticeoftheapplication to the transferee and the transferee makes no objection to the transfer withintwoweeksfromthereceiptofthenotice. 70. Noticetotransferee. Forthispurposethenoticetothetransfereeshallbedeemedtohavebeen dulygivenifitisdispatchedbyprepaidregisteredpost/speedpost/courier tothetransfereeattheaddressgivenintheinstrumentoftransferandshall bedeemedtohavebeendulydeliveredatthetimeatwhichitwouldhave beendeliveredintheordinarycourseofpost. 71. Recognitionoflegal (a) On the death of a Member, the survivor or survivors, where the representative. Member was a joint holder, and his nominee or nominees or legal representativeswherehewasasoleholder,shallbetheonlyperson recognizedbytheCompanyashavinganytitletohisinterestinthe shares. (b) Before recognising any executor or administrator or legal representative, the Board may require him to obtain a Grant of Probate or Letters Administration or other legal representation as thecasemaybe,fromsomecompetentcourtinIndia. Provided nevertheless that in any case where the Board in its absolute discretion thinks fit, it shall be lawful for the Board to dispensewiththeproductionofProbateorletterofAdministration orsuchotherlegal representation upon such terms as to indemnity or otherwise, as the Board in its absolute discretion, may consider adequate (c) Nothinginclause(a)aboveshallreleasetheestateofthedeceased jointholderfromanyliabilityinrespectofanysharewhichhadbeen jointlyheldbyhimwithotherpersons. 72. TitlesofSharesofdeceased The Executors or Administrators of a deceased Member or holders of a Member Succession Certificate or the Legal Representatives in respect of the SharesofadeceasedMember(notbeingoneoftwoormorejointholders) shallbetheonlypersonsrecognizedbytheCompanyashavinganytitle totheSharesregisteredinthenameofsuchMembers,andtheCompany shall not be bound to recognize such Executors or Administrators or holdersofSuccessionCertificateortheLegalRepresentativeunlesssuch Executors or Administrators or Legal Representative shall have first obtainedProbateorLettersofAdministrationorSuccessionCertificateas the case may be from a duly constituted Court in the Union of India provided that in any case where the Board of Directors in its absolute discretion thinks fit, the Board upon such terms as to indemnity or otherwiseastheDirectorsmaydeemproperdispensewithproductionof ProbateorLettersofAdministrationorSuccessionCertificateandregister Shares standing in the name of a deceased Member, as a Member. 322Article Articles Particulars No. However, provisions of this Article are subject to Sections 72of the CompaniesAct. 73. Noticeofapplicationwhento Where, in case of partly paid Shares, an application for registration is begiven madebythetransferor,theCompanyshallgivenoticeoftheapplication to the transferee in accordance with the provisions of Section 56 of the Act. 74. Registrationofpersons Subject to the provisions of the Act and these Articles, any person entitledtoshareotherwise becoming entitled to any share in consequence of the death, lunacy, thanbytransfer. bankruptcy,insolvencyofanymemberorbyanylawfulmeansotherthan (transmissionclause). byatransferinaccordancewiththesepresents,may,withtheconsentof theDirectors(whichtheyshallnotbeunderanyobligationtogive)upon producingsuchevidencethathesustainsthecharacterinrespectofwhich he proposes to act under this Article or of this title as the Director shall requireeitherberegisteredasmemberinrespectofsuchsharesorelectto have some person nominated by him and approved by the Directors registeredasMemberinrespectofsuchshares;providedneverthelessthat if such person shall elect to have his nominee registered he shall testify his election by executing in favour of his nominee an instrument of transferinaccordancesoheshallnotbefreedfromanyliabilityinrespect ofsuchshares.Thisclauseishereinafterreferredtoasthe‘Transmission Clause’. 75. Refusaltoregisternominee. SubjecttotheprovisionsoftheActandtheseArticles,theDirectorsshall havethesamerighttorefuseorsuspendregisterapersonentitledbythe transmission to any shares or his nominee as if he were the transferee namedinanordinarytransferpresentedforregistration. 76. Boardmayrequireevidence Every transmission of a share shall be verified in such manner as the oftransmission. Directors mayrequire and the Company mayrefuseto registerany such transmissionuntilthesamebesoverifiedoruntilorunlessanindemnity be given to the Company with regard to such registration which the Directors at their discretion shall consider sufficient, provided neverthelessthatthereshallnotbeanyobligationontheCompanyorthe Directorstoacceptanyindemnity. 77. Companynotliablefor The Company shall incur no liability or responsibility whatsoever in disregardofanotice consequence of its registering or giving effect to any transfer of shares prohibitingregistrationof made, or purporting to be made by any apparent legal owner thereof (as transfer. shown or appearing in the Register or Members) to the prejudice of personshavingorclaiminganyequitableright,titleorinteresttoorinthe same shares notwithstanding that the Company may have had notice of such equitable right, title or interest or notice prohibiting registration of suchtransfer,andmayhaveenteredsuchnoticeorreferredtheretoinany bookoftheCompanyandtheCompanyshallnotbeboundorrequireto regardorattendorgiveeffecttoanynoticewhichmaybegiventothem ofanyequitableright,titleorinterest,orbeunderanyliabilitywhatsoever for refusing or neglecting so to do though it may have been entered or referred to in some book of the Company but the Company shall neverthelessbeatlibertytoregardandattendtoanysuchnoticeandgive effectthereto,iftheDirectorsshallsothinkfit. 78. FormoftransferOutside InthecaseofanyshareregisteredinanyregistermaintainedoutsideIndia India. theinstrumentoftransfershallbeinaformrecognizedbythelawofthe placewheretheregisterismaintainedbutsubjecttheretoshallbeasnear totheformprescribedinFormno.SH-4hereofascircumstancespermit. 79. Notransfertoinsolventetc. No transfer shall be made to any minor, insolvent or person of unsound mind. NOMINATION 80. Nomination i) Notwithstandinganythingcontainedinthearticles,everyholderof securities of the Company may, at any time, nominate a person in whomhis/hersecuritiesshallvestintheeventofhis/herdeathand 323Article Articles Particulars No. theprovisionsofSection72oftheCompaniesAct,2013shallapply inrespectofsuchnomination. ii) NopersonshallberecognizedbytheCompanyasanomineeunless anintimationoftheappointmentofthesaidpersonasnomineehas been given to the Company during the lifetime of the holder(s) of thesecuritiesoftheCompanyinthemannerspecifiedunderSection 72oftheCompaniesAct,2013readwithRule19oftheCompanies (ShareCapitalandDebentures)Rules,2014 iii) The Company shall not be in any way responsible for transferring thesecuritiesconsequentuponsuchnomination. iv) lf the holder(s) of the securities survive(s) nominee, then the nomination made by the holder(s) shall be of no effect and shall automaticallystandrevoked. 81. TransmissionofSecurities Anominee,uponproductionofsuchevidenceasmayberequiredbythe bynominee Boardandsubjectashereinafterprovided,elect,either- (i) toberegisteredhimselfasholderofthesecurity,asthecasemaybe; or (ii) to make such transfer of the security, as the case may be, as the deceasedsecurityholder,couldhavemade; (iii) if the nominee elects to be registered as holder of the security, himself,asthecasemaybe,heshalldeliverorsendtotheCompany, anoticeinwritingsignedbyhimstatingthathesoelectsandsuch notice shall be accompanied with the death certificate of the deceasedsecurityholderasthecasemaybe; (iv) a nominee shall be entitled to the same dividends and other advantagestowhichhewouldbeentitledto,ifheweretheregistered holder of the security except that he shall not, before being registered as a member in respect of his security, be entitled in respect of it to exercise any right conferred by membership in relationtomeetingsoftheCompany. Provided further that the Board may, at any time, give notice requiring any such person to elect either to be registered himself or to transfer the share or debenture, and if the notice is not complied with within ninety days, the Board may thereafter withhold payment of all dividends, bonusesorothermoneyspayableorrightsaccruinginrespectoftheshare or debenture, until the requirements of the notice have been complied with. DEMATERIALISATIONOFSHARES 82. Dematerialisationof Subject to the provisions of the Act and Rules made thereunder the Securities Companymayofferitsmembersfacilitytoholdsecuritiesissuedbyitin dematerializedform. JOINTHOLDER 83. JointHolders Wheretwoormorepersonsareregisteredastheholdersofanysharethey shall be deemed to hold the same as joint Shareholders with benefits of survivorship subject to the following and other provisions contained in theseArticles. 84. Jointandseveralliabilities (a) The Joint holders of any share shall be liable severally as well as forallpaymentsinrespectof jointlyforandinrespectofallcallsandotherpaymentswhichought shares. tobemadeinrespectofsuchshare. Titleofsurvivors. (b) onthedeathofanysuchjointholdersthesurvivororsurvivorsshall be the only person recognized by the Company as having any title tothesharebuttheBoardmayrequiresuchevidenceofdeathasit maydeemfitandnothinghereincontainedshallbetakentorelease theestateofadeceasedjointholderfromanyliabilityofsharesheld bythemjointlywithanyotherperson; 324Article Articles Particulars No. Receiptsofonesufficient. (c) Anyoneoftwoormorejointholdersofasharemaygiveeffectual receipts of any dividends or other moneys payable in respect of share;and Deliveryofcertificateand (d) onlythepersonwhosenamestandsfirstintheRegisterofMembers givingofnoticestofirst asoneofthejointholdersofanyshareshallbeentitledtodelivery namedholders. ofthecertificaterelatingtosuchshareortoreceivedocumentsfrom the Company and any such document served on or sent to such personshalldeemedtobeserviceonalltheholders. SHAREWARRANTS 85. Powertoissueshare The Company may issue warrants subject to and in accordance with warrants provisionsof theActandaccordinglytheBoardmayinitsdiscretionwith respecttoanySharewhichisfullypaiduponapplicationinwritingsigned bythepersonsregisteredasholderoftheShare,andauthenticatedbysuch evidence(if any) as the Board may, from time to time, require as to the identity of the persons signing the application and on receiving the certificate(ifany)oftheShare,andtheamountofthestampdutyonthe warrantandsuchfeeastheBoardmay,fromtimetotime,require,issue asharewarrant. 