Idea Forgery IPO Scam - SEBI

Idea Forgery
Story of how Chinese Wolf in (Made in

India Drone) Sheep's clothing infiltrated
Indian Army to Defraud the Hopes of a
Thriving Indian Drone Ecosystem
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Contents
1 English Translation Transcript of Chhattisgarh Police Investigation Officer: ..................................................... 4

2 Self-proclaimed as India's largest Drone Manufacturer.................................................................................... 5
3 Threat to dent India's Credibility of becoming a Global Drone Hub ................................................................. 9
4 FIR Filed ........................................................................................................................................................... 10
5 NO DGCA Type Certificate Approval................................................................................................................ 15
6 Blame Game on injured Pilots......................................................................................................................... 16
7 CONCEPT PR Agency ....................................................................................................................................... 17
8 No ideals, morals or genuine ideas ................................................................................................................. 18
9 Court cases and legal issues ............................................................................................................................ 19
10 Cheating scandal of being misled to buy Non Type Certified Idea Forge Q6 drone ................................... 23
11 FIR Filed ....................................................................................................................................................... 23
12 Writ Petition & PIL ...................................................................................................................................... 24
13 The Early Origins of Ideaforge Technology .................................................................................................. 28
14 Fake Patriotic Story to please investors: ..................................................................................................... 30
15 Multiple Crashes ......................................................................................................................................... 32
16 Expert’s remarks on Ideaforge multiple drone crashes over the years....................................................... 39
17 PLI Scheme fraud......................................................................................................................................... 40
18 The Forgery claim of 25 patents.................................................................................................................. 41
19 History of Frauds ......................................................................................................................................... 45
20 Forging ideas ............................................................................................................................................... 45
21 Monetisation scandal .................................................................................................................................. 48
22 Trial Sabotage Scam .................................................................................................................................... 50
23 The Chinese Link ......................................................................................................................................... 52
24 Curious Case of Chinese Surrender by Idea Forge ...................................................................................... 56
25 This monopolistic behaviour and Cartelisation........................................................................................... 57
26 Reports generated by professional independent consultants & Officials ................................................... 65
27 Commercial Loot of the Indian Army funds ................................................................................................ 72
28 Misrepresentation of Tax Proceedings ........................................................................................................ 76
29 Drone Company Benchmarking- Misleading information .......................................................................... 79
30 Summary ..................................................................................................................................................... 80
31 Acquisitions against Ideaforge .................................................................................................................... 80
Evidences: ........................................................................................................................................................... 80
Evidence Number 1: Fault Report of Ideaforge Drones by Indian Army ............................................................. 80
Evidence Number 2: IPO Document filed with SEBI ........................................................................................... 81
Evidence Number 3: The IPO document DRHP ................................................................................................... 89
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Evidence Number 4: Specification of Tenders..................................................................................................... 93
Event Number 1: ................................................................................................................................................. 93
Event Number 2: ................................................................................................................................................. 93
Event Number 3: ................................................................................................................................................. 94
Event Number 4: ................................................................................................................................................. 94
32 Conclusion: .................................................................................................................................................. 94
Scenario 1 :.......................................................................................................................................................... 95
Scenario 2:........................................................................................................................................................... 96
Scenario 3 – ......................................................................................................................................................... 97
33 ANNEXURES................................................................................................................................................. 98
I. PIL ............................................................................................................................................................ 98
II. DGCA Drone Rules 2021.......................................................................................................................... 98
III. India Drone and UAV market............................................................................................................... 98
IV. Ideaforge Specs ....................................................................................................................................... 98
V. 80 mini remotely operated aircraft ......................................................................................................... 98
VI. 750 remotely operated tender............................................................................................................ 98
VII. Tenders (RFP SLV copter document) ................................................................................................... 98
VIII. Red Herring IPO prospectus ................................................................................................................ 98
IX. DRDO Industry Partnership document................................................................................................ 98
X. Ideaforge_Technology_Limited_-_Pre-deal_research_report ................................................................ 98
XI. Drone Industry Report Feb 2023 ......................................................................................................... 98
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1 English Translation Transcript of Chhattisgarh Police
Investigation Officer:
Drone Pilots of a company who was misled into buying illegal Idea Forge
Drones which wasn't Type certified were staying in the Janaki Lodge,
Chouki Kharsia Area on 27th April. They had come to execute Swamitva
Project & Survey the occupied/populated land through drones. As soon
as they put the drones to charge in Lodge room, within 10 to 15 minutes
a massive blast occurred. The Blast was so intense that 3 people are
still receiving treatments in the hospital with 2nd degree burns. The
room is completely destroyed by the Explosion.
The Criminal Complaint has been recorded based the witness report &
FIR has been filed under IPC Section 308, 337 & 287. It has come to
our knowledge that drone manufacturing company is Idea Forge
Company. So, we have completed investigation & decided to register
the FIR complaint against the owner of the Idea Forge Company - Ankit
Mehta
4 people were injured in the drone blast. One has been discharged. 3
people are still being treated in the Raipur. There are chances of more
IPC sections being imposed as the investigation proceeds.
There are some discussions that more people may be involved in the
blast. So, we are investigating that also.
The company is Idea Forge Company from Mumbai
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2 Self-proclaimed as India's largest Drone Manufacturer
IDEAFORGE Technology landed in soup when a recent IDEAFORGE
DRONE Exploded in Raigarh, Chhattisgarh where not only did it prove that
Ideaforge are technically incapable of being reliable Drone Manufacturers,
but it also showed deep negligence or corporate governance, malicious
intent to defraud innocent customers by blaming the Unassuming pilots &
also exposed how Ideaforge Technology Fraudulently sold Unapproved,
Illegal & Non Type Certified Chinese Drones which had not received the
DGCA approval to clients under the guise of being the Industry leader.
https://www.aninews.in/news/national/general-news/4-drone-pilots-injured-after-idea-forge-drone-
explodes-in-chhattisgarh-probe-
underway20230502161525/#:~:text=New%20Delhi%2C%20%5BIndia%5D%2C,Raigarh%2C%20an%
20official%20statement%20said
https://www.latestly.com/agency-news/india-news-4-drone-pilots-injured-after-idea-forge-drone-
explodes-in-chhattisgarh-probe-underway-5097885.html
https://www.lokmattimes.com/national/4-drone-pilots-injured-after-idea-forge-drone-explodes-in-
chhattisgarh-probe-underway/
https://www.devdiscourse.com/article/headlines/2437126-4-drone-pilots-injured-after-idea-forge-drone-
explodes-in-chhattisgarh-probe-underway
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https://theprint.in/india/4-drone-pilots-injured-after-idea-forge-drone-explodes-in-chhattisgarh-probe-
underway/1551359/
4 Pilots Injured After Drone Explosion In Chhattisgarh - NDTV https://www.ndtv.com/india-news/4-

pilots-injured-after-drone-explosion-in-chhattisgarh-3998088/amp/1
https://inc42.com/buzz/after-a-spate-of-ev-fires-ipo-bound-ideaforges-drone-explodes-now/
Ideaforge Bags SEBI’s Nod For IPO As Drone Explodes - https://inc42.com/buzz/ideaforge-bags-sebis-

nod-for-ipo-as-drone-explodes/
https://m.dailyhunt.in/news/india/english/inc42-epaper-
inc/after+a+spate+of+ev+fires+ipo+bound+ideaforge+s+drone+explodes+now-newsid-n495879512
रायगढ़ में आइडिया फोर्ज के िर ोन में डिस्फोट, 4 िर ोन पायलट घायल, सभी का इलार् र्ारी, idea forge drone
explodes in raigarh 4 drone pilots injured -
https://www.etvbharat.com/hindi/chhattisgarh/state/raigarh/idea-forge-drone-explodes-in-raigarh-4-
drone-pilots-injured/ct20230503142851038038089
https://idrw.org/4-pilots-injured-after-drone-explosion-in-chhattisgarh/#more-311114
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https://aninews.in/news/national/general-news/chhattisgarh-fir-filed-against-drone-maker-firm-says-
explosion-in-battery-pack-behind-incident20230504192441
3 Threat to dent India's Credibility of becoming a Global Drone

Hub
The Drone explosion has caught the Drone industry by storm & it has
threatened to dent India's Credibility of becoming a Global Drone Hub by
2030. This incident has single handedly caused several investors to panic
& Ideaforge which was seemingly on the path towards IPO after getting
SEBI Nod has now raised several doubts in the aftermath of the biggest
safety lapse causing immense embarrassment to the entire Indian Drone
Ecosystem.
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4 FIR Filed
Section 308, 337 & 287 filed on Disgraced Drone Manufacturer
IDEAFORGE Founder CEO Ankit Mehta for defrauding innocent customers
by selling Illegal non type Certified Drones becomes latest Update in the
IDEAFORGE Drone EXPLOSION fiasco which injured 4 Drone pilots in
Raigarh, Chhattisgarh on April 27th*
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5 NO DGCA Type Certificate Approval
Idea forge Drone which exploded was found to be model Q6 which does
not have DGCA Approval or Type Certificate. Official Complaint has been
Lodged in DGCA & Investigation in currently ongoing as per DGCA officials.
As per Drone Rules 2021, any manufacturer who sell Drones which don’t
have DGCA approvals or Type Certification will be liable for penal & criminal
action by the DGCA & Ministry of Civil Aviation.
REFERENCE : DGCA Drone Rules 2021 - Annexure 2
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The Drone Explosion which left 4 Drone pilots hospitalized with 2nd degree
burns has already caused a huge dent in terms credibility of Ideaforge
Technology which recently got the Sebi Nod for IPO proceedings. SEBI
does not investigate technical offences but they do take cognizance of the
fact for Financial fraud which seems to be the case in this matter.
IDEAFORGE Technology has sold non-Type Certified Q4 Drones to
Unassuming customers who were unaware of the drone rules 2021 &
mislead the customers that Q6 Drones were in fact Type Certified.
https://digitalsky.dgca.gov.in/certified_rpas
6 Blame Game on injured Pilots

In fact, Ideaforge has made public statements on the Q6 drone explosion &
has only tried to blame the pilots of incorrect usage of the drone which
resulted in the Explosion. However they haven't been forthcoming about
the FIR Filed in Sections 308, 337, 287 filed on Founder CEO Ankit Mehta
& cheating allegations levied on Idea Forge as they have mislead
Customers in selling NON Type Certified Q6 Drones by pretending that they
are the Q4i drone which recently received Type certification 2 months ago.
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7 CONCEPT PR Agency
However PR machinery of Ideaforge coupled with the corrupt unrecognized
& self-proclaimed industry Organization - Drone Federation of India (a
private section 8 company misleading public that they are a democratic
association) tried their best to justify the Explosion as very normal by
comparing it to Phones, e bikes & other electronic items. It was very clear
to everyone within the Drone Industry that Ideaforge was
using Chinese batteries which was unstable but both Idea forge as well as
the Drone Federation kept creating a Narrative in the Press using their PR
agency - Concept PR As though there was no wrong doing in the part of
DFI & Ideaforge when the underlying hidden fraud was actually Ideaforge
shouldn't have even been selling the Q6 drone which had not received the
Type Certificate from DGCA.
Concept PR isn't your run out of the mill noble PR agency. They have dirt
of their own to hide which is why such unions of fraudsters & con artists are
not very surprising to see. Concept PR was well known for the infamous
Scandal where many people died due to heat stroke & improper planning.
Their promotes were booked under various sections and after absconding
for months, people in the PR world believe Concept being close to several
high ranking gov offices has got off the hook due to some under the table
dealings.
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8 No ideals, morals or genuine ideas
Now, that we have established how Ideaforge hires agencies similar to their
core values (which are forgery & fraud). Let's get back to the Idea forge
story. According to Drone Rules 2021, no manufacturer can sell a Drone
until and unless the Manufacturer receives a Type Certificate approved by
the DGCA. It is to be noted that Idea forge has applied and received Type
certification only for Q4 model but not the Q6 model. In an ideal scenario,
Ideaforge shouldn't have been misleading customers to buy Q6 drone when
the Q6 Model didn't receive Type Certificate from the DGCA. However
ideally, Ideaforge has no ideals, morals or genuine ideas. It was clear that
Ideaforge always forges, misrepresents & misleads customers be it
Government or the private sector.
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9 Court cases and legal issues
Idea forge is no stranger to court cases and legal issues. It is surprising
how SEBI overlooked the legal due diligence aspects while evaluating their
IPO Prospectus. Idea forge has always pushed for litigation against
Government departments & the entire court scenarios stinks of corruption
through and through.
https://www.google.com/amp/s/www.casemine.com/judgement/in/5cffedd7714d5
8231d231945/amp
https://www.casemine.com/judgement/in/639532799a341c7fcf9c9a41
.
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10 Cheating scandal of being misled to buy Non Type Certified
Idea Forge Q6 drone
The latest ground report on the health of the pilots who were injured during
the Drone Explosion is that they have been shifted to Raipur for better care
having suffered 2nd degree burns & 2 of them are still under intensive care
after the Ideaforge Q6 drone explosion. The group, who have been the
victims of the cheating scandal of being misled to not only buy Non Type
Certified Idea Forge Q6 drone but whose organization's pilots suffered due
to the Explosion caused by the IDEAFORGE Q6 DRONE explosion have
decided to issue a formal statement shortly.
https://www.ndtv.com/india-news/4-pilots-injured-after-drone-explosion-in-chhattisgarh-3998088
11 FIR Filed
Sources from the SP office in Raigarh say, a FIR has been filed against the
Owner of Ideaforge Technology Private Limited. The Directors include
Mathew Cyriac, Rahul Singh, Sujata Vemuri, Ganapathy Subramaniam,
Ashish Ramesh Bhat, Nicholas Earle Brathwaite & Founder CEO Ankit
Mehta On various criminal sections & financial fraud for cheating & selling
NON-Type Certified Drones under sections 308, 337 & 287 of IPC.
https://timesofindia.indiatimes.com/city/raipur/fir-filed-against-drone-
maker/articleshow/100025650.cms?from=mdr
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12 Writ Petition & PIL
A writ petition & PIL have also reached the offices of SEBI & sources close
to the development say SEBI are reconsidering the IPO approval as a FIR
for financial fraud, misleading customers & cheating them to sell
Unapproved Drones pose a greater financial risk to the retail investors while
also being extremely dangerous to drone users as Drone explosions
happen only due to technical negligence or utilizing
illegal Chinese Components which have been a long standing allegation
against Ideaforge by several industry players.
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13 The Early Origins of Ideaforge Technology
The drone company that gained popularity after being featured in Aamir
Khan Film - 3 Idiots had an excellent PR strategy of Ideaforge being a home
grown Indigenous drone company.
https://economictimes.indiatimes.com/markets/ipos/fpos/tata-play-ideaforge-get-nod-for-
ipos/articleshow/99947462.cms
https://inc42.com/buzz/ideaforge-drhp-decoding-infosys-backed-drone-startups-shareholding-pattern/
However a deeper look at the IDEAFORGE shows how Indigenous Drone

Manufacturing - a Noble Idea was forged with adequate Fraudulent support which
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ultimately lead to a massive Tender Cartelization Scam in a 300 crore Indian Army
Surveillance Drone Tender.
https://economictimes.indiatimes.com/industry/transportation/railways/competition-commission-of-
india-orders-probe-into-alleged-cable-cartel-in-north-western-railway-
bids/articleshow/33874893.cms?from=mdr
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14 Fake Patriotic Story to please investors:
Ankit Mehta' story of how Idea Forge originated from Mumbai attacks & how they
were called on scene by Mumbai cops seems very inspirational. It was too bad
that the truth was nowhere close to the story that was weaved. Those close to
Ankit Mehta & early-stage investors, employees & former friends of Mehta would
tell that there was never such a scene & it was all made up. A story that was a
forgery of a click baitable Idea which could be passed off as a great conversation
starter to investors - "Ideaforge was called on to the scene".
https://www.electronicsforu.com/india-corner/innovations-innovators/aerial-eye-guard-terrorism-3
There were drones on the scene but it didn't belong to Idea forge. In fact, the police
shut down all cameras including TV channels covering the event live as terrorists
were able to see live feed of how Police forces were moving in & catching them
while they were trying to get inside the hotel. However Idea forge forged an idea
into people's mind that their journey started with That while in actuality, it was Amir
Khans 3 idiots which was in fact their 1st break. Notice that this whole Mumbai
Attack origin story was being churned only for the past couple of years because
their recent investors felt the 3 idiots story was too outdated & considering Amir
Khan isn't a very popular actor after his Lal Singh Chanda & a string of flops.
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However, Ankit had an amazing PR team.
He was positioned as the Drone industry's Blue-eyed boy, a Pioneer on the way
to becoming a Billionaire status
Another proof of diversion tactics of the Q4 drone crash and explosion
https://www.cnbctv18.com/business/ankit-mehta-rahul-singh-mumbai-mavericks-
behind-india-drone-company-ideaforge-16630511.htm
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15 Multiple Crashes
However truth never stays hidden. The recent multiple explosions of the
Ideaforge drones exposed heavy dependency on Chinese based parts &
batteries that caused 2nd degree burns to 4 Drone pilots.
Photos of multiple Ideaforge Drone Crash over the last two years
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16 Expert’s remarks on Ideaforge multiple drone crashes over the
years
An expert from the industry remarked" This explosion might have resulted due to
three possible reasons:
Reason 1: Usage of low-cost Chinese power distribution boards:
The battery safety mechanisms require a thorough engineering effort towards the
design of proper power distribution board. The power distribution boards found at
the accident site from the damages of the drone were found to be of Chinese origin
with no Indian design. The low-cost Chinese power distribution systems when
improperly paired with low-cost Chinese cells result in thermal runaway due to
improper impedance match.
Reason 2: Improper and unprofessional battery packaging seal:
The presence of minute amounts of water may ignite the material and start the
Lithium fires. They can also throw off highly reactive molten lithium metal particles.
Cells adjacent to any burning material could! Overheat causing a violent explosion.
Reason 3:Use of low-cost lithium Chinese cells-
The company is known to use all raw material from China for low-cost purpose
and hence the low-quality Chinese cells used in the batteries result in
malfunctioning which are quite hazardous to the human safety. The company
Ideaforge maybe audited for using Chinese raw material to supply low-cost
components to the gullible end customers who have put trust in them.
1. It to be noted that The Army Procurement officials from Northern Command,

Paramilitary & other defence departments have been notified on the recent
Drone Explosion & FIR filed. "There is a general consensus within the
Armed forces that further procurement of Ideaforge Technology Drones will
defer until further notice pending a detailed investigation by the local police
& official Enquiry by the DGCA" said an Army procurement official on the
basis of Anonymity.
https://swarajyamag.com/news-brief/mumbai-based-startup-ideaforge-bags-20-million-indian-army-
order-for-switch-drone-heres-all-you-need-to-know
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17 PLI Scheme fraud
The serious matter has also been escalated to the Minister & Secretary of
Ministry of Civil Aviation who are also considering investigating the PLI
disbursement as the Lion share of the Rs.120 crores allocated to PLI
scheme beneficiary (indigenous manufacturers) to the tune of several
dozen crores was allocated only to IDEAFORGE Technology.
https://www.apnnews.com/ideaforge-receives-incentives-in-pli-scheme-for-fy23/
However, in the light of the recent Ideaforge Drone Explosion Scandal & FIR
registered against Founder CEO Ankit Mehta for defrauding innocent customers,
the PLI disbursement may also be investigated deeper by agencies such as
DGCA, SFIO & perhaps even the CBI said industry experts who are closely
involved with the recent developments.
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PLI scheme nodal agencies under watch as Centre readies for review (business-standard.com)
Beyond the recent Fraudulent exposes of cheating & Drone explosion that has
caused ripples, a deeper & closer look that Ideaforge shows that true to the name
of the company, the DNA of Ideaforge has been to Forge Ideas and claim them as
theory own.
1. Patents that are claimed in public in the DRHP to SEBI to what is actually
applied & granted are completely different. Refer to Draft Prospectus
18 The Forgery claim of 25 patents
Only 2 patents awarded & rest are having litigations as they have been misleading
the public, clients &, investors. A detailed report made by an independent technical
research team with detailed knowledge of patents and publications will expose the
Forgery that took place in terms of patents.
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19 History of Frauds
Company has had History of frauds in misleading clients both from
public sector and private sector to buy Drones that don't have DGCA
approvals or Type Certificate as per Drone Rules 2021 & 2022 - Till Date
only the Q4i surveillance drone has received Type Certificate.
20 Forging ideas
Forging ideas by Idea Forge was quite evident where several independent
consultants, ex-employees, clients, partners & even former investors &
early-stage founders who decided to leave the company.
IIFL securities- One of the Investment bankers & Brokers of Ideaforge IPO
listing process has been Banned by SEBI for 2 years
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21 Monetisation scandal
1. Idea forge which was founded in 2007 had a DRDO project which they
used as their claim to fame - Netra drone - which was DRDO sponsored &
Funded was one such project which in reality couldn't & shouldn't have
been Monetized. Netra IP belonged to DRDO. Idea forge Should have
restricted Netra monetization as IP belongs to DRDO, however morals &
ethics aren’t part of Idea forge DNA & Netra was monetized either way.
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2. Since contractual obligations despite written on the same weren't met & any
new drone innovation from DRDO was being leveraged by Idea Forge,
DRDO got impatient & severed all ties with Idea forge.
3. Later Ideaforge approached National Aeronautical Labs - NAL to sell

DRDO drones where the scam was unravelled. Government had to give a
Non-Exclusive TOT for this to happen as the CSIR DST fund was used to
develop, however, Idea forge utilized the Government lapse in monitoring
such complex fraud & proceeded to Monetize the sub system which started
selling in the market as an Ideaforge Drone.
4. Pocket Jammers SCAM - In 2018 Idea Forge resorted to sabotage tactics

of all other vendors in High Altitude Army trials to ensure all other
competitor drones crashes. Cheating in Many Trials indicated corruption by
Idea Forge employees & attempted to lobby with highest officials in the
Army.
5. Idea Forge resorted to hiring influential retired servicemen such as Major

General Sundaram - As a consultant commenced supporting Idea Forge
who helped Exploit unnecessary sale of Netra drones at 15-20 times market
value when drones of superior quality were being sold everywhere in India.
22 Trial Sabotage Scam

2015-2018 Trial Sabotage Scam - 3 other companies crashed with Pocket
Jammers over the course of 3 years & never recovered from the
reputational loss. Idea Forge Pilots & employees always hang around
technical trials of the other competitors' bidders and have a very unethical
habit of distracting, influencing & lobbying with the evaluator while another
team uses pocket jammers to sabotage flying efforts of other competitive
bidders during technical trials.
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A few years ago, during a tender where the department expected Auto
Landing of drones, The Idea forge employees knew that their drone was
not capable of such a feature so the pilots proceeded to hide in a treetop
and manually attempted to land the drone. The Technical Evaluation team
& the Procurement Officials on scene caught the Idea Forge team in the act
& reprimanded them for the act. Idea forge never accepts their folly and
defends their technology & maintains their innocence. Upon confrontation
with Video Proof, Idea Forge Employees were red faced & the department
was about to issue a Blacklist notice against them. However, a few ex
senior service men on the payroll of Idea forge made a few calls & Idea
forge were let off with a warning.
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Several foreign OEMs have submitted several written in subsequent
Tenders that Idea forge has resorted to unethical cheating by using a
manual controller. It is perhaps the main reason that Idea Forge is looking
to go public as their tactics are very evident & competitors and the entire
drone industry is becoming more and more aware how Idea Forge, forges
its way into winning tenders (which is 98% of their revenue)
Idea Forge Scam in Swamitva Scheme large scale Drone mapping

procurement tenders from 2019-2020 where several Q4 & Q6 crashed was
the main reason why the Survey of India moved its operating model from
Drone Procurement & executing the survey themselves to choosing a
service model by subcontracting companies to do the drone mapping and
processing data for them. Out of the Over 200 drones which were
purchased, over 40% crashed & were rendered obsolete. A Litigation
between Survey of India & Idea forge had also raised several eyebrows
during that period.
23 The Chinese Link

Idea Forge was found to be importing Chinese products such as the PPK
module as well as the Cameras which caused a severe risk to the data &
information security guidelines that got most of the Gaming apps of
Chinese origins banned in the 1st place.
Ideaforge has Mislead several government departments by saying

Ideaforge is helping India to become Drone Hub, Ideaforge drones are all
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Make in India & all others who are selling drones are Chinese, Anti Indian,
not technically sound. However, Idea forge uses all these pseudo patriotic
cards as they have been accused of tender cartelization & bid rigging. Also,
it is to be noted that Idea forge has a history of importing Chinese parts
which send data back to China.
• The components and cameras from Ideaforge are sourced from China
Available on Chinese Market Q4 Parts
ADTi Camera + 24Mp E mount Lens
Emlid RS2 Base station with Receiver
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Pixhawk Carrier board Controller
Available on Chinese Market Q4 Parts
Anti Gravity Motor
Logitech RC transmitter
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Carbon fibre frame
Li-Ion Battery Cell
They deceive the Indian Army customer with faulty claims of Make in India.
Ideaforge Datalink, camera, and other crucial components are imported
from China but given the tag of Make in India.
Attached below are the list of products from the Customs portal which was red
flagged by the department and Customs has seized the drone part as it was
unclaimed. The customs proceed to auction the same & the evidence clearly
proves that Idea forge imports several parts from China but the holier than thou
attitude while accusing other companies of importing parts is now exposed & the
Idea forge leadership speaking in forms about indigenization of subsystems is now
shown that it's all just a farce to fool investors.
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24 Curious Case of Chinese Surrender by Idea Forge
- Expose on the Chinese parts in Idea Forge Drones.
It was reported that a reputed officer from an undisclosed command had leaked
information that the 15 SWITCH UAVS recently procured from Idea forge landed
mysteriously in Chinese Borders and were never recovered. Upon deeper
investigation of the unplanned Landing of the switch uav Idea forge drone, it was
clear that China commandeered Idea forge because of weak software and
Chinese elements (Chinese firmware) in their drones. In the interest of National
Security reasons, we will not dwell deeper but this is a serious issue which has to
be probed further.
This is also one of the main reasons that Idea proceeded with the $2-23 Billion
Reaper drone from General Atomics rather than giving Indian Drone
manufacturers a chance because of the breach of trust that Idea forge drones
caused by being captured without a bullet fired. This was a confidential leak by an
Army Official who decided not to be named but expressed how the entire moral of
our jawans was crushed to see the incompetence of the Ideaforge drone that
resulted in our entire nation's army to hang our heads in shame at the debauchery
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of 1 greedy fraudulent and incompetent company like idea forge due to which other
procurement orders are not even being entertained.
Centre approves procurement of US MQ-9B SeaGuardian drones | Deccan Herald - (ampproject.org)
25 This monopolistic behaviour and Cartelisation

Being aware of all these above scams of Idea Forge, the Army In the most
recent 1000 quad copter drones’ products drones order wanted to split the
entire procurement order between 3 vendors 500 drones for L1, 300 drones
for L2 & 200 drones for L3. Idea Forge being the most unethical company
in the drone industry, identified 3 of their dealers & resellers to participate
& ensure all 1000 is awarded only to Idea Forge in an indirect manner.
However, for that all other companies had to be technically disqualified. Out
of the 10 companies who participated, 4 companies qualified (3 idea forge
backed & 1 SSS Defence). Idea Forge weren't happy getting 500 drones,
they wanted all 1000 & didn't want any drone company in India to Survive.
This monopolistic behaviour stems from their early days of always crushing
competition by using fraudulent means as they are incapable of winning
tenders fair & square. This tender is also one of the major contributors to
the projections that Idea Forge has submitted in their IPO Draft Prospectus.
Ideaforge wanted to get SSS disqualified as the other 3 of the companies
are IF dealers. Ideaforge have resorted to arm twisting government officials
for SSSH defence to get them disqualified.
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There was an expose Article on Economic Times on the same issue but no action
was taken because Idea Forge has masked the issue by claiming that they are the
only capable defence drone company which is far from the truth in an industry that
has over 250 companies. Idea forge has utilized the strategy of Using 2-3 benami
companies to apply using the same manufacturer/subcontractors/reseller; then
Lobbying with procurement officials & ensuring all other bids are disqualified due
to technical reasons.
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When someplace where open specifications, GEM portal, Idea Forge Loses & it
has been proved in the past
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26 Reports generated by professional independent consultants &
Officials
On the basis on Anonymity detailing honest options about Idea forge
Report no. 1: Army Report on Ideaforge - Fundamental Flaw - can't fly more than
16 Knots. (All Tenders technical specifications were conveniently manipulated to
have less than 16 knots)
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Technical Trial Report ( as leaked by Ex-Ideaforge employee turned
whistleblower)
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27 Commercial Loot of the Indian Army funds
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28 Misrepresentation of Tax Proceedings
Flag points: There is a misrepresentation of facts as highlighted in the below snippets which says 1 Tax
proceedings against directors under “Summary of documents”, where as under “Risk factors and
Legal and Other information” it shows 1 criminal proceedings against directors.
Snippets has been attached below accordingly:
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29 Drone Company Benchmarking- Misleading information
Lots of misinformation. They aren't even in agriculture, And no mention of Paras

Defence, Sagar defence, Raphe M Phibr, There are the main competitors
in Defence.
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30 Summary
No methodology to test wind velocity for switch. No wind resistance.
31 Acquisitions against Ideaforge
1. Profiteering by utilisation of gaps in the Indian Defence Procurement Procedure

2. Ideaforge IPO- Next Paytm in the making
Evidences:
1. Fault Report of the NCNC Trials from Indian Army
2. Specification of Tenders floated by Indian Army
3. IPO Document filed with SEBI
Evidence Number 1: Fault Report of Ideaforge Drones by Indian Army

The evidence number 1 is the fault report from the NCNC trials of Indian Army
clearly highlighting the various defects in all sub systems of drones from Ideaforge.
The evidence of profiteering and biased specifications in tender and thereby the
result of the winner in tenders becoming Ideaforge is a clear con
methodology. The company Ideaforge engages in anti-competitive and restrictive
trade practices to create the specifications of tenders within the imitations of their
existing systems.
Defects highlighted by Evidence Number 1:

• None of the Drones from Ideaforge have the capability of wind resistance
• None of the drones have good usable interfaces.
• Most of the drones suffered communication failure.
• The communication, GCS and Autopilot systems are substandard and do not
meet any global standards
• The datalink of Ideaforge is not anti-jam capable and it is susceptible to enemy
capture
Due to the above faults, multiple events of drone hack near border have been
reported. However, through a well-formed cartelised network, the company
Ideaforge manages to sell substandard products to the Indian Defence force
users. The drones have been captured by cross border forces.
REFER Technical Trial Report
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Evidence Number 2: IPO Document filed with SEBI
The IPO document filed with SEBI by Ideaforge clearly highlights the wrong
practices employed by Ideaforge.
Inferences: The IPO document clearly states that the 98% of Ideaforge business
is from Defence. They managed to get more than 70% gross margin in this
business. There was a single purchase order of 20 million USD which has been
granted to Ideaforge and another major order for VTOL which has been obtained
by influencing the end user to formulate the desirable specifications. The IPO
document also gives a comparison of the performance of other industry peers
where the profit margins are significantly lower compared to Ideaforge. However,
the company Ideaforge was able to manage the spec formulation and walk away
with exploiting the end user by charging a hefty penalty as profit as there was no
competitive bid. They managed to create the specification in such a way that only
Ideaforge cleared the technical round and resulted in a hyper inflated sale value
of a low-end product made of Chinese components.
Reference: Ideaforge Rigging Document
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Evidence Number 3: The IPO document DRHP
It clearly mentions the criminal cases against Ideaforge for various criminal
offences. It is the responsibility of SEBI to not allow the IPO of Ideaforge holding
Directors with questionable credentials to safeguard the public money.
Reference : Profiteering by utilisation of gaps document
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Evidence Number 4: Specification of Tenders
The evidence number 4 is the specification of tenders floated by the Indian Army.
All the Drone tenders for multicopper and VTOL platforms comprise the
specifications which are allowing the faults of companies like Ideaforge to win the
tender.
• The tenders floated do not ask for good anti jam capable datalinks. There is no
requirement or mention of the anti-jam capabilities in the tenders as it is not
available with Ideaforge.
• The tenders floated do not ask for integrated camera payloads. Ideaforge as a
company has very large and single camera payloads with very low detection
range. The specifications of the tenders match the camera specifications available
with the limitations of Ideaforge. The latest cameras in world market comprise of
Integrated capabilities and higher detection ranges.
• The tenders floated do not have a wind resistance requirement of more than 20
knots. Equivalent Industry standard and global drones are available with wind
resistance of 26 knots and better. The Fault report of Indian Army ( NCNC Trial
report) clearly highlights that Ideaforge drones crash in high winds. In spite of all
the these challenges the drone from Infantry 5 unit has come out with a wind
resistance specification requirement of 16 nots for 1000 quantity where Ideaforge
participated with a cartel of 3 distributors.
Reference: Ideaforge Tech Specs document + Consolidated report
Event Number 1:
Multiple instances of Ideaforge drone capture have been reported at the borders.
In spite if these events coming to light, Indian Army does not levy any penalty for
supplying inferior Chinese communication links which are susceptible to hostile
takeover by cross border troops.
Event Number 2:
There has been a court of inquiry ordered in Eastern Command against a set of
Army Officers for favouring the specifications of Ideaforge in the procurement. The
systems have been found to be inferior and have failed at key operational locations
bringing a shame to the Indian Army for using such inferior quality drones
comprising Chinese sub components.
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Event Number 3:
The company Ideaforge has utilised many unfair practices like manual control of
aircraft for the auto landing test during the test and evaluation in the switch VTOL
contract. The system comprises variety of inherent faults but still manages to clear
the technical trials. The ground troops complain the system fly away happening at
borders due to high winds and hostile takeovers.
Event Number 4:
Ideaforge IPO – The next Paytm in the making
The consistent flow of losses in Ideaforge for the last 15 years and a sudden 1-
year profit clearly showcases the intention of Ideaforge to falsely make profit
computations and run away with public money. Directors with criminal cases and
false profit booking in a single year of IPO clearly showcase the wrong intent of
company Ideaforge for the IPO. It is a next Paytm in the making and can damage
the investor wealth if allowed to list.
32 Conclusion:
According to an ex-employee of Ideaforge turned whistleblower, all the
procurement Tender manipulation happens even before the tenders are floated.
Basically, when tenders are being prepared, The Ideaforge employees to support
the government officials in the preparation of the entire tender that should actually
be a transparent process. However, like a wolf in sheep's clothing, Idea forge
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employees dictate technical specifications that are favourable to themselves and
also ensure unreasonable & unfair certification which usually take over 3-6 months
are sought by the departments. For example, in a recent tender, the requirement
of any Bid participant Needs to submit 12 unrelated certifications which take more
than 90 days to apply & receive whereas the bid will close in 30-45 days. The
scam is that these unrelated certifications would have already been applied and
received by Ideaforge and they will insist that these certifications are made
mandatory in the tender in the guise and misconception that these extra
certifications will enhance quality of the drone and the bidder. The Poor innocent
Procurement agency who has limited knowledge on drones agrees & floats
tenders accordingly to Idea Forge whims and fancies. Next step is where Idea
forge senior ex-servicemen and technical team sits with the army or any
procurement agency and get every bidder disqualified on technical grounds as
many bidders whoever decided to apply would not have these certifications. The
only ones who usually qualify are idea forge resellers, partners of dealers who all
sell the same drone. This level of Corruption. has been unprecedented in the
Drone Industry & has been the blueprint for a few other similar fraudulent
companies (that are under investigation by Vigilance & anti-corruption
authorities)to follow a similar tactic that is causing government departments
tremendous losses and also decimating the entire government department.
Next year, there is demand for 10,000 drones. Idea Forge has come up with a WIN
WIN strategy to unethically decimate the entire drone industry, the government &
retail investors which has a LOSE LOSE scenario.
Scenario 1 :
A. If no one spots this fraud and if these serious flaws, corruption, manipulation &
tender cauterization isn't exposed, Idea forge will follow the status quo, increasing
bid eligibility, work experience, FINANCIAL eligibility & Raising entry barrier
making it almost impossible for anyone & everyone else in the drone industry from
participating in the tenders. In fact, Idea Forge has already started Manipulating
the procurement agencies into buying using war time procurement clauses,
Repeat Orders & Emergencies in the case of War as in the case of Infantry 5 & 7
where scope of the drone matched the exact technical specs of Idea forge drones
to Win Drone orders even without tender. It will be business as usual in winning
tenders through fraudulent means & raking in revenue. Idea Forge will list, go
public & IPO sentiment being positive will result in further investments & revenues.
(WIN for Idea Forge)
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B. Idea Forge through its unethical means will restrict the Drone industry and such
monopoly will only affect Indian Tax payer, the Government department and dent
the image of a rapidly developing drone sector in India. (LOSE for the Drone
industry, the Government & the Taxpayer)
C. Perhaps, somewhere down the line in a few years, a foreign short seller like
Hindenburg research will do research on Ideaforge, plan a short sell exposure &
have a short position in the company. However even in that case Ideaforge would
have successfully scammed the public & the government departments while also
decimating the rest of the industry so no Loss for Idea forge majorly. (WIN for Idea
Forge & Lose for others)
Scenario 2:
Many across the Drone Industry feel the reason why Idea Forge is in a hurry to go
public is due to the fact that they know that everyone in the industry & several
investors are on to their fraud. That is why, Idea Forge has blatantly made several
glaring errors in their Draft Red Herring Prospectus . IPO Prospectus mentions a
Gross Margin 74%; profitability AFTER tax 33% only possible by Monopoly &
tender Cartelization. Similar companies that sell drones such as Bharat forge,
Paras, Sagar, Tata, less 20%.
As of 2022 numbers Growth rate 1300% Year on Year which are impossible
numbers unless there is a monopoly & tender cartelization.
13.9 crores in 2020

34 crores in 2021
159 crores in 2022
280-300 crores in 2023 projected.
A. Even if the expose & truth is noticed by Government departments, procurement

agencies & Investors who are already committed to see Idea Forge going public,
and even if everyone knows this will be a margin call exercise where stock pump
and dump models will only fool the innocent retail investors who believe paid press
articles on the news, and even through the game will wind down for Idea Forge as
other competitors Pick up market share, Idea forge would have still WON with a
successful Listing.(Idea Forge still Wins)
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B. On the flip side, the damage that Idea Forge Stock Price Bottom Circuit crash
due to the inherent flaws in the fundamental unethical model that Idea forge built
will mirror other scam models like crypto, spac etc which will sooner or later lose
interest as exposes happen which will ultimately affect only the drone industry as
the trust would have been broken and new investors (whether institutional or retail)
will look at the burnt bridge. Government departments might strengthen the
scrutiny process but the damage to the industry will be permanent & irreparable.
(Everyone LOSES)
Scenario 3 –
SLIMMER OF HOPE:
After the BYJU's ED investigation, the regulatory & investigation bodies such as
RBI, SEBI, ED & CBI have all been notified about the impending Writ Petition &
Public Interest Litigation of Ideaforge drone crash that almost killed 3 people have
the prayer to the High Court is to cease all business operations until DGCA
Investigation of the crash is done. This could take months as several new reports
of crashes are cropping up and could result in several more litigations & Lawsuits
that can hamper Idea Forge.
Also 139 crores gross profit 101 crores, Gross Profit 72.66% between April 2022
- September 2023 which is only possible by monopoly, anti-competitive practices,
bid rigging & Cartelization. Bharat forge, Paras, Sagar, Tata, less 20%. There are
allegations on Idea forge & its resellers of attempting to Bribe & also cases of
bribes being given in the form of gifts & cash which is being investigated by
investigation agencies. All the above could adversely impact Ideaforge Drone
sales in the present & Future. SEBI has also been notified & Complaint along with
charges & proofs has been submitted to SEBI Director & Chairman. We hope that
this document reaches the right officials & Justice prevails for the victims, ex-
employees, army officials who have suffered buying incompetent & substandard
repackaged Chinese equipment that sends data back to China & most importantly
the investors who are no doubt going to be taken for a ride if the situation doesn't
improve & stringent action is taken by SEBI to prevent an Ideaforge made disaster
from happening.
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33 ANNEXURES
I. PIL
II. DGCA Drone Rules 2021
III. India Drone and UAV market
IV. Ideaforge Specs
V. 80 mini remotely operated aircraft
VI. 750 remotely operated tender
VII. Tenders (RFP SLV copter document)
VIII. Red Herring IPO prospectus
IX. DRDO Industry Partnership document
X. Ideaforge_Technology_Limited_-_Pre-deal_research_report
XI. Drone Industry Report Feb 2023
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ANNEXURE 1
Bid Number: GEM/2022/B/2631092
Dated: 14-10-2022
Bid Document
Bid Details
Bid End Date/Time 11-11-2022 16:00:00
Bid Opening Date/Time 11-11-2022 16:30:00
Bid Offer Validity (From End Date) 180 (Days)
Ministry/State Name Ministry Of Defence
Department Name Department Of Military Affairs
Organisation Name Indian Army
Office Name ***********
Total Quantity 143
Item Category Multicopter Medium Altitude (Day) (Q3)
Minimum Average Annual Turnover of the

150 Lakh (s)
bidder (For 3 Years)
OEM Average Turnover (Last 3 Years) 300 Lakh (s)
Years of Past Experience Required for

3 Year (s)
same/similar service
MSE Exemption for Years Of Experience

Yes
and Turnover
Startup Exemption for Years Of Experience

Yes
and Turnover
Experience Criteria,Past Performance,Bidder

Turnover,Certificate (Requested in ATC),OEM Authorization
Certificate,OEM Annual Turnover,Additional Doc 1
(Requested in ATC)
Document required from seller
*In case any bidder is seeking exemption from Experience /
Turnover Criteria, the supporting documents to prove his
eligibility for exemption must be uploaded for evaluation by
the buyer
Past Performance 30 %
Bid to RA enabled Yes
RA Qualification Rule H1-Highest Priced Bid Elimination
Time allowed for Technical Clarifications

7 Days
during technical evaluation
Inspection Required (By Empanelled

Inspection Authority / Agencies pre- Yes
registered with GeM)
Inspection to be carried out by Buyers own

Yes
empanelled agency
Type Of Inspection Post Dispatch
1/9
Bid Details
Name of the Empanelled Inspection

Board of Officers
Agency/ Authority
Auto CRAC Days 60
Evaluation Method Total value wise evaluation
EMD Detail
Advisory Bank State Bank of India
EMD Percentage(%) 4.00
EMD Amount 3003000
ePBG Detail
ePBG Percentage(%) 3.00
Duration of ePBG required (Months). 26
(a). EMD EXEMPTION: The bidder seeking EMD exemption, must submit the valid supporting document for the
relevant category as per GeM GTC with the bid. Under MSE category, only manufacturers for goods and Service
Providers for Services are eligible for exemption from EMD. Traders are excluded from the purview of this Policy.
(b). EMD & Performance security should be in favour of Beneficiary, wherever it is applicable.
Beneficiary:
PCDA (NC)
State Bank Of India Account No 105823388222 IFSC Code SBIN0000657 Hari Market Jammu
(Pcda Northern Command Jammu)
Splitting
Bid splitting not applied.
MSE Purchase Preference
MSE Purchase Preference No
Details of the Competent Authority for MSE
Name of Competent Authority Vineet Gaur
Designation of Competent Authority PC Chairman
Office / Department / Division of Competent

Department of Military Affairs
Authority
CA Approval Number
Competent Authority Approval Date 11-10-2022
2/9
Approval has been accorded by the Competent Authority
Brief Description of the Approval Granted by for exemption from Purchase Preference to MSE for
Competent Authority “Multicopter Medium Altitude (Day)”, Quantity-143 for the
Financial Year 2021-22.
Competent Authority Approval for not opting Micro and Small Enterprises Preference : View Document
MII Purchase Preference
MII Purchase Preference Yes
1. If the bidder is a Micro or Small Enterprise as per latest definitions under MSME rules, the bidder shall be
exempted from the requirement of "Bidder Turnover" criteria and "Experience Criteria" subject to meeting of
quality and technical specifications. If the bidder is OEM of the offered products, it would be exempted from the
"OEM Average Turnover" criteria also subject to meeting of quality and technical specifications. In case any
bidder is seeking exemption from Turnover / Experience Criteria, the supporting documents to prove his eligibility
for exemption must be uploaded for evaluation by the buyer.
2. If the bidder is a Startup, the bidder shall be exempted from the requirement of "Bidder Turnover" criteria and
"Experience Criteria" subject to their meeting of quality and technical specifications. If the bidder is OEM of the
offered products, it would be exempted from the "OEM Average Turnover" criteria also subject to meeting of
quality and technical specifications. In case any bidder is seeking exemption from Turnover / Experience Criteria,
the supporting documents to prove his eligibility for exemption must be uploaded for evaluation by the buyer.
3. The minimum average annual financial turnover of the bidder during the last three years, ending on 31st
March of the previous financial year, should be as indicated above in the bid document. Documentary evidence in
the form of certified Audited Balance Sheets of relevant periods or a certificate from the Chartered Accountant /
Cost Accountant indicating the turnover details for the relevant period shall be uploaded with the bid. In case the
date of constitution / incorporation of the bidder is less than 3-year-old, the average turnover in respect of the
completed financial years after the date of constitution shall be taken into account for this criteria.
4. Experience Criteria: In respect of the filter applied for experience criteria, the Bidder or its OEM {themselves or
through reseller(s)} should have regularly, manufactured and supplied same or similar Category Products to any
Central / State Govt Organization / PSU / Public Listed Company for number of Financial years as indicated above
in the bid document before the bid opening date. Copies of relevant contracts to be submitted along with bid in
support of having supplied some quantity during each of the Financial year. In case of bunch bids, the category of
primary product having highest value should meet this criterion.
5. OEM Turn Over Criteria: The minimum average annual financial turnover of the OEM of the offered product
during the last three years, ending on 31st March of the previous financial year, should be as indicated in the bid
document. Documentary evidence in the form of certified Audited Balance Sheets of relevant periods or a
certificate from the Chartered Accountant / Cost Accountant indicating the turnover details for the relevant period
shall be uploaded with the bid. In case the date of constitution / incorporation of the OEM is less than 3 year old,
the average turnover in respect of the completed financial years after the date of constitution shall be taken into
account for this criteria.
6. Preference to Make In India products (For bids < 200 Crore):Preference shall be given to Class 1 local supplier
as defined in public procurement (Preference to Make in India), Order 2017 as amended from time to time and its
subsequent Orders/Notifications issued by concerned Nodal Ministry for specific Goods/Products. The minimum
local content to qualify as a Class 1 local supplier is denoted in the bid document. If the bidder wants to avail the
Purchase preference, the bidder must upload a certificate from the OEM regarding the percentage of the local
content and the details of locations at which the local value addition is made along with their bid, failing which
no purchase preference shall be granted. In case the bid value is more than Rs 10 Crore, the declaration relating
to percentage of local content shall be certified by the statutory auditor or cost auditor, if the OEM is a company
and by a practicing cost accountant or a chartered accountant for OEMs other than companies as per the Public
Procurement (preference to Make-in -India) order 2017 dated 04.06.2020. Only Class-I and Class-II Local suppliers
as per MII order dated 4.6.2020 will be eligible to bid. Non - Local suppliers as per MII order dated 04.06.2020 are
not eligible to participate. However, eligible micro and small enterprises will be allowed to participate .In case
Buyer has selected Purchase preference to Micro and Small Enterprises clause in the bid, the same will get
precedence over this clause.
7. Past Performance: The Bidder or its OEM {themselves or through re-seller(s)} should have supplied same or
similar Category Products for 30% of bid quantity, in at least one of the last three Financial years before the bid
opening date to any Central / State Govt Organization / PSU / Public Listed Company. Copies of relevant
3/9
contracts (proving supply of cumulative order quantity in any one financial year) to be submitted along with bid
in support of quantity supplied in the relevant Financial year. In case of bunch bids, the category related to
primary product having highest bid value should meet this criterion.
8. Inspection of Stores by Nominated Inspection Authority / Agency of buyer or their
authorized representatives
An independent third party Professional Inspection Body can help buyer in mitigating buyer’s risk with pre-
dispatch/post-dispatch inspection in order to ensure that equipment, components, solutions and documentation
conform to contractual requirements. The buyer has a right to inspect goods in reasonable manner and within
reasonable time at any reasonable place as indicated in contract. Inspection Fee/ Charges (as pre-greed between
buyer and Inspection Agency) would be borne by the buyer as per their internal arrangement but may be
recovered from the seller if the consignment failed to conform to contractual specification and got rejected by
the Inspection Officer .If so requested and accepted by the seller , initially seller may pay for inspection
charges as applicable and get the same reimbursed from buyer if consignment accepted by the Inspecting
Officer . For reimbursement seller has to submit proof of payment to Inspection Agency.
Seller/OEM shall send a notice in writing / e-mail to the Inspecting officer / inspection agency specifying the place
of inspection as per contract and the Inspecting officer shall on receipt of such notice notify to the seller the date
and time when the stores would be inspected. The seller shall, at his own expenses, afford to the Inspecting
officer, all reasonable facilities as may be necessary for satisfying himself that the stores are being and or have
been manufactured in accordance with the technical particulars governing the supply. The decision of the
purchaser representative /inspection authority regarding acceptance / rejection of consignment shall be final and
binding on the seller.
The Seller shall provide, without any extra charge, all materials, tools, labour and assistance of every kind which
the Inspecting officer may demand of him for any test, and examination, other than special or independent test,
which he shall require to be made on the seller's premises and the seller shall bear and pay all costs attendant
thereon.
The seller shall also provide and deliver store / sample from consignment under inspection free of charge at any
such place other than his premises as the Inspecting officer may specify for acceptance tests for which
seller/OEM does not have the facilities or for special/ independent tests.
In the event of rejection of stores or any part thereof by the Inspecting officer basis testing outside owing to lack
of test facility at sellers premises, the seller shall, on demand, pay to the buyer the costs incurred in the
inspection and/or test. Cost of test shall be assessed at the rate charged by the Laboratory to private persons for
similar work.
Inspector shall have the right to put all the stores or materials forming part of the same or any part thereof to
such tests as he may like fit and proper as per QAP/governing specification. The seller shall not be entitled to
object on any ground whatsoever to the method of testing adopted by the Inspecting officer.
Unless otherwise provided for in the contract, the quantity of the stores or materials expended in test will be
borne by seller.
Inspecting officer is the Final Authority to Certify Performance / accept the consignment. The Inspecting
officer’s decision as regards the rejection shall be final and binding on the seller.
The seller shall if so required at his own expense shall mark or permit the Inspecting officer to mark all the
approved stores with a recognised Government or purchaser's mark.
9. Reverse Auction would be conducted amongst all the technically qualified bidders except the Highest quoting
bidder. The technically qualified Highest Quoting bidder will not be allowed to participate in RA. However, H-1
will also be allowed to participate in RA in following cases:
i. If number of technically qualified bidders are only 2 or 3.

ii. If Buyer has chosen to split the bid amongst N sellers, and H1 bid is coming within N.
iii. In case Primary product of only one OEM is left in contention for participation in RA on elimination of H-1.
iv. If L-1 is non-MSE and H-1 is eligible MSE and H-1 price is coming within price band of 15% of Non-MSE L-1
v. If L-1 is non-MII and H-1 is eligible MII and H-1 price is coming within price band of 20% of Non-MII L-1
Pre Bid Detail(s)
4/9
Pre-Bid Date and Time Pre-Bid Venue
Online through video conference. Email ID: hqnceme@gmail.com Seller to

31-10-2022 12:00:00 send queries on above mentioned Email ID minimum two days prior to the
pre bid interaction
Multicopter Medium Altitude (Day) ( 143 pieces )

(Minimum 50% and 20% Local Content required for qualifying as Class 1 and Class 2 Local Supplier
respectively)
Brand Type Unbranded
Technical Specifications
Buyer Specification Document Download
Consignees/Reporting Officer and Quantity
Consignee/Reporti
S.No. Address Quantity Delivery Days
ng Officer
1 *********** ***********UDHAMPUR 143 120
Buyer Added Bid Specific Terms and Conditions

1. Generic
OPTION CLAUSE: The Purchaser reserves the right to increase or decrease the quantity to be ordered up
to 50 percent of bid quantity at the time of placement of contract. The purchaser also reserves the right to
increase the ordered quantity by up to 50% of the contracted quantity during the currency of the
contract at the contracted rates. Bidders are bound to accept the orders accordingly.
2. Generic
Actual delivery (and Installation & Commissioning (if covered in scope of supply)) is to be done at
following address 1 FOD Udhampur PIN-182121 Near Garhi Cantt Jammu & Kashmir.
3. Generic
Bidder financial standing: The bidder should not be under liquidation, court receivership or similar
proceedings, should not be bankrupt. Bidder to upload undertaking to this effect with bid.
4. Generic
Bidders shall quote only those products in the bid which are not obsolete in the market and has at least 5
years residual market life i.e. the offered product shall not be declared end-of-life by the OEM before this
period.
5. Generic
5/9
Bidder shall submit the following documents along with their bid for Vendor Code Creation:
a. Copy of PAN Card.
b. Copy of GSTIN.
c. Copy of Cancelled Cheque.
d. Copy of EFT Mandate duly certified by Bank.
6. Generic
Experience Criteria: The Bidder or its OEM {themselves or through reseller(s)} should have regularly,
manufactured and supplied same or similar Category Products to any Central / State Govt Organization /
PSU / Public Listed Company for 3 years before the bid opening date. Copies of relevant contracts to be
submitted along with bid in support of having supplied some quantity during each of the year. In case of
bunch bids, the primary product having highest value should meet this criterion.
7. Generic
Installation, Commissioning, Testing, Configuration, Training (if any - which ever is applicable as per scope
of supply) is to be carried out by OEM / OEM Certified resource or OEM authorised Reseller.
8. Generic
NON DISCLOSURE DECLARATION CERTIFICATE (On Bidder Letter Head) to be uploaded with
bid:
1. I M/s. --- hereby declare that I shall not disclose the contract or any provision, specification, plan, design,
pattern, sample or information thereof to any third party during and after expiry of Contract.
2. If defying the norms as per the Contract a legal action may be taken against me as per the existing
Rules.
9. Generic
Malicious Code Certificate:
The seller should upload following certificate in the bid:-

(a) This is to certify that the Hardware and the Software being offered, as part of the contract, does not
contain Embedded Malicious code that would activate procedures to :-
(i) Inhibit the desires and designed function of the equipment.
(ii) Cause physical damage to the user or equipment during the exploitation.
(iii) Tap information resident or transient in the equipment/network.
(b) The firm will be considered to be in breach of the procurement contract, in case physical damage, loss
of information or infringements related to copyright and Intellectual Property Right (IPRs) are caused due
to activation of any such malicious code in embedded software.
10. Generic
Non return of Hard Disk: As per Buyer organization’s Security Policy,Faulty Hard Disk of
Servers/Desktop Computers/ Laptops etc. will not be returned back to the OEM/supplier against warranty
replacement.
11. Generic
Shelf Life: The Product to be supplied must have minimum 5 Years Shelf Life. On the date of supply,
minimum 5 Years usable shelf life should be available / balance.
12. Generic
1. The Seller shall not assign the Contract in whole or part without obtaining the prior written consent of
buyer.
2. The Seller shall not sub-contract the Contract in whole or part to any entity without obtaining the prior
6/9
written consent of buyer.
3. The Seller shall, notwithstanding the consent and assignment/sub-contract, remain jointly and severally
liable and responsible to buyer together with the assignee/ sub-contractor, for and in respect of the due
performance of the Contract and the Sellers obligations there under.
13. Generic
Upload Manufacturer authorization: Wherever Authorised Distributors are submitting the bid,
Manufacturers Authorisation Form (MAF)/Certificate with OEM details such as name, designation, address,
e-mail Id and Phone No. required to be furnished along with the bid.
14. Generic
Without prejudice to Buyer’s right to price adjustment by way of discount or any other right or remedy
available to Buyer, Buyer may terminate the Contract or any part thereof by a written notice to the Seller,
if:
i) The Seller fails to comply with any material term of the Contract.
ii) The Seller informs Buyer of its inability to deliver the Material(s) or any part thereof within the
stipulated Delivery Period or such inability otherwise becomes apparent.
iii) The Seller fails to deliver the Material(s) or any part thereof within the stipulated Delivery Period
and/or to replace/rectify any rejected or defective Material(s) promptly.
iv) The Seller becomes bankrupt or goes into liquidation.
v) The Seller makes a general assignment for the benefit of creditors.
vi) A receiver is appointed for any substantial property owned by the Seller.
vii) The Seller has misrepresented to Buyer, acting on which misrepresentation Buyer has placed the
Purchase Order on the Seller.
15. Generic
While generating invoice in GeM portal, the seller must upload scanned copy of GST invoice and the
screenshot of GST portal confirming payment of GST.
16. Sample Clause
After award of contract – Successful Bidder shall have to get advance sample approved from buyer before
bulk manufacturing / starting bulk supplies. Successful Bidder shall submit 1 samples for Buyer's
approval, within 21 days of award of contract. Buyer shall, as per contract specifications framework, either
approve the advance sample or will provide complete list of modification required in the sample within 21
days of receipt of advance sample. Seller shall be required to ensure supply as per approved sample with
modifications as communicated by Buyer. If there is delay from buyer side in approval of advance sample
– the delivery period shall be refixed without LD for the period of delay in sample approval. In case, the
sample is found to have major deviations / not conforming to the Contract specifications, the buyer at its
discretion may call for fresh samples for approval before allowing bulk supplies or may terminate the
contract after notifying the deviations to the seller.
Unless otherwise provided in the contract, all samples required for test shall be supplied by the
contractor free of cost. Where under the contract, the contractor is required to submit an advance
sample, any expenses incurred by the contractor on or in connection with the production of stores in bulk,
before the sample has been approved unconditionally shall be borne by the Seller and he shall not claim
any compensation in the event of such sample being found unacceptable by the Buyer / Consignee.
17. Forms of EMD and PBG
Bidders can also submit the EMD with Account Payee Demand Draft in favour of PCDA Northern Command
payable at State Bank of India, Hari Market Jammu .
Bidder has to upload scanned copy / proof of the DD along with bid and has to ensure delivery of hardcopy
to the Buyer within 5 days of Bid End date / Bid Opening date.
Bidders can also submit the EMD with Banker’s Cheque in favour of PCDA Northern Command payable at
State Bank of India, Hari Market jammu .
Bidder has to upload scanned copy / proof of the BC along with bid and has to ensure delivery of hardcopy
7/9
Successful Bidder can submit the Performance Security in the form of Payment online through RTGS /
internet banking also (besides PBG which is allowed as per GeM GTC). On-line payment shall be in
Beneficiary name PCDA Northern Command Account No. 10582388222 IFSC Code SBIN0000657 Bank
Name State Bank of India Branch address Hari Market Jammu . Successful Bidder to indicate Contract
number and name of Seller entity in the transaction details field at the time of on-line transfer. Bidder has
to upload scanned copy / proof of the Online Payment Transfer in place of PBG within 15 days of award of
contract.
20. Financial Criteria
NET WORTH: Net Worth of the OEM should be positive as per the last audited financial statement.
21. Certificates
Bidder's offer is liable to be rejected if they don't upload any of the certificates / documents sought in the
Bid document, ATC and Corrigendum if any.
22. Turnover
Bidder Turn Over Criteria: The minimum average annual financial turnover of the bidder during the last
three years, ending on 31st March of the previous financial year, should be as indicated in the bid
certificate from the Chartered Accountant / Cost Accountant indicating the turnover details for the
relevant period shall be uploaded with the bid. In case the date of constitution / incorporation of the
bidder is less than 3 year old, the average turnover in respect of the completed financial years after the
date of constitution shall be taken into account for this criteria.
23. Turnover
OEM Turn Over Criteria: The minimum average annual financial turnover of the OEM of the offered product
during the last three years, ending on 31st March of the previous financial year, should be as indicated in
the bid document. Documentary evidence in the form of certified Audited Balance Sheets of relevant
periods or a certificate from the Chartered Accountant / Cost Accountant indicating the turnover details for
the relevant period shall be uploaded with the bid. In case the date of constitution / incorporation of the
OEM is less than 3 year old, the average turnover in respect of the completed financial years after the
date of constitution shall be taken into account for this criteria. In case of bunch bids, the OEM of
CATEGORY RELATED TO primary product having highest bid value should meet this criterion.
24. Warranty
Warranty period of the supplied products shall be 2 years from the date of final acceptance of goods or
after completion of installation, commissioning & testing of goods (if included in the scope of supply), at
consignee location. OEM Warranty certificates must be submitted by Successful Bidder at the time of
delivery of Goods. The seller should guarantee the rectification of goods in case of any break down during
the guarantee period. Seller should have well established Installation, Commissioning, Training,
Troubleshooting and Maintenance Service group in INDIA for attending the after sales service. Details of
Service Centres near consignee destinations are to be uploaded along with the bid.
25. Warranty
Successful bidder will have to ensure that adequate number of dedicated technical service personals /
engineers are designated / deployed for attending to the Service Request in a time bound manner and for
ensuring Timely Servicing / rectification of defects during warranty period, as per Service level agreement
indicated in the relevant clause of the bid.
26. Past Project Experience
For fulfilling the experience criteria any one of the following documents may be considered as valid proof
for meeting the experience criteria:
a. Purchase Order copy along with Invoice(s) with self-certification by the bidder that supplies against the
invoices have been executed.
8/9
b. Execution certificate by client with order value.
c. Any other document in support of order execution like Third Party Inspection release note, etc.
The Bidder / OEM {themselves or through reseller(s)}, should have executed project for supply and
installation / commissioning of same or similar Category Products during preceding 3 financial years (i.e.
current year and three previous financial years) as on opening of bid, as per following criteria:
(i) Single order of at least 35% of estimated bid value; or

(ii) Two orders of at least 20% each of estimated bid value; or
(iii) Three orders of at least 15% each of estimated bid value.
Satisfactory Performance certificate issued by respective Buyer Organization for the above Orders should
be uploaded with bid. In case of bunch bids, the Category related to primary product having highest bid
value should meet this criterion
28. Buyer Added Bid Specific ATC
Buyer uploaded ATC document Click here to view the file .
Disclaimer
The additional terms and conditions have been incorporated by the Buyer after approval of the Competent
Authority in Buyer Organization. Buyer organization is solely responsible for the impact of these clauses on the
bidding process, its outcome, and consequences thereof including any eccentricity/restriction arising in the
bidding process due to these ATCs and due to modification of technical specifications and/or terms and
conditions governing the bid. Any clause incorporated by the Buyer such as demanding Tender Sample,
incorporating any clause against the MSME policy and Preference to make in India Policy, mandating any Brand
names or Foreign Certification, changing the default time period for Acceptance of material or payment timeline
governed by OM of Department of Expenditure shall be null and void and would not be considered part of bid.
Further any reference of conditions published on any external site or reference to external documents/clauses
shall also be null and void. If any seller has any objection/grievance against these additional clauses or
otherwise on any aspect of this bid, they can raise their representation against the same by using the
Representation window provided in the bid details field in Seller dashboard after logging in as a seller within 4
days of bid publication on GeM. Buyer is duty bound to reply to all such representations and would not be
allowed to open bids if he fails to reply to such representations. Also, GeM does not permit collection of Tender
fee / Auction fee in case of Bids / Forward Auction as the case may be. Any stipulation by the Buyer seeking
payment of Tender Fee / Auction fee through ATC clauses would be treated as null and void.
This Bid is also governed by the General Terms and Conditions
In terms of GeM GTC clause 26 regarding Restrictions on procurement from a bidder of a country which shares a land border with India, any bidder from a country which
shares a land border with India will be eligible to bid in this tender only if the bidder is registered with the Competent Authority. While participating in bid, Bidder has to
undertake compliance of this and any false declaration and non-compliance of this would be a ground for immediate termination of the contract and further legal action
in accordance with the laws.
---Thank You---
9/9
BID SPECIFICATION DOCUMENT FOR THE ITEM
“MULTICOPTER MEDIUM ALTITUDE (DAY)”
1. Bill of Material. MULTICOPTER MEDIUM ALTITUDE (DAY)
2. Introduction. There is a reqmt of aerial surveillance of area of operation to support own

troops during Counter Infiltration & Counter Terrorist Operations. Reqmt for aerial platform is to give
real time info to the troops for operations.
3. Product Specifications.
S Parameters Specification/Remarks Mode of Evaluation

No
1. Op Necessity The ae svl provides an addl dimension to the Visual /Field
existing ground based svl system. The ae svl evaluation/certificate from
inputs corroborated with ground based sensors national or international
provide reliable int and info for early and accredited agency/ OEM
effective decision making. certificate
2. Proposed Service Multicopter Med Altitude (Day) will be utilized Field evaluation/certificate
Employment for aerial surveillance and reconnaissance from national or international
during Counter Infiltration & Counter Terrorist accredited agency/ OEM
operations in the hinterland of Northern certificate
Command Area of Operation.
3. Type Foldable or Fixed Arm Field evaluation/certificate
from national or international
accredited agency/ OEM
certificate
4. All up weight with Less than 3.5 Kgs Field evaluation/certificate
Battery & Payload from national or international
certificate
5. Maximum Size : Maximum 1000mm x 1000mm Field evaluation/certificate
Propeller to from national or international
Propeller accredited agency/ OEM
certificate
6. Minimum Launch Minimum 4000 m (AMSL) Field evaluation/certificate
Altitude from national or international
certificate
7. Minimum Plus/ Minus 400m AGL (Line of Sight) Field evaluation/certificate
Operating Altitude from national or international
certificate
8. Endurance Not less than 25 minutes Field evaluation/certificate
certificate
9. Range of Not less than 5 kms (Line of Sight) Field evaluation/certificate
Operation from national or international
certificate
10. Day Camera Minimum resolution 4K Field evaluation/certificate
certificate
11. Payload Freedom Controllable range Field evaluation/certificate
(in flight) Pan : Minus 60 degree to plus 60 degree or from national or international
more accredited agency/ OEM
Tilt : Minus 90 to 0 degree certificate
12. Wind Resistance Minimum 20 Knots Field evaluation/certificate

certificate
13. Obstacle Minimum five obstacle avoidance sensors Field evaluation/certificate
Avoidance (forward & both sides mandatory) from national or international
certificate
2.

No
14. Operating / Storage Minus 10 degree Celsius to plus 40 degree Field evaluation/certificate
Temperature Celsius from national or international
certificate
15. Fail safe Feature (a) Return to Home on Communication Field evaluation/certificate
failure from national or international
(b) Return to Home/Land on low battery accredited agency/ OEM
(c) For navigation it should have GPS certificate
redundancy
(d) High wind indication
(e) Dual GPS preferred
16. Navigation Auto & Manual Field evaluation/certificate
certificate
17. Gimbal Stability 3-Axis Stabilized including electronic Field evaluation/certificate
stabilization from national or international
certificate
18. Video Streaming 1080p/720p, Field evaluation/certificate
1080p till a minimum range of 1 Km from national or international
certificate
19. Video Recording at 1080p/720p Field evaluation/certificate
GCS from national or international
certificate
20. Sensor & Zoom If sensor 1/2.3” or 1/2” then minimum 2X Field evaluation/certificate
level Optical Zoom from national or international
If sensor 1” then fixed focus certificate
21. Battery type Li-ion/LiPo Field evaluation/certificate

certificate
22. Battery Life Minimum 300 charging cycles Field evaluation/certificate
certificate
23. Additional Battery Three per system Field evaluation/certificate
Pack/Set from national or international
certificate
24. Battery Charging Not more than 2 hrs Field evaluation/certificate
Time from national or international
certificate
25. Battery Shelf Life 24 months Field evaluation/certificate
certificate
26. Transportability Rugged and light weight carrying case and box Field evaluation/certificate
(One back pack and one storage box) from national or international
certificate
27. Deployment Time Not more than 10 minutes Field evaluation/certificate
certificate
3.

No
28. Aural Signature ≤ 40 dB at 300 meter AGL Field evaluation/certificate
certificate
29. Communication Secured/Encrypted 128 bit AES Field evaluation/certificate
certificate
30. Frequency 2.4 GHz or 5.8 GHz Field evaluation/certificate
certificate
31. Computing Laptop / Tablet with minimum operation Field evaluation/certificate
Hardware duration of two hours of continuous use. from national or international
certificate
32. Miscellaneous (a) Battery charger Field evaluation/certificate
(b) Two pair spare propellers from national or international
(c) One field repair kit accredited agency/ OEM
(d) Carry case ( Light, rugged and waterproof) certificate
33. EMI / EMC As per international norms/standard in vogue. Field evaluation/certificate
Compliance from national or international
certificate
34. Battery Charger Capable of charging two batteries together Field evaluation/certificate
certificate
35. GUI Display Geographic Map along with UAS location & Field evaluation/certificate
Parameters trajectory, camera view, way points & flight from national or international
plan. accredited agency/ OEM
certificate
36. Real time video (a) UAV co-ordinatres Field evaluation/certificate
from the UAS with (b) Distance form Home. from national or international
on-screen display (c) Battery status accredited agency/ OEM
of important (d) Flight time remaining certificate
parameters (e) Height above AGL
(f) real-time video should be displayed at all
times during the flight.
(g) Artificial Horizon indicating UAS Attitude.
37. User Controls (a) One-click Take-off/Land/Hover Field evaluation/certificate
(b) Set altitude of the UAS. from national or international
(c) Waypoint navigation accredited agency/ OEM
(d) Dynamic flight plan adjustment certificate
(e) Point payload to ground co-ordinate
function.
(f) RPV/ autonomous with manual override
which allows UAS to be flown in semi-
autonomous mode by looking at the on-board
video.
Dated: 14-10-2022
Bid Document
Bid Details
Bid End Date/Time 11-11-2022 15:00:00
Total Quantity 82
Item Category Multicopter Medium Altitude (Day) (Q3)

150 Lakh (s)

3 Year (s)
MSE Exemption for Years of Experience and

No
Turnover
Startup Exemption for Years Of Experience

Yes
and Turnover
Experience Criteria,Past Performance,Bidder Turnover,OEM

Authorization Certificate,OEM Annual Turnover,Additional
Doc 1 (Requested in ATC)
Document required from seller *In case any bidder is seeking exemption from Experience /
the buyer

7 Days


Yes
empanelled agency
Type Of Inspection Post Dispatch

DGQA
Agency/ Authority
1 / 10
Bid Details
Auto CRAC Days 60
EMD Detail
EMD Percentage(%) 4.00
EMD Amount 1722000
ePBG Detail
Beneficiary:
PCDA (NC)
PCDA (NC) Jammu Account No 10582388222 IFSC Code SBIN0000657 State Bank Of India Hari Market Jammu
(Pcda Northern Command Jammu)
Splitting
MSE Purchase Preference No
Details of the Competent Authority for MSE
Name of Competent Authority Vineet Gaur
Designation of Competent Authority PC Chairman
Office / Department / Division of Competent

Department of Military Affairs
Authority
CA Approval Number
Competent Authority Approval Date 11-10-2022
Approval has been accorded by the Competent Authority

Brief Description of the Approval Granted by for exemption from Purchase Preference to MSE for
Competent Authority “Multicopter Medium Altitude (Day)”, Quantity-82 for the
Financial Year 2021-22.
2 / 10
Competent Authority Approval for not opting Micro and Small Enterprises Preference : View Document
3 / 10
thereon.
similar work.
borne by seller.

Pre Bid Detail(s)
Online through video conference Email ID: hqnceme@gmail.com Seller to

27-10-2022 12:00:00 send queries on above mentioned Email ID minimum two days prior the pre
interaction
Multicopter Medium Altitude (Day) ( 82 pieces )

respectively)
4 / 10
Consignee/Reporti
ng Officer
1 *********** ***********UDHAMPUR 82 180

1. Generic
following address 1 FOD Garhi Cantt PIN-182121 Udhampur Jammu & Kashmir.
2. Generic
3. Generic
Bidders shall quote only those products in the bid which are not obsolete in the market and has at least 5
years residual market life i.e. the offered product shall not be declared end-of-life by the OEM before this
period.
4. Generic
b. Copy of GSTIN.
5. Generic
Bidders are advised to check applicable GST on their own before quoting. Buyer will not take any
responsibility in this regards. GST reimbursement will be as per actuals or as per applicable rates
(whichever is lower), subject to the maximum of quoted GST %.
6. Generic
5 / 10
7. Generic
NON DISCLOSURE DECLARATION CERTIFICATE (On Bidder Letter Head) to be uploaded with
bid:
1. I M/s. ---- hereby declare that I shall not disclose the contract or any provision, specification, plan,
design, pattern, sample or information thereof to any third party during and after expiry of Contract.
2. If defying the norms as per the Contract a legal action may be taken against me as per the existing
Rules.
8. Generic
9. Generic
Malicious Code Certificate:
The seller should upload following certificate in the bid:-

(a) This is to certify that the Hardware and the Software being offered, as part of the contract, does not
contain Embedded Malicious code that would activate procedures to :-
(i) Inhibit the desires and designed function of the equipment.
(ii) Cause physical damage to the user or equipment during the exploitation.
(iii) Tap information resident or transient in the equipment/network.
(b) The firm will be considered to be in breach of the procurement contract, in case physical damage, loss
of information or infringements related to copyright and Intellectual Property Right (IPRs) are caused due
to activation of any such malicious code in embedded software.
10. Generic
Non return of Hard Disk: As per Buyer organization’s Security Policy,Faulty Hard Disk of
Servers/Desktop Computers/ Laptops etc. will not be returned back to the OEM/supplier against warranty
replacement.
11. Generic
12. Generic
Shelf Life: The Product to be supplied must have minimum 5 Years Shelf Life. On the date of supply,
minimum 5 Years usable shelf life should be available / balance.
13. Generic
1. The Seller shall not assign the Contract in whole or part without obtaining the prior written consent of
buyer.
2. The Seller shall not sub-contract the Contract in whole or part to any entity without obtaining the prior
written consent of buyer.
3. The Seller shall, notwithstanding the consent and assignment/sub-contract, remain jointly and severally
liable and responsible to buyer together with the assignee/ sub-contractor, for and in respect of the due
performance of the Contract and the Sellers obligations there under.
6 / 10
14. Generic
Upload Manufacturer authorization: Wherever Authorised Distributors are submitting the bid,
Manufacturers Authorisation Form (MAF)/Certificate with OEM details such as name, designation, address,
e-mail Id and Phone No. required to be furnished along with the bid.
15. Generic
if:
16. Generic
While generating invoice in GeM portal, the seller must upload scanned copy of GST invoice and the
screenshot of GST portal confirming payment of GST.
17. Sample Clause
After award of contract – Successful Bidder shall have to get advance sample approved from buyer before
bulk manufacturing / starting bulk supplies. Successful Bidder shall submit 1 samples for Buyer's
approval, within 21 days of award of contract. Buyer shall, as per contract specifications framework, either
approve the advance sample or will provide complete list of modification required in the sample within 21
days of receipt of advance sample. Seller shall be required to ensure supply as per approved sample with
modifications as communicated by Buyer. If there is delay from buyer side in approval of advance sample
– the delivery period shall be refixed without LD for the period of delay in sample approval. In case, the
sample is found to have major deviations / not conforming to the Contract specifications, the buyer at its
discretion may call for fresh samples for approval before allowing bulk supplies or may terminate the
contract after notifying the deviations to the seller.
Unless otherwise provided in the contract, all samples required for test shall be supplied by the
contractor free of cost. Where under the contract, the contractor is required to submit an advance
sample, any expenses incurred by the contractor on or in connection with the production of stores in bulk,
before the sample has been approved unconditionally shall be borne by the Seller and he shall not claim
any compensation in the event of such sample being found unacceptable by the Buyer / Consignee.
Bidders can also submit the EMD with Banker’s Cheque in favour of PCDA Northern Command (Jammu)
payable at State Bank of India, Hari Market Jammu .
Bidder has to upload scanned copy / proof of the BC along with bid and has to ensure delivery of hardcopy
Bidders can also submit the EMD with Payment online through RTGS / internet banking in Beneficiary
name PCDA Northern Command (Jammu) Account No. 10582388222 IFSC Code SBIN0000657 Bank Name
State Bank of India Branch address Hari Market Jammu .
Bidder to indicate bid number and name of bidding entity in the transaction details field at the time of on-
line transfer. Bidder has to upload scanned copy / proof of the Online Payment Transfer along with bid.
Successful Bidder can submit the Performance Security in the form of Account Payee Demand Draft also
7 / 10
(besides PBG which is allowed as per GeM GTC). DD should be made in favour of PCDA Northern
Command (Jammu) payable at State Bank of India (Jammu). After award of contract, Successful Bidder
can upload scanned copy of the DD in place of PBG and has to ensure delivery of hard copy to the original
DD to the Buyer within 15 days of award of contract.
Successful Bidder can submit the Performance Security in the form of Payment online through RTGS /
internet banking also (besides PBG which is allowed as per GeM GTC). On-line payment shall be in
Beneficiary name PCDA Northern Command (Jammu) Account No. 10582388222 IFSC Code SBIN0000657
Bank Name State Bank of India Branch address Hari Market Jammu . Successful Bidder to indicate Contract
number and name of Seller entity in the transaction details field at the time of on-line transfer. Bidder has
to upload scanned copy / proof of the Online Payment Transfer in place of PBG within 15 days of award of
contract.
23. Certificates
24. Certificates
The bidder is required to upload, along with the bid, all relevant certificates such as BIS licence, type test
certificate, approval certificates and other certificates as prescribed in the Product Specification given in
the bid document.
25. Turnover
26. Turnover
27. Warranty
28. Warranty
8 / 10
For fulfilling the experience criteria any one of the following documents may be considered as valid proof
for meeting the experience criteria:
a. Purchase Order copy along with Invoice(s) with self-certification by the bidder that supplies against the
invoices have been executed.
b. Execution certificate by client with order value.
c. Any other document in support of order execution like Third Party Inspection release note, etc.
The Bidder / OEM {themselves or through reseller(s)}, should have executed project for supply and
installation / commissioning of same or similar Category Products during preceding 3 financial years (i.e.
current year and three previous financial years) as on opening of bid, as per following criteria:
(i) Single order of at least 35% of estimated bid value; or

(ii) Two orders of at least 20% each of estimated bid value; or
(iii) Three orders of at least 15% each of estimated bid value.
Satisfactory Performance certificate issued by respective Buyer Organization for the above Orders should
be uploaded with bid. In case of bunch bids, the Category related to primary product having highest bid
value should meet this criterion
31. Ration Item ATCs
Packing Material The items will be supplied by the successful bidder in its original packing material and
the packing material will not be returned. Weight of packing material will not be included in quantity
supplied and only net weight of the items will be counted. The packing should be of standardized weights
of appropriate size. Item will not be accepted in non-standardized weights.Packing Material. The items will
be supplied by the successful bidder in its original packing material and the packing material will not be
returned. Weight of packing material will not be included in quantity supplied and only net weight of the
items will be counted. The packing should be of standardized weights of appropriate size. Item will not be
accepted in non-standardized weights.
32. Ration Item ATCs
Shelf Life The supplier shall declare the shelf life/best before use for a minimum period equal to the
warranty period as given in the DFS for the item. The item should be of the latest manufacture,
conforming to the current production standard and having 100% defined life at the time of delivery.
Disclaimer
Authority in Buyer Organization. Buyer organization is solely responsible for the impact of these clauses on the
bidding process, its outcome, and consequences thereof including any eccentricity/restriction arising in the
bidding process due to these ATCs and due to modification of technical specifications and/or terms and
conditions governing the bid. Any clause incorporated by the Buyer such as demanding Tender Sample,
incorporating any clause against the MSME policy and Preference to make in India Policy, mandating any Brand
names or Foreign Certification, changing the default time period for Acceptance of material or payment timeline
governed by OM of Department of Expenditure shall be null and void and would not be considered part of bid.
Further any reference of conditions published on any external site or reference to external documents/clauses
shall also be null and void. If any seller has any objection/grievance against these additional clauses or
otherwise on any aspect of this bid, they can raise their representation against the same by using the
9 / 10
Representation window provided in the bid details field in Seller dashboard after logging in as a seller within 4
days of bid publication on GeM. Buyer is duty bound to reply to all such representations and would not be
allowed to open bids if he fails to reply to such representations. Also, GeM does not permit collection of Tender
fee / Auction fee in case of Bids / Forward Auction as the case may be. Any stipulation by the Buyer seeking
payment of Tender Fee / Auction fee through ATC clauses would be treated as null and void.
---Thank You---
10 / 10
BID SPECIFICATION DOCUMENT FOR THE ITEM
“MULTICOPTER MEDIUM ALTITUDE (DAY)”
1. Bill of Material. MULTICOPTER MEDIUM ALTITUDE (DAY)
2. Introduction. There is a reqmt of aerial surveillance of area of operation to support own

troops during Counter Infiltration & Counter Terrorist Operations. Reqmt for aerial platform is to give
real time info to the troops for operations.
3. Product Specifications.

No
1. Op Necessity The ae svl provides an addl dimension to the Visual /Field
existing ground based svl system. The ae svl evaluation/certificate from
inputs corroborated with ground based sensors national or international
provide reliable int and info for early and accredited agency/ OEM
effective decision making. certificate
2. Proposed Service Multicopter Med Altitude (Day) will be utilized Field evaluation/certificate
Employment for aerial surveillance and reconnaissance from national or international
during Counter Infiltration & Counter Terrorist accredited agency/ OEM
operations in the hinterland of Northern certificate
Command Area of Operation.
3. Type Foldable or Fixed Arm Field evaluation/certificate
certificate
4. All up weight with Less than 3.5 Kgs Field evaluation/certificate
Battery & Payload from national or international
certificate
5. Maximum Size : Maximum 1000mm x 1000mm Field evaluation/certificate
Propeller to from national or international
Propeller accredited agency/ OEM
certificate
6. Minimum Launch Minimum 4000 m (AMSL) Field evaluation/certificate
Altitude from national or international
certificate
7. Minimum Plus/ Minus 400m AGL (Line of Sight) Field evaluation/certificate
Operating Altitude from national or international
certificate
8. Endurance Not less than 25 minutes Field evaluation/certificate
certificate
9. Range of Not less than 5 kms (Line of Sight) Field evaluation/certificate
Operation from national or international
certificate
10. Day Camera Minimum resolution 4K Field evaluation/certificate
certificate
11. Payload Freedom Controllable range Field evaluation/certificate
(in flight) Pan : Minus 60 degree to plus 60 degree or from national or international
more accredited agency/ OEM
Tilt : Minus 90 to 0 degree certificate
12. Wind Resistance Minimum 20 Knots Field evaluation/certificate

certificate
13. Obstacle Minimum five obstacle avoidance sensors Field evaluation/certificate
Avoidance (forward & both sides mandatory) from national or international
certificate
2.

No
14. Operating / Storage Minus 10 degree Celsius to plus 40 degree Field evaluation/certificate
Temperature Celsius from national or international
certificate
15. Fail safe Feature (a) Return to Home on Communication Field evaluation/certificate
failure from national or international
(b) Return to Home/Land on low battery accredited agency/ OEM
(c) For navigation it should have GPS certificate
redundancy
(d) High wind indication
(e) Dual GPS preferred
16. Navigation Auto & Manual Field evaluation/certificate
certificate
17. Gimbal Stability 3-Axis Stabilized including electronic Field evaluation/certificate
stabilization from national or international
certificate
18. Video Streaming 1080p/720p, Field evaluation/certificate
1080p till a minimum range of 1 Km from national or international
certificate
19. Video Recording at 1080p/720p Field evaluation/certificate
GCS from national or international
certificate
20. Sensor & Zoom If sensor 1/2.3” or 1/2” then minimum 2X Field evaluation/certificate
level Optical Zoom from national or international
If sensor 1” then fixed focus certificate
21. Battery type Li-ion/LiPo Field evaluation/certificate

certificate
22. Battery Life Minimum 300 charging cycles Field evaluation/certificate
certificate
23. Additional Battery Three per system Field evaluation/certificate
Pack/Set from national or international
certificate
24. Battery Charging Not more than 2 hrs Field evaluation/certificate
Time from national or international
certificate
25. Battery Shelf Life 24 months Field evaluation/certificate
certificate
26. Transportability Rugged and light weight carrying case and box Field evaluation/certificate
(One back pack and one storage box) from national or international
certificate
27. Deployment Time Not more than 10 minutes Field evaluation/certificate
certificate
3.

No
28. Aural Signature ≤ 40 dB at 300 meter AGL Field evaluation/certificate
certificate
29. Communication Secured/Encrypted 128 bit AES Field evaluation/certificate
certificate
30. Frequency 2.4 GHz or 5.8 GHz Field evaluation/certificate
certificate
31. Computing Laptop / Tablet with minimum operation Field evaluation/certificate
Hardware duration of two hours of continuous use. from national or international
certificate
32. Miscellaneous (a) Battery charger Field evaluation/certificate
(b) Two pair spare propellers from national or international
(c) One field repair kit accredited agency/ OEM
(d) Carry case ( Light, rugged and waterproof) certificate
33. EMI / EMC As per international norms/standard in vogue. Field evaluation/certificate
Compliance from national or international
certificate
34. Battery Charger Capable of charging two batteries together Field evaluation/certificate
certificate
35. GUI Display Geographic Map along with UAS location & Field evaluation/certificate
Parameters trajectory, camera view, way points & flight from national or international
plan. accredited agency/ OEM
certificate
36. Real time video (a) UAV co-ordinatres Field evaluation/certificate
from the UAS with (b) Distance form Home. from national or international
on-screen display (c) Battery status accredited agency/ OEM
of important (d) Flight time remaining certificate
parameters (e) Height above AGL
(f) real-time video should be displayed at all
times during the flight.
(g) Artificial Horizon indicating UAS Attitude.
37. User Controls (a) One-click Take-off/Land/Hover Field evaluation/certificate
(b) Set altitude of the UAS. from national or international
(c) Waypoint navigation accredited agency/ OEM
(d) Dynamic flight plan adjustment certificate
(e) Point payload to ground co-ordinate
function.
(f) RPV/ autonomous with manual override
which allows UAS to be flown in semi-
autonomous mode by looking at the on-board
video.
Dated: 20-12-2022
Bid Document
Bid Details
Bid End Date/Time 10-01-2023 09:00:00
Total Quantity 5
PROCUREMENT OF 05x SURVEILLANCE DRONES

Item Category (UNMANNED AERIAL VEHICLE) FOR ASC CENTRE AND
COLLEGE (Q3)
MSE Exemption for Years Of Experience Yes
Startup Exemption for Years Of Experience Yes
Certificate (Requested in ATC)

Document required from seller Turnover Criteria, the supporting documents to prove his
the buyer
Type of Bid Two Packet Bid

2 Days

Inspection Authority / Agencies pre- No
Estimated Bid Value 1850000
EMD Detail
Required No
ePBG Detail
1/5
(a). EMD & Performance security should be in favour of Beneficiary, wherever it is applicable.
Beneficiary:
PCDA
PCDA Bengaluru
(Pcda Bengaluru)
Splitting
MSE Purchase Preference Yes
1. If the bidder is a Micro or Small Enterprise as per latest definitions under MSME rules, the bidder shall be
exempted from the requirement of "Bidder Turnover" criteria and "Experience Criteria" subject to meeting of
quality and technical specifications. If the bidder is OEM of the offered products, it would be exempted from the
"OEM Average Turnover" criteria also subject to meeting of quality and technical specifications. In case any
bidder is seeking exemption from Turnover / Experience Criteria, the supporting documents to prove his eligibility
for exemption must be uploaded for evaluation by the buyer.
4. Purchase preference to Micro and Small Enterprises (MSEs): Purchase preference will be given to MSEs as
defined in Public Procurement Policy for Micro and Small Enterprises (MSEs) Order, 2012 dated 23.03.2012 issued
by Ministry of Micro, Small and Medium Enterprises and its subsequent Orders/Notifications issued by concerned
Ministry. If the bidder wants to avail the Purchase preference, the bidder must be the manufacturer of the offered
product in case of bid for supply of goods. Traders are excluded from the purview of Public Procurement Policy for
Micro and Small Enterprises. In respect of bid for Services, the bidder must be the Service provider of the offered
Service. Relevant documentary evidence in this regard shall be uploaded along with the bid in respect of the
2/5
offered product or service. If L-1 is not an MSE and MSE Seller (s) has/have quoted price within L-1+ 15%
(Selected by Buyer)of margin of purchase preference /price band defined in relevant policy, such Seller shall be
given opportunity to match L-1 price and contract will be awarded for 25%(selected by Buyer) percentage of
total QUANTITY.
5. Estimated Bid Value indicated above is being declared solely for the purpose of guidance on EMD amount and
for determining the Eligibility Criteria related to Turn Over, Past Performance and Project / Past Experience etc.
This has no relevance or bearing on the price to be quoted by the bidders and is also not going to have any
impact on bid participation. Also this is not going to be used as a criteria in determining reasonableness of
quoted prices which would be determined by the buyer based on its own assessment of reasonableness and
based on competitive prices received in Bid / RA process.

Pre Bid Detail(s)
ASC CENTRE AND COLLEGE

26-12-2022 11:00:00 DEPARTMENT OF TRAINING (DOT)
BENGALURU-560007
PROCUREMENT OF 05x SURVEILLANCE DRONES (UNMANNED AERIAL VEHICLE) FOR

ASC CENTRE AND COLLEGE ( 5 pieces )
respectively)
Consignee/Reporti
ng Officer
1 *********** ***********BANGALORE 5 30
3/5
1. Generic
2. Scope of Supply
Scope of supply (Bid price to include all cost components) : Supply Installation Testing Commissioning of
Goods and Training of operators and providing Statutory Clearances required (if any)
3. Service & Support
Availability of Service Centres: Bidder/OEM must have a Functional Service Centre in the State of each
Consignee's Location in case of carry-in warranty. (Not applicable in case of goods having on-site
warranty). If service center is not already there at the time of bidding, successful bidder / OEM shall have
to establish one within 30 days of award of contract. Payment shall be released only after submission of
documentary evidence of having Functional Service Centre.
Dedicated /toll Free Telephone No. for Service Support : BIDDER/OEM must have Dedicated/toll Free
Telephone No. for Service Support.
5. Warranty
Warranty period of the supplied products shall be as given in specifications from the date of final
acceptance of goods or after completion of installation, commissioning & testing of goods (if included in
the scope of supply), at consignee location. OEM Warranty certificates must be submitted by Successful
Bidder at the time of delivery of Goods. The seller should guarantee the rectification of goods in case of
any break down during the guarantee period. Seller should have well established Installation,
Commissioning, Training, Troubleshooting and Maintenance Service group in INDIA for attending the after
sales service. Details of Service Centres near consignee destinations are to be uploaded along with the
bid.
6. Warranty
Disclaimer
Authority in Buyer Organization, whereby Buyer organization is solely responsible for the impact of these clauses
on the bidding process, its outcome, and consequences thereof including any eccentricity / restriction arising in
the bidding process due to these ATCs and due to modification of technical specifications and / or terms and
conditions governing the bid. Any clause(s) incorporated by the Buyer regarding following shall be treated as
null and void and would not be considered as part of bid:-
1. Definition of Class I and Class II suppliers in the bid not in line with the extant Order / Office Memorandum
issued by DPIIT in this regard.
2. Seeking EMD submission from bidder(s), including via Additional Terms & Conditions, in contravention to
exemption provided to such sellers under GeM GTC.
3. Publishing Custom / BOQ bids for items for which regular GeM categories are available without any
4/5
Category item bunched with it.
4. Creating BoQ bid for single item.
5. Mentioning specific Brand or Make or Model or Manufacturer or Dealer name.
6. Mandating submission of documents in physical form as a pre-requisite to qualify bidders.
7. Floating / creation of work contracts as Custom Bids in Services.
8. Seeking sample with bid or approval of samples during bid evaluation process.
9. Mandating foreign / international certifications even in case of existence of Indian Standards without
specifying equivalent Indian Certification / standards.
10. Seeking experience from specific organization / department / institute only or from foreign / export
experience.
11. Creating bid for items from irrelevant categories.
12. Incorporating any clause against the MSME policy and Preference to Make in India Policy.
13. Reference of conditions published on any external site or reference to external documents/clauses.
14. Asking for any Tender fee / Bid Participation fee / Auction fee in case of Bids / Forward Auction, as the
case may be.
Further, if any seller has any objection/grievance against these additional clauses or otherwise on any aspect of
this bid, they can raise their representation against the same by using the Representation window provided in
the bid details field in Seller dashboard after logging in as a seller within 4 days of bid publication on GeM. Buyer
is duty bound to reply to all such representations and would not be allowed to open bids if he fails to reply to
such representations.
---Thank You---
5/5
REQUEST FOR PROPOSAL/TENDER ENQUIRY
(ASC CENTRE AND COLLEGE, BANGALORE)
INVITATION OF BIDS FOR SURVEILLANCE DRONES (UNMANNED AERIAL VEHICLE)

FOR ASC CENTRE AND COLLEGE OUT OF ATG FOR THE FY 2022-23
Request for Proposal (RFP) Trg/605/ATG/Bills/HQ-2 dated _____Dec 2022.
1. GeM Bids are invited for this project entailing “SURVEILLANCE DRONES
(UNMANNED AERIAL VEHICLE)” as per terms and conditions listed in Part I to V of this RFP
and supply of items listed in Part II of this RFP.
Critical Dates:-
S No Item Date Time

(a) Publishing date D
(b) Document download start due D
(c) Document download end date D+10 days
(d) Seek clarification start date D
(e) Pre-bid meeting date D+03 days
(f) Seek clarification end date D+05 days
(g) Last date of submission of bids D+10 days
(h) Bid opening date D+10 days
2. The address and contact numbers for sending Bids or seeking clarifications regarding
this RFP are given below:-
(a) Bids/ queries to be addressed to: The Commandant, ASC Centre and College.
(b) Postal address for sending physical: Agram Post, Bengaluru, 560007.
documents of the bids
(c) Name/ designation of the contact personnel: Col Eldose Paul, SM, Col GS (Trg)
(d) Telephone number of the contact personnel: 080-25352237.
(e) E-mail ID of contact personnel: trainingmashal@gmail.com
3. This Bid is divided into five Parts as follows:
(a) Part I - Contains General Information and Instructions for the Bidders about the
time.
(b) Part II - Contains essential details of the items/ services required, such as the
Schedule of Requirements (SOR), Technical Specifications, Delivery Period, Mode of
Delivery and Consignee details.
(c) Part III - Contains Standard Conditions of bid, which will form part of the Contract
with the successful Bidder.
2
(d) Part IV - Contains Special Conditions applicable to this bid and which will also
form part of the contract with the successful Bidder.
(e) Part V - Contains Evaluation Criteria and Price Bid issues.
4. This bid is being issued with no financial commitment and the Buyer reserves the right to
change or vary any part thereof at any stage. Buyer also reserves the right to withdraw the bid,
should it become necessary at any stage.
PART I – GENERAL INFORMATION
1. Last date and time for depositing the Bids: As per GeM timelines.
2. Manner of depositing the Bids. As per GeM guidelines.
3. Time and date for opening of Bids: As per GeM guidelines.
4. Forwarding of Bids. The Bidders should fwd the connected documents under their
original memo/letter pad inter alia furnishing details like TIN number, VAT/CST number, Bank
address with NEFT Account if applicable, etc and complete postal & e-mail address of their
office.
5. Clarification Regarding Contents of the Bids. A prospective bidder who requires

clarification regarding the contents of the bidding documents shall notify to the Buyer in writing
about the clarifications sought not later than 07 (seven) days prior to the date of opening of the
Bids. During evaluation and comparison of bids, the Buyer may, at its discretion, ask the bidder
for clarification of his bid. The request for clarification will be given in writing and no change in
prices or substance of the bid will be sought, offered or permitted. No post-bid clarification on
the initiative of the bidder will be entertained.
6. Modification and Withdrawal of Bids. Bidders are requested to furnish a certificate in

stating that “In case of modification/ withdrawal in the bid during the period of bid validity,
my firm is liable to be suspended for a period of one year” as per GoI Ministry of Finance
Office Memorandum No 9/4/2020-PPD dated 12 Nov 2020. The clause is also included in the
ATC on GeM (Annexure I).
7. Rejection of Bids Canvassing by the Bidder in any form, unsolicited letter and post-
tender correction may invoke summary rejection with forfeiture of EMD. Conditional tenders will
be rejected.
8. Unwillingness to Quote. Bidders unwilling to quote should ensure that intimation to

this effect reaches before the due date and time of opening of the Bid, failing which the
defaulting Bidder may be de-listed for the given range of items as mentioned in this RFP.
9. Validity of Bids. The Bids should remain valid for 180 days i.e. six (06) months from
the last date of submission of the Bids.
3
10. Earnest Money Deposit While Bid Security/ EMD to mitigate Covid induced financial
stress was waived upto 31 Dec 2021, vide provisions of Government of India, Ministry of
Finance, Department of Expenditure, Procurement Policy Division, Office Memorandum No
F.9/4/2020-PPD dated 12 Nov 2020, all bidders are now required to physically deposit Bid
Security/ EMD of ₹ 55,500/- (Rupees fifty five thousand five hundred only), for subject
tender, in the form of Account Payee Demand Draft, FDR, Banker’s Cheque or Bank Guarantee
from any Commercial Bank or a private sector bank authorized to conduct government
business (ICICI Bank Ltd, Axis Bank Ltd or HDFC Bank Ltd.). Subject EMD shall be payable in
favour of PCDA, Bengaluru and shall have a validity period of 180 days.
11. Pre-Bid Meeting. Bidders are requested to attend the pre-bid meeting to acquaint the
specification of the products mentioned in the RFP and a certificate to that effect will be handed
over to the bidders in the Pre-Bid Meeting which will be uploaded by the bidders for technical
evaluation.
12. Sample Clause. Bidders are requested to show/ approve sample of the product to be
installed by the buyer.
PART II – ESSENTIAL DETAILS OF ITEMS/SERVICES REQUIRED
1. Schedule of Requirements List of items / services required is as follows:-

(Name/Type of item/services/description of stores quantity required are subject to
technical evaluation by a committee).
SURVEILLANCE DRONE (UNMANNED AERIAL VEHICLE) QTY-05
S Description Specification
No
1 Warranty 02 Years
2 Overall length (with propellers) 80 cm
3 Weight (net wt. including battery & Pay load) 2.5 Kg
4 Overall width Approx 80 cm
5 Payload Freedom (in flight) across vertical axis Approx 90 degrees
6 Payload Freedom (in flight) across horizontal axis Approx 360 degrees
7 Minimum operating temperature 0 Degree Celsius
8 Target detection slant range (human size target) > 200 Mtr
(Thermal)
9 Video transmission during Flight operation Real –time
10 Maximum operating Temperature 40 Degree Celsius
11 Maximum Vertical Aviation speed (Meter/ Approx 5
Second)
12 Launch Altitude (Above mean Sea level) > 1000 Mtr
13 Real time video on-screen display parameters UAV coordinates, target etc
14 Optical Zoom-in-capacity 5X
15 Thermal Image Slot Compatible Yes
16 User Controlled Attributes Set altitude of UAV etc
17 Video Recorded Format on the GCS MP4
18 User Controlled Flight functionality Take off, Land, Hover, Tilt,
Zoom In/ Zoom out
4
S Description Specification
No
19 On flight Captured modes Video, Image, Snapshot,
Thermal Imaging
20 Rotated voltage Approx 22 volt
21 Video stabilization Mechanism Mechanical Image
stabilization,
Electronic Image Stabilization
22 Control System Fully Autonomous
2 Ground Controlled Software system Yes
24 Port for data transfer USB
25 Data recording SD Card
26 Packing and Storage for housing all system Water proof Bag pack
27 Fail safe feature Return to Home/ Land etc.
2. Technical Details: Specifications/ drawings, as applicable (as per para 1 of Part II
above). In addition, vendors participating would be shown samples of each of the item and it is
mandatory to ensure compliance with respect of quality of the item as per sample shown.
3. The Bidders are advised to submit the compliance statement in the specified format of
Technical Bid as given at Annexure II to this Part-II.
4. Delivery Period Delivery period for supply of items shall be as per GeM guidelines.
Please note that Supply Order can be cancelled unilaterally by the Buyer in case items are not
received within the Supply Ordered delivery period. Extension of Supply Ordered delivery
period will be at the sole discretion of the Buyer, with applicability of LD clause.
5. Consignee details. Commandant, ASC Centre & College

Agram Post, Bangalore -560007
6. Piece meal Supply. Piece meal supply of items is not acceptable unless and until
ASC Centre & College desires so.
5
PART III – STANDARD CONDITIONS OF RFP
The Bidder is required to give confirmation of their acceptance of the Standard

Conditions of the Request for Proposal mentioned below which will automatically be
considered as part of the Contract concluded with the successful Bidder (i.e. Seller in
the Contract) as selected by the Buyer. Failure to do so may result in rejection of the Bid
submitted by the Bidder.
1. Law. The Contract shall be considered and made in accordance with the laws of the
Republic of India. The contract shall be governed by and interpreted in accordance with the
laws of the Republic of India. Format of the certificate is enclosed as Annexure III and the laws
governing the contract is as Annexure IV to this Part-II.
2. Effective Date of the Contract. The contract shall come into effect from the date of
placement of supply order on GeM and shall remain valid until the completion of the obligations
of the parties under the contract. The deliveries and supplies and performance of the services
shall commence from the effective date of the contract.
3. Arbitration. All disputes or differences arising out of or in connection with the Contract
shall be settled by bilateral discussions. Any dispute, disagreement or question arising out of or
relating to the Contract or relating to construction or performance, which cannot be settled
amicably, may be resolved through arbitration. The standard clause of arbitration is as per
Forms DPM-7, DPM-8 and DPM-9 (Available in MoD website and can be provided on request).
4. Penalty for use of Undue influence. The Seller undertakes that he has not given,
offered or promised to give, directly or indirectly, any gift, consideration, reward, commission,
fees, brokerage or inducement to any person in service of the Buyer or otherwise in procuring
the Contracts or forbearing to do or for having done or forborne to do any act in relation to the
obtaining or execution of the present Contract or any other Contract with the Government of
India for showing or forbearing to show favour or disfavor to any person in relation to the
present Contract or any other Contract with the Government of India. Any breach of the
aforesaid undertaking by the Seller or any one employed by him or acting on his behalf
(whether with or without the knowledge of the Seller) or the commission of any offers by the
Seller or anyone employed by him or acting on his behalf, as defined in Chapter IX of the Indian
Penal Code, 1860 or the Prevention of Corruption Act, 1986 or any other Act enacted for the
prevention of corruption shall entitle the Buyer to cancel the contract and all or any other
contracts with the Seller and recover from the Seller the amount of any loss arising from such
cancellation. A decision of the Buyer or his nominee to the effect that a breach of the
undertaking had been committed shall be final and binding on the Seller. Giving or offering of
any gift, bribe or inducement or any attempt at any such act on behalf of the Seller towards any
officer/employee of the Buyer or to any other person in a position to influence any
officer/employee of the Buyer for showing any favour in relation to this or any other contract,
shall render the Seller to such liability/ penalty as the Buyer may deem proper, including but not
limited to termination of the contract, imposition of penal damages, forfeiture of the Bank
Guarantee and refund of the amounts paid by the Buyer.
5. Agents / Agency Commission: The Seller confirms and declares to the Buyer that
the Seller is the original manufacturer of the stores/provider of the services referred to in this
Contract and has not engaged any individual or firm, whether Indian or foreign whatsoever, to
intercede, facilitate or in any way to recommend to the Government of India or any of its
6
functionaries, whether officially or unofficially, to the award of the contract to the Seller; nor
has any amount been paid, promised or intended to be paid to any such individual or firm in
respect of any such intercession, facilitation or recommendation. The Seller agrees that if it is
established at any time to the satisfaction of the Buyer that the present declaration is in any
way incorrect or if at a later stage it is discovered by the Buyer that the Seller has engaged
any such individual/firm, and paid or intended to pay any amount, gift, reward, fees,
commission or consideration to such person, party, firm or institution, whether before or after
the signing of this contract, the Seller will be liable to refund that amount to the Buyer. The
Seller will also be debarred from entering into any supply Contract with the Government of
India for a minimum period of five years. The Buyer will also have a right to consider
cancellation of the Contract either wholly or in part, without any entitlement or compensation to
the Seller who shall in such an event be liable to refund all payments made by the Buyer in
terms of the Contract along with interest at the rate of 2% per annum above LIBOR rate. The
Buyer will also have the right to recover any such amount from any contracts concluded earlier
with the Government of India.
6. Access to Books of Accounts. In case it is found to the satisfaction of the Buyer that
the Seller has engaged an Agent or paid commission or influenced any person to obtain the
contract as described in clauses relating to Agents/Agency Commission and penalty for use of
undue influence, the Seller, on a specific request of the Buyer, shall provide necessary
information/ inspection of the relevant financial documents/information.
7. Non-disclosure of Contract document. Except with the written consent of the

Buyer/ Seller, other party shall not disclose the contract or any provision, specification, plan,
design, pattern, sample or information thereof to any third party. Format to be signed and
referred enclosed as Annexure V to this Part-III.
8. Liquidated Damages. In the event of the Seller's failure to submit the Bonds,
Guarantees and Documents, supply of equipment etc as specified in this contract, the Buyer
may, at his discretion, withhold any payment until the completion of the contract. The BUYER
may also deduct from the SELLER as agreed, liquidated damages to the sum of 0.5% of the
contract price of the delayed/undelivered stores/services mentioned above for every week of
delay or part of a week, subject to the maximum value of the Liquidated Damages being not
higher than 10% of the value of delayed stores.
9. Method of payment of Liquidated Damages. The amount charged as liquidated

damages shall be deducted by the Customer from the amount due for payment to the vendor. If
the amount of such LD exceeds the payments due to the Vendor, the Vendor shall within
30(thirty) days make payment to the Customer in full & final settlement of claims.
10. Termination of Contract. The Buyer shall have the right to terminate this Contract in
part or in full in any of the following cases:-
(a) The delivery of the material is delayed for causes not attributable to Force
Majeure for more than two months after the scheduled date of delivery.
(b) The Seller is declared bankrupt or becomes insolvent.
(c) The delivery of material is delayed due to causes of Force Majeure by more
than two months provided Force Majeure clause is included in contract.
7
(d) The Buyer has noticed that the Seller has utilized the services of any
Indian/Foreign agent in getting this contract and paid any commission to such
individual/company etc.
(e) As per decision of the Arbitration Tribunal.
11. Notices. Any notice required or permitted by the contract shall be written in the
English language and may be delivered personally or may be sent by FAX or registered pre-
paid mail/airmail, addressed to the last known address of the party to whom it is sent.
12. Transfer and Sub-letting. The Seller has no right to give, bargain, sell, assign or
sublet or otherwise dispose of the Contract or any part thereof, as well as to give or to let a
third party take benefit or advantage of the present Contract or any part thereof.
13. Amendments. No provision of present Contract shall be changed or modified in any

way (including this provision) either in whole or in part except by an instrument in writing made
after the date of this Contract and signed on behalf of both the parties and which expressly
states to amend the present Contract.
14. Taxes and Duties. General - Quotes should be inclusive of all taxes & all expenses.
(a) If Bidder desires to ask for GST, the same must be specifically stated. In the
absence of any such stipulation, it will be presumed that the prices include all such
charges and no claim for the same will be entertained.
(b) If reimbursement of GST is intended as extra over the quoted prices, the Bidder
must specifically say so. In the absence of any such stipulation it will be presumed that
the prices quoted are firm and final and no claim on account of such GST will be
entertained after the opening of tenders.
(c) If a Bidder chooses to quote a price inclusive of GST and does not confirm
inclusive of such GST so included is firm and final, he should clearly indicate the rate
of such GST and quantum of such GST included in the price. Failure to do so may
result in ignoring of such offers summarily.
(d) If a Bidder is exempted from payment of GST upto any value of supplies from
them, he should clearly state that no such GST will be charged by him up to the limit of
exemption which he may have. If any concession is available in regard to rate/quantum
of GST, it should be brought out clearly. Stipulations like, the said duty/ tax was
presently not applicable but the same will be charged if it becomes leviable later on, will
not be accepted unless in such cases it is clearly stated by a Bidder that such GST will
not be charged by him even if the same becomes applicable later on. In respect of the
Bidders, who fail to comply with this requirement, their quoted prices shall be loaded
with the quantum of such GST which is normally applicable on the item in question for
the purpose of comparing their prices with other Bidders.
(e) Any change in GST upward/downward as a result of any statutory variation in

excise taking place within contract terms shall be allowed to the extent of actual
quantum of such GST paid by the supplier. Similarly, in case of downward revision in
GST, the actual quantum of reduction of such GST shall be reimbursed to the Buyer
by the Contractor. All such adjustments shall include all reliefs, exemptions, rebates,
concession etc. if any obtained by the Contractor.
8
PART IV – SPECIAL CONDITIONS OF RFP
The Bidder is required to give confirmation of their acceptance of Special Conditions of

the RFP mentioned below which will automatically be considered as part of the Contract
concluded with the successful Bidder (i.e. Seller in the Contract) as selected by the Buyer.
Failure to do so may result in rejection of Bid submitted by the Bidder.
1. Performance Guarantee. NA.
2. Payment Terms for Indigenous Sellers. It will be mandatory for the Bidders to
indicate their bank account numbers and other relevant e-payment details so that payments
could be made through ECS/NEFT mechanism instead of payment through cheques, wherever
feasible. A copy of the model mandate form prescribed by RBI to be submitted by Bidders for
receiving payments through ECS is be given on request. The payment will be made as per the
following terms, on production of the requisite documents:-
(a) 100% payment on delivery and acceptance by the user. Payment will be
made by ASC Centre & College on behalf of PCDA Bangalore within 30 days of
submission of bill and connected documents. You are required to provide details
of your banker alongwith MIRC No and IFSC code.
3. Advance Payments. No advance payment(s) will be made.
4. Paying Authority. : PCDA, Bangalore
(a) Indigenous Sellers. (Name and address, contact details). The payment of
bills will be made on submission of the following documents by the Seller to the Paying
Authority along with the bill:
(i) Ink-signed copy of Seller’s bill.
(ii) Ink-signed copy of Commercial invoice.
(iii) Copy of Supply Order/ Contract with U.O. number and date of IFA’s
concurrence, where required under delegation of powers. (To be provided by
Buyer).
(iv) CRVs in duplicate. (To be prepared by buyer).
(v) DP extension letter with CFA’s sanction, U.O. number and date of IFA’s
concurrence, where required under delegation of powers, indicating whether
extension is with or without LD.
(vi) User Acceptance.

(Note – From the above list, the documents that may be required depending upon
the peculiarities of the procurement being undertaken, may be included in RFP)
9
5. Risk & Expense clause.
(a) Should the stores or any installment thereof not be delivered within the time or
times specified in the contract documents, or if defective delivery is made in respect of
the stores or any installment thereof, the Buyer shall after granting the Seller 45 days to
cure the breach, be at liberty, without prejudice to the right to recover liquidated
damages as a remedy for breach of contract, to declare the contract as cancelled either
wholly or to the extent of such default.
(b) Should the stores or any installment thereof not confirm in accordance with the
specifications/ parameters provided by the SELLER during the check proof tests to be
done in the BUYER’s country, the BUYER shall be at liberty, without prejudice to any
other remedies for breach of contract, to cancel the contract wholly or to the extent of
such default.
(c) In case of a material breach that was not remedied within 45 days, the BUYER
shall, having given the right of first refusal to the SELLER be at liberty to purchase,
manufacture, or procure from any other source as he thinks fit, other stores of the
same or similar description to make good:-
(i) Such default.
(ii) In the event of the contract being wholly determined the balance of the
stores remaining to be delivered there under.
(d) Any excess of the purchase price, cost of manufacturer, or value of any stores
procured from any other supplier as the case may be, over the contract price
appropriate to such default or balance shall be recoverable from the SELLER. Such
recoveries shall not exceed 25 % of the value of the contract.”
6. Force Majeure clause.
(a) Neither party shall bear responsibility for the complete or partial
nonperformance of any of its obligations (except for failure to pay any sum which has
become due on account of receipt of goods under the provisions of the present
contract), if the non-performance results from such Force Majeure circumstances as
Flood, Fire, Earth Quake and other acts of God as well as War, Military operation,
blockade, Acts or Actions of State Authorities or any other circumstances beyond the
parties control that have arisen after the conclusion of the present contract.
(b) In such circumstances the time stipulated for the performance of an obligation
under the present contract is extended correspondingly for the period of time of action
of these circumstances and their consequences.
(c) The party for which it becomes impossible to meet obligations under this
contract due to Force Majeure conditions, is to notify in written form the other party of
the beginning and cessation of the above circumstances immediately, but in any case
not later than 10 (Ten) days from the moment of their beginning.
10
(d) Certificate of a Chamber of Commerce (Commerce and Industry) or other

competent authority or organization of the respective country shall be a sufficient proof
of commencement and cessation of the above circumstances.
(e) If the impossibility of complete or partial performance of an obligation lasts for

more than 6 (six) months, either party hereto reserves the right to terminate the
contract totally or partially upon giving prior written notice of 30 (thirty) days to the
other party of the intention to terminate without any liability other than
reimbursement on the terms provided in the agreement for the goods received.
7. Quality. The quality of the stores delivered according to the present Contract shall
correspond to the technical conditions and standards valid for the deliveries of the same stores
for in Seller’s country or specifications enumerated as per RFP and shall also include therein
modification to the stores suggested by the Buyer. Such modifications will be mutually agreed
to. The Seller confirms that the stores to be supplied under this Contract shall be new i.e. not
manufactured before (Year of Contract), and shall incorporate all the latest improvements and
modifications thereto and spares of improved and modified equipment are backward integrated
and interchangeable with same equipment supplied by the Seller in the past if any. The Seller
shall supply an interchangeability certificate along with the changed part numbers wherein it
should be mentioned that item would provide as much life as the original item.
8. Quality Assurance. Seller would provide the Standard Acceptance Test

Procedure (ATP) within one month of this date of contract. Buyer reserves the right to modify
the ATP. Seller would be required to provide all test facilities at his premises for acceptance
and inspection by Buyer. The details in this regard will be coordinated during the negotiation of
the contract. The item should be of the latest manufacture, conforming to the current production
standard and having 100% defined life at the time of delivery.
9. Fall clause.
(a) The price charged for the stores supplied under the Supply Order by the Seller
shall in no event exceed the lowest prices at which the Seller sells the stores or offer to
sell stores of identical description to any persons/Organisations including the
purchaser or any department of the Central government or any Department of the
State government or any statutory undertaking of the Central or State government as
the case may be during the period or till the performance of all Supply Orders placed
during the currency of the rate Supply Order is completed.
(b) If at any time, during the said period the Seller reduces the sale price, sells or
offer to sell such stores to any person/organisation including the purchaser or any
Dept, of central Govt. or any Department of the State Government or any Statutory
undertaking of the Central or state Government as the case may be at a price lower
than the price chargeable under the Supply Order, he shall forthwith notify such
reduction or sale or offer of sale to the purchase/Contracting Authority and the price
payable under the Supply Order for the stores of such reduction of sale or offer of
the sale shall stand correspondingly reduced. The above stipulation will, however,
not apply to:-
(i) Exports by the Seller.

11
(ii) Sale of goods as original equipment at price lower than the prices
charged for normal replacement.
(iii) Sale of goods such as drugs which have expiry dates.
(iv) Sale of goods at lower price on or after the date of completion of sale/
placement of the order of goods by the authority concerned under the existing or
previous Rate Supply Orders as also under any previous Supply Orders entered
into with the Central or State Govt. Depts, including their undertakings excluding
joint sector companies and/or private parties and bodies.
(c) The Seller shall furnish the following certificate to the Paying Authority along
with each bill for payment for supplies made against the Rate Supply Order – “We
certify that there has been no reduction in sale price of the stores of description
identical to the stores supplied to the Government under the Supply Order herein and
such stores have not been offered/sold by me/us to any person/organisation including
the purchaser or any department of Central Government or any Department of a state
Government or any Statutory Undertaking of the Central or state Government as the
case may be upto the date of bill/the date of completion of supplies against all supply
orders placed during the currency of the Rate Supply Order at price lower than the
price charged to the government under the Supply Order except for quantity of stores
categories under (i),(ii), (iii) and (iv) of Sub-para (b) above details of which are given
below - ........”.
10. Inspection Authority: The Inspection will be carried out by board of officers on behalf
of Commandant, ASC Centre and College. The mode of Inspection will be Departmental
Inspection / User Inspection / Joint Inspection / Self-certification.
11. Franking clause The following Franking clause will form part of the contract placed on
successful Bidder :-
(a) Franking Clause in the case of Acceptance of Goods “The fact that the goods
have been inspected after the delivery period and passed by the Inspecting Officer will
not have the effect of keeping the contract alive. The goods are being passed without
prejudice to the rights of the Buyer under the terms and conditions of the contract”.
(b) Franking Clause in the case of Rejection of Goods “The fact that the goods
have been inspected after the delivery period and rejected by the Inspecting Officer
will not bind the Buyer in any manner. The goods are being rejected without prejudice
to the rights of the Buyer under the terms and conditions of the contract.”
12. Claims. The following Claims clause will form part of the contract placed on successful
Bidder:-
(a) The claims may be presented either:
(i) On quantity of the stores, where the quantity does not correspond to the
quantity shown in the Packing List/Insufficiency in packing, or
(ii) On quality of the stores, where quality does not correspond to the quality
mentioned in the contract.
12
(iii) The quantity claims for deficiency of quantity shall be presented within 45
days of completion of JRI and acceptance of goods. The quantity claim shall be
submitted to the Seller as per Form DPM-22 (Available in MoD website and can
be given on request).
(iv) The quality claims for defects or deficiencies in quality noticed during the
JRI shall be presented within 45 days of completion of JRI and acceptance of
goods. Quality claims shall be presented for defects or deficiencies in quality
noticed during warranty period earliest but not later than 45 days after expiry of
the guarantee period. The quality claims shall be submitted to the Seller as per
Form DPM-23 (Available in MoD website and can be given on request)
(v) The description and quantity of the stores are to be furnished to the Seller
along with concrete reasons for making the claims. Copies of all the justifying
documents shall be enclosed to the presented claim. The Seller will settle the
claims within 45 days from the date of the receipt of the claim at the Seller’s
office, subject to acceptance of the claim by the Seller. In case no response is
received during this period the claim will be deemed to have been accepted.
(vi) The Seller shall collect the defective or rejected goods from the location
nominated by the Buyer and deliver the repaired or replaced goods at the same
location under Seller’s arrangement.
(vii) Claims may also be settled by reduction of cost of goods under claim from
bonds submitted by the Seller or payment of claim amount by Seller through
demand draft drawn on an Indian Bank, in favour of Principal Controller/Controller
of Defence Accounts concerned.
(viii) The quality claims will be raised solely by the Buyer and without any
certification/countersignature by the Seller’s representative stationed in India.
13. Indemnity Clause. All tenderers/ vendors are required to indemnify Commandant,
ASC Centre and College, Bangalore against infringement of IPR of a third party or piracy etc
on a non- judicial stamp paper at the time of supply.
14. Placement of Order. The purchase order will be placed on L1 firm.
15. Please ensure that this is your best and final offer. Quotes once received will not
be changed. If there is any doubt, the same must be clarified from this HQ before submission of
the final bids. Hardware stated in the tender enquiry will be quoted for. Failure to do so would
lead to rejection of both technical and commercial bids.
16. Security. The vendor will certify that all military information and data available to him as
a part of the project will remain the exclusive property of Commandant, ASC Centre and
College, Bangalore and will not be disclosed to any person not authorized by this College for
the sample.
13
PART V – EVALUATION CRITERIA & PRICE BID ISSUES
1. Evaluation Criteria. The broad guidelines for evaluation of Bids will be as follows :-
(a) Only those Bids will be evaluated which are found to be fulfilling all the eligibility
and qualifying requirements of the BID.
(b) The Lowest Bid will be decided on overall basis cost including GST.
(c) If there is a discrepancy between the unit price and the total price that is
obtained by multiplying the unit price and quantity, the unit price will prevail and
the total price will be corrected. If there is a discrepancy between words and
figures, the amount in words will prevail for calculation of price.
(d) The Lowest Acceptable Bid will be considered further for placement of contract /
Supply Order after complete clarification and price negotiations as decided by the
Buyer. The Buyer will have the right to award contracts to different Bidders for being
lowest in particular items. The Buyer also reserves the right to do Apportionment of
Quantity, if it is convinced that Lowest Bidder is not in a position to supply full quantity
in stipulated time.
Note :- Item below the specification will not be accepted.

14
Annexure I
(Ref Para 6 of Part I)
BID SECURITY CERTIFICATE
It is certified that, I, M/s _________________ declare that “In case of my withdrawal/
modification in the bid during the period of bid validity, my firm is liable to be suspended for a
period of one year” as per instructions issued by GoI Ministry of Finance Office vide
Memorandum No 9/4/2020-PPD dated 12 Nov 2020.
Company Seal (Authorised signatory of Company)

Date 2022
15
Annexure II
(Ref Para 3 of Part II)
ACCEPTANCE LETTER : RFP TERMS AND CONDITIONS

(To be Given on Company Letter Head)
To,
______________________
______________________
______________________
Subject: Acceptance of Terms and Conditions of RFP
RFP Reference No: ________________________
Name of Tender / Work: -

____________________________________________________________________________
__________________________________________________________
Dear Sir,
1. I/ We have downloaded / obtained the tender document(s) for the above mentioned
‘Tender/Work’ from the web site(s) namely: ______________________
____________________________________________________________________________
________________________________________________ as per your advertisement, given
in the above mentioned website(s).
2. I / We hereby certify that I / we have read entire terms and conditions of the tender
documents from Page No. _______ to ______ (including all documents like annexure(s),
schedule(s), etc ), which will form part of the contract agreement and I / we shall abide hereby
the terms / conditions / clauses contained therein.
3. The corrigendum(s) issued from time to time by your department/ organizations too have
also been taken into consideration, while submitting this acceptance letter.
4. I / We hereby unconditionally accept the tender conditions of above mentioned tender

document(s) / corrigendum(s) in its totality / entirety.
5. The documents submitted in physical form as mentioned is the true copy of the
documents uploaded on GeM Portal.
6. In case any provisions of this tender are found violated, your department/ organisation
shall be at liberty to reject this tender/Bid including the forfeiture of the full said Earnest Money
Deposit absolutely and we shall not have any claim/right against deptt in satisfaction of this
condition.
Yours Faithfully,
Official Company Seal (Signature of the Bidder)
16
Annexure III to Part-III
LAWS GOVERNING THE CONTRACT
1. This contract shall be governed by the laws of the Government of India for the time
being in force.
2. The marking of items supplied must comply with the requirement of the Indian Acts
relating to trade and Merchandise marks and of rules made under such acts.
3. Irrespective of the place of delivery, the place of performance, or place of payment

under the contract, the contract shall be deemed to have been made at the place from which
the supply order has been issued.
4. Jurisdiction of Courts. The courts of the place from where the acceptance of tender
has been issued shall alone have jurisdiction to decide any dispute arising out of or in
respect of the contract.
5. The approval or rejection of tenders rests with the purchaser who reserves to himself
the right of rejecting any tenders in whole or in part of any item, without any cause being
assigned for same. The lowest tender will not be necessarily be accepted either or without
assigning any reasons.
6. In event of any breach of or default in all or any of the conditions set forth in this
contract the purchaser may take and forfeit to itself any part thereof or the whole amount of
payment still due to the firm, as it may in its absolute discretion to compensate, reimburse or
indemnify in respect of loss or damage or inconvenience raised by reason of breach or
default.
7. Action set forth in Para 6 above shall not in any way affect, limit or extinguish any
remedy or relief to which the purchaser may at any time be lawfully entitled against the
supplier and the above actions shall not be deemed to relieve the supplier from any suit,
prosecution or proceedings to which he may be liable under any law for the time being in
force in respect of anything by him at any time done or omitted.
8. (a) In the events of any dispute, a party may seek conciliation proceedings. The
conciliation proceedings will be in accordance with the Arbitration and Conciliation
Act, 1996 and the rules made there under and any statutory modification thereof.
(b) The party initiating conciliation shall send to the other party a written invitation to
conciliate under this part, briefly identifying the subject of the dispute.
(c) Conciliation proceedings shall commence when the other party accepts in
writing the invitation to conciliate.
(d) If the other party rejects the invitation, there will be no conciliation proceedings.
(e) If the party initiating conciliation does not receive a reply within thirty days from
the date on which he sends the invitation, or within such other reasonable period of
time as specified in the invitation, he may elect to treat this as a rejection of the
invitation to conciliate and if he so elects, he shall inform in writing the other party
accordingly.
17
(f) There shall be one conciliator of the rank of Lieutenant Colonel or above who will
be appointed by contract sanctioning authority. The conciliator will be a serving officer
who had not dealt with the contract in question
(g) If both the parties reach an agreement on settlement of the dispute, the
settlement agreement shall have the same status and effect as if it is an arbitrate award
on agreed terms on the substance of dispute rendered by an arbitrate tribunal under
section 30 of Arbitration and Conciliation Act, 1996.
9. The parties shall not initiate during the conciliation proceedings, any arbitral or judicial
proceedings in respect of a dispute that is the subject matter of the conciliation proceedings
except that a party may initiate arbitral or judicial proceedings where, in his opinion, such
proceedings are necessary for preserving his rights.
(a) In the event of any question, dispute or differences arising under these
conditions or any special conditions of contract, or in connection with this contract,
(except as to any matter the decision of which is specially provided for by these or the
special conditions) the same shall be referred to the sole arbitration of the officer
sanctioning the contract as per powers conferred by clause (I) of Article 299 of the
constitution or of any officer appointed by him not below the rank of Lieutenant
Colonel. The award of the arbitrator shall be final and binding on the parties to this
contract.
(b) In the event of the arbitrator to whom the matter is referred is denying,
neglecting or refusing to act or resigning or being unable to act, including transfer to
another place or his award being set aside by the court or any reason, it shall be
lawful for the contract sanctioning officer to appoint another arbitrator in place of or
out going arbitrator in the matter aforesaid.
(c) It will be no objection that the arbitrator is a Government servant provided that
such arbitrator had not been associated with the dispute or difference in question nor
had expressed his views on any of the matters in such dispute or difference.
(d) It is further a term of the contract that no person other than the person
appointed by the contract sanctioning officer as aforesaid should act as arbitrator and
that, if for any reason that is not possible, the matter is not to be referred to arbitration
at all.
(e) A demand for arbitration shall be in writing and made within six months from
the date of termination of contract. The date of termination of contract shall mean and
include:-
(i) The last date of delivery/installation of goods according to the terms of the
contract
18
(ii) In case where the contract is cancelled wholly or partly, the date when the
cancellation is issued. It is also a term of the contract that in case the
contractor/(s) do/ does not make any demand for arbitration in writing within 180
days of receiving the intimation from the Government that the final bill in
settlement of account is ready for payment or the date of which the dispute in
regard to interpretation of terms of contract has arisen, the right of the contractor
to claim arbitration will be deemed to have been extinguished and absolutely
barred and by virtue of abandonment of the claims the Government shall be
discharged and released of all liabilities arising out of the performance of the
contract and the claims pertaining thereto.
(f) The arbitrator may from time to time without the consent of the parties to the
contract but with the approval of competent financial authority to enlarge the time of
making award.
(g) The arbitrator shall state the reasons upon which the award is based
irrespective of the amount involved.
(h) The venue of the arbitration shall be in place from where the acceptance note
was issued or such other place that the arbitrator at his discretion may determine.
(j) Subject too as aforesaid, the Arbitration and Conciliation Act, 1996 and the
rules there under and any statutory modifications thereof for the time being in force or
in rules made there under shall apply to the arbitration proceedings under this clause.
(k) It is a condition of this contract that by mere initiation or continuation of the

arbitration proceedings, the contractor shall not stop or suspend the performance of
his contractual obligations.
(l) In this clause the expression “the officer sanctioning the contract” includes his
successor in office or any other officer who is for the time being discharging the
duties of such officer in addition to other functions or otherwise.
10. As provided in Arbitration and Conciliation act, 1996 either party may initiate for
conciliation proceedings in the event of disputes arising out of legal relationships whether
contractual or not and to all proceedings relating thereto.
11. Limitation to act :-
(a) The mandate of the arbitrator shall terminate if: -
(i) He becomes de jury or de facto unable to perform his functions or for

other reasons fails to act without undue delay.
(ii) He withdraws from his office or the parties agree to the termination of
his Mandate.
19
(b) If controversy remains concerning any of the grounds referred to in clause (a)
of sub-section (I), a party may, unless otherwise agreed by the parties, apply to the
court to decide on the termination of the mandate.
(c) If under this section of sub-section (3) of section 13, of Arbitration and
Conciliation Act 1996, an arbitrator withdraws from his office or a party agrees to the
termination of the mandate of an arbitrator, it shall not imply acceptance of the validity
of any ground referred to in this section or sub-section (3) of section 12 of Arbitration
and Conciliation Act 1996.
12. Termination of mandate date and substitution of arbitrator: -
(a) In addition to the circumstances referred to in Section 13 or Section14 of

Arbitration and Conciliation Act 1996, the mandate of an arbitrator shall terminate:-
(i) Where he withdraws from office for any reason, or.
(ii) By or pursuant to agreement of the parties.
(b) Where the mandate of an arbitrator terminates, a substitute arbitrator shall be

appointed according to the rules that where applicable to the appointment of the
arbitrator being replaced.
(c) Unless otherwise agreed by the parties, where an arbitrator is replaced under
sub-section (2), any hearings previously held may be repeated at the discretion of the
arbitral tribunal.
(d) Unless otherwise agreed by the parties, an order or ruling of the arbitral tribunal
made prior to the replacement of an arbitrator under this section shall not being valid
solely because there has been a change in the composition of the arbitral tribunal.
Company Seal (Authorised signatory of Company)
Date : 2022
----------------------------------------------------------------------------------------------------------------------------
Annexure IV to Part-III
NON DISCLOSURE OF CONTRACT DOCUMENTS

(Article 25 of DPM 2009)
Except with the written consent of the BUYER/ SELLER, other party shall not
disclose the contract or any provision, specification, plan, design, pattern, sample or
information thereof to any third party.
Company Seal
(Authorised signatory of Company)
Date 2022
Dated: 19-12-2022
Bid Document
Bid Details
Bid End Date/Time 30-12-2022 10:00:00
Total Quantity 1
Item Category Drone System and Simulator
BOQ Title Drone System And Simulator

50 Lakh (s)

3 Year (s)

No
Turnover
Startup Exemption for Years of Experience

No
and Turnover

Certificate,OEM Annual Turnover,Additional Doc 1
(Requested in ATC),Compliance of BoQ specification and
Document required from seller supporting document
the buyer

2 Days
EMD Detail
1/7
Required No
ePBG Detail
Required No
Splitting
2/7
total QUANTITY.
6. Estimated Bid Value indicated above is being declared solely for the purpose of guidance on EMD amount and
for determining the Eligibility Criteria related to Turn Over, Past Performance and Project / Past Experience etc.
This has no relevance or bearing on the price to be quoted by the bidders and is also not going to have any
impact on bid participation. Also this is not going to be used as a criteria in determining reasonableness of
quoted prices which would be determined by the buyer based on its own assessment of reasonableness and
based on competitive prices received in Bid / RA process.

