A substantial portion of the company's revenues has historically depended on a few customers, and it does not have long-term contracts with them, exposing it to client concentration risk.

There have been certain instances of delays in filing, non-filing or partial filing of statutory forms with the Registrar of Companies, which may attract penalties and regulatory action against the company.

There are outstanding litigation proceedings involving the company and its Promoters; an adverse outcome in any of these could adversely affect the company's business, reputation and financial condition.

There have been certain instances of delays in payment of statutory dues by the company, and any such delays or non-payment in future may result in penalties and impact its financial condition.

The company has experienced negative cash flows in the past, and any negative cash flows in the future could adversely affect its operations, financial condition and growth prospects.

The company currently does not hold any registered Intellectual Property Rights in its name, which may affect its ability to protect its brand and proprietary technology.

The company relies on skilled IT professionals, and its inability to attract, train, motivate and retain such personnel could adversely affect its business and delivery capabilities.

The Promoters have extended personal guarantees for various loan facilities availed by the company; revocation of these guarantees could adversely affect its borrowing arrangements.

The company's global operations expose it to significant legal, regulatory and market risks across multiple jurisdictions, which could adversely affect its business and results of operations.

If the company is unable to collect its receivables or bill unbilled services to clients on a timely basis, its results of operations, cash flows and financial condition could be adversely affected.