86. Depositofsharewarrants (a) The bearer of a share warrant may at any time deposit the warrant attheOfficeoftheCompany,andsolongasthewarrantremainsso deposited, the depositor shall have the same right of signing a requisition for call in a meeting of the Company, and of attending and voting and exercising the other privileges of a Member at any meeting held after the expiry of two clear days from the time of deposit,asifhisnamewereinsertedintheRegisterofMembersas theholderoftheShareincludedinthedepositwarrant. (b) Not more than one person shall be recognized as depositor of the Sharewarrant. (c) The Company shall, on two day's written notice, return the depositedsharewarranttothedepositor. 87. Privilegesanddisabilitiesof (a) Subjectashereinotherwiseexpresslyprovided,noperson,beinga theholdersofsharewarrant bearer of a share warrant, shall sign a requisition for calling a meeting of the Company or attend or vote or exercise any other privilegesofaMemberatameetingoftheCompany,orbeentitled toreceiveanynoticefromtheCompany. (b) Thebearerofasharewarrantshallbeentitledinallotherrespects to the same privileges and advantages as if he were named in the Register of Members as the holder of the Share included in the warrant,andheshallbeaMemberoftheCompany. 88. Issueofnewsharewarrant TheBoardmay,fromtimetotime,makebye-lawsastotermsonwhich coupons (ifitshallthinkfit),anewsharewarrantorcouponmaybeissuedbyway ofrenewalincaseofdefacement,lossordestruction. CONVERSIONOFSHARESINTOSTOCK 89. Conversionofsharesinto TheCompanymay,byordinaryresolutioninGeneralMeeting. stockorreconversion. a) convertanyfullypaid-upsharesintostock;and b) re-convertanystockintofullypaid-upsharesofanydenomination. 90. Transferofstock. Theholdersofstockmaytransferthesameoranypartthereofinthesame mannerasandsubjecttothesameregulationunderwhichthesharesfrom whichthestockarosemightbeforetheconversionhavebeentransferred, orasneartheretoascircumstancesadmit,providedthat,theBoardmay, from time to time, fix the minimum amount of stock transferable so howeverthatsuchminimumshallnotexceedthenominalamountofthe sharesfromwhichthestockarose. 91. Rightsofstock Theholdersofstockshall,accordingtotheamountofstockheldbythem, holders. have the same rights, privileges and advantages as regards dividends, participation in profits, voting at meetings of the Company, and other matters, as if they hold the shares for which the stock arose but no such privilege or advantage shall be conferred by an amount of stock which 325Article Articles Particulars No. would not, if existing in shares , have conferred that privilege or advantage. 92. Regulations. SuchoftheregulationsoftheCompany(otherthanthoserelatingtoshare warrants), asare applicabletopaid upshare shall applyto stock and the words “share” and “shareholders” in those regulations shall include “stock”and“stockholders”respectively. BORROWINGPOWERS 93. Powertoborrow. Subject to the provisions of the Act and these Articles, the Board may, fromtimetotimeatitsdiscretion,byaresolutionpassedatameetingof the Board generally raise or borrow money by way of deposits, loans, overdrafts,cashcredit or by issue of bonds, debentures or debenture-stock (perpetual or otherwise) or in any other manner, or from any person, firm, company, co-operative society, anybody corporate, bank, institution, whether incorporatedinIndiaorabroad,Governmentoranyauthorityoranyother bodyforthepurposeoftheCompanyandmaysecurethepaymentofany sums of money so received, raised or borrowed; provided that the total amountborrowedbytheCompany(apartfromtemporaryloansobtained fromtheCompany’sBankersintheordinarycourseofbusiness)shallnot without the consent of the Company in General Meeting exceed the aggregateofthepaidupcapitaloftheCompanyanditsfreereservesthat istosayreservesnotsetapartforanyspecifiedpurpose. 94. Issueofdiscountetc.orwith Subject to the provisions of the Act and these Articles, any bonds, specialprivileges. debentures, debenture-stock or any other securities may be issued at a discount, premium or otherwise and with any special privileges and conditionsastoredemption,surrender,allotmentofshares,appointment of Directors or otherwise; provided that debentures with the right to allotmentoforconversionintosharesshallnotbeissuedexceptwiththe sanctionoftheCompanyinGeneralMeeting. 95. Securingpaymentor Thepaymentand/orrepaymentofmoneysborrowedorraisedasaforesaid repaymentofMoneys oranymoneysowingotherwiseordebtsduefromtheCompanymaybe borrowed. securedinsuchmanneranduponsuchtermsandconditionsinallrespects astheBoardmaythinkfit,andinparticularbymortgage,charter,lienor anyothersecurityuponalloranyoftheassetsorproperty(bothpresent and future) or the undertaking of the Company including its uncalled capitalforthetimebeing,orbyaguaranteebyanyDirector,Government orthirdparty, and the bonds, debentures and debenture stocksand other securities may be made assignable, free from equities between the Companyandthepersontowhomthesamemaybeissuedandalsobya similarmortgage,chargeorlientosecureandguarantee,theperformance by the Company or any other person or company of any obligation undertaken by the Company or any person or Company as the case may be. 96. Bonds,Debenturesetc.tobe Anybonds,debentures,debenture-stockortheirsecuritiesissuedortobe underthecontrolofthe issuedbytheCompanyshallbeunderthecontroloftheBoardwhomay Directors. issue them upon such terms and conditions, and in such manner and for such consideration as they shall consider to be for the benefit of the Company. 97. Mortgageofuncalled If any uncalled capital of the Company is included in or charged by any Capital. mortgageorothersecuritytheDirectorsshallsubjecttotheprovisionsof theActandtheseArticlesmakecallsonthemembersinrespectofsuch uncalledcapitalintrustforthepersoninwhosefavoursuchmortgageor securityisexecuted. 98. Indemnitymaybegiven. SubjecttotheprovisionsoftheActandtheseArticlesiftheDirectorsor any of them or any other person shall incur or be about to incur any liability whether as principal or surely for the payment of any sum primarily due from the Company, the Directors may execute or cause to beexecutedanymortgage,chargeorsecurityoveroraffectingthewhole 326Article Articles Particulars No. or any part of the assets of the Company by way of indemnity to secure the Directors or person so becoming liable as aforesaid from any loss in respectofsuchliability. MEETINGSOFMEMBERS 99. DistinctionbetweenAGM& All the General Meetings of the Company other than Annual General EGM. MeetingsshallbecalledExtra-ordinaryGeneralMeetings. 100. Extra-OrdinaryGeneral (a) The Directors may, whenever they think fit, convene an Extra- MeetingbyBoardandby OrdinaryGeneralMeetingandtheyshallonrequisitionofrequisition requisition of Members made in compliance with Section 100 of the Act, forthwithproceedtoconveneExtra-OrdinaryGeneralMeetingofthe members WhenaDirectororanytwo (b) IfatanytimetherearenotwithinIndiasufficientDirectorscapable MembersmaycallanExtra ofactingtoformaquorum,orifthenumberofDirectorsbereduced OrdinaryGeneralMeeting innumbertolessthantheminimumnumberofDirectorsprescribed by these Articles and the continuing Directors fail or neglect to increase the number of Directors to that number or to convene a GeneralMeeting,anyDirectororanytwoormoreMembersofthe Companyholdingnotlessthanone-tenthofthetotalpaidupshare capital of the Company may call for an Extra-Ordinary General Meeting in the same manner as nearly as possible as that in which meetingmaybecalledbytheDirectors. 101. Meetingnottotransact NoGeneralMeeting,AnnualorExtraordinaryshallbecompetenttoenter businessnotmentionedin upon, discuss or transfer any business which has not been mentioned in notice. thenoticeornoticesuponwhichitwasconvened. 102. ChairmanofGeneral TheChairman(ifany)oftheBoardofDirectorsshallbeentitledtotake Meeting thechairateveryGeneralMeeting,whetherAnnualorExtraordinary.If thereisnosuchChairmanoftheBoardofDirectors,orifatanymeeting heisnotpresentwithinfifteenminutesofthetimeappointedforholding suchmeetingorifheisunableorunwillingtotakethechair,thentheVice ChairmanoftheCompanysoshalltakethechairandpresidethemeeting. In the absence of the Vice Chairman as well, the Directors present may chooseoneoftheDirectorsamongthemselvestopresidethemeeting. 103. Businessconfinedtoelection No business, except the election of a Chairman or Vice Chairman, shall ofChairmanorVice bediscussedatanyGeneralMeetingwhilsttheChairisvacant. Chairmanwhilstchairis vacant. 104. Chairmanwithconsentmay a) The Chairperson may, with the consent of any meeting at which a adjournmeeting. quorum is present, and shall, if so directed by the meeting, adjourn themeetingfromtimetotimeandfromplacetoplace. b) Nobusinessshallbetransactedatanyadjournedmeetingotherthan the business left unfinished at the meeting from which the adjournmenttookplace. c) When a meeting is adjourned for thirty days or more, notice of the adjournedmeetingshallbegivenasinthecaseofanoriginalmeeting. d) Saveasaforesaid,andasprovidedinsection103oftheAct,itshall not be necessary to give any notice of an adjournment or of the businesstobetransactedatanadjournedmeeting. 105. Chairman’scastingvote. InthecaseofanequalityofvotestheChairmanshallbothonashowof hands,onapoll(ifany)ande-voting,havecastingvoteinadditiontothe voteorvotestowhichhemaybeentitledasaMember. 106. Inwhatcasepolltaken Any poll duly demanded on the election of Chairman or Vice Chairman withoutadjournment. of the meeting or any question of adjournment shall be taken at the meetingforthwith. 107. Demandforpollnotto The demand for a poll except on the question of the election of the preventtransactionofother ChairmanorViceChairmanandofanadjournmentshallnotpreventthe business. continuanceofameetingforthetransactionofanybusinessotherthanthe questiononwhichthepollhasbeendemanded. 