Drone System And Simulator

respectively)
Specification Document View File
BOQ Detail Document View File
Advisory-Please refer attached BOQ document for detailed consignee list and delivery period.
3/7
Consignee/Reporti
ng Officer
1 *********** ***********Ahmednagar 1 30

1. Generic
following address MAC Gp MIC&S Ahmednagar Maharashtra 414110.
2. Turnover
3. Generic
4. Generic
Bidders shall quote only those products (Part of Service delivery) in the bid which are not obsolete in the
market and has at least 5 years residual market life i.e. the offered product shall not be declared end-of-
life by the OEM before this period.
5. Certificates
6. Warranty
7. Generic
8. Certificates
ISO 9001: The bidder or the OEM of the offered products must have ISO 9001 certification.
4/7
10. Turnover
11. Scope of Supply
Scope of supply (Bid price to include all cost components) : Supply Installation Testing and
Commissioning of Goods
12. Generic
Scope of supply includes Training: Number of employees to be trained 4 , Place for Training MAC Gp,
MIC&S, Ahmednagar and Duration of training 4 days.
13. Generic
Manufacturer Authorization:Wherever Authorised Distributors/service providers are submitting the

bid, Authorisation Form /Certificate with OEM/Original Service Provider details such as name, designation,
address, e-mail Id and Phone No. required to be furnished along with the bid
Proof for Past Experience and Project Experience clause: For fulfilling the experience criteria any
one of the following documents may be considered as valid proof for meeting the experience criteria:a.
Contract copy along with Invoice(s) with self-certification by the bidder that service/supplies against the
invoices have been executed.b. Execution certificate by client with contract value.c. Any other document
in support of contract execution like Third Party Inspection release note, etc.Proof for Past Experience and
Project Experience clause: For fulfilling the experience criteria any one of the following documents may be
considered as valid proof for meeting the experience criteria:a. Contract copy along with Invoice(s) with
self-certification by the bidder that service/supplies against the invoices have been executed.b. Execution
certificate by client with contract value.c. Any other document in support of contract execution like Third
Party Inspection release note, etc.
Buyer Added text based ATC clauses
1. Bidder should provide onsite service & repairs with in 7 days within the warranty period.
2. Bidder should provide previous contract with Defence Establishment for similar item.
3 Bidders shall also upload the component wise details of the retrofitting/ add-on
items in following
format :-
Ser
No
Name/ Description of the Items/ Component Make/ Model Remarks
5/7
4. In compliance to the rule insersion in General Finanancial Rule (GFR) Rule 144 (XI)
by Ministry of
Finance, Department of Expenditure Public Procurement Division on 23 Jul 2022. The
Bidder is requested
to provide the mentioned documents :-
(a) Certificate of country of origin of the proposed brand.
(b) if the proposed brand shares land borders with india, kindly provide certificate of
registration
with department for promotion of industry and internal trade (DPIIT)
.
Disclaimer
experience.
case may be.
---Thank You---
6/7
7/7
V4
THE HIGH-ALTITUDE SENTINEL
Images are for representational purposes only
About
Belonging to the pedigree family of NETRA UAVs, the
NETRA V4 UAV is purpose-built for high-altitude
operations. The UAV boasts of best-in-class flight time
and range, and features robust build and surveillance
Powerful Smart Battery for
capabilities to deliver critical on-ground situational
Maximum Endurance
awareness in tough weather and terrain conditions.
Carbon fibre propellers for

maximum thrust-to-weight ratio
Made from High
Strength Carbon Fiber
Swappable HD Optical
Up to & Thermal Camera
10x HD Optical Zoom
Daylight Surveillance Payload

Over Over
5 km 60 min
Operational Range Flight Time
Built for all terrain Surveillance

ideaforge.co.in ideaforge.co.in
Payload Tech Specs
Whether day or night, NETRA V4 UAV’s We have an illustrious history of working with India’s defence and
state-of-the-art payloads provide superior homeland security forces and meeting their most demanding
real-time surveillance capabilities for requirements. NETRA V4 UAV is a product of this experience and
achieving mission success our bleeding-edge technology
Daylight payload
1280 x 720 pixels with 10x optical zoom Aerial Vehicle (AV) Characteristics
UAV Weight with battery and max. payload <6 kg
Thermal payload UAV Size with Propeller <1.5 m x 1.5 m
640 x 480 pixels Range of live transmission (LOS) 5 km (un-obstructed & interference free)
Typical Cruise Speed 10 m/s
Dual EVA Payload Functional Temperature Range -10°C to +55°C (Third Party Lab Certified)
Dust & Drizzle Resistance IP53 rating (Third Party Lab Certified)
1280 x 720 pixels with 10x optical zoom
Deployment Time <10 minutes
640 x 512 Thermal / Night surveillance video stream
Navigation Lights Switchable (from GCS)
Mapping Camera Communication link Characteristics

20 Megapixel Photogrammetry Payload Frequency Band 2.4GHz or 5GHz (depending on application)
Payload Characteristics
Day Surveillance Daylight HD 1280 X 720 px with 10x optical zoom video payload
Ground
Night Surveillance Thermal 640 X 480 px video payload
Payload Replacement Time <5 minutes
Payload Control (in flight) Pan: 360º continuous | Tilt: 90º
Control Station Target Detection Slant Range (Human Size Target)
Ground Control Station (GCS) Software Features

Daylight: Minimum 800 m | Thermal: Minimum 400 m
ideaForge’s state-of-the-art GCS enables fully autonomous flight with utmost Map Capability of working with some publicly available open-source maps.
privacy and provides a host of safety features. Application has the capability to download maps automatically after
specifying location GPS co-ordinates
Terrain Avoidance to keep your NETRA V4 UAV safe
2D Maps: Capability to import custom maps
Easy take-off and landing ensures you concentrate on outcomes 3D Maps: Capability to integrate SRTM and DTED based elevation data
Waypoint based navigation for ease of flying Terrain Avoidance Detects and avoids natural terrain by using elevation data (where available)
Free Hand Annotation Capability to annotate areas of interest on the map screen
Live Display of Flight Parameters to keep you updated every step of the way
Warranty - 12 months or 500 flights whichever is earlier.
Encrypted Communication for highest privacy
Capability to Integrate with User Provided Maps
Annotation of points of interest

Fail-safe Features for Communication Loss, Low Battery, High Winds,
Temperature Range Violation
Consistent
& Reliable Performance Images are for representational purposes only
Features
Best-in-Class Flight Time & Range Night Payload Autonomous Flight Certified to operate between
For long duration ISR operation Conduct ISR operations at night as well Minimal training required -10°C to +55°C
Reliable and consistent performance in deserts
as well as high-altitude regions
10x Optical Zoom C4i Integration

Detect targets while being out of human Real-time situational awareness with unified view
auditory range
VTOL Capable Encrypted Data Stream

Take-off and land in confined spaces with Prevent hacking by an external entity
no need for a runway
<6 kg

Man-portable Moving Target Indicator and Terrain Avoidance and Low Aural Signature
Carry out operations wherever required Terrain Hugging Capability Detect and identify targets without
Target Tracking
Identify moving objects and track them autonomous Conduct operations in mountainous terrain being recognized
and densely populated urban areas safely
Every Single Time

Applications
Performer
NETRA V4 UAV is rigorously tested to deliver
success across the entire spectrum of security
and surveillance missions
Anti Terror
Forest & Wildlife

Crowd and
Traffic Monitoring
Disaster
Management
Counterinsurgency
Operatnion
Border Security Mapping &

Survey

Camp Security
ideaforge.co.in
Real-world
Outputs
NETRA V4 is the force multiplier
Boost Operation
that saves lives
Thermal
10x Zoom
Daylight

-10°C
EL-146 TTC Industrial Area, MIDC Mahape
Navi Mumbai – 400 710, Maharashtra, India
Email: business@ideaforge.co.in
Call: +91 91520 30613
www.ideaforge.co.in
290621
Q4i
VERSATILE SCOUT
About
Q4i is ideaForge’s lightweight & versatile drone, built for
security, surveillance and mapping applications. With
Swappable payloads, Q4i delivers success to your missions, Powerful Smart Battery for
either day or night. Maximum Endurance
Made from High

Strength Carbon Fiber
Carbon fibre
propellers for maximum
thrust-to-weight ratio
Swappable HD Optical
Up to Up to & Thermal Camera
4 km 40 min
Operational Range Flight Time
Swappable Payloads Up to 3.75X Over 60X

 10x HD Optical Zoom More Linear Coverage Faster Surveillance Time
 640 x 480 px, 320 x 240 px Thermal Payload When compared to When compared to
 15MP Mapping Payload boots-on-ground boots-on-ground
Built for all terrain Surveillance

Payload Tech Specs
Even with its sub-3.5 kg weight, Q4i enjoys We have an illustrious history of working with India’s
maximum versatility with its swappable payloads, defence and homeland security forces and meeting their
ensuring that you can surveill locations in the day most demanding requirements. Q4i is a product of this
or night, and even map out unfamiliar terrain experience and our bleeding-edge technology.
without needing multiple drones.
Daylight payload Aerial Vehicle (AV) Characteristics

1280 x 720 pixels with 10x optical zoom UAV Weight with battery and max. payload <3.5 kg
UAV Size with Propeller <80 cm X 80 cm
Thermal payload Range of live transmission (LOS)

Typical Cruise Speed
4 km (un-obstructed & interference free)
7 m/s
640 x 480 px, 320 x 240 px
Functional Temperature Range 0°C to +50°C (OEM Certification)
Mapping Payload Dust & Drizzle Resistance

Deployment Time
IP53 rating (OEM Certification)
<10 minutes
15MP Mapping Payload for mapping operations
Navigation Lights Switchable (from GCS)
Communication link Characteristics

Frequency Band 2.4GHz or 5GHz (depending on application)
Payload Characteristics
Ground Day Surveillance

Night Surveillance
Daylight HD (1280 X 720) with 10x optical zoom video payload
Thermal 640 X 480 px, 320 x 240 px video payload
Control Station Payload Replacement Time

Payload Control (in flight)
<5 minutes
Pan: 360º continuous | Tilt: 90º
Target Detection Slant Range (Human Size Target) Daylight: Minimum 800 m | Thermal: Minimum 400 m
ideaForge’s state-of-the-art GCS enables fully autonomous flight with utmost
privacy and provides a host of safety features. Ground Control Station (GCS) Software Features
Map Capability of working with some publicly available open-source maps.
Terrain Avoidance to keep your Q4i safe Application has the capability to download maps automatically after
Easy take-off and landing ensures you concentrate on outcomes specifying location GPS co-ordinates
2D Maps: Capability to import custom maps
Waypoint based navigation for ease of flying
3D Maps: Capability to integrate SRTM and DTED based elevation data
Live Display of Flight Parameters to keep you updated every step of the way Terrain Avoidance Detects and avoids natural terrain by using elevation data (where available)
Free Hand Annotation Capability to annotate a desired location on the map screen.
Encrypted Communication for highest privacy
Warranty - 12 months or 500 flights whichever is earlier.
Capability to Integrate with User Provided Maps
Annotation of points of interest
Fail-safe Features for Communication Loss, Low Battery, High Winds,

Temperature Range Violation

Consistent
& Reliable Performance
Features
Available mission area of Less than 10 minute deployment time Manual Mode Operate between 0°C to +40°C
up to 50 sqkm User-friendly assembly to conduct surveillance Take control when needed Designed to operate between 0°C to 40°C
operations faster
10x Optical Zoom Built with over a decade of

Target detection at over 800 meter slant range experience
with HD 10x Optical Zoom payload
VTOL Capable Encrypted Communication

Get unmatched terrain independence without Secured communication between the GCS and
the need for traditional runways or launching UAV with all videos streamed & stored on the
infrastructure operator’s system

Man-portable & lightweight Waypoint Based Navigation
Carry out operations wherever required Ensures Q4i Prime does the heavy lifting while
you focus on outcomes
Every Single Time

Applications
Performer
Q4i UAV delivers mission success across a
variety of use cases
Anti Terror
Detect threats and identify risk-prone
areas from a remote location
Forest & Wildlife

Track criminal activity and boost
conservation efforts
Crime Control
Enhance law enforcement with remote situation
assessment and crime scene analysis
Disaster Management
Gain real-time knowledge of the situation and
plan search and rescue operations effectively
ISR Operations
Conduct surveillance and gather
actionable intelligence
Mapping &
Survey

Border Security Mapping
Conduct reconnaissance missions and track Generate detailed maps of
illegal activities without risking lives unknown terrain
ideaforge.co.in
Real-world
Outputs
Q4i is built to deliver class-leading
Boost Operation
outputs that help you make
informed decisions
Thermal
10x Zoom
Daylight
Mapping

EL-146 TTC Industrial Area, MIDC Mahape
Navi Mumbai – 400 710, Maharashtra, India
Email: business@ideaforge.co.in
Call: +91 91520 30613
www.ideaforge.co.in
030621
ANNEXURE 2
NOTICE DATE : 16.03.2022
LIST OF UNCLEARED/UNCLAIMED IMPORT CARGO LANDED UPTO (31.07.20) TO BE PUT IN FORTH-COMING E-AUCTION ON
25/03/2022 . ALL IMPORTERS/CHA CONCERNED INCLUDING GOVT. DEPTTS./ALL CENTRAL PSU/STATE PSU, ETC. ARE REQUESTED
TO CLEAR IMPORT CARGO THROUGH CUSTOMS IMMEDIATELY WITHIN 08 DAYS OF THIS NOTICE; ELSE IT WILL BE AUCTIONED IN
THE COMING AUCTION. THIS NOTICE IS BEING ISSUED UNDER SECTION-48 OF CUSTOMS ACT 1962, FOR INFORMATION AND
NECESSARY ACTION OF ALL CONCERNED. THE LIST OF UNCLEARED / UNCLAIMED IMPORT CARGO IS AS FOLLOWS :
S.No. HAWB No IGM No. Flight No. FlightDate Consignee Name No of Declared Comodity
Pkgs Weight
1 4649483333 1601199 BA-139 4/5/2019 INDRANIL JOSHI 1 0.50 watch sale

2 1Z09247R0443872596 1363875 9W 231 4/13/2018 CIRRUS(NEAR FLUSHING MEADOWS) 1 0.50 watch sale
3 1Z5R14766740422167 1610085 EK-506 4/19/2019 TRANSUNION CIBIL 1 0.45 watch sale
4 1Z01E9E16752315196 1612412 5X-0015 4/23/2019 P.PURNA RAJESH 1 3.00 watch sale
5 1Z4451F70469198350 1614842 EK-506 4/27/2019 VINEETH 1 0.45 watch sale
6 1Z4A30330468340876 1381443 5X-0015 5/10/2018 KARTIK CHOKKANATHAN 1 0.20 watch sale
7 2541610212 1624193 BA-139 5/14/2019 PARIN PATEL 1 0.50 watch sale
8 1Z378R310402207163 1626550 EK-506 5/17/2019 PRIME HOSPITAL 1 0.91 Watch sale
9 1Z30AV920406389768 1641471 5X- 0015 6/11/2019 PARTH MEKHIA 1 0.50 watch sale
10 1Z30AV920406422033 1642639 5X-0015 6/13/2019 SONAM DE 1 0.90 watch sale
11 4025638971 1642768 BA-139 6/14/2019 VIPIN VENGAYIL 1 0.90 watch sale
12 1Z9Y601Y0404082275 1646310 EK-506 6/19/2019 SEETHARAMAN NARAYANASWAMY 1 0.45 watch sale
13 7418323216 1652178 BZ-201 6/29/2019 SANJAY GAIKWAD 1 0.50 watch sale
14 8993942786 1659550 BA-139 7/12/2019 COLGATE GLOBAL BUSINESS LTD 1 0.60 watch sale
15 1Z675FX30400998472 1678362 EK-500 8/11/2019 ANDHRA PRADESH 1 1.00 watch sale
16 1Z150V4A0413117484 1448305 EK-506 8/18/2018 MADHURIMA BISWAS 1 0.45 watch sale
17 789387622417 1690818 BZ-201 8/31/2019 GAURI BANDEKAR 1 0.30 watch sale
18 1ZV4172FD945230727 1463363 EK-508 9/10/2018 CHANDRAVADHANA REDDIYAR 1 0.50 watch sale
19 1Z30AV566755232516 1708021 5X- 0015 9/27/2019 MD SAJID 1 0.40 Watch sale
20 1ZE747330494754490 1488219 9W 231 10/18/2018 ANIKET KISHOR DESHPANDE 1 1.00 watch sale
21 2799318513 1730545 BA-139 11/2/2019 ANAND KANJIYA 1 0.55 watch sale
22 436745632329 1499383 FX- 5460 11/4/2018 VIRENDRA SINGH CHOWHAN 1 0.50 watch sale
23 4430160442 1733851 KL-877 11/7/2019 RITIK YOGESHBHAI VYAS 1 0.59 Watch Sale
24 1ZX228Y80499985686 1502429 EK-500 11/9/2018 MD SAHIL 1 0.45 watch sale
25 1Z9Y601Y0405599948 1752484 EK-506 12/4/2019 BOBY VINCENT 1 0.45 watch sale
26 1Z55F1R00495975333 1520961 EK-502 12/6/2018 CHINMOY HARSHE 1 0.45 watch sale
27 522914658 1766407 EK-500 12/25/2019 BUDHADITYA BAGCHI 1 1.00 watch sale
28 1Z05R2W10493805792 1766752 EK-502 12/25/2019 MAHESH SOLASKAR 1 0.45 watch sale
Pkgs Weight
29 1ZAR43820418071302 1302189 9W 231 1/10/2018 JV RAMANA 1 0.45 watch sale

30 1789424943 1554904 BA-199 1/25/2019 Sadhana Goswami 1 0.32 watch sale
31 1Z1A48T9DH15254391 1315366 5X-0015 1/30/2018 KARTHIK VISWANATH 1 0.91 watch sale
32 31630538542 1558065 CX 663 1/30/2019 JUNED CHAROLIA 1 0.56 Watch sale
33 1Z09X1496655976378 1321482 9W 231 2/8/2018 PANKAJA PATKAR 1 0.45 watch sale
34 56481474361 1554205 BA-199 1/24/2019 Nizar MP, 1 0.30 watch sale
35 1Z05R2W16787378675 A302680 5X-0015 3/4/2018 DHRUV LUTHRA 1 0.54 watch sale
36 1775321881 1371415 BA-199 4/25/2018 Dr Shwetha Rao 1 0.26 Personal Use
37 1Z9725R50441496979 1623039 EK-506 5/11/2019 LAKSHMINARAYANA SUNKAVALLI EMP 1 0.91 Tablet
38 775009699463 1611219 FX- 5460 INTELLECTUAL
4/21/2019 PROPERTY MANAGEMENT G SANDEEP BAIRAGI
1 0.50 Personal Use
39 1776216993 1368831 BA-199 4/21/2018 AMBICA DRUG HOUSEGSTIN27ACMPP862 1 1.33 Personal Use
40 1Z9W237V0463226162 1614220 EK-506 4/26/2019 MD SHAFIQUE ANSARI 1 6.50 Personal Use
41 1776679726 1396150 BA-199 6/1/2018 Jayantisuper Construction Private 1 2.85 Personal Use
42 31630307564 1633811 CX 663 5/30/2019 KOPPARTHI PAVANI 1 3.00 Personal Use
43 134798532 1635252 TK-0720 6/1/2019 IND AGIV COMMERCE LTD 1 9.00 Personal Use
44 8300165495 1405713 9W 231 6/15/2018 SOLID TECH INDIA COMPUTER SERVICES 1 6.40 Personal Use
45 1006548944 1642529 EK-504 6/13/2019 MERLIN SUNITHA 1 2.00 Personal Use
46 1Z7AF3886743438764 1409852 EK-500 6/22/2018 UPS SCS (I) PRIVATE LIMITED 1 7.27 Personal Use
47 1ZW8873E6651363957 1647210 EK-500 6/21/2019 UPS INDIA SP -MUMBAI CENTER 1 1.00 Personal Use
48 112747107 1648176 EK-506 6/22/2019 BIRLASOFT LIMITED 1 0.90 Personal Use
49 7609410701 1654039 BZ-201 7/2/2019
HEWLETT PACKARD ENTERPRISE INDIA PVT LTD 1 1.70 Personal Use
50 1ZAA49096765641423 1656287 5X-0015 7/6/2019 SHREECOMP SYSTEMS 1 5.00 Personal Use
51 1Z6563RW0450085556 1431715 9W 231 7/24/2018 WIRENT SRL 1 0.50 Personal Use
52 1ZAA49096764636020 A22221 5X-0015 7/17/2019 NATIONAL INSTITUTES OF TECHNOL 1 6.00 Personal Use
53 1779503950 1436800 BA-199 8/1/2018 Canvendor Software Solutions Priva 1 7.67 Personal Use
54 1Z6309WA0447994925 1437031 EK-506 8/1/2018 MARIYAM SHIRPURWALA 1 0.45 Personal Use
55 1Z811R370428871274 1672411 EK-506 8/1/2019 OZYMANDIAS W 1 0.50 Personal Use
56 1884430741 1443226 BA-139 8/11/2018 DAKC 1 1.10 Personal Use
57 772924767477 1444400 FX- 5460 8/12/2018 PANKAJ JOSHI 1 0.90 Personal Use
58 775932492503 1678627 FX- 5460 8/11/2019 AMAR SHRINGARE 1 0.90 Personal Use
59 1Z2FA0430498484998 1682551 EK-500 8/18/2019 DESHRAJ KONDLA 1 1.00 Personal Use
60 775988878547 1682745 FX- 5460 8/18/2019
JACOBS ENGINEERING INDIA PVT. JACOBS HOUSE 1 1.00 Personal Use
61 7940743112 1230129 9W-117 9/22/2017 NEWTECH COMPUTER SER 1 9.10 Personal Use
62 776102520921 1691571 FX- 5460 9/1/2019
ADITI PARAB JACOBS ENGINEERING INDIA PVT 1L 0.90 Personal Use
63 3104862530 1466557 9W-119 9/15/2018 CITI 1 1.80 Personal Use
64 1Z5EV9120493233423 1693712 EK-500 9/5/2019 I4 VIDEO ANALYSIS PVT. LTD 1 1.00 Personal Use
65 9877972344 1473747 9W 231 9/26/2018 STORAGE TEAM 1 1.10 Personal Use
66 1Z2FA0430499204912 1709016 EK-500 9/29/2019 POTLA SESHU GIRI RAO 1 1.00 Personal Use
67 9301226060 1712791 EK-500 10/5/2019 PAVI PAVI 1 1.10 Personal Use
Pkgs Weight
68 1Z879R0RDG41612159 1715633 EK-502 10/9/2019 WAGLES INDUSTRIAL ESTATE 1 0.45 Personal Use
69 1Z2FA0430496690081 1717826 EK-500 10/13/2019 VERTIKA SINGH 1 1.00 Personal Use
70 1Z2FA0430498066323 1488888 9W 231 10/19/2018 NILAY PATEL 1 1.00 Personal Use
71 1Z189W2W0452673739 1490114 EK-506 10/21/2018 NCR TECHNOSOLUTIONS - JEET ROY 1 2.72 Personal Use
72 455923371048 1724501 6E181 10/23/2019
MR. PRANAY SALIAN BA CONTINUUM INDIA PVT LTD
1 4.10 Personal Use
73 1Z19VA550429970991 1496871 EK-502 10/31/2018 NCR TECHNOSOLUTIONS - JEET ROY 1 2.72 Personal Use
74 1ZA543Y26797832152 1506614 5X-0015 11/15/2018 WOOD PLC 1 0.91 Personal Use
75 435496087770 1507299 FX-0008 11/16/2018
CREDIT SUISSE AG NOMAN KHAN/SHOEB QURESHI1 1.00 Personal Use
76 1Z2X831W6769772786 1743050 EK-506 11/20/2019 MAHLE INTERNATIONAL 1 3.17 Personal Use
77 1ZE0652R0448068582 1743357 EK-500 11/21/2019 BT SWITZERLAND_ABB 1 5.00 Personal Use
78 1ZV973F5DA99650114 1749175 EK-502 11/29/2019 IVY MOBILITY SOLUTIONS LTD 1 1.50 Personal Use
79 1ZA917A16658029812 A341587 EK-508 12/2/2018 AXIS BANK C/O CTRLS DATACENTE 1 0.91 Personal Use
80 1ZAA49096765411136 1520184 5X-0015 12/5/2018 NATIONAL INSTITUTE OF TECHNOLO 1 6.00 Personal Use
81 1ZE01W090491889774 1762692 EK-506 12/19/2019 RAJDEEP* SINGH 1 0.45 Personal Use
82 1Z888E2E6640499438 1764387 EK-500 12/22/2019 GLOBACOM, C707A 1 1.00 Personal Use
83 1Z0046V30490643752 1529071 5X-0015 12/18/2018 GETINGE ODC 1 0.50 Personal Use
84 1Z04W0350490961006 1532157 9W 231 12/23/2018 EMERSON PROCESS MANAGEMENT (IN 1 1.50 Personal Use
85 773913865720 1522806 FX 5460 12/9/2018 PRANA STUDIOS PVT. LTD. 1 0.90 Personal Use
86 1Z2FA043D949839979 1298146 9W 231 1/4/2018 RAMAN KUMAR JHA 1 1.00 Personal Use
87 1Z8539850461074385 1300151 EK-502 1/7/2018 WESTERN DIGITAL UK LTD 1 1.36 Personal Use
88 6220177191 1307506 CX 663 1/19/2018 L&T TECHNOLOGY SERVICE LIMITED 1 10.00 Personal Use
89 9242191571 1549106 9W-119 1/17/2019 VIBGYOR TOWERS BANDRA CURLA 1 2.80 Personal Use
90 1ZX5Y7830415305497 1313476 9W 231 1/27/2018 DEEPAK K.SAHU S/O GOVIND SAHU 1 0.45 Personal Use
91 1Z2FA0430490179074 1316148 9W 231 1/31/2018 KAPIL BEHARE 1 1.00 Personal Use
92 1Z09X64V0428435102 1563463 EK-506 2/6/2019 RAKESH VIJ 1 1.00 Personal Use
93 605433229256 1325245 FX-5033 2/14/2018 SYMANTEC ASIA PACIFIC PTE LTD 1 40.00 Personal Use
94 252817670 1591051 9W 231 3/20/2019 MICROLISE TELEMATICS PVT LTD 1 0.85 Personal Use
95 1773648306 1353200 GF-064 3/28/2018 11 Valencia Conodominium 1 0.52 Personal Use
96 3706572085 1367096 9W-119 4/18/2018 HIRERIGHT LTD 1 5.00 Paper sale
97 1776244256 1372100 BA-199 4/26/2018 Avnish Jaswal 1 0.54 Paper sale
98 1Z5659890414339321 1414842 EK-506 6/29/2018 LARS LEGALSIFTER 1 1.36 Paper sale
99 2654705292 1312849 BA-139 1/27/2018 GOODREADS 1 0.32 Paper sale
100 5725823843 1627222 BA-139 5/19/2019 NATHBHAI ODEDRA 1 1.00 Mobile Sale
101 1ZAR29400475716104 1654107 5X- 0015 7/2/2019 BHAVNAGAR 1 0.45 Mobile Sale
102 1Z30Y8730420028153 1450959 EK-502 8/22/2018 GYANESH KUMAR SINGH 1 0.45 Mobile Sale
103 W4929364858 1521759 EK-508 12/7/2018 B35, SRI KRISHNA APARMENTS 1 0.70 Mobile Sale
104 1Z2137YR0430847645 1569452 5X- 0015 2/15/2019 KARTHIYANI K K 1 0.91 Mobile Sale
105 1Z98059W0443723266 1587014 5X-0015 3/13/2019 #UK2715 1 1.00 Mobile Sale
106 577991141 1598743 SQ-424 3/31/2019 HAMILTON HOUSEWARE PVT LTD 1 1.20 Misc sale
Pkgs Weight
107 6465911502 1355276 BA-139 4/1/2018 BHAVESH VAGHELA 1 0.59 Misc sale
108 1ZAR29400415595901 1355669 EK-506 4/1/2018 RAVINDER 1 0.45 Misc sale
109 101036246 1600039 CX 663 4/3/2019 HUNTSMAN INTERNATIONAL (INDIA) PRIV 1 2.90 Misc sale
110 5178230562 1355818 BA-139 4/2/2018 ADVAIT GANAPATHY 1 1.36 Misc sale
111 1764234920 1356450 GF-056 4/2/2018 Jhumur Ghosh Dastidar 1 4.30 Misc sale
112 1764225234 1356450 GF-056 4/2/2018 raghusinnur 1 0.16 Misc sale
113 102446363 1600722 LH-756 4/4/2019 STICHWELL EXPORTS PVT LTD 1 3.10 Misc sale
114 7756171581 1357284 CX 663 4/4/2018ONE MOBILE BRANCH OF AXIOM TELECOM 1 4.50 Misc sale
115 8374031131 1600558 9W 231 4/4/2019 URMILA MEHTA 1 2.85 Misc sale
116 1ZA805590451933953 1357764 EK-506 4/4/2018 B2X SERVICE SOLUTIONS INDIA PVT LTD 1 1.13 Misc sale
117 1Z306AY10420665239 1357764 EK-506 4/4/2018 LAVANYA 1 0.45 Misc sale
118 1432892882 1357861 BA-139 4/4/2018 SAIPRO SHIPPING SERVICES 1 15.00 Misc sale
119 4386648011 1357861 BA-139 4/4/2018 YAKSHAY CHHEDA 1 3.00 Misc sale
120 3010755274 1601191 9W 231 4/5/2019 ANUSHA DANDEKAR 1 1.00 Misc sale
121 1Z0598840440877606 1357895 9W 231 4/5/2018 K S KEERHTI 1 2.27 Misc sale
122 1Z98X0910442289275 1357895 9W 231 4/5/2018 VAMSI MITTAPALLI 1 2.40 Misc sale
123 2567220633 1601401 EK-500 4/5/2019 HARJIT SINGH 1 7.15 Misc sale
124 V0274446558 1358415 5X-0015 4/5/2018 TOSHIBA JOHNSON ELEVATOR IN P/L 1 5.00 Misc sale
125 1Z0357806767136273 1358415 5X-0015 4/5/2018 HONEYWELL WELCOME GIFT 1 0.45 Misc sale
127 1Z66ER796751602464 1358415 5X-0015 4/5/2018 INDEED INDIA 1 0.91 Misc sale
128 313813528 1601974 LH-756 4/6/2019 UG24 GAS 1 2.50 Misc sale
129 1764264051 1358873 GF-056 4/6/2018 Ox Human Performance Pvt Ltd Co 1 0.39 Misc sale
130 1Z3Y13E10467634284 1359835 EK-506 4/7/2018 JOSE P A 1 0.91 Misc sale
131 490447387969 1602957 FX 5460 4/7/2019 UMA SREERAM 1 0.90 Misc sale
132 1764261866 1359895 GF-064 4/7/2018 Mr Walter Rebello, 1 0.25 Misc sale
133 490447387579 1602957 FX 5460 4/7/2019 NEERAJ DWIVEDI 1 0.90 Misc sale
134 786443667520 1602957 FX 5460 4/7/2019 CHETAN SURESH PATIL 1 0.30 Misc sale
135 1Z30X4E80400178145 1359912 9W 231 4/7/2018 ALOYSIUS CYRIAC 1 5.40 Misc sale
136 8398005324 1603140 9W-119 4/7/2019 PRINTS & SIGNS INTERNATIONAL LLP 1 7.44 Misc sale
137 1288663294 1603362 BA-199 4/8/2019 THE TAJ MAHAL PALACE MUMBAI 1 3.60 Misc sale
139 9921383500 1360579 BA-139 4/9/2018 LONDON TEXTILES PVT LTD 1 4.50 Misc sale
140 1764313902 1360762 BA-199 4/9/2018 Ganga 1 0.32 Misc sale
141 507238867 1604992 LH-756 4/11/2019 VOGUE N HYDE PVT. LTD., 1 5.85 Misc sale
142 327960000 1604992 LH-756 4/11/2019 DESH WIRE PRODUCTS PVT LTD 1 0.46 Misc sale
143 1Z306AY10420676521 1362392 EK-506 4/11/2018 SURENDRA SUBBA 1 0.45 Misc sale
144 8322476035 1605420 BA-139 4/12/2019 MAHIMA TELGOTE 1 2.50 Misc sale
145 1ZY83R806795112676 1605937 5X-0015 4/12/2019 LATHA RAMAKRISHNAN 1 2.30 Misc sale
Pkgs Weight
146 8911983636 1606097 BA-139 4/13/2019 DHARMA PRODUCTION 1 0.40 Misc sale
147 2800198645 1363186 9W 231 4/12/2018 RAJA KUMARI 1 1.40 Misc sale
148 6495145296 1363152 BA-139 4/13/2018 DATASTAX 1 0.50 Misc sale
149 3581620210 1606361 BZ-102 4/13/2019 SHAKTI NARAYAN HAKIM 1 4.00 Misc sale
150 1254424710 1363152 BA-139 4/13/2018 AKANSHA BOSE 1 0.73 Misc sale
151 1764338402 1363539 BA-199 4/13/2018 Maj Chandan Vishwakarma 1 1.04 Misc sale
152 493669163299 1607148 FX- 5460 4/14/2019 SACHIN PARANJAPE SACHIN PARANJAPE 1 0.90 Misc sale
153 493669162936 1607148 FX- 5460 4/14/2019 MEHA MATHUR MEHA MATHUR 1 0.90 Misc sale
154 5687395011 1363875 9W 231 4/13/2018 PATCH DESIGN STUDIO 1 1.50 Misc sale
155 493669163119 1607148 FX- 5460 4/14/2019
MEENAKSHI RAMALINGAM MEENAKSHI RAMALINGAM 1 0.90 Misc sale
156 455784765750 1607148 FX- 5460 4/14/2019
COLUMN TECHNOLOGIES PRIYANKA GHONGADE 1 0.60 Misc sale
157 108659810 1607865 KL-877 4/16/2019OBEROI FOUNDATION OIS INTERNATIONAL 1 11.90 Misc sale
158 1764367581 1364873 BA-199 4/15/2018 Home 1 1.19 Misc sale
159 737359369008 1365100 FX 5460 4/15/2018
VARUN VAIDYA 203 PRASHANT VRISHI COMPLEX 1 0.50 Misc sale
160 422159524744 1365100 FX 5460 4/15/2018 RAJESH PUTHIYA 1 0.50 Misc sale
161 780454040870 1365100 FX 5460 4/15/2018 MSSL SBU 15 - INDIA 1 6.40 Misc sale
162 1764290603 1365285 EK-508 4/15/2018 Rajni 1 1.00 Misc sale
163 786606892984 1608815 FX-5033 4/17/2019 7 DEGRIZ VIJAY PANCHOLI 1 16.50 Misc sale
164 7244418090 1608753 EK-504 4/17/2019 THERMO FISHER SCIENTIFIC INDIA 1 1.06 Misc sale
165 9913403404 1365173 BA-139 4/16/2018 RAO OVERSEAS CONSULTANCY 1 6.90 Misc sale
166 596846306 1609642 CX 663 4/19/2019 FUTURE RETAIL LIMITED 1 5.00 Misc sale
167 293904704 1609707 LH-756 4/19/2019 ORCHID EXIM INDIA PVT LTD 1 1.10 Misc sale
168 1764397854 1366793 BA-199 4/18/2018 Dharma production 1 2.08 Misc sale
169 5563498091 1367140 9W 231 4/18/2018 ABAS FORCE INDIA PVT. LTD. 1 2.30 Misc sale
170 1Z9R65E90434986889 1367053 EK-506 4/18/2018 ALLA SURESH BABU 1 1.81 Misc sale
171 2542358965 1610174 BA-139 4/20/2019 VLADIMIR ALYKOV 1 0.50 Misc sale
172 5725390565 1610174 BA-139 4/20/2019 VERONICA FERNANDES 1 20.00 Misc sale
173 9486354441 1367098 BA-139 4/19/2018 MOBILIYA TECHNOLOGIES 1 0.50 Misc sale
174 1ZY2F1940473572879 1367140 9W 231 4/18/2018 YSN MURTHY 1 0.91 Misc sale
175 1ZY2F1940473708526 1367140 9W 231 4/18/2018 11/232 SWATHY HOSPITAL 1 0.91 Misc sale
176 1Z976Y000417693983 1367140 9W 231 4/18/2018 DINO DIAS 1 0.91 Misc sale
177 1ZY1Y5790440163003 1367690 EK-506 4/19/2018 KIRIT MATHUR 1 0.91 Misc sale
178 2034367322 1610533 EK-504 4/20/2019 YASHOMATI MORE 1 0.36 Misc sale
179 166587200 1610652 SQ-422 4/20/2019 J.K. TEXTILES 1 4.34 Misc sale
180 1Z0598840441967767 1367805 9W 231 4/19/2018 MITHUN BHASKAR 1 6.80 Misc sale
181 1776202525 1368150 BA-199 4/20/2018 Sudarsana Rao 1 0.16 Misc sale
182 1776210634 1368150 BA-199 4/20/2018 Kirit Mathur 1 2.85 Misc sale
183 1Z9743W80445205571 1368415 EK-506 4/20/2018 ALKA MODI 1 0.45 Misc sale
184 811692911178 1611219 FX- 5460 4/21/2019ROOM NO. 17 2ND FLOOR ANKIT BHUP I ANI 1 0.90 Misc sale
Pkgs Weight
185 775001230274 1611219 FX- 5460 4/21/2019 CAPITAL GROUP CHARLOTTE BORGES 1 0.50 Misc sale
186 488285941395 1611219 FX- 5460 4/21/2019 USMAN KHAN USMAN KHAN 1 0.80 Misc sale
187 9516819141 1368586 AI-343 4/20/2018 Sameer Premakar 1 1.24 Misc sale
188 1776210785 1368831 BA-199 4/21/2018 KLAY PREP SCHOOL AND DAY Care 1 2.31 Misc sale
189 1776212642 1368831 BA-199 4/21/2018 Nishi adhana 1 0.42 Misc sale
191 1Z577E520412688368 1369179 9W 231 4/21/2018 DHRUV AND DARSH TIMBLO 1 0.90 Misc sale
192 1Z6880R06636965502 1369179 9W 231 4/21/2018 JP MORGAN SERVICES INDIA PVT. 1 6.80 Misc sale
193 780601318032 1369732 FX 5460 4/22/2018 BULBUL SIGHAT 1 0.50 Misc sale
194 8347950516 1369809 BA-139 4/23/2018 PRAFULLA MORE 1 5.50 Misc sale
195 7302755294 1613674 BA-139 4/26/2019 SNJ ENTERPRISE 1 0.80 Misc sale
196 1776229416 1370202 BA-199 4/23/2018 ubisoft 1 0.79 Misc sale
197 5474514441 1613674 BA-139 4/26/2019 NAZEA ALI 1 3.00 Misc sale
198 1ZW0F7316765595453 1371008 5X-0015 4/24/2018 RAHUL ANAND 1 0.45 Misc sale
199 1Z577E520412697214 1371081 9W 231 4/24/2018 BHUMI SHASHIKANT CHANDARANA 1 0.80 Misc sale
200 1776263930 1371415 BA-199 4/25/2018 9436090619 1 1.19 Misc sale
201 1776253065 1371415 BA-199 4/25/2018 mrs. bijal desai 1 2.49 Misc sale
202 1Z2FX8250400668338 1371650 EK-506 4/25/2018 BHAWNA LAKHOTIA 1 0.45 Misc sale
203 3799050183 1371715 9W-119 4/25/2018 YUSUF MUKADAM 1 1.50 Misc sale
204 31610288091 1371842 EK-508 4/25/2018 garvit maheshwaari 1 5.44 Misc sale
205 364920990 1371752 9W 231 4/25/2018 ICC-DEVI GAURAV TECHNOLOGY PARK 1 0.75 Misc sale
206 1Z529E2F0490508693 1371752 9W 231 4/25/2018 RISHAV VERMA 1 0.50 Misc sale
207 718815901 1615035 LH-756 4/28/2019 DEEP SKIN THE TATOO STUDIO 1 0.95 Misc sale
208 1ZX596456764349953 1615463 EK-506 4/28/2019 FISERV 1 5.90 Misc sale
209 1Z8364V20419054728 1615463 EK-506 4/28/2019 ER.JINAL SHAH COACHI 1 4.08 Misc sale
210 1776270355 1372777 BA-199 4/27/2018 12533 1 0.75 Misc sale
211 30794377110 1615769 EK-500 4/29/2019 Arvind Mishra 1 15.55 Misc sale
212 7339766453 1615769 EK-500 4/29/2019 BERICAP KAPAK SAN.A.S 1 1.00 Misc sale
213 214185716 1373298 LH-756 4/28/2018 NIRVAN KHAN 1 3.20 Misc sale
214 1Z4X8Y916798830042 1614888 EK-502 4/27/2019 AMAZON.COM SALE 1 1.00 Misc sale
215 100209406 1372947 SQ-422 4/27/2018 BASF INDIA LTD 1 5.30 Misc sale
216 1776298425 1373458 BA-199 4/28/2018 dr ysr indoor stadium yanam 1 0.38 Misc sale
217 6609344254 1616666 BA-139 5/1/2019 VODAFONE INDIA SERVICE PTV.LTD. 1 1.50 Misc sale
218 2585814000 1373959 9W-0115 4/29/2018 YASH SHAH 1 2.40 Misc sale
219 424514405788 1374278 FX 5460 4/29/2018
SHRISHMA TARE SRP LINEN MERCANTILE PVT LTD
1 11.00 Misc sale
220 1Z19981E6796323262 1374368 5X-0015 4/29/2018 INDIA,CHENNAI 1 0.45 Misc sale
221 1Z1491916752328756 1374368 5X-0015 4/29/2018 SUBHENDU CHOUDHURY 1 0.91 Misc sale
222 555573985 1617471 LH-08360 5/2/2019 SAI KIRAN BHOMMIPELLI 1 1.82 Misc sale
223 9805638813 1617799 BA-139 5/3/2019 AKSHAY AGRAWAL 1 0.25 Misc sale
Pkgs Weight
224 1ZE1260F0401294153 1376238 EK-506 5/2/2018 NIHANGI JADHAV 1 0.45 Misc sale
225 1775384450 1376662 BA-199 5/3/2018 Shapoorji Pallonji and Company 1 0.30 Misc sale
226 1Z1AV3200400101111 1376879 EK-506 5/3/2018 PARASA KANAKA DURGA 1 1.81 Misc sale
227 1ZA177A60461328608 1376879 EK-506 5/3/2018 PARASA KANAKA DURGA 1 2.27 Misc sale
228 1Z09E8970458821505 1376879 EK-506 5/3/2018 RAJENDER SINGH 1 0.45 Misc sale
229 6339204045 1377115 CX 663 5/4/2018 TECHNOCRAFT ASSOCIATES 1 3.50 Misc sale
230 775124094181 1619431 FX- 5460 5/5/2019 TOFIQUE SAYYED CROWDSTRIKE - PUNE 1 4.10 Misc sale
231 1ZA7E5710453339888 1376641 EK-500 5/3/2018 SYNERGY WATER PARK RIDES PVT LTD 1 36.00 Misc sale
232 8937472213 1377673 9W 231 5/4/2018 VEDANT PANCHOLI 1 0.20 Misc sale
233 30979394040 1377758 AI-343 5/4/2018 Kshitij Kumar 1 1.00 Misc sale
234 30979398015 1377758 AI-343 5/4/2018 Mayank Grover 1 1.29 Misc sale
235 1Z59A6390451251255 1377673 9W 231 5/4/2018 NATALIA ARANTSEVA C-1 PARADISE 1 2.00 Misc sale
236 957275347 1609977 QR-8602 4/19/2019 ABIDA PHOOGAWALA 1 4.09 Misc sale
237 8347750530 1378374 9W 231 5/5/2018 RELIANCE INDUSTRIES LTD. 1 2.85 Misc sale
238 1776296395 1378690 BA-199 5/6/2018 Soundarya Lahari Trust 1 1.01 Misc sale
240 775132780918 1620976 BZ-201 DR.5/8/2019
NAROTTAM SAHOO GUJARAT COUNCIL ON SCIENCE1AND TEC2.30 Misc sale
241 32364946552 1621048 EK-504 Ms.5/8/2019
Delna Jasoomoney C/O THE INDIAN HOTELS COMPANY1LIMITED3.30 Misc sale
242 772128603124 1378826 FX 5460 5/6/2018 OPENTABLE SUHAS GHULE 1 2.70 Misc sale
243 501901274991 1609198 AI-191 4/17/2019 VIATRIX RETAILS PRIVATE LIMITED 1 18.00 Misc sale
244 6680956973 1621273 BA-139 5/9/2019 ARKEMA 1 2.04 Misc sale
245 30979418864 1380396 AI-343 5/8/2018 arindom barthakur 1 1.39 Misc sale
246 7310762034 1622161 AI 315 5/10/2019 DHRUV PATEL 1 19.50 Misc sale
247 1Z19VA550413205678 1380847 EK-506 5/9/2018 AUGUSTIN CLEMENT DELBIN 1 0.45 Misc sale
248 1Z9743W80448380064 1380847 EK-506 5/9/2018 DORJI (17110176) 1 0.45 Misc sale
249 1776419610 1380662 BA-199 5/9/2018 TEJ DEVDAS KADAM 1 0.27 Misc sale
250 957369112 1622552 QR 8604 5/10/2019 PEMA DOLMA 1 2.27 Misc sale
251 1Z2FX8250400696496 1381522 EK-506 5/10/2018 JITENDRA BHAVSAR / PRANIL BHAV 1 0.45 Misc sale
252 3448551433 1381709 CX 663 5/11/2018 LIZARD GRIP 1 2.10 Misc sale
253 1Z3746A30400701478 1380962 9W 231 5/9/2018 SAPNA SHAIKH 1 0.50 Misc sale
254 1ZXX58060451493986 1382209 EK-506 5/11/2018 PHILADELPHIA TRAINING CENTER 1 5.00 Misc sale
255 1Z9702XY0452735501 1382209 EK-506 5/11/2018 MILAN GHOSH S/O-MAHADEV GHOSH 1 1.00 Misc sale
256 892437468 1623470 TK-0720 5/12/2019 DECATHLON 1 5.00 Misc sale
257 1Z6W21110440062594 1623580 5X- 0015 5/12/2019 GAJANAN BABU S M 1 1.81 Misc sale
258 787118848491 1623541 FX- 5460 5/12/2019
DESIGNBOAT INNOVATION HUB RISHIKESH KULKARNI 1 2.70 Misc sale
259 783153463383 950829 SQ-424 5/22/2016 APOTEX RESEARCH PVT LTD 1 0.60 Misc sale
260 1776424241 1382636 BA-199 5/12/2018 Anis 1 0.14 Misc sale
261 1Z8000V60419846704 1382888 EK-506 5/12/2018 DEEPA 1 0.45 Misc sale
262 1463419941 1382942 9W-119 5/13/2018 EMPYREAL STONES 1 8.00 Misc sale
Pkgs Weight
263 1Z3F274F6777705097 1383299 EK-500 5/13/2018 TEX TRENDS INDIA 1 10.00 Misc sale
264 441648748234 1383468 FX 5460 5/13/2018 MARVIL DOSHI 1 1.30 Misc sale
265 441648748245 1383468 FX 5460 5/13/2018 LIVANA DOSHI 1 1.00 Misc sale
266 1Z9V8E380456556260 1624859 G9-401 5/14/2019 AVERY DENNISON INDIA PVT LTD. 1 4.00 Misc sale
267 1776497391 1385228 BA-199 5/16/2018 Jaideep Chahal 1 4.05 Misc sale
268 1776483026 1385228 BA-199 5/16/2018 AUTOMOTIVE SOLUTIONS 1 4.05 Misc sale
269 1Z8000V60420568057 1385465 EK-506 5/16/2018 NAZMUL 1 0.45 Misc sale
270 1Z6E8Y856750684389 1625928 EK-506 5/16/2019 GUGGENHEIM PARTNERS 1 0.45 Misc sale
273 H5656305848 1625928 EK-506 5/16/2019 KAUSHAL PRABHU PATIL 1 0.45 Misc sale
278 31427904620 1626122 MH-194 5/16/2019 Gayatri Rathod 1 3.86 Misc sale
279 31427904966 1626122 MH-194 5/16/2019 Vishnu Business 1 4.79 Misc sale
281 1ZAR29400418856721 1386161 EK-506 5/17/2018 DEBASHIS DAS 1 0.45 Misc sale
282 957409030 1625638 LH 8360 5/16/2019 SONU KRIPALINI 2 1.82 Misc sale
283 3884184850 1386206 BA-139 5/18/2018 S&P GLOBAL/SNL HOUSE 1 0.80 Misc sale
284 7600371166 1626571 GF-064 5/17/2019 SHAIKH ABDUL RAHIM 1 4.12 Misc sale
285 9951606921 1386512 EK-500 5/18/2018SUZLON POWER INFRASTRUCTURE LIMITED 1 0.64 Misc sale
286 3891545766 1626696 MH-194 5/17/2019 musicpeople 1 1.38 Misc sale
287 4524772895 1387092 9W-119 5/18/2018 MANISH KUMAR SOLANKI 1 4.10 Misc sale
288 101968016 1386894 9W 231 5/18/2018 HARSH SINGHAL 1 7.10 Misc sale
289 30979445350 1387046 AI-343 5/18/2018 Skull Fashion studio 1 1.10 Misc sale
290 1Z959V920425404872 1626679 G9-401 5/17/2019 TRUE ENTERTAINER 1 0.50 Misc sale
291 1776531934 1387284 BA-199 5/19/2018 Fun Pickle 1 1.02 Misc sale
292 1Z2FW2350442585789 1387530 EK-506 5/19/2018 DR JACOB JACOB 1 0.45 Misc sale
293 605175654 1627320 SQ-424 5/18/2019 SMART BARCODE SOLUTIONS 1 1.20 Misc sale
294 1Z142A986756834229 1388172 5X-0015 5/20/2018 CORPORATE 1 0.91 Misc sale
295 1ZA340R60486429235 1627702 5X- 0015 5/19/2019 AV THOMAS LEATHER & ALLIED PRO 1 3.00 Misc sale
296 1Z01YV396721654985 1388172 5X-0015 5/20/2018 HAYARUNIZSA 1 4.90 Misc sale
297 1Z66TT790443303279 1627702 5X- 0015 5/19/2019 AVINASH INGALE 1 3.90 Misc sale
298 1ZV115X76724311036 1617340 G9-401 5/1/2019 ROEY DREY 1 1.80 Misc sale
299 1048971416 1390217 9W-119 5/23/2018 JYOTI PANJRI 1 0.50 Misc sale
300 957358663 1626558 QR 8604 5/17/2019 NAZNEEN AKHTAR 1 7.27 Misc sale
301 957409335 1627967 LH-756 5/20/2019 OPENSKY SHOPPING LLP 1 1.27 Misc sale
Pkgs Weight
302 1Z30AV560455583532 1628828 5X-0015 5/21/2019 N/A 1 0.60 Misc sale

303 1Z8000V60423617864 1390827 EK-506 5/24/2018 VIKRAMMADITYA 1 0.45 Misc sale
304 1ZE192W20430451792 1390827 EK-506 5/24/2018 ASHIM DAYALAN 1 1.36 Misc sale
305 1Z87E51W0412239736 1390946 9W 231 5/25/2018 AMULYA YENNA 1 4.40 Misc sale
306 1566654294 1629233 BA-199 5/22/2019 ROHAN NACHANE 1 2.50 Misc sale
307 1776619832 1391258 BA-199 5/25/2018 ADITYA GUPTA 1 1.73 Misc sale
308 1776624356 1391258 BA-199 5/25/2018 Carmelina dsouza 1 2.62 Misc sale
309 1Z9743W80451478015 1391516 EK-506 5/25/2018 RAVINDRA NURUKURTHI 1 0.45 Misc sale
310 1Z1Y471X6777127783 1391426 5X-0015 5/25/2018 NIRVANA NEST APARTMENT 1 0.45 Misc sale
311 860057644071 1628144 AI 349 5/20/2019 MR VIPUL KHANDELWAL 1 1.50 Misc sale
312 1Z8000V60424226589 1392194 EK-506 5/26/2018 MEHERUNNISA 1 0.45 Misc sale
313 1ZW4212E6771950762 1630080 EK-506 5/23/2019 L. G. BALAKRISHNAN & BROS LTS. 1 0.91 Misc sale
314 440571817329 1392873 FX 5460 5/27/2018 AMBIKA CHENGAPPA GROUPM 1 1.80 Misc sale
315 1776638102 1392649 BA-199 5/27/2018 OXFORD HIGH SCHOOL 1 0.47 Misc sale
316 4400240061 1630794 BA-139 5/25/2019 IMPULSE 1 2.00 Misc sale
317 1776652990 1393929 BA-199 5/29/2018 Eve Carmel PeterBiju Peter 1 0.70 Misc sale
318 334777928 1631132 TK-0720 5/25/2019 SAGAR WALMIKI 1 0.95 Misc sale
319 957384399 1631082 LH 8370 5/25/2019 OPENSKY SHOPPING LLP 1 2.82 Misc sale
320 957362857 1631082 LH 8370 5/25/2019 JAYDEEPSINGH SOLANKI 1 5.45 Misc sale
321 957409190 1631082 LH 8370 5/25/2019 SOHAB RAZAK KANDHAL 1 0.91 Misc sale
322 9928403225 1394366 CX 663 5/30/2018 ASHISH TERWANKAR 1 2.50 Misc sale
323 7245617164 1394239 9W 231 5/29/2018 RFI MAHILA SHROTA SANGHA 1 3.10 Misc sale
324 5953770255 1394614 KQ-204 5/30/2018 SHRIHARI S RATHI 1 2.00 Misc sale
325 1Z8000V60425118926 1395513 EK-506 5/31/2018 KARMA SONAM 1 0.91 Misc sale
326 957368481 1631624 3S 0622 5/26/2019 ASHWIN T MEHTA 1 3.18 Misc sale
327 957384406 1631624 3S 0622 5/26/2019 OPENSKY SHOPPING LLP 1 2.20 Misc sale
328 7265564320 1395581 BA-139 6/1/2018 KRISHAN DEV 1 0.50 Misc sale
329 1693019963 1396095 EK-504 6/1/2018 FARRUKH SINGH 1 6.50 Misc sale
330 1944517385 1396320 9W-119 6/1/2018 LIBERTY VIDEOCON GENERAL INS. CO. 1 4.50 Misc sale
331 5741139106 1396291 BA-139 6/2/2018 OFFICE OF THE CHAIRMAN & MD 1 2.70 Misc sale
332 7329767141 1397027 9W-119 6/2/2018 COOPERVISION C/O COLOR EYES 1 5.00 Misc sale
333 6178460315 1633972 EK-500 5/30/2019 ABDUL AZIZ ABDUL KADER 1 14.20 Misc sale
334 1Z6Y3A560475331281 1336660 9W 231 3/3/2018 KARMA TENZING 1 0.45 Misc sale
335 WE5226220 1559108 EK-504 1/31/2019 TAUSEEF KHAN 1 3.00 Misc sale
336 1Z9Y336R6710613255 A302680 5X-0015 3/4/2018 PRITAM SUBHASH ZOPE 1 10.45 Misc sale
337 722153846493 1337131 FX 5460 3/4/2018 POONAM MHATRE 1 1.80 Misc sale
338 652233876008 1337131 FX 5460 3/4/2018 ARYAN DESHPANDE 1 2.40 Misc sale
339 56483856726 1580190 BA-199 3/3/2019 keneisenuo kire 1 1.90 Misc sale
340 2241460325 1582748 EK-500 3/7/2019 PARVEEN KHAN 1 9.38 Misc sale
Pkgs Weight
341 4284554890 1583133 9W 231 3/8/2019 MUMBAI WAREHOUSE 1 1.10 Misc sale
342 8120308276 1339318 AI-343 3/7/2018 POOJA PRAMOD NAWATHE 1 1.50 Misc sale
343 1764045765 1339564 BA-199 3/8/2018 Gokhale Sabade Associates 1 3.87 Misc sale
344 1764055904 1339564 BA-199 3/8/2018 Kailash bundela 1 0.36 Misc sale
345 3789301832 1583844 9W 231 3/9/2019 Matrix India 1 1.00 Misc sale
346 1764064680 1339564 BA-199 3/8/2018 SURYA BROADCASTERS 1 0.19 Misc sale
347 1Z306A400473797108 1339923 9W 231 3/8/2018 MR.RAJEEV TEJ DASARI 1 0.91 Misc sale
348 1764086730 1339807 BA-139 3/9/2018 Jane Fijman American International 1 0.27 Misc sale
349 774629330442 1584399 FX-0008 3/9/2019
GENERAL INDUSTRIAL CONTROLS RAACHI RAMANI 1 29.30 Misc sale
350 771547898060 1340342 FX-5033 3/9/2018
PLEASE HOLD FOR ARRIVAL ON 3-5-18 ERIC HUNT, GUEST
1 13.60 Misc sale
351 771547983781 1340342 FX-5033 3/9/2018
1 13.60 Misc sale
352 56484144905 1583476 BA-199 3/8/2019 rounak jain 1 0.10 Misc sale
353 648207910 1584675 CX 663 3/10/2019 PRATIK RAJENDRA FIRKE 1 5.50 Misc sale
354 774655153261 1584830 FX- 5460 GENERAL
3/10/2019ATLANTIC GCC LLP GA GCC LLP / ATT JOHN MAIOLO
1 6.40 Misc sale
355 771747552846 1341804 FX 5460 3/11/2018 SAMIR DOSHI 1 1.40 Misc sale
356 315631271 1586572 SQ-424 3/12/2019 CORE 1 3.00 Misc sale
357 8220476843 1342543 BA-139 3/13/2018 IMAGINE PANAJI SMART CITY DEV.LTD 1 2.50 Misc sale
358 1764101835 1343319 EK-508 3/13/2018 Uday Shah 1 0.50 Misc sale
359 1Z3Y13E10465562392 1343778 EK-506 3/14/2018 DR BHARANI 1 1.36 Misc sale
360 2763263090 1587118 9W 231 3/14/2019 K. SHANMUGAPRIYA 1 0.75 Misc sale
361 4026904346 1587125 9W-119 3/14/2019 SANJAY MULANI 1 0.50 Misc sale
362 5646622866 1587115 BA-139 3/14/2019 POULOMI DEY 1 0.40 Misc sale
363 43419317820 1344443 EK-506 3/15/2018 SATYA PRAKASH 1 0.45 Misc sale
364 4823594613 1587780 9W-119 3/15/2019 KHUSHBOO INDUSTRIES 1 2.60 Misc sale
365 507168083 1588636 LH-756 3/16/2019 VOGUE N HYDE PVT LTD 1 2.00 Misc sale
366 1Z0598840442549216 1345193 9W 231 3/16/2018 THOMAS SABU 1 0.91 Misc sale
367 5520121924 1589127 BA-139 3/17/2019 SAHIL PUNJABI 1 1.80 Misc sale
368 774701746247 1589648 FX- 5460 EXCEED
3/17/2019
ENTERTAINMENT BANI J / MANAGER: HARSHIL1BAGDAI3.00 Misc sale
369 1764159751 1346941 GF-056 3/19/2018 MODY Z 1 0.44 Misc sale
370 5829929044 1590431 BA-139 3/19/2019 ALPARGATAS 1 7.00 Misc sale
371 3892495574 1347887 9W 231 3/20/2018 KAPASI HANDICRAFTS EMPORIUM 1 2.80 Misc sale
372 1Z204Y7E0448422765 1347972 EK-508 3/20/2018 ANURANJAN 1 5.00 Misc sale
373 7084451360 1591051 9W 231 3/20/2019 AYM NEERAJ BHRIGU 1 4.00 Misc sale
374 1Z189W2W0422224459 1348468 EK-506 3/21/2018 ANNAMMA B ANTONY 1 0.45 Misc sale
375 1ZAV17000400378433 1348468 EK-506 3/21/2018 SEBASTIAN BUDGEN 1 2.27 Misc sale
376 3104223710 1348563 9W 231 3/21/2018 SNEHANKUR ADOPTION CENTRE 1 1.84 Misc sale
377 2542236734 1591735 9W-119 3/21/2019 NISHEK JAIN 1 1.00 Misc sale
378 1Z892V9E0456429585 1348563 9W 231 3/21/2018 INDO EAST COMPANY 1 5.00 Misc sale
379 1Z2FX8250400618132 1349170 EK-506 3/22/2018 AMMAR ALI 1 1.36 Misc sale
Pkgs Weight
380 1Z9766AY0428362726 1349170 EK-506 3/22/2018 NIRUPAMA TIWARI 1 0.45 Misc sale
381 6405460364 1591724 BA-139 3/21/2019
FORMULA 1 COSMETIC DEVELOPMENTS LTD 1 3.20 Misc sale
382 804214155010 1591949 EK-500 3/21/2019 JAYESH KHAIRE 1 3.00 Misc sale
383 1620825684 1592366 9W 231 3/22/2019 STUDIO DESIGN 1 4.00 Misc sale
384 6116100406 1592364 9W-119 3/22/2019 MANEESH DASANAYAKE 1 3.50 Misc sale
385 255826093 1592494 LH-756 3/22/2019 ADARSH AMPILI 1 0.30 Misc sale
386 7201315214 1592381 BA-139 3/22/2019 RAJ/GOVIND LIMAYE 1 3.73 Misc sale
387 1Z5R14766740570622 1349780 5X-0015 3/23/2018 ATTN: YOGESH DAWARE 1 4.08 Misc sale
388 1Z0W64A00435978960 1349858 EK-506 3/23/2018 MANAV AGARWAL 1 0.45 Misc sale
389 551908717 1593095 CX 663 3/23/2019 BHARAT SPRAYS PVT LTD 1 0.66 Misc sale
390 551908677 1593095 CX 663 3/23/2019 FLOROMA INFINITY PVT LTD 1 1.00 Misc sale
391 155770099 1593216 EK-500 3/23/2019 SHRI LIBON METAL CRAFT 1 0.80 Misc sale
392 1ZAR43820448573106 1350532 EK-506 3/24/2018 IMTIYAZ MA 1 0.45 Misc sale
393 1Z189W2W0423148254 1351210 EK-506 3/25/2018 VIGITA LANGPOKLAKPAM 1 0.45 Misc sale
394 722153851562 1351096 FX 5460 3/25/2018 AASETHA SETH 1 1.40 Misc sale
395 774756021207 1594192 FX- 5460 3/24/2019 MANASVI RAO 1 0.50 Misc sale
396 8725435596 1594403 9W-119 3/25/2019 BHANDARI SWAMI 1 3.90 Misc sale
397 786149430220 1594192 FX- 5460 3/24/2019 ANJALI AHUJA ANJALI AHUJA 1 3.10 Misc sale
398 774756021620 1594192 FX- 5460 3/24/2019 JEET SHROFF JEET SHROFF 1 0.50 Misc sale
399 1ZY185470415379243 1351993 EK-508 3/26/2018 ARUNDHATI J PATEL 1 0.91 Misc sale
400 813073250710 1352048 9W-011 3/26/2018 Ironwood Institute 1 8.69 Misc sale
401 551908592 1595587 CX 663 3/27/2019 JCREST INOVA 1 0.24 Misc sale
402 1Z9R82E00421119369 1353178 EK-506 3/28/2018 RYUSSI TECHNOLOGIES PVT LTD 1 2.72 Misc sale
403 2591858754 1596204 9W-119 3/28/2019 CONMED 1 1.00 Misc sale
404 6033213955 1596203 BA-139 3/28/2019 AMEY DESHMUKH 1 1.30 Misc sale
405 431705173878 1353696 FX-5033 3/29/2018 MANISH S SUTARIYA 1 6.80 Misc sale
406 813416723219 1596624 FX-5033 3/28/2019 TPG CAPITAL 1 3.20 Misc sale
407 1Z306A400476984918 1353839 EK-506 3/29/2018 KAUSIK BASU 1 0.45 Misc sale
408 1Z97515A0417420920 1354530 EK-506 3/30/2018 KAUSHAL 1 3.17 Misc sale
409 1789395005 1551500 BA-199 1/20/2019 Bilal ahmed 1 0.65 Misc sale
410 469515908 1597584 AI-343 3/29/2019 SANJEER SINGH 1 3.66 Misc sale
411 1Z933E6W0412840927 1354580 9W 231 3/30/2018 BAYYA SRINIVAS RAO 1 0.91 Misc sale
412 1Z4147RX0400103658 1354580 9W 231 3/30/2018 SANDRA CHANT , MUBAISHE SHAH 1 2.70 Misc sale
413 1764226564 1354927 GF-056 3/31/2018 ARNAV AGARWAL 1 0.26 Misc sale
414 1Z8000V60404802074 1355228 EK-506 3/31/2018 SINDHURI V 1 0.45 Misc sale
415 9233157286 1598153 BA-139 3/31/2019 AYUSH GANDHI 1 1.10 Misc sale
416 FFU479840 1594348 AF-218 3/24/2019 SMART GLOBAL SERVICES 1 0.50 Misc sale
417 685311816 1588515 SG 161 3/15/2019 TOMAR 1 4.36 Misc sale
418 FFU479812 1594348 AF-218 3/24/2019 SMART GLOBAL SERVICES 1 1.81 Misc sale
Pkgs Weight
419 31427925130 1634454 MH-194 5/30/2019 SRI BHAGAVATHI CARS PRIVATE 1 1.75 Misc sale
420 1776721741 1397357 BA-199 6/3/2018 Shankar babu 1 14.70 Misc sale
421 31427914254 1635146 MH-194 5/31/2019 DOXTERS LAB C/O KAR SAN 1 1.94 Misc sale
422 1776773983 1399296 BA-199 6/6/2018 Srinivasa Vaidyanathan 1 3.29 Misc sale
423 1776796733 1399296 BA-199 6/6/2018 tarun 1 1.15 Misc sale
424 1776745014 1399296 BA-199 6/6/2018 Harinder Mann 1 0.24 Misc sale
425 1Z019R166663335773 1635556 EK-506 6/1/2019 MR. MANTHAN GANATRA 1 4.54 Misc sale
426 1Z59YF140442370916 1635597 EK-502 6/1/2019 MAUNIL MODI 1 1.36 Misc sale
427 1Z59YF140441532136 1635597 EK-502 6/1/2019 NARASIMHARAJU B L 1 1.36 Misc sale
428 1ZAR43820474896343 1400217 EK-506 6/7/2018 1-10-1/12 1 0.45 Misc sale
429 1Z8000V60427172837 1400217 EK-506 6/7/2018 VIKRAMMADITYA 1 0.45 Misc sale
430 86650010599 1635901 AI 315 6/2/2019 NIRAJ DOSHI 1 0.50 Misc sale
431 1Z59YF140440380089 1635597 EK-502 6/1/2019 K. PREMKUMAR 1 1.36 Misc sale
432 1609016743 1400276 9W 231 6/7/2018 NETHERLANDS BUSINESS SUPPORT OFFICE 1 2.30 Misc sale
433 618334907 1636342 KL-877 6/3/2019 MARS JEWELZ PVT LTD 1 3.56 Misc sale
434 1Z3Y13E10471674367 1400898 EK-506 6/8/2018 KUSHI REDDY 1 8.16 Misc sale
435 1Z9766AY0436077378 1400898 EK-506 6/8/2018 KUSHI REDDY 1 7.26 Misc sale
436 555114496204 1390349 CX 663 5/24/2018 RADHA LAXMI 1 0.85 Misc sale
437 1Z20WA740497957231 1636153 EK-506 6/2/2019 COMPSYCH INTERNATIONAL INC. 1 2.72 Misc sale
438 957362389 1635824 3S 0622 6/2/2019 RANJANBEN K 1 1.36 Misc sale
439 957362582 1635824 3S 0622 6/2/2019 SHARAN RAMCHANDANI 1 1.82 Misc sale
440 1Z90E4E36740196355 1636153 EK-506 6/2/2019 TSYS 1 0.45 Misc sale
441 9347037022 1401108 KL-877 6/9/2018 CHICAGO PNEUMATIC 1 2.90 Misc sale
442 2942527066 1401108 KL-877 6/9/2018 ADAPTIVE INSIGHT 1 11.25 Misc sale
443 2541699860 1637361 BA-139 6/5/2019 SHARIKA DHAR 1 5.50 Misc sale
444 122100263 1401876 LH-756 6/10/2018 VISHMA KARMA FURNITURE 1 6.40 Misc sale
445 1Z565X030452809437 1401662 9W 231 6/9/2018 PREMILA RAVI RNP EDUCATION 1 1.00 Misc sale
446 1Z885V7Y0400840100 1402250 EK-506 6/10/2018 AJAY CHAKRABORTY 1 3.63 Misc sale
447 4148281756 1402349 9W-119 6/10/2018 INDO COUNT INDUSTRIES P LTD 1 4.90 Misc sale
448 1086570376 1402322 BA-139 6/11/2018 LAXMANBHAI CHAUDHARI 1 2.60 Misc sale
449 957362784 1637525 LH-756 6/5/2019 UDIGIRI SIDDHARTHA 1 11.00 Misc sale
450 957362791 1637525 LH-756 6/5/2019 A ALEXANDER 1 10.00 Misc sale
451 9883949854 1638169 AI - 317 6/6/2019 RAJVI ELECTRONICS 1 3.00 Misc sale
452 232311778 1403140 LH-756 6/12/2018 FLORAL DECORATIVA INDIA 1 1.60 Misc sale
453 1205335913 1400762 EK-504 6/8/2018 LVMH PERFUMES & COSMETICS CHINA 1 0.50 Misc sale
454 1010882740 1404053 EK-504 6/13/2018 MR. SULIMAN NANAWADA 1 5.35 Misc sale
455 173159921 1638882 TK-0720 6/7/2019 SHIBU JOSEPH VARUGHESE 1 0.29 Misc sale
456 1Z377R950473919919 1404202 EK-506 6/13/2018 SHEKHAR TIWARI, ACCENTURE 1 0.91 Misc sale
457 31427805566 1639320 MH-194 6/7/2019 EBBATO TECHNOLOGIES LLP. 1 1.10 Misc sale
Pkgs Weight
458 1ZY2F1940476934419 1404291 9W 231 6/13/2018 VALENCIA DSOUZA 1 0.45 Misc sale
459 31632418123 1639320 MH-194 6/7/2019 MS CONTRACTOR AND SERVICES 1 4.52 Misc sale
460 31427932045 1639320 MH-194 6/7/2019 Pranav Jain 1 2.60 Misc sale
461 1776877653 1404646 BA-199 6/14/2018 ecowalk impex private limited 1 2.91 Misc sale
462 1776893086 1404646 BA-199 6/14/2018 Malathi Srinivasan 1 1.81 Misc sale
463 1776875133 1404646 BA-199 6/14/2018 Anand Deshpande 1 0.91 Misc sale
464 1Z19981E0490762934 1404915 EK-506 6/14/2018 KONY 1 1.36 Misc sale
465 1Z19981E0491636748 1404915 EK-506 6/14/2018 KONY 1 1.36 Misc sale
466 883764487 1405198 LH-756 6/15/2018 AMRIT AGENCIES ( INDORE) PVT.L 1 6.70 Misc sale
467 1776913600 1405345 BA-199 6/15/2018 Harleen 1 0.87 Misc sale
468 1ZX874W70494307449 1640112 EK-500 6/9/2019 OPPOSITE NIRMALA NIKETAN COLLE 1 3.60 Misc sale
469 5396097641 1640143 BA-199 6/9/2019 HSBC TECHNOLOGY INDIA 1 6.60 Misc sale
470 1559539391 1405658 BA-139 6/16/2018 VENTURA BUILDING 1 1.00 Misc sale
471 5106623244 1640457 GF-064 6/9/2019 HARSHNAD INTERNATIONAL PVT LTD 1 10.40 Misc sale
472 1Z962V1R0410175236 1405713 9W 231 6/15/2018 FARZIN FULWADIWALLA 1 0.70 Misc sale
473 31427944203 1640536 MH-194 6/9/2019 Sarthak Pahwa 1 0.68 Misc sale
474 1368299892 1640662 EK-500 6/10/2019 KHUSHBOO CHOPRA 1 10.50 Misc sale
475 1Z7678RX6755667367 1405959 EK-500 6/16/2018 DEVSHREE ENTERPRISES 1 4.54 Misc sale
476 PPA33875693994 1640662 EK-500 6/10/2019 Jafferboy Meheralli Enterprises 1 1.22 Misc sale
477 1776913950 1406023 BA-199 6/16/2018 Laxmibai Khade 1 0.70 Misc sale
478 1776917310 1406023 BA-199 6/16/2018 Gousia Shaik 1 1.66 Misc sale
479 1Z5677956661347787 1406257 EK-506 6/16/2018 ASSP INDIA CHAPTER, BLUE STAR 1 7.26 Misc sale
480 818201932450 1635901 AI 315 6/2/2019 PUJA PARAS DOSHI 1 3.50 Misc sale
481 31665586783 1642345 EK-500 6/13/2019 OFFICE WORLD 1 3.00 Misc sale
482 1776975686 1408605 BA-199 6/20/2018 Mr Barrister Warjri 1 0.39 Misc sale
483 1Z6VW7690490602485 1642984 EK-500 6/14/2019 FLAT 15 4TH FLOOR B 1 2.20 Misc sale
484 30979520084 1408998 AI-343 6/20/2018 Harsh Choudhary 1 1.00 Misc sale
485 1Z05R74V0496168856 1409187 EK-500 6/21/2018 STAR INDIA, URMI ESTATE 1 13.63 Misc sale
486 1Z0357806768190846 1643318 EK-506 6/14/2019 HONEYWELL 1 0.45 Misc sale
487 9145119550 1643683 EK-500 6/15/2019RAMAAKA INTERIORS & INFRA SOLUTIONS 1 6.00 Misc sale
488 1776952811 1406710 BA-199 6/17/2018 Rahana A A 1 1.14 Misc sale
489 1Z88F42A6750555760 1644018 EK-502 6/15/2019 SRI PRAVAN PATURI 1 0.45 Misc sale
490 1776988216 1410595 BA-199 6/23/2018 pradeep kumar negi 1 1.07 Misc sale
491 4126217362 1410914 9W-119 6/23/2018 NERDS 1 2.00 Misc sale
492 7246366794 1410939 9W 231 6/23/2018 UMASREE 1 0.20 Misc sale
493 8197648642 1643600 BA 135 6/15/2019 HEADRUSH VENTURES PVT LTD 1 25.40 Misc sale
494 1Z0357806767133347 1644589 EK-502 6/16/2019 HONEYWELL WELCOME GIFT 1 0.45 Misc sale
Pkgs Weight
498 772526800714 A316565 FX- 5460 6/24/2018 MR. PRASHANT BS 1 2.30 Misc sale
499 772533515467 A316565 FX- 5460 6/24/2018 JOTI WALIA 1 4.50 Misc sale
500 441707444450 A316565 FX- 5460 6/24/2018 NAVISHA SINHA 1 1.00 Misc sale
501 772539242828 A316565 FX- 5460 6/24/2018 SOMIL JAINHACKERSERA 1 0.50 Misc sale
502 1Z0188216795473117 A316563 5X- 0015 6/24/2018 VEDANT BAHL 1 0.45 Misc sale
503 1Z2FW9080416239071 A316571 EK-506 6/24/2018 RABINDRA K PAL 1 0.45 Misc sale
504 737138530499 A316565 FX- 5460 6/24/2018 DISTRIBUTIONCANNONDESIGN PUNE 1 1.20 Misc sale
505 1777038734 1411811 BA-139 6/25/2018 Gorigay bikshapati 1 4.05 Misc sale
506 957408830 1639370 LH-766 6/8/2019 BOMBINO EXPRESS PVT LTD 1 10.00 Misc sale
507 1Z09X1496772574278 1412761 5X- 0015 6/26/2018 FALGUN J. MEHTA 1 2.27 Misc sale
508 1Z303Y6E6792861359 1412761 5X- 0015 6/26/2018 IBM 1 6.81 Misc sale
509 5074194742 1412878 9W-119 6/26/2018 PTC SOFTWARE INDIA PVT LTD 1 1.20 Misc sale
510 FFU492061 1642164 AF-218 6/12/2019 Ergode Trading Pvt Ltd 1 2.73 Misc sale
512 30979529545 1412976 AI-343 6/26/2018 Krishna Behani 1 1.39 Misc sale
513 1777062744 1413185 BA-199 6/27/2018 Mr Kieran Eugene Rigney 1 1.06 Misc sale
514 1775734623 1413185 BA-199 6/27/2018 Renjitha Regunath 1 1.90 Misc sale
515 1777068333 1413185 BA-199 6/27/2018 Badrunissa Irfan 1 1.01 Misc sale
516 1777047635 1413185 BA-199 6/27/2018 Bhagwan Gambhir 1 2.77 Misc sale
517 1Z0W64A00449185497 1413430 EK-506 6/27/2018 MADHU S SHAIK 1 2.27 Misc sale
518 1Z9766AY0438043883 1413430 EK-506 6/27/2018 MARY 1 0.45 Misc sale
519 1ZAR29400422578103 1413430 EK-506 6/27/2018 REKHA ASHWIN 1 0.45 Misc sale
520 1Z9743W80457283189 1413430 EK-506 6/27/2018 JANHVE GAWDE 1 0.45 Misc sale
521 1ZA28Y870499560877 1413665 EK-508 6/27/2018 PRABHAKAR S 1 2.60 Misc sale
522 9976638733 1413496 BA-139 6/28/2018 RAHUL 1 0.40 Misc sale
524 1777086220 1413860 BA-199 6/28/2018 Vikas Kumar 1 0.34 Misc sale
525 1777070912 1413860 BA-199 6/28/2018 maneet 1 0.22 Misc sale
526 1777083302 1413860 BA-199 6/28/2018 Kanthi srinivas 1 0.30 Misc sale
527 555574667 1638963 QR 8872 6/7/2019 MANISH BHOOLA 1 3.18 Misc sale
528 957408926 1638963 QR 8872 6/7/2019 YEZDI MEHTA 1 2.73 Misc sale
529 5119013841 1414191 BA-139 6/29/2018 RELIANCE INDUSTRIES LIMITED VILLAGE 1 2.10 Misc sale
530 555574727 1639479 LH 8370 6/8/2019 MAHUL MILAN MUKHERJEE 1 0.45 Misc sale
531 957359328 1639479 LH 8370 6/8/2019 KAUSHAL SANGHVI 1 0.45 Misc sale
532 1778609 1636159 AI-144 6/2/2019 Creative Group 1 3.28 Misc sale
533 1Z189W700436649512 1414842 EK-506 6/29/2018 THERASIAN BABU 1 0.45 Misc sale
534 1Z7413836777033979 1646945 EK-506 6/20/2019 SRIDHAR RATHINASAMY 1 0.91 Misc sale
535 1Z08X8746769418582 1646945 EK-506 6/20/2019 HSBC TECHNOLOGY INDIA, HYDERAB 1 0.91 Misc sale
Pkgs Weight
536 146185620 1647118 AI-343 6/20/2019 HOTEL HYATT REGENCY PUNE 1 4.90 Misc sale
537 8937850950 1414883 9W 231 6/29/2018 STEFAN KRENN 1 0.50 Misc sale
541 1787575 1642067 AI-144 6/12/2019 Neil Vora 1 1.00 Misc sale
542 1777109401 1415201 BA-199 6/30/2018 Akshat pratap singh 1 0.49 Misc sale
543 1239255382 1647314 BA-199 6/21/2019 INFORMA MARKETS 1 3.00 Misc sale
548 V0322053050 1642046 5X- 0015 6/12/2019 STERLING META PLAST INDIA PVT 1 1.60 Misc sale
549 1777112094 1415898 BA-199 7/1/2018 G. Iniyan, Rockworth Systems furni 1 0.17 Misc sale
550 7433289942 1647877 EK-500 6/22/2019 MAHILA JEEVAN SAMVARDHAK MANDAL 1 2.28 Misc sale
551 1Z4201506740012490 1416169 5X-0015 7/1/2018 SYCHRONY INTERNATIONAL SERVICE 1 8.62 Misc sale
552 1ZV8X6480482786710 1416490 EK-500 7/2/2018 SCARLET PRINTS LLP 1 6.80 Misc sale
553 1ZE337976748890422 1648830 EK-502 6/23/2019 KMC 1 1.81 Misc sale
554 1ZX1034W6791696371 1648830 EK-502 6/23/2019 DINESH MARU 1 1.81 Misc sale
555 154303529 1417548 9W 231 7/3/2018 KVS ASSOCIATES 1 1.00 Misc sale
556 1777149146 1417862 BA-199 7/4/2018 Sid and TJ 1 2.24 Misc sale
557 1777149290 1417862 BA-199 7/4/2018 ROHINI Punj 1 1.05 Misc sale
558 8522204364 1418295 9W-119 7/4/2018 ROHIT MENON 1 0.90 Misc sale
559 7208058605 1650304 BZ-201 6/26/2019 ASAD WAGHDHARE 1 0.34 Misc sale
560 1Z0357806766602985 1419529 5X- 0015 7/6/2018 HONEYWELL WELCOME GIFT 1 0.45 Misc sale
561 1Z414V1Y6755197297 1419529 5X- 0015 7/6/2018 VALLEY CREATIVES 1 0.91 Misc sale
562 3058451896 1650827 BA 135 6/27/2019 REKHA PRAVIN SHAH 1 4.80 Misc sale
563 1Z204E556797141255 1651130 EK-506 6/27/2019 EXTENTIA 1 1.36 Misc sale
564 1Z02095X0490332238 1650963 EK-504 6/27/2019 TEENA THOMAS LUKE 1 4.50 Misc sale
565 162014055 1651306 AI-343 6/27/2019 RELIANCE INDUSTRIES LTD 1 24.00 Misc sale
567 149327835 1651426 TK-0720 6/28/2019 FLAMINGO MARKETING 1 8.20 Misc sale
568 H5686770637 1651743 EK-506 6/28/2019 PRITHVI HOUSE 1 0.45 Misc sale
569 1Z7F849X0446312665 1420314 9W 231 7/7/2018 ONADS COMMUNICATIONS 1 0.50 Misc sale
570 4326620535 1652067 EK-500 6/29/2019 .SOHA AGATE 1 3.50 Misc sale
571 1777189901 1421299 BA-199 7/9/2018 ecowalk impex private limited 1 1.08 Misc sale
572 1779228625 1421299 BA-199 7/9/2018 Vithal Nayak 1 0.53 Misc sale
573 1777172762 1421299 BA-199 7/9/2018 Shreyash Khandera 1 0.61 Misc sale
574 8213478766 1652063 BA 135 6/29/2019 MR JAINAM 1 3.50 Misc sale
Pkgs Weight
575 2042398820 1422246 BA-139 7/11/2018 M MANISHA 1 0.10 Misc sale

576 1ZE192W20456025472 1652404 EK-506 6/29/2019 RUPA PANDYA 1 0.91 Misc sale
577 9777716200 1422275 9W-119 7/11/2018 SHREE GAUTAM CREATION 1 1.00 Misc sale
578 7495111013 1652063 BA 135 6/29/2019 APURWA J 1 2.00 Misc sale
579 1Z189W2W0437879395 1422856 EK-506 7/11/2018 AHAN CHHABRA (JUNIOR SCHOOL,9C 1 0.45 Misc sale
580 1ZA368590464823279 1422833 5X- 0015 7/11/2018 ZENTRAL LLC 1 2.00 Misc sale
581 1ZAW02820408714196 1423665 EK-508 7/12/2018 SURIYA 1 1.70 Misc sale
582 1ZX562456794232120 1652404 EK-506 6/29/2019 ASHOK THEPADE 1 1.81 Misc sale
583 8254672812 1653196 KL-877 7/1/2019 SHIBANI DANDEKAR 1 1.10 Misc sale
584 266669388 1424296 9W 231 7/13/2018 HODA INTERNATIONAL 1 1.50 Misc sale
585 339498797 1654564 LH-8472 7/3/2019 STANZIN TARCHIN 1 1.50 Misc sale
586 7325856882 1654371 BA 135 7/3/2019 SUN ARK SERVICES PVT. LTD 1 2.30 Misc sale
587 1Z51697E0442801667 1424911 EK-506 7/14/2018 SREEMATHY LAKSHMI DEVI 1 1.36 Misc sale
588 3623782400 1424980 BA-139 7/15/2018 AMERICAN SCHOOL 1 3.30 Misc sale
589 3870182470 1424997 9W-119 7/14/2018 CANISIO RODRIGUES 1 1.00 Misc sale
590 8499774161 1200501 9W 231 8/5/2017 GEBERIT PLUMBING TECHNOLOGY INDIA 1 8.75 Misc sale
591 811320276032 A20971 EK-500 7/5/2019 MUKESH RELISHAN EXPORT 1 2.50 Misc sale
592 1779292115 1425973 BA-199 7/16/2018 Mawii Hauhnar 1 0.10 Misc sale
593 2000136530 1655377 BA-139 7/5/2019 PARESH MODI 1 0.50 Misc sale
594 1929372852 1655377 BA-139 7/5/2019 DEEPA NAIR 1 4.40 Misc sale
595 775586015926 1655831 FX-0008 7/5/2019 S N HEALTHCARE PVT. LTD TP GOSH 2 29.90 Misc sale
596 7151490802 1426516 9W-0115 7/17/2018 ANKUR NIGAM 1 4.30 Misc sale
597 1Z59YF146741584267 1655943 EK-506 7/5/2019 GREESHMA STANI 1 2.27 Misc sale
598 1ZM63W7T6720608026 1655943 EK-506 7/5/2019 MCKINSEY GLOBAL SERV 1 10.43 Misc sale
599 1Z76AE896796066995 1655943 EK-506 7/5/2019 CARLY PORTER 1 4.08 Misc sale
600 1Z09X64V0459477732 1655943 EK-506 7/5/2019 WHITE COPPER PRIVATE LIMITED 1 1.81 Misc sale
601 1Z2F164F6747157294 1655943 EK-506 7/5/2019 SIDDHARTH SOMAIYA 1 0.45 Misc sale
602 253343042 1656277 TK-0720 7/6/2019 KHUSPAL HOME TEXTILE LLP 1 3.70 Misc sale
603 1Z63R63A0460689998 1427535 EK-506 7/18/2018 KOMALI DOWLA 1 0.45 Misc sale
604 1Z2FX8250400779834 1427535 EK-506 7/18/2018 SURYA PRATAP SINGH 1 1.81 Misc sale
605 1Z0W37V10479757272 1427535 EK-506 7/18/2018 KIRAN GHOLAP 1 0.45 Misc sale
606 1Z2FX8250400779450 1427535 EK-506 7/18/2018 VISHAL D. HINGMIRE 1 0.45 Misc sale
607 1Z2FX8250400779469 1427535 EK-506 7/18/2018 BALU SHINDE 1 0.45 Misc sale
608 1Z0W37V10479757263 1427535 EK-506 7/18/2018 NEHA BHAVE 1 0.45 Misc sale
609 1Z2FX8250400779441 1427535 EK-506 7/18/2018 AMOL AMRUTKAR 1 0.45 Misc sale
610 1ZA893F70461409749 1656287 5X-0015 7/6/2019 AFSAL TRADERS 1 0.50 Misc sale
611 1Z97518X0424978576 A319643 EK-506 7/19/2018 SEEMA PODDAR 1 0.91 Misc sale
612 1ZA17A560429682079 A319643 EK-506 7/19/2018 MEETA 1 0.45 Misc sale
613 1Z28R29A6744705039 1428200 5X-0015 7/19/2018 NIDEK MEDICAL INDIA PRIVATE LI 1 1.81 Misc sale
Pkgs Weight
614 1366510137771 1647291 TK-0720 6/21/2019 Eesha Jain 1 1.48 Misc sale
615 4030424834 1657772 BA-139 7/9/2019 SUNDHA JEWELS 1 5.50 Misc sale
616 1ZY01Y240456807261 1658019 EK-500 7/9/2019 PANKHURI SAXENA 1 0.60 Misc sale
617 1Z02210R6795227495 1655943 EK-506 7/5/2019 JOHANNA DURAIRAJ 1 1.36 Misc sale
618 1Z1862420460901716 1428923 EK-506 7/20/2018 THRYVE DIGITAL HEALTH, LLP 1 10.43 Misc sale
619 4111229651 1658928 BA-139 7/11/2019 RUBY HANDICRAFT 1 4.65 Misc sale
620 1Z0434696740328973 1659505 EK-506 7/11/2019 CHRISTIAN SCIENCE SOCIETY 1 2.70 Misc sale
621 5697944921 1659550 BA-139 7/12/2019 SMARTE INC. 1 1.00 Misc sale
622 31427382733 1429600 MH-174 7/21/2018 Moneymec Financial Services 1 0.72 Misc sale
623 5985626640 1429717 9W 231 7/21/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 3.10 Misc sale
624 1Z9X0R610402263480 1660046 5X- 0015 7/12/2019 99RPM WEB PRIVATE LIMITED 1 0.91 Misc sale
625 1779346914 1429409 BA-199 7/21/2018 Ashwini shetty 1 1.33 Misc sale
626 452533404011 1430274 FX- 5460 7/22/2018
86-76981056771 JENNY YAN/HERM WORKRITE 1 10.00 Misc sale
627 1Z54R9V80400004312 1660754 EK-506 7/13/2019 VEENA MORSAWALA 1 1.40 Misc sale
628 743461263667 1207551 EK-500 8/17/2017
TRUMPF (INDIA) PVT. LT TRUMPF (INDIA) PVT. LTD.
1 13.20 Misc sale
629 1Z0W091A0496611743 1661105 EK-500 7/14/2019 NEWELL RUBBERMAID - 1 1.00 Misc sale
630 1Z935V540426523918 1661105 EK-500 7/14/2019 AASHRAY KOTIAN 1 1.00 Misc sale
631 1Z4E280E6700002575 1204166 5X-0015 8/11/2017 AMARENDRA BHAT 1 2.73 Misc sale
632 1Z6X01586769930413 1661416 EK-502 7/14/2019 PORTESCAP INDIA PVT. LTD 1 2.30 Misc sale
633 1Z10R1416799504186 1431971 EK-500 7/25/2018 DHAMA INNOVATIONS PVT LTD 1 0.50 Misc sale
634 1Z21X271D991565897 1660116 EK-506 7/12/2019 DANAHER - MUMBAI, INDIA 1 0.91 Misc sale
635 1Z89R9740456715254 1660116 EK-506 7/12/2019 NLC INDIA LIMITED 1 0.45 Misc sale
636 1Z89R9740457945209 1660116 EK-506 7/12/2019 ANNA UNIVERSITY 1 0.45 Misc sale
637 1Z89R9740455043642 1660116 EK-506 7/12/2019 IDEAFORGE TECHNOLOGY PRIVATE L 1 0.45 Misc sale
638 1Z89R9740457186888 1660116 EK-506 7/12/2019 DEPARTMENT OF POSTS 1 0.45 Misc sale
639 1Z89R9740456387716 1660116 EK-506 7/12/2019 INTERNATIONAL INDUSTRIAL SPRIN 1 0.45 Misc sale
640 1Z89R9740456453662 1660116 EK-506 7/12/2019 HINDUSTAN INSTITUTE OF TECHNOL 1 0.45 Misc sale
641 7326434544 1663130 BA-139 7/18/2019 KING METAL WORKS 1 1.40 Misc sale
642 4162962123 1433054 BA-139 7/27/2018 AMIT BHALOTIA 1 1.10 Misc sale
643 1Z9W309V0419977295 A22331 5X-0015 7/18/2019 SREEKANTH G 1 0.30 Misc sale
644 1Z9YF1280402502281 A22358 EK-508 7/18/2019 PRADIP KHARE 1 0.45 Misc sale
645 1308708122 1433333 EK-500 7/27/2018 BHAVESH RAGHWANI 1 1.70 Misc sale
646 1779438301 1433440 BA-199 7/27/2018 Ashwin Vasnani 1 3.31 Misc sale
647 1779433073 1433440 BA-199 7/27/2018 Anita Choudhury 1 1.44 Misc sale
648 6178466862 1663954 BZ-102 7/19/2019 MEGHANO FOTO FRAME 1 5.00 Misc sale
649 1Z4430676745512717 A22448 EK-506 7/19/2019 SPORTS WIZARDS 1 3.17 Misc sale
650 3124245692 1433735 9W 231 7/27/2018 C/O MUMBAI SLC LOGISTICS 1 2.40 Misc sale
651 1Z3746A00402846029 1664641 EK-500 7/20/2019 SHAILENDRA TIWARI 1 1.20 Misc sale
652 753872715 1664792 EK-504 7/20/2019 GENERAL ENTERPRISES 1 5.80 Misc sale
Pkgs Weight
653 5661109532 1665026 BA-139 7/21/2019 MUMBAI DUTY FREE 1 14.60 Misc sale
654 1Z3048X40491280454 1434466 9W 231 7/28/2018 BRAND MONK LICENSING LLP 1 3.50 Misc sale
655 1779458321 1434847 BA-199 7/29/2018 amit gupta 1 0.68 Misc sale
656 1Z0357806767725145 A22669 EK-506 7/21/2019 HONEYWELL WELCOME GIFT 1 0.45 Misc sale
657 1Z0357806766198262 A22669 EK-506 7/21/2019 HONEYWELL WELCOME GIFT 1 0.45 Misc sale
658 451974259852 1435028 FX- 5460 7/29/2018
AKASH CHAKRABORTY ATA CONSULTANCY SERVICES 2 6.20 Misc sale
659 772833054252 1435028 FX- 5460 7/29/2018 NAKUL SHARMA NAKUL SHARMA 1 2.00 Misc sale
660 455784791389 1665535 FX- 5460 APAC
7/21/2019
HEADQUARTER LOHIA JAIN IT PAR PRATYUSH PARANJAPE
1 0.50 Misc sale
661 772815373864 1435028 FX- 5460 7/29/2018 AMIT SOAM DELL EMC 1 6.40 Misc sale
662 6696673340 1435122 9W-119 7/29/2018 HOTEL SATKAR RESIDENCY 1 0.50 Misc sale
663 2306983840 1666843 BA-139 7/24/2019 HARISH PERINCHERY 1 2.00 Misc sale
664 264343612 1666943 AI-343 7/23/2019 S.R. INTERNATIONAL 1 3.78 Misc sale
665 265218413 1667035 LH-756 7/24/2019 MANSI SHARMA 1 3.40 Misc sale
666 1Z5F717V0440227451 A22915 EK-500 7/24/2019 CADILA PHARMACEUTICALS LTD. 1 0.50 Misc sale
667 4626203632 1667230 EK-504 7/24/2019 ANJALI VALANI 1 1.88 Misc sale
668 1ZAV17000400473937 1667434 EK-502 7/24/2019 BANSI 1 2.72 Misc sale
669 1Z9W309V0496197733 1667434 EK-502 7/24/2019 SIMIT PARIKH 1 0.30 Misc sale
670 160971717 1667534 AI-343 7/24/2019 DELTA PLUS INDIA 1 1.30 Misc sale
671 811882111869 1436754 EK-500 8/1/2018 DEEPAK INDIA LTD VINIT STANISLAVS 1 1.50 Misc sale
673 1Z5RX6736736448762 1668017 EK-506 7/25/2019 PAMIR SHAH 1 2.27 Misc sale
674 265403644 1668302 EK-500 7/26/2019 THE LALIT GREAT EASTERN KOLKATA 1 9.64 Misc sale
675 265417810 1668302 EK-500 7/26/2019 RUCHI KUMARI 1 9.63 Misc sale
676 1779507015 1437493 BA-199 8/2/2018 Swarup das 1 1.41 Misc sale
677 1ZX0902A6799703138 1668676 EK-506 7/26/2019 KINETIC ENGINEERING LTD 1 0.45 Misc sale
678 1ZAR44350422586317 1437601 EK-504 8/2/2018 SREENIVASULU SWAYAMPAKULA 1 2.72 Misc sale
679 1ZE1F0220480435357 1437721 EK-506 8/2/2018 FAIZAN 1 0.45 Misc sale
680 8693073126 1668771 BA-139 7/27/2019 MIRRAW ONLINE SERVICES PVT. LTD. 1 12.30 Misc sale
681 8938083044 1437836 9W 231 8/2/2018 JAGDEEP S BHATIA 1 0.50 Misc sale
682 1Z0AA682DG55996378 1438083 EK-500 8/3/2018 SAMEERA KELKAR 1 2.10 Misc sale
683 1Z2FW2350448161912 1438432 EK-506 8/3/2018 MADAN MOHAN BANERJEE 1 0.45 Misc sale
684 1ZV80R970494705816 1438432 EK-506 8/3/2018 SANATHAN TEXTILES PVT. LTD 1 1.50 Misc sale
685 2197947360 1438491 9W 231 8/4/2018 PURVI PRINTS 1 1.45 Misc sale
686 1779529146 1438880 BA-199 8/4/2018 Meenakshi Kumar Raja 1 0.66 Misc sale
687 250153424 1439403 LH-756 8/5/2018 ISS SHIPPING INDIA PVT. LTD 1 1.80 Misc sale
688 1Z4987EA0450978119 1213689 AI-343 8/26/2017 PAHLAJ BAKING PRODUCTS SUPPLIERS 1 2.50 Misc sale
689 1Z57W4220499414599 1671392 EK-500 7/31/2019 ENDURANCE TECHNOLOGI 1 1.00 Misc sale
690 1Z08XF756746498191 A321750 5X- 0015 8/5/2018 MANPREET KAUR 1 1.36 Misc sale
691 441707585730 1439746 FX- 5460 8/5/2018 ANARGHYA KATTI 1 1.30 Misc sale
Pkgs Weight
692 3202771331 1671811 BA-139 8/1/2019 ALI HAJI 1 3.50 Misc sale
693 1274594801 1439878 9W-119 8/5/2018 CLEARWATER CAPITAL PARTNERS 1 2.30 Misc sale
694 1357455735 1672411 EK-506 8/1/2019 KARTIKEYA SHARMA 1 1.30 Misc sale
695 1Z975W420428967502 1441733 EK-506 8/8/2018 DR ISABELLE NEEDHAM-DIDSBURY 1 1.36 Misc sale
696 7202363766 1441948 CX 663 8/9/2018 THE ST. REGIS MUMBAI 1 3.75 Misc sale
697 5326952912 1672899 EK-504 8/2/2019 BELEZA RODRIGUES 1 0.80 Misc sale
698 5556025064 1648801 GF-064 6/23/2019 PRINTS & SIGNS INTERNATIONAL LLP 1 0.99 Misc sale
699 1Z2277560475677497 1673401 EK-500 8/3/2019 ORBIT EXPORT 1 2.50 Misc sale
700 4774050750 1673249 KL-877 8/3/2019 BRIJESH KUMAR 1 3.10 Misc sale
701 1Z37XF320455571979 1442413 EK-506 8/9/2018 KEYUR VASOYA 1 1.81 Misc sale
702 32122742341 1442680 AI-343 8/9/2018 Natraj Banglore 1 2.00 Misc sale
703 3775619046 1442701 9W-0115 8/10/2018 GHCL LTD - WARE HOUSE 1 15.40 Misc sale
704 208081602 1216782 CX 663 9/1/2017 VERIZON BANGALORE 1 35.00 Misc sale
705 1779635933 1443574 BA-199 8/11/2018 Nazia Shahzad 1 3.09 Misc sale
706 1779634953 1443574 BA-199 8/11/2018 DBL 1 2.39 Misc sale
707 1779634931 1443574 BA-199 8/11/2018 DBL 1 2.31 Misc sale
708 1779625201 1443574 BA-199 8/11/2018 Asif 1 0.70 Misc sale
709 1Z0900YF0443498755 1443824 EK-506 8/11/2018 SE BLADES LTD. 1 19.95 Misc sale
710 2270242240 1675903 EK-500 8/7/2019 SONISH EQUI-CHEM INDUSTRIES 1 1.50 Misc sale
711 32122742352 1444059 AI-343 8/11/2018 Natraj Banglore 1 1.20 Misc sale
712 1961921625 1443937 9W 231 8/11/2018 VASAVI KUMAR C/O PRIYANKA PATEL 1 0.80 Misc sale
713 1820430076 1444143 EK-500 8/12/2018 HOTEL TAJ LANDS END MUMBAI 1 16.37 Misc sale
714 6510651475 1676053 EK-504 8/7/2019 RITVIZ 1 3.20 Misc sale
715 5017685525 1676053 EK-504 8/7/2019 WALT DISNEY CO INDIA PRIVATE LTD 1 3.78 Misc sale
716 8268717284 1676203 EK-506 8/7/2019 INTERNATIONAL SALES & MARKETING 1 2.00 Misc sale
717 1ZY1Y5790445999674 1444462 EK-506 8/12/2018 SHANTA NIRANJAN PAGEDAR 1 0.45 Misc sale
718 1779659324 1444897 BA-199 8/13/2018 Joan do Anju 1 2.62 Misc sale
719 3482010335 1676917 BA-139 8/9/2019 MITEL PUROHIT 1 0.18 Misc sale
720 440227492259 1445402 TG - 317 8/13/2018
MR F S CHHATARIYA CHHATARIYA FIRETECH INDUSTRIES
1 3.00 Misc sale
721 7327058421 1676978 EK-508 8/8/2019 ROHIT BORALKAR 1 8.10 Misc sale
722 1779686414 1446210 BA-199 8/15/2018 Romey kalra 1 3.89 Misc sale
723 2924927095 1677552 BA-139 8/10/2019 RAJAT BHAI 1 1.85 Misc sale
724 1Z2FX8250400823928 1446427 EK-506 8/15/2018 AK MOHAMMED 1 0.45 Misc sale
725 1Z2FX8250400824525 1446427 EK-506 8/15/2018 MRS. VRINDA CHANDAK 1 1.36 Misc sale
726 2689370670 1677888 BZ-201 8/10/2019 MARUTI INDUSTRIES 1 5.20 Misc sale
727 316474687 1446664 LH-756 8/16/2018 THE QUBE 1 3.70 Misc sale
728 1Z4450R20425126269 1678072 EK-506 8/10/2019 SHIV APPARAO 1 0.50 Misc sale
729 1591774402 1678170 BA-139 8/11/2019 DANISH ISRA MOHAMMED 1 0.80 Misc sale
730 1705811951 1678170 BA-139 8/11/2019 PURVA COUTURE 1 2.40 Misc sale
Pkgs Weight
731 1ZYF50336745784818 1447012 5X-0015 8/16/2018 CH. PRADEEP 1 2.27 Misc sale
732 1Z8F481A0477777275 1678362 EK-500 8/11/2019 RAADHIKA SHOECRAFTS PVT. LTD. 1 4.10 Misc sale
733 100970272970 1678627 FX- 5460 8/11/2019 KEVIN MONTEIROARES 1 2.70 Misc sale
734 788938169104 1678627 FX- 5460 8/11/2019 JITENDRA CHAVDA 1 2.00 Misc sale
735 100970273049 1678627 FX- 5460 8/11/2019 RAJENDRA GUPTAARES 1 2.70 Misc sale
739 714938310460 1678627 FX- 5460 8/11/2019 SANDEEP GOVIND SAWALAPURKAR 1 0.70 Misc sale
740 494665401793 1678627 FX- 5460 8/11/2019 PRERANA JADHAVARES 1 2.70 Misc sale
741 100970273027 1678627 FX- 5460 8/11/2019 PREM MISHRAARES 1 2.70 Misc sale
742 100970272947 1678627 FX- 5460 8/11/2019 ABHINANDAN SINGHARES 1 2.70 Misc sale
743 100970272958 1678627 FX- 5460 8/11/2019 KETAN SATAMARES 1 2.70 Misc sale
744 100970272991 1678627 FX- 5460 8/11/2019 NILESH SAWANTARES 1 2.70 Misc sale
745 788986666784 1678627 FX- 5460 8/11/2019 P JHAP JHA 1 1.00 Misc sale
746 2650028522 1447745 BA-139 8/18/2018 SINTEX INDUSTRIES LTD 1 4.50 Misc sale
748 275803415 1679752 SQ-422 8/13/2019 SAKSHI YARNS PVT LTD 1 2.52 Misc sale
749 30975775353 1448245 MH-174 8/18/2018 Confianza TechnoSoft Solutions LLP 1 2.08 Misc sale
750 1ZA4W9970490596278 1680062 EK-500 8/14/2019 HAMZA LEATHER EXPORTS 1 0.50 Misc sale
751 1Z8146R90408494874 1680392 EK-506 8/14/2019 PROF SHRIPAD L BHAGWAT 1 0.91 Misc sale
752 2371263042 1680451 BA-139 8/15/2019 ARYAN MISHRA 1 1.20 Misc sale
753 1242813784 1680451 BA-139 8/15/2019
RAYMOND CONSUMER CARE PRIVATE LIMITED1 1.50 Misc sale
754 V0266028597 1448964 5X- 0015 8/19/2018 SOUMYA ENTERPRISE 1 0.50 Misc sale
755 1Z7496416654540326 1448965 EK-506 8/19/2018 VISWA ENGRAVING 1 0.45 Misc sale
756 439878564965 A328663 TG - 317 8/20/2018 RUMANA SHAIKH 1 0.50 Misc sale
757 8586180326 1447861 OD-215 8/17/2018 TRADING BUCKET 1 7.70 Misc sale
758 3181162563 1681935 BA 135 8/17/2019 HAFSA BASHIR BHAT 1 0.30 Misc sale
759 7268067752 1681935 BA 135 8/17/2019 HANZLA ENTERPRISES 1 0.50 Misc sale
760 1Z377R950454338341 1450959 EK-502 8/22/2018 EKTA MURARKA 1 0.45 Misc sale
761 1565521263 1682254 BA-139 8/18/2019 ABK DUBASH 1 0.80 Misc sale
762 1Z6VW7690499678469 1450887 9W 231 8/22/2018 SHANTANU DESHPANDE 1 1.80 Misc sale
763 5738472471 1682254 BA-139 8/18/2019 B/308 RUCHIN CHS LTD 1 1.15 Misc sale
764 6957909011 1682551 EK-500 8/18/2019 VEDIC VAANI 1 3.00 Misc sale
765 1779809345 1451273 BA-199 8/23/2018 Vizrt India Pvt ltd 1 1.33 Misc sale
766 1779784414 1451273 BA-199 8/23/2018 Balwinder singh 1 1.41 Misc sale
767 1779776434 1451273 BA-199 8/23/2018 Amritha Jeganath 1 1.18 Misc sale
768 1Z72F0370426276449 1682551 EK-500 8/18/2019 AM TRADINGS 1 1.00 Misc sale
769 1Z2FX8250400833533 1451485 EK-506 8/23/2018 SAURABH AGARWAL 1 0.91 Misc sale
Pkgs Weight
770 1ZAW02820407809603 1364536 9W 231 4/14/2018 GIACOMO BARBIERI 1 1.10 Misc sale
771 776002317099 1682745 FX- 5460 8/18/2019 JENNY CHOPRA 1 0.50 Misc sale
772 1Z63X8Y40486433173 1684317 EK-500 8/21/2019 RYANLIFESTYLE 1 10.00 Misc sale
773 317168670 1609707 LH-756 4/19/2019 SUPRA EXPORTS 1 3.60 Misc sale
774 1779853283 1452540 BA-199 8/25/2018 Ritu Chaudhary 1 1.59 Misc sale
775 1779856794 1452540 BA-199 8/25/2018 robert m j 1 2.98 Misc sale
776 1779863562 1452540 BA-199 8/25/2018 Tammara Kishore Sharma 1 2.22 Misc sale
777 1Z8000V60450535857 1452775 EK-506 8/25/2018 SWATI GAVASKAR 1 0.45 Misc sale
778 1ZE33V330447829478 1452901 9W 231 8/25/2018 IMAGINARIUM INDIA PVT. LTD 1 0.50 Misc sale
779 7151723950 1685552 EK-500 8/23/2019 SAMREEN INTERNATIONAL 1 5.00 Misc sale
780 1Z2FX8250400837039 1453420 EK-506 8/26/2018 KAREN VIEGAS 1 0.45 Misc sale
781 1Z81RF110402822099 1685980 EK-502 8/23/2019 SORNAM MEENASHI SEETHARAMAN IL 1 3.63 Misc sale
782 706856352800 1453344 FX- 5460 8/26/2018 3M SOUTH ASIA MANUFACTURING 1 2.30 Misc sale
783 782399850271 1453344 FX- 5460 8/26/2018 CLOUDNETWORKS.TECH.INC 1 1.70 Misc sale
784 782410503357 1453344 FX- 5460 8/26/2018 ECLINICALWORKS 1 1.70 Misc sale
785 782419906516 1453344 FX- 5460 8/26/2018 DODOCART 1 1.70 Misc sale
786 782410828223 1453344 FX- 5460 8/26/2018 JTWCS 1 1.70 Misc sale
787 782419861984 1453344 FX- 5460 8/26/2018 LOGIX INFOSECUIRTY PVT. LTD. 1 1.70 Misc sale
788 782410821159 1453344 FX- 5460 8/26/2018 JT WEB COMPUTER SOLUTIONS 1 1.70 Misc sale
789 782388517612 1453344 FX- 5460 8/26/2018 ECLINICALWORKS 1 1.70 Misc sale
790 223078715 1453630 SQ-424 8/26/2018 LEAR AUTOMOTIVE INDIA PRIVATE L 1 20.00 Misc sale
791 9239686514 1685982 BA-139 8/24/2019 NAVRAJ HANS 1 1.40 Misc sale
792 131604199 1686270 EK-500 8/24/2019 KRISHA GLOBAL IMPORTS LIP 1 3.66 Misc sale
793 736240638710 1227308 FX 5460 9/17/2017 ANNY ALINEN ANNA PURNA 1 10.00 Misc sale
794 56471613262 1444253 9W-117 8/12/2018 AAKARSH SINHA 1 0.85 Misc sale
795 56471161784 1435495 9W-117 7/30/2018 Pinaki Saha, 1 0.85 Misc sale
796 1Z3017E30452225011 1686577 EK-506 8/24/2019 SORNAM MEENASHI SEETHARAMAN IL 1 5.44 Misc sale
797 4941882396 1686756 EK-508 8/24/2019
GOLDSEAL AVON POLYMERS PRODUCT PVT LTD
1 1.60 Misc sale
798 1Z225A330495150106 1454613 5X- 0015 8/28/2018 INDUS PLYWOODS 1 22.50 Misc sale
799 1ZY1Y5790446980977 1455261 EK-506 8/29/2018 MOHD HASAN 1 0.91 Misc sale
800 1Z1290140477447287 1455261 EK-506 8/29/2018 THE PARK KOLKATA 1 6.80 Misc sale
801 116692977597 1687160 FX- 5460 8/25/2019 SITAL KHIMNANI BALAJI INDUSTRIES 1 2.50 Misc sale
802 1Z6885646746101973 1687278 EK-502 8/25/2019 PACK NEEDS TRADING CORP 1 9.52 Misc sale
803 1ZA3W4576769690049 1687278 EK-502 8/25/2019 FOUR POINTS BY SHERATON NAVI M 1 16.59 Misc sale
804 789311753995 1687160 FX- 5460 8/25/2019 MANOJ NAIR 1 1.80 Misc sale
805 3356365073 1455379 9W 231 8/29/2018 ST REGIS HOTEL MUMBAI 1 0.50 Misc sale
806 8049390226 1687340 EK-508 8/25/2019 KSHIRSAGAR SAMSON 1 0.80 Misc sale
807 2629871742 1689134 BA-139 8/29/2019 AMIT VARMA 1 1.00 Misc sale
808 1060012472 1689134 BA-139 8/29/2019 VODAFONE IDEA LTD 1 0.60 Misc sale
Pkgs Weight
809 1Z118AW00408992982 1456633 EK-506 8/31/2018 MOLLY GARTHWAITE 1 0.45 Misc sale
810 1Z0W64A00456796288 1456633 EK-506 8/31/2018 SATYAJIT NALAVADE 1 0.45 Misc sale
811 1ZX5Y7830445446609 1456633 EK-506 8/31/2018 BRENTON FOSNER - GUEST 1 0.45 Misc sale
812 9526344225 1456701 BA-139 9/1/2018 M RAMCHANDE 1 1.10 Misc sale
813 1ZA125290494130388 1689419 EK-500 8/29/2019 VESTAS TECHNOLOGY R& 1 1.70 Misc sale
814 1Z9702YF0400763585 1229822 9W 231 9/21/2017 RAJU RONGPI 1 1.36 Misc sale
815 1ZA7R956D991025678 1456829 9W 231 8/31/2018 SECO TOOLS - INDIA 1 10.00 Misc sale
816 2173326094 1689870 EK-508 8/29/2019 KIRAN ZENDE 1 0.40 Misc sale
817 1Z8000V60452179908 A330098 EK-506 9/1/2018 S. SANKARAN 1 0.45 Misc sale
818 8381543822 1457550 9W-0115 9/2/2018 EMERSON AUTOMATION SOLUTIONS 1 1.81 Misc sale
819 601203160 1690350 EK-506 8/30/2019 PINAK TEXPORT 1 1.70 Misc sale
820 7753297473 1230815 9W-117 9/23/2017 JASMINE CHAN 1 10.00 Misc sale
821 621336984 1455558 LH-756 8/30/2018 ALL ARCH INDIA PVT. LTD. 1 0.50 Misc sale
822 423797773432 1691571 FX- 5460 9/1/2019
JAYA SHREE/SHREYA/ RAKSHA RICAMO EXPORTS 1 0.50 Misc sale
823 789429993808 1691571 FX- 5460 9/1/2019 SHAILA MOHOL GALAXY STUDIO 1 0.80 Misc sale
824 789438566587 1691571 FX- 5460 ATTN:
9/1/2019PRAVIN AHIRE TATA CONSULTANCY SERVICES/TCS
1 1.80 Misc sale
825 789406552585 1691571 FX- 5460 9/1/2019
KHUSHBU SHAH PLOT J, TODI INDUSTRIAL ESTATE
1 2.10 Misc sale
826 110116103957 1691571 FX- 5460
BANDRA 9/1/2019
KURLA COMPLEX BRANDA E DUFF AND PHELPS INDIA1 PVT1.60
LTD Misc sale
827 117275856110 1691571 FX- 5460
IGP-BOM-INTERMESH
9/1/2019 SHOPPING NET INTERMESH SHOPPING NETWORK
1 1.00
PVT Misc sale
828 789430158635 1691571 FX- 5460 9/1/2019KHUSHBU SHAH TODI INDUSTRIAL ESTATE 1 0.90 Misc sale
829 776101657969 1691571 FX- 5460 9/1/2019 VARUN SRINIVAS 1 0.70 Misc sale
830 31427407406 1460125 MH-194 9/5/2018 Aisling global corporation 1 5.84 Misc sale
831 1Z8779E00464918275 1460566 EK-506 9/6/2018 LAKSHMI NARAIN COLLEGE OF TECH 1 1.36 Misc sale
832 679504511 1461133 SQ-422 9/7/2018 TO CHU DA 1 0.26 Misc sale
833 1780031746 1461012 BA-199 9/7/2018 Pulkit 1 1.82 Misc sale
834 1780083745 1461012 BA-199 9/7/2018 Piyali pal 1 0.22 Misc sale
835 1Z90245R0496278658 1693712 EK-500 9/5/2019 ANAND PADMANABHAN 1 0.60 Misc sale
836 1Z76447F0494286045 1693712 EK-500 9/5/2019 BABU PRASATH 1 4.00 Misc sale
837 789535505692 1693712 EK-500 9/5/2019 PRECIMAX ENGINEERS 1 2.50 Misc sale
838 1Z9YF1280430906293 1694056 EK-506 9/5/2019 UMESH POKHARKAR 1 0.90 Misc sale
839 3061433012 1694130 BA-139 9/6/2019 PRIYANKA KOCHHAR 1 2.90 Misc sale
840 1Z9743W80474569633 1461924 EK-506 9/8/2018 G.S.CHANDRASEKARAN 1 0.91 Misc sale
841 1Z8418R70400645070 1694385 EK-500 9/6/2019 KIRTHI RAI 1 1.90 Misc sale
842 1ZW5352V0460127821 1234324 9W 231 9/28/2017 ABB LTD 1 16.00 Misc sale
843 1ZY13V626796591320 1694703 EK-506 9/6/2019 IVF SPRING ANJALI DEVAL 1 2.30 Misc sale
844 1780121685 1461938 BA-199 9/9/2018 Tsala Studio 1 0.92 Misc sale
845 773141621642 A331067 FX 5460 9/9/2018 L SEVEN STAR 1 3.20 Misc sale
846 1Z118AW00453188749 1695345 EK-506 9/7/2019 SRINIVASAN GOVINDARAJAN 1 0.45 Misc sale
847 1Z03Y093D963441881 1462945 EK-500 9/10/2018 TATA CONSULTANCY SERVICES 1 5.00 Misc sale
Pkgs Weight
848 1ZR2961R0498252046 1695640 EK-500 9/8/2019 URVASHI RAUTELA 1 0.50 Misc sale
849 991203717318 1695957 FX- 5460 9/8/2019
AMIT TAWDE TATA CONSULTANCY SVCS OLYMPUS 1 0.70 Misc sale
850 747918937348 1236172 FX 5460 10/1/2017 JAY PRECISION PRODUCTS 1 5.00 Misc sale
851 1ZW792720421408577 1697514 EK-500 9/11/2019 PARAS INDUSTRIES 1 0.60 Misc sale
852 1780167200 1465010 BA-199 9/13/2018 DreamWorld Entertainment 1 1.37 Misc sale
853 1780603856 1465010 BA-199 9/13/2018 Asmita Joshi 1 0.27 Misc sale
854 3422241174 1697514 EK-500 9/11/2019 VIMAL V PATEL 1 3.74 Misc sale
855 1Z9V53840435186568 1465200 EK-506 9/13/2018 ALKA HARI 1 0.45 Misc sale
856 7530388854 1697514 EK-500 9/11/2019 AMBA BANGLES 1 0.90 Misc sale
858 7209360830 1697700 EK-504 9/11/2019 VASUDHA VEERARAGHAVAN 1 4.10 Misc sale
859 322414153 1698033 CX 663 9/12/2019 INFINITI RETAIL LTD 1 3.10 Misc sale
860 5508005635 1465580 EK-500 9/14/2018 PRABHAT NAGAM 1 0.50 Misc sale
861 5657050593 1698606 EK-508 9/12/2019 SONAM OBEROI 1 0.31 Misc sale
862 5332655893 1698551 BA-139 9/13/2019 FINESSE CREATIONS INC 1 0.95 Misc sale
863 1780200542 1466262 BA-199 9/15/2018 Jitendrasinh k jadeja 1 1.59 Misc sale
864 1780603300 1466262 BA-199 9/15/2018 MRS. SUNANDA SINGHAL 1 1.05 Misc sale
865 1780609552 1466262 BA-199 9/15/2018 L.manojkumar 1 1.29 Misc sale
866 1Z0W64A00458585798 1466523 EK-506 9/15/2018 SHYAMALENDU GHOSAL 1 0.45 Misc sale
867 1Z2F5R850496655889 1466523 EK-506 9/15/2018 ANURADHA KODURI 1 0.45 Misc sale
868 1Z895W636793003574 1699114 EK-506 9/13/2019 BASU 1 0.91 Misc sale
869 1Z9Y612R6716515186 1699114 EK-506 9/13/2019 DHRUVI SHAH 1 0.45 Misc sale
870 1728361924 1466728 AI 102 9/15/2018 IIS - JSW Sports 1 1.31 Misc sale
871 1417761494 1698551 BA-139 9/13/2019
ACCENTURE SERVICES PRIVATE LIMITED - IDB1 3.10 Misc sale
872 2935316775 1699275 EK-508 9/13/2019 MIRRAW ONLINE SERVICES PVT LTD. 1 7.67 Misc sale
873 9243096914 1699164 BA-139 9/14/2019 GENUS ABS GLOBAL 1 4.50 Misc sale
874 702252820432 1467146 FX- 5460 9/16/2018 PARTH DOSHI PARTH DOSHI 1 2.90 Misc sale
875 773209955042 1467146 FX- 5460 9/16/2018
DOW INDIA TECHNOLOGY CENTER SWATI TRIBEDY 1 2.70 Misc sale
876 1Z2FE6226793716608 1699446 EK-500 9/14/2019 MUKUL KIRTANE 1 0.45 Misc sale
877 7524878443 1699489 BA 135 9/14/2019 SONYA GARG 1 1.90 Misc sale
878 3862762455 1468023 9W-0115 9/18/2018 PARLE ELIZABETH TOOLS PVT. LTD. 1 4.60 Misc sale
879 7265907541 1468467 BA-139 9/19/2018 AHMED A. FAZELBHOY PVT. LTD 1 1.90 Misc sale
880 789697047402 1700399 FX 5460 9/15/2019 KARINA VAZ 1 1.30 Misc sale
881 1ZW341560494689314 1468468 9W 231 9/18/2018 ECM BUSINESS CONSULTING 1 15.00 Misc sale
882 1780671782 1469476 BA-199 9/20/2018 Samiya Khan 1 1.51 Misc sale
883 1780670485 1469476 BA-199 9/20/2018 Kirti chaudhari 1 0.80 Misc sale
884 1780688372 1469476 BA-199 9/20/2018 Siraj 1 0.63 Misc sale
885 1ZY1Y5790448255775 1469712 EK-506 9/20/2018 M RAJESH 1 0.45 Misc sale
886 1Z07V17F0447483583 1469712 EK-506 9/20/2018 MASK TECHNOLOGIES 1 3.63 Misc sale
Pkgs Weight
887 1Z9766AY0452015127 1469712 EK-506 9/20/2018 ANKIT SAGWAL 1 0.45 Misc sale
888 1Z189W2W0447227356 1469771 EK-502 9/20/2018 UJJWALA 1 0.45 Misc sale
889 882761691 1702450 SQ-424 9/18/2019 STYLRITE OPTICAL INDUSTRIES 1 1.50 Misc sale
890 1Z2FW8240426400900 1470439 EK-506 9/21/2018 NACHIKET GOGATE 1 1.36 Misc sale
891 1ZA5264T0410682201 1702545 EK-500 9/19/2019 AMIT MEHTA 1 0.50 Misc sale
892 1ZA3W4576769985721 1703034 EK-502 9/19/2019 FOUR POINTS BY SHERATON VADODA 1 6.80 Misc sale
893 1ZAE89606740453389 1703034 EK-502 9/19/2019 MAHESH GUPTA 1 0.45 Misc sale
894 4213688802 1703045 EK-508 9/19/2019 NETWORKBAY 1 0.68 Misc sale
895 1781211386 1470833 BA-199 9/22/2018 Nandini Ashok 1 0.31 Misc sale
896 1780687856 1470833 BA-199 9/22/2018 Soleil I 1 0.30 Misc sale
897 1780693165 1470833 BA-199 9/22/2018 Ankita Jethalia 1 0.47 Misc sale
898 2349442255 1703199 EK-500 9/20/2019SPORTA TECHNOLOGIES PRIVATE LIMITED 1 1.20 Misc sale
899 1Z31A9210491041549 1471120 9W 231 9/22/2018 TRITAN LEATHER WORKS 1 1.00 Misc sale
900 1ZE1F0220463710171 1240671 9W 231 10/8/2017 AYUSH BANSAL 1 2.72 Misc sale
901 1ZA8T7820497056213 1471717 EK-506 9/23/2018 VAMTEC MACHINES & AU 1 9.52 Misc sale
902 1ZAR29400434291659 1471717 EK-506 9/23/2018 F4A ANNAI ATULYA APARTMENTS 1 0.45 Misc sale
903 1384841942 1241274 BA-139 10/10/2017 GLENMARK PHARMA LTD. 1 2.50 Misc sale
905 1Z10R1416791244383 1703883 EK-500 9/21/2019 OVERSEAS ENTERPRISES 1 1.10 Misc sale
906 9224410624 1704499 EK-500 9/22/2019 PURPLE STYLE LABS PVT LTD 1 0.60 Misc sale
907 V0330142788 1704825 5X- 0015 9/22/2019 PUSHPENDRA SINGH 1 2.00 Misc sale
908 1Z6744616758913934 1472950 5X- 0015 9/25/2018 OLIN CHLOR PROD INDIA 1 0.45 Misc sale
909 776284529016 1704780 FX- 5460 9/22/2019 SUSHMITA ROY 1 4.50 Misc sale
910 776285950214 1704780 FX- 5460 9/22/2019
GAURAV SUDHAKAR BULBULE FORMS+SURFACES 1 1.40 Misc sale
911 789871677944 1704780 FX- 5460 9/22/2019 RAMAN VERMA LTA SYSTEMS LAB 1 0.90 Misc sale
912 1ZY83R06DG92677184 1704900 EK-502 9/22/2019 VSERVE EBUSINESS SOLUTIONS 1 1.81 Misc sale
913 1Z2X655F0400468396 1473635 EK-506 9/26/2018 INDUCE FITNESS STUDIO 1 2.27 Misc sale
914 1Z066W6E0400166830 1473635 EK-506 9/26/2018 CAMILIA RYNTATHIANG 1 0.45 Misc sale
915 108537206020 1704780 FX- 5460 9/22/2019SEEMA NAIR PRINCIPAL GLOBAL SERVICES 1 2.30 Misc sale
916 1133726521 1473744 9W-119 9/26/2018 KANUBHAI SHAH 1 9.80 Misc sale
917 1ZE1260F0401513906 1473635 EK-506 9/26/2018 CHITKARA EDUCATIONAL TRUST 1 0.45 Misc sale
918 573498903 1706224 AI-343 9/24/2019 RAJKUMAR RATHORE 1 11.80 Misc sale
919 1Z2FW2350452380098 1474320 EK-506 9/27/2018 SOFTQUBE TECHNOLOGIES PVT LTD 1 0.91 Misc sale
920 1ZW809V00413714976 1474462 EK-508 9/27/2018 DR. PADMA SUBRAHMANYAM 1 0.70 Misc sale
921 32122891566 1474569 AI-343 9/27/2018 Ananth Dsilva 1 0.89 Misc sale
922 1922828342 1706792 BA-139 9/26/2019 WINMAGIC TOYS PRIVATE LIMITED 1 2.00 Misc sale
923 1ZW824650469594621 1475072 9W 231 9/28/2018 ERGOFLEX (I) PVT LTD. 1 9.00 Misc sale
924 642101681 1474523 SQ-424 9/27/2018 K S TAPES 1 1.46 Misc sale
925 1Z05R2W10492683041 1707366 EK-506 9/26/2019 WESTERN UNION 1 4.99 Misc sale
Pkgs Weight
926 1Z6309WA0450990413 1475675 EK-506 9/29/2018 PARIKSHIT MONPARA 1 0.45 Misc sale
927 776329451139 1707707 EK-500 9/27/2019 DR. THORSTEN LOEHL 1 5.60 Misc sale
928 1Z44F2F20499233671 1707707 EK-500 9/27/2019 LASTANGATA SOURCING INDIA PVT 1 5.00 Misc sale
929 1Z3766V70470046152 1707707 EK-500 9/27/2019 ECOLINE EXIM PVT. LTD. 1 5.00 Misc sale
930 7686550071 1707787 BZ-201 9/27/2019 BHAKTI GANDE 1 1.72 Misc sale
931 1Z2FW2350452588534 1476396 EK-506 9/30/2018 RAMESH BAHRI 1 0.45 Misc sale
932 773333585832 1476303 FX- 5460 9/30/2018 TECH2 1 2.40 Misc sale
933 1Z1520870459340558 1708368 EK-500 9/28/2019 ADAM INTERNATIONAL 1 5.00 Misc sale
934 1Z8386266747093932 1708676 EK-506 9/28/2019 PROSPECT ENGINEERING WORKS 1 1.81 Misc sale
935 1781342511 1476807 BA-199 10/1/2018 Vamshi Krishna 1 0.76 Misc sale
936 1ZR6V3216710643106 1477592 5X-0015 10/2/2018 ARVIND ADVANCED MATERIALS DIV 1 1.81 Misc sale
937 4992077613 1477705 9W 231 10/2/2018 UPL LIMITED 1 1.40 Misc sale
938 32122909055 1477935 AI-343 10/2/2018 Dr Raazia Hassan Khan 1 0.69 Misc sale
939 32122911995 1477935 AI-343 10/2/2018 anshul dixit 1 0.89 Misc sale
940 776361140916 1709296 FX- 5460 9/29/2019
CHERYL STALLINGS NBA INDIA BASKETBALL PVT 1LTD 2.30 Misc sale
941 5971439040 1709403 BA-139 9/30/2019 NARENDRABHAI DAVE 1 4.54 Misc sale
942 31677445435 1478453 MH-194 10/3/2018 Aghora Plastics 1 0.46 Misc sale
943 1Z09F4626764620889 1710551 5X-0015 10/1/2019 MANLEEN PURI 1 0.91 Misc sale
944 8608084542 1710670 BA-139 10/2/2019 IYER 1 1.45 Misc sale
945 2806865106 1710670 BA-139 10/2/2019 SANTOSH THOMBARE 1 4.50 Misc sale
946 1Z539V620492624607 1479035 9W 231 10/4/2018 HEIDI STEWART 1 0.50 Misc sale
947 1781389411 1479347 BA-199 10/5/2018 Karishma Mishra 1 0.48 Misc sale
948 1781359705 1479347 BA-199 10/5/2018 Rinku Gaurav Sehrawat 1 2.26 Misc sale
949 1Z9Y601Y0405028859 1711293 EK-502 10/2/2019 SANDEEP SAHADEV LAD 1 10.43 Misc sale
950 1Z03RW690492147631 1711548 EK-500 10/3/2019 SAI PATIL 1 1.00 Misc sale
951 1781422554 1480710 BA-199 10/7/2018 Priyanka Ahuja 1 1.47 Misc sale
952 3722557086 1711898 BA-139 10/4/2019 AASTHA GHANSHYAM HEDAV 1 5.35 Misc sale
953 1Z9V53840436438347 1480942 EK-506 10/7/2018 ULTIMATE SOLUTIONS 1 0.91 Misc sale
954 1Z19981E6799514587 A334552 5X- 0015 10/7/2018 SPECTRUM VIRTUAL REA 1 0.45 Misc sale
955 W5364094325 1712128 EK-500 10/4/2019 HARSHA ENGINEERS LTD. MORAIYA 1 20.00 Misc sale
956 1Z9766AY0454799108 1480942 EK-506 10/7/2018 DEEPIKA JAIN 1 0.91 Misc sale
957 2151415103 1481008 BA-139 10/8/2018 URVASHI THACKERAY 1 1.36 Misc sale
958 4145394654 1712627 EK-508 10/4/2019 SREEHARSHA BOMMIREDDIPALLI 1 2.21 Misc sale
959 219073212 1712618 CX 663 10/5/2019 ENOX HARDWARE INDIA PVT LTD 1 2.70 Misc sale
960 1781457300 1481367 BA-199 10/8/2018 Geeta Barua 1 5.71 Misc sale
961 1ZW5559V0400270413 1482291 9W 231 10/9/2018 JANAK SAMTANI 1 1.00 Misc sale
962 1ZAF57746793323381 1713141 EK-506 10/5/2019 JOHN SALDHANA 1 1.36 Misc sale
963 1926600421 1482321 BA-139 10/10/2018 SHEN HUN 1 0.50 Misc sale
964 783048526092 1482717 6E-0179 10/10/2018HOLIDAY INN ATTN: NICOLE MONACHINO 1 25.50 Misc sale
Pkgs Weight
965 9988553794 1482947 BA-139 10/10/2018 FLEX 1 15.00 Misc sale

966 3078815106 1061318 CX 663 12/12/2016 KDM TREXIM PVT LTD. 1 18.20 Misc sale
967 471039902034 1713734 FX 5460IMD COURIER
10/6/2019 & CARGO LLP*LWP* IMD COURIER & CARGO1 LLP*LWP* 1.00 Misc sale
968 124730103265 1713734 FX 5460 10/6/2019
MR. ANAND KUMAR SHANKAR PACKAGING LIMITED 1 9.10 Misc sale
969 1ZAF56650492315546 1483549 EK-506 10/11/2018 ADP PRIVATE LIMITED 1 4.54 Misc sale
970 1781510555 1483297 BA-199 10/11/2018 hasin 1 0.97 Misc sale
971 1781492554 1483297 BA-199 10/11/2018 Dr Ranjit Saha 1 0.27 Misc sale
972 117260121695 1713734 FX 5460 10/6/2019SHUBHANGI NATU BECHTEL INDIA PVT LTD 1 1.80 Misc sale
973 7241297895 1483626 9W 231 10/11/2018 MAPLE DIGITAL TECHNOLOGY INT. 1 1.40 Misc sale
974 3181327881 1714446 BA-139 10/8/2019 AJINKYA DILIP KALE 1 0.25 Misc sale
975 1Z64789A0416435139 1483626 9W 231 10/11/2018 PROCTER & GAMBLE, INDIA P&G PL 1 3.00 Misc sale
976 1Z01V80R0494430766 1715289 EK-500 10/9/2019 MOHIT HEMANT SAVARGAONKAR 1 3.00 Misc sale
977 1ZA7344W0400040961 1715633 EK-502 10/9/2019 SPICEJET 1 0.45 Misc sale
978 1Z5004430490008459 1484914 EK-506 10/13/2018 VICKY NAIR 1 1.81 Misc sale
979 1781529481 1485343 BA-199 10/14/2018 Camilia Ryntathiang 1 0.25 Misc sale
980 1ZAV36090491639705 1485545 5X- 0015 10/14/2018 IOT ENTERPRISE 1 10.00 Misc sale
981 444609149464 1485493 FX- 5460 10/14/2018
ADITYA BRILA PAYMENTS BANK ANSHUL SEHGAL 1 1.50 Misc sale
982 1781590414 1485988 BA-199 10/15/2018 JAMSHITH KASSIM 1 0.47 Misc sale
983 1781587846 1485988 BA-199 10/15/2018 Atmakuri Gowriah 1 1.54 Misc sale
984 608556555 1717722 SQ-424 10/12/2019 MICHELLE VAZ 1 1.00 Misc sale
985 1ZAR29400487586607 1716880 EK-506 10/11/2019TURTLE WEALTH MANAGEMENT PVT. LTD. 1 0.45 Misc sale
986 1ZX3X9296754567269 1486786 5X-0015 10/16/2018 SREENATH VEERAGOINA,S/O AILAIA 1 0.91 Misc sale
987 1ZX3X9296755608230 1486786 5X-0015 10/16/2018 PRUTHVI PAVAN 1 0.91 Misc sale
988 1853538971 1717919 AI-130 10/13/2019 Rakesh Paleja 1 4.70 Misc sale
989 1Z883W940451276878 1717826 EK-500 10/13/2019 SUSY 1 2.00 Misc sale
990 780192366013 1718097 FX- 5460 10/13/2019 NIRAV PATEL REVENUE SURVEY NO. 1 1 1.80 Misc sale
991 776675571391 1718097 FX- 5460 10/13/2019
PRIYA KUMARI WELSPUN GLOBAL BRANDS LIMITED 1 3.60 Misc sale
992 1Z8000V60462816647 1487458 EK-506 10/17/2018 DEEPTHI CHENNADI 1 0.45 Misc sale
993 1Z20472E0401121895 1487458 EK-506 10/17/2018 VIJAY DHAWANGALE 1 0.45 Misc sale
994 776640965407 1718097 FX- 5460 10/13/2019
RIJIT ROY ACCENTURE TECHNOLOGY SERVICES1 0.50 Misc sale
995 111562875252 1718097 FX- 5460 SHRENO
10/13/2019LTD. GLASS DIVISION SHRENO LTD - GLASS DIVISION
1 1.60 Misc sale
996 9796367792 1487545 BA-139 10/18/2018 HALLIBURTON OFFSHORE SERVICES 1 9.50 Misc sale
997 5626564215 1487554 9W 231 10/17/2018 FORD INDIA PRIVATE LTD 1 4.00 Misc sale
998 128790398835 1718097 FX- 5460 10/13/2019 ABY DARDA WELSPUN INDIA LTD 1 3.50 Misc sale
999 507691349 1718350 KL-877 10/14/2019 PROCTER & GAMBLE 1 9.00 Misc sale
1000 1161661001 1487554 9W 231 10/17/2018 MIG MEDIA NEURONS LTD 1 0.40 Misc sale
1001 1Z2FX8250400919094 1488130 EK-506 10/18/2018 AJAYAN PA 1 0.91 Misc sale
1002 1Z04716A0494437985 1719695 EK-500 10/16/2019 MINDA CORPORATION LTD. 1 1.70 Misc sale
1003 1Z6130860466773643 1488219 9W 231 10/18/2018 GUJARAT REFLECTOR MANUFACTURIN 1 11.00 Misc sale
Pkgs Weight
1004 1Z1A0R220486106702 1488783 EK-506 10/19/2018 MANSI BHAJANKA 1 0.45 Misc sale
1005 1Z10R1416796992351 1720318 EK-500 10/17/2019 MELCOM AUTOMATION PVT LTD 1 4.00 Misc sale
1006 1Z30YV800459819936 1488888 9W 231 10/19/2018 FUTURE GENERALI INDIA LIFE 1 0.50 Misc sale
1007 4650630574 1488888 9W 231 10/19/2018 MAPLABZ 1 2.60 Misc sale
1008 4628596744 1720866 EK-508 10/17/2019 CATERPILLAR SIGNS PVT LTD 1 9.07 Misc sale
1009 1Z7R7Y550484027319 1489463 EK-506 10/20/2018 SCARLET PRINTS LLP 1 0.91 Misc sale
1010 4589381285 1721504 EK-508 10/18/2019 INSTILL DESIGN PVT LTD 1 2.00 Misc sale
1011 1464414313 1721406 BA-139 10/19/2019 T-SYSTEMS INDIA 1 1.75 Misc sale
1012 6451668414 1721406 BA-139 10/19/2019 KONICA MINOLTA MARKETING 1 2.55 Misc sale
1013 1Z2FW4086794036696 1490032 5X- 0015 10/21/2018 AKSHAY AGRAWAL 1 4.54 Misc sale
1014 1Z617RR90414102706 1490114 EK-506 10/21/2018 BRUNDA OBLUM 1 1.36 Misc sale
1015 701059633153 1490080 FX- 5460 10/21/2018 RESIDEO PATIL,BHUSHAN 1 1.40 Misc sale
1016 701059633175 1490080 FX- 5460 10/21/2018 RESIDEO SOUDAGAR,IMRAN 1 1.40 Misc sale
1017 701059633094 1490080 FX- 5460 10/21/2018 RESIDEO JAIN,PUSHPAK 1 1.40 Misc sale
1018 32122978974 1490357 AI-343 10/21/2018 Shivsagar Pamdini 1 1.13 Misc sale
1019 1Z3YY4080400059651 1722738 EK-502 10/20/2019 AJAY RATHORE 1 1.81 Misc sale
1020 1ZE192W20463833657 1722738 EK-502 10/20/2019 VAANI KAPOOR 1 0.45 Misc sale
1021 776750974953 1722642 FX- 5460 10/20/2019 MARUTI R. JADHAV 1 3.80 Misc sale
1022 1Z6VW7690497107614 1491757 EK-500 10/24/2018 MITHILA 1 1.90 Misc sale
1023 123342235123 1722642 FX- 5460ATTN:
10/20/2019
PUSHKAR RAJ SHAKTAWAT L&T TECHNOLOGY SERVICES
1 LTD
4.50 Misc sale
1024 776736836154 1722642 FX- 5460 10/20/2019 RANVEER ALLAHBADIA 1 4.50 Misc sale
1025 776742877470 1722642 FX- 5460 10/20/2019
A.K. TYAGI SCHOOL OF MAINTENANCE PRACTICE
1 10.40 Misc sale
1026 1Z189W2W0452813757 1492036 EK-506 10/24/2018 MONIKA GULATI 1 0.91 Misc sale
1030 494449675 1492222 LH-756 10/25/2018 ANAVEN LLP 1 1.70 Misc sale
1031 9654484335 1724009 BA-139 10/23/2019 PARAG GOGATE - SIEMENS PLM 1 0.45 Misc sale
1032 1Z09212X0406082142 1492728 EK-506 10/25/2018 NITHYA VEMIREDDY 1 0.45 Misc sale
1033 1ZXX07230448868954 1492728 EK-506 10/25/2018 S&P GLOBAL (INDIA - S&P HOUSE) 1 6.35 Misc sale
1034 1ZW0211V6741136686 1492629 5X-0015 10/25/2018 AESTHETIC FITTINGS 1 3.63 Misc sale
1035 7757333290 1724339 BA-199 10/23/2019 K P RAO 1 12.05 Misc sale
1036 1Z6130860464759341 1492980 9W 231 10/25/2018 BDI GROUP - ATT RAHUL D, SAINI 1 7.00 Misc sale
1037 1778474110 1492968 AI 102 10/25/2018 Srinivas Senu 1 3.29 Misc sale
1038 307621237 1492966 LH-756 10/26/2018 MASCOT DECORS 1 2.00 Misc sale
1039 1Z37Y83A6793995150 1493388 5X-0015 10/26/2018 LUCKY JAAT 1 0.45 Misc sale
1040 1Z19981E6793552850 1493388 5X-0015 10/26/2018 VIASAT INCORPORATED 1 0.91 Misc sale
1041 V0283181175 1493388 5X-0015 10/26/2018 MJ INTERNATIONAL 1 5.20 Misc sale
1042 1ZY2Y6336799814182 1725270 EK-506 10/24/2019 AADOR ROY 1 0.91 Misc sale
Pkgs Weight
1043 1Z231WE36797958949 1725270 EK-506 10/24/2019 GSTN 27AETPS9717B1ZY 1 1.81 Misc sale
1044 1Z069V7F0466872655 1493549 9W 231 10/26/2018 MR AND MRS RAJ SALGAOCAR 1 8.00 Misc sale
1045 32122993814 1493644 AI-343 10/26/2018 Shri Balaji Motors Royal Enfield 1 1.98 Misc sale
1046 1728561144 1493642 AI 102 10/26/2018 G.S.Chandrasekaran 1 1.46 Misc sale
1047 9614986964 1725688 BA-199 10/25/2019 TARUN KAKU 1 6.65 Misc sale
1048 1ZAF57770499815120 1725937 EK-506 10/25/2019 ADP INDIA 2 1.81 Misc sale
1049 7369238214 1724009 BA-139 10/23/2019 MILAAYA EMBROIDERY PVT LTD. 1 1.15 Misc sale
1050 1781708751 1494207 BA-139 10/28/2018 VASUNDHARA ASHOK TALWARE 1 1.30 Misc sale
1051 1781704901 1494207 BA-139 10/28/2018 Smita Konduru 1 0.85 Misc sale
1052 1728566081 1494361 AI 102 10/27/2018 Aneesh Cheruvalath 1 3.37 Misc sale
1053 428634477 1493549 9W 231 10/26/2018 NORME COSMETICS PRIVATE LTD 1 0.20 Misc sale
1054 412465896424 1494758 FX- 5460 10/28/2018 BP EXPLORATION DAVID JENKINS 1 2.50 Misc sale
1055 9773955133 1726664 BA-139 10/27/2019 VERSION 1, 1 3.64 Misc sale
1056 783423083655 1494758 FX- 5460 10/28/2018 RAHUL D 1 0.40 Misc sale
1057 3737690250 1494899 9W-119 10/28/2018 DONJOSEPH DSOUZA 1 0.50 Misc sale
1058 1ZAX36610499102445 1726904 EK-500 10/27/2019 VISHAKHA POLYFAB PVT 1 21.00 Misc sale
1059 701441404334 1077108 FX 5460 1/8/2017 MIHIR SUJAN YADAV 1 1.10 Misc sale
1060 1781767186 1495250 BA-199 10/29/2018 V&62L&62Kanthan 1 1.40 Misc sale
1061 1728574960 1495655 AI 102 10/29/2018 Seafood & Seasoning Co. 1 0.35 Misc sale
1062 116739850887 1727183 FX 5460 10/27/2019
DURGESH KAUSHIK SNAP- W10 THE A-WORK SPACES, 1 7 13.60 Misc sale
1063 776792315921 1727183 FX 5460 ATTN
10/27/2019
MARLEA STOCKENBERG REFCO HYATT REGENCY1MUMBAI 28.10 Misc sale
1064 780516250352 1727183 FX 5460 10/27/2019
VINEET KAPOOR WELSPUN GLOBAL BRANDS LTD 1 4.00 Misc sale
1065 1760994174 1262337 QR 8604 11/11/2017 Dr Bijy Sathyan 1 0.43 Misc sale
1066 773573932162 1496655 FX-5033 10/31/2018BRADBURRYS QUIET WATERS PERSONALI 1 1.20 Misc sale
1067 299301786 1728010 CX 663 10/29/2019 IRIS BUILDTECH 1 0.18 Misc sale
1068 1ZE45F730403147326 1496866 9W 231 10/31/2018 MIKHEL AND SARVANGI 1 1.60 Misc sale
1069 1Z43Y34ED941140586 1496866 9W 231 10/31/2018 SIIDHA DAGA 1 0.50 Misc sale
1070 1781752840 1497189 BA-199 11/1/2018 Jonas Woodhead & Sons India Limi 1 0.76 Misc sale
1071 8880002427 1710760 CX 663 10/2/2019 METRO SHOES LIMITED 1 8.00 Misc sale
1072 1ZT33T266761058160 1729809 EK-506 10/31/2019 ARUNI BHATTACHARYA 1 0.91 Misc sale
1073 1ZY371290448346700 1497541 9W 231 11/1/2018 GLIDE TECHNOLOGY PVT. LTD. 1 0.50 Misc sale
1074 1728582833 1497629 AI 102 11/1/2018 Vania Oberoi 1 2.92 Misc sale
1075 6836664052 1497541 9W 231 11/1/2018 CO-COORDINATOR -B&S ASSET 1 4.40 Misc sale
1076 860089257386 1497621 MH-194 11/1/2018 RENEE 1 7.38 Misc sale
1077 31427530820 1497621 MH-194 11/1/2018 phani kumar 1 0.86 Misc sale
1078 780604862627 1730087 EK-500 11/1/2019 HOMZIE DESAI 1 0.50 Misc sale
1079 1237665332 1730313 EK-504 11/1/2019 MIRRAW ONLINE SERVICES PVT LTD 1 4.40 Misc sale
1080 1ZW85R210476252575 1498088 EK-506 11/2/2018 MEENAKSHI SANGEETHA 1 4.99 Misc sale
1081 2951030600 1730545 BA-139 11/2/2019 ANGOORA INTERNATIONAL 1 9.00 Misc sale
Pkgs Weight
1082 1679211483 1498253 9W-119 11/2/2018 FR JOHNSON CHACKO / GENERAL 1 1.90 Misc sale
1083 3784365830 1730545 BA-139 11/2/2019 HDFC BANK LTD 1 0.40 Misc sale
1084 1728591970 1498984 AI 102 11/3/2018 Oil India Limited (Chandan Kumar B 1 4.51 Misc sale
1085 1728593436 1498984 AI 102 11/3/2018 ecowalk impex private limited 1 4.30 Misc sale
1086 1ZE919610436163233 1731481 EK-500 11/3/2019 MARIE GON VOS / JASP 1 9.10 Misc sale
1087 780642026970 1731784 FX- 5460 11/3/2019
VAIBHAV PANDYA M.TECH PRODUCTS (SINGAPORE) 1 PT 0.50 Misc sale
1088 776846674142 1731784 FX- 5460
MEDPACECLINICALRESEARCHINDIAPV
11/3/2019 OFFICENO1416,14THFL.RUPA
1 SOLIT
2.70 Misc sale
1089 773607895074 1499383 FX- 5460 11/4/2018 MR. RANNVIJAY SINGH 1 1.80 Misc sale
1090 1Z9Y97E30406078397 1265113 9W 231 11/15/2017 MAHARSHI VYAS 1 0.45 Misc sale
1091 162449335 1731983 SQ-424 11/3/2019 PRAYAS PEN AND PLASTIC INDUSTRIES 1 0.50 Misc sale
1092 1728580733 1499737 AI 102 11/4/2018 Akash Regi Mathew c/o larm09 1 1.65 Misc sale
1093 1565995491 1733156 BA-139 11/6/2019 SNEHAL GAIKWAD 1 3.90 Misc sale
1094 1375372202 1733195 VS-354 11/6/2019 GAUTAM RAMCHANDI 1 0.96 Misc sale
1095 3252349531 1500842 9W 231 11/6/2018 DESCROIX MANON 1 0.30 Misc sale
1096 32123026611 1500946 AI-343 11/6/2018 Vansh Ganeriwal 1 0.93 Misc sale
1097 1Z87E51W0412432955 1500842 9W 231 11/6/2018 RAJESH SHAH 1 3.90 Misc sale
1098 9063479272 1500913 BA-139 11/7/2018 SHWETA PANDEY 1 2.00 Misc sale
1099 1Z66ER790450789151 1501471 EK-502 11/7/2018 GIRI COMPUTER TECHNOLOGIES 1 4.54 Misc sale
1100 1Z150V4A0446101321 1501471 EK-502 11/7/2018 AKANSHA GUPTA 1 3.63 Misc sale
1101 1Z2674660465017822 1501471 EK-502 11/7/2018 BENTLEY SYSTEMS INDIA PVT. LTD 1 5.90 Misc sale
1102 1ZV683230417638939 1734033 EK-500 11/7/2019 SARAKHAN 1 1.10 Misc sale
1103 1781882395 1501827 BA-199 11/8/2018 Akshay yadav 1 0.82 Misc sale
1104 163300242 1734569 KL-877 11/8/2019 GAURAV SHARMA 1 5.15 Misc sale
1105 1781882524 1501827 BA-199 11/8/2018 Jashwanth Reddy Gangula 1 0.55 Misc sale
1106 1ZE6G7T90400409626 1502237 AI-343 11/8/2018 RAJ MOTHE 1 1.00 Misc sale
1107 1ZRA12700496199188 1502429 EK-500 11/9/2018 PWC SERVICE DELIVERY CENTER (K 1 1.36 Misc sale
1108 1ZA7X6736766879658 1502645 5X- 0015 11/9/2018 ITC CHOLA !CHENNA HOTEL 1 3.17 Misc sale
1109 6630755692 1735203 VS-354 11/9/2019 KALPESH PATEL 1 15.20 Misc sale
1110 2602165580 1735440 UL-141 11/9/2019 APEEJAY ASSOCIATES 1 2.04 Misc sale
1111 1Z1337200494662205 1735430 EK-500 11/9/2019 KEERHIVASAN BASKARAN 1 2.27 Misc sale
1112 6686278406 1502812 9W-119 11/9/2018 MUMBAI MEZI OFFICE 1 4.60 Misc sale
1113 1Z01Y91F0495368009 1735430 EK-500 11/9/2019 JYOTSNA PRIME FITNESS 1 12.20 Misc sale
1114 1Z2026YF0492259280 1502808 9W 231 11/9/2018 GGK TECHNOLOGIES 1 1.00 Misc sale
1115 6832756350 1735430 EK-500 11/9/2019 RAJU SHAH 1 2.00 Misc sale
1116 7758703050 1502812 9W-119 11/9/2018 NIKHL GOWANI 1 0.20 Misc sale
1119 1728629280 1503024 AI 102 11/9/2018 K.K Abdul salam 1 1.39 Misc sale
1120 1Z2VX8556697163723 1735798 EK-506 11/9/2019 TATA CONSULTANCY SERVICES 1 1.00 Misc sale
Pkgs Weight
1121 7144123932 1735879 BA-139 11/10/2019 LEANDRO 1 4.30 Misc sale

1122 32151515126 1503499 EK-508 11/10/2018 SMRUTI NURSING HOME CLO DR REKHA 1 1.58 Misc sale
1123 1372454786 1735879 BA-139 11/10/2019 NATASHA BRAGANZA 1 1.50 Misc sale
1124 1Z2124566796971951 1736435 EK-506 11/10/2019 RAHUL DESHMUKH 1 4.54 Misc sale
1125 783661438708 1503929 FX- 5460 11/11/2018 CHAUHAN NAVNEET SINGH 1 4.50 Misc sale
1126 1ZA4Y7006691328471 1268699 EK-500 11/21/2017 FUTURE RETAIL/BIG BAZAR 1 3.00 Misc sale
1127 454830887385 1503929 FX- 5460 11/11/2018
PLATINIUM TOWERS,PANCHSHIL TECH PA SWATI BIRADAR
1 1.80 Misc sale
1128 454830886687 1503929 FX- 5460 11/11/2018 MICHAEL MATHEW 1 0.60 Misc sale
1129 454830886426 1503929 FX- 5460 11/11/2018
PLATINIUM TOWERS PANCHSHIL TECH PA VINAY CHAVAN
1 0.70 Misc sale
1130 1Z147W7E0435745524 1504064 EK-502 11/11/2018 JAMUNA PEREIRA 1 0.45 Misc sale
1131 1Z0W37W30415167248 1504064 EK-502 11/11/2018 JAMUNA PEREIRA 1 0.45 Misc sale
1132 1781918832 1504437 BA-199 11/12/2018 Trilochan Taneja 1 8.02 Misc sale
1133 1781931454 1504437 BA-199 11/12/2018 Vijwal 1 0.22 Misc sale
1134 1781948490 1504437 BA-199 11/12/2018 Surabhi Raj 1 0.88 Misc sale
1135 1Z9136E90403719777 1738357 EK-506 11/13/2019 SHOBHIT CHAUHAN 1 0.45 Misc sale
1136 1ZA42T166757947233 1738357 EK-506 11/13/2019 THEME PIANO WORLD 1 1.81 Misc sale
1137 1Z617RR90420733979 1505957 EK-506 11/14/2018 ROHAN JAIPURIA 1 0.91 Misc sale
1138 1ZA6A3920402527356 1505957 EK-506 11/14/2018 DR MARIA M BORGES 1 12.24 Misc sale
1139 421814724 1736245 3S 0622 11/10/2019 TMTC CAMPUS 1 3.36 Misc sale
1140 421869210 1736245 3S 0622 11/10/2019 VSY OPHTHALMIC INDIA PVT. LTD. 1 4.50 Misc sale
1141 6396893650 1739137 BA-139 11/15/2019 SUN PLAST 1 2.10 Misc sale
1142 5752947476 1739137 BA-139 11/15/2019 TATA MANGEMENT TRAINING CENTRE 1 2.80 Misc sale
1143 1781991621 1506397 BA-199 11/15/2018 Fazlani Exports Pvt 1 1.90 Misc sale
1144 618334840 1739259 LH-756 11/15/2019 KIRAN KHANTER 1 1.96 Misc sale
1145 32123078234 1506198 AI-343 11/14/2018 Rubina Riyaz Khan 1 1.20 Misc sale
1146 1Z87E51W0412593942 1507005 9W 231 11/15/2018 RAJESH SHAH 1 3.90 Misc sale
1147 5357531152 1270390 9W 231 11/24/2017 ATTUNED POLYMER GROUP 1 17.00 Misc sale
1148 32123079855 1506866 AI-343 11/15/2018 jai vasoya 1 1.25 Misc sale
1149 1Z7XR5870495623244 1507318 EK-506 11/16/2018 DXC COMPANY 1 2.27 Misc sale
1150 1780563595 1507530 AI 102 11/16/2018 Meraj Rayeen 1 2.22 Misc sale
1151 6828128510 1740557 KL-877 11/17/2019 AMISH TURAKHIA 1 5.40 Misc sale
1152 1Z38X5956600383543 1508045 EK-506 11/17/2018 CITI 1 2.72 Misc sale
1153 1729019213 1508213 AI 102 11/17/2018 Fazlani Exports Pvt 1 4.30 Misc sale
1154 1729039281 1508213 AI 102 11/17/2018 Fazlani Exports Pvt 1 2.22 Misc sale
1155 1781996171 1508109 BA-139 11/18/2018 Sumithra Rajesh 1 0.29 Misc sale
1157 780876184605 1741040 FX- 5460 11/17/2019 MANASHI CHATTERJEE 1 2.40 Misc sale
1158 776981138454 1741433 EK-500 11/18/2019 MS. ARCHAN SHAH MS. ARCHAN SHAH 1 1.50 Misc sale
1159 1ZA7344W6600014098 1508785 EK-502 11/18/2018 MACH 9 PILOT SHOP 2 15.00 Misc sale
Pkgs Weight
1160 1Z3Y13E10483373571 1508785 EK-502 11/18/2018 MOHAMMED MEHRAJ 1 0.45 Misc sale
1161 1Z11WR410450780692 1742023 EK-500 11/19/2019 SMA DESIGN SOLUTION 1 19.80 Misc sale
1162 543056810458 1508641 FX- 5460 11/18/2018
COPPER PARTS AND COMPONENTS INDIA MOHAN RAO 1 2.30 Misc sale
1163 2955438430 1508774 9W-119 11/18/2018 TALENT NETWORKS INDIA PVT. LTD. 1 1.80 Misc sale
1164 4736125590 1508774 9W-119 11/18/2018 HARDIK MEKHIYA 1 2.20 Misc sale
1165 983937463 1742436 EK-502 11/19/2019 MODERN RUGS MAZHAR ANSARI 1 2.00 Misc sale
1166 1782028146 1509118 BA-199 11/19/2018 Skydancer Ranch 1 0.48 Misc sale
1167 1781106014 1509118 BA-199 11/19/2018 Rishi Kothari 1 1.25 Misc sale
1168 1782031790 1509118 BA-199 11/19/2018 Sobha Limited 1 4.09 Misc sale
1169 1Z4451F90457344040 1743050 EK-506 11/20/2019 DR GOPAL RAI 1 1.36 Misc sale
1170 7904465822 1743127 BA-139 11/21/2019 CONRAD PUNE HOTEL 1 3.50 Misc sale
1171 2990319286 1743148 VS-354 11/21/2019 MARIAM ALGHAITHI 1 1.15 Misc sale
1172 7664128194 1743148 VS-354 11/21/2019PROTOS ENGINEERING CO. PRIVATE LTD. 1 6.76 Misc sale
1173 6744844072 1743547 EK-504 11/21/2019 ZOYA ANSARI 1 2.60 Misc sale
1174 1ZAR29400441204284 1510707 EK-502 11/21/2018 MEDHA GHOSH 1 1.81 Misc sale
1175 7369209584 1510867 BA-139 11/22/2018 SIDDHARTH TALWAR 1 0.79 Misc sale
1176 1955587723 1743825 BA-139 11/22/2019 DIVYA PATHAK 1 4.40 Misc sale
1177 1Z520V760496668261 1510842 EK-508 11/21/2018 WITTMANN BATTENFELD INDIA PVT 1 3.50 Misc sale
1178 3685889631 1743825 BA-139 11/22/2019 NADIA UDDIN 1 0.40 Misc sale
1179 1566109716 1743812 VS-354 11/22/2019 SOPHIE GOODFELLOW 1 0.85 Misc sale
1180 1782038742 1511119 BA-199 11/22/2018 Raji Hari 1 0.90 Misc sale
1181 218905502502 1508197 CX 663 11/18/2018 SAMYUKTAA RAJ 1 1.33 Misc sale
1182 8953080603 1511472 9W 231 11/22/2018 FUTURISTA GLOBAL SERVICES PVT LTD 1 8.50 Misc sale
1183 1Z5760X60411494127 1511472 9W 231 11/22/2018 HRUSHIKESH WAKABKAR 1 0.50 Misc sale
1184 1058237762 1745292 BA-139 11/24/2019 OVI MAYUR DESHM 1 1.00 Misc sale
1185 1Z4FR9056721231413 1745300 SQ-424 11/23/2019 EZZY PACKAGING SOLUT 1 3.00 Misc sale
1186 453458874748 1508641 FX- 5460 11/18/2018 HARSHIL AGRAWAL 1 1.80 Misc sale
1187 1Z4964056774323205 1511985 5X-0015 11/23/2018 KKP FINE LINEN PVT 1 2.72 Misc sale
1188 1Z147W7E0439734645 1512131 EK-502 11/23/2018 VARSHA SANTHOSH 1 0.91 Misc sale
1189 1ZRV28906741516536 A39084 EK-500 11/24/2019 PRAMIT KUMAR 1 0.91 Misc sale
1190 1Z9V62876714783722 1745546 EK-506 11/24/2019 FATHER ROC MAJALLA, SAC 1 0.45 Misc sale
1191 1436071895 1275429 EK-504 12/1/2017 V GANAPATHY 1 1.20 Misc sale
1192 1892119891 1746472 VS-354 11/26/2019 PRINTS & SIGNS INTERNATIONAL LLP 1 1.95 Misc sale
1193 885731700 1513012 LH-756 11/25/2018PLASTENE INDIA LTD/OSWAL EXTRUSION 1 2.92 Misc sale
1194 1782115845 1513117 BA-199 11/25/2018Nizam group of institutions mohammed fathe ilyas 1 1.32 Misc sale
1195 3046231344 1747380 EK-500 11/27/2019 GAURI GOTHE 1 1.50 Misc sale
1196 1ZX5Y7830460785778 1513457 EK-506 11/25/2018 SANDEEP KAUR D/O AMIRK SINGH 1 0.45 Misc sale
1197 1Z0640RX0401250085 1511427 EK-502 11/22/2018 SAMU MOHUTSIWA 1 1.50 Misc sale
1198 783938925160 1513357 FX- 5460 11/25/2018 TRI GASES PVT LTD KIRAN KARNAWAT 1 5.90 Misc sale
Pkgs Weight
1199 8191819042 1747869 BA-139 11/28/2019 BATH & BODY WORKS 1 3.60 Misc sale
1200 1237977134 1513964 EK-504 11/26/2018 PAYAL SHAH 1 0.40 Misc sale
1201 1782101996 1514238 EK-508 11/26/2018 C-Dot Systems Pvt. Ltd. 1 0.42 Misc sale
1202 457299399060 1514282 TG - 317 11/26/2018 NISCHAY PAREKH NISCHAY PAREKH 1 3.00 Misc sale
1203 6280159734 1514854 9W-119 11/27/2018 JONES 1 1.00 Misc sale
1204 5688374580 1748501 BA-139 11/29/2019 DBOI GLOBAL SERVICES PTL. 1 0.90 Misc sale
1205 1Z442R340401856601 1515495 EK-502 11/28/2018 JEYALAKSHMI.A 1 1.81 Misc sale
1206 1Z442R340401869080 1515495 EK-502 11/28/2018 BONI.SHIVA 1 0.45 Misc sale
1207 1Z37XF320468595205 1515495 EK-502 11/28/2018 SHIRISH BHANGAONKAR 1 2.27 Misc sale
1208 3508149643 1515510 BA-139 11/29/2018 PRINTS AND SIGNS INTERNATIONAL LLC 1 6.10 Misc sale
1209 2637905524 1748834 BZ-102 11/29/2019 NABEEHA EXPORTS 1 2.80 Misc sale
1210 2191301770 1749186 BA-139 11/30/2019 BHUPINDER KAUR SANDHU 1 1.50 Misc sale
1211 1669202334 A341083 9W 231 11/28/2018 BCD TRAVEL INDIA PVT. LTD. 1 2.00 Misc sale
1212 1477935723 1515510 BA-139 11/29/2018
SELANDIA CREW MANAGEMENT (INDIA PVT 1 2.04 Misc sale
1213 5685631372 1749461 EK-500 11/30/2019
MICHELIN INDIA TECHNOLOGYCENTER LLP 1 4.26 Misc sale
1214 1Z442R340402253519 1516112 EK-506 11/29/2018 JAYASRI ROY CHOWDHURI 1 2.27 Misc sale
1215 106007733 1749337 LH-756 11/30/2019 CREATIVE HANDS 1 1.20 Misc sale
1216 9163711211 1749913 BA-139 12/1/2019 BEST OASIS 1 3.35 Misc sale
1217 8441349851 1516215 9W-119 11/29/2018ACCENTURE SOLUTIONS PVT.LTD.(MDC5) 1 3.20 Misc sale
1218 1647907332 1516615 BZ-201 11/30/2018 AMGEN MUMBAI 1 2.50 Misc sale
1219 1781185630 1516622 BA-199 11/30/2018 TRANSCON SOLUTION 1 0.59 Misc sale
1220 431838551 1751087 SQ-422 12/2/2019 NIMISH SYNTEX 1 0.84 Misc sale
1221 7422523231 1748501 BA-139 11/29/2019 VANDANA KANTH 1 2.35 Misc sale
1222 1Z9766AY0461447617 1515495 EK-502 11/28/2018 VINAY MAHESHWARY 1 1.09 Misc sale
1223 4471469726 1751944 BA-139 12/4/2019 SHEFALI SAWANT 1 0.85 Misc sale
1224 1Z10X8A80447923893 1752151 EK-500 12/4/2019 PUNEET SHRIVAS 1 0.50 Misc sale
1225 1ZE587110490053750 1516990 9W 231 11/30/2018 CYBER ELITE SUITES LUXURIOUS M 1 7.50 Misc sale
1226 1ZE192W20466877211 1752484 EK-506 12/4/2019 RESHAM MORDANI 1 1.36 Misc sale
1227 7573407321 1752569 BA-139 12/5/2019 SUZLON ENERGY LTD. 1 0.60 Misc sale
1228 7821170475 1752569 BA-139 12/5/2019 JUST CONNECT MARKETING 1 0.80 Misc sale
1229 1Z189W2W0458728099 1517535 EK-506 12/1/2018 SATISH GUPTA 1 0.91 Misc sale
1230 1Z2137YR0410902587 1517535 EK-506 12/1/2018 SHILPA LAD 1 0.45 Misc sale
1231 813039018335 1752856 EK-500 12/5/2019 ATOMBERG TECHNOLOGIES 1 2.00 Misc sale
1232 7506145010 A341496 EK-500 12/2/2018 SANJAY KUMAR ALIA BHATT 1 2.00 Misc sale
1233 103561475 1517747 LH-756 12/2/2018 SHEWRATAN COMPANY PVT LTD 1 18.00 Misc sale
1234 1729161324 1517784 AI 102 12/1/2018 faiz 1 1.32 Misc sale
1235 109250003 1753402 LH-756 12/6/2019 MEHTA POLY BOARDS 1 1.25 Misc sale
1236 1788726214 1517639 BA-139 12/2/2018 Jane Lucas Vardan Clinic 1 1.27 Misc sale
1237 1781198311 1517639 BA-139 12/2/2018 Jimmy Choi 1 1.38 Misc sale
Pkgs Weight
1238 1ZE6R0370440164276 1517712 9W 231 12/1/2018 FASSOS 1 0.50 Misc sale

