The company derives over 90% of its revenue from markets outside India — notably UAE, Cyprus and the UK — and adverse developments or policy changes in those markets could materially affect its business.

The company relies on agreements with a few large clients; if customers stop sourcing from it or it cannot secure new orders regularly, its business, financial condition and cash flows could be adversely affected.

The company's operations require significant working capital to bridge the gap between customer receipts and supplier payments; inability to meet these requirements could adversely affect results of operations.

The company has delayed complying with certain statutory provisions under various laws, and such delayed compliance or lapses may attract penalties.

There are discrepancies and non-compliances relating to GST, TDS, TCS, EPF and ESI in some of the company's filings and records, which may attract statutory consequences.

The company needs working capital for smooth day-to-day operations, and any inability to source adequate working capital on favourable terms could adversely affect operations, profitability and growth.

A majority of the company's business depends on an exclusive distributor appointed to work for it; any dispute, inferior service or disruption could result in loss of business and hurt revenues and profitability.

The company depends on relationships with a limited range of third-party vendors for a significant portion of its Gross Transaction Value; adverse changes in these relationships could affect its business.

Some of the company's licenses and registrations are still held in the erstwhile name 'Fly-Hi Maritime Travels Private Limited', and certain certificates are yet to be applied for, amended or renewed.

The company depends on third-party service providers and vendors for aspects of its operations, and unsatisfactory service or failure to maintain these relationships could disrupt its operations.