327Article Articles Particulars No. VOTESOFMEMBERS 108. Membersinarrearsnotto NoMembershallbeentitledtovoteeitherpersonallyorbyproxyatany vote. GeneralMeetingorMeetingofaclassofshareholderseitheruponashow of hands, upon a poll or electronically, or be reckoned in a quorum in respect of any shares registered in his name on which any calls or other sumspresentlypayablebyhimhavenotbeenpaidorinregardtowhich theCompanyhasexercised,anyrightorlien. 109. Numberofvoteseach Subject to the provision of these Articles and without prejudice to any memberentitled. specialprivileges,orrestrictionsastovotingforthetimebeingattached toanyclassofsharesforthetimebeingformingpartofthecapitalofthe company, every Member, not disqualified by the last preceding Article shall be entitled to bepresent, and to speakandtovote at suchmeeting, and on a show of hands every member present in person shall have one voteanduponapollthevotingrightofeveryMemberpresentinperson orbyproxyshallbeinproportiontohisshareofthepaid-upequityshare capitaloftheCompany,Provided,however,ifanypreferenceshareholder ispresentatanymeetingoftheCompany,saveasprovidedin sub-section (2)ofSection47oftheAct,heshallhavearighttovoteonlyonresolution placedbeforethemeetingwhichdirectlyaffecttherightsattachedtohis preferenceshares. 110. Castingofvotesbya OnapolltakenatameetingoftheCompanyamemberentitledtomore memberentitledtomore thanonevoteorhisproxyorotherpersonentitledtovoteforhim,asthe thanonevote. casemaybe,neednot,ifhevotes,useallhisvotesorcastinthesameway allthevotesheuses. 111. Voteofmemberofunsound A member of unsound mind, or in respect of whom an order has been mindandofminor made by any court having jurisdiction in lunacy, or a minor may vote, whetheronashowofhandsoronapoll,byhiscommitteeorotherlegal guardian, and any such committee or guardian may, on a poll, vote by proxy. 112. PostalBallot Notwithstanding anything contained in the provisions of the Companies Act,2013,andtheRulesmadethereunder,theCompanymay,andinthe caseofresolutionsrelatingtosuchbusinessasmaybeprescribedbysuch authorities from time to time, declare to be conducted only by postal ballot,shall,getanysuchbusiness/resolutionspassedbymeansofpostal ballot, instead of transacting the business in the General Meeting of the Company. 113. E-Voting A member may exercise his vote at a meeting by electronic means in accordancewithsection108andshallvoteonlyonce. 114. Votesofjointmembers. a) Inthecaseofjointholders,thevoteoftheseniorwhotendersavote, whetherinpersonorbyproxy,shallbeacceptedtotheexclusionof the votes of the other joint holders. If more than one of the said personsremainpresentthantheseniorshallalonebeentitledtospeak and to vote in respect of such shares, but the other or others of the joint holders shall be entitled to be present at the meeting. Several executors or administrators of a deceased Member in whose name sharestandsshallforthepurposeoftheseArticlesbedeemedjoints holdersthereof. b) Forthispurpose,seniorityshallbedeterminedbytheorderinwhich thenamesstandintheregisterofmembers. 115. Votesmaybegivenbyproxy Votesmaybegiveneitherpersonallyorbyattorneyorbyproxyorincase orbyrepresentative of a company, by a representative duly Authorised as mentioned in Articles 116. Representationofabody A body corporate (whether a company within the meaning of the Act or corporate. not) may, if it is member or creditor of the Company (including being a holderofdebentures)authorisesuchpersonbyresolutionofitsBoardof Directors,asitthinksfit,inaccordancewiththeprovisionsofSection113 of the Act to act as its representative at any Meeting of the members or creditorsoftheCompanyordebenturesholdersoftheCompany.Aperson 328Article Articles Particulars No. authorisedbyresolutionasaforesaidshallbeentitledtoexercisethesame rightsandpowers(includingtherighttovotebyproxy)onbehalfofthe body corporate as if it were an individual member, creditor or holder of debenturesoftheCompany. 117. Memberspayingmoneyin (a) A member paying the whole or a part of the amount remaining advance. unpaidonanyshareheldbyhimalthoughnopartofthatamounthas beencalledup,shallnotbeentitledtoanyvotingrightsinrespectof themoneyspaiduntilthesamewould,butforthispayment,become presentlypayable. Membersnotprohibitedif (b) Amemberisnotprohibitedfromexercisinghisvotingrightsonthe sharenotheldforany groundthathehasnotheldhissharesorinterestintheCompanyfor specifiedperiod. anyspecifiedperiodprecedingthedateonwhichthevotewastaken. 118. Votesinrespectofsharesof AnypersonentitledunderArticle73(transmissionclause)totransferany deceasedorinsolvent share may vote at any General Meeting in respect thereof in the same members. mannerasifheweretheregisteredholderofsuchshares,providedthatat leastforty-eighthoursbeforethetimeofholdingthemeetingoradjourned meeting,asthecasemaybeatwhichheproposestovote heshallsatisfy theDirectorsofhisrighttotransfersuchsharesandgivesuchindemnify (ifany)astheDirectorsmayrequireorthedirectorsshallhavepreviously admittedhisrighttovoteatsuchmeetinginrespectthereof. 119. Novotesbyproxyonshow No Member shall be entitled to vote on a show of hands unless such ofhands. memberispresentpersonallyorbyattorneyorisabodyCorporatepresent by a representative duly Authorised under the provisions of the Act in whichcasesuchmembers,attorneyorrepresentativemayvoteonashow ofhandsasifhewereaMemberoftheCompany.InthecaseofaBody Corporatetheproductionatthemeetingofacopyofsuchresolutionduly signedbyaDirectororSecretaryofsuchBodyCorporateandcertifiedby him as being a true copy of the resolution shall be accepted by the Companyassufficientevidenceoftheauthorityoftheappointment. 120. AppointmentofaProxy. The instrument appointing a proxy and the power-of-attorney or other authority,ifany,underwhichitissignedoranotarisedcopyofthatpower orauthority,shallbedepositedattheregisteredofficeofthecompanynot less than 48 hours before the time for holding the meeting or adjourned meetingatwhichthepersonnamedintheinstrumentproposestovote,or, inthecaseofapoll,notlessthan24hoursbeforethetimeappointedfor thetakingofthepoll;andindefaulttheinstrumentofproxyshallnotbe treatedasvalid. 121. Formofproxy. Aninstrumentappointingaproxyshallbeintheformasprescribedinthe rulesmadeundersection105. 122. Validityofvotesgivenby Avotegiveninaccordancewiththetermsofaninstrumentofproxyshall proxynotwithstandingdeath bevalidnotwithstandingthepreviousdeathorinsanityoftheMember,or ofamember. revocation of the proxy or of any power of attorney which such proxy signed, or the transfer of the share in respect of which the vote is given, providedthatnointimationinwritingofthedeathorinsanity,revocation or transfer shall have been received at the office before the meeting or adjournedmeetingatwhichtheproxyisused. 123. Timeforobjectionstovotes. Noobjectionshallberaisedtothequalificationofanyvoterexceptatthe meeting or adjourned meeting at which the vote objected to is given or tendered,andeveryvotenotdisallowedatsuchmeetingshallbevalidfor allpurposes. 124. ChairpersonoftheMeeting Any such objection raised to the qualification of any voter in due time tobethejudgeofvalidityof shallbereferredtotheChairpersonofthemeeting,whosedecisionshall anyvote. befinalandconclusive. DIRECTORS 125. NumberofDirectors Until otherwise determined by a General Meeting of the Company and subject to the provisions of Section 149 of the Act, the number of Directors(includingDebentureandAlternateDirectors)shallnotbeless 329Article Articles Particulars No. thanthreeandnotmorethanfifteen.Providedthatacompanymayappoint morethanfifteendirectorsafterpassingaspecialresolution. Firstdirectorsofthecompanyare:- 1.RaghavSomani 2.RohitSomani 126. Qualification ADirectoroftheCompanyshallnotbeboundtoholdanyQualification shares. SharesintheCompany. 127. NomineeDirectors. (a) Subject to the provisions of the Companies Act, 2013 and notwithstandinganythingtothecontrarycontainedintheseArticles, the Board may appoint any person as a director nominated by any institution in pursuance of the provisions of any law for the time beinginforceorofanyagreement (b) TheNominee Director/s soappointed shall not berequired tohold anyqualificationsharesintheCompanynorshallbeliabletoretire by rotation. The Board of Directors of the Company shall have no powertoremovefromofficetheNomineeDirector/ssoappointed. ThesaidNomineeDirector/sshallbeentitledtothesamerightsand privileges including receiving of notices, copies of the minutes, sittingfees,etc.asanyotherDirectoroftheCompanyisentitled. (c) If the Nominee Director/s is an officer of any of the financial institutionthesittingfeesinrelationtosuchnomineeDirectorsshall accruetosuchfinancialinstitutionandthesameaccordinglybepaid bytheCompanytothem.TheFinancialInstitutionshallbeentitled todeputeobservertoattendthemeetingsoftheBoardoranyother CommitteeconstitutedbytheBoard. (d) The Nominee Director/s shall, notwithstanding anything to the Contrary contained in these Articles, be at liberty to disclose any information obtained by him/them to the Financial Institution appointinghim/themassuchDirector/s. 128. Appointmentofalternate The Board may appoint an Alternate Director to act for a Director Director. (hereinafter called “The Original Director”) during his absence for a period of not less than three months from India. An Alternate Director appointed under this Article shall not hold office for period longer than that permissible to the Original Director in whose place he has been appointedandshallvacateofficeifandwhentheOriginalDirectorreturns toIndia.IfthetermofOfficeoftheOriginalDirectorisdeterminedbefore hesoreturnstoIndia,anyprovisionintheActorintheseArticlesforthe automatic re-appointment of retiring Director in default of another appointmentshallapplytotheOriginalDirectorandnottotheAlternate Director. 129. AdditionalDirector Subject to the provisions of the Act, the Board shall have power at any timeandfromtimetotimetoappointanyotherpersontobeanAdditional Director.AnysuchAdditionalDirectorshallholdofficeonlyuptothedate ofthenextAnnualGeneralMeeting. 130. Directorspowertofillcasual Subject to the provisions of the Act, the Board shall have power at any vacancies. time and from time to time to appoint a Director, if the office of any director appointed by the company in general meeting is vacated before histermofofficeexpiresinthenormalcourse,whoshallholdofficeonly upto the date upto which the Director in whose place he is appointed wouldhaveheldofficeifithadnotbeenvacatedbyhim. 