1239 1ZE6R0370441529942 1517712 9W 231 12/1/2018 EARLY SALARY 1 0.50 Misc sale
1240 1788756841 A341553 BA-199 12/2/2018 Duegesh Nandini Sharma 1 0.53 Misc sale
1241 1Z2877A40492692291 1279736 AI-343 12/8/2017 DELTA LENS PVT LTD. 1 11.00 Misc sale
1242 1Z6Y92E50422796259 1753877 EK-506 12/6/2019 KEVIN HARITMONDS 1 1.36 Misc sale
1243 1Z949W066794085499 1753877 EK-506 12/6/2019 MEETA THAKKAR 1 0.45 Misc sale
1244 461313251111 1517951 FX- 5460 12/2/2018 KINGS MINERALS UMESH SHINDE 1 1.00 Misc sale
1245 469993003667 1517951 FX- 5460 12/2/2018 KHUBCHANDANI SHAUN 1 2.60 Misc sale
1246 448819255740 1517951 FX- 5460 12/2/2018NIHAAL S MARIWALA NIHAAL S MARIWALA 1 0.50 Misc sale
1247 520332646 1754133 LH-756 12/7/2019 DATTATREYA INC 1 2.00 Misc sale
1248 978778382 1518333 9W 231 12/2/2018 RELIANCE TRANSPORT & TRAVELS PVT. L 1 18.44 Misc sale
1249 783963515700 1517132 6E-155 12/1/2018 GEETA BASKARAN 1 1.90 Misc sale
1250 6892621606 1754206 EK-500 12/7/2019 ALI ASGAR YUSUFBHAI TINWALA 1 0.93 Misc sale
1251 2556339962 1753990 KL-877 12/7/2019
GOVERNOR OF GUJARAT,C/O UNDER SECRE KIRTIDEVS1 3.40 Misc sale
1252 1788786005 1518611 BA-199 12/3/2018 Yashpreet singh 1 1.00 Misc sale
1253 1729183875 1518368 AI 102 12/2/2018 Akash Dohru 1 0.79 Misc sale
1254 5693189876 1754902 EK-500 12/8/2019 AFRICAN BIJOUX 1 0.50 Misc sale
1255 813419666192 1518200 6E 665 12/2/2018
T II NER INTERNATIONAL INDIA PVT L RAHUL NAIR
1 . 2.20 Misc sale
1256 783964863810 1518200 6E 665 12/2/2018 HAJRA KASHMIRI HAJRA KASHMIRI 1 0.50 Misc sale
1257 9855089101 1519533 9W 316 12/4/2018 RETRAIL MUMBAI OFFICE MANEESH 1 5.80 Misc sale
1258 1Z2VX8550499850432 1755293 EK-506 12/8/2019 JEROME JOSEPH 1 4.54 Misc sale
1259 1Z7A343R6782903790 1755293 EK-506 12/8/2019 MINU CHOLE 1 0.45 Misc sale
1260 1634681296 1519660 9W 231 12/4/2018 ROSHNI LAKHANI 1 1.80 Misc sale
1261 1ZE6R0370442118590 1519660 9W 231 12/4/2018 ZEBPAY 1 0.90 Misc sale
1262 138338368779 1755188 FX 5460 12/8/2019 DEEPAK SHETTI DEEPAK SHETTI 1 2.70 Misc sale
1263 777144608731 1755188 FX 5460 12/8/2019
SWAPNIL SAWANT CERBERUS CAPITAL SERVICES PRIV1 2.70 Misc sale
1264 138338368573 1755188 FX 5460 12/8/2019 SAMEER BHOSLE SAMEER BHOSLE 1 2.70 Misc sale
1265 31427629450 1518702 MH-194 12/2/2018 Tanuj Mavi 1 0.34 Misc sale
1266 1Z189W2W0459067613 1520209 EK-506 12/5/2018 DEVIL WATSON 1 0.45 Misc sale
1267 777180612515 1756198 EK-500 12/10/2019 ARCHITECTURAL DIGEST 1 1.60 Misc sale
1268 3120359992 1520347 BA-139 12/6/2018 SP CENTRE 1 6.74 Misc sale
1269 1Z75A0190473524562 1756879 EK-500 12/11/2019 AMNET SYSTEMS PRIVATE LIMITED 1 1.00 Misc sale
1270 1ZAR29400443392381 1520961 EK-502 12/6/2018 C. K. RANGANATHAN 1 0.45 Misc sale
1271 1Z30285V0478947807 1757619 EK-500 12/12/2019 THE GROUP 1 0.60 Misc sale
1272 192638865 1754133 LH-756 12/7/2019 INDIAN CHAMBER OF INTERNATIONAL 1 1.74 Misc sale
1273 461313262440 1520848 6E-0167 12/6/2018ANISH PILLAI MXNS IT SERVICES PVT LTD 1 1.40 Misc sale
1274 1729198715 1521092 AI 102 12/6/2018 Abdul zen 1 5.15 Misc sale
1275 2986080672 1758052 BA-139 12/13/2019 KAUSHIK CHAUDHARY 1 1.50 Misc sale
1276 2656207061 1758052 BA-139 12/13/2019 GUNJAN KWATRA 1 3.00 Misc sale
Pkgs Weight
1277 4127859455 1521391 BZ-102 12/7/2018 ADOBE SYSTEMS 1 2.50 Misc sale
1278 6528890406 1521582 BZ 401 12/7/2018 MALVIKA SITLANI 1 3.00 Misc sale
1279 1Z189W700460169781 A342183 EK-506 12/7/2018 R.P.PAREKH 1 0.45 Misc sale
1280 1Z1882EX6794036908 1521534 5X-0015 12/7/2018 AMAZON PRIME VIDEO 1 0.91 Misc sale
1281 1Z1882EX6791695372 1521534 5X-0015 12/7/2018 MEDPLUS / OPTIVAL HE 1 0.91 Misc sale
1282 1Z1882EX6794325177 1521534 5X-0015 12/7/2018 ADITYA BIRLA PAYMENT 1 0.91 Misc sale
1283 1Z306AY10420454038 1283648 9W 231 12/13/2017 SHANTHA NAMBIAR 1 4.08 Misc sale
1284 1Z1882EX6790477618 1521534 5X-0015 12/7/2018 SVG MEDIA 1 0.91 Misc sale
1285 1Z09212X0410401977 1521669 EK-502 12/7/2018 NAIHRIT GANGULY 1 0.45 Misc sale
1286 1Z4147R70404187441 1521759 EK-508 12/7/2018 GUNASUNDARI JANARTHANAM 1 0.50 Misc sale
1287 1Z1601166671177736 1758652 EK-506 12/13/2019 SAN MAN COOP HOUSING SOCIETY 1 1.81 Misc sale
1288 1Z37R6V20403226983 1758652 EK-506 12/13/2019 NITIN MESHRAM 1 0.45 Misc sale
1289 1Z37R6V20403226965 1758652 EK-506 12/13/2019 GAURAV 1 0.45 Misc sale
1290 551211482 1520401 CX 663 12/6/2018 MANOJ ORNAMENTS PVT LTD. 1 0.70 Misc sale
1291 JCR8120115325WS 1520401 CX 663 12/6/2018 Boby C/o George Koshy 1 1.96 Misc sale
1292 9352486441 1522283 KQ 210 12/8/2018 ANTOINETTET T.NTLEMO 1 4.00 Misc sale
1293 1Z57A3020445062969 1284254 9W 231 12/14/2017 ASHUTOSH MITRA 1 4.50 Misc sale
1294 1Z7319650445511824 1759366 EK-506 12/14/2019 KATALYST SOFTWARE SERVICES LIM 1 0.45 Misc sale
1295 1539889201 1759441 BA-139 12/15/2019 JANVI PATEL 1 1.00 Misc sale
1296 1Z0W38420400887962 1522408 9W 231 12/8/2018 KALYANI MAXION WHEELS LTD. 1 1.00 Misc sale
1297 1Z207E8F0460532457 1522408 9W 231 12/8/2018 ACHIEVERS TRUST 1 3.00 Misc sale
1298 1788845881 1521719 BA-139 12/8/2018 Jayasarala 1 6.07 Misc sale
1299 1320579746 A342437 EK-504 12/9/2018 SANTOSH JAIN 1 2.60 Misc sale
1300 4609002742 1759773 BA-199 12/15/2019 AMAN SHAIKH 1 1.20 Misc sale
1301 675495355136 1522259 6E-0179 12/8/2018 VARUN NAWALKHA 1 6.20 Misc sale
1302 460101173059 1522806 FX 5460 12/9/2018 SATISH RAJAMANI 1 0.40 Misc sale
1303 784245012820 1522806 FX 5460 12/9/2018
ABHISHEK PHARANDE 1393 SHUKRAWAR PETH,1 0.90 Misc sale
1304 3632852204 1522954 9W-119 12/9/2018 ANTONIO PACHECO 1 2.70 Misc sale
1305 1214984223 1760736 VS-354 12/17/2019 RAJANYA RAVASIA 1 0.50 Misc sale
1306 475483713922 1522806 FX 5460 BALAKRISHNA
12/9/2018 PILLAI RAJESH AMERICAN BUREAU OF SHIPPING
1 0.70 Misc sale
1307 5271423231 1761259 KQ 210 12/17/2019 R.KRISHAN 1 30.36 Misc sale
1308 1ZW514A10440896689 1759005 EK-500 12/14/2019 DR. M. P. S. RAJU 2 12.10 Misc sale
1309 605176867 1761518 SQ-424 12/17/2019 TRENDVISION TECHNOLOGIES 1 1.16 Misc sale
1310 1Z0W38420412303293 1522408 9W 231 12/8/2018 LATA & PRAKASH KODLIKERI 1 1.00 Misc sale
1311 1Z2343900453413756 1761633 EK-500 12/18/2019 JETPRIVILEGE 1 1.90 Misc sale
1312 811012573193 1523785 TG - 317 12/10/2018
NISHANT INDIGO CHEMICALS AND SOURCING 1 3.00 Misc sale
1313 1Z3114456658277859 1762002 EK-506 12/18/2019 PARAK HOUSE 1 3.17 Misc sale
1314 1Z5463E36759794574 1762002 EK-506 12/18/2019 TIMEZONE ENTERTAINMENT PVT LTD 1 0.45 Misc sale
1315 116192650 1762225 SQ-424 12/18/2019 DURA MAGNETS 1 1.00 Misc sale
Pkgs Weight
1316 1788896631 1523330 BA-199 12/10/2018 HKLUTHRA 1 0.17 Misc sale

1317 1778673271 1523330 BA-199 12/10/2018 Neha Rudra 1 0.81 Misc sale
1318 1ZAW71006754532354 1524219 5X- 0015 12/11/2018 360TRAINING 1 0.91 Misc sale
1319 4793209551 1524372 BA-139 12/12/2018 AKASH PATEL 1 0.10 Misc sale
1320 779002042631 1762312 EK-500 12/19/2019 MR. ANIL AMBANI 1 3.00 Misc sale
1321 1ZW809V00414757857 1524418 9W 231 12/11/2018 PURNENDU MANDAL 1 0.60 Misc sale
1322 117092763 1762627 AI-343 12/18/2019 METCRAFT STEEL PRIVATE LIMITED 1 2.85 Misc sale
1323 778873102113 1762633 6E181 12/19/2019
MR RAJIV HANS ADD HANS ENTERPRISE C O MR RAJ
1 10.50 Misc sale
1324 4175183412 1524765 BZ-201 12/12/2018 FLEMINGO INTERNATIONAL 1 1.30 Misc sale
1325 118239261 1762855 CX 663 12/20/2019 ABB INDIA LIMITED 1 1.70 Misc sale
1326 1ZAV17000400448296 1525008 EK-506 12/12/2018 ANONDO BARUA 1 2.27 Misc sale
1327 8263040251 1525066 9W 231 12/13/2018 INTELLIGENCENODE 1 5.00 Misc sale
1328 1Z813RR06747171319 1763391 EK-506 12/20/2019 PRIYANKA CHOPRA JONAS 1 5.44 Misc sale
1329 520930057 1763620 KL-877 12/21/2019 FAJAL FESTEN-PUROHIT 1 1.10 Misc sale
1330 523437760 1763598 LH-756 12/21/2019 UNITED INSULATIONS INDUSTRIES 1 1.00 Misc sale
1331 1Z7R7Y550488600085 1525672 EK-506 12/13/2018 SCARLET PRINTS LLP 1 0.45 Misc sale
1332 1Z37XF320470915471 1525672 EK-506 12/13/2018 AWADHESHKUMAR TIWARI 1 0.45 Misc sale
1333 6976942755 1763553 BA-139 12/21/2019 THE ORB 1 2.45 Misc sale
1334 1788928466 1525427 BA-199 12/13/2018 Passang Sherpa 1 1.39 Misc sale
1335 5173554735 1763722 EK-500 12/21/2019 INTRISKELION LABS PRIVATE LIMITED 1 3.30 Misc sale
1336 1Z7241436749151983 1764076 EK-506 12/21/2019 KALYANRAMAN NARAYANSWAMY 1 0.91 Misc sale
1337 1ZAT09446792238534 1526327 5X- 0015 12/14/2018 ARUN JEEVARATHINAM 1 7.26 Misc sale
1338 4823287582 1764255 KL-877 12/22/2019 LM WIND POWER BLADES 1 10.70 Misc sale
1339 1Z264W810492753405 1526549 9W 231 12/15/2018 BELLOTA AGRISOLUTIONS AND TOOL 1 10.00 Misc sale
1340 569595815 1764930 CX 663 12/23/2019 PRIYANKA OHRI CONSULTANCY 1 0.34 Misc sale
1341 5595431402 1764862 BA-139 12/23/2019 BNP PARIBAS 1 6.50 Misc sale
1342 199679933 1764285 AI-343 12/21/2019 CIPLA LIMITED 1 0.45 Misc sale
1343 2479768690 1766165 BA-139 12/25/2019 VIBHUTI CHOUDARY 1 4.00 Misc sale
1344 6680395643 1766155 VS-354 12/25/2019 ESSEL MINING 1 0.40 Misc sale
1345 1ZW809V00414854797 1527194 9W 231 12/16/2018 MATHEW HARKINSON 1 0.50 Misc sale
1346 1Z1290146742989425 1766720 EK-506 12/25/2019 JW MARRIOTT 2 18.14 Misc sale
1347 120905391 1766871 CX 663 12/26/2019 NIKO METALIKS&NIKO REFRACTORIES 1 21.00 Misc sale
1348 1788978494 1527559 BA-199 12/16/2018 Sanath 1 6.62 Misc sale
1349 1Z2VX8556792120106 1527785 5X- 0015 12/16/2018 TCS ESERVE INTERNATIONAL LTD 1 1.36 Misc sale
1350 1ZW640R66740953110 1527785 5X- 0015 12/16/2018 JAGTAP HORTICULTURE PUT. 1 2.27 Misc sale
1351 1ZX562456794453178 1527785 5X- 0015 12/16/2018 KRISHN AGARWAL 1 1.81 Misc sale
1352 1Z18947X6713738690 1527785 5X- 0015 12/16/2018 JEFFERIES INDIA TEJAS PAREKH 1 1.81 Misc sale
1353 421969705924 1525545 6E-993 12/13/2018 CLUB MAHINDRA 1 1.40 Misc sale
1354 1414785536 1527891 9W-119 12/17/2018 ARCHANA NANDAN DESHPANDE 1 1.50 Misc sale
Pkgs Weight
1355 989954070 1527894 9W 231 12/17/2018 JSW STEEL LTD 1 0.95 Misc sale
1356 475520681976 1527739 FX- 5460 12/16/2018
NITIN VERNEKARKHARADI INFRASTRUCTURE PVT. 1LTD. 6.90 Misc sale
1357 1761396431 1286347 EY 204 12/17/2017 Irina 1 0.85 Misc sale
1358 6318054481 1527891 9W-119 12/17/2018 MR LUKE CHERRY 1 1.00 Misc sale
1359 784370053846 1527739 FX- 5460 12/16/2018 SHEKHAR GHODERAOLUPIN LIMITED 1 1.70 Misc sale
1360 784369531142 1527739 FX- 5460 12/16/2018 ISHA AMBANIPRIVATE INDIVIDUAL 1 3.00 Misc sale
1361 31614750171 1528055 MH-194 12/16/2018 GAJAN HARDWARE 1 1.41 Misc sale
1362 476403216077 1527739 FX- 5460 12/16/2018 SAUMINI SHAH 1 1.40 Misc sale
1363 986517010 1769311 SQ-422 12/29/2019 MANA E DIAS 1 13.36 Misc sale
1364 5817081885 1289954 9W-0115 12/23/2017 TERRENCE DMELLO 1 1.00 Misc sale
1365 5663994335 1769740 EK-500 12/30/2019 SAMRUDDHI OVERSEAS CO. 1 2.22 Misc sale
1366 784348081134 1526902 BZ-201 12/15/2018
SINGAPORE INTERNATIONAL SCHOOL SAMONI MULLICK 1 1.70 Misc sale
1367 773942224112 1526902 BZ-201
FINANCIAL
12/15/2018
SRVC, B WING OFFICE 302 KAMAL KHANNA: D. E.1 SHAW INDIA
1.80 Misc sale
1371 1789004416 1529581 BA-199 12/19/2018 Sandhya Subramaniam 1 1.10 Misc sale
1372 1ZX5Y7830465543207 1529812 EK-506 12/19/2018 MEHTAB SHEIKH 1 0.45 Misc sale
1373 110546439 1530148 LH-756 12/20/2018 ADITYA PATEL 1 1.63 Misc sale
1374 7242508361 1529952 9W 231 12/20/2018 BAZIRE GREGORU 1 1.70 Misc sale
1375 1Z1425710474755050 1529952 9W 231 12/20/2018 AP MOLLER MAERSK GROUP 1 2.00 Misc sale
1376 158708507 1290331 9W 231 12/23/2017 LORD RAMA GLOBAL SCH 1 20.30 Misc sale
1377 1Z88463V0495801345 1529952 9W 231 12/20/2018 AD INDIA 1 0.80 Misc sale
1378 1ZEV10450491718829 1529952 9W 231 12/20/2018 BAYARDS ALUM CONSTR 1 5.00 Misc sale
1379 1789022060 1530310 BA-199 12/20/2018 KK Abdul salam 1 0.80 Misc sale
1380 1789022826 1530310 BA-199 12/20/2018 Shaik umar 1 0.31 Misc sale
1381 1Z442R340410259043 1530545 EK-506 12/20/2018 RAGHUVENDRA SINGH 1 1.36 Misc sale
1382 1Z0W64A00470419757 1530545 EK-506 12/20/2018 AGRANI GOYAL 1 0.45 Misc sale
1383 5718259260 1530690 BA-139 12/21/2018 STAR TV 1 1.70 Misc sale
1384 7509372920 1530690 BA-139 12/21/2018 VERTIV ENERGY PVT. LTD. 1 1.33 Misc sale
1385 2251202870 1290890 9W 231 12/24/2017 WALTER GOMES 1 0.45 Misc sale
1386 1Z18947X6708895815 A292877 5X-0015 12/25/2017 TATA AMIT DALAL 1 1.81 Misc sale
1387 5399248142 1530663 9W 231 12/21/2018 SSCPL HERBALS - CORPORATE OFFICE 1 1.30 Misc sale
1388 5161362942 1530782 KL-877 12/21/2018 AYURCLINIC GOA 1 1.30 Misc sale
1389 1Z1340116799097611 1531247 5X- 0015 12/21/2018 SYX INDIA 1 3.17 Misc sale
1390 1Z2137YR0418718487 1531248 EK-506 12/21/2018 MEHRU AGARWAL 1 0.45 Misc sale
1391 8489379511 1531389 9W-119 12/22/2018 LANDOR 1 2.00 Misc sale
1392 7856417516 1531435 CX 663 12/22/2018 KSM MARINE LOGISTICS PRIVATE 1 3.00 Misc sale
1393 254239860 1531590 LH-756 12/22/2018 ZORRO JEWELLERS 1 0.70 Misc sale
Pkgs Weight
1394 467529950025 1528688 TG - 317 12/17/2018 SUNIL KUMAR KOLEDATH SUKUMARAN 1 1.50 Misc sale
1395 467529949580 1528688 TG - 317 12/17/2018 VAISHNAVI KULKARNI 1 1.50 Misc sale
1396 1Z66800Y0474271084 1531706 EK-500 12/22/2018 KAILASH KUMAR 1 4.00 Misc sale
1397 2007439545 1532098 BA-139 12/23/2018 DANIA SHIP MANAGEMENT BULK 1 6.50 Misc sale
1398 1Z0357806765317723 A293476 5X-0015 12/28/2017 HONEYWELL WELCOME GIFT 1 0.45 Misc sale
1399 1Z09X64V0420957394 1532712 EK-506 12/23/2018 SANYA HAMDANI 1 0.45 Misc sale
1400 1ZA340R60486624658 1532703 5X-0015 12/23/2018 A.V. THOMAS LEATHER & ALLIED P 1 0.70 Misc sale
1401 1Z0W37F10405834573 1294968 9W 231 12/30/2017 DR. PALLAVI CHATURVEDI 1 1.36 Misc sale
1402 774006131994 1532728 FX- 5460 12/23/2018
DR. MUKUND RAJAN, PH.D. TATA SONS LIMITED1 1.80 Misc sale
1403 774022079753 1532728 FX- 5460 12/23/2018
MR. NARAYAN RAMACHANDRAN L CATTERTON MUMBAI 1 4.50 Misc sale
1404 774019598870 1532728 FX- 5460 12/23/2018 NIELSEN BHARAT MORAJKAR 1 1.40 Misc sale
1405 1Z3E88A66733454251 1295424 5X-0015 12/31/2017 MONICA AJWANI 1 2.27 Misc sale
1406 31677748970 1532973 MH-194 12/23/2018 ashwin patel 1 2.46 Misc sale
1407 1789049813 1531760 BA-199 12/22/2018 Amarjit Bedi co amarjitbedi 1 1.36 Misc sale
1408 1789051062 1531760 BA-199 12/22/2018 Today Style 1 0.76 Misc sale
1409 1790948250 1534293 BA-199 12/23/2018 Manish rao 1 0.34 Misc sale
1410 159346530 1295618 9W 231 12/31/2017 RANBIR KAPOOR 1 1.50 Misc sale
1411 8487411623 1532840 9W-119 12/24/2018 SIDDHANT YADAV 1 0.50 Misc sale
1412 1ZAR29400406178343 1294968 9W 231 12/30/2017 ANGAD ANAND 1 0.45 Misc sale
1413 1Z30AV920405282053 1534031 5X- 0015 12/25/2018 ISHAANA KHANNA 1 2.60 Misc sale
1414 1ZE2799A0492478738 1534031 5X- 0015 12/25/2018 TRIDENT EXPORT 1 3.00 Misc sale
1415 2987927272 1534247 CX 663 RETRAIL
12/26/2018
MUMBAI OFFICE MANEESH MISHRA C/O DNA LOGISTICS
1 5.00 Misc sale
1416 1761465134 1288964 EY 204 12/21/2017 Gayatri Sapru c/o meet-meinmontauk 1 0.88 Misc sale
1417 1761479716 1290442 EY-204 12/23/2017 Neeta rajput 1 0.67 Misc sale
1418 285526435 1534101 LH 8370 12/25/2018 KLHL EXIM PVT LTD 1 2.30 Misc sale
1419 1Z5759026765121413 1296772 5X-0015 1/2/2018 CFA SOCIETY INDIA 1 14.06 Misc sale
1420 1Z2T555T0495483728 1296878 9W 231 1/2/2018 UMA PARABHAKAR GOKHA 1 0.45 Misc sale
1421 31665475704 1535892 EK-504 12/28/2018 Arvind Zade 1 8.34 Misc sale
1422 9971164140 1536144 BA-139 12/29/2018 JOHN PATRICK MCGINLE 1 1.70 Misc sale
1423 8361169003 1536158 9W-119 12/29/2018 RAOUL GEORGE 1 1.40 Misc sale
1424 1Z577E520411596772 1297515 9W 231 1/3/2018 SAMANTHA FERNANDES JUSTO 1 0.80 Misc sale
1425 1761408401 1297822 9W-117 1/4/2018 ROOPAL GARG 1 1.01 Misc sale
1426 4929143052 1298146 9W 231 1/4/2018 INTELENET GLOBAL SVCS PVT LTD 1 6.05 Misc sale
1427 1Z3018YF0427262573 1536790 EK-506 12/29/2018 SAROJINI ASHOK PARAMESWARAN 1 6.35 Misc sale
1428 1049408161 1536892 BA-139 12/30/2018 BESTINA PARIYATH 1 0.20 Misc sale
1429 1Z301E190420235904 1298146 9W 231 1/4/2018 RAHUL 1 0.45 Misc sale
1430 1Z76351Y0470213905 1298146 9W 231 1/4/2018 SBL TECHNOLOGIES 1 0.50 Misc sale
1431 465918181078 1537445 FX- 5460 12/30/2018 CHANDA KOCHHAR 1 1.80 Misc sale
1432 1789115860 1537232 BA-199 12/30/2018 Vedant Shrey 1 1.11 Misc sale
Pkgs Weight
1433 1789128121 1537232 BA-199 12/30/2018 Balaji Bandaru 1 0.82 Misc sale
1434 1789132925 1537232 BA-199 12/30/2018 JENNIFER ANN SHAJI 1 2.47 Misc sale
1435 1Z177A8A0497647537 1537480 EK-506 12/30/2018 ANUP CHANDRA POGARU 1 0.91 Misc sale
1436 2474786985 1298819 9W 231 1/5/2018 ZAREMA VOJKOVA 1 1.35 Misc sale
1437 1Z8436536715257535 1537482 5X- 0015 12/30/2018 FLEX, LTD 1 2.27 Misc sale
1438 5023469791 1537608 9W-119 12/31/2018 MANJARI MODI 1 0.90 Misc sale
1439 1ZA177A60414022795 1298819 9W 231 1/5/2018 DR. ANOOP KRISHNAN 1 0.91 Misc sale
1440 1Z2EF7016797804053 1537482 5X- 0015 12/30/2018 M M RAHMAN AKASH 1 2.27 Misc sale
1441 602162013 1536885 9W 231 12/30/2018 JW MARRIOTT HOTEL 1 5.76 Misc sale
1442 1385056186 1538235 BA-139 1/1/2019 MUMBAI DUTY FREE 1 5.00 Misc sale
1443 1761466291 1290483 QR-556 12/24/2017JW MARRIOTT HOTEL NEW DELHI AEROCI 1 1.26 Misc sale
1444 31790087291 1538348 MH-194 12/31/2018backstage pass institute of gaming and technology 1 3.00 Misc sale
1445 1761474282 1289714 EY-204 12/22/2017 Manav Kapoor 1 0.53 Misc sale
1446 860089329783 1538950 MH-194 1/1/2019 PRIYANK AHAR 1 4.03 Misc sale
1447 1764844045 1272473 EY 204 11/26/2017 BPCL A/c Akhilesh Behera 1 0.33 Misc sale
1448 1Z377R950472086142 1298146 9W 231 1/4/2018 KAUSERALI HAFIZJI 1 1.36 Misc sale
1449 1ZAV12340422831552 1531248 EK-506 12/21/2018 HONEYWELL INTERNATIONAL INDIA 1 7.20 Misc sale
1450 1789129716 1539252 BA-199 1/2/2019 Goutam saha 1 0.35 Misc sale
1451 147826692 1539775 EK-500 1/3/2019 LAXMI TOOLS 1 2.27 Misc sale
1452 1Z37XF320441172319 1299519 9W 231 1/6/2018 PRIYANK SHUKAL 1 0.45 Misc sale
1453 4053222880 1540249 BA-139 1/4/2019 KAJAL BALANI 1 0.10 Misc sale
1454 1789162690 1540548 BA-199 1/4/2019 Raju Eslavath 1 0.34 Misc sale
1455 1789172523 1540548 BA-199 1/4/2019 Nudo Pizza LLP 1 1.00 Misc sale
1456 1789165921 1540548 BA-199 1/4/2019 khushpal singh 1 4.16 Misc sale
1457 1789166422 1540548 BA-199 1/4/2019 Archana Naik 1 0.32 Misc sale
1458 1ZY2F1940464782445 1300151 EK-502 1/7/2018 PRAVIN KRISHNA VADDAVALLI 1 0.45 Misc sale
1459 1Z9V53840418496836 1300151 EK-502 1/7/2018 PRASHANT SHRINGARPURE 1 1.36 Misc sale
1460 1Z9V53840418530815 1300151 EK-502 1/7/2018 ANJU SAIGAL 1 0.45 Misc sale
1461 1ZE192W20422300308 1300151 EK-502 1/7/2018 KARISHMA VALA 1 2.00 Misc sale
1462 6568992371 1540908 9W-119 1/5/2019 PARTH MEKHIA 1 1.10 Misc sale
1463 1Z30746V0441342781 1299959 5X-0015 1/7/2018 LAMITECH INDIA 2 17.20 Misc sale
1464 1331148700 1540941 9W 231 1/5/2019 SIMON DAVEY 1 0.50 Misc sale
1465 6105229572 1540941 9W 231 1/5/2019 E2M SOLUTIONS PVT. LTD. 1 1.00 Misc sale
1466 1ZY1Y5790432725699 1300429 EK-500 1/8/2018 VIJAYA KUMARI RAYUDU 1 0.45 Misc sale
1467 1Z415F4X0400314497 1540941 9W 231 1/5/2019 ROSHNI PRADEEP RAICHANDANI 1 3.40 Misc sale
1468 1Z0F459A0444855908 1540941 9W 231 1/5/2019 PRIYANSHU MARANDI 1 0.50 Misc sale
1469 1Z2VX8550495434434 1541488 EK-506 1/5/2019 PRATEEK GUPTA 1 2.27 Misc sale
1470 1Z577E520411649312 1300907 EK-508 1/8/2018 NISHANT DESHMUKH 1 7.30 Misc sale
1471 2622850020 1541706 CX 663 1/6/2019 HENOSIS HEALTHCARE LLP 1 3.50 Misc sale
Pkgs Weight
1472 9351109261 1541706 CX 663 1/6/2019 COSMOS CHEMICALS 1 1.90 Misc sale
1473 1764843124 1302006 9W-117 1/10/2018 Anushka Gupta 1 10.58 Misc sale
1474 6477237060 1542304 9W-119 1/7/2019 SUN PHARMACEUTICAL INDUSTRIES LTD 1 3.00 Misc sale
1475 784534960368 1532728 FX- 5460 12/23/2018 ARPITA GOKHALE WEWORK BKC 1 10.10 Misc sale
1476 1Z3Y13E10458638298 1302189 9W 231 1/10/2018 ADITYA MOHAN 1 0.45 Misc sale
1477 1ZAR29400407598709 1302189 9W 231 1/10/2018 ANURAG SINGH 1 0.45 Misc sale
1478 1Z306AY10420543647 1302189 9W 231 1/10/2018 KARISHMA BARIA 1 0.91 Misc sale
1479 1Z9766AY0419627814 1302189 9W 231 1/10/2018 RAVI VARMA 1 0.45 Misc sale
1480 1Z2FW2350433614497 1302189 9W 231 1/10/2018 SATWICK VINTA 1 0.45 Misc sale
1481 1ZAR29400407744452 1302189 9W 231 1/10/2018 RAJ PANDIT 1 1.81 Misc sale
1482 1ZAR29400407544909 1302189 9W 231 1/10/2018 MARY DOCTOR 1 0.45 Misc sale
1483 205820885 1516950 EK-502 11/30/2018 Swosti Hotel 1 1.58 Misc sale
1484 1095814436 1302837 9W-119 1/11/2018 NB DESAI 1 2.00 Misc sale
1485 31385757734 1541955 BA-199 1/6/2019 almaha hilal alhilal 1 0.10 Misc sale
1486 1Z0W37W30405018258 1302819 9W 231 1/11/2018 LAURA RICHARDS 1 2.27 Misc sale
1487 409071518 1302997 LH-756 1/12/2018 AEGUA TECHNOLOGIES 1 0.50 Misc sale
1488 1789232620 1543997 BA-199 1/9/2019 Suman Singh 1 1.37 Misc sale
1489 1Z97518X0441437789 1544176 EK-506 1/9/2019 SAGAR PATEL 1 1.36 Misc sale
1490 1Z0Y05330491071023 1544295 EK-508 1/9/2019 AYYAPPA ENTERPRISES 1 2.40 Misc sale
1491 1698333976 1544278 9W-119 1/10/2019 DE BEERS GROUP INDUSTRY SERVICES 1 9.50 Misc sale
1492 1Z189W2W0467468166 1544508 EK-500 1/10/2019 SUCHENDE PAINGINKAR 1 2.72 Misc sale
1493 1ZA275A00403441571 1303495 9W 231 1/12/2018 DENNY LALCHHUANAWMA 1 0.45 Misc sale
1494 1Z885V7Y0400702910 1303495 9W 231 1/12/2018 MARIA 1 0.45 Misc sale
1495 1789255694 1544665 BA-199 1/10/2019 ARIT HOTELS PRIVATE LIMITED 1 1.36 Misc sale
1496 1789268390 1544665 BA-199 1/10/2019 Rajendran 1 1.45 Misc sale
1497 1789273231 1544665 BA-199 1/10/2019 Anela Mathew 1 2.33 Misc sale
1498 1789273043 1544665 BA-199 1/10/2019 Advocate sujesh menon 1 2.60 Misc sale
1499 1Z0719136796308768 1544848 5X-0015 1/10/2019 ENVIROTEK TECHNOLOGI 1 1.81 Misc sale
1500 1ZE192W20444841988 1544851 EK-506 1/10/2019 SHRADDHA KAPOOR 1 2.72 Misc sale
1501 1Z858E6F6788420082 1545538 5X- 0015 1/11/2019 SHRUTHI SHANKAR 1 0.45 Misc sale
1502 1Z2FX8250400973614 1545588 EK-506 1/11/2019 SEBREENA YOUSUF AL-RUMAIHI 1 1.36 Misc sale
1503 412466951406 1304717 FX 5460 1/14/2018 BP EXPLORATION V. NARAYANAN 1 2.30 Misc sale
1504 1Z9505896776171966 1304700 5X-0015 1/14/2018 AAVID GUJARAT 1 2.27 Misc sale
1505 1835151824 1545701 BA-139 1/12/2019 MRL GROUP 1 0.50 Misc sale
1506 1Z1398230459053962 1304700 5X-0015 1/14/2018 HITECH ENTERPRISE 1 1.50 Misc sale
1507 31630675510 1545803 MH-194 1/11/2019 DOLCY HATIA 1 1.58 Misc sale
1508 1Z19VA550436697078 1546298 EK-506 1/12/2019 SYED NAJM UDDIN 1 1.81 Misc sale
1509 1Z306A400465964102 1305506 EK-508 1/15/2018 SURESH PR 1 0.91 Misc sale
1510 5482122085 1546390 BA-139 1/13/2019 MIHIR KOTHARI 1 1.90 Misc sale
Pkgs Weight
1511 1761151055 1272378 QR-8602 11/28/2017 Amit Kumar 1 0.29 Misc sale
1512 1033893560 1306106 BA-139 1/17/2018 SRI PATELJI - TRUSTEE 1 0.50 Misc sale
1513 476671410485 1546921 FX 5460 1/13/2019 PRADYOT PRAKASH PRADYOT PRAKASH 1 2.30 Misc sale
1514 784866108940 1546921 FX 5460 1/13/2019
ATTN: MAHENDRA PUROHIT AMBIKA ART JEWELLERY 1 0.40 Misc sale
1515 31677822046 1537438 MH 6244 1/13/2019 Nisha 1 6.23 Misc sale
1516 6857273684 1306758 BA-139 1/17/2018 GHATGE GROUP 1 0.91 Misc sale
1517 8815185772 1547186 CX 663 1/14/2019 NARENDRA SINGH KANYAN 1 4.95 Misc sale
1518 31405056410 1289988 9W-117 12/23/2017 Ravi Sharma 1 1.39 Misc sale
1519 1761380832 1285568 QR-8404 12/18/2017 Honey and peaches beauty clinic , 1 2.38 Misc sale
1520 31550755633 1307084 9W-117 1/18/2018 Api Habung 1 1.10 Misc sale
1521 1789298464 1547408 BA-199 1/14/2019 J S J BUILDERS PVT LTD 1 0.23 Misc sale
1522 318333395 1307506 CX 663 1/19/2018 MELUHA THE FERN AN ECOTEL HOTEL 1 32.00 Misc sale
1523 6847754222 1548493 9W-119 1/16/2019 INPROCORP INDIA PVT LIMITED 1 5.34 Misc sale
1524 218905894841 1545817 CX 663 1/12/2019 SRIDHAR NAIDU 1 4.34 Misc sale
1525 1Z1Y84F50458730977 1307481 9W 231 1/18/2018 VANLALTHAKIMA CHAWNGTHU 1 0.91 Misc sale
1526 774168544665 1548879 FX-0008 1/16/2019 LOTUS TECHNICALS VIRBAHADUR SINGH 1 1.60 Misc sale
1527 1ZE1260F0401159166 1307481 9W 231 1/18/2018 GVSSHEKHAR 1 0.45 Misc sale
1528 1Z1882EX6798119026 1307993 5X-0015 1/19/2018 HOTSTAR 1 0.91 Misc sale
1529 1789336124 1548714 BA-199 1/16/2019 Shishir Phansalkar 1 0.41 Misc sale
1530 1ZA275A00405064609 1308157 9W 231 1/19/2018 DENVER PEREIRA 1 0.45 Misc sale
1531 1Z6AW3496758451388 1307993 5X-0015 1/19/2018 VERIZON VDSI 1 0.45 Misc sale
1532 1Z442R340417032033 1549629 EK-506 1/17/2019 ABBAS PATEL 1 0.45 Misc sale
1533 9242264264 1549753 BA-139 1/18/2019 VINITA MOTIRAMANI 1 1.80 Misc sale
1534 1761651566 1308437 BA-199 1/20/2018 GameCloud Technologies Private Lim 1 8.22 Misc sale
1535 1772806593 1308437 BA-199 1/20/2018 Yog Jagriti Ayurveda 1 7.14 Misc sale
1536 1Z9702XY0436732893 1308814 9W 231 1/20/2018 UNNIKRISHNASARMA 1 0.45 Misc sale
1537 1Z4EA0740440172286 1308814 9W 231 1/20/2018 INDIA PRIVATE LTD. 1 1.00 Misc sale
1538 9260682443 1550080 BA-199 1/18/2019 KOWSALYA VP 1 1.28 Misc sale
1539 1789368265 1550080 BA-199 1/18/2019 Artti 1 1.24 Misc sale
1540 1789351583 1550080 BA-199 1/18/2019 Krishnakumar Gopalan 1 7.11 Misc sale
1541 1772828621 1308423 QR-556 1/20/2018 Anurag Thakur 1 0.57 Misc sale
1542 613094921 1550509 CX 663 1/19/2019 FUNSKOOL INDIA LIMITED 2 20.38 Misc sale
1543 417704622723 1309339 FX 5460 1/21/2018 OBEROI BHARAT OBEROI 1 0.20 Misc sale
1544 1761678870 1309713 QR-556 1/22/2018 Patel Yash Nileshbhai 1 1.07 Misc sale
1545 8955888966 1551333 KL-877 1/20/2019 AMBER HOME 1 14.00 Misc sale
1546 1772873852 1309713 QR-556 1/22/2018 Laxmi Priya Swain 1 1.06 Misc sale
1547 1772868882 1309713 QR-556 1/22/2018 Alihasan tejani 1 0.68 Misc sale
1548 1761683744 1310434 QR8608 1/23/2018 MADHUSUDAN RAO 1 2.98 Misc sale
1549 1791190133 1551500 BA-199 1/20/2019 Sanjeev rajput 1 0.23 Misc sale
Pkgs Weight
1550 785028279927 1551665 FX 5460 1/20/2019 6504 65TH FLOOR RAJIV MEHTA 1 4.30 Misc sale
1551 474682908380 1551665 FX 5460 1/20/2019 KRUNAL D PATEL 1 1.40 Misc sale
1552 784987488453 1551665 FX 5460 1/20/2019
BEHIND EMPRESS GARDENS A-12 AMBIENCE EMPYREAN1 1.90 Misc sale
1553 439914410552 1551665 FX 5460 1/20/2019 OPERATIONS TEAM ROAR RETAIL 1 0.90 Misc sale
1554 1ZX163200491606571 1551827 EK-502 1/20/2019 MIDHUN K 1 0.91 Misc sale
1556 1527628152 1552469 BA-139 1/22/2019 SHAILI ENTERPRISES 1 14.20 Misc sale
1557 6392619461 1543686 CX 663 1/9/2019 NITESH KUMAR 1 1.30 Misc sale
1558 1677869561 1553147 9W 231 1/23/2019 ADVAIT RANE 1 1.50 Misc sale
1559 1Z1A1R006790415408 1553013 5X-0015 1/22/2019 SHIBA PADA GUHA BISWAS 1 3.63 Misc sale
1560 5779676571 1553501 BZ-201 1/23/2019 KIMBERLY ANN KNIGHT 1 10.00 Misc sale
1561 4181534044 1553841 BA-139 1/24/2019 THE XANDER GROUP INC. 1 1.20 Misc sale
1562 4106980522 1312175 9W-119 1/25/2018 VENKATESHWAR INDUSTRIES 1 2.72 Misc sale
1563 1Z04141A6766974610 1312419 EK-500 1/26/2018 G.D. ENTERPRISE 1 3.00 Misc sale
1564 32319388275 1554617 EK-508 1/24/2019 Libra appliance pvt ltd. 1 0.45 Misc sale
1565 1ZY312696740696087 1312670 5X-0015 1/26/2018 GSR-PREETAM MIZAR#101549 1 1.36 Misc sale
1566 813095861410 1312927 AI-343 1/27/2018KIMBERLY-CLARK HYGIENE PRODUCTS PR 1 5.00 Misc sale
1567 1ZRX27110443214382 1312836 9W 231 1/26/2018 DR. KEVIN MOMIN 1 1.36 Misc sale
1568 9505249600 1554907 BZ-201 1/25/2019 RELIANCE INDUSTRIES LTD. 1 3.00 Misc sale
1569 1789418293 1554904 BA-199 1/25/2019 Sumit Raj 1 0.22 Misc sale
1570 1Z2A28026700835085 1555122 5X-0015 1/25/2019 PRAVIN GIRADKAR 1 2.50 Misc sale
1571 1Z6771350468077525 1555180 EK-506 1/25/2019 GNFC 1 1.81 Misc sale
1572 8418873256 1313436 BA-139 1/28/2018 JAYVEER PAREKH 1 1.84 Misc sale
1573 1ZAR43820426210351 1313476 9W 231 1/27/2018 VENKAT VALLABHANENI 1 1.81 Misc sale
1574 771325706940 1314019 FX 5460 1/28/2018 AVIAREPS AG JOSEPH FERNANDES 1 2.50 Misc sale
1575 1ZA780E10497910524 1556011 9W 231 1/27/2019 AMAIA LOPEZ DE ANUA MORENTIN 1 3.40 Misc sale
1576 1772918022 1314182 BA-139 1/29/2018 Pratibhaa 1 2.29 Misc sale
1577 1761717554 1314182 BA-139 1/29/2018 Mersy 97577277682 1 1.10 Misc sale
1578 1761724016 1314182 BA-139 1/29/2018 TEJ DEVDAS KADAM 1 0.30 Misc sale
1579 1761707124 1314182 BA-139 1/29/2018 Ravikrishnan Elangovan 1 0.93 Misc sale
1580 1761726525 1314467 BA-199 1/29/2018 Yudh Vijay Singh Rawal 1 4.82 Misc sale
1581 479244518656 1556527 FX- 5460 1/27/2019 DENNIS BREITHAUPT 1 1.40 Misc sale
1582 32193372934 1556351 BA-199 1/27/2019 RAJ KUMAR GUPTA 1 0.85 Misc sale
1583 480732030863 1556527 FX- 5460 1/27/2019SHRI ARIHANT COMPOUND BRIAN JOSEPHS 1 3.40 Misc sale
1584 812446820057 1556527 FX- 5460 1/27/2019
CAPAQENIINI INFOTECH PARK RAJIV GANDHI 1 11.30 Misc sale
1585 471070013695 1556527 FX- 5460 1/27/2019
AANAM CHASHMAWALA AANAM CHASHMAWALA 1 1.20 Misc sale
1586 555912681306 1308179 CX 663 1/20/2018 T RAMESH 1 5.02 Misc sale
1587 1761729804 1315780 BA-199 1/31/2018 Shadithya hospital 1 4.05 Misc sale
1588 5990683941 1316135 BA-139 2/1/2018 45/VRAJ DHAM 1 0.90 Misc sale
Pkgs Weight
1589 9043981866 1556683 9W-119 1/28/2019 KIRTIAJAY MITTAL 1 19.12 Misc sale
1590 31427701292 1556820 MH-194 1/27/2019 Tarak paul 1 0.75 Misc sale
1591 1Z9Y97E30419625744 1316148 9W 231 1/31/2018 A.JANARDHAN 1 0.45 Misc sale
1592 1ZE1260F0401173891 1316148 9W 231 1/31/2018 TV RAGHAVENDRA 1 0.91 Misc sale
1593 1Z6309WA0438322999 1316148 9W 231 1/31/2018 MATTHEW REMTLUANGA SAILO 1 1.36 Misc sale
1594 1Z9743W80428389692 1316148 9W 231 1/31/2018 RAJEEV NERURKAR 1 0.45 Misc sale
1595 1Z9V53840421837023 1316148 9W 231 1/31/2018 SUDHANSHU KUMAR 1 0.91 Misc sale
1596 1ZAV17000400373072 1316148 9W 231 1/31/2018 B 2101 GREAT EASTERN GARDENS 1 0.91 Misc sale
1597 1ZA177A60424813000 1316148 9W 231 1/31/2018 MOHANISH V CHITNIS 1 0.45 Misc sale
1598 1Z9Y97E30419738533 1316148 9W 231 1/31/2018 BUDI 1 0.45 Misc sale
1599 1Z9XW0416792030100 1557580 EK-500 1/29/2019 VIVEK SINGHI 1 16.33 Misc sale
1600 1Z19VA550405141823 1316148 9W 231 1/31/2018 P.G.MANJREKAR 1 0.45 Misc sale
1601 1Z7119X90496655358 1557897 5X-0015 1/29/2019 KHUSHBOO 1 4.20 Misc sale
1602 1Z19VA550437706510 1557897 5X-0015 1/29/2019 VEENA GARG 1 0.91 Misc sale
1603 1Z9763A30425891466 1316886 EK-508 2/1/2018 SELMA ANUP 1 0.45 Misc sale
1604 1ZY2F1940467442379 1316827 9W 231 2/1/2018 KISHORE KUMAR LEKKALA 1 2.27 Misc sale
1605 1ZW432356797197465 1312060 5X-0015 1/25/2018 SANDY BAY SEAFOOD(INDIA) PRIVATE 1 7.60 Misc sale
1606 1ZA68857D920127622 1315461 9W 231 1/30/2018 FOUR SEASONS HOTEL MUMBAI 1 12.20 Misc sale
1607 724981501542 1317180 BZ-201 2/2/2018 VANDANA BENEGAL 1 4.40 Misc sale
1608 1Z9743W80428952500 1317560 9W 231 2/2/2018 SUBHASISH SENGUPTA 1 1.10 Misc sale
1609 1ZE1F0220487202845 1558648 EK-502 1/30/2019 LEO PAUL, DELIVER TO CARE TAKE 1 3.17 Misc sale
1610 1ZY1Y5790434974489 1317560 9W 231 2/2/2018 RUCHI SRINIVAS 1 1.36 Misc sale
1611 1Z10R1416793856745 1317815 EK-500 2/3/2018 SCARLET PRINTS LLP 1 6.00 Misc sale
1612 1ZX304156799091031 1317373 5X-0015 2/2/2018 9.19601E+11 1 0.91 Misc sale
1613 4121973833 1558685 BA-139 1/31/2019 9 POINT DESIGN 1 1.00 Misc sale
1614 4832248455 1558854 9W-0115 1/31/2019
HOTEL FORTUNE SELECT EXOTICA (ITC GROUP)2 16.00 Misc sale
1615 1Z445F040410893594 1559348 EK-502 1/31/2019 MARK H. GOTTWALD/JIVAMUKTI YOG 1 4.08 Misc sale
1616 W4631668030 1318157 9W 231 2/3/2018 SCARLET PRINTS LLP 1 8.30 Misc sale
1617 9030162352 1559375 9W-119 2/1/2019 IBM 1 10.20 Misc sale
1619 1Z10R1416791056443 1317057 EK-500 2/2/2018 SCARLET PRINTS LLP 1 8.50 Misc sale
1621 1ZAV17000400373705 1318157 9W 231 2/3/2018 GRACY VARKEY 1 1.36 Misc sale
1624 1Z9V53840422370730 1318767 EK-506 2/4/2018 DR JIBU EAPEN MATHEW 1 3.00 Misc sale
1625 1Z306AY10420580482 1318767 EK-506 2/4/2018 SAURABH KUMAR DAS 1 3.00 Misc sale
1626 860083283316 1316886 EK-508 2/1/2018 SHIVA EXPRESS MAIL 1 2.98 Misc sale
1627 31417230600 1557455 MH-194 1/28/2019 Akhono 1 4.42 Misc sale
Pkgs Weight
1628 31465627550 1316886 EK-508 2/1/2018 Dr. Nungotso Vero 1 1.08 Misc sale
1629 1Z0E136F0496519819 1317373 5X-0015 2/2/2018 PIRAMAL GLASS LTD 1 1.00 Misc sale
1630 4833872072 1560116 9W 231 2/2/2019 BILFINGER TEBODIN INDIA PVT. LTD. 1 0.80 Misc sale
1631 W4631668067 1319509 EK-508 2/5/2018 SCARLET PRINTS LLP 1 8.30 Misc sale
1632 1ZX5Y7830416263021 1319509 EK-508 2/5/2018 SWAPNIL H 1 1.36 Misc sale
1633 W4925222777 1319509 EK-508 2/5/2018 FARIDA SHOES PVT. LTD. 1 2.00 Misc sale
1634 2507505140 1560149 BA-139 2/2/2019 ZOYA RAJPUT 1 1.60 Misc sale
1635 1ZT83T036790507949 1320013 5X-0015 2/6/2018 CREATIVE PERIPHERALS & DISTRIB 1 5.70 Misc sale
1636 1ZW809V00415469194 1560116 9W 231 2/2/2019 SOMDEV BANIK 1 0.60 Misc sale
1639 624062788 1320292 LH-756 2/7/2018 GIESSE SPA INDIA BRANCH OFFICE 1 0.50 Misc sale
1640 1Z6972F40488113066 1560345 EK-500 2/2/2019 UNITED RUBBER INDUSTRIES 1 7.71 Misc sale
1641 1Z442R340421280856 1560751 EK-506 2/2/2019 PRERNA PODAR 1 3.17 Misc sale
1642 1Z9V53840422571255 1320777 9W 231 2/7/2018 ALANKRIT BORTHAKUR 1 0.45 Misc sale
1643 774335234394 1561422 FX- ACCENTURE
5460 2/3/2019
SOLUTIONS PVT. LTD KISHOR M. APTE OR SAILATHA
1 GOPALAN
2.30 Misc sale
1644 447395928255 1561422 FX- 5460 2/3/2019 AMEYA SARANG 1 0.30 Misc sale
1645 785247643480 1561422 FX- 5460TECHLAB
2/3/2019
INDIA PVT. LTD A-303/4 DNYANESHWAR NARALE 1 NTWRK
0.90 Misc sale
1646 1Z976Y000441685964 1561423 EK-506 2/3/2019 RAJENDRA SINGH YOGAYATAN GROUP 1 0.91 Misc sale
1647 480813679077 1561422 FX- 5460 2/3/2019STANDARD WORLDWIDE OPERATIONS TEAM 1 8.00 Misc sale
1648 1Z306AY10420586566 1321486 EK-508 2/8/2018 A SURESH KUMAR 1 0.50 Misc sale
1649 1ZA17A560464829461 1561423 EK-506 2/3/2019 ANAND 1 0.45 Misc sale
1650 1Z442R340421463935 1561423 EK-506 2/3/2019 JAGAN MOHAN REDDY B 1 0.45 Misc sale
1651 774350190130 1561422 FX- 5460 2/3/2019 FISC TINA GAIKWAD 1 2.30 Misc sale
1652 H9989675020 1321482 9W 231 2/8/2018 SUPREETH SRINIVASAMURTHY 1 5.00 Misc sale
1653 1ZR7296E0429222692 1321482 9W 231 2/8/2018 BENJAMIN HOLLOHON 1 5.80 Misc sale
1654 1Z933E6W0410665586 1321482 9W 231 2/8/2018 SUMOLA SUBONEYO 1 0.45 Misc sale
1655 985460747 1562712 SQ-422 2/5/2019 NIRJAY IMPEX PVT LTD 1 1.10 Misc sale
1656 1789554340 1563201 BA-199 2/6/2019 Rao Consultants Private Limited 1 2.39 Misc sale
1657 1Z99WA870439181560 1322139 9W 231 2/9/2018 HARSHA MUPPAVAR 1 2.72 Misc sale
1658 1Z442R340421741429 1563463 EK-506 2/6/2019 SEUNGYOON LEE 1 0.91 Misc sale
1659 1Z0W64A00476142535 1563809 EK-500 2/7/2019 PRABHA RAGHAVAN 1 0.45 Misc sale
1660 6727311150 1322842 BA-139 2/11/2018 SCHLUMBERGER INDIA TECHNOLOGY 1 3.76 Misc sale
1661 1Z6881R90441335745 1564217 9W 231 2/8/2019 PATEL VISHRUT UMESH 1 4.00 Misc sale
1662 1ZAR29400410842189 1322810 9W 231 2/10/2018 NOOR KHAN 1 0.45 Misc sale
1663 1Z999A9R6713096691 1564789 5X-0015 2/8/2019 MIDWAY APPARELS INDIA PVT LTD 1 4.08 Misc sale
1664 628577036 1565102 LH-756 2/9/2019 UNIVERSAL CRAFT 1 0.60 Misc sale
1665 771435938348 1323323 FX 5460 2/11/2018 MR. JASVEER SOL 1 5.00 Misc sale
1666 2823782150 1323492 9W-119 2/11/2018 BOBBY BISHT 1 0.70 Misc sale
Pkgs Weight
1667 1Z445E130406524378 1565592 EK-502 2/9/2019 YASHVI DESAI 1 0.45 Misc sale
1668 1ZA275A00408731481 1323440 EK-506 2/11/2018 AJAY PANDEY 1 0.50 Misc sale
1669 1ZE1260F0401186261 1324187 EK-508 2/12/2018 LAKSHEETA GOVIL 1 0.91 Misc sale
1670 1ZY185476648822193 1324187 EK-508 2/12/2018 NARVEER TANAJI WADI 2 11.34 Misc sale
1671 1463757746 1324781 9W 231 2/13/2018 TANTRA ENTERTAINMENT PVT LTD 1 0.55 Misc sale
1672 1ZN14TF70400014413 1567175 EK-500 2/12/2019 DEVANSHI DALAL 1 1.50 Misc sale
1673 31427762310 1558065 CX 663 1/30/2019 Sharma automotive 1 1.91 Misc sale
1674 1763940706 1325099 BA-199 2/14/2018 VIKAS MANGHNANI 1 0.57 Misc sale
1675 1Z6972F40494803880 1555881 EK-506 1/26/2019 NAVISTAR INC 1 8.10 Misc sale
1677 3880960576 1325469 EK-508 2/14/2018 T4007 1 11.21 Misc sale
1678 3683191654 1568944 9W 231 2/15/2019 ALEX THAMBO 1 1.50 Misc sale
1679 1763922296 1325737 BA-199 2/15/2018 Tata AIG General Insurance Co Ltd 1 0.56 Misc sale
1680 1763935482 1325737 BA-199 2/15/2018 Logu Dhamodaran 1 1.19 Misc sale
1681 1Z3Y13E10462404531 1325469 EK-508 2/14/2018 PADMAVATHY VIVEKANANDAN 1 1.36 Misc sale
1682 1Z3Y13E10462310963 1325469 EK-508 2/14/2018 UMAMAHESWARI SRINIVASAN 1 0.45 Misc sale
1683 3379580886 1326661 9W 358 2/16/2018 THE INDIAN HOTELS COMPANY LIMITED 1 12.10 Misc sale
1684 6732023760 1326775 9W 231 2/16/2018 ASIAN PAINTS LIMITED - WALL PAPER G 1 12.80 Misc sale
1685 5420212324 1326984 EK-500 2/17/2018 RENEE INTERNATIONAL 1 1.32 Misc sale
1686 31405396680 1293208 9W-117 12/28/2017 MRS SALONI ARORA 1 8.00 Misc sale
1687 1Z3Y13E10462772750 1326775 9W 231 2/16/2018 JOITA SEN 1 0.91 Misc sale
1688 1Z0318W00444170366 1327487 9W 231 2/17/2018 SEAWAYS SHIPPING AND 1 4.00 Misc sale
1689 1ZW6766W0459848622 1328192 EK-508 2/18/2018 G.JAYANTHI, SECRETARY TO CEO 1 2.27 Misc sale
1690 1Z5X32290496800887 1572269 9W 231 2/20/2019 ACKNIT INDUSTRIES LIMITED 1 0.50 Misc sale
1691 1Z189W2W0474178831 1573002 EK-502 2/20/2019 JYOTI S MUKHERJEE PLS DELIVER 1 6.80 Misc sale
1692 478687134 1329857 SQ-422 2/21/2018 UNIWORTH LIMITED 1 11.30 Misc sale
1693 5262607523 1574016 BZ-102 2/22/2019 D MART 1 7.50 Misc sale
1694 56481999744 1560477 BA-199 2/2/2019 Sahil Grover, 1 1.05 Misc sale
1695 552551268 1574463 CX 663 2/23/2019 MEHALI PAPERS PVT LTD 1 0.52 Misc sale
1696 774510908262 A7051 FX-5033 2/23/2019 ANUJ ADHANGLE ANUJ ADHANGLE 1 3.00 Misc sale
1697 1Z0W37V10442561140 1330728 9W 231 2/22/2018 NORBU TSHERING GENSAPA 1 0.45 Misc sale
1698 1Z6699230474283656 1330728 9W 231 2/22/2018 ROTOMETRICS INDIA PRIVATE LTD 1 3.63 Misc sale
1699 1809187494 1330943 KQ-204 2/23/2018 BHJAT SAIFUDDIN 1 1.50 Misc sale
1700 475483733188 1575713 FX- 5460 2/24/2019KMT PRIVATE LTD INDIA TARUN BHALLA 1 1.50 Misc sale
1701 329399993 1575876 SQ-424 2/24/2019 AXPRESS OPTICS 1 1.00 Misc sale
1702 6778523135 1577068 9W-119 2/27/2019 ZEUS IRANI 1 5.00 Misc sale
1703 1ZW809V00411674844 1332567 5X-0015 2/25/2018 SYED FARHAT JAHARA 1 0.50 Misc sale
1704 1Z3Y13E10463696653 1332626 EK-506 2/25/2018 CHARVI DHOOT 1 0.45 Misc sale
1705 4211874402 1577821 BA-139 2/28/2019 AKSHAT SINGHAL 1 0.50 Misc sale
Pkgs Weight
1706 3793815944 1333002 EK-500 2/26/2018 TELLY BYTES 1 5.00 Misc sale
1707 2333210670 1578083 9W-551 2/28/2019 AMIT ENTERPRISE 1 2.00 Misc sale
1708 1764017264 1333044 BA-199 2/26/2018 Sea Bird Medicare Pvt Ltd 1 1.37 Misc sale
1709 1ZE1F0220472772187 1326775 9W 231 2/16/2018 POOJAREDDY 1 7.71 Misc sale
1710 1Z08E1450429970850 1332626 EK-506 2/25/2018 SOUNDARAM 1 0.63 Misc sale
1711 W4477980128 1333388 9W-011 2/26/2018 CHANGSHU VALEO AUTOMOTIVE WIPE 1 1.00 Misc sale
1712 56483564406 1577069 BA-139 2/27/2019 Irfan Khan, 1 0.65 Misc sale
1713 1ZW090A00499656017 1334042 EK-508 2/27/2018 C/O WORLD WIDE SHIPP 1 4.20 Misc sale
1714 1ZW7966E0451315562 1334042 EK-508 2/27/2018 EL SANTOS 1 3.00 Misc sale
1715 4141380983 1578445 BA-139 3/1/2019 SANDEEP KALSY 1 1.00 Misc sale
1716 56483702203 1578445 BA-139 3/1/2019 Richa Namdev, 1 0.80 Misc sale
1717 9112894136 1579836 9W-119 3/3/2019 FLEMINGO DUTY FREE SHOPS PVT LTD 1 4.30 Misc sale
1718 4178136152 1335471 9W-0115 3/2/2018 THE WESTIN PUNE KOREGAON PARK 1 26.20 Misc sale
1719 1ZXW52500491095510 1335865 EK-506 3/2/2018 RAYCHEM RPG PVT LTD 1 9.55 Misc sale
1720 476671435445 1580346 FX 5460 3/3/2019 ZENITH OPTIMEDIA SANTOSH GHOSH 1 1.40 Misc sale
1721 463996046579 1580346 FX 5460 3/3/2019 OPTIVA BASANTH MULLASSERY 1 0.90 Misc sale
1722 476671435401 1580346 FX 5460 3/3/2019 INTERACTIVE AVENUES NEHA SHARMA 1 1.40 Misc sale
1723 56483819862 1579401 BA-199 3/2/2019 Bulbul Gopalani, 1 0.40 Misc sale
1724 4068901211 1599934 BA-139 4/3/2019 ATUL ENGINEERING WORKS 1 2.00 Mechanical sale
1725 194912152 1358009 LH-756 4/5/2018 SIEMENS LTD. 1 2.50 Mechanical sale
1726 650377913 1358632 LH-756 4/6/2018 LINCOLN ELECTRIC FRANCE 1 0.30 Mechanical sale
1727 264017335 1602623 LH-756 4/7/2019 MR. YOGESH R. DESHPANDI 1 5.66 Mechanical sale
1728 1356840741 1604207 9W-119 4/9/2019 JCB INDIA LTD 2 21.00 Mechanical sale
1729 202071520 1363034 SQ-422 4/12/2018 ABB INDIA LTD 1 4.30 Mechanical sale
1730 7465690934 1606875 EK-500 4/14/2019 SARODHO ESQROH 1 13.00 Mechanical sale
1731 7966236353 1607039 EK-504 4/14/2019 NIKESH KUMAR 1 1.10 Mechanical sale
1732 774944655475 1607148 FX- 5460 4/14/2019 KAY PIGMENTS 1 0.70 Mechanical sale
1733 6525577251 1608753 EK-504 4/17/2019 MASTER OF M/V LEVANT HORIZON 1 3.80 Mechanical sale
1734 7342462245 1609171 EK-500 4/18/2019 ABDULLA 1 1.60 Mechanical sale
1735 5440819392 1366891 EK-504 4/18/2018 JRE PRIVATE LIMITED 1 8.90 Mechanical sale
1736 31427313875 1367195 CX 663 4/19/2018 Elite Interio 1 3.88 Mechanical sale
1737 110350855 1610266 KL-877 4/20/2019 EHES LTD(ESSAR STEEL INDIA LIMITED) 1 16.00 Mechanical sale
1738 1Z1W32110440061140 1368792 EK-500 4/21/2018 ADANI SHIPING (INDIA) PVT LTD 1 3.30 Mechanical sale
1739 V0308831647 1612412 5X-0015 4/23/2019 EAGLEBURGMANN INDIA PVT LTD 1 7.20 Mechanical sale
1740 31678073781 1614808 MH-174 4/27/2019 Vasudevan S 1 3.03 Mechanical sale
1741 8699387115 1373767 9W-119 4/28/2018 HOTEL GRAND DHILLON 1 0.40 Mechanical sale
1742 115160931 1616904 TK-0720 5/1/2019 RELIANT EXIM AND CONSULTING LLC 1 15.00 Mechanical sale
1743 5610021620 1617799 BA-139 5/3/2019 MATRIXX COMPONENTS (I) PVT LTD 1 2.60 Mechanical sale
1744 317636620 1618119 TK-0720 5/3/2019 DIESEL INDUSTRIAL SPARES 1 33.00 Mechanical sale
Pkgs Weight
1745 1Z52X0990445355732 1618363 EK-506 5/3/2019 VALGRO HOUSE 1 4.54 Mechanical sale
1746 2192750556 1618728 BZ-201 5/4/2019 SICAGEN INDIA LTD. 1 20.00 Mechanical sale
1747 524198655 1619470 SQ-422 5/5/2019 STAUFF INDIA PVT LTD 1 6.30 Mechanical sale
1748 251994455 1377765 CX 663 5/5/2018 SURESH JAIN 1 2.34 Mechanical sale
1749 500917664892 1613178 CX 663 4/25/2019 SUDHAN 1 1.69 Mechanical sale
1750 5414636393 1620675 BA-139 5/8/2019 SENVION INDIA WIND POWER SERVICES L 1 1.80 Mechanical sale
1751 253562061 1378492 LH-756 5/6/2018 LUBRIZOL INDIA PVT. LTD 1 1.00 Mechanical sale
1752 1Z645W190433795883 1380354 EK-508 5/8/2018 EMCO CO 1 0.90 Mechanical sale
1753 6618375326 1622441 GF-064 5/10/2019 INGERSOLL RAND CLIMATE SOLUTION 1 0.30 Mechanical sale
1754 1ZA275Y86766329118 1622547 EK-502 5/10/2019 COCHIN SHIPYARD LIMITED 1 28.18 Mechanical sale
1755 1ZA275Y86766390300 1622431 EK-506 5/10/2019 COCHIN SHIPYARD LIMITED 1 34.54 Mechanical sale
1756 6179424974 1622597 KL-877 5/11/2019 MICROTECH METAL INDUSTRIES 1 1.30 Mechanical sale
1757 7276789940 1622882 BZ-201 5/11/2019 INGRAM MICRO INDIA PRIVATE LIMITED 1 0.84 Mechanical sale
1758 582043879 1623210 SQ-424 5/11/2019 SAFE A & T TECHNOLOGY PVT LTD 1 0.50 Mechanical sale
1759 247159634 1623241 LH-756 5/12/2019 BEN LINE AGENCIES (INDIA) 1 0.30 Mechanical sale
1760 471181248353 1623541 FX- 5460 5/12/2019 SHREE GANESH INDUSTRIES RAJESH 1 0.40 Mechanical sale
1761 1Z0693E30466757467 1624025 EK-504 5/13/2019 ITT CORPORATION - INDIA 1 1.40 Mechanical sale
1762 125087642 1625570 LH-756 5/16/2019 INDUSTRIAL VALVES INDIA 1 1.00 Mechanical sale
1763 1313101613 1385517 9W-119 5/16/2018 ROCKSTA9 1 2.40 Mechanical sale
1764 2693697226 1626008 BA-139 5/17/2019 JD INDIA 1 6.00 Mechanical sale
1765 H5598695216 1626550 EK-506 5/17/2019 KEITH CHARLES 1 4.99 Mechanical sale
1766 107941315 A312190 LH-756 5/20/2018 TOTAL FOOD SOLUTIONSW PVT LTD 1 13.30 Mechanical sale
1767 6850304591 1627780 GF-064 5/19/2019 SAIF TRADING CORPORATION 1 2.30 Mechanical sale
1768 2706716596 1389671 CX 663 5/23/2018 GLOBAL CONSTRUCTION SERVICES 1 6.00 Mechanical sale
1769 6675835552 1391102 9W-0115 5/25/2018 JOINFLEX INDIA PVT LTD 1 5.50 Mechanical sale
1770 3599686694 1392377 9W 362 5/26/2018 SCORPIO SHIPPING AGENCIES PVT.LTD 1 5.00 Mechanical sale
1771 708633133702 1392873 FX 5460 5/27/2018 PRATIK JAIN PRATIK JAIN 1 2.30 Mechanical sale
1772 32579859491 1630233 MH-194 5/23/2019 VIPIN MITTAL 1 4.36 Mechanical sale
1773 957362755 1629880 LH 8360 5/23/2019 TSERING LHAZOM 1 5.00 Mechanical sale
1774 104983130 1631597 LH-756 5/26/2019 FAURECIA AUTOMOTIVE SEATING 1 1.00 Mechanical sale
1775 363845625 1631823 TK-0720 5/26/2019 IPSEN PVT LTD 1 1.00 Mechanical sale
1776 957340423 1630721 QR 8604 5/24/2019
BHANDARI ELECTRONICS AND ELECTRICALS 1 12.73 Mechanical sale
1777 1ZX5X9546796770794 1627159 EK-506 5/18/2019 CATERPILLAR INDIA PRIVATE LIMI 1 18.14 Mechanical sale
1778 31345308153 1395847 CX 663 6/1/2018 SHREE NATH HARDWARE 1 1.98 Mechanical sale
1779 1Z7238980457927544 1399927 EK-500 6/7/2018 VAL PACK SOLUTION PRIVATE LTD. 1 13.00 Mechanical sale
1780 678175505 1401185 AI-343 6/8/2018 WESTERN REFRIGERATION PVT. LTD. 1 1.90 Mechanical sale
1781 32580454480 1636869 CX 663 6/4/2019 RAHUL B POKHRIYAL 1 10.56 Mechanical sale
1782 6322580401 1401714 9W-119 6/10/2018 SHIVAM FREEZING TECHNOLOGIES 1 3.50 Mechanical sale
1783 1252483201 1403587 9W 231 6/12/2018 PUNEET GARG 1 5.40 Mechanical sale
Pkgs Weight
1784 5987980180 1639291 KL-877 6/8/2019 INDIA TERRY TOWELS 1 2.90 Mechanical sale
1785 30728736032 1639902 AI-343 6/8/2019
INDUSTRIAL ENGINEERS & MANUFACTURERS 1 4.88 Mechanical sale
1786 337522388 1641037 KL-877 6/11/2019 MARS INTERNATIONAL INDIA PVT LTD 1 12.60 Mechanical sale
1787 2477235585 1406752 BZ-201 6/17/2018PENTAIR VALVES & CONTREOLS INDIA PVT 1 5.00 Mechanical sale
1788 125454825 1406881 SQ-422 6/17/2018 ABB INDIA LIMITED 1 5.05 Mechanical sale
1789 32580542433 1642240 MH-194 6/12/2019 SANTHOSH 1 8.00 Mechanical sale
1790 1Z442AY36729836000 1642708 EK-506 6/13/2019 SWASTIK INDUSTRIES 1 0.45 Mechanical sale
1791 206748401 1644144 SQ-424 6/15/2019 SHEKHAR LOHOMKAR 1 1.00 Mechanical sale
1792 218743295492 1642854 CX 663 6/14/2019 KOPPARTHI PAVANI 1 2.90 Mechanical sale
1793 772497578210 A316565 FX- 5460 6/24/2018 FORD INDIA PVT D LTD 1 6.20 Mechanical sale
1794 5075949340 1412878 9W-119 6/26/2018 IMENSYS 1 8.00 Mechanical sale
1795 1Z885V7Y0400858360 1413430 EK-506 6/27/2018 S.IRUDHAYA AMALRAJ 1 3.17 Mechanical sale
1796 1Z2A272F0441956254 1413414 5X- 0015 6/27/2018 P.C.KANNAN 1 0.50 Mechanical sale
1797 1Z2A01Y96791866109 1645649 5X-0015 6/18/2019 DENTAL CERAMISTS INDIA PVT LTD 1 6.00 Mechanical sale
1798 957408722 1638963 QR 8872 6/7/2019 BHUPESH PATEL 1 2.73 Mechanical sale
1799 1792723 1627713 AI-144 5/19/2019 Creative Group 1 1.02 Mechanical sale
1800 5514321175 1414848 BA-139 6/30/2018
ETO-VDR EQUIPMENT-MFG PLANT VADODARA1 1.20 Mechanical sale
1801 147105092 1647135 LH-756 6/21/2019 SKF INDIA LIMITED 1 8.75 Mechanical sale
1802 1Z6386566793309764 A317242 EK-500 6/30/2018 THE HI-TECH GEARS LTD. 1 13.00 Mechanical sale
1803 1Z7W96690493062843 1415827 EK-500 7/1/2018 TETRA PAK INDIA PRIV 1 6.20 Mechanical sale
1804 9341148854 1647858 BA 135 6/22/2019 IN PUNE FCS SYSTEM PLANT 1 3.46 Mechanical sale
1805 4904085723 1648448 EK-500 6/23/2019 TI FLUID SYSTEMS BUNDY INDIA LIMITE 1 1.00 Mechanical sale
1806 1Z77WE570495512697 1648448 EK-500 6/23/2019 NC AUTOTECH LLP 1 3.80 Mechanical sale
1807 H5619991748 1648830 EK-502 6/23/2019 C/O SAMUDRA MARINE S 1 0.45 Mechanical sale
1808 7831982060 1419592 BA-139 7/7/2018 JCB INDIA LIMITED 1 6.00 Mechanical sale
1809 1Z67A2980472653476 1651451 EK-500 6/28/2019 LIFESTYLE INTERNATIO 1 6.00 Mechanical sale
1810 1Z6062966795342154 1651743 EK-506 6/28/2019 AG PATIL POLYTECHNIC 1 1.81 Mechanical sale
1811 1ZR12Y830433762389 1651734 5X- 0015 6/28/2019 KIA MOTORS INDIA 1 6.00 Mechanical sale
1812 632574055 1422457 LH-756 7/11/2018 CPC PRECICOMP PVT LTD 1 0.25 Mechanical sale
1813 785208804 1423814 LH-756 7/13/2018 INTAS PHARMACEUTICALS LTD 1 2.20 Mechanical sale
1814 8937933782 1424296 9W 231 7/13/2018 KARNAR MOTO WORKS PVT LTD 1 0.40 Mechanical sale
1815 189228163 1424498 LH-756 7/14/2018 RAMKRISHNA FORGINGS LTD.GOODS R 1 1.15 Mechanical sale
1816 1Z8E28R66696180729 1424911 EK-506 7/14/2018 PITNEY BOWES INDIA PVT LTD 1 0.45 Mechanical sale
1817 1Z7EY2580405516401 1425122 AI-343 7/14/2018 EXIDE INDUSTRIES LIMITED 1 3.00 Mechanical sale
1818 781846373158 1425453 FX 5460 7/15/2018
RECEIVING DEPARTMENT JET AIRWAYS (INDIA) LTD.
1 1.10 Mechanical sale
1819 260017494 1425599 9W 231 7/15/2018 BHARAT PRECISION INDUSTRIES 1 22.50 Mechanical sale
1820 3260836876 1654792 AF-218 7/3/2019 ZF INDIA PVT. LTD. 1 1.18 Mechanical sale
1821 43535318510 1653831 EK-500 7/2/2019 VIPIN VALVI 1 22.68 Mechanical sale
1822 1Z294W960445642296 1426934 9W 231 7/17/2018 BFG INTERNATIONAL PRIVATE LTD 1 5.00 Mechanical sale
Pkgs Weight
1823 1Z712R5A6770388768 1428200 5X-0015 7/19/2018 EATON 1 1.81 Mechanical sale

1824 6369494025 1658373 BA-139 7/10/2019
MAN ENERGY SOLIUTIONS IDIA PRITIA LIMITED1 0.50 Mechanical sale
1825 1Z6694546777932835 1658563 EK-500 7/10/2019 ECONOMY REFRIGERATION PRIVATE LTD 1 13.18 Mechanical sale
1826 260888390 1660946 LH-756 7/14/2019 VIRAJ PROFILES LIMITED 1 0.80 Mechanical sale
1827 5994553014 1660854 BA-139 7/14/2019 SRUJAN SOLUTIONNS 1 0.95 Mechanical sale
1828 747957624255 1207551 EK-500 8/17/2017 XXX HIND INDUSTRIES 1 8.00 Mechanical sale
1829 1Z4335X06791556313 A22221 5X-0015 7/17/2019 VALEO INDIA PVT. LTD, 1 1.00 Mechanical sale
1830 4433873544 1433967 9W-0115 7/28/2018 MAHENDRA TRAVELS LTD 1 2.90 Mechanical sale
1831 8981367393 1665026 BA-139 7/21/2019 MAYASHREE LOG CENTRE 1 1.90 Mechanical sale
1832 1139542110 1435464 EK-500 7/30/2018 ECON SYSTEM 1 9.10 Mechanical sale
1833 1Z6651936761331628 1668676 EK-506 7/26/2019 BHARAT PETROLEUM CORPORATION 1 0.91 Mechanical sale
1834 319272468 1668891 LH-756 7/27/2019 NSL TEXTILES LIMITED 1 1.00 Mechanical sale
1835 7326765795 1669408 BA-139 7/28/2019 WUERTH INDL SERVICES INDIA PVT 1 3.56 Mechanical sale
1836 754296515 1438834 EK-500 8/4/2018LUCY ELECTRIC MANUFACTURING & TECHN 1 1.00 Mechanical sale
1837 268453802 1670156 KL-877 7/29/2019HOWDEN THOMASSEN COMPRESSORS INDIA 1 0.25 Mechanical sale
1838 1Z32568V0478733185 1671392 EK-500 7/31/2019 KIA MOTORS INDIA PVT 1 3.00 Mechanical sale
1839 6355462562 1672208 BZ-201 8/1/2019 DUFLONINDUSTRIES PRIV. LTD 1 69.00 Mechanical sale
1840 2946804556 1672411 EK-506 8/1/2019 PADMAVATI ENTERPRISE 1 0.90 Mechanical sale
1841 345005607 1672634 LH-756 8/2/2019 MR LUC JEAN ROBERT 1 3.00 Mechanical sale
1842 2829507365 1441778 CX-047 8/8/2018 NIRMAL TEXTILES 1 2.00 Mechanical sale
1843 7121323241 1441839 9W 231 8/8/2018 ALISHA TORRENT CLOSURES INDIA PVT L 1 0.29 Mechanical sale
1844 1Z4876090401737790 1442123 EK-500 8/9/2018 PARKER HANNIFIN /MANUFACTURING 1 1.36 Mechanical sale
1845 1885715112 1442498 BA-139 8/10/2018 TRIDENT HOTEL 1 5.10 Mechanical sale
1846 293238643 1674066 TK-0720 8/4/2019 CRYSTAL SG AQUASOLUTION LLP 1 1.04 Mechanical sale
1847 1Z53976V0473689137 1674420 5X- 0015 8/4/2019 SONGE ENTERPRISES PVT.LTD 1 2.50 Mechanical sale
1848 772879553983 1443705 FX-5033 8/11/2018 GOPAL HUSCO HYDRAULICS PVT. LTD. 1 32.00 Mechanical sale
1849 1ZEV46516796320436 1443569 EK-500 8/11/2018 AMALGAMATIONS VALEO CLUTCH PRI 1 2.00 Mechanical sale
1850 31111803752 1640801 EK-504 6/10/2019 M/s Communetiques 1 2.22 Mechanical sale
1851 782200836420 1445671 FX-5033 8/14/2018 JET AIRWAYS (INDIA) LTD MR MANI 1 1.00 Mechanical sale
1852 320423545 1448242 SQ-422 8/18/2018 SOLVAY SPECIALITIES INDIA PRIVATE 1 3.54 Mechanical sale
1853 447703056548 1448889 FX- 5460 8/19/2018 MUKUND SUTRAVE 1 2.70 Mechanical sale
1854 9565017755 1450283 9W 231 8/21/2018 WEICHAI INDIA 1 1.70 Mechanical sale
1855 1Z04W22E0497931325 1450283 9W 231 8/21/2018 EATON INDUSTRIES MANUFACTURING 1 5.00 Mechanical sale
1856 105913144376 1682745 FX- 5460 8/18/2019 SSV VALVES RAJENDRASINH JADAV 1 1.50 Mechanical sale
1857 1015619323 1683201 GF-056 8/19/2019
RALTECH PRECESION ENGINEERING PVT LTD 2 17.60 Mechanical sale
1858 1Z9059416700526623 1452116 5X- 0015 8/24/2018 IDEX INDIA PVT LTD 1 2.27 Mechanical sale
1859 447703061569 1453344 FX- 5460 8/26/2018 MUKUND SUTRAVE 1 2.70 Mechanical sale
1860 1779908535 1455046 BA-199 8/29/2018 Woodland Overseas School 1 2.64 Mechanical sale
1861 4144892824 1455772 BZ-201 8/30/2018 LEATHER ART 1 5.00 Mechanical sale
Pkgs Weight
1862 8325983061 1455563 9W-0115 8/30/2018 FLURO ENGINEERING P. LTD. 1 1.80 Mechanical sale
1863 935270714 1456096 9W 231 8/30/2018 GARIMA GLOBAL PRIVATE LIMITED 1 27.17 Mechanical sale
1864 1ZE2122W0453720676 1456829 9W 231 8/31/2018 ALLMINERAL ASIA PVT. LTD. 1 1.50 Mechanical sale
1865 1779923412 1457054 BA-199 9/1/2018 Vaishnavi Shankar P 1 3.07 Mechanical sale
1866 272373170 1457562 LH-756 9/2/2018 GAX SHIPPING PVT LTD 1 0.60 Mechanical sale
1867 449604214841 1457892 FX 5460 9/2/2018 BLOOM ENERGY INDIA PVT LTD 1 1.60 Mechanical sale
1868 118800359566 1691571 FX- 5460 9/1/2019
ARCHANA DESHMUKH WHIRLPOOL CORPORATION 1 0.20 Mechanical sale
1869 831350612 1460177 LH-756 9/6/2018 SUTLEJ TEXTILES AND INDUSTRIES LTD. 1 3.75 Mechanical sale
1870 9700493342 1692854 BA-139 9/4/2019 142000 IDEX INDIA PVT LTD 1 1.70 Mechanical sale
1871 287669760 1693672 LH-756 9/5/2019 MARRIOT COURTYARD 1 1.00 Mechanical sale
1872 1Z37900Y0492018538 1461367 9W 231 9/7/2018 WURTH INDIA 1 1.20 Mechanical sale
1873 288622515 1694936 AI-343 9/6/2019 POWER BUILD PVT LTD 1 1.50 Mechanical sale
1874 1Z3X0F730492481919 1464009 EK-508 9/11/2018 S.A.B. DI FERRANTE CATALDO & C. SAS 1 1.30 Mechanical sale
1875 814700054821 1695957 FX- 5460 9/8/2019
MINAZHUSSIEN RA I JANI MINAZHUSSIEN RA I JANI
1876 467438716953 1695957 FX-
RAGE5460
MOTORSPORT
9/8/2019 PERFORMANCE PVT LT NEVILLE P NEXT TO1 LATHIA0.70
MOTORS Mechanical sale
1877 8443890405 1696128 EK-508 9/8/2019 MARS WRIGLEY 1 0.51 Mechanical sale
1878 1Z9966490465289173 1465200 EK-506 9/13/2018 BAKER GAUGES INDIA PVT LTD (BM 1 0.45 Mechanical sale
1879 1Z883V1R0497287164 1465253 9W 231 9/14/2018 ABRAHAM KURIAN 1 12.00 Mechanical sale
1880 1Z6142440499011424 1465913 9W 231 9/14/2018 LAXCON STEELS LTD. 1 3.00 Mechanical sale
1881 1Z782F7Y0490902139 1466211 EK-500 9/15/2018 KELLOGG INDIA PRIVATE LIMITED 1 3.40 Mechanical sale
1882 31427424560 1466424 MH-174 9/15/2018 SBG Precision Tools 1 0.61 Mechanical sale
1883 1ZW148200495887540 1698768 EK-500 9/13/2019 TEIGNBRIDGE PROPELLERS 1 3.00 Mechanical sale
1884 1ZE237W60451036251 1699780 EK-506 9/14/2019 MTL INSTRUMENTS PRIVATE LIMITE 1 3.09 Mechanical sale
1885 139679241 1700127 TK-0720 9/15/2019 MR SUBHOJIT BAGAL 1 10.00 Mechanical sale
1886 2202932222 1468468 9W 231 9/18/2018 RENUKA AGRI FOODS PLC 1 2.40 Mechanical sale
1887 776232497020 1700399 FX 5460 9/15/2019
WAREHOUSE KHS MACHINERY PVT. NR. HIRAPUR 1 2.10 Mechanical sale
1888 1Z7607036763323821 1697868 EK-502 9/11/2019 PAR H INDIA PVT.LTD 1 0.45 Mechanical sale
1889 1Z2639A40440510104 1684942 EK-500 8/22/2019 EATON INOVATION CENTER 1 1.00 Mechanical sale
1890 1Z37969X8896475710 1678673 EK-506 8/11/2019 KAMAL METAL PRODUCTS 1 3.00 Mechanical sale
1891 9486677686 1702312 BA-139 9/19/2019 DHOOT TRANSMISSION PVT LTD (PUNE) 1 0.38 Mechanical sale
1892 1Z6908146740802070 1470378 5X- 0015 9/21/2018 LASTSS 1 0.91 Mechanical sale
1893 1ZE59E736798866429 1470378 5X- 0015 9/21/2018 WABCO-TVS (INDIA) LIMITED PLAN 1 22.68 Mechanical sale
1894 1Z8W32010474146301 1702545 EK-500 9/19/2019 RADIX ELECTROSYSTEMS PVT. LTD 1 1.20 Mechanical sale
1895 1Z1860646774081663 1703034 EK-502 9/19/2019 DHIRAJ SALES 1 0.45 Mechanical sale
1896 116284543213 1704780 FX- 5460 9/22/2019
ASHVIN M. DHOKE EMBASSY TECH Z TECH MAHINDRA 1 1.10 Mechanical sale
1897 789943843359 1704780 FX- 5460 9/22/2019
NAVEEN MUTHUMSNI VOLKSWAGEN INDIA PVT LTD 1 7.30 Mechanical sale
1898 789883166421 1703468 FX-0008 9/20/2019 NAVAL SURFACE WARFARE CENTER 1 2.20 Mechanical sale
1899 1278228276 1706845 EK-508 9/25/2019 MAHINDRA & MAHINDRA LTD 1 4.36 Mechanical sale
1900 776308168610 1707286 6E-0179 9/26/2019
AVINASH RANDIVE EATON RESEARCH LABS-PUNE 1 4.10 Mechanical sale
Pkgs Weight
1901 1ZW4212E6770312551 1476348 5X- 0015 9/30/2018 L. G. BALAKRISHNAN & BROS LTS. 1 2.27 Mechanical sale
1902 323016190 1708197 AI-343 9/27/2019 JAIN IRIGATION SYSTEMS LTD 1 17.40 Mechanical sale
1903 9301037513 1708368 EK-500 9/28/2019 NBU BEARINGS PUT LTD 1 3.45 Mechanical sale
1904 424577966001 1476303 FX- 5460 9/30/2018 ANURAG ADITYA 1 2.70 Mechanical sale
1905 1Z4E94E90407282538 1708368 EK-500 9/28/2019 WELLCOAT TECH 1 10.50 Mechanical sale
1906 3067640236 1476454 9W-119 9/30/2018 Schlumberger Asia Service Ltd 1 1.00 Mechanical sale
1907 5726899500 1476454 9W-119 9/30/2018 PARKSONS PACKAGING LTD 1 10.30 Mechanical sale
1908 1Z86026V0467137959 1477705 9W 231 10/2/2018 SPAZIO 1 2.50 Mechanical sale
1909 4249608090 1477926 EK-500 10/3/2018 FAIZ & COMPANY 1 2.00 Mechanical sale
1910 2678094171 1478299 BA-139 10/4/2018 GE OIL AND GAS INDIA PRIVATE LIMITE 1 1.00 Mechanical sale
1911 1Z9494246747817252 1478876 5X-0015 10/4/2018 HONEYWELL SENSING & PRODUCTIVI 1 0.45 Mechanical sale
1912 6324627934 1711898 BA-139 10/4/2019 NEXT PACKAGING 1 11.18 Mechanical sale
1913 1Z305A490498065266 1712128 EK-500 10/4/2019 ECOAQUA ENGINEERING SYSTEMS PR 1 2.00 Mechanical sale
1914 777438199 1483141 LH-756 10/11/2018HONDA MOTORCYCLE & SCOOTER INDIA 1 1.70 Mechanical sale
1915 708672267 1483141 LH-756 10/11/2018 DANIEL HWANG 1 4.40 Mechanical sale
1916 7206611904 1483963 EK-500 10/12/2018 ACTIV CONSULTANTS 1 2.84 Mechanical sale
1917 762135231 1484295 9W 231 10/12/2018TRANSCONTINENTAL MARITIME SERVICES 1 4.25 Mechanical sale
1918 1Z76213V0415326828 1716534 EK-500 10/11/2019 ARMANDS MUCENIEKS 1 1.00 Mechanical sale
1919 783203818633 1485493 FX- 5460 10/14/2018
LOHIYA GALORE TECH ATN.PIYUSH SOHANI 1 3.80 Mechanical sale
1920 V0233155985 A335782 5X- 0015 10/17/2018 MTL INSTRUMENTS PTE LTD 1 3.00 Mechanical sale
1921 131276079 1256069 LH-756 11/2/2017 ASHOK LEYLAND LTD 1 54.00 Mechanical sale
1922 3106413866 1487554 9W 231 10/17/2018MASTER MV TW HABURG (SHIP SPARES IN 2 13.70 Mechanical sale
1923 407575431 1718350 KL-877 10/14/2019 CRITICAM MEDICAL SYSTEMS LLP 1 1.35 Mechanical sale
1924 8230885202 1719695 EK-500 10/16/2019 FACULTY OF WEAPONS TECHNOLOGY 1 0.16 Mechanical sale
1925 1Z5X56130497788027 1720673 EK-506 10/17/2019 AMPLE ENTERPRISES 1 16.78 Mechanical sale
1926 7328673306 1720738 BA-139 10/18/2019 ARIFHUSSAIN MERCHANT 1 2.70 Mechanical sale
1927 1Z1F244V0460552782 1489518 9W 231 10/20/2018 ONLINE NETSYS INDIA PVT LTD 1 1.00 Mechanical sale
1928 1Z30AV560448113222 1721294 5X- 0015 10/18/2019 SIDDAPPA HALINAVAR 1 1.00 Mechanical sale
1929 776753057348 1722642 FX- 5460 10/20/2019
ARUN PANICKER RELIANCE INDUSTRIES & POWER1LT 2.00 Mechanical sale
1930 1ZR0155A0491248719 1724895 EK-500 10/24/2019 VESTAS INDIA 1 15.00 Mechanical sale
1931 1ZR0155A0493168098 1724895 EK-500 10/24/2019 VESTAS INDIA 1 15.00 Mechanical sale
1932 1Z8552256773408177 1493388 5X-0015 10/26/2018 ORIENTAL STRUCTRURAL ENGINEERS 1 2.72 Mechanical sale
1933 1Z811R370454796093 1725270 EK-506 10/24/2019 CONNEXXIONS 1 0.91 Mechanical sale
1934 1224285285 1494508 EK-500 10/28/2018 MANUFACTURING PLANT JAIPUR 1 6.50 Mechanical sale
1935 1Z1331WFDG42670618 1494798 5X-0015 10/28/2018 ZAMEER MOHAMMED 1 0.91 Mechanical sale
1936 4173458074 1494899 9W-119 10/28/2018 AOS ORWELL LIMITED 1 0.90 Mechanical sale
1937 776800939320 1727183 FX 5460 10/27/2019 MR HARSH TOLIA TOLIA OVERSEAS 1 1.10 Mechanical sale
1938 763921012 1496287 CX 663 10/31/2018 FIBRO INDIA PRECISION PRODUCTS 1 5.95 Mechanical sale
1939 1ZY0891V0454433481 1494812 EK-506 10/28/2018CLH GASEOUS FUEL APPLICATIONS PRIVA 1 2.00 Mechanical sale
Pkgs Weight
1940 1Z8RW3510472709333 1494812 EK-506 10/28/2018 MOTION METRIKS COMPONETS PVT. LTD 1 27.00 Mechanical sale
1941 1Z8RW3510472565917 1497091 EK-500 11/1/2018 MOTION METRIKS COMPONETS PVT. 1 13.63 Mechanical sale
1942 2862463030 1729187 BA-139 10/31/2019 MARINE PLAZZA HOTEL 1 0.72 Mechanical sale
1943 4603889732 1729882 BA-139 11/1/2019 STATE BANK OF INDIA 1 4.00 Mechanical sale
1944 773584724589 1498014 FX-0008 11/2/2018 GE INDIA INDUSTRIAL PVT LTD 1 3.60 Mechanical sale
1945 1Z9445946750828178 1498040 5X- 0015 11/2/2018 NATIONAL INSTITUTE OF SCIENCE 1 0.45 Mechanical sale
1946 167623243 1496333 LH-756 10/31/2018 AMAZON EU SARL 1 1.30 Mechanical sale
1947 573819006990 1264883 FX-5033
LIMITED/NO 11/15/2017
20 NANJUNDESHWARA NILAY CM SIVAGNANAM/GEZE 1 INDIA11.00
PRIVATE Mechanical sale
1948 1441178421 1500913 BA-139 11/7/2018 GE RENEWABLE R&D INDIA PVT.LIMITED 1 7.20 Mechanical sale
1949 776861891232 1734332 FX-0008 11/7/2019
KOCH CHEMICAL TECHNOLOGY GROUP IND SHAH, BIREN1 1.20 Mechanical sale
1950 9805160455 1501827 BA-199 11/8/2018 LATEST RUBBER LINING PVT.LTD. 1 0.40 Mechanical sale
1951 3662840554 1734569 KL-877 11/8/2019 KOSSMANN 1 9.20 Mechanical sale
1952 1Z3Y13E10482779215 1502697 EK-506 11/9/2018 BHAGAT VIPUL 1 0.45 Mechanical sale
1953 1Z93727A0496475289 1735430 EK-500 11/9/2019 EVEREADY SPINNING MILLS (P) LI 1 3.50 Mechanical sale
1954 5049203202 1735879 BA-139 11/10/2019 C/O RAMEE TECHOME 1 1.40 Mechanical sale
1955 6662323054 1504114 9W-119 11/11/2018 SCHLUMBERGER ASIA SERVICES 1 0.90 Mechanical sale
1956 30975849833 1504216 MH-194 11/11/2018 SAPNA CHAUDHARY 1 1.03 Mechanical sale
1957 2151130785 1737521 EK-504 11/12/2019 BHOLA ENGINEERS PVT. LTD. 1 3.26 Mechanical sale
1958 1904993322 1505487 BA-139 11/14/2018 ICGS SAMRAT 1 5.00 Mechanical sale
1959 3656645683 1738173 EK-504 11/13/2019 SUNIL AGARWAL 1 5.20 Mechanical sale
1960 7111843056 1506056 BA-139 11/15/2018 FABTECH ENGINEERING 1 3.18 Mechanical sale
1961 1ZW165R70492111055 1508785 EK-502 11/18/2018 SPECIALITY SINTERED PRODUCTS P 2 11.79 Mechanical sale
1962 543056810436 1508641 FX- 5460 11/18/2018
JAMNAGAR BRASS COMPONENTS MR.KETAN SHAH 1 2.30 Mechanical sale
1963 1581885443 1744020 EK-500 11/22/2019 NASA FIRE TECHNOLOGY LIMITED 1 7.50 Mechanical sale
1964 31122083101 1511225 EK-504 11/22/2018 Rihita Cargo Forwarders 1 3.34 Mechanical sale
1965 1367052245 1511471 9W-119 11/22/2018 SEE LINKAGES PRIVATE LTD 1 3.60 Mechanical sale
1966 7379079105 1511443 BA-139 11/23/2018 CIKAUTXO INDIA PVT LTD 1 1.00 Mechanical sale
1967 972226183 1511582 LH-756 11/23/2018 SHREE ENGINEERING ASSOCIATES 1 6.45 Mechanical sale
1968 773783681342 1513357 FX- 5460 11/25/2018
UNIPHOS ENVIROTRONIC PVT LTD. MS. SUHITA TAWADE
1969 43310280655 1747762 EK-502 11/27/2019 TAYLOR RUBBER PVT LTD 1 1.50 Mechanical sale
1970 783871743013 1515341 FX-0008 11/28/2018 FEDERAL EXPRESS CORPORATION 1 3.20 Mechanical sale
1971 783871430840 1515341 FX-0008 11/28/2018 FEDERAL EXPRESS CORPORATION 1 1.80 Mechanical sale
1972 2673906012 1515787 EK-500 11/29/2018 EYE PLUS OPTICS 1 25.00 Mechanical sale
1973 7572134625 1516945 9W-119 11/30/2018 FIAT INDIA AUTOMOBILES PVT LTD 1 24.83 Mechanical sale
1974 1133831871 1516220 BA-139 11/30/2018 DAKSHA RAJPUT 1 5.80 Mechanical sale
1975 JCR8112614985IN 1515620 CX 663 11/29/2018 Rajivkumar 1 3.17 Mechanical sale
1976 504115915344 1750445 FX- 5460 12/1/2019 N1 RACING EQUIPMENT 1 34.50 Mechanical sale
1977 777092445718 1750445 FX- 5460CAREGROUP
12/1/2019 SIGHT SOLUTION LLP A UNIT OF POLYMER TECH.
1 INTL
10.00 Mechanical sale
1978 1Z77A2816746334817 1516842 5X-0015 11/30/2018 MR.SUNIL S. TOKE 1 5.90 Mechanical sale
Pkgs Weight
1979 1Z4319030457997595 1517023 EK-508 11/30/2018 PUSALKAR SU-RAK-SHA COMPONENTS 1 2.27 Mechanical sale
1980 3869203461 1517347 BZ-201 12/1/2018 GENERAL MOTORS INDIA 1 7.00 Mechanical sale
1981 1729136371 1517097 AI 102 11/30/2018 R. T motors imran shaikh 1 2.17 Mechanical sale
1982 1729074384 1512258 AI 102 11/23/2018 Harey Ram Pandey 1 2.07 Mechanical sale
1983 6102011624 1517639 BA-139 12/2/2018 TETRA PAK INDIA PVT. LTD. 1 0.40 Mechanical sale
1984 5266083760 1753279 BA-139 12/6/2019 HAVER & BOECKER INDIA PVT. LTD 1 4.10 Mechanical sale
1985 550888784695 1517132 6E-155 12/1/2018GE INDIA INDUSTRIAL PVT AMOL KAMBLE 1 1.70 Mechanical sale
1986 4571615996 1754689 BA-139 12/8/2019 GANESH CHINTAKINDI 1 3.00 Mechanical sale
1987 6481060364 1521001 9W-119 12/6/2018 JIANGYIN UNIPOL CASTING INDIA PVT 1 20.80 Mechanical sale
1988 9106444314 1521030 9W 231 12/6/2018 AEQUS PRIVATE LTD 1 2.20 Mechanical sale
1989 1ZX62W226711307648 1762002 EK-506 12/18/2019 TRINITY HEALTH TECHN 1 9.63 Mechanical sale
1990 603095397 1762225 SQ-424 12/18/2019 YOGI EXECUTIVE 404 1 0.60 Mechanical sale
1991 8189044636 1524470 CX 663 12/12/2018 AJINKYA DHUMAL 1 1.80 Mechanical sale
1992 6678682813 1764862 BA-139 12/23/2019 AKSHAY JINDAL 1 0.50 Mechanical sale
1993 9293944612 1765322 EK-504 12/23/2019 OCEANLINK MARINE SERVICES 1 1.02 Mechanical sale
1994 9617987746 1764923 VS-354 12/23/2019 FRANCOIS COMPRESSORS INDIA 1 12.25 Mechanical sale
1995 2618401170 1766165 BA-139 12/25/2019 VASUDEV CREATION PVT.LTD. 1 0.20 Mechanical sale
1996 201099441 1766407 EK-500 12/25/2019 SYK CONSULTING COMPANY 1 0.98 Mechanical sale
1997 1Z9487920473451806 1529812 EK-506 12/19/2018 HYSTER-YALE GROUP INDIA 1 9.07 Mechanical sale
1998 342412102 1290331 9W 231 12/23/2017 SOUND LIGHT SOLUTIONS 1 14.40 Mechanical sale
1999 252404132 1530481 SQ-422 12/20/2018DOERKEN MKS-SYSTEME GMBH CO KG IND 1 0.61 Mechanical sale
2000 1ZV8022R6763010469 1530526 5X-0015 12/20/2018 KSPG AUTOMOTIVE INDIAN PVT. LT 1 0.90 Mechanical sale
2001 7466418444 1530663 9W 231 12/21/2018 THE MESH 1 1.60 Mechanical sale
2002 1Z8R281V0470221098 1292252 9W 231 12/26/2017 ENDRESS+HAUSER FLOWTEC 1 3.17 Mechanical sale
2003 1Z3482V80455619393 1532354 EK-500 12/23/2018 FORTIVE INDIA C/O AN 1 6.30 Mechanical sale
2004 231079187 1532287 LH-756 12/23/2018 THE MASTER M.V. RIXITA OLDEND 1 11.08 Mechanical sale
2005 1Z97518X0440365493 1535395 EK-506 12/27/2018 SAURABH MITTAL C/O EVERSTONE C 1 6.80 Mechanical sale
2006 3645258934 1536386 UL-141 12/29/2018 DURGA ENTERPRISES 1 2.08 Mechanical sale
2007 473692029210 1530419 6E181 12/20/2018
MR LALIT KHATI SUPER PLASTIC COATS PVT LTD
2008 31677780610 1538348 MH-194 12/31/2018 seenu royal 1 2.46 Mechanical sale
2009 4671085381 1539137 KQ-204 1/2/2019 HYAM AGARWAL 1 24.70 Mechanical sale
2010 250240966 1300931 CX 663 1/9/2018 M/S-CARGO PLACEMENT SERVICES AN 1 14.00 Mechanical sale
2011 7877968416 1541667 KL-877 1/6/2019 I&PCL 1 29.40 Mechanical sale
2012 7733667491 1543646 9W-119 1/9/2019 JAGUAR LAND ROVER INDIA 1 4.18 Mechanical sale
2013 728920405 1546494 CX 663 1/13/2019 OERLIKON TEXTILE INDIA PVT LTD 1 11.30 Mechanical sale
2014 7253667466 1306118 9W 231 1/16/2018 CAMBIUM BIOTECH PVT LTD 1 0.35 Mechanical sale
2015 2685115893 1549049 9W 231 1/17/2019 VARROC POLYMERS PRIVATE LIMITED 1 0.50 Mechanical sale
2016 1ZY2F1940466218702 1308157 9W 231 1/19/2018 RAGHUVIR YADAV 1 0.91 Mechanical sale
2017 1Z520V760493889466 1549062 EK-508 1/16/2019 WITTMANN BATTENFELD INDIA PVT. 1 1.30 Mechanical sale
Pkgs Weight
2018 32260460223 1549386 BA-199 1/17/2019 R. S. Vintage Motorcycle Parts 1 2.05 Mechanical sale
2019 1Z7R1F650410000354 1548218 5X-0015 1/15/2019BODHI PROFESSIONAL SOLUTIONS PVT LT 1 6.81 Mechanical sale
2020 3408187160 1550416 BA-139 1/19/2019HONEYWELL AUTOMATION INDIA LTD (776 1 4.00 Mechanical sale
2021 9994934530 1551161 9W 231 1/20/2019
TATA FICOSA AUTOMOTIVE SYSTEMS PVT LTD1 0.60 Mechanical sale
2022 615070993 1551845 9W 231 1/21/2019 HINDUSTAN UNILEVER LTD 1 10.30 Mechanical sale
2023 774227207507 1551665 FX 5460 1/20/2019
FUNKE HEATEX ENGINEERING INDIA MR. ARPIT PATEL1 7.10 Mechanical sale
2024 1ZY2F1940466499203 1311471 9W 231 1/24/2018 GITA PANDIT 1 1.36 Mechanical sale
2025 1Z43E66W0467659792 1311471 9W 231 1/24/2018 JOHNSON & JOHNSON PRIVATE LIMI 1 6.35 Mechanical sale
2026 616316466 1553371 LH-756 1/23/2019 PANCHAL MACHINERY 1 0.50 Mechanical sale
2027 1Z3Y13E10460137100 1312166 9W 231 1/25/2018 HARSH DATTANI 1 0.45 Mechanical sale
2028 2359040983 1554560 9W 231 1/25/2019 AUDAX PROTECTIVE FABRICS LTD. 1 21.30 Mechanical sale
2029 8547468635 1555660 BZ-201 1/26/2019 BIOTECH VISION CARE PVT. LTD 1 0.50 Mechanical sale
2030 4766180882 1556117 CX 663 1/27/2019 MERCHANT SHIPPING SERVICES PVT LTD 1 8.40 Mechanical sale
2031 1ZW88W226797654194 1556916 EK-500 1/28/2019 JAWAHAR VIDYA MANDIR 1 5.00 Mechanical sale
2032 1ZE076686791949542 1557897 5X-0015 1/29/2019 SURYANARAYANA RAJU SAGI 1 4.00 Mechanical sale
2033 1ZA23V300493500068 1557997 9W 231 1/30/2019 PERSONAL 1 1.50 Mechanical sale
2034 1Z189W2W0470330691 1558648 EK-502 1/30/2019 K SINGH 1 0.45 Mechanical sale
2035 1Z3241100455479908 1559348 EK-502 1/31/2019 CUMMINS TECHNOLOGIES INDIA 1 7.26 Mechanical sale
2036 774340547027 1559952 FX-0008
SEAWORLD
2/1/2019
SHIPPINGLOGISTIC,INDIA MASTER LPGC BUNGA 1 KEMBOJA
4.10 Mechanical sale
2037 1Z4683780410233089 1317373 5X-0015 2/2/2018 PAR H MUMBAI MANUFACTURI 1 0.45 Mechanical sale
2038 6229794513 1560149 BA-139 2/2/2019 EARTH MEDISYS 1 7.90 Mechanical sale
2039 810320416 1560297 LH-756 2/2/2019 MAGNA STEYR INDIA (PVT) LTD 1 2.62 Mechanical sale
2040 7941241733 1320766 BA-139 2/7/2018 TETRA PAK INDIA PRIVATE LIMITED 1 11.20 Mechanical sale
2041 774334480841 1561422 FX- 5460 2/3/2019 HARSHA ENGINEERS LTD DEVANG KIRI 1 4.00 Mechanical sale
2042 1Z0262X26798318607 1561765 EK-500 2/4/2019 AVI WORLDWIDE 1 7.70 Mechanical sale
2043 1Z1746170492436212 1322139 9W 231 2/9/2018 LLOYD INSTULATIONS INDIA LTD 1 1.36 Mechanical sale
2044 1ZR53W096704895147 1323409 5X-0015 2/11/2018 HAIL S&C PLANT - FUL 2 20.86 Mechanical sale
2045 1620224561 1325458 9W 231 2/14/2018 BEKAERT MUKAND WIRE IND. PVT LTD 1 7.15 Mechanical sale
2046 629471474 1569087 LH-756 2/15/2019 ITC LIMITED 1 7.00 Mechanical sale
2047 9814482366 A6118 BZ-201 2/16/2019 MAGNETIC MRO AS 1 0.50 Mechanical sale
2048 521168067 1573116 LH-756 2/21/2019 HIMSON PRAKASH TECH PVT LTD 1 2.60 Mechanical sale
2049 1Z04W48F0494272836 1330015 9W 231 2/21/2018 PLATINUM BUSINESS INDIA PVT LT 1 2.50 Mechanical sale
2050 154406846 1574528 LH-756 2/23/2019 SHARDA CROPCHEM LTD 1 11.00 Mechanical sale
2051 7190305146 1330728 9W 231 2/22/2018 SCORPIO SHIPPING AGENCIES PVT LTD 1 1.30 Mechanical sale
2052 957344994 1574593 EK-500 2/23/2019 ECOM RETAIL 1 18.64 Mechanical sale
2053 4425076902 1332021 9W 231 2/24/2018 GURPREET KOHLI 1 1.50 Mechanical sale
2054 1ZAY03550492045145 1332021 9W 231 2/24/2018 HONEYWELL TURBO TECNOLOGIE PVT 1 1.50 Mechanical sale
2055 8024859161 1333987 9W 231 2/27/2018 L&T SHIPBUILDING LIMITED 1 1.40 Mechanical sale
2056 2949703551 1579109 9W-119 3/2/2019 VIJAY JEET 1 0.30 Mechanical sale
Pkgs Weight
2057 3715299280 1579878 9W 231 3/3/2019 YARA FERTILIZER INDIA PVT. LTD. 1 0.15 Mechanical sale
2058 2202096525 1582441 9W-119 3/7/2019 CUMMINS INDIA LTD (PHP-SEZ)(BC894T) 1 2.00 Mechanical sale
2059 785862936357 1584830 FX- 5460 3/10/2019 TATA MOTOR RAVINDRA SURYAVANSHI 1 3.50 Mechanical sale
2060 1865274946 1586133 BZ-201 3/12/2019 MERCHANT IMPEX 1 5.36 Mechanical sale
2061 7460777332 1587783 BA-139 3/15/2019 SHIVYA FORGE & ENGINEERS 1 1.80 Mechanical sale
2062 184346352 1345430 LH-756 3/17/2018 WELSPUN INDIA LTD. 1 0.10 Mechanical sale
2063 996796872 1587205 CX 663 3/14/2019 MR SHAILESHKUMAR MANHARLAL 1 12.90 Mechanical sale
2064 475592308 1591793 CX 663 3/21/2019 ORANGE WEAVING ENGINEERING 1 1.95 Mechanical sale
2065 1ZA4R1140445784903 1349170 EK-506 3/22/2018 PROFESSOR MAHESH S. TIRUMKUDUL 1 0.45 Mechanical sale
2066 7086011564 1592366 9W 231 3/22/2019 JOHN DEERE INDIA PRIVATE LIMITED 1 10.40 Mechanical sale
2067 771796897609 1351096 FX 5460 3/25/2018 MR. NILESH MARU VEDANTA LIMITED 1 6.00 Mechanical sale
2068 W5289418207 1352433 5X-0015 3/27/2018 PARAG MILK FOODS PVT. LTD 1 12.00 Mechanical sale
2069 6187799763 1596212 9W 231 3/28/2019 RATNAMANI METALS & TUBES LTD. 1 3.50 Mechanical sale
2070 1Z8Y5W750438360937 1354530 EK-506 3/30/2018 THRIVENI SAINIK MINING PVT LTD 1 9.98 Mechanical sale
2071 897411737 A11394 LH-756 3/31/2019 RETPREF INDUSTRIES PUT LTD 1 15.05 Mechanical sale
2072 7335194996 A11403 9W 231 3/31/2019 HAWA METAL WORKS 1 4.50 Mechanical sale
2073 774817119124 1598256 FX 5460 3/31/2019 TECHNITHON SANJAY TRIVEDI 1 2.30 Mechanical sale
2074 1Z1899356745651931 1605327 5X-0015 4/11/2019 ADVANCE ENGINEERING CORPORATIO 1 4.09 Mechanical sale
2075 774960635745 1607148 FX- 5460 4/14/2019 YOOCO RED RAJRISHI DUTTA 1 4.10 Laptop
2076 495319039111 1611219 FX- 5460 4/21/2019 SAURABH TRIPATHI 1 4.10 Laptop
2077 1ZA3170W0452128296 1369104 EK-506 4/21/2018 SANJIB KUMAR PRADHAN 1 3.17 Laptop
2078 772078576265 1374278 FX 5460 4/29/2018
BHAVYA JHA PRUDENTIAL GLOBAL SERVICES1 2.30 Laptop
2079 1ZR196F90400525912 1706012 5X-0015 9/24/2019 TOMAS ESCALONILLA 1 2.50 Laptop
2080 6956306895 1738422 BA-139 11/14/2019 FIRST INTERNATIONAL FI 1 3.05 Laptop
2081 1ZY4V3150415515756 1511427 EK-502 11/22/2018 VIJAY URAL 1 3.17 Laptop
2082 784057027729 1517951 FX- 5460 12/2/2018
INCEPTIVE CONSULTING PVT.LTD VIJAY DARKINDE
1 4.20 Laptop
2083 7963794543 1757691 BZ-102 12/12/2019 CISCO COMMERCE INDIA PVT. LTD 1 3.25 Laptop
2084 1Z9R65E90427430750 1302819 9W 231 1/11/2018 SYEDA AFREEN 1 4.08 Laptop
2085 1Z20472E0414635931 1551701 5X-0015 1/20/2019 VIKRAM KARNIK 1 2.27 Laptop
2086 1Z37XF320478608717 1569452 5X- 0015 2/15/2019 AVANI GUPTA 1 2.27 Laptop
2087 3893953571 1577068 9W-119 2/27/2019 HARSH PATEL 1 2.50 Laptop
2088 5868734546 1582876 EK-504 3/7/2019 SANJIV SUDHAKAR DABHADE 1 2.90 Laptop
2089 4718774815 1599690 EK-504 4/2/2019 MIRRAW ONLINE SERVICES PVT LTD 1 5.60 Garament sale
2090 5178233163 1357861 BA-139 4/4/2018 JEH MORY 1 1.36 Garament sale
2091 7300324043 1601201 9W-119 4/5/2019 RAHUL MISHRA 1 3.00 Garament sale
2092 432849218636 A307186 EK-500 4/6/2018
MAHESH SHARMA MARKET & PRODUCT DEVELOPMENT-S 1 2.00 Garament sale
2093 1Z19VA550410918912 1359148 EK-506 4/6/2018 MIRABELL B MARAK 1 0.45 Garament sale
2094 7550961445 1359233 9W 231 4/6/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 4.30 Garament sale
2095 490511447179 1602957 FX 5460 4/7/2019 KARAN AHUJA 1 5.10 Garament sale
Pkgs Weight
2096 2449659085 A307571 EK-500 4/9/2018 AFZAL NOOR MUHAMMAD KAPADIA 1 4.00 Garament sale
2097 4834017322 1362549 BA-139 4/12/2018 SAHEB MENSWEAR 1 3.50 Garament sale
2098 479820808376 1607148 FX- 5460 4/14/2019
INTEGRATED SYSTEMS MANAGEMENT PVT SATISH NAIR
1 1.40 Garament sale
2099 5187244123 1364536 9W 231 4/14/2018 HOLD 12.04 //MIRRAW ONLINE 1 5.94 Garament sale
2100 1Z7F98200493533738 1366376 5X-0015 4/17/2018 MREENAL DESHRAJ 1 0.45 Garament sale
2101 9716204729 1609336 EK-504 4/18/2019 FAIR EXPRTS INDIA PV LTD 1 12.00 Garament sale
2102 9792502252 1609539 BA-139 4/19/2019 EARTJHERN EXPERIENCES 1 4.00 Garament sale
2103 6422240333 1610429 EK-500 4/20/2019 KASHAF COLLECTION 1 17.96 Garament sale
2104 5746327823 1367768 BA-139 4/20/2018 WELSPUN 1 2.00 Garament sale
2105 30979358270 1368060 AI-343 4/19/2018 Camran Lateef 1 0.40 Garament sale
2106 7552035676 1367805 9W 231 4/19/2018 BHAVIK BHAI 1 4.00 Garament sale
2107 1097241036 1368484 BA-139 4/21/2018 MIRRAW ONLINE SERVICES PVT LTD 1 5.00 Garament sale
2108 1Z8000V60412032042 1369104 EK-506 4/21/2018 PRABHU MOHAN 1 0.45 Garament sale
2109 811468902769 1370574 TG - 317 4/23/2018 VISHAL THAKKAR VISHAL THAKKAR 1 3.00 Garament sale
2110 1Z7R14F86711897436 1614220 EK-506 4/26/2019FIDELITY INVESTMENTS NAGAPPAN MANOJ 1 1.40 Garament sale
2111 772091253631 1374278 FX 5460 4/29/2018 WNS GLOBAL SERVICES YOGITA MALLA 1 2.30 Garament sale
2112 4726865975 1617799 BA-139 5/3/2019 MOHANA SREE 1 3.30 Garament sale
2114 1776375322 1378690 BA-199 5/6/2018 Gopal Kurma 1 0.84 Garament sale
2115 9788956100 1621273 BA-139 5/9/2019 DINKER PANDYA 1 1.00 Garament sale
2116 101417334 1622597 KL-877 5/11/2019 TEAM BRUTALITY 1 3.75 Garament sale
2117 1Z8000V60419664937 1382209 EK-506 5/11/2018 JITENDRA BHAVSAR / PRANIL BHAV 1 1.00 Garament sale
2118 787109596766 1623541 FX- 5460 5/12/2019
INDIANIVESH SECURITIES LTD SELVAN MOHAN1 0.40 Garament sale
2119 1Z0W37V10465685205 1382888 EK-506 5/12/2018 CHANDA GADLINGE 1 1.36 Garament sale
2120 1Z64098X6770201948 1382576 EK-500 5/12/2018 MASTER CARD TECHNOLOGY PVT LTD 1 26.00 Garament sale
2121 772203363267 1383468 FX 5460 5/13/2018 ESECURIFY SMIT SHAH 1 0.90 Garament sale
2122 780926421629 1383468 FX 5460 5/13/2018 AZADI PATEL 1 2.80 Garament sale
2123 1Z9FA1970495245197 1384872 9W 231 5/15/2018 SAURABH SABOO (MANAG 1 0.50 Garament sale
2124 1Z8000V60420869937 1385465 EK-506 5/16/2018 KUPPUSAMY SUBBURAI 1 0.45 Garament sale
2125 9922494853 1385517 9W-119 5/16/2018 BHARTIS AT WHITE SOLITAIRE 1 2.50 Garament sale
2126 7553674995 1386224 9W 231 5/17/2018 SWASTIK CREATION 1 4.70 Garament sale
2127 2277140154 1626944 BZ-201 5/18/2019 AKSHU P 1 0.50 Garament sale
2128 493669262940 1627682 FX 5460 5/19/2019 MILAN SOCIETY MILAN SOCIETY 1 0.50 Garament sale
2129 775241937369 1627682 FX 5460 5/19/2019
CREATIVE GARMENTS PVT PRAMOD SHUKLA 1 0.90 Garament sale
2130 775251141452 1627682 FX 5460 5/19/2019
GINZA INDUSTRIES LIMITED POOJA VAIDYA CHITNIS
2131 1Z664AR16765935098 1630080 EK-506 5/23/2019 ZOOX - KARTHIK SINGARAJU 1 15.87 Garament sale
2132 1Z98069W0400494217 1392872 5X-0015 5/27/2018 SWATI REDDY 1 1.60 Garament sale
2133 1Z3X5A83DG97367795 1631048 EK-500 5/25/2019 TIBCO SOFTWARE INDIA 1 10.00 Garament sale
2134 2405606475 1395581 BA-139 6/1/2018VEDAHA TECHINFO PVT.LTD(SAREEO.CLOT 1 4.10 Garament sale
Pkgs Weight
2135 8126739084 1395581 BA-139 6/1/2018 JHARONKA 1 1.00 Garament sale

