Ganesh Infra.

Risks

• While the company has a diversified geographical presence, its projects have historically been concentrated in the state of West Bengal and any changes affecting the policies, laws and regulations or the political and economic environment in the region may adversely impact its business, financial condition and results of operations.

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

• The company`s business is working capital intensive. If its experience insufficient cash flows or are unable to access suitable financing to meet working capital requirements and loan repayment obligations, its business, financial condition and results of operations could be adversely affected.

• The company`s business is subject to seasonal variation and its may not able to accurately forecast the company project schedule which could have an adverse effect on its cash flows, business, results of operations and financial condition.

• Its Order Book may not be representative of the company future results and its actual income may be significantly less than the estimates reflected in its Order Book, which could adversely affect the company`s business, financial condition, results of operations and prospects.

• The company rent certain process-critical equipment and mobilize such equipment at the beginning of each project resulting in increased fixed and operating costs to the Company. In the event the company is not able to generate adequate cash flows it may have a material adverse impact on its operation.

• The company derives a significant portion of its revenues from a limited number of clients. The loss of any significant clients may have an adverse effect on its business, financial condition, results of operations, and prospects.

• The company is dependent on limited number of suppliers and contractors for supply of key raw materials and manpower. The company has not made any long term supply arrangement with its suppliers. In an eventuality where the company suppliers and contractors are unable to deliver it the required resources in a time-bound manner it may have a material adverse effect on its business operations and profitability.

• Quoting for a contract involves various management activities such as detailed project study and cost estimations. Inability to accurately estimate the cost may lead to a reduction in the expected rate of return and profitability estimates.

• The company may be unable to adequately protect its intellectual property and may be subject to risks of infringement Claims.

• The company ongoing projects are exposed to various implementation risks and uncertainties and may be delayed, modified or cancelled for reasons beyond its control, which may adversely affect its business, financial condition and results of operation.

• The company has negative cash flows from operating activities in the past and may experience earnings declines or operating losses or negative cash flows from operating activities in the future.

• The company operates in the construction industry where there are low entry barriers and is highly competitive. Its failures to successfully compete may adversely affect the company`s business, financial condition, results of operations and prospects.

• The company does not own the premises where its Registered Office and Project Offices are located.

• The company is dependent upon the experience and skill of its Promoters, management team and key managerial personnel and senior management personnel. Loss of its Promoters or the company inability to attract or retain such qualified personnel, this could adversely affect its business, results of operations and financial condition.

• Delays in the completion of its projects or cost overruns, could have an adverse effect on its cash flows, business, results of operations and financial condition.

• The Company has been recently incorporated thus the company has limited operating history as a Company which may make it difficult for investors to evaluate its historical performance or future prospects.

• The company has been recently incorporated as company and any non-compliance with the provisions of Companies Act, 2013 may attract penalties against the Company which could impact its financial and operational performance and reputation.

• The company may be exposed to liabilities arising from defects during construction, which may adversely affect its business, financial condition, results of operations and prospects.

• The company faces certain risks relating to its reliance on sub-contractors and third parties for supply of raw materials, renting of certain construction equipments and for providing certain services in the construction of its projects that may adversely affect the company reputation, business and financial condition. Failures by its labour contractors and third parties to adhere to regulatory requirements may subject it to penalties.

• The company has experienced rapid growth in the past few years and if the company is unable to sustain or manage our growth, its cash flows, results of operations and financial condition may be adversely affected.

• The company is required to furnish bank guarantees as part of its business. The company inability to arrange such guarantees or the invocation of such guarantees may adversely affect its cash flows and financial condition.

• The company may not be able to collect receivables due from its clients, in a timely manner, or at all, which may adversely affect its business, financial condition, results of operations and cash flows.

• Its business is manpower intensive and any unavailability of the company employees or shortage of contract labour may have an adverse impact on its cash flows and results of operations.

• Its funding requirements and the deployment of Net Proceeds are based on management estimates and have not been independently appraised. Any variation in the utilisation of Net Proceeds of the Fresh Issue as disclosed in this Red Herring Prospectus shall be subject to compliance requirements, including prior shareholders` approval.

• Its operations could be adversely affected by strikes, work stoppages or increased wage demands by the company employees or any other kind of disputes with its employees.

• The company operations may be adversely affected in case of industrial accidents, physical hazards and similar risks at its construction sites, which could expose it to material liabilities, loss in revenues and increased expenses.

• Its insurance coverage may not be sufficient or may not adequately protect the company against all or any hazards, which may adversely affect its business, results of operations and financial condition.

• There are certain instances of delays in payment of statutory dues. Any delay in payment of statutory dues or non-payment of statutory dues in dispute may attract financial penalties from the respective government authorities, which may have an adverse impact on its financial condition and cash flows.

• The quality of raw materials procured from different suppliers may affect its future business.

• The company has availed credit facilities from its related parties that are repayable on demand. Any unexpected demand for repayment of such facilities by the lenders may adversely affect its business, financial condition, cash flows and results of operations.

• Its actual cost incurred in completing a project may vary substantially from the assumptions underlying our quotation. The company may be unable to recover all or some of the additional expenses incurred, which could adversely affect its financial condition, results of operation and cash flows.

• The company has not commissioned an industry report for the disclosures made in the section titled ndustry Overview` and made disclosures on the basis of the data available on the internet and such data has not been independently verified by the company.

• The company may be subject to liability claims or claims for damages or termination of contracts with its clients for failures to meet project milestones or defective work, which may adversely impact its profitability, cash flows, results of operations and reputation.

• The company faces significant competition and if it fails to compete effectively, its business, prospects, financial condition and results of operations will be adversely affected.

• The company success depends in large part upon its Promoter. If the company Promoter is unable or unwilling to continue in its business, the Company`s prospects and operations could be materially adversely affected.

• Its Directors does not have experience of being a director of a public listed company.

• Any litigations or proceedings which may arise in the future against the Company, Director, Promoter Group or Group Company may render it and/or them liable to liabilities or penalties and may adversely affect its business, results of operations and financial condition.

• The company has in past entered into related party transactions and its may continue to do so in the future.

• The company requires certain approvals and licenses in the ordinary course of business. Any failure to successfully obtain/renew/update such registrations may adversely affect its operations, results of operations and financial condition.

• Wage pressures and increases in operating costs in India may prevent it from sustaining the company competitive advantage and may reduce its profit margins.

• The company operations are subject to environmental, health and safety laws and regulations.

• Employee misconduct, errors or fraud could expose it to business risks or losses that could adversely affect business prospects, results of operations and financial condition.

• Its Promoters and members of the Promoter Group will continue jointly to retain majority control over the Company after the Issue, which will allow them to determine the outcome of matters submitted to shareholders for approval.

• The average cost of acquisition of Equity Shares by its Promoters could be lower than the floor price.

• The requirements of being a public listed company may strain its resources and impose additional requirements.

• If the company is unable to establish and maintain an effective internal controls and compliance system, its business and reputation could be adversely affected.

• The Company has during the preceding one year from the date of this Red Herring Prospectus have allotted Equity Shares at a price which may be lower than the Issue Price.