131. SittingFees. Until otherwise determined by the Company in General Meeting, each DirectorotherthantheManaging/Whole-timeDirector(unlessotherwise specificallyprovidedfor)shallbeentitledtosittingfeesnotexceedinga sum prescribed in the Act (as may be amended from time to time) for attendingmeetingsoftheBoardorCommitteesthereof. 132. TravellingexpensesIncurred TheBoardofDirectorsmaysubjecttothelimitationsprovidedintheAct byDirectoronCompany's allowandpaytoanyDirectorwhoattendsameetingataplaceotherthan business. hisusualplaceofresidenceforthepurposeofattendingameeting,such 330Article Articles Particulars No. sum as the Board may consider fair, compensation for travelling, hotel andotherincidentalexpensesproperlyincurredbyhim,inadditiontohis feeforattendingsuchmeetingasabovespecified. PROCEEDINGOFTHEBOARDOFDIRECTORS 133. MeetingsofDirectors. (a)TheBoardofDirectorsmaymeetfortheconductofbusiness,adjourn andotherwiseregulateitsmeetingsasitthinksfit. (b) Adirectormay,andthemanagerorsecretaryontherequisitionofa directorshall,atanytime,summonameetingoftheBoard. 134. ChairmanandVice a) TheDirectorsmayfromtimetotimeelectfromamongtheirmembers Chairman aChairpersonoftheBoardaswellasaViceChairmanoftheBoard and determine the period for which he is to hold office. If at any meetingoftheBoard,theChairmanisnotpresentwithinfiveminutes afterthetimeappointedforholdingthesame,totheViceChairman shallpresideatthemeetingandintheabsenceoftheViceChairman aswell,theDirectorspresentmaychooseoneoftheDirectorsamong themselvestopresidethemeeting. b) Subject to Section 203 of the Act and rules made there under, one personcanactastheChairmanaswellastheManagingDirectoror ChiefExecutiveOfficeratthesametime. 135. QuestionsatBoardmeeting Questions arising at any meeting of the Board of Directors shall be howdecided. decidedbyamajorityofvotesandinthecaseofanequalityofvotes,the ChairmanortheViceChairman,asthecasemaybewillhaveasecondor castingvote. 136. Continuingdirectorsmay The continuing directors may act notwithstanding any vacancy in the actnotwithstandingany Board; but, if and so long as their number is reduced below the quorum vacancyintheBoard fixed by the Act for a meeting of the Board, the continuing directors or directormayactforthepurposeofincreasingthenumberofdirectorsto that fixed for the quorum, or of summoning a general meeting of the company,butfornootherpurpose. 137. Directorsmayappoint SubjecttotheprovisionsoftheAct,theBoardmaydelegateanyoftheir committee. powerstoaCommitteeconsistingofsuchmemberormembersofitsbody asitthinksfit,anditmayfromtimetotimerevokeanddischargeanysuch committee either wholly or in part and either as to person, or purposes, but every Committee so formed shall in the exercise of the powers so delegated conform to any regulations that may from time to time be imposed on it by the Board. All acts done by any such Committee in conformity with such regulations and in fulfillment of the purposes of theirappointmentbutnototherwise,shallhavethelikeforceandeffectas ifdonebytheBoard. 138. CommitteeMeetingshowto The Meetings and proceedings of any such Committee of the Board begoverned. consisting of two or more members shall be governed by the provisions herein contained for regulating the meetings and proceedings of the Directorssofarasthesameareapplicabletheretoandarenotsuperseded byanyregulationsmadebytheDirectorsunderthelastprecedingArticle. 139. ChairpersonofCommittee a) AcommitteemayelectaChairpersonofitsmeetings. Meetings b) IfnosuchChairpersoniselected,orifatanymeetingtheChairperson isnotpresentwithinfiveminutesafterthetimeappointedforholding themeeting,thememberspresentmaychooseoneoftheirmembers tobeChairpersonofthemeeting. 140. MeetingsoftheCommittee a) Acommitteemaymeetandadjournasitthinksfit. b) Questionsarisingatanymeetingofacommitteeshallbedetermined by a majority of votes of the members present, and in case of an equalityofvotes,theChairpersonshallhaveasecondorcastingvote. 141. ActsofBoardorCommittee Subject to the provisions of the Act, all acts done by any meeting of the shallbevalid Board or by a Committee of the Board, or by any person acting as a notwithstandingdefectin Director shall notwithstanding that it shall afterwards be discovered that appointment. there was some defect in the appointment of such Director or persons acting as aforesaid, or that they or any of them were disqualified or had 331Article Articles Particulars No. vacatedofficeorthattheappointmentofanyofthemhadbeenterminated byvirtueofanyprovisionscontainedintheActorintheseArticles,beas validasifeverysuchpersonhadbeendulyappointed,andwasqualified tobeaDirector. RETIREMENTANDROTATIONOFDIRECTORS 142. Powertofillcasualvacancy Subject to the provisions of Section 161 of the Act, if the office of any Director appointed by the Company in General Meeting vacated before his term of office will expire in the normal course, the resulting casual vacancymayindefaultofandsubjecttoanyregulationintheArticlesof the Company be filled by the Board of Directors at the meeting of the BoardandtheDirectorsoappointedshallholdofficeonlyuptothedate uptowhichtheDirectorinwhoseplaceheisappointedwouldhaveheld officeifhadnotbeenvacatedasaforesaid. POWERSOFTHEBOARD 143. PowersoftheBoard The business of the Company shall be managed by the Board who may exerciseallsuchpowersoftheCompanyanddoallsuchactsandthings as may be necessary, unless otherwise restricted by the Act, or by any other law or by the Memorandum or by the Articles required to be exercised by the Company in General Meeting. However no regulation made by the Company in General Meeting shall invalidate any prior act oftheBoardwhichwouldhavebeenvalidifthatregulationhadnotbeen made. 144. CertainpowersoftheBoard WithoutprejudicetothegeneralpowersconferredbytheArticlesandso asnotinanywaytolimitorrestrictthesepowers,andwithoutprejudice to the other powers conferred by these Articles, but subject to the restrictions contained in the Articles, it is hereby, declared that the Directorsshallhavethefollowingpowers,thatistosay Toacquireanyproperty, (1) Subject to the provisions of the Act, to purchase or otherwise rightsetc. acquireanylands,buildings,machinery,premises,property,effects, assets, rights, creditors, royalties, business and goodwill of any person firm or company carrying on the business which this Companyisauthorisedtocarryon,inanypartofIndia. TotakeonLease. (2) Subject to the provisions of the Act to purchase, take on lease for anytermortermsofyears,orotherwiseacquireanylandorlands, withorwithoutbuildingsandout-housesthereon,situateinanypart ofIndia,atsuchconditionsastheDirectorsmaythinkfit,andinany such purchase, lease or acquisition to accept such title as the Directorsmaybelieve,ormaybeadvisedtobereasonablysatisfy. Toerect&construct. (3) Toerectandconstruct,onthesaidlandorlands,buildings,houses, warehousesandshedsandtoalter,extendandimprovethesame,to letorleasethepropertyofthecompany,inpartorinwholeforsuch rentandsubjecttosuchconditions,asmaybethoughtadvisable;to sell suchportions ofthe landor buildings ofthe Companyas may not be required for the company; to mortgage the whole or any portion of the property of the company for the purposes of the Company; to sell all or any portion of the machinery or stores belongingtotheCompany. Topayforproperty. (4) At their discretion and subject to the provisions of the Act, the Directors may pay property rights or privileges acquired by, or servicesrenderedtotheCompany,eitherwhollyorpartiallyincash orinshares,bonds,debenturesorothersecuritiesoftheCompany, and any such share may be issued either as fully paid up or with such amount credited as paid up thereon as may be agreed upon; and any such bonds, debentures or other securities may be either specifically charged upon all or any part of the property of the Companyanditsuncalledcapitalornotsocharged. Toinsurepropertiesofthe (5) To insure and keep insured against loss or damage by fire or Company. otherwise for such period and to such extent as they may think 332Article Articles Particulars No. proper all or any part of the buildings, machinery, goods, stores, produce and other moveable property of the Company either separately or co-jointly; also to insure all or any portion of the goods,produce,machineryandotherarticlesimportedorexported by the Company and to sell, assign, surrender or discontinue any policiesofassuranceeffectedinpursuanceofthispower. ToopenBankaccounts. (6) ToopenaccountswithanyBankorBankersandtopaymoneyinto and draw money from any such account from time to time as the Directorsmaythinkfit. Tosecurecontractsbyway (7) To secure the fulfillment of any contracts or engagement entered ofmortgage. into by the Company by mortgage or charge on all or any of the property of the Company including its whole or part of its undertakingasagoingconcernanditsuncalledcapitalforthetime beingorinsuchmannerastheythinkfit. Toacceptsurrenderof (8) Toacceptfromanymember,sofarasmaybepermissiblebylaw,a shares. surrender of the shares or any part thereof, on such terms and conditionsasshallbeagreedupon. Toappointtrusteesforthe (9) Toappointanypersontoacceptandholdintrust,fortheCompany Company. property belonging to the Company, or in which it is interested or foranyotherpurposesandtoexecuteandtodoallsuchdeedsand things as may be required in relation to any such trust, and to providefortheremunerationofsuchtrusteeortrustees. Toconductlegal (10) To institute, conduct, defend, compound or abandon any legal proceedings. proceeding by or against the Company or its Officer, or otherwise concerning the affairs and also to compound and allow time for payment or satisfaction of any debts, due, and of any claims or demandsbyoragainsttheCompanyandtoreferanydifferenceto arbitration, either according to Indian or Foreign law and either in India or abroad and observe and perform or challenge any award thereon. Bankruptcy&Insolvency (11) To act on behalf of the Company in all matters relating to bankruptcyinsolvency. Toissuereceipts&give (12) To make and give receipts, release and give discharge for moneys discharge. payable to the Company and for the claims and demands