2136 2518744745 1633504 EK-504 5/29/2019 HUES 1 11.66 Garament sale
2137 1663112555 1634589 EK-500 5/31/2019 QADEER AHMED 1 4.00 Garament sale
2138 7245046395 1634976 BA-139 6/1/2019 ARWA MUFADDAL SAHIWALA 1 2.00 Garament sale
2139 31427929680 1636870 MH-194 6/3/2019 Reema Arora 1 14.72 Garament sale
2140 4686169261 1400954 9W 231 6/8/2018 STERLING TRAVEL SERVICE PVT. LTD. 1 4.80 Garament sale
2141 32300778182 1637670 EK-500 6/5/2019 UBCHANDANI 1 5.22 Garament sale
2142 7602998933 1637764 EK-504 6/5/2019 PEPE JEANS INDIA 1 5.30 Garament sale
2143 781303693596 1402161 FX-
RAJEN
5460 S DASANI
6/10/2018
C/O MIMANSHA DASHARNAM UGANDA RD NEAR1 PRAMODININE
0.70 Garament sale
2144 5619987472 1402687 KQ-204 6/11/2018 TENDAM 1 4.30 Garament sale
2145 1098071612 1403611 9W-119 6/12/2018 ARETHA DSOUZA 1 1.30 Garament sale
2146 1940519055 1403611 9W-119 6/12/2018 SOFIS INDIA OFFICE 1 3.00 Garament sale
2147 7441224932 1638809 EK-500 6/7/2019 RAHUL SHETH 1 0.91 Garament sale
2148 3005671712 1405658 BA-139 6/16/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 4.50 Garament sale
2149 1Z63Y019DG85445543 1642071 EK-506 6/12/2019 SDK FASHION 1 5.10 Garament sale
2150 957346374 1639990 LH-766 6/9/2019 CREATION BY SHANGAR 1 0.45 Garament sale
2151 957408889 1639990 LH-766 6/9/2019 KALPESH KERAWALA 1 0.45 Garament sale
2152 957408836 1639990 LH-766 6/9/2019 KHUSH NASIB SHAIKH 1 0.45 Garament sale
2153 957408785 1639370 LH-766 6/8/2019 KALPESH KERAWALA 1 0.45 Garament sale
2154 957268017 A316795 LH 8370 6/26/2018 MISHRU CLOTHING PVT LTD 1 11.36 Garament sale
2156 4724397370 1413787 EK-500 6/28/2018 MIRRAW ONLINE SERVICES PTV LTD 1 1.96 Garament sale
2157 957362178 1638963 QR 8872 6/7/2019 DINESHBHAI CHINU PATEL 1 4.09 Garament sale
2158 957409198 1639479 LH 8370 6/8/2019 SOHAB RAZAK KANDHAL 1 1.82 Garament sale
2159 1Z37956W6740352074 1414779 5X- 0015 6/29/2018 SINDHU PRAKASH 1 3.17 Garament sale
2160 424597462703 A317242 EK-500 6/30/2018
KAUSHIK SAMPAT DIRECTOR KAUSHIK SAMPAT DIRECTOR
2161 407665354247 1417360 FX-5033 7/3/2018 VERANDAH ANJALI PATEL MEHTA 1 4.00 Garament sale
2162 1Z3205886743974039 1647547 EK-506 6/21/2019 DAISY APPAREL DESIGNERS 1 2.27 Garament sale
2163 1Z5VA6466730612908 1651451 EK-500 6/28/2019 SUNEETA BAJAJ 1 16.00 Garament sale
2164 1ZWA23556700110506 1422139 5X- 0015 7/10/2018 DHANESH SHAH 1 3.17 Garament sale
2165 1359030116 1652063 BA 135 6/29/2019 PRUMAN EXIM 1 3.84 Garament sale
2166 1Z58R9996745958657 1653007 EK-506 6/30/2019 CONNOISSEURS 1 1.36 Garament sale
2167 2828459966 1426917 BA-139 7/18/2018 SURINA KAKKAR 1 2.00 Garament sale
2168 1Z19VA550419437765 1427535 EK-506 7/18/2018 YEHUDA MAOR 1 1.36 Garament sale
2169 1ZY377F50494252001 1658978 EK-502 7/10/2019 ANEES KHAN 1 1.40 Garament sale
2170 1Z225A7E0442270362 1659779 EK-500 7/12/2019 HAFELE INDIA 1 1.00 Garament sale
2172 1564539373 1661151 BZ-102 7/14/2019 LUV FILMS LLP 1 1.40 Garament sale
2173 32122688463 1431809 AI-343 7/24/2018 Shefali Singh 1 1.29 Garament sale
Pkgs Weight
2174 2534366962 A22378 BA-139 7/19/2019 AZA FASHIONS PRIVATE LIMITED 1 3.18 Garament sale
2175 5661303815 1665026 BA-139 7/21/2019 MAHARANI EMBROIDERIES 1 3.68 Garament sale
2176 1779445614 1434847 BA-199 7/29/2018 Aaschisch 1 0.24 Garament sale
2177 1ZA77055G585868928 1668017 EK-506 7/25/2019 AZA FASHIONS PVT LTD 1 2.00 Garament sale
2178 9610346406 1669408 BA-139 7/28/2019 AZA FASHIONS PRIVATE LIMITED 1 1.00 Garament sale
2179 2884324354 1670913 BZ-201 7/30/2019 JAINAM OVERSEAS PVT. LTD. 1 27.80 Garament sale
2180 5273773551 1440482 BA-139 8/7/2018 MOKSHA EXPORTS 1 3.40 Garament sale
2181 1ZA770558697238405 1673074 EK-506 8/2/2019 AZA FASHIONS PVT LTD 1 1.50 Garament sale
2182 1Z01E9E16757080190 1674420 5X- 0015 8/4/2019 ADITYA RAJ 1 2.30 Garament sale
2183 3043016771 A24080 EK-500 8/4/2019 CHANDINI WHABI 1 3.70 Garament sale
2184 788897312162 1675903 EK-500 8/7/2019 NAINA GUR 1 7.70 Garament sale
2185 7146018795 1676053 EK-504 8/7/2019 MIRRAW ONLINE SERVICES 1 3.00 Garament sale
2186 772913652430 1444400 FX- 5460 8/12/2018 SAURABH JAIN 1 0.90 Garament sale
2188 1ZA475Y40400718675 1446427 EK-506 8/15/2018 VIBHA 1 1.36 Garament sale
2189 8338075863 1677778 EK-500 8/10/2019 NIYOSHI SHAH 1 10.04 Garament sale
2190 3261638402 1447411 EK-500 8/17/2018 BLUSH IMPEX / SHIVONNE 1 3.50 Garament sale
2191 1570828361 1448538 BA-139 8/19/2018 NEHA PATEL 1 5.20 Garament sale
2192 7327279746 1681935 BA 135 8/17/2019 ESHAKTI.COM PVT LTD 1 2.40 Garament sale
2193 1Z2VR2756794692241 1682207 EK-506 8/17/2019 KARUNA HOSPITAL 1 1.36 Garament sale
2194 3535445981 1682254 BA-139 8/18/2019MIRRAW ONLINE SERVICES PVT. LIMITED. 1 6.50 Garament sale
2195 1Z44F2F20494084001 1684317 EK-500 8/21/2019 LASTANGATA SOURCING INDIA PVT 1 8.00 Garament sale
2196 1ZW597V90496735256 1685980 EK-502 8/23/2019 KOPAR KHAIRANE 1 1.36 Garament sale
2197 782419697247 1453344 FX- 5460 8/26/2018 ATOS 1 1.70 Garament sale
2198 7366167432 1686052 EK-508 8/23/2019 SONI, SHERINA 1 3.58 Garament sale
2199 3357496063 1455379 9W 231 8/29/2018 PRASHANT JADHAV 1 4.70 Garament sale
2200 5774912076 1688083 EK-500 8/27/2019 RED FORT PPE INDUSTRIES PVT. LTD. 1 5.00 Garament sale
2201 7073810192 1456003 BA-139 8/31/2018 ROHAN MEHRA 1 1.60 Garament sale
2202 7699522935 1229818 BA-139 9/22/2017 SHRIDEVI GIVINDRAJ KULKARNI 1 27.80 Garament sale
2203 776111549877 1691571 FX- 5460 9/1/2019 DARSHINI INTWALA 1 2.30 Garament sale
2204 776120464412 1691571 FX- 5460 9/1/2019 KIRAT BHATTAL 1 1.00 Garament sale
2205 1Z5315WW0495959118 1693388 5X- 0015 9/4/2019 RAJAN SPORTS 1 0.50 Garament sale
2206 5782310030 1461331 9W-119 9/7/2018 BOOK MY SHOW 1 3.00 Garament sale
2207 776103631961 1693873 BZ-201 MIRRAW
9/5/2019ONLINE SERVICES PVT. LTD. RETURNS DEPARTMENT
2208 1Z4813V30493910386 1465323 EK-508 9/13/2018 SHANGHAI WORLD FASHION LIMITED 1 5.00 Garament sale
2209 1Z5843TT0400081234 1465253 9W 231 9/14/2018 PREETI PATIL 1 1.40 Garament sale
2210 2135514953 1466259 9W-117 9/15/2018 SHAREEN KHAN 1 2.30 Garament sale
2211 1Z5322AF0474308085 1699114 EK-506 9/13/2019 SUNTECT PRODUCTION INDIA PVT. 1 0.91 Garament sale
2212 1Z3012V36762054045 1699780 EK-506 9/14/2019 SURESH SHREE SOURCING 1 2.27 Garament sale
Pkgs Weight
2213 7905853675 1469334 9W-0115 9/20/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 5.40 Garament sale
2214 2882593711 1469780 9W-119 9/20/2018 ACC COLONY 1 3.20 Garament sale
2215 1594241014 1701944 BA 135 9/18/2019 ARUSH DAYAL 1 0.50 Garament sale
2216 8413534393 1702312 BA-139 9/19/2019 DIPESH SONI 1 0.48 Garament sale
2217 5146717796 1702545 EK-500 9/19/2019 ARUSH DAYAL 1 1.08 Garament sale
2218 814850632 1472420 9W 231 9/24/2018 EPIC EXPORTS 1 6.00 Garament sale
2219 1ZE123170457618551 1474320 EK-506 9/27/2018 GDN EXPORT PRIVATE LIMITED 1 0.91 Garament sale
2220 1ZA8Y6850444848306 1706364 EK-500 9/25/2019 TAJ SATS AIR CATERING LTD 1 0.50 Garament sale
2221 7447615884 1707077 EK-500 9/26/2019 MIRRAW ONLINE SERVICES PVT LTD. 1 5.00 Garament sale
2222 8037558933 1708758 BA-139 9/29/2019 BANK OF INDIA 1 8.50 Garament sale
2223 8037558922 1708758 BA-139 9/29/2019 BANK OF INDIA 1 8.50 Garament sale
2224 780066606428 1709296 FX- 5460 9/29/2019 MOHANA DARA DB STYLES 1 1.50 Garament sale
2225 122934815440 1709296 FX- 5460 9/29/2019 GENERAL MANAGER 246331-00 FEDEX 1 1.00 Garament sale
2226 2809440211 1710670 BA-139 10/2/2019 MALLIKA BAHETI 1 1.30 Garament sale
2227 7092882650 1711898 BA-139 10/4/2019 NIKHIL SAMBHUS 1 1.50 Garament sale
2228 1ZR92W700417454710 1712128 EK-500 10/4/2019 RITWIK TIWARI 1 1.00 Garament sale
2229 1ZR92W700436922624 1712128 EK-500 10/4/2019 RITWIK TIWARI 1 1.00 Garament sale
2230 1Z31E24Y6698170985 1710952 EK-500 10/2/2019 SAKS INDIA 1 1.00 Garament sale
2231 9409271502 1712128 EK-500 10/4/2019 NIHAL AL QURESHI 1 2.91 Garament sale
2232 1Z9E92950494562898 1713141 EK-506 10/5/2019 THE BOEING COMPANY 1 0.91 Garament sale
2233 1Z14WA420496806084 1713141 EK-506 10/5/2019 EDELMAN 1 0.90 Garament sale
2234 1778439165 1483297 BA-199 10/11/2018 Kripa Bathija 1 0.96 Garament sale
2235 814814988499 1715874 EK-500 10/10/2019 JAYDEEPSINGH JHALA 1 2.50 Garament sale
2236 5132755681 1717257 EK-500 10/12/2019 SAQUIB JAWED 1 0.85 Garament sale
2237 776632973197 1718097 FX- 5460 10/13/2019
ANOL BHANUSHALI DR. BHANUSHALI HOSPITAL1 1.40 Garament sale
2238 776674902488 1718097 FX- 5460 10/13/2019
VIJAY PATIL TECHSURVI CONS. ABV NEXA SHOWR
2239 1Z3758YR6741060984 1488147 5X- 0015 10/18/2018 POONAM BEHAL SEKRI 1 0.45 Garament sale
2240 1763480283 1256831 QR-556 11/2/2017 SHREE NANDAN COURIER SERVICE 1 0.44 Garament sale
2241 152783513 1719637 LH-756 10/16/2019 GANESH MEDICAL 1 1.05 Garament sale
2242 1ZWV85866790060538 1488462 EK-500 10/19/2018 A.P.FASHIONS PVT LTD 1 4.00 Garament sale
2244 1491195930 1489502 9W-119 10/20/2018 TIMES STUDIO C/O RAJESH BAHL 1 1.50 Garament sale
2245 783322961303 1490080 FX- 5460 10/21/2018 HUGME.FASHION SHOBHIT GUPTA 1 1.80 Garament sale
2246 411735191271 1490080 FX- 5460 10/21/2018 GTT INDIA PUNE PRAVEEN KUMAR 1 2.30 Garament sale
2247 1Z3AR6460498656056 1722738 EK-502 10/20/2019 DEEPA KOHLI 1 4.99 Garament sale
2248 776738860298 1722642 FX- 5460 10/20/2019 VINAY BOLLOREY 1 1.40 Garament sale
2249 780310279071 1722642 FX- 5460 10/20/2019
ANWAR ANSARI SHOP NO. 3 A 28 VINDESHWARI BU
2250 107507229456 1722642 FX- 5460 10/20/2019 NORTHERN MARINE MANAGEMENT IND 1 3.30 Garament sale
2251 1Z0357806766941627 1491981 5X-0015 10/24/2018 HONEYWELL WELCOME GIFT 1 0.45 Garament sale
Pkgs Weight
2252 950832234 1492174 9W 231 10/24/2018 CREATIONS BY SHANAGAR 1 1.00 Garament sale
2253 1366510054121 1485221 QR 556 10/14/2018 Ayesha Agarwal 1 1.33 Garament sale
2254 1366510054880 1485221 QR 556 10/14/2018 Sidhant Singh 1 0.47 Garament sale
2255 1366510054316 1485221 QR 556 10/14/2018 deepthi anand 1 1.92 Garament sale
2256 3742678505 1494508 EK-500 10/28/2018 FATIMA YUSOOF 1 4.50 Garament sale
2257 307785876 1494904 9W 231 10/28/2018 JO MUMMY SAREE CENT 1 8.00 Garament sale
2258 3737690246 1494899 9W-119 10/28/2018 DONJOSEPH DSOUZA 1 0.90 Garament sale
2259 4564373343 1727998 EK-508 10/28/2019 SCHEREZADE SHROFF 1 0.51 Garament sale
2260 454649421 1496871 EK-502 10/31/2018 PARTH EXIM 1 3.00 Garament sale
2261 7147409614 1728554 BA-139 10/30/2019 JITESH VYAS 1 1.00 Garament sale
2262 1045697892 1729917 KL-877 11/1/2019 ANAHS CHILLI BEAN CAFE 1 1.86 Garament sale
2263 957350709 1497679 LH-756 11/2/2018 JULIUS J CHRISTAIN 1 2.27 Garament sale
2264 1ZV2611R6700596025 1499494 5X- 0015 11/4/2018 HARBEEN KAUR 1 1.81 Garament sale
2265 4631542156 1733565 EK-504 11/6/2019 FLEX-O-THENE PLASTICS (PTY) LTD 1 3.70 Garament sale
2266 4870365032 1502095 9W-119 11/8/2018 DHARMESH NARI ASST NATHWANI 1 1.30 Garament sale
2267 130932248212 1736376 FX- 5460 11/10/2019 NILESH BHANVADIYA 1 0.50 Garament sale
2268 130932248304 1736376 FX- 5460 11/10/2019 DHRUV VALA 1 0.50 Garament sale
2269 776901109406 1736376 FX- 5460 11/10/2019 SAKSHI NAGPAL 1 0.50 Garament sale
2270 6791245720 1738441 VS-354 11/14/2019 BHUMI PEDNEKAR 1 0.86 Garament sale
2271 5111496434 1506732 9W-119 11/15/2018 SHREERAM BUSSINESS CENTRE IND PVT 1 0.60 Garament sale
2272 967094590 1506900 LH-756 11/16/2018 NIKITA JAISINGHANI 1 1.15 Garament sale
2273 7793661551 1740924 EK-504 11/17/2019 COHESITY 1 0.50 Garament sale
2274 6975813880 1508132 9W 231 11/17/2018 KIRAN KSHIRSAGAR 1 1.30 Garament sale
2275 1Z442R340400099351 1508785 EK-502 11/18/2018 CAROL PEREIRA 1 0.45 Garament sale
2276 1Z3012V36762292734 1743050 EK-506 11/20/2019 SHREE CLOTHING ARCHITECTS 1 2.72 Garament sale
2277 1Z5843TT0400114305 1510156 9W 231 11/20/2018 ASHISH PRADHAN 1 1.70 Garament sale
2278 1318139830 1743825 BA-139 11/22/2019 JAGDEEP KUMAR 1 0.60 Garament sale
2279 3052758461 1743812 VS-354 11/22/2019 RAJANIKANT K PADIA 1 3.50 Garament sale
2280 1Z9Y64666742640729 1744425 EK-506 11/22/2019 BENTLEY SYSTMES INDIA PVT LTD 1 0.91 Garament sale
2281 1Z5535YE0497475742 1744425 EK-506 11/22/2019 SUMINTER INDIA ORGAN 1 3.17 Garament sale
2282 2036571541 1511472 9W 231 11/22/2018 SISECAM FLAT GLASS INDIA 1 2.70 Garament sale
2284 115739314591 1745372 FX- 5460 11/24/2019
PALLAVO KOLI MILLIPORESIGMA/BUILDING #1,UNI
2285 1ZW8498X0431107456 1275914 EK-500 12/2/2017 HEENA LAD 1 2.00 Garament sale
2286 778395885326 1098676 FX-5033 2/15/2017 LATA JOSHI GEE 1 27.20 Garament sale
2287 1Z5843TT0400118534 1514863 9W 231 11/27/2018 DIBIN DIXIT MURALI 1 0.60 Garament sale
2288 1596535511 1749555 BZ-201 11/30/2019 MIRRAW ONLINE SERVICES PVT LTD 1 7.95 Garament sale
2289 1Z5843TT0400119604 A341083 9W 231 11/28/2018 SERVICEAIDE, PSR PRIME TOWERS 1 2.00 Garament sale
2290 1Z60562X6712176214 1516842 5X-0015 11/30/2018 AZA FASHION LMTD 1 1.36 Garament sale
Pkgs Weight
2291 1788753212 1517639 BA-139 12/2/2018 Global Link communicate system 1 0.69 Garament sale
2292 1ZE921580420019215 A341583 5X- 0015 12/2/2018 PRASAD 1 4.00 Garament sale
2293 1098493826 1753990 KL-877 12/7/2019 TVH INDIA PRIVATE LTD 1 0.70 Garament sale
2294 5271977922 1754311 BA-199 12/7/2019 PRIYANKA SANGHI 1 1.10 Garament sale
2295 1778608366 1519090 AI 102 12/4/2018 Durresameen Hashmi 1 0.57 Garament sale
2296 4648522093 1755084 EK-504 12/8/2019 ADNAN JUNEJA 1 5.00 Garament sale
2297 7148053076 1756657 BA-139 12/11/2019 VIRBHDRA RAWAL 1 5.20 Garament sale
2299 6481184931 1521001 9W-119 12/6/2018 GMI INDIA PRUDENTIAL 1 0.90 Garament sale
2300 9284282766 1520998 BA-139 12/7/2018 GARIMA VOHRA 1 0.60 Garament sale
2301 1Z9FA1970410005177 1522408 9W 231 12/8/2018 SANJIV THAKUR 1 0.50 Garament sale
2302 7891594281 1759473 VS-354 12/15/2019 MIRRAW ONLINE SERVICES PVT LTD 1 2.30 Garament sale
2303 8120819416 1762112 BA-139 12/19/2019 SHAIKH AMAN 1 3.90 Garament sale
2304 3065336153 1524371 9W-119 12/11/2018 SB CREATIONS 1 3.50 Garament sale
2305 121810080446 1763040 EK-500 12/20/2019 ZAKIA HANIF JAMADAR 1 24.00 Garament sale
2306 31123502981 1525837 EK-508 12/13/2018 MM STYLE PVT LTD 1 11.52 Garament sale
2307 4790684743 1762473 AI-130 12/19/2019 PRUMAN EXIM 1 3.77 Garament sale
2308 784262368570 1525492 BZ-201 12/13/2018 KAT KRISTIAN 1 1.20 Garament sale
2309 1Z2X21346654629478 1526392 EK-506 12/14/2018 REDFUSE 1 11.79 Garament sale
2310 1788956676 1526843 BA-199 12/15/2018 Infosys LTD 1 0.25 Garament sale
2311 1Z5420XV0491084676 1527093 EK-506 12/15/2018 VDSI 1 13.63 Garament sale
2312 811219697610 1767059 EK-500 12/26/2019 BHARAT PETROLEUM CORPORATION 1 1.00 Garament sale
2313 811219697609 1767059 EK-500 12/26/2019 HINDUSTAN PETROLEUM CORPO- 1 1.00 Garament sale
2314 810084953324 1767059 EK-500 12/26/2019BHARAT PETROLEUM CORPORATION LIMIT 1 1.00 Garament sale
2315 784428983923 1527739 FX- 5460 12/16/2018 MAHESH C PANDYAMAHESH C PANDYA 1 2.30 Garament sale
2316 784442684009 1528179 EK-500 12/17/2018 POSHIYA A DEVRAJBHAI 1 2.20 Garament sale
2317 784433354220 1527739 FX- 5460 12/16/2018 AVNISH SIKKAAVNISH SIKKA 1 0.50 Garament sale
2318 462148761030 1527739 FX- 5460 12/16/2018 SUNIL NAKUMANSYS INC 1 0.60 Garament sale
2319 9738045564 1768875 BA-139 12/29/2019 INDIANIC INFOTECH LIMITED 1 0.60 Garament sale
2320 1778625634 1520373 AI 102 12/5/2018 Jasmine Jehangir 1 1.50 Garament sale
2321 7799942776 1529248 9W-119 12/19/2018 TRACY MARIYA 1 2.00 Garament sale
2322 1Z21X2716641913779 1289651 9W 231 12/22/2017 VIBHA AGRAWAL SINGH 1 0.45 Garament sale
2323 7072283562 1529929 BA-139 12/20/2018 MITESH PARIKH 1 4.17 Garament sale
2324 1Z8V799F0498057062 1527093 EK-506 12/15/2018 ATHLETICS KENYA-RIADHA HOUSE 1 13.63 Garament sale
2325 1Z58XW480442084475 1531380 9W 231 12/22/2018 AMAN KHAN 1 0.50 Garament sale
2326 1Z10R1416794636507 1531706 EK-500 12/22/2018 MRS PUSHPARANI 1 10.80 Garament sale
2327 1Z59F70R0489478900 1532712 EK-506 12/23/2018 AZA FASHIONS PVT LTD 1 2.00 Garament sale
2328 773987094461 1532728 FX- 5460 12/23/2018
VISHWAJEET OMAPAL TECHENOLOGIES PVT. LTD.1 2.00 Garament sale
2329 6628300173 1533231 EK-504 12/24/2018 MIRRAW ONLINE SEVICE PVT 1 3.70 Garament sale
Pkgs Weight
2330 1Z11WR410444456456 1297515 9W 231 1/3/2018 FR MATHIAS KANDULNA 1 3.00 Garament sale
2331 9260674894 1536527 BA-199 12/29/2018 KOWSALYA VP 1 1.09 Garament sale
2332 1761481971 1291510 EY 204 12/24/2018 Anoop Bose 1 1.56 Garament sale
2333 1Z19VA550402959107 1300151 EK-502 1/7/2018 NUPUR SOMANI 1 0.45 Garament sale
2334 1ZW04A496790806718 1299959 5X-0015 1/7/2018 PRIYA GUPTA 1 0.91 Garament sale
2335 1Z9V53840418508911 1300429 EK-500 1/8/2018 HARI PANDEY 1 0.45 Garament sale
2336 1Z9702XY0433963354 1302189 9W 231 1/10/2018 KOHAL 1 0.45 Garament sale
2337 A78626201 1530057 AI-343 12/19/2018 M TAMILSELVAN 1 1.74 Garament sale
2338 7530465600 1544278 9W-119 1/10/2019 VIRENDRAA K SHAH 1 2.30 Garament sale
2339 1791097630 1544665 BA-199 1/10/2019 Nithya nanda Dwibedy 1 0.85 Garament sale
2340 1ZR3T7D6DG15789821 1545921 EK-500 1/12/2019 JAY 1 2.00 Garament sale
2341 784859772092 1546104 BZ-201 1/12/2019
ATTN: RETURNS 111-368554924170 YUSUF QURESHI
2342 1Z4814136751405106 1306003 5X-0015 1/16/2018 PRASAD, KS 408 INDIA 1 1.36 Garament sale
2343 1Z10R1416794537490 1549333 EK-500 1/17/2019 TRENDSFASHION INCORPORATION 1 1.90 Garament sale
2344 771221542473 1309339 FX 5460 1/21/2018 ELVIS MISQUITTA 1 0.90 Garament sale
2345 789372674400 1309339 FX 5460
GROUND
1/21/2018
FLR,PLOT 7, NORSHIRWAN ATTN: AJAY PASI- MIRRAW
1 ONLINE
2.60 Garament sale
2346 957263284 1309654 LH-764 1/22/2018 NAWABALI WALIYANI 1 2.73 Garament sale
2347 1577604626 1553880 9W 231 1/24/2019 AASTHA SHARMA 1 0.80 Garament sale
2348 1Z445FY80401710320 1553878 EK-508 1/23/2019 HARESH KHARWA 1 0.45 Garament sale
2349 9260685302 1554205 BA-199 1/24/2019 KOWSALYA VP 1 1.45 Garament sale
2350 882100334442 1636869 CX 663 6/4/2019 TRENT LIMITED 1 6.20 Garament sale
2351 774310367123 1556527 FX- 5460 1/27/2019 ABHIMANYA ARYA 1 1.00 Garament sale
2352 1ZY829996751949802 1560005 5X- 0015 2/1/2019 CENTRE FOR DNA TAXONOMY 1 0.45 Garament sale
2353 6006251462 1320777 9W 231 2/7/2018 UPENDRA PATEL 1 1.68 Garament sale
2354 1Z05166X6761727318 1568084 5X-0015 2/13/2019 EMTEC TECHNOLOGIES PVT. LTD 1 15.87 Garament sale
2355 7525603772 1325397 BA-139 2/15/2018 OWAIA KHERADIA 1 0.45 Garament sale
2356 9602191546 1325397 BA-139 2/15/2018 BHAGIRATHSINH J VALA 1 0.45 Garament sale
2357 9602265002 1325397 BA-139 2/15/2018 PIYUSH MURARKA 1 0.45 Garament sale
2358 9602285814 1326229 BA-139 2/16/2018 KISHOR AMBADAS DHOKADE 1 0.45 Garament sale
2359 7525760900 1326229 BA-139 2/16/2018 MAYANK JAIN 1 0.45 Garament sale
2360 1ZYX68870490687102 1569528 EK-506 2/15/2019 WIPRO LIMITED 1 1.81 Garament sale
2361 3464982732 A6223 EK-500 2/17/2019 ARWA IBRAHEEM 1 7.85 Garament sale
2362 7771841571 1327461 BA-139 2/18/2018 ABHIJIT JAIN 1 4.28 Garament sale
2363 1Z79V8226777893260 1328000 5X-0015 2/18/2018 DEEPANSHU GAJBHIYE 1 0.45 Garament sale
2364 7010286150 1572730 EK-504 2/20/2019 SAJI JOHN 1 2.84 Garament sale
2365 422537525 1329857 SQ-422 2/21/2018 BRINDHAVANGASEUM 1 0.39 Garament sale
2366 1Z11WR410449301612 1573673 9W 231 2/22/2019 SR ANILA XAVIER 1 2.20 Garament sale
2367 30754405010 1331411 EK-508 2/23/2018 TULIP APPARELS 1 3.27 Garament sale
2368 3317476466 1331333 BA-139 2/24/2018 OSCAR PEREIRA 1 1.00 Garament sale
Pkgs Weight
2369 5437889214 1579115 BA-139 3/2/2019 S&P DOW JONES INDICES 1 1.90 Garament sale
2370 2549669920 1579836 9W-119 3/3/2019 MEDIA SOLUTIONS PVT LTD. 1 2.00 Garament sale
2371 120366061 1337288 9W 231 3/4/2018 VJV FASHIONS 1 3.50 Garament sale
2372 31465736481 1339952 EK-508 3/8/2018 Poonam 1 1.86 Garament sale
2374 1Z98069W0400263234 1341818 5X-0015 3/11/2018 KANIKHA KUMARAN 1 0.70 Garament sale
2375 8940025533 1585560 EK-504 3/11/2019 HAJI ABDUL KADIR PATHAN 1 3.50 Garament sale
2376 5972485293 1588497 9W 231 3/16/2019 SWAROOP NAIK 1 1.00 Garament sale
2378 774680074176 1589648 FX- 5460 3/17/2019 INTRALINKS VISHAL SHETTY 1 2.30 Garament sale
2379 1366510117375 1589377 QR-556 3/17/2019 Chak Sriprasad 1 0.73 Garament sale
2380 4702472983 1592381 BA-139 3/22/2019 JAHIR GOLANDAJ 1 1.40 Garament sale
2381 1ZE6X8180495358819 1350080 9W 231 3/23/2018 MUNIAN 1 3.40 Garament sale
2382 7191436136 1593696 9W-119 3/24/2019 ANUSHKA KHANNA 1 1.10 Garament sale
2383 9496778863 1594403 9W-119 3/25/2019 DEVITA SARAF 1 3.20 Garament sale
2384 1ZW8498X0404768347 1351523 EK-500 3/26/2018 SHABISTAN 1 2.00 Garament sale
2385 1263022250 1597461 BA-139 3/30/2019 RCVG 1 3.10 Garament sale
2386 1747591226 1611617 EK-500 4/22/2019 ZAHIDA KHAN 1 5.10 Fabric sale
2387 3906000243 1382971 9W 231 5/12/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 3.40 Fabric Sale
2388 136827294 1636319 SQ-424 6/2/2019FREUDENBERG PERFORMANCE MATERIALS I 1 3.40 Fabric sale
2389 501901321493 1642480 BA-199 6/13/2019 ZAHRAH INTERNATIONAL 1 14.00 Fabric sale
2390 3506303662 1644670 EK-508 6/16/2019 PRUMAN EXIM 1 3.15 Fabric sale
2391 5706325074 A316614 EK-500 6/25/2018 XURIUS EMBROIDERIES 1 1.40 Fabric sale
2392 957349965 1639990 LH-766 6/9/2019 PHOENIX EMB 1 0.45 Fabric sale
2393 957349486 1640565 LH-766 6/10/2019 SUZARILA 1 2.73 Fabric sale
2394 6492614004 1417569 9W-119 7/4/2018 HARE EMBROIDERY 1 4.40 Fabric sale
2395 1Z1473026671570106 1648830 EK-502 6/23/2019 D DECOR EXPORTS PVT LTD 1 4.54 Fabric Sale
2396 3422534710 1418896 9W 231 7/5/2018 RIDHI FAB DESIGNS PVT LTD 1 6.00 Fabric Sale
2397 1ZA89V446794283098 A22384 EK-500 7/19/2019 ARVIND ADVANCED MATERIALS 1 0.90 Fabric sale
2398 782124809752 1439746 FX- 5460 8/5/2018 GAURAV PATEL THE DECOR WORLD 1 0.90 Fabric Sale
2399 7340454472 1444143 EK-500 8/12/2018 TRADE SYNERGIES 1 7.70 Fabric Sale
2400 1Z10X15A0474671741 1461987 9W 231 9/8/2018 GM SYNTEX PVT. LTD. 1 1.30 Fabric sale
2401 7729359164 1699925 EK-508 9/14/2019 MIRRAW ONLINE SERVICES PVT LTD. 1 6.89 Fabric sale
2402 804044828446 1246005 EK-500 10/17/2017 KNOWLEDGE HOUSE HIMANSHU TOMAR 1 14.20 Fabric sale
2403 6271305003 1718276 EK-508 10/13/2019 LASHKARAA E TRADE PVT LTD 1 5.20 Fabric sale
2404 8215173234 1720738 BA-139 10/18/2019 MR MANOJ 1 2.50 Fabric Sale
2405 5953864593 1728950 EK-504 10/30/2019 UZMA KHAN 1 3.50 Fabric sale
2406 1728571865 1494361 AI 102 10/27/2018 Asir Ratan Singh 1 8.28 Fabric Sale
2407 2111209671 1502115 BA-139 11/9/2018 ADITIANY AUGUSTINE 1 1.10 Fabric sale
Pkgs Weight
2408 1Z5859VV0440467137 1504064 EK-502 11/11/2018 SUBHRANSU BISWAL 1 0.45 Fabric sale
2409 516576355 1740683 LH-756 11/17/2019 HANNAH KHIANGTE 1 0.70 Fabric sale
2410 783934681774 1513357 FX- 5460 11/25/2018 MAHAVEER COTTON 1 1.00 Fabric Sale
2411 811321162658 1551665 FX 5460 1/20/2019
CATERPILLAR SIGNS PVT LTD KAUSHAL CHAKRAVARTY
1 1.40 Fabric sale
2412 321610031 1564397 LH-756 2/8/2019 SHANFAB 1 1.40 Fabric sale
2413 1Z3XF1770494437765 1352433 5X-0015 3/27/2018 HAAMA INTERLINING 1 4.00 Fabric sale
2414 1Z3Y13E10467360114 1357764 EK-506 4/4/2018 PRITI SHAH 1 0.45 Electronic sale
2415 8260195952 1357858 9W-119 4/4/2018 RD ELECTROCIRCUITS PVT LTD 1 3.13 Electronic sale
2416 520164545 1601191 9W 231 4/5/2019 CMS COMPUTERS LTD 1 0.35 Electronic sale
2417 1Z0W37W30408080470 1357895 9W 231 4/5/2018 TANDAVA KRISHNA SURAPANENI 1 0.45 Electronic sale
2418 1Z2A28X40439356783 1358415 5X-0015 4/5/2018 ALLAM INNA REDDY 1 0.60 Electronic sale
2419 1Z81135X6701850697 1359101 5X-0015 4/6/2018 ARVIND MISHRA 1 0.45 Electronic sale
2420 1Z2FA0430490158346 1359336 EK-508 4/6/2018 AKHIL TRIPATHI 1 1.00 Electronic sale
2421 1022784803 1359297 BA-139 4/7/2018 VNIT 1 0.45 Electronic sale
2422 3310430616 1603140 9W-119 4/7/2019 STAR ENGINEERS PVT LTD 1 0.40 Electronic sale
2423 786450108508 1602957 FX 5460 4/7/2019 MANGESH GHAG 1 9.80 Electronic sale
2424 786450187049 1602957 FX 5460 4/7/2019 MANGESH GHAG 1 9.60 Electronic sale
2425 7551278744 1359912 9W 231 4/7/2018 INVENCO SOLUTIONS 1 2.40 Electronic sale
2426 163147380 1603049 9W 231 4/8/2019 BIOTECH VISIONCARE PVT LTD 1 3.08 Electronic sale
2427 106095953 1604386 LH-756 4/10/2019 SAIRA ASIA INTERIORS PVT LTD. 1 3.00 Electronic sale
2428 1764302890 1360762 BA-199 4/9/2018 Ms Aditi Ranasaria 1 3.60 Electronic sale
2429 1Z3X19526774187359 1605327 5X-0015 4/11/2019 JONAKI ELECTRONICS PRIVATE LIM 1 3.00 Electronic sale
2430 2704624322 1606252 EK-500 4/13/2019 ADAH SHARMA 1 0.90 Electronic sale
2431 1580554496 1363152 BA-139 4/13/2018
INTEGRATED FOODS MANUFACTURING FACILITY
1 0.66 Electronic sale
2432 1628487991 1363525 9W 557 4/13/2018 CBTS 1 0.50 Electronic sale
2433 109106981 1606817 SQ-424 4/13/2019 SAFEX FIRE SERVICES LTD 1 0.50 Electronic sale
2434 152881590 1606777 CX 663 4/14/2019 INFINITI RETAIL LTD 1 6.50 Electronic sale
2435 8986398761 1606875 EK-500 4/14/2019 SHIL TECHNOLOGIES OVT LTD 1 11.48 Electronic sale
2436 1ZAA49090466358730 1363728 5X-0015 4/13/2018 SECURE NETWORKS SOLUTIONS 1 5.00 Electronic sale
2437 1ZW6766W0462051431 1363810 EK-506 4/13/2018 JAGDISH KULARIA 1 3.17 Electronic sale
2438 786585747196 1607148 FX- 5460 4/14/2019 PITNEY BOWES INDIA PVT. LTD 1 12.10 Electronic sale
2439 1Z8000V60409477328 1364359 EK-506 4/14/2018 VICTOR T 1 0.45 Electronic sale
2440 8444002980 1364538 9W-119 4/14/2018 INFIX 1 0.45 Electronic sale
2441 1ZW7838X0440268757 A307801 EK-500 4/15/2018 MINIMAX 1 2.00 Electronic sale
2442 8444005080 1365173 BA-139 4/16/2018 POWERFLEX ELECTRO PVT LTD 1 0.64 Electronic sale
2443 2529528481 1607571 BA-199 4/15/2019 APPLIED SYSTEMS 1 4.00 Electronic sale
2444 1764369014 1365534 BA-199 4/16/2018 Anil V Karmarkar 1 1.41 Electronic sale
2445 806578536 1609642 CX 663 4/19/2019 M/S OX CONNECTIONS LLP 1 8.50 Electronic sale
2446 1Z8000V60410710992 1367053 EK-506 4/18/2018 SANJAY 1 0.45 Electronic sale
Pkgs Weight
2447 1Z1F07X96644586001 1367140 9W 231 4/18/2018 IPGMER AND SSKM HOSPITAL 1 1.00 Electronic sale
2448 9515993826 1610759 BA-139 4/21/2019 INDIGLOBAL SHOP 1 1.90 Electronic sale
2449 1Z4AA4230499283660 1367805 9W 231 4/19/2018 MASTERPIECE SOLUTIONS 1 1.36 Electronic sale
2450 475957940251 1611219 FX- 5460
BOMBAY
4/21/2019
STOCK EXCHANGE KIRAN BONGALE/AMAR PATIL 1 BSE LIMIT
0.50 Electronic sale
2451 1ZX966766746332414 1137854 5X-0015 4/23/2017 SOPHOS TECHNOLOGIES PVT. 1 9.07 Electronic sale
2452 774987107049 1611219 FX- 5460 4/21/2019 THE SUNFLOWER LAB NIRAV SHAH 1 1.40 Electronic sale
2453 474701363972 1611219 FX- 5460 4/21/2019 LITTELFUSE COMMERCIAL VEHICLE LLC 1 1.40 Electronic sale
2454 115760525 1614467 LH-756 4/27/2019 THERMAX LIMITED 1 0.40 Electronic sale
2455 1Z377WE60493356017 1371650 EK-506 4/25/2018 MITESH LAL 1 0.45 Electronic sale
2456 928250847 1615063 CX 663 4/28/2019 COSMO ELECTRO INDUSTRIES PVT LTD 1 0.93 Electronic sale
2457 775068661528 1615409 FX- 5460 4/28/2019
MESTECH SERVICES PRIVATE LIMITED ANUP DESHPANDE 1 0.50 Electronic sale
2458 1Z2X127R0412021751 1372464 9W 231 4/26/2018 PALA 1 2.70 Electronic sale
2459 1Z6E32X86741270164 1615463 EK-506 4/28/2019 AMPHENOL INTERCONNECT INDIA PV 1 0.45 Electronic sale
2460 495105666407 1615409 FX- 5460 4/28/2019 JAGDISH MEVADA 1 0.50 Electronic sale
2461 6926427115 1615518 BA-139 4/29/2019 K.P TRANSPORT PVT. LTD 1 2.20 Electronic sale
2462 2571549540 1616087 BA-139 4/30/2019 SARAS-3D 1 0.40 Electronic sale
2463 117283515 1616772 AI-343 4/30/2019 NAVCOM INDIA 1 7.00 Electronic sale
2464 1118954303 1617213 GF-064 5/1/2019 CAPGEMINI TECHNOLOGY PARK (SEZ 1 4.40 Electronic sale
2465 118270084 1617311 SQ-424 5/1/2019 BAJAJ ELECTRICALS LTD 1 3.05 Electronic sale
2466 5292870660 1618161 BZ-201 5/3/2019 VIMAL BALDANIYA 1 3.00 Electronic sale
2467 775055570118 1618247 FX-5033 5/3/2019 MDS IMPEX 1 18.60 Electronic sale
2468 1Z6EA6236744890048 1618363 EK-506 5/3/2019 LIFECARE MEDICAL SYS 1 1.36 Electronic sale
2469 4802096423 1617799 BA-139 5/3/2019
INSTANT PROCUREMENT SERVICES PRIVATE LIMITED 1 4.50 Electronic sale
2470 5248562476 1376308 9W-119 5/2/2018 THE MASTER OF M.V PHOENIX VANGUARD 1 1.00 Electronic sale
2471 1Z5894570452654677 1376879 EK-506 5/3/2018 VISHAL AOLANKI 1 9.52 Electronic sale
2472 9192495760 1377673 9W 231 5/4/2018 SGG INDIA OVERSEAS PRIVATE LIMITED 1 2.00 Electronic sale
2473 1ZA917A16659637609 1619506 EK-506 5/5/2019 PROCONNECT SUPPLY CHAINSOLUTIO 1 0.45 Electronic sale
2474 323238215 1378374 9W 231 5/5/2018 GASUNIE 1 0.30 Electronic sale
2475 1Z1F33870454875935 1620593 5X- 0015 5/7/2019 BOSE CORP. INDIA PTY, C/O DHL 1 3.63 Electronic sale
2476 1776374891 1378690 BA-199 5/6/2018 Sama Khan 1 7.22 Electronic sale
2477 1Z445F040433300261 1621205 EK-506 5/8/2019 SUSANTA ROY 1 2.27 Electronic sale
2478 780804019723 1378826 FX 5460 5/6/2018 XXX HIMEN PAPEL 1 2.00 Electronic sale
2479 8993058966 1380269 BA-139 5/9/2018 TOTAL OIL INDIA 1 2.00 Electronic sale
2480 860089235786 1622022 MH-194 5/9/2019 C/o Dinesh Industrial Corporation 1 6.02 Electronic sale
2481 1Z0W64A00443167311 1380847 EK-506 5/9/2018 NAGESH BURBURE 1 0.45 Electronic sale
2482 1776385866 1380662 BA-199 5/9/2018 Jim prince 1 1.39 Electronic sale
2483 487031088250 1622882 BZ-201 5/11/2019 SWAPNIL VERMA 1 0.50 Electronic sale
2484 781157745937 1395378 FX-5033 VIDEOJET
5/31/2018 TECHNOLOGIES I PRIVATE PRASHANT ADHATRAO1 7.70 Personal Use
2485 1Z6309WA0443948536 1381522 EK-506 5/10/2018 T SAI SUBBARAO 1 1.81 Electronic sale
Pkgs Weight
2486 1Z3X063E6795122871 1623039 EK-506 5/11/2019 ARAVIND NAIR 1 0.91 Electronic sale
2487 1Z0W64A00443523104 1382209 EK-506 5/11/2018 SAJEEV KUMAR 1 1.00 Electronic sale
2488 1Z6511WE0494723444 1623580 5X- 0015 5/12/2019TECHNICOLOR CONNECTED HOME INDIA PR 1 0.50 Electronic sale
2489 1Z9R65E90436607810 1382888 EK-506 5/12/2018 MOHAMED ISHAAN ZAKI 1 4.54 Electronic sale
2490 1ZW0420A0490488796 1624025 EK-504 5/13/2019 SAVAN GADHIYA 1 1.40 Electronic sale
2491 1Z8985620462796847 1624987 EK-500 5/15/2019 AICHELIN UNITHERM HEAT TREATME 1 2.30 Electronic sale
2492 1ZX08R950400235509 1625272 EK-506 5/15/2019 UNIVERSITY OF PUNE 1 1.81 Electronic sale
2493 3443574212 1625708 BZ-201 5/16/2019 YAZAKI INDIA PRIVATE LIMITED, 1 4.40 Electronic sale
2494 1Z8000V60420551761 1385465 EK-506 5/16/2018 NAZMUL 1 0.45 Electronic sale
2495 1Z8000V60420698667 1385465 EK-506 5/16/2018 NAZMUL BARBHUIYA 1 0.45 Electronic sale
2496 103083126 1626101 CX 663 5/17/2019 GM MODULAR PVT LTD 1 0.90 Electronic sale
2497 1Z0W37W30409360915 1385618 9W 231 5/16/2018 MANNAT VARSHNEY 1 1.36 Electronic sale
2498 1Z280E180452776607 1626550 EK-506 5/17/2019 HUBBELL PREMISE WIRING 1 2.72 Electronic sale
2499 1ZX347910473356760 1627159 EK-506 5/18/2019 ARISTA NETWORKS 1 0.91 Electronic sale
2500 504251160 1387113 LH-756 5/19/2018 GEMINI EQUIPMENT INDIA LTD. 1 0.40 Electronic sale
2501 4445003614 1627222 BA-139 5/19/2019 INDIAN INSTITUTE OF TECHNOLOGY 1 0.50 Electronic sale
2502 9284200634 1627222 BA-139 5/19/2019 HSBC TECHNOLOGY & SERVICES 1 7.00 Electronic sale
2503 8994029166 1627780 GF-064 5/19/2019 MAHENDRAPRASAD DUBEY 1 1.50 Electronic sale
2504 5906513410 1390217 9W-119 5/23/2018 CURTISS WRIGHT 1 1.00 Electronic sale
2505 6889072621 1390207 BA-139 5/24/2018 VIKAS AMONKAR 1 18.75 Electronic sale
2506 1Z9W13630493517641 1391676 EK-508 5/25/2018 HONEYWELL - ED&S INDIA LTD, CH 1 1.00 Electronic sale
2507 7183543054 1391623 9W-119 5/25/2018 JAGDEV RAJ SANDA 1 8.62 Electronic sale
2508 130724661 1629685 LH-756 5/23/2019 SCHNEEBERGER INDIA PVT LTD. 1 2.00 Electronic sale
2509 1Z0VX5580400162961 1391601 9W 231 5/26/2018 MAHIRUHA MUKHERJI 1 1.70 Electronic sale
2510 2042271523 1391961 9W-117 5/26/2018 RAHUL JOSHI 1 0.50 Electronic sale
2511 4213491354 1392272 BA-139 5/27/2018 FOOD PHOTOGRAPHICS (I) PVT LTD 1 0.64 Electronic sale
2512 5911305293 1394239 9W 231 5/29/2018 ABB INDIA LIMITED 1 2.20 Electronic sale
2513 1Z8000V60425361743 1395513 EK-506 5/31/2018 VIKRAMMADITYA 1 0.45 Electronic sale
2514 1Z8232890431158307 1167875 EK-500 6/13/2017 IQBAL SIDDIQUE (NEAR 1 25.80 Electronic sale
2515 1358126125 1631994 BA-139 5/27/2019 SIEMENS FINANCIAL SERVICES PRIVATE 1 0.70 Electronic sale
2516 1776711602 1396150 BA-199 6/1/2018 MAMANI 1 1.56 Electronic sale
2517 27051903 1633811 CX 663 5/30/2019 RINVENT INDUSTRIES PVT LTD 1 1.00 Electronic sale
2518 1Z19AF506792258392 A313934 EK-500 6/3/2018 TRADEWIND GMBH 1 3.00 Electronic sale
2519 31427925756 1634454 MH-194 5/30/2019 uma mahesh 1 2.11 Electronic sale
2520 PPA77836352959 1634589 EK-500 5/31/2019 Dolphin RFID PVT LTD C/O Suresh 1 1.21 Electronic sale
2521 1Z306A400487094154 1398358 EK-508 6/4/2018 KANDHASAMY 1 2.72 Electronic sale
2522 31630541541 1635080 CX 663 6/1/2019 S.Chinsuanmung C/O Electrosystems 1 0.80 Electronic sale
2523 31427823361 1635146 MH-194 5/31/2019 Hemavathi Hemavathi 1 1.43 Electronic sale
2524 9263368796 1369495 9W-117 4/22/2018 Shiv Kumar 1 2.03 Tablet
Pkgs Weight
2525 1Z9E201W0441897501 1634316 EK-506 5/30/2019 BAKER HUGHES -- A GE COMPANY 1 1.81 Personal Use
2526 1Z94618A0492439558 1399668 EK-508 6/6/2018 HTL LOGISTICS INDIA PVT LTD 1 6.00 Electronic sale
2527 1Z81T8T26797317567 1636140 5X- 0015 6/2/2019 TECHSPINE SYSTEMS (P 1 2.27 Electronic sale
2528 30979486462 1400445 AI-343 6/7/2018 Senora Rai 1 1.03 Electronic sale
2529 136364771 1636342 KL-877 6/3/2019 PRAGATI GRAPHICS PVT LTD 1 1.00 Electronic sale
2530 7897944865 1400954 9W 231 6/8/2018 KAPTIVO 1 1.90 Electronic sale
2531 31427929536 1636870 MH-194 6/3/2019 Tekniker Triviala pvt Ltd. 1 1.67 Electronic sale
2532 469546794 1638689 AI-343 6/6/2019 TRANSASIA BIOMEDICALS LIMITED 1 0.68 Electronic sale
2533 31427932406 1638643 MH-194 6/6/2019 AJAY BHARAT KADAM 1 3.89 Electronic sale
2534 31630376724 1638643 MH-194 6/6/2019
TECHNO ELECTROMECH PVT LTD C/O YOGESH SHARMA
2535 6334975183 1403611 9W-119 6/12/2018 TATA TECHNOLOGIES LTD 1 1.80 Electronic sale
2536 31630316826 1639320 MH-194 6/7/2019 DR ARUN THOMAS 1 2.10 Electronic sale
2537 31630559505 1639947 MH-194 6/8/2019 DR K S SOMASHEKHAR 1 7.98 Electronic sale
2538 1Z811R370415259291 1639767 EK-506 6/8/2019 SREERAJ KRISHNAN 1 0.91 Electronic sale
2539 1Z8857F60494702344 1405582 EK-506 6/15/2018 ASHISH PORWAL 1 1.81 Electronic sale
2540 1Z586V5XDG63347887 1622574 G9-401 5/10/2019 MFI 1 1.00 Electronic sale
2541 3369057635 1406676 EK-500 6/17/2018 PERFECT SCALE CO 1 1.00 Electronic sale
2542 1Z586V5X6763806462 1646618 EK-500 6/20/2019 DIPANJAN GUHA 1 3.50 Personal Use
2543 1315561671 1187318 9W 231 7/15/2017 20, LAXMINARAYAN NAGAR 1 1.36 Personal Use
2544 1Z147W7E0405664730 1437031 EK-506 8/1/2018 A. MANOHAR RAO 1 0.45 Personal Use
2545 1Z020VX20444724882 1711847 EK-506 10/3/2019 COGNIZANT TECHNOLOGY SOLUTIONS 1 1.36 Personal Use
2546 1641360151 1516252 9W 231 11/29/2018VECTOR INFORMATIK INDIA PRIVATE LTD 1 1.20 Personal Use
2547 1763508084 1297822 9W-117 1/4/2018 N RAJAN 1 1.27 Personal Use
2548 1Z27E24F0499603913 1688751 EK-500 8/28/2019 BURDER INDUSTRIES INDIA P LTD 1 1.00 Personal Use
2549 1Z01YV396732603009 1642046 5X- 0015 6/12/2019 TARUN VOHRA / SPECIA 1 3.90 Electronic sale
2550 1ZW701156741207960 1642071 EK-506 6/12/2019 ALI NAWAZ NAKARA 1 0.91 Electronic sale
2551 1Z6880Y36703582894 1643683 EK-500 6/15/2019 GAURAV DHULIYA 1 0.91 Electronic sale
2552 1Z8000V60432206415 1410203 EK-506 6/22/2018 IBRAHIM I SHAMSHI ( MOIYYADI ) 1 1.36 Electronic sale
2553 218904798162 1399731 CX 663 6/7/2018 HUSSAIN KP 1 0.88 Electronic sale
2554 1Z03E53R6776227327 A316385 EK-500 6/23/2018 1991 AEGIS DYNAMICS 1 1.00 Electronic sale
2555 1Z5674320422876269 1643318 EK-506 6/14/2019 HARSHA SUNDER 1 0.45 Electronic sale
2556 1Z7AF3886757018030 A316563 5X- 0015 6/24/2018 UPS SCS INDIA PRIVATE LIMITED 1 5.45 Electronic sale
2557 1Z8937296755903939 1642708 EK-506 6/13/2019 PRETTL AUTOMOTIVE INDIA PVT LT 1 0.45 Electronic sale
2558 FFU492025 1642164 AF-218 6/12/2019 Ergode Trading Pvt Ltd 1 4.09 Electronic sale
2559 FFU492015 1642164 AF-218 6/12/2019 Ergode Trading Pvt Ltd 1 0.91 Electronic sale
2560 1Z58WR400414915144 1645649 5X-0015 6/18/2019 SAURABH MENHA 1 0.45 Electronic sale
2561 743024751661 1186330 EK-500 7/14/2017
SAGGAR SAURABHEUBIQ DESIGN PRIVATE LIMITED
2562 1787622 1642067 AI-144 6/12/2019 Rajesh Kapoor 1 1.00 Electronic sale
2563 1Z94A53X6741925068 1648830 EK-502 6/23/2019 RADISSON MUMBAI ANDHERI 1 1.36 Electronic sale
Pkgs Weight
2564 1777125232 1417862 BA-199 7/4/2018 Spread Education and Consulting Pv 1 1.68 Electronic sale
2565 7970635444 1418295 9W-119 7/4/2018 JRD SERVICES 1 0.50 Electronic sale
2566 1777160464 1418582 BA-199 7/5/2018 OM Prakash Meena 1 0.19 Electronic sale
2567 1Z189W2W0437450589 1418850 EK-506 7/5/2018 SANJAY BODELE 1 0.45 Electronic sale
2568 1Z9W13630492414889 A317957 EK-508 7/5/2018 HONEYWELL - TIRUVALLUR 1 3.00 Electronic sale
2569 1Z9353AF0450203215 1650516 EK-506 6/26/2019 AMAZON DATA SERVICES 1 2.72 Electronic sale
2570 1Z811R370419708815 1650548 EK-502 6/26/2019 TECHMECH TOOLS AND GAUGES 1 0.45 Electronic sale
2571 1Z11W0816741878892 1651130 EK-506 6/27/2019 VISTEON ELECTRONICS INDIA PVT 1 2.72 Electronic sale
2572 1Z8000V60436469072 1420234 EK-506 7/7/2018 JANGA SRINIVAS BABU 1 0.91 Electronic sale
2573 8122648402 1420392 CX 663 7/8/2018 COMMSCOPE TECHNOLOGIES INDIA 1 1.80 Electronic sale
2574 1Z0927AR0418110133 1651734 5X- 0015 6/28/2019 KID ALPHA 1 0.45 Electronic sale
2575 217214031 1651919 CX 663 6/29/2019 REDWOOD INTERACTIVE 1 3.00 Electronic sale
2576 3070026072 1652067 EK-500 6/29/2019 SCHNEIDER ELECTRIC 1 1.80 Electronic sale
2577 1Z6627650494755003 1652067 EK-500 6/29/2019 GOA SHIPYARD LIMITED 1 0.50 Electronic sale
2578 6289820526 1422033 BZ-201 7/10/2018 TIMEZONE ENTERTAINMENT PVT. LTD. 1 4.00 Electronic sale
2579 1Z0357806765920599 1422139 5X- 0015 7/10/2018 HONEYWELL WELCOME GIFT 1 0.45 Electronic sale
2580 1Z0357806766352602 1422139 5X- 0015 7/10/2018 HONEYWELL WELCOME GIFT 1 0.45 Electronic sale
2581 1ZY2F0090435489069 1422856 EK-506 7/11/2018 FEZTO TECHNOLOGIES 1 0.45 Electronic sale
2582 1ZE1F0220479525459 1422856 EK-506 7/11/2018 BISWA BHUSAN PATTANAIK 1 0.91 Electronic sale
2583 339999317 1652677 TK-0720 6/30/2019 SANJAY SHINDE 1 16.50 Electronic sale
2584 9779218794 1422954 9W 231 7/12/2018 HOTEL AMIT PARK INTERNATIONAL 1 1.50 Electronic sale
2585 1Z865580DH99177569 1653007 EK-506 6/30/2019 SHOW ROOM OBJECTS OF 1 8.16 Electronic sale
2586 1Z0W64A00450813591 1424209 EK-506 7/13/2018 BALIVADA LAKSHMANARAO 1 0.45 Electronic sale
2587 1956719446 1199502 9W-543 8/4/2017 SINDH POLYMERS PVT LTD 1 4.50 Electronic sale
2588 8361421552 1424277 BA-139 7/14/2018 GET PARKING 1 0.45 Electronic sale
2589 253352105 1654564 LH-8472 7/3/2019 KONGSBERG AUTOMOTIVE DRIVELINE 1 4.40 Electronic sale
2590 1Z5674320423566940 1654771 EK-502 7/3/2019 DATTA BARAVKAR 1 0.91 Electronic sale
2591 798042674 1425172 LH-756 7/15/2018 MAN DIESEL & TURBO INDIA PVT LTD 1 0.30 Electronic sale
2592 9017506072 1654767 BA-139 7/4/2019GRUPO ANTOLIN CHAKAN PRIVATE LIMITED 1 2.00 Electronic sale
2593 1Z189W2W0438621071 1427535 EK-506 7/18/2018 REKHA PINCHA 1 0.91 Electronic sale
2594 1Z31YE600496502603 1657151 5X- 0015 7/7/2019 MOTIVITY LABS PVT. LTD, 1 3.00 Electronic sale
2595 1Z442R340479382183 1657151 5X- 0015 7/7/2019 DERSAN R 1 2.27 Electronic sale
2596 1Z8000V60440165230 A319643 EK-506 7/19/2018 RAVI RANGA 1 2.27 Electronic sale
2597 1Z28R29A6744193226 1428200 5X-0015 7/19/2018 NIDEK MEDICAL INDIA PRIVATE LI 1 1.36 Electronic sale
2598 1779351372 1428651 BA-199 7/20/2018 VenkatRao Tanala 1 3.26 Electronic sale
2599 744317792697 1205730 EK-500 8/14/2017
EVOLER TECHNOLOGUE EVOLER TECHNOLOGUE 1 1.00 Electronic sale
2600 1Z4411F50402483923 1660116 EK-506 7/12/2019 ROHIT CHOUHAN 1 0.50 Electronic sale
2601 1Z81T8T20494299997 1661416 EK-502 7/14/2019 WORLDPAY INDIA PRIVA 1 2.70 Electronic sale
2602 1Z2FW8240411711218 1432327 EK-506 7/25/2018 YUVASAI KISHORE VATTURI 1 1.81 Electronic sale
Pkgs Weight
2603 1Z306A400493833709 1432327 EK-506 7/25/2018 AMIT KUMAR SARKAR 1 0.91 Electronic sale
2604 1ZW844530498757117 A22384 EK-500 7/19/2019 MRS BITHIKA KHAN 1 1.60 Electronic sale
2605 7326580424 1665026 BA-139 7/21/2019 COSMO FILMS LIMITED 1 0.60 Electronic sale
2606 1Z577E520414782029 1665228 EK-500 7/21/2019 ANIKET PANDEY 1 1.20 Electronic sale
2607 1Z70786W6756048790 1666781 5X-0015 7/23/2019 GE TRANSPORTATION INDIA 1 4.54 Electronic sale
2608 264345897 1667035 LH-756 7/24/2019 WEIR MINERALS INDIA PRIV. LTD. 1 0.62 Electronic sale
2609 1Z4426500405309643 1667434 EK-502 7/24/2019 A L M ENG INSTR PVT LTD 1 0.91 Electronic sale
2610 812106561 1667631 LH-756 7/25/2019 ROTEX AUTOMATION LTD 1 1.38 Electronic sale
2611 1Z8W01860459639617 1436457 9W 231 7/31/2018 HI POINT SERVICES (1)PVT LTD 1 4.00 Electronic sale
2612 1093238171 1668093 BA-139 7/26/2019 TISSOT MUMBAI SWISS PARADISE 1 1.25 Electronic sale
2613 1ZW4E4350470308738 1212900 5X-0015 8/25/2017 RELIANCE CORPORATE IT PARK LTD 1 3.30 Electronic sale
2614 1246124456 1668771 BA-139 7/27/2019 GETRAG TRANSMISSION INDIA PVT LTD 1 2.60 Electronic sale
2615 1Z8816X66792829600 1438434 5X- 0015 8/3/2018 KULDEEP JI 1 0.45 Electronic sale
2616 1Z577E520414789399 A23353 EK-500 7/28/2019 BIMAN MALLICK 1 1.60 Electronic sale
2617 1Z975W420428724014 1439123 EK-506 8/4/2018 MAHESH 1 0.91 Electronic sale
2618 1779550544 1439597 BA-199 8/5/2018 Palai Developers pvt Ltd 1 0.70 Electronic sale
2619 1Z81T8T26793223666 1671801 EK-502 7/31/2019 WORLDPAY INDIA PRIVA 1 7.30 Electronic sale
2620 8938104394 1441172 9W 231 8/7/2018 DHARA 1 0.50 Electronic sale
2621 1Z8000V60445732457 1441733 EK-506 8/8/2018 MODDHHU SUDHARSHAN REDDY 1 0.45 Electronic sale
2622 1Z377R950453152114 1441733 EK-506 8/8/2018 JEETENDRA YADAV 1 0.45 Electronic sale
2623 2955912105 1441914 BA-139 8/9/2018 CASTROL INDIA PTE LTD 1 1.30 Electronic sale
2624 1Z4FR9056714317326 A322386 5X- 0015 8/10/2018 PROMPT INFO SERVICES 1 2.50 Electronic sale
2625 1Z81T8T26797894694 1674420 5X- 0015 8/4/2019 WORLDPAY INDIA PRIVA 1 4.54 Electronic sale
2626 1Z07F7986640980101 1674655 EK-500 8/5/2019 D.A. STUART INDIA PVT LTD. 1 3.18 Electronic sale
2627 1Z189W700443125681 1443824 EK-506 8/11/2018 CHANDRU CHINNADURAI 1 0.45 Electronic sale
2628 746657005855 1218503 FX 5460 9/3/2017 CASE NEW HOLLAND CE INDIA PVT LTD 3 27.99 Electronic sale
2629 772941225171 1444400 FX- 5460 8/12/2018SUMEET SHETYE HCL TECHNOLOGIES LTD. 1 2.70 Electronic sale
2630 5532080396 1445132 9W 352 8/13/2018
ANDRI MARINE ELECTRONICS SOLUTION PVT. LTD.
2631 1Z6137E36752757171 1677464 EK-506 8/9/2019 BOSCH LIMITED 1 7.70 Electronic sale
2632 1ZAR29400428087829 1446427 EK-506 8/15/2018 DAVID LUIS 1 0.91 Electronic sale
2633 1933300165 1446727 EK-500 8/16/2018AGGREKO ENERGY RENTAL INDIA PVT LTD 1 0.80 Electronic sale
2634 1Z1F07X96644170012 1678362 EK-500 8/11/2019 MEDILINK HOSPITAL RESEARCH CEN 1 1.00 Electronic sale
2635 3203396906 1447099 BA-139 8/17/2018 YOGESH MIRCHANDANI 1 0.36 Electronic sale
2636 5589913114 1437390 AI - 317 8/2/2018 BANGARU MANIKYAM 2 18.20 Electronic sale
2637 808944192950 1678627 FX- 5460 8/11/2019 JAYESH JHAFLIGT NETWORK 1 3.60 Electronic sale
2638 789034485377 1678627 FX- 5460 8/11/2019 PAYAL HURRA 1 1.00 Electronic sale
2639 1Z9FA2910459661699 1221678 9W 231 9/9/2017 HSBC TECHNOLOGY INDIA 1 0.50 Electronic sale
2640 7398791923 1448391 9W 231 8/18/2018
CENTRAL BUREAU OF INVESTIGATION / ACB & GOA
2641 276058871 1680583 CX 663 8/15/2019 PMS ENGINEERS. 1 3.00 Electronic sale
Pkgs Weight
2642 1Z9R87W60417025772 1681008 EK-506 8/15/2019 COLGATE PALMOLIVE 1 9.07 Electronic sale
2643 1Z4R29Y30452833191 1448965 EK-506 8/19/2018 DHEERAJ REDDY 1 1.36 Electronic sale
2644 2381982385 1681062 BA-139 8/16/2019 JACQUELINE 1 0.40 Electronic sale
2645 1Z88FR020407996753 1681583 EK-506 8/16/2019 CHIRAG NEMANI 1 0.45 Electronic sale
2646 3033149696 1681935 BA 135 8/17/2019 SAHIBA STAIRLIFTS 1 2.00 Electronic sale
2647 2092465480 1450887 9W 231 8/22/2018 ACCELERACERS MIT PODE 1 0.30 Electronic sale
2648 1Z8809140410055210 1682551 EK-500 8/18/2019 SYNCHRONICS ELECTRONICS PVT. L 1 0.90 Electronic sale
2649 1Z2983X30442586011 1682819 EK-506 8/18/2019 C/O: PACE COMPUTER, 401, AKASH 1 0.45 Electronic sale
2650 1776036463 1451905 BA-199 8/24/2018 SHIV HOME WORLD 1 2.62 Electronic sale
2651 6859846965 1684688 BA-139 8/22/2019 JOSTS ENGINEERING COMPANY LTD 1 2.95 Electronic sale
2652 1ZY1Y5790446869071 1452775 EK-506 8/25/2018 RAVI KUMAR BULUSU 1 2.72 Electronic sale
2653 1Z8000V60450682993 1453420 EK-506 8/26/2018 SHIVAM SHOES 1 0.45 Electronic sale
2654 1Z885V7Y0401204082 1685980 EK-502 8/23/2019 MEHTA AND ASSOCIATES 1 14.51 Electronic sale
2655 773044008439 1453344 FX- 5460 8/26/2018
JIGAR SHAH CIMCON SOFTWARE INDIA PVT. LTD
2656 119750562783 1687160 FX- 5460 VALLE
8/25/2019BHAWANI FRANKLIN TEMPLETON ASSET MGMT 1 INDI 4.50 Electronic sale
2657 1Z1V06F30427641803 1228123 EK-508 9/18/2017 ASST. STORES OFFICER BARC HOSP 1 11.79 Electronic sale
2658 3679201680 1690445 BA-139 8/31/2019 AUTO MANUFACTURING 1 6.50 Electronic sale
2659 1Z9F7Y940484263313 1230783 9W 231 9/22/2017 MAMTA 1 0.45 Electronic sale
2660 776096354969 1690937 FX-0008 8/31/2019
RELIANCE CORPORATE IT PARK LTD. RISHIKESH SAVE
2661 9930610340 1691058 BA-139 9/1/2019 DS DRINKS & BEVERAGES PVT. LTD. 1 0.85 Electronic sale
2662 1Z888E450430357056 1691354 EK-500 9/1/2019 COURTYARD BY MARRIOT 1 1.00 Electronic sale
2663 1Z080Y6A0474888865 1691043 EK-502 8/31/2019 STERLING HOLIDAY RESORTS LTD 1 0.91 Electronic sale
2664 1Z4E07E66658433662 A330402 EK-500 9/4/2018 NONE 1 5.44 Electronic sale
2665 1ZA72F180461636418 1459470 AI-343 9/4/2018 COMMTEL NETWORKS PVT LTD 1 1.00 Electronic sale
2666 113533680220 1691571 FX- 5460 9/1/2019 HARDIK PATEL M POINT CONSULTING 1 0.90 Electronic sale
2667 2738042683 1460661 9W 231 9/6/2018 HARJIT SINGH 1 1.20 Electronic sale
2668 678963975 1460661 9W 231 9/6/2018 ANAND AGRICULTURAL UNIVERSITY 1 6.70 Electronic sale
2669 1780028832 1461012 BA-199 9/7/2018 Magnus Cadeaux 1 1.63 Electronic sale
2670 1Z2137YR0400373285 1461924 EK-506 9/8/2018 W INAOMACHA SINGH 1 0.45 Electronic sale
2671 1873298560 1462194 9W-0115 9/9/2018 MUMBAIN - ITC MARATHA 1 3.10 Electronic sale
2672 1Z8000V60453782941 1462607 EK-506 9/9/2018 RAKHMATSHAH 1 0.45 Electronic sale
2673 5902821326 1695494 EK-508 9/7/2019 DIWATE AKASH 1 0.19 Electronic sale
2674 1Z70786W0455213097 1464499 5X- 0015 9/12/2018 S AND P GLOBAL 1 3.63 Electronic sale
2675 489314873843 1695957 FX- 5460 SUSHANTH/TRILOK
9/8/2019 GLOBAL TECHNOLOGY AND ENGINEER
2676 1Z1540460495986403 1697514 EK-500 9/11/2019 MATERIAL ORGANISATION 1 0.50 Electronic sale
2677 9796557606 1465274 9W-119 9/13/2018 GE INDIA INDUSTRIAL PRIVATE LTD 1 1.58 Electronic sale
2678 770386026227 1236172 FX 5460 10/1/2017
CIMCON SOFTWARE INDIA PVT. LTD SUDHANSHU 2JHA 26.40 Electronic sale
2679 1ZYY51640471985424 1237994 5X-0015 10/4/2017 BAJAJ ELECTRICALS LTD 1 11.00 Electronic sale
2680 2731545972 1698551 BA-139 9/13/2019 NEERAJ DESHPANDE 1 0.94 Electronic sale
Pkgs Weight
2681 5601544804 1698551 BA-139 9/13/2019 JABIL CIRCUIT INDIA PVT LTD 1 1.60 Electronic sale
2682 1833461464 1699925 EK-508 9/14/2019 MPC 1 0.44 Electronic sale
2683 122787229518 1700399 FX 5460 9/15/2019 SUNIL KARUNAKARAN 1 0.60 Electronic sale
2684 479360717209 1700399 FX 5460 9/15/2019VISHAL GHONIYA STAR LASETECH PVT LTD 1 1.70 Electronic sale
2685 122787248719 1700399 FX 5460 9/15/2019 SHAILESH DSOUZA 1 1.10 Electronic sale
2686 776220058350 1700399 FX 5460 9/15/2019
PRABIR BISUEE SCHNEIDER ELECTRIC INFRA LTD
2687 2382094886 1701681 BA-139 9/18/2019 SOURABH DAMODARAN 1 0.26 Electronic sale
2688 1Z0929RY0400728693 1469712 EK-506 9/20/2018 HUSAIN JARIWALA C/O JIMMY 1 0.91 Electronic sale
2689 1Z30482W0453788310 1469712 EK-506 9/20/2018 PARTH MEHTA 1 0.45 Electronic sale
2690 1Z94A53X0441736434 1469771 EK-502 9/20/2018 DBLTREE GJ AHMEDABAD 1 0.91 Electronic sale
2691 1Z3XF5236643603103 1701925 EK-500 9/18/2019 SHREE RAPID TECHNOLOGIES 1 1.00 Electronic sale
2692 119441451129 1702163 FX-5033 9/18/2019 POSITRONICS INTERCONNECT PVT. LTD. 2 7.00 Electronic sale
2693 8457459732 1702734 EK-504 9/19/2019VEGA INDIA LEVEL AND PRESSURE MEAS. 1 1.60 Electronic sale
2694 H7923634476 1049407 AI-343 11/20/2016 AVAY INDIA PVT LTD 1 6.00 Electronic sale
2695 1Z9702XY0469116023 1471064 EK-506 9/22/2018 IRFANPATHAN 1 0.45 Electronic sale
2696 1Z9766AY0452894544 1471064 EK-506 9/22/2018 SANU V S 1 0.45 Electronic sale
2697 8726406113 1703199 EK-500 9/20/2019
BOSTON CONSULTING GROUP (INDIA) PRIVATE LTD1 2.15 Electronic sale
2698 1Z3136W76794095502 1703199 EK-500 9/20/2019 BOMBARDIER TRANSPORTATION INDI 1 2.00 Electronic sale
2699 359102590 1703765 LH-756 9/21/2019 UVBIZ A DIVISION OF MB INDUSTRIES 1 1.80 Electronic sale
2700 499996079917 1471448 6E-566 9/22/2018 HITEX TECHNOLOGIES 1 0.40 Electronic sale
2701 8726125354 1473052 9W 231 9/25/2018
SANAND VEHICLE AND ENGINE ASSEMBLY PLANT 1 0.50 Electronic sale
2702 776285930808 1704780 FX- 5460 9/22/2019 POOJA JAIN 1 1.40 Electronic sale
2703 1Z8510810470541744 1473635 EK-506 9/26/2018 VENKATA DONABOINA 1 2.72 Electronic sale
2704 1Z2FW8240427176572 1473635 EK-506 9/26/2018 SULTAN SOHAIL 1 0.45 Electronic sale
2705 1Z8X99970455121370 1243111 5X-0015 10/12/2017 DR MAHALINGAM COLLEGE OF ENGIN 1 1.00 Electronic sale
2706 9117967390 1474583 9W-0115 9/28/2018 VESTAS OSTRO KUTCH PRV LTD 1 1.50 Electronic sale
2707 1Z9Y64660440136904 1475005 EK-506 9/28/2018 VYSHNAVI GILLA 1 1.36 Electronic sale
2708 1Z4794966794711347 1474977 5X-0015 9/28/2018 KNORR-BREMSE SYSTEMS 1 1.81 Electronic sale
2709 123234662399 1707298 FX-0008 9/26/2019
RELIANCE INDUSTRIES LTD - REFINERY RECEIVING
2710 9119591574 1475779 9W-119 9/30/2018 SITRIV OPTRONICS CORPORATION 1 5.44 Electronic sale
2711 1Z0085FV0442576213 1707707 EK-500 9/27/2019 PRO MUSICALS 1 2.00 Electronic sale
2712 773346498494 1476303 FX- 5460 9/30/2018 ABBOTT LABORATORIES 1 0.90 Electronic sale
2713 5847940022 1708538 EK-504 9/28/2019 SINGHAL SINTERED PRIVATE LIMITED 1 0.38 Electronic sale
2714 2645905043 1476434 9W 231 9/30/2018 IM1 CIL ENGINEERING 1 0.70 Electronic sale
2715 5192363562 1708420 BA-199 9/28/2019 MAYURIKA CHAKRABORTY 1 0.55 Electronic sale
2716 122297968132 1709296 FX- 5460 9/29/2019 PRADIP DAKHARA OOB AUTOMATION 1 0.50 Electronic sale
2717 1Z9353AF0451037108 1247018 9W 231 10/18/2017 AMAZON INTERNET PRIVATE SERVIC 1 1.36 Electronic sale
2718 1Z3XF5236643147188 1477926 EK-500 10/3/2018 INTER GOLD INDIA PRIVATE LTD. 1 2.00 Electronic sale
2719 1Z118AW00413029825 A334061 EK-506 10/3/2018 MOUMITA BANERJEE 1 2.72 Electronic sale
Pkgs Weight
2720 776341669582 1709296 FX- 5460 9/29/2019

KRISHNA KUMAR MTU INDIA PRIVATE LIMITED1 1.00 Electronic sale
2721 3751130121 1478299 BA-139 10/4/2018 DELTA ELECTRIC 1 0.25 Electronic sale
2722 1ZE88V190458052068 1478617 EK-500 10/4/2018 SCHOTT KAISHA PRIVATE LTD 1 6.60 Electronic sale
2723 8434884920 1699925 EK-508 9/14/2019 EATON INDIA INNOVATION CENTER 1 0.31 Electronic sale
2724 1Z6045050459443102 1711293 EK-502 10/2/2019 SIEMENS LTD INDIA 1 0.91 Electronic sale
2725 9060330786 1711303 BA-139 10/3/2019 CERAMICA EXCLUSIVE 1 0.45 Electronic sale
2726 1Z933E6W0418407500 1480277 EK-506 10/6/2018 INSIDEGLOBE INFO SOLUTIONS PRI 1 2.72 Electronic sale
2727 1Z020VX20444614465 1711847 EK-506 10/3/2019 ACCENTURE SERVICES PVT LTD 1 0.91 Electronic sale
2728 1Z68A4926778709417 1712128 EK-500 10/4/2019 STOROPACK INDIA PVT. LTD. 1 3.00 Electronic sale
2729 6035280753 1712627 EK-508 10/4/2019 FORD INDIA ASSEMBLY PLANT # 2 3923A 1 5.75 Electronic sale
2730 1ZA893F70441498637 1482160 5X-0015 10/9/2018 SUNIL CHORGE 1 0.50 Electronic sale
2731 1Z3932810461990376 1713141 EK-506 10/5/2019 BIRLA MANAGEMENT CENTER SERVIC 1 7.72 Electronic sale
2732 1Z617RR90410921445 1482865 EK-506 10/10/2018 NCR TECHNOSOLUTIONS - JEET ROY 1 2.72 Electronic sale
2733 1Z080Y6A0475720506 1713814 EK-502 10/6/2019 APPVIEWX PVT LTD 1 0.91 Electronic sale
2734 780160951846 1713734 FX 5460 10/6/2019 PRANAV VANIAWALA MOTION MATTERS 1 0.30 Electronic sale
2735 4943530012 1252043 BA-139 10/26/2017 GURAJAT TECHNOLOGICAL UNIT 1 38.00 Electronic sale
2736 776425950409 1713734 FX 5460 10/6/2019
AKANKSHA SINGH EATON INDIA INNOVATION CENTER 1 0.70 Electronic sale
2737 1Z6132536666068866 1715289 EK-500 10/9/2019 BALLINA BEVERAGES 1 0.50 Electronic sale
2738 508713139 1715336 TK-0720 10/9/2019 SAEED ANWAR 1 38.45 Electronic sale
2739 773437780021 1484718 BZ-201 10/13/2018
RAVINDRA JADHAV ES ONLINE SERVICES INDIA PVT 1 L 0.50 Electronic sale
2740 1ZW685Y20469733393 1484914 EK-506 10/13/2018 SYSTEM LEVEL SOLUTIO 1 1.36 Electronic sale
2741 1Z5674320427074250 1716204 EK-506 10/10/2019 ZEROS AND ONES TECHN 1 0.45 Electronic sale
2742 403493591 1716406 AI-343 10/10/2019 FINSMART SOLUTIONS 1 1.30 Electronic sale
2743 1Z1EE9250473873998 1485570 EK-506 10/14/2018 ATTN: ANDREA NERI 1 2.72 Electronic sale
2744 1ZX41V270443813834 1716880 EK-506 10/11/2019 NOVOTEL MUMBAI JUHU BEACH HOTE 1 9.98 Electronic sale
2745 1551454424 1717257 EK-500 10/12/2019 CSI SEMICONDUCTOR PVT LTD 1 1.18 Electronic sale
2746 9983084204 1485651 9W-119 10/14/2018 ARJUN INTERNATIONAL 1 3.20 Electronic sale
2747 3612766474 1485651 9W-119 10/14/2018 MERITTRAC PVT LTD-RAJKOT 1 3.50 Electronic sale
2748 1781580780 1485988 BA-199 10/15/2018 SAAVN MEDIA PRIVATE LIMITED 1 3.61 Electronic sale
2749 1Z30E3986652782866 1717568 EK-506 10/12/2019 ITC LIMITED 1 1.04 Electronic sale
2750 1Z5RY4136756967967 1717632 EK-502 10/12/2019 VISION INFOTECH 1 0.91 Electronic sale
2751 1ZE0R1330421208226 1255405 EK-508 10/31/2017 UL SYSTEMS & CONTROLS INDIA PV 1 1.95 Electronic sale
2752 4075846611 1486962 9W-119 10/16/2018 JOUSTING PRODUCTIONS 1 2.50 Electronic sale
2753 1ZA0Y3140400722739 1717826 EK-500 10/13/2019 INT-LOGITECH USA 1 0.50 Electronic sale
2754 1ZW847A00498040590 1717826 EK-500 10/13/2019 ELECTRONIX 1 0.80 Electronic sale
2755 1Z5310790450006193 1487458 EK-506 10/17/2018 SCHWING STETTER (INDIA) PVT. L 1 2.27 Electronic sale
2756 776609136365 1718097 FX- 5460 10/13/2019
C/O KALPESH GOSAVI PERSCITUS SOLUTIONS 1 22.70 Electronic sale
2757 3612767476 1487545 BA-139 10/18/2018 MERITTRAC PVT LTD-VADODARA 1 6.70 Electronic sale
2758 1892721375 1717615 BA-139 10/13/2019
IST MARINE & OFFSHORE SUPPLIES INDIA PVT LTD
Pkgs Weight
2759 1Z617RR90413218718 1488130 EK-506 10/18/2018 SULTAN SOHAIL 1 0.45 Electronic sale
2760 3708973833 1488208 BA-139 10/19/2018 DHOOT TRANSMISSION PVT LTD 1 4.00 Electronic sale
2761 1Z118AW00457028182 1720009 5X- 0015 10/16/2019 PERSCITUS SOLUTIONS PRIVATE LI 1 0.45 Electronic sale
2762 1ZW88W226796285684 1488462 EK-500 10/19/2018 ARJUN INTERNATIONAL 1 4.30 Electronic sale
2763 1ZE747330499065378 1488219 9W 231 10/18/2018 SEBASTIAN DSOUZA 1 1.00 Electronic sale
2764 1Z1AX7116797676139 1488803 5X- 0015 10/19/2018 PENINSULA GRAND SAKI 1 0.91 Electronic sale
2765 1780907096 1489244 BA-199 10/20/2018 Matoshri Graphics 1 0.40 Electronic sale
2766 1781610876 1489244 BA-199 10/20/2018 LMIPHLgschr 1 7.29 Electronic sale
2767 1Z0W64A00461988874 1489463 EK-506 10/20/2018 SURESH REDDY NADIKATTU 1 0.45 Electronic sale
2768 1ZA743340477455309 1721036 EK-500 10/18/2019 VENTURE LIGHTING INDIA LIMITED 1 0.50 Electronic sale
2769 6012902965 1489502 9W-119 10/20/2018 ARIZE INFRASPACE PVT LTD 1 1.10 Electronic sale
2770 462691832913 1490080 FX- 5460 10/21/2018 PRANAY MANCHANDA 1 0.50 Electronic sale
2771 3798901315 1721764 BZ-201 10/19/2019 SANJAY SENGUPTA 1 22.00 Electronic sale
2772 466766605164 1490080 FX- 5460 10/21/2018 DEEPAK GUPTA DEEPAK GUPTA 1 1.30 Electronic sale
2773 1Z9V53840466048051 1722031 EK-506 10/19/2019 VISION SERVICES 1 1.36 Electronic sale
2774 466000738085 1490080 FX- 5460 10/21/2018 SPHINX SOLUTIONS PVT. LTD 1 0.80 Electronic sale
2775 2607027931 1722326 EK-500 10/20/2019 SANATAPET POLYMERS LTD 1 9.00 Electronic sale
2776 1728513415 1488669 EK-504 10/19/2018 PDC Corp-Shipping(Ops Receiving) 1 2.22 Electronic sale
2777 763390261 1491439 9W 231 10/23/2018KAL ATM SOFTWARE INDIA PRIVATE LTD 1 2.00 Electronic sale
2778 780332378348 1722642 FX- 5460 10/20/2019AMIN DASHTI FOUR POINTS BY SHERATON 1 0.60 Electronic sale
2779 1Z617RR90414879762 1492036 EK-506 10/24/2018 K.CHANDRA MOHAN 1 0.45 Electronic sale
2780 1Z2FW9080432017799 1492036 EK-506 10/24/2018 ASWIN NAIR 1 0.91 Electronic sale
2781 1ZW88W226797552731 1723622 EK-500 10/22/2019 STUDY OVERSEAS COUNSELING CENT 1 6.00 Electronic sale
2782 1781682361 1492446 BA-199 10/25/2018 divyaprasad 1 1.76 Electronic sale
2783 411811260 1724797 AI-343 10/23/2019 TINY ERP PVT. LTD 1 1.10 Electronic sale
2784 1ZW88W226795837884 1493797 EK-500 10/27/2018 ITECHNOPLUS EDUCATION AND SOLU 1 6.00 Electronic sale
2785 3063315883 1726243 EK-500 10/26/2019 CURTIS INSTRUMENTS INDIA PVT. LTD. 1 0.35 Electronic sale
2786 2596048044 1495543 BA-139 10/30/2018 COHERENT NETWORKING SOLU 1 2.30 Electronic sale
2787 1ZA2549F0466529273 1727354 EK-502 10/27/2019 RED LION CONTROLS 1 1.81 Electronic sale
2788 1Z0186846768164816 1727354 EK-502 10/27/2019 EATON ENGINEERING CENTER OF EX 1 0.45 Electronic sale
2789 773568648256 1496654 BZ 401 10/31/2018 LENOVO VIJAY ALONE 1 6.80 Electronic sale
2790 1Z8E454X0472161643 1496704 5X-0015 10/31/2018 NXP SEMICONDUCTORS 1 0.50 Electronic sale
2791 1771726040 1496999 AI 102 10/31/2018 ch sailaja 1 1.12 Electronic sale
2792 1781765893 1497189 BA-199 11/1/2018 Karoly Sardi 1 3.24 Electronic sale
2793 1Z6Y3F770400208042 1497415 EK-506 11/1/2018 LITTELFUSE FAR EAST PVT LTD 1 0.45 Electronic sale
2794 1Z8EX3476794734347 1497351 5X-0015 11/1/2018 ENEL X 1 2.72 Electronic sale
2795 813432961873 1729652 FX-5033
JE EXPORTS
10/31/2019
MACHINE DIAMA TEST DIAMOND SCREENING FOR 1INITIAL TESTING
2796 5109988516 1497902 BZ-102 11/2/2018 MOOLAMMANNIL ENGINEERING SERVICE 1 3.10 Electronic sale
2797 1781010442 1497860 BA-199 11/2/2018 Mashood shopping centre 1 1.46 Electronic sale
Pkgs Weight
2798 1Z4F43X10446718862 1498088 EK-506 11/2/2018 JOHNSON & JOHNSON INDIA 1 6.35 Electronic sale
2799 1Z617RR90417780504 1498088 EK-506 11/2/2018 KIRAN MACHINE TOOLS LTD. 1 0.45 Electronic sale
2800 6838489626 1498900 9W 231 11/3/2018 DENTECH CAD CAM PVT. LTD. 1 0.75 Electronic sale
2801 1ZWF36250414131948 1730700 SQ-424 11/1/2019 SIDDHANT KANSAR 1 1.50 Electronic sale
2802 783570277403 1499383 FX- 5460
INSTITUTE
11/4/2018
OF BANKING PERSONNEL SEL PARWINDER SINGH1 BHULLAR
2803 776871703706 1731784 FX- 5460 11/3/2019
JAYESH TRIVEDI UNLIMIT IOTPVT LTD,IECNO:AACCU
2804 1Z599FF60498545844 1081654 5X-0015 1/16/2017 TATA CONSULTANCY SERVICES LT 1 10.00 Electronic sale
2805 773616455578 1499383 FX- 5460 11/4/2018 SCORPIO VASSILIS BALBAKAKIS 1 6.80 Electronic sale
2806 1781869154 1501827 BA-199 11/8/2018 Esther Prabha 1 1.24 Electronic sale
2807 1965123053 1734487 BA-139 JONES
11/8/2019
LANG LASALLE PROPERTY CONSULTANTS (INDIA)1 PVT LTD1.60 Electronic sale
2808 3540649501 1502115 BA-139 11/9/2018 STUDY OVERSEAS COUNSELING 1 3.10 Electronic sale
2809 8496783282 1502808 9W 231 11/9/2018 RI MARKETING INDIA PRIVATE LIMITED 1 2.40 Electronic sale
2810 3073464984 1735183 BA-139 11/9/2019 SIMAR SINGH 1 0.40 Electronic sale
2811 1Z37XF320466674990 1503367 EK-506 11/10/2018 SUNIL GOHIL 1 0.45 Electronic sale
2812 5954398284 1735983 KL-877 11/10/2019 RELIANCE JIO INFOCOMM LTD 1 0.70 Electronic sale
2813 7630110095 1503487 9W 231 11/10/2018 HAGER ELECTRO PVT 1 14.50 Electronic sale
2814 1728643490 1503556 AI 102 11/10/2018 Dhirenkumar 1 2.21 Electronic sale
2815 1728654060 1503556 AI 102 11/10/2018 ACKMAC TRADERS 1 1.10 Electronic sale
2816 1780518106 1503556 AI 102 11/10/2018 Xavier vijay RK 1 0.49 Electronic sale
2817 776908938420 1736376 FX- 5460 11/10/2019 MONIKA MUSKUDI 1 0.70 Electronic sale
2818 773667599434 1503929 FX- 5460 11/11/2018
VIKHE PATIL MEMORIAL SCHOOL, PUNE NIDHI JAIN
2819 469154795988 1504849 TG - 317 11/12/2018
PURCHASE1@MASIND.NET PURCHASE1@MASIND.NET 1 0.50 Electronic sale
2820 207637407 1505462 CX 663 11/14/2018 GM MODULAR PVT LTD 1 3.00 Electronic sale
2821 3373010185 1738474 KL-877 11/14/2019 NISHA SONDHE 1 0.31 Electronic sale
2822 776958383465 1738984 FX-0008 11/14/2019 PRIT PATEL IMAGE GRAVURES 1 1.90 Electronic sale
2823 1Z811R370462358407 1739032 EK-506 11/14/2019 CONNEXXIONS 1 0.91 Electronic sale
2824 424189640 1739259 LH-756 11/15/2019 DEUTSCHE BANK 1 0.65 Electronic sale
2825 424181030 1739259 LH-756 11/15/2019 DEUTSCHE BANK 1 1.60 Electronic sale
2826 1Z8407090452618223 A3389393 EK-506 11/15/2018 NATESH RAJAGOPALAN 1 0.91 Electronic sale
2827 1Z9766AX0459457005 A38066 EK-506 11/15/2019 SATHYA IAS ACADEMY 1 8.16 Electronic sale
2828 7982952541 1740037 EK-500 11/16/2019 ROTEX AUTOMATION LIMITED 1 2.00 Electronic sale
2829 1Z8937296757313715 1507262 5X-0015 11/16/2018 SAMUDRA ELECTRONIC SYSTEM PVT 1 0.45 Electronic sale
2830 1ZW88W226799430878 1740409 EK-506 11/16/2019 GRAD-DREAMS EDUCATION CONSULTI 1 1.50 Electronic sale
2831 6410834010 1447836 SQ 426 8/17/2018
TRIBAL ZONE FASHION ACCESSOREIS PVT LTD2 28.74 Electronic sale
2832 1735568181 1740924 EK-504 11/17/2019 KARSTEN SCHMIDT 1 0.20 Electronic sale
2833 6575471663 1508109 BA-139 11/18/2018CHANDRA SHIPPING & TRADING SERVICES 1 3.18 Electronic sale
2834 8301696933 1508109 BA-139 11/18/2018 RLOOP 1 0.50 Electronic sale
2835 1780538174 1508213 AI 102 11/17/2018 Mohamed Bilal 1 2.22 Electronic sale
2836 777001795039 1741040 FX- 5460 11/17/2019 ASHISH NADKAR ASHISH NADKAR 1 22.70 Electronic sale
Pkgs Weight
2837 1729020823 1508213 AI 102 11/17/2018 Surinder Jindal 1 0.96 Electronic sale
2838 1781084502 1508109 BA-139 11/18/2018 S P SOPARKAR 1 0.30 Electronic sale
2839 31427600735 1508891 CX 663 11/19/2018 YesEnVee Business Services Pvt. Ltd 1 1.39 Electronic sale
2840 1Z4679436760793032 1509987 5X-0015 11/20/2018 ABIZER SETHWALA 1 0.45 Electronic sale
2841 5603750902 1510404 KQ-204 11/21/2018 PARTH TRAVELS 1 2.00 Electronic sale
2842 1ZY2F1940455785512 1273070 EK-508 11/27/2017 NIRAL SHAH 1 0.45 Electronic sale
2843 8732827213 1510771 9W-119 11/21/2018 ADVENTIST MEDIA CENTRE 1 1.70 Electronic sale
2844 6005219872 1743825 BA-139 11/22/2019 HDS HDFC BANK LIMITED 1 0.90 Electronic sale
2845 1044771125 1511471 9W-119 11/22/2018 V BHATIA INTERNATIONAL 1 0.20 Electronic sale
2846 2160904351 1745292 BA-139 11/24/2019 KARAMJEET SINGH BHAGANIYA 1 0.40 Electronic sale
2847 31427625106 1512946 CX 663 11/25/2018 smart nation 1 2.27 Electronic sale
2848 1Z5E6V660495677214 1747380 EK-500 11/27/2019 CHENNAI INTERNATIONAL TERMINAL 1 0.90 Electronic sale
2849 1Z442R340401188299 1513457 EK-506 11/25/2018 MITESH M. PATEL 1 0.45 Electronic sale
2850 811322130854 1748775 EK-500 11/29/2019
ROYAL TECH INDUSTRIES ROYAL TECH INDUSTRIES 1 1.20 Electronic sale
2851 1764975170 1276328 EY-204 12/2/2017 Navya 1 3.82 Electronic sale
2852 1441925030 A341083 9W 231 11/28/2018 ABHISHEK SHARMA 1 0.62 Electronic sale
2853 235926753 1749333 SQ-424 11/29/2019 OMKAR 1 1.40 Electronic sale
2854 1Z0929RY0406002581 1516178 EK-502 11/29/2018 NIDHI 1 0.45 Electronic sale
2855 605455795 1749988 CX 663 12/1/2019 BRIGHTECH AUTOMATION 2 16.45 Electronic sale
2856 1Z2030850473130527 1517535 EK-506 12/1/2018 NATIONAL INST. OF TECH. CALICU 1 5.44 Electronic sale
2857 1604256430 1752932 BZ-201 12/5/2019 SKYLINE EXPRESS 1 3.60 Electronic sale
2858 7115645353 1517566 9W 352 12/1/2018 NSIGT(KONECRANE) IEC 0317507818 1 3.00 Electronic sale
2859 5271878161 1753314 KL-877 12/6/2019AMAZON SELLER SERVICES PVT LTD BOM7 1 1.03 Electronic sale
2860 436066434082 1517347 BZ-201 12/1/2018
CR MEDISYSTEMS PVT. LTD. CHANDRU THADHANI 1 2.30 Electronic sale
2861 1788757353 A341553 BA-199 12/2/2018 Printland Pvt. Ltd. 1 1.15 Electronic sale
2862 5522527006 1516615 BZ-201 11/30/2018 SAMEER BOAT 1 0.50 Electronic sale
2863 6049967151 1518267 BA-139 12/3/2018 SHAILESH SHARMA 1 2.99 Electronic sale
2864 1Z19VA550432548521 A341587 EK-508 12/2/2018 MALAISAMY R 1 1.81 Electronic sale
2865 2513774616 1518297 9W-119 12/2/2018 E-CONTROL SYSTEMS 1 0.50 Electronic sale
2866 784096124741 1519114 TG - 317 12/3/2018TECHNIC ELECTRONIC CORP VINOJ DAVIS 1 1.00 Electronic sale
2867 138725246202 1755188 FX 5460 12/8/2019 POOJA KUMARI LEAR CORPORATION 1 0.20 Electronic sale
2868 778575344885 1755188 FX 5460 12/8/2019
NIKHILCHANDRA YERAM GOZOOP ONLINE PVT LTD 1 0.80 Electronic sale
2869 4571836802 1756074 BA-139 12/10/2019 ENLARGE PHOTOGRAPHY 1 0.50 Electronic sale
2870 928380630 1282988 CX 663 12/13/2017 INTINITI RETAIL LIMITED 1 11.69 Electronic sale
2871 1Z0W38420439213910 1757619 EK-500 12/12/2019 LATA & PRAKASH KODLIKERI 1 1.00 Electronic sale
2872 1Z0W38420421248541 1757619 EK-500 12/12/2019 KALYANI MAXION WHEELS LDT 1 1.00 Electronic sale
2873 8188487366 1521582 BZ 401 12/7/2018 SHRUTI NALAVADE 1 0.10 Electronic sale
2874 1Z7241430450663287 1758652 EK-506 12/13/2019 KALYANRAMAN NARAYANSWAMY, PMP 1 0.45 Electronic sale
2875 803585541 1521731 9W 231 12/8/2018 LEVIA TECHNOLOGIES PVT LTD 1 32.00 Electronic sale
Pkgs Weight
2876 M2551295391 A342389 EK-500 12/9/2018 MERCURE CHENNAI SRIPERUMBUDUR 1 1.00 Electronic sale
2877 1Z8000V60477592816 A342461 EK-506 12/9/2018 KSHITIJ/DARSHITH 1 1.36 Electronic sale
2878 1Z8000V60477432328 A342461 EK-506 12/9/2018 DEEPIKA BOYINAPALLI 1 1.36 Electronic sale
2879 466394429750 1522806 FX 5460 12/9/2018 SACHIN UPPAL PLAY GAMES24X7 1 0.50 Electronic sale
2880 466394430099 1522806 FX 5460 12/9/2018 RAHUL TIWAREKAR LOGIC SERVE 1 0.50 Electronic sale
2881 466394429831 1522806 FX 5460 12/9/2018 PRASHANT DESHMUKH FIRSTCRY 1 0.50 Electronic sale
2882 466394429820 1522806 FX 5460 12/9/2018 VIVEK GOEL FIRSTCRY 1 0.50 Electronic sale
2883 1693429776 1522954 9W-119 12/9/2018 SIEMENS LTD 1 0.14 Electronic sale
2884 469025969509 1522806 FX 5460 12/9/2018
KE SENTHILKUMAR VEDANTA CANCER HOSPITAL1 34.00 Electronic sale
2885 5784987165 1761425 BA-139 12/18/2019 MCUBE TECHNOLOGIES PVT. LTD 1 1.00 Electronic sale
2886 6521386395 1523037 CX 663 12/10/2018 MUULRAJ CHHEDA 1 2.50 Electronic sale
2887 1ZA822F36758526696 A342567 5X 0015D 12/10/2018 SERENDEBYTE INC 1 0.91 Electronic sale
2888 1Z94A53X6741360730 A342567 5X 0015D 12/10/2018 HILTON GOA RESORT 1 0.91 Electronic sale
2889 V0266266482 1286160 5X-0015 12/17/2017 NOVATEUR ELECTRIAL&DIGITAL SYS 4 16.20 Electronic sale
2890 3685649870 1762766 BA-139 12/20/2019 HAIL S&C PLANT - FULGAON 1 60.70 Electronic sale
2891 1ZA0Y3140400766157 1763040 EK-500 12/20/2019 INT-LOGITECH USA 1 2.20 Electronic sale
2892 9691490572 1525492 BZ-201 12/13/2018 IMAGINE MARKETING PVT.LTD. 1 0.90 Electronic sale
2893 1Z8W007Y6743725750 1287470 5X-0015 12/19/2017 SREE GOKULAM HEALTHCARE PVT 1 27.73 Electronic sale
2894 1Z959V5W0440856721 1525066 9W 231 12/13/2018 DHIRAJ PARASHRAM MANDE 1 0.50 Electronic sale
2895 173216972 1764307 LH-756 12/22/2019 VESTAS INDIA 1 1.00 Electronic sale
2896 1ZAA49096765896560 1764303 SQ-424 12/21/2019 SHREECOMP SYSTEMS 1 5.00 Electronic sale
2897 1Z442R340407834936 1526392 EK-506 12/14/2018 KOLIPARA VENKATA NAGA SAI SAND 1 0.45 Electronic sale
2898 8954447445 1526549 9W 231 12/15/2018 SIEMENS LTD. 1 0.30 Electronic sale
2899 200418761 1764930 CX 663 12/23/2019 HYBRID UV 1 0.20 Electronic sale
2900 119906151 1764969 KL-877 12/23/2019 EMERSON INNOVATION CENTER 1 0.40 Electronic sale
2901 466394429912 1525545 6E-993 12/13/2018 MIRUM DIGITAL 1 0.50 Electronic sale
2902 1788993743 1527559 BA-199 12/16/2018 Cranvar 1 0.13 Electronic sale
2903 1ZX454086782297698 1527785 5X- 0015 12/16/2018 SARANG AGRAWAL 1 0.45 Electronic sale
2904 1ZW003A50442288873 1116491 EK-500 3/18/2017 UPS-SCS INDIA PVT LTD 1 8.16 Electronic sale
2905 773947748230 1527739 FX- 5460 12/16/2018
YASH SONITOTAL CARDIO VASCULAR SOLUTIONS1PV 2.30 Electronic sale
2906 475252328404 1527739 FX- 5460 12/16/2018 HARI TAK 1 0.20 Electronic sale
2907 326513014 1768881 CX 663 12/29/2019 INFINITI RETAIL LTD 1 2.00 Electronic sale
2908 466394429772 1525545 6E-993 12/13/2018 FOXYMORON 1 0.50 Electronic sale
2909 1790829740 1522675 BA-199 12/9/2018 Cassandra Friehauf in India 1 0.96 Electronic sale
2910 133556239614 1759954 FX- 5460 12/15/2019 GAME TECH TIMEZONE INDIA 1 5.00 Electronic sale
2911 7509753941 1530481 SQ-422 12/20/2018 NEERAJ GAROLE 1 0.25 Electronic sale
2912 1Z1474570456688762 1529952 9W 231 12/20/2018 NATIONAL ATMOSPHERIC RESEARCH 1 0.50 Electronic sale
2913 1Z3763536650988317 1530545 EK-506 12/20/2018 ROYAL CARIBBEAN CONSTELLATION 1 3.17 Electronic sale
2914 4583551501 1530663 9W 231 12/21/2018 APTIV COMPONENTS 1 8.10 Electronic sale
Pkgs Weight
2915 1Z442R340412149480 1531996 EK-506 12/22/2018 KUMAR SAURAV 1 0.45 Electronic sale
2916 1Z442R340412053010 1531996 EK-506 12/22/2018 VISHNUPRIYA 1 0.91 Electronic sale
2917 1Z97515A0436612197 1531996 EK-506 12/22/2018 ALI AKBAR KHAN 1 4.99 Electronic sale
2918 1ZE1260F0401135208 1294273 9W 231 12/30/2017 P K SHANOB 1 0.45 Electronic sale
2919 4055468546 1534293 BA-199 12/23/2018 COTMAC ELECTRONICS PVT.LTD 1 9.40 Electronic sale
2920 1790939150 1531760 BA-199 12/22/2018 Bapi mobile care 1 1.36 Electronic sale
2921 1Z6309WA0436670367 1294968 9W 231 12/30/2017 JYOTIRMAYEE JAISWAL 1 0.45 Electronic sale
2922 1Z1F6Y856863213731 1289175 EK-500 12/22/2017 SHPANDE 1 1.00 Electronic sale
2923 1765460336 1288964 EY 204 12/21/2017 Root Institute 1 0.85 Electronic sale
2924 1761463922 1288964 EY 204 12/21/2017 HammaadBadsha 1 0.25 Electronic sale
2925 1Z2FW2350432600137 1294273 9W 231 12/30/2017KOIROUNGANBA MAYANGLAMBAM (KAB 1 0.91 Electronic sale
2926 1Z377WE60473801224 1296772 5X-0015 1/2/2018 SATHEESH V 1 1.50 Electronic sale
2927 1Z3Y13E10455534440 1296772 5X-0015 1/2/2018 JOHN DEVASAHAYAM 1 0.50 Electronic sale
2928 1789096050 1535825 BA-199 12/28/2018 priya raghav 1 0.40 Electronic sale
2929 1789092771 1535825 BA-199 12/28/2018 Shraddha Productions 1 5.22 Electronic sale
2930 1Z8890410499363946 1536059 EK-506 12/28/2018 SMART SOURCE TECHNOLOGIES 1 1.36 Electronic sale
2931 1761412730 1297822 9W-117 1/4/2018 Ankit d 1 0.57 Electronic sale
2932 1Z6A9E290468993492 1536790 EK-506 12/29/2018 EATON INDIA INNOVATION CENTER 1 3.60 Electronic sale
2933 1Z6111230458154141 1536790 EK-506 12/29/2018 HARDCASTLE RESTAURNAT PVT LTD 1 0.45 Electronic sale
2934 1Z377WE60474407613 1298146 9W 231 1/4/2018 PRASENJIT SINGH 1 1.36 Electronic sale
2935 1Z0341RE0441817257 1536885 9W 231 12/30/2018 SANJEEV KULKARNI 1 1.60 Electronic sale
2936 1ZY1Y5790432292282 1298146 9W 231 1/4/2018 SARAT 1 1.36 Electronic sale
2937 31630492482 1537020 MH-194 12/29/2018 SANDEEP PRAJAPATI 1 0.51 Electronic sale
2938 1ZA3028V0420172552 1537135 EK-500 12/30/2018 STAR HOUSE 1 1.20 Electronic sale
2939 1ZAR29400406656086 1298684 5X-0015 1/5/2018 V. SOWJANYA 1 0.45 Electronic sale
2940 784680300427 1540012 FX-5033
CAPGEMINI
1/3/2019
TECHNOLOGY SERVICES INDI PALANI ANGAMUTHU
1 PILLAI
2941 409914255527 1299958 FX 5460 1/7/2018 DETECTION INSTRUMENTS INDIA PVT LT 1 13.00 Electronic sale
2942 1Z0929RY0413460582 1540814 EK-506 1/4/2019 DEEPAK KIRPALANI 1 0.45 Electronic sale
2943 1Z442R340414086759 1540814 EK-506 1/4/2019 MRS. AIRMAN MUCHHALA 1 0.45 Electronic sale
2944 1ZY2F0090427115692 1300151 EK-502 1/7/2018 DR. JIJI VIJAYAN 1 0.45 Electronic sale
2945 1ZAF58200498173439 1541488 EK-506 1/5/2019 ADP - PRIVATE LTD. 1 1.36 Electronic sale
2946 1ZE516600412370907 1541488 EK-506 1/5/2019 EDLOCUS SOLUTIONS PR 1 0.45 Electronic sale
2947 1Z68A4920476654820 1541603 9W 231 1/6/2019 STOROPACK INDIA PVT. LTD. 1 0.50 Electronic sale
2948 1Z7044AF6759220051 1542140 5X-0015 1/6/2019 UTHAYAKUMAR JAGADEESAN 1 0.45 Electronic sale
2949 1Z9V3353G846939896 1302385 EK-500 1/11/2018 MONTRAN CORPORATIO 1 0.45 Electronic sale
2950 1789195144 1541955 BA-199 1/6/2019 Nishie Thakkar 1 1.91 Electronic sale
2951 1789204841 1541955 BA-199 1/6/2019 GVVS Prasad 1 1.90 Electronic sale
2952 1789186335 1541955 BA-199 1/6/2019 jaiswal group(guddu) 1 0.67 Electronic sale
2953 1Z189W2W0467514490 1544176 EK-506 1/9/2019 NAVEEN AKSHARA INFORMATION TEC 1 7.26 Electronic sale
Pkgs Weight
2954 1ZY185470424702545 1544176 EK-506 1/9/2019 NAVEEN AKSHARA INFORMATION TEC 1 2.27 Electronic sale
2955 1Z1544140440570632 1544295 EK-508 1/9/2019 GEOLOGICAL SURVEY OF INDIA 1 1.50 Electronic sale
2956 1Z10Y8X80448558961 1303495 9W 231 1/12/2018 PARAG AGRAWAL 1 1.50 Electronic sale
2957 1791080362 1544665 BA-199 1/10/2019 RN Sharma 1 0.48 Electronic sale
2958 1789247821 1544665 BA-199 1/10/2019 Naveen Akshara Information Technol 1 1.52 Electronic sale
2959 1ZE43W506776627497 1545538 5X- 0015 1/11/2019 KIMBERLY LOBO 1 0.45 Electronic sale
2960 1058674212 1545705 9W-119 1/12/2019 ROB SALLESE 1 1.30 Electronic sale
2961 8388025043 1546028 AI - 317 1/12/2019 GOPAL PAUL 1 0.25 Electronic sale
2962 1765756005 1304942 AI-343 1/14/2018 JAI KUMAR BHASIN 1 0.13 Electronic sale
2963 610364720 1546112 9W-255 1/12/2019 AKZO NOBEL INDIA LTD 1 0.80 Electronic sale
2964 1Z442R340415985642 1546298 EK-506 1/12/2019 SHYAM NAGARSEKAR 1 0.45 Electronic sale
2965 1Z8E33640473820611 1546298 EK-506 1/12/2019 BDP INTERNATIONAL 1 0.91 Electronic sale
2966 1ZTV9L336720002416 1546642 EK-500 1/13/2019 TRBHI CONSULTING IND 1 3.00 Electronic sale
2967 4123570791 1546393 9W 231 1/13/2019 TML WIRING HARNESS COC. 1 1.70 Electronic sale
2968 1Z7057060458680341 1306118 9W 231 1/16/2018 EOS POWER INDIA PVT.LTD 1 0.50 Electronic sale
2969 1Z30V3A60464807392 1546969 5X- 0015 1/13/2019 INDIA POST PAYMENT BANK C/O. 1 3.00 Electronic sale
2970 479922128249 1546921 FX 5460 1/13/2019
VIVEK SINGH FUJITSU CONSULTING INDIA PVT L 1 0.50 Electronic sale
2971 30274258103 1307084 9W-117 1/18/2018
GLOBAL PATHWAYS MATRICULATION SCHOOL1 0.50 Electronic sale
2972 1Z445F040407943858 1548218 5X-0015 1/15/2019 ASHISH MALHOTRA 1 0.45 Electronic sale
2973 1Z19VA550436595964 1548218 5X-0015 1/15/2019 SWAPNIL VIJAY GUJAR 1 0.45 Electronic sale
2974 1Z445F040408208721 1548218 5X-0015 1/15/2019 SADARAJARAO 1 0.91 Electronic sale
2975 7973141374 1548493 9W-119 1/16/2019
NIDEC INDUSTRIAL AUTOMATION DENMARK 1 14.00 Electronic sale
2976 1Z3Y13E10459345334 1307481 9W 231 1/18/2018 SUKANYA P 1 0.45 Electronic sale
2977 1Z0640RX0407338588 1548970 EK-506 1/16/2019 AMITABH TEAOTIA 1 0.45 Electronic sale
2978 1ZXX58060450832530 1549629 EK-506 1/17/2019 PHILIDELPHIA MISSIONS 1 4.54 Electronic sale
2979 1764864205 A296639 EK-504 1/7/2018 metpally digitial connect store 1 25.17 Electronic sale
2980 1497359216 1549747 9W 231 1/18/2019 ION ENERGY 1 0.50 Electronic sale
2981 3125945863 1550426 9W 231 1/19/2019 xx 1 13.00 Electronic sale
2982 8201047540 1307786 AI-343 1/18/2018 Rumi Eco Product Pvt Ltd 1 2.5 Electronic sale
2983 1Z933E6W0409843752 1310187 EK-508 1/22/2018 VISHNU 1 0.91 Electronic sale
2984 1Z377WE60478393256 1309402 EK-506 1/21/2018 ADITYA SADHUKHAN 1 0.91 Electronic sale
2985 31058120704 1310911 AI 102 1/23/2018 ABDUL SHEIKH 1 0.89 Electronic sale
2986 1Z9766AY0421552186 1311518 EK-508 1/24/2018 N.VIJAYPANDIYAN 1 0.45 Electronic sale
2987 1Z9702XY0437035313 1311518 EK-508 1/24/2018 TISSIN 1 0.45 Electronic sale
2988 487333302 1311616 LH-756 1/25/2018 VIVEC VASANTRAO JOSHI 1 1.00 Electronic sale
2989 8955959390 1553147 9W 231 1/23/2019 SIEMENS LTD., 1 9.80 Electronic sale
2990 1Z445F040409091999 1553013 5X-0015 1/22/2019 SIVAKUMAR P 1 1.36 Electronic sale
2991 1Z8W29530445773696 1553147 9W 231 1/23/2019 DRITA TECHNOLOGIES PRIVATE LIM 1 0.50 Electronic sale
2992 1Z1676296645573746 1312195 EK-508 1/25/2018 VISHAL RAJU 1 2.27 Electronic sale
Pkgs Weight
2993 1Z189W2W0469647085 1553732 EK-506 1/23/2019 PRAVIN KUMAR 1 0.45 Electronic sale
2994 1Z19VA550437420355 1553732 EK-506 1/23/2019 SUJATHA VARADHARAJAN 1 0.45 Electronic sale
2995 2146119264 1553841 BA-139 1/24/2019
MV ? ALLIACNE FAIRFAX? AT MUMBAI PORT 1 0.30 Electronic sale
2996 1565400955 1553868 9W-119 1/24/2019 CHIRAG RAM 1 0.50 Electronic sale
2997 1Z4598970468414982 1553878 EK-508 1/23/2019 TOUCHMAGIX MEDIA PVT LTD 1 4.54 Electronic sale
2998 1761705606 1312422 QR-556 1/26/2018 24hrs solutions 1 7.12 Electronic sale
2999 1Z6309WA0438083293 1312166 9W 231 1/25/2018 FASEL 1 0.45 Electronic sale
3000 957352680 1554703 LH-756 1/25/2019 JSYS 1 1.82 Electronic sale
3001 1Z442R340419160025 1555180 EK-506 1/25/2019 RHEA KADAKIA 1 0.91 Electronic sale
3002 N7316492331 1555180 EK-506 1/25/2019 MAHENDRA SONI 1 0.45 Electronic sale
3003 N7316492644 1555881 EK-506 1/26/2019 IPRS 1 1 0.45 Electronic sale
3004 N7316492653 1555881 EK-506 1/26/2019 SME 1 0.45 Electronic sale
3005 N7316492662 1555881 EK-506 1/26/2019 CULTURE MACHINE MEDIA PVT LTD 1 0.45 Electronic sale
3006 3397477226 1556067 9W-119 1/27/2019 KOTAK BANK VALLABH VIDYA NAGAR 1 0.50 Electronic sale
3007 463996031348 1556527 FX- 5460 1/27/2019 SHITAL NAIK 1 0.50 Electronic sale
3008 1789471681 1556351 BA-199 1/27/2019 Meher 1 0.81 Electronic sale
3009 452111123241 1556527 FX- 5460 1/27/2019
GE INDIA INDUSTRIAL PVT LTD C/O MA LICENSE3110065878
3010 1Z445FY80401554544 1557897 5X-0015 1/29/2019 SREEPADMAM AUDITORIUM 1 1.36 Electronic sale
3011 2289322604 1558754 9W-119 1/31/2019 SUNIL ARORA 1 3.50 Electronic sale
3012 3107724653 1559089 BZ-201 1/31/2019 TRANSASIA BIO MEDICALS LTD 1 1.00 Electronic sale
3013 1773016696 1317794 BA-199 2/3/2018 Jangaon institute of Pharmaceutica 1 4.79 Electronic sale
3014 1ZX2351V0407150964 1559348 EK-502 1/31/2019 SOUTHCO INDIA PVT LIMITED 1 0.45 Electronic sale
3015 1ZE387216749905935 1318748 5X-0015 2/4/2018 5-5-35/90/1C, PLOT NO 7 1 0.91 Electronic sale
3016 1ZAR29400410149198 1318157 9W 231 2/3/2018 SNEHA NARAYANAN 1 0.45 Electronic sale
3017 9165965594 1318875 9W-119 2/4/2018 LES FILMS DU LOTUS 1 1.00 Electronic sale
3018 31427763640 1559477 MH-194 1/31/2019 Sachin 1 2.16 Electronic sale
3019 1773023335 1318535 BA-199 2/4/2018 Pankaj Mahra 1 0.39 Electronic sale
3020 1Z3Y13E10461176521 1319121 EK-500 2/5/2018 SHRINIVAS DHAGE 1 0.45 Electronic sale
3021 1Z6386400462966054 1560116 9W 231 2/2/2019 SCHMERSAL INDIA PVT. LTD. 1 1.50 Electronic sale
3022 320720282 1560116 9W 231 2/2/2019 RAMA CYLINDERS PVT LTD 1 2.00 Electronic sale
3023 1Z515V080466644931 1560345 EK-500 2/2/2019 KONE ELEVATOR INDIA PRIVATE LI 1 9.00 Electronic sale
3024 239481989 1560297 LH-756 2/2/2019 PORTESCAP INDIA PRIVATE LTD 1 1.00 Electronic sale
3025 1773069841 1320426 BA-199 2/7/2018 radhika pagadala 1 4.05 Electronic sale
3026 1Z1002850493905439 1320846 EK-508 2/7/2018 INTEGRAL COACH FACTORY 1 0.50 Electronic sale
3027 1ZA899560452325269 1560848 9W 231 2/3/2019 ALAN PEREIRA 1 0.50 Electronic sale
3028 774361679300 1561422 FX- 5460 2/3/2019 NAINEE PARTH NAINEE PARTH 1 0.90 Electronic sale
3029 1Z9Y97E30447011498 1563809 EK-500 2/7/2019 AVF STUDIOS 1 0.45 Electronic sale
3030 151991611 1564397 LH-756 2/8/2019 MAERSK SUPPLY CHAIN MARINE 1 0.75 Electronic sale
3031 1ZA893F70442348369 1323409 5X-0015 2/11/2018 ANNA TOVE SLOTH HUSS 1 0.50 Electronic sale
Pkgs Weight
3032 1Z3Y13E10462114489 1323440 EK-506 2/11/2018 DEBAJYOTI MONDAL 1 0.45 Electronic sale
3033 6522761921 1565599 9W 231 2/10/2019 NA 1 1.00 Electronic sale
3034 4123603234 1566273 9W 231 2/11/2019 STUDENT MEHTA, HARSHIT 1 0.10 Electronic sale
3035 1791290815 1563201 BA-199 2/6/2019 dr hari krupakar reddy 1 2.92 Electronic sale
3036 1ZE43W506761418722 1568084 5X-0015 2/13/2019 SANDEEP SHARMA 1 0.45 Electronic sale
3037 1ZE1F0220472656875 1325458 9W 231 2/14/2018 AFZAL BEGUM 1 0.45 Electronic sale
3038 632845474 1569087 LH-756 2/15/2019 AXA BUSINESS SERVICES 1 3.50 Electronic sale
3039 5522429054 1326229 BA-139 2/16/2018 DJS RACING 1 0.45 Electronic sale
3040 605433229381 1326526 FX-5033 2/16/2018
SYMANTEC ASIA PACIFIC PTE. LTD. SANDEEP MANDGE
3041 1Z767V7E0494224586 1569452 5X- 0015 2/15/2019 GIRMITI SOFTWARE PVT LTD 1 1.00 Electronic sale
3042 1773201032 1326416 BA-199 2/16/2018 Narender Singh Shekhawat 1 2.81 Electronic sale
3043 1763938072 1326416 BA-199 2/16/2018 sanjay bansal 1 6.46 Electronic sale
3044 1Z71EY056690653178 1326775 9W 231 2/16/2018 THINGBITS ELECTRONIC 1 0.45 Electronic sale
3045 1Z0W64A00428594772 1327487 9W 231 2/17/2018 TAJ THOMAS 1 0.45 Electronic sale
3046 1ZA177A60432240524 1327487 9W 231 2/17/2018 TESCO STEEL & ENGG. CO. 1 0.91 Electronic sale
3047 1ZE82F366742984073 1328000 5X-0015 2/18/2018 INDIA 1 0.50 Electronic sale
3048 1Z0W64A00428415885 1328000 5X-0015 2/18/2018 K SYAMSUNDER RAO 1 0.45 Electronic sale
3049 427932771639 1327995 FX 5460 2/18/2018 SKILLNET SOLUTIONS INDIA PVT. MOD 1 1.10 Electronic sale
3050 774529952944 1575713 FX- 5460 2/24/2019 YASHWANT DHANGAR 1 0.50 Electronic sale
3051 483758381493 1575713 FX- 5460 2/24/2019 SHIP VIA FEDEX INTL DISTRIBUTI 1 2.00 Electronic sale
3052 5097946044 1576077 9W-551 2/25/2019 S.NEELIMA 1 3.20 Electronic sale
3053 3798895122 1332023 BA-139 2/25/2018 ALEX PRITAM KHALKHO 1 0.50 Electronic sale
3054 8025200201 1332021 9W 231 2/24/2018 MARITEC INDIA 1 1.40 Electronic sale
3055 1Z3Y13E10463610271 1332021 9W 231 2/24/2018 VINOTH SAMINATHAN 1 0.91 Electronic sale
3056 1Z3Y13E10463706383 1332626 EK-506 2/25/2018 SRIVIDHYA SWAMINATHAN 1 0.91 Electronic sale
3057 1ZX0050A0445327041 1335208 EK-506 3/1/2018 COGNIZANT TECHNOLOGIES - KOLKA 1 0.45 Electronic sale
3058 774597773024 1580346 FX 5460 3/3/2019FOUR SEASONS HOTEL MUMBAI LILY SCOTT 1 0.20 Electronic sale
3059 1Z09X64V0432566098 1580384 5X- 0015 3/3/2019 JAGAN 1 0.90 Electronic sale
3060 1Z6309WA0440291581 1337223 EK-506 3/4/2018 SPARSH SKIN CLINIC DR RAJNI NA 1 0.45 Electronic sale
3061 175201762 1337429 LH-756 3/5/2018 B - 13 NAND BHAVAN INDUSTRIAL E 1 0.60 Electronic sale
3062 1Z767V7E0494219083 A8511 5X- 0015 3/6/2019 GIRMITI SOFTWARE PVT LTD 1 5.00 Electronic sale
3063 1Z8000V60400484738 1339144 EK-506 3/7/2018 MUNISH CHANDHOK 1 0.45 Electronic sale
3064 774617858033 1583674 FX-0008 3/8/2019 GANTNER MIRAJ BALDHA 1 11.50 Electronic sale
3065 785864220292 1584399 FX-0008 3/9/2019SUMMIT HEALTHCARE (P) LTD NEHA SHINDE 1 3.20 Electronic sale
3066 771547882440 1340342 FX-5033 3/9/2018
3067 1ZW939250474515920 1584788 5X- 0015 3/10/2019 DIVERSEY INDIA HYGIENE PVT LTD 1 1.00 Electronic sale
3068 157178330 1585155 9W 231 3/11/2019 FLEET MANAGEMENT INDIA PRIVATE 1 4.50 Electronic sale
3069 1Z3Y13E10465429643 1341849 EK-506 3/11/2018 ROSHAN ZAMEER K MD 1 0.45 Electronic sale
3070 1Z6309WA0440845358 1341849 EK-506 3/11/2018 M SUMANTH KUMAR REDDY 1 2.27 Electronic sale
Pkgs Weight
3071 FFU473703 1572960 AF-218 2/20/2019 DR RADHE NATUNG 1 3.17 Electronic sale
3072 FFU473053 1572960 AF-218 2/20/2019 Ram Mahesh 1 0.90 Electronic sale
3073 1Z5674320402731550 1343778 EK-506 3/14/2018 TJERNLUND PRODUCTS, INC. 1 0.45 Electronic sale
3074 6687126434 1587437 AI - 317 3/14/2019 HIMANSU PATEL 1 2.50 Electronic sale
3075 8051522353 1559289 EK-506 1/31/2019 ONE DIGITAL ENTERTAINMENT 1 0.45 Electronic sale
3076 1ZA275A00414700823 1345844 EK-506 3/17/2018 DURAIRAJAN 1 0.45 Electronic sale
3077 2451743453 1589127 BA-139 3/17/2019POWER GRID CORPORATION OF INDIA LIM 1 1.00 Electronic sale
3078 1764154475 1346941 GF-056 3/19/2018 bhavna sultana 1 2.26 Electronic sale
3079 1Z7A7R746705212861 1347795 5X-0015 3/20/2018 TAIYOU AUTOMATION PV 1 1.36 Electronic sale
3080 1Z301E190423236363 1348468 EK-506 3/21/2018 NITIN SAHU 1 0.91 Electronic sale
3081 829252033 1591793 CX 663 3/21/2019 DEBJIT BISWAS 1 1.45 Electronic sale
3082 1ZY2F1940471907529 1348563 9W 231 3/21/2018 ASHIS 1 0.45 Electronic sale
3083 7087077340 1591736 9W 231 3/21/2019 MOTHERSON SUMI SYSTEMS LTD / SBU 15 1 15.30 Electronic sale
3084 1Z8000V60402546542 1349170 EK-506 3/22/2018 TALHA NAIK 1 0.45 Electronic sale
3085 7087730123 1592366 9W 231 3/22/2019
BOMBARDIER TRANSPORTATION INDIA PVT. LTD.
3086 1566011580 1592364 9W-119 3/22/2019 ANUJ PANDIT 1 1.50 Electronic sale
3087 9552773311 1349921 BA-139 3/24/2018 SHAH MURHESH 1 0.45 Electronic sale
3088 8032513720 1350605 BA-139 3/25/2018 KING EDWARD MEMORIAL HOSPITAL 1 23.00 Electronic sale
3089 7244917676 1351089 9W-117 3/25/2018 AMMANN INDIA PRIVATE LIMITED 1 2.00 Electronic sale
3090 1Z2FW2350438834035 1351210 EK-506 3/25/2018 MRS RUTH SINGH 1 0.45 Electronic sale
3091 786125971476 1594192 FX- 5460 3/24/2019 WEBFIRM INFOTECH PRIVATE LIMITED 1 0.50 Electronic sale
3092 813747631678 1594438 SQ-424 3/24/2019 SHAUNYA ECO SYSTEM ENERGY 1 1.00 Electronic sale
3093 7776833831 1594740 9W 332 3/25/2019 VAISHALI SHETE 1 2.10 Electronic sale
3094 774748675753 1596019 FX-0008 3/27/2019
FIRSTSOURCE SOLUTIONS HANUM MERCHANT2 4.54 Electronic sale
3095 1Z9V53840427216817 1353178 EK-506 3/28/2018 TIRSIN 1 0.45 Electronic sale
3096 193336415 1354038 CX 663 3/30/2018 SIGMA POWER PRODUCT PRIVATE LTD 1 2.00 Electronic sale
3097 2552627081 1596794 BA-139 3/29/2019 X10X GLOBAL SOLUTIONS PVT LTD 1 0.50 Electronic sale
3098 261308331 1597607 LH-756 3/30/2019 ACE BUSINESS CENTRE 1 3.50 Electronic sale
3099 786326991540 1598256 FX 5460 3/31/2019 DIVYANSH P PATEL DIVYANSH P PATEL 1 2.50 Electronic sale
3100 1Z9Y97E30425113973 1359835 EK-506 4/7/2018 VIVEK JAYARAMAN & FAMILY, 1 0.91 Book
3101 1764314952 1361670 EK-504 4/10/2018 Anil Risbud 1 0.38 Book
3102 3642811513 1606097 BA-139 4/13/2019 SOPHIA POLYTECHNIC 1 10.10 Book
3103 7902539234 1392942 9W-119 5/27/2018 MR MOHAN LEO 1 3.26 Book Sale
3104 1ZW809V00412568234 1401662 9W 231 6/9/2018 PROF. RABINDRANATH BERA 1 3.60 Book
3105 1ZW809V00412568207 1401662 9W 231 6/9/2018 PROF. SUBIR KUMAR SARKAR 1 3.60 Book
3106 9666613972 1644670 EK-508 6/16/2019 ANSHUL ARORA 1 1.80 Book
3107 6871016482 1644670 EK-508 6/16/2019 THE XANDER GROUP INC. 1 1.84 Book
3108 4642570041 1644670 EK-508 6/16/2019 DASRA 1 1.84 Book
3109 1Z5R23770456400670 1650223 EK-500 6/26/2019 MUKESH MAHESHWARI 1 13.60 Book
Pkgs Weight
3110 1Z74R7V90491406735 1651743 EK-506 6/28/2019 VIDHYA THAKKAR 1 0.45 Book

3111 1Z1751926606350351 1653007 EK-506 6/30/2019 ASHITOSH ASHOK PATIL 1 3.17 Book
3112 1Z306A400492841112 A319643 EK-506 7/19/2018 SHRI T.K. RANGARAJAN, 1 1.81 Book
3113 8604398865 1443871 BA-139 8/12/2018 TWITTER MUMBAI 1 4.20 Book
3114 2894176541 1678170 BA-139 8/11/2019 PUNE UNIVERSITY 1 3.50 Book
3115 1779731590 1448098 BA-199 8/18/2018 Madan Mohan Sharma 1 1.00 Book
3116 1779824760 1453198 BA-199 8/26/2018 Rajarshi Ghosal 1 0.48 Book
3117 1Z44R4X2D941452445 1689419 EK-500 8/29/2019 TRIPADA INTERNATIONAL SCHOOL I 1 7.50 Book
3118 1948650012 1716648 AI-130 10/11/2019 NEMIVANT, AMRUTA 1 5.15 Book
3119 2952826822 1728554 BA-139 10/30/2019 A BAJPAI 1 2.88 Book
3120 2952829375 1733156 BA-139 11/6/2019 SUNIL KUMAR DESHMUKH 1 4.00 Book
3121 1ZAW02820410033202 1502808 9W 231 11/9/2018 LAGNA GHOSH 1 6.20 Book
3122 783677187236 1503929 FX- 5460 11/11/2018
FOUR SEASONS HOTEL MUMBAI MELANIE R SCHMUCKER
1 0.50 Book
3123 1Z015W336600966627 A38066 EK-506 11/15/2019 VINEETH THATTAMPARAMBIL VIJAYA 1 0.91 Book
3124 470653409223 1745372 FX- 5460 11/24/2019
SOMIL MEHTA DOW CHEM INTL USV LIM OF GOV
1 1.80 Book
3125 3282349803 1747139 BA-139 11/27/2019 GOETHE-INSTITUT 1 4.40 Book
3126 136140956041 1755188 FX 5460 12/8/2019
SHWETA KALE JOSH SOFTWARE PRIVATE LTD, 2ND
1 11.80 Book
3127 1788979113 1527559 BA-199 12/16/2018 SIMRAN BHATIA 1 0.44 Book
3128 1Z1751926606211564 1566205 EK-506 2/10/2019 JAGGU MAGE SINGH 1 7.71 Book
3129 1763996430 1330670 BA-139 2/23/2018 Mala malik 1 0.55 Book
3130 1793099884 1338627 9W-119 3/6/2018 RACHIT SHAH 1 2.00 Book
3131 1764192054 1353911 GF-064 3/29/2018 Rev Dr Ivan Satyavrata 1 0.59 Book
3132 1Z811R370401090113 1612412 5X-0015 4/23/2019 ANOOP AGARWAL 1 3.63 WPC
3133 1ZR500E6D967443158 1392270 9W 231 5/26/2018 DAVID CHELLAPPA 1 0.50 WPC
3134 1Z1540460447501712 1672747 EK-500 8/2/2019 CMA CGM AGENCIES (INDIA) PTE L 1 1.00 WPC
3135 458282563467 1457892 FX 5460 9/2/2018 WHIRLPOOL INDIA 1 1.20 WPC
3136 2321848561 1708758 BA-139 9/29/2019 M N PARMAR 1 6.99 WPC
3137 5749198825 1589180 9W 231 3/17/2019 PRASOON / LAUNDRYAPP 1 1.50 Mobile Sale
3138 1Z1X2R870492287314 1655241 EK-504 7/4/2019 BARD INDIA HEALTHCARE (P) LTD 1 0.50 Electronics sale
3139 1Z0357806766310791 1733739 EK-506 11/6/2019 HONEYWELL WELCOME GIFT 1 0.45 Electronics sale
3140 1789322382 1548714 BA-199 1/16/2019 Thangamani Abirami 1 0.05 Electronics sale
3141 1ZV9243R0494606341 1500886 EK-508 11/6/2018 FINATEL TECHNOLOGIES PVT. LTD. 1 1.00 Electronics sale
3142 4761496530 1702312 BA-139 9/19/2019 TANVIR AFZAL SARGURE 1 0.50 Electronics sale
3143 1Z7R14F56711921351 1672411 EK-506 8/1/2019 FIDELITY INVESTMENTS 1 0.45 Electronics sale
3144 1Z0357806765936493 1363728 5X-0015 4/13/2018 HONEYWELL WELCOME GIFT 1 0.45 Electronics sale
3145 1Z8000V60452285552 1457953 EK-506 9/2/2018 QHASE LOKHANDWALA 1 0.45 Electronics sale
3146 1Z0W64A00460772518 1480277 EK-506 10/6/2018 TEDDY EDMONDSON 1 0.45 Electronics sale
3147 1ZAR29400407346945 1300151 EK-502 1/7/2018 TISSIN 1 0.45 Electronics sale
3148 215705801 1706236 CX 663 9/25/2019 AMARARAJA ELECTRONICS LTD 1 0.50 Electronics sale
Pkgs Weight
3149 2530256562 1395595 9W-119 5/31/2018 CHARCHIT CHAUHAN 1 0.10 Electronics sale
3150 673024133770 1218503 FX 5460 9/3/2017 ABISHEK DAY CARE MEDICAL INSTITUTE 1 0.50 Electronics sale
3151 5821311764 1452347 BA-139 8/24/2018 K J S_NAIK 1 0.20 Electronics sale

3153 6783384613 1381588 9W 231 5/10/2018 VAIBHAV KULKARN 1 0.50 Electronics sale
3155 1Z118AW00460396224 1735110 EK-506 11/8/2019 VINAYAK JOGLEKAR 1 0.45 Electronics sale
3156 1ZAE51680495951402 1529273 EK-508 12/18/2018 LOCTOC 1 0.50 Electronics sale
3157 1781946095 1504437 BA-199 11/12/2018 Magod laser 1 0.11 Electronics sale
3158 1790801681 1522675 BA-199 12/9/2018 Morning..VENKTESH( CHINNA) 1 0.03 Electronics sale
3159 5704021120 1519657 9W-119 12/4/2018 TATA STEEL LIMITED 1 1.50 Electronics sale
3160 1Z442R340401472043 1515495 EK-502 11/28/2018 A MANIKANDAN 1 0.45 Electronics sale
3164 1Z0357806765866658 1363728 5X-0015 4/13/2018 HONEYWELL WELCOME GIFT 1 0.45 Electronics sale
3165 776898108833 1734033 EK-500 11/7/2019 GAURI SARAMBALKAR 1 0.50 Electronics sale
3166 1788875336 1523330 BA-199 12/10/2018 umiya computer sales & services 1 0.10 Electronics sale
3167 31542486920 1309268 EK-504 1/21/2018 EHIMATIE REX 1 0.75 Electronics sale
3168 772533032249 A316565 FX- 5460 6/24/2018 DIPAK PATELAPIMA CONSULTING PVT. LTD 1 0.90 Electronics sale
3169 4531245084 1400284 BA-139 6/8/2018 HEMANT LAVEKAR 1 0.10 Electronics sale
3170 1Z0W64A00427978261 1326133 9W 231 2/15/2018 DR. SREEJITH SREENIVASAN 1 0.45 Electronics sale
3171 1788798104 1520059 EK-504 12/5/2018 Jagadeesh Pottipadu 1 0.16 Electronics sale
3172 1ZY1Y5790433103779 1304197 9W 231 1/13/2018 MURUGEYSON K RAM 1 0.45 Electronics sale
3173 1789420242 1556351 BA-199 1/27/2019 Education & Research Supply Line 1 0.11 Electronics sale
3174 1Z9V53840418232665 1299519 9W 231 1/6/2018 KAMALA SANKHE 1 0.45 Electronics sale
3175 1ZAR29400411555783 1327487 9W 231 2/17/2018 VINOD HARDIKAR 1 0.45 Electronics sale
3176 3881087066 1354038 CX 663 3/30/2018 Charudatta Alegaonkar 1 0.25 Electronics sale
3177 4931617434 1404974 9W 231 6/14/2018 QUBEFUND LIMITED 1 0.50 Electronics sale
3178 2942231423 1400954 9W 231 6/8/2018 MUMBIKER NIKHIL 1 0.20 Electronics sale
3179 6657987593 A11403 9W 231 3/31/2019 FORTUNE INTERNATIONAL 1 2.00 Electronics sale
3180 4531250183 1400284 BA-139 6/8/2018 SUMAN RAMCHET SINGH 1 0.10 Electronics sale
3181 1Z2W39V30461008579 1236973 EK-508 10/2/2017 ARROW / RICHEY ELECTRONICS (MB 1 0.45 Electronics sale
3182 8112134564 1569618 BA-139 2/16/2019 GO AIR AIRLINES 1 0.23 Electronics sale
3183 1789269801 1544665 BA-199 1/10/2019 Malhar buch 1 0.10 Electronics sale
3184 4531235575 1400284 BA-139 6/8/2018 KAUSHIKKUMAR PATEL 1 0.10 Electronics sale
3185 1Z377R950434948676 1296878 9W 231 1/2/2018 P B REDDY 1 0.45 Electronics sale
Pkgs Weight
3186 7337398880 1371081 9W 231 4/24/2018 UJWAL PURI 1 0.50 Electronics sale
3187 6461520413 1646618 EK-500 6/20/2019 SANIYA CONTROL SYSTEMS 1 0.50 Electronics sale
3188 1ZA92T380459183293 1334571 EK-506 2/28/2018 CODEMAX I.T. SOLUTIONS PVT LTD 1 0.45 Electronics sale
3189 8414202101 1593690 9W 231 3/24/2019 AIDELTECZ 1 0.33 Electronics sale
3190 6040605513 1606662 BA-139 4/14/2019 MERCK SPECIALITIES PVT. LTD 1 3.00 Electronics sale
3191 4543731426 A312219 EK-500 5/20/2018 ANUVINDER RANJIT SINGH 1 0.30 Electronics sale
3192 1Z8W41316770662373 1531706 EK-500 12/22/2018 KPIT TECHNOLOGIES LIMITED 1 2.00 Electronics sale
3193 611891556 1549213 LH-756 1/17/2019 SJP ULTRASONICS PVT LTD 1 4.30 Electronics sale
3194 104902195 1603049 9W 231 4/8/2019 ADVANTYS SYSTEMS 1 1.55 Electronics sale
3195 31677525703 1498351 MH-194 11/2/2018 sri satya sai paints shop no5 1 6.46 Electronics sale
3196 31789990665 1512951 MH-194 11/24/2018 FUTURETECH SYSTEMS 1 3.35 Electronics sale
3197 773811999596 1517951 FX- 5460 12/2/2018 E-BUSINESS SOLUTIONS INTERNATIONAL 1 1.50 Electronics sale
GOVIL WADHI
3198 3345090851 1519657 9W-119 12/4/2018 PRANITA GOSAVI 1 0.80 Electronics sale
3199 FFU492085 1642164 AF-218 6/12/2019 Ergode Trading Pvt Ltd 1 2.73 Electronics sale
3200 1496406866 1469116 BA-139 9/20/2018 HOTEL ROYAL TULIP 1 4.70 Electronics sale
3201 1Z06521W0400734390 1510707 EK-502 11/21/2018 SHEFEEK B 1 2.72 Electronics sale
3202 1Z65611Y0443886498 1664641 EK-500 7/20/2019 HI TECH ELECTRO REPAIR PVT LTD 1 0.50 Electronics sale
3203 1ZA158F00497624585 1461367 9W 231 9/7/2018 C.N. KISHNANI 1 0.90 Electronics sale
3204 1Z9259896744127362 1471703 5X- 0015 9/23/2018 CATERPILLAR INDIA PRIVATE LTD 1 3.63 Electronics sale
3205 2474619361 1677552 BA-139 8/10/2019 HONEYWELL AUTOMATION INDIA LTD 1 6.44 Electronics sale
3206 7800554543 1557988 BA-139 1/30/2019 RANA ROYCHOUDHURY 1 2.40 Electronics sale
3207 1780146255 1465010 BA-199 9/13/2018 Pranal Devendra Pagare 1 0.70 Electronics sale
3208 1Z3V64750445810375 1562419 EK-500 2/5/2019 UPS SCS INDIA PRIVATE LIMITED 1 4.08 Electronics sale
3209 1Z9970E36654799081 A342183 EK-506 12/7/2018 JSW STEEL(VIJAYANAGAR WORKS) 1 1.81 Electronics sale
3210 476864334299 1530171 BZ-201 12/20/2018 INSIGHT PRINT COMMUNICATIONS PVT. 1 3.60 Electronics sale
AARTI KAITHWAS
3211 1776744281 1397357 BA-199 6/3/2018 PM Mathew 1 2.12 Electronics sale
3212 1777056735 1413860 BA-199 6/28/2018 SCNS Pvt Ltd 1 1.68 Electronics sale
3213 150774187 1395122 LH-756 5/31/2018 CHOPDA TALUKA SHETKARI SAHAKARI 1 0.30 Electronics sale
3214 8244805461 1762473 AI-130 12/19/2019 AMIT KARNANI 1 0.50 Electronics sale
3215 1Z10R2680451737974 1763722 EK-500 12/21/2019 SPRINGBORD 1 1.00 Electronics sale
3216 1Z86297A0490446282 1448391 9W 231 8/18/2018 HINDALCO INDUSTRIES LTD 1 1.00 Electronics sale
3217 703127407 1346020 CX 663 3/18/2018 AMDOIT TECHNOLOGIES PVT LTD 1 0.55 Electronics sale
3218 3657209883 1694188 EK-508 9/5/2019 SEDEMAC 1 0.10 Electronics sale
3219 9768270072 1763620 KL-877 12/21/2019 STERLING TALENT SOLUTIONS 1 0.80 Electronics sale
3220 5994125126 1545699 9W 231 1/12/2019 TBEA ENERGY INDIA PVT LIMITED 1 2.30 Electronics sale
3221 640019488615 1736376 FX- 5460 11/10/2019 LEE TAYLORKHUSHRAU AND MINAL J 1 5.20 Electronics sale
NUCLEUS AUDIO
Pkgs Weight
3222 2443648336 1553841 BA-139 1/24/2019 PRASHANT SHAH 1 4.40 Electronics sale
3223 31053802264 1357972 EK-508 4/4/2018 ITC GRAND CENTRAL 1 4.53 Electronics sale
3224 2578682256 1384586 9W-573 5/15/2018 RUSSELL ROSARIO 1 2.00 Electronics sale
3225 813747631645 1594438 SQ-424 3/24/2019 SHYNYA ECO ENERGY SOLUTIONS 1 2.00 Electronics sale
3226 1781042815 1503159 BA-199 11/9/2018 Ms ShivParvati Construction 1 0.74 Electronics sale
3227 8279808891 1516615 BZ-201 11/30/2018 ORBIT WELD EQUIPMENTS 1 2.00 Electronics sale
3228 1696956074 1525793 BA-139 12/14/2018 INDIA BLIZZARD 1 0.80 Electronics sale
3229 1Z30AV560447787873 1758883 SQ-424 12/13/2019 BIZZ INTERNATIONAL 1 0.50 Electronics sale
3230 1764864791 1278277 EY-204 12/5/2017 PALAK TALWAR 1 0.43 Electronics sale
3231 176840263 1338713 AI-343 3/7/2018 PARKER HANNIFIN INDIA PVT LTD 1 4.15 Electronics sale
3232 1765513175 1292434 EY-206 12/27/2017 Honeywell Engineering 1 1.67 Electronics sale
3233 6392270651 1298582 EK-504 1/5/2018 HITACHI HI-REL POWER 1 3.50 Electronics sale
3234 31427930601 1638643 MH-194 6/6/2019 Rama Naik 1 2.72 Electronics sale
3235 1ZW85R210473119635 1448305 EK-506 8/18/2018 RAVIVARMA 1 1.81 Electronics sale
3236 1Z30V3A60456489386 1532703 5X-0015 12/23/2018 STATE BANK OF MAURITIUS 1 2.00 Electronics sale
3237 1Z75227Y0450518966 1392270 9W 231 5/26/2018 CORKISH & LAYNE INDIA PVT. LTD 1 2.60 Electronics sale
3238 1ZY2F1940489072684 A341587 EK-508 12/2/2018 SEBASTIAO SANTAN MASCARENHAS 1 5.44 Electronics sale
3239 1Z4762090440370863 1758652 EK-506 12/13/2019 SPEEDO COMMUNICATIONS 1 3.36 Electronics sale
3240 1Z30Y8730421099790 1464526 EK-506 9/12/2018 HONEY SIJI 1 2.27 Electronics sale
3241 9813950775 1442833 KQ-204 8/10/2018 KHUSHBOO VARSHNEY 1 2.00 Electronics sale
3242 1776897194 1405345 BA-199 6/15/2018 NIKHIL machhi 1 1.61 Electronics sale
3243 6137691243 1318875 9W-119 2/4/2018 KAPILA SHAH 1 0.91 Electronics sale
3244 1Z76VE200490998717 1491757 EK-500 10/24/2018 MAGASH SINARASU 1 1.20 Electronics sale
3245 9867272656 1750603 BA-139 12/2/2019 VADICT INC. 1 0.20 Electronics sale
3246 466394429842 1525545 6E-993 12/13/2018 DAN 1 0.50 Electronics sale
3247 31632423922 1638110 MH-194 6/5/2019 AJAY JAGDALE 1 1.18 Electronics sale
3248 1Z63V2300490742040 1488803 5X- 0015 10/19/2018 JOSHVI K KURIAKOSE 1 11.00 Electronics sale
3249 475359425942 1651002 FX-5033 6/27/2019 SHNAVI SADAN NALESHWAR NGR VIRARNA 1 3.70 Electronics sale
DETECTOR KINGS/ROOM NO.304 VAI
3250 1Z9353AF0451836281 1647547 EK-506 6/21/2019 AMAZON C/O NETMAGIC 1 2.27 Electronics sale
3251 1764040191 1339254 BA-139 3/8/2018 DIGITAL INFOMEDIA SOLUTION 1 1.59 Electronics sale
3252 1Z682E8R0495509043 1681903 EK-500 8/17/2019 FRONTLINE GRAPHICS 1 5.30 Electronics sale
3253 1Z9V53840425862060 1341849 EK-506 3/11/2018 M. NAINA MOHAMED 1 0.45 Electronics sale
3254 1729061051 1510838 AI 102 11/21/2018 Yam Logistics Pvt Ltd 1 2.21 Electronics sale
3255 1761627173 1304523 BA-199 1/14/2018 HR-TEG Analytics 1 1.33 Electronics sale
3256 1761474945 1290442 EY-204 12/23/2017 Techno India University, WB attn N 1 5.22 Electronics sale
3257 1Z6EA6236745705602 1381443 5X-0015 5/10/2018 LIFECARE MEDICAL SYSTEMS 1 1.18 Electronics sale
3258 1006492804 1640801 EK-504 6/10/2019 SHAIKH ASHFAQUE 1 0.50 Fabric sale
Pkgs Weight
3259 3274450200 1575772 9W-119 2/24/2019 NAHAR TEXTILES PVT LTD 1 0.49 Fabric sale
3260 2829913763 1441452 EK-500 8/8/2018 HIRANANDANI BUSINESS PARK,LIGHTHALL 1 0.84 Fabric sale
3261 7201802602 1412509 EK-500 6/26/2018 JAI HANUMAN SYNTEX 1 0.50 Fabric sale
3262 982586780 1521286 AI-343 12/7/2018 DSTRESS RETAIL PVT LTD 1 5.11 Fabric Sale
3263 907625487 1381776 LH-756 5/11/2018 RAYMOND LIMITED(TEXTILE DIVISION) 1 4.50 Fabric sale
3264 8530599991 1414540 9W 557 6/29/2018 NAWAZ BHAI 1 1.14 Fabric Sale
3265 5618222960 1614616 BZ-102 4/27/2019 SCHLUMBERGER PUNE INFORMATION 1 0.50 Fabric sale
TECHN
3266 1341336043 1497807 KQ-204 11/2/2018 LAVANY SAXENA - ASSISTANT DIRECTOR 1 1.90 Fabric sale
3267 7324255621 1626944 BZ-201 5/18/2019 B. R. EXPORTS 1 0.10 Fabric sale

