Stallion India Fluorochemicals Limited

1. Operating and financial performance and growth.

2. Customer base across high growth industries and long-standing relationships with customers.

3. Blending facilities in different states, value and supply chain efficiencies.

4. Professional management and experienced leadership of our Promoter i.e. Shazad Sheriar Rustomji.

1. Our revenue from operations depends on sale of Refrigerant Gases and is restricted to certain geographies only. Any changes or a decline in demand, could adversely affect our ability to grow or maintain our sales, earnings and cash flow.

2. Increases in the cost of raw materials as a percentage of our revenue from operations could have a material adverse effect on our results of operations and financial condition.

3. We import our raw materials with respect to our business operations majorly from China. Any restrictions on import of raw materials may impact our business and results of operations.

4. We are subject to risks arising from foreign exchange rate movements.

5. Zhejiang Sanmei Chemical Industry Co. Ltd. (Sanmei) have issued a notice through its Legal representative demanding USD 12,51,290.00 i.e Rs. 949.85 lakhs. In the event that, if any legal or regulatory proceedings are initiated, any adverse outcome arising therefrom could affect our reputation, financial condition and cash flow.

6. In the past our Company had negative cash flows from our operating activities, investing activities as well as financing activities, further, we may experience negative cash flows in the future.

7. The supply of our products is subject to periodical fluctuations with a significant portion of our turnover concentrated in the months from February to May.

8. We do not have agreements having commitment on part of our customers to purchase or place orders with us. If our customers choose not to source their requirements from us, there may be a material adverse effect on our business, financial condition, cash flows and results of operations.

9. We may experience loss of, or a decrease in, revenue due to lower blending/processing levels.

10. We have submitted an application to the Expert Advisory Committee (EAC) of the Institute of Chartered Accountants of India (ICAI) for their opinion on the accounting treatment related to the Sanmei. The decision is currently pending. Any adverse opinion given by the EAC could adversely impact the financial position and reputation of the Company.