of the Company. Toinvestanddealwith (13) SubjecttotheprovisionsoftheAct,andtheseArticlestoinvestand moneyoftheCompany. dealwithanymoneysoftheCompanynotimmediatelyrequiredfor the purpose thereof, upon such authority (not being the shares of thisCompany)orwithoutsecurityandinsuchmannerastheymay thinkfitandfromtimetotimetovaryorrealisesuchinvestments. SaveasprovidedinSection187oftheAct,allinvestmentsshallbe madeandheldintheCompany’sownname. TogiveSecuritybywayof (14) ToexecuteinthenameandonbehalfoftheCompanyinfavourof indemnity. anyDirectororotherpersonwhomayincurorbeabouttoincurany personalliabilitywhetherasprincipalorassurety,forthebenefitof the Company, such mortgage of the Company’s property (present or future) as they think fit, and any such mortgage may contain a power of sale and other powers, provisions, covenants and agreementsasshallbeagreedupon; Todeterminesigning (15) Todeterminefromtimetotimepersonswhoshallbeentitledtosign powers. on Company’s behalf, bills, notes, receipts, acceptances, endorsements, cheques, dividend warrants, releases, contracts and documents and to give the necessary authority for such purpose, whetherbywayofaresolutionoftheBoardorbywayofapower ofattorneyorotherwise. Commissionorsharein (16) TogivetoanyDirector,Officer,orotherpersonsemployedbythe profits. Company,acommissionontheprofitsofanyparticularbusinessor transaction, or a share in the general profits of the company; and 333Article Articles Particulars No. such commission or share of profits shall be treated as part of the workingexpensesoftheCompany. Bonusetc.toemployees. (17) To give, award or allow any bonus, pension, gratuity or compensation to any employee of the Company, or his widow, children,dependents,thatmayappearjustorproper,whethersuch employee, his widow, children or dependents have or have not a legalclaimontheCompany. TransfertoReserveFunds. (18) To set aside out of the profits of the Company such sums as they may think proper for depreciation or the depreciation funds or to insurancefundortoanexportfund,ortoaReserveFund,orSinking Fundoranyspecialfundtomeetcontingenciesorrepaydebentures or debenture-stock or for equalizing dividends or for repairing, improving, extending and maintaining any of the properties of the Company and for such other purposes (including the purpose referredtointheprecedingclause)astheBoardmay,intheabsolute discretion think conducive to the interests of the Company, and subjecttoSection179oftheAct,toinvesttheseveralsumssoset aside or so much thereof as may be required to be invested, upon suchinvestments(otherthansharesofthisCompany)astheymay thinkfitandfromtimetotimedealwithandvarysuchinvestments anddisposeofandapplyandextendalloranypartthereofforthe benefit of the Company notwithstanding the matters to which the Board apply or upon which the capital moneys of the Company might rightly be applied or expended and divide the reserve fund intosuchspecialfundsastheBoardmaythinkfit;withfullpowers totransferthewholeoranyportionofareservefundordivisionof areservefundtoanotherfundandwiththefullpowertoemploythe assets constituting all or any of the above funds, including the depredationfund,inthebusinessofthecompanyorinthepurchase orrepaymentofdebenturesordebenture-stocksandwithoutbeing boundtokeepthesameseparatefromtheotherassetsandwithout beingboundtopayinterestonthesamewiththepowertotheBoard attheirdiscretiontopayorallowtothecreditofsuchfunds,interest atsuchrateastheBoardmaythinkproper. Toappointandremove (19) Toappoint,andattheirdiscretionremoveorsuspendsuchgeneral officersandotheremployees. manager, managers, secretaries, assistants, supervisors, scientists, technicians, engineers, consultants, legal, medical or economic advisers, research workers, labourers, clerks, agents and servants, forpermanent,temporaryorspecialservicesastheymayfromtime totimethinkfit,andtodeterminetheirpowersanddutiesandtofix theirsalariesoremolumentsorremunerationandtorequiresecurity insuchinstancesandforsuchamountstheymaythinkfitandalso fromtimetotimetoprovideforthemanagementandtransactionof the affairs of the Company in any specified locality in India or elsewhere in such manner as they think fit and the provisions contained in the next following clauses shall be without prejudice tothegeneralpowersconferredbythisclause. ToappointAttorneys. (20) At any time and fromtime totime bypowerofattorneyunder the seal of the Company, to appoint any person or persons to be the AttorneyorattorneysoftheCompany,forsuchpurposesandwith suchpowers,authoritiesanddiscretions(notexceedingthosevested in or exercisable by the Board under these presents and excluding the power to make calls and excluding also except in their limits authorised by the Board the power to make loans and borrow moneys) and for such period and subject to such conditions as the Boardmayfromtimetotimethinkfit,andsuchappointmentsmay (iftheBoardthinkfit)bemadeinfavourofthemembersoranyof themembersofanylocalBoardestablishedasaforesaidorinfavour 334Article Articles Particulars No. of any Company, or the shareholders, directors, nominees or manager of any Company or firm or otherwise in favour of any fluctuating body of persons whether nominated directly or indirectly by the Board and any such powers of attorney may contain such powers for the protection or convenience for dealing with such Attorneys as the Board may think fit, and may contain powersenablinganysuchdelegatedAttorneysasaforesaidtosub- delegatealloranyofthepowers,authoritiesanddiscretionforthe timebeingvestedinthem. Toenterintocontracts. (21) Subject to Sections 188 of the Act, for or in relation to any of the matters aforesaid or otherwise for the purpose of the Company to enter into all such negotiations and contracts and rescind and vary allsuchcontracts,andexecuteanddoallsuchacts,deedsandthings in the name and on behalf of the Company as they may consider expedient. Tomakerules. (22) Fromtimetotimetomake,varyandrepealrulesfortheregulations ofthebusinessoftheCompanyitsOfficersandemployees. Toeffectcontractsetc. (23) To effect, make and enter into on behalf of the Company all transactions,agreementsandothercontractswithinthescopeofthe businessoftheCompany. Toapply&obtain (24) To apply for, promote and obtain any act, charter, privilege, concessionslicensesetc. concession, license, authorization, if any, Government, State or municipality, provisional order or license of any authority for enablingtheCompanytocarryanyofthisobjectsintoeffect,orfor extending and any of the powers of the Company or for effecting any modification of the Company’s constitution, or for any other purpose,whichmayseemexpedientandtoopposeanyproceedings orapplicationswhichmayseemcalculated,directlyorindirectlyto prejudicetheCompany’sinterests. Topaycommissionsor (25) To pay and charge to the capital account of the Company any interest. commission or interest lawfully payable there out under the provisionsofSections40oftheActandoftheprovisionscontained inthesepresents. Toredeempreference (26) Toredeempreferenceshares. shares. Toassistcharitableor (27) To subscribe, incur expenditure or otherwise to assist or to benevolentinstitutions. guarantee money to charitable, benevolent, religious, scientific, national or any other institutions or subjects which shall have any moral or other claim to support or aid by the Company, either by reason of locality or operation or of public and general utility or otherwise. (28) Topaythecost,chargesandexpensespreliminaryandincidentalto the promotion, formation, establishment and registration of the Company. (29) To pay and charge to the capital account of the Company any commission or interest lawfully payable thereon under the provisionsofSections40oftheAct. (30) To provide for the welfare of Directors or ex-Directors or employees or ex-employees of the Company and their wives, widows and families or the dependents or connections of such persons, by building or contributing to the building of houses, dwelling or chawls, or by grants of moneys, pension, gratuities, allowances,bonusorotherpayments,orbycreatingandfromtime to time subscribing or contributing, to provide other associations, institutions, funds or trusts and by providing or subscribing or contributing towards place of instruction and recreation, hospitals anddispensaries,medicalandotherattendanceandotherassistance as the Board shall think fit and subject to the provision of Section 335Article Articles Particulars No. 181oftheAct,tosubscribeorcontributeorotherwisetoassistorto guarantee money to charitable, benevolent, religious, scientific, national or other institutions or object which shall have any moral or other claim to support or aid by the Company, either by reason of locality of operation, or of the public and general utility or otherwise. (31) Topurchaseorotherwiseacquireorobtainlicensefortheuseofand to sell, exchange or grant license for the use of any trade mark, patent,inventionortechnicalknow-how. (32) TosellfromtimetotimeanyArticles,materials,machinery,plants, storesandotherArticlesandthingbelongingtotheCompanyasthe Boardmaythinkproperandtomanufacture,prepareandsellwaste andby-products. (33) From time to time to extend the business and undertaking of the Company by adding, altering or enlarging all or any of the buildings,factories,workshops,premises,plantandmachinery,for thetimebeingthepropertyoforinthepossessionoftheCompany, orbyerectingneworadditionalbuildings,andtoexpendsuchsum ofmoneyforthepurposeaforesaidoranyofthemastheybethought necessaryorexpedient. (34) To undertake on behalf of the Company any payment of rents and the performance of the covenants, conditions and agreements contained in or reserved by any lease that may be granted or assignedtoorotherwiseacquiredbytheCompanyandtopurchase the reversion or reversions, and otherwise to acquire on free hold sampleofalloranyofthelandsoftheCompanyforthetimebeing heldunderleaseorforanestatelessthanfreeholdestate. (35) To improve, manage, develop, exchange, lease, sell, resell and re- purchase, dispose off, deal or otherwise turn to account, any property (movable or immovable) or any rights or privileges belonging to or at the disposal of the Company or in which the Companyisinterested. (36) To let, sell or otherwise