3268 3112494545 1706171 BA-139 9/25/2019 DRAPE SHOPPE 1 0.43 Fabric sale
3269 2703658591 1674205 EK-504 8/4/2019 KHAWAJA MOHAMMED JAMALUDIN 1 1.50 Fabric sale
3270 1ZWV08416693450903 1693099 EK-500 9/4/2019 MARSIL EXPORTS 1 1.00 Fabric sale
3271 1Z2E52A90418278722 1748775 EK-500 11/29/2019 KKP FINE LINEN PVT LTD 1 0.10 Fabric sale
3272 1Z0999730417695760 1502002 EK-506 11/8/2018 SUBHRANSU BISWAL 1 0.91 Fabric sale
3273 2679744130 1168156 BA-139 6/14/2017 MODELLO BESPOKE SUITING LTD 1 2.50 Fabric sale
3274 811789635184 1264883 FX-5033 11/15/2017 SHAHI EXPORTS PVT LTD 1 1.50 Fabric sale
3275 31058831646 1337974 EK-508 3/5/2018 HFW TEXTILES PVT LTD 1 1.40 Fabric sale
3276 812810529160 1384303 TG - 317 5/14/2018 MR. LALIT GROVER SILK MILLS PVT LTD . 1 0.50 Fabric Sale
3277 7546899640 1317560 9W 231 2/2/2018 Mirraw Online Services Pvt. Ltd. 1 0.50 Fabric sale
3278 3792205513 1391623 9W-119 5/25/2018 ENTERTAINMENT TADKA 1 0.90 Garment sale
3279 3640066426 1387618 9W-119 5/20/2018 MSN UNIVERSAL INC. 1 0.90 Garment sale
3280 2268512514 1382264 BA-139 5/12/2018 VANITA OMUNG KUMAR 1 0.30 Garment sale
3281 1761646095 1308423 QR-556 1/20/2018 AMAN GANGULI.( first year Hansraj 1 0.98 Garment sale
3282 2757434536 1382264 BA-139 5/12/2018 JENNY HYATT 1 0.50 Garment sale
3283 1ZV3E8200400648258 1387530 EK-506 5/19/2018 SAI PRIYA KUMAR 1 0.45 Garment sale
3284 648184964300 1388546 EK-500 5/21/2018 RIGHT ENTERPRISE PRASHANT BHAGAT 1 1.00 Garment sale
3285 5054727786 1393323 9W-573 5/28/2018 LI STYLES APPARELL 1 0.40 Garment sale
3286 3918868590 1386224 9W 231 5/17/2018 E CUSTOMERFIRST RETAIL LLP 1 0.50 Garment sale
3287 8124849983 1359337 CX 663 4/7/2018 POOJA BANSAL 1 1.50 Garment sale
3288 6240619700 1131388 BA-139 4/13/2017 MIRRAW ONLINE SERVICES PVT. LTD. 1 0.79 Garment sale
3289 5644243463 1394239 9W 231 5/29/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 0.70 Garment sale
3290 6370631341 1621468 EK-500 5/9/2019 ARAMEX INDIA PVT LTD. 1 0.66 Garment sale
3291 9812133026 1392272 BA-139 5/27/2018 NADAF DEVELOPERS 1 1.00 Garment sale
Pkgs Weight
3292 2442351726 1153053 9W-543 5/18/2017 LAKSHMI KOTA 1 0.50 Garment sale
3293 1Z2F093V0427542311 1448305 EK-506 8/18/2018 ADARSH KNITWEAR PRIVATE LTE 1 0.23 Garment sale
3294 1ZWV01050496733923 1742664 EK-500 11/20/2019 ANGORE FASHIONS PVT LTD 1 2.00 Garment sale
3295 1ZY1Y5790428467146 1266484 9W 231 11/17/2017 DNYANESHWAR R CHAVAN 1 0.45 Garment sale
3296 2461773790 1604457 EK-500 4/10/2019 MOHMMAD SAJID DEDRANI 1 0.40 Garment sale
3297 4562357181 1357457 9W 557 4/4/2018 EARLY BIRD CLOTHING 1 0.50 Garment sale
3298 1ZE7912X0447041208 1624859 G9-401 5/14/2019 PARINITA PATANKAR 1 0.50 Garment sale
3300 7344351906 1598513 9W 231 4/1/2019 JOHN PEARSON 1 1.00 Garment sale
3301 7701839375 1606662 BA-139 4/14/2019 SHIP SALVAGE 1 1.90 Garment sale
3302 1ZA275A00467967394 1529812 EK-506 12/19/2018 ANURADHA KODURI 1 0.91 Garment sale
3303 4832407801 1362712 9W-0115 4/12/2018 BAGARUA RAJKNIKANT HARGOVINDAS 1 1.00 Garment sale
3304 3330219406 1362209 9W-573 4/11/2018 ANTER HOSIERY 1 1.21 Garment sale
3305 5911695532 1391608 BA-139 5/26/2018 SUJATA SHENOY 1 0.50 Garment sale
3306 1Z975W5A0403159403 1357764 EK-506 4/4/2018 MURALIDHARAN KRISHNAN 1 0.45 Garment sale
3307 2356356321 1674205 EK-504 8/4/2019 SANJIV BHATT 1 0.41 Garment sale
3308 30976482434 1532194 MH-194 12/22/2018 AKANKSHA MADAN 1 0.41 Garment sale
3309 5210793361 1606252 EK-500 4/13/2019 JAI GANATRA 1 0.90 Garment sale
3310 31745343965 1446501 9W-119 8/15/2018 Arun Jain 1 1.00 Garment sale
3311 2895020015 1441172 9W 231 8/7/2018 MIRRAW ONLINE SERV PVT LD 1 0.70 Garment sale
3312 5111663826 1361370 9W-0115 4/10/2018 SUPRIYA SAIPRASAD SAMBRE 1 0.40 Garment sale
3313 5743883961 1439277 BA-139 8/5/2018 TOYESHA KHATAU 1 0.10 Garment sale
3314 1Z1497RF0413446646 1505957 EK-506 11/14/2018 RUMA CHAKRABORTY 1 0.45 Garment sale
3315 1ZAR29400429198305 1451485 EK-506 8/23/2018 RAJENDRA MOHANTY 1 0.45 Garment sale
3316 7973793380 1549049 9W 231 1/17/2019 ONEUP FURNISHING 1 0.50 Garment sale
3317 31373422640 1312569 9W-117 1/26/2018 Ayesha Chawla 1 0.11 Garment sale
3318 1ZA275A00404266009 1307481 9W 231 1/18/2018 ZAKIR HUSSAIN BARBHUIYA 1 0.45 Garment sale
3319 789595488338 1698161 EK-500 9/12/2019 MANAV RAIMALANI 1 0.20 Garment sale
3320 4984486651 1532472 9W-0115 12/23/2018 RAJAN GOHIL 1 0.20 Garment sale
3321 1ZA475Y40400779501 1529812 EK-506 12/19/2018 ANURADHA KODURI 1 0.45 Garment sale
3322 1Z7526V30408461438 1448305 EK-506 8/18/2018 RAHEJA MINDSPACE 1 0.45 Garment sale
3323 957322081 1533033 LH-756 12/24/2018 NANDINI MEHTA 1 0.91 Garment sale
3324 2594413360 1437114 9W-119 8/1/2018 ARVIND LIMITED 1 0.20 Garment sale
3325 1Z2271510494511649 1673401 EK-500 8/3/2019 TEX LINE INDIA PRIVATE LIMITED 1 0.50 Garment sale
3326 772990770901 1448889 FX- 5460 8/19/2018 XENTO 1 0.50 Garment sale
3327 1ZY6025A0491465652 1529071 5X-0015 12/18/2018 INDICOT 1 1.00 Garment sale
3328 4400241777 1650223 EK-500 6/26/2019 OCL 1 1.00 Garment sale
3329 447328333077 1440616 TG - 317 8/6/2018 RAJU ROY C/O JAISWAL ENTERPRISE 1 0.50 Garment sale
Pkgs Weight
3330 1761019175 1268083 QR-556 11/20/2017 Aishwarya vasant gaikwad 1 0.23 Garment sale
3331 6580223554 1531706 EK-500 12/22/2018 MIRRAW ONLINE SERVICES PVT. LTD 1 1.18 Garment sale
3332 1789254563 1546077 BA-199 1/12/2019 vimlesh yadav 1 0.30 Garment sale
3333 1Z1AA5256740552920 1310702 5X-0015 1/23/2018 HARSHIT KEDIA 1 0.45 Garment sale
3334 1ZAR43820422035003 1307485 EK-508 1/18/2018 MOHAMMED GHANI 1 0.73 Garment sale
3335 8501326186 1531380 9W 231 12/22/2018 MIRRAW ONLINE SERV 1 0.20 Garment sale
3337 1790890533 1529581 BA-199 12/19/2018 Shyam jograjiya 1 0.21 Garment sale
3338 860089677161 A392511 MH-194 12/10/2018 SHOBHA SHALINI 1 0.66 Garment sale
3339 4650990315 1477672 BA-139 10/3/2018 MIRRAW ONLINE SERVICE PVT. LTD. 1 0.50 Garment sale
3341 7438990274 1550034 EK-500 1/18/2019 CHAND ROAD LINES TRANSPORT 1 0.80 Garment sale
3343 1788835075 1521719 BA-139 12/8/2018 Pratibha kharbanda 1 0.12 Garment sale
3344 8948829061 1530782 KL-877 12/21/2018 SHIVAM EXIM PVT LTD 1 0.40 Garment sale
3345 1Z0357806766766808 1715633 EK-502 10/9/2019 HONEYWELL WELCOME GIFT 1 0.45 Garment sale
3346 1788862655 1522675 BA-199 12/9/2018 Monica Shrivastava 1 0.28 Garment sale
3347 5421145085 1728286 EK-504 10/29/2019 ABU SANDEEP FASHION PVT LTD 1 0.47 Garment sale
3348 1ZE67F090494278004 1713494 EK-500 10/6/2019 AJ MOODBOARDS 1 1.00 Garment sale
3349 32142785006 1521001 9W-119 12/6/2018 Manasvi singh 1 0.50 Garment sale
3350 989052982 1528052 CX 663 12/17/2018 SARAH MONE 1 0.50 Garment sale
3351 776165884936 1695957 FX- 5460 9/8/2019 PRANAV VICKY FASHIONS LTD. 1 0.90 Garment sale
3352 1Z301E190416195733 1248898 9W 231 10/21/2017 HAFSA NASSER KHATRI 1 0.45 Garment sale
3353 1ZXR85046776559268 1520847 5X- 0015 12/6/2018 ATOS ORIGIN INDIA 1 0.45 Garment sale
3354 3305972213 1718350 KL-877 10/14/2019 KHUSHBU NIMRANI 1 0.05 Garment sale
3355 1Z427YA40401720299 1476396 EK-506 9/30/2018 ASHOK VISVANATHAN 1 0.45 Garment sale
3356 5840892094 1477667 9W-119 10/2/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 0.20 Garment sale
3358 6012739865 1489504 BA-139 10/21/2018 PRUMAN EXIM 1 0.60 Garment sale
3359 2327422414 1725270 EK-506 10/24/2019 KAUSAR ENTERPRISES 1 0.91 Garment sale
3360 6164408095 1489502 9W-119 10/20/2018 STUTI DHANUKA 1 1.00 Garment sale
3361 2225404322 1699164 BA-139 9/14/2019 YH 1 0.23 Garment sale
3363 1Z63X4F06787921208 1711847 EK-506 10/3/2019 ROZNI IMPEX PVT LTD 1 0.45 Garment sale
3364 3719508015 1284254 9W 231 12/14/2017 MIRRAW ONLINE SERVICES PVT LTD 1 0.91 Garment sale
3365 1788840513 1521719 BA-139 12/8/2018 Geomin Industries Private Limited 1 0.36 Garment sale
3366 2225620681 1720115 BA-139 10/17/2019 NADEEM MALICK 1 0.16 Garment sale
3367 7348805774 1762112 BA-139 12/19/2019 UJER GANI 1 0.50 Garment sale
3368 5062267770 A41376 EK-500 12/13/2019 MOHUDDIN 1 0.40 Garment sale
Pkgs Weight
3369 8346303280 1489106 EK-500 10/20/2018 DWARKADAS JHAMANDAS TEX IND PVT 1 0.20 Garment sale
LTD
3370 8991798222 1486907 9W 231 10/16/2018 MS CREATION 1 1.00 Garment sale
3371 4170618395 1257958 BA-139 11/5/2017 TAUSHIF ANSARI 1 0.91 Garment sale
3373 1ZA475Y40400775103 A342317 EK-506 12/8/2018 AJAY GAWADE 1 0.45 Garment sale
3374 1ZXR85046776704878 1506614 5X-0015 11/15/2018 ACCENTURE INDIA 1 0.45 Garment sale
3377 1Z150V4A0445120231 1499485 EK-506 11/4/2018 MRS ADANI KAISA 1 0.45 Garment sale
3378 6531101242 1288264 BA-139 12/21/2017 PUNIT INTERNATIONAL 1 4.50 Garment sale
3379 8575688995 1287620 9W 231 12/19/2017 PUNIT INTERNATIONAL 1 1.60 Garment sale
3381 5818841674 A292809 BA-139 12/24/2017 MIRRAW ONLINE SERVICES 1 0.20 Garment sale
3386 9164484921 1522250 BZ 401 12/8/2018 SAFELIFE HYGIENE PRODUCTS 1 0.90 Garment sale
3389 1789111041 1537232 BA-199 12/30/2018 azad 1 0.61 Garment sale
3390 8571297744 1519657 9W-119 12/4/2018 ABHIJEET JADHAV 1 1.00 Garment sale
3391 4781165200 1499467 BZ 401 11/4/2018 MIRRAW ONLINE SERVICES PVT.LTD. 1 0.50 Garment sale
3392 1Z9989Y66605897919 1526392 EK-506 12/14/2018 44 EMB STUDIO PVT LTD 1 1.00 Garment sale
3393 1Z301E190426362159 1425559 EK-506 7/15/2018 MARZIEH B M 1 0.45 Garment sale
3394 782023840852 1435028 FX- 5460 7/29/2018 ASHTA SURI 1 1.00 Garment sale
3395 32123115205 1515160 AI-343 11/28/2018 Senuri De Silva 1 0.25 Garment sale
3397 1778564944 1515566 AI 102 11/28/2018 Sri Devi 1 0.21 Garment sale
3398 1Z61Y051DA58002098 1673401 EK-500 8/3/2019 SHABANA ROSHAN 1 1.00 Garment sale
3399 N96944352 1527618 EK-504 12/16/2018 MRS RESHMA KHAN 1 0.20 Garment sale
3400 1781135694 1515510 BA-139 11/29/2018 sruthi srikanth 1 0.19 Garment sale
3401 1761479414 1292434 EY-206 12/27/2017 Demetrius Newton Newton 1 0.20 Garment sale
3402 2159276814 1288288 9W 231 12/20/2017 SADANAND BUIDING 1 0.50 Garment sale
3403 2905038054 1493504 9W-119 10/26/2018 JUST CONNECT MARKETING 1 2.40 Garment sale
3404 3060382135 1656620 BA-139 7/7/2019 LE PASSAGE TO INDIA 1 4.80 Garment sale
3406 7550760582 1357263 9W 231 4/3/2018 SOURABH SAREES 1 1.50 Garment sale
Pkgs Weight
3407 3681042046 1218229 9W-117 9/3/2017 JAINAM OVERSEAS 1 0.70 Garment sale
3408 138655322 1497541 9W 231 11/1/2018 HANSAKAVITA JHAVERI 1 2.00 Garment sale
3409 780656722570 1734033 EK-500 11/7/2019 SAJID KHAN 1 0.90 Garment sale
3411 5412389426 1514854 9W-119 11/27/2018 ABHIJEET JADHAV 1 0.50 Garment sale
3412 9796976722 1515510 BA-139 11/29/2018 SL SOURCING 1 0.50 Garment sale
3414 9289200874 1529248 9W-119 12/19/2018 ROCKHOUSE MASHRU 1 0.20 Garment sale
3415 811882129091 1362758 EK-500 4/12/2018 MR . JUNAID 1 0.50 Garment sale
3417 4720429291 1531082 EK-504 12/21/2018 INSTAKART SERVICES PVT. LTD 1 0.30 Garment sale
3419 1ZA475Y40400712895 A320627 EK-506 7/27/2018 ABINASH BABU 1 0.45 Garment sale
3420 1ZA475Y40400712760 A320627 EK-506 7/27/2018 ABINASH BABU 1 0.45 Garment sale
3421 781838930782 1425453 FX 5460 7/15/2018 SHIVANGI HOPE GLORY INDIA 1 1.00 Garment sale
3422 1Z427YA40408853106 1520209 EK-506 12/5/2018 JAY HATHI 1 0.45 Garment sale
3423 2364946404 1741181 BA-139 11/18/2019 MIRRAW ONLINE SERVICES PVT LTD. 1 0.64 Garment sale
3424 1ZW48E67DA95539055 1357895 9W 231 4/5/2018 SSK SHOPPING CENTER 1 0.50 Garment sale
3425 1Z150V4A0448523514 1505957 EK-506 11/14/2018 ANIL K 1 0.45 Garment sale
3426 5862852435 1510494 EK-504 11/21/2018 MARYAM MOXAMED AXMED 1 0.40 Garment sale
3427 1ZW8498X0423056875 1272648 EK-500 11/27/2017 ICM ENTERTAINMENT ?PVT| LTD 1 1.00 Garment sale
3428 5812999566 1468468 9W 231 9/18/2018 CLEMENT BIJL 1 0.50 Garment sale
3429 1303428615 1493504 9W-119 10/26/2018 BHARATI SPORTS 1 0.40 Garment sale
3430 812146214138 1312580 FX-5033 1/26/2018 GO - JEK ENGINEERING AMOL 1 1.00 Garment sale
3432 1Z147W7E0433837509 1499485 EK-506 11/4/2018 MRS ADANI KAISA 1 0.45 Garment sale
3433 1780193741 1466262 BA-199 9/15/2018 Dilkaran singh 1 0.43 Garment sale
3435 2865079302 1580491 9W-119 3/4/2019 SHILPA MITTAL 1 0.20 Garment sale
3437 1ZAR43820441715733 1339144 EK-506 3/7/2018 CHANDRA SEKHAR KAMMULA 1 0.91 Garment sale
3438 6009353700 1298821 BA-139 1/6/2018 YANTRA IMPEX PVT. LTD 1 0.50 Garment sale
3439 9872844634 1321416 BA-139 2/9/2018 ARYAN JAIN 1 1.04 Garment sale
3440 32580535735 1639947 MH-194 6/8/2019 Jenniefer 1 0.48 Garment sale
3441 3422778284 1405713 9W 231 6/15/2018 MIRRAW ONLINE SERVICES PVT. LTD 1 0.90 Garment sale
3442 8575150861 1269709 BA-139 11/23/2017 HANAN QEADAN 1 1.50 Garment sale
3443 1ZXR85046776802084 1339760 5X-0015 3/8/2018 SIDRA 1 0.45 Garment sale
3445 1ZWV08416698471515 1569638 9W 231 2/16/2019 MARSIL EXPORTS 1 1.00 Garment sale
Pkgs Weight
3446 2942165203 1402322 BA-139 6/11/2018 KRUTIKA SHAH 1 0.20 Garment sale
3448 3421285744 1173535 BA-139 6/23/2017 JUST CONNECT MARKETING 1 2.27 Garment sale
3451 1ZAR43820473814478 1399557 EK-506 6/6/2018 OMER GHAZANFER 1 0.45 Garment sale
3452 9526158865 1329412 9W 231 2/20/2018 KAREN COSTA 1 0.30 Garment sale
3454 1ZA657320465631503 1301368 5X-0015 1/9/2018 MAYANK SINGH 1 0.50 Garment sale
3455 1Z301E190432896320 1540111 EK-506 1/3/2019 ADITI GARG 1 0.45 Garment sale
3457 1ZF77W020495687095 1318157 9W 231 2/3/2018 SATHIYA NARAYANAN 1 0.45 Garment sale
3458 1941879892 1404964 BA-139 6/15/2018 CENTRE FOR EXCELLENCE IN BASIC 1 0.50 Garment sale
SCIENCES
3459 1Z2F5R850486789996 1367690 EK-506 4/19/2018 RICARDO KHWAIRAKPAM 1 0.45 Garment sale
3460 1ZAR39540414643557 1400217 EK-506 6/7/2018 TANDRA GUPTA , ASHISH GUPTA 1 0.45 Garment sale
3461 1Z204V820496653955 1317560 9W 231 2/2/2018 BESTT SOUND SYSTEMS 1 0.50 Garment sale
3462 1761749054 1317794 BA-199 2/3/2018 Jasmer malik 1 0.40 Garment sale
3463 9157775222 1600796 EK-500 4/4/2019 MOBIUSO 1 0.20 Garment sale
3464 9397674996 1326229 BA-139 2/16/2018 LEATHER MART 1 0.68 Garment sale
3465 1761788560 1322464 BA-199 2/10/2018 Sri Kumaran Stores 1 0.37 Garment sale
3467 7326664656 1398968 9W 231 6/5/2018 PANOPTIC SOLUTION PVT LTD 1 0.50 Garment sale
3468 1Z1AA5256741407335 1322725 5X-0015 2/10/2018 SINDHU 1 0.45 Garment sale
3470 1761651695 1308423 QR-556 1/20/2018 Niyati Sood 1 0.18 Garment sale
3471 3183480650 1401662 9W 231 6/9/2018 HUNKEMOLLER PALLADIUM 1 0.50 Garment sale
3473 7277073031 1410296 BA-139 6/23/2018 MIRRAW ONLINE SVCES PVT LTD 1 0.50 Garment sale
3475 6840037584 1403852 EK-500 6/13/2018 KIYAN ENTERPRISE 1 0.45 Garment sale
3476 2931349035 1186689 9W-119 7/14/2017 MIRRAW ONLINE SVC PVT LTD 1 1.06 Garment sale
3477 5644289114 1403631 BA-139 6/13/2018 MIRRAW ONLINE SERVICES 1 0.80 Garment sale
3478 1ZXR85046778138414 1307993 5X-0015 1/19/2018 IBM INTERNATIONAL BUSINESS MAC 1 0.45 Garment sale
3479 1ZV2611R6700586947 1498040 5X- 0015 11/2/2018 DEV DOSHII 1 1.81 Garment sale
3480 30976378786 1536933 EK-508 12/29/2018 Ms. Kisha Jogeshwar 1 0.36 Garment sale
3481 7429604766 1426945 9W-119 7/17/2018 UMESHWARI DEWAGAN 1 1.00 Garment sale
3482 1Z1AA5256743890845 1314061 5X-0015 1/28/2018 T.V.NATESAN, 1 0.45 Garment sale
Pkgs Weight
3484 V0272839342 1310041 9W 275 1/22/2018 VERO MODA RETAIL PRIVATE LTD 1 0.30 Garment sale
3485 7277144836 1429039 9W 231 7/20/2018 SWASTIK CREATION 1 0.65 Garment sale
3486 1099843662 1400963 BA-139 6/9/2018 YASH TARPHE 1 0.50 Garment sale
3487 9147190511 1645996 EK-500 6/19/2019 SHIP SALVAGE 1 0.50 Garment sale
3489 H9778095332 1357895 9W 231 4/5/2018 CHERISH STUDIO 1 0.50 Garment sale
3491 5564771354 1508109 BA-139 11/18/2018 CASSIOPEA APPARELS LTD 1 1.00 Garment sale
3492 1761412531 1290327 QR-8600 12/22/2017 Zulfikar roowala 1 0.22 Garment sale
3493 1789002412 1529581 BA-199 12/19/2018 Vijayalakshmi Venkatachalam 1 0.43 Garment sale
3494 4387835141 1408909 BA-139 6/21/2018 FRIGORICO ALLANA LIMITED 1 0.50 Garment sale
3495 2245172510 1320400 EK-500 2/7/2018 NISHKA KAPUR 1 0.50 Garment sale
3496 1Z301E190424105761 1368415 EK-506 4/20/2018 MR. ABIZAR TINWALA 1 0.45 Garment sale
3497 1Z1AA5256741375245 1322725 5X-0015 2/10/2018 SOPHUS STEIN GEORGE 1 0.45 Garment sale
3498 1ZA17A560409196963 1321482 9W 231 2/8/2018 NISABA GODREJ 1 0.50 Garment sale
3499 1Z37XF320472488466 1529812 EK-506 12/19/2018 RAGHUVENDRA SINGH 1 0.45 Garment sale
3500 1Z98084V0445870569 A293597 5X-0015 12/29/2017 INNOVATE ENGINEERING SOLUTION 1 1.00 Garment sale
3501 3745392394 1315131 9W 557 1/30/2018 DISHA NIMI 1 0.50 Garment sale
3502 1ZA17A560405937786 1303495 9W 231 1/12/2018 MARIA 1 0.45 Garment sale
3503 1Z1AA5256745027122 1314061 5X-0015 1/28/2018 CHANDU CHEGU, 1 0.45 Garment sale
3504 1Z1AA5256742127814 1317373 5X-0015 2/2/2018 SOURABH SUBHOD 1 0.45 Garment sale
3505 1Z1AA5256742920153 1314301 AI-343 1/28/2018 MANISH TIWARY (PIKKU 1 0.50 Garment sale
3506 1Z1AA5256742810503 1318748 5X-0015 2/4/2018 ADITYA YUVARAJ 1 0.45 Garment sale
3507 1Z1AA5256745685331 1314061 5X-0015 1/28/2018 S RAGHAV 1 0.45 Garment sale
3508 1Z1AA5256744945829 1314061 5X-0015 1/28/2018 PRANESH ULLERI 1 0.45 Garment sale
3509 1Z1AA5256742129689 1318748 5X-0015 2/4/2018 ARINDAM DAWN 1 0.45 Garment sale
3510 1Z1AA5256741063322 1317373 5X-0015 2/2/2018 AYUSHI SRIVASTAVA 1 0.45 Garment sale
3511 1761476603 1291510 EY 204 12/24/2018 Bajinder singh juneja 1 0.28 Garment sale
3513 5104254525 1574948 KQ 210 2/23/2019 HONESTY UNIFORMS 1 1.00 Garment sale
3514 1Z1AA5256742997447 1312670 5X-0015 1/26/2018 APURV WAGH 1 0.45 Garment sale
3515 56482893154 1568583 BA-199 2/14/2019 Rajesh K, 1 0.65 Garment sale
3516 31767278900 1333044 BA-199 2/26/2018 Gulafsha Khan 1 0.45 Garment sale
3517 1Z377FX16782444749 1341818 5X-0015 3/11/2018 CHIKOTI PLAZA 1 0.45 Garment sale
3518 789762848957 1327995 FX 5460 2/18/2018 UMA GOKHALE UMA GOKHALE 1 0.50 Garment sale
3520 772522212808 A316565 FX- 5460 6/24/2018 AVERI CHOUDHURIOPP PATANJALI 1 0.50 Garment sale
MEGASTORE
3521 1Z1AA5256744068901 1314061 5X-0015 1/28/2018 VENKHATESH ARUNACHALAM 1 0.45 Garment sale
Pkgs Weight
3522 1505223252 1193600 9W-119 7/25/2017 ASIF H MANJRA 1 0.50 Garment sale
3523 1Z56A0550464458011 1647877 EK-500 6/22/2019 SUMAN CREATION 1 0.50 Garment sale
3524 1ZA275A00410885918 1332021 9W 231 2/24/2018 DIMPLE MAVANI 1 0.45 Garment sale
3525 2732205464 1711898 BA-139 10/4/2019 MR MARTIN MACHUCA 1 0.21 Garment sale
3527 4606645945 1589127 BA-139 3/17/2019 MOHD KHALID NASIR ALI ANSARI 1 0.90 Garment sale
3528 30979551875 1417712 AI-343 7/3/2018 Moinak Pal 1 0.30 Garment sale
3529 4544185601 1194236 9W 231 7/26/2017 YOGITA YANA 1 0.15 Garment sale
3530 6951397574 1176509 9W-119 6/27/2017 MIRRAW ONLINE SVC PVT LTD 1 1.00 Garment sale
3531 1Z1AA5256745624585 1314061 5X-0015 1/28/2018 R.S.V.NISHANTH SHARMA 1 0.45 Garment sale
3532 31600130730 1332365 9W-117 2/25/2018 anusha kamath 1 0.30 Garment sale
3534 1Z2F5R850481882330 1318157 9W 231 2/3/2018 SWETHA KRISHNASWAMY 1 0.45 Garment sale
3535 1761800740 1322464 BA-199 2/10/2018 Shreya Mathai 1 0.18 Garment sale
3536 5953840686 1187562 KQ-204 7/16/2017 BHAVESH THAKURBHAI CHOHAN 1 1.74 Garment sale
3537 425683457821 1327995 FX 5460 2/18/2018 ROYLAN AHMED 1 0.20 Garment sale
3538 5746800754 1587783 BA-139 3/15/2019 LOVE TRIVEDI 1 0.50 Garment sale
3539 1ZWA23550401254629 1760025 EK-506 12/15/2019 ADITYAVARDHAN OBEROI 1 0.45 Garment sale
3540 433277441754 1397556 FX- 5460 6/3/2018 SHIKHA MADAN RETURN SHIPMENT - 1 0.70 Garment sale
AMAZIA
3541 1Z881R950411571767 1322810 9W 231 2/10/2018 SRIRAM DASARI 1 0.45 Garment sale
3542 4922865496 1644253 EK-500 6/16/2019 JUNAID ARSHAD MERCHANT 1 0.30 Garment sale
3543 1Z9F7Y940487142760 1248898 9W 231 10/21/2017 PRAVEEN 1 0.45 Garment sale
3544 1ZA17A560404982783 1300151 EK-502 1/7/2018 CHITANAND HENRY NAAS 1 0.45 Garment sale
3545 1Z1AA5256744316820 1314061 5X-0015 1/28/2018 S.V.V.S.KISHORE 1 0.45 Garment sale
3546 1Z9E703W6766493268 1338427 5X-0015 3/6/2018 NIKITA BAJPAI 1 0.45 Garment sale
3547 1Z3489540472899391 1409521 EK-506 6/21/2018 RAGHAVENDRAN VENKATA 1 0.45 Garment sale
3548 1Z8924336743229037 1354457 5X-0015 3/30/2018 NAVIL RODRIGUES 1 0.45 Garment sale
3549 2152655525 1406676 EK-500 6/17/2018 ARAMEX INDIA PVT LTD 1 1.00 Garment sale
3550 9908033575 1189460 9W-543 7/19/2017 U.E. EEXPORTS 1 1.50 Garment sale
3551 2127639360 1176507 9W 231 6/27/2017 HARESH D MERCHANT 1 0.25 Garment sale
3552 1ZAR39540417073560 A317453 EK-506 7/1/2018 MIRABELL B MARAK 1 0.45 Garment sale
3553 1782072681 1511119 BA-199 11/22/2018 A 1 0.10 Garment sale
3554 780194231497 1351096 FX 5460 3/25/2018 Chandrakant Karmankar CHANDRAKANT 1 0.20 Garment sale
KARMANKAR
3555 8672278904 1281262 9W-0115 12/10/2017 MIRRAW ONLINE SERVICES LTD PVT 1 0.85 Garment sale
3556 1Z1AA5256743786342 1314061 5X-0015 1/28/2018 KAUSTUBH HIWARE 1 0.45 Garment sale
3557 1Z1AA5256740657068 1317373 5X-0015 2/2/2018 GAURAB DAS GUPTA 1 0.45 Garment sale
3558 1ZW8339F0426573344 1316827 9W 231 2/1/2018 UMIYA FABRICS 1 0.20 Garment sale
Pkgs Weight
3560 5118758061 1412878 9W-119 6/26/2018 JANKI PATEL 1 0.50 Garment sale
3561 1765457584 1289714 EY-204 12/22/2017 Harshitha 1 0.34 Garment sale
3563 1789407502 1554904 BA-199 1/25/2019 ANIL KHANNA 1 0.35 Garment sale
3565 5614971585 1188614 BA-139 7/18/2017 PRASHANT N LATHIYA 1 0.50 Garment sale
3566 1763907191 1323812 BA-199 2/12/2018 Principal Scholars Home 1 0.38 Garment sale
3568 6279331295 1596203 BA-139 3/28/2019 BABAN DIVE 1 0.50 Garment sale
3569 1116129066 1596794 BA-139 3/29/2019 YUSUF QURESHI 1 1.10 Garment sale
3570 4699154795 1320777 9W 231 2/7/2018 MIRRAW ONLINE SERVICES PV 1 1.20 Garment sale
3572 30979545380 1415750 AI-343 6/30/2018 Nakul Chitalia 1 0.20 Garment sale
3573 1254140996 1535721 EK-500 12/28/2018 PARVEEN BANDERKER 1 0.60 Garment sale
3575 5846363202 1366978 KQ 210 4/18/2018 COLLAGE BOUTIQUE 1 0.50 Garment sale
3576 781159500398 A313668 EK-500 6/1/2018 AMAZIA FASHION PVT LTD 1 0.30 Garment sale
3577 8496001415 1181976 9W 231 7/6/2017 MIRRAW ONLINE SERVICES PVT. LTD 1 2.00 Garment sale
3578 5550685523 1581359 EK-500 3/5/2019 MTF 1 0.50 Garment sale
3579 2354775080 1434735 EK-500 7/29/2018 REKHA BHARDWAJ 1 0.50 Garment sale
3580 1Z2F5R850483722937 1334571 EK-506 2/28/2018 GEETA SHAH 1 0.45 Garment sale
3583 1789164775 1540548 BA-199 1/4/2019 Deharing Naiding 1 0.79 Garment sale
3584 9000256764 1408909 BA-139 6/21/2018 HONESTY TRADING CORPORATION 1 0.80 Garment sale
3585 5325854531 1537135 EK-500 12/30/2018 MANGESH JAGTAP 1 0.32 Garment sale
3586 1ZE192W20423621095 1320777 9W 231 2/7/2018 SANGITA JINDAL 1 0.50 Garment sale
3588 776828649500 1731784 FX- 5460 11/3/2019 MEMON IRSHAD 1 0.50 Garment sale
3590 1ZAR43820427192950 1316148 9W 231 1/31/2018 DR. N.M.RAHMAN 1 0.45 Garment sale
3591 957408717 1638963 QR 8872 6/7/2019 MADHAV MARIWALA 1 1.82 Garment sale
3592 30340254486 1553581 EK-504 1/23/2019 RONAK THOMAS OLICKAL 1 1.05 Garment sale
3593 1788848272 1522675 BA-199 12/9/2018 sahid jamal 1 0.26 Garment sale
3594 3210238382 1168777 BA-139 6/15/2017 DIVYA KHADYE 1 1.26 Garment sale
3597 4220704154 1470476 9W 231 9/21/2018 HEMNAT N KOTEKAR 1 0.50 Garment sale
Pkgs Weight
3598 1Z1AA5256745850830 1317373 5X-0015 2/2/2018 SIDDHARTH DAS 1 0.45 Garment sale
3599 56482567083 1565637 BA-139 2/10/2019 Bhavin Bajaj 1 0.25 Garment sale
3601 5700157864 1402349 9W-119 6/10/2018 RUSSELL FOULDS 1 0.30 Garment sale
3602 555200736871 1578542 CX 663 3/1/2019 K PATEL 1 0.60 Garment sale
3603 989052956 1528052 CX 663 12/17/2018 SHREYA SHETTY 1 0.50 Garment sale
3604 2749595586 1181027 9W-543 7/5/2017 WAHID ENTERPRISSES 1 1.00 Garment sale
3608 7380523920 1512891 9W-119 11/24/2018 ATS 1 1.20 Garment sale
3610 1366510138961 1647291 TK-0720 6/21/2019 Teresa Barat 1 0.19 Garment sale
3611 1ZF76W241381060622 1420234 EK-506 7/7/2018 DIGNITY INNOVATIONS 1 1.00 Garment sale
3612 2362452341 1526549 9W 231 12/15/2018 MOHD KHALID NASIR ALI ANSARI 1 0.90 Garment sale
3613 1ZW48E670491816987 1526549 9W 231 12/15/2018 SWALIH CH 1 0.50 Garment sale
3614 436618739087 1425453 FX 5460 7/15/2018 NADIM ABDUL WAHAB SAYED NADIM 1 2.00 Garment sale
ABDUL WAHAB SAYED
3615 2051732664 1426917 BA-139 7/18/2018 MAHATMA PHULE BACKWARD CLASS 1 0.50 Garment sale
DEVELEOPMENT CORP LTD
3616 415686700461 1431272 EK-500 7/24/2018 MR. BALWAND MR. BALWAND 1 0.50 Garment sale
3619 31812910846 1430782 BA-199 7/23/2018 Aakriti Moda 1 0.01 Garment sale
3620 1957762085 1226141 9W-119 9/15/2017 LADYLINE 1 1.50 Garment sale
3621 1670008056 1698606 EK-508 9/12/2019 VALERIIA FEDORENKO 1 0.30 Garment sale
3622 1Z189W2W0465299405 1531996 EK-506 12/22/2018 SANYA HAMDANI 1 0.45 Garment sale
3623 8547420840 1439277 BA-139 8/5/2018 GAURAV MARGHADE 1 0.50 Garment sale
3624 716832822 1724141 SQ-424 10/22/2019 HITANSH FABRICS STUDIO 1 0.70 Garment sale
3625 989053026 1528052 CX 663 12/17/2018 GOLDI 1 0.50 Garment sale
3626 6967055852 1129082 BA-139 4/9/2017 GARIMA TRIPATHI 1 0.45 Garment sale
3627 1ZY6025A0497777966 1673401 EK-500 8/3/2019 PERMESHWAR FASHION 1 0.20 Garment sale
3628 2617913060 1369179 9W 231 4/21/2018 BHALANI HETALBEN DHARMESHBHAI 1 1.90 Garment sale
3629 1960079030 1377266 UL-141 5/4/2018 FUTURE RETAILS LTD 1 0.40 Garment sale
3630 2234463545 1374751 EK-500 4/30/2018 GOODLUCK TRADERS 1 0.50 Garment sale
3631 5290206460 1145636 BA-139 5/7/2017 NADIM ANSARI 1 0.50 Garment sale
3633 6111386982 937828 BA-139 4/29/2016 JYOTI DAFTARI 1 1.00 Garment sale
Pkgs Weight
3638 8703381035 1375710 9W 231 5/1/2018 MIRRAW ONLINE SERVICE 1 0.60 Garment sale
3639 6166321416 1492174 9W 231 10/24/2018 KEYUR D DODIYA 1 1.10 Garment sale
3640 4829365693 1605437 9W-119 4/11/2019 TECH MAHINDRA LTD 1 1.38 Garment sale
3644 6974370104 1508193 KL-877 11/18/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 0.80 Garment sale
3648 1417603154 1702962 BA-139 9/20/2019 THE WORLD DANCE CENTER INDIA 1 0.11 Garment sale
3649 1Z37XF320466003955 1499485 EK-506 11/4/2018 NATASHA FERNANDES 1 0.45 Garment sale
3650 7338237115 1371081 9W 231 4/24/2018 MIRRAW ONLINE SERVICES 1 0.60 Garment sale
3651 4313987613 1747869 BA-139 11/28/2019 MIRRAW ONLINE SERVICES PVT LTD 1 0.80 Garment sale
3652 776863901788 1734146 BZ-201 11/7/2019 INDIAN BEAUTY.COM RENU PATEL 1 0.70 Garment sale
(RETURNED PKG)
3653 1ZW48E67DA93484895 1295424 5X-0015 12/31/2017 SARA FATEMA ZULFIQAR 1 0.60 Garment sale
3654 260897118 A279241 9W-255 5/24/2017 LAUREN WORLDEY 1 1.50 Garment sale
3656 3274496573 1373763 9W 231 4/28/2018 AKASH KHANNA 1 0.50 Garment sale
3657 W4299444376 1500842 9W 231 11/6/2018 ARAMEX INDIA PVT LTD 1 0.10 Garment sale
3658 1Z0W37V10463746983 1378269 EK-506 5/5/2018 LOGESHWARI RAJENDIRAN 1 0.45 Garment sale
3659 7124590944 1372397 BA-139 4/27/2018 AKASH KHANNA 1 0.40 Garment sale
3660 9940113842 1367809 9W-119 4/19/2018 KANISHA PATEL 1 0.50 Garment sale
3661 31803066046 1628565 EK-500 5/21/2019 Early Bird Clothing 1 0.28 Garment sale
3662 1778782316 1544665 BA-199 1/10/2019 Chhaya Oza 1 0.27 Garment sale
3663 1142014790 1510867 BA-139 11/22/2018 INDIAN BEAUTY COM 1 0.80 Garment sale
3664 1ZV2611R6701045225 1543442 5X-0015 1/8/2019 MANAV LAKHANI 1 0.45 Garment sale
3666 5094431086 1712791 EK-500 10/5/2019 FOUR S EXPORT 1 0.78 Garment sale
3668 1Z427YA40408755329 1520209 EK-506 12/5/2018 SANJIV LOBO C/O XNDR7 1 0.45 Garment sale
3669 1ZA11W350495482489 1479661 9W 231 10/5/2018 OPEN AIR FASHIONS 1 0.20 Garment sale
3670 1Z3868F96795881279 1750506 EK-506 12/1/2019 PRANAO INTERNATIONAL 1 0.45 Garment sale
3672 342403692 1660326 LH-756 7/13/2019 AAROKA FASHION PRIVATE LIMITED 1 1.10 Garment sale
Pkgs Weight
3673 7379816695 1512188 9W 231 11/23/2018 INDIAN BEAUTY COM 1 0.60 Garment sale
3674 2145224664 1605154 9W-117 4/11/2019 ZAM ZAM EXPORT 1 1.00 Garment sale
3676 8955751560 1246390 9W 231 10/17/2017 MIRRAW ONLINE SERVICES PVT LTD 1 1.00 Garment sale
3677 573679857 1704801 SQ-422 9/22/2019 AYM SYNTEX LTD 1 2.30 Garment sale
3678 782134901160 1439746 FX- 5460 8/5/2018 L DESAI L DESAI 1 4.90 Garment sale
3679 9224251960 1530782 KL-877 12/21/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 2.90 Garment sale
3680 9618596120 1725270 EK-506 10/24/2019 DEEPA RAJASUBRAMANIAN 1 0.59 Garment sale
3682 N96944783 1527618 EK-504 12/16/2018 MRS SAHANA NAYAK 1 0.70 Garment sale
3683 7180797735 1497558 9W-119 11/1/2018 SKINOUTFIT 1 0.90 Garment sale
3684 1223469774 1195488 9W-119 7/28/2017 NISHA JAVERI 1 2.00 Garment sale
3685 2941000440 1520998 BA-139 12/7/2018 MICHELLE MALKANI 1 1.10 Garment sale
3686 1Z933E6W0412887173 1355282 9W 231 3/31/2018 CHITHRA 1 0.45 Garment sale
3687 813037639234 1447411 EK-500 8/17/2018 DLARUVANG PATEL 1 2.50 Garment sale
3688 8047210975 1289131 9W-0115 12/22/2017 MIRRAW ONLINE SERVICES PVT. 1 1.50 Garment sale
3689 2022011703 1549751 9W-119 1/18/2019 PRAJAKTA PADALWAR 1 0.40 Garment sale
3690 4607191444 1587115 BA-139 3/14/2019 DISHA PATEL 1 0.10 Garment sale
3691 957196616 1440087 LH-756 8/6/2018 KAPDA STORE 1 5.45 Garment sale
3692 1ZW8498X0412166982 1503075 EK-500 11/10/2018 LAXMI RAVI 1 2.50 Garment sale
3693 4567726144 1477705 9W 231 10/2/2018 ISCON PHENIX BRANDS PVT LTD 1 0.30 Garment sale
3694 1764341810 1362170 BA-199 4/11/2018 Bhakti Jhaveri 1 0.57 Garment sale
3695 1Z19VA550411214251 1362392 EK-506 4/11/2018 UTPAL CHAKRABORTY 1 0.45 Garment sale
3696 1Z2328940496851947 1415611 9W 231 6/30/2018 SHIRT COMPANY (INDA) PVT LTD 1 2.90 Garment sale
3697 957358716 1629880 LH 8360 5/23/2019 GAJANAN J MESTA 1 4.55 Garment sale
3698 607269390532 1736376 FX- 5460 11/10/2019 PANNA KUKRESO 1 0.90 Garment sale
3699 3279883051 1526549 9W 231 12/15/2018 ROHAN THAKUR 1 0.60 Garment sale
3700 626160788 1427818 LH-756 7/19/2018 CHINTAN THAKAE 1 0.95 Garment sale
3701 4232827944 1323626 KL-877 2/12/2018 BDM GARMENTS 1 3.00 Garment sale
3702 464681903 1373111 9W 231 4/27/2018 BHIMSIBHAI KARMOOR 1 11.00 Garment sale
3703 1Z8FR4276748973983 1365109 5X-0015 4/15/2018 WM LOGISTICS INDIA PVT. LTD 1 7.26 Garment sale
3704 5411595560 1529929 BA-139 12/20/2018 MITESH PARIKH 1 1.10 Garment sale
3705 3024661220 1650890 BZ-102 6/27/2019 PEPE JEANS INDIA LIMITED 1 8.44 Garment sale
3706 1Z301E190424695786 1382888 EK-506 5/12/2018 CHANDA GADLINGE 1 1.36 Garment sale
3707 1Z6309WA0449919646 1464526 EK-506 9/12/2018 SUSAMMA JOS3PH 1 0.91 Garment sale
3708 860082843795 1435909 MH-194 7/30/2018 REESHA CREATIONS 1 2.64 Garment sale
3709 501901298426 1620969 BA-199 5/8/2019 MASALA BABY PVT LTD 1 0.90 Garment sale
3710 1ZV2611R6700296948 1456613 5X- 0015 8/31/2018 PAYAL GREWAL 1 5.44 Garment sale
3711 31406064174 1300504 9W-117 1/8/2018 Deepa Gnanam 1 1.45 Garment sale
Pkgs Weight
3712 1Z10R1416793683333 1472481 EK-508 9/24/2018 TEXPORT INDUSTRIES PVT. LTD. 1 3.60 Garment sale
3714 6699538930 1520338 9W 231 12/5/2018 TULSONS AGRO FARM UDYOG PVT LTD 1 1.00 Garment sale
3715 9863073625 1427862 EK-500 7/19/2018 ELCA LABS 1 0.50 Mechanical sale
3716 1337473896 1432408 9W 231 7/25/2018 SKYTURN METALS 1 0.50 Mechanical sale
3717 2356060851 1707707 EK-500 9/27/2019 SINHA CARS PVT LTD 1 1.87 Mechanical sale
3718 1789302734 1547408 BA-199 1/14/2019 Golu Kewat 1 0.40 Mechanical sale
3719 1Z3799VW0480219275 A22280 EK-500 7/18/2019 METALMECH ENGINEERING 1 1.00 Mechanical sale
3720 7327283751 1684366 BA 135 8/21/2019 E.I. DUPONT INDIA PRIVATE LIMITED 1 0.20 Mechanical sale
3721 2108256846 1755571 EK-500 12/9/2019 SANDHAR TECHNOLOGIES LIMITED 1 1.06 Mechanical sale
3722 996442829 1704147 SQ-422 9/21/2019 AUTO CHILL INDIA 1 0.10 Mechanical sale
3723 5878593350 1462945 EK-500 9/10/2018 RAJESH PATEL 1 1.20 Mechanical sale
3724 9301163395 1701925 EK-500 9/18/2019 BHUPINDRA INDUSTRIES CO 1 0.13 Mechanical sale
3725 8266934126 1718001 EK-504 10/13/2019 PANKAJ DILIP DENGALE 1 1.77 Mechanical sale
3726 852309555 1249089 LH-756 10/22/2017 ROLEX RINGS 1 0.38 Mechanical sale
3727 4167763865 1702545 EK-500 9/19/2019 GEMS SHIPSAPRES PVT LTD 1 1.02 Mechanical sale
3728 2600780081 1728286 EK-504 10/29/2019 SAMIR DOSHI 1 0.50 Mechanical sale
3729 31052832893 1309568 EK-508 1/21/2018 PARIN TOURS 1 0.37 Mechanical sale
3730 3914956032 1384872 9W 231 5/15/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 1.00 Mechanical sale
3731 3450686584 A312219 EK-500 5/20/2018 MAHALAXMI ENTERPRISES 1 1.30 Mechanical sale
3732 1Z3XF4790448923763 1673401 EK-500 8/3/2019 VIRAJ PROFILES LIMITED 1 1.00 Mechanical sale
3733 7389647683 A307668 EK-500 4/14/2018 THE KNOX INTERIORS 1 1.00 Mechanical sale
3734 1Z80753Y0453871419 1308157 9W 231 1/19/2018 LIMPIO OFFICE SOLUTIONS LTD 1 0.50 Mechanical sale
3735 1Z30VV000461170687 1358570 9W 231 4/5/2018 SHISHIR DHARKAR 1 0.50 Mechanical sale
3736 30975655793 1293980 EK-504 12/29/2017 Yusuf Limdiwala 1 2.20 Mechanical sale
3737 8924907272 1533080 EK-500 12/24/2018 RHYTHM ELECTRONICS BOMBAY INDIA 1 0.50 Mechanical sale
3738 3330220040 1363569 9W-573 4/13/2018 M M EXPORTS 1 0.08 Mechanical sale

3739 5702230332 1626262 EK-500 5/17/2019 ABBAS TIN WALA 1 0.50 Mechanical sale
3740 1ZA177A60422756559 1311471 9W 231 1/24/2018 ARMERINGTON KHARSHIING 1 0.45 Mechanical sale
3741 2014266332 1692077 EK-504 9/2/2019 HINDUSTAN AERONAUTIC LIMITED FIRE 1 0.50 Mechanical sale
SECTION
3742 7300296710 1354418 EK-504 3/30/2018 HASSAN MARINE ENGINEERING 1 0.50 Mechanical sale
SOLUTIONS
3743 1ZA0Y5210441656815 1340674 EK-508 3/9/2018 KMS CONFECTIONERIES PVT LTD 1 0.50 Mechanical sale
3744 3784262764 1365440 EK-500 4/16/2018 BOMBAY ELECTRICAL SUPPLIERS 1 2.00 Mechanical sale
3745 1220875806 1390646 BZ-201 5/24/2018 SCORPIO SHIPPING AGENCIES PVT LTD 1 0.50 Mechanical sale
Pkgs Weight
3746 31678117936 1621193 MH-174 5/8/2019 Sandeep k deep 1 1.02 Mechanical sale
3747 9027566752 1442789 EK-500 8/10/2018 SHREEJI POWER TOOLS 1 0.90 Mechanical sale
3748 4640950786 1410919 BA-139 6/24/2018 PENTAIR VALVES AND CONTROLS INDIA 1 1.00 Mechanical sale
PVT LTD
3749 4727605481 1381964 9W-573 5/11/2018 FABRITECH ENGINEERING 1 0.20 Mechanical sale
3750 Y0059195790 1703883 EK-500 9/21/2019 NATHAN ,RADIANT ORECICOM INDIA PVT 1 1.00 Mechanical sale
3751 1Z8123W96664099841 1296878 9W 231 1/2/2018 EMMEPI UTENSILERIA SRL 1 0.50 Mechanical sale
3752 7123502595 1583377 EK-500 3/8/2019 ELECTRONIC & ENGINEERING CO INDIA 1 0.30 Mechanical sale
PVT LTD
3753 7340413813 1414540 9W 557 6/29/2018 RAJUBHAI 1 0.64 Mechanical sale
3754 6883449764 1374751 EK-500 4/30/2018 HIND FLEX 1 0.50 Mechanical sale
3755 4134543980 1569638 9W 231 2/16/2019 MELVIN ALEX MATHEW ANDOOR 1 0.20 Mechanical sale
3756 1Z81WV110404597994 1750506 EK-506 12/1/2019 OM ENTERPRISES 1 0.45 Mechanical sale
3757 2662268276 1553137 BA-139 1/23/2019 NA 1 1.00 Mechanical sale
3758 31427763091 1559477 MH-194 1/31/2019 Mr. Mukand 1 0.23 Mechanical sale
3759 803511062504 1402161 FX- 5460 6/10/2018 RETURNSROCKSTA 9 1 0.50 Mechanical sale
3760 1ZY8412F0492725821 1761633 EK-500 12/18/2019 J M HOSIERY AND CO LTD 1 0.20 Mechanical sale
3761 1761737250 1316474 BA-199 2/1/2018 Wipro Technologies 1 0.37 Mechanical sale
3762 1ZE237W60450211867 1699114 EK-506 9/13/2019 MTL INSTRUMENTS PRIVATE LIMITE 1 4.90 Mechanical sale
3763 4705337663 1431015 BA-139 7/24/2018 JET AIRWAYS (INDIA) 1 1.80 Mechanical sale
3764 3460586765 1448070 9W-117 8/18/2018 M/S PIOT PIPES COMPANY 1 2.53 Mechanical sale
3765 4914202672 1498173 BA-139 11/3/2018 PRATHANA ALLOYS PVT LTD 1 9.00 Mechanical sale
3766 2991283035 1682551 EK-500 8/18/2019 SUNDRAM TRADERS 1 3.00 Mechanical sale
3767 188471964 1349432 LH-756 3/23/2018 THRIVENI SAINIK MINING PVT LTD 1 0.95 Mechanical sale
3768 1ZA768Y80496484392 1554617 EK-508 1/24/2019 HYATT REGENCY 1 8.00 Mechanical sale
3769 1789467260 1557696 BA-199 1/29/2019 jinny sam 1 2.08 Mechanical sale
3770 1709147134 1698551 BA-139 9/13/2019 RIYA AUTOTECH PRIVATE LIMITED 1 1.47 Mechanical sale
3771 1ZRF21876654958325 1684628 EK-506 8/21/2019 TOOLEDGE 1 1.36 Mechanical sale
3772 1797013 1642067 AI-144 6/12/2019 COLOR PAPERS 1 2.15 Mechanical sale
3773 613032066 1446664 LH-756 8/16/2018 BOSCH REXROTH IND LTD 1 1.20 Mechanical sale
3774 8680779295 1642984 EK-500 6/14/2019 FUJITSU CONSULTING INDIA 1 3.00 Mechanical sale
3775 9392967264 1306758 BA-139 1/17/2018 JAKAP METIND 1 0.45 Mechanical sale
3776 30936264321 1440618 MH-194 8/6/2018 SIMBA-DB 1 0.93 Mechanical sale
3777 1Z6116726770877066 1459190 5X-0015 9/4/2018 SHARAD KADAPPANAVAR 1 0.45 Mechanical sale
3778 1133805013 1508109 BA-139 11/18/2018 DAKSHA RAJPUT 1 5.90 Mechanical sale
3779 1Z1264910452567698 1498088 EK-506 11/2/2018 APEX INUSTRIAL PRODUCTS PVT LT 1 1.81 Mechanical sale
3780 1ZW9225X0463039708 1494812 EK-506 10/28/2018 SUNDARAM INDUSTRIES PVT LIMITE 1 15.42 Mechanical sale
3781 1Z7607036662430905 A35579 EK-502 10/30/2019 PAR H INDIA PVT.LTD 1 1.36 Mechanical sale
Pkgs Weight
3782 373664361 1315642 LH-756 1/31/2018 MASTER OF M/V VOLANTE 1 1.55 Mechanical sale
3783 6009008213 1298819 9W 231 1/5/2018 BSE (BOMBAY STOCK EXCHANGELTD) 1 6.00 Mechanical sale
3784 1Z3018YF0434461960 1747762 EK-502 11/27/2019 GLACIER SERVICES 1 4.08 Mechanical sale
3785 1Z6856VF8890493140 1312670 5X-0015 1/26/2018 PINNACLE ENGPLAST PVT LTD 1 9.07 Mechanical sale
3786 1Z9299316752921879 A313668 EK-500 6/1/2018 RAMACHANDRAN T 1 8.62 Mechanical sale
3787 V0261996854 1455937 5X- 0015 8/30/2018 GMG TECHNO TRADES PVT LTD 1 8.50 Mechanical sale
3788 206603150 1598743 SQ-424 3/31/2019 WUERTH INDUSTRIAL SERVICES INDIA 1 9.10 Mechanical sale
3789 773822094601 1579628 6E-0167 3/2/2019 SOHO HOUSE MUMBAI FAO SHOM 1 21.00 Mechanical sale
3790 1ZV8W2870445090618 1448011 EK-500 8/18/2018 SIEMENS LTD,SWITCHBOARD-KALWA 1 7.50 Mechanical sale
3791 1ZW4212E6771250714 1486786 5X-0015 10/16/2018 L. G. BALAKRISHNAN & BROS LTS. 1 1.36 Mechanical sale
3792 1Z0917YE0455627376 1497547 EK-508 11/1/2018 POLYMAK TOOLS INDIA PVT. LTD. 1 12.00 Mechanical sale
3793 1ZE2W8400449804031 1541488 EK-506 1/5/2019 SUGAMYA INDUSTRIES 1 1.36 Mechanical sale
3794 773423394330 1485493 FX- 5460 10/14/2018 OIL STATES IND - INDIA GAT 11/3B 22/1 1 0.50 Mechanical sale
VILLAGE CHAAL
3795 9340786906 1532840 9W-119 12/24/2018 XYLEM WATER SOLUTIONS INDIA PVT.LTD. 1 2.00 Mechanical sale
3796 785093518354 1556527 FX- 5460 1/27/2019 NEPTUNE EDUCATIONAL CONSULTANTS PV 1 1.20 Mechanical sale
SACHIN BHOW
3797 208994405 1648955 KL-877 6/24/2019 GE DIESEL LOCOMOTIVE PVT. LTD. 1 2.50 Mechanical sale
3798 1Z97518X0410064543 1302189 9W 231 1/10/2018 VINOD DANGAR 1 5.44 Mechanical sale
3799 3881736025 1323202 BZ-201 2/11/2018 TATA INTERNATIONAL LIMITED 1 6.50 Mechanical sale
3800 317725715 1289804 LH-756 12/23/2017 SRI KRISHNA ENTERPRISES 1 18.80 Mechanical sale
3801 6883037571 1510339 AI 315 11/21/2018 KAMAIBOR 1 2.50 Mechanical sale
3802 30994786266 1607637 EK-504 4/15/2019 UNIVERSAL COURIER. 1 8.95 Mechanical sale
3803 1ZW135080490922012 1558733 EK-508 1/30/2019 LUCAS TVS LIMITED 1 9.00 Mechanical sale
3804 3088988184 1614541 EK-500 4/27/2019 MEL SIL 1 0.30 Medical sale
3805 2297694066 1649054 EK-500 6/24/2019 RANJAN KUMAR 1 0.50 Medical Sale
3806 1789499924 1560477 BA-199 2/2/2019 AVM CONVENT SCHOOL 1 0.05 Medical sale
3807 1ZW181900493840355 1498088 EK-506 11/2/2018 WOCKHARDT PHARMA LTD 1 1.00 Medical sale
3808 1779226702 1422798 BA-199 7/11/2018 CAnanda Rao 1 0.13 Medical sale
3809 1Z0X86V00436576198 1474320 EK-506 9/27/2018 THERMOFISHER SCIENTIFIC COE 1 2.72 Medical sale
3810 6495648213 1593696 9W-119 3/24/2019 DIVYANSH ENTERPRISES 1 0.10 Medical sale
3811 1ZA67R880495650326 1532703 5X-0015 12/23/2018 MMSURGICALS 1 1.00 Medical Sale
3812 4826273642 1611868 EK-506 4/22/2019 AJAY SURGICAL WORKS 1 1.00 Medical sale
3813 4549493270 1664762 BZ-201 7/20/2019 AJAY SURGICAL WORKS 1 0.50 Medical sale
3814 1330260525 1392641 EK-500 5/27/2018 R R INSTRUMENTS 1 1.44 Medical sale
3815 1Z9Y97E30425511444 1365119 EK-506 4/15/2018 PRAMILA. R 1 1.36 Misc sale
3816 299856152 1708891 AI-343 9/28/2019 VIVEK BRAGANZA 1 0.60 Misc sale
3817 774878621211 1602957 FX 5460 4/7/2019 MANISH SUTARIYA 1 3.40 Misc sale
Pkgs Weight
3818 1ZY1Y5790433087136 1304197 9W 231 1/13/2018 HARI HARA SUTHAN 1 0.45 Misc sale
3819 1Z72V8316787966337 1608291 5X-0015 4/16/2019 DR. K C RADHIKA RANI 1 1.36 Misc sale
3820 991203717259 1695957 FX- 5460 9/8/2019 POOJA SHARMA EQUIFAX CREDIT INFO 1 3.00 Misc sale
SVCS PVT LTD
3821 7714859375 1577068 9W-119 2/27/2019 SPRINGER NATURE PUBLISHING & TECH. 1 5.00 Misc sale
3822 778349512530 1750445 FX- 5460 12/1/2019 DISCIPLINE OF CHEMISTRY SHAIKH M 1 0.60 Misc sale
MOBIN
3823 1Z9766AY0471717940 1536790 EK-506 12/29/2018 SATYA 1 0.45 Misc sale
3824 3042655733 1674640 KL-877 8/5/2019 AKMUNIAN MUNIAN 1 1.70 Misc sale
3825 7568646540 1519660 9W 231 12/4/2018 AEQUS ENGINEERD PLASTICS 1 3.25 Misc sale
3826 1728622416 1503024 AI 102 11/9/2018 Ei Holdings 1 1.94 Misc sale
3827 30979231614 1338002 9W-011 3/5/2018 Harpal Singh 1 0.95 Misc sale
3828 1566427015 1616666 BA-139 5/1/2019 J 1 1.00 Misc sale
3829 1ZE654470450071683 1660116 EK-506 7/12/2019 SHIVANI JADHAV 1 0.50 Misc sale
3830 1781501304 1483297 BA-199 10/11/2018 Mayur Vadalia 1 0.61 Misc sale
3831 2719836206 1487165 EK-500 10/17/2018 MET WELD 1 2.40 Misc sale
3832 31427665824 1537691 MH-194 12/30/2018 Manoj Suthar 1 0.93 Misc sale
3833 31465726666 1335772 EK-504 3/2/2018 Madhumita Hire 1 1.24 Misc sale
3834 31427927801 1636114 MH 6244 6/2/2019 sai prasad choudhury 1 2.16 Misc sale
3835 9772762462 1726018 BA-139 10/26/2019 DELOITTE MUMBAI 1 8.80 Misc sale
3836 1ZV9036A0490373453 1544276 9W 231 1/10/2019 MEET PATEL 1 3.50 Misc sale
3837 1Z885V7Y0400785439 1367053 EK-506 4/18/2018 ALLA SURESH BABU 1 0.91 Misc sale
3838 1776681804 1396150 BA-199 6/1/2018 Sujatha Gopinathan 1 3.42 Misc sale
3839 1ZE1F0220476015274 1369104 EK-506 4/21/2018 RAJESH KABRA 1 4.54 Misc sale
3840 1Z98950A0462789235 1525828 9W 231 12/14/2018 SANDOZ INC. 1 0.70 Misc sale
3841 1ZY1Y5790443275217 1409521 EK-506 6/21/2018 JANICE DENNISON 1 0.45 Misc sale
3842 4217710884 1312130 BA-139 1/26/2018 BHAKTI DESIGNS 1 0.77 Misc sale
3843 1Z01E9E16753988682 1537482 5X- 0015 12/30/2018 ANOUSKA KEZIAH CARDOSO 1 2.00 Misc sale
3844 1779323991 1427285 BA-199 7/18/2018 Neha Modi 1 1.19 Misc sale
3845 1776693100 1396150 BA-199 6/1/2018 Mrs Rani 1 0.40 Misc sale
3846 1764343873 1362857 BA-199 4/12/2018 Dr Debashis Ray 1 0.74 Misc sale
3847 1776817486 1401350 BA-199 6/9/2018 Royal suites and lodge 1 0.57 Misc sale
3848 1ZY2F1940481243110 1448965 EK-506 8/19/2018 KHUSHAL ANCHALIA 1 1.81 Misc sale
3849 1782049172 1509118 BA-199 11/19/2018 sukhmani puri 1 1.94 Misc sale
3850 1213406390 1325397 BA-139 2/15/2018 MAKWANA RESHMA BHUPENDRA BHAI 1 1.81 Misc sale
3851 1Z885V7Y0400610804 1236277 9W 231 10/1/2017 KANYARAJ BABU 1 2.72 Misc sale
3852 1780768566 1476807 BA-199 10/1/2018 NARAYAN ENTERPRISES 1 3.35 Misc sale
Pkgs Weight
3853 1ZA6A3920400100597 1373702 EK-506 4/28/2018 VINAYAK SAPRE 1 6.80 Misc sale
3854 723887141820 1522767 6E181 12/9/2018 VIPIN KEDIA 1 0.70 Misc sale
3855 6792778974 1404974 9W 231 6/14/2018 RAMRAO ADIK INSTITUTE OF TECHNOLOGY 1 1.20 Misc sale
3856 278821255 1321643 LH-756 2/9/2018 JASWANT SINGH RAJPUT 1 2.30 Misc sale
3857 200272973 1361401 LH-756 4/10/2018 SHOPPERS STOP LIMITED 1 2.00 Misc sale
3858 1Z30A7420416331262 1642904 AI-343 6/13/2019 SHRI EXPORTS 1 5.00 Misc sale
3859 246169674 1588111 LH 8360 3/15/2019 SAFARI INDUSTRIES INDIA LTD 1 3.50 Misc sale
3860 1761385861 1297822 9W-117 1/4/2018 s singh 1 1.10 Misc sale
3861 2685745005 1484408 CX 663 10/13/2018 NIHARIKA JHUNJHUNWALA 1 2.00 Misc sale
3862 1781708740 1494207 BA-139 10/28/2018 Mrs Misbah Kazi 1 0.63 Misc sale
3863 555114523935 1401188 CX 663 6/9/2018 MARSON HOLDINGS 1 3.02 Misc sale
3865 1588306075 1685982 BA-139 8/24/2019 NADER HAQIQI (BAH 12995) 1 3.50 Misc sale
3866 1ZW6766W0458098319 1304197 9W 231 1/13/2018 NAGARAJAN APPADURAI 1 6.35 Misc sale
3867 407450794 1718098 SQ-422 10/13/2019 NOVOTEL PUNE NAGAR ROADLAW PUN 1 13.55 Misc sale
3868 1ZA3170W0452945546 1395513 EK-506 5/31/2018 SOFIA CHAUHAN 1 6.80 Misc sale
3869 31058064925 1395745 MH-194 5/31/2018 RAJIJ ENTERPRISE 1 3.90 Misc sale
3870 6178143683 1594516 EK-500 3/25/2019 VANSH LAMINATES LLP 1 1.10 Misc sale
3871 1Z69VR560419578424 1506160 EK-508 11/14/2018 MOALONG 1 0.45 Misc sale
3872 9526648246 1345193 9W 231 3/16/2018 MASTERCARD ( NILESH KUMAR 1 0.80 Misc sale
MADHUDIA
3873 1776798811 1401350 BA-199 6/9/2018 Jitul Das 1 1.50 Misc sale
3874 6995081192 1453040 9W-0115 8/26/2018 INSTITUTE OF HOTEL MANAGEMENT 1 8.10 Misc sale
3875 1Z4823516763805706 1468367 5X- 0015 9/18/2018 SONIKA AGARWAL 1 2.72 Misc sale
3876 1ZY6466F0498608205 1626884 EK-500 5/18/2019 HOMESH CETTY 1 1.00 Misc sale
3877 1ZY2F1940477147018 1405713 9W 231 6/15/2018 VINIT DAVE 1 0.91 Misc sale
3878 7649578742 1458166 KL-877 9/3/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 3.30 Misc sale
3879 1729005703 1506112 AI 102 11/14/2018 Neogi Technologies And Research Pv 1 0.57 Misc sale
3880 1764932234 1277844 QR-556 12/7/2017 National Council of Science Museum 1 1.63 Misc sale
3881 1ZY1Y5790450671445 1502002 EK-506 11/8/2018 DURGA 1 0.45 Misc sale
3882 1777139910 1417862 BA-199 7/4/2018 Neville Tuli 1 2.24 Misc sale
3883 30979497835 1403750 AI-343 6/12/2018 Sahil Suresh 1 0.89 Misc sale
3884 1ZAV17000400373205 1316148 9W 231 1/31/2018 B M KONDAIAH 1 3.17 Misc sale
3885 957385586 1639479 LH 8370 6/8/2019 PRIMECCENTRIC 1 2.73 Misc sale
3886 1ZAR29400425878999 1432327 EK-506 7/25/2018 NEHA MALHOTRA 1 1.36 Misc sale
3887 1Z10R1416792099548 1493179 EK-500 10/26/2018 PGP ENTERPRISE 1 11.00 Misc sale
3888 31550657036 1307756 9W-117 1/19/2018 Archana Sharda 1 2.05 Misc sale
Pkgs Weight
3889 9463390661 1627795 BA-139 5/20/2019 SAAB FOOTWEAR PVT.LTD 1 5.80 Misc sale
3890 1Z0563536643507178 1643955 EK-506 6/15/2019 IFF/BBA 1 5.44 Misc sale
3891 1788867010 1522675 BA-199 12/9/2018 Ruth Viegas 1 1.36 Misc sale
3893 9490895805 1443226 BA-139 8/11/2018 DBT-ICT CENTRE FOR ENERGY BIOSCIENCES 1 1.20 Misc sale
3894 1ZE1F0220492305046 1667434 EK-502 7/24/2019 IN10 MEDIA PVT. LTD. 1 4.08 Misc sale
3895 1Z2FW9080402419536 1350532 EK-506 3/24/2018 ANIL SUNKARA 1 1.36 Misc sale
3896 8128005421 1634348 BA-139 5/31/2019 ASHIYA NAZAR 1 0.40 Misc sale
3897 1490591745 1601837 BA-139 4/6/2019 MUNINDER CHAUHAN 1 1.40 Misc sale
3898 3498249893 1420968 9W-119 7/8/2018 23 R ZAHRAA 1 0.50 Misc sale
3899 1156983240 1469116 BA-139 9/20/2018 LYONDELL 1 1.40 Misc sale
3900 1781873376 1501827 BA-199 11/8/2018 AKHIL ANSARI 1 0.30 Misc sale
3901 1Z2ER5090400092734 1400217 EK-506 6/7/2018 RAM SARAF 1 4.08 Misc sale
3902 1776636271 1392649 BA-199 5/27/2018 MPD & ASSOCIATES 1 2.45 Misc sale
3903 1782102582 1513117 BA-199 11/25/2018 Tyler Tahir 1 0.65 Misc sale
3904 W4808300592 1341849 EK-506 3/11/2018 WIPRO LIMITED 1 9.07 Misc sale
3905 776084294896 1691571 FX- 5460 9/1/2019 MUTHU PERFORMANCE SPECIALTY 1 7.40 Misc sale
3906 1Z2ER5090400096990 A317453 EK-506 7/1/2018 M RAJ KUMAR 1 2.72 Misc sale
3907 6425132254 1733827 BA-139 11/7/2019 PRAHHELIKA DESIGN 1 5.00 Misc sale
3908 6563199171 1758052 BA-139 12/13/2019 ROHAN KUNDAPUR 1 2.60 Misc sale
3909 30979447822 1387728 AI-343 5/19/2018 Harish Rajagopala Reddy 1 0.60 Misc sale
3910 1788767606 A341553 BA-199 12/2/2018 Narayan Rathi 1 0.50 Misc sale
3912 371900086913 1469268 AI-343 9/19/2018 OM GAJANAN PACKAGING 1 7.12 Misc sale
3913 426276798753 1467146 FX- 5460 9/16/2018 ASHISH SARDA ONE BKC 1 4.10 Misc sale
3914 1Z23W5316779235676 A342567 5X 0015D 12/10/2018 ISACA PUNE CHAPTER 1 10.43 Misc sale
3915 1781805060 1497860 BA-199 11/2/2018 Bulbul 1 1.07 Misc sale
3916 6318028334 1526482 9W-119 12/15/2018 SAHIL GUPTA 1 1.50 Misc sale
3917 32122997060 1494365 AI-343 10/27/2018 Vanita Kapur 1 0.37 Misc sale
3918 1Z415F4X0400308191 1525828 9W 231 12/14/2018 ROSHNI PRADEEP RAICHANDANI 1 3.40 Misc sale
3920 555109047953 1322213 CX 663 2/10/2018 SAGAR PRUSTY 1 3.28 Misc sale
3921 1776241106 1371415 BA-199 4/25/2018 Aatman Garg 1 1.98 Misc sale
3922 427441863792 1324334 EK-500 2/13/2018 PANKAJ PATEL 1 0.50 Misc sale
3923 786983708819 1619431 FX- 5460 5/5/2019 SNEHA SEN SNEHA SEN 1 0.30 Misc sale
3924 3381359413 1680451 BA-139 8/15/2019 AMITESH SHETTY 1 0.30 Misc sale
3925 776915093720 1736376 FX- 5460 11/10/2019 MALEK ISHRAK MALEK ISHRAK 1 0.50 Misc sale
3926 1761634711 1304619 EK-504 1/14/2018 Shree Niwas Cotton Mills Pvt Ltd 1 8.39 Misc sale
Pkgs Weight
3927 1Z72896Y0454469492 1420860 5X- 0015 7/8/2018 ORGONE AGATE EXPORTS 1 8.75 Misc sale
3928 1779664331 1444897 BA-199 8/13/2018 Syed azam 1 1.74 Misc sale
3929 1Z8000V60421353054 1386161 EK-506 5/17/2018 SRINIDHI REDDY 1 0.91 Misc sale
3930 1781987211 1506397 BA-199 11/15/2018 Vidhya 1 1.04 Misc sale
3931 1ZW8V6630460316875 1307481 9W 231 1/18/2018 KUMAR VIVEK 1 1.70 Misc sale
3932 1776829736 1402683 BA-199 6/11/2018 Swati Tiwari 1 1.31 Misc sale
3933 1Z377R950463167643 1517535 EK-506 12/1/2018 VICTOR IDONOR 1 2.09 Misc sale
3934 774929197880 1622882 BZ-201 5/11/2019 CREATION JEWELLERY MFG. PVT LTD. 1 6.70 Misc sale
3935 8272067182 1335649 9W-119 3/1/2018 UMESH KHARKAR 1 1.30 Misc sale
3936 1Z8408850498368817 1345193 9W 231 3/16/2018 COURTYARD KOCHI AIRP 1 4.54 Misc sale
3937 5628576741 1762843 KL-877 12/20/2019 WIPRO LIMITED 1 8.60 Misc sale
3938 32143021831 1560477 BA-199 2/2/2019 Gayathri Payyade 1 4.44 Misc sale
3939 469948790033 1741040 FX- 5460 11/17/2019 ATTN: LABORATORIES EXCELLENCIA 1 4.00 Misc sale
LODHA SUPREMUS-1
3940 1ZA711X76647324327 1709408 EK-502 9/29/2019 ONWARD ESERVICES LIMITED 1 1.36 Misc sale
3941 9078016964 1156226 9W-119 5/23/2017 RAJIV PATEL 1 2.00 Misc sale
3942 1789270884 1546077 BA-199 1/12/2019 ravinder rd 1 0.05 Misc sale
3943 1779502631 1437493 BA-199 8/2/2018 Arti Patel Tuteja 1 0.35 Misc sale
3944 1681520256 1681935 BA 135 8/17/2019 varsha sharma 1 5.00 Misc sale
3945 1Z150V4A0411164034 1446427 EK-506 8/15/2018 RUCHI KAPOOR 1 0.45 Misc sale
3946 1779632934 1443574 BA-199 8/11/2018 Arko Sarkar 1 0.25 Misc sale
3947 1Z306A400494870579 1437031 EK-506 8/1/2018 PRIYANKA HILLS APARTMENT 1 0.45 Misc sale
3948 1789399765 1552891 EK-504 1/22/2019 Pooja Jain Kunal Malu 1 0.42 Misc sale
3949 31427692623 1537438 MH 6244 1/13/2019 RAdhika Tholia 1 0.12 Misc sale
3950 1ZA67W210449746793 1312166 9W 231 1/25/2018 EVOLIS CARD PRINTER INDIA PVT 1 1.00 Misc sale
3951 1Z6270VR0446924798 1308157 9W 231 1/19/2018 MOHANDAS KRISHNAPILLAI 1 0.50 Misc sale
3952 1Z0W37V10431803944 1307481 9W 231 1/18/2018 TATHIREDDY KIRAN KUMAR REDDY K 1 0.45 Misc sale
3953 9743627235 1547395 9W-573 1/14/2019 ANKITA KHANDELWAL 1 0.28 Misc sale
3954 1246961295 1670156 KL-877 7/29/2019 GEETA OVERSEAS 1 0.50 Misc sale
3955 8721540273 1446467 BA-139 8/16/2018 ANOOP MATHUR 1 0.50 Misc sale
3956 1Z1E06V20448173360 1668302 EK-500 7/26/2019 PLANO SANITARYWARE 1 0.50 Misc sale
3957 7340626580 1441452 EK-500 8/8/2018 VIVEK DALMIA 1 0.50 Misc sale
3958 1779615213 1442183 BA-199 8/9/2018 Vikram Lodha 1 0.57 Misc sale
3959 1Z4R591VDA42185661 1305506 EK-508 1/15/2018 M KADER MOHIDEEN 1 0.50 Misc sale
3960 1761689171 1311979 QR-8602 1/25/2018 Hardutt 1 0.21 Misc sale
3961 556066284502 1544337 CX 663 1/10/2019 SUSHMA NAIR/ EMU LINES PVT LTD 1 0.36 Misc sale
3962 31677823660 1550558 MH-194 1/18/2019 RAJ Enterprises 1 0.31 Misc sale
3963 1789256954 1546077 BA-199 1/12/2019 Athul Chinthuraj 1 0.25 Misc sale
3964 1425895542 1543647 9W 231 1/9/2019 DHL EXPRESS (I) PVT LTD 1 1.00 Misc sale
Pkgs Weight
3965 5440711150 1366891 EK-504 4/18/2018 FARHEEN NAKHUDA 1 0.20 Misc sale
3966 3076621516 1607039 EK-504 4/14/2019 BAJAJ FINSERV 1 0.80 Misc sale
3967 1625007506 1608753 EK-504 4/17/2019 MARIA ELVINA MENEZES 1 0.40 Misc sale
3969 1ZY2F1940472788817 1357895 9W 231 4/5/2018 GAURAV PANDEY 1 0.45 Misc sale
3970 9054043434 1362841 9W-551 4/12/2018 VINAYAKA GARMENTS 3/8 D, GAS 1 1.10 Misc sale
GODOWN STREE
3971 1764366586 1365534 BA-199 4/16/2018 drRAsundar 1 0.17 Misc sale
3972 4502330792 1365645 EK-504 4/16/2018 SHASWATI SAHOO 1 0.50 Misc sale
3973 1Z2F5R850486399292 1362392 EK-506 4/11/2018 VISSU REDDY 1 1.36 Misc sale
3974 3326139051 1363875 9W 231 4/13/2018 ANIL KUMAR SHAH 1 0.60 Misc sale
3975 1Z3Y13E10467325304 1357764 EK-506 4/4/2018 SUBBAREDDY 1 0.45 Misc sale
3976 1948772545 1610266 KL-877 4/20/2019 DECATHLON DUMAS ROAD 1 0.70 Misc sale
3977 4001827233 1360214 EK-500 4/8/2018 VRUNDAVAN DHAM SOCIETY 1 0.06 Misc sale
3978 5211855950 1606875 EK-500 4/14/2019 SUYASH RAWAT 1 0.95 Misc sale
3979 1Z306AY10420683068 1365119 EK-506 4/15/2018 YATIN KHANOLKAR 1 0.45 Misc sale
3980 1ZA275A00418694342 1362392 EK-506 4/11/2018 AMITABHA RAY CHAUDHURI 1 0.45 Misc sale
3981 1ZA275A00418701084 1362392 EK-506 4/11/2018 SOUMITRA KUMAR BARMAN 1 0.09 Misc sale
3982 5440753640 1366891 EK-504 4/18/2018 KETKI GANDHI 1 0.10 Misc sale
3983 1781955070 1504437 BA-199 11/12/2018 Sachi Marwaha 1 0.10 Misc sale
3984 1Z4775V10469366329 1508132 9W 231 11/17/2018 ATUL PATEL 1 0.50 Misc sale
3985 8936223866 1741226 VS-354 11/18/2019 MIRRAW ONLINE SERVICES LTD 1 0.50 Misc sale
3986 1Z976Y000482944688 A38066 EK-506 11/15/2019 PATELS MOBILE N PARCEL 1 0.45 Misc sale
3987 3144903834 1741181 BA-139 11/18/2019 M&S FASHION 1 0.07 Misc sale
3988 V0264471825 1508693 5X- 0015 11/18/2018 FIONA SOLITARIES PVT LTD 1 0.50 Misc sale
3989 1Z8000V60470935495 1511427 EK-502 11/22/2018 RUMA CHAKRABORTY 1 0.45 Misc sale
3990 2322122375 1505385 9W 231 11/13/2018 PRAJURAL SUWARNA 1 0.50 Misc sale
3991 2258716423 1507383 BA-139 11/17/2018 SILVER DEW 1 0.40 Misc sale
3992 1Z8000V60469240354 A3389393 EK-506 11/15/2018 SHAIK ALLAUDDIN 1 0.45 Misc sale
3993 W5189830807 1506160 EK-508 11/14/2018 TOM FORAN 1 0.50 Misc sale
3994 1728670031 1504799 AI 102 11/12/2018 bibek ranjan falia 1 0.08 Misc sale
3995 1Z617RR90420628299 1505957 EK-506 11/14/2018 RUMA CHAKRABORTY 1 0.45 Misc sale
3996 1Z617RR90420698688 1505957 EK-506 11/14/2018 SAIRAM CHARY 1 0.91 Misc sale
3997 1781966815 1506397 BA-199 11/15/2018 Parinita nath gogoi 1 0.18 Misc sale
3998 2308349794 1739137 BA-139 11/15/2019 CHRIS SOUTHALL SUMO VIDEO GAMES 1 0.70 Misc sale
3999 3260328890 1505636 MK-748 11/14/2018 TEGH FARM 1 0.50 Misc sale
4000 1Z150V4A0450262088 1508045 EK-506 11/17/2018 MAJU UP 1 0.45 Misc sale
4001 1171556105 1744020 EK-500 11/22/2019 DVNGROUP 1 0.36 Misc sale
4002 1Z8000V60468135087 1503367 EK-506 11/10/2018 AASHA NIGAM 1 0.45 Misc sale
Pkgs Weight
4003 3656230863 1745289 KL-877 11/24/2019 SILVERNSHINE 1 0.50 Misc sale

4004 1728639205 1503556 AI 102 11/10/2018 Gorrepati sreedevi 1 0.39 Misc sale
4005 5303234856 A339075 EK-500 11/13/2018 CRYSTAL GROUPS 1 0.40 Misc sale
4006 2523922855 1506200 9W-0115 11/14/2018 ANJU SAXENA 1 0.50 Misc sale
4007 1ZR6366E6793113096 1292109 5X-0015 12/26/2017 MODE DE VIE 1 0.45 Misc sale
4008 8954267011 1528526 BA-139 12/18/2018 H S SHAIKH 1 0.50 Misc sale
4009 1Z189W700445697202 1453420 EK-506 8/26/2018 SHANKERBHAI L. ROT 1 0.45 Misc sale
4010 811323108712 1701925 EK-500 9/18/2019 TEXPERTS 1 0.50 Misc sale
4011 1ZY1Y5790432214839 1297515 9W 231 1/3/2018 MANASH RANJAN RAUTRAY 1 0.45 Misc sale
4012 7822761962 1529929 BA-139 12/20/2018 GE RENEWABLE ENERGY 1 0.20 Misc sale
4013 1Z445Y550403379828 1531248 EK-506 12/21/2018 SUKETU KOTHARI (KOTHARI MEDICA 1 0.45 Misc sale
4014 1779917683 1457054 BA-199 9/1/2018 dB Enlight Systems PvtLtd 1 0.06 Misc sale
4015 4453886334 1530999 9W-117 12/21/2018 THE HINDU 1 0.50 Misc sale
4016 6306332771 1462362 BA-199 9/9/2018 PARAMOUNT COMMERCIAL 1 0.40 Misc sale
CORPORATION PVT LTD
4017 8503572475 1534775 9W-119 12/27/2018 NTT GLOBAL NETWORKS 1 1.00 Misc sale
4018 1Z3Y13E10476597807 1453420 EK-506 8/26/2018 RAM MOHAN RAO 1 0.45 Misc sale
4019 1779912713 1457054 BA-199 9/1/2018 Rajiv Moghe 1 0.12 Misc sale
4020 416841551316 1292430 EK-500 12/27/2017 PINNACLE ENTERPRISE 1 1.00 Misc sale
4021 4985025603 1532157 9W 231 12/23/2018 SELANDIA SHIP MANAGEMENT (INDIA) PV 1 0.50 Misc sale
4022 117330323064 1698768 EK-500 9/13/2019 SAINENT EBUSINESS 1 0.50 Misc sale
4023 7411204231 1239984 9W-119 10/7/2017 YOUR SHOP1 1 1.00 Misc sale
4024 2358305445 1688482 BA-139 8/28/2019 ASHTAVINAYAK JEWELS 1 0.50 Misc sale
4025 2895026713 1466775 9W-0115 9/16/2018 MIRRAW ONLINE SERVICES PVT. LTD. 1 1.10 Misc sale
4028 V0272503632 1238631 5X-0015 10/5/2017 MR ANN BHARTIA 1 1.50 Misc sale
4029 7021273523 A330434 KQ-204 9/4/2018 SANJUKTA MUKHERJE 1 0.50 Misc sale
4030 7731488634 1529638 BZ-201 12/19/2018 ELENA IVANOVA 1 0.50 Misc sale
4031 2358215086 1688751 EK-500 8/28/2019 MEGHANA JOSHI 1 0.20 Misc sale
4032 1ZE1260F0401455185 1453420 EK-506 8/26/2018 K.V SIMHADRI 1 0.45 Misc sale
4034 9161043382 1689870 EK-508 8/29/2019 INTERMESH SHOPPING NETWORK P.L. 1 1.00 Misc sale
4035 8317482132 1452201 9W 231 8/24/2018 PARMESHWARI HUB 1 0.50 Misc sale
4036 5718259234 1531380 9W 231 12/22/2018 ZEE 5 1 1.00 Misc sale
4037 6420105834 1464620 9W 231 9/12/2018 WEDDING SUTRA 1 0.60 Misc sale
4038 1ZA55R080486142019 1240671 9W 231 10/8/2017 SUKHVINDER SINGH 1 0.45 Misc sale
4039 2987822095 1534247 CX 663 12/26/2018 KURLA EXIBITORS M K ENTERPRISES 1 0.50 Misc sale
Pkgs Weight
4040 550207528 1295037 SQ-424 12/30/2017 MR.D.J.BANERJEE 1 0.88 Misc sale

4041 8366829063 1702545 EK-500 9/19/2019 NILIMA PAREKH 1 0.36 Misc sale
4042 2998840121 1291946 9W-117 12/26/2017 VANDANA TILWANI 1 0.50 Misc sale
4043 1Z0W37W30413456340 1469712 EK-506 9/20/2018 KALAGOVINDAN 1 0.45 Misc sale
4044 773102986169 1457892 FX 5460 9/2/2018 COHN WOLFE SIX DEGREES 1 0.50 Misc sale
4045 2087359061 912529 BA-139 3/11/2016 PRIME FOCUS 1 1.00 Misc sale
4046 1Z6309WA0455834421 1531996 EK-506 12/22/2018 SWAPNA DAVID 1 0.45 Misc sale
4047 1789387423 1552891 EK-504 1/22/2019 Squarecubes 1 0.24 Misc sale
4048 1Z4R591V0464343182 1310900 9W 231 1/23/2018 SEEMA SHETKAR 1 0.50 Misc sale
4049 1789167844 1541955 BA-199 1/6/2019 Mercy lotha 1 0.75 Misc sale
4050 1789280695 1546077 BA-199 1/12/2019 Nirmala Singh 1 0.15 Misc sale
4051 1789389980 1552891 EK-504 1/22/2019 AnilKP 1 0.17 Misc sale
4052 3428413111 1451825 EK-500 8/24/2018 PARTH PAREKH 1 0.10 Misc sale
4053 4457300282 1629539 BA-139 5/23/2019 THE Q EXPERIENCES 1 0.65 Misc sale
4055 31745292261 1442196 9W-117 8/9/2018 Miss Prabhjot Kaur 1 0.55 Misc sale
4056 8547270675 1439187 9W 231 8/4/2018 GAURAV MARGHADE 1 0.60 Misc sale
4057 8526658232 1385857 9W-0115 5/17/2018 SHREENATH CORPORATION 1 0.30 Misc sale
4058 1ZAR29400428956747 1450959 EK-502 8/22/2018 PAYAL TRIVEDI 1 0.45 Misc sale
4059 6523539363 1675453 EK-504 8/6/2019 JODHPUR SWEETS 1 0.06 Misc sale
4060 A78629155 1624834 AI-343 5/14/2019 MR RAHUL AGARWAL 1 0.54 Misc sale
4061 5006105521 1631107 BZ-201 5/25/2019 GORI YUSUF HUSEN EXHIBITION 1 0.30 Misc sale
ORGANIZER
4062 1776452381 1383938 BA-199 5/14/2018 Sela Saldanha 1 0.17 Misc sale
4063 4021384640 1393960 9W-573 5/29/2018 BURHANIDDIN GHADIYALI 1 0.08 Misc sale
4065 1Z6309WA0437728071 1307485 EK-508 1/18/2018 PRIYA PRABAKAR 1 0.45 Misc sale
4067 9347855263 1492912 EK-508 10/25/2018 Pranav Bhuta 1 0.75 Misc sale
4068 96311462483 1500929 CX 663 11/7/2018 VAISHALI BELE 1 0.50 Misc sale
4069 1032015401 1726018 BA-139 10/26/2019 PRUMAN EXIM 1 3.00 Misc sale
4070 860089675133 1498351 MH-194 11/2/2018 DOLCE 1 2.77 Misc sale
4071 1Z427YA40405564166 1498814 EK-506 11/3/2018 RAJAN ANBAZHAGAN 1 0.45 Misc sale
4072 1Z189W2W0454409100 1498088 EK-506 11/2/2018 MARIA ANTONY 1 0.45 Misc sale
4073 9800454484 1491655 MK-748 10/24/2018 POTENTIAL COACHING INSTITUTE 1 0.30 Misc sale
4074 1Z37XF320465929538 1498814 EK-506 11/3/2018 SOWMIYA PANDURANGAN 1 0.45 Misc sale
4075 1Z0W64A00463496848 1501471 EK-502 11/7/2018 RAUNAK KAILA 1 0.45 Misc sale
4076 1681520330 1681935 BA 135 8/17/2019 akriti singh 1 0.10 Misc sale
4077 9245092931 1760736 VS-354 12/17/2019 GULF OIL 1 0.40 Misc sale
Pkgs Weight
4078 7100419701 1524372 BA-139 12/12/2018 ZIA ENTERPRISES 1 0.20 Misc sale
4079 3786441945 1524418 9W 231 12/11/2018 DEV PATEL 1 0.20 Misc sale
4080 4207393175 1441839 9W 231 8/8/2018 PARUL UNIVERSITY 1 0.50 Misc sale
4081 1Z9W09110491210447 1763722 EK-500 12/21/2019 OM MOULDINGS 1 0.50 Misc sale
4082 1755854774 1385909 9W-117 5/17/2018 Shan Creations- SP 1 1.10 Misc sale
4083 31677679585 1523802 MH-194 12/10/2018 Golden Tobacco Limited 1 0.23 Misc sale
4084 989053063 1528052 CX 663 12/17/2018 VAISHNNAVI 1 0.50 Misc sale
4085 6600000212 1631890 BZ-201 5/26/2019 MILAN 1 0.10 Misc sale
4086 1ZA5T9980498723178 1157951 9W 231 5/27/2017 ASIAN LEATHER 1 0.91 Misc sale
4090 1788904600 1524811 EK-504 12/12/2018 Indus software Technologies, Anton 1 0.25 Misc sale
4091 31427522103 1488344 MH-194 10/18/2018 selva kumar 1 0.15 Misc sale
4092 1788939994 1525427 BA-199 12/13/2018 Analtina mateus 1 0.31 Misc sale
4093 5370806733 1626571 GF-064 5/17/2019 MIRRAW ONLINE SERVICES PVT. LTD. 1 0.40 Misc sale
4094 6962277044 1628357 BA-139 5/21/2019 SANIA CHAND PATEL 1 0.50 Misc sale
4095 1ZA627360494478273 1520847 5X- 0015 12/6/2018 ASHLEY FERNANDES 1 1.00 Misc sale
4096 1836828781 1680451 BA-139 8/15/2019 HRISHIKESH HEMANT DESAI 1 0.14 Misc sale
4097 1788932316 1525427 BA-199 12/13/2018 Dr VSN Raju 1 0.19 Misc sale
4098 1602177625 1288411 CX 663 12/21/2017 RAMESH ALWANI 1 1.00 Misc sale
4099 6086568283 1380294 9W 231 5/8/2018 PRESIDENT KOKUYO RIDDHI PAPE 1 0.32 Misc sale
4100 4285803163 1476761 GF-056 10/1/2018 THE FLAGS AND SIGNGE PVT LTD 1 0.50 Misc sale
4102 7560316724 1285716 CX 663 12/17/2017 MADURA IND TEXTILES LTD 1 1.10 Misc sale
4103 31665562762 1626696 MH-194 5/17/2019 Maria 1 0.38 Misc sale
4104 8579510715 1520338 9W 231 12/5/2018 PRAHLADNAGAR 1 0.16 Misc sale
4105 6780017591 1380962 9W 231 5/9/2018 KRISHNA TEXTILE 1 1.00 Misc sale
4106 1779353262 1429409 BA-199 7/21/2018 Mahendra singh naruka 1 0.35 Misc sale
4107 3404755502 1655377 BA-139 7/5/2019 RADIUM CREATION 1 0.13 Misc sale
4108 1779421361 1432758 BA-199 7/26/2018 Shainky Jalan 1 1.14 Misc sale
4109 1ZW032370495522700 1423661 9W 231 7/12/2018 ROBERTO FIORETTI 1 0.50 Misc sale
4110 1Z442R340404296612 1520209 EK-506 12/5/2018 SHANMUGPRIYA 1 0.45 Misc sale
4111 7242105931 1519752 KL-877 12/5/2018 NA 1 1.00 Misc sale
4112 8341647366 1653169 SQ-424 6/30/2019 PARIKH ENTERPRISES PVT.LTD 1 0.50 Misc sale
4113 1Z09212X0401263090 1433333 EK-500 7/27/2018 JOHN 1 0.45 Misc sale
4114 1Z9743W80462365670 A319643 EK-506 7/19/2018 JUHI SAHITYA 1 0.45 Misc sale
4115 5013132515 1715874 EK-500 10/10/2019 NIYATI HARSHAD SHAH 1 0.90 Misc sale
4116 1Z63X3A30486579825 1717826 EK-500 10/13/2019 ARUNIMA ROY 1 0.50 Misc sale
Pkgs Weight
4117 96311462085 1483886 AI 315 10/11/2018 SUKUMARAN SUNIL 1 0.50 Misc sale
4118 1ZE023100497060931 1717826 EK-500 10/13/2019 NR-SOLUTION 1 1.00 Misc sale
4119 7323850166 1486907 9W 231 10/16/2018 WEINHENGST GERHARD 1 0.50 Misc sale
4120 1781509634 1485343 BA-199 10/14/2018 Manas M. Ganguly 1 0.18 Misc sale
4121 3683291021 1711959 EK-508 10/3/2019 NIYAMAT SEIKH 1 0.50 Misc sale
4122 9019003486 1715689 EK-508 10/9/2019 SHAH BROTHERS 1 4.03 Misc sale
4123 1Z4775V10469248395 1722326 EK-500 10/20/2019 LGF SYSMAC 1 0.50 Misc sale
4124 1781321765 1476807 BA-199 10/1/2018 Aparna 1 0.23 Misc sale
4125 1437327953 1706171 BA-139 9/25/2019 RELIANCE INDUSTRIES LTD. 1 0.50 Misc sale
4126 1ZE2A8680466602873 1651130 EK-506 6/27/2019 INDRANI PILLAI 1 0.45 Misc sale
4127 3378404853 1386225 9W-119 5/18/2018 DYNAMIC METHODS 1 0.40 Misc sale
4128 4755346142 1516615 BZ-201 11/30/2018 TASHA VASAYA 1 0.50 Misc sale
4129 1729077442 1512258 AI 102 11/23/2018 Maawmi 1 0.13 Misc sale
4130 7472117881 1516615 BZ-201 11/30/2018 SURYA TEX 1 0.50 Misc sale
4132 1Z2FW9080429647249 1476396 EK-506 9/30/2018 APPIKATLA.ANIL SAI 1 0.45 Misc sale
4133 9911975032 A341620 EK-500 12/3/2018 NITA SOFIANI 1 0.50 Misc sale
4134 1Z90593F0491025585 1207897 9W 231 8/17/2017 SUPERSONIC IMPEX 1 1.00 Misc sale
4135 2708981402 1423918 9W-117 7/13/2018 RAM BIOTECH 1 2.70 Misc sale
4136 1Z189W2W0458000561 1515495 EK-502 11/28/2018 MRUNAL SANGHVI 1 0.45 Misc sale
4137 9169535185 1751256 SG 8161 12/2/2019 CAST AND CRAFTS JEWELS 1 0.50 Misc sale
4138 9158425555 1195803 9W-543 7/28/2017 MH PODIATRY 1 0.50 Misc sale
4139 1ZW212610442615242 1431715 9W 231 7/24/2018 ALESSANDRO DE LUCA 1 1.00 Misc sale
4140 2658433676 1519660 9W 231 12/4/2018 ANOOP NAIR 1 0.50 Misc sale
4141 9672896424 1420287 BA-139 7/8/2018 SHYAM NISHAD 1 0.50 Misc sale
4142 1Z0012W30494026877 1651053 5X-0015 6/27/2019 PARTUAL OVERSEAS 1 0.50 Misc sale
4143 9159162740 1519660 9W 231 12/4/2018 SHUBHAM PATIL/INSTAREM 1 0.50 Misc sale
4144 7763593611 1754697 VS-354 12/8/2019 AFRICANFASHION.IN 1 2.31 Misc sale
4145 1Z2FW2350456676815 1517023 EK-508 11/30/2018 VENIKA MITRA 1 0.45 Misc sale
4146 31427522210 1488344 MH-194 10/18/2018 parvez 1 0.14 Misc sale
4147 2897798606 1720866 EK-508 10/17/2019 BRI TRADING 1 0.50 Misc sale
4148 1Z5RX3086740222062 1485545 5X- 0015 10/14/2018 OJAS MEHAT 1 0.91 Misc sale
4149 117365808728 1704780 FX- 5460 9/22/2019 JOSEPH MILLER TROIS CON 1 1.00 Misc sale
INTERNATIONAL FZC
4151 1729070884 1512258 AI 102 11/23/2018 Jaclyn Cook 1 0.16 Misc sale
4152 31060784521 1517791 MH-194 12/1/2018 LEENA BODKE 1 0.51 Misc sale
4153 1ZW090A00497710167 1516990 9W 231 11/30/2018 RAJ MUTREJA 1 0.50 Misc sale
4154 8132144904 1278410 9W-0115 12/6/2017 LINKS CARGO 1 0.99 Misc sale
Pkgs Weight
4155 1Z19VA550419433965 1427535 EK-506 7/18/2018 MR. RAHUL LOTLIKAR 1 0.45 Misc sale
4156 1Z9743W80489093888 1517535 EK-506 12/1/2018 KINNARI SINGH ( ADNAN KHAN & E 1 0.45 Misc sale
4157 4561872254 1518297 9W-119 12/2/2018 ASHTAVINAYAK JEWELS 1 0.40 Misc sale
4158 1ZV29W780441772042 1655241 EK-504 7/4/2019 MICRO SYNTHETICS 1 1.00 Misc sale
4159 5878446663 1477926 EK-500 10/3/2018 MAK SUD 1 0.70 Misc sale
4160 1Z514A940492875135 1757619 EK-500 12/12/2019 GRASS BLADES PRIVATE LIMITED 1 1.00 Misc sale
4161 1ZRX27110443283914 1517023 EK-508 11/30/2018 KINNARI SINGH ( ADNAN KHAN & E 1 0.45 Misc sale
4162 1Z442R340402186155 1516112 EK-506 11/29/2018 AMARTHYA SIKDAAR, DOLLONS FOOD 1 0.45 Misc sale
4163 1Z80698E0432630207 1379674 EK-508 5/7/2018 MARION NEUMANN 1 0.50 Misc sale
4164 1788956772 1527559 BA-199 12/16/2018 sri gayatri edible oils pvt ltd 1 0.19 Misc sale
4165 1Z19VA550436573595 1545588 EK-506 1/11/2019 SUBHANKAR BAL 1 0.45 Misc sale
4166 1789227915 1543997 BA-199 1/9/2019 Harish Raju for Sree Raama 1 0.12 Misc sale
4167 1789246550 1546077 BA-199 1/12/2019 Arex travels prop Sanjay Arora 1 0.63 Misc sale
4168 1789184250 1541955 BA-199 1/6/2019 Barendra Narayan Samal 1 0.23 Misc sale
4169 9480020524 1305114 9W-543 1/15/2018 CARPET WORLD 1 0.50 Misc sale
4170 31550225501 1303177 9W-117 1/12/2018 surabhi Raj 1 0.20 Misc sale
4171 1Z9766AW0425781041 1303495 9W 231 1/12/2018 RAJENDRA MALVE 1 0.45 Misc sale
4172 1761023036 1268083 QR-556 11/20/2017 Rahul Sengupta 1 0.30 Misc sale
4173 5522366426 1537296 BZ-201 12/30/2018 C/O ENNVO INC 1 0.50 Misc sale
4175 3444868431 1303638 AI-343 1/12/2018 CM TEXTILES PVT LTD 1 2.68 Misc sale
4176 1Z189W2W0454705414 1501471 EK-502 11/7/2018 ACHARYAHARISESHASAI TIRUMALAPA 1 0.45 Misc sale
4177 9159162751 1519660 9W 231 12/4/2018 ABHAY SALITRI 1 0.50 Misc sale
4178 1Z933E6W0419107627 1496748 EK-506 10/31/2018 MONIKA KHOIBAM 1 0.45 Misc sale
4179 6324697153 1540461 EK-500 1/4/2019 KULDEEP ENG . WORKS 1 1.50 Misc sale
4180 776879409394 1731784 FX- 5460 11/3/2019 JUGNU KSHIRSAGER J.K. MERCHANDISING 1 0.50 Misc sale
CO
4181 9526406046 1492980 9W 231 10/25/2018 JAYMAL BOKHIRIYA 1 0.30 Misc sale
4182 4721401742 A296926 UL-141 1/5/2018 GURU RANDHAWA 1 0.62 Misc sale
4183 1Z694AT40418769613 A338361 EK-500 11/7/2018 TINU YOHANNAN 1 0.50 Misc sale
4184 9463641353 1629233 BA-199 5/22/2019 KELVIN CHEUNG 1 0.80 Misc sale
4185 1Z9V53840410973316 1274992 9W 231 11/30/2017 DR RUCHI TANDON 1 0.91 Misc sale
4186 8552842631 1536192 9W 231 12/29/2018 REAL CRYSTAL 1 1.00 Misc sale
4187 1ZA121A30417321487 1498088 EK-506 11/2/2018 MONIKA KHOIBAM 1 0.45 Misc sale
4188 6200818982 1298819 9W 231 1/5/2018 ALIASGAR ARSIWALLA 1 0.61 Misc sale
4189 1ZA17A560404354621 1298819 9W 231 1/5/2018 NARAYANA RAO KONDAPALLY 1 0.45 Misc sale
4191 1729172443 1518368 AI 102 12/2/2018 Freedom Bird Advisory Pvt Ltd 1 0.13 Misc sale
4192 31405658336 1294559 9W-117 12/30/2017 MR YASER AHMAD 1 0.44 Misc sale
Pkgs Weight
4193 8010204650 1357431 EK-500 4/4/2018 KARISHMA SACHIN SHIRSAT 1 0.50 Misc sale
4194 1ZAR29400406538696 1298146 9W 231 1/4/2018 SANDEEP TALAULICAR 1 0.50 Misc sale
4195 8031140832 1350080 9W 231 3/23/2018 AL AWWAL 1 0.50 Misc sale
4196 4336683105 1587783 BA-139 3/15/2019 ZYCUS INFOTECH PVT LTD 1 0.20 Misc sale
4197 1ZA275A00410505686 1330728 9W 231 2/22/2018 NATANIA KHARMAWPHLANG 1 0.45 Misc sale
4198 1Z4451F70417335003 1541488 EK-506 1/5/2019 TANISHA JAIN 1 0.45 Misc sale
4199 4598290690 1442498 BA-139 8/10/2018 NISHA KAUR 1 0.50 Misc sale
4200 1Z189W2W0416614576 1326775 9W 231 2/16/2018 BHARAT RATAN PATIL 1 0.45 Misc sale
4201 4113227510 1340095 9W-0115 3/9/2018 INDRANI GHOSH 1 0.40 Misc sale
4202 8062341464 1316135 BA-139 2/1/2018 FASHION HOUSE NEXT 1 0.50 Misc sale
4204 9662688733 1302176 9W-119 1/10/2018 STEPHANIE LOIZOU 1 1.00 Misc sale
4205 1789451602 1556351 BA-199 1/27/2019 pavithra 1 0.47 Misc sale
4206 2622868382 1541296 EK-504 1/5/2019 GREENWICH MERIDIAN LOGISTCIS 1 0.38 Misc sale
4207 1789425422 1556351 BA-199 1/27/2019 K.Viswanathan 1 0.14 Misc sale
4208 1789177132 1540548 BA-199 1/4/2019 Manoj Sankhe 1 0.27 Misc sale
4209 1Z3Y13E10458521252 1302189 9W 231 1/10/2018 NASEEM E SAHAR S.ABDUL HAQ 1 0.45 Misc sale
4210 4102503510 1631430 BA-139 5/26/2019 MY HEALTH CARE SOLUTIONS PTY LTD 1 0.50 Misc sale
4211 2738428523 1588708 EK-500 3/16/2019 VALIANT GLASS WORK PVT LTD 1 0.20 Misc sale
4212 1789363181 1548714 BA-199 1/16/2019 Vishvesh pandya 1 0.13 Misc sale
4213 1Z254V840400007892 1301478 9W 231 1/9/2018 DIPTI SHAH 1 0.50 Misc sale
4214 3881086823 1354038 CX 663 3/30/2018 Santosh Navale 1 0.92 Misc sale
4215 1Z2F5R850482886245 1326145 EK-508 2/15/2018 N. KARTHIKEYAN 1 0.45 Misc sale
4216 1789478633 1557696 BA-199 1/29/2019 PARVEEN JATANA 1 0.18 Misc sale
4217 4450488523 1340585 9W 231 3/9/2018 AMORE BEAUTE 1 1.00 Misc sale
4218 2338811182 1323118 EK-500 2/11/2018 NISHA OPTICAL INDUSTRIES 1 0.50 Misc sale
4219 9033530170 1404964 BA-139 6/15/2018 MEENA SUVANGIA 1 0.60 Misc sale
4220 1789491550 1557696 BA-199 1/29/2019 ATTN: Agency Director SAHAY 1 0.58 Misc sale
4222 1789416602 1554904 BA-199 1/25/2019 TANYA SHREE 1 0.06 Misc sale
4223 3454241766 1632890 EK-504 5/28/2019 RAHUL MANMODE 1 0.50 Misc sale
4224 4145547195 1325511 CX 663 2/15/2018 SYSTEMS PLUS 1 0.50 Misc sale
4225 1Z9V53840422926667 1322139 9W 231 2/9/2018 BINAM RANAPAHELI 1 0.45 Misc sale
4226 1Z0W37V10442828442 1331411 EK-508 2/23/2018 MAHESWARI KRISHNASWAMI 1 0.45 Misc sale
4227 9033391662 1634976 BA-139 6/1/2019 AMAZON BOM14 1 0.30 Misc sale
4228 1789452350 1557696 BA-199 1/29/2019 MANISH KUMAR 1 0.13 Misc sale
4229 734349688192 1397556 FX- 5460 6/3/2018 ALLAN FERNANDES 1 1.20 Misc sale
4230 5688649374 1320766 BA-139 2/7/2018 AAMIR BEADING & EMBROIDERIES PVT LT 1 0.12 Misc sale
Pkgs Weight
4231 2332002050 1354580 9W 231 3/30/2018 SBI LIFE INSURANCE -NRI POLICY 1 0.50 Misc sale
4232 32580493676 1636870 MH-194 6/3/2019 KAVITA ERANDE 1 0.30 Misc sale
4233 771653760897 1337131 FX 5460 3/4/2018 BB CHAVAN - BAHUGUNA CHELSEY MART 1 0.90 Misc sale
4234 1773020561 1318535 BA-199 2/4/2018 Raj exports & imports 1 0.53 Misc sale
4235 1761765025 1319789 9W-117 2/6/2018 Indrajit Shedge 1 0.61 Misc sale
4236 1Z63R63A0456743016 1319121 EK-500 2/5/2018 JIMMYTHOMAS 1 0.45 Misc sale
4237 4985214485 1589388 EK-500 3/17/2019 R K ENTERPRISE 1 1.20 Misc sale
4238 1Z37XF320443013497 1316148 9W 231 1/31/2018 NEKKANTI BALA NAGA SIRISHA 1 0.45 Misc sale
4239 7717870274 1635601 BA-139 6/2/2019 INTERMESH SHOPPING NETWORK P.L 1 0.50 Misc sale
4240 8434845495 1699275 EK-508 9/13/2019 ZARWAN DIVECHA 1 0.13 Misc sale
4241 1789468564 1557696 BA-199 1/29/2019 Hardeep singh 1 0.35 Misc sale
4242 56482930125 1569253 BA-199 2/15/2019 shruti thakur 1 0.75 Misc sale
4243 5472383501 1308495 BZ-102 1/20/2018 MIRRAW ONLINE SERVICE PVT LTD 1 0.52 Misc sale
4244 1Z6309WA0436779894 1298819 9W 231 1/5/2018 JAWEED SHAIKH 1 0.45 Misc sale
4245 9716302213 1640801 EK-504 6/10/2019 AMIRUDHAN K 1 1.60 Misc sale
4246 4989372636 1560848 9W 231 2/3/2019 ASHTAVINAYAK JEWELS 1 0.18 Misc sale
4247 31677028972 1401810 MH-194 6/9/2018 Punita Trikha 1 3.07 Misc sale
4248 860089833592 A316483 MH-194 6/23/2018 korobi das 1 0.47 Misc sale
4249 117407570 1397142 SQ-424 6/2/2018 SHUBHAM ENTERPRISE 1 0.48 Misc sale
4250 6442119983 1404403 CX 663 6/14/2018 ILESH SHAH 1 0.50 Misc sale
4251 1777141752 1418582 BA-199 7/5/2018 SONIA SINGH 1 0.10 Misc sale
4252 7811545000 1396986 BA-139 6/3/2018 AMITABH TEWARY 1 1.00 Misc sale
4253 32302445372 1641789 EK-500 6/12/2019 DR, NARENDRA MEHTA 1 0.15 Misc sale
4254 9650646224 1646618 EK-500 6/20/2019 KHUSHI SINGH 1 0.30 Misc sale
4255 4981163423 1646103 BZ-201 6/19/2019 MIRRAW ONLINE SERVICES PVT. LTD. 1 0.40 Misc sale
4256 1Z9Y97E30419841537 1316827 9W 231 2/1/2018 PRINCE BASUMATARY 1 0.45 Misc sale
4257 3716280455 1520338 9W 231 12/5/2018 AMIT C 1 0.10 Misc sale
4258 4270163391 1409852 EK-500 6/22/2018 REKHA NAIR 1 0.60 Misc sale
4259 957398131 1640565 LH-766 6/10/2019 ADISHAKTI INDUSTRIES PVT LTD 1 0.45 Misc sale
4260 1789157926 1540548 BA-199 1/4/2019 Shweta Sinha 1 0.27 Misc sale
4261 771316791893 1314019 FX 5460 1/28/2018 ATTN: AYUSH CHAMARIA 1 1.10 Misc sale
4262 1447636573 A317755 EK-500 7/4/2018 OM PRAKASH TIWARI 1 5.00 Misc sale
4263 6338540773 1614237 GF-064 4/26/2019 MIRRAW ONLINE SERVICES PVT LTD 1 0.20 Misc sale
4264 2868982056 1743825 BA-139 11/22/2019 PRUMAN EXIM 1 1.66 Misc sale
4266 1ZR7201F0496110491 1680062 EK-500 8/14/2019 JOYSREE DAS 1 0.50 Misc sale
4267 5971673875 1520998 BA-139 12/7/2018 TOM KRUEGLER 1 0.10 Misc sale
4268 1Z2FW2350433989342 1303495 9W 231 1/12/2018 DEEP NARAYAN DUTTA 1 0.45 Misc sale
Pkgs Weight
4269 1681520131 1681935 BA 135 8/17/2019 Adeyele durodola 1 5.00 Misc sale
4270 1957992212 1484276 BA-139 10/12/2018 SILVER STAR GEMS JEWELLERY 1 0.40 Misc sale
4271 2404244404 1643600 BA 135 6/15/2019 SANJNA KAPOOR 1 0.10 Misc sale
4272 5750139636 1418485 9W-0115 7/5/2018 AALIYA AHUJA 1 0.50 Misc sale
4273 1ZY2F1940471925536 1348563 9W 231 3/21/2018 COLOURS PRINTMEDIA 1 0.45 Misc sale
4274 1781996565 1508109 BA-139 11/18/2018 Finnew solutions private limited 1 0.57 Misc sale
4275 1Z933E6W0409066342 1300151 EK-502 1/7/2018 ABDUL SATHAR 1 0.45 Misc sale
4276 8521396566 1643513 CX 663 6/15/2019 RAJESH YADAN 1 0.50 Misc sale
4277 1789440645 1556351 BA-199 1/27/2019 R.K Trading Company 1 0.10 Misc sale
4278 1Z9743W80433062168 1330015 9W 231 2/21/2018 DHARMENDRA VED 1 0.45 Misc sale
4279 31427763393 1559477 MH-194 1/31/2019 GURU KRUPA GOLD CASTING 1 0.10 Misc sale
4280 1789519955 1563201 BA-199 2/6/2019 Raja Das 1 0.17 Misc sale
4281 1Z9743W80428711663 1316827 9W 231 2/1/2018 KANVA AHIRE 1 0.45 Misc sale
4282 1ZA4495VD996547030 1316387 EK-500 2/1/2018 DR.SUBAIR MATHER 1 1.00 Misc sale
4283 1Z301E190422556671 1332021 9W 231 2/24/2018 DIMPLE MAVANI 1 0.45 Misc sale
4284 H9887331978 1334765 9W 231 2/28/2018 SAMS CUERO MODA PVT LTD 1 0.50 Misc sale
4285 7568776806 1344152 9W-0115 3/15/2018 YASH DESHMUKH 1 0.11 Misc sale
4286 31465811764 1347063 EK-504 3/19/2018 Suzhou Torch International Trade CoLtd 1 0.36 Misc sale
4287 1ZR7064A6754916178 1460559 5X-0015 9/6/2018 INTEROFFICE MAIL 1 0.45 Misc sale
4289 7680804644 1554858 KQ-204 1/25/2019 CRATIVE FASHIONS 1 0.40 Misc sale
4291 1789431103 1554904 BA-199 1/25/2019 Moranngam Khaling 1 0.11 Misc sale
4292 1Z445Y550480515884 1736435 EK-506 11/10/2019 NATHAN COTA 1 0.45 Misc sale
4293 1ZE1260F0401146858 1302189 9W 231 1/10/2018 DEEPAYAN SEN 1 0.45 Misc sale
4294 1Z9743W80429841628 1320777 9W 231 2/7/2018 DHARMENDRA VED 1 0.45 Misc sale
4295 5565808463 1588473 9W-119 3/16/2019 ASHTAVINAYAK JEWELS 1 0.40 Misc sale
4296 1789430020 1554904 BA-199 1/25/2019 Phagun sheth 1 0.27 Misc sale
4297 6788668235 1589180 9W 231 3/17/2019 MIRRAW ONLINE SERVICE PVT LTD 1 0.60 Misc sale
4298 8954392731 1525828 9W 231 12/14/2018 BEDZ LINEN IMPEX 1 0.37 Misc sale
4299 1777102876 1415898 BA-199 7/1/2018 Vijay kumar sharma 1 0.36 Misc sale
4300 1789470583 1557696 BA-199 1/29/2019 Naina hatengdi 1 0.39 Misc sale
4301 7332167592 1400284 BA-139 6/8/2018 STANDARD SILK MILLS DISTRIBUTORS 1 0.50 Misc sale
4302 4979728541 1328418 BA-199 2/19/2018 FRANZ FESTL 1 0.45 Misc sale
4303 1Z4R591V0466278633 1318157 9W 231 2/3/2018 TALIB CHITALWALA 1 0.50 Misc sale
4304 3058297406 1650840 EK-500 6/27/2019 AARNA INSTITUTE OF MARITIME STUDIES 1 0.35 Misc sale
(AIMS)
4305 1ZA4495VD999275266 1316387 EK-500 2/1/2018 P.A.MOHIDEEN KUNJU 1 1.00 Misc sale
Pkgs Weight
4306 4570555021 1409852 EK-500 6/22/2018 SUZANNE KAZEMBE 1 0.96 Misc sale
4307 6797915025 1644349 BA-199 6/16/2019 RAJA DHODY DHODY 1 0.30 Misc sale
4308 1ZY1Y5790434464486 1312836 9W 231 1/26/2018 SATEESH RAVELLA 1 0.45 Misc sale
4309 6208513625 1546390 BA-139 1/13/2019 MR TOMASZ GRAJCAR 1 0.50 Misc sale
4310 FFU472955 1569631 AF-218 2/15/2019 Dr Priyanka Gupta 1 0.45 Misc sale
4311 1Z442R340404296274 1520209 EK-506 12/5/2018 SHANMUGPRIYA 1 0.45 Misc sale
4312 1ZX821466796874557 1404850 5X-0015 6/14/2018 EDELMAN 1 0.45 Misc sale
4313 3103898232 1650840 EK-500 6/27/2019 WILLIS TOWERS WATSON 1 0.16 Misc sale
4314 957359993 1639990 LH-766 6/9/2019 HARSH TRACON PVT LTD 1 0.45 Misc sale
4315 1Z2FX8250400656029 1367690 EK-506 4/19/2018 NEETA REDDY CHILUMULA 1 0.45 Misc sale
4317 1Z0W37W30409055264 1376316 9W 231 5/2/2018 RAMKUMAR MOGANTI 1 0.45 Misc sale
4318 6348042971 1614281 BA-139 4/27/2019 HOT STUFFS PVT LTD 1 0.20 Misc sale
4319 7389772106 1367354 EK-500 4/19/2018 DENGMAO INDUSTRIAL 1 0.60 Misc sale
4320 1Z9766AY0432631418 1377561 EK-506 5/4/2018 GITA JAGANNATHAN 1 0.45 Misc sale
4321 5414896476 1621273 BA-139 5/9/2019 AHELI PAL 1 1.00 Misc sale
4322 1776276950 1373458 BA-199 4/28/2018 Mirage Partners LLP 1 0.24 Misc sale
4323 1Z9367XR0439802272 1619506 EK-506 5/5/2019 ELA DAS 1 0.90 Misc sale
4324 7977327315 1370085 EK-500 4/23/2018 KRUPANIDHI GARMENTS 1 0.60 Misc sale
4325 3450934546 1621468 EK-500 5/9/2019 KRAFTWARES ( INDIA) PVT LTD 1 0.46 Misc sale
4326 3884006151 1372743 EK-500 4/27/2018 ANITA KUMAR 1 0.45 Misc sale
4327 1Z9702XY0451913098 1377561 EK-506 5/4/2018 KAPOOR STRIPS AND BLADES CO 1 0.45 Misc sale
4328 8701809023 1373763 9W 231 4/28/2018 MIRRAW ONLINE SERVICE PVT LTD 1 0.60 Misc sale
4329 780614595139 1369732 FX 5460 4/22/2018 RAGHUVIR CORP 1 0.90 Misc sale
4331 1788736445 A341553 BA-199 12/2/2018 Lt Col Samir Agarwal 1 0.16 Misc sale
4332 2842240811 1367768 BA-139 4/20/2018 ANKIT SINGH 1 0.50 Misc sale
4333 1Z118AW00400117692 1363810 EK-506 4/13/2018 AMITA SUJIT JAIN 1 0.45 Misc sale
4334 1764372606 1367465 BA-199 4/19/2018 No 447 Gee Yes ellam 1 0.09 Misc sale
4335 1ZA275A00421061420 1371650 EK-506 4/25/2018 MANORAMA 1 0.45 Misc sale
4337 1ZA275A00413983002 1343778 EK-506 3/14/2018 VVV. KANAKA DURGA 1 0.45 Misc sale
4338 9763698022 1354279 UL-141 3/30/2018 SHIKHA PANDEY 1 0.34 Misc sale
4339 7798384521 1695416 BA-139 9/8/2019 SARLA FIBERS 1 0.38 Misc sale
4340 1Z37XF320448013237 1367690 EK-506 4/19/2018 DR.M.MOHAN 1 0.45 Misc sale
4341 1ZE2A8680466567859 1637914 EK-506 6/5/2019 CRUISECLUB VACATIONS PVT. LTD. 1 0.45 Misc sale
4342 8061385640 1316148 9W 231 1/31/2018 PARUL UNIVERSITY 1 0.50 Misc sale
4343 30754710081 1555346 EK-508 1/25/2019 MS ANITA 1 0.34 Misc sale
4344 9104393255 1528232 9W-543 12/17/2018 VANDANA FABRICS 1 5.30 Misc sale
Pkgs Weight
4345 1761471342 1291510 EY 204 12/24/2018 S.S.TOOLS & COMPANY 1 0.12 Misc sale
4346 1Z9V53840423654637 1326133 9W 231 2/15/2018 MANISH SAIKIA 1 0.45 Misc sale
4347 1ZW218R96729563535 1323409 5X-0015 2/11/2018 UNIQUE WATCHES 1 0.45 Misc sale
4348 1Z0W091A0475522585 1354580 9W 231 3/30/2018 ANURADHA BHOYAR 1 1.00 Misc sale
4349 1Z2FW2350445046294 A316571 EK-506 6/24/2018 SUHANI VIDEH 1 0.45 Misc sale
4350 3278242542 1413787 EK-500 6/28/2018 SAILILA ENTERPRISE 1 1.00 Misc sale
4351 30842604634 1344302 EK-504 3/15/2018 AISWARYA RAO 1 0.10 Misc sale
4352 5718258895 1531380 9W 231 12/22/2018 NICKELODEON 1 1.00 Misc sale
4353 1ZY2F1940467671336 1318157 9W 231 2/3/2018 MUSHTAQ ALI JAFFERI 1 0.45 Misc sale
4354 8416029554 1583844 9W 231 3/9/2019 TANAYA GUPTA 1 0.20 Misc sale
4355 414014101 1170168 LH-756 6/17/2017 PLAN B 1 1.20 Misc sale
4356 1ZV115X76725696263 1349103 5X-0015 3/22/2018 LIZELLE DSOUZA 1 1.81 Misc sale
4357 FFU472722 1568908 AF-218 2/14/2019 Grace Lalmalsawmi 1 0.50 Misc sale
4358 9515995731 1610759 BA-139 4/21/2019 VEDIC VAANI 1 0.20 Misc sale
4359 2574515952 1613674 BA-139 4/26/2019 RUCHI SONAWANE 1 0.10 Misc sale
4360 8701577356 1373820 BA-139 4/29/2018 BA CONTINUUM (BANK OF AMERICA) 1 0.50 Misc sale
4361 1ZW89F280415167886 1461924 EK-506 9/8/2018 INDORE MARRIOTT HOTEL 1 1.36 Misc sale
4362 1729194924 1520373 AI 102 12/5/2018 Vinamr Dhuwalia 1 0.58 Misc sale
4363 1777034501 1411811 BA-139 6/25/2018 Lovey chopraAnd 1 1.59 Misc sale
4364 4929809511 1299509 BA-139 1/7/2018 ADITYA BIRLA MEMORIAL HOSPITAL 1 3.00 Misc sale
4365 1Z5677950462101423 1406257 EK-506 6/16/2018 ASSP TELANGANA CHAPTER 1 7.26 Misc sale
4366 1788853953 1522675 BA-199 12/9/2018 Poonam Pargal 1 7.90 Misc sale
4367 5179951442 A341620 EK-500 12/3/2018 ZAINAB BOHRA 1 1.00 Misc sale
4368 2567274846 1589450 KQ-204 3/17/2019 HEAD OF INSTITUTIONAL & GOVT 1 4.00 Misc sale
BUSINESS
4369 811547731959 1755188 FX 5460 12/8/2019 NITIN BHILARAY MR RELIABLE 1 1.40 Misc sale
DEVELOPERS RERAL ESTA
4370 315864743 1589230 CX 663 3/17/2019 REGA INTERNATIONAL EXPORTS LLP 1 12.40 Misc sale
4371 957362586 1638963 QR 8872 6/7/2019 CELLPLUS CN 1 4.09 Misc sale
4372 1764262032 1357156 GF-064 4/3/2018 jiten 1 1.54 Misc sale
4373 323312382 1712643 LH-756 10/5/2019 SAMRUDDHI ENGINEERING 1 11.44 Misc sale
4374 1771695940 1496999 AI 102 10/31/2018 Mangesh Subhash Mane 1 1.71 Misc sale
4375 31427315964 1371833 CX 663 4/26/2018 najma 1 8.11 Misc sale
4376 1Z9R982A0494699095 1418850 EK-506 7/5/2018 INTELLIGENT QUOTIENT SECURITY 1 0.91 Misc sale
4377 1761482785 1291510 EY 204 12/24/2018 Aadhyasree P S 1 0.15 Misc sale
4378 1776387830 1379334 BA-199 5/7/2018 Rahul mishra dy sp varanasi 1 0.79 Misc sale
4379 30525611362 1269769 EK-508 11/22/2017 Mastercard 1 4.65 Misc sale
4380 1772948155 1314467 BA-199 1/29/2018 Biocare India Pvt Ltd 1 0.16 Misc sale
4381 1775235560 1362857 BA-199 4/12/2018 Cloudweb Solutions 1 0.26 Misc sale
Pkgs Weight
4382 1768768363 1510842 EK-508 11/21/2018 Soumya Mukherjee Executive Chef 1 0.48 Misc sale
4383 1761336603 1323541 EK-508 2/11/2018 Avisha Verma 1 1.20 Misc sale
4384 31550723201 1308458 9W-117 1/20/2018 Api Habung 1 1.79 Misc sale
4385 813512500827 1526939 6E-993 12/15/2018 SUBHASH PATIL SUBHASH PATIL 1 3.50 Misc sale
4386 1Z815A880424998166 1520338 9W 231 12/5/2018 NIKE RETAIL BV 1 1.40 Misc sale
4387 9285442386 1390946 9W 231 5/25/2018 NAVIN GUPTA 1 0.80 Misc sale
4388 1Z015W330400687376 1425559 EK-506 7/15/2018 HARIHARAN SREEDHAR 1 3.17 Misc sale
4389 9628573323 1530715 CX 663 12/21/2018 DIPESH 1 4.00 Misc sale
4390 1761700765 1312422 QR-556 1/26/2018 yamini umesh 1 1.36 Misc sale
4391 1761468951 1290483 QR-556 12/24/2017 Nikhil Verghese 1 0.79 Misc sale
4392 1ZW468440474326884 1712128 EK-500 10/4/2019 LUXURY GOODS RETAIL PVT LTD 1 2.50 Misc sale
4393 776469122440 1713734 FX 5460 10/6/2019 KAMAL INDOCOUNT INDUSTRIES 1 1.80 Misc sale
4394 511437776 1724365 TK-0720 10/23/2019 MANISH KUMAR 1 1.00 Misc sale
4395 8051522442 1558648 EK-502 1/30/2019 MOSTLYSANE 1 10.00 Misc sale
4396 5550428041 1754019 BA-139 12/7/2019 DIGVIJAY SINH KATHIWADA 1 9.35 Misc sale
4397 32190267465 1521001 9W-119 12/6/2018 Nabapallika Bora 1 2.95 Misc sale
4398 H5599126230 1542140 5X-0015 1/6/2019 VEER PLASTICS PRIVATE LTD 1 9.98 Misc sale
4399 1Z976Y000412106714 1311471 9W 231 1/24/2018 IURII PASIKOV 1 0.45 Misc sale
4400 1Z08E1450455721927 1382888 EK-506 5/12/2018 VIKRAMMADITYA 1 1.36 Misc sale
4401 1776850482 1402683 BA-199 6/11/2018 EKOSCAN HEALTHCARE PVT LTD 1 3.31 Misc sale
4402 732230211 1325511 CX 663 2/15/2018 KALPESH MORADIYA 1 7.40 Misc sale
4403 581818252298 1619431 FX- 5460 5/5/2019 SHIVANGI DALVI ICE ENTERPRISE 1 6.40 Misc sale
4404 1773187721 1326416 BA-199 2/16/2018 BHARATHI 1 4.05 Misc sale
4405 1Z306AY10420815095 1432327 EK-506 7/25/2018 MEERA JS 1 1.36 Misc sale
4406 1Z89A3670471586495 1545588 EK-506 1/11/2019 ESHA KANANI 1 1.10 Misc sale
4407 1780076281 1461938 BA-199 9/9/2018 Satellite developers 1 0.44 Misc sale
4408 7769450452 1395391 EK-504 5/31/2018 SUKHPREET SINGH RAJPAL 1 0.50 Misc sale
4409 1ZX562458899028277 1712477 EK-506 10/4/2019 SHAKIB KAPADIA 1 1.81 Misc sale
4410 2347422221 1640801 EK-504 6/10/2019 NONE /SANDIP DESHPANDE 1 2.13 Laptop Electronic
4411 1ZA5W010D995008325 1608291 5X-0015 4/16/2019 HIGHPOINT SOLUTIONS - INDIA 1 3.63 Electronics sale 1
4412 1Z9E97R0D990380300 1492174 9W 231 10/24/2018 BURBERRY 1 5.00 Electronics sale 1
4413 776913471940 1736376 FX- 5460 11/10/2019 UJAVALA PATIL NATIONAL GENERAL 1 6.80 Electronics sale 1
INSURANCE
4414 1ZE974W3DG90699240 1528788 EK-500 12/18/2018 SELINA THATHAPUDI 1 2.72 Electronics sale 1
4415 1Z442R340417465727 1553013 5X-0015 1/22/2019 JAYSINH RAMLAVAT 1 8.62 Electronics sale 1
4416 1Z3Y16E90406068348 1330015 9W 231 2/21/2018 ANATH BANDHU MANDAL 1 3.17 Electronics sale 1
42
REQUEST FOR PROPOSAL

BY
MINISTRY OF DEFENCE
GOVERNMENT OF INDIA
FOR PROCUREMENT OF QUANTITY 80 (EIGHTY )
NUMBERS MINI REMOTELY PILOTED AIRCRAFT (RPA)
SYSTEM WITH CONTROL AND COMMUNICATION
EQUIPMENT THROUGH FAST TRACK PROCEDURE
UNDER EMERGENCY PROCUREMENT
CATEGORY: BUY (INDIAN)
This document is the property of Government of India/Ministry of Defence.
The contents of this RFP must not be disclosed to unauthorised persons and
must be used only for the purpose of submission of Bids.
This document contains Eighty One (81) pages including cover page and Appendices.
2
Tele & Fax No: 011–21410991 File No: A/75471/ EP/ Mini RPAS/ Arty-5
Email : aproc@nic.in Directorate General of Artillery, (Arty-5)
General Staff Branch
Integrated Head Quarters of MoD (Army)
Room No – 507, A Wing, Sena Bhawan
New Delhi -110011
19 Oct 2022
To
___________________
___________________
___________________
REQUEST FOR TECHNICAL AND COMMERCIAL PROPOSAL FOR PROCUREMENT OF

QUANTITY 80 (EIGHTY) NUMBERS MINI REMOTELY PILOTED AIRCRAFT (RPA)
SYSTEM WITH CONTROL AND COMMUNICATION EQUIPMENT THROUGH FAST
TRACK PROCEDURE UNDER EMERGENCY PROCUREMENT
Dear Sir/Madam,
1. The Ministry of Defence, Government of India, intends to procure quantity 80 (Eighty)

Numbers Mini Remotely Piloted Aircraft (RPA) System with Control and Communication
Equipment through Fast Track Procedure under Emergency Procurement and seeks
participation in the procurement process from prospective Bidders subject to requirements in
succeeding paragraphs.
Synopsis
2. Broad Description of Equipment/ System. Mini Remotely Piloted Aircraft Systems

with Night visibility and target acquisition capability is an ideal multi sensor system, to carry out
day and night, real time reconnaissance, surveillance and direction of Artillery fire of an area
of interest in High Altitude Area at Artillery Unit level. The system will provide high resolution
imagery to enable target detection, recognition, identification and accurate location of
adversary’s location/ build up, location of mortars/ guns, movement to troops and vehicles
during border management tasks and active operations. It will also facilitate accurate
engagement and direction of Artillery fire.
3. The salient aspects and timelines of the acquisition are tabulated below. In case of any
variation in the details furnished below or in any Annexure(s) with that mentioned in the RFP,
information furnished in the main body of the RFP at referred Paragraph is to be followed.
Ser Description Details Reference Para of
No. the RFP
(a) Equipment/System Mini Remotely Piloted Heading and Para 1
required Aircraft (RPA) System with
Control and Communication
equipment
3
(b) Quantity Required Eighty (80) Mini Remotely Heading and Para 1
Piloted Aircraft (RPA) of covering letter
System with Control and
Communication equipment
(c) Categorisation of Buy (Indian) Heading and Para 1
Procurement of covering letter
(d) Minimum IC Content As per Para 9 of Chapter I Para 7 of RFP
required of DAP 2020
(e) Place(s) of Delivery CASD, Delhi Cantt Para 1.1.1 of Appx
H
(f) Warranty Period Twenty four (24) months Para 11 of RFP
(g) EMD Amount ₹ 30 (Thirty) Lakhs Para 23 of RFP and
Annexure I to
Appendix K
(h) Last date for submission 31 Oct 2022 (Monday) Para 21 of RFP
of Pre-bid queries
(j) Date and time for Pre-bid 04 Nov 2022 (Friday), Para 22 of RFP
meeting 1430 Hours
(k) Last date and time for Bid 16 Nov 2022 Para 23 of RFP
Submission (Wednesday),
1700 Hours
4. Special Features of the RFP. The procurement case is processed under Buy
(Indian) category as per Para 9 of Chapter I and through Fast Track Procedure of Chapter V
of DAP-2020. The procurement is being carried out by Open Tender Enquiry. Demonstration
of the Equipment to be carried out on ‘No Cost No Commitment’ basis, at a location and date
decided by Empowered Committee. The CNC would be carried out by members of the
Empowered Committee. The TEC and Demonstration/ Evaluation would be carried out by the
members of the Empowered Committee or the representatives nominated by the Empowered
Committee. Delivery of equipment contracted to be completed within 12 months from the
date of signing of contract. 01 set of Mini Remotely Piloted Aircraft System (RPAS) will
comprise of 02 x Man packed Ground Control Station (MPGCS), 02 x Remote Video Terminal
(RVT), 02 x Aerial Vehicle, 02 x Day colour video cameras, 02 x Monochromatic night thermal
sensor, 02 x Training payload, 01 x Airborne Data Relay (ADR) and 01 x COTS generator of 1
KVA.
5. This Request for Proposal (RFP) consists of following four parts: -

Ser Description Page No.
No.
(a) Part I – General Requirements
(b) Part II - Technical Requirements
(c) Part III – Commercial Requirements
(d) Part IV – Bid Evaluation and Acceptance Criteria
6. The Government of India invites responses to this request only from Original Equipment
Manufacturers (OEM) or Authorised Vendors or Government Sponsored Export Agencies
(applicable in the case of countries where domestic laws do not permit direct export
4
5
INDEX
Description Page No
Disclaimer 6
Part I of RFP – General Requirements 7
Part II of RFP – Technical Requirements 12
Part III of RFP – Commercial Requirements 17
Part IV of RFP – Bid Evaluation and Acceptance Criteria 18
Appendix A Operational Characteristics and Features 19
Appendix B Compliance Table 21
Appendix C Warranty Clause 22
Appendix D Certificate: Malicious Code 24
Appendix E Repair and Maintenance Philosophy 25
Annexure I Manufacture’s Recommended List of Spares 30
Annexure II List of SMT/STEs, Jigs, Fixture and 32
Infrastructure
Annexure III Technical Literature 33
Annexure IV Training Aggregates 35
Annexure V Format of ISPL and ISPPL 36
Appendix F Demonstration/ Evaluation Methodology 37
Annexure Detailed Demonstration Methodology 39
Appendix G Guidelines for Framing ATP 43
Appendix H Commercial Clauses 45
Annexure I Guidelines for Protecting ERV in Contracts 49
Annexure II Bank Guarantee Format for Advance 51
Annexure III Bank Guarantee Format for PWBG 53
Annexure IV Format for Extension of Delivery Period/ 55
Performance Notice
Annexure V Delivery Schedule and Stages of Payment 57
Appendix J Evaluation Criteria and Price Bid Format 60
Appendix K Standard Conditions of RFP 63
Annexure I Pre Contract Integrity Pact 69
Format for EMD 78
Appendix L Criteria for Vendor Selection/ Pre-Qualification 79
Appendix M Check-Off list – Documents to be Submitted 80
Appendix N Glossary 81
6
Disclaimer
This RFP is neither an agreement and nor an offer by the MoD to the prospective Bidders
or any other person. The purpose of this RFP is to provide interested parties with information
that may be useful to them in submitting their proposals pursuant to this RFP. This RFP
includes statements, which reflect various assumptions and assessments arrived at by the
MoD in relation to the Project. This RFP document and any assumptions, assessments and
statements made herein do not purport to contain all the information that each Bidder may
require. The Bidder shall bear all its costs associated with or relating to the preparation and
submission of proposal pursuant to this RFP. Wherever necessary, MoD reserves the right to
amend or supplement the information, assessment or assumptions contained in this RFP. The
MoD reserves the right to withdraw the RFP or foreclose the procurement case at any stage.
The issuance of this RFP does not imply that the MoD is bound to shortlist a Bidder for the
Project. The MoD also reserves the right to disqualify any Bidder should it be so necessary at
any stage on grounds of National Security.
7
PART I – GENERAL REQUIREMENTS
1. This part consists of the general requirement of the Goods (also referred as
equipment/systems/deliverables) and Services, hereafter collectively referred as
‘Deliverables’, the numbers required, the time frame for deliveries, conditions of usage and
maintenance, requirement for training, Engineering Support Package (ESP) and
warranty/guarantee conditions, etc. It includes the procedure and the date & time for
submission of bids.
Non-Disclosure
2. The Bidding documents, including this RFP and all attached documents provided by the
MoD, are and shall remain or become the property of the MoD. These are transmitted to the
Bidders solely for the purpose of preparation and the submission of a proposal in accordance
herewith. Bidders are to treat all information as strictly confidential and shall not use it for any
purpose other than for preparation and submission of their proposal. The provisions of this
Para shall also apply mutatis mutandis to Bids and all other documents submitted by the
Bidders, and the MoD will not return to the Bidders any proposal, document or any information
provided along therewith (except unopened Commercial Bid and EMD as relevant).
3. Information relating to the examination, clarification, evaluation and recommendation for

the Bidders shall not be disclosed to any person who is not officially concerned with the
process, or concerning the Bidding Process. The MoD will treat all information, submitted as
part of the Bid, in confidence and will require all those who have access to such material to
treat the same in confidence. MoD may not divulge any such information unless it is directed
to do so by any statutory entity that has the power under law to require its disclosure or is to
enforce or assert any right or privilege of the statutory entity and/ or MoD or as may be required
by law or in connection with any legal process.
4. Confidentiality of Information. No party shall disclose any information to any ‘Third
Party’ concerning the matters under this RFP generally. In particular, any information identified
as ‘Proprietary’ in nature by the disclosing party shall be kept strictly confidential by the
receiving party and shall not be disclosed to any third party without the prior written consent of
the original disclosing party. This clause shall apply to the sub-contractors, consultants,
advisors or the employees engaged by a party with equal force.
Business Eligibility
5(a). Undertaking by Bidders. The Bidder will submit an undertaking that they are currently
not banned / debarred / suspended from doing business dealings with Government of India /
any other government organisation and that there is no investigation going on by MoD against
them. In case of ever having been banned / debarred / suspended from doing business
dealings with MoD/any other government organization, in the past, the Bidder will furnish
details of such ban / debarment along with copy of government letter under which this ban /
debarment / suspension was lifted / revoked. The Bidder shall also declare that their sub-
contractor(s)/supplier(s)/technology partner(s) are not Suspended or Debarred by Ministry of
Defence. In case the sub-contractor(s)/supplier(s)/ technology partner(s) of the Bidder are
Suspended or Debarred by Ministry of Defence, the Bidder shall indicate the same with
justification for participation of such sub-contractor(s)/supplier(s)/ technology partner(s) in the
procurement case.
8
5(b). Subsequent to submission of bids if any sub-contractor(s)/supplier(s)/technology

partner(s) of the Bidder is Suspended or Debarred by Ministry of Defence, the Bidder shall
intimate the Ministry of Defence regarding Suspension or Debarment of its sub-contractor(s)/
supplier(s)/technology partner(s) within two weeks of such order being made public.
6. Pre-Qualification Criteria for multi-vendor cases in Buy (Indian). The detailed Pre-
Qualification criteria for the Bidders for participation in the instant procurement case are placed
at Appendix L to this RFP. All Bidders are to submit details as per the criteria along with the
Technical Bids. These would be evaluated by the TEC comprising of members of Empowered
Committee or the representatives nominated by the Empowered Committee.
7. Indigenous Content. For the purposes of this RFP and the acquisition contract (if any)
signed by the Ministry of Defence with a successful Bidder, indigenous content shall be as
defined under Para 9 of Chapter I and Para 1 of Appendix B to Chapter I of DAP 2020. In
addition, reporting requirements for prime (main) Bidders (and for sub-
contractors/suppliers/technology partners reporting to higher stages/tiers) shall be as
prescribed under Para 4 to 7 of Appendix B to Chapter I of DAP 2020. The right to verification
of Bidder/ sub-contractors/suppliers/technology partners shall vest in the Ministry of Defence
as prescribed under Para 10 of Appendix B to Chapter I of DAP 2020; and aspects of delivery,
certification, payments, withholding of payments and imposition of penalties shall be as
prescribed under Para 11 to 15 of Appendix B to Chapter I of DAP 2020. Furthermore,
Bidders in ‘Buy (Indian)’ (for Indian vendors) will be required to submit their indigenisation plan
in respect of indigenous content as stipulated in Para 4 to 7 of Appendix B to Chapter I of
DAP 2020. The DAP 2020 is available at MoD, GoI website (www.mod.nic.in) for reference
and free download.
8. Year of Production. Deliverables (including major equipment/ equipment/ systems)

supplied under the contract should be of latest manufacture i.e manufactured after the date of
Contract with unused components/assemblies/sub-assemblies, conforming to the current
production standard and should have 100% of the defined life at the time of delivery.
Deviations, if any, should be clearly brought out by the Bidder in the Technical Proposal.
9. Delivery Schedule. The delivery schedule of main equipment and deliverables along
with the relevant payment stages is specified at Annexure V to Appendix H. The delivery
schedule of main equipment is given as below: -
Ser Quantity Delivery Timeline Remarks

No
(a) 80 (Eighty) T0 to T0 + 12 months T0 is the date of signing
of contract.
Notes.
(i) Manufacturers Recommended List of Spares (MRLS). MRLS delivered with

each system to consist of the entire range of spares. The delivery to be completed
six months before the expiry of warranty.
(ii) Complete quantity of SMT/STEs to be delivered with first batch.
(iii) Technical Literature & Training Aggregates. The entire quantity to be
delivered along with the first lot of equipment as applicable .
9
10. Once the contract is concluded and the delivery schedule is established, the Bidder shall
adhere to it and ensure continuity of supply of deliverables and their components under the
contract.
11. Warranty. The deliverables supplied shall carry an onsite warranty for Twenty four
(24) months. However, in case certain locations are inaccessible for the SELLER, then the BUYER
will re-locate the stores to nearest intermediate level repair point, where the SELLER will undertake
the warranty repairs. Commencement of warranty will be from the date of acceptance post JRI
or from date of installation and commissioning, as applicable. No spares will be drawn during
the warranty period from the MRLS and the cost towards all scheduled servicing during
warranty period shall be borne by the Seller to include spares, labour, oils, greases and
lubricants etc. Warranty Clause is given at Appendix C to this RFP.
12. In-Service Life and Shelf Life. The In Service and Shelf Life of the Mini Remotely
Piloted Aircraft (RPA) System with payload is not less than 500 landings/ 07 years. The In-
Service Life of MPGCS and Remote Video Terminal (RVT) is 10 years. The Bidder is required
to give details of reliability model, reliability prediction and its validation by
designer/manufacturer to ensure reliability of stores throughout Service/shelf life. The efficacy
of reliability model/prediction/validation would be verified during TEC/ demonstration as
indicated in Para 38 of this RFP.
13(a). Product Support. The Bidder would be bound by a condition in the contract that he
is in a position to provide product support in terms of maintenance, materials and spares for a
minimum period of Ten (10) years. Even after the said mandatory period, the Bidder would be
bound to give at least two years notice to the Government of India prior to closing the production
line so as to enable a Lifetime Buy of all spares before closure of the said production line. This,
however, shall not restrict the Buyer from directly sourcing sub-equipment/sub-assembly and
spares from their respective OEMs/ sub-vendors on completion of warranty. In case the sub-
equipment/ sub-assembly/ parts require tuning/ calibration/ integration by the Bidder prior
replacement, the same is to be undertaken by the Bidder at fair and reasonable cost, as
mutually agreed between Buyer and Bidder. OEM/ Bidder(s) to ensure maximum possible
use of oils, lubricants and greases which are indigenously available. Further, the OEM/
Bidder(s) is mandated to share the detailed specifications of oils, lubricants and greases
alongwith their sources of supply and contact details of suppliers alongwith technical bid.
13(b). Codification. The vendor/ supplier/ seller shall provide NATO Stock Number
(NSN) for each of the item/ part/ equipment in the bill of material, MRLS and Jigs/ Fixtures duly
linked to the OEM Part No using NATO Codification system (NCS) adopted by DDP/ Dte of
Standardisation (DOS) with DoS functioning as National Codification Bureau (NCB), India. In
case the NSN number is not available, vendor shall obtain the relevant Technical data and
cataloging information and initiate the process for codification in consultation with DoS. The
Seller should provide the codification before the completion of warranty period.
14. Training of Crew, Maintenance and QA Personnel. A training package for

training of operators and maintenance personnel to undertake operation and maintenance of
equipment, along with tools and test jigs and training of QA personnel for Quality Assurance of
equipment would be required to be carried out in English language and Hindi language. This
training shall be designed to give the operators and maintainers necessary knowledge
and skills to operate & maintain equipment (Field& Intermediate level). The syllabus for
operators, QA and maintenance personnel will be defined by the Bidder in consultation with
the Buyer at the time of CNC. The maintenance training will be imparted to the satisfaction of
the Buyer and Bidder will ensure that the training content and period will be to impart working
10
proficiency up to the required level. All training requirements such as training aids, projection
system, complete equipment with accessories/ optionals, technical literature, spares, test
equipment/ test set up, charts, training handouts, power point presentations, Computer Based
Training (CBT), Documentation, Simulators etc will be catered by the Bidder.
15. The Bidder would provide the following training to the personnel of the Buyer based on
agreed terms of contract:-
Ser Training Type of Duration No of Total No of Remarks

No Location Trainin (Days per Batches Personnel
-g batch)
User / Operator Training
(a) Leh and - 07 working 06 116 Training to be
SFFR days conducted prior
to delivery of 1st
lot of main
equipment
Repair and Maintenance Personnel
(b) MCEME, ‘O’ 10 working 02+01* 32+16* (01 x * Training of one
Secunder Level days M Tech/ Tech batch to be
abad (Comn) per conducted prior
repair pt and to delivery of
01 x M Tech/ first lot of main
Tech (Opto) equipment
per repair pt) alongwith user
‘I’ Level 14 working 01 06 (01 x M training.
days Tech/ Tech - Training of
(Comn) per balance 03
repair pt and batch to be
01 x M Tech/ conducted 6
Tech (Opto) months prior to
per repair pt) completion of
warranty period.
QA personnel
(c) OEM 07 Working 01 04 Training to be
Premises days conducted
before dispatch
of 1st lot of main
equipment
Note.
11
(i) The training to enable the user/ operators to effectively operate the equipment
and its accessories in field conditions. The training should also enable QA personnel to
carry out effective ATP, QA and defect investigations.
(ii) The above training should meet the needs of repair and maintenance of the
complete equipment, use of SMTs/ STE, test set up, assemblies/ sub-assemblies as per
the stipulated repair philosophy. In addition to training on operation and diagnosis using
STEs, training would also cover repair of STEs using procured spares for STEs.
(iii) Training content should commensurate with the Permissible Repair Schedule
(PRS).
(iv) The training should bring out utilization of provided MRLS items including
procedure of their fitment/ repair.
16. Government Regulations. It may be confirmed that there are no Government

restrictions or limitations in the country of the Bidder or countries from which subcomponents
are being procured and/or for the export of any part of the deliverables being supplied.
17. It may be further confirmed that all national and international obligations relevant to
transfer of conventional arms of the country of the supplier or countries from which parts and
components are being procured, have been taken into account for the duration of the contract.
Accordingly, thereafter there would be no review, revocation or suppression of Defence export
licence and other related clearance issues to the supplier for the contract that could impinge
on the continuity of supply of items and their parts or components under the contract.
18. Patent Rights. The Bidder should confirm that there are no infringements of any Patent
Rights in accordance with the laws prevailing in their respective countries.
19. Integrity Pact. In the subject RFP, the Bidder is required to sign and submit Pre
Contract Integrity Pact (PCIP), if applicable, given at Annexure I to Appendix K to this RFP.
20. Fall Clause. If the equipment being offered by the Bidder has been
supplied/contracted with any organisation, public/private in India, the details of the same may
be furnished in the technical as well as commercial offers. The Bidders are required to give a
written undertaking that they have not supplied/is not supplying the similar systems or
subsystems at a price lower than that offered in the present bid to any other
Ministry/Department of the Government of India and if the similar system has been supplied at
a lower price, then the details regarding the cost, time of supply and quantities be included as
part of the commercial offer. In case of non-disclosure, if it is found at any stage that the similar
system or subsystem was supplied by the Bidder to any other Ministry/Department of the
Government of India at a lower price, then that very price, will be applicable to the present case
and with due allowance for elapsed time, the difference in the cost would be refunded to the
Buyer, if the contract has already been concluded.
Bid Timelines
21. Any queries/clarifications to this RFP may be sent to this office by 31 Oct 2022
(Monday). A copy of the same may also be sent to:-
12
Directorate General of Artillery (Artillery-5)

Integrated HQ of MoD (Army)
New Delhi – 110011
Tele & Fax No: 011–21410991
22. Pre-Bid Meeting. A pre-bid meeting will be organised by SHQ at 1430 hours on
04 Nov 2022 (Friday) at the address given at Para 21 above to answer any queries or clarify
doubts regarding submission of proposals. The Bidder or his authorised representative is
requested to attend. Necessary details may be sent a week in advance to the address given
at Para 21 above, to facilitate obtaining of security clearance.
23. Submission of Bids. The Technical and Commercial Proposals along with IP and
EMD should be sealed separately in three separate envelopes clearly indicating
Commercial/Technical/IP and EMD and any other Bank Guarantee as applicable, and then
put in one envelope and sealed (all the envelopes should clearly state the letter No of RFP
and the name of equipment and Bidder name) and submitted to the undersigned at the
following address by 1700 Hours on 16 Nov 2022 (Wednesday) :-
Directorate General of Artillery (Artillery-5)
Tele & Fax No: 011–21410991
24. Offer opening by an Offer opening committee nominated by EC will be held at 1100
Hours on 17 Nov 2022 (Thursday) at the same venue as indicated at Para 23 above. The
Bidder or his authorised representative is welcome to be present at the opening of the
proposals. Necessary details may be sent atleast one week in advance to facilitate obtaining
of security clearance.
PART II – TECHNICAL REQUIREMENTS
25. The second part of the RFP incorporates the aspects of SQRs describing the technical
parameters of the proposed equipment, and the environmental parameters for functioning. The
operational characteristics and features that should be met by the equipment are elucidated at
Appendix A to this RFP and the Compliance Table at Appendix B to this RFP. The Bidder
would be required to offer the equipment for Demonstration/ evaluation on a “No Cost No
Commitment” basis in India.
26. Operational Characteristics and Features. The broad operational characteristics and
features that are to be met by the equipment are elucidated at Appendix A to this RFP.
27. Technical Offer. The Technical Offer must enable detailed understanding of the
functioning and characteristics of the equipment as a whole and each sub system
independently. It must include the performance parameters as listed at Appendix A to this
RFP and any other information pertaining to the technical specifications of the equipment
considered important/ relevant by the Bidder. The technical proposal should also include
13
maintenance schedules to achieve maximum life and expected life of each

assembly/subassembly (or Line Replaceable Unit (LRU)/Shop Replaceable Unit (SRU)),
storage conditions/environment condition recommended and the resultant guaranteed in-
service and shelf life. The range and depth of spares included in the proposal should be
supported by necessary reliability and prediction model or authenticated by past data on the
similar equipment in use. Any Bidder found to be providing lesser ESP/ MRLS in terms of range
and depth will have to make good the deficiency at no extra cost. The final list of MRLS to this
effect is to be submitted prior to CNC.
28. If there is any associated optional equipment on offer that should also be indicated
separately along with the benefit that are likely to accrue by procuring such optional equipment.
Should the Bidder be contemplating any upgrades or modifications to the equipment being
offered, the details regarding these should also be included in the Technical Proposal.
29. Technical Details.
(a) The technical details should be factual, comprehensive and include specifications
of the offered system/ equipment against broad requirements listed in Appendix A to
this RFP.
(b) Insufficient or incomplete details may lead to rejection of the offer. Mere indication
of compliance may be construed as incomplete information unless system’s specific
technical details are available in the offer. A format of the compliance table for the
technical parameters and other conditions of RFP is attached as Appendix B to this
RFP.
30. The technical offer should have a separate detachable compliance table as per format
given at Appendix B to this RFP stating specific answers to all the parameters as listed at
Appendix A to this RFP. It is mandatory to append answers to all the parameters listed in
Appendix A to this RFP. Four copies of the Technical Proposal should be submitted (along
with one soft copy), however only one copy of the commercial proposal is required.
31. Malicious Code Certificate. The Bidder is required to submit a ‘Malicious Code
Certificate’ (only for Electronic items and Software) along with the Technical Proposal. The
format is placed at Appendix D to this RFP.
32. Demonstration/ Evaluation. The Bidder is requested to confirm his willingness to
provide the equipment for demonstration/ evaluation at the specified location by user in India
on "No Cost No Commitment" basis within sixty days of issue of RFP. The demonstration/
evaluation will be assessed by Demonstration Evaluation Team comprising of Empowered
Committee Members or the representative nominated by the Empowered Committee. The
Empowered Committee, at their own expense, will depute representatives for witnessing
the Demonstration. If any part of the demonstration is conducted in the Buyer’s
facilities, the Bidder shall depute their personnel and equipment at their own expenses
and bear the cost of all expenses of the demonstration other than the cost of ranges,
platform or facilities which the Buyer may choose to provide free of cost. The equipment
produced for the Demonstration/ Evaluation by Bidders will be retained till the signing of the
contract. Post contract, equipment of the Bidder, chosen for the contract will be retained
till the completion of the delivery.
33. Product Support (ESP). After induction, the equipment/ system would be repaired and
maintained as per the repair and maintenance philosophy at Appendix E to this RFP. The
14
information on Engineering Support Package that is required to be provided is enclosed at

Annexure I to IV to Appendix E to this RFP.
34. Spares. The spares requirement will be as per Appendix E to this RFP. The
spares are required to be categorized in four categories as follows:-
(a) Manufactured by Bidder as OEM and can be sourced as per Part No.
(b) Bought out items and customized by the OEM for the specific purpose and such
customization would require OEM intervention.
(c) Bought out from other OEMs/Third Party as specialised items and used without
any customization. Such items can be sourced by quoting their Part No./Identification
No. as given by OEM/Third Party and directly utilised.
(d) General Engineering items/COTs which can be sourced by stating the relevant
standards and item description.
35. As brought out at Para 27, the range and depth of spares included in the proposal should
be supported by necessary reliability and prediction model or authenticated by past data on
the similar equipment in use. Any Bidder found to be providing lesser ESP/MRLS in terms of
range and depth will have to make good the deficiency at no extra cost. The final list of MRLS
to this effect is to be submitted by Bidder(s) prior to CNC. The Buyer would also have the option
to amend the MRLS proposed by the Bidder within 02 (Two) years of the expiry of the warranty
period. The Bidders would either ‘Buy Back’ the spares rendered surplus or exchange them on
cost to cost basis with the spares as required by the Buyer. The said spares would be
purchased/ replaced by the Bidder, based on the prices negotiated in the contract.
36. Online Inventory Management System (OIMS). The Army is in the process of
implement its own OIMS from workshop upto COD level. The Bidder will be required to provide
data of main equipment, its accessories and spares in the format required for its uploading on
OIMS of the Army for inventory management by Ordnance Depots and by EME workshops.
Following inputs is to be obtained from the Bidder in excel format in soft copy with respect to
100% data of all spares/ accessories/ Major and minor accessories: -
Cos Part Manufacturer Nomenclature Source Country of Net wt Basic

Sec No Part No of origin of the (in Kg) material
supply material
37. Active Technology Obsolescence Management. Bidder is to indicate the

methodology on how the Bidder intends to undertake Active Obsolescence Management
through life cycle of equipment which would include upgradation of system/ subsystem/ units
on completion of its fair service life. The Bidder/ OEM shall also intimate Buyer on likely
technology obsolescence of various sub-assemblies/units/modules of equipment through an
Annual Bulletin. In case of impending obsolescence of components, bulletin should specify
either alternate item or option for life-time buy as under:-
(a) The Bidder/OEM will notify the Buyer not less than two years before the closure
of its production line about the intention to close production of equipment for provision
of purchasing spare parts, before closure of the said production line.
15
(b) Three years prior to completion of design/service life of equipment, the

Bidder/OEM will submit techno-commercial proposal for upgradation of equipment,
wherever applicable, to mitigate technology obsolescence and for ensuring product
support for entire re-defined life cycle of the equipment.
Evaluation of Technical Offers
38. The Technical Offer submitted by the Bidder will be evaluated by a Technical Evaluation
Committee (TEC) comprising of Empowered Committee Members or the representative
nominated by the Empowered Committee, to confirm that the equipment being offered meets
the Operational Parameters and features as elaborated at Appendix A. Thereafter, the Bidder
of the short listed equipment would be asked to provide one (01) set of Mini RPAS consisting
of 02 x Man packed Ground Control Station (MPGCS), 02 x Remote Video Terminal (RVT),
02 x Aerial Vehicle, 02 x Day colour video cameras, 02 x Monochromatic night thermal
sensor, 02 x Training payload, 01 x Airborne Data Relay (ADR) and 01 x COTS generator
of 1 KVA for demonstration as per Demonstration Methodology given at Appendix F to this
RFP, in India at ‘No Cost No Commitment’ basis.
39. For an equipment to be introduced in service, it is mandatory that it successfully clears

all stipulated demonstration/ evaluations as per RFP.
40. Commercial offers will be opened only of Bidders whose equipment is short-
listed, after TEC, demonstration/ evaluation and those have been accepted technically. In
other words, the equipment would be required to be demonstrated and found suitable by
Empowered Committee prior to commencement of any commercial negotiations.
Quality Assurance Instructions & Technical Evaluation Plan
41. Bidder is to submit a Draft Acceptance Test Procedure (ATP) along with the Technical
bid. Based on the draft ATP, the ATP will be finalised by the Buyer’s QA agency with Bidder
during CNC. ATP shall be included in the contract at the time of finalisation with successful
bidder. ATP will lay down the tests to be carried out during PDI and JRI. It shall be ensured that
there are no repetition of QA tests in PDI and JRI. The JRI would normally be restricted to
quantitative checks only, except where check proof is required to be carried out. However, for
PDI the quality audit will be the mandatory part of acceptance, as per Appendix G. QA of
equipment will be carried out as per finalised ATP in the contract. For COTS equipment, Bidder
will provide shelf life certification, requisite test reports and certification as per standards of
manufacturing by Bidder. The draft ATP will be analysed for adequacy and sufficiency during
demonstration. All prerequisite documents and supporting test reports pertaining to equipment
under demonstration to be submitted during demonstration. Guidelines for framing of Draft ATP
are given at Appendix G.
Marking and Packaging
42. Marking of Deliverables. The Bidder shall ensure that each Mini Remotely Piloted
Aircraft System is marked clearly and indelibly with non-corrosive paint, as follows: -
‘MINI REMOTELY PILOTED AIRCRAFT (RPA)’

16
(a) Ensure that any marking method used does not have a detrimental effect on the
strength, serviceability or corrosion resistance of the deliverables.
(b) Where the deliverables have a limited shelf life, with the cure date/date of
manufacture or expiry date expressed as months and years.
43. Packaging of Equipment and Deliverables . The SELLER shall provide packaging
as per Military Packaging Level ‘P’ of DEFSTAN 81-041 (Part 1) or equivalent Military
Standard. The packaging will provide adequate protection against the defined environmental
conditions and physical constraints that may be experienced by equipment and all deliverables
during storage and transportation. The choice of packaging materials and processes is left
to the packaging supplier. However, the following points shall be taken into account when
providing items packaged; Provide adequate physical protection, Not make the item
attractive, Provide clear identification and marking, Be the most cost effective solution,
Provide a solution that is space efficient, Be fit for purpose for the journey specified, Be
easily handled by in-service Mechanical Handling Equipment (MHE). If a re-usable
container is required then the same be provided with adequate protection for transportation
and storage in the defined environmental conditions and physical constraints that may be
experienced by equipment.
44. The Bidder shall ensure that each package containing the deliverable is labeled to
include:-
(a) The name and address of the consigner and consignee including
(i) The delivery destination/address if not of the consignee
(ii) Transit destination/address (for aggregation/disaggregation, onward

shipment etc)
(b) The description and quantity of the deliverables.
(c) The full part number in accordance with codification details.
(d) The makers part, catalogue, serial, batch number, as appropriate.
(e) The contract number.
(f) Any statutory hazard markings and any handling markings including the mass of
any package which exceeds Three (3) kgs.
PART III - COMMERCIAL REQUIREMENTS
45. The third part of the RFP consists of the Commercial Clauses and Standard Clauses
of contract. The bidders are required to give confirmation of their acceptance of these clauses.
17
One copy of ISPPL (Annexure V to Appendix E) is to be submitted by Bidders along with

commercial bid.
Commercial Bid
46. The Bidder is requested to take into consideration the Commercial Clauses and
Payment Terms given at Appendix H to this RFP while formulating the Commercial Offers.
The bidders are required to quote their price in Price bid format given in Appendix J to this
RFP.
47. Commercial offers will be opened only of the Bidder whose equipment is short-listed,
after TEC and demonstration/ evaluation. The Commercial Offer must be firm and fixed and
should be valid for at least Six (06) months from the last date of bid submission.
Commercial Bid Opening
48. The Commercial Offers will be opened by the CNC comprising of Empowered
Committee Members and if Bidder desires he may depute his representative, duly authorised
in writing, to be present at the time of opening of the offers.
49. The date, time and venue fixed for this purpose will be intimated separately after the
evaluations are completed.
50. The CNC comprising of Empowered Committee Members will determine the lowest
bidder (L1).
Additional Aspects
51. Standard Conditions of RFP. The Government of India desires that all actions
regarding procurement of any equipment are totally transparent and carried out as per
established procedures. The bidder is required to accept our standard conditions furnished at
Appendix K to this RFP regarding Agents, penalty for use of undue influence and Integrity
Pact, access to books of accounts, arbitration and clauses related to Law. These conditions
along with other clauses of the Contract form the Standard Contract Document (as at Chapter
VI of DAP 2020) indicates the general conditions of contract that would be the guideline for all
acquisitions. The draft contract would be prepared as per these guidelines.
52. Termination Clause. The Termination Clause in this cases will be applicable in the
following conditions: -
(a) The delivery of the equipment is delayed beyond the scheduled date of delivery
for causes not attributable to force majeure.
(c) The ‘Buyer’ has noticed that the seller has utilised the services of an Agent in
getting this contract and paid any commission to such individual/company etc.
PART IV: BID EVALUATION AND ACCEPTANCE CRITERIA

18
53. A list of documents/details to be submitted along with the bids is placed at

Appendix M as a reference to help in completeness of bid and meeting the procurement
process schedule.
54. The bids shall be unconditional and unqualified. Any condition or qualification or any
other stipulation contained in the bid shall render the bid liable to rejection as a non-responsive
bid.
55. The bid and all communications in relation to or concerning the bidding documents shall
be in English language.
56. Evaluation and Acceptance Process.
(a) Evaluation of Technical Proposals. The technical proposals forwarded by the

Bidders will be evaluated by Empowered Committee. The Empowered Committee will
examine the extent of variations/differences, if any, in the technical characteristics of the
equipment offered by various Bidders with reference to the QRs and prepare a
‘‘Compliance Statement” for shortlisting the Bidders. The shortlisted Bidders shall be
asked to send One (01) Set of the equipment (refer para 38 of RFP) for demonstration/
Evaluation as per Demonstration Methodology attached as Appendix F of RFP.
Demonstration/ Evaluation would be conducted for Operational Parameters attach as
Appendix A. A compliance report will be prepared, giving out the compliance of the
demonstrated performance of the equipment vis-à-vis the requirements. The
compliance would be determined only on the basis of the parameters specified in the
RFP. The Empowered Committee will analyse the demonstration/ evaluation results and
shortlist the equipment recommended for introduction into service.
(b) Evaluation of Commercial Bid. The Commercial bids of only those bidders will
be opened, whose technical bids have been cleared by TEC and Demonstration
Evaluation Team . Comparison of bids would be done on the basis of Evaluation criteria
given in Appendix J to this RFP. The L-1 bidder would be determined by CNC
comprising of Empowered Committee Members on the basis of Appendix J to this RFP.
Only L-1 bidder would be invited for negotiations by CNC.
(c) Contract Conclusion. The successful conclusion of CNC will be followed by

contract conclusion.
19
Appendix A
(Refers to Para 25, 26, 27, 29 (a),
30, 37 & 55 (a) of RFP)
OPERATIONAL CHARACTERISTICS AND FEATURES
1. Physical Characteristics.
(a) Systems Components. Each Mini Remotely Piloted Aircraft System for
Surveillance and observation of arty fire in High Altitude Areas should consist of not less
than following components:-
(i) Two AV per system.
(ii) Two MPGCS.
(iii) One launch & recovery system (if required).
(iv) Two RVT.
(v) Two day colour video cameras.
(vi) Two Monochromatic night thermal sensor.
(vii) Two Training payload.
(viii) One ADR.
(ix) COTS generator of 1KVA.
(b) All Up Weight. Suitable to withstand high altitude strong wind currents/
gusts.
2. Operational Characteristics.
(a) Map - Compatible with Defence Series Map and Shape file format.
(b) Mission Range - Not less than 15 Km.
(c) Op Altitude - Launch altitude upto 4500m AMSL and gain

height of 1500m AGL.
(d) Endurance - Minimum 90 minutes

Achieve loiter time of minimum 45 minute at 15km
range at 1500m above take off point including 4500
AMSL.
(e) Payload - Colour Day Video Camera

Monochromatic Night Thermal Sensor and Training
Payload (Day Camera only).
(f) Accuracy - Better than 50m for AV location and target acquired.
(g) Launch & Recovery - Unprepared area of not more than 50m x 50m.
20
(h) Op Temp - Max – Between 400C and 450C.

