B.R.Goyal infrastructure Limited - IPO

1. Established roads and highways sector focused construction developer.

2. Efficient business model.

3. Strong Order Book with growing project portfolio.

4. Technology enabled project management capabilities.

5. Project management.

6. Equipment ownership.

7. Strong Workforce.

8. Experienced management team.

9. Strong Credit Rating.

1. All projects we operate have been awarded primarily through competitive bidding process. Our bids may not always be accepted. We may not be able to qualify for, compete and win projects, which could adversely affect our business and results of operations.

2. Our EPC business is a major source of our revenue and our financial condition would be materially and adversely affected if we fail to obtain new contracts.

3. Our business is substantially dependent on our key customers from whom we derive a significant portion of our revenues. The loss of any significant clients may have a material and adverse effect on our business and results of operations.

4. 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 our cash flows, business, results of operations and financial condition.

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

6. Due to the nature of our contracts, we 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 our profitability.

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

8. We depend on forming joint ventures to qualify for the bidding process for and to implement large projects and our 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 our business, financial condition and results of operation.

9. Our business is subject to seasonal and other fluctuations that may affect our cash flows and business operations.

10. Accuracy in estimation, calculation while bidding the tender is of prime importance.