dispose of subject to the provisions of Section180oftheActandoftheotherArticlesanypropertyofthe Company,eitherabsolutelyorconditionallyandinsuchmannerand uponsuchtermsandconditionsinallrespectsasitthinksfitandto acceptpayment insatisfactionforthesameincashorotherwiseas itthinksfit. (37) GenerallysubjecttotheprovisionsoftheActandtheseArticles,to delegate the powers/authorities and discretions vested in the Directors to any person(s), firm, company or fluctuating body of personsasaforesaid. (38) To comply with the requirements of any local law which in their opinion it shall in the interest of the Company be necessary or expedienttocomplywith. MANAGINGANDWHOLE-TIMEDIRECTORS 145. Powerstoappoint a) Subject to the provisions of the Act and of these Articles, the Managing/Whole-time Directors may from time to time in Board Meetings appoint one or Directors. moreoftheirbodytobeaManagingDirectororManagingDirectors orwhole-timeDirectororwhole-timeDirectorsoftheCompanyfor suchtermnotexceedingfiveyearsatatimeastheymaythinkfitto managetheaffairsandbusinessoftheCompany,andmayfromtime totime(subjecttotheprovisionsofanycontractbetweenhimorthem and the Company) remove or dismiss him or them from office and appointanotherorothersinhisortheirplaceorplaces. b) The Managing Director or Managing Directors or whole-time Directororwhole-timeDirectorssoappointedshallbeliabletoretire by rotation. A Managing Director or Whole-time Director who is 336Article Articles Particulars No. appointedasDirectorimmediatelyontheretirementbyrotationshall continue to hold his office as Managing Director or Whole-time Director and such re-appointment as such Director shall not be deemedtoconstituteabreakinhisappointmentasManagingDirector orWhole-timeDirector. 146. RemunerationofManaging The remuneration of a Managing Director or a Whole-time Director orWhole-timeDirector. (subject to the provisions of the Act and of these Articles and of any contractbetweenhimandtheCompany)shallfromtimetotimebefixed by the Directors, and may be, by way of fixed salary, or commission on profitsoftheCompany,orbyparticipationinanysuchprofits,orbyany, orallofthesemodes. 147. Powersanddutiesof (1) Subject to control, direction and supervision of the Board of ManagingDirectoror Directors,theday-todaymanagementofthecompanywillbeinthe Whole-timeDirector. handsoftheManagingDirectororWhole-timeDirectorappointed inaccordancewithregulationsoftheseArticlesofAssociationwith powers to the Directors to distribute such day-to-day management functions among such Directors and in any manner as may be directedbytheBoard. (2) TheDirectorsmayfromtimetotimeentrusttoandconferuponthe ManagingDirectororWhole-timeDirectorforthetimebeingsave asprohibitedintheAct,suchofthepowersexercisableunderthese presentsbytheDirectorsastheymaythinkfit,andmayconfersuch objectsandpurposes,anduponsuchtermsandconditions,andwith such restrictions as they think expedient; and they may subject to the provisions of the Act and these Articles confer such powers, eithercollaterallywithortotheexclusionof,andinsubstitutionfor, alloranyofthepowersoftheDirectorsinthatbehalf,andmayfrom timetotimerevoke,withdraw,alterorvaryalloranysuchpowers. (3) The Company’s General Meeting may also from time to time appoint any Managing Director or Managing Directors or Whole- time Director or Whole-time Directors of the Company and may exerciseallthepowersreferredtointheseArticles. (4) The Managing Director shall be entitled to sub-delegate (with the sanctionoftheDirectorswherenecessary)alloranyofthepowers, authorities and discretions for the time being vested in him in particularfromtimetotimebytheappointmentofanyattorneyor attorneys for the management and transaction of the affairs of the Companyinanyspecifiedlocalityinsuchmannerastheymaythink fit. (5) Notwithstanding anything contained in these Articles, the Managing Director is expressly allowed generally to work for and contract with the Company and especially to do the work of ManagingDirectorandalsotodoanyworkfortheCompanyupon suchtermsandconditionsandforsuchremuneration(subjecttothe provisionsoftheAct)asmayfromtimetotimebeagreedbetween himandtheDirectorsoftheCompany. CHIEFEXECUTIVEOFFICER,MANAGER,COMPANYSECRETARYORCHIEFFINANCIAL OFFICER 148. BoardtoappointChief a) SubjecttotheprovisionsoftheAct,— ExecutiveOfficer/Manager/ i. A chief executive officer, manager, company secretary or chief CompanySecretary/Chief financialofficermaybeappointedbytheBoardforsuchterm,at FinancialOfficer suchremunerationanduponsuchconditionsasitmaythinksfit; andanychiefexecutiveofficer,manager,companysecretaryor chieffinancialofficersoappointedmayberemovedbymeansof aresolutionoftheBoard; ii. Adirectormaybeappointedaschiefexecutiveofficer,manager, companysecretaryorchieffinancialofficer. 337Article Articles Particulars No. b) AprovisionoftheActortheseregulationsrequiringorauthorisinga thing to be done by or to a director and chief executive officer, manager, company secretary or chief financial officer shall not be satisfied by its being done by or to the same person acting both as director and as, or in place of, chief executive officer, manager, companysecretaryorchieffinancialofficer. THESEAL 149. Theseal,itscustodyanduse. (a) The Board shall provide a Common Seal for the purposes of the Company, and shall have power from time to time to destroy the sameandsubstituteanewSealinlieuthereof,andtheBoardshall provideforthesafecustodyoftheSealforthetimebeing,andthe Seal shall never be used except by the authority of the Board or a CommitteeoftheBoardpreviouslygiven. (b) The Company shall also be at liberty to have an Official Seal in accordancewithoftheAct,foruseinanyterritory,districtorplace outsideIndia. 150. Deedshowexecuted. Thesealofthecompanyshallnotbeaffixedtoanyinstrumentexceptby theauthorityofaresolutionoftheBoardorofacommitteeoftheBoard authorizedbyitinthatbehalf,andexceptinthepresenceofatleasttwo directors and of the secretary or such other person as the Board may appointforthepurpose;andthosetwodirectorsandthesecretaryorother person aforesaid shall sign every instrument to which the seal of the companyissoaffixedintheirpresence. DIVIDENDANDRESERVES 151. Divisionofprofits. (1) Subjecttotherightsofpersons,ifany,entitledtoshareswithspecial rights as to dividends, all dividends shall be declared and paid according to the amounts paid or credited as paid on the shares in respectwhereofthedividendispaid,but ifandsolongasnothing is paid upon any of the shares in the Company, dividends may be declaredandpaidaccordingtotheamountsoftheshares. (2) No amount paid or credited as paid on a share in advance of calls shall be treated for the purposes of this regulation as paid on the share. (3) All dividends shall be apportioned and paid proportionately to the amountspaidorcreditedaspaidonthesharesduringanyportionor portionsoftheperiodinrespectofwhichthedividendispaid;but if any share is issued on terms providing that it shall rank for dividendasfromaparticulardatesuchshareshallrankfordividend accordingly. 152. ThecompanyinGeneral The Company in General Meeting may declare dividends, to be paid to Meetingmaydeclare members according to their respective rights and interests in the profits Dividends. andmayfixthetimeforpaymentandtheCompanyshallcomplywiththe provisions of Section 127 of the Act, but no dividends shall exceed the amount recommended by the Board of Directors, but the Company may declareasmallerdividendingeneralmeeting. 153. Transfertoreserves a) TheBoardmay,beforerecommendinganydividend,setasideoutof the profits of the company such sums as it thinks fit as a reserve or reserveswhichshall,atthediscretionoftheBoard,beapplicablefor any purpose to which the profits of the company may be properly applied, including provision for meeting contingencies or for equalizingdividends;andpendingsuchapplication,may,atthelike discretion, either beemployedin the business of the companyor be invested in such investments (other than shares of the company) as theBoardmay,fromtimetotime,thinksfit. b) TheBoardmayalsocarryforwardanyprofitswhichitmayconsider necessarynottodivide,withoutsettingthemasideasareserve. 338Article Articles Particulars No. 154. InterimDividend. Subjecttotheprovisionsofsection123,theBoardmayfromtimetotime paytothememberssuchinterimdividendsasappeartoittobejustified bytheprofitsofthecompany. 155. Debtsmaybededucted. TheDirectorsmayretainanydividendsonwhichtheCompanyhasalien and may apply the same in or towards the satisfaction of the debts, liabilitiesorengagementsinrespectofwhichthelienexists. 156. Capitalpaidupinadvance Noamountpaidorcreditedaspaidonashareinadvanceofcallsshallbe nottoearndividend. treatedforthepurposesofthisarticlesaspaidontheshare. 157. Dividendsinproportionto All dividends shall be apportioned and paid proportionately to the amountpaid-up. amounts paid or credited as paid on the shares during any portion or portionsoftheperiodinrespectofwhichthedividendispaidbutifany shareisissuedontermsprovidingthatitshallrankfordividendsasfrom aparticulardatesuchshareshallrankfordividendaccordingly. 158. Retentionofdividendsuntil The Board of Directors may retain the dividend payable upon shares in completionoftransferunder respect of which any person under Articles has become entitled to be a Articles. member,oranypersonunderthatArticleisentitledtotransfer,untilsuch personbecomesamember,inrespectofsuchsharesorshalldulytransfer thesame. 159. NoMembertoreceive Nomembershallbeentitledtoreceivepaymentofanyinterestordividend dividendwhilstindebtedto orbonusinrespectofhisshareorshares,whilstanymoneymaybedue thecompanyandthe orowingfromhimtotheCompanyinrespectofsuchshareorshares(or Company’srightof otherwise however, either alone or jointly with any other person or reimbursementthereof. persons) and the Board of Directors may deduct from the interest or dividendpayabletoanymemberallsuchsumsofmoneysoduefromhim totheCompany. 160. Effectoftransferofshares. A transfer of shares does not pass the right to any dividend declared thereonbeforetheregistrationofthetransfer. 161. Dividendtojointholders. Anyoneofseveralpersonswhoareregisteredasjointholdersofanyshare may give effectual receipts for all dividends or bonus and payments on accountofdividendsinrespectofsuchshare. 