Min – Between Minus 100C and Minus 200C.
(j) Crew - Max two persons.
(k) Man Portable - One AV in operational mode to be carried by max

two persons.
(l) Flight Mode - Fully Autonomous Mode,

Semi Autonomous Mode
Loiter Mode
Target Seeking Mode
Camera Guide Mode
Maual Mode
Return Home Mode
(m) Data Link - S/C Band (2GHz to 6GHz) with 128 bit AES
encryption.
(n) EMI/ EMC Reqmt - MIL STD 461 E or better.
(o) Shelf Life - Not less than 500 landings.
(p) MPGCS - Capable of target grid correction

21
Appendix B
(Refers to Para 25, 29 (b) & 30 of
RFP)
COMPLIANCE TABLE
For :
MINI REMOTELY PILOTED AIRCRAFT (RPA) SYSTEM WITH CONTROL AND
COMMUNICATION EQUIPMENT
Ser No Requirement as per the RFP Compliance/ Indicate references

Partial of Paras/Sub Paras of
Compliance the Main Technical
Document
General Conditions of RFP (Para 01 to 55 (c))
Technical Parameters as per Appendix A

Operation Characteristics and
Features
Commercial Parameters as per RFP
Performance-cum-Warranty Bank
Guarantee asper Para 2 of
Appendix H of RFP
Advance Payment Bank Guarantee
as per Para 1.4.1 of Appendix H of
RFP
Earnest Money Deposit as per
Para 23 of RFP is 30 Lakhs.
22
Appendix C
(Refers to Para 11 of RFP)
WARRANTY CLAUSE
1. The SELLER warrants that the goods/services supplied under this contract conform to
technical specifications prescribed and shall perform according to the said Technical
Specifications.
2. The SELLER warrants for an onsite warranty for a period of 24 (Twenty Four) months
from the date of acceptance deliverables post Joint Receipt Inspection, that the goods/ stores/
services supplied under this contract and each component used in the manufacture thereof should
be free from all types of defects/failures (including latent and patent defects). No spares will be drawn
during the warranty period from the MRLS.
3. If within the period of warranty, the goods/stores are reported by the BUYER to have
failed to perform as per the specifications, the SELLER shall either replace or rectify the same
free of charge, maximum within 30 days of notification of such defect by the BUYER provided
that the goods are used and maintained by the BUYER as per instructions contained in the
Operating Manual. Warranty repair will be carried out in-situ. However, in case certain locations
are inaccessible for the Bidder, then the buyer will relocate the stores to nearest Intermediate
level repair points, where the Seller will undertake the warranty repairs. Decision of BUYER
with respect to accessibility of location where defective item is held will be final and binding on
Bidder. Warranty of the equipment would be extended by such duration of downtime. Record
of the down time would be maintained by user in log book. Spares and all consumables
required for warranty repairs shall be provided free of cost by SELLER . The SELLER also
warrants that the special oils, lubricants, gas and sealants for purging required for the warranty
repair of the equipment shall be provided by the SELLER himself. All activities including
diagnosis, rectification, calibration, transportation etc, required for making equipment
serviceable and available would be the SELLER’s responsibility. The SELLER also
undertakes to diagnose, test, adjust, calibrate and repair/replace the goods/equipment arising
due to accidents by neglect or misuse by the operator or damage due to transportation of the
goods during the warranty period, at the cost mutually agreed to between the BUYER and the
SELLER . The SELLER shall intimate the assignable cause of the failures.
4. SELLER hereby warrants that necessary cost towards service and repair backup
including consumables, spares, labour and oils/lubricants/ greases required for the periodic/
scheduled/ un-scheduled maintenance of the equipment during the warranty period, including
routine maintenance beyond Unit Level, shall be borne by the SELLER and he will ensure that
the cumulative downtime period for the equipment does not exceed 10% of the warranty period.
5. If a particular equipment/goods fails frequently and/or, the cumulative down time exceeds
10% of the warranty period or a common defect is noticed in more than 5% of the quantity
of goods with respect to a particular item/component/sub-component, that complete
item/equipment shall be replaced free of cost by the SELLER within a stipulated period of
120 days of receipt of the notification from the BUYER duly modified/upgraded through design
improvement in all equipment supplied/yet to be supplied and ESP supplied/yet to be supplied.
23
6. SELLER shall associate technical personnel of maintenance agency and QA of

BUYER during warranty repair and shall provide complete details of defect, reasons and
remedial actions for averting recurrence of such defects.
7. The seller is also bound to support the Buyer’s maintenance Agency and QA
agency for defect investigations beyond the warranty period, at a cost to be negotiated
between Buyer and seller, on occurrence.
8. In case the complete delivery of the Engineering Support Package is delayed beyond
the period stipulated in this contract, then the SELLER undertakes that the warranty period for
the goods/stores shall be extended to that extent.
9. The SELLER warrants that the goods supplied will conform to the Temperature
and Humidity conditions as mentioned at Appendix A to RFP.
24
Appendix D
CERTIFICATE: MALICIOUS CODE

(To be rendered on the Company Letter head)
1. This is to certify that the Hardware and the Software being offered, as part of the
Contract, does not contain embedded malicious code that would activate procedures to:-
(a) Inhibit the desired and designed function of the equipment.
(b) Cause physical damage to the user or equipment during the exploitation.
(c) Tap information resident or transient in the equipment/ networks.
2. The firm will be considered to be in breach of the procurement contract, in case physical
damage, loss of information or infringements related to copyright and Intellectual Property
Rights (IPRs) are caused due to activation of any such malicious code in embedded software.
(Signed)
Designation/Name/Address of firm
Date:
Place:
25
Appendix E
(Refers to Para 33 and 34 of
RFP)
PRODUCT SUPPORT
1. Maintenance Philosophy. The Maintenance philosophy can be categorised into ‘O’

& ‘I’ levels depending upon the technological complexity of the equipment as under:-
(a) ‘O’ Level (Field Repairs). These are repairs carried out at field level by
technicians specially trained for this purpose and where the required special tools and
spares have to be provided. These repairs comprise replacement of common Line
Replaceable Units (LRUs), sub-modules, other components which may require Special
Maintenance Tools (SMTs) supported by diagnostics using Special Test Equipment
(STEs). The vendor may also include Built in Test Equipment (BITE) facility to identify
faults upto field level. Further there will be adequate number of LRUs/Assemblies to be
maintained as Floats which can be replaced at Field level to reduce MTTR and can be
recycled after intervention/ repairs by Original Equipment Manufacturer. In total there
shall be 16 (sixteen) x field workshops to provide repair cover to quantity 80 x Mini
Remotely Piloted Aircraft (RPA) System with Control and Communication equipment
The manufacturer is required to provide the following:-
(i) Quantity and specification of spares up to sub-Module level, other

replaceable components that need to be stocked for a specified population and
class of the equipment.
(ii) Additional Special Maintenance Tools and Test Equipment needed for
each such field/flotilla/station work shop.
(b) ‘I’ Level (Intermediate Repairs). Includes 3rd level Intermediate Repairs by
Corps Zone workshop or other nominated workshop. These are extensive or special
repairs carried out to include component level repairs. This level of repair envisages
special diagnosis and repairs of the repairable inventory up to Printed Circuit Board
(PCB) level, major assemblies, interface equipment/software and other components
beyond the scope of field level repairs. These repairs are carried out in the designated
workshops by technicians specially trained for this purpose requiring special tools and
spares and the number of such facilities will be stated based on equipment deployment
pattern. In total there shall be 03 (three) x Intermediate workshops to provide ‘I’ level
repair cover to quantity 80 x Mini Remotely Piloted Aircraft System (Mini RPAS). The
manufacturer is required, among others, to provide the following: -
(i) Quantity and specification of spares up to PCB level that need to be

stocked for a population of the equipment.
26
(ii) Special Maintenance Tools and Test Equipment that has to be provided to
each of these workshops.
(iii) All necessary technical literature.
(iv) Calibration facilities for test equipment, where applicable.
(c) ‘D’ Level. D level repair required for the equipment post warranty to be undertaken with Seller/
OEM, under the aegis of MGS/ EME Dte through revenue route.
2. To sustain and support platform/equipment through its operational life-cycle, Product

Support requirements for at least Two (02) years beyond the warranty period will be procured
along with the main equipment. The equipment could be provided product support through
Engineering Support Package (ESP), which are elucidated in subsequent paragraphs:-
Engineering Support Package (ESP)
3. ESP is the basic engineering support the Seller needs to provide to the Buyer for
undertaking essential repairs and maintenance of the equipment during its exploitation. These
repairs and maintenance would be in consonance with the Maintenance Philosophy enunciated
above. ESP would constitute the following aspects: -
(a) Spares.
(a) SMTs/STEs test set-up.
(b) Technical Literature.
(d) Training and training aggregates.
4. Spares
(a) Manufacturer’s Recommended List of Spares (MRLS). This is the list of

spares, recommended by the manufacturer, for maintaining operational serviceability of
the equipment and sustain it for the period as stipulated in the RFP. Based on the
explanation given above, the Bidder(s) are requested to provide MRLS to sustain the
equipment for a period of 02 (two) years for ‘O’ & ‘I’ level of repair as per format given
at Annexure I to this Appendix. List of the MRLS, along with likely consumption rate
of spares is to be provided with the Technical proposal. Cost of the MRLS, is to
be provided with the Commercial proposal. The MRLS will be supported by Reliability
& Maintainability (R&M) report for the proposed spares along with their Mean Time
Between Failure (MTBF). MRLS would be provided separately for each such sub
system, including those for STEs. ‘Adequacy’ clause and ‘Buy Back’ clause will be co-
opted in the contract as under:-
(i) ‘Adequacy’ Clause. The Bidder will confirm to the Buyer the range and
depth of Accompanied Accessories/ User Replaceable Parts/Expendable,
Spares and SMT/STE/Test Jigs being supplied are complete and adequate for
carrying out repairs on the equipment up to ‘I’ level. The Bidder found to be
27
providing lesser ESP/ MRLS in terms of range and depth will have to make good
the deficiency at No Extra Cost.
(ii) ‘Buy Back’ Clause. The Buyer would have the option to amend the
Manufacturer’s Recommended List of Spares (MRLS) proposed by the Bidder
within a period of the two year post expiry of the warranty period. The Bidder
needs to agree to either ‘Buy Back’ the spares rendered surplus or exchange
them on ‘cost-to-cost’ basis with the spares, as required by the Buyer. The said
spares would be purchased / replaced by the Seller, based on the prices
negotiated in the contract.
5. Special Maintenance Tools / Special Test Equipment and Test Jigs

(SMTs/STEs/Test Jigs). SMTs, STE and Test Jigs are essential tools required to undertake
effective engineering support / repairs on the equipment and its systems, based on the
Maintenance Philosophy Bidder is required to provide SMTs, STE and Test Jigs up to ‘I’ Level
Repair. This would be formulated in a similar manner as explained for MRLS and details are to
be included in both Technical and Commercial Proposals as per suggested format at Annexure
II to this Appendix. SMTs, STEs and Test Jigs will be provided by the Bidder. The SELLER
confirms to installation of SMTs/ STEs at the nominated premises by the Buyer. MRLS for STEs
should be provided as a package along with STEs at the time of installation. The list of
equipment required to be supplied will incorporate Adequacy Clause, as elaborated above.
6. Technical Documentation. The Bidder will be required to provide the technical

literature preferably in IETM (Interactive Electronic Training Manuals) in Level 4 format or
higher. The details of technical literature to be supplied with the system should be listed as
per the suggested format at Annexure III to this Appendix. This should be provided with both
Technical and Commercial Proposals. The cost column may be left blank in the Technical
Proposal. An illustrated list of documents which may be submitted by the Seller is as under:-
(a) Technical Literature.
(i) User Handbook/Operators Manual in English and Hindi.
(ii) Design Specifications.
(iii) Technical Manuals.
(aa) Part I. Tech description, specifications, functioning of various

systems.
(ab) Part II. Inspection/Maintenance tasks repair procedures, materials
used, fault diagnosis and use of Special Maintenance Tools
(SMTs)/Special Test Equipment (STEs).
(ac) Part III. Procedure for assembly/disassembly, repair up to

component level, safety precautions.
(ad) Part IV. Part list with drawing reference and List of SMTs/STEs Test
Bench.
(iv) Manufacturers Recommended List of Spares (MRLS).

28
(v) Illustrated Spare Parts List (ISPL).
(vi) Technical Manual on STE with drawing references.
(vii) Complete Equipment Schedule.
(viii) Table of Tools & Equipment (TOTE) & carried spares.
(ix) Ratable list, norms of consumption, mandatory/ non-mandatory spares list

for each system.
(x) Interactive Electronic Technical Manuals (IETMs) of Class IV and above.
(b) Servicing Schedule.
(c) Condemnation limits.
(d) Permissive repair schedule.
(e) Packing specifications /instructions.
(f) Any additional information suggested by the OEM.
7. Details of OEMs. For major / complex equipment, a large number of other OEMs may
also be involved in manufacture of various systems/sub systems / support equipment. Details
of such OEMs will also be intimated by the Bidder as per table below:-
Ser Equipment Part OEM Contact Details Details of Government

No No (Tel/Fax/Email) License to OEMs
8. Training. A training package for operators, operator trainers and maintenance

personnel to undertake operation and maintenance of equipment (Field, Intermediate and
Depot Level Maintenance) and QA personnel for QA of equipment as stipulated in respective
contract, along with tools and test jigs training would be required to be carried out in English
language. Requirements such as training aids, projection system, complete equipment with
accessories, technical literature, spares, test equipment, test set up, charts, training handouts,
power point presentations, Computer Based Training (CBT), Documentation, Simulators etc
will be provided by the Bidder for the conduct of training. Training should preferably be
conducted before the induction of the equipment. The Bidder will provide the Operator and
Maintenance & Repair training, for the duration, strength and locations specified in the RFP
and Contract. The following may also be noted:
(a) The requirement of training and associated equipment must be clearly specified in
Part I and details should be placed as per Annexure IV to this Appendix.
(b) The costs for aggregates and training must only be indicated in the commercial
proposal.
(c) Sufficiency Clause. Bidder will give an undertaking agreeing to provide
Installation material, Technical Literature and Training Aggregates under the provisions
of this clause within the existing commercial quotes. On termination of training,
29
technicians should be capable of carrying out stipulated maintenance/repair to the full

system.
Active Technology Obsolescence Management
9. Bidder is to indicate the methodology on how the Bidder intends to undertake Active
Obsolescence Management through life cycle of equipment which would include upgradation
of systems/ subsystems/ units on completion of its fair service life. The Biddershall also intimate
the Buyer on likely technology obsolescence of various sub-assemblies/units/modules of
equipment through an Annual Bulletin. In case of impending obsolescence of components,
bulletin should specify either alternate item or option for life-time buy as under: -
(a) The Bidder/OEM (as applicable) will notify the Buyer not less than three years
before the closure of its production line about the intention to close production of
equipment for provision of purchasing spare parts, before closure of the said production
line.

Bidder/OEM (as applicable) will submit techno-commercial proposal for upgradation of
equipment, wherever applicable, to mitigate technology obsolescence and for ensuring
product support for entire life cycle of equipment.
10. Software. The following aspects are brought out on software QA: -
(a) Software used (except the software used in COTS equipment) should undergo
software quality assurance as per relevant and latest international military standards,
as applicable. The software should be latest CMM level complaint.
(b) The software life cycle concept will be followed/ observed. The software should
be restorable in Field. Any upgrades or patches required in the software will be
provided free of cost throughout the life cycle of the equipment. Adequate memory
should be available to accept any upgradation.
11. Standardization. Maximum standardization is ensured wherever feasible. Also
wherever feasible, in-service battery and battery charger may please be incorporated in the
interest of standardization.
42
Annexure I to Appendix E
(Refers to Para 4(a) of Appendix E)
MANUFACTURER`S RECOMMENDED LIST OF SPARES (MRLS)
EQUIPMENT: QTY 80 X MINI REMOTELY PILOTED AIRCRAFT (RPA) SYSTEM WITH CONTROL AND COMMUNICATION EQUIPMENT
Original Equipment Manufacturer (OEM) : _____________
Ser Manu Source Nomencl Nos ISPL /NSN Unit Recommended scale for Total H V F Remarks
No facturer’s of ature fitted reference Cost quantity 80 X Mini Remotely cost
Part No supply in one Piloted Aircraft (RPA) System
M E N
eqpt with Control and L D S
Communication equipment
for Two years
Fd Interme Total
Repair diate Qty
Points Repair
(19)
(16) Points
(03)
Notes: -
1. Maintenance spares/ stores like lubricants, sealing compound, gases should be given separately giving source of supply.
2. Spares for components repairs should be included under the column of Field level as suggested by OEM.
3. In ‘Remarks’ column following information (if applicable) be given: -
(a) If an item has a shelf/operational life, it be marked as ‘G’ and life indicated
(b) Matching set of components be indicated.
(c) Item which can be locally manufactured should be marked ‘LM’.

31
(d) Items which cannot be manufactured in India due to sophisticated design/ technology may be marked as ‘SI’ (Special Item).
(e) If a component/ assembly is common to other similar equipment offered by the OEM earlier these should be marked ‘CM’ and
name of the equipment along with details of part number be indicated.
(f) In any item is to be repaired by OEM in his premises, the same should be mentioned as FR.
4. MRLS should be drawn out of the ‘Illustrated Spares Part List’ of the equipment, which should be separately given as part of Technical
Manual Part IV.
5. If the main equipment consists of other equipment then MRLS should be prepared for them under proper heads.
6. MRLS be prepared as per the maintenance concept of the customer (Appendix E to this RFP).
7. Items provided along with the equipment as spares should also be included in MRLS.
8. Modules/ Shop Replaceable Unit (SRU)/ assemblies should be listed and their components should be included under them so as to
relate each item of spare to their module/ SRU/ assembly.
9. Complete MRLS should be costed separately for Unit & Field repairs as it is required to be included as part of ‘Total Costed
Engineering Support Package’ (ESP). OEM may give cost details in confidence to Contract Negotiation Committee (CNC), but other details as
above be provided during demonstration.
10. MRLS for test equipment should also be provided on the similar format.
11. One set of MRLS (Field) per repair points (Field). Similarly for ‘I’ level repair points.
32
Annexure II to Appendix E
(Refers to Para 5 of Appendix E)
LIST OF SMTs/ STEs, JIGs, FIXTURE AND INFRASTRUCTURE
EQUIPMENT : QTY 80 X MINI REMOTELY PILOTED AIRCRAFT (RPA) SYSTEM WITH CONTROL AND COMMUNICATION EQUIPMENT
Original Equipment Manufacturer: _______________________
Ser Manufacturer Designation Unit Recommended scale for quantity 80 X Mini Brief Remarks
No Part No Cost Remotely Piloted Aircraft (RPA) System with Purpose
Control and Communication equipment
Fd Intermediate Total Qty
Repairs Repair Points
Points
(16) (03) (19)
(a) (b) (c) (d) (e) (f) (g) (h) (j)
Notes
(i) Prepare separate sheet for each type of equipment.
(ii) Specify in remarks column whether the Special Test Equipment (STE)/ Special Maintenance Tools (SMTs) can be used as
general purpose equipment on any other kind of equipment.
(iii) For Field Level repairs quantity required should be for repair of 02 equipment at a time.
(iv) If test equipment is commercially available ex India, the source of supply be specified.
(v) Test equipment for calibrating the STEs should be included in the list above and marked as ‘CAL’ in remarks column.
(vi) Test equipment which are required to be provided by the customer should be also be included in the list above.
(vii) MRLS for 02 years for repairs & maintenance of SMT/STE to be supplied by vendor for 19 Set of SMT/STE.
33
Annexure III to Appendix E

TECHNICAL LITERATURE
EQUIPMENT QTY 80 X MINI REMOTELY PILOTED AIRCRAFT (RPA) SYSTEM WITH CONTROL AND COMMUNICATION EQUIPMENT
Original Equipment Manufacturer (OEM) :_______________________
Ser Technical Literature Unit Nos Required Total Total Remarks
No Cost User EME DGQA Qty Cost
1. User Handbook/ Operators 85 22 04 111

Manual
2. Design Specifications - 01 02 03
3. Technical Manual
(a) Part I Tech description,
specifications functioning of
various systems.
(b) Part II Inspection/
Maintenance tasks Repair
procedures, materials used, 02 22
fault diagnosis and use of 04 28
special Maintenance Tools
(SMTs/ Special Test Equipment
(STEs).
(c) Part III Procedure for
assembly/ disassembly, repair
up to component level, safety
precautions.
34

No Cost Qty Cost
User EME DGQA
(d) Part IV List of SMT/ STEs with Comb
Test Bench (if any alongwith Engr
photograph and its wage).
(i) Part list with drawing reference
(ii) List of SMT/ STEs with Test
Bench.
4. Manufacturer’s Recommended List of 22 02 24
Spares (MRLS) (Both Soft & Hard copy).
5. Illustrated Spares Part List (ISPL) 22 02 24

(Both Soft & Hard copy).
6. Illustrated Spares Parts Price List (ISPPL) 02 00 02
7. Technical Manual on STE with drawing 22 02 24

reference and calibration
(If applicable) details.
8. Any other (specify)
Notes: -
(i) In case any additional equipment is used their tech literature will be included.
(ii) If certain technical literature is being provided free of cost, it should be indicated in remark column.
(iii) The above mentioned technical literature would be in English language except User Handbook/ Operator’s manual which would
be Bilingual (Hindi/ English).
(iv) All the above Technical Literature is recommended to be provided in the form of CDs/ DVDs.
(v) Diagnostic and installation manuals to be provided for the complete software being used in the equipment.
35
Annexure IV to Appendix È`

(Refers to Para 8 of
Appendix E)
TRAINING AGGREGATES
Original Equipment Manufacturer (OEM) : ______________________
Ser Description of Training Aggregate Nos Required Total Unit Total Remarks
No. User EME DGQA Qty Cost Cost
1 Computer based training package should cater for user/ 02 22 02 26

operator and maintenance personnel. It should be based
on interactive multimedia to include
(a) Full Graphics, Animation test and sound
(b) Symptoms- fault correlation (expert system)
2 Training Aids :- - 22 - 22
(a) Laminated Charts (size 4’ x 3’) to include
system layout and exploded view of all SRUs (Soft
and Hard Copy).
(b) Symptoms fault correlation (except system).
3 Cost of trg requirement in India at Bidder premises 116 54 04 174
4 Any other- - - -
36
Annexure V to Appendix E
ITEMISED SPARES PART PRICE LIST (ISPPL)
Annual Price Escalation for Spares : __________________
Se Part Description Quantity Minimum Unit Price Delivery Category : Vital/ Mean Time Recommended
r No fitted in Order List Period Essential Between Failure for MRLS
each Quantity /Desirable (If applicable) (Yes or No)
Equipment (V/E/D)
(to cover
all items)
42
Appendix F
(Refers to Para 37 & 55 (a) of
RFP)
DEMONSTRATION METHODOLOGY: MINI REMOTELY PILOTED AIRCRAFT SYSTEM FOR

SURVEILLANCE AND DIRECTION OF OWN ARTY FIRE IN HIGH ALTITUDE AREAS
FOR ARTY AND MECHANISED INFANTRY REGIMENTS
1. The demonstration will be conducted on ‘No Cost No Commitment’ basis by Empowered

Committee or members nominated by them under the aegis of IHQ of MoD (Army) as per
Annexure-I. Demo Methodology is broad based. Detailed Demo Directive will be issued prior
to conduct of Demonstration in consultation with the bidders and based on the systems being
offered
2. Number of Trial Equipment and Other Associated Items. One set of Mini Remotely
Piloted Aircraft System for Surveillance and Direction of Own Arty Fire in High Altitude Areas
for Arty and Mechanised Infantry Regiments will be arranged by vendor at the designated
demonstration location. Vendor will be responsible for ensuring availability requisite spares/
tools/ associated equipment/ material required for the demonstration.
3. Crew. Crew representative for the operation of equipment for demonstration will
be provided by the Vendor. Prior to the commencement of the demonstration, vendor
representatives will undertake briefing of the team evaluating demonstration. The vendor
representatives should have adequate knowledge about the equipment/ spares/ tools to give
the complete details of the equipment.
4. Timeframe for Demonstration. The vendor will ensure availability of one set of
demonstration equipment (as per Para 2 above) at designated location within 60 days of issue
of RFP.
5. Retention of Trial Equipment. The equipment of all the vendors found compliant
after demonstration, will be retained by the demo unit under their custody till the
commencement of CNC. Equipment of vendors found non-compliant in the demonstration
would be returned thereafter. On finalization of contract, other participating vendors may utilise/
dispose off their equipment as deemed fit. Equipment of L1 vendor with whom contract is
concluded will be retained by the Buyer till the first lot of delivery, for purpose of comparison.
6. Transportation of Equipment. Being NCNC demonstration all charges for

transportation freight, insurance, custom, octroi and any other local taxes shall be borne by the
vendor.
Demonstration by Empowered Committee
7. The demonstration will be conducted in accordance with the provisions laid out in DAP
2020 and the equipment will be tested against parameters mentioned at Annexure I. Equipment
fielded may require repairs/ modifications during the course of demonstration and these in-situ
servicing, repair, maintenance actions or modifications as requested by the vendor may be
permitted on case to case basis. Towards this, vendor shall be adequately informed and
advised at the pre demonstration stage itself so that they can ensure availability of requisite
maintenance teams/ experts on site during the conduct of demonstration.
38
8. Change of Equipment. Change of equipment (if required) may be permitted. The

duration required for change of eqpt will be as decided in the pre-demo meeting. Towards this,
participating vendors are advised to ensure redundancy of equipment and associated
accessories.
9. Location of Demonstration. Demonstration will be undertaken at a location (in India)

as decided by Empowered Committee. The location for demonstration will be discussed during
pre-demo/pre bid meet.
10. Vendor Certification (Certificate of Conformance). Vendor certification supported by
test reports from NABL accredited Labs on aspects specified at Annexure-I will be accepted
as applicable.
11. Testing Charges. All testing charges in various laboratories (as applicable) will be
borne by respective vendors.
Outline Methodology of Conduct
12. Outline Methodology of Conduct is attached as Annexure-I.
Pre - Demonstration Meeting
13. A pre demonstration meeting to discuss broad schedule and modalities of

demonstration will be organized at a place which will be intimated to the vendors. The meeting
will include representative of vendor and all stake holders and agencies involved in conduct of
demonstration.
Representations / Requests
14. All queries, representations and requests related to the demonstration will be addressed
in writing to the Empowered Committee. Attention of respective vendors is drawn towards MoD
Guidelines for Handling of Complaints promulgated vide MoD ID No. 1(6)/D(Acq)/13-Vol.II
dated 21 Sep 2015.
Schedule of Demonstration
15. The likely schedule and sequence of demonstration will be informed to the vendor
representatives during the meetings mentioned at Para 13 above.
Miscellaneous
16. The representatives of the Empowered Committee may be required to visit certain
factory locations and/ or laboratories during the evaluations. The vendor would organise
access and facilitate such visits by Empowered Committee to its factory/ manufacturing
locations.
17. Bidders will submit their QA plans as implemented by them during the production of the
equipment.
18. Any additional aspects to be checked by Empowered Committee will be intimated during
the meeting mentioned at Para 13 above.
42
DRAFT DEMONSTRATION METHODOLOGY : MINI REMOTELY PILOTED AIRCRAFT SYSTEM FOR SURVEILLANCE AND DIRECTION OF OWN
ARTY FIRE IN HIGH ALTITUDE AREAS FOR ARTY AND MECHANISED INFANTRY REGIMENTS
Ser Parameter Evaluating Methodology Remarks

No Agency
(a) System Components. Each Mini Remotely Piloted Aircraft System
for Surveillance and observation of arty fire in High Altitude Areas should
consist of not less than following components:-
(i) Two AV per system
(ii) Two MPGCS
(iii) One launch & recovery system (if required) Payload with combined Day and
To be
(iv) Two RVT User Night camera as a single unit is
demonstrated
also accepted
(v) Two day colour video cameras
(vi) Two Monochromatic night thermal sensor
(vii) Two training payload
(viii) One ADR
(ix) COTS generator of 1 KVA
(b) All Up Weight. Suitable to withstand high altitude strong User/ DGQA To be
wind currents/gusts. demonstrated.
(a) Map. Compatible with Defence Series Map and Shape User/ DGQA To be (i) Confirmation by all vendors in
file format. demonstrated. bid submission.
(ii) To be demonstrated by L1
Vendor.
40
(b) Mission Range. Not less than 15 Km. User To be

demonstrated
(c) Op Alt. Launch altitude upto 4500m AMSL and gain height User/ DGQA To be
of 1500m AGL. demonstrated at
minimum height
of 4500m AMSL
(d) Endurance. Minimum 90 minutes
Achieve loiter time of minimum 45 minute at 15 km range at 1500m above
take off point including 4500 AMSL.
(e) Payload. Colour Day Video Camera, Monochromatic Night To be
User
Thermal Sensor and Training Payload (Day camera only). demonstrated
(f) Accuracy. Better than 50m for AV location and target acquired.
(g) Launch & Recovery. Unprepared area of not more than

50m x 50m.
(h) Op Temp.
(i) Max- Between 400C and 450C. User/ DGQA To be Vendor certification supported by
demonstrated. If test reports from NABL
(ii) Min- Between Minus 100C and Minus 200C. demo not feasible accredited Labs as applicable
than vendor
certification
(j) Crew. Max two pers. Physical

User verification
(k) Man Portable. One AV in operational mode to be carried by max two during
persons. demonstration
(l) Flight Mode. Fully Autonomous Mode, Semi Autonomous Mode, User To be
Loiter Mode, Target Seeking Mode, Camera Guide Mode, Manual Mode and demonstrated
Return Home Mode.
(m) Data Link. S/C Band (2 GHz to 6 GHz) with 128 bit AES Vendor certification supported by
Vendor
encryption. User/ DGQA test reports from NABL
certification
(n) EMI/ EMC Reqmt. MIL STD 461 E or better. accredited Labs as applicable
41
(o) Shelf Life. Not less than 500 landings.

(p) MPGCS. Capable of target grid correction. User To be
demonstrated
3. Environment Conditions. The RPAS and payload should be capable of satisfying the environmental requirements as applicable for
operations at altitudes and conditions as given on the Demo Methodology above. Requisite test reports from NABL accredited lab to be provided
for following environmental conditions, as per applicable standards and sequence for the requisite equipment:-
(a) Humidity.
(b) Storage and transportation temperature (Minus 20 to +55 C).
(c) Wind conditions.
(d) Rain conditions.
(e) Vibration.
(f) Shock.
(g) Sealing.
(h) Low and High Temperature.
(j) Solar Radiation.
4. Demonstration of Maintenance Aspects. In order to maintain the equipment in field Army, maintenance related aspects shall be
demonstrated with associated equipment/ accessories. Following aspects may be included in the demonstration: -
(a) Technical literature which may include User Handbook, Technical manuals, ISPL, MRLS, Technical manuals on STEs, details of
training aggregates & CBTs for training of technicians for maintenance (As applicable).
(b) Details of SMTs and STEs required to op the eqpt in fd conditions.
(c) Trace diagram to include assemblies/ sub-assemblies (As applicable).

42
Appendix G
DRAFT ATP GUIDELINES
1. Bidders to submit draft ATP, along with their Technical Bid.
2. Draft Acceptance Test Procedure for the Equipment/ System should mainly consist of
the following: -
(a) Scope & Introduction. Includes the scope, introduction & propose of the
document and general information about the equipment.
(b) Brief description of the Equipment/ System. Brief description of the

equipment/ system be highlighted indication the salient features, Equipment/ System
configuration, interfaces involved and its compatibility and role in the main system
where it is intended to be used.
(c) Safety/ Security aspects, if any.
(d) Technical Specifications. TS of the equipment be indicated along with

dimension, weight of the equipment etc. operational requirements & Pictorial
representation of the equipment/ system be provided under this section.
(e) Reference documents including list of drawings, related Standards,

Specifications etc. Includes Reference documents/ drawings of the equipment,
Standards/ Specifications up to which he equipment/ system is complied.
(f) Bill of Materials. BoM as per the following format be included.
S. Item Part NSN Drawing Man Sche Standa Qty Mill/

NO Name/ Num Num Number ufact matic rd of Nos Industrial/
Descri ber ber urer Refere Refere Commercial
ption nce nce
(g) Test Instruments / Accessories required. Test Instruments/ Accessories

required for conduct of ATP be mentioned along with Part number, Make/ Model etc.
(h) Qualification/ Environmental Tests. Applicable class from relevant JSS, as

per RFP for Environmental testing be mentioned along with test severities and
procedures to be followed for the conduct of the test. Pre, in-situ & Post Performance
test to check the performance of the equipment be included.
(j) Acceptance/ Performance Tests. Includes the Visual, Electrical & Functional
tests. Functional Test procedure along with diagram showing Test set up to be
mentioned. Final acceptance/ Performance checks comes under this section. Tests
can be carried out under lab & field conditions needs to be mentioned separately.
(k) Applicability of ESS/ Endurance test. ESS procedure to be followed be
mentioned and the procedure for carrying out the Endurance test be included.
1
(l) Quality Audit points/ Checks/ Methodology including Real Time/ Online
Audit activities & list of critical processes. Process audit methodology to be
carried by mentioned.
(m) Quality Audit Flow Chart/ Process Monitor Points. Mutually agreed Audit flow
chart be mentioned by quoting Relevant ISO standards.
(n) Operational checks/ Tests. Includes Quick checks/ Tests with ATE/BITE/
Processor based Auto Diagnostic checks on the store, if equipped with, before
release of the store to the Consignee.
(o) Test & Measurement Record (TMR). TMR sheet with expected output be
mentioned.
(p) Acceptance criteria including Sampling Plan, if any. Acceptance criteria be

mentioned under this section.
Note
(i) Weight and dimension should have tolerance.
(ii) Weight of the system shall specify along with power systems including Genset/
UPS wherever required.
(iii) Sampling plans to be invoked wherever feasible.
(iv) Certain test requires permission from authorities such as long range comn,
jamming tests, detection of drones, use of DEW etc. Necessary permissions need to
be obtained by SELLER.
2
Appendix H
COMMERCIAL CLAUSES
1. Payment Terms
1.1 INCOTERMS for Delivery
1.1.1 The delivery of goods will be based on DDP INCOTERMS-2020 with

ultimate consignee as CASD, Delhi Cantonment.
1.2. Currency of Payment. Indian bidders should submit their bids in Indian Rupees.
1.3 Contract Price and Requirement of Bank Guarantees.
1.3.1 Total Contract Price. The Total Contract Price will be the final price
negotiated by CNC including taxes and duties applicable at the time of signing of
Contract.
1.3.2 Base Contract Price. The Base Contract Price will be considered as
Total Contract Price excluding taxes and duties applicable at the time of signing
of Contract.
1.3.3 Bank Guarantee(s). For the purpose of payment of Advances to

the Bidder and submission of various Bank Guarantees by the Bidder i.e
Advance Payment Bank Guarantee (APBG) and Additional Bank Guarantee
(ABG), as applicable, Base Contract price will be considered. For Performance
cum Warranty Bank Guarantee (PWBG), Total Contract Price including taxes
and duties is to be considered. The prescribed format of the Advance Payment
Bank Guarantee (APBG) is placed at Annexure II to Appendix H.
1.3.4 All Bank Guarantee(s) requirements viz Advance Payment Bank

Guarantee (APBG), Performance-cum-Warrantee Bank Guarantee (PWBG),
Additional Bank Guarantee (ABG), Performance Bank Guarantee (PBG) etc are
to be submitted. Bank Guarantee(s) shall be from any Indian Public or Private
Scheduled Commercial Bank.
1.4 Payment to Indian Bidders. The schedule for payments will be based
on the Buyers requirements, enumerated at succeeding Paragraphs. The
summary of delivery schedule, payments to be made and schedule of
submission/release of Advance Bank guarantee (s), as applicable, is specified at
Annexure II and Annexure V to this Appendix.
1.4.1 Advance Payment. Fifteen (15) % of the Base Contract Price shall
be paid within thirty (30) days of submission of claim and a Bank Guarantee for
the equivalent amount, subject to correction and acceptability of the documents
submitted. The prescribed format of the Advance Payment Bank Guarantee
(APBG) is placed at Annexure II to this Appendix. The Advance Payment Bank
Guarantee (APBG) will deemed to be proportionately and automatically reduced
until full extinction along with and prorate to value of each delivery, as evidenced
3
by corresponding copy of document proving delivery and invoices of

goods/services supplied/provided. The date of delivery would be reckoned from
the date of signing of contract (T0).
1.4.2 On Dispatch. 60% of the Base contract price of Main equipment

alongwith 100 % of Freight, Transit Insurance and reimbursement of 100% taxes
and levies on pro-rata basis shall be paid on proof of dispatch of deliverables to
the consignee and on production of an inspection note issued by the buyer
designated inspection agency. Number and date of the Railway/Road/Air
Transport receipt under which the deliverables charged for in the bill are
dispatched by rail/road/Air and the number and date of letter with which such
receipt is forwarded to the consignee, should be quoted on the bill. The payment
will be made by PCDA/CDA through cheque/Electronic Fund Transfer (EFT) on
submission of following documents: - (Note-The list given below is illustrative.
The documents that may be required, depending upon the peculiarities of the
procurement being undertaken, may be included/ excluded in RFP).
1.4.2.1 Ink-signed copy of Seller’s bill.

1.4.2.2 Ink-signed copy of Commercial invoice.
1.4.2.3 The relevant Transport Receipt.
1.4.2.4 Inspection Acceptance Certificate of Buyer’s QA agency
demonstrating compliance with the technical specifications of the contract.
1.4.2.5 Packing List.
1.4.2.6 Certificate of Origin.
1.4.2.7 Claim for statutory and other levies to be supported with requisite
documents/GST invoice (with QR code, when made applicable)/proof of
payment, as applicable.
1.4.2.8 Exemption certificate for taxes/duties, if applicable.
1.4.2.9 Warranty certificate from the SELLER.
1.4.3 In case of failure of the Seller to deliver the deliverables to the Buyer or
inordinate delay in the said delivery leading to Termination of the Contract in
accordance with Article 22A.1 of SCD, the SELLER will be liable to return
payments received against dispatch.
1.4.4 On Final Acceptance The remaining 25 % of the Base Contract Price of

the main equipment shall be paid on pro-rata basis within thirty (30) days of
submission of the Acceptance Certificate & Certified Receipt Voucher (CRV)
issued by the Buyer and other relevant documents as mentioned above for final
payment, but such payments will be subject to the deductions of such amounts
as the Seller may be liable to pay under the agreed terms of the Contract. The
concerned PCDA/CDA will release the payment through cheque/EFT.
1.4.5 Payment of Deliverables Less Main Equipment. 85% of the cost of

deliverables (including 100% of taxes/ levies) such as MRLS, SMT/STEs (on
Installation, if applicable), Technical Literature and Training Aggregates will be
paid on submission of claim post completion of JRI by Buyer.
4
1.4.6 Part-Dispatch/ Part-Shipment. Part-dispatch or part-shipment of goods

is permitted and corresponding payment will be released to the Seller. However,
where permitted, the minimum quantity for using this facility on each occasion will
not be less than 21. Transhipment is not permitted.
1.4.7 Payment for Training. 85% payment (including 100% taxes/

levies) for training of DGQA, Operators and Maintenance personnel will be done
after completion of training as given in Para 15 of RFP. Vendor will also furnish
training completion certificate from buyer, prior to payment for training.
1.4.8 Payment of Taxes and Duties. Payment of taxes, duties and statutory
levies will be made on submission of requisite documentary proof to Paying
authority. Reimbursement of taxes and duties will be as per rates and amounts
indicated in the commercial bid/contract or as per actuals whichever is lower.
1.4.9 Exchange Rate Variation. Exchange Rate variation shall be

applicable for Rupee contracts with Indian Vendors, based on RFPs issued under
all categories of capital acquisitions mentioned at Para 8 to 12 of Chapter I of
DAP. The indigenous & import components as also the various currencies (of the
import components) for ERV purposes, must be determined in advance. The
guidelines on protection of Exchange Rate Variation are given at Annexure I to
this Appendix. No reimbursement of custom duties is applicable for imported
input materials to the Bidder.
2. Performance-cum-Warranty Bank Guarantee Clause. A Performance-cum-

Warranty Bank Guarantee (PWBG) of Three (03)% (or as applicable during signing of
contract) of value of the Total Contract Price including taxes and duties would be
furnished by the Bidder in the form of a Bank Guarantee to sequentially act as Performance
Bank guarantee till the delivery and as Warranty Bank Guarantee on delivery. The PWBG shall
be submitted by the Bidder within one month of signing of contract and shall be valid for a
period, until three months beyond the warranty period, as specified in the RFP. If at any stage,
the Performance Guarantee is invoked by the Buyer either in full or in part, the Bidder shall
make good the shortfall in PWBG within 30 days by an additional Bank Guarantee for
equivalent amount. In the event of failure to submit the required Bank Guarantee against
invoked Performance Guarantee, equivalent amount will be withheld from the next stage
payment till the shortfall in the Bank Guarantee is made good by the Bidder. The prescribed
format of the Performance-cum-Warranty Bank Guarantee is placed at Annexure III to this
Appendix.
3. Inspection. Pre Dispatch Inspection (PDI) would be at the discretion of the Buyer. In
addition Joint Receipt Inspection (JRI) may also be carried out. If it is PDI, the Bidder should
intimate at least 30 days prior to the day when the equipment is to be offered for PDI to enable
Buyer’s QA personnel to be available for inspection. All the expenses towards PDI will be borne
by the Bidder except transportation and accommodation of Buyer’s PDI team, which will be
deputed at Buyer’ expense. In case of rejection of Goods during PDI, re-PDI will be undertaken
at Bidder’s premises at Buyer’s sole discretion. All expenses including transportation and
accommodation of Buyer’s PDI team will be borne by the Bidder. Towards this, the expenses
towards transportation and accommodation of Buyer’s PDI team will be initially done by the
Buyer and subsequently reimbursed by the Bidder either by remittance or by recovery from the
Balance Payment/PWBG. In the event of a failed PDI, the Bidder shall consult the Buyer for
5
rescheduling re-PDI. In case of JRI, the representative of the Seller may be present for
inspection after the equipment reaches the concerned destination. The Seller would be
informed of the date for JRI. The JRI should be completed within 30 days of intimation from
the bidder.
4. Liquidated Damages (LD). In the event of the Bidder’s failure to submit the
Documents, supply the stores/ goods, perform services, conduct demonstration, installation of
equipment and training as per schedule specified in this contract, the BUYER may, at his
discretion withhold cost of the specific lot/batch or 1% of the Project cost, whichever is higher,
until the completion of the contract. The BUYER may also deduct from the SELLER as agreed,
liquidated damages to the sum of 1.5% per week for every week of delay or part of a week,
subject to the maximum value of the Liquidated Damages being not higher than 15% of the
contract price of delayed stores/ services (Any extension given by the Buyer for delay
attributable to Buyer or Force Majeure Clause to be factored in delivery period).
5. Denial Clause. In case the delay in delivery is attributable to the Seller or a non-
force majeure event, the Buyer may protect himself against extra expenditure during the
extended period by stipulating a denial clause (over and above levy of LD) in the letter informing
the Seller of extension of the delivery period. In the denial clause, any increase in statutory
duties and/or upward rise in prices due to the Price Variation Clause (PVC) and/or any adverse
fluctuation in foreign exchange are to be borne by the Seller during the extended delivery
period, while the Buyer reserves his right to get any benefit of downward revisions in statutory
duties, PVC and foreign exchange rate. Thus, PVC, other variations and foreign exchange
clauses operate only during the original delivery period. The format for extension of delivery
period/performance notice under the Denial clause is at Annexure IV to this Appendix.
6
Annexure I to Appendix H
(Refers to Para 1.4.9 of Appendix H)
GUIDELINES OF PROTECTION OF EXCHANGE RATE VARIATION IN CONTRACTS
1. Parameters to be kept in view while formulation ERV Clause.
(a) In contracts with Indian Vendors in all categories of capital acquisitions where
there is an import content, ERV clause will be provided. However, ERV clause shall not
be applicable to contracts in following conditions:-
(i) The delivery period is less than one year; or
(ii) The rate of exchange variation is within the band of +/- 2.5%.
(b) ERV clause will be framed according to the specific requirements of the contract.
While calling for information at the RFP stage/formulation of ERV clauses in the
contracts, the following factors are to be taken into consideration depending upon the
requirements of the individual contracts:-
(i) Year wise and major currency wise import break up is to be indicated.
(ii) Detailed time schedule for procurement of imported material/Services and

their value at the FE rates adopted for the contract is to be furnished by the vendor
as per the format given below:-
YEAR TOTAL FE CONTENT-OUT FLOW (equivalent in rupees ₹ in crore)

COST OF
IMPORTED
MATERIAL/
SERVICES
(In rupees)
DOLLAR EURO POUNDS OTHER
DENOMINATED DENOMINATE DENOMINATED CURRENCIES
D DENOMINATE
D (as
applicable)
(iii) ERV clause will not be applicable in case delivery periods for imported
content are subsequently to be refixed/extended unless the reasons for delivery
period extension are attributable to the buyer.
(iv) For purposes of ensuring uniformity, the Base Exchange Rate on the ERV
reckoning date will be adopted for each of the major foreign currencies. The Base
Exchange Rate will be the BC Selling Rate of the Parliament Street Branch of
State Bank of India, New Delhi. The ERV reckoning date will be the last date of
submission of commercial bids as per RFP. In cases where Option Clause is
7
exercised, the date of reckoning of ERV will be the last date of submission of bids
for the RFP of the Original Procurement Case.
(v) ERV clause in the contract is to clearly indicate that ERV is payable/
refundable depending upon exchange rate as prevalent on the date of transaction
with reference to Base Exchange Rate on the ERV reckoning date.
(vi) Other issues which are peculiar to the contract.
2. Methodology For Claiming ERV
“The prices finalised in the contract are based on the base exchange rates indicated in the
contract. The year-wise amount of foreign exchange component of the imported items as
indicated in the contract shall be adjusted for the impact of exchange Rate Variation of the
Rupee based on the exchange rate prevailing on the date of each transaction, as notified by
the SBI, Parliament Street Branch, New Delhi. The impact of notified Exchange Rate Variation
shall be computed on an yearly basis for the outflow as tabulated in Annexure….. (The table
at Para 1(b) (ii) is to be an Annexure to the contract) and shall be paid/refunded before the end
of the financial year based on the certification of Finance Head of the concerned Division…..”.
3. Paying authority is to undertake a pre-audit of the documents before payment.
4. Documentation for Claiming ERV. The following documents would need to be submitted
in support of the claim on account of ERV:-
(a) A bill of ERV claim enclosing worksheet.
(b) Banker’s Certificate/debit advice detailing Foreign Exchange paid and Exchange
rate as on date of transaction.
(c) Copies of import orders placed on the suppliers.
(d) Invoice of supplier for the relevant import orders.

8
Annexure II to Appendix H
(Refers to Para 1.3.3, 1.4 and 1.4.1
of Appendix H)
BANK GUARANTEE FORMAT FOR ADVANCE
To
The ___________________
Ministry of _______________
Government of India
________________ (complete postal address of the beneficiary)
1. “Whereas President of India represented by the _____________Ministry of __________

Government of India (hereinafter referred to as BUYER) have entered into a Contract No.
__________ (No. of Contract), dated _________ (Date of Contract) with M/s _____________
(Name of SELLER) (referred to as SELLER) and whereas according to the said Contract the
BUYER has undertaken to make an advance payment of Rs/ US $/Euro/PS £/Yen/AUD/SGD
________________ being payment
of ___________% of the total value of Rs/ US $/Euro/PS £/Yen/AUD/SGD
_____________________ of the said Contract, against issuance of an advance guarantee by
a bank.”
2. We _______________________________________________ (indicate the name of

the bank) do hereby undertake to pay the amounts due and payable under this guarantee
without any demur, merely on a demand from the BUYER intimating that the SELLER is in
breach of the Contractual obligations stipulated in the said Contract. Any such demand made
on the bank shall be conclusive as regards the amount due and payable by the Bank under
this guarantee. However, our total liability under this guarantee shall be restricted to an amount
not exceeding Rs/ US $/Euro/PS £/Yen/AUD/SGD _______________.
3. We undertake to pay to the BUYER any money so demanded notwithstanding any

dispute or disputes raised by the SELLER in any suit or proceedings pending before any Court
or Tribunal relating thereto our liability under this present being absolute and unequivocal. The
payment so made by us under this bond shall be valid discharge of our liability for payment
there under and the SELLER shall have no claim against us for making such payment.
4. We, further agree that the guarantee herein contained shall remain in full force and
effect during the period that would be taken for the performance of the said Contract and that
it shall continue to be enforceable till all the dues of the BUYER under or by virtue of the said
Contract have been fully paid and its claims satisfied or discharged or till
___________________________ office / Department / Ministry of
_______________________ certifies that the terms and conditions of the said Contract have
been fully and properly carried out by the said SELLER and accordingly discharges this
guarantee.
5. We, further agree with the BUYER that the BUYER shall have the fullest liberty without
our consent and without affecting in any manner our obligations hereunder to vary any of the
terms and conditions of the said Contract or to extend time of performance by the said SELLER
from time to time or to postpone for any time or from time to time any of the powers exercisable
9
by the BUYER against the said SELLER and to forbear or enforce any of the terms and
conditions relating to the said Contract and we shall not be relieved from our liability by reason
of any such variation, Amendment issued vide MoD ID No. 4(50)/D(Acq)/08 dated 20.06.2016
or extension being granted to the said SELLER or for any forbearance, act or omission on the
part of the BUYER or indulgence by the BUYER to the said SELLER or by any such matter or
thing whatsoever which under law relating to sureties would, but for this provision, have effect
of so relieving us.
6. The amount of this guarantee will be progressively reduced by (percentage of advance)

_____________ of total value of each part shipment/services against the stage payment
released by the BUYER for that shipment/services made by the SELLER and presentation to
us of the payment documents.
7. This guarantee will not be discharged due to the change in the constitution of the bank
or the BUYER/SELLER.
8. We, undertake not to revoke this guarantee during the currency except with the previous
consent of the BUYER in writing.
9. Notwithstanding anything contained herein above:-
(a) Our liability under this Guarantee shall not exceed Rs/ US $/Euro/PS
£/Yen/AUD/SGD _____________ (in words)___________________________
(b) This Bank Guarantee shall remain valid until _________________ (hereinafter
the expiry date of this guarantee) the Bank Guarantee will cease to be valid after
____________ irrespective whether the Original Guarantee is returned to us or not.
(c) We are liable to pay guaranteed amount or any part thereof under this Bank
Guarantee only and only if you serve upon us a written demand or a claim in writing on
or before ______________(Expiry Date).
Dated the ________day of ________ (month and year)
Place :
Signed and delivered by ____________ (Name of the bank)
Through its authorised signatory
(Signature with seal)

10
Annexure III to Appendix H

(Refers to Para 2 of Appendix H)
BANK GUARANTEE FORMAT FOR PERFORMANCE-CUM-WARRANTY
To
The ___________________
Ministry of _______________
Government of India
Dear Sir,
1. Whereas President of India represented by the _____________ Ministry of

____________, Government of India (hereinafter referred to as BUYER) have entered into a
Contract No. __________________________dated _______________ (hereinafter referred to
as the said Contract) with M/s. _______________________ (hereinafter referred to as the
SELLER) for supply of goods as per Contract to the said BUYER and whereas the SELLER
has undertaken to produce a bank guarantee amounting to Rs/ US $/Euro/PS £/Yen/AUD/SGD
___________________ which is 3% %(or as applicable during signing of contract) of the
Total Contract Price (including taxes and duties) to cover 3%% (or as applicable during
signing of contract) of Total Contract Price (including taxes and duties) each for Performance
and Warranty in sequence, to secure its obligations towards Performance-cum-Warranty to the
BUYERs.
2. We, the _______________ bank hereby expressly, irrevocably and unreservedly

undertake the guarantee as principal obligors on behalf the SELLER that, in the event that the
BUYER declares to us that the amount claimed is due by way of loss or damage caused to or
would be caused or suffered by the BUYER by reason of breach/failure to perform by the said
SELLER of any of the terms and conditions in the Contract related to Performance and
Warranty clauses, we will pay you, on demand and without demur, all and any sum up to {3%
(or as applicable during signing of contract) of Total Contract Price (including taxes and
duties)} _____________________________ Rupees/ US $/Euro/PS £/Yen/AUD/SGD only at
any instance under this Guarantee. Your written demand shall be conclusive evidence to us
that such repayment is due under the terms of the said Contract. We shall not be entitled to
ask you to establish your claim or claims under this guarantee but will pay the same forthwith
without any protest or demur. We undertake to effect payment upon receipt of such written
demand.
3. We shall not be discharged or released from the undertaking and guarantee by any
arrangements, variations made between you and the SELLER, indulgence to the SELLER by
you, or by any alterations in the obligations of the SELLER or by any forbearance whether as
to payment, time performance or otherwise.
4. We further agree that any such demand made by the BUYER on the Bank shall be
conclusive, binding, absolute and unequivocal notwithstanding any difference or dispute or
controversy that may exist or arise between you and the SELLER or any other person.
5. In no case shall the amount of this guarantee be increased.

11
6. This Performance-cum-Warranty guarantee shall remain valid for a period until three
months beyond the warranty period as specified in the Contract i.e. up to __________.
7. Subject to the terms of this Bank Guarantee, the issuing bank hereby irrevocably
authorizes the beneficiary to draw the amount of up to Rs/ US $/Euro/PS £/Yen/AUD/SGD
_________ {3%% (or as applicable during signing of contract) of Total Contract Price
(including taxes and duties)} for breach/failure to perform by the SELLER of any of the terms
and conditions of the Contract related to performance and warranty clause. Partial drawings
and multiple drawings under this Bank Guarantee are allowed within the above stated
cumulative amount subject to each such drawing not exceeding 3% %(or as applicable during
signing of contract) of the Total Contract Price (including taxes and duties) (Rs/ US $/Euro/PS
£/Yen/AUD/SGD _______ only) (Mention BG amount).
8. This guarantee shall be continuing guarantee and shall not be discharged by any
change in the constitution of the Bank or in the constitution of M/s ____________. We
undertake not to revoke this guarantee during the currency except with previous consent of
BUYER in writing.
9. Notwithstanding anything contained herein above:
£/Yen/AUD/SGD _________ (Rupees ___________ only (in words).
(b) This Bank Guarantee shall remain valid until 3 months from the date of expiry of
warranty period of the Contract, i.e up to ________ (mention the date) which is 3 months
after expiry of the warranty period and the BG shall cease to be valid after
_______________ irrespective whether the Original Guarantee is returned to us or not.
or before ______________ (Expiry Date).
Dated the ____________ day of ___________ (month and year)
Place :
Signed and delivered by __________ (name of the bank)

Annexure IV to Appendix H
12
FORMAT FOR EXTENSION OF DELIVERY PERIOD/PERFORMANCE NOTICE
Name of the Procuring Entity........................................................................
Extension of Delivery Period/Performance Notice
To
M/s (name and address of firm)
Sub: Contract No.................... dated...........for the supply of...................
Ref: Your letter no. .............................................. dated: ........................
Dear Sir,
1. You have failed to deliver {the (fill in qty.) of Stores/the entire quantity of Stores} within
the contract delivery period [as last extended up to] (fill in date). In your letter under reply you
have asked for [further] extension of time for delivery. In view of the circumstances stated in
your said letter, the time for delivery is extended from (fill in date) to (fill in date).
2. Please note that notwithstanding the grant of this extension in terms of Clause (fill in
clause number) of the subject contract an amount equivalent to ........................ % (...............
per cent) of the delivered price of the delayed goods for each week of delay or part thereof
(subject to the ceiling as provided in the aforesaid clause) beyond the original contract delivery
date/the last unconditionally re-fixed delivery date (as & if applicable), viz., (fill in date) will be
recovered from you as liquidated damages. You may now tender the Stores for inspection
[balance of the Stores] in terms of this letter. Stores if any already tendered by you for
inspection but not inspected will be now inspected accordingly.
3. You are also required to extend the validity period of the performance guarantee for the
subject contract from (fill in present validity date) to (fill in required extended date) within15
(fifteen) days of issue of this amendment letter.
4. The above extension of delivery date will also be subject to the following Denial Clause:-
(a) That no increases in price on account of any statutory increase in or fresh

Imposition of customs duty, GST or on account of any other taxes/duty, including custom
duty), leviable in respect of the Stores specified in the said contract which takes place
after (insert the original delivery date) shall be admissible on such of the said Stores, as
are delivered after the said date; and,
(b) That notwithstanding any stipulation in the contract for increase in price on any
other ground including foreign exchange rate variation, no such increase which takes
place after (insert the reckoning date as per DAP 2020) shall be admissible on such of
the said Stores as are delivered after the said date.
(c) But nevertheless, the Buyer shall be entitled to the benefit of any decrease in
price on account of reduction in or remission of customs duty, GST or on account of any
other Tax or duty or on any other ground as stipulated in the price variation clause or
foreign exchange rate variation which takes place after (insert the original delivery date).
13
5. All other terms and conditions of the contract remain unaltered. This is without any
prejudice to Buyer’s rights under the terms and conditions of the subject contract.
6. Please intimate your unconditional acceptance of this amendment letter within 10 (ten)
days of the issue of this letter failing which the contract will be cancelled at your risk and
expense without any further reference to you.
Yours faithfully,
(Authorised Officer)
Duly authorised,
for and on behalf of
The President of India
Note: Select one option within { } brackets; delete portion within [ ] brackets, if not applicable;
fill in ( ) brackets. Brackets and this note are not to be typed.
Substitute following first para instead of first para in format above, for issuing a performance
notice.
1. You have failed to deliver {the (fill in qty.) of Stores/the entire quantity of Stores} within the
contract delivery period [as last extended up to] (fill in date). In spite of the fact that the time of
delivery of the goods stipulated in the contract is deemed to be of the essence of the contract,
it appears that (fill in the outstanding quantity) are still outstanding even though the date of
delivery has expired. Although not bound to do so, the time for delivery is extended from (fill in
date) to (fill in date) and you are requested to note that in the event of your failure to deliver the
goods within the delivery period as hereby extended, the contract shall be cancelled for the
outstanding goods at your risk and cost.
14
Annexure V to Appendix H
(Refers to Para 9 of RFP and Para
1.4 of Appendix H)
DELIVERY SCHEDULE AND STAGES OF PAYMENT
1. The broad guidelines for payments terms are appended in subsequent Paras.
2. For Delivery in a Single Lot of Quantity - 80
Sl Activity Qua- Delivery Scheme for Scheme for Remarks

ntity Timelines Payment submission and
(T0 + Return of
Months) Advance
Payment Bank
Guarantees
(a) Signing of To Fifteen (15) % APBG of T0 is the
contract of the Base equivalent date of
Contract Price amount to be signing of
submitted contract
Payment of
advance
within thirty
(30) days
of
submission
of claim.
Refer Para
1.4.1 of
Appendix
H.
(b) On Dispatch of Main Equipment alongwith associated accessories
(i) On Dispatch 80 T0 to T0 + 12 60% of the

of main months base contract
equipment/ price of main
system equipment,
(Min Batch - 100% FIT a n d
21) re-
imbursement of
100 % of taxes
and levies of
the main
equipment
despatched on
pro-rata basis
(c) On Acceptance
15
(i) On Delivery 80 T0 to T0 + 12 25% of the APBG is to be

of main months base contract returned on
equipment/ price of main delivery of all
system equipment on equipment.
(Min Batch - pro-rata basis
21)
APBG pertaining
to documentation
and training can
be returned on full
delivery/
completion.
(d) Delivery of - The entire 85% of the cost MRLS
MRLS quantity to be of MRLS, delivered
delivered six 100% FTI with each
months (including lot should
before the 100% taxes/ consist of
expiry of levies) the entire
warranty of range and
last lot of depth of
delivered spares.
main
equipment
(as per Para
2 (c) above)
(e) Delivery of - The entire 85% of the cost
SMT/STE quantity to of SMT/ STE,
be delivered 100% FTI
along with (including
the first lot of 100% taxes/
main levies) (on
equipment Installation, if
(as per Para applicable)
2 (c) above)
(f) Delivery of - The entire 85% of the cost

documentatio quantity to be of
n/ training delivered documentation/
literature along with the training
first lot of literature,
main 100% FTI
equipment (including
(as per Para 100% taxes/
2 (c) above) levies)
(g) Delivery of - The entire 85% of the cost
training quantity to be of training
aggregates delivered aggregates
along with the (including
first lot of 100% taxes/
main levies)
16
equipment
(as per Para
2 (c) above)
(h) Training - Completion of 85% of the cost

Training (as of Training
per Para 15 (including
of RFP) 100% taxes/
levies) on
successful
completion of
training.
17
Appendix J
(Refers to Para 45 and 55 (b) of
RFP)
EVALUATION CRITERIA AND PRICE BID FORMAT
1. Evaluation Criteria. The guidelines for evaluation of Bids will be as follows:-
1.1. Only those Bids will be evaluated, which are found to be fulfilling all the eligibility
and qualifying requirements of the RFP, both technically (Including Demonstration/
Evaluation) and commercially. The bidder, whose price is arrived as lowest as per
Evaluation criteria given in this Appendix, will be declared as L-1 bidder by Buyer.
1.2 Custom duty on input materials shall not be loaded by the Indian Bidders in their
price bids, if they are exempted under the existing Notifications. In such cases,
necessary Custom Duty Exemption Certificate (CDEC) shall be issued by the Buyer. In
cases where Custom Duty is not exempted, Basic Custom Duty on input material is to
be included in the cost of Basic Equipment, Installation/ commissioning/ Integration,
MRLS, SMT, STE , ESP and any other item listed at Column (ii) of Para 2 below.
1.3 If there is a discrepancy between the unit price and the total price that is obtained
by multiplying the unit price and quantity, the unit price will prevail and the total price will
be corrected based on indicative rates of taxes and duties at columns (vi) and (vii) of
Para 2 below. If there is a discrepancy between words and figures, the amount in words
will prevail for calculation of price.
2. Price Bid Format. The Price Bid Format is given below and Bidders are required to fill
this correctly with full details. No column of the Bid format has to be left blank. The clubbing of
serials/sub serials to indicate a consolidated cost is not acceptable. Columns of 'quantity', ‘unit
cost’, ‘total cost (including all taxes and duties)', ‘GST/IGST (%) and Custom Duty (%) are to
be filled up with ‘0’, ‘positive numerical values’ or ‘Not Applicable’ at every row as applicable. If
any column is not applicable and intentionally left blank, the reason for the same has to be
clearly indicated in the remarks column.
Ser Items Qty Unit Total Indicative Rate of Total Cost Remarks
Cost Cost Taxes & Duties (including
used to arrive at all taxes &
(iii) x Total Cost (as duties)
(iv) applicable) (v) + (vi)
+(vii)
GST/ Custom
IGST Duty (%)
(%)
(i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix)
A. Cost of Mini 80
Remotely Piloted
Aircraft (RPA)
System
comprising of
following items:-
A1 Cost of AV 160
18
+(vii)
GST/ Custom
IGST Duty (%)
(%)
A2 Cost of MPGCS 160
A3 Cost of RVT 160
A4 Cost of Day colour 160
video camera
A5 Cost of 160
Monochromatic
night thermal
sensor
A6 Cost of training 160
payload
A7 Cost of ADR 80
A8 Cost of COTS 80
generator of 1
KVA
B. Cost of
Manufacturer’s
Recommended List
of Spares as per the
format given at
Annexure I to
Appendix E. In case
equipment is already
in usage, the spare
parts requirement
must be specific
rather than being
based on MRLS.
C. Cost of Special
Maintenance Tools
and Special Test
Equipment as per
format given at
Annexure II to
Appendix E.
D. Cost of Operator’s
Manual and
Technical Literature
(in English
Language) including
Illustrated Spare
Parts List as per
Annexure III to
Appendix E.
E. Cost of Training
Aids such as
simulators, cut out
models, films, charts
etc as recommended
by the supplier as per
19
+(vii)
GST/ Custom
IGST Duty (%)
(%)
Annexure IV to
Appendix E.
F. Cost of
recommended period
of Training excluding
the cost of travel and
boarding and lodging.
This should be given
as per Annexure IV
to Appendix E.
G. Any other cost (to

be specified).
H. Freight and Transit
Insurance Cost
(where applicable).
J. Total Cost (Total of # # This will
Serial A to H) be used
in
determini
ng L1
vendor
(duly
applying
provisions
of Para 1
above).
Total Cost as per

serial J (in words)
K. Foreign Exchange This will
component of the be with
proposal. (for Indian reference
Vendors only) to Para
1.2 of
Appendix
H.
L. CDEC (if
applicable), its
authority and amount
for which required.
Note: Taxes and Duties. All Indirect Taxes and Duties will be paid at actuals or as indicated
in the Commercial bid by the Bidder, whichever is lower. In case of any change in the tax
structure/rates by BUYER’s Government, only incremental/decremented change will be paid.
20
Appendix K
STANDARD CONDITIONS OF RFP
LAW
1. The present Contract shall be considered and made in accordance to the laws of
Republic of India.
ARBITRATION
(For Indian Private Vendors)
2.1 All disputes or differences arising out of or in connection with the present Contract,
including the one connected with the validity of the present Contract or any part thereof, shall
be settled by bilateral discussions.
2.2 Any dispute, disagreement of question arising out of or relating to this Contract or
relating to construction or performance (except as to any matter the decision or
determination whereof is provided for by these conditions), which cannot be settled amicably,
shall within sixty (60) days or such longer period as may be mutually agreed upon, from the
date on which either party informs the other in writing by a notice that such dispute,
disagreement or question exists, will be referred to the Arbitration Tribunal consisting of three
arbitrators.
2.3 Within sixty (60) days of the receipt of the said Notice, one arbitrator shall be
nominated in writing by SELLER and one arbitrator shall be nominated by BUYER.
2.4 The third arbitrator, shall be nominated by the parties within ninety (90) days of the
receipt of the notice mentioned above, failing which the third arbitrator may be nominated
under the provision of Indian Arbitration and Conciliation Act, 1996 (as amended from time to
time) or by dispute resolution institutions like Indian Council of Arbitration or ICADR, at the
request of either party, but the said nomination would be after consultation with both the parties.
The arbitrator nominated under this Clause shall not be regarded nor act as an umpire.
2.5 The Arbitration Tribunal shall have its seat in New Delhi or such other place in India as
may be decided by the arbitrator.
2.6 The Arbitration Proceedings shall be conducted in India under the Indian Arbitration and
Conciliation Act, 1996 (as amended from time to time) and the award of such Arbitration
Tribunal shall be enforceable in Indian Courts only.
2.7 The decision of the majority of the arbitrators shall be final and binding on the parties
to this contract.
2.8 Each party shall bear its own cost of preparing and presenting its case. The cost of
arbitration including the fees and expenses of the third arbitrator shall be shared equally by the
SELLER and the BUYER.
21
2.9 In the event of a vacancy caused in the office of the arbitrators, the party which
nominated such arbitrator, shall be entitled to nominate another in his place and the arbitration
proceedings shall continue from the stage they were left by the retiring arbitrator.
2.10 In the event of one of the parties failing to nominate its arbitrator within sixty (60)
days as above or if any of the parties does not nominate another arbitrator within sixty (60)
days of the place of arbitrator falling vacant, then the other party shall be entitled after due
notice of at least thirty (30) days to request dispute resolution institutions in India like Indian
Council of Arbitration and ICADR to nominate another arbitrator as above.
2.11 If the place of the third arbitrator falls vacant, his substitute shall be nominated according
to the provisions herein above stipulated.
2.12 The parties shall continue to perform their respective obligations under this contract
during the pendency of the arbitration proceedings except in so far as such obligations are the
subject matter of the said arbitration proceedings.
ARBITRATION
(For Central & State PSEs)
3. In the event of any dispute or difference relating to the interpretation and application
of the provisions of the contracts, such dispute or difference shall be referred by either party
for Arbitration to the sole Arbitrator in the Department of Public Enterprises to be nominated
by the Secretary to the Government of India in-charge of the Department of Public Enterprises.
The Arbitration and Conciliation Act, 1996 (as amended from time to time) shall not be
applicable to arbitration under this clause. The award of the Arbitrator shall be binding upon the
parties to the dispute, provided, however, any party aggrieved by such award may make a
further reference for setting aside or revision of the award to the Law Secretary, Department of
Legal Affairs, Ministry of Law &Justice, Government of India. Upon such reference the dispute
shall be decided by the Law Secretary or the Special Secretary/Additional Secretary, when so
authorised by the Law Secretary, whose decision shall bind the Parties finally and
conclusively. The Parties to the dispute will share equally the cost of arbitration as intimated
by the Arbitrator.
ARBITRATION
(For Defence PSUs)
4. In the event of any dispute or difference relating to the interpretation and application
of the provisions of the contracts, such dispute or difference shall be referred by either party to
the Arbitrator(s) appointed by Defence Secretary. The award of the Arbitrator(s) shall be binding
upon the parties to the dispute.
FORCE MAJEURE
4.1 Should any force majeure circumstances arise, each of the contracting party shall be
excused for the non-fulfilment or for the delayed fulfilment of any of its contractual obligations,
if the affected party within (30 days) of its occurrence informs in a written form the other party.
4.2 Force majeure shall mean fires, floods, natural disasters or other acts such as war,
22
turmoil, strikes, sabotage, explosions, beyond the control of either party.
4.3 Provided the acts of The Government or any state parties of the seller which may affect
the discharge of the Seller’s obligation under the contract shall not be treated as Force Majeure.
PENALTY FOR USE OF UNDUE INFLUENCE
5.1 The Seller undertakes that he has not given, offered or promised to give, directly or
indirectly any gift, consideration, reward, commission, fees brokerage or inducement to any
person in service of the Buyer or otherwise in procuring the Contracts or forbearing to do or for
having done or for borne to do any act in relation to the obtaining or execution of the Contract
or any other Contract with the Government for showing or forbearing to show favour or
disfavour to any person in relation to the Contract or any other Contract with the Government.
Any breach of the aforesaid undertaking by the seller or any one employed by him or acting
on his behalf (whether with or without the knowledge of the seller) or the commission of any
offence by the seller or anyone employed by him or acting on his behalf, as defined in Chapter
IX of the Indian Penal Code, 1860 or the Prevention of Corruption Act, 1988 or any other Act
enacted for the prevention of corruption shall entitle the Buyer to cancel the contract and all
or any other contracts with the seller and recover from the seller the amount of any loss arising
from such cancellation. A decision of the buyer or his nominee to the effect that a breach of the
undertaking had been committed shall be final and binding on the Seller.
5.2 Giving or offering of any gift, bribe or inducement or any attempt at any such act on
behalf of the seller towards any officer/employee of the buyer or to any other person in a
position to influence any officer/employee of the Buyer for showing any favour in relation to this
or any other contract, shall render the Seller to such liability/penalty as the Buyer may deem
proper, including but not limited to termination of the contract, imposition of penal damages,
forfeiture of the Bank Guarantee and refund of the amounts paid by the Buyer.
23
INTEGRITY PACT
6.1 Further signing of an ‘Integrity Pact’ would be considered between government

department and the bidder for schemes exceeding ₹ 20 Crores. The Integrity Pact is a binding
agreement between the agency and bidders for specific contracts in which the agency
promises that it will not accept bribes during the procurement process and bidders promise
that they will not offer bribes. Under the IP, the bidders for specific services or contracts agree
with the procurement agency or office to carry out the procurement in a specified manner. The
essential elements of the IP are as follows:-
(a) A pact (contract) between the Government of India (Ministry of Defence) (the
authority or the "principal") and those companies submitting a tender for this specific
activity (the "bidders");
(b) An undertaking by the principal that its officials will not demand or accept any
bribes, gifts, etc., with appropriate disciplinary or criminal sanctions in case of violation;
(c) A statement by each bidder that it has not paid and will not pay, any bribes;
(d) An undertaking by each bidder that he shall not pay any amount as gift, reward,
fees, commission or consideration to such person, party, firm or institution (including
Agents and other as well as family members, etc., of officials), directly or indirectly, in
connection with the contract in question. All payments made to the Agent 12 months
prior to tender submission would be disclosed at the time of tender submission and
thereafter an annual report of payments would be submitted during the procurement
process or upon demand of the MoD.
(e) The explicit acceptance by each bidder that the no-bribery commitment and the
disclosure obligation as well as the attendant sanctions remain in force for the winning
bidder until the contract has been fully executed;
(f) Undertakings on behalf of a bidding company will be made "in the name and on
behalf of the company’s chief executive officer";
(g) The following set of sanctions shall be enforced for any violation by a bidder of
its commitments or undertakings:
(i) Denial or loss of contract;
(ii) Forfeiture of the EMD (pre-contract) and Guarantee for Performance-

cum-Warranty Bond (after signing of contract).
(iii) Payment to the Buyer of any such amount paid as gift, reward, fees or
consideration along with interest at the rate of 2% per annum above LIBOR rate.
(iv) Refund of all sums already paid by the Buyer along with interest at the rate
of 2% per annum above LIBOR rate.
(v) Recovery of such amount, referred to in (iii) and (iv) above, from other
contracts of the Seller with the Government of India.
24
(vi) At the discretion of the Buyer, the Seller shall be liable for action as per
extant policy on Putting on Hold, Suspension and Debarment of Entities.
(h) Bidders are also advised to have a company code of conduct (clearly rejecting
the use of bribes and other unethical behaviour) and a compliance program for the
implementation of the code of conduct throughout the company.
(j) The draft Pre-Contract Integrity Pact is attached as Annexure I to this

Appendix. The vendors are required to sign them and submit separately along with the
technical and commercial offers.
6.2 In respect of bids from DPSUs, the concerned DPSU shall enter in to a Pre-Contract
Integrity Pact, on the same lines with their sub-vendors individually, in case the estimated value
of each sub-contract(s) exceed ₹ 20 Crore and such subcontract(s) are required to be entered
in to by the DPSU with a view to enable DPSU to discharge the obligations arising out of their
bid in question in response to this RFP.
AGENTS
7. The Seller confirms and declares to the Buyer that the Seller is the original manufacturer
of the stores referred to in this contract. The Seller confirms that he has not engaged any
person, party, firm or institution as an Agent including his Agents already intimated to MoD; to,
influence, manipulate or in any way to recommend to any functionaries of the Government of
India, whether officially or unofficially, to the award of the contract to the Seller, or to indulge in
corrupt and unethical practices. The Seller has neither paid, promised nor has the intention to
pay to any person, party, firm or institution in respect of any such intervention or manipulation.
The Seller agrees that if it is established at any time to the satisfaction of the buyer that the
present declaration is in any way incorrect or if at a later stage it is discovered by the Buyer
that Seller has engaged any such person, party, firm or institution and paid, promised or has
intention to pay any amount, gift, reward, fees, commission or consideration to such person,
party, firm or institution, whether before or after the signing of this contract, the Seller will be
liable for any or all of the following actions:-
(a) To pay to the Buyer any such amount paid as gift, reward, fees or consideration
along with interest at the rate of 2% per annum above LIBOR rate.
(b) The Buyer will also have a right to put on hold or cancel the Contract either wholly
or in part, without any entitlement or compensation to the Seller who shall in such event
be liable to refund all payments made by the Buyer in terms of the Contract along with
interest at the rate of 2% per annum above LIBOR rate
(c) The Buyer will also have the right to recover any such amount referred in (a) and
(b) above from other contracts of the Seller with the Government of India.
(d) At the discretion of the Buyer, the Seller shall be liable for action as per extant
policy on Putting on Hold, Suspension and Debarment of Entities
8. In case it is found to the satisfaction of the BUYER that the SELLER has engaged an
Agent, or paid commission or influenced any person to obtain the contract as described in
clauses relating to Agents and clauses relating to Penalty for Use of Undue Influence, the
SELLER, on demand of the BUYER shall provide necessary information/inspection of the
25
relevant financial documents/ information, including a copy of the contract(s) and details of
payment terms between the vendors and Agents engaged by him.
26
Annexure I to Appendix K
(Refers to Para 19 of RFP and 7.1
(j) of Appendix K)
PRE-CONTRACT INTEGRITY PACT
General
1. Whereas the PRESIDENT OF INDIA, represented by Joint Secretary & Acquisition

Manager (Army/Air Force/Maritime & Systems)/Major General & equivalent, Service
Headquarters./Coast Guard, Ministry of Defence, Government of India, hereinafter referred to
as the Buyer and the first party, proposes to procure Mini Remotely Piloted Aircraft (RPA)
System with Control and Communication equipment, hereinafter referred to as Defence Stores
and M/s ___ ____________________________ represented
by,_______________________________ Chief Executive Officer (which term, unless
expressly indicated by the contract, shall be deemed to include its successors and its
assignees), hereinafter referred to as the Bidder/Seller and the second party, is willing to
offer/has offered the Defence stores.
2. Whereas the Bidder is a private company/public company/partnership/registered export

agency, constituted in accordance with the relevant law in the matter and the Buyer is a
Ministry of the Government of India performing its functions on behalf of the President of India.
Objectives
3. Now, therefore, the Buyer and the Bidder agree to enter into this pre-contract
agreement, hereinafter referred to as Integrity Pact, to avoid all forms of corruption by following
a system that is fair, transparent and free from any influence/unprejudiced dealings prior to,
during and subsequent to the currency of the contract to be entered into with a view to:
3.1 Enabling the Buyer to obtain the desired defence stores at a competitive price in
conformity with the defined specifications of the Services by avoiding the high cost and
the distortionary impact of corruption on public procurement
3.2 Enabling Bidders to abstain from bribing or any corrupt practice in order to secure
the contract by providing assurance to them that their competitors will also refrain from
bribing and other corrupt practices and the Buyer will commit to prevent corruption, in
any form, by their officials by following transparent procedures.
Commitments of the Buyer
4. The Buyer commits itself to the following:-
4.1 The Buyer undertakes that, no official of the Buyer, connected directly or indirectly
with the contract will demand, take a promise for or accept, directly or through
intermediaries, any bribe, consideration, gift, reward, favour or any material or
immaterial benefit or any other advantage from the Bidder, either for themselves or for
any person, organisation or third party related to the contract in exchange for an
advantage in the bidding process, bid evaluation, contracting or implementation process
27
related to the Contract.
4.2 The Buyer will, during the pre-contract stage, treat all Bidders alike and will provide
to all Bidders the same information and will not provide any such information to any
particular Bidder which could afford an advantage to that particular Bidder in comparison
to other Bidders.
4.3 All the officials of the Buyer will report to the appropriate Government office any
attempted or completed breaches of the above commitments as well as any substantial
suspicion of such a breach.
5. In case of any such preceding misconduct on the part of such official(s) is reported by
the Bidder to the Buyer with full and verifiable facts and the same is prima facie found to be
correct by the Buyer, necessary disciplinary proceedings, or any other action as deemed fit,
including criminal proceedings may be initiated by the Buyer and such a person shall be
debarred from further dealings related to the contract process. In such a case while an enquiry
is being conducted by the Buyer the proceedings under the contract would not be stalled.
Commitments of Bidders
6. The Bidder commits himself to take all measures necessary to prevent corrupt practices,
unfair means and illegal activities during any stage of his bid or during any pre-contract or post-
contract stage in order to secure the contract or in furtherance to secure it and in particular
commits himself to the following:
6.1 The Bidder will not to offer, directly or through intermediaries, any bribe, gift,
consideration, reward, favour, any material or immaterial benefit or other advantage,
commission, fees, brokerage or inducement to any official of the Buyer, connected
directly or indirectly with the bidding process, or to any person, organisation or third party
related to the contract in exchange for any advantage in the bidding, evaluation,
contracting and implementation of the Contract.
6.2 The Bidder further undertakes that he has not given, offered or promised to give,
directly or indirectly any bribe, gift, consideration, reward, favour, any material or
immaterial benefit or other advantage, commission, fees, brokerage or inducement to
any official of the Buyer or otherwise in procuring the Contract or forbearing to do or
having done any act in relation to the obtaining or execution of the Contract or any other
Contract with the Government for showing or forbearing to show favour or disfavour to
any person in relation to the Contract or any other Contract with the Government.
6.3 The Bidder will not collude with other parties interested in the contract to
impair the transparency, fairness and progress of the bidding process, bid evaluation,
contracting and implementation of the contract.
6.4 The Bidder will not accept any advantage in exchange for any corrupt practice,
unfair means and illegal activities.
6.5 The Bidder further confirms and declares to the Buyer that the Bidder is the
original manufacturer/integrator/authorised government sponsored export entity of the
Defence stores and has not engaged any individual or firm or company whether Indian
28
or foreign to intercede, facilitate or in any way to recommend to the Buyer or any of its
functionaries, whether officially or unofficially to the award of the contract to the Bidder,
nor has any amount been paid, promised or intended to be paid to any such individual,
firm or company or Agent in respect of any such intercession, facilitation or
recommendation.
6.6 The bidder would not enter into conditional contract with any Agents, brokers or
any other intermediaries wherein payment is made or penalty is levied, directly or
indirectly, on success or failure of the award of the contract. The bidder while presenting
the bid, shall disclose any payments he has made during the 12 months prior to tender
submission or is committed to or intends to make to officials of the buyer or their family
members, Agents, brokers or any other intermediaries in connection with the contract
and the details of such services agreed upon for such payments. Within the validity of
PCIP, bidder shall disclose to MoD any payments made or has the intention to pay any
amount, gift, reward, fees, commission or consideration to such person, party, firm or
institution as an annual report during the procurement process.
6.7 The Bidder shall not use improperly, for purposes of competition or personal gain
or pass on to others, any information provided by the Buyer as part of the business
relationship regarding plans, technical proposals and business details, including
information contained in any electronic data carrier. The Bidder also undertakes to
exercise due and adequate care lest any such information is divulged.
6.8 The Bidder commits to refrain from giving any complaint directly or through any
other manner without supporting it with full and verifiable facts. Complaint will be
processed as per Guidelines for Handling of Complaints in vogue. In case the
complaint is found to be vexatious, frivolous or malicious in nature, it would be construed
as a violation of Integrity Pact.
6.9 The Bidder shall not instigate or cause to instigate any third person to commit
any of the actions mentioned above.
7. Previous Transgression
7.1 The Bidder declares that no previous transgression occurred in the last three
years immediately before signing of this Integrity Pact, with any other company in any
country in respect of any corrupt practices envisaged hereunder or with any Public
Sector Enterprise in India or any Government Department in India.
7.2 If the Bidder makes incorrect statement on this subject, Bidder can be disqualified
from the tender process or the contract and if already awarded, can be terminated for such
reason.
29
8. Bid Security: Earnest Money Deposit

8.1 Every bidder, while submitting commercial bid, shall submit Bid Security in the
form of Earnest Money Deposit (EMD), in cases where applicable (as provided in
Clause 8 herein).
(a) To safeguard against a bidder(s) withdrawing or altering its bid during
the bid validity period, Bid Security (also known as EMD) is to be obtained from
all bidders except for cases upto Rs. 100 Crores (i.e, all cases upto Rs. 100
crores of AoN will be exempted from payment of EMD) as follows:-
EMD TABLE
Estimated Cost of Procurement EMD Amount
Scheme(Crore)
Above (Not including) To (Including)
- 100 Nil
100 150 30 Lakh
150 300 70 Lakh
300 1000 2 Crore
1000 2000 5 Crore
2000 3000 10 Crore
3000 5000 15 Crore
5000 - 25 Crore
(b) EMD is not required from Micro and Small Enterprises (MSEs) as
defined in MSE Procurement Policy issued by Department of Micro, Small and
Medium Enterprises (MSME) or are registered with the Central Purchase
Organisation or the concerned Ministry or Department or Startups as recognised
by Department of Industrial Policy & Promotion (DIPP), in accordance with the
Ministry of Finance office memorandum bearing No. No. F.20/2/2014-PPD (Pt.)
dated July 25, 2017 (as amended from time to time).
(c) DPSUs are not required to submit EMD when nominated as ab-initio single
vendor. DPSUs will submit all BGs and EMD as applicable while participating in
multi-vendor cases with private vendors.
(d) Format of EMD. The Bid Security may be accepted in the following
forms, safeguarding the Buyer’s interest in all respect: -
(i) Bank Guarantee from any Indian Public or Private Scheduled

Commercial Bank notified by RBI or first-class banks of international
repute. The format of the Bank Guarantee for Bid Security is provided at
Annexure 1 to Appendix O.
(ii) Insurance Surety Bond - The format and guidelines pertaining to

the same shall be issued / notified by the Ministry of Defence.
30
(iii) Account Payee Demand Draft, Fixed Deposit Receipt, Banker’s

Cheque shall be payable in an acceptable form. The Beneficiary Bank
Details for furnishing the same are as follows:
(IFSC Code - SBIN0000691)

State Bank of India New Delhi Main Branch
C Block, 11 Parliament Street
New Delhi, Pin: 110001
(e) Validity of EMD. The EMD will be valid for eighteen months or till
signing of contract, whichever is later. The EMD shall be extended from time to
time as required by the Buyer and agreed by the Bidder. No interest shall be
payable by the Buyer to the Bidder(s) on the EMD for the period of its currency.
For unsuccessful bidders EMD will be returned on declaration of successful
bidder(s).
(f) Instances of Forfeiture of EMD.
(i) If the Bidder withdraws or amends, impairs or derogates from the

Bid in any respect within the period of validity of this tender.
(ii) If the Bidder having been notified of the acceptance of his tender
by the Buyer during the period of its validity.
(aa) If the Bidder fails to furnish the Performance Security for the
due performance of the contract.
(ab) Fails or refuses to accept/ execute the contract.
(iii) In case of violation of Pre-Contract Integrity Pact, EMD will be

forfeited besides other legal penalties as may be decided by the
Ministry of Defence.
8.2 In the case of successful bidder a clause would also be incorporated in the Article
pertaining to Performance-cum-Warranty Bond in the Purchase Contract that the
provisions of Sanctions for Violation shall be applicable for forfeiture of Performance
Bond in case of a decision by the Buyer to forfeit the same without assigning any reason
for imposing sanction for violation of this pact.
8.3 The provisions regarding Sanctions for Violation in Integrity Pact include
forfeiture of Performance-cum-Warranty Bond in case of a decision by the Buyer to forfeit
the same without assigning any reason for imposing sanction for violation of Integrity
Pact.
8.4 No interest shall be payable by the Buyer to the Bidder(s) on EMD for the period
of its currency.
9. Company Code of Conduct

31
9.1 Bidders are also advised to have a company code of conduct (clearly rejecting
10. Sanctions for Violation
10.1 Any breach of the aforesaid provisions by the Bidder or any one employed by
him or acting on his behalf (whether with or without the knowledge of the Bidder) or the
commission of any offence by the Bidder or any one employed by him or acting on
his behalf, as defined in Chapter IX of the Indian Penal Code, 1860 or the Prevention of
Corruption Act 1988 or any other act enacted for the prevention of corruption shall entitle
the Buyer to take all or any one of the following actions, wherever required:
(i) To immediately call off the pre-contract negotiations without assigning any
reason or giving any compensation to the Bidder. However, the proceedings with
the other Bidder(s) would continue.
(ii) EMD for pre contract period, Performance-cum-Warranty Bond post

signing of contract shall stand forfeited either fully or partially, as decided by the
Buyer and the Buyer shall not be required to assign any reason therefore.
(iii) To immediately cancel the contract, if already signed, without any

compensation to the Bidder.
(iv) To recover all sums already paid by the Buyer, in case of an Indian
Bidder with interest thereon at 2% higher than the prevailing Base Rate of SBI and
in case of a Bidder from a country other than India with interest thereon at 2%
higher than the LIBOR. If any outstanding payment is due to the Bidder from the
Buyer in connection with any other contract for any other defence stores, such
outstanding payment could also be utilised to recover the aforesaid sum and
interest.
(v) To encash the advance bank guarantee and Performance-cum-

Warranty Bond if furnished by the Bidder, in order to recover the payments,
already made by the Buyer, along with interest.
(vi) To cancel all or any other Contracts with the Bidder.
(vii) To Put on Hold or Suspend or Debar the bidder as per the extant policy.
(viii) To recover all sums paid in violation of this Pact by Bidder(s) to any Agent
or broker with a view to securing the contract.
(ix) If the Bidder or any employee of the Bidder or any person acting on behalf
of the Bidder, either directly or indirectly, is closely related to any of the officers of
the Buyer, or alternatively, if any close relative of an officer of the Buyer has
financial interest/stake in the Bidder’s firm, the same shall be disclosed by the
Bidder at the time of filing of tender. Any failure to disclose the interest involved
shall entitle the Buyer to debar the Bidder from the bid process or rescind the
contract without payment of any compensation to the Bidder. The term ‘close
32
relative’ for this purpose would mean spouse whether residing with the
Government servant or not, but not include a spouse separated from the
Government servant by a decree or order of a competent court; son or daughter
or step son or step daughter and wholly dependent upon Government servant,
but does not include a child or step child who is no longer in any way dependent
upon the Government servant or of whose custody the Government servant has
been deprived of by or under any law; any other person related, whether by blood
or marriage, to the Government servant or to the Government servant’s wife or
husband and wholly dependent upon Government servant.
(x) The Bidder shall not lend to or borrow any money from or enter into any
monetary dealings or transactions, directly or indirectly, with any employee of the
Buyer and if he does so, the Buyer shall be entitled forthwith to rescind the contract
and all other contracts with the Bidder. The Bidder shall be liable to pay
compensation for any loss or damage to the Buyer resulting from such rescission
and the Buyer shall be entitled to deduct the amount so payable from the
money(s) due to the Bidder.
(xi) In cases where irrevocable Letters of Credit have been received in
respect of any contract signed by the Buyer with the Bidder, the same shall not
be opened.
10.2 The decision of the Buyer to the effect that a breach of the provisions of this
Integrity Pact has been committed by the Bidder shall be final and binding on the Bidder,
however, the Bidder can approach the Independent Monitor(s) appointed for the
purposes of this Pact.
11. Fall Clause
11.1 The Bidder undertakes that he has not supplied/is not supplying the similar
products, systems or subsystems at a price lower than that offered in the present bid in
respect of any other Ministry/Department of the Government of India and if it is found at
any stage that the similar system or sub-system was supplied by the Bidder to any
other Ministry/Department of the Government of India at a lower price, then that very
price, with due allowance for elapsed time, will be applicable to the present case and
the difference in the cost would be refunded by the Bidder to the Buyer, even if the
contract has already been concluded.
11.2 The Bidder shall strive to accord the most favoured customer treatment to the
Buyer in respect of all matters pertaining to the present case.
12. Independent Monitors
12.1 The Buyer has appointed Independent Monitors for this Pact in consultation
with the Central Vigilance Commission. The names and addresses of nominated
Independent Monitors (at the time of issue of RFP) are as follows (however the vendor
must refer to the MoD website at www.mod.nic.in to check for changes to these details):-
(a) Shri Ravikant, IAS/ Bihar (1984) (Retd)

Apartment No 502, Tower-1, M3M Merlin,
Sector-67, Gurugram-122001(Haryana)
Mob : 9953555566, Email- 84ravikant@gmail.com
33
(b) Dr. Prabhat Kumar, IAS/ UP (1985) (Retd)

C-120, Sector-39, Noida-201301
Gautam Budh Nagar (Uttar Pradesh)
Mob : 9810530048, Email- prabhatfamily@gmail.com
(c) Shri Chet Ram, IRS (1985) (Retd)

Flat No A-203, Building Gemini, Gladys Alwares Marg,
Hiranandani Meadows, Off-Pokhran Road No.2,
Thane (W), Maharashtra-400610
Mob : 9869479987, Email- cr_koli@yahoo.com
12.1A All communications to Independent Monitors will be copied to Director

(Vigilance). The Designation and Contact details of Director (Vigilance) are as follows:-
Director (Vigilance)
Room No 340,
B Wing, Sena Bhawan
New Delhi 110011
Tel No - 011 – 23012304
12.2 After the Integrity Pact is signed, the Buyer shall provide a copy thereof, along
with a brief background of the case to the Independent Monitors, if required by them.
12.3 The Bidder(s), if they deem it necessary, may furnish any information as relevant
to their bid to the Independent Monitors.
12.4 If any complaint with regard to violation of the IP is received by the buyer in a
procurement case, the buyer shall refer the complaint to the Independent Monitors for
their comments/enquiry.
12.5 If the Independent Monitors need to peruse the relevant records of the Buyer in
connection with the complaint sent to them by the Buyer, the Buyer shall make
arrangement for such perusal of records by the Independent Monitors.
12.6 The report of enquiry, if any, made by the Independent Monitors shall be
submitted to the head of the Acquisition Wing of the Ministry of Defence, Government
of India for a final and appropriate decision in the matter keeping in view the provision
of this Pact.
13. Examination of Books of Accounts
In case of any allegation of violation of any provisions of this Integrity Pact or payment of
commission, the Buyer or its agencies shall be entitled to examine the Books of Accounts of the
Bidder and the Bidder shall provide necessary information of the relevant financial documents
in English and shall extend all possible help for the purpose of such examination.
14. Law and Place of Jurisdiction
This Pact is subject to Indian Law. The place of performance and jurisdiction is the seat of the
Buyer i.e. New Delhi.
34
15. Other Legal Actions
The actions stipulated in this Integrity Pact are without prejudice to any other legal action that
may follow in accordance with the provisions of the extant law in force relating to any civil or
criminal proceedings.
16. Validity
16.1 The validity of this Integrity Pact shall be from date of its signing and extend up to
5 years or the complete execution of the contract to the satisfaction of both the Buyer
and the Bidder/Seller, whichever is later.
16.2 Should one or several provisions of this Pact turn out to be invalid; the remainder
of this Pact remains valid. In this case, the parties will strive to come to an agreement
to their original intentions.
17. The Parties hereby sign this Integrity Pact at on
BUYER BIDDER
MINISTRY OF DEFENCE, CHIEF EXECUTIVE OFFICER

GOVERNMENT OF INDIA
Witness Witness
1. 1. __________________
2. 2. __________________
35
Refers to Para 8.1 of

Pre-Contract Integrity Pact
EMD BANK GUARANTEE FORMAT

Whereas ……………………………………(hereinafter called the “Bidder”) has submitted
their offer dated………………………………….for the supply of
……………………………………… (hereinafter called the “Bid”) against the Buyer’s Request
for proposal No. …………………………………… KNOW ALL MEN by these presents that WE
…………………of ……………………………………….. having our registered office at
……………………………………. are bound unto …………………. (hereinafter called the
“Buyer”) in the sum of ………… ……………………………… ………………………for which
payment will and truly to be made to the said Buyer, the Bank binds itself, its successors and
assigns by these presents.
Sealed with the Common Seal of the said Bank this…………… day of …………….20……
The conditions of obligations are:-
(1) If the Bidder withdraws or amends, impairs or derogates from the Bid in any respect
within the period of validity of this tender.
(2) If the Bidder having been notified of the acceptance of his tender by the Buyer during
the period of its validity.
(a) If the Bidder fails to furnish the Performance Security for the due performance of
the contract.
(b) Fails or refuses to accept/execute the contract.
(3) If the bidder violates Pre-Contract Integrity Pact.
WE undertake to pay the Buyer up to the above amount upon receipt of its first written demand,
without the Buyer having to substantiate its demand, provided that in its demand the Buyer will
note that the amount claimed by it is due to it owing to the occurrence of above mentioned
conditions, specifying the occurred condition or conditions.
This guarantee will remain in force upto and including 45 days after the period of 18 months/
contract signing whichever is later and any demand in respect thereof should reach the Bank
not later than the above date.
…………………………….
(Signature of the authorized officer of the Bank)
Name and designation of the officer
Seal, name & address of the Bank and address of the Branch
36
Appendix L
CRITERIA FOR VENDOR SELECTION / PRE-QUALIFICATION

FOR - RFP ISSUE/ INCLUSION IN RFP REQUIREMENTS
1. The following parameters may be used, as a guideline for the Collegiate to adopt, for
inclusion in the RFP.
Sl
No Parameter For all Cases except Shipbuilding (Ch XII), Make (Ch III & IV) and
Strategic Partnerships (Ch VII)
1 Financial
a Net Worth Net worth should be Positive.
b Insolvency The entity should not be under insolvency resolution as per IBC at any
stage of procurement process from the issuing of RFP to the signing of
contract.
2 Technical
a Nature of Manufacturing entity or System Integrator of defence equipment and not
Business a trading company, except in cases where OEM participates only
through its authorised Vendors.
b Experience Min 02 Yrs. experience in broad areas like manufacturing/ engineering/
in related electronics/ explosives etc. as applicable in the instant case. If not, then
field cumulative experience of at least 03 years in above areas, resulting in
gaining of competence for manufacturing the proposed product.
3 Others
a Industrial Posses or be in the process of acquiring a license, if the product under
License (If project requires license as per DIPP licensing policy.
applicable)
b Registration Registered for Min 02 Years, 01 years for MSMEs.
Min no of years not applicable for JVs constituted specifically for a
project
37
Appendix M
DOCUMENTS TO BE SUBMITTED BY THE BIDDER ALONG WITH THEIR TECHNO-

COMMERCIAL PROPOSALS
The list of documents which needs to be mandatorily submitted by the Bidders as part of
Technical Proposal are placed below. Non-submission of the documents may result in
disqualification of the Bidder from the bidding process.
Ser
Reference Document Description
No.
1 Para 5 (a) of RFP Declaration by Bidder : Debarment of Bidders
2 Para 16 of RFP Declaration by Bidder: Government Regulation
3 Para 18 of RFP Declaration by Bidder : Patent Rights
4 Para 20 of RFP Declaration by Bidder : Fall Clause
5 Para 27 of RFP Technical document covering performance parameters.
6 Appendix B Compliance Table
7 Appendix C Warranty Clause
8 Appendix D CERTIFICATE: Malicious Code
9 Annexure I to Appendix E Manufacturer’s Recommended List of Spares (MRLS)
10 Annexure II to Appendix E List of SMT/STEs, Jigs, Fixture and Infrastructure
11 Annexure III to Appendix E Technical Literature
12 Annexure IV to Appendix E Training Aggregates
13 Annexure V to Appendix E ISPL and ISPPL
14 Appendix G Draft ATP
15 Appendix J Bid Evaluation and Acceptance Criteria
16 Annexure I to Appendix K Pre-Contract Integrity Pact & EMD
17 Any other document as per RFP
38
Appendix N
GLOSSARY
AoN Acceptance of Necessity
ATP Acceptance Test Procedure
CNC Contract Negotiation Committee
DGQA Director General of Quality Assurance
DAP Defence Acquisition Procedure
ESP Engineering Support Package
GoI Government of India
IC Indigenous Content
IM Indigenously Manufactured
IP Integrity Pact
EMD Earnest Money Deposit
LRU Line Replaceable Unit
MoD Ministry of Defence
MRLS Manufacturer Recommended List of Spares
NCNC No Cost No Commitment
OEM Original Equipment Manufacturer
OTE Open Tender Enquiry
PCIP Pre Contract Integrity Pact
QA Quality Assurance
RFP Request for Proposal
SPB Services Procurement Board.
SHQ Service Headquarters
TEC Technical Evaluation Committee
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(Cover Page)

BY
MINISTRY OF DEFENCE
GOVERNMENT OF INDIA
FOR PROCUREMENT OF QUANTITY 1000
SURVEILLANCE COPTER WITH ACCESSORIES
THROUGH FAST TRACK PROCEDURE UNDER
EMERGENCY PROCUREMENT
This document is the property of Government of India/Ministry of Defence.
The contents of this RFP must not be disclosed to unauthorised persons and
must be used only for the purpose of submission of Bids.
This document contains 80 pages including cover page and Appendices.

2
Tele & Fax No: 011–23018398 File No: 86785/ SC/ Inf-5(a)
Email : khanjar@nic.in Directorate General of Infantry, (Infantry-5)
Room No – 411B, D-I Wing, Sena Bhawan
New Delhi -110011
18 October 2022
To
___________________
___________________
___________________

QUANTITY 1000 SURVEILLANCE COPTER WITH ACCESSORIESTHROUGH FAST
TRACK PROCEDURE UNDER EMERGENCY PROCUREMENT
Dear Sir/Madam,
1. The Ministry of Defence, Government of India, intends to procure quantity 1000

Surveillance Copter with Accessories through Fast Track Procedure under Emergency
Procurement and seeks participation in the procurement process from prospective Bidders
subject to requirements in succeeding paragraphs.
Synopsis
2. Broad Description of Equipment/System.

(i) The current dynamic volatile situation along the Northern Borders and Line of
Control, warrants seemless surveillance. For surveillance needs of Indian Army,
expeditious procurement of Surveillance Copter for meeting urgent operational
requirement is an operation imperative, where undue/unforeseen delay is seen
to be adversely impacting the capacity and preparedness of the Indian Army.
(ii) Surveillance Copter will provide aerial surveillance capability and sustained
point surveillance to Indian Army. Surveillance Copter is an ideal multi sensor
system, to carry out day and night, real time reconnaissance and surveillance of an
area of interest. The system will provide high resolution imagery to enable target
detection, recognition, identification and accurate location of adversary’s build up,
mortars/ guns, movement of troops and vehicles during border management tasks and
active operations.
3. The salient aspects and timelines of the acquisition are tabulated below. In case of
any variation in the details furnished below or in any Annexure(s) with that mentioned in the
RFP, information furnished in the main body of the RFP at referred Paragraph is to be
followed.
3
Ser Description Details Reference Para of

No. the RFP
(a) Equipment/System required Surveillance Copter Heading and Para 1
with accessories
(b) Quantity Required 1000 Heading and Para 1
(c) Categorisation of Procurement Buy (Indian) Heading and Para 1
(d) Minimum IC Content required ≥ 60%, in case of As per Para 7 of RFP
indigenous design
≥ 50%
(e) Place(s) of Delivery CASD, Delhi Cantt Para 1.1.1 of Appx H
(f) Warranty Period 24 months Para 11 of RFP

(g) EMD Amount 70 Lakhs Para 23 of RFP and
Annexure I to
Appendix K
(h) Last date for submission of 28 October 2022 Para 21 of RFP
Pre-bid queries
(j) Date and time for Pre-bid 07 November 2022, Para 22 of RFP
meeting 1430 Hrs
(k) Last date and time for Bid 17 November 2022, Para 23 of RFP
Submission 1400 Hrs
4. Special features of the RFP. The procurement case is processed under Buy
(Indian) category as per Para 9 of chapter I and through Fast Track Procedure of Chapter V
of DAP-2020. The procurement is being carried out by Open Tender Enquiry. Demonstration
of the Equipment to be carried out on ‘No Cost No Commitment’ basis, at a location and date
decided by Empowered Committee in consonance with the TEC compliant vendors. The TEC
and CNC would be carried out by members of the Empowered Committee. The
Demonstration/ Evaluation would be carried out by the members of the Empowered
Committee or the representatives nominated by the Empowered Committee. The
maintenance aspects will be finalized during CNC. Delivery of equipment contracted to be
completed within 12 months from the date of signing of contract. Quantity to be apportioned
between L1 (first lowest bidder) & L2 (second lowest bidder) Bidder(s) in the ratio of 60:40
with L2 matching the negotiated price and terms & conditions of L1 vendor. In case L2
vendor does not agree to the price and terms & conditions quoted by/ negotiated with L1
vendor, the entire quantity shall be supplied by L1 vendor. All bidders to submit the bid for
complete quantity 1000.

No.
(a) Part I – General Requirements 07-12
(b) Part II - Technical Requirements 13-16
(c) Part III – Commercial Requirements 17
(d) Part IV – Bid Evaluation and Acceptance Criteria 18
4
6. The Government of India invites responses to this request only from Original
Equipment Manufacturers (OEM) or Authorised Vendors or Government Sponsored Export
Agencies (applicable in the case of countries where domestic laws do not permit direct export
by OEM) subject to the condition that in cases where the same equipment is offered by more
than one of the aforementioned parties, preference would be given to the OEM.
7. The end user of the equipment is the Indian Armed Forces.
8. This RFP is being issued with no financial commitment; and the Ministry of Defence
reserves the right to withdraw the RFP and change or vary any part thereof or foreclose the
procurement case at any stage. The Government of India also reserves the right to disqualify
any Bidder should it be so necessary at any stage on grounds of National Security.
9. In addition to various Appendices and their Annexures, attached with this RFP,
reference to various paragraphs of DAP-2020 has been made in the RFP. The DAP -2020 is
an open domain document that is available at GoI, MoD website www.mod.nic.in.
5
INDEX
Description Reference
Disclaimer
Part I of RFP – General Requirements
Part II of RFP – Technical requirements
Part III of RFP – Commercial Requirements
Part IV of RFP – Bid Evaluation and Acceptance Criteria
Appendix A Operational Characteristics and Features
Part II
Appendix B Compliance Table
Appendix C Warranty Clause Part I
Appendix D Certificate: Malicious Code
Appendix E Repair and Maintenance Philosophy
Annexure I Manufacture’s Recommended list of Spares
Annexure II List of SMT/STEs, Jigs, Fixture and Infrastructure
Annexure III Technical Literature Part II
Annexure IV Training Aggregates
Appendix F Demonstration/ Evaluation Methodology
Annexure Detailed Demonstration Methodology
Appendix G Guidelines for Framing ATP
Appendix H Commercial Clauses
Annexure I Guidelines for protecting ERV in contracts
Annexure II Bank Guarantee Format for Advance
Annexure III Bank Guarantee Format for PWBG
Annexure IV Format for extension of Delivery Period/
Performance Notice Part III
Annexure V Delivery Schedule and Stages of Payment
Appendix J Evaluation Criteria and Price Bid Format
Appendix K Standard Conditions of RFP
Annexure I Pre Contract Integrity Pact
Format for EMD
Appendix L Criteria for Vendor Selection/ Pre-Qualification Part I
Appendix M Check-Off list – Documents to be submitted Part IV
Appendix N Glossary
6
Disclaimer
This RFP is neither an agreement and nor an offer by the MoD to the prospective
Bidders or any other person. The purpose of this RFP is to provide interested parties with
information that may be useful to them in submitting their proposals pursuant to this RFP.
This RFP includes statements, which reflect various assumptions and assessments arrived at
by the MoD in relation to the Project. This RFP document and any assumptions,
assessments and statements made herein do not purport to contain all the information that
each Bidder may require. The Bidder shall bear all its costs associated with or relating to the
preparation and submission of proposal pursuant to this RFP. Wherever necessary, MoD
reserves the right to amend or supplement the information, assessment or assumptions
contained in this RFP. The MoD reserves the right to withdraw the RFP or foreclose the
procurement case at any stage. The issuance of this RFP does not imply that the MoD is
bound to shortlist a Bidder for the Project. The MoD also reserves the right to disqualify any
Bidder should it be so necessary at any stage on grounds of National Security.
7
equipment/systems/deliverables) and Services, hereafter collectively referred as
‘Deliverables’, the numbers required, the time frame for deliveries, conditions of usage and
maintenance, requirement for training, Engineering Support Package (ESP) and
warranty/guarantee conditions, etc. It includes the procedure and the date & time for
submission of bids.
Non-Disclosure
2. The Bidding documents, including this RFP and all attached documents provided by
the MoD, are and shall remain or become the property of the MoD. These are transmitted to
the Bidders solely for the purpose of preparation and the submission of a proposal in
accordance herewith. Bidders are to treat all information as strictly confidential and shall not
use it for any purpose other than for preparation and submission of their proposal. The
provisions of this Para shall also apply mutatis mutandis to Bids and all other documents
submitted by the Bidders, and the MoD will not return to the Bidders any proposal, document
or any information provided along therewith (except unopened Commercial Bid and EMD as
relevant).
3. Information relating to the examination, clarification, evaluation and recommendation

for the Bidders shall not be disclosed to any person who is not officially concerned with the
process, or concerning the Bidding Process. The MoD will treat all information, submitted as
part of the Bid, in confidence and will require all those who have access to such material to
treat the same in confidence. MoD may not divulge any such information unless it is directed
to do so by any statutory entity that has the power under law to require its disclosure or is to
enforce or assert any right or privilege of the statutory entity and/ or MoD or as may be
required by law or in connection with any legal process.
4. Confidentiality of Information. No party shall disclose any information to any ‘Third
Party’ concerning the matters under this RFP generally. In particular, any information
identified as ‘Proprietary’ in nature by the disclosing party shall be kept strictly confidential by
the receiving party and shall not be disclosed to any third party without the prior written
consent of the original disclosing party. This clause shall apply to the sub-contractors,
consultants, advisors or the employees engaged by a party with equal force.
Business Eligibility
5(a). Undertaking by Bidders. The Bidder will submit an undertaking that they are
currently not banned / debarred / suspended from doing business dealings with Government
of India / any other government organisation and that there is no investigation going on by
MoD against them. In case of ever having been banned / debarred / suspended from doing
business dealings with MoD/any other government organization, in the past, the Bidder will
furnish details of such ban / debarment along with copy of government letter under which this
ban / debarment / suspension was lifted / revoked. The Bidder shall also declare that their
sub-contractor(s)/supplier(s)/technology partner(s) are not Suspended or Debarred by
Ministry of Defence. In case the sub-contractor(s)/supplier(s)/ technology partner(s) of the
Bidder are Suspended or Debarred by Ministry of Defence, the Bidder shall indicate the same
8
with justification for participation of such sub-contractor(s)/supplier(s)/ technology partner(s)

in the procurement case.
5(b). Subsequent to submission of bids if any sub-contractor(s)/supplier(s)/technology

partner(s) of the Bidder is Suspended or Debarred by Ministry of Defence, the Bidder shall
intimate the Ministry of Defence regarding Suspension or Debarment of its sub-contractor(s)/
supplier(s)/technology partner(s) within two weeks of such order being made public.
6. Pre-Qualification Criteria {for multi-vendor cases in Buy (Indian) }. The detailed

Pre-Qualification criteria for the Bidders for participation in the instant procurement case are
placed at Appendix L to this RFP. All Bidders are to submit details as per the criteria along
with the Technical Bids. These would be evaluated by the TEC comprising of members of
Empowered Committee.
7. Indigenous Content. For the purposes of this RFP and the acquisition contract (if
any) signed by the Ministry of Defence with a successful Bidder, indigenous content shall be
as defined under Para 9 of Chapter I and Para 1 of Appendix B to Chapter I of DAP 2020.
In addition, reporting requirements for prime (main) Bidders (and for sub-
contractors/suppliers/technology partners reporting to higher stages/tiers) shall be as
prescribed under Para 4 to 7 of Appendix B to Chapter I of DAP 2020. The right to
verification of Bidder/ sub-contractors/suppliers/technology partners shall vest in the Ministry
of Defence as prescribed under Para 10; and aspects of delivery, certification, payments,
withholding of payments and imposition of penalties shall be as prescribed under Para 11 to
15 thereof. Furthermore, Bidders in ‘Buy (Indian)’ (for Indian vendors) will be required to
submit their indigenisation plan in respect of indigenous content as stipulated in Para 4 to 7
of Appendix B to Chapter I of DAP 2020. The DAP 2020 is available at MoD, GoI website
(www.mod.nic.in) for reference and free download.
8. Year of Production. Deliverables [platforms (including major equipment)/ equipment/

systems] supplied under the contract should be of latest manufacture i.e manufactured after
the date of Contract with unused components/assemblies/sub-assemblies, conforming to the
current production standard and should have 100% of the defined life at the time of delivery.
Deviations, if any, should be clearly brought out by the Bidder in the Technical Proposal.
9. Delivery Schedule. The delivery schedule of equipment along with the relevant
payment stages is specified at Annexure V to Appendix H. The delivery schedule shall be
based on apportionment of quantity between L1(first lowest bidder) & L2 (second lowest
bidder) bidder in 60: 40 ratio provided L2 bidder accepts the price and terms and conditions
quoted by/ negotiated with the L1 bidder as per Para 26 of Chapter II of DAP-2020. The
Delivery schedule is appended below: -
(a) Quantity Apportioned between L1 & L2 bidder in 60: 40 ratio.

Ser Period Quantity (Nos) Remarks
No
L1 L2
1. T0 to T0+12 months 600 400 T0 is the date

of signing of
Total Quantity (Nos) 1000 contract.
9
Note :- In case L2 bidder does not agree to the price and terms & conditions
quoted by/ negotiated with L1 bidder, the entire quantity of 1000 Surveillance
Copters shall be supplied by L1 bidder.
10. Once the contract is concluded and the delivery schedule is established, the Bidder
shall adhere to it and ensure continuity of supply of deliverables and their components under
the contract.
11. Warranty. The warranty of deliverables supplied shall be executed at location (onsite
warranty/ nearest field repair point/ intermediate repair point) for 24 months.
Commencement of warranty will be from the date of acceptance post JRI. No spares will be
drawn during the warranty period from the MRLS and the cost towards all scheduled
servicing during warranty period shall be borne by the Seller to include spares, labour, oils,
greases and lubricants etc. Warranty Clause is given at Appendix C to this RFP.
12. In Service Life/ Shelf Life. The In Service/ Shelf Life of the Surveillance Copter shall
be not less than 1000 landings/ 07 years, whichever is earlier. The Bidder is required to give
details of reliability model, reliability prediction and its validation by designer/manufacturer to
ensure reliability of stores throughout Service/shelf life. The efficacy of reliability
model/prediction/validation would be verified during TEC/ demonstration as indicated in Para
37 of this RFP.
13(a). Product Support. The Bidder would be bound by a condition in the contract that he is
in a position to provide product support in terms of maintenance, materials and spares during
the life cycle of equipment. Even after the said mandatory period, the Bidder would be bound
to give at least two years notice to the Government of India prior to closing the production line
so as to enable a Lifetime Buy of all spares before closure of the said production line. This,
however, shall not restrict the Buyer from directly sourcing sub-equipment/sub-assembly and
spares from their respective OEMs/sub-vendors on completion of warranty. In case the sub-
equipment/ sub-assembly/ parts require tuning/ calibration/ integration by the Bidder prior
replacement, the same is to be undertaken by the Bidder at fair and reasonable cost, as
mutually agreed between Buyer and Bidder. OEM/ Bidder(s) to ensure maximum possible
use of oils, lubricants and greases which are indigenously available. Further, the OEM/
Bidder(s) is mandated to share the detailed specifications of oils, lubricants and greases
13(b). Codification. The vendor/ supplier/ seller shall provide NATO Stock Number (NSN)
for each of the item/ part/ equipment in the bill of material, MRLS and Jigs/ Fixtures duly
linked to the OEM Part No using NATO Codification system (NCS) adopted by DDP/ Dte of
Standardisation (DOS) with DoS functioning as National Codification Bureau (NCB), India. In
case the NSN number is not available, vendor shall obtain the relevant Technical data and
cataloging information and initiate the process for codification in consultation with DoS.
14. Training of Crew, Maintenance and QA Personnel. A training package for

training of operators, operator trainers and maintenance personnel to undertake operation
and maintenance of equipment, along with tools and test jigs and training of QA personnel for
Quality Assurance of equipment would be required to be carried out in English language and
Hindi language. This training shall be designed to give the operators and maintainers
necessary knowledge and skills to operate & maintain equipment (level 1 or ‘O’& ‘I’). The
syllabus will be defined by the Bidder in consultation with the Buyer at the time of CNC. The
10
maintenance training will be imparted to the satisfaction of the Buyer and Bidder will ensure
that the training content and period will be to impart working proficiency up to the required
level. All training requirements such as training aids, projection system, complete equipment
with accessories/ optionals, technical literature, spares, test equipment/ test set up, charts,
training handouts, power point presentations, Computer Based Training (CBT),
Documentation, Simulators etc will be catered by the Bidder.
15. The Bidder would provide the following training to the personnel of the Buyer based on
agreed terms of contract:-
Ser Training Type Duration No of Total No Remarks
No Location of (Days per Batche of
Trg batch) s Personnel
(a) User - 10 working 20 Maximum 50 personnel per
Designated days 1000 batch.
Location
Training to be
completed before
Repair and Maintenance Personnel delivery of first lot
Nodal ‘O’ 04 working 12 Maximum Training to
Workshop Level days 276 commence before
of all six months of
Commands completion of
(06 warranty of first lot.
(b) Locations)
OEM ‘I’ 07 working 01 32 Training to
Premises Level days commence before
six months of
completion of
warranty of first lot.
QA personnel
OEM - 05 working 01 04 Training to be
Premises days conducted before
(c)
commencement of
PDI.
(i) The above training should meet the needs of repair and maintenance of the
complete equipment, use of SMTs/ STE, test set up, assemblies/ sub-assemblies as
per the stipulated repair philosophy. In addition to training on operation and diagnosis
using STEs, training would also cover repair of STEs using procured spares for STEs.
(ii) Training content should commensurate with the Permissible Repair Schedule
(PRS).
11
(iii) The training should bring out utilization of provided MRLS items including
16. Government Regulations. It may be confirmed that there are no Government

restrictions or limitations in the country of the Bidder or countries from which subcomponents
are being procured and/or for the export of any part of the deliverables being supplied.
17. It may be further confirmed that all national and international obligations relevant to
transfer of conventional arms of the country of the supplier or countries from which parts and
components are being procured, have been taken into account for the duration of the
contract. Accordingly, thereafter there would be no review, revocation or suppression of
Defence export licence and other related clearance issues to the supplier for the contract that
could impinge on the continuity of supply of items and their parts or components under the
contract.
18. Patent Rights. The Bidder should confirm that there are no infringements of any
Patent Rights in accordance with the laws prevailing in their respective countries.
19. Integrity Pact. In the subject RFP, the Bidder is required to sign and submit Pre
Contract Integrity Pact (PCIP), if applicable, given at Annexure I to Appendix K to this
RFP.
20. Fall Clause. If the equipment being offered by the Bidder has been
supplied/contracted with any organisation, public/private in India, the details of the same may
be furnished in the technical as well as commercial offers. The Bidders are required to give a
written undertaking that they have not supplied/is not supplying the similar systems or
subsystems at a price lower than that offered in the present bid to any other
Ministry/Department of the Government of India and if the similar system has been supplied
at a lower price, then the details regarding the cost, time of supply and quantities be included
as part of the commercial offer. In case of non-disclosure, if it is found at any stage that the
similar system or subsystem was supplied by the Bidder to any other Ministry/Department of
the Government of India at a lower price, then that very price, will be applicable to the
present case and with due allowance for elapsed time, the difference in the cost would be
refunded to the Buyer, if the contract has already been concluded.
Bid Timelines
21. Any queries/ clarifications to this RFP to be sent by 28 October 2022 to:-
Directorate General of Infantry, (Infantry-5)

New Delhi -110011
EMAIL ID: khanjar@nic.in
22. Pre-Bid Meeting. A pre-bid meeting will be organised by SHQ at 1430 hours on
07 November 2022 at the address given at Para 21 above to answer any queries or clarify
doubts regarding submission of proposals. The Bidder or his authorised representative is
12
requested to attend. Necessary details may be sent a week in advance to the address given
at Para 21 above , to facilitate obtaining of security clearance.
23. Submission of Bids. The Technical and Commercial Proposals along with IP
and EMD should be sealed separately in three separate envelopes clearly indicating
Commercial/Technical/IP and EMD and any other Bank Guarantee as applicable, and then
put in one envelope and sealed (all the envelopes should clearly state the letter No of
RFP and the name of equipment and Bidder name) and submitted to the undersigned at
the following address by 1400 hours on 17 November 2022:-
New Delhi -110011
24. Offer opening by an Offer opening committee nominated by EC will be held at

1100 hours on 18 November 2022 at the same venue as indicated at Para 23 above. The
Bidder or his authorised representative is welcome to be present at the opening of the
proposals. Necessary details may be sent atleast one week in advance to facilitate obtaining
of security clearance.
13
parameters of the proposed equipment, and the environmental parameters for functioning.
The operational characteristics and features that should be met by the equipment are
elucidated at Appendix A to this RFP and the Compliance Table at Appendix B to this RFP.
The Bidder would be required to offer the equipment for Demonstration/ evaluation on a “No
Cost No Commitment” basis in India.
26. Operational Characteristics and Features. The broad operational characteristics

and features that are to be met by the equipment are elucidated at Appendix A to this RFP.
27. Technical Offer. The Technical Offer must enable detailed understanding of the
functioning and characteristics of the equipment as a whole and each sub system
independently. It must include the performance parameters as listed at Appendix A to this
RFP and any other information pertaining to the technical specifications of the equipment
considered important/ relevant by the Bidder. The technical proposal should also include
maintenance schedules to achieve maximum life and expected life of each
assembly/subassembly (or Line Replaceable Unit (LRU)/Shop Replaceable Unit (SRU)),
storage conditions/environment condition recommended and the resultant guaranteed in-
service and shelf life. The range and depth of spares included in the proposal should be
supported by necessary reliability and prediction model or authenticated by past data on the
similar equipment in use. Any Bidder found to be providing lesser ESP/ MRLS in terms of
range and depth will have to make good the deficiency at no extra cost. The final list of MRLS
to this effect is to be submitted prior to CNC.
28. If there is any associated optional equipment on offer that should also be indicated
separately along with the benefit that are likely to accrue by procuring such optional
equipment. Should the Bidder be contemplating any upgrades or modifications to the
equipment being offered, the details regarding these should also be included in the Technical
Proposal.
(a) The technical details should be factual, comprehensive and include

specifications of the offered system/ equipment against broad requirements listed in
Appendix A to this RFP.
(b) Insufficient or incomplete details may lead to rejection of the offer. Mere
indication of compliance may be construed as incomplete information unless system’s
specific technical details are available in the offer. A format of the compliance table for
the technical parameters and other conditions of RFP is attached as Appendix B to
this RFP.
30. The technical offer should have a separate detachable compliance table as per format
given at Appendix B to this RFP stating specific answers to all the parameters as listed at
Appendix A to this RFP. It is mandatory to append answers to all the parameters listed in
Appendix A to this RFP. Four copies of the Technical Proposal should be submitted (along
with one soft copy), however only one copy of the commercial proposal is required.
14
31. Malicious Code Certificate (If applicable). The Bidder is required to submit a
‘Malicious Code Certificate’ (only for Electronic items and Software) along with the
Technical Proposal. The format is placed at Appendix D to this RFP.
32. Demonstration/ Evaluation. The Bidder is requested to confirm his willingness to

provide the equipment for a demonstration (to be organised by the Bidder) at the Buyer
specified location within 15 days of submission of the bids, on “No Cost No Commitment”
basis when so requested. The Empowered Committee, will depute representatives for
witnessing the Demonstration/ evaluation. The demonstration/ evaluation will be assessed by
demonstration evaluation team comprising of Empowered Committee Members or the
representative nominated by the Empowered Committee. If any part of the demonstration
is conducted in the Buyer’s facilities, the Bidder shall depute their personnel and equipment
at their own expenses and bear the cost of all expenses of the demonstration.
33. Product Support (ESP). After induction, the equipment/ system would be repaired
and maintained as per the repair and maintenance philosophy at Appendix E to this RFP.
The information on Engineering Support Package that is required to be provided is enclosed
at Annexure I to IV to Appendix E to this RFP.
34. Spares. The spares requirement will be as per Appendix E to this RFP. The
spares are required to be categorized in four categories as follows: -
(a) Manufactured by Bidder as OEM and can be sourced as per Part No.
(b) Bought out items and customized by the OEM for the specific purpose and such
customization would require OEM intervention.
(c) Bought out from other OEMs/Third Party as specialised items and used without
any customization. Such items can be sourced by quoting their Part No./Identification
No. as given by OEM/Third Party and directly utilised.
(d) General Engineering items/COTs which can be sourced by stating the relevant
standards and item description.
35. As brought out at Para 27, the range and depth of spares included in the proposal
should be supported by necessary reliability and prediction model or authenticated by past
data on the similar equipment in use. Any Bidder found to be providing lesser ESP/ MRLS in
terms of range and depth will have to make good the deficiency at no extra cost. The final list
of MRLS to this effect is to be submitted prior to CNC. The Buyer would also have the option
to amend the MRLS proposed by the Bidder within 02 years of the expiry of the warranty
period. The Bidders would either ‘Buy Back’ the spares rendered surplus or exchange them
on cost to cost basis with the spares as required by the Buyer. The said spares would be
purchased/ replaced by the Bidder, based on the prices negotiated in the contract.
36. Active Technology Obsolescence Management . Bidder is to indicate the

methodology on how the Bidder intends to undertake Active Obsolescence Management
through life cycle of equipment which would include upgradation of system/ subsystem/ units
on completion of its fair service life. The Bidder/ OEM shall also intimate Buyer on likely
technology obsolescence of various sub-assemblies/units/modules of equipment through an
15
Annual Bulletin. In case of impending obsolescence of components, bulletin should specify

either alternate item or option for life-time buy as under:-
(a) The Bidder/OEM will notify the Buyer not less than two years before the closure
of its production line about the intention to close production of equipment for provision
of purchasing spare parts, before closure of the said production line.

Bidder/OEM will submit techno-commercial proposal for upgradation of equipment,
wherever applicable, to mitigate technology obsolescence and for ensuring product
support for entire life cycle of equipment.
37. The Technical Offer submitted by the Bidder will be evaluated by a Technical
Evaluation Committee (TEC) comprising of Empowered Committee Members, to confirm
that the equipment being offered meets the Operational Requirements as elaborated at
Appendix A. Thereafter, the Bidder of the short listed equipment would be asked to provide
the Two (02 Nos) equipment for demonstration as per demonstration methodology given at
Appendix F to this RFP, in India at ‘No Cost No Commitment’ basis.
Demonstration/ Evaluation
38. For an equipment to be introduced in service, it is mandatory that it successfully clears

all stipulated demonstration/ evaluations as per RFP.
39. Commercial offers will be opened only of Bidders whose equipment is short-listed,
after TEC, demonstration/ evaluation and those have been accepted technically. In other
words, the equipment would be required to be demonstrated and found suitable by
Empowered Committee prior to commencement of any commercial negotiations.
40. Bidder is to submit a Draft Acceptance Test Procedure (ATP) along with the Technical
bid or before commencement of demonstration/ evaluation, as per the guidelines for framing
of draft ATP. Based on the draft ATP, the ATP will be finalised by the Buyer’s QA agency with
Bidder during CNC. ATP shall be included in the contract at the time of finalisation with
successful bidder. ATP will lay down the tests to be carried out during PDI and JRI. It shall be
ensured that there are no repetition of QA tests in PDI and JRI. The JRI would normally be
restricted to quantitative checks only, except where check proof is required to be carried out.
QA of equipment will be carried out as per finalised QA plan in the contract. Guidelines for
framing of Draft ATP are given at Appendix G
41. Marking of Deliverables. The Bidder shall ensure that each Surveillance Copter is
marked clearly and indelibly with non-corrosive paint, as follows: -
‘SURVEILLANCE COPTER’
16
42. Packaging of Equipment and Deliverables. The SELLER shall provide packaging
as per Military Packaging Level ‘P’ of DEFSTAN 81-041 (Part 1) or equivalent Military
Standard. The packaging will provide adequate protection against the defined environmental
conditions and physical constraints that may be experienced by equipment and all
deliverables during storage and transportation. The choice of packaging materials and
processes is left to the packaging supplier. However the following points shall be taken
into account when providing items packaged; Provide adequate physical protection, Not
make the item attractive, Provide clear identification and marking, Be the most cost
effective solution, Provide a solution that is space efficient, Be fit for purpose for the
journey specified, Be easily handled by in-service Mechanical Handling Equipment
(MHE). If a re-usable container is required then the same be provided with adequate
protection for transportation and storage in the defined environmental conditions and physical
constraints that may be experienced by equipment.
43. The Bidder shall ensure that each package containing the deliverable is labeled to
include:-
(ii) Transit destination/address (for aggregation/disaggregation, onward

shipment etc)
(f) Any statutory hazard markings and any handling markings including the mass
of any package which exceeds 3 kgs.
17
44. The third part of the RFP consists of the Commercial Clauses and Standard Clauses
of contract. The bidders are required to give confirmation of their acceptance of these
clauses. One copy of ISPPL has to be submitted alongwith commercial bid.
Commercial Bid
45. The Bidder is requested to take into consideration the Commercial Clauses and
Payment Terms given at Appendix H to this RFP while formulating the Commercial Offers.
The bidders are required to quote their price in Price bid format given in Appendix J to this
RFP.
46. Commercial offers will be opened only of the Bidder whose equipment is short-listed,
after TEC and demonstration/ evaluation. The Commercial Offer must be firm and fixed and
should be valid for at least 06 months from the last date of bid submission.
Commercial Bid Opening

47. The Commercial Offers will be opened by the CNC comprising of Empowered
Committee Members and if Bidder desires he may depute his representative, duly
authorised in writing, to be present at the time of opening of the offers.
49. The CNC comprising of Empowered Committee Members will determine the lowest
bidder (L1) and next lowest bidder (L2).
Additional Aspects
50. Standard Conditions of RFP. The Government of India desires that all actions
regarding procurement of any equipment are totally transparent and carried out as per
established procedures. The bidder is required to accept our standard conditions furnished at
Appendix K to this RFP regarding Agents, penalty for use of undue influence and Integrity
Pact, access to books of accounts, arbitration and clauses related to Law. These conditions
along with other clauses of the Contract form the Standard Contract Document (as at
Chapter VI of DAP 2020) indicates the general conditions of contract that would be the
guideline for all acquisitions. The draft contract would be prepared as per these guidelines.
51. Termination Clause. The Termination Clause in this case will be applicable in the
following conditions: -
(a) The delivery of the equipment is delayed for causes not attributable to Force
Majeure for more than six months after the scheduled date of delivery.
(c) The ‘Buyer’ has noticed that the seller has utilised the services of an Agent in
getting this contract and paid any commission to such individual/company etc.
18
52. A list of documents/details to be submitted along with the bids is placed at Appendix
M as a reference to help in completeness of bid and meeting the procurement process
schedule.
53. The bids shall be unconditional and unqualified. Any condition or qualification or any
other stipulation contained in the bid shall render the bid liable to rejection as a non-
responsive bid.
54. The bid and all communications in relation to or concerning the bidding documents
shall be in English language.
(a) Evaluation of Technical Proposals. The technical proposals forwarded by

the Bidders will be evaluated by TEC comprising of Empowered Committee
Members. The TEC will examine the extent of variations/differences, if any, in the
technical characteristics of the equipment offered by various Bidders with reference to
the QRs and prepare a ‘‘Compliance Statement” for shortlisting the Bidders. The
shortlisted Bidders shall be asked to send Two units of the equipment for
demonstration/ Evaluation in India as per demo methodology attached as Appendix F
of RFP. Demonstration/ Evaluation would be conducted for Operational Parameters
attached as Appendix A. A compliance report will be prepared, giving out the
compliance of the demonstrated performance of the equipment vis-à-vis the
requirements. The compliance would be determined only on the basis of the
parameters specified in the RFP. The Empowered Committee will analyse the
demonstration/ evaluation results and shortlist the equipment recommended for
introduction into service.
(b) Evaluation of Commercial Bid. The Commercial bids of only those bidders
will be opened, whose technical bids have been cleared by TEC and Demonstration
Evaluation Team. Comparison of bids would be done on the basis of Evaluation
criteria given in Appendix J to this RFP. The L-1 and L-2 bidder would be determined
by CNC comprising of Empowered Committee Members on the basis of Appendix
J to this RFP. Only L-1 bidder would be invited for negotiations by CNC.
(c) Contract Conclusion. The successful conclusion of CNC will be followed by

contract with L1 (first lowest bidder) & L2 (second lowest bidder) Bidder(s) in the ratio
of 60:40 with L2 matching the negotiated price and terms & conditions of L1 bidder. In
case L2 bidder does not agree to the price and terms & conditions quoted by/
negotiated with L1 bidder, the entire quantity shall be supplied by L1 bidder.
19
Appendix A
(Refers to Para 25, 26, 27, 29 (a),
30, 37 & 55 (a) of RFP)
OPERATIONAL REQUIREMENTS (ORs) FOR SURVEILLANCE COPTER
(a) System Components - Each Svl Copter should consist of One AV,
One MPGCS (Resolution min 1024 x 764),
One RVT (Min 500 nit screen), One colour
day video camera, one Monochromatic night
Thermal Sensor and Two sets of spare
battery.
(b) All Up Weight - Not more than10 Kg (+10%) but suitable to
withstand high altitude strong wind currents/
gusts up to 12-14 Knots.
(a) Map - Compatible with Defence Series Map and

Shape file format.
(b) Msn Rg - Not less than 5 Km.
(c) Op Alt - Launch up to an elevation of 4000m AMSL

and be capable of operating at min 500m
AGL
(d) Endurance - With max AUW incl the optical payload at

5 kms rg at 500m above take off alt
should be min 60 min.
(e) Payload :
(i) Colour Day Video Camera.
(aa) Be capable of providing real time video from the day sensor of
minimum 1920 by 1080 pixels resolution.
(ab) Have a 20 X or higher continuous Optical Zoom with a Wide Field

of View of minimum 400.
(ac) The minimum observation ranges (slant ranges) to be achieved

under clear weather conditions are :-
20
A Veh B Veh Human

Targets
Detection 1500m 1200m 700m
Recognition 800m 700m 250m
Identification 500m 300m 150m
(ii) Monochromatic Night Thermal Sensor (IR).

(aa) Provide real time video of minimum 640 by 480 pixels’ resolution.
(ab) Have a Field of View of minimum 140.
(ac) The minimum observation ranges (slant ranges) to be achieved

under clear weather conditions are: -
A Veh B Veh Human

Targets
(f) Accuracy - Better than 50m.
(g) Launch & Recovery - Unprepared area of not more than

15m x 15m.
(h) Op Temp - Max - Betn 40˚C and 45˚C.

Min - Betn -20˚C and -10˚C.
(j) Crew - Max two pers.
(k) Flight Mode - Fully Autonomous Mode, Manual Mode,

Hover Mode and Return Home Mode.
(l) Data Link - S/C Band (2 GHz to 6 GHz) with 128 bit AES
encryption.
(m) EMI / EMC Reqmt - MIL STD 461 E or better.
(n) BITE - Built In Test Equipment and Power On Self-

Test to identify defects up to Printed Circuit
Boards/ modules.
(o) Shelf Life - Not less than 1000 landings.

