B.R.Goyal Infrastructure Ltd IPO

Established roads and highways sector focused construction developer.

Efficient business model.

Strong Order Book with growing project portfolio.

Technology enabled project management capabilities.

Project management.

Equipment ownership.

Strong Workforce.

Experienced management team.

Strong Credit Rating.

The projects the company operates have been awarded primarily through competitive bidding process. Its bids may not always be accepted. The company may not be able to qualify for, compete and win projects, which could adversely affect its business and results of operations.

Its EPC business is a major source of the company revenue and the company financial condition would be materially and adversely affected if its fail to obtain new contracts.

Its business is substantially dependent on the company key customers from whom its derive a significant portion of the company revenues. The loss of any significant clients may have a material and adverse effect on its business and results of operations.

Delays in the completion of construction of current and future projects could lead to termination of the EPC agreements or cost overruns, which could have an adverse effect on its cash flows, business, results of operations and financial condition.

Its actual cost in executing an EPC contract may vary substantially from the assumptions underlying its bid. The company may be unable to recover all or some of the additional expenses, which may have a material adverse effect on its results of operations, cash flows and financial condition.

Due to the nature of its contracts, the company may be subjected to claim and counter-claims to and from the government authorities, any adverse outcome of any such claim or counter claim may have an adverse effect on its profitability.

Its Restated Financial Statements are prepared and signed by the Peer Review Auditor who is not Statutory Auditors of the Company as required under the provisions of ICDR.

The company depends on forming joint ventures to qualify for the bidding process for and to implement large projects and its inability to enter into or successfully manage such joint ventures could impose additional financial and performance obligations resulting in reduced profits or in some cases, significant losses from the joint venture, which could have a material adverse effect on its business, financial condition and results of operation.

The lack of formal educational qualifications among its directors presents a potential risk that could affect the business operations and strategic direction of the company.

The company has experienced negative cash flows in the past. Any such negative cash flows in the future could affect its business, results of operations and prospects.