162. Dividendshowremitted. a) Anydividend,interestorothermoniespayableincashinrespectof shares may be paid by cheque or warrant sent through the post directedtotheregisteredaddressoftheholderor,inthecaseofjoint holders,totheregisteredaddressofthatoneofthejointholderswho is first named on the register of members, or to such person and to suchaddressastheholderorjointholdersmayinwritingdirect. b) Everysuchchequeorwarrantshallbemadepayabletotheorderof thepersontowhomitissent. 163. Noticeofdividend. Noticeofanydividendthatmayhavebeendeclaredshallbegiventothe personsentitledtosharethereininthemannermentionedintheAct. 164. NointerestonDividends. Nounclaimeddividendshallbeforfeitedbeforetheclaimbecomesbarred bylawandnounpaiddividendshallbearinterestasagainsttheCompany. CAPITALIZATION 165. Capitalization. (1) TheCompanyinGeneralMeetingmay,upontherecommendation oftheBoard,resolve: (a) thatitisdesirabletocapitalizeanypartoftheamountforthetime being standing to the credit of any of the Company’s reserve accounts,ortothecreditoftheProfitandLossaccount,orotherwise availablefordistribution;and (b) thatsuchsumbeaccordinglysetfreefordistributioninthemanner specifiedinclause(2)amongstthememberswhowouldhavebeen entitled thereto, if distributed by way of dividend and in the same proportions. (2) The sums aforesaid shall not be paid in cash but shall be applied subjecttotheprovisionscontainedinclause(3)eitherinortowards: (i) payingupanyamountsforthetimebeingunpaidonanysharesheld bysuchmembersrespectively; 339Article Articles Particulars No. (ii) payingupinfull,unissuedsharesoftheCompanytobeallottedand distributed,creditedasfullypaidup,toandamongstsuchmembers intheproportionsaforesaid;or (iii) partly in the way specified in sub-clause (i) and partly in that specifiedinsub-clause(ii). (3) A Securities Premium Account and Capital Redemption Reserve Accountmay,forthepurposesofthisregulation,onlybeappliedin the paying up of unissued shares to be issued to members of the Companyandfullypaidbonusshares. (4) TheBoardshallgiveeffecttotheresolutionpassedbytheCompany inpursuanceofthisregulation. 166. FractionalCertificates. (1) Wheneversucharesolutionasaforesaidshallhavebeenpassed,the Boardshall— (a) make all appropriations and applications of the undivided profits resolved to be capitalized thereby and all allotments and issues of fullypaidshares,ifany,and (b) generallytodoallactsandthingsrequiredtogiveeffectthereto. (2) TheBoardshallhavefullpower- (a) tomakesuchprovision,bytheissueoffractionalcertificatesorby payment in cash or otherwise as it thinks fit, in case of shares becomingdistributableinfractions;andalso (b) to authorise any person to enter, on behalf of all the members entitledthereto,intoanagreementwiththeCompanyprovidingfor theallotmenttothemrespectively,creditedasfullypaidup,ofany further shares to which they may be entitled upon such capitalization, or (as the case may require) for the payment by the Company on their behalf, by the application thereto of their respective proportions, of the profits resolved to be capitalized, of the amounts or any part of the amounts remaining unpaid on their existingshares. (3) Any agreement made under such authority shall be effective and bindingonallsuchmembers. (4) That for the purpose of giving effect to any resolution, under the preceding paragraph of this Article, the Directors may give such directions as may be necessary and settle any questions or difficulties that may arise in regard to any issue including distributionofnewequitysharesandfractionalcertificatesasthey thinkfit. 167. InspectionofMinutesBooks (1) ThebookscontainingtheminutesoftheproceedingsofanyGeneral ofGeneralMeetings. Meetings of the Company shall be open to inspection of members withoutchargeonsuchdaysandduringsuchbusinesshoursasmay consistently with the provisions of Section 119 of the Act be determined by the Companyin General Meeting andthe members willalsobeentitledtobefurnishedwithcopiesthereofonpayment ofregulatedcharges. (2) Any member of the Company shall be entitled to be furnished within seven daysafter hehas made a request inthatbehalftothe Company with a copy of any minutes referred to in sub-clause (1) hereofonpaymentofRs.10perpageoranypartthereof. 168. InspectionofAccounts a) The Board shall from time to time determine whether and to what extent and at what times and places and under what conditions or regulations,theaccountsandbooksofthecompany,oranyofthem, shallbeopentotheinspectionofmembersnotbeingdirectors. b) Nomember (notbeingadirector) shall haveanyright ofinspecting anyaccountorbookordocumentofthecompanyexceptasconferred by law or authorised by the Board or by the company in general meeting. 340Article Articles Particulars No. FOREIGNREGISTER 169. ForeignRegister. TheCompanymayexercisethepowersconferredonitbytheprovisions oftheActwithregardtothekeepingofForeignRegisterofitsMembers orDebentureholders,andtheBoardmay,subjecttotheprovisionsofthe Act, make and vary such regulations as it may think fit in regard to the keepingofanysuchRegisters. DOCUMENTSANDSERVICEOFNOTICES 170. Signingofdocuments& AnydocumentornoticetobeservedorgivenbytheCompanybesigned noticestobeservedorgiven. by a Director or such person duly authorised by the Board for such purposeandthesignaturemaybewrittenorprintedorlithographed. 171. Authentication of Save as otherwise expressly provided in the Act, a document or documentsandproceedings. proceedingrequiringauthenticationbythecompanymaybesignedbya Director, the Manager, or Secretary or other Authorised Officer of the CompanyandneednotbeundertheCommonSealoftheCompany. WINDINGUP 172. Subject to the provisions of Chapter XX of the Act and rules made thereunder— (i)Ifthecompanyshallbewoundup,theliquidatormay,withthesanction ofaspecialresolutionofthecompanyandanyothersanctionrequiredby theAct,divideamongstthemembers,inspecieorkind,thewholeorany part of the assets of the company, whether they shall consist of property ofthesamekindornot. (ii) For the purpose aforesaid, the liquidator may set such value as he deems fair upon any property to be divided as aforesaid and may determinehowsuchdivisionshallbecarriedoutasbetweenthemembers ordifferentclassesofmembers. (iii)Theliquidatormay,withthelikesanction,vestthewholeoranypart of such assets in trustees upon such trusts for the benefit of the contributories if he considers necessary, but so that no member shall be compelled to accept any shares or other securities whereon there is any liability. INDEMNITY 173. Directors’andothersright SubjecttoprovisionsoftheAct,everyDirector,orOfficerorServantof toindemnity. theCompanyoranyperson(whetheranOfficeroftheCompanyornot) employed by the Company as Auditor, shall be indemnified by the Company against and it shall be the duty of the Directors to pay, out of the funds of the Company, all costs, charges, losses and damages which anysuchpersonmayincurorbecomeliableto,byreasonofanycontract entered into or act or thing done, concurred in or omitted to be done by him in any way in or about the execution or discharge of his duties or supposedduties(exceptsuchifanyasheshallincurorsustainthroughor by his own wrongful act neglect or default) including expenses, and in particularandsoasnottolimitthegeneralityoftheforegoingprovisions, againstallliabilitiesincurredbyhimassuchDirector,OfficerorAuditor or other officer of the Company in defending any proceedings whether civilorcriminalinwhichjudgmentisgiveninhisfavor,orinwhichheis acquittedorinconnectionwithanyapplicationunderSection463ofthe ActonwhichreliefisgrantedtohimbytheCourt. 174. Notresponsibleforactsof Subject to the provisions of the Act, no Director, Managing Director or others otherofficeroftheCompanyshallbeliablefortheacts,receipts,neglects ordefaultsofanyotherDirectorsorOfficer,orforjoininginanyreceipt or other act for conformity, or for any loss or expense happening to the Company through insufficiency or deficiency of title to any property acquiredbyorderoftheDirectorsfororonbehalfoftheCompanyorfor theinsufficiencyordeficiencyofanysecurityinoruponwhichanyofthe moneys of the Company shall be invested, or for any loss or damage arising from the bankruptcy, insolvency or tortuous act of any person, company or corporation, with whom any moneys, securities or effects 341Article Articles Particulars No. shallbeentrustedordeposited,orforanylossoccasionedbyanyerrorof judgment or oversight on his part, or for any other loss or damage or misfortunewhateverwhichshallhappenintheexecutionofthedutiesof hisofficeorinrelationthereto,unlessthesamehappensthroughhisown dishonesty. SECRECY 175. Secrecy (a) Every Director, Manager, Auditor, Treasurer, Trustee, Member of a Committee, Officer, Servant, Agent, Accountant or other person employedinthebusinessofthecompanyshall,ifsorequiredbythe Directors, before entering upon his duties, sign a declaration pleadinghimselftoobservestrictsecrecyrespectingalltransactions andaffairsoftheCompanywiththecustomersandthestateofthe accountswithindividualsandinmattersrelatingthereto,andshall by such declaration pledge himself not to reveal any of the matter which may come to his knowledge in the discharge of his duties except when required so to do by the Directors or by any meeting orbyaCourtofLawandexceptsofarasmaybenecessaryinorder tocomplywithanyoftheprovisionsinthesepresentscontained. Accesstoproperty (b) Nomemberorotherperson(otherthanaDirector)shallbeentitled informationetc. to enter the property of the Company or to inspect or examine the Company's premises or properties or the books of accounts of the Company without the permission of the Board of Directors of the Company for the time being or to require discovery of or any informationinrespectofanydetailoftheCompany'stradingorany matterwhichisormaybeinthenatureoftradesecret,mysteryof tradeorsecretprocessorofanymatterwhatsoeverwhichmayrelate to the conduct of the business of the Company and which in the opinion of the Board it will be inexpedient in the interest of the Companytodiscloseortocommunicate. 