21
Appendix B
RFP)
COMPLIANCE TABLE
For _______ (Equipment name)

Partial of Paras/Sub Paras of
Compliance the Main Technical
Document

Operation Characteristics and
Features
Guarantee asper Para 2 of
Appendix H of RFP
Advance Payment Bank Guarantee
as per Para 1.4.1 of Appendix H of
RFP
Earnest Money Deposit as per
Para 23 of RFP is 70 Lakhs.
22
Appendix C
WARRANTY CLAUSE
1. The SELLER warrants that the goods/services supplied under this contract conform to
technical specifications prescribed and shall perform according to the said Technical
Specifications.
2. The SELLER warrants that the warranty of deliverables supplied, shall be executed at
location (onsite warranty/ nearest field repair point/ intermediate repair point) for 24
months, from the date of acceptance of deliverables post Joint Receipt Inspection, that the
goods/stores/services supplied under this contract and each component used in the manufacture
thereof should be free from all types of defects/failures (including latent and patent defects). No
spares will be drawn during the warranty period from the MRLS. Cost towards all scheduled
servicing during the warranty period will be borne by the SELLER to include spares, labour, oil,
grease and lubricants etc.
3. If within the period of warranty, the goods/stores are reported by the BUYER to have
failed to perform as per the specifications, the SELLER shall either replace or rectify the
same free of charge, maximum within 45 days of notification of such defect by the BUYER
provided that the goods are used and maintained by the BUYER as per instructions
contained in the Operating Manual. Warranty of the equipment would be extended by such
duration of downtime. Record of the down time would be maintained by user in log book.
Spares and all consumables required for warranty repairs shall be provided free of cost by
SELLER. The SELLER also warrants that the special oils and lubricants required for the
warranty repair of the equipment shall be provided by the SELLER himself. All activities
including diagnosis, rectification, calibration, transportation etc, required for making
equipment serviceable and available would be the SELLER's responsibility. The
SELLER also undertakes to diagnose, test, adjust, calibrate and repair/replace the
goods/equipment arising due to accidents by neglect or misuse by the operator or damage
due to transportation of the goods during the warranty period, at the cost mutually agreed to
between the BUYER and the SELLER. The SELLER shall intimate the assignable cause of
the failures.
4. SELLER hereby warrants that necessary cost towards service and repair backup
including consumables, spares, labour and oils/lubricants/ greases required for the
periodic/scheduled/ un-scheduled maintenance of the equipment during the warranty period,
including routine maintenance beyond Unit Level, shall be borne by the SELLER and he will
ensure that the cumulative downtime period for the equipment does not exceed 10% of the
warranty period
5. If a particular equipment/goods fails frequently and/or, the cumulative down time

exceeds 10% of the warranty period or a common defect is noticed in more than 5% of
the quantity of goods with respect to a particular item/component/sub-component,
that complete item/equipment shall be replaced free of cost by the SELLER within a
stipulated period of 120 days of receipt of the notification from the BUYER duly
23
modified/upgraded through design improvement in all equipment supplied/yet to be supplied

and ESP supplied/yet to be supplied.
6. SELLER shall associate technical personnel of maintenance agency and QA of

BUYER during warranty repair and shall provide complete details of defect, reasons and
remedial actions for averting recurrence of such defects.
7. The seller is also bound to support the Buyer’s maintenance Agency and QA
agency for defect investigations beyond the warranty period, at a cost to be negotiated
between Buyer and seller, on occurrence.
8. In case the complete delivery of the Engineering Support Package is delayed beyond
the period stipulated in this contract, then the SELLER undertakes that the warranty period
for the goods/stores shall be extended to that extent.
24
Appendix D

1. This is to certify that the Hardware and the Software being offered, as part of the
Contract, does not contain embedded malicious code that would activate procedures to:-
2. The firm will be considered to be in breach of the procurement contract, in case physical
damage, loss of information or infringements related to copyright and Intellectual Property
Rights (IPRs) are caused due to activation of any such malicious code in embedded software.
(Signed)
Date:
Place:
25
Appendix E
(Refers to Para 33 and 34 of RFP)
PRODUCT SUPPORT
1. Maintenance Philosophy. The Maintenance philosophy can be categorised

into ‘O’ & ‘I’ levels depending upon the technological complexity of the equipment as under:-
(a) ‘O’ Level. Includes Unit and Field Repairs (1st & 2nd Level).
(i) Field Repairs. These are repairs carried out in the field by technicians of
in-house maintenance agency i.e EME, specially trained for this purpose and
where the required special tools and spares have to be provided. These repairs
comprise replacement of common Line Replaceable Units (LRUs), sub-
modules, other components which may require Special Maintenance Tools
(SMTs) supported by diagnostics using Special Test Equipment (STEs). The
vendor may also include Built in Test Equipment (BITE) facility to identify faults
upto field level. In total there shall be a maximum of 138 x Field Repair Points
to provide repair cover to quantity 1000 x Surveillance Copter. The
manufacturer is required to provide the following:-
(aa) Quantity and specification of spares up to sub-Module level, other

replaceable components that need to be stocked for a specified
population and class of the equipment.
(ab) Additional Special Maintenance Tools and Test Equipment needed

for each such field/flotilla/station work shop.
(ac) The test equipment for Surveillance Copter should have feature of
displaying test parameters/ results and facility to generate test report in
printable format.
(b) ‘I’ Level (Component Level Repair (CLR)). These are extensive or special
repairs carried out to include component level repairs. This level of repair envisages
special diagnosis and repairs of the repairable inventory up to Printed Circuit Board
(PCB) level, major assemblies, interface equipment/software and other components
beyond the scope of field level repairs. These repairs are carried out in the designated
workshops by technicians specially trained for this purpose requiring special tools and
spares. In total there shall be a maximum of 15 x Intermediate Repair Points for
CLR to cover quantity 1000 x Surveillance Copter. The manufacturer is required,
among others, to provide the following:-
26
(i) Quantity and specification of spares up to PCB level that need to be

stocked for a population of the equipment.
(ii) Special Maintenance Tools, Special Test Equipment (STEs), Test Jigs
(TJs) and Test Fixtures for carrying out repair upto CLR.
(iii) All necessary technical literature.
(iv) Calibration facilities for test equipment, where applicable.
(c) ‘D’ Level. All D level repair required for the equipment post warranty to be undertaken
with Seller/ OEM, under the aegis of MGS/ EME Dte through revenue route, as on required
basis.
2. To sustain and support platform/equipment through its operational life-cycle, Product

Support requirements for at least 02 years beyond the warranty period will be procured along
with the main equipment. The equipment could be provided product support through
Engineering Support Package (ESP), which are elucidated in subsequent paragraphs:-
Engineering Support Package (ESP)
3. ESP is the basic engineering support the Seller needs to provide to the Buyer for
undertaking essential repairs and maintenance of the equipment during its exploitation.
These repairs and maintenance would be in consonance with the Maintenance Philosophy
enunciated above. ESP would constitute the following aspects:-
(a) Spares.
(b) SMTs/STEs test set-up.
(c) Technical Literature.
(d) Training and training aggregates.
4. Spares
(a) Manufacturer’s Recommended List of Spares (MRLS). This is the list of

spares, recommended by the manufacturer, for maintaining operational serviceability
of the equipment and sustain it for the period as stipulated in the RFP. Based on the
explanation given above, you are requested to provide MRLS to sustain the equipment
for a period of 02 (two) years for ‘O’ & ‘I’ level of repair as per format given at
Annexure I to this Appendix. List of the MRLS, along with likely consumption rate
of spares is to be provided with the Technical proposal. MRLS would be provided
separately for each such sub system, including those for STEs. ‘Adequacy’ clause and
‘Buy Back’ clause will be co-opted in the contract as under: -
(i) ‘Adequacy’ Clause. The Bidder will confirm to the Buyer the range
and depth of Accompanied Accessories/ User Replaceable Parts/Expendable,
27
Spares and SMT/STE/Test Jigs being supplied are complete and adequate for
carrying out repairs on the equipment up to ‘I’ level. The Bidder found to be
providing lesser ESP/ MRLS in terms of range and depth will have to make
good the deficiency at No Extra Cost.
(ii) ‘Buy Back’ Clause. The Buyer would have the option to amend the
Manufacturer’s Recommended List of Spares (MRLS) proposed by the Bidder
within a period of the two year post expiry of the warranty period. The Bidder
needs to agree to either ‘Buy Back’ the spares rendered surplus or exchange
them on ‘cost-to-cost’ basis with the spares, as required by the Buyer. The said
spares would be purchased / replaced by the Seller, based on the prices
negotiated in the contract. The ‘Buy Back’ clause would not be applicable for
additional spares included by the Buyer in MRLS during demonstration and
CNC.,
5. Special Maintenance Tools / Special Test Equipment and Test Jigs

(SMTs/STEs/Test Jigs). SMTs, STE and Test Jigs are essential tools required to undertake
effective engineering support / repairs on the equipment and its systems, based on the
Maintenance Philosophy Bidder is required to provide SMTs, STE and Test Jigs up to ‘I’ Level
Repair. This would be formulated in a similar manner as explained for MRLS and details are
to be included in both Technical and Commercial Proposals as per suggested format at
Annexure II to this Appendix. SMTs, STEs and Test Jigs will be provided by the Bidder. The
SELLER confirms to installation of SMTs/ STEs at the nominated premises by the Buyer.
MRLS for STEs should be provided as a package along with STEs at the time of installation.
The list of equipment required to be supplied will incorporate Adequacy Clause, as
elaborated above.
6. Technical Documentation. The Bidder will be required to provide the technical

literature preferably in IETM (Interactive Electronic Training Manuals) in Level 4 format or
higher. The details of technical literature to be supplied with the system should be listed
as per the suggested format at Annexure III to this Appendix. This should be provided with
both Technical and Commercial Proposals. The cost column may be left blank in the
Technical Proposal. An illustrated list of documents which may be submitted by the Seller is
as under:-
(a) User Handbook/Operators Manual in English and Hindi.
(b) Technical Manuals. (as per governing JSG/Guide for other technologies)
(i) Part I. Tech description, specifications, functioning of various systems.
(ii) Part II. Inspection/Maintenance tasks repair procedures, materials
used, fault diagnosis and use of Special Maintenance Tools (SMTs)/Special Test
Equipment (STEs).
(iii) Part III. Procedure for assembly/disassembly, repair up to component
level, safety precautions.
(iv) Part IV. Part list with drawing reference and List of SMTs/STEs Test
Bench.
28
(v) Rotable list, norms of consumption, mandatory/ non-mandatory spares

list for each system.
(c) Table of Tools & Equipment (TOTE) & carried spares.
(d) Complete Equipment Schedule.
(e) Repair and Servicing schedule.

(f) Design Specifications. (categorically bringing out changes, if any, to the
product/ assemblies/ sub-assemblies supplied earlier).
(g) Technical Manual on STE with drawing references.
(h) Condemnation limits.
(i) Packing specifications /instructions.

(j) Any additional information suggested by the OEM.
7. Details of OEMs. For complex equipment, a large number of other OEMs may also
be involved in manufacture of various systems/sub systems / support equipment. Details of
such OEMs will also be intimated by the Bidder as per table below: -
Ser Equipment Part OEM Contact Details Details of Government

No No (Tel/Fax/Email) License to OEMs
8. Training. The requirement of training is appended below and requirement of training

aggregates is placed as Annexure IV to this Appendix.
(a) The Bidder would provide the following training to the personnel of the Buyer
based on agreed terms of contract: -

No Location of Trg (Days per Batche of
batch) s Personnel
29

No Location of Trg (Days per Batche of
batch) s Personnel
(a) User - 10 working 20 Maximum 50 personnel per
Designat days 1000 batch.
ed
Training to be
Location
completed before
delivery of first lot
Repair and Maintenance Personnel

(b) Nodal ‘O’ 04 working 12 Maximum Training to
Worksho Level days 276 commence before
p of all six months of
Comman completion of
ds warranty of first lot.
OEM ‘I’ 07 working 01 32 Training to

Premises Level days commence before
six months of
completion of
warranty of first lot.
QA & Ordinance personnel

(c) OEM 05 working 01 04 QA & Training to be
Premises days 02 conducted before
Ordnance commencement of
PDI.
(aa) The above training should meet the needs of repair and maintenance of
the complete equipment, use of SMTs/ STE, test set up, assemblies/ sub-
assemblies as per the stipulated repair philosophy. In addition to training on
operation and diagnosis using STEs, training would also cover repair of STEs
using procured spares for STEs.
(ab) Training content should commensurate with the Permissible Repair

Schedule (PRS).
30
(ac) The training should bring out utilization of provided MRLS items including
(b) Sufficiency clause. On completion of training, technicians should be capable
of carrying out stipulated maintenance/ repair to the full system as per the defined
Product Support philosophy.
Active Technology Obsolescence Management
Obsolescence Management through life cycle of equipment which would include upgradation
of systems/ subsystems/ units on completion of its fair service life. The Bidder shall also
intimate the Buyer on likely technology obsolescence of various sub-
assemblies/units/modules of equipment through an Annual Bulletin. In case of impending
obsolescence of components, bulletin should specify either alternate item or option for life-
time buy as under: -
(a) The Bidder/OEM (as applicable) will notify the Buyer not less than three years
before the closure of its production line about the intention to close production of
equipment for provision of purchasing spare parts, before closure of the said
production line.

Bidder/OEM (as applicable) will submit techno-commercial proposal for upgradation of
equipment, wherever applicable, to mitigate technology obsolescence and for ensuring
product support for entire life cycle of equipment.
software quality assurance as per relevant and latest international military standards.
(b) The software life cycle concept will be followed/ observed. The software should
be restorable in Field. Any upgrades or patches required in the software will be
provided free of cost throughout the life cycle of the equipment. Adequate memory
should be available to accept any upgradation.
31
MANUFACTURER`S RECOMMENDED LIST OF SPARES (MRLS)
EQUIPMENT: QTY 1000 X SURVEILLANCE COPTER WITH ACCESSORIES
Original Equipment Manufacturer (OEM) : _____________
Ser Manu Source Nomencl Nos ISPL /NSN Unit Recommended scale for Total H V F Remarks
No facturer’s of ature fitted reference Cost quantity 1000 X cost
M E N
Part No supply in one Surveillance Copter with
eqpt Accessories for Two years L D S
Fd Interme Total
Repair diate Qty
Points Repair
(153)
Points
(138)
(15)
Notes: -
1. Maintenance spares/ stores like lubricants, sealing compound, gases should be given separately giving source of supply.
2. Spares for components repairs should be included under the column of Intermediate level repair as suggested by OEM.
3. In ‘Remarks’ column following information (if applicable) be given: -
(a) If an item has a shelf/ operational life, it be marked as ‘G’ and life indicated
(b) Matching set of components be indicated.
(c) Item which can be locally manufactured should be marked ‘LM’.
(d) Items which cannot be manufactured in India due to sophisticated design/ technology may be marked as ‘SI’ (Special Item).
32
(e) If a component/ assembly is common to other similar equipment offered by the OEM earlier these should be marked ‘CM’ and
name of the equipment be indicated.
(f) In any item is to be repaired by OEM in his premises, the same should be mentioned as FR.
4. MRLS should be drawn out of the ‘Illustrated Spares Part List’ of the equipment, which should be separately given as part of Technical
Manual Part IV.
5. If the main equipment consists of other equipment then MRLS should be prepared for them under proper heads.
6. MRLS be prepared as per the maintenance concept of the customer (Appendix E to this RFP).
7. Items provided along with the equipment as spares should also be included in MRLS.
8. Modules/ Shop Replaceable Unit (SRU)/ assemblies should be listed and their components should be included under them so as to
relate each item of spare to their module/ SRU/ assembly.
9. Complete MRLS should be costed separately for ‘O’ & ‘I’ level repairs as it is required to be included as part of ‘Total Costed
Engineering Support Package’ (ESP). OEM may give cost details in confidence to Contract Negotiation Committee (CNC), but other details as
above be provided during demonstration/ CNC.
10. MRLS for test equipment should also be provided on the similar format.
33
Annexure II to Appendix E
LIST OF SMTs/ STEs, JIGs, FIXTURE AND INFRASTRUCTURE
EQUIPMENT : QTY 1000 X SURVEILLANCE COPTER WITH ACCESSORIES
Original Equipment Manufacturer: _______________________
Ser Manufacturer Designation Unit Recommended scale for quantity 1000 X Brief Remarks
No Part No Cost Surveillance Copter with Accessories Purpose
Fd Repairs Intermediate Total Qty

Repair Points
(138) (153)
(15)
(a) (b) (c) (d) (e) (f) (g) (h) (j)
Notes
(i) Prepare separate sheet for each type of equipment.
(ii) Specify in remarks column whether the Special Test Equipment (STE)/ Special Maintenance Tools (SMTs) can be used as
general purpose equipment on any other kind of equipment.
(iii) For ‘I’ level (CLR) repair quantity required should be for repair of 02 equipment at a time.
(iv) If test equipment is commercially available ex India, the source of supply be specified.
(v) Test equipment for calibrating the STEs should be included in the list above and marked as ‘CAL’ in remarks column.
(vi) Test equipment which are required to be provided by the customer should be also be included in the list above.
34
Annexure III to Appendix E
EQUIPMENT QTY 1000 X SURVEILLANCE COPTER WITH ACCESSORIES

No Cost User EME DGQA Qty Cost
1. User Handbook/ Operators 1000 155 04 1159

Manual
2. Design Specifications 07 17 02 26
3. Technical Manual
(a) Part I Tech description, 07 155 02 164
various systems.
(b) Part II Inspection/
Maintenance tasks Repair 07 155 02 164
procedures, materials used,
fault diagnosis and use of
(SMTs/ Special Test
Equipment (STEs).
(c) Part III Procedure for - 155 02 157
up to component level, safety
precautions.
35

No Cost Qty Cost
User EME DGQA
(d) Part IV List of SMT/ STEs with Test - 17 02 19

Bench (if any alongwith photograph and
its wage).
(i) Part list with drawing reference
(ii) List of SMT/ STEs with Test Bench.
4. Manufacturer’s Recommended List of 07 17 02 26
Spares (MRLS) (Both Soft & Hard copy).
5. Illustrated Spares Part List (ISPL) 07 17 02 26
(Both Soft & Hard copy).
6. Illustrated Spares Parts Price List (ISPPL) 07 01 - 08
7. Technical Manual on STE with drawing - 17 02 19
reference and calibration
(If applicable) details.
8. CDs on the above Technical Literature - 02 - 02
9. Interactive Electronic Training Manuals - 02 - 02

(IETMs) of class IV or above
10. Any other (specify) -
Notes: -
(i) In case any additional equipment is used their technical literature will be included.
(ii) If certain technical literature is being provided free of cost, it should be indicated in remark column.
(iii) The above mentioned technical literature would be in English language except User Handbook/ Operator’s manual which would
be Bilingual (Hindi/ English).
(iv) All the above Technical Literature is recommended to be provided in the form of CDs/ DVDs.
(v) Diagnostic and installation manuals to be provided for the complete software being used in the equipment.
36
Annexure IV to Appendix È`

(Refers to Para 8 of
Appendix E)
TRAINING AGGREGATES
EQUIPMENT: QTY 1000 X SURVEILLANCE COPTER WITH ACCESSORIES
& Ord
1 Computer based training package with permission 07 17 -
make extra copies based on interactive multimedia
to include
(a) Full Graphics, Animation test and sound

2 Training Aids :-
(b) Symptoms- fault correlation (expert system) 07 17 -
(a) Laminated Charts (size 4’ x 3’) to include
system layout and exploded view of all SRUs (Soft
and Hard Copy).
(b) Symptoms fault correlation (except system).
3 Cost of trg requirement in India at Bidder premises 1000 308 06
4 Any other- - - -
37
Appendix F
(Refers to Para 37 & 55 (a) of
RFP)
DEMONSTRATION METHODOLOGY: SURVEILLANCE COPTER
1. The demonstration will be conducted on ‘No Cost No Commitment’ basis by

Empowered Committee or members nominated by them under the aegis of IHQ of MoD
(Army) as per Annexure.
2. Number of Trial Equipment and Other Associated Items. Two Surveillance Copter
along with all accessories and requisite documentation will be arranged by vendor at the
designated demonstration location. Vendor will be responsible for ensuring availability of
requisite spares/ tools/ associated equipment/ material required for the demonstration.
3. Crew. Crew representative for the operation of equipment for demonstration

will be provided by the Vendor. Prior to the commencement of the demonstration, vendor
representatives will undertake briefing of the team evaluating demonstration. The vendor
representatives should have adequate knowledge about the equipment/ spares/ tools to give
the complete details of the equipment.
4. Timeframe for Demonstration. The vendor will confirm his willingness to provide the
eqpt for ‘Demo’ (to be org by the bidder) at the Buyer specified loc within 10 days of
submission of bids on NCNC basis.
5. Retention of Trial Equipment. The equipment of all the vendors found compliant
after demonstration, will be retained by the Nominated agency of SHQ under their custody till
the commencement of CNC. Equipment of vendors found non-compliant in the demonstration
would be returned thereafter. On finalization of contract, other participating vendors may
utilise/ dispose off their equipment as deemed fit. Equipment of Vendor with whom contract is
concluded will be retained till the last lot of delivery, for purpose of comparison.

transportation freight, insurance, custom, octroi and any other local taxes shall be borne by
the vendor.
Demonstration by Empowered Committee
7. The demonstration will be conducted in accordance with the provisions laid out in DAP
2020 and the equipment will be tested against parameters mentioned at Annexure I.
Equipment fielded may require repairs/ modifications during the course of demonstration and
these in-situ servicing, repair, maintenance actions or modifications as requested by the
vendor may be permitted on case to case basis. Towards this, vendor shall be adequately
informed and advised at the pre demonstration stage itself so that they can ensure availability
of requisite maintenance teams/ experts on site during the conduct of demonstration.
8. Change of Equipment. In situ repair (if required) may be permitted. The duration
required for in situ repair of eqpt will be as decided in the pre-demo meeting. Towards this,
38
participating vendors are advised to ensure redundancy of equipment and associated

accessories.
9. Location of Demonstration. Demonstration will be undertaken at a location (in India)

as nominated by the Empowered Committee. The location for demonstration will be intimated
after TEC.
10. Vendor Certification (Certificate of Conformance). Vendor certification supported
by test reports from NABL accredited Labs on aspects specified at Annexure-I will be
accepted on case-to-case basis.
11. Testing Charges. All testing charges in various laboratories (as applicable) will be
borne by respective vendors.
Broad Demo Plan
12. Broad Demo plan is attached as Annexure.
Pre - Demonstration Meeting
13. A pre demonstration meeting to discuss broad schedule and modalities of

demonstration will be organized at a place which will be intimated to the vendors. The
meeting will include representative of vendor and all stake holders and agencies involved in
conduct of demonstration.
Representations / Requests
14. All queries, representations and requests related to the demonstration will be
addressed in writing to the Empowered Committee. Attention of respective vendors is drawn
towards MoD Guidelines for Handling of Complaints promulgated vide MoD ID No.
1(6)/D(Acq)/13-Vol.II dated 21 Sep 2015.
Schedule of Demonstration
Miscellaneous
16. The representatives of the Empowered Committee may be required to visit certain
factory locations and/ or laboratories during the evaluations. The vendor would organise
access and facilitate such visits by Empowered Committee to its factory/ manufacturing
locations.
17. Any additional aspects to be checked during Empowered Committee will be

intimated during the meeting mentioned at Para 13 above.
39
Annexure to Appendix F
DEMO PLAN
1. Introduction. The Demo Plan elucidates procedure for evaluation of the

Surveillance Copter.
2. The evaluation of each laid out parameter will be carried out as illustrated at in table
at
Para 4 below. Description of test methods is as given below: -
(a) Demonstration. Demonstration of the equipment will be conducted in EC

nominated location for testing core functionalities and will require the same to be
demonstrated by vendor using all applicable eqpt and assemblies required to meet the
functional specifications / features.
(b) Design Presentation. Design presentation will necessarily require

presenting of graphically modelled designs, architectural details, software
architecture, lab simulations, weight & power budgeting, technical
specifications, ergonomics and detailed presentation on achieving system
functionality / features.
(c) Certificate of Conformance (CoC). CoC is self-certification by the

vendor to meet the particular requirement. The CoC will be accompanied by design
&technical details or test results as applicable forming the basis of CoC.
(d) Certificate from Accredited Agency. Certificate will be furnished from any
National or Internationally accredited agency along with lab test reports
confirming compliance to the laid down OR. The same may be audited by EC
through internal agencies such as DGQA, ACE, etc.
3. Legend.
(a) ‘D’ : Demonstration.
(b) ‘P’ : Design Presentation.
(c) ‘C’ : Certificate of Conformance.
(d) ‘Q’. : DGQA Audit.
(e) ‘CA’ : Certificate from Accredited Agency.

40
4. DEMO PLAN. The demo plan is given below. Whenever mentioned the vendor
to submit CoC/ Certificate from NABL accredited lab as applicable.
SER RFP PARAMETERS METHOD
NO PARA OF EVAL
NO
1. System Components - Each Svl Copter should
consist of One AV, One MPGCS (Resolution min
1024 x 764), One RVT(Min 500 nit screen), One D
colour day video camera, one Monochromatic
night Thermal Sensor and Two sets of spare battery.
2. All Up Weight - Not more than10 Kg (+10%) but
suitable to withstand high altitude strong wind
D
currents/ gusts up to 12-14 Knots.
3. Map - Compatible with Defence Series Map and C
Shape file format.
4. Msn Rg - Not less than5 Km. D
5. Op Alt - Launch up to an elevation of 4000m AMSL D

and be capable of operating at min 500m AGL.
6. Endurance - With max AUW incl the optical payload D
at 5 kms rg at 500m above take off alt should be min
60 min
7. Payload -
(a) Colour Day Video Camera.
(i) Be capable of providing real time video
from the day sensor of minimum 1920 by
1080 pixels resolution.
(ii) Have a 20 X or higher continuous
Optical Zoom with a Wide Field of View of
minimum 400.
(iii) The minimum observation ranges (slant
ranges) to be achieved under clear weather
conditions are :-
A Veh B Veh Human
Targets
41
8. (b) Monochromatic Night Thermal D

Sensor (IR).
(i) Provide real time video of
minimum 640 by 480 pixels resolution.
(ii) Have a Field of View of minimum
140.
(iii) The minimum observation ranges
(slant ranges) to be achieved under
clear weather conditions are :-
A Veh B Veh Human

Targets
9. Accuracy - Better than 50m. CA/ D
10. Launch & Recovery - Unprepared area of not more D

than 15m x15m.
Op Temp - Max - Betn 40˚C and 45˚C. CA
11. Min - Betn -20˚C and -10˚C

12. Crew - Max two pers. D
13. Flight Mode - Fully Autonomous Mode, Manual D

Mode Hover Mode and Return Home Mode.
14. Data Link - S/C Band (2 GHz to 6 GHz) with 128 bit CA
AES encryption.
15. EMI / EMC Reqmt - MIL STD 461 E or better. CA
16. BITE. Built In Test Equipment and Power On Self- D

Test to identify defects up to Printed Circuit
Boards/modules.
17. Shelf Life - Not less than 1000 landings. C
42
Note.
1. The vendor will provide Video Clippings and Photographs on a CD of the

demo held to the Board of Officers.
2. Any other demonstration requirements will be intimated by EC.

43
Appendix G
DARFT ATP GUIDELINES
1. Draft Acceptance Test Procedure for the Equipment/ System should mainly consist of
the following: -
(a) Scope & Introduction. Includes the scope, introduction & propose of the
document and general information about the equipment.
(b) Brief description of the Equipment/ System. Brief description of the

equipment/ system be highlighted indication the salient features, Equipment/
System configuration, interfaces involved and its compatibility and role in the main
system where it is intended to be used.
(d) Technical Specifications. TS of the equipment be indicated along with

dimension, weight of the equipment etc. operational requirements & Pictorial
representation of the equipment/ system be provided under this section.
(e) Reference documents including list of drawings, related Standards,

Specifications etc. Includes Reference documents/ drawings of the equipment,
Standards/ Specifications up to which he equipment/ system is complied.
S. Item Part NSN Drawi Manuf Sche Standa Qty Mill/

NO Name/ Numb Numb ng acturer matic rd of No Industrial/
. Descri er er Numb Refer Refere s Commercial
ption er ence nce
(g) Test Instruments / Accessories required. Test Instruments/ Accessories

required for conduct of ATP be mentioned along with Part number, Make/ Model
etc.
(h) Qualification/ Environmental Tests. Applicable class from relevant JSS, as

per RFP for Environmental testing be mentioned along with test severities and
procedures to be followed for the conduct of the test. Pre, in-situ & Post
Performance test to check the performance of the equipment be included.
(j) Acceptance/ Performance Tests. Includes the Visual, Electrical & Functional
tests. Functional Test procedure along with diagram showing Test set up to be
mentioned. Final acceptance/ Performance checks comes under this section. Tests
can be carried out under lab & field conditions needs to be mentioned separately.
44

(l) Quality Audit points/ Checks/ Methodology including Real Time/ Online
Audit activities & list of critical processes. Process audit methodology to be
carried by mentioned.
(m) Quality Audit Flow Chart/ Process Monitor Points. Mutually agreed Audit
flow chart be mentioned by quoting Relevant ISO standards.
(n) Operational checks/ Tests. Includes Quick checks/ Tests with

ATE/BITE/Processor based Auto Diagnostic checks on the store, if equipped with,
before release of the store to the Consignee.
mentioned.

Note
(ii) Weight of the system shall specify along with power systems including Genset/
UPS wherever required.
(iii) Sampling plans to be invoked whereas feasible.
(iv) Certain test requires permission from authorities such as long range comn,
jamming tests, detection of drones, use of DEW etc. Necessary permissions need
to be obtained by SELLER.
45
Appendix H
COMMERCIAL CLAUSES
1. Payment Terms
1.1.1 The delivery of main equipment and all deliverables will be based on
DDP INCOTERMS-2020 with ultimate consignee as CASD, Delhi
Cantonment.
1.2. Currency of Payment.
1.2.1 Indian bidders should submit their bids in Indian Rupees.
negotiated by CNC including taxes and duties applicable at the time of signing
of Contract.
1.3.2 Base Contract Price. The Base Contract Price will be considered
as Total Contract Price excluding taxes and duties applicable at the time of
signing of Contract.
1.3.3 Bank Guarantee(s). For the purpose of payment of Advances to

the Bidder and submission of various Bank Guarantees by the Bidder i.e
Advance Payment Bank Guarantee (APBG) and Additional Bank Guarantee
(ABG), as applicable, Base Contract price will be considered. For Performance
cum Warranty Bank Guarantee (PWBG), Total Contract Price including taxes
and duties is to be considered. The prescribed format of the Advance Payment
Bank Guarantee (APBG) is placed at Annexure II to Appendix H.
1.3.4 All Bank Guarantee(s) requirements viz Advance Payment Bank

Guarantee (APBG), Performance-cum-Warrantee Bank Guarantee (PWBG),
Additional Bank Guarantee (ABG), Performance Bank Guarantee (PBG) etc
shall be submitted, from any Indian Public or Private Scheduled Commercial
Bank.
1.4 Payment to Indian Bidders. The schedule for payments will be based
on the Buyers requirements, enumerated at succeeding Paragraphs. The
summary of delivery schedule, payments to be made and schedule of
submission/release of Advance Bank guarantee (s), as applicable, is specified at
Annexure II and Annexure V to this Appendix.
1.4.1 Advance Payment. Fifteen (15) % of the Base Contract Price

shall be paid within thirty (30) days of submission of claim and a Bank
Guarantee for the equivalent amount, subject to correction and acceptability of
46
the documents submitted. The prescribed format of the Advance Payment Bank
Guarantee (APBG) is placed at Annexure II to this Appendix. The Advance
Payment Bank Guarantee (APBG) will deemed to be proportionately and
automatically reduced until full extinction along with and prorate to value of each
delivery, as evidenced by corresponding copy of document proving delivery and
invoices of goods/services supplied/provided. The date of delivery would be
reckoned from the date of signing of contract by the Buyer to the Seller (T0).
In case, no advance is to be paid, the date for reckoning date of delivery would
be the date of signing of contract.
1.4.2 On Dispatch. 60% of the Base contract price of Main equipment

alongwith 100 % of Freight, Transit Insurance and reimbursement of 100%
taxes and levies on pro-rata basis shall be paid on proof of dispatch of
deliverables to the consignee and on production of an inspection note issued by
the buyer designated inspection agency. Number and date of the
Railway/Road/Air Transport receipt under which the deliverables charged for in
the bill are dispatched by rail/road/Air and the number and date of letter with
which such receipt is forwarded to the consignee, should be quoted on the bill.
The payment will be made by PCDA/CDA through cheque/Electronic Fund
Transfer (EFT) on submission of following documents: - (Note-The list given
below is illustrative. The documents that may be required, depending upon the
peculiarities of the procurement being undertaken, may be included/ excluded in
RFP).
1.4.2.1 Ink-signed copy of Seller’s bill.

1.4.2.4 Inspection Acceptance Certificate of Buyer’s QA agency
demonstrating compliance with the technical specifications of the contract.
documents/GST invoice (with QR code, when made applicable)/proof of
payment, as applicable.
accordance with Article 22A.1 of SCD, the SELLER will be liable to return
payments received against dispatch.
1.4.4 On Final Acceptance The remaining 25 % of the Base Contract Price

of the main equipment shall be paid on pro-rata basis within thirty (30) days of
submission of the Acceptance Certificate & Certified Receipt Voucher (CRV)
issued by the Buyer and other relevant documents as mentioned above for final
payment, but such payments will be subject to the deductions of such amounts
47
as the Seller may be liable to pay under the agreed terms of the Contract. The
concerned PCDA/CDA will release the payment through cheque/EFT.
1.4.5 Payment of Deliverables Less Main Equipment. 85% of the cost

of deliverables (including 100% of taxes/ levies) such as MRLS, SMT/STEs,
Technical Literature and Training Aggregates will be paid on submission of
claim post completion of JRI by Buyer.
1.4.6. Payment for Training. 85% payment (including 100% taxes/

levies) for training of DGQA, Operators and Maintenance personnel will be
done after completion of training as given in Para 15 of RFP. Vendor will also
furnish training completion certificate from buyer, prior to payment for training.
1.4.7 Part-Dispatch/ Part-Shipment. Part-dispatch or part-shipment of

goods is permitted and corresponding payment will be released to the Seller.
However, where permitted, the minimum quantity for using this facility on each
occasion will not be less than 200. Transhipment may not be permitted for
certain deliverables and/or under certain situations.
1.4.8 Payment of Taxes and Duties. Payment of taxes, duties and statutory
levies will be made on submission of requisite documentary proof to Paying
authority. Reimbursement of taxes and duties will be as per rates and amounts
indicated in the commercial bid/contract or as per actuals whichever is lower.
1.4.9 Exchange Rate Variation. Exchange Rate variation shall be

applicable for Rupee contracts with Indian Vendors, based on RFPs issued
under all categories of capital acquisitions mentioned at Para 8 to 12 of Chapter
I of DAP. The indigenous & import components as also the various currencies
(of the import components) for ERV purposes, must be determined in advance.
The guidelines on protection of Exchange Rate Variation are given at Annexure
I to this Appendix.
2. Performance-cum-Warranty Bank Guarantee Clause. A Performance-cum-

Warranty Bank Guarantee (PWBG) of 3% (or as applicable during signing of contract) of
value of the Total Contract Price including taxes and duties would be furnished by the
Bidder in the form of a Bank Guarantee to sequentially act as Performance Bank guarantee
till the delivery and as Warranty Bank Guarantee on delivery. The PWBG shall be submitted
by the Bidder within one month of signing of contract and shall be valid for a period, until
three months beyond the warranty period, as specified in the RFP. If at any stage, the
Performance Guarantee is invoked by the Buyer either in full or in part, the Bidder shall make
good the shortfall in PWBG within 30 days by an additional Bank Guarantee for equivalent
amount. In the event of failure to submit the required Bank Guarantee against invoked
Performance Guarantee, equivalent amount will be withheld from the next stage payment till
the shortfall in the Bank Guarantee is made good by the Bidder. The prescribed format of the
Performance-cum-Warranty Bank Guarantee is placed at Annexure III to this Appendix.
addition Joint Receipt Inspection (JRI) may also be carried out. If it is PDI, the Bidder should
intimate at least 45 days prior to the day when the equipment is to be offered for PDI to
enable Buyer’s QA personnel to be available for inspection. All the expenses towards PDI will
48
be borne by the Bidder except transportation and accommodation of Buyer’s PDI team, which
will be deputed at Buyer’ expense. In case of rejection of Goods during PDI, re-PDI will be
undertaken at Bidder’s premises at Buyer’s sole discretion. All expenses including
transportation and accommodation of Buyer’s PDI team will be borne by the Bidder. Towards
this, the expenses towards transportation and accommodation of Buyer’s PDI team will be
initially done by the Buyer and subsequently reimbursed by the Bidder either by remittance or
by recovery from the Balance Payment/PWBG. In the event of a failed PDI, the Bidder shall
consult the Buyer for rescheduling re-PDI. In case of JRI, the representative of the Seller may
be present for inspection after the equipment reaches the concerned destination. The Seller
would be informed of the date for JRI.
4. Liquidated Damages (LD). In the event of the Bidder’s failure to submit the
Documents, supply the stores/ goods, perform services, conduct demonstration, installation
of equipment and training as per schedule specified in this contract, the BUYER may, at his
discretion withhold cost of the specific lot/batch or 1% of the Project cost, whichever is
higher, until the completion of the contract. The BUYER may also deduct from the SELLER
as agreed, liquidated damages to the sum of 1.5% per week for every week of delay or part
of a week, subject to the maximum value of the Liquidated Damages being not higher than
15% of the contract price of delayed stores/ services (Any extension given by the Buyer for
delay attributable to Buyer or Force Majeure Clause to be factored in delivery period).
5. Denial Clause. In case the delay in delivery is attributable to the Seller or a non-
force majeure event, the Buyer may protect himself against extra expenditure during the
extended period by stipulating a denial clause (over and above levy of LD) in the letter
informing the Seller of extension of the delivery period. In the denial clause, any increase in
statutory duties and/or upward rise in prices due to the Price Variation Clause (PVC) and/or
any adverse fluctuation in foreign exchange are to be borne by the Seller during the extended
delivery period, while the Buyer reserves his right to get any benefit of downward revisions in
statutory duties, PVC and foreign exchange rate. Thus, PVC, other variations and foreign
exchange clauses operate only during the original delivery period. The format for extension of
delivery period/performance notice under the Denial clause is at Annexure IV to this
Appendix.
49
(Refers to Para 1.4.9 of Appendix
H)
(a) In contracts with Indian Vendors in all categories of capital acquisitions where
there is an import content, ERV clause will be provided. However, ERV clause shall
not be applicable to contracts in following conditions:-
(b) ERV clause will be framed according to the specific requirements of the
contract. While calling for information at the RFP stage/formulation of ERV clauses in
the contracts, the following factors are to be taken into consideration depending upon
the requirements of the individual contracts:-
(ii) Detailed time schedule for procurement of imported material/Services and

their value at the FE rates adopted for the contract is to be furnished by the
vendor as per the format given below:-

COST OF
IMPORTED
MATERIAL/
SERVICES
(In rupees)
DENOMINATED DENOMINATE DENOMINATED CURRENCIES
D DENOMINATE
D (as
applicable)
(iii) ERV clause will not be applicable in case delivery periods for imported
content are subsequently to be refixed/extended unless the reasons for delivery
period extension are attributable to the buyer.
(iv) For purposes of ensuring uniformity, the Base Exchange Rate on the
ERV reckoning date will be adopted for each of the major foreign currencies.
The Base Exchange Rate will be the BC Selling Rate of the Parliament Street
50
Branch of State Bank of India, New Delhi. The ERV reckoning date will be the
last date of submission of commercial bids as per RFP. In cases where Option
Clause is exercised, the date of reckoning of ERV will be the last date of
submission of bids for the RFP of the Original Procurement Case.
(v) ERV clause in the contract is to clearly indicate that ERV is payable/
refundable depending upon exchange rate as prevalent on the date of
transaction with reference to Base Exchange Rate on the ERV reckoning date.
contract. The year-wise amount of foreign exchange component of the imported items as
indicated in the contract shall be adjusted for the impact of exchange Rate Variation of the
Rupee based on the exchange rate prevailing on the date of each transaction, as notified by
the SBI, Parliament Street Branch, New Delhi. The impact of notified Exchange Rate
Variation shall be computed on an yearly basis for the outflow as tabulated in Annexure…..
(The table at Para 1(b) (ii) is to be an Annexure to the contract) and shall be paid/refunded
before the end of the financial year based on the certification of Finance Head of the
concerned Division…..”.
4. Documentation for Claiming ERV. The following documents would need to be submitted in
support of the claim on account of ERV:-
(b) Banker’s Certificate/debit advice detailing Foreign Exchange paid and

Exchange rate as on date of transaction.

51
(Refers to Para 1.3.3, 1.4 and
1.4.1 of Appendix H)
To
The ___________________
Ministry of _______________
Government of India
1. “Whereas President of India represented by the _____________Ministry of

__________ Government of India (hereinafter referred to as BUYER) have entered into a
Contract No.
__________ (No. of Contract), dated _________ (Date of Contract) with M/s _____________
(Name of SELLER) (referred to as SELLER) and whereas according to the said Contract the
BUYER has undertaken to make an advance payment of Rs/ US $/Euro/PS £/Yen/AUD/SGD
________________ being payment
of ___________% of the total value of Rs/ US $/Euro/PS £/Yen/AUD/SGD
_____________________ of the said Contract, against issuance of an advance guarantee by
a bank.”
2. We _______________________________________________ (indicate the name of

the bank) do hereby undertake to pay the amounts due and payable under this guarantee
without any demur, merely on a demand from the BUYER intimating that the SELLER is in
breach of the Contractual obligations stipulated in the said Contract. Any such demand
made on the bank shall be conclusive as regards the amount due and payable by the Bank
under this guarantee. However, our total liability under this guarantee shall be restricted to
an amount not exceeding Rs/ US $/Euro/PS £/Yen/AUD/SGD _______________.
3. We undertake to pay to the BUYER any money so demanded notwithstanding any

dispute or disputes raised by the SELLER in any suit or proceedings pending before any
Court or Tribunal relating thereto our liability under this present being absolute and
unequivocal. The payment so made by us under this bond shall be valid discharge of our
liability for payment there under and the SELLER shall have no claim against us for making
such payment.
4. We, further agree that the guarantee herein contained shall remain in full force and
effect during the period that would be taken for the performance of the said Contract and that
it shall continue to be enforceable till all the dues of the BUYER under or by virtue of the said
Contract have been fully paid and its claims satisfied or discharged or till
___________________________ office / Department / Ministry of
_______________________ certifies that the terms and conditions of the said Contract have
been fully and properly carried out by the said SELLER and accordingly discharges this
guarantee.
52
5. We, further agree with the BUYER that the BUYER shall have the fullest liberty without
our consent and without affecting in any manner our obligations hereunder to vary any of the
terms and conditions of the said Contract or to extend time of performance by the said
SELLER from time to time or to postpone for any time or from time to time any of the powers
exercisable by the BUYER against the said SELLER and to forbear or enforce any of the
terms and conditions relating to the said Contract and we shall not be relieved from our
liability by reason of any such variation, Amendment issued vide MoD ID No. 4(50)/D(Acq)/08
dated 20.06.2016 or extension being granted to the said SELLER or for any forbearance, act
or omission on the part of the BUYER or indulgence by the BUYER to the said SELLER or
by any such matter or thing whatsoever which under law relating to sureties would, but for
this provision, have effect of so relieving us.
6. The amount of this guarantee will be progressively reduced by (percentage of

advance) _____________ of total value of each part shipment/services against the stage
payment released by the BUYER for that shipment/services made by the SELLER and
presentation to us of the payment documents.
7. This guarantee will not be discharged due to the change in the constitution of the bank
or the BUYER/SELLER.
8. We, undertake not to revoke this guarantee during the currency except with the
previous consent of the BUYER in writing.
£/Yen/AUD/SGD _____________ (in words)___________________________
(b) This Bank Guarantee shall remain valid until _________________ (hereinafter
the expiry date of this guarantee) the Bank Guarantee will cease to be valid after
or before ______________(Expiry Date).
Place :

53

To
The ___________________
Ministry of _______________
Government of India
Dear Sir,
1. Whereas President of India represented by the _____________ Ministry of

____________, Government of India (hereinafter referred to as BUYER) have entered into a
Contract No. __________________________dated _______________ (hereinafter referred
to as the said Contract) with M/s. _______________________ (hereinafter referred to as the
SELLER) for supply of goods as per Contract to the said BUYER and whereas the SELLER
has undertaken to produce a bank guarantee amounting to Rs/ US $/Euro/PS
£/Yen/AUD/SGD ___________________ which is 3% (or as applicable during signing of
contract) of the Total Contract Price (including taxes and duties) to cover 3% (or as
applicable during signing of contract) of Total Contract Price (including taxes and duties)
each for Performance and Warranty in sequence, to secure its obligations towards
Performance-cum-Warranty to the BUYERs.
2. We, the _______________ bank hereby expressly, irrevocably and unreservedly

undertake the guarantee as principal obligors on behalf the SELLER that, in the event that
the BUYER declares to us that the amount claimed is due by way of loss or damage caused
to or would be caused or suffered by the BUYER by reason of breach/failure to perform by
the said SELLER of any of the terms and conditions in the Contract related to Performance
and Warranty clauses, we will pay you, on demand and without demur, all and any sum up to
{3% (or as applicable during signing of contract) of Total Contract Price (including taxes
and duties)} _____________________________ Rupees/ US $/Euro/PS £/Yen/AUD/SGD
only at any instance under this Guarantee. Your written demand shall be conclusive
evidence to us that such repayment is due under the terms of the said Contract. We shall not
be entitled to ask you to establish your claim or claims under this guarantee but will pay the
same forthwith without any protest or demur. We undertake to effect payment upon receipt
of such written demand.
arrangements, variations made between you and the SELLER, indulgence to the SELLER by
you, or by any alterations in the obligations of the SELLER or by any forbearance whether as
to payment, time performance or otherwise.
4. We further agree that any such demand made by the BUYER on the Bank shall be
conclusive, binding, absolute and unequivocal notwithstanding any difference or dispute or
controversy that may exist or arise between you and the SELLER or any other person.
54
6. This Performance-cum-Warranty guarantee shall remain valid for a period until three
months beyond the warranty period as specified in the Contract i.e. up to __________.
7. Subject to the terms of this Bank Guarantee, the issuing bank hereby irrevocably
authorizes the beneficiary to draw the amount of up to Rs/ US $/Euro/PS £/Yen/AUD/SGD
_________ {3% (or as applicable during signing of contract) of Total Contract Price
(including taxes and duties)} for breach/failure to perform by the SELLER of any of the terms
and conditions of the Contract related to performance and warranty clause. Partial drawings
and multiple drawings under this Bank Guarantee are allowed within the above stated
cumulative amount subject to each such drawing not exceeding 3% (or as applicable
during signing of contract) of the Total Contract Price (including taxes and duties) (Rs/ US
$/Euro/PS £/Yen/AUD/SGD _______ only) (Mention BG amount).
8. This guarantee shall be continuing guarantee and shall not be discharged by any
change in the constitution of the Bank or in the constitution of M/s ____________. We
undertake not to revoke this guarantee during the currency except with previous consent of
BUYER in writing.
£/Yen/AUD/SGD _________ (Rupees ___________ only (in words).
warranty period of the Contract, i.e up to ________ (mention the date) which is 3
months after expiry of the warranty period and the BG shall cease to be valid after
_______________ irrespective whether the Original Guarantee is returned to us or
not.
or before ______________ (Expiry Date).
Place :

55
To
Dear Sir,
1. You have failed to deliver {the (fill in qty.) of Stores/the entire quantity of Stores} within
the contract delivery period [as last extended up to] (fill in date). In your letter under reply you
have asked for [further] extension of time for delivery. In view of the circumstances stated in
your said letter, the time for delivery is extended from (fill in date) to (fill in date).
2. Please note that notwithstanding the grant of this extension in terms of Clause (fill in
clause number) of the subject contract an amount equivalent to ........................ % (...............
per cent) of the delivered price of the delayed goods for each week of delay or part thereof
(subject to the ceiling as provided in the aforesaid clause) beyond the original contract
delivery date/the last unconditionally re-fixed delivery date (as & if applicable), viz., (fill in
date) will be recovered from you as liquidated damages. You may now tender the Stores for
inspection [balance of the Stores] in terms of this letter. Stores if any already tendered by you
for inspection but not inspected will be now inspected accordingly.
3. You are also required to extend the validity period of the performance guarantee for
the subject contract from (fill in present validity date) to (fill in required extended date)
within15 (fifteen) days of issue of this amendment letter.
4. The above extension of delivery date will also be subject to the following Denial
Clause:-
(a) That no increases in price on account of any statutory increase in or fresh

Imposition of customs duty, GST or on account of any other taxes/duty, including
custom duty), leviable in respect of the Stores specified in the said contract which
takes place after (insert the original delivery date) shall be admissible on such of the
said Stores, as are delivered after the said date; and,
(b) That notwithstanding any stipulation in the contract for increase in price on any
other ground including foreign exchange rate variation, no such increase which takes
place after (insert the reckoning date as per DAP 2020) shall be admissible on such of
the said Stores as are delivered after the said date.
56
(c) But nevertheless, the Buyer shall be entitled to the benefit of any decrease in price
on account of reduction in or remission of customs duty, GST or on account of any
other Tax or duty or on any other ground as stipulated in the price variation clause or
foreign exchange rate variation which takes place after (insert the original delivery
date).
5. All other terms and conditions of the contract remain unaltered. This is without any
prejudice to Buyer’s rights under the terms and conditions of the subject contract.
6. Please intimate your unconditional acceptance of this amendment letter within 10 (ten)
days of the issue of this letter failing which the contract will be cancelled at your risk and
expense without any further reference to you.
Yours faithfully,
Duly authorised,
Note: Select one option within { } brackets; delete portion within [ ] brackets, if not applicable;
fill in ( ) brackets. Brackets and this note are not to be typed.
Substitute following first para instead of first para in format above, for issuing a performance
notice.
contract delivery period [as last extended up to] (fill in date). In spite of the fact that the time
of delivery of the goods stipulated in the contract is deemed to be of the essence of the
contract, it appears that (fill in the outstanding quantity) are still outstanding even though the
date of delivery has expired. Although not bound to do so, the time for delivery is extended
from (fill in date) to (fill in date) and you are requested to note that in the event of your failure
to deliver the goods within the delivery period as hereby extended, the contract shall be
cancelled for the outstanding goods at your risk and cost.
57
(Refers to Para 9 of RFP and Para
1.4 of Appendix H)
2. For Delivery in a Single Lot. Quantity Apportioned between L1 & L2 in ratio 60:
40 respectively.
Sl Activity Qty Delivery Scheme for Scheme for Remarks

Timelines Payment submission
L1 L2 (T0 + and Return
Months) of Advance
Payment
Bank
Guarantees
(a) Signing of - - T0 15% of the APBG of To is date
contract base contract equivalent of signing
price to amount to be of contract.
respective submitted Payment of
Bidder(s) advance
within thirty
(30) days
of
submission
of claim.
Refer Para
1.4.1 of
Appendix
H.
(b) On Dispatch of main equipment
(i) On 600 400 T0 to T0 + 12 60% of the
Dispatch Base contract
of main price of main
equipment equipment
(Minimum alongwith
lot 200) 100% FTI
and re-
imbursement
of 100%
taxes and
levies of the
main
equipment
on pro-rata
basis to
respective
Bidder(s).
58

Months) of Advance
Payment
Bank
Guarantees
(c) On Final Acceptance
(i) On Delivery 600 400 T0 to T0 + 12 25 % of Base APBG is to
of Main Contract be returned
Equipment/ Price of main on delivery
System equipment on of all
(Minimum pro-rata basis equipment
lot 200) to respective on pro-rata
Bidder(s) basis by
respective
bidder(s).
(d) Delivery of MRLS
(i) Delivery of - - The entire 85% of the APBG MRLS
MRLS quantity to cost of MRLS pertaining to delivered
be delivered (including MRLS to be with each
not earlier 100% taxes/ returned on lot should
than six levies) to delivery to consist of
months and respective respective the entire
not later than Bidder(s) Bidder(s). range and
three months depth of
before the spares.
expiry of
warranty of
last lot of
delivered
main
equipment
by respective
Bidder(s) (as
per Para 2
(c) above)
(e) Delivery of The entire 85% of the APBG

SMTs/ STE quantity to cost of pertaining to
be delivered SMT/STE SMT/ STE,
along with (including training
the first lot of 100% taxes/ literature and
the levies) to training
59

Months) of Advance
Payment
Bank
Guarantees
equipment respective aggregate
by respective Bidder(s) can be
bidder(s) (as returned on
per Para 2 delivery of
(c) above) entire
(f) Delivery of The entire 85% of the quantity to
training quantity to cost of respective
literature be delivered documentatio Bidder(s).
along with n/ training
the first lot of literature
the (including
equipment 100% taxes/
(as per Para levies) to
2 (c) above) respective
Bidder(s)
(g) Delivery of The entire 85% of the
training quantity to cost of
aggregate be delivered training
along with aggregates
the first lot of (including
the 100% taxes/
equipment levies) to
(as per Para respective
2 (c) above) Bidder(s)
(h) Completion Training of 85% of the APBG
of Training User, cost of pertaining to
Maintenance Training training can
and DGQA (including be returned
personnel as 100% taxes) to respective
per Para 15 on Bidder(s), on
of RFP. completion of completion
training of training
successfully successfully
to respective
Bidder(s).
60
Appendix J
(Refers to Para 45 and 55 (b) of
RFP)
1.1. Only those Bids will be evaluated, which are found to be fulfilling all the
eligibility and qualifying requirements of the RFP, both technically and commercially.
The bidder, whose price is arrived as lowest and second lowest as per Evaluation
criteria given in this Appendix, will be declared as L-1 and L-2 bidder by Buyer.
1.2 Custom duty on input materials shall not be loaded by the Indian Bidders in
their price bids, if they are exempted under the existing Notifications. In such cases,
necessary Custom Duty Exemption Certificate (CDEC) shall be issued by the Buyer. In
cases where Custom Duty is not exempted, Basic Custom Duty on input material is to
be included in the cost of Basic Equipment, MRLS, SMT, STE , ESP and any other
item listed at Column (ii) of Para 2 below.
1.3 If there is a discrepancy between the unit price and the total price that is
obtained by multiplying the unit price and quantity, the unit price will prevail and the
total price will be corrected based on indicative rates of taxes and duties at columns
(vi) and (vii) of Para 2 below. If there is a discrepancy between words and figures, the
amount in words will prevail for calculation of price.
2. Price Bid Format. The Price Bid Format is given below and Bidders are required to
fill this correctly with full details. No column of the Bid format has to be left blank. The
clubbing of serials/sub serials to indicate a consolidated cost is not acceptable. Columns of
'quantity', ‘unit cost’, ‘total cost (including all taxes and duties)', ‘GST/IGST (%) and Custom
Duty (%) are to be filled up with ‘0’, ‘positive numerical values’ or ‘Not Applicable’ at every
row as applicable. If any column is not applicable and intentionally left blank, the reason for
the same has to be clearly indicated in the remarks column.
Se Items Qty Unit Total Indicative Rate of Total Remark

r Cos Cost Taxes & Duties Cost s
t used to arrive at (includin
(iii) x Total Cost (as g all
(iv) applicable) taxes &
duties)
(v) + (vi)
+(vii)
GST/ Custom
IGST Duty (%)
(%)
A. Cost of Surveillance Copter 1000
A1 Cost of RVT 1000

.
61

duties)
(v) + (vi)
+(vii)
GST/ Custom
IGST Duty (%)
(%)
Cost of MPGCS 1000
A2
Cost of Colour Day Video 1000
A3 camera
A4 Cost of Monochromatic night 1000

Thermal Sensor
A5 Cost of one set of spare 2000

battery
B. Cost of Manufacturer’s
Recommended List of
Spares as per the format
given at Annexure I to
Appendix E. In case
equipment is already in
usage, the spare parts
requirement must be specific
rather than being based on
MRLS.
C. Cost of Special Maintenance
Tools and Special Test
Equipment as per format
given at Annexure II to
Appendix E.
D. Cost of Technical Literature
(in English Language) as per
Annexure III to Appendix E.
E. Cost of Training Aggregates

as per Annexure IV to
Appendix E.
F. Cost of recommended period
of Training excluding the
cost of travel and boarding
and lodging. This should be
given as per Annexure IV to
Appendix E.
G. Any other cost (to be
specified).
Insurance Cost (where
applicable).
J. Total Cost (Total of Serial A # # This
to H) will be
used in
62

duties)
(v) + (vi)
+(vii)
GST/ Custom
IGST Duty (%)
(%)
determi
ning L1
vendor
(duly
applying
provisio
ns of
Para 1
above).
Total Cost as per serial H

(in words)
J. Foreign Exchange This will
component of the proposal. be with
(for Indian Vendors only) referenc
e to
Para
1.2.1 of
Appendi
x H.
K. CDEC (if applicable), its
authority and amount for
which required.
Note: Taxes and Duties. All Indirect Taxes and Duties will be paid at actuals or as indicated
in the Commercial bid by the Bidder, whichever is lower. In case of any change in the tax
structure/rates by BUYER’s Government, only incremental/decremented change will be paid.
63
Appendix K
LAW
1. The present Contract shall be considered and made in accordance to the laws of
Republic of India.
ARBITRATION
2.1 All disputes or differences arising out of or in connection with the present Contract,
including the one connected with the validity of the present Contract or any part thereof, shall
be settled by bilateral discussions.
2.2 Any dispute, disagreement of question arising out of or relating to this Contract or
relating to construction or performance (except as to any matter the decision or
determination whereof is provided for by these conditions), which cannot be settled
amicably, shall within sixty (60) days or such longer period as may be mutually agreed upon,
from the date on which either party informs the other in writing by a notice that such dispute,
disagreement or question exists, will be referred to the Arbitration Tribunal consisting of three
arbitrators.
2.3 Within sixty (60) days of the receipt of the said Notice, one arbitrator shall be
nominated in writing by SELLER and one arbitrator shall be nominated by BUYER.
2.4 The third arbitrator, shall be nominated by the parties within ninety (90) days of the
receipt of the notice mentioned above, failing which the third arbitrator may be nominated
under the provision of Indian Arbitration and Conciliation Act, 1996 (as amended from time to
time) or by dispute resolution institutions like Indian Council of Arbitration or ICADR, at the
request of either party, but the said nomination would be after consultation with both the
parties. The arbitrator nominated under this Clause shall not be regarded nor act as an
umpire.
2.5 The Arbitration Tribunal shall have its seat in New Delhi or such other place in India as
may be decided by the arbitrator.
2.6 The Arbitration Proceedings shall be conducted in India under the Indian Arbitration
and Conciliation Act, 1996 (as amended from time to time) and the award of such Arbitration
Tribunal shall be enforceable in Indian Courts only.
2.7 The decision of the majority of the arbitrators shall be final and binding on the
parties to this contract.
2.8 Each party shall bear its own cost of preparing and presenting its case. The cost of
arbitration including the fees and expenses of the third arbitrator shall be shared equally by
the SELLER and the BUYER.
64
2.9 In the event of a vacancy caused in the office of the arbitrators, the party which
nominated such arbitrator, shall be entitled to nominate another in his place and the
arbitration proceedings shall continue from the stage they were left by the retiring arbitrator.
2.10 In the event of one of the parties failing to nominate its arbitrator within sixty (60)
days as above or if any of the parties does not nominate another arbitrator within sixty (60)
days of the place of arbitrator falling vacant, then the other party shall be entitled after due
notice of at least thirty (30) days to request dispute resolution institutions in India like Indian
Council of Arbitration and ICADR to nominate another arbitrator as above.
2.11 If the place of the third arbitrator falls vacant, his substitute shall be nominated
according to the provisions herein above stipulated.
2.12 The parties shall continue to perform their respective obligations under this contract
during the pendency of the arbitration proceedings except in so far as such obligations are
the subject matter of the said arbitration proceedings.
ARBITRATION
3. In the event of any dispute or difference relating to the interpretation and

application of the provisions of the contracts, such dispute or difference shall be referred by
either party for Arbitration to the sole Arbitrator in the Department of Public Enterprises to be
nominated by the Secretary to the Government of India in-charge of the Department of Public
Enterprises. The Arbitration and Conciliation Act, 1996 (as amended from time to time) shall
not be applicable to arbitration under this clause. The award of the Arbitrator shall be binding
upon the parties to the dispute, provided, however, any party aggrieved by such award may
make a further reference for setting aside or revision of the award to the Law Secretary,
Department of Legal Affairs, Ministry of Law &Justice, Government of India. Upon such
reference the dispute shall be decided by the Law Secretary or the Special
Secretary/Additional Secretary, when so authorised by the Law Secretary, whose decision
shall bind the Parties finally and conclusively. The Parties to the dispute will share equally
the cost of arbitration as intimated by the Arbitrator.
ARBITRATION
(For Defence PSUs)
4. In the event of any dispute or difference relating to the interpretation and

application of the provisions of the contracts, such dispute or difference shall be referred by
either party to the Arbitrator(s) appointed by Defence Secretary. The award of the Arbitrator(s)
shall be binding upon the parties to the dispute.
FORCE MAJEURE
5.1 Should any force majeure circumstances arise, each of the contracting party shall be
excused for the non-fulfilment or for the delayed fulfilment of any of its contractual obligations,
if the affected party within (30 days) of its occurrence informs in a written form the other party.
5.2 Force majeure shall mean fires, floods, natural disasters or other acts such as war,
turmoil, strikes, sabotage, explosions, beyond the control of either party.
65
5.3 Provided the acts of The Government or any state parties of the seller which may
affect the discharge of the Seller’s obligation under the contract shall not be treated as Force
Majeure.
6.1 The Seller undertakes that he has not given, offered or promised to give, directly or
indirectly any gift, consideration, reward, commission, fees brokerage or inducement to any
person in service of the Buyer or otherwise in procuring the Contracts or forbearing to do or
for having done or for borne to do any act in relation to the obtaining or execution of the
Contract or any other Contract with the Government for showing or forbearing to show favour
or disfavour to any person in relation to the Contract or any other Contract with the
Government. Any breach of the aforesaid undertaking by the seller or any one employed by
him or acting on his behalf (whether with or without the knowledge of the seller) or the
commission of any offence by the seller or anyone employed by him or acting on his behalf,
as defined in Chapter IX of the Indian Penal Code, 1860 or the Prevention of Corruption Act,
1988 or any other Act enacted for the prevention of corruption shall entitle the Buyer to
cancel the contract and all or any other contracts with the seller and recover from the seller the
amount of any loss arising from such cancellation. A decision of the buyer or his nominee to
the effect that a breach of the undertaking had been committed shall be final and binding on
the Seller.
6.2 Giving or offering of any gift, bribe or inducement or any attempt at any such act on
behalf of the seller towards any officer/employee of the buyer or to any other person in a
position to influence any officer/employee of the Buyer for showing any favour in relation to
this or any other contract, shall render the Seller to such liability/penalty as the Buyer may
deem proper, including but not limited to termination of the contract, imposition of penal
damages, forfeiture of the Bank Guarantee and refund of the amounts paid by the Buyer.
INTEGRITY PACT
7.1 Further signing of an ‘Integrity Pact’ would be considered between government

department and the bidder for schemes exceeding ₹ 20 Crores. The Integrity Pact is a
binding agreement between the agency and bidders for specific contracts in which the
agency promises that it will not accept bribes during the procurement process and bidders
promise that they will not offer bribes. Under the IP, the bidders for specific services or
contracts agree with the procurement agency or office to carry out the procurement in a
specified manner. The essential elements of the IP are as follows:-
authority or the "principal") and those companies submitting a tender for this specific
activity (the "bidders");
(d) An undertaking by each bidder that he shall not pay any amount as gift, reward,
fees, commission or consideration to such person, party, firm or institution (including
66
Agents and other as well as family members, etc., of officials), directly or indirectly, in
connection with the contract in question. All payments made to the Agent 12 months
prior to tender submission would be disclosed at the time of tender submission and
thereafter an annual report of payments would be submitted during the procurement
process or upon demand of the MoD.
disclosure obligation as well as the attendant sanctions remain in force for the winning
bidder until the contract has been fully executed;
(f) Undertakings on behalf of a bidding company will be made "in the name and on
behalf of the company’s chief executive officer";
(g) The following set of sanctions shall be enforced for any violation by a bidder of
its commitments or undertakings:
(ii) Forfeiture of the EMD (pre-contract) and Guarantee for Performance-

cum-Warranty Bond (after signing of contract).
consideration along with interest at the rate of 2% per annum above LIBOR
rate.
(iv) Refund of all sums already paid by the Buyer along with interest at the
rate of 2% per annum above LIBOR rate.
(vi) At the discretion of the Buyer, the Seller shall be liable for action as per
extant policy on Putting on Hold, Suspension and Debarment of Entities.
(h) Bidders are also advised to have a company code of conduct (clearly rejecting
(j) The draft Pre-Contract Integrity Pact is attached as Annexure I to this

Appendix. The vendors are required to sign them and submit separately along with the
technical and commercial offers.
7.2 In respect of bids from DPSUs, the concerned DPSU shall enter in to a Pre-Contract
Integrity Pact, on the same lines with their sub-vendors individually, in case the estimated
value of each sub-contract(s) exceed ₹ 20 Crore and such subcontract(s) are required to be
entered in to by the DPSU with a view to enable DPSU to discharge the obligations arising
out of their bid in question in response to this RFP.
67
AGENTS
8. The Seller confirms and declares to the Buyer that the Seller is the original
manufacturer of the stores referred to in this contract. The Seller confirms that he has not
engaged any person, party, firm or institution as an Agent including his Agents already
intimated to MoD; to, influence, manipulate or in any way to recommend to any functionaries
of the Government of India, whether officially or unofficially, to the award of the contract to the
Seller, or to indulge in corrupt and unethical practices. The Seller has neither paid, promised
nor has the intention to pay to any person, party, firm or institution in respect of any such
intervention or manipulation. The Seller agrees that if it is established at any time to the
satisfaction of the buyer that the present declaration is in any way incorrect or if at a later
stage it is discovered by the Buyer that Seller has engaged any such person, party, firm or
institution and paid, promised or has intention to pay any amount, gift, reward, fees,
commission or consideration to such person, party, firm or institution, whether before or after
the signing of this contract, the Seller will be liable for any or all of the following actions:-
(a) To pay to the Buyer any such amount paid as gift, reward, fees or consideration
along with interest at the rate of 2% per annum above LIBOR rate.
(b) The Buyer will also have a right to put on hold or cancel the Contract either
wholly or in part, without any entitlement or compensation to the Seller who shall in
such event be liable to refund all payments made by the Buyer in terms of the Contract
along with interest at the rate of 2% per annum above LIBOR rate
(c) The Buyer will also have the right to recover any such amount referred in (a)
and (b) above from other contracts of the Seller with the Government of India.
(d) At the discretion of the Buyer, the Seller shall be liable for action as per extant
policy on Putting on Hold, Suspension and Debarment of Entities
9. In case it is found to the satisfaction of the BUYER that the SELLER has engaged an
Agent, or paid commission or influenced any person to obtain the contract as described in
clauses relating to Agents and clauses relating to Penalty for Use of Undue Influence, the
SELLER, on demand of the BUYER shall provide necessary information/inspection of the
relevant financial documents/ information, including a copy of the contract(s) and details of
payment terms between the vendors and Agents engaged by him.
68
(Refers to Para 19 of RFP and
7.1 (j) of Appendix K)
General
1. Whereas the PRESIDENT OF INDIA, represented by Joint Secretary & Acquisition

Manager (Army/Air Force/Maritime & Systems)/Major General & equivalent, Service
Headquarters./Coast Guard, Ministry of Defence, Government of India, hereinafter referred to
as the Buyer and the first party, proposes to procure Surveillance Copters with Accessories,
hereinafter referred to as Defence Stores and M/s ___ ____________________________
represented by,_______________________________ Chief Executive Officer (which term,
unless expressly indicated by the contract, shall be deemed to include its successors and its
assignees), hereinafter referred to as the Bidder/Seller and the second party, is willing to
offer/has offered the Defence stores.
2. Whereas the Bidder is a private company/public company/partnership/registered

export agency, constituted in accordance with the relevant law in the matter and the
Buyer is a Ministry of the Government of India performing its functions on behalf of the
President of India.
Objectives
3. Now, therefore, the Buyer and the Bidder agree to enter into this pre-contract
agreement, hereinafter referred to as Integrity Pact, to avoid all forms of corruption by
following a system that is fair, transparent and free from any influence/unprejudiced dealings
prior to, during and subsequent to the currency of the contract to be entered into with a view
to:
conformity with the defined specifications of the Services by avoiding the high cost
and the distortionary impact of corruption on public procurement
3.2 Enabling Bidders to abstain from bribing or any corrupt practice in order to
secure the contract by providing assurance to them that their competitors will also
refrain from bribing and other corrupt practices and the Buyer will commit to prevent
corruption, in any form, by their officials by following transparent procedures.
4.1 The Buyer undertakes that, no official of the Buyer, connected directly or
indirectly with the contract will demand, take a promise for or accept, directly or
through intermediaries, any bribe, consideration, gift, reward, favour or any material or
immaterial benefit or any other advantage from the Bidder, either for themselves or for
any person, organisation or third party related to the contract in exchange for an
69
advantage in the bidding process, bid evaluation, contracting or implementation

process related to the Contract.
4.2 The Buyer will, during the pre-contract stage, treat all Bidders alike and will
provide to all Bidders the same information and will not provide any such information to
any particular Bidder which could afford an advantage to that particular Bidder in
comparison to other Bidders.
attempted or completed breaches of the above commitments as well as any
substantial suspicion of such a breach.
5. In case of any such preceding misconduct on the part of such official(s) is reported by
the Bidder to the Buyer with full and verifiable facts and the same is prima facie found to be
correct by the Buyer, necessary disciplinary proceedings, or any other action as deemed fit,
including criminal proceedings may be initiated by the Buyer and such a person shall be
debarred from further dealings related to the contract process. In such a case while an
enquiry is being conducted by the Buyer the proceedings under the contract would not be
stalled.
6. The Bidder commits himself to take all measures necessary to prevent corrupt
practices, unfair means and illegal activities during any stage of his bid or during any pre-
contract or post-contract stage in order to secure the contract or in furtherance to secure it
and in particular commits himself to the following:
commission, fees, brokerage or inducement to any official of the Buyer, connected
directly or indirectly with the bidding process, or to any person, organisation or third
party related to the contract in exchange for any advantage in the bidding, evaluation,
contracting and implementation of the Contract.
6.2 The Bidder further undertakes that he has not given, offered or promised to
give, directly or indirectly any bribe, gift, consideration, reward, favour, any material
or immaterial benefit or other advantage, commission, fees, brokerage or inducement
to any official of the Buyer or otherwise in procuring the Contract or forbearing to do or
having done any act in relation to the obtaining or execution of the Contract or any
other Contract with the Government for showing or forbearing to show favour or
disfavour to any person in relation to the Contract or any other Contract with the
Government.
6.3 The Bidder will not collude with other parties interested in the contract to
impair the transparency, fairness and progress of the bidding process, bid evaluation,
contracting and implementation of the contract.
6.4 The Bidder will not accept any advantage in exchange for any corrupt
practice, unfair means and illegal activities.
70
original manufacturer/integrator/authorised government sponsored export entity of the
Defence stores and has not engaged any individual or firm or company whether
Indian or foreign to intercede, facilitate or in any way to recommend to the Buyer or
any of its functionaries, whether officially or unofficially to the award of the contract to
the Bidder, nor has any amount been paid, promised or intended to be paid to any such
individual, firm or company or Agent in respect of any such intercession, facilitation or
recommendation.
6.6 The bidder would not enter into conditional contract with any Agents, brokers or
any other intermediaries wherein payment is made or penalty is levied, directly or
indirectly, on success or failure of the award of the contract. The bidder while
presenting the bid, shall disclose any payments he has made during the 12 months
prior to tender submission or is committed to or intends to make to officials of the
buyer or their family members, Agents, brokers or any other intermediaries in
connection with the contract and the details of such services agreed upon for such
payments. Within the validity of PCIP, bidder shall disclose to MoD any payments
made or has the intention to pay any amount, gift, reward, fees, commission or
consideration to such person, party, firm or institution as an annual report during the
procurement process.
6.7 The Bidder shall not use improperly, for purposes of competition or personal
gain or pass on to others, any information provided by the Buyer as part of the
business relationship regarding plans, technical proposals and business details,
including information contained in any electronic data carrier. The Bidder also
undertakes to exercise due and adequate care lest any such information is divulged.
6.8 The Bidder commits to refrain from giving any complaint directly or through
any other manner without supporting it with full and verifiable facts. Complaint will be
processed as per Guidelines for Handling of Complaints in vogue. In case the
complaint is found to be vexatious, frivolous or malicious in nature, it would be
construed as a violation of Integrity Pact.
6.9 The Bidder shall not instigate or cause to instigate any third person to commit
any of the actions mentioned above.
7.1 The Bidder declares that no previous transgression occurred in the last three
years immediately before signing of this Integrity Pact, with any other company in any
country in respect of any corrupt practices envisaged hereunder or with any Public
Sector Enterprise in India or any Government Department in India.
7.2 If the Bidder makes incorrect statement on this subject, Bidder can be disqualified
from the tender process or the contract and if already awarded, can be terminated for such
reason.

8.1 Every bidder, while submitting commercial bid, shall submit Bid Security in the
form of Earnest Money Deposit (EMD), in cases where applicable (as provided in
Clause 8 herein).
71
(a) To safeguard against a bidder(s) withdrawing or altering its bid during

the bid validity period, Bid Security (also known as EMD) is to be obtained from
all bidders except for cases upto Rs. 100 Crores (i.e, all cases upto Rs. 100
crores of AoN will be exempted from payment of EMD) as follows:-
EMD TABLE
Scheme(Crore)
- 100 Nil
100 150 30 Lakh
150 300 70 Lakh
300 1000 2 Crore
1000 2000 5 Crore
2000 3000 10 Crore
3000 5000 15 Crore
5000 - 25 Crore
(b) EMD is not required from Micro and Small Enterprises (MSEs) as
defined in MSE Procurement Policy issued by Department of Micro, Small and
Medium Enterprises (MSME) or are registered with the Central Purchase
Organisation or the concerned Ministry or Department or Startups as
recognised by Department of Industrial Policy & Promotion (DIPP), in
accordance with the Ministry of Finance office memorandum bearing No. No.
F.20/2/2014-PPD (Pt.) dated July 25, 2017 (as amended from time to time).
(c) DPSUs are not required to submit EMD when nominated as ab-initio
single vendor. DPSUs will submit all BGs and EMD as applicable while
participating in multi-vendor cases with private vendors.
(d) Format of EMD. The Bid Security may be accepted in the following
forms, safeguarding the Buyer’s interest in all respect: -

(ii) Insurance Surety Bond - The format and guidelines pertaining to

the same shall be issued / notified by the Ministry of Defence.
(iii) Account Payee Demand Draft, Fixed Deposit Receipt, Banker’s

Cheque shall be payable in an acceptable form. The Beneficiary Bank
Details for furnishing the same are as follows:

72

(e) Validity of EMD. The EMD will be valid for eighteen months or till
signing of contract, whichever is later. The EMD shall be extended from time to
time as required by the Buyer and agreed by the Bidder. No interest shall be
payable by the Buyer to the Bidder(s) on the EMD for the period of its currency.
For unsuccessful bidders EMD will be returned on declaration of successful
bidder(s).
(i) If the Bidder withdraws or amends, impairs or derogates from the

Bid in any respect within the period of validity of this tender.
(ii) If the Bidder having been notified of the acceptance of his tender
by the Buyer during the period of its validity.
(aa) If the Bidder fails to furnish the Performance Security for the
due performance of the contract.
(iii) In case of violation of Pre-Contract Integrity Pact, EMD will be

forfeited besides other legal penalties as may be decided by the
Ministry of Defence.
pertaining to Performance-cum-Warranty Bond in the Purchase Contract that the
provisions of Sanctions for Violation shall be applicable for forfeiture of Performance
Bond in case of a decision by the Buyer to forfeit the same without assigning any
reason for imposing sanction for violation of this pact.
8.3 The provisions regarding Sanctions for Violation in Integrity Pact include
forfeiture of Performance-cum-Warranty Bond in case of a decision by the Buyer to
forfeit the same without assigning any reason for imposing sanction for violation of
Integrity Pact.
8.4 No interest shall be payable by the Buyer to the Bidder(s) on EMDfor the
period of its currency.
9.1 Bidders are also advised to have a company code of conduct (clearly rejecting
73
10.1 Any breach of the aforesaid provisions by the Bidder or any one employed by
him or acting on his behalf (whether with or without the knowledge of the Bidder) or the
commission of any offence by the Bidder or any one employed by him or acting on
his behalf, as defined in Chapter IX of the Indian Penal Code, 1860 or the Prevention
of Corruption Act 1988 or any other act enacted for the prevention of corruption shall
entitle the Buyer to take all or any one of the following actions, wherever required:
(i) To immediately call off the pre-contract negotiations without assigning

any reason or giving any compensation to the Bidder. However, the proceedings
with the other Bidder(s) would continue.
(ii) EMD for pre contract period, Performance-cum-Warranty Bond post

signing of contract shall stand forfeited either fully or partially, as decided by
the Buyer and the Buyer shall not be required to assign any reason therefore.
(iii) To immediately cancel the contract, if already signed, without any

compensation to the Bidder.
(iv) To recover all sums already paid by the Buyer, in case of an Indian
Bidder with interest thereon at 2% higher than the prevailing Base Rate of SBI
and in case of a Bidder from a country other than India with interest thereon at
2% higher than the LIBOR. If any outstanding payment is due to the Bidder
from the Buyer in connection with any other contract for any other defence
stores, such outstanding payment could also be utilised to recover the aforesaid
sum and interest.
(v) To encash the advance bank guarantee and Performance-cum-

Warranty Bond if furnished by the Bidder, in order to recover the payments,
already made by the Buyer, along with interest.
(viii) To recover all sums paid in violation of this Pact by Bidder(s) to any
Agent or broker with a view to securing the contract.
(ix) If the Bidder or any employee of the Bidder or any person acting on
behalf of the Bidder, either directly or indirectly, is closely related to any of the
officers of the Buyer, or alternatively, if any close relative of an officer of the
Buyer has financial interest/stake in the Bidder’s firm, the same shall be
disclosed by the Bidder at the time of filing of tender. Any failure to disclose the
interest involved shall entitle the Buyer to debar the Bidder from the bid process
or rescind the contract without payment of any compensation to the Bidder. The
term ‘close relative’ for this purpose would mean spouse whether residing with
the Government servant or not, but not include a spouse separated from the
Government servant by a decree or order of a competent court; son or daughter
74
or step son or step daughter and wholly dependent upon Government servant,
but does not include a child or step child who is no longer in any way
dependent upon the Government servant or of whose custody the Government
servant has been deprived of by or under any law; any other person related,
whether by blood or marriage, to the Government servant or to the
Government servant’s wife or husband and wholly dependent upon Government
servant.
monetary dealings or transactions, directly or indirectly, with any employee of
the Buyer and if he does so, the Buyer shall be entitled forthwith to rescind the
contract and all other contracts with the Bidder. The Bidder shall be liable to
pay compensation for any loss or damage to the Buyer resulting from such
rescission and the Buyer shall be entitled to deduct the amount so payable from
the money(s) due to the Bidder.
(xi) In cases where irrevocable Letters of Credit have been received in

respect of any contract signed by the Buyer with the Bidder, the same shall not
be opened.
10.2 The decision of the Buyer to the effect that a breach of the provisions of this
Integrity Pact has been committed by the Bidder shall be final and binding on the
Bidder, however, the Bidder can approach the Independent Monitor(s) appointed for
the purposes of this Pact.
11. Fall Clause
11.1 The Bidder undertakes that he has not supplied/is not supplying the similar
products, systems or subsystems at a price lower than that offered in the present bid
in respect of any other Ministry/Department of the Government of India and if it is
found at any stage that the similar system or sub-system was supplied by the Bidder
to any other Ministry/Department of the Government of India at a lower price, then
that very price, with due allowance for elapsed time, will be applicable to the present
case and the difference in the cost would be refunded by the Bidder to the Buyer, even
if the contract has already been concluded.
11.2 The Bidder shall strive to accord the most favoured customer treatment to the
Buyer in respect of all matters pertaining to the present case.
12.1 The Buyer has appointed Independent Monitors for this Pact in consultation
with the Central Vigilance Commission. The names and addresses of nominated
Independent Monitors (at the time of issue of RFP) are as follows (however the vendor
must refer to the MoD website at www.mod.nic.in to check for changes to these
details):-
75


12.1A All communications to Independent Monitors will be copied to Director

(Vigilance). The Designation and Contact details of Director (Vigilance) are as follows:-
Room No 340,
B Wing, Sena Bhawan
New Delhi 110011
Tel No - 011 – 23012304
12.2 After the Integrity Pact is signed, the Buyer shall provide a copy thereof, along
with a brief background of the case to the Independent Monitors, if required by them.
12.3 The Bidder(s), if they deem it necessary, may furnish any information as
relevant to their bid to the Independent Monitors.
procurement case, the buyer shall refer the complaint to the Independent Monitors for
their comments/enquiry.
connection with the complaint sent to them by the Buyer, the Buyer shall make
arrangement for such perusal of records by the Independent Monitors.
12.6 The report of enquiry, if any, made by the Independent Monitors shall be
submitted to the head of the Acquisition Wing of the Ministry of Defence, Government
of India for a final and appropriate decision in the matter keeping in view the provision
of this Pact.
commission, the Buyer or its agencies shall be entitled to examine the Books of Accounts of the
Bidder and the Bidder shall provide necessary information of the relevant financial documents
in English and shall extend all possible help for the purpose of such examination.
76
The actions stipulated in this Integrity Pact are without prejudice to any other legal action
that may follow in accordance with the provisions of the extant law in force relating to any
civil or criminal proceedings.
16. Validity
16.1 The validity of this Integrity Pact shall be from date of its signing and extend up
to 5 years or the complete execution of the contract to the satisfaction of both the
Buyer and the Bidder/Seller, whichever is later.
16.2 Should one or several provisions of this Pact turn out to be invalid; the
remainder of this Pact remains valid. In this case, the parties will strive to come to an
agreement to their original intentions.
BUYER BIDDER

GOVERNMENT OF INDIA
Witness Witness
1. 1. __________________
2. 2. __________________
77


Whereas ……………………………………(hereinafter called the “Bidder”) has
submitted their offer dated………………………………….for the supply of
……………………………………… (hereinafter called the “Bid”) against the Buyer’s Request
for proposal No. …………………………………… KNOW ALL MEN by these presents that WE
……………………………………. are bound unto …………………. (hereinafter called the
“Buyer”) in the sum of ………… ……………………………… ………………………for which
payment will and truly to be made to the said Buyer, the Bank binds itself, its successors and
assigns by these presents.
(1) If the Bidder withdraws or amends, impairs or derogates from the Bid in any respect
within the period of validity of this tender.
(2) If the Bidder having been notified of the acceptance of his tender by the Buyer during
the period of its validity.
(a) If the Bidder fails to furnish the Performance Security for the due performance
of the contract.
WE undertake to pay the Buyer up to the above amount upon receipt of its first written
demand, without the Buyer having to substantiate its demand, provided that in its demand the
Buyer will note that the amount claimed by it is due to it owing to the occurrence of above
mentioned conditions, specifying the occurred condition or conditions.
This guarantee will remain in force upto and including 45 days after the period of 18 months/
contract signing whichever is later and any demand in respect thereof should reach the Bank
not later than the above date.
…………………………….
78
Appendix L

FOR - RFP ISSUE / INCLUSION IN RFP REQUIREMENTS
1. The following parameters may be used, as a guideline for the Collegiate to adopt, for
inclusion in the RFP.
Sl
1 Financial
a Credit Long term credit rating of CCR-BBB or better and SME-04 or better for
Rating SMEs as on 31st March of the previous financial year
b Average Minimum Average Annual Turnover for last 03 financial years, ending
Annual Turn 31st March of the previous financial year, should not be less than 70
Over Crores.
c Net Worth Net worth of entities, ending 31st march of the previous financial year,
should not be less than 10 Crores.
d Insolvency The entity should not be under insolvency resolution as per IBC at any
stage of procurement process from the issuing of RFP to the signing of
contract.
2 Technical
a Nature of Manufacturing entity or System Integrator of defence equipment and
Business not a trading company, except in cases where OEM participates only
through its authorised Vendors.
in related electronics/ explosives etc. as applicable in the instant case. If not,
field then cumulative experience of at least 03 years in above areas,
resulting in gaining of competence for manufacturing the proposed
product.
3 Others
a Industrial Posses or be in the process of acquiring a license, if the product under
License (If project requires license as per DIPP licensing policy.
applicable)
Min no of years not applicable for JVs constituted specifically for a
project
79
Appendix M

The list of documents which needs to be mandatorily submitted by the Bidders as part of
Technical Proposal are placed below. Non-submission of the documents may result in
disqualification of the Bidder from the bidding process.
Ser
No.
1 Para 5 (a) of RFP Declaration by Bidder : Debarment of vendors
9 Annexure I to Appendix E Manufacturer’s Recommended List of Spares (MRLS)
10 Annexure II to Appendix E List of SMT/STEs, Jigs, Fixture and Infrastructure
11 Annexure III to Appendix E Technical Literature
12 Annexure IV to Appendix E Training Aggregates
80
Appendix N
GLOSSARY
DAC Defence Acquisition Council
DRDO Defence Research and Development Organisation
IP Integrity Pact
1
(Cover Page)

BY
MINISTRY OF DEFENCE
GOVERNMENT OF INDIA
FOR PROCUREMENT OF QUANTITY 750 REMOTELY PILOTED AERIAL VEHICLE
ALONGWITH COMPLETE ACCESSORIES THROUGH FAST TRACK PROCEDURE
This document is the property of Government of India/Ministry of

Defence.
The contents of this RFP must not be disclosed to unauthorised persons
and must be used only for the purpose of submission of Bids.
This document contains 69 pages including cover page and Appendices.

2
Tele : 91-11-23335545 File No : C/80016/Capital/Inf-7

Fax : 91-11-23018412
Room No – 413, D-I Wing, Sena Bhawan
New Delhi -110011
21 Oct 2022
To
___________________
___________________
___________________

QUANTITY 750 REMOTELY PILOTED AERIAL VEHICLE ALONGWITH COMPLETE
ACCESSORIESTHROUGH FAST TRACK PROCEDURE
Dear Sir/Madam,
1. The Ministry of Defence, Government of India, intends to procure quantity 750 Remotely
Piloted Aerial Vehicle alongwith complete accessories through Fast Track Procedure under
Emergency Procurement and seeks participation in the procurement process from prospective Bidders
subject to requirements in succeeding paragraphs.
Synopsis
2. Broad Description of Equipment/System. Parachute (Special Forces) Battalions are

mandated to execute special missions behind enemy lines and hence, should be equipped with state of
the art equipment. The current volatile situation along Northern Borders warrants expeditious
procurement of operational equipment. RPAV is a potent situational awareness device which provided
surveillance by day and night alongwith ability to scan the target area and provide a processed 3D
scanned image of the target to execute special missions. This equipment will be employed for
situational awareness, short range surveillance, scanning the target area and provide processed 3D
image of the target before entering the target area. This force multiplier enables the Special Forces to
execute pin point precision strikes during direct actin tasks such as raids, elimination of High Value
Targets, Command and Control elements including enemy leadership. It is therefore imperative for
Parachute (Special Forces) Battalions to be equipped with this state of the art niche technology.
3. The salient aspects and timelines of the acquisition are tabulated below. In case of any variation
in the details furnished below or in any Annexure(s) with that mentioned in the RFP, information
furnished in the main body of the RFP at referred Paragraph is to be followed.
3
Ser No. Description Details Reference Para of the

RFP
(a) Equipment/System required Remotely Piloted Heading and Para 1 of
Aerial Vehicle covering letter
(b) Quantity Required 750 Heading and Para 1 of
covering letter
(c) Categorisation of Procurement Buy (Indian) Heading and Para 1 of
covering letter
(d) Minimum IC Content required ≥ 60%, in case of Para 7 of RFP
indigenous design ≥
50%
(e) Place(s) of Delivery COD, Agra Para 1.1.1 of Appx H
(f) Warranty Period Twenty Four (24) Para 11 of RFP
months
(g) CMC Period Three (03) years
(g) EMD Amount Seventy (70) Lakhs
(h) Last date for submission of Pre- 01 Nov 2022
bid queries
(j) Date and time for Pre-bid meeting 09 Nov 2022
(k) Last date and time for Bid 1700 hrs,
Submission 24 Nov 2022
4. Special features of the RFP. The procurement case is processed under Buy (Indian) category
as per Para 9 of chapter I and through Fast Track Procedure of Chapter V of DAP-2020. The
procurement is being carried out by Open Tender Enquiry. Demonstration of the Equipment to be
carried out on „No Cost No Commitment‟ basis, at a location and date decided by Empowered
Committee. The TEC and CNC would be carried out by members of the Empowered Committee. The
Demonstration/ Evaluation would be carried out by the members of the Empowered Committee or the
representatives nominated by the Empowered Committee. Delivery of equipment contracted to be
completed within 12 months from the date of signing of contract. Post warranty, CMC for three
years to be provided.

No.
(a) Part I – General Requirements 07-12
(b) Part II - Technical Requirements 13-16
(c) Part III – Commercial Requirements 17
(d) Part IV – Bid Evaluation and Acceptance Criteria 18
6. The Government of India invites responses to this request only from Original Equipment
Manufacturers (OEM) or Authorised Vendors or Government Sponsored Export Agencies (applicable
in the case of countries where domestic laws do not permit direct export by OEM) subject to the
condition that in cases where the same equipment is offered by more than one of the aforementioned
parties, preference would be given to the OEM.
4
7. The end user of the equipment is the Indian Army.
8. This RFP is being issued with no financial commitment; and the Ministry of Defence reserves
the right to withdraw the RFP and change or vary any part thereof or foreclose the procurement case at
any stage. The Government of India also reserves the right to disqualify any Bidder should it be so
necessary at any stage on grounds of National Security.
9. In addition to various Appendices and their Annexures, attached with this RFP, reference to
various paragraphs of DAP-2020 has been made in the RFP. The DAP -2020 is an open domain
document that is available at GoI, MoD website www.mod.nic.in.
5
INDEX
Description Reference
Disclaimer
Part I of RFP – General Requirements
Part II of RFP – Technical requirements
Part III of RFP – Commercial Requirements
Part IV of RFP – Bid Evaluation and Acceptance Criteria
Appendix A Operational Characteristics and Features
Part II
Appendix B Compliance Table
Appendix C Warranty Clause Part I
Appendix D Certificate: Malicious Code
Appendix E Repair and Maintenance Philosophy
Annexure I Technical Literature
Annexure II Training Aggregates Part II
Appendix F Demonstration/ Evaluation Methodology
Annexure Detailed Demonstration Methodology
Appendix G Guidelines for Framing ATP
Appendix H Commercial Clauses
Annexure I Guidelines for protecting ERV in contracts
Annexure II Bank Guarantee Format for Advance
Annexure III Bank Guarantee Format for PWBG
Annexure IV Format for extension of Delivery Period/
Performance Notice Part III
Annexure V Delivery Schedule and Stages of Payment
Appendix J Evaluation Criteria and Price Bid Format
Appendix K Standard Conditions of RFP
Annexure I Pre Contract Integrity Pact
Format for EMD
Appendix L Criteria for Vendor Selection/ Pre-Qualification Part I
Appendix M Check-Off list – Documents to be submitted Part IV
Appendix N Glossary
6
Disclaimer
This RFP is neither an agreement and nor an offer by the MoD to the prospective Bidders or any
other person. The purpose of this RFP is to provide interested parties with information that may be
useful to them in submitting their proposals pursuant to this RFP. This RFP includes statements, which
reflect various assumptions and assessments arrived at by the MoD in relation to the Project. This RFP
document and any assumptions, assessments and statements made herein do not purport to contain all
the information that each Bidder may require. The Bidder shall bear all its costs associated with or
relating to the preparation and submission of proposal pursuant to this RFP. Wherever necessary, MoD
reserves the right to amend or supplement the information, assessment or assumptions contained in this
RFP. The MoD reserves the right to withdraw the RFP or foreclose the procurement case at any stage.
The issuance of this RFP does not imply that the MoD is bound to shortlist a Bidder for the Project.
The MoD also reserves the right to disqualify any Bidder should it be so necessary at any stage on
grounds of National Security.
7
equipment/systems/deliverables) and Services, hereafter collectively referred as „Deliverables‟, the
numbers required, the time frame for deliveries, conditions of usage and maintenance, requirement for
training, Engineering Support Package (ESP) and warranty/guarantee conditions, etc. It includes the
procedure and the date & time for submission of bids.
Non-Disclosure
2. The Bidding documents, including this RFP and all attached documents provided by the MoD,
are and shall remain or become the property of the MoD. These are transmitted to the Bidders solely
for the purpose of preparation and the submission of a proposal in accordance herewith. Bidders are to
treat all information as strictly confidential and shall not use it for any purpose other than for
preparation and submission of their proposal. The provisions of this Para shall also apply mutatis
mutandis to Bids and all other documents submitted by the Bidders, and the MoD will not return to the
Bidders any proposal, document or any information provided along therewith (except unopened
Commercial Bid and EMD as relevant).
3. Information relating to the examination, clarification, evaluation and recommendation for the
Bidders shall not be disclosed to any person who is not officially concerned with the process, or
concerning the Bidding Process. The MoD will treat all information, submitted as part of the Bid, in
confidence and will require all those who have access to such material to treat the same in confidence.
MoD may not divulge any such information unless it is directed to do so by any statutory entity that
has the power under law to require its disclosure or is to enforce or assert any right or privilege of the
statutory entity and/ or MoD or as may be required by law or in connection with any legal process.
4. Confidentiality of Information. No party shall disclose any information to any „Third
Party‟ concerning the matters under this RFP generally. In particular, any information identified as
„Proprietary‟ in nature by the disclosing party shall be kept strictly confidential by the receiving party
and shall not be disclosed to any third party without the prior written consent of the original disclosing
party. This clause shall apply to the sub-contractors, consultants, advisors or the employees engaged
by a party with equal force.
Business Eligibility.
5(a). Undertaking by Bidders. The Bidder will submit an undertaking that they are currently not
banned / debarred / suspended from doing business dealings with Government of India / any other
government organisation and that there is no investigation going on by MoD against them. In case of
ever having been banned / debarred / suspended from doing business dealings with MoD/any other
government organization, in the past, the Bidder will furnish details of such ban / debarment along
with copy of government letter under which this ban / debarment / suspension was lifted / revoked.
The Bidder shall also declare that their sub-contractor(s)/supplier(s)/technology partner(s) are not
Suspended or Debarred by Ministry of Defence. In case the sub-contractor(s)/supplier(s)/ technology
partner(s) of the Bidder are Suspended or Debarred by Ministry of Defence, the Bidder shall indicate
the same with justification for participation of such sub-contractor(s)/supplier(s)/ technology partner(s)
in the procurement case.
8
5(b). Subsequent to submission of bids if any sub-contractor(s)/supplier(s)/technology partner(s) of

the Bidder is Suspended or Debarred by Ministry of Defence, the Bidder shall intimate the Ministry of
Defence regarding Suspension or Debarment of its sub-contractor(s)/ supplier(s)/technology partner(s)
within two weeks of such order being made public.
6. Pre-Qualification Criteria for multi-vendor cases in Buy (Indian). The detailed Pre-
Qualification criteria for the Bidders for participation in the instant procurement case are placed at
Appendix L to this RFP. All Bidders are to submit details as per the criteria along with the Technical
Bids. These would be evaluated by the TEC comprising of members of Empowered Committee.
7. Indigenous Content. For the purposes of this RFP and the acquisition contract (if any) signed
by the Ministry of Defence with a successful Bidder, indigenous content shall be as defined under
Para 9 of Chapter I and Para 1 of Appendix B to Chapter I of DAP 2020. In addition, reporting
requirements for prime (main) Bidders (and for sub-contractors/suppliers/technology partners
reporting to higher stages/tiers) shall be as prescribed under Para 4 to 7 of Appendix B to Chapter I
of DAP 2020. The right to verification of Bidder/ sub-contractors/suppliers/technology partners shall
vest in the Ministry of Defence as prescribed under Para 10; and aspects of delivery, certification,
payments, withholding of payments and imposition of penalties shall be as prescribed under Para 11
to 15 thereof. Furthermore, Bidders in „Buy (Indian)‟ (for Indian vendors) will be required to submit
their indigenisation plan in respect of indigenous content as stipulated in Para 4 to 7 of Appendix B to
Chapter I of DAP 2020. The DAP 2020 is available at MoD, GoI website (www.mod.nic.in) for
reference and free download.
8. Year of Production. Deliverables [platforms (including major equipment)/ equipment/

systems] supplied under the contract should be of latest manufacture i.e manufactured after the date of
Contract with unused components/assemblies/sub-assemblies, conforming to the current production
standard and should have 100% of the defined life at the time of delivery. Deviations, if any, should be
clearly brought out by the Bidder in the Technical Proposal.
9. Delivery Schedule. The delivery schedule of equipment along with the relevant payment
stages is specified at Annexure V to Appendix H. The delivery schedule is given as below: -
Ser Activity Delivery Timeline Remarks

No
(a) 250 T0 to T0 + 6 months T0 is the date of signing
(b) 500 T0 + 7 months to T0 + of contract.
12 months
10. Once the contract is concluded and the delivery schedule is established, the Bidder shall adhere
to it and ensure continuity of supply of deliverables and their components under the contract.
11. Warranty. The warranty of deliverables supplied shall be executed at location (onsite
warranty/ nearest field repair point/ intermediate repair point) for 24 months. Commencement of
warranty will be from the date of acceptance post JRI (as applicable)No spares will be drawn during
the warranty period from the MRLS and the cost towards all scheduled servicing during warranty
period shall be borne by the Seller to include spares, labour, oils, greases and lubricants etc. Warranty
Clause is given at Appendix C to this RFP.
9
12. In Service Life/ Shelf Life. The In Service/ Shelf Life of the Remotely Piloted Aerial Vehicle
(RPAV) be not less than 10 years. The Bidder is required to give details of reliability model,
reliability prediction and its validation by designer/manufacturer to ensure reliability of stores
throughout Service/shelf life. The efficacy of reliability model/ prediction/ validation would be
verified during TEC/ demonstration as indicated in Para 37 of this RFP.
13(a). Product Support. The Bidder would be bound by a condition in the contract that he is in a
position to provide product support in terms of maintenance, materials and spares for a minimum
period of 10 years. Even after the said mandatory period, the Bidder would be bound to give at least
two years notice to the Government of India prior to closing the production line so as to enable a
Lifetime Buy of all spares before closure of the said production line. This, however, shall not restrict
the Buyer from directly sourcing sub-equipment/ sub-assembly and spares from their respective
OEMs/sub-vendors on completion of warranty. In case the sub-equipment/ sub-assembly/ parts require
tuning/ calibration/ integration by the Bidder prior replacement, the same is to be undertaken by the
Bidder at fair and reasonable cost, as mutually agreed between Buyer and Bidder. OEM/ Bidder(s) to
ensure maximum possible use of oils, lubricants and greases which are indigenously available. Further,
the OEM/ Bidder(s) is mandated to share the detailed specifications of oils, lubricants and greases
13(b). Codification. The vendor/ supplier/ seller shall provide NATO Stock Number (NSN) for each
of the item/ part/ equipment in the bill of material, MRLS and Jigs/ Fixtures duly linked to the OEM
Part No using NATO Codification system (NCS) adopted by DDP/ Dte of Standardisation (DOS) with
DoS functioning as National Codification Bureau (NCB), India. In case the NSN number is not
available, vendor shall obtain the relevant Technical data and cataloging information and initiate the
process for codification in consultation with DoS. The process of codification should be completed
before completion of warranty period.
14. Training of Crew, Maintenance and QA Personnel. A training package for training of
operators and QA personnel to undertake operation of equipment and Quality Assurance would be
required to be carried out in English and Hindi language. This training shall be designed to give the
operators necessary knowledge and skills to effectively operate the equipment and its accessories in
field conditions. The training should also enable QA personnel to carry out effective ATP, QA and
defect investigations. The syllabus for training of operators and QA personnel will be defined by the
Bidder in consultation with the Buyer at the time of CNC. All training requirements such as training
aids, projection system, complete equipment with accessories/ optionals, technical literature, spares,
test equipment/ test set up, charts, training handouts, power point presentations, Computer Based
Training (CBT), Documentation, Simulators etc will be catered by the Bidder.
15. The Bidder would provide the following training to the personnel of the Buyer based on agreed
terms of contract:-
10
Ser Training Type Duration (Days No of Total No Remarks

No Location of per batch) Batches of
Trg Personnel
(a) User - 03 working days 04 60 Training to be
Designated completed after
Location (15 delivery of first lot
personnel of main equipment
per
batch)
QA personnel
OEM - 07 working days 01 04 Training to be
Premises conducted before
(c)
(04 commencement of
personnel PDI.
per
batch)
16. Government Regulations. It may be confirmed that there are no Government restrictions or
limitations in the country of the Bidder or countries from which subcomponents are being procured
and/or for the export of any part of the deliverables being supplied.
17. It may be further confirmed that all national and international obligations relevant to transfer
of conventional arms of the country of the supplier or countries from which parts and components are
being procured, have been taken into account for the duration of the contract. Accordingly, thereafter
there would be no review, revocation or suppression of Defence export licence and other related
clearance issues to the supplier for the contract that could impinge on the continuity of supply of items
and their parts or components under the contract.
18. Patent Rights. The Bidder should confirm that there are no infringements of any Patent Rights
in accordance with the laws prevailing in their respective countries.
19. Integrity Pact. In the subject RFP, the Bidder is required to sign and submit Pre Contract
Integrity Pact (PCIP), if applicable, given at Annexure I to Appendix K to this RFP.
20. Fall Clause. If the equipment being offered by the Bidder has been supplied/ contracted with
any organisation, public/private in India, the details of the same may be furnished in the technical as
well as commercial offers. The Bidders are required to give a written undertaking that they have not
supplied/is not supplying the similar systems or subsystems at a price lower than that offered in the
present bid to any other Ministry/Department of the Government of India and if the similar system has
been supplied at a lower price, then the details regarding the cost, time of supply and quantities be
included as part of the commercial offer. In case of non-disclosure, if it is found at any stage that the
similar system or subsystem was supplied by the Bidder to any other Ministry/Department of the
Government of India at a lower price, then that very price, will be applicable to the present case and
with due allowance for elapsed time, the difference in the cost would be refunded to the Buyer, if the
contract has already been concluded.
11
Bid Timelines
21. Any queries/ clarifications to this RFP to be sent by 01 Nov 2022 to:-
Directorate General of Infantry (Infantry-7)

Tele & Fax No: 011–23018412
22. Pre-Bid Meeting. A pre-bid meeting will be organised by SHQ at 1500 hrs on
09 Nov 2022 at the address given at Para 21 above to answer any queries or clarify doubts regarding
submission of proposals. The Bidder or his authorised representative is requested to attend. Necessary
details may be sent a week in advance to the address given at Para 21 above, to facilitate obtaining of
security clearance.
23. Submission of Bids. The Technical and Commercial Proposals along with IP and EMD
should be sealed separately in three separate envelopes clearly indicating Commercial/Technical/IP
and EMD and any other Bank Guarantee as applicable, and then put in one envelope and sealed (all
the envelopes should clearly state the letter No of RFP and the name of equipment and Bidder
name) and submitted to the undersigned at the following address by 1700 hours on 24 Nov 2022 :-
Directorate General of Infantry (Infantry-7)
Tele & Fax No: 011–23018412
24. Offer opening by an Offer opening committee nominated by EC will be held at 1100 hrs on
25 Nov 2022 at the same venue as indicated at Para 23 above. The Bidder or his authorised
representative is welcome to be present at the opening of the proposals. Necessary details may be sent
atleast one week in advance to facilitate obtaining of security clearance.
12
parameters of the proposed equipment, and the environmental parameters for functioning. The
operational characteristics and features that should be met by the equipment are elucidated at
Appendix A to this RFP and the Compliance Table at Appendix B to this RFP. The Bidder would be
required to offer the equipment for Demonstration/ evaluation on a “No Cost No Commitment” basis
in India.
26. Operational Characteristics and Features. The broad operational characteristics and features
that are to be met by the equipment are elucidated at Appendix A to this RFP.
27. Technical Offer. The Technical Offer must enable detailed understanding of the functioning
and characteristics of the equipment as a whole and each sub system independently. It must include the
performance parameters as listed at Appendix A to this RFP and any other information pertaining to
the technical specifications of the equipment considered important/ relevant by the Bidder. The
technical proposal should also include expected life of each assembly/subassembly (or Line
Replaceable Unit (LRU)/ Shop Replaceable Unit (SRU)), storage conditions/ environment condition
recommended and the resultant guaranteed in-service and shelf life.
28. If there is any associated optional equipment on offer that should also be indicated separately
along with the benefit that are likely to accrue by procuring such optional equipment. Should the
Bidder be contemplating any upgrades or modifications to the equipment being offered, the details
regarding these should also be included in the Technical Proposal.
(a) The technical details should be factual, comprehensive and include specifications of the
offered system/ equipment against broad requirements listed in Appendix A to this RFP.
(b) Insufficient or incomplete details may lead to rejection of the offer. Mere indication of
compliance may be construed as incomplete information unless system‟s specific technical
details are available in the offer. A format of the compliance table for the technical parameters
and other conditions of RFP is attached as Appendix B to this RFP.
30. The technical offer should have a separate detachable compliance table as per format given at
Appendix B to this RFP stating specific answers to all the parameters as listed at Appendix A to this
RFP. It is mandatory to append answers to all the parameters listed in Appendix A to this RFP. Four
copies of the Technical Proposal should be submitted (along with one soft copy), however only one
copy of the commercial proposal is required.
31. Malicious Code Certificate. The Bidder is required to submit a ‘Malicious Code Certificate’
(only for Electronic items and Software) along with the Technical Proposal. The format is placed at
Appendix D to this RFP.
32. Product Support (CMC). After induction, the equipment/ system would be repaired and
maintained as per the repair and maintenance philosophy at Appendix E to this RFP. The details of
CMC proposals, must be submitted separately by the Bidder with technical aspects being included in
the technical offer and commercial aspects being included in the commercial offer.
13
33. Active Technology Obsolescence Management . Bidder is to indicate the methodology on

how the Bidder intends to undertake Active Obsolescence Management through life cycle of
equipment which would include upgradation of system/ subsystem/ units on completion of its fair
service life. The Bidder/ OEM shall also intimate Buyer on likely technology obsolescence of various
sub-assemblies/units/modules of equipment through an Annual Bulletin. In case of impending
obsolescence of components, bulletin should specify either alternate item or option for life-time buy as
under:-
(a) The Bidder/OEM will notify the Buyer not less than two years before the closure of its
production line about the intention to close production of equipment for provision of
purchasing spare parts, before closure of the said production line.
(b) Three years prior to completion of design/service life of equipment, the Bidder/OEM
will submit techno-commercial proposal for upgradation of equipment, wherever applicable, to
mitigate technology obsolescence and for ensuring product support for the re-defined life cycle
of equipment.
34. The Technical Offer submitted by the Bidder will be evaluated by a Technical Evaluation
Committee (TEC) comprising of Empowered Committee Members, to confirm that the equipment
being offered meets the Operational Requirements as elaborated at Appendix A. Thereafter, the
Bidder of the short listed equipment would be asked to provide the Two (02 Nos) equipment for
demonstration as per demonstration methodology given at Appendix F to this RFP, in India at „No
Cost No Commitment‟ basis.
35. Demonstration/ Evaluation. The Bidder is requested to confirm his willingness to provide the
equipment for a demonstration at the Buyer specified location within 15 days of submission of the
bids, on “No Cost No Commitment” basis. The Empowered Committee, will depute representatives for
witnessing the Demonstration/ evaluation. The demonstration/ evaluation will be assessed by
demonstration evaluation team comprising of Empowered Committee Members or the representative
nominated by the Empowered Committee. If any part of the demonstration is conducted in the Buyer‟s
facilities, the Bidder shall depute their personnel and equipment at their own expenses and bear the
cost of all expenses of the demonstration. For an equipment to be introduced in service, it is mandatory
that it successfully clears all stipulated demonstration/ evaluations as per RFP.
36. Commercial offers will be opened only of Bidders whose equipment is short-listed, after TEC,
demonstration/ evaluation and those have been accepted technically. In other words, the equipment
would be required to be demonstrated and found suitable by Empowered Committee prior to
commencement of any commercial negotiations.
37. Guidelines for framing of Draft ATP are given at Appendix G. Bidder is to submit a Draft
Acceptance Test Procedure (ATP) along with the Technical bid before commencement of
demonstration/ evaluation, as per the guidelines for framing of draft ATP given at Appendix G. Based
on the draft ATP, the ATP will be finalised by the Buyer‟s QA agency with Bidder during CNC. ATP
shall be included in the contract at the time of finalisation with successful bidder. ATP will lay down
the tests to be carried out during PDI and JRI. It shall be ensured that there are no repetition of QA
14
tests in PDI and JRI. The JRI would normally be restricted to quantitative checks only, except where
check proof is required to be carried out. QA of equipment will be carried out as per finalised QA plan
in the contract.
38. Marking of Deliverables. The Bidder shall ensure that each Remotely Piloted Aerial
Vehicle is marked clearly and indelibly with non-corrosive paint, as follows: -
„REMOTELY PILOTED AERIAL VEHICLE’
39. Packaging of Equipment and Deliverables. The SELLER shall provide packaging as
per Military Packaging Level „P‟ of DEFSTAN 81-041 (Part 1) or equivalent Military Standard. The
packaging will provide adequate protection against the defined environmental conditions and physical
constraints that may be experienced by equipment and all deliverables during storage and
transportation. The choice of packaging materials and processes is left to the packaging supplier.
However, the following points shall be taken into account when providing items packaged; Provide
adequate physical protection, Not make the item attractive, Provide clear identification and marking,
Be the most cost effective solution, Provide a solution that is space efficient, Be fit for purpose for the
journey specified, Be easily handled by in-service Mechanical Handling Equipment (MHE). If a re-
usable container is required then the same be provided with adequate protection for transportation and
storage in the defined environmental conditions and physical constraints that may be experienced by
equipment.
40. The Bidder shall ensure that each package containing the deliverable is labeled to include:-
(ii) Transit destination/address (for aggregation/disaggregation, onward shipment

etc)
(f) Any statutory hazard markings and any handling markings including the mass of any
package which exceeds 3 kgs.
15
41. The third part of the RFP consists of the Commercial Clauses and Standard Clauses of
contract. The bidders are required to give confirmation of their acceptance of these clauses. One copy
of ISPPL have to be submitted alongwith commercial bid.
Commercial Bid.
42. The Bidder is requested to take into consideration the Commercial Clauses and Payment
Terms given at Appendix H to this RFP while formulating the Commercial Offers. The bidders are
required to quote their price in Price bid format given in Appendix J to this RFP.
43. Commercial offers will be opened only of the Bidder whose equipment is short-listed, after
TEC and demonstration/ evaluation. The Commercial Offer must be firm and fixed and should be valid
for at least 06 months from the last date of bid submission.
Commercial Bid Opening.
44. The Commercial Offers will be opened by the CNC comprising of Empowered Committee
Members and if Bidder desires he may depute his representative, duly authorised in writing, to be
present at the time of opening of the offers.
46. The CNC comprising of Empowered Committee Members will determine the lowest bidder
(L1).
Additional Aspects
47. Standard Conditions of RFP. The Government of India desires that all actions regarding
procurement of any equipment are totally transparent and carried out as per established procedures.
The bidder is required to accept our standard conditions furnished at Appendix K to this RFP
regarding Agents, penalty for use of undue influence and Integrity Pact, access to books of accounts,
arbitration and clauses related to Law. These conditions along with other clauses of the Contract form
the Standard Contract Document (as at Chapter VI of DAP 2020) indicates the general conditions of
contract that would be the guideline for all acquisitions. The draft contract would be prepared as per
these guidelines.
48. Termination Clause. The Termination Clause in this cases will be applicable in the following
conditions: -
(a) The delivery of the equipment is delayed for causes not attributable to Force
Majeure for more than six months after the scheduled date of delivery.
(c) The „Buyer‟ has noticed that the seller has utilised the services of an Agent in getting
this contract and paid any commission to such individual/company etc.
16
49. A list of documents/ details to be submitted along with the bids is placed at Appendix M as a
reference to help in completeness of bid and meeting the procurement process schedule.
50. The bids shall be unconditional and unqualified. Any condition or qualification or any other
stipulation contained in the bid shall render the bid liable to rejection as a non-responsive bid.
51. The bid and all communications in relation to or concerning the bidding documents shall be in
English language.
(a) Evaluation of Technical Proposals. The technical proposals forwarded by the Bidders
will be evaluated by TEC comprising of Empowered Committee Members. The TEC will
examine the extent of variations/differences, if any, in the technical characteristics of the
equipment offered by various Bidders with reference to the QRs and prepare a „Compliance
Statement‟ for shortlisting the Bidders. The shortlisted Bidders shall be asked to send Twounits
of the equipment for demonstration/ Evaluation in India as per demonstration methodology
attached as Appendix F of RFP. Demonstration/ Evaluation would be conducted for
Operational Parameters attached as Appendix A. A compliance report will be prepared, giving
out the compliance of the demonstrated performance of the equipment vis-à-vis the
requirements. The compliance would be determined only on the basis of the parameters
specified in the RFP. The Empowered Committee will analyse the demonstration/ evaluation
results and shortlist the equipment recommended for introduction into service.
(b) Evaluation of Commercial Bid. The Commercial bids of only those bidders will be
opened, whose technical bids have been cleared by TEC, equipment has been shortlisted after
Demonstration/ Evaluation and analysis by Empowering Committee. Comparison of bids
would be done on the basis of Evaluation criteria given in Appendix J to this RFP. The L-1
bidder would be determined by CNC comprising of Empowered Committee Members on the
basis of Appendix J to this RFP. Only L-1 bidder would be invited for negotiations by CNC.
(c) Contract Conclusion. The successful conclusion of CNC will be followed by contract
conclusion.
17
Appendix A
(Refers to Para 25, 26, 27, 29 (a), 30,
34 & 52 (b) of RFP)
1. The operational requirement of Remotely Piloted Aerial Vehicle (RPAV) should consists of
following broad physical & tech parameters: -
(a) Physical Characteristics.
(i) Weight & Portability. Should not exceed 02 Kilograms and must be operable
by one person. Each RPAV should comprise of the following components: -
(aa) One Aerial Vehicle or platform alongwith three detachable &

rechargeable batteries.
(ab) One Man Portable Ground Control Station (HHGCS) alongwith three
batteries.
(ac) All accessories required to operationalize the RPAV (including internal

batteries, cables, etc.)
(ad) Complete set of sensor packages (with Day & Night capability).
(ii) Endurance. Not less than 30 mins.
(iii) Should have a day camera and night camera (Thermal). The thermal
camera should be usable during both day and night.
(iv) Should be Vertical Takeoff and Landing (VTOL).
(b) Technical Characteristics.
(i) Rg. Minimum 05 Kms.
(ii) Bty. Light weight battery based on Lithium or other newer generation
technology.
(iii) Common Encryption. Should have 256 AES encryption.
(iv) Camera. 4K video quality with min 16 x digital zoom.
(v) Storage. Should have storage capacity min 128 GB in both, the GCS and Aerial
Platform.
(vi) Should have 360° autonomous obstacle avoidance system.
(vii) Should be able to operate indoor/ GPS denied spaces.

18
(viii) Should be able to autonomously undertake 3D scan of the target area & provide
a processed 3D scan image. The system should be able to autonomously generate and
execute the flight plan for 3D scan in an area as defined by user using augmented reality
or coordinates.
(c) Component Similarity. Components of one Platform must be useable with other
interchangeable platforms.
(d) Maps. The System must be able to incorporate raster maps including Indian Army
Defence Service Maps.
(e) Geo-References. All geo-references must be displayed in Latitude - Longitude /

Indian Military Grid Reference (IMGR) (user selectable).
(f) Compliance to Metric System. The RPAV will use SI units or any other generally
acceptable units.
(g) Deployment Time. Should be ready to launch within 10 mins.
(h) Environmental Parameters.
(i) Operating Temperature - -20 °C to 45 °C.
(ii) Storage Temperature - -10 °C to 45 °C
(j) In Service Life/ Shelf Life. - Not less than 10 years.

19
Appendix B
RFP)
COMPLIANCE TABLE
For _______ (Equipment name)

Partial of Paras/Sub Paras of the
Compliance Main Technical Document
Operation Characteristics and Features

Guarantee as per Para 2 of Appendix
H of RFP
Advance Payment Bank Guarantee as
per Para 1.4.1 of Appendix H of RFP
Earnest Money Deposit as per Para 23
of RFP is 70 Lakhs.
20
Appendix C
WARRANTY CLAUSE
1. The SELLER warrants that the goods/services supplied under this contract conform to technical
specifications prescribed and shall perform according to the said Technical Specifications.
2. The SELLER warrants that the warranty of deliverables supplied, shall be executed at location
(onsite warranty/ nearest field repair point/ intermediate repair point) for 24 months, from the date
of acceptance of deliverables post Joint Receipt Inspectionor from date of installation and commissioning (as
applicable) , that the goods/stores/services supplied under this contract and each component used in the
manufacture thereof should be free from all types of defects/failures (including latent and patent defects).
Cost towards all scheduled servicing during the warranty period will be borne by the SELLER to include
spares, labour, oil, grease and lubricants etc.
3. If within the period of warranty, the goods/stores are reported by the BUYER to have failed to
perform as per the specifications, the SELLER shall either replace or rectify the same free of charge,
maximum within 45 days of notification of such defect by the BUYER provided that the goods are
used and maintained by the BUYER as per instructions contained in the Operating Manual. Warranty
of the equipment would be extended by such duration of downtime. Record of the down time would
be maintained by user in log book. Spares and all consumables required for warranty repairs shall be
provided free of cost by SELLER. The SELLER also warrants that the special oils and lubricants
required for the warranty repair of the equipment shall be provided by the SELLER himself. All
activities including diagnosis, rectification, calibration, transportation etc, required for making
equipment serviceable and available would be the SELLER's responsibility. The SELLER also
undertakes to diagnose, test, adjust, calibrate and repair/replace the goods/equipment arising due to
accidents by neglect or misuse by the operator or damage due to transportation of the goods during the
warranty period, at the cost mutually agreed to between the BUYER and the SELLER. The SELLER
shall intimate the assignable cause of the failures.
4. SELLER hereby warrants that necessary cost towards service and repair backup including
consumables, spares, labour and oils/lubricants/ greases required for the periodic/ scheduled/ un-
scheduled maintenance of the equipment during the warranty period, including routine maintenance
beyond Unit Level, shall be borne by the SELLER and he will ensure that the cumulative downtime
period for the equipment does not exceed 5% of the warranty period
5. If a particular equipment/goods fails frequently and/or, the cumulative down time exceeds 5% of
the warranty period or a common defect is noticed in more than 2% of the quantity of goods with
respect to a particular item/component/sub-component, that complete item/equipment shall be
replaced free of cost by the SELLER within a stipulated period of 60 days of receipt of the
notification from the BUYER duly modified/upgraded through design improvement in all equipment
supplied/yet to be supplied and ESP supplied/yet to be supplied.
6. SELLER shall associate technical personnel of maintenance agency and QA of BUYER
during warranty repair and shall provide complete details of defect, reasons and remedial actions
for averting recurrence of such defects.
7. The seller is also bound to support the Buyer’s maintenance Agency and QA agency for
defect investigations beyond the warranty period, i.e for the complete life cycle of equipment, at
a cost to be negotiated between Buyer and seller, on occurrence.
8. The SELLER warrants that the goods supplied will conform to the Temperature and
Humidity conditions as mentioned at Appendix A to RFP.
21
Appendix D

1. This is to certify that the Hardware and the Software being offered, as part of the Contract, does
not contain embedded malicious code that would activate procedures to:-
2. The firm will be considered to be in breach of the procurement contract, in case physical damage,
loss of information or infringements related to copyright and Intellectual Property Rights (IPRs) are
caused due to activation of any such malicious code in embedded software.
(Signed)
Date:
Place:
22
Appendix E
PRODUCT SUPPORT
Maintenance Contracts.
1. Maintenance Contracts are recommended for conclusion along with the acquisition of the
equipment for providing maintenance support. These would be covered under Comprehensive
Maintenance Contracts (CMCs) for a period of at least three years beyond the warranty period. The
CMCs would be provided by the OEM / licensed entity/ OEM authorised representative and would
commence on completion of warranty period.
2. Comprehensive Maintenance Contracts (CMC). Comprehensive Maintenance Contracts are

concluded for a period of three years, in multiples of Annum. The scope of CMC, in addition to
services of the Specialists to include provisioning of spares, tools and equipment as required for
Maintenance and Repair of the equipment. In this arrangement, the OEM will ensure that the down
time of the equipment does not exceed the minimum period stipulated in the CMC. In such cases,
Engineering Support Package may be reduced proportionately based on the operational requirements
and functional sensitivities such as geographical spread, remote location, poor connectivity, intense
threat environment precluding employment of civil support, etc. CMC will include all corrective and
preventive maintenance of the systems, equipment and machinery in satisfactory working order and
„Planned Preventive Maintenance‟ (PPM), repairs, servicing, calibration, replacement of defective
parts, sub-assemblies, equipment, preservation /de-preservation as applicable. All equipment supplied
under the proposed contract will be maintained on site by the Seller. CMC will ensure performance of
the equipment in the range and accuracies as set in equipment Technical Manual. The equipment
proposed to be under CMC would be listed along with their locations. An equipment repair Log book
will be maintained to keep a record of the equipment down time during defect rectification. The scope
of work would also involve the following: -
(a) Preventive Maintenance. The maintenance of the equipment is to be carried out by

the Bidder at the Buyer premises. The equipment will be maintained as per the OEM specified
maintenance schedules and equipment manuals. However, the number of visits by the Bidder to
the customer premises should be at least once a quarter or as agreed to in the contract. The
preventive maintenance team visiting the unit should be composite and possess sufficient
expertise and spares to carry out preventive maintenance activities and resolve any pending
unserviceability issues of the equipment.
(b) Breakdown Maintenance. In addition to preventive maintenance, the Bidder will

also be responsible to undertake breakdown maintenance of the equipment. Defects on the
equipment as and when observed, will be intimated to the Bidder by telephone/ fax. The Bidder
will depute a team for undertaking repairs of the equipment within two (02) working days
from the reporting of the defect and make the equipment operational within seven (07) days of
the reporting of the defect. The Bidder will need to diagnose, test, adjust, calibrate and repair /
replace the goods/equipment during the CMC period. However, defective hard disks, strong
devices, if any, of the equipment, will not be returned to the Bidder and would be retained for
destruction / safe custody. The downtime of the equipment will commence from the time a
defect is reported by the user and the log of the same would be maintained by both Buyer and
Bidder.
23
(c) Calibration. Periodic inspection and calibration services as set forth in the equipment
manual shall be provided by the Bidder, to ensure operational availability of the equipment.
Requisite certificates may be rendered whenever major repairs/ maintenance on equipment is
undertaken.
(d) Spares. Supply of all parts (spares sourced from the OEM/OEM authorised vendor),
including consumables, if any and material required for the optimal performance of the
equipment as per the designed specifications mentioned in the equipment manual would be
the responsibility of the Bidder.
(e) Software. The Bidder will provide support for maintenance of the software(s)
during the period of CMC and would include the following:-
(i) Upgrades, patches, fixes to the OS and the Application software.
(ii) Back-up and restoration of software, as and when required.
(iii) No malware certificate.
(iv) Version of the software and IV & V (Independent verification and validation)
certificate as per the applicable CMM Level, depending on the criticality of the
equipment.
(v) Method of checking the health of the software and debugging methods.
(f) Obsolescence Management. The obsolescence management for the equipment

delivered under the scope of contract would form part of CMC Services. The obsolescence
management will include providing “Form, Fit and Function” replacement of any system/ sub
system rendered obsolete during the period of CMC.
Active Technology Obsolescence Management.
Obsolescence Management through life cycle of equipment which would include upgradation of
systems/ subsystems/ units on completion of its fair service life. The Bidder shall also intimate the
Buyer on likely technology obsolescence of various sub-assemblies/units/modules of equipment
through an Annual Bulletin. In case of impending obsolescence of components, bulletin should specify
either alternate item or option for life-time buy as under: -
(a) The Bidder/OEM (as applicable) will notify the Buyer not less than three years before
the closure of its production line about the intention to close production of equipment for
provision of purchasing spare parts, before closure of the said production line.
(b) Three years prior to completion of design/service life of equipment, the Bidder/OEM
(as applicable) will submit techno-commercial proposal for upgradation of equipment,
wherever applicable, to mitigate technology obsolescence and for ensuring product support for
the re-defined life cycle of equipment.
24

software quality assurance as per relevant and latest international military standards.
(b) The software life cycle concept will be followed/ observed. The software should be
restorable in Field. Any upgrades or patches required in the software will be provided free of
cost throughout the life cycle of the equipment. Adequate memory should be available to
accept any upgradation.
5. Technical Documentation. The Bidder will be required to provide the technical literature
preferably in IETM (Interactive Electronic Training Manuals) in Level 4 format or higher. The details
of technical literature to be supplied with the system should be listed as per the suggested format at
Annexure I to this Appendix. This should be provided with both Technical and Commercial
Proposals. The cost column may be left blank in the Technical Proposal. An illustrated list of
documents which may be submitted by the Seller is as under:-
(a) User Handbook/Operators Manual in English and Hindi.
(b) Technical Manuals. (as per governing JSG/Guide for other technologies)
(i) Part I. Tech description, specifications, functioning of various systems.
(ii) Part III. Procedure for assembly/disassembly, repair up to component level,

safety precautions.
(iii) Rotable list, norms of consumption, mandatory/ non-mandatory spares list for
each system.
(c) Complete Equipment Schedule.

(d) Repair and Servicing schedule.
(e) Design Specifications.
(f) Condemnation limits.
(g) Packing specifications /instructions.
(h) Any additional information suggested by the OEM.
6. Training. A training package for operator & QA would be required to be carried out in
English language. Requirements such as training aids, projection system, complete equipment with
accessories, technical literature, charts, training handouts, power point presentations, Computer Based
Training (CBT), Documentation, Simulators etc will be provided by the Seller for the conduct of
training. Training should preferably be conducted before the induction of the equipment. The Seller
will provide the Operator training, for the duration, strength and locations specified in the RFP and
Contract. The following may also be noted:
(a) The requirement of training and associated equipment must be clearly specified in Part I
and details should be placed as per Annexure II to this Appendix.
(b) The costs for aggregates and training must only be indicated in the commercial proposal.
25
EQUIPMENT QTY 750 X REMOTELY PILOTED AERIAL VEHICLE
No Cost User DGQA Qty Cost
1. User Handbook/ Operators 760 06 766

Manual
2. Design Specifications 45 06 51
3. Technical Manual
(a) Part I Tech description,

various systems.
(b) Part II Inspection/ 90 06
Maintenance tasks Repair
96
procedures, materials used,
fault diagnosis and use of
(SMTs/ Special Test
Equipment (STEs).
(c) Part III Procedure for
up
(d) to component
Part IV List oflevel,
SMT/ safety
STEs 90 06 96
precautions.
with Test Bench (if any
alongwith photograph and its
wage).
(i) Part list with drawing

8. reference
CDs on the above Technical 45 06 51
(ii) List of SMT/ STEs with
Literature
10. Test Bench.(specify)
Any other
Notes: -
(i) In case any additional equipment is used their technical literature will be included.
(ii) If certain technical literature is being provided free of cost, it should be indicated in
remark column.
(iii) The above mentioned technical literature would be in English language except User
Handbook/ Operator‟s manual which would be Bilingual (Hindi/ English).
(iv) Diagnostic and installation manuals to be provided for the complete software being
used in the equipment.
26
Annexure II to Appendix È`

TRAINING AGGREGATES
EQUIPMENT: QTY 750 X REMOTELY PILOTED AERIAL VEHICLE
1 Computer based training package 10 - - 10

based on interactive multimedia to
include
(a) Full Graphics, Animation test

and sound
(b) Symptoms- fault correlation
2 (expert system)
Training Aids :- 75 - - 75
(a) Display Charts (size 4‟ x 3‟)

to include system layout (Soft and
Hard Copy)
3 Cost of training requirement in India 60 04 64

for user at user premises and for
DGQA at Bidder premises
4 Any other- - - -
27
Appendix F
DEMO/ EVALUATION METHODOLOGY: REMOTELY PILOTED AERIAL VEHICLE

(RPAV)
1. The Demonstration cum Evaluation will be conducted on „No Cost No Commitment‟ basis
by Empowered Committee or members nominated by them under the aegis of IHQ of MoD (Army) as
per Annexure.
2. Number of Trial Equipment and Other Associated Items. Two RPAV (Remotely Piloted
Aerial Vehicle) along with all accessories and requisite documentation will be arranged by vendor at
the designated demonstration location. Vendor will be responsible for ensuring availability of requisite
spares/ tools/ associated equipment/ material required for the demonstration.
3. Crew. Crew representative for the operation of equipment for demonstration will be
provided by the Vendor. Prior to the commencement of the demonstration, vendor representatives
will undertake briefing of the team evaluating demonstration. The vendor representatives should have
adequate knowledge about the equipment/ spares/ tools to give the complete details of the equipment.
4. Timeframe for Demonstration. The vendor will confirm his willingness to provide the eqpt
for „Demo‟ (to be org by the bidder) at the Buyer specified loc within 10 days of submission of bids on
NCNC basis.
5. Retention of Trial Equipment. The equipment of all the vendors found compliant after
demonstration, will be retained by the Nominated agency of SHQ under their custody till the
commencement of CNC. Equipment of vendors found non-compliant in the demonstration would be
returned thereafter. On finalization of contract, other participating vendors may utilise/ dispose off
their equipment as deemed fit. Equipment of Vendor with whom contract is concluded will be retained
till the last lot of delivery, for purpose of comparison.

transportation freight, insurance, custom, octroi and any other local taxes shall be borne by the vendor.
Demonstration cum Evaluation by Empowered Committee.
7. The Demonstration cum Evaluation will be conducted in accordance with the provisions laid
out in DAP 2020 and the equipment will be tested against parameters mentioned at Annexure I.
Equipment fielded may require repairs/ modifications during the course of demonstration and these in-
situ servicing, repair, maintenance actions or modifications as requested by the vendor may be
permitted on case to case basis. Towards this, vendor shall be adequately informed and advised at the
pre demonstration stage itself so that they can ensure availability of requisite maintenance teams/
experts on site during the conduct of demonstration.
8. Change of Equipment. In-situ repair (if required) may be permitted. The duration required
for change of eqpt will be as decided in the pre-demo meeting. Towards this, participating vendors are
advised to ensure redundancy of equipment and associated accessories.
28
9. Location of Demonstration. Demonstration cum Evaluation will be undertaken at a

location (in India) as nominated by the Empowered Committee. The location for demonstration will be
SFTS, Bakloh. Time period for demo will be intimated to Vendors post TEC by EC.
10. Vendor Certification (Certificate of Conformance). Vendor certification supported by test

reports from NABL accredited Labs on aspects specified at Annexure-I will be accepted on case-to-
case basis.
11. Testing Charges. All testing charges in various laboratories (as applicable) will be borne by
respective vendors.
Broad Demo Plan.
12. Broad Demo plan is attached as Annexure to this appendix.
Pre - Demonstration Meeting.
13. A pre demonstration meeting to discuss broad schedule and modalities of demonstration will be
organized at a place which will be intimated to the vendors. The meeting will include representative of
vendor and all stake holders and agencies involved in conduct of demonstration.
Representations / Requests.
14. All queries, representations and requests related to the demonstration will be addressed in
writing to the Empowered Committee. Attention of respective vendors is drawn towards MoD
Guidelines for Handling of Complaints promulgated vide MoD ID No. 1(6)/D(Acq)/13-Vol.II dated
21 Sep 2015.
Schedule of Demonstration cum Evaluation.
Miscellaneous.
16. The representatives of the Empowered Committee may be required to visit certain factory
locations and/ or laboratories during the evaluations. The vendor would organise access and facilitate
such visits by Empowered Committee to its factory/ manufacturing locations.
17. Any additional aspects to be checked during Empowered Committee will be intimated during
the meeting mentioned at Para 13 above.
29
Annexure to Appendix ‘F’

DEMO PLAN
1. Introduction. The Demo Plan elucidates procedure for evaluation of the Remotely Piloted
Aerial Vehicle (RPAV).
2. The evaluation of each laid out parameter will be carried out as illustrated at in table at Para 4
below. Description of test methods is as given below:-
(a) Demonstration. Demonstration cum Evaluation of the equipment will be conducted

in EC nominated locations for testing core functionalities and will require the same to be
demonstrated by vendor using all applicable eqpt and assemblies required to meet the
functional specifications / features.
(b) Certificate of Conformance (CoC). CoC is self-certification by the vendor to meet

the particular requirement. The CoC will be accompanied by design &technical details or test
results as applicable forming the basis of CoC.
(c) Certificate from Accredited Agency. Certificate will be furnished from any
National or Internationally accredited agency along with lab test reports confirming
compliance to the laid down OR. The same may be audited by EC through internal
agencies such as DGQA, ACE, etc.
3. Legend.
(a) „D‟ : Demonstration.
(b) „P‟ : Design Presentation.
(c) „C‟ : Certificate of Conformance.
(d) „Q‟. : DGQA Audit.
(e) „CA‟ : Certificate from Accredited Agency.
4. Demo Plan. The Demonstration cum Evaluation plan is given below. Whenever
mentioned the vendor to submit CoC/ Certificate from NABL accredited lab as applicable.
30
DEMO PLAN
Sr Rfp Para Parameters Method

No No Of Eval
1. Appendix A Weight & Portability. Should not exceed 02 Kgs and D
must be operable by one person.
2. Appendix A Each RPAV should comprise of the following D
components :-
(aa) One Aerial Vehicle or platform along with three
detachable & rechargeable batteries.
(ab) One Man Portable Ground Control Station
(HHGCS) along with three batteries.
(ac) All accessories required to operationalize the
RPAV (including internal batteries, cables, etc.)
(ad) Complete set of sensor packages (with Day &
Night capability).
3. Appendix A Endurance. Not less than 30 mins. D
4. Appendix A Camera. Should have a day camera and night Camera D
(Thermal). The thermal camera should be usable
during both day and night.
5. Appendix A Should be Vertical Takeoff and Landing (VTOL). D
6. Appendix A Rg. Minimum 05 Kms D
7. Appendix A Bty. Light weight battery based on Lithium or other Q
newer generation technology.
8. Appendix A Common Encryption. Should have 256 AES CA
encryption.
9. Appendix A Camera. 4K video quality with min 16 x digital CA
zoom
10. Appendix A Storage. Should have storage capacity min 128 GB in CA
both, the GCS and Aerial Platform
11. Appendix A Should have 360° autonomous obstacle avoidance D
system
12. Appendix A Should be able to operate indoor/GPS denied spaces D
13. Appendix A Should be able to autonomously undertake 3D D
scan of the target area & provide a processed 3D
scan image. The system should be able to
autonomously generate and execute the flight plan for
3D scan in an area as defined by user using augmented
reality or coordinates.
14. Appendix A Component Similarity. Components of one D
Platform must be useable with other interchangeable
platforms.
31
15. Appendix A Maps. The System must be able to incorporate raster D

maps including Indian Army Defence Service Maps.
16. Appendix A Geo-References. All geo-references must be D
displayed in Latitude - Longitude / Indian Military
Grid Reference (IMGR) (user selectable).
17. Appendix A Compliance to Metric System. The RPAV will D
use SI units or any other generally acceptable units.
18. Appendix A Deployment Time. Should be ready to launch within D&C
10mins
19. Appendix A Environmental Parameters. CA
(i) Operating Temperature - -20 °C to 45 °C.

(ii) Storage Temperature - -10 °C to 45 °C
20. Appendix A In Service Life/Shelf Life. Not less than 10 years CA
Note.
1. The vendor will provide Video Clippings and Photographs on a CD of the demo held to the
Board of Officers.
2. Any other demonstration requirements will be intimated by EC.

32
Appendix G
DRAFT ATP GUIDELINES
1. Draft Acceptance Test Procedure for the Equipment/ System should mainly consist of the
following: -
(a) Scope & Introduction. Includes the scope, introduction & propose of the document
and general information about the equipment.
(b) Brief description of the Equipment/ System. Brief description of the equipment/
system be highlighted indication the salient features, Equipment/ System configuration,
interfaces involved and its compatibility and role in the main system where it is intended to
be used.
(d) Technical Specifications. TS of the equipment be indicated along with dimension,

weight of the equipment etc. operational requirements & Pictorial representation of the
equipment/ system be provided under this section.
(e) Reference documents including list of drawings, related Standards, Specifications

etc. Includes Reference documents/ drawings of the equipment, Standards/ Specifications
up to which he equipment/ system is complied.
S. Item Part NSN Drawi Manuf Sche Standar Qty Mill/

NO Name/ Numb Numb ng acturer matic d of Nos Industrial/
. Descri er er Numb Refer Refere Commercial
ption er ence nce
(g) Test Instruments / Accessories required. Test Instruments/ Accessories required for
conduct of ATP be mentioned along with Part number, Make/ Model etc.
(h) Qualification/ Environmental Tests. Applicable class from relevant JSS, as per RFP
for Environmental testing be mentioned along with test severities and procedures to be
followed for the conduct of the test. Pre, in-situ & Post Performance test to check the
performance of the equipment be included.
(j) Acceptance/ Performance Tests. Includes the Visual, Electrical & Functional tests.
Functional Test procedure along with diagram showing Test set up to be mentioned. Final
acceptance/ Performance checks comes under this section. Tests can be carried out under
lab & field conditions needs to be mentioned separately.
33

(l) Quality Audit points/ Checks/ Methodology including Real Time/ Online Audit
activities & list of critical processes. Process audit methodology to be carried by
mentioned.
(m) Quality Audit Flow Chart/ Process Monitor Points. Mutually agreed Audit flow
chart be mentioned by quoting Relevant ISO standards.
(n) Operational checks/ Tests. Includes Quick checks/ Tests with ATE/BITE/Processor
based Auto Diagnostic checks on the store, if equipped with, before release of the store to
the Consignee.
mentioned.

Note
(ii) Weight of the system shall specify along with power systems including
Generator set/ UPS wherever required.
(iii) Sampling plans to be invoked whereas feasible.
(iv) Certain test requires permission from authorities such as long range
communication, jamming tests, detection of drones, use of DEW etc. Necessary
permissions need to be obtained by SELLER.
34
Appendix H
COMMERCIAL CLAUSES
1. Payment Terms.
1.1.1 The delivery of main equipment and all deliverables will be based on DDP
INCOTERMS-2020 with ultimate consignee as COD, Agra.
1.2. Currency of Payment. Indian bidders should submit their bids in Indian Rupees.
negotiated by CNC including taxes and duties applicable at the time of signing of
Contract.
1.3.2 Base Contract Price. The Base Contract Price will be considered as Total
Contract Price excluding taxes and duties applicable at the time of signing of Contract
and excluding the Total Price of CMC.
1.3.3 Bank Guarantee(s). For the purpose of payment of Advances to the Bidder
and submission of various Bank Guarantees by the Bidder i.e Advance Payment Bank
Guarantee (APBG) and Additional Bank Guarantee (ABG), as applicable, Base
Contract price will be considered. For Performance cum Warranty Bank Guarantee
(PWBG), Total Contract Price including taxes and duties is to be considered. The
prescribed format of the Advance Payment Bank Guarantee (APBG) is placed at
Annexure II to Appendix H.
1.3.4 For orders with CMC, an additional Performance Bank Guarantee (PBG) is to
be submitted by the Bidder for which the Total Price of CMC for contracted duration
will be considered.
1.3.5 All Bank Guarantee(s) requirements viz Advance Payment Bank Guarantee
(APBG), Performance-cum-Warrantee Bank Guarantee (PWBG), Additional Bank
Guarantee (ABG), Performance Bank Guarantee (PBG) etc shall be submitted, from any
Indian Public or Private Scheduled Commercial Bank.
1.4 Payment to Indian Bidders. The schedule for payments will be based on the
Buyers requirements, enumerated at succeeding Paragraphs. The summary of delivery
schedule, payments to be made and schedule of submission/release of Advance Bank
guarantee (s), as applicable, is specified at Annexure II and Annexure V to this Appendix.
1.4.1 Advance Payment. Fifteen (15) % of the Base Contract Price shall be paid
within thirty (30) days of submission of claim and a Bank Guarantee for the equivalent
amount, subject to correction and acceptability of the documents submitted. The
prescribed format of the Advance Payment Bank Guarantee (APBG) is placed at
Annexure II to this Appendix. The Advance Payment Bank Guarantee (APBG) will
deemed to be proportionately and automatically reduced until full extinction along with
and prorate to value of each delivery, as evidenced by corresponding copy of document
35
proving delivery and invoices of goods/services supplied/provided. The date of delivery

would be reckoned from the date of Signing of Contract by the Buyer to the Seller
(T0).
1.4.2 On Dispatch. 60% of the Base contract price of Main equipment, 100% of
Freight, Transit Insurance and reimbursement of 100% taxes and levies shall be paid on
proof of dispatch of deliverables to the consignee and on production of an inspection
note issued by the buyer designated inspection agency. Number and date of the
Railway/Road/Air Transport receipt under which the deliverables charged for in the bill
are dispatched by rail/road/Air and the number and date of letter with which such
receipt is forwarded to the consignee, should be quoted on the bill. The payment will be
made by PCDA/CDA through cheque/Electronic Fund Transfer (EFT) on submission of
following documents: - (Note-The list given below is illustrative. The documents that
may be required, depending upon the peculiarities of the procurement being
undertaken, may be included/ excluded in RFP).
1.4.2.1 Ink-signed copy of Seller‟s bill.

1.4.2.4 Inspection Acceptance Certificate of Buyer‟s QA agency demonstrating
compliance with the technical specifications of the contract.
documents/GST invoice (with QR code, when made applicable)/proof of payment,
as applicable.
accordance with Article 22A.1 of SCD, the SELLER will be liable to return payments
received against dispatch.
1.4.4 On Final Acceptance The remaining 25 % of the Base Contract Price of the
main equipment shall be paid within thirty (30) days of submission of the Acceptance
Certificate & Certified Receipt Voucher (CRV) issued by the Buyer and other relevant
documents as mentioned above for final payment, but such payments will be subject to
the deductions of such amounts as the Seller may be liable to pay under the agreed
terms of the Contract. The concerned PCDA/CDA will release the payment through
cheque/EFT.
1.4.5 Payment of Deliverables Less Main Equipment. 85% of the cost of

deliverables and 100% of Freight, Transit Insurance (including 100% of taxes/
levies) such as Technical Literature and Training Aggregates will be paid on JRI by
Buyer.
36
1.4.6. Payment for Training. 85% payment (including 100% taxes/ levies) for
training of DGQA and Operators will be done after completion of training as given in
Para 15 of RFP. Vendor will also furnish training completion certificate from buyer,
prior to payment for training.
1.4.7 Part-Dispatch/ Part-Shipment. Part-dispatch or part-shipment of goods is not

permitted. Transhipment may not be permitted for certain deliverables and/or under
certain situations.
1.4.8 CMC Payments. Half-yearly payments will be made by PCDA/CDA on

submission of User clearance certificate through issue of cheque/ECS.
1.4.9 Payment of Taxes and Duties. Payment of taxes, duties and statutory levies
will be made on submission of requisite documentary proof to Paying authority.
Reimbursement of taxes and duties will be as per rates and amounts indicated in the
commercial bid/contract or as per actuals whichever is lower.
1.4.10 Exchange Rate Variation. Exchange Rate variation shall be applicable for
Rupee contracts with Indian Vendors, based on RFPs issued under all categories of
capital acquisitions mentioned at Para 8 to 12 of Chapter I of DAP. The indigenous &
import components as also the various currencies (of the import components) for ERV
purposes, must be determined in advance. The guidelines on protection of Exchange
Rate Variation are given at Annexure I to this Appendix.
2. Performance-cum-Warranty Bank Guarantee Clause. A Performance-cum-Warranty

Bank Guarantee (PWBG) of 3% (or as applicable during signing of contract) of value of the Total
Contract Price including taxes and duties would be furnished by the Bidder in the form of a Bank
Guarantee to sequentially act as Performance Bank guarantee till the delivery and as Warranty Bank
Guarantee on delivery. The PWBG shall be submitted by the Bidder within one month of signing of
contract and shall be valid for a period, until three months beyond the warranty period, as specified in
the RFP. If at any stage, the Performance Guarantee is invoked by the Buyer either in full or in part,
the Bidder shall make good the shortfall in PWBG within 30 days by an additional Bank Guarantee for
equivalent amount. In the event of failure to submit the required Bank Guarantee against invoked
Performance Guarantee, equivalent amount will be withheld from the next stage payment till the
shortfall in the Bank Guarantee is made good by the Bidder. The prescribed format of the
Performance-cum-Warranty Bank Guarantee is placed at Annexure III to this Appendix.
3. Performance Bank Guarantee for CMC. The Bidder will be required to furnish a
Performance Guarantee by the way of a Bank Guarantee of a sum equal to 3% of the Total Price of
CMC for contracted duration prior to expiry/return of the PWBG of the Main Contract. Performance
Bank Guarantee should be valid for 03 months beyond the period of the CMC. The format of the
Performance Bank Guarantee is to be as per Annexure III to this Appendix.
addition Joint Receipt Inspection (JRI) may also be carried out. If it is PDI, the Bidder should intimate
at least 45 days prior to the day when the equipment is to be offered for PDI to enable Buyer‟s QA
personnel to be available for inspection. All the expenses towards PDI will be borne by the Bidder
except transportation and accommodation of Buyer‟s PDI team, which will be deputed at Buyer‟
expense. In case of rejection of Goods during PDI, re-PDI will be undertaken at Bidder‟s premises at
Buyer‟s sole discretion. All expenses including transportation and accommodation of Buyer‟s PDI
37
team will be borne by the Bidder. Towards this, the expenses towards transportation and
accommodation of Buyer‟s PDI team will be initially done by the Buyer and subsequently reimbursed
by the Bidder either by remittance or by recovery from the Balance Payment/PWBG. In the event of a
failed PDI, the Bidder shall consult the Buyer for rescheduling re-PDI. In case of JRI, the
representative of the Seller may be present for inspection after the equipment reaches the concerned
destination. The Seller would be informed of the date for JRI.
5. Liquidated Damages (LD). In the event of the Bidder‟s failure to submit the Bonds,
Guarantees and Documents, supply the stores/ goods, perform services, conduct trials, installation of
equipment, training and MET as per schedule specified in this contract, the BUYER may, at his
discretion withhold cost of the specific lot/batch or 1% of the Project cost, whichever is higher, until
the completion of the contract. The BUYER may also deduct from the SELLER as agreed, liquidated
damages to the sum of 1.5 % for every week of delay or part of a week, subject to the maximum value
of the Liquidated Damages being not higher than 15% of the contract price of the value of delayed
stores/ services (Any extension given by the Buyer for delay attributable to Buyer or Force Majeure
Clause to be factored in delivery period).
6. Payment Deductions and Damages for Shortfalls in CMC Services.
The clause for payment deductions and damages for shortfall in CMC services is given
below.
In case the cumulative downtime exceeds 30 (working days) in a year, payment will be
deducted. The total downtime will be calculated at the end of the year and payments will be
deducted. The total payments to be deducted will be calculated as follows:-
(a) Payments would be deducted on pro-rate basis for the duration, by which cumulative
downtime exceeds 30 (working days), as follows:-
(i) Per year CMC = ‘X1’
(ii) Period by which cumulative downtime exceeds the specified cumulative
downtime, in days = ‘Y1’
(iii) Payment Deduction = ‘Z1’,
Where Z1 = [(X1/ Number of days in the year) * Y1]
(b) In addition, damages would be deducted to the sum of 0.1% of the per annum CMC cost
per day, for the duration, by which cumulative downtime exceeds the maximum permissible
cumulative downtime per quarter/half-year/year, subject to the maximum value of this
damages not being higher than 5% of the annual CMC cost.
7. Denial Clause. In case the delay in delivery is attributable to the Seller or a non-force
majeure event, the Buyer may protect himself against extra expenditure during the extended period by
stipulating a denial clause (over and above levy of LD) in the letter informing the Seller of extension
of the delivery period. In the denial clause, any increase in statutory duties and/or upward rise in prices
due to the Price Variation Clause (PVC) and/or any adverse fluctuation in foreign exchange are to be
borne by the Seller during the extended delivery period, while the Buyer reserves his right to get any
benefit of downward revisions in statutory duties, PVC and foreign exchange rate. Thus, PVC, other
variations and foreign exchange clauses operate only during the original delivery period. The format
for extension of delivery period/performance notice under the Denial clause is at Annexure IV to this
Appendix.
38
(Refers to Para 1.4.10 of Appendix H)
(a) In contracts with Indian Vendors in all categories of capital acquisitions where there is
an import content, ERV clause will be provided. However, ERV clause shall not be applicable
to contracts in following conditions:-
(b) ERV clause will be framed according to the specific requirements of the contract. While
calling for information at the RFP stage/formulation of ERV clauses in the contracts, the
following factors are to be taken into consideration depending upon the requirements of the
individual contracts:-
(ii) Detailed time schedule for procurement of imported material/Services and their
value at the FE rates adopted for the contract is to be furnished by the vendor as per the
format given below:-

COST OF
IMPORTED
MATERIAL
/SERVICES
(In rupees)
DENOMINATED DENOMINATED DENOMINATED CURRENCIES
DENOMINATED
(as applicable)
(iii) ERV clause will not be applicable in case delivery periods for imported content
are subsequently to be refixed/extended unless the reasons for delivery period extension
are attributable to the buyer.
(iv) For purposes of ensuring uniformity, the Base Exchange Rate on the ERV
reckoning date will be adopted for each of the major foreign currencies. The Base
Exchange Rate will be the BC Selling Rate of the Parliament Street Branch of State
Bank of India, New Delhi. The ERV reckoning date will be the last date of submission
39
of commercial bids as per RFP. In cases where Option Clause is exercised, the date of
reckoning of ERV will be the last date of submission of bids for the RFP of the Original
Procurement Case.
(v) ERV clause in the contract is to clearly indicate that ERV is payable/ refundable
depending upon exchange rate as prevalent on the date of transaction with reference to
Base Exchange Rate on the ERV reckoning date.
contract. The year-wise amount of foreign exchange component of the imported items as indicated in
the contract shall be adjusted for the impact of exchange Rate Variation of the Rupee based on the
exchange rate prevailing on the date of each transaction, as notified by the SBI, Parliament Street
Branch, New Delhi. The impact of notified Exchange Rate Variation shall be computed on an yearly
basis for the outflow as tabulated in Annexure….. (The table at Para 1(b) (ii) is to be an Annexure to
the contract) and shall be paid/refunded before the end of the financial year based on the certification
of Finance Head of the concerned Division…..”.
4. Documentation for Claiming ERV. The following documents would need to be submitted in
support of the claim on account of ERV:-
(b) Banker‟s Certificate/debit advice detailing Foreign Exchange paid and Exchange rate as
on date of transaction.

