AOne Steels India Limited IPO

Under-utilization of our manufacturing capacities and an inability to effectively utilize our expanded manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.

If we are unable to successfully increase our installed manufacturing capacities, our results of operations and financial condition could be adversely affected.

An increase in the cost of or a shortfall in the availability of raw materials such as iron ore, coal and scrap from our suppliers due to various reasons could have a material adverse effect on our business, results of operations, cash flows and financial condition as we may not be able to pass on such costs to our customers.

We have significant power, fuel, water and electricity requirements for our business operations and any disruption or shortage of essential utilities could disrupt our manufacturing operations and increase our production costs, which could adversely affect our results of operations.

Our existing manufacturing facilities are critical to our business operations. The unexpected shutdown or slowdown of operations at our any of our manufacturing facilities could have a material adverse effect on our business, results of operations, cash flows and financial condition.

Our Registered and Corporate Office and some of our manufacturing facilities are located on leased premises. There can be no assurance that these lease agreements shall be renewed upon termination or that we shall be able to obtain other premises on lease on same or similar commercial terms, which could adversely affect our business, results from operations, financial conditions and cash flows.

We cannot assure you that the Objects of the Offer will be achieved within the expected time frame, or at all, and any variation in the utilisation of the Net Proceeds would be subject to certain compliance requirements, including prior Shareholders' approval.

The value of our brand "AONE GOLD" may be diluted if low quality counterfeit products under our brand name are sold in our markets.

We have certain contingent liabilities and commitments which, if materialised, may adversely affect our financial condition.

Information relating to the installed capacity, actual production and capacity utilization of our manufacturing facilities included in this Draft Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.