342SECTIONX-OTHERINFORMATION MATERIALCONTRACTSANDDOCUMENTSFORINSPECTION Thefollowingcontracts(notbeingcontractsenteredintointheordinarycourseofbusinesscarriedonbyourCompany orcontractsenteredintomorethantwo(2)yearsbeforethedateoffilingofthisProspectuswhichareormaybedeemed materialhavebeenenteredoraretobeenteredintobyourCompany.Thesecontracts,copiesofwhichwereattachedto the copy of the Prospectus, were delivered to the ROC for registration/submission of the Prospectus and also the documentsforinspectionreferredtohereunder,maybeinspectedattheRegisteredOfficeofourCompanyandonour websiteatwww.sawaliyafood.com,fromdateoffilingofRedHerringProspectuswithROConallWorkingDaysuntil theBid/OfferClosingDate. 1. MaterialContractsfortheOffer (i). Offer Agreement dated October 11, 2024 entered into between our Company, Selling Shareholders, and the BookRunningLeadManager. (ii). RegistrarAgreementdatedOctober11,2024enteredintoamongstourCompany,SellingShareholders,andthe RegistrartotheOffer. (iii). TripartiteagreementamongtheNSDL,ourCompanyandRegistrartotheOfferdatedAugust9,2024. (iv). TripartiteagreementamongtheCDSL,ourCompanyandRegistrartotheOfferdatedAugust22,2024. (v). SyndicateAgreementdatedJuly23,2025executedbetweenourCompany,SellingShareholders,BookRunning LeadManager,Registrar,andSyndicateMember. (vi). Share Escrow Agreement dated July 23, 2025 between our Company, Selling Shareholders, the BRLM and ShareEscrowAgent. (vii). BankertotheOfferAgreementdatedJuly25,2025amongourCompany,SellingShareholders,BookRunning LeadManager,BankertotheOffer,SyndicateMemberandtheRegistrartotheOffer. (viii). Market Making Agreement dated July 23, 2025 between our Company, Selling Shareholders, Book Running LeadManagerandMarketMaker. (ix). Underwriting Agreement dated July 23, 2025 amongst our Company, Selling Shareholders, BRLM and the Underwriter. 2. MaterialDocuments (i) CertifiedtruecopiesoftheMemorandumandArticlesofAssociationofourCompany,asamendedfromtime totime. (ii) Certificate of Incorporation dated July 01, 2014 under the Companies Act, 2013 issued by Registrar of Companies,MadhyaPradesh. (iii) Certificate of incorporation dated July 15, 2024 issued under the Companies Act, 2013 issued by Registrar of Companies, Central Processing Centre, consequent to conversion of our Company from a private limited companytoapubliclimitedcompany. (iv) The present Offer has been authorized pursuant to a resolution of our Board dated September 23, 2024 and pursuant to a special resolution of our Shareholders passed in an Extra-Ordinary General Meeting dated September26,2024underSection62(1)(c)oftheCompaniesAct,2013. (v) ResolutionoftheBoardofDirectorsoftheCompanydatedOctober15,2024,takingonrecordandapproving theDraftRedHerringProspectus. (vi) ResolutionoftheBoardofDirectorsoftheCompanydatedJuly29,2025,takingonrecordandapprovingthe RedHerringProspectus 343(vii) Resolution of the Board of Directors of the Company dated August 11, 2025, taking on record and approving thisProspectus (viii) CertificateonKeyPerformanceIndicators(KPI’s)issuedbyStatutoryAuditordatedJuly25,2025. (ix) Resolution passed by the Board of Directors at the meeting held on July 22, 2024 and approved by the ShareholdersofourCompanyatanEGMheldonJuly26,2024,fordesignatingRaghavSomaniastheManaging DirectorofourCompany. (x) Resolution passed by the Board of Directors at the meeting held on July 22, 2024 and approved by the Shareholders of our Company at an EGM held on July 26, 2024, for designating Priya Somani as the Whole- timeDirectorofourCompany. (xi) The examination reports dated July 15, 2025, issued by the Statutory Auditor, on our Company’s Restated FinancialStatements,includedinthisProspectus. (xii) Consent dated July 28, 2025 from J K Consultants, Independent Chartered Engineer, to include their name as requiredundersection26(5)oftheCompaniesAct,2013readwithSEBIICDRRegulations,inthisProspectus, andasan“expert”asdefinedundersection2(38)oftheCompaniesAct,2013,inrelationtoandfortheinclusion of (i) the certificate dated July 15, 2025 issued to certify the proposed capacity expansion in our current manufacturingunit;and(ii)certificatedatedJuly28,2025issuedtocertifytheinstalledcapacityandcapacity utilizationatourcurrentmanufacturingunitsituatedinMadhyaPradesh. (xiii) CopiesoftheAnnualReportsofourCompanyfortheFinancialYearsendedonasonfortheFiscals2024and 2023and2022. (xiv) Consent of the Promoters, Directors, Selling Shareholders, the Book Running Lead Manager, Legal Counsel, Registrar to the Offer, Bankers to our Company, Banker to the offer, Sponsor Bank, Syndicate Member, Underwriter,MarketMaker,CompanySecretaryandComplianceOfficerandChiefFinancialOfficerasreferred tointheirspecificcapacities. (xv) AuthorizationLetterfromSellingShareholdersforOfferforsaleeachdatedSeptember27,2024. (xvi) ConsentletterdatedJuly25,2025oftheStatutoryAuditortoincludetheirnamesasexpertsinrelationtotheir reportdatedJuly15,2025ontheRestatedFinancialInformationandtheStatementofTaxBenefitsdatedJuly 25,2025includedinthisProspectus. (xvii) InprinciplelistingapprovaldatedApril28,2025issuedbyNationalStockExchangeofIndiaLimited. (xviii) DueDiligenceCertificatedatedOctober15,2024,issuedbytheBRLM. AnyofthecontractsordocumentsmentionedinthisProspectusmaybeamendedormodifiedatanytimeifsorequired in the interest of our Company or if required by the other parties, without reference to the shareholders subject to complianceoftheprovisionscontainedintheCompaniesAct,2013andotherrelevantstatutes. 344DECLARATION I, Raghav Somani, hereby confirm that all statements and undertakings specifically made or confirmed by me in this Prospectusinrelationtomyself,asaSellingShareholderandmyrespectiveportionoftheOfferedShares,aretrueand correct.Iassumenoresponsibilityforanyotherstatements,disclosuresandundertakingsincludingstatementsmadeby orrelatingtotheCompanyoranyotherperson(s)inthisProspectus. SIGNEDBYTHESELLINGSHAREHOLDER _______________________ RaghavSomani Place:MadhyaPradesh,India Date:August11,2025 345DECLARATION I, Priya Somani, hereby confirm that all statements and undertakings specifically made or confirmed by me in this Prospectusinrelationtomyself,asaSellingShareholderandmyrespectiveportionoftheOfferedShares,aretrueand correct.Iassumenoresponsibilityforanyotherstatements,disclosuresandundertakingsincludingstatementsmadeby orrelatingtotheCompanyoranyotherperson(s)inthisProspectus. SIGNEDBYTHESELLINGSHAREHOLDER _______________________ PriyaSomani Place:MadhyaPradesh,India Date:August11,2025 346DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, regulations and guidelines issuedbytheGovernmentofIndiaortherules,regulationsandguidelinesissuedbytheSEBI,establishedunderSection 3oftheSEBIAct,asthecasemaybe,havebeencompliedwithandnostatementmadeinthisProspectusiscontraryto the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or rules made or guidelines or regulations issuedthereunder,asthecasemaybe.IfurthercertifythatallthedisclosuresandstatementsmadeinthisProspectusare trueandcorrect. SIGNEDBYTHEDIRECTOROFOURCOMPANY _______________________ RaghavSomani ChairmanandManagingDirector Place:MadhyaPradesh,India Date:August11,2025 347DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, regulations and guidelines issuedbytheGovernmentofIndiaortherules,regulationsandguidelinesissuedbytheSEBI,establishedunderSection 3oftheSEBIAct,asthecasemaybe,havebeencompliedwithandnostatementmadeinthisProspectusiscontraryto the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or rules made or guidelines or regulations issuedthereunder,asthecasemaybe.IfurthercertifythatallthedisclosuresandstatementsmadeinthisProspectusare trueandcorrect. SIGNEDBYTHEDIRECTOROFOURCOMPANY _______________________ PriyaSomani Whole-timeDirector Place:MadhyaPradesh,India Date:August11,2025 348DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, regulations and guidelines issuedbytheGovernmentofIndiaortherules,regulationsandguidelinesissuedbytheSEBI,establishedunderSection 3oftheSEBIAct,asthecasemaybe,havebeencompliedwithandnostatementmadeinthisProspectusiscontraryto the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or rules made or guidelines or regulations issuedthereunder,asthecasemaybe.IfurthercertifythatallthedisclosuresandstatementsmadeinthisProspectusare trueandcorrect. SIGNEDBYTHEDIRECTOROFOURCOMPANY _______________________ KartavyaKumarChitlangya Non-ExecutiveDirector Place:MadhyaPradesh,India Date:August11,2025 349DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, regulations and guidelines issuedbytheGovernmentofIndiaortherules,regulationsandguidelinesissuedbytheSEBI,establishedunderSection 3oftheSEBIAct,asthecasemaybe,havebeencompliedwithandnostatementmadeinthisProspectusiscontraryto the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or rules made or guidelines or regulations issuedthereunder,asthecasemaybe.IfurthercertifythatallthedisclosuresandstatementsmadeinthisProspectusare trueandcorrect. SIGNEDBYTHEDIRECTOROFOURCOMPANY _______________________ RavikantGupta IndependentDirector Place:MadhyaPradesh,India Date:August11,2025 350DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, regulations and guidelines issuedbytheGovernmentofIndiaortherules,regulationsandguidelinesissuedbytheSEBI,establishedunderSection 3oftheSEBIAct,asthecasemaybe,havebeencompliedwithandnostatementmadeinthisProspectusiscontraryto the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or rules made or guidelines or regulations issuedthereunder,asthecasemaybe.IfurthercertifythatallthedisclosuresandstatementsmadeinthisProspectusare trueandcorrect. SIGNEDBYTHEDIRECTOROFOURCOMPANY _______________________ ShwetaBhamare IndependentDirector Place:MadhyaPradesh,India Date:August11,2025 351DECLARATION I hereby certify and declare that all relevant provisions of the Companies Act and the rules, regulations and guidelines issuedbytheGovernmentofIndiaortherules,regulationsandguidelinesissuedbytheSEBI,establishedunderSection 3oftheSEBIAct,asthecasemaybe,havebeencompliedwithandnostatementmadeinthisProspectusiscontraryto the provisions of the Companies Act, the SCRA, the SCRR, the SEBI Act or rules made or guidelines or regulations issuedthereunder,asthecasemaybe.IfurthercertifythatallthedisclosuresandstatementsmadeinthisProspectusare trueandcorrect. SIGNEDBYTHECHIEFFINANCIALOFFICEROFOURCOMPANY _______________________ PankajNeema ChiefFinancialOfficer Place:MadhyaPradesh,India Date:August11,2025 352