Vishal Nirmiti Limited

• Funding Working Capital Requirements of the Company
• Repayment and/ or pre-payment, in part or full of term loans availed by our Company
• General Corporate Purposes

There are no outstanding criminal proceedings involving the Company, Directors, or Promoters; actions by any statutory or regulatory authorities involving the Relevant Parties, Key Managerial Personnel or Senior Management; claims involving the Relevant Parties, Key Managerial Personnel or Senior Management for any direct or indirect tax liabilities; criminal proceedings involving Key Managerial Personnel or Senior Management; or proceedings involving the Relevant Parties (other than those covered under the above) which has been determined to be 'material' pursuant to the materiality policy approved by the Board in its meeting held on September 17, 2025. There are no disciplinary actions (including penalties) imposed by SEBI or a recognized stock exchange against any of the Relevant Parties, Key Managerial Personnel or Senior Management in the last five Fiscals immediately preceding the date of this Prospectus, including any outstanding action. There are no outstanding litigation involving the Group Companies, which may have a material impact on the Company. Pre-litigation notices received by the Relevant Parties from third parties (excluding notices issued by statutory or regulatory authorities or notices threatening criminal action) have not and shall not, unless otherwise decided by the Board, be considered 'material' until such time that the Relevant Parties are impleaded as a defendant before any judicial or arbitral forum.

• Our business and revenues in the manufacturing segment for Pre-Stressed Concrete (PSC) sleepers are substantially dependent on railroad infrastructure projects undertaken or awarded by government authorities such as the Ministry of Railways and operations of Indian Railways and other government owned public sector undertakings such as Indian Railways, DFCCIL (Dedicated Freight Corridor Corporation of India Ltd.)(Customer Concentration)

• Any adverse changes in the central or state government policies may lead to change in the volume of our business and/or a change in the terms of our contracts(Regulatory)

• Our business and revenues are substantially dependent on the policies of the Ministry of Railways and operations of Indian Railways(Regulatory)

• Any change in the policies or decisions by the Ministry of Railways in relation to its infrastructural development and maintenance projects in the future could adversely affect our results of operations(Regulatory)

• The projects from central and state governments that we participate in may be subject to delays, extensive internal processes, policy changes, and changes due to local, national and internal political forces, insufficiency of government funds or changes in budget allocations of governments or other entities(Operational)

• Any withdrawal of support or adverse changes in their policies may lead to our agreements and purchase orders being, restructured or renegotiated and which could, though not monetarily quantifiable at this time, materially and adversely affect our financing, capital expenditure, revenues, development or operations relating to our existing projects as well as our ability to participate in competitive bidding or negotiations for our future projects(Regulatory)

• If government authorities and public sector authorities were to reduce their volume of business with our Company, or if the Indian Railways does not release any new tenders, our business, results of operations, financial condition and cash flows may be adversely affected(Customer Concentration)

• A substantial decrease in the orders placed on us by these customers or a decrease in the demand of these products may adversely impact our revenues and profitability(Customer Concentration)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

• Vishal Nirmiti Ltd. - RHP30 Sept 2026