40
(Refers to Para 1.3.3, 1.4 and 1.4.1 of
Appendix H)
To
The ___________________
Ministry of _______________
Government of India
1. “Whereas President of India represented by the _____________Ministry of __________

__________ (No. of Contract), dated _________ (Date of Contract) with M/s _____________ (Name
of SELLER) (referred to as SELLER) and whereas according to the said Contract the BUYER has
undertaken to make an advance payment of Rs/ US $/Euro/PS £/Yen/AUD/SGD ________________
being payment
of ___________% of the total value of Rs/ US $/Euro/PS £/Yen/AUD/SGD _____________________
of the said Contract, against issuance of an advance guarantee by a bank.”
2. We _______________________________________________ (indicate the name of the bank)

do hereby undertake to pay the amounts due and payable under this guarantee without any demur,
merely on a demand from the BUYER intimating that the SELLER is in breach of the Contractual
obligations stipulated in the said Contract. Any such demand made on the bank shall be conclusive as
regards the amount due and payable by the Bank under this guarantee. However, our total liability
under this guarantee shall be restricted to an amount not exceeding Rs/ US $/Euro/PS
£/Yen/AUD/SGD _______________.
3. We undertake to pay to the BUYER any money so demanded notwithstanding any dispute or
disputes raised by the SELLER in any suit or proceedings pending before any Court or Tribunal
relating thereto our liability under this present being absolute and unequivocal. The payment so made
by us under this bond shall be valid discharge of our liability for payment there under and the SELLER
shall have no claim against us for making such payment.
4. We, further agree that the guarantee herein contained shall remain in full force and effect
during the period that would be taken for the performance of the said Contract and that it shall
continue to be enforceable till all the dues of the BUYER under or by virtue of the said Contract have
been fully paid and its claims satisfied or discharged or till ___________________________ office /
Department / Ministry of _______________________ certifies that the terms and conditions of the
said Contract have been fully and properly carried out by the said SELLER and accordingly discharges
this guarantee.
5. We, further agree with the BUYER that the BUYER shall have the fullest liberty without our
consent and without affecting in any manner our obligations hereunder to vary any of the terms and
conditions of the said Contract or to extend time of performance by the said SELLER from time to
time or to postpone for any time or from time to time any of the powers exercisable by the BUYER
against the said SELLER and to forbear or enforce any of the terms and conditions relating to the said
41
Contract and we shall not be relieved from our liability by reason of any such variation, Amendment
issued vide MoD ID No. 4(50)/D(Acq)/08 dated 20.06.2016 or extension being granted to the said
SELLER or for any forbearance, act or omission on the part of the BUYER or indulgence by the
BUYER to the said SELLER or by any such matter or thing whatsoever which under law relating to
sureties would, but for this provision, have effect of so relieving us.
6. The amount of this guarantee will be progressively reduced by (percentage of advance)

_____________ of total value of each part shipment/services against the stage payment released by the
BUYER for that shipment/services made by the SELLER and presentation to us of the payment
documents.
7. This guarantee will not be discharged due to the change in the constitution of the bank or the
BUYER/SELLER.
8. We, undertake not to revoke this guarantee during the currency except with the previous
consent of the BUYER in writing.
(a) Our liability under this Guarantee shall not exceed Rs/ US $/Euro/PS £/Yen/AUD/SGD
_____________ (in words)___________________________
(b) This Bank Guarantee shall remain valid until _________________ (hereinafter the
expiry date of this guarantee) the Bank Guarantee will cease to be valid after
(c) We are liable to pay guaranteed amount or any part thereof under this Bank Guarantee
only and only if you serve upon us a written demand or a claim in writing on or before
______________(Expiry Date).
Place :

42

To
The ___________________
Ministry of _______________
Government of India
Dear Sir,
1. Whereas President of India represented by the _____________ Ministry of ____________,

__________________________dated _______________ (hereinafter referred to as the said Contract)
with M/s. _______________________ (hereinafter referred to as the SELLER) for supply of goods as
per Contract to the said BUYER and whereas the SELLER has undertaken to produce a bank
guarantee amounting to Rs/ US $/Euro/PS £/Yen/AUD/SGD ___________________ which is 3% (or
as applicable during signing of contract) of the Total Contract Price (including taxes and duties) to
cover 3% (or as applicable during signing of contract) of Total Contract Price (including taxes and
duties) each for Performance and Warranty in sequence, to secure its obligations towards Performance-
cum-Warranty to the BUYERs.
2. We, the _______________ bank hereby expressly, irrevocably and unreservedly undertake the
guarantee as principal obligors on behalf the SELLER that, in the event that the BUYER declares to us
that the amount claimed is due by way of loss or damage caused to or would be caused or suffered by
the BUYER by reason of breach/failure to perform by the said SELLER of any of the terms and
conditions in the Contract related to Performance and Warranty clauses, we will pay you, on demand
and without demur, all and any sum up to {3% (or as applicable during signing of contract) of Total
Contract Price (including taxes and duties)} _____________________________ Rupees/ US
$/Euro/PS £/Yen/AUD/SGD only at any instance under this Guarantee. Your written demand shall be
conclusive evidence to us that such repayment is due under the terms of the said Contract. We shall
not be entitled to ask you to establish your claim or claims under this guarantee but will pay the same
forthwith without any protest or demur. We undertake to effect payment upon receipt of such written
demand.
arrangements, variations made between you and the SELLER, indulgence to the SELLER by you, or
by any alterations in the obligations of the SELLER or by any forbearance whether as to payment, time
performance or otherwise.
4. We further agree that any such demand made by the BUYER on the Bank shall be conclusive,
binding, absolute and unequivocal notwithstanding any difference or dispute or controversy that may
exist or arise between you and the SELLER or any other person.

43
6. This Performance-cum-Warranty guarantee shall remain valid for a period until three months
beyond the warranty period as specified in the Contract i.e. up to __________.
7. Subject to the terms of this Bank Guarantee, the issuing bank hereby irrevocably authorizes the
beneficiary to draw the amount of up to Rs/ US $/Euro/PS £/Yen/AUD/SGD _________ {3% (or as
applicable during signing of contract) of Total Contract Price (including taxes and duties)} for
breach/failure to perform by the SELLER of any of the terms and conditions of the Contract related to
performance and warranty clause. Partial drawings and multiple drawings under this Bank Guarantee
are allowed within the above stated cumulative amount subject to each such drawing not exceeding 3%
(or as applicable during signing of contract) of the Total Contract Price (including taxes and duties)
(Rs/ US $/Euro/PS £/Yen/AUD/SGD _______ only) (Mention BG amount).
8. This guarantee shall be continuing guarantee and shall not be discharged by any change in the
constitution of the Bank or in the constitution of M/s ____________. We undertake not to revoke this
guarantee during the currency except with previous consent of BUYER in writing.
(a) Our liability under this Guarantee shall not exceed Rs/ US $/Euro/PS £/Yen/AUD/SGD
_________ (Rupees ___________ only (in words).
warranty period of the Contract, i.e up to ________ (mention the date) which is 3 months after
expiry of the warranty period and the BG shall cease to be valid after _______________
irrespective whether the Original Guarantee is returned to us or not.
(c) We are liable to pay guaranteed amount or any part thereof under this Bank Guarantee
only and only if you serve upon us a written demand or a claim in writing on or before
______________ (Expiry Date).
Place :

44
To
Dear Sir,
contract delivery period [as last extended up to] (fill in date). In your letter under reply you have asked
for [further] extension of time for delivery. In view of the circumstances stated in your said letter, the
time for delivery is extended from (fill in date) to (fill in date).
2. Please note that notwithstanding the grant of this extension in terms of Clause (fill in clause
number) of the subject contract an amount equivalent to ........................ % (............... per cent) of the
delivered price of the delayed goods for each week of delay or part thereof (subject to the ceiling as
provided in the aforesaid clause) beyond the original contract delivery date/the last unconditionally re-
fixed delivery date (as & if applicable), viz., (fill in date) will be recovered from you as liquidated
damages. You may now tender the Stores for inspection [balance of the Stores] in terms of this letter.
Stores if any already tendered by you for inspection but not inspected will be now inspected
accordingly.
3. You are also required to extend the validity period of the performance guarantee for the subject
contract from (fill in present validity date) to (fill in required extended date) within15 (fifteen) days of
issue of this amendment letter.
4. The above extension of delivery date will also be subject to the following Denial Clause:-
(a) That no increases in price on account of any statutory increase in or fresh Imposition of
customs duty, GST or on account of any other taxes/duty, including custom duty), leviable in
respect of the Stores specified in the said contract which takes place after (insert the original
delivery date) shall be admissible on such of the said Stores, as are delivered after the said date;
and,
(b) That notwithstanding any stipulation in the contract for increase in price on any other
ground including foreign exchange rate variation, no such increase which takes place after
(insert the reckoning date as per DAP 2020) shall be admissible on such of the said Stores as
are delivered after the said date.
45
(c) But nevertheless, the Buyer shall be entitled to the benefit of any decrease in price on
account of reduction in or remission of customs duty, GST or on account of any other Tax or
duty or on any other ground as stipulated in the price variation clause or foreign exchange rate
variation which takes place after (insert the original delivery date).
5. All other terms and conditions of the contract remain unaltered. This is without any prejudice to
Buyer‟s rights under the terms and conditions of the subject contract.
6. Please intimate your unconditional acceptance of this amendment letter within 10 (ten) days of the
issue of this letter failing which the contract will be cancelled at your risk and expense without any
further reference to you.
Yours faithfully,
Duly authorised,
Note: Select one option within { } brackets; delete portion within [ ] brackets, if not applicable; fill in (
) brackets. Brackets and this note are not to be typed.
Substitute following first para instead of first para in format above, for issuing a performance notice.
contract delivery period [as last extended up to] (fill in date). In spite of the fact that the time of
delivery of the goods stipulated in the contract is deemed to be of the essence of the contract, it appears
that (fill in the outstanding quantity) are still outstanding even though the date of delivery has expired.
Although not bound to do so, the time for delivery is extended from (fill in date) to (fill in date) and
you are requested to note that in the event of your failure to deliver the goods within the delivery
period as hereby extended, the contract shall be cancelled for the outstanding goods at your risk and
cost.
46
(Refers to Para 9 of RFP and Para 1.4
of Appendix H)
2. For Delivery in a Multiple Lots.
Ser Activity Qty Delivery Scheme for Scheme for Remarks

No Timelines Payment submission
(T0 + and Return
Months) of Advance
Payment
Bank
Guarantees
(a) Signing of T0 15% of the base APBG of To is date
contract contract price equivalent of signing
amount to be of contract
submitted
(b) On Dispatch of main equipment

(i) On Dispatch 250 T0 to T0 + 60% of the Base
of main 06 contract price of
equipment main equipment
alongwith 100%
FTI and re-
imbursement of
100% taxes and
levies of the main
equipment on pro-
rata basis.
47

(T0 + and Return
Months) of Advance
Payment
Bank
Guarantees
(ii) On Dispatch 500 T0 + 7 to 60% of the Base
of main T0 + 12 contract price of
equipment main equipment
(Minimum alongwith 100%
lot ) FTI and re-
imbursement of
100% taxes and
levies of the main
equipment on pro-
rata basis.
(c) On Final Acceptance

(i) On Delivery 250 T0 to T0 + 25 % of Base APBG is to be
of Main 06 Contract Price of returned on
Equipment/ main equipment on delivery of all
System pro-rata basis equipment on
(Minimum pro-rata basis
lot 200) to bidder(s).
(ii) On Delivery 500 T0 + 7 to 25 % of Base APBG is to be

of Main T0 + 12 Contract Price of returned on
Equipment/ main equipment on delivery of all
System pro-rata basis equipment on
(Minimum pro-rata basis
lot 200) to bidder(s).
(d) Delivery of The entire 85% of the cost of

training quantity to documentation/
literature be training literature
delivered (including 100%
along with FTI & taxes/
the first lot levies)
of the
equipment
(as per
Para 2 (c)
above)
48

(T0 + and Return
Months) of Advance
Payment
Bank
Guarantees
(e) Delivery of The entire 85% of the cost of
training quantity to training aggregates
aggregate be (including 100%
delivered FTI & taxes/
along with levies)
the first lot
of the
equipment
(as per
Para 2 (c)
above)
(f) Completion Training 85% of the cost of
of Training of User, Training
Maintenan (including 100%
ce and FTI & taxes) on
DGQA completion of
personnel training
as per Para successfully.
15 of RFP.
49
Appendix J
(Refers to Para 45 and 52 (b) of RFP)
1.1. Only those Bids will be evaluated, which are found to be fulfilling all the eligibility and
qualifying requirements of the RFP, both technically and commercially. The bidder, whose
price is arrived as lowest and second lowest as per Evaluation criteria given in this Appendix,
will be declared as L-1 and L-2 bidder by Buyer.
1.2 Custom duty on input materials shall not be loaded by the Indian Bidders in their price
bids, if they are exempted under the existing Notifications. In such cases, necessary Custom
Duty Exemption Certificate (CDEC) shall be issued by the Buyer. In cases where Custom Duty
is not exempted, Basic Custom Duty on input material is to be included in the cost of Basic
Equipment, MRLS, SMT, STE , ESP and any other item listed at Column (ii) of Para 2 below.
1.3 If there is a discrepancy between the unit price and the total price that is obtained by
multiplying the unit price and quantity, the unit price will prevail and the total price will be
corrected based on indicative rates of taxes and duties at columns (vi) and (vii) of Para 2 below.
If there is a discrepancy between words and figures, the amount in words will prevail for
calculation of price.
2. Price Bid Format. The Price Bid Format is given below and Bidders are required to fill this
correctly with full details. No column of the Bid format has to be left blank. The clubbing of
serials/sub serials to indicate a consolidated cost is not acceptable. Columns of 'quantity', „unit cost‟,
„total cost (including all taxes and duties)', „GST/IGST (%) and Custom Duty (%) are to be filled up
with „0‟, „positive numerical values‟ or „Not Applicable‟ at every row as applicable. If any column is
not applicable and intentionally left blank, the reason for the same has to be clearly indicated in the
remarks column.
Sr Items Qty Unit Total Indicative Total Remarks

Cost Cost Rate of Taxes Cost
& Duties used (includin
(iii) x to arrive at g all
(iv) Total Cost (as taxes &
applicable) duties)
(v) + (vi)
+(vii)
GST/ Custo
IGST m
(%) Duty
(%)
A. Cost of RPAV 750
50
Sr Items Qty Unit Total Indicative Total Remarks

Cost Cost Rate of Taxes Cost
& Duties used (includin
(iii) x to arrive at g all
(iv) Total Cost (as taxes &
applicable) duties)
(v) + (vi)
+(vii)
GST/ Custo
IGST m
(%) Duty
(%)
D. Cost of Technical
Literature (in English
Language) as per
Annexure III to Appendix
E.
E. Cost of Training
Aggregates as per
Annexure IV to Appendix
E.
F. Cost of recommended
period of Training
excluding the cost of travel
and boarding and lodging.
This should be given as per
Annexure IV to Appendix
E.
G. Any other cost (to be
specified).
Insurance Cost (where
applicable).
J. CMC Cost giving year
wise breakup for 03 years
K. Total Cost (Total of Serial #
A to J)
Total Cost as per serial K
(in words)
L. Foreign Exchange This will be
component of the with
proposal. (for Indian reference to
Vendors only) Para 1.2 of
Appendix
H.
M CDEC (if applicable), its
authority and amount for
which required.
51
Note: Taxes and Duties. All Indirect Taxes and Duties will be paid at actuals or as indicated in
the Commercial bid by the Bidder, whichever is lower. In case of any change in the tax structure/rates
by BUYER’s Government, only incremental/decremented change will be paid.
52
Appendix K

LAW
1. The present Contract shall be considered and made in accordance to the laws of Republic
of India.
ARBITRATION
2.1 All disputes or differences arising out of or in connection with the present Contract, including the
one connected with the validity of the present Contract or any part thereof, shall be settled by bilateral
discussions.
2.2 Any dispute, disagreement of question arising out of or relating to this Contract or relating
to construction or performance (except as to any matter the decision or determination whereof is
provided for by these conditions), which cannot be settled amicably, shall within sixty (60) days or
such longer period as may be mutually agreed upon, from the date on which either party informs the
other in writing by a notice that such dispute, disagreement or question exists, will be referred to the
Arbitration Tribunal consisting of three arbitrators.
2.3 Within sixty (60) days of the receipt of the said Notice, one arbitrator shall be nominated in
writing by SELLER and one arbitrator shall be nominated by BUYER.
2.4 The third arbitrator, shall be nominated by the parties within ninety (90) days of the receipt of
the notice mentioned above, failing which the third arbitrator may be nominated under the provision
of Indian Arbitration and Conciliation Act, 1996 (as amended from time to time) or by dispute
resolution institutions like Indian Council of Arbitration or ICADR, at the request of either party, but
the said nomination would be after consultation with both the parties. The arbitrator nominated under
this Clause shall not be regarded nor act as an umpire.
2.5 The Arbitration Tribunal shall have its seat in New Delhi or such other place in India as may be
decided by the arbitrator.
2.6 The Arbitration Proceedings shall be conducted in India under the Indian Arbitration and
Conciliation Act, 1996 (as amended from time to time) and the award of such Arbitration Tribunal
shall be enforceable in Indian Courts only.
2.7 The decision of the majority of the arbitrators shall be final and binding on the parties to this
contract.
2.8 Each party shall bear its own cost of preparing and presenting its case. The cost of arbitration
including the fees and expenses of the third arbitrator shall be shared equally by the SELLER and the
BUYER.
2.9 In the event of a vacancy caused in the office of the arbitrators, the party which nominated
such arbitrator, shall be entitled to nominate another in his place and the arbitration proceedings shall
continue from the stage they were left by the retiring arbitrator.
53
2.10 In the event of one of the parties failing to nominate its arbitrator within sixty (60) days as
above or if any of the parties does not nominate another arbitrator within sixty (60) days of the place
of arbitrator falling vacant, then the other party shall be entitled after due notice of at least thirty (30)
days to request dispute resolution institutions in India like Indian Council of Arbitration and ICADR
to nominate another arbitrator as above.
2.11 If the place of the third arbitrator falls vacant, his substitute shall be nominated according to the
provisions herein above stipulated.
2.12 The parties shall continue to perform their respective obligations under this contract during the
pendency of the arbitration proceedings except in so far as such obligations are the subject matter of
the said arbitration proceedings.
ARBITRATION
3. In the event of any dispute or difference relating to the interpretation and application of the
provisions of the contracts, such dispute or difference shall be referred by either party for Arbitration
to the sole Arbitrator in the Department of Public Enterprises to be nominated by the Secretary to the
Government of India in-charge of the Department of Public Enterprises. The Arbitration and Conciliation
Act, 1996 (as amended from time to time) shall not be applicable to arbitration under this clause. The
award of the Arbitrator shall be binding upon the parties to the dispute, provided, however, any party
aggrieved by such award may make a further reference for setting aside or revision of the award to the
Law Secretary, Department of Legal Affairs, Ministry of Law &Justice, Government of India. Upon
such reference the dispute shall be decided by the Law Secretary or the Special Secretary/Additional
Secretary, when so authorised by the Law Secretary, whose decision shall bind the Parties finally and
conclusively. The Parties to the dispute will share equally the cost of arbitration as intimated by the
Arbitrator.
ARBITRATION
(For Defence PSUs)
4. In the event of any dispute or difference relating to the interpretation and application of the
provisions of the contracts, such dispute or difference shall be referred by either party to the Arbitrator(s)
appointed by Defence Secretary. The award of the Arbitrator(s) shall be binding upon the parties to the
dispute.
FORCE MAJEURE
5.1 Should any force majeure circumstances arise, each of the contracting party shall be excused
for the non-fulfilment or for the delayed fulfilment of any of its contractual obligations, if the affected
party within (30 days) of its occurrence informs in a written form the other party.
5.2 Force majeure shall mean fires, floods, natural disasters or other acts such as war, turmoil, strikes,
sabotage, explosions, beyond the control of either party.
5.3 Provided the acts of The Government or any state parties of the seller which may affect the
discharge of the Seller‟s obligation under the contract shall not be treated as Force Majeure.
54

6.1 The Seller undertakes that he has not given, offered or promised to give, directly or indirectly
any gift, consideration, reward, commission, fees brokerage or inducement to any person in service of
the Buyer or otherwise in procuring the Contracts or forbearing to do or for having done or for borne
to do any act in relation to the obtaining or execution of the Contract or any other Contract with the
Government for showing or forbearing to show favour or disfavour to any person in relation to the
Contract or any other Contract with the Government. Any breach of the aforesaid undertaking by the
seller or any one employed by him or acting on his behalf (whether with or without the knowledge of
the seller) or the commission of any offence by the seller or anyone employed by him or acting on his
behalf, as defined in Chapter IX of the Indian Penal Code, 1860 or the Prevention of Corruption Act,
1988 or any other Act enacted for the prevention of corruption shall entitle the Buyer to cancel the
contract and all or any other contracts with the seller and recover from the seller the amount of any loss
arising from such cancellation. A decision of the buyer or his nominee to the effect that a breach of the
undertaking had been committed shall be final and binding on the Seller.
6.2 Giving or offering of any gift, bribe or inducement or any attempt at any such act on behalf of
the seller towards any officer/employee of the buyer or to any other person in a position to influence
any officer/employee of the Buyer for showing any favour in relation to this or any other contract,
shall render the Seller to such liability/penalty as the Buyer may deem proper, including but not limited
to termination of the contract, imposition of penal damages, forfeiture of the Bank Guarantee and
refund of the amounts paid by the Buyer.
INTEGRITY PACT
7.1 Further signing of an „Integrity Pact‟ would be considered between government department and
the bidder for schemes exceeding ₹ 20 Crores. The Integrity Pact is a binding agreement between the
agency and bidders for specific contracts in which the agency promises that it will not accept bribes
during the procurement process and bidders promise that they will not offer bribes. Under the IP, the
bidders for specific services or contracts agree with the procurement agency or office to carry out the
procurement in a specified manner. The essential elements of the IP are as follows:-
authority or the "principal") and those companies submitting a tender for this specific activity
(the "bidders");
(d) An undertaking by each bidder that he shall not pay any amount as gift, reward, fees,
commission or consideration to such person, party, firm or institution (including Agents and
other as well as family members, etc., of officials), directly or indirectly, in connection with the
contract in question. All payments made to the Agent 12 months prior to tender submission
would be disclosed at the time of tender submission and thereafter an annual report of
payments would be submitted during the procurement process or upon demand of the MoD.
disclosure obligation as well as the attendant sanctions remain in force for the winning bidder
until the contract has been fully executed;
55
(f) Undertakings on behalf of a bidding company will be made "in the name and on behalf
of the company‟s chief executive officer";
(g) The following set of sanctions shall be enforced for any violation by a bidder of its
commitments or undertakings:
(ii) Forfeiture of the EMD (pre-contract) and Guarantee for Performance-cum-

Warranty Bond (after signing of contract).
consideration along with interest at the rate of 2% per annum above LIBOR rate.
(iv) Refund of all sums already paid by the Buyer along with interest at the rate of
2% per annum above LIBOR rate.
(vi) At the discretion of the Buyer, the Seller shall be liable for action as per extant
policy on Putting on Hold, Suspension and Debarment of Entities.
(h) Bidders are also advised to have a company code of conduct (clearly rejecting the use
of bribes and other unethical behaviour) and a compliance program for the implementation of
the code of conduct throughout the company.
(j) The draft Pre-Contract Integrity Pact is attached as Annexure I to this Appendix.
The vendors are required to sign them and submit separately along with the technical and
commercial offers.
7.2 In respect of bids from DPSUs, the concerned DPSU shall enter in to a Pre-Contract Integrity
Pact, on the same lines with their sub-vendors individually, in case the estimated value of each sub-
contract(s) exceed ₹ 20 Crore and such subcontract(s) are required to be entered in to by the DPSU with
a view to enable DPSU to discharge the obligations arising out of their bid in question in response to
this RFP.
AGENTS
8. The Seller confirms and declares to the Buyer that the Seller is the original manufacturer of the
stores referred to in this contract. The Seller confirms that he has not engaged any person, party, firm
or institution as an Agent including his Agents already intimated to MoD; to, influence, manipulate or
in any way to recommend to any functionaries of the Government of India, whether officially or
unofficially, to the award of the contract to the Seller, or to indulge in corrupt and unethical practices.
The Seller has neither paid, promised nor has the intention to pay to any person, party, firm or
institution in respect of any such intervention or manipulation. The Seller agrees that if it is established
at any time to the satisfaction of the buyer that the present declaration is in any way incorrect or if at a
later stage it is discovered by the Buyer that Seller has engaged any such person, party, firm or
institution and paid, promised or has intention to pay any amount, gift, reward, fees, commission or
consideration to such person, party, firm or institution, whether before or after the signing of this
contract, the Seller will be liable for any or all of the following actions:-
56
(a) To pay to the Buyer any such amount paid as gift, reward, fees or consideration along
with interest at the rate of 2% per annum above LIBOR rate.
(b) The Buyer will also have a right to put on hold or cancel the Contract either wholly or
in part, without any entitlement or compensation to the Seller who shall in such event be liable
to refund all payments made by the Buyer in terms of the Contract along with interest at the
rate of 2% per annum above LIBOR rate
(c) The Buyer will also have the right to recover any such amount referred in (a) and (b)
above from other contracts of the Seller with the Government of India.
(d) At the discretion of the Buyer, the Seller shall be liable for action as per extant policy
on Putting on Hold, Suspension and Debarment of Entities
9. In case it is found to the satisfaction of the BUYER that the SELLER has engaged an Agent, or
paid commission or influenced any person to obtain the contract as described in clauses relating to
Agents and clauses relating to Penalty for Use of Undue Influence, the SELLER, on demand of the
BUYER shall provide necessary information/inspection of the relevant financial documents/
information, including a copy of the contract(s) and details of payment terms between the vendors and
Agents engaged by him.
57
(Refers to Para 19 of RFP and 7.1 (j)
of Appendix K)
General
1. Whereas the PRESIDENT OF INDIA, represented by Joint Secretary & Acquisition Manager
(Army/Air Force/Maritime & Systems)/Major General & equivalent, Service Headquarters./Coast
Guard, Ministry of Defence, Government of India, hereinafter referred to as the Buyer and the first
party, proposes to procure Surveillance Copters with Accessories, hereinafter referred to as Defence
Stores and M/s ___ ____________________________ represented
by,_______________________________ Chief Executive Officer (which term, unless expressly
indicated by the contract, shall be deemed to include its successors and its assignees), hereinafter
referred to as the Bidder/Seller and the second party, is willing to offer/has offered the Defence stores.
2. Whereas the Bidder is a private company/public company/partnership/registered export agency,

constituted in accordance with the relevant law in the matter and the Buyer is a Ministry of the
Government of India performing its functions on behalf of the President of India.
Objectives
3. Now, therefore, the Buyer and the Bidder agree to enter into this pre-contract agreement,
hereinafter referred to as Integrity Pact, to avoid all forms of corruption by following a system that is
fair, transparent and free from any influence/unprejudiced dealings prior to, during and subsequent to
the currency of the contract to be entered into with a view to:
conformity with the defined specifications of the Services by avoiding the high cost and the
distortionary impact of corruption on public procurement
3.2 Enabling Bidders to abstain from bribing or any corrupt practice in order to secure the
contract by providing assurance to them that their competitors will also refrain from bribing and
other corrupt practices and the Buyer will commit to prevent corruption, in any form, by their
officials by following transparent procedures.
4.1 The Buyer undertakes that, no official of the Buyer, connected directly or indirectly
with the contract will demand, take a promise for or accept, directly or through intermediaries,
any bribe, consideration, gift, reward, favour or any material or immaterial benefit or any other
advantage from the Bidder, either for themselves or for any person, organisation or third party
related to the contract in exchange for an advantage in the bidding process, bid evaluation,
contracting or implementation process related to the Contract.
58
4.2 The Buyer will, during the pre-contract stage, treat all Bidders alike and will provide to
all Bidders the same information and will not provide any such information to any particular
Bidder which could afford an advantage to that particular Bidder in comparison to other
Bidders.
attempted or completed breaches of the above commitments as well as any substantial
suspicion of such a breach.
5. In case of any such preceding misconduct on the part of such official(s) is reported by the
Bidder to the Buyer with full and verifiable facts and the same is prima facie found to be correct by the
Buyer, necessary disciplinary proceedings, or any other action as deemed fit, including criminal
proceedings may be initiated by the Buyer and such a person shall be debarred from further dealings
related to the contract process. In such a case while an enquiry is being conducted by the Buyer the
proceedings under the contract would not be stalled.
6. The Bidder commits himself to take all measures necessary to prevent corrupt practices, unfair
means and illegal activities during any stage of his bid or during any pre-contract or post-contract stage in
order to secure the contract or in furtherance to secure it and in particular commits himself to the
following:
commission, fees, brokerage or inducement to any official of the Buyer, connected directly or
indirectly with the bidding process, or to any person, organisation or third party related to the
contract in exchange for any advantage in the bidding, evaluation, contracting and
implementation of the Contract.
6.2 The Bidder further undertakes that he has not given, offered or promised to give,
directly or indirectly any bribe, gift, consideration, reward, favour, any material or
immaterial benefit or other advantage, commission, fees, brokerage or inducement to any
official of the Buyer or otherwise in procuring the Contract or forbearing to do or having done
any act in relation to the obtaining or execution of the Contract or any other Contract with the
Government for showing or forbearing to show favour or disfavour to any person in relation to
the Contract or any other Contract with the Government.
6.3 The Bidder will not collude with other parties interested in the contract to impair
the transparency, fairness and progress of the bidding process, bid evaluation, contracting and
implementation of the contract.
6.4 The Bidder will not accept any advantage in exchange for any corrupt practice,
unfair means and illegal activities.
original manufacturer/integrator/authorised government sponsored export entity of the Defence
stores and has not engaged any individual or firm or company whether Indian or foreign to
intercede, facilitate or in any way to recommend to the Buyer or any of its functionaries,
whether officially or unofficially to the award of the contract to the Bidder, nor has any amount
been paid, promised or intended to be paid to any such individual, firm or company or Agent in
respect of any such intercession, facilitation or recommendation.
59
6.6 The bidder would not enter into conditional contract with any Agents, brokers or any
other intermediaries wherein payment is made or penalty is levied, directly or indirectly, on
success or failure of the award of the contract. The bidder while presenting the bid, shall
disclose any payments he has made during the 12 months prior to tender submission or is
committed to or intends to make to officials of the buyer or their family members, Agents,
brokers or any other intermediaries in connection with the contract and the details of such
services agreed upon for such payments. Within the validity of PCIP, bidder shall disclose to
MoD any payments made or has the intention to pay any amount, gift, reward, fees,
commission or consideration to such person, party, firm or institution as an annual report during
the procurement process.
6.7 The Bidder shall not use improperly, for purposes of competition or personal gain or
pass on to others, any information provided by the Buyer as part of the business relationship
regarding plans, technical proposals and business details, including information contained in
any electronic data carrier. The Bidder also undertakes to exercise due and adequate care lest
any such information is divulged.
6.8 The Bidder commits to refrain from giving any complaint directly or through any
other manner without supporting it with full and verifiable facts. Complaint will be processed
as per Guidelines for Handling of Complaints in vogue. In case the complaint is found to be
vexatious, frivolous or malicious in nature, it would be construed as a violation of Integrity
Pact.
6.9 The Bidder shall not instigate or cause to instigate any third person to commit any of
the actions mentioned above.
7.1 The Bidder declares that no previous transgression occurred in the last three years
immediately before signing of this Integrity Pact, with any other company in any country in
respect of any corrupt practices envisaged hereunder or with any Public Sector Enterprise in
India or any Government Department in India.
7.2 If the Bidder makes incorrect statement on this subject, Bidder can be disqualified from the
tender process or the contract and if already awarded, can be terminated for such reason.

8.1 Every bidder, while submitting commercial bid, shall submit Bid Security in the form
of Earnest Money Deposit (EMD), in cases where applicable (as provided in Clause 8 herein).
(a) To safeguard against a bidder(s) withdrawing or altering its bid during the bid
validity period, Bid Security (also known as EMD) is to be obtained from all bidders
except for cases upto Rs. 100 Crores (i.e, all cases upto Rs. 100 crores of AoN will
be exempted from payment of EMD) as follows:-
60
EMD TABLE
Scheme(Crore)
- 100 Nil
100 150 30 Lakh
150 300 70 Lakh
300 1000 2 Crore
1000 2000 5 Crore
2000 3000 10 Crore
3000 5000 15 Crore
5000 - 25 Crore
(b) EMD is not required from Micro and Small Enterprises (MSEs) as defined in
MSE Procurement Policy issued by Department of Micro, Small and Medium
Enterprises (MSME) or are registered with the Central Purchase Organisation or the
concerned Ministry or Department or Startups as recognised by Department of
Industrial Policy & Promotion (DIPP), in accordance with the Ministry of Finance
office memorandum bearing No. No. F.20/2/2014-PPD (Pt.) dated July 25, 2017 (as
amended from time to time).
(c) DPSUs are not required to submit EMD when nominated as ab-initio single
vendor. DPSUs will submit all BGs and EMD as applicable while participating in multi-
vendor cases with private vendors.
(d) Format of EMD. The Bid Security may be accepted in the following forms,
safeguarding the Buyer‟s interest in all respect: -

(ii) Insurance Surety Bond - The format and guidelines pertaining to the
same shall be issued / notified by the Ministry of Defence.
(iii) Account Payee Demand Draft, Fixed Deposit Receipt, Banker‟s

Cheque shall be payable in an acceptable form. The Beneficiary Bank Details
for furnishing the same are as follows:

61
(e) Validity of EMD. The EMD will be valid for eighteen months or till signing
of contract, whichever is later. The EMD shall be extended from time to time as
required by the Buyer and agreed by the Bidder. No interest shall be payable by the
Buyer to the Bidder(s) on the EMD for the period of its currency. For unsuccessful
bidders EMD will be returned on declaration of successful bidder(s).
(i) If the Bidder withdraws or amends, impairs or derogates from the Bid in any
respect within the period of validity of this tender.
(ii) If the Bidder having been notified of the acceptance of his tender by the
Buyer during the period of its validity.
(aa) If the Bidder fails to furnish the Performance Security for the due
performance of the contract.
(iii) In case of violation of Pre-Contract Integrity Pact, EMD will be forfeited

besides other legal penalties as may be decided by the Ministry of Defence.
pertaining to Performance-cum-Warranty Bond in the Purchase Contract that the provisions of
Sanctions for Violation shall be applicable for forfeiture of Performance Bond in case of a
decision by the Buyer to forfeit the same without assigning any reason for imposing sanction
for violation of this pact.
8.3 The provisions regarding Sanctions for Violation in Integrity Pact include forfeiture of
Performance-cum-Warranty Bond in case of a decision by the Buyer to forfeit the same without
assigning any reason for imposing sanction for violation of Integrity Pact.
8.4 No interest shall be payable by the Buyer to the Bidder(s) on EMDfor the period of its
currency.
9.1 Bidders are also advised to have a company code of conduct (clearly rejecting the use
of bribes and other unethical behaviour) and a compliance program for the implementation of
the code of conduct throughout the company.
10.1 Any breach of the aforesaid provisions by the Bidder or any one employed by him or
acting on his behalf (whether with or without the knowledge of the Bidder) or the commission
of any offence by the Bidder or any one employed by him or acting on his behalf, as
defined in Chapter IX of the Indian Penal Code, 1860 or the Prevention of Corruption Act 1988
or any other act enacted for the prevention of corruption shall entitle the Buyer to take all or
any one of the following actions, wherever required:
62
(i) To immediately call off the pre-contract negotiations without assigning any
reason or giving any compensation to the Bidder. However, the proceedings with the
other Bidder(s) would continue.
(ii) EMD for pre contract period, Performance-cum-Warranty Bond post signing
of contract shall stand forfeited either fully or partially, as decided by the Buyer and the
Buyer shall not be required to assign any reason therefore.
(iii) To immediately cancel the contract, if already signed, without any compensation
to the Bidder.
(iv) To recover all sums already paid by the Buyer, in case of an Indian Bidder
with interest thereon at 2% higher than the prevailing Base Rate of SBI and in case of a
Bidder from a country other than India with interest thereon at 2% higher than the
LIBOR. If any outstanding payment is due to the Bidder from the Buyer in connection
with any other contract for any other defence stores, such outstanding payment could
also be utilised to recover the aforesaid sum and interest.
(v) To encash the advance bank guarantee and Performance-cum-Warranty Bond
if furnished by the Bidder, in order to recover the payments, already made by the
Buyer, along with interest.
(viii) To recover all sums paid in violation of this Pact by Bidder(s) to any Agent or
broker with a view to securing the contract.
(ix) If the Bidder or any employee of the Bidder or any person acting on behalf of
the Bidder, either directly or indirectly, is closely related to any of the officers of the
Buyer, or alternatively, if any close relative of an officer of the Buyer has financial
interest/stake in the Bidder‟s firm, the same shall be disclosed by the Bidder at the time
of filing of tender. Any failure to disclose the interest involved shall entitle the Buyer to
debar the Bidder from the bid process or rescind the contract without payment of any
compensation to the Bidder. The term „close relative‟ for this purpose would mean
spouse whether residing with the Government servant or not, but not include a spouse
separated from the Government servant by a decree or order of a competent court; son
or daughter or step son or step daughter and wholly dependent upon Government
servant, but does not include a child or step child who is no longer in any way
dependent upon the Government servant or of whose custody the Government servant
has been deprived of by or under any law; any other person related, whether by blood
or marriage, to the Government servant or to the Government servant‟s wife or husband
and wholly dependent upon Government servant.
monetary dealings or transactions, directly or indirectly, with any employee of the
Buyer and if he does so, the Buyer shall be entitled forthwith to rescind the contract and
all other contracts with the Bidder. The Bidder shall be liable to pay compensation for
any loss or damage to the Buyer resulting from such rescission and the Buyer shall be
entitled to deduct the amount so payable from the money(s) due to the Bidder.
63
(xi) In cases where irrevocable Letters of Credit have been received in respect of
any contract signed by the Buyer with the Bidder, the same shall not be opened.
10.2 The decision of the Buyer to the effect that a breach of the provisions of this Integrity
Pact has been committed by the Bidder shall be final and binding on the Bidder, however, the
Bidder can approach the Independent Monitor(s) appointed for the purposes of this Pact.
11. Fall Clause
11.1 The Bidder undertakes that he has not supplied/is not supplying the similar products,
systems or subsystems at a price lower than that offered in the present bid in respect of any
other Ministry/Department of the Government of India and if it is found at any stage that the
similar system or sub-system was supplied by the Bidder to any other Ministry/Department
of the Government of India at a lower price, then that very price, with due allowance for
elapsed time, will be applicable to the present case and the difference in the cost would be
refunded by the Bidder to the Buyer, even if the contract has already been concluded.
11.2 The Bidder shall strive to accord the most favoured customer treatment to the Buyer
in respect of all matters pertaining to the present case.
12.1 The Buyer has appointed Independent Monitors for this Pact in consultation with
the Central Vigilance Commission. The names and addresses of nominated Independent
Monitors (at the time of issue of RFP) are as follows (however the vendor must refer to the
MoD website at www.mod.nic.in to check for changes to these details):-



64
12.1A All communications to Independent Monitors will be copied to Director (Vigilance).

The Designation and Contact details of Director (Vigilance) are as follows:-
Room No 340,
B Wing, Sena Bhawan
New Delhi 110011
Tel No - 011 – 23012304
12.2 After the Integrity Pact is signed, the Buyer shall provide a copy thereof, along with a
brief background of the case to the Independent Monitors, if required by them.
12.3 The Bidder(s), if they deem it necessary, may furnish any information as relevant to
their bid to the Independent Monitors.
procurement case, the buyer shall refer the complaint to the Independent Monitors for their
comments/enquiry.
connection with the complaint sent to them by the Buyer, the Buyer shall make arrangement for
such perusal of records by the Independent Monitors.
12.6 The report of enquiry, if any, made by the Independent Monitors shall be submitted to
the head of the Acquisition Wing of the Ministry of Defence, Government of India for a final
and appropriate decision in the matter keeping in view the provision of this Pact.
commission, the Buyer or its agencies shall be entitled to examine the Books of Accounts of the Bidder
and the Bidder shall provide necessary information of the relevant financial documents in English and
shall extend all possible help for the purpose of such examination.
The actions stipulated in this Integrity Pact are without prejudice to any other legal action that
may follow in accordance with the provisions of the extant law in force relating to any civil or
criminal proceedings.
16. Validity
16.1 The validity of this Integrity Pact shall be from date of its signing and extend up to 5
years or the complete execution of the contract to the satisfaction of both the Buyer and the
Bidder/Seller, whichever is later.
65
16.2 Should one or several provisions of this Pact turn out to be invalid; the remainder of this
Pact remains valid. In this case, the parties will strive to come to an agreement to their original
intentions.
BUYER BIDDER

GOVERNMENT OF INDIA
Witness Witness
1. 1. __________________
2. 2. __________________
66


Whereas ……………………………………(hereinafter called the “Bidder”) has submitted
their offer dated………………………………….for the supply of
……………………………………… (hereinafter called the “Bid”) against the Buyer‟s Request for
proposal No. …………………………………… KNOW ALL MEN by these presents that WE
……………………………………. are bound unto …………………. (hereinafter called the “Buyer”)
in the sum of ………… ……………………………… ………………………for which payment will
and truly to be made to the said Buyer, the Bank binds itself, its successors and assigns by these
presents.
(1) If the Bidder withdraws or amends, impairs or derogates from the Bid in any respect within the
period of validity of this tender.
(2) If the Bidder having been notified of the acceptance of his tender by the Buyer during the
period of its validity.
(a) If the Bidder fails to furnish the Performance Security for the due performance of the
contract.
WE undertake to pay the Buyer up to the above amount upon receipt of its first written demand,
without the Buyer having to substantiate its demand, provided that in its demand the Buyer will note
that the amount claimed by it is due to it owing to the occurrence of above mentioned conditions,
specifying the occurred condition or conditions.
This guarantee will remain in force upto and including 45 days after the period of 18 months/ contract
signing whichever is later and any demand in respect thereof should reach the Bank not later than the
above date.
…………………………….
67
Appendix L

FOR - RFP ISSUE / INCLUSION IN RFP REQUIREMENTS
1. The following parameters may be used, as a guideline for the Collegiate to adopt, for inclusion
in the RFP.
Sl
1 Financial
a Credit Rating Long term credit rating of CCR-BBB or better and SME-04 or better for
SMEs as on 31st March of the previous financial year
b Average Minimum Average Annual Turnover for last 03 financial years, ending 31st
Annual Turn March of the previous financial year, should not be less than 70 Crores.
Over
c Net Worth Net worth of entities, ending 31st march of the previous financial year, should
not be less than 10 Crores.
d Insolvency The entity should not be under insolvency resolution as per IBC at any stage
of procurement process from the issuing of RFP to the signing of contract.
2 Technical
a Nature of Manufacturing entity or System Integrator of defence equipment and not a
Business trading company, except in cases where OEM participates only through its
authorised Vendors.
in related electronics/ explosives etc. as applicable in the instant case. If not, then
field cumulative experience of at least 03 years in above areas, resulting in gaining
of competence for manufacturing the proposed product.
3 Others
a Industrial Posses or be in the process of acquiring a license, if the product under project
License (If requires license as per DIPP licensing policy.
applicable)
Min no of years not applicable for JVs constituted specifically for a project
68
Appendix M

The list of documents which needs to be mandatorily submitted by the Bidders as part of Technical
Proposal are placed below. Non-submission of the documents may result in disqualification of the
Bidder from the bidding process.
Ser
No.
1 Para 5 (a) of RFP Declaration by Bidder : Debarment of vendors
9 Annexure I to Appendix E Technical Literature
10 Annexure II to Appendix E Training Aggregates
69
Appendix N
GLOSSARY
AMC Annual Maintenance Contract
DRDO Defence Research and Development Organisation
IP Integrity Pact
FTI Freight Transit Insurance
PA Production Agency
Dated: 31-12-2022
Bid Document
Bid Details
Bid End Date/Time 21-01-2023 12:00:00
Total Quantity 30
Item Category QUADCOPTER (MINI UAV) (Q3)

420 Lakh (s)

1 Year (s)

No
Turnover
Startup Exemption for Years of Experience

No
and Turnover

Certificate,OEM Annual Turnover
Document required from seller *In case any bidder is seeking exemption from Experience /
the buyer
RA Qualification Rule 50% Lowest Priced Technically Qualified Bidders

5 Days


Yes
empanelled agency
Type Of Inspection Stage-wise Inspection
1/8
Bid Details

Board of Officers
Agency/ Authority
Quality Assurance Plan document 1672466382.pdf
EMD Detail
EMD Amount 2100000
ePBG Detail
Beneficiary:
Col GS (Arty)
HQ SOUTH WESTERN COMMAND ACSFP CELL, Department of Military Affairs, Indian Army, Ministry of Defence
(Mohd. Amjad Khan)
Splitting
2/8
total QUANTITY.
3/8
thereon.
similar work.
borne by seller.
8. Reverse Auction would be conducted amongst first 50% of the technically qualified bidders arranged in the
order of prices from lowest to highest. Number of sellers eligible for participating in RA would be rounded off to
next higher integer value if number of technically qualified bidders is odd (e.g. if 7 bids are technically qualified,
then RA will be conducted amongst L-1 to L-4). In case number of technically qualified bidders are 2 or 3, RA will
be between all without any elimination. If Buyer has chosen to split the bid amongst N sellers, then minimum N
sellers would be taken to RA round. In case Primary products of only one OEM are left in contention for
participation in RA based on lowest 50% bidders qualifying for RA, the number of sellers qualifying for RA would
be increased to get at least products of one more OEM (directly participated or through its reseller) if available.
Further, if bid(s) of any seller(s) eligible for MSE preference is / are coming within price band of 15% of Non MSE
L-1 or if bid of any seller(s) eligible for Make in India preference is / are coming within price band of 20% of non
MII L-1, then such MSE / Make in India seller shall also be allowed to participate in the RA process.
Pre Bid Detail(s)
11-01-2023 11:00:00 HQ South Western Command, Jaipur
QUADCOPTER (MINI UAV) ( 30 set )

respectively)
4/8
Consignee/Reporti
ng Officer
1 *********** ***********JAIPUR 30 90

1. Generic
2. Generic
Bidders are advised to check applicable GST on their own before quoting. Buyer will not take any
responsibility in this regards. GST reimbursement will be as per actuals or as per applicable rates
(whichever is lower), subject to the maximum of quoted GST %.
3. Generic
b. Copy of GSTIN.
4. Generic
PSU / Public Listed Company for 1 year before the bid opening date. Copies of relevant contracts to be
5. Generic
End User Certificate: Wherever Bidders are insisting for End User Certificate from the Buyer, same shall
be provided in Buyer’s standard format only.
6. Generic
7. Generic
if:
5/8
8. OEM
IMPORTED PRODUCTS: In case of imported products, OEM or Authorized Seller of OEM should have a
registered office in India to provide after sales service support in India. The certificate to this effect should
be submitted.
9. Inspection
Nominated Inspection Agency: On behalf of the Buyer organization, any one of the following
Inspection Agency would be conducting inspection of stores before acceptance:
Pre-dispatch Inspection at Seller Premises (applicable only if pre-dispatch inspection clause has been
selected in ATC): NO
Post Receipt Inspection at consignee site before acceptance of stores: YES
10. Inspection
Testing of Sample: The testing of advance sample and bulk sample during PDI will be carried at the
designated AHSP labs.When testing facilities are not available, the facilities of Govt labs/NABL/Accredited
labs will be utilized. The testing charges outside the designated AHSP labs to be borne by seller's.
12. Purchase Preference (Centre)
Indian suppliers of this item are not allowed to participate and/ or compete in procurement by some
foreign governments. Bidders / products from such countries are not eligible / not allowed to participate in
this bid in terms of clause 1 (d) of Public Procurement (Preference to Make in India) Order, 2017
13. Certificates
ISO 9001: The bidder or the OEM of the offered products must have ISO 9001 certification.
14. Certificates
15. Turnover
Availability of Service Centres: Bidder/OEM must have a Functional Service Centre in the State of each
6/8
Consignee's Location in case of carry-in warranty. (Not applicable in case of goods having on-site
warranty). If service center is not already there at the time of bidding, successful bidder / OEM shall have
to establish one within 30 days of award of contract. Payment shall be released only after submission of
documentary evidence of having Functional Service Centre.
17. Warranty
Bidder / OEM has to give an undertaking that after expiry of warranty period, it will provide AMC Service
for next 3 years for the offered products at the rate not more than 10 % of contract price per annum.
Buyer reserves the right to enter into an AMC agreement ( covering preventive maintenance and
servicing)with the Successful Bidder / OEM after expiry of the Warranty period at rate as mentioned above
and the payment for the AMC charges would be made Quarterly after rendering of the AMC Services of the
relevant AMC period. Performance Security of the successful bidder shall be forfeited if it fails to accept
the AMC contract when called upon by the buyer. The original Performance Security of contract will be
returned only after submission and verification of AMC Performance Security for 2% of total AMC value
valid up to AMC period plus 2 months (if there is no other claim). (Undertaking of acceptance to be
uploaded with bid).
18. Warranty
19. Warranty
Timely Servicing / rectification of defects during warranty period: After having been notified of the defects
/ service requirement during warranty period, Seller has to complete the required Service / Rectification
within 7 days time limit. If the Seller fails to complete service / rectification with defined time limit, a
penalty of 0.5% of Unit Price of the product shall be charged as penalty for each week of delay from the
seller. Seller can deposit the penalty with the Buyer directly else the Buyer shall have a right to recover all
such penalty amount from the Performance Security (PBG).Cumulative Penalty cannot exceed more than
10% of the total contract value after which the Buyer shall have the right to get the service / rectification
done from alternate sources at the risk and cost of the Seller besides forfeiture of PBG. Seller shall be
liable to re-imberse the cost of such service / rectification to the Buyer.
20. Scope of Supply
Scope of supply (Bid price to include all cost components) : Supply Installation Testing Commissioning of
Goods and Training of operators and providing Statutory Clearances required (if any)
Disclaimer
7/8
experience.
case may be.
---Thank You---
8/8
ANNEXURE 3
ANNEXURE 4
Market research report: Forecast 2023 - 2030
India UAV &

Drones market
MAY 2023
www.and-ventures.in
Research
1
Industry Landscape &
Demand Side analysis
Research
2
Indian UAV and drones market report –
&Ventures 2023-2030
Key market segments and use cases
1 Combat 2 Loitering
UAV Munition
Combat
Defence
3 Surveillance 4 Emergency 5 Search & 6 Logistics

Non- Communication rescue
combat
7 Agriculture 8 GIS Construction 9 Mining, Oil&Gas, 10 Inspection & 11 Public Safety

Enterpris and Real Estate Utilities maintenance
e
12 Recreational 13 Photo/
Videography
Consumer
Commercial
14 E-Commerce 15 Medical
Logistics
16 Transportation
Passenger
Source: &Ventures Research
Drivers for adoption

Key Drivers Benefits Use case
• Drones are unlocking potential in • In India, Kisan drones are being utilised for
• Versatile and
multiple use cases crop assessment and land record as low cost
easily
• They are easily deployed on alternative to satellite or aerial imagery
deployable
demand reducing cost and time
• Compared to traditional techniques, • In India, Agri-spraying drones have completed

drone bring high cost and time three man-days of effort to 3-4 hours for a 3
efficiency acre farm
• Cost benefit
• In labor intensive tasks, drones • A gas terminal in St. Fergus, Scotland,
perform up to 30x faster with low deployed drones for inspection, avoiding USD
reliance on manpower availability 1-5 million in lost production
• Environment, • Being electric powered, makes

Safety and drones environment friendly • Agri-spraying drone is reducing exposure to
Health • Exposure to hazardous pesticides during manual spraying
environment of chemicals avoided
Document Classification: And Ventures Confidential
&Ventures 2023-2030
Global market landscape

Global drone application market grew at CAGR of 4.9% from 2018 to 2022; Defence
application contributed ~61% share
• Industry forecasters are continuing to offer widely different views of the scale and predicted growth rate of the
drone application sector.
• Our forecast of forecast (based on best fit regression) predicts the market to grow at 21.1% CAGR till 2030.
• Fueled by opening of regulatory environment globally, enterprise and logistics sector are expected to be biggest
contributor to the growth
Global Drone Application Market

90.0
79.9
80.0
70.0
Estimated
60.0
47.1 Forecasted
50.0
40.0
30.0
17.2
20.0 14.2
10.0
0.0
2018 2022E 2027F 2030F
Market Split by End Use

100% <1% <1%
23% 18% 15%
80% 11% 36%
16% 33%
60% 7%
41%
40% 31%
61%
20% 48%
33% 25%
0%
2018 2022E 2027F 2030F
Defence Enterprise Consumer Logistics Passenger

Forecast of Forecast
Forecaster Years Growth Rate

1Lattice 2022-2030 20.1%
Mordor Intelligence 2018-2024 17.8%
Teal 2022-2030 14.1%
Strategic Market Research 2022-2031 14.3%
Market Research Future 2021-2028 15.3%
4
&Ventures Best Fit Prediction 2022-2030 21.1%
&Ventures 2023-2030
India Total Available Market Potential

1 Potential market for drone applications in India is estimated at around USD 2.7 billion
• In spite of large market potential, adoption of drones is still at a very nascent stage in India.
• India's drone industry has faced several regulatory changes, with drones being banned for personal use in
CY14, hindering its growth.
• As a result, India's drone sector remains relatively small compared to the global market, accounting for less
than 0.1% of the total market as of FY21
2 Defense industry has the highest potential of USD 1.28 billion out of the total drone
market
• The key use cases for drones in India defence are surveillance, precision strikes, and terrain mapping for
scouting enemy troops.
• While drones have been part of the arsenal for a long time, they were primarily used intelligence
reconnaissance and surveillance application
• It is only recently that India is looking to acquire combat UAVs and loitering munitions in large numbers
For the purposed of market potential MALE and HALE category of UAVs have not been considered as the
development and procurement timelines are not certain at the moment.
6
Source: Drone Industry Report, 1Lattice, February 2023
ASIA-PACIFIC UNMANNED AIRCRAFT SYSTEMS MARKET RESEARCH REPORT, MRFR, 2020
&Ventures Research Document Classification: And Ventures Confidential
&Ventures 2023-2030
2 Market adoption of drones in defence is very high as compared to commercial use

case
Defence Drones Applications

Surveillance Emergency Combat Search & Rescue Others
Communications Operations
Adoption Level
Low High
• The key use cases for drones in India defence are surveillance, precision strikes, and terrain mapping for
scouting enemy troops.
• While drones have been part of the arsenal for a long time, they were primarily used intelligence
reconnaissance and surveillance application
• R&D effort are on in developing and adopting Beyond Visual Line of Sight (BVLOS), Stealth Autonomous UAVs,
Manned-Unmanned teaming platforms, Loitering Munitions and Artificial Intelligence based Swarm capabilities
3 Increasing development and procurement program under Buy-Indian Designed

Developed and Manufactured (IDDM), Buy – Indian Category and Make -II
Ongoing UAV Programs Procurement Category Quantities
Surveillance Mini-UAV Fast track procedure 1,000
Hybrid RPAS Make-II 30
Special forces micro-UAV Fast track procedure 750
Artillery mini-UAV Buy (IDDM) 80
Buy India (IDDM), Buy (Indian) or Buy &
High-altitude quadcopter 500
Make (Indian)
Micro RPAS Fast track procedure under Buy (Indian) 150
Inter government agreement under Buy
Air launched UAV 22
(Global)
Naval shipborne uncrewed aerial system Buy Indian (IDDM) and Buy (Indian) 80
Underwater launched UAV Buy Indian (IDDM) and Buy (Indian) 15
Canister-launched anti-armour loiter munition
Fast track procedure under Buy (Indian) 180
(CALM) systems with accessories
Tethered Drones Fast track procedure under Buy (Indian) 130
Buy India (IDDM), Buy (Indian) or Buy &
Logistics Drones 570
Make (Indian)
Nano Drones Fast track procedure under Buy (Indian) 850
Tactical remotely piloted aircraft system (runway
Make-II 65
independent)
Autonomous Surveillance and Armed Drone
Make-II 40
Swarm
Medium Range Precision Kill System Make-II 16
• India is also in talks to acquire 30 MQ-9B Predator Armed HALE UAVs for USD 3 billion.
• The a scaled down testbed of autonomous stealthy unmanned combat air vehicle “Ghatak” being developed by
ADE (DRDO) took its first flight in July 2022. The proposed acquisition of 48 Ghatak is estimated to cost USD
1.91 billion
• Additionally, HAL- DRDO is also developing the Combat Air Teaming System (CATS) Warrior platform. The
7
proposed procurement of 156 CATS Warrior is expected to cost around USD 2.17 billion
Source: &Ventures Research Document Classification: And Ventures Confidential
&Ventures 2023-2030
4 Agriculture, utilities and public safety are the most significant segments for
enterprise drones.
• Indian enterprise drone market has a potential of USD 464 million.

• Law enforcement agencies have been the earliest adopters of drone technology in the commercial space.
Given the large population, demand for drones is only capped by budgetary constraints
• Agriculture is having the largest market potential given that India has second largest area under cultivation
• India will have 454,200 circuit kilometers of transmission line by 2025 and India also has the fifth largest
installed solar capacity (66.8 GW) and 42GW of wind energy. Monitoring, inspection and cleaning and spraying
of these utilities has immense potential of drone usage.
• India is also fast building a largest network of road and railways especially in the border areas and has a
planned massive investments in infrastructure. Monitroing progress of these initiatives as well as condition of
these infrastructure is a highly labour and time intensive task that can be undertaken by drones
5 India’s enterprise segment is at a very nascent stage but with the easing of
regulations, it will be the growth engine of the drone market in India
Enterprise Drones Applications

Agriculture Utilities Public Safety GIS Mining Oil and Gas
& Disaster Construction
Management and Real
Estate
Adoption Level
Low High
• Apart from regulatory roadblocks, high upfront cost and low availability of trained drone operators has been a
major road-block for adoption in the enterprise segment
• The Survey of Villages and Mapping with Improvised Technology in Village Areas (SVAMITVA) scheme to
enable village household owners with the "Record of Rights has increased adoption in GIS segment
• Even after several pilots for spraying and monitoring in Agriculture sector and Government subsidy for
acquisition of drones, adoption in agriculture had been low but with growing number of Drone Service Providers
providing spraying services as low as INR 300-400 per acre, adoption is picking up rapidly.
Document
Source: Drone Industry Report, 1Lattice, February Classification:
2023; &Ventures Research And Ventures Confidential
&Ventures 2023-2030
5 Government push and rise of DraaS startups will drive adoption in Agriculture sector
Use Case Benefits Case Study

• Tackle labour shortage • In February 2022, the Government of India
• Reduce input costs flagged off 100 Kisan drones in different cities
• Spraying
• Limit exposure to pesticides and towns of India to spray pesticides on
• Faster turnaround at lesser cost farms across India.
• Tree plantation in Telangana was carried out

• Tackle labour shortage
using drones, resulting in 10 times lower
• Seeding • Precision
reforestation costs, faster coverage of larger
• Faster turnaround at lesser cost
areas, and zero risk to personnel.
• DRIISHYA , a government owned entity,

• Crop • Increasing productivity provides the state government with
monitoring • Take timely preventive and assessment of crop production and crop loss
and imaging corrective action due to inclement weather, so that farmers can
be compensated properly.
• The Agricuture Ministry has employed private

• Quantify risk and crop failure agencies to conduct UAV-based remote
• Insurance probability sensing data collection in 100 agricultural
• Ease claim and verification process districts to evaluate gram panchayat level
under Pradhan Mantri Fasal Bima Yojna
6 Educating end user of potential benefits and clear ROI analysis will drive adoption

• Telangana utilized drones equipped with 4K
cameras and AI-based image recognition
systems to inspect Extra High Tension power
• Eliminates Safety Hazard transmission infrastructure, reducing
• Powerline
• Monitor less accessible areas inspection time from 6 hours to 20 minutes
and mobile
• Faster turnaround & reliable data per tower.
tower
collection at lesser cost
inspection • Since October 2022, the state-run Madhya
Pradesh Power Transmission Company
Limited planning to deploy drones to monitor
10,000 high voltage towers in the state.
• Wind/ Solar • Eliminates Safety Hazard • Pace Power Systems Pvt Ltd. conducted
farm • Avoid down times inspection using optical and thermal payload
inspection • Reduce operational cost of its 10 MW solar farm in South India
• Save water and labour

• Solar Panel • Garuda Aerospace Drone Deployed In Rural
• Cost effective for IPP who have not
Spraying India To Clean & Maintain Solar Panels
deployed robotic solutions
(Cleaning): Providing Electricity
• Optimal power production
9
&Ventures 2023-2030
9 Adoption of drone for public safety restricted by budget availability for law
enforcement agencies

• Bird’s eye view • During COVID-19, Punjab central police team
• Crowd • Better situational awareness monitered crowding using a drone with high-
monitoring • Take timely action definition cameras along with combination of
artificial intelligence, location mapping.
• Surveillance and delivery drones were

• Locate survivors
deployed in Vadodara in Gujarat and in
• Search and • Send relief package in absence of
Andhra Pradesh to supplement relief and
Rescue traditional infrastructure
rescue efforts of the National Disaster Relief
• Survey extent of damage
Force (NDRF) teams deployed amid floods.
• Better situational awareness • In February 2020, the Delhi police used

• Track crime
• Locate and track suspect without drones during the Delhi Assembly Elections
and criminals
getting into harms way and the riots in the city
Adoption by private enterprise yet to take off, however government push has
10
increased market penetration
• Reduce cost for monitoring • Southwestern Railway floated a tender for

• Provide regular maintenance New Line Section for conducting Geo
• Infrastructur
• Penalise erring concessionaire Technical Investigations, submission of
e monitoring
• Faceless monitoring of project reports, station building plans and drone
progress survey in Bengaluru, Karnataka.
• SVAMITVA is a scheme that aims to provide

"Record of Rights" to household owners in
inhabited areas in 6.62 lakh villages across
• Analyse vast area which is
• Property title India from FY21 to FY25. The government
manually not feasible
& record of plans to use drone technology for
• Accurate and reliable data
rights implementation and the scheme was
• Cheaper and faster
launched successfully in FY21 in several pilot
states before being extended to the entire
country from FY22.
• As a pilot project, the Karnataka Government
• Reliable data is using drones for property tax estimation
• Urban
• Quicker turnaround and the creation of a base map of a city/town
Planning
• Cheaper and safer for detailed planning and sustainable
governance

&Ventures Research 10

&Ventures 2023-2030
Logistics market has immense potential for disruption, but regulatory support with
10
BVLOS technology and supporting physical infrastructure are crucial enablers
Benefits and Challenges Case Study

• Last-mile delivery is a significant portion of logistical • Flipkart Health Pvt. Ltd. tested drones with
costs, taking up about 50% of the total. Beyond Visual Line of Sight (BVLOS) from its
warehouse in Baruipur, West Bengal, to
• Drones are increasingly being used to improve last-mile
Health Buddy OTC sites in Kolkata and
logistics and reduce costs while meeting customer
suburbs.
demand.
• In September 2021, a drone was used for
• Drones can overcome traffic congestion and reduce
BVLOS delivery of life-saving medicines and
vehicular emissions, providing timely and eco-friendly
vaccines in Vikarabad district of Telangana, as
deliveries.
a collaboration between Telangana
• Drones can access areas that are difficult to reach by government, HealthNet Global Ltd., NITI
other modes of transport due to challenging terrain. Aayog and World Economic Forum.
• Indian government is promoting drone delivery • Swiggy (Bundl Technologies Pvt. Ltd.) is
experiments in the country but regulations related to deploying drones for its Instamart service,
unmanned traffic management (UTM), BVLOS are starting with a pilot project in Delhi and
evolving with evolving technology Bengaluru for delivering groceries between
• Large scale deployment of drones for logistics would also store-to-stores within the seller's network.
need significant backend infrastructure like docking and • Zomato had acquired TechEagle, a drone
charging stations, route planning and collision avoidance startup to explore drone based food delivery
framework in December 2018, but parted ways in 2020
as TechEagle wanted to focus on medical and
grocery delivery market
Source: Drone Industry Report, 1Lattice, February 2023 11

&Ventures Research
&Ventures 2023-2030
Indian Serviceable Drone market

India’s serviceable drone market is ~USD 740 million in 2022, however is expected to
rapidly grow as more use cases under pilot and research gets viable
• Given that many potential application of drones across market segments are still under development and pilot
study of drones the serviceable market is only a fraction of the total available market size.
• In addition, budgetary constraints in key sector driven by government spending such as defence and law
enforcement further constraints serviceable market
• The current serviceable market is estimated at ~ USD 740 million and as new applications and use cases
mature, the serviceable market is expected to grow at a CAGR of 15.3% to reach ~USD 2.3 billion by 2030
India drone serviceable market size (USD million)

2500.0
2305.4
2000.0
1518.1
1500.0
Estimated
1000.0 Forecasted
739.2
596.0
500.0
0.0
2018E 2022E 2027F 2030F
Forecast of Forecast
Forecaster Years Growth Rate
Mordor Intelligence 2018-2024 20.8%
Observer Research Foundation 2020-2026 13.5%
Market Research Future 2021-2028 17.7%
&Ventures Best Fit Prediction 2022-2030 15.3%

ASIA-PACIFIC UNMANNED AIRCRAFT SYSTEMS MARKET RESEARCH REPORT, MRFR, 2020
Drone market report 2020-2025, Mordor Intelligence, 2020 12
&Ventures Research

&Ventures 2023-2030
6 By 2027, drone software and services are expected to hold a larger share of the
revenue than drone hardware
• In 2022, drone hardware procurement makes up a significant part of the drone market
due to defence contracts.
• Additionally, In the commercial segment, both end-users and service providers are
anticipated to establish their drone fleets initially.
• As adoption of drone increases and benefits of drones are adequately communicated
to corporate decision makers, the share of software and services will increase
exponentially
• Increasing use cases of AI and autonomous technology are further expected to
contribute to this growth trend
• However, building barriers to entry will be difficult for drone service providers as
switching cost in this market is low and many competitors provide similar unmanned
aircraft systems at almost the same price.

&Ventures Research
13

Regulatory Landscape
Research
14
&Ventures 2023-2030
Indian drone regulation

From complete ban to Drone Shakti, The policy environment in the Indian drone
space is becoming more liberal
March 2014
Government issued blanket
ban on private use of drones
August 2018
Drone Policy 2018. DGCA
released the Civial Aviation
Regulations for drones
2000
Government uses drones to
conduct sanitation drives
India becomes first country to use
drones to control locust swarms March 2021
Drone Rules 2021 liberalized

drone operation regulations
September 2021
PLI scheme to promote

indigenous manufacturing of
drones
Vision to make India global drone 2021
hub by 2030 Government issues SoP for
Agri Drones
2021
Launch of SVAMITVA scheme to
digitize land records
2022
Amended Drone Rules
2022
Introduction to Drone Shakti in

Budget 2022-23 to encourage
Drone-as-a-service
Source: &Ventures Research 15

&Ventures 2023-2030
1 Drone Rules 2021
• The Drone Rules 2021 were introduced in August 2021 to regulate the use and operation of drones in India,
and relaxed some strict requirements.
• The number of permits and approvals required for a drone operator was reduced from 25 to 5.
• 'Digital Sky', an online platform hosted by the Directorate General of Civil Aviation, was established to manage
drone-related activities in India and provide a single-window online system for most drone permissions.
• An interactive airspace map has been deployed on the Digital Sky platform, color-coded into green, yellow, and
red zones to help drone operators plan flights better and prevent flying in restricted zones.
• These regulations aim to boost innovation and business in India.
2 Production Linked Incentive Scheme
• The PLI scheme aims to incentivize Indian drone and drone components' manufacturing companies to make
them globally competitive and self-sustaining.
• The scheme offers a total incentive of USD 15 million over three financial years and targets MSMEs.
• The scheme aims to reduce imports and increase exports and make India the global drone hub of the world.
• A provisional list of 23 PLI beneficiaries was released in July 2022, including 12 drone manufacturers and 11
drone component manufacturers.
• The Drone (Amendment) Rules 2022 eliminates the need for a drone pilot license for drone operations up to 2
kg for non-commercial purposes.
• The annual sales turnover of the drone manufacturing industry may grow from USD 8 million in FY21 to over
~USD 110million in FY24.
• Drone makers and service providers are ramping up their product offerings and hiring to meet the spurt in
demand.
• The new drone laws have facilitated traction in the market, with numerous companies partnering to disseminate
technical knowledge and attract funds and government support
3 Drone Rules Amendment 2022
• Drone (Amendment) Rules 2022 remove the need for a drone pilot license for non-commercial drone operations
up to 2 kg.
• The new rules make it easier for drone manufacturers to obtain a certificate with the Drone Certification Scheme
2022.
• The changes in drone laws have encouraged companies to partner and attract funds and government support.
• Swiggy and ANRA Technologies tested BVLOS drone food deliveries in June 2021 after receiving clearance
from the Ministry of Defence, Directorate General of Civil Aviation, and Ministry of Civil Aviation

16

Supply Side Analysis
Research
17
&Ventures 2023-2030
To evaluate, the supply side value addition, constraints and competitiveness of

Indian market, we analyse key dimensions across the value chain
Hardware Software and Services

Navigation &
Physical Software & Data Support
Components OEMs Operators Traffic
Infrastructure Management Services
Management
Component Entire UAV Physical Operators System Software Services

s used on system infrastructu and Service designed and data supporting
UAV manufacturi re for UAV, providers of to navigate analytics the UAS
Description
platform ng and take-off, UAV based Air Space ecosystem
assembly landing, applications
charging
• Batteries • Fixed wing • Vertiports • Photograph • Route • Image • MRO

• Sensors UAV • Drone-in- y planning processing • Insurance
• Payloads • Rotary a-box • Mapping • Traffic • Crop • Training
What’s • BLDC wing UAV • Inspection manage health • Retailing
included Motors • Logistics ment monitoring and
• Propellers • Transport • Intelligenc distribution
• Airframe • Surveillanc e
e gathering
Presence of
Indian
companies
Low High
Value Chain Analysis
1
Securing long term reliable supply chains of these critical components are key to
cost leadership and higher margins for commercial drone OEMs.
• Motors, camera payloads, communication modules and batteries comprise up to 75% of the manufacturing
value chain of commercial drones
• As much as 82% of the manufacturing cost drivers are commercial off the shelf (COTS) items and many
components used in drones are also used in other electronic and robotics industries in the country.
• In a fragmented and competitive industry landscape, with platforms almost similar technically, cost leadership
and through life support will be key differentiators especially in the enterprise and defence market.
Source: ASIA-PACIFIC UNMANNED AIRCRAFT SYSTEMS MARKET RESEARCH REPORT, MRFR, 2020;
Making India the drone hub of the world, EY-FICCI, September 2022;
& Ventures Research Analysis
Document Classification: And Ventures Confidential 18
&Ventures 2023-2030
2 Low presence of Indian subcomponent manufacturers leads to high import

dependencies
• Majority of the components in Bill of Material
(BoM) of a commercial drone has high import
dependency from countries such as China, US,
Propulsion Batteries
Taiwan, EU, Israel, Japan and Australia.
Navigation
• Lack of domestic capabilities in semiconductor,
High High High lithium-ion batteries, rare earth materials,
sensor manufacturing, etc. has been an
impediment in indigenous manufacturing
• Indigenisation requirements in defence
Camera Payload Sensors Power procurement has led to partnerships and
Electronics transfer of technology (ToT) from foreign OEMs
High High Medium • On the contrary, for commercial drones import
duty on drone components has been removed
to encourage local assembly of full systems
• A strong demand for allied sectors such as EV,
Communication Cables & Airframe electronics and robotics, might create a
sustainable industry for these components
Connectors
Medium LOW LOW

3 Indian Drone supply market is still at a very nascent stage, having barely achieved
less than 6% market penetration
• Defence procurement has been the anchor for

Domestic market- Captured by Indian revenue generation for domestic drone OEMs
OEMs & Forecast (USD million)1
• For non-enterprise usage such as
53.5% photography, hobby usage, 70% of the global
Market market is dominated by Chinese firm DJI.
Penetration
• The advent of drones-as-a-service (DraaS) is
900
812 helping enterprises manage expenses by
800 avoiding large acquisition costs and increase
700 adoption and expand the overall sales of the
Actual
industry
600
5.8% Forecasted
• Domestic drone OEMs will achieve superlative
500 Market growth in short to medium term as market
Penetration
400 penetration increases and end users and
300
service providers are first expected to build
their fleets
200
• In the long run, a significant portion of revenue
100 43.2 for OEMs will come from replacement orders
0 as older models enter end of life (life of a
2022 2027 commercial drone is 3-5 years)

& Ventures Research Analysis Document Classification: And Ventures Confidential 19
&Ventures 2023-2030
4 Data security fears and cost advantage driving export orders for Indian drone OEMs
• Concerns with data security is materializing

into clear intent to eliminate traditional supply
Indian Drone export 2022 – by Country chains specifically from China
• Additionally, one Indian drone costs
anywhere between 12.5 to 20 percent of its
RUSSIA , 4% Others, 11% global counterparts, which is a steep discount
• Indian OEMs have clocked USD 2.2 million
worth of exports in 2022, which is ~5.1% of
JAPAN , 9% CANADA , 33% total industry revenue.
• Key countries that has placed export orders
U S A , 11%
include Canada, USA, Spain, France, UK,
Japan, Hongkong, Indonesia, Djibouti, Nigeria,
DJIBOUTI , 14% Oman, UAE, Bhutan and Sri Lanka.
SPAIN , 19%
• Orders have also been reported from Malaysia,
South America, Panama and Gulf countries.
• Export orders have been primarily for Agri-
drones and mapping and inspection application
5 Import ban and indigenization has resulted in preventing imports to flood local
market
• On February 9th, 2022, the drone import policy
Export vs Import Year: 2022-23 was announced, prohibiting the import of
(USD million) foreign drones, including semi knockdown kits
2.5 and completely knockdown kits, except for
defence, security, and research purposes.
• Imported drones still dominate the consumer
2 drone segment, particularly for photography
and videography purposes, primarily because
of lack of alternatives
1.5
• The practice of importing knockdown kits and
Export
white-labeling them as indigenous
1
2.2 Import manufacturing for defence applications has
been significantly reduced.
• India has adopted the globally accepted HSN
0.5 codes '8806' and '8807' for drones and drone
0.7 components from January 1st, 2022, to better
monitor trade
0
Year: 2022-23
Source: Export Import Data Bank, Ministry of Commerce, 2023

Document Classification: And Ventures Confidential 20
&Ventures 2023-2030
6 Ideaforge has emerged as the market leader with ~45% market share
Market Share as per revenue FY 2022
• There are more than 270 drone
startups and firms in India
Others 30.1%
Dhaksha Unmanned Systems Pvt. Ltd. 1.2% • Analysis of 110 leading drone
manufacturers, service providers and
Kambill Systems Pvt. Ltd. 1.3%
software companies (Annexure-1),
Rchobbytech Solutions Pvt. Ltd. 1.7% highlights the fragmentation of the
Detect Technologies Pvt. Ltd. 2.0% nascent drone market in India
Dreamvu India Pvt. Ltd. 2.1% • Ideaforge is the most successful drone
Sagar Defence Engineering Pvt. Ltd 2.2% company, with a revenue of more than
Aarav Unmanned Systems Pvt. Ltd. 4.2% USD 20 million and commanding a
Garuda Aerospace Pvt. Ltd.
share of 45.7% of the total revenues
4.3%
Asteria Aerospace Pvt. Ltd. 5.2% • Success of Ideaforge can be
attributed to its first mover advantage
IdeaForge Technology Pvt. Ltd. 45.7%
and significant and recurring defence
0.0% 20.0% 40.0% 60.0% orders
Source: & Ventures Research
Drone operators and services providers are developing their own drone operations
7
and management software to offer end-to-end solutions and keep costs low
• Manufacturing is important for commercial drones, but there is potential for adding significant value in service
components.
• Non-manufacturing portions of the value chain contribute to high input costs in drone applications.
• In agriculture, around 65% of the net value comes from data management, support services, operations, and
solutions.
• Low availability of certified pilots, insurance and MRO services is expected to further increase the manpower
and support services cost
Source: ASIA-PACIFIC UNMANNED AIRCRAFT SYSTEMS MARKET RESEARCH REPORT, MRFR, 2020;
Making India the drone hub of the world, EY-FICCI, September 2022;
& Ventures Research Document Classification: And Ventures Confidential 21
&Ventures 2023-2030
8 Service providers with in-house certified Remote Pilot Training Organisations

(RPTOs) will have a competitive advantage
• As the number of drone service providers

Drone Pilot Certification – increase, there will be an increasing demand
Forecast for drone pilots as well.
40000
• As per DGCA guidelines, operating a drone
35000 33661 (except nano drones which is less than 250 gm
in weight) requires a drone pilot license.
30000
• Govt. of India estimates requirement of more
25000 5+
than 1,00,000 drone pilots in the next 2-3 years
Years to reach
20000 100,000+ • Currently, there are only ~4300 certified drone
drone pilots pilots and 52 RPTOs.
15000
9553 • At the current rate, it will take more than 5
10000
years to reach cumulative 100,000+ drone
5000 2162
pilots
0
• Drone service providers will have to institute in-
FY2022 FY2023 (E) FY2028(F) house certified training facilities to be
competitive
9 Leading drone companies are increasingly pursuing hybrid business strategies to

build competitive advantages and capture maximum value
Manufacturers
30.9%
8.5%
2022 revenue
Hybrid 75.9%
25.4% 2022 revenue
9.7% Services Software 5.8%

2022 revenue 30% 13.6% 2022 revenue
• 25.4% of the 110 companies are present across the value chain and contribute more than 70% of the revenue.
• A caveat to the above statement is that majority of the revenue for drone companies have come from sale of
drones and supplying for defence applications even though they are adopting hybrid strategy
• The majority of the company adopting hybrid strategies are OEMs who are also providing DraaS followed by
software companies providing services for niche applications
Source: DigitalSky, Ministry of Civil Aviation, 2023

&Venture Research Document Classification: And Ventures Confidential 22
&Ventures 2023-2030
Drone-as-a-Service
The drone service market in India was valued at USD130.4 million in 2020 and is
expected to reach USD4,918.9 million by 2030, at a CAGR of 44.4 per cent
• The drone services market is divided into three categories - drone maintenance, repair and overhaul (MRO),
drone platform services and drone training and education services
• MRO services and drone training and education services are predicted to grow at a CAGR of 46.8 per cent and
45.2 per cent, respectively, from 2020 to 2030.
India Drone Services Market 2020-2030 (USD Million)

6000
131 273 2090 4919

5000
349
4000 883
3000
2000 146
358 3687
1000
1586
19
9 43
20
0 102 211
2020 2022 2027 2030
DrAAS MRO Training
Key global trends for drone service providers
Many DSPs have developed their own drone operations and management software to offer end-to-
end solutions covering data collection, data processing, data analysis, and data storage to clients.
Globally, many DSPs do not use UAS-specific insurance, but some have been leaning toward the
‘by-the-use’ model, which allow drone operators to only pay for insurance when drones are in use.
There has been greater M&A activity within the commercial drone market for the scaling of operations
in the international market and saw exit of key market leaders as well
DSPs are increasingly adding AI to their software and hardware platforms. This trend is an effort to
scale commercial drone operations as well as derive cost efficiencies
Large MNCs such as GE, Honeywell, and Siemens are entering the market at a faster pace as they
realize the technology and expertise they can bring to drone-based applications.
Source: India's emerging drone industry, KPMG India, June 2022;

Drone service market, Allied Market Research, June 2021
&Ventures 2023-2030
Solving the problem of scale while driving adoption will be crucial for success for
drone service providers
Key consideration for drone service providers

1 It would be difficult to defend market share as entry barriers will be application
based
High
Existing Opportunity
9
Emerging Opportunity
Technical and sectoral know-how
8
7
6
4 2
3
5
1
Low
Low Competitive intensity High
1 Photo/Videography 4 Disaster Management 7 Agriculture Spraying and seeding

2 Construction imagery and progress monitoring 5 Sanitation & Urban application 8 Industrial maintenance & monitoring
3 Law enforcement & surveillance 6 Agriculture RGB imagery 9 Autonomous and BVLOS
• Drone service providers face intense competition in areas that require little technical skills, while areas
demanding high sectoral expertise and technical know-how are creating barriers to entry for drone service
providers.
2 Addressing every type of customer request regarding drone applications is not

sustainable.
• Globally, the most successful drone service providers focus on specific verticals
and applications related to those verticals.
• They also ensure they employ SMEs that completely understand the industry in
which they specialize.
• Companies should focus on development of specialized payload and
capabilities to provide value added services so that switching cost for
consumers is higher
• DSPs with lower capabilities will struggle to add and/or retain clients.
Source: India's emerging drone industry, KPMG India, June 2022;

&Ventures Research
&Ventures 2023-2030
2 Drone service provider need to adopt multi pronged approach to drive adoption
• Some verticals, like precision agriculture and telecom, may not adopt drones as
quickly as the industry had hoped. Support for regulatory reform as well as
continued business case testing must be enhanced. Adoption of drone
services, or drones for integration into current company operations, will not
accelerate unless robust data on significant and sustainable ROI can be
demonstrated.
• Drone service providers must continue to develop case studies that show a
definitive ROI for the verticals, they plan to support. They must also create
business plans that include methods for presenting the advantages drones can
provide to potential clients.
• There is still no clear method for determining in-house versus third-party drone
use. Service providers must develop tools for their clients to evaluate use case
and innovate in their business models accordingly
In a high competitive environment, to scale Drone Service Providers will need to

2
develop a ecosystem of partners, adopt M&A strategies and develop technology
• Applications with high competitive intensity such as Agricultural application will

be fragmented and localized
• It would be difficult for one service providers to cater to a large geographic
area, as logistic costs quickly builds up
• In order to operate at scale, drone service providers will have to develop a
network of channel partners and maintain drone fleets a key nodes
• As the market matures, M&A activities and market consolidation will take place
• As service providers scale, operational complexity will increase
2 Ensuring secure and safe operations is a must for brand building and scale
• As drones increasingly become flying computers, and mostly connected to the

Internet via Wi-Fi or other data links to the cloud, drones are vulnerable to
hacking.
• Service providers must be able to guarantee data security. They can achieve
this by using proprietary software and hardware or operating OTS drones using
customizable software so the dataflow can be securely managed.
• Service providers could also benefit form strategic partnerships with companies
that already have data secure platforms or with software development kits
(SDKs) that allow relatively simple coding to enable secure operations.
Directory of Drone
Companies in India
Research
26
&Ventures 2023-2030
Appendix 1: List of drone companies under analysis
Sales
Sectoral Business 2022
Company Name Company Description
Presence Model (INR
million)
ANRA Technologies Pvt. Ltd. is engaged in

developing drone operational software. Its
services include cloud-based platform as
well as a mobile operator software that can
be used for simultaneous command and
control functionality as well as
ANRA Technologies Pvt. communications for line of sight; providing
Commercial Software 30.01
Ltd. tracking and reporting data; cloud storage;
flight planning; airspace management; data
analytics; compliance; drone management.
The company was incorporated in 2016 and
is based in Noida, Uttar Pradesh. ANRA
Technologies Pvt. Ltd. operates as a
subsidiary of ANRA Technologies.
ASATrobo Technologies Pvt. Ltd. is

engaged in providing drone as a service
solution (daas). It is used for inspection
purpose and helps industrial companies and
inspection professionals to reduce
downtime, inspection costs, and risks to
ASATrobo Technologies
workers. It caters to sectors like power Commercial Services 1.3
Pvt. Ltd.
generation, oil and gas, chemicals,
maritime, infrastructure and utilities, facility
management, and public safety. The
company was incorporated in 2017 and is
based in Bengaluru, Karnataka with country
offices in Netherlands and South Africa.
Aarav Unmanned Systems Pvt. Ltd. is

engaged in manufacturing drone products.
Sparrow provides application for mapping
and surveying, and agriculture precision,
while insight provides application for
mapping and surveying, agriculture
precision and industrial inspection. It offer
Aarav Unmanned Systems
solutions for applications in urban planning, Commercial Hybrid 151.41
Pvt. Ltd.
industrial areas, smart cities, micro-
irrigation, watershed, mining, power, and
infrastructure. It caters to real estate and
urban planning sector, agriculture sector
and power sector. The company was
founded in 2013 and is based in Bengaluru,
Karnataka.
AI Aerial Dynamics Pvt. Ltd. is engaged in

manufacturing of drones. It develops
AI Aerial Dynamics unmanned aerial vehicles. The company Mixed Manufacturing 0.59
was founded in 2019 and is based in 27
Cochin, Kerala.
Source: VCCEdge, &Ventures Research Document Classification: And Ventures Confidential

&Ventures 2023-2030
Sales
Presence Model (INR
million)
AMX Innovation Pvt. Ltd. is engaged in

manufacturing of drones. It builds software
AMX Innovation Pvt. Ltd. applications for multiple industries and Commercial Hybrid 1.14
sectors. The company was incorporated in
2017 and is based in Bengaluru, Karnataka.
AXLDrone India Pvt. Ltd. is a drone

solutions company. It provide solutions and
designed to operate even during demanding
meteorological conditions. It offer specially
crafted Drones for each industry like
industrial drones, customized drones,
AXLDrone India Pvt. Ltd private security drones, filming or Commercial Software 3.53
photography drones, mapping drones,
surveillance drones, firefighting drones,
agricultural drones, etc. The company was
incorporated in 2019 and is based in Cochin,
Kerala. AXLDrone India Pvt. Ltd. operates
as a subsidiary of Axencial LLC.
Aerial Mappers and Surveyors LLP is

engaged in the manufacturing of drones. It
offers drones to be used in aerial
photography and photogrammetry in
Aerial Mappers and
projects related to inspection of railroad, Commercial Services NA
Surveyors LLP
windmills, land surveying, road mapping,
movie productions, land planning, etc. The
based in Pune, Maharashtra.
Aeromobix Systems Pvt. Ltd. is engaged in

providing defense equipment for Indian
Army. It offers lead convoy vehicles, mines
clearing vehicle, maritime and coastal
Aeromobix Systems Pvt.
security, patrol, search and rescue, target Defence Manufacturing NA
Ltd
boats, drones, unmanned aircrafts,
optionally piloted aircrafts. The company
was incorporated in 2018 and is based in
Kolkata, West Bengal.
Aerobotics7 Inventions Pvt. Ltd. is engaged

in providing the research and development
services. The firm is working under artificial
intelligence and finding solutions using
Aerobotics7 Inventions Pvt.
emerging technologies. It has created eagle Commercial Hybrid 0.09
Ltd.
A7’s prototype using Drone + AI based Tech
to eliminate Explosives. The company was
incorporated in 2019 and is based in
Gurgaon, Haryana. 28

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Aerosense Technologies Pvt. Ltd. is

engaged in providing information technology
solutions. It offers consumer micro drone,
micro uav - defense market, naval shipborne
unmanned system, drone car or ambulance,
delivery or agriculture drone, cargo delivery
drone, mini and hybrid uav. It also provides
Aerosense Technologies services such as aerosense drone services;
Mixed Hybrid 4.95
Pvt. Ltd. agriculture monitoring such as soil and field
analysis, agriculture and crop spraying, crop
health assessment, irrigation, crop
monitoring; drones in solar farms; drones in
mining industry; drones in construction
industry; and wind energy farms. The
company was founded in 2008 and is based
in New Delhi, India.
Aerizone Creative Labs Pvt. Ltd. is engaged

in providing the drone solutions. Its services
are two dimensional or three dimensional
(2D or 3D) mapping, inspection, unmanned
aerial vehicle (UAV) training, drone repairs,
UAV data processing. It offers sensors like
Aerizone Creative Labs Pvt. video or visual, multispecial, lidar, thermal,
Commercial Services NA
Ltd. hyperspectral. It caters to industries like
geographic information system (GIS),
utilities and telecom, railways, mines,
agriculture, forestry and wildlife, emergency
response, construction, virtual reality, aerial
filming. The company was founded in 2016
and is based in Nagpur, Maharashtra.
Agniforge Industries Pvt. Ltd. is an

aerospace and defence product
manufacturing company. Its products
include spy drone, artificial intelligence (AI)
face recognition gatepass system, target
drone, payload carrying drone for defence
Agniforge Industries Pvt.
and security sector, conveyor inspection Mixed Hybrid NA
Ltd.
robot, 360 degree security system. It offer
the services of monitoring plant health,
spraying, plant counting, scheduling seeding
for agriculture sector. The company was
founded in 2021 and is based in New Delhi,
India with registered office in Bihar.
29

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Airbound Aerospace Pvt. Ltd. designs,

manufactures, and operates the world's first
decentralized zero infrastructure delivery
Airbound Aerospace Pvt. network. It offers last-mile healthcare
Commercial Hybrid NA
Ltd deliveries through drones and any other
product delivery via drone. The company
was founded in 2020 and is based in
Bengaluru, Karnataka.
Aerowhizz Technologies Pvt. Ltd. is

engaged in developing of drones. It also
offers training and education in unmanned
aerial vehicle (UAVs) for aerial photography,
Aerowhizz Technologies aerial mapping, aerial inspections and other
Pvt. Ltd. commercial applications. It caters to the
requirements of mining, agriculture,
infrastructure, utilities sectors. The company
Dhanbad, Jharkhand.
AiDrone Pvt. Ltd. is engaged in

manufacturing multipurpose drones. The
AiDrone Pvt. Ltd. Commercial Manufacturing NA
in Thiruvananthapuram, Kerala.
Aiotize Pvt. Ltd. is engaged in providing

information technology solutions. It offers
business bespoke internet of drones
solution, artificial intelligence (AI) powered
drones or unmanned aerial vehicle systems,
Aiotize Pvt. Ltd. ros (robot operating system) enabled drones Commercial Software NA
or unmanned aerial vehicle systems, ros
(robot operating system) enabled drones or
unmanned aerial vehicle systems. The
in Chandigarh, Punjab.
Airpix Geoanalytics Pvt. Ltd. is engaged in

providing drone solutions solutions. It offers
services like aerial survey and remote
sensing, inspection and monitoring,
unmanned aerial vehicle (UAV) data
processing services, creative aerial content,
Airpix Geoanalytics Pvt. data processing and analytics solutions
Commercial Services 5.71
Ltd. derived from unmanned aerial vehicles or
drones, etc. It caters to various industries
government planning bodies, mining, oil and
gas, railways, roads, agriculture, wind and
solar power, and more. The company was
founded in 2013 and is based in Mumbai,
Maharashtra. 30

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Algopixel Technologies Pvt. Ltd. is engaged
in providing software solutions. It offers
iDronePort- a flight module management
server allows the drone manufacturer to
Algopixel Technologies Pvt. register their npnt-compliant drones with
Commercial Software 1.04
Ltd. digital sky seamlessly; flykit- drone
operation management platform. It caters to
an unmanned aerial vehicle (UAV) sector.
The company was founded in 2015 and is
based in Bengaluru, Karnataka.
Anadrone Systems Pvt. Ltd. (formerly Sure
Safety Solutions Pvt. Ltd.) is engaged in the
manufacturing, operating and supplying of
aerial target systems. The company offers
products such as banshee, jet-80, jet
banshee, aircraft recognition trainer, virtual
task trainer and vishorad simulator, multi-
target system, moving armoured target,
Anadrone Systems Pvt. Ltd. quadrotors etc. It caters to industries such Defence Manufacturing NA
as security and surveillance, radar and
jammers, defence simulators, training aids,
electronics, aero models and targets,
unmanned aerial vehicle (UAV), marine
equipments, personal safety equipments,
disaster management equipments etc. The
based in Mumbai, Maharashtra.
Astroc As Technology Pvt. Ltd. is engaged
in the manufacturing of drones. It offers
visual astronomy, research and
development, radio astronomy,
electromagnetism, space research, outreach
programs, publication, talent management,
Astroc As Technology Pvt. manufacturing and production,
Commercial Manufacturing NA
Ltd. environmental sustainability, electronics and
embedded systems, UAV, manufacturing,
drones, ai, machine learning, carbon fibre
composites, UAV manufacturing, and
systems integration. The company was
founded in 2015 and is based in Hyderabad,
Telangana.
Artificial Intelligence and Robotics Pvt. Ltd.
is engaged in providing drone and geo-
spatial services under the name MAKAIR. It
provides artificial intelligence, robotics,
drone survey, drone training, geo-spatial
services including image processing,
Artificial Intelligence and geographic information system (GIS)
Robotics Pvt. Ltd. mapping, and analytics; and application
development. It caters to the requirements
for architecture engineering construction,
transportation, water resources, natural 31
resources industries etc. The company was
Source: VCCEdge, &Ventures Research incorporated in 2017 and is based in Pune,
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Avian Aerospace Pvt. Ltd. is engaged in
manufacturing of aerial vehicle. It offers
aerial vehicle such as drones, etc.; remotely
operated underwater vehicle; etc. It caters to
Avian Aerospace Pvt. Ltd. defense, mining, real estate, power industry, Mixed Hybrid NA
aquaculture, agriculture, archaeology, oil
and gas, disaster management, sector etc.
based in Bengaluru, Karnataka.
Aviorone Technologies Pvt. Ltd. is engaged
in designing and manufacturing of
unmanned aerial vehicle (UAV). It offers
services like real estate site mapping, aerial
Aviorone Technologies Pvt. surveillance, industrial inspection, drones in
Ltd. farming and videography, airshows and etc.
It offers drones like underwater drones,
solar drone, etc. The company was founded
in 2016 and is based in Raipur,
Chhattisgarh.
BharatRohan Airborne Innovations Pvt. Ltd.
is engaged in the manufacturing of
unmanned aerial vehicle (UAV) and drones.
It collects data from agricultural farms and
converts them into actionable information
and reports to enable industrial producers to
reduce crop loses, optimize agri-inputs and
BharatRohan Airborne
maximize yield and profit margin using UAV Commercial Services NA
Innovations Pvt. Ltd.
based hyperspectral imaging. It empowers
farmers with pest, disease, and weed
infestation prediction to take precautionary
measures well in advance to avoid crop
losses. It caters to Indian agriculture
industry. The company was founded in 2016
and is based in New Delhi, India.
Big Bang Boom Solutions Pvt. Ltd. is
engaged in manufacturing defense
equipment. It offers t-series unmanned tank
development armor, smart fencing system,
hybrid personal combat armor, drones for
Big Bang Boom Solutions
riot control flying warden, 360 advanced Defence Services 18.9
Pvt. Ltd.
battle interface, electronic warfare solutions
drone technologies and armor-piercing
incendiary rounds. The company was
founded in 2018 and is based in Chennai,
Tamil Nadu.
Bumble Bee Flights Pvt. Ltd. is engaged in
manufacturing of drones and air mobility
solutions. Its products include air taxi drone,
Bumble Bee Flights Pvt.
air ambulance, recreation, and critical Commercial Manufacturing NA
Ltd.
movement drone. The company was
founded in 2022 and is based in Bengaluru, 32
Karnataka.
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Buteos Aerobotics Corporation Pvt. Ltd. is
offers primary products like rotorcraft or
rotary wing aircraft, a heavier than flying
machine; fixed wings, capable of flights
using wings that generate wings. Its
services are computational fluid dynamics
Buteos Aerobotics
(CFD), to solve and analyze problem that Commercial Manufacturing 0
Corporation Pvt. Ltd.
involves fluid flow; finite element analysis
(FEA), to predict structure response;
computer aided design (CAD) or computer-
aided manufacturing (CAM). The company
was founded in 2017 and is based in New
Delhi, India with an additional address in
Hyderabad.
Celestrone Technologies Pvt. Ltd. is
engaged in manufacturing drones. The
company also offers drone services such as
Celestrone Technologies industrial inspections, land survey drones,
Pvt. Ltd. aerial photography, agricultural drone, drone
advertising, drone training etc. The company
Thane, Maharashtra.
DN Aerospace Pvt. Ltd. is engaged in the
development of unmanned aerial vehicle
software for unmanned aerial vehicle
mapping. It flies and captures the aerial
images in the area, develops cloud based
software for drone image processing and gis
mapping and provides data gathering. It also
DN Aerospace Pvt. Ltd. Commercial Hybrid NA
manufactures drones like rescue drones,
first aid drone, agriculture drone. It caters to
sectors like real estate, mining,
infrastructure, petrochemicals, agriculture,
media, power generation and energy. The
in New Delhi, India.
Eagleeye Drones Pvt. Ltd. is engaged in
aviation and aerospace component
Eagleeye Drones Pvt. Ltd. manufacturing. It offers to manufacture Commercial Manufacturing NA
drones. The company was incorporated in
2018 and is based in Mysore, Karnataka.
Earthanalytics India Pvt. Ltd. is engaged in
providing information service. It has sensors
on satellites, drones, and airborne systems
to analyze what is happening on the ground
Earthanalytics India Pvt. in India, So as to provide information about
Ltd. growth in agriculture, stability in
infrastructure or depth of forests. It caters to
government and businesses sector. The
company was incorporated in 2018 and is 33
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Dreamvu India Pvt. Ltd. owns and operates
an online platform dreamvu.com. It provides
virtual reality camera technologies and
products. It offers unified omni-stereo
camera platform for disrupting high value
machine vision and human vision markets.
Dreamvu India Pvt. Ltd. Commercial Software 74.63
Products includes pal usb, pal ethernet,
vision intelligence software etc. It caters to
the autonomous vehicles, drones, camera,
robotics, and health-tech industries. The
in Hyderabad, Telangana.
Drona Aviation Pvt. Ltd. is engaged in
manufacturing unmanned aerial vehicles
and drones. Its product include plutox drone,
pluto 1.2 services include aerial
cinematography, crowd monitoring and
aerial advertising. It provides drone platform
and provides all the components to make
drone learning and innovation happen -
Drona Aviation Pvt. Ltd. Commercial Hybrid 15.78
hardware open source application
programming interface based simple
programming ide, pluto controller app, open
source learning content and a developers
community to build and share drone ideas.
based in Thane, Maharashtra with an
additional office in Mumbai.
Droneacharya Aerial Innovations Ltd. owns
and operates an online platform
droneacharya.com. It provides end to end
approach for data processing using the
drone surveys. It offers blueye X3, blueye
pro, echo sounder, GPR 1000A, magarrow,
magdrone R3, methane detector drones to
Droneacharya Aerial
process data collected and automate using Commercial Software 35.87
Innovations Ltd.
python and Saas platforms. It caters to
electrical, oil and gas infrastructure, mines
and quarries, energy and renewable, road
and highways, urban and rural planning,
agriculture and irrigation industry. The
in Pune, Maharshtra.
Dronestark Technologies OPC Pvt. Ltd. is
engaged in the manufacturing of security
Dronestark Technologies products. Its offerings are octaglide,
OPC Pvt. Ltd. spraying drones, jivaka, buggy cam, etc.
34

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Dronobotics Aviation Developers LLP is a
manufacturer of radio controlled aircraft. It is
engaged in developing drones, unmanned
vehicle systems. Its products include locav-
3, d-wing unmanned aerial vehicle (UAV),
Dronobotics Aviation
bagheera- unmanned aerial vehicle (UAV), Defence Manufacturing NA
Developers LLP
griffin unmanned aerial vehicle (UAV). It
also offers simulator software and hardware
for learning flying. It caters to defense, The
based in Gwalior, Madhya Pradesh.
Drovation Software Solutions Pvt. Ltd. is
engaged in providing drone management
software. It operates under the name Droni
Tech. It offers drones based on artificial
intelligence and drone software. It offers
products like drone management software,
disaster management drones, air
ambulance drone, security and surveillance
and agriculture drone. It offers services like
Drovation Software drone infrastructure service, drone
Commercial Software NA
Solutions Pvt. Ltd agricultural service, drone industrial
inspections, drone media service, drone
mapping service, drone mining inspection,
drone surveillance security, and web
application development and mobile
application development. It caters to
automobiles, industrial, media and
entertainment, maritime and hospitality
sectors. The company was founded in 2018
and is based in Mumbai, Maharashtra.
Dtown Robotics Pvt. Ltd. is engaged in the
manufacturing of drones under the name of
dtown robotics. It offers micro drone and
Dtown Robotics Pvt. Ltd Commercial Manufacturing 12.4
robotic products. The company was founded
in 2018 and is based in Dehradun,
Uttarakhand.
Elcomponics Aerob Technologies India Pvt.
Ltd. is engaged in manufacturing of
unmanned aerial vehicle (UAV) or drones.
Its products include rotax engine uav, fixed
wing uav, pavansut 30 vr, pavansut 5 at and
Elcomponics Aerob
pavansut solar uav. The company was Commercial Manufacturing 0.23
Technologies India Pvt. Ltd.
incorporated in 2016 and is based in Noida,
Uttar Pradesh. Elcomponics Aerob
Technologies India Pvt. Ltd. operates as a
joint venture between Elcomponics Sales
Pvt. Ltd. and Aerob LLC.
35

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Empyrean Robotic Technologies LLP is
engaged in the manufacturing of drones and
robotics. Its products are drones and
unmanned aerial vehicle (UAV), robotics,
Empyrean Robotic security camera, etc. It also offers services
Technologies LLP like website development, application
development, workshops. The company was
founded in 2016 and is based in Allahabad,
Uttar Pradesh with an additional address in
Surat.
Equinox Drones Pvt. Ltd. is engaged in
providing geo-spatial solutions. Its services
include surveying and mapping, aerial
inspection analysis, unmanned aerial
vehicle data processing, creative aerial
Equinox Drones Pvt. Ltd. content etc. It caters to transportation, Commercial Services NA
renewable energy, mining, utilities,
infrastructure, agriculture, real estate, oil
and gas industries. The company was
Karnataka.
Flotanomers R&D Pvt. Ltd. is engaged in
providing aerial solutions. Its products
include unmanned aerial vehicles, micro
uav, commercial drones, fixed wing drones,
industrial drones and also offer aerial
solutions, etc. It offers services such as land
surveying, aerial mapping, agriculture
unmanned aerial vehicle's, film and
Flotanomers R&D Pvt. Ltd. photograpy, disaster management, Commercial Hybrid NA
geographic information system,
infrastructure inspection services, etc. It also
offers training services on data processing,
aero float, multi copter, etc. It caters to the
requirements of industrial, environmental
and agricultural sectors. The company was
founded in 2018 and is based in Mangalore,
Karantaka.
Fluid Robotics Pvt. Ltd. is engaged in
providing artificial intelligence based
solutions for wastewater surveillance. It
offers a pipeline mapping and condition
assessment platform to digitize pipeline data
in several cities in India, to clearly
understand the impact of structural defects
or deposits on pipeline age and capacity. Its
Fluid Robotics Pvt. Ltd. Commercial Services NA
services include topographic surveys using
drones, flow surveys, and water quality
analysis, in-pipe robotics mapping, and
assessment, hydrological and hydraulic 36
modeling, geographic information systems.
based in Pune, Maharashtra with an
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Flytbase Labs Pvt. Ltd. (formerly known as
Navstik Autonomous Systems Pvt. Ltd.) is
engaged in the development of drone
agnostic application software under the
brand name FlytBase Labs. It allows easy
deployment of intelligent drone fleets,
connected with cloud-based business
applications. Itleverages its internet of
drones platform to provide drone agnostic
software solutions for remote drone
operations, emergency response,
Flytbase Labs Pvt. Ltd. automated inspections, security and Commercial Software NA
surveillance, warehouse management,
delivery, etc., integrated with automated
drone-in-a-box solutions. It focus on building
platform for commercial drone applications
like policing, arial delivery, photography,
arial sensing, agriculture, communication,
inspections, disaster management, mapping
survey. The company was incorporated in
2013 and is based in Pune, Maharashtra.
Flytbase Labs Pvt. Ltd. operates as a
subsidiary of FlytBase Inc.
Fopple Drone Tech Pvt. Ltd. is engaged in
the manufacturing of agriculture drones
under the brand name Fopple Technologies.
Fopple Drone Tech Pvt.
It offers drones which is used to spray Commercial Manufacturing NA
Ltd.
fertilizers on the crops. The company was
Krishna, Andhra Pradesh.
Gamma Rotors Pvt. Ltd. is engaged in the
manufacturing of defense and space
products. It products include flying
machines, camera stabilization systems,
Gamma Rotors Pvt. Ltd. Defence Manufacturing NA
unmanned aerial vehicle (UAV), drones etc.
is based in Noida, Uttar Pradesh with
registered office in New Delhi.
Garuda Aerospace Pvt. Ltd. is engaged in
designing building and customization of
unmanned aerial vehicles (UAVs) or drones
for various applications. It products include
agri drone mapping drone, surveillance,
Garuda Aerospace Pvt. Ltd. seeding drones, rpto (remote pilot trainig Mixed Hybrid 153.13
organisation). It caters its services to
agriculture, solar cleaning, inspection,
disaster management companies. The
in Chennai, Tamil Nadu.
37

&Ventures 2023-2030
Sales
Presence Model (INR
million)
General Aeronautics Pvt. Ltd. is a aircraft
design and engineering solution provider. It
provides commercial robotic drones and
drone-based solutions for crop protection,
crop health, precision farming, and yield
monitoring using artificial intelligence and
General Aeronautics Pvt. analytics for the agricultural sector. It offers
Ltd. surveillance and reconnaissance,
transportation of packages including medical
supplies and organs for transplantation,
development to detailed designs, system
performance improvements, etc. The
in Bengaluru, Karnataka.
HC Robotics Pvt. Ltd. is engaged in the
manufacturing and supplying of drones. The
company offers products such as robotic
drone, mobile lidar, ai-image processing,
HC Robotics Pvt. Ltd. tactical aerostat etc. It caters to industries Commercial Manufacturing NA
such as telecom, utilities, military, law
enforcement and border protection. The
HUVIAiR Technologies Pvt. Ltd. is a
construction technology company that helps
business' to enhance on-site productivity
and reduce progress monitoring time while
cutting down on overall project costs. It
helps in visibility and control at all stages of
construction while giving them actionable
HUVIAiR Technologies Pvt.
insights that drive down costs by using Commercial Services 12.11
Ltd.
drones, cameras, laser scanners and
Huviair's analytics products like Constra
Survey, Constra Build, and Constra Inspect.
It caters to the sector like real estate, solar
energy, mining fields, public infra and asset
management. The company was founded in
2016 and is based in Bengluru, Karnataka.
Hella Infratech Pvt. Ltd. is engaged in the
manufacturing and operating of drones. It
offers products like unmanned aerial
vehicles and multi-rotor drones. It caters to
sectors like public safety, media,
Hella Infratech Pvt. Ltd. Commercial Services NA
topographical survey and gis mapping,
energy sector, agriculture, construction and
infrastructure and mining. The company was
founded in 2018 and is based in Thane,
Maharashtra.
38

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Haveliuavs Opc Pvt. Ltd. owns and operates
an unmanned aerial vehicle platform Swami
1.0. It offers services like research and
education, customizable drone platform,
open source design initiative, creating own
drone, multiple applications and high
industrial standard. It also manufactures
drones and unmanned aerial vehicles for its
clients. It caters to sectors like real estate,
agriculture, education, energy, logistic, and
defence and security. The company was
Karnataka with a registered office in Assam.
Haveliuavs Opc Pvt. Ltd. Mixed Hybrid NA
owns and operates an unmanned aerial
vehicle platform Swami 1.0. It offers
services like research and education,
customizable drone platform, open source
design initiative, creating own drone,
multiple applications and high industrial
standard. It also manufactures drones and
unmanned aerial vehicles for its clients. It
caters to sectors like real estate, agriculture,
education, energy, logistic, and defence and
security. The company was founded in 2017
and is based in Bengaluru, Karnataka with a
registered office in Assam.
Hella Infratech Pvt. Ltd. is engaged in the
manufacturing and operating of drones. It
offers products like unmanned aerial
vehicles and multi-rotor drones. It caters to
sectors like public safety, media,
Hella Infratech Pvt. Ltd. Commercial Services NA
topographical survey and gis mapping,
energy sector, agriculture, construction and
infrastructure and mining. The company was
founded in 2018 and is based in Thane,
Maharashtra.
Horus Intellisys Pvt. Ltd. is engaged in the
development of advanced driver assist
systems. It is a camera-based automotive
collision warning system which will help the
driver avoid accidents on road with timely
alerts and provides driver behavior analytics
Horus Intellisys Pvt. Ltd. Commercial Software NA
on the go, scorecards and support eco-
system to help automobile owners,
insurance companies, drones and fleets
(road and waterways). The company was
Karnataka.
39

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Hubblefly Technologies Pvt. Ltd. is engaged
in the manufacturing of security products. Its
Hubblefly Technologies Pvt. offerings are starlite, staredge and skystar
Ltd. drones and offer services of training and
service of drones. The company was
founded in 2019 and is based in Delhi, India.
IdeaForge Technology Pvt. Ltd. is engaged
in manufacturing and supplying of drones.
The company offers product such as Ryno
which is a micro category survey grade
drone designed and specialized for mapping
applications, Megaphone drone can be used
to conduct surveillance procedures and
simultaneously make public announcements
IdeaForge Technology Pvt.
from a remote location, Ninja uav, Q series Mixed Hybrid 1645.6
Ltd.
uav, Netra v series uav, Netra pro uav and
switch uav. It caters to industries such as
defense, homeland security, railways,
agriculture, construction, real estate,
industrial asset inspection, mining, oil and
gas, power transmission, solar energy and
wind energy. The company was founded in
2007 and is based in Mumbai, Maharashtra.
Indian Institute of Drones is engaged in
providing drone training services. It trains
drone pilots and offers multirotor drone pilot
Indian Institute of Drones course. It caters to enterprises, government Commercial Services NA
agencies, public safety departments, and
individuals. The company was founded in
2016 and is based in Noida, Uttar Pradesh.
Indrones Solutions Pvt. Ltd. is engaged in
providing data collection services through an
unmanned aerial vehicle. It offers unmanned
aerial vehicles services which include
geographic information system (GIS);
Indrones Solutions Pvt. Ltd. mapping, survey; industrial inspections like Commercial Services 22.03
pipeline inspections, powerline inspections,
railway lines inspections; custom
applications, and precision agriculture. The
Jarvis Labs Pvt. Ltd. is engaged in the
development of application based drones. It
also offers training in the field of aero
modelling and drones through workshops,
Jarvis Labs Pvt. Ltd. Commercial Software 0.05
school curriculum, tinkering lab setup and
industrial training programs. The company
Bhopal, Madhya Pradesh.
40

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Jatayu Unmanned Technologies Pvt. Ltd. is
engaged in the manufacturing of drones,
and aviation and aerospace component
Jatayu Unmanned
manufacturing. It specializes in artificial Mixed Hybrid 1.02
Technologies Pvt. Ltd
intelligence-based civil and defense
solutions. The company was incorporated in
2020 and is based in Mumbai, Maharashtra.
Kambill Systems Pvt. Ltd. is engaged in the
manufacturing of industrial machinery. It
offers products such as aviation simulator,
automotive-simulator, customise simulator
range, drones, professional drone based
mapping software, aircraft spare part
Kambill Systems Pvt. Ltd. Commercial Manufacturing 45.55
solutions, amc services, training or
consultancy, altum, rededge-mx, and dji
skyport kits. It caters to the aviation and
automotive industry. The company was
founded in 2013 and is based in New Delhi,
India with an additional office in Bengaluru.
Kinetix Engineering Solutions Ltd. is
engaged in providing The company offers
products such as solarlite hybrid propulsion
UAV, high speed aerial target, medium
altitude long endurance UAVs, and tactical
drones. It also offers solutions such as
Kinetix Engineering
missile launchers and control systems, Defence Manufacturing NA
Solutions Ltd.
control systems, hydraulics, pneumatics,
active protection system for battle tanks etc.
It caters to industries such as defense,
aerospace and space. The company was
founded in 2012 and is based in Bangalore,
Karnataka with additional offices in USA.
Kitemaps Aerial Mapping Services Pvt. Ltd.
is engaged in manufacturing autonomous
unmanned drones and operating systems
under the brand name Redwing Labs. Its
drones are capable of Hybrid vertical take-
off and landing flight taking off and landing
like a helicopter and then flying like a plane
Kitemaps Aerial Mapping
with implementation services that is a Commercial Manufacturing 3.8
Services Pvt. Ltd.
culmination of hardware and the software.
The drones are used for various purposes
like payload delivery load bearer drones,
long range flight and surveillance and aerial
mapping. The company was founded in
2018 and is based in Bengaluru, Karnataka
with registered office in Ghaziabad.
Multiplex Drone Pvt. Ltd. is engaged in the
manufacturing of drones. It offers drones for
agricultural purposes, agricultural spraying
Multiplex Drone Pvt. Ltd. Commercial Manufacturing NA
drones, training, etc. The company was 41
Source: VCCEdge, &Ventures Research Karnataka.
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Marut Dronetech Pvt. Ltd. is engaged in the
manufacturing of drones. Its offerings are
agricopter, helicopters, drone academy,
seedcopter, and marut zap drones and
electric engines with heavy payload
Marut Dronetech Pvt. Ltd.. carriage. multiple temperature-controlled Commercial Manufacturing 23.06
boxes for safe reliable medical supplies and
drone parts and training in drone operations
and building careers services. The company
was funded in 2019 and is based in
Hyderabad, Telangana.
Multifun Technologies Pvt. Ltd. is engaged
in personal devices and accessories
manufacturing. Its products include drones
like flapping micro air vehicle (MAV),
Multifun Technologies Pvt. morphing MAV, fixed wing MAV,
Mixed Manufacturing NA
Ltd. quadcopter, vests, like unifunctional vests,
multifunctional vests, and bulletproofs vests,
and smart cases. The company was
NVM SkyteX Pvt. Ltd. is engaged in
manufacturing of drones. Its products
include consumer drones, enterprise
drones, military drones, aerostat. It also
offers services like aerial photogrammetry,
mapping and surveying, 3d lidar scanning,
NVM SkyteX Pvt. Ltd. Commercial Hybrid NA
intelligence, surveillance, and
reconnaissance operations, unmanned
aerial vehicle imagery solutions, automated
survey solutions, and image processing
solutions. The company was incorporated in
2016 and is based in Panchkula, Haryana. .
Newspace Research and Technologies Pvt.
Ltd. is engaged in designing and developing
of persistent drones for earth observation
and communications under the brand name
NewSpace. Its provide cutting edge
Newspace Research and solutions for aerospace in an industrial
Mixed Hybrid 0
Technologies Pvt. Ltd. unmanned aerial vehicle, the global
positioning system denied visual inertial
navigation, ai modules, augmented and
virtual reality simulations. The company was
founded in 2018 and is based in Gautam
budh Nagar, Uttar Pradesh.
Octaflyte Technologies Pvt. Ltd. is engaged
drones for agriculture, surveillance, etc. It
Octaflyte Technologies Pvt. provides complete farming solutions with the
Commercial Software NA
Ltd. help of UAV systems, artificial intelligence,
and IoT. The company was incorporated in
2020 and is based in Udhampur, Jammu 42
and Kashmir.
&Ventures 2023-2030
Sales
Presence Model (INR
million)
ORC Electronics India Pvt. Ltd. is engaged
in providing the drone solutions. It offers
unmanned aerial vehicle (UAV) like drones;
aerial photography, mapping, analysis,
inspections, professional photographers and
artists, embedded system and design. It
also offers seminar and awareness
ORC Electronics India Pvt. programs for the school students, on or off
Ltd. campus workshops and training programs
for undergraduate engineering students,
training programs for the hobbyist, free
online support to students to sort out the
problems and have a laboratory for
students. The company was incorporated in
2014 and is based in Jabalpur, Madhya
Pradesh.
Paras Aerospace Pvt. Ltd. is engaged in the
manufacturing of drones and unmanned
aerial vehicles (UAV). Its offerings are
military uav, industrial uav, agricultural uav,
etc. It also offers services like defense and
space, training, infrastructure inspection
services, highway mapping, urban mapping,
stockpile calculations, etc. It caters to oil and
Paras Aerospace Pvt. Ltd. Mixed Manufacturing 10.4
gas, power, cellular, infrastructure sectors,
and government projects. The company
Mumbai, Maharashtra with a registered
address in Bangalore, Karnataka. Paras
Aerospace Pvt. Ltd. operates as a
subsidiary of Paras Defence and Space
Technologies Ltd.
Pigeon Innovative Solutions LLP is engaged
in providing aerial photography services. It
offers drone solutions which include drone
repair, smart farming solutions such as
drones for agriculture services; aerial drone
survey services such as cadastral mapping
Pigeon Innovative Solutions
solutions, photogrammetry consultancy, etc; Commercial Services NA
LLP
infrastructure monitoring services such as
rail line monitoring, bridge inspection
services; renewable energy solutions such
as wind turbine and solar panel inspection,
etc. The company was founded in 2015 and
is based in Mumbai, Maharashtra.
Podrones Logistics Pvt. Ltd. is engaged in
providing solutions for delivery products. It
offers products like Pods and PodBank
which is an IoT device where a delivery
person can drop off a package securely in
Podrones Logistics Pvt. Ltd. Commercial Services 2.33
the absence of the receiver. It works on a
one-time password (OTP) facility. It includes
43
cooling and heating system as well for
groceries. The company was incorporated in
Source: VCCEdge, &Ventures Research 2017Document Classification:
and is based And Ventures Confidential
in Pune, Maharashtra.
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Protonium Technologies Pvt. Ltd. is
offers drones for personal use such as FPV
(first-person view) drone, autonomous and
Protonium Technologies survey drone; for professionals like filming,
Commercial Services 0
Pvt. Ltd. photography, racing; for enterprises like
agriculture, pipeline and power and for
security services. The company was
founded in 2018 and is based in
Tiruchirappalli,Tamil Nadu.
Quidich Innovation Labs Pvt. Ltd. is an
unmanned aerial vehicle (UAV) company. It
provides end to end products and
customized solutions like aerial filming,
Quidich Innovation Labs
industrial solutions and direct distribution of Commercial Services NA
Pvt. Ltd.
unmanned aerial vehicle. The products
include swarm drones, social lens etc. The
in Mumbai, Maharashtra.
Rchobbytech Solutions Pvt. Ltd. is engaged
surveillance drones like mavic pro-
surveillance drones, phantom surveillance
drones, phantom pro-surveillance drones,
industrial inspection drones, agricultural
drone, weather drone, etc.; agricultural
Rchobbytech Solutions Pvt. drones, fixed-wing drone, crop spraying
Ltd. drone, etc.; DJI drone accessories like
hardshell case with foam, etc.; DJI drone
cameras like portable quadcopter drone,
etc; DJI quadcopters, flower dropping
remote control helicopter, etc. It caters to
the agriculture industry. The company was
Kolkata, West Bengal.
Sagar Defence Engineering Pvt. Ltd. is
engaged in manufacturing of unmanned
marine vehicles and systems. Its products
include unmanned autonomous ocean robot,
unmanned systems, unmanned surface
vehicles, drones, and unmanned aerial
vehicles. It also provides services like
inspection and land mapping, rescue,
Sagar Defence Engineering security and surveillance through the
Defence Manufacturing 78.32
Pvt. Ltd provided systems and technologies. It caters
to marine, submarine and airborne
industries; commercial sectors like oil and
gas, inland waterways, oceanography,
disaster management and scientific
research community, Indian navy, coast
guard and border security forces. The
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Skye Air Mobility Pvt. Ltd. is engaged in
providing drone delivery solutions. It allows
drone operators to plan routes, and make
flight plans. It offers delivery services from
drones. It caters to healthcare, e-commerce,
Skye Air Mobility Pvt. Ltd. Commercial Software 2.86
quick commerce, agri-commodity, food
delivery industries. The company was
Gurgaon, Haryana with registered office in
Hyderabad.
Skykrafts Aerospace Pvt. Ltd. is engaged in
the manufacturing of drones. Its products
are 20 liters kisan drone, 5 liters kisan
Skykrafts Aerospace Pvt. drone, research air vehicle, thething. It
Commercial Manufacturing 0
Ltd. caters to agriculture, survey, forestry,
emergency services and research. The
in Hubli, Karnataka.
Skylark Drones Pvt. Ltd. is a drone solutions
company. It provides unmanned aerial
vehicles (UAVs) and unmanned aerial
vehicles solutions to customers ranging from
Skylark Drones Pvt. Ltd. defense to commercial enterprises. It caters Commercial Software 13.19
to geographic information system,
agriculture, oil and gas and defense sector.
based in Kolkata, West Bengal.
Skynetra Pvt. Ltd. is engaged in providing
information technology products and
solutions. It offers drones and video
mapping software. It also provides ready to
Skynetra Pvt. Ltd. Commercial Software 6
fly uanss gnss rtk, drone mapping training,
mapping and survey services. The company
was founded in 2016 and is based in New
Delhi, India.
Stingfly Aerospace Pvt. Ltd. is engaged
manufacturer of drones. It provides
unmanned aerial vehicles (UAV), remotely
Stingfly Aerospace Pvt. Ltd Commercial Manufacturing 0
piloted aircraft systems (RPAS). The
Tsalla Aerospace Technologies Pvt. Ltd. is
engaged in the manufacturing of aerospace
Tsalla Aerospace
and defense drones. The company was Mixed Manufacturing NA
Technologies Pvt. Ltd.
UAVIO Labs Pvt. Ltd. is engaged in
manufacturing industrial drones. The
UAVIO Labs Pvt. Ltd. Commercial Services NA
in Bengaluru, Karnataka. 45

&Ventures 2023-2030
Sales
Presence Model (INR
million)
TM Aerospace Pvt. Ltd. is Indian aerospace
and aviation company dealing with
unmanned aerial systems. It provides
design, configuration, integration,
manufacture, testing, and deployment of
hybrid vertical take-off and landing (VTOL)
unmanned aerial vehicles (UAVs), fixed-
TM Aerospace Pvt. Ltd. Commercial Manufacturing 0
wing and multi rotor drones, design and
development of aerial target air frames,
ultralight pilot training, etc. The company
Bengaluru, Karnataka. TM Aerospace Pvt.
Ltd. operates as subsidiary of Trentar Pvt.
Ltd.
TSAW Drones is engaged in manufacturing
of technology based drone devices for
logistics services. Its products include
maruthi 2.0 - hexa rotor drone, adarna -
electric vertical takeoff and landing (e-vtol)
drone, and maruthi 1.0 drone. It offer the
TSAW Drones services of unnamed aircraft system traffic Commercial Hybrid NA
management, smart ground control station
(gcs) and fleet health management. It uses
in supply of medical goods, parcel delivery
first, transportation of air freight, and mule
drones. The company was founded in 2019
and is based in Deoria, Uttar Pradesh.
Throttle Aerospace Systems Pvt. Ltd. is
engaged in the manufacturing of unmanned
aerial vehicle (UAV) and grounded support
equipments. Its products include lookout
drones VTOL, lookout VTOL-mapper series,
Throttle Aerospace stakeout UAS, stakeout V-mapper. It caters
Commercial Manufacturing 27.29
Systems Pvt. Ltd. to the requirements of agriculture and
aggregates and mining industry. The
in Bengaluru, Karnataka. Throttle Aerospace
Systems Pvt. Ltd. operate as a subsidiary of
NeoSky India Ltd.
Zerogravity Aero Systems Pvt. Ltd. is
Zerogravity Aero Systems offers flower drones, racing drones, flower-
Commercial Hybrid 2.91
Pvt. Ltd. dropping drones, etc. The company was
incorporated in 2019 and is based in Jaipur,
Rajasthan.
46

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Vyomik Innovations Pvt. Ltd. (doing
business as Vyomik Drones) is engaged in
the manufacturing of drones, catering to
Vyomik Innovations Pvt. agriculture, infrastructure and surveillance,
Ltd. energy and utilities, the public sector, and
the mining industry. The company was
Hyderabad, Telangana.
Vilogy Solutions Pvt. Ltd. owns and operates
an online portal Smart Driver. It is engaged
in providing foothold technological solution
for advanced driving assistance system. Its
products include smart automation, smart
securities, smart drones. Its application
includes diversified applications which
Vilogy Solutions Pvt. Ltd. Commercial Services NA
include driver, vehicle and highway
infrastructure safety, insurance claim
settlement, highway condition monitoring,
home, office and industrial automation,
national internal security using drones, etc.
Asteria Aerospace Pvt. Ltd. is engaged in
providing unmanned aerial systems. Its
products are a200, a micro-sized drone for
enterprise operations; a400, a vertical
takeoff and landing mini unmanned serial
systems for quick deployment from confined
locations; cygnus, a mini unmanned aerial
system with best-in-class endurance, range
Asteria Aerospace Pvt. Ltd. and payload capabilities; genesis, a network Mixed Hybrid 187.05
platform for drone-based surveillance and
security operations. It caters to military,
paramilitary and police forces, oil and gas,
mining, construction and agriculture. The
in Bangalore, Karnataka. Asteria Aerospace
Pvt. Ltd. operates as a subsidiary of
Reliance Strategic Business Ventures Ltd.
Avianco Technologies Pvt. Ltd. owns and
operates a drone operations and traffic
management (UTM) platform under the
brand name of Avianco. It offers Avianco
Avianco Technologies Pvt. SkyNet and AviancoUTM. It also provides
Ltd. engineering services, UTM training, avionics
reseller program services. The company
Bengaluru, Karnataka with an additional
office in United States of America.
47

&Ventures 2023-2030
Sales
Presence Model (INR
million)
CDSpace Robotics Pvt. Ltd. is engaged in
the development of drone technology. It
provides aerial deliveries of goods and
operates on cloud based solution for
CDSpace Robotics Pvt. Ltd. Commercial Hybrid 4.15
unmanned traffic management (utm) system
for its drones. The company was founded in
2018 and is based in Aurangabad,
Maharashtra.
Detect Technologies Pvt. Ltd. is engaged in
developing a magnetostrictive ultrasonic
sensor for continuous monitoring of live
pipelines, for crack and leak detection. Its
products include guided ultrasonic
monitoring pipelines system (Gumps) which
is a sensor that detects leakages and
Detect Technologies Pvt. corrosion in oil or gas pipeline; Nocua, is an
Ltd. industrial inspection drone which can be
used to inspect assets such as columns,
vessels, reactors, among others; T-PULSE
and APIS. It cater to the requirements of oil,
gas and energy sectors. The company was
Tamil Nadu with additional office in Mumbai
and Singapore.
Dhaksha Unmanned Systems Pvt. Ltd. is
offers drones for defense, agriculture,
Dhaksha Unmanned mining, energy and power, transportation
Mixed Manufacturing 44.48
Systems Pvt. Ltd. and material handling, urban planning, and
the tourism industry. The company was
Tamil Nadu.
Drone Aerospace Systems Pvt. Ltd. is
engaged in unmanned aerial vehicle. Its
products include autopilot, flying fox,
Drone Aerospace Systems
meerkat antenna tracker, etc. It offers scryer Commercial Manufacturing 0
Pvt. Ltd.
software for ground controlling activities.
is based in Bengaluru, Karnataka.
Dronix Technologies Pvt. Ltd. is an aerial
services company. It offers drone services
which include infrastructure survey and
inspection, oil and gas survey and
inspection, powerlines survey and
Dronix Technologies Pvt. inspection, wind energy, mines survey and
Ltd. inspection. It provides aerial monitoring,
aerial photography, aerial inspections, and
aerial mapping. It caters to infrastructure,
energy and utility sectors. The company was
Tamil Nadu.
48
Document
aviation Classification:
and aerospace And Ventures Confidential
component
&Ventures 2023-2030
Sales
Presence Model (INR
million)
CDSpace Robotics Pvt. Ltd. is engaged in
the development of drone technology. It
provides aerial deliveries of goods and
operates on cloud based solution for
CDSpace Robotics Pvt. Ltd. Commercial Hybrid 4.15
unmanned traffic management (utm) system
for its drones. The company was founded in
2018 and is based in Aurangabad,
Maharashtra.
Detect Technologies Pvt. Ltd. is engaged in
developing a magnetostrictive ultrasonic
sensor for continuous monitoring of live
pipelines, for crack and leak detection. Its
products include guided ultrasonic
monitoring pipelines system (Gumps) which
is a sensor that detects leakages and
Detect Technologies Pvt. corrosion in oil or gas pipeline; Nocua, is an
Ltd. industrial inspection drone which can be
used to inspect assets such as columns,
vessels, reactors, among others; T-PULSE
and APIS. It cater to the requirements of oil,
gas and energy sectors. The company was
Tamil Nadu with additional office in Mumbai
and Singapore.
Dhaksha Unmanned Systems Pvt. Ltd. is
offers drones for defense, agriculture,
Dhaksha Unmanned mining, energy and power, transportation
Mixed Manufacturing 44.48
Systems Pvt. Ltd. and material handling, urban planning, and
the tourism industry. The company was
Tamil Nadu.
Drone Aerospace Systems Pvt. Ltd. is
engaged in unmanned aerial vehicle. Its
products include autopilot, flying fox,
Drone Aerospace Systems
meerkat antenna tracker, etc. It offers scryer Commercial Manufacturing 0
Pvt. Ltd.
software for ground controlling activities.
is based in Bengaluru, Karnataka.
Dronix Technologies Pvt. Ltd. is an aerial
services company. It offers drone services
which include infrastructure survey and
inspection, oil and gas survey and
inspection, powerlines survey and
Dronix Technologies Pvt. inspection, wind energy, mines survey and
Ltd. inspection. It provides aerial monitoring,
aerial photography, aerial inspections, and
aerial mapping. It caters to infrastructure,
energy and utility sectors. The company was
Tamil Nadu.
49

&Ventures 2023-2030
Sales
Presence Model (INR
million)
Eagletronics Aviation Pvt. Ltd. is engaged in
the manufacturing of drones and aerospace
equipment. Its offerings are unmanned
aerial vehicles (uav) like, spraying drones,
customize drones, and lithium-ion batteries
for drones and offers services like drone
data processing, agriculture, surveying and
Eagletronics Aviation Pvt.
mapping, industrial inspection, construction Commercial Hybrid NA
Ltd.
site, railway, roads and highways monitoring
services, safety and security servilance,
aerial photography and videography
accessories, training contact. The company
was founded in 2020 and is based in Sangli,
Maharashtra with an additional address of
Noida, Uttar Pradesh.
Edall Systems LLP is engaged in the
manufacturing of engineering products. Its
products include spidex-600, ground control
station, and payload for surveillance, aerial
mapping, and structural inspection;
unmanned aerial vehicles (UAV) and
unmanned ground vehicle (UGV) for ground
surveillance and military support;
encapsulating security payload (ESP) -I; etc.
It offers drone services like topographic
survey and road corridor mapping, railway
Edall Systems LLP corridor survey and inspection, mining Mixed Hybrid NA
survey, and drone-based structural
inspection; and engineering services like
aerodynamic analysis and design
optimization studies, unmanned aerial
vehicle design and development,
engineering design and manufacturing
services, and training and manpower
consulting. Its products are used in
aerospace and unmanned aerial vehicles
components. The company was founded in
Document
FeatherDyn Classification:
Pvt. And Ventures
Ltd. is engaged in the Confidential
&Ventures 2023-2030
Sales
Presence Model (INR
million)
Eagletronics Aviation Pvt. Ltd. is engaged in
the manufacturing of drones and aerospace
equipment. Its offerings are unmanned
aerial vehicles (uav) like, spraying drones,
customize drones, and lithium-ion batteries
for drones and offers services like drone
data processing, agriculture, surveying and
Eagletronics Aviation Pvt.
mapping, industrial inspection, construction Commercial Hybrid NA
Ltd.
site, railway, roads and highways monitoring
services, safety and security servilance,
aerial photography and videography
accessories, training contact. The company
was founded in 2020 and is based in Sangli,
Maharashtra with an additional address of
Noida, Uttar Pradesh.
Edall Systems LLP is engaged in the
manufacturing of engineering products. Its
products include spidex-600, ground control
station, and payload for surveillance, aerial
mapping, and structural inspection;
unmanned aerial vehicles (UAV) and
unmanned ground vehicle (UGV) for ground
surveillance and military support;
encapsulating security payload (ESP) -I; etc.
It offers drone services like topographic
survey and road corridor mapping, railway
Edall Systems LLP corridor survey and inspection, mining Mixed Hybrid NA
survey, and drone-based structural
inspection; and engineering services like
aerodynamic analysis and design
optimization studies, unmanned aerial
vehicle design and development,
engineering design and manufacturing
services, and training and manpower
consulting. Its products are used in
aerospace and unmanned aerial vehicles
components. The company was founded in
Source: VCCEdge, &Ventures Research Document
FeatherDyn Classification:
Pvt. And Ventures
Ltd. is engaged in the Confidential
&Ventures 2023-2030
Sales
Presence Model (INR
million)
FeatherDyn Pvt. Ltd. is engaged in the
developing of electric semi-autonomous
unmanned aerial vehicle. It incorporates a
sensors and software in the drone to provide
FeatherDyn Pvt. Ltd. Commercial Hybrid 0
customers real time aerial data that enable
smarter decision making. The company was
founded in 2018 and is based in
Pathanamthitta, Kerala.
GarudaUAV Soft Solutions Pvt. Ltd. is
engaged in providing aerial mapping and
inspection services with unmanned aerial
vehicles (UAVs). It offers services which
include drone survey, highway survey like
highway corridor mapping, road's defect
detection such as potholes and cracks,
alignment of divider, over line structures;
solar inspection like solar panel inspection,
compare solar orthomosaic two dimensional
GarudaUAV Soft Solutions (2D); tower inspection like rapid audit, tower
Pvt. Ltd. mapping, coax weatherproofing, installation
verification, climber optimization; energy
infrastructure like transmission lines,
pipelines mapping, terrain mapping;
photography, videography, railway
inspection, disaster relief, precision
agriculture like aerial surveys, crop
monitoring; etc. The company was
incorporated in 2017 and is based in Noida,
Uttar Pradesh. The company operates as a
subsidiary of Trentar Pvt. Ltd.
Garudan Unmanned System Pvt. Ltd. is
engaged in the manufacturing of defense
and space equipment. It offers unmanned
aerial vehicles, drone and related
Garudan Unmanned surveillance equipment. It caters to the need
Mixed Manufacturing 0
System Pvt. Ltd. for defense, aerospace, police forces and
other prevention and protective service
agencies. The company was founded in
2018 and is based in Coimbatore, Tamil
Nadu.
Ayaan Autonomous Systems Pvt. Ltd. is
engaged in providing autonomous systems.
Ayaan Autonomous Its products include ayaan spyd series,
Mixed Hybrid 13.1
Systems Pvt. Ltd ayaan airavat series. The company was
incorporated in 2019 and is based in Pune
Maharashtra.
52

&Ventures
Contact:
Abhranil Chatterjee
E: achatterjee@and-ventures.in
M: +91 9974324437
Visit us at www.and-ventures.in
Disclaimer:
This proposal is subject to a valid engagement contract signed by both of our organizations.
The information contained herein is of a general nature and is not intended to address the circumstances of any particular
individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that
such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should
act on such information without appropriate professional advice after thorough examination of the particular situation
Images and Icons: Flaticon.com/ Freepik.com 53

ANNEXURE 5
रजिस्ट्री सं. डी.एल.- 33004/99 REGD. No. D. L.-33004/99
सी.जी.-डी.एल.-अ.-26082021-229221
xxxGIDHxxx
CG-DL-E-26082021-229221
xxxGIDExxx
असाधारण
EXTRAORDINARY
भाग II—खण्ड 3—उप-खण्ड (i)
PART II—Section 3—Sub-section (i)
प्राजधकार से प्रकाजित
PUBLISHED BY AUTHORITY
सं. 477] नई दिल्ली, बुधिार, अगस्ट्त 25, 2021/भाद्र 3, 1943

No. 477] NEW DELHI, WEDNESDAY, AUGUST 25, 2021/BHADRA 3, 1943
नागर जिमानन मंत्रालय

अजधसूचना
नई दिल्ली, 25 अगस्ट्त, 2021
ड्रोन जनयम, 2021
सा.का.जन. 589(अ).—ड्रोन जनयम, 2021 का प्रारूप, जिसे कें द्रीय सरकार द्वारा मानि-रजित िायुयान प्रणाली
जनयम, 2021 के अजधक्रमण में बनाया िाना प्रस्ट्ताजित दकया गया था, भारत सरकार के नागर जिमानन मंत्रालय की
अजधसूचना संखयांक सा.का.जन. 489(अ), तारीख 15 िुलाई, 2021 को भारत के रािपत्र, असाधारण, भाग II, खंड 3,
उपखंड (i) में तारीख 15 िुलाई, 2021 को िायुयान अजधजनयम, 1934 (1934 का 22) की धारा 14 की अपेक्षा के
अनुसार, इनसे प्रभाजित िोने िाले सभी संभाजित व्यजियों की ओर से जिजनर्ििष्ट अिजध से पूिि आपजियां और सुझाि
आमंजत्रत करने के जलए प्रकाजित दकए गए थे;
और, इस प्रकार जिजनर्ििष्ट अिजध के भीतर प्रारूप जनयमों के संबंध में प्राप्त आपजियों और सुझािों पर जिचार कर
जलया गया िै;
अत:, अब, कें द्रीय सरकार, िायुयान अजधजनयम, 1934 (1934 का 22) की धारा 5, धारा 10 की उपधारा
(2), और धारा 10क, धारा 10ख और धारा 12क द्वारा प्रिि िजियों का प्रयोग करते हुए, जनम्नजलजखत जनयम बनाती
िै, अथाित् :--
4754 GI/2021 (1)

2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART II—SEC. 3(i)]
भाग I
प्रारं जभक
1. संजक्षप्त नाम और प्रारं भ— (1) इन जनयमों का संजक्षप्त नाम ड्रोन जनयम, 2021 िै।
(2) ये रािपत्र में इनके प्रकािन की तारीख को प्रिृि िोंगे।
2. लागू िोना—(1) ये जनयम जनम्नजलजखत पर लागू िोंगे, –
(क) भारत में दकसी मानि-रजित िायुयान प्रणाली का स्ट्िाजमत्ि या कब्िा रखने िाले या इसके पट्टे पर
िेने, प्रचालन, अन्तरण या रखरखाि में लगे सभी व्यजियों पर;
(ख) भारत में रजिस्ट्रीकृ त सभी मानि-रजित िायुयान प्रणाजलयों पर; और
(ग) तत्समय भारत में या भारत के ऊपर प्रचाजलत की िा रिी सभी मानि-रजित िायुयान प्रणाजलयों
पर।
(2) 500 दकलोग्राम से अजधक, अजधकतम समग्र भार िाले दकसी मानि-रजित िायुयान प्रणाली के मामले के
जसिाय, िायुयान जनयम, 1937 के उपबंध, मानि-रजित िायुयान प्रणाली पर लागू निीं िोंगे ।
(3) ये जनयम भारत संघ की नौसेना, थलसेना या िायुसेना से संबंजधत या उनके द्वारा प्रयुि दकसी मानि-रजित
िायुयान प्रणाली पर लागू निीं िोंगे।
3. पररभाषाएं — (1) इन जनयमों में, िब तक दक संिभि में अन्यथा अपेजक्षत न िो, –
(क) ‘’अजधजनयम’’ से िायुयान अजधजनयम, 1934 (1934 का 22) अजभप्रेत िै;
(ख) “िुघिटना” से, दकसी मानि-रजित िायुयान प्रणाली के प्रचालन से संबद्ध कोई िुघिटना अजभप्रेत िै, जिसमें
कोई व्यजि घातक या गंभीर रूप से घायल िो िाता िै या मानि-रजित िायुयान प्रणाली को अत्यजधक क्षजत
पहुंचती िै या मानि-रजित िायुयान प्रणाली गुम िो िाती िै या पूरी तरि से पहुंच से बािर िो िाती िै;
(ग) “िायुयान” से िायु से, भारी ऊिाि-चाजलत िायुयान अजभप्रेत िै, िो अपनी उडान मुखयत: भूतलों पर
एयरोडायनेजमक प्रजतदक्रयाओं से संचाजलत करता िै िो उडान की िी गई जस्ट्थजतयों के अधीन जनयत रिता िै;
(घ) “प्राजधकृ त ररमोट पायलट प्रजिक्षण संगठन” से, जनयम 39 के अधीन प्रजिक्षण प्रिान करने के प्रयोिन से
मिाजनिेिक द्वारा प्राजधकृ त कोई भी संगठन अजभप्रेत िै;
(ड.) ‘’प्राजधकृ त परीक्षण जनकाय’’ से, मिाजनिेिक या भारतीय गुणििा पररषि द्वारा टाइप प्रमाणीकरण के
जलए, मानि-रजित िायुयान प्रणाली का परीक्षण करने के प्रयोिन से प्राजधकृ त कोई इकाई अजभप्रेत िै;
(च) "संजििाकारी राज्य" का अथि दकसी भी िेि से िै िो 7 दिसंबर 1944 को जिकागो में संपन्न अंतरािष्ट्रीय
नागर जिमानन पर अजभसमय का एक पक्षकार िै;
(छ) “जडिीटल स्ट्काई प्लेटफामि” से नागर जिमानन मिाजनिेिालय द्वारा भारत में मानि-रजित िायुयान
प्रणाली गजतिजधयों के प्रबंधन से संबंजधत जिजभन्न गजतजिजधयों के जलए िोस्ट्ट दकया गया ऑनलाइन प्लेटफामि
अजभप्रेत िै;
[भाग II—खण्ड 3(i)] भारत का रािपत्र : असाधारण 3
(ि) “मिाजनिेिक” से, अजधजनयम की धारा 4क के अधीन जनयुि नागर जिमानन का मिाजनिेिक अजभप्रेत िै;
(झ) “ड्रोन” से कोई मानि-रजित िायुयान प्रणाली अजभप्रेत िै;
(ञ) “ड्रोन पािती संखया” से, भारत में मानि-रजित िायुयान प्रणाली के जलए स्ट्िैजछछक प्रकटीकरण योिना के
अधीन जडिीटल स्ट्काई प्लेटफामि द्वारा िारी जिजिष्ट संखया अजभप्रेत िै;
(ट) “जियो-फें ससंग” से दकसी पररभाजषत िायुक्षत्र

े के भीतर मानि-रजित िायुयान प्रणाली के आिागमन को
प्रजतबंजधत दकया िाना अजभप्रेत िै;
(ठ) “ग्रीन िोन” से, भूजमक्षेत्र या भारत के राज्यक्षेत्रीय समुद्र से 400 फु ट या 120 मीटर की उध्ििाधर
(vertical) िूरी तक के िायुक्षेत्र, जिसे मानि-रजित िायुयान प्रणाली प्रचालनों के जलए िायुक्षेत्र के मानजचत्र
में रे ड िोन या येलो िोन के रूप में नाजमत निीं दकया गया िै और दकसी प्रचालजनक ििाईअड्डे की पररजध से
8 दकमी और 12 दकमी की क्षैजति (lateral) िूरी के बीच भूजम से ऊपर 200 फु ट या 60 मीटर के िायुक्षेत्र
में जस्ट्थत िै:
"येलो जोन" का अथि भारत के भूजम क्षेत्रों या प्रािेजिक िल के ऊपर पररभाजषत आयामों के ििाई क्षेत्र से
िै, जिसके भीतर मानि-रजित जिमान प्रणाली पररचालन प्रजतबंजधत िै, और इसके जलए संबंजधत ििाई
यातायात जनयंत्रण प्राजधकरण से अनुमजत की आिश्यकता िोगी। जिजनर्ििष्ट ग्रीन जोन में 400 फीट या 120
मीटर से ऊपर का ििाई क्षेत्र और एक पररचालन ििाई अड्डेकी पररजध से 8 दकलोमीटर और 12 दकलोमीटर की
पार्श्ि िूरी के बीच जस्ट्थत क्षेत्र में 200 फीट या 60 मीटर से ऊपर के ििाई क्षेत्र को येलो जोन के रूप में नाजमत
दकया िाएगा ;
"रे ड जोन" का अथि िै भारत के भूजम क्षेत्रों या क्षेत्रीय िल के ऊपर, या भारत के क्षेत्रीय िल से परे कें द्र
सरकार द्वारा जिजनर्ििष्ट कोई स्ट्थापना या अजधसूजचत बंिरगाि सीमा में पररभाजषत आयामों का ििाई क्षेत्र,
जिसके भीतर कें द्र सरकार द्वारा मानि-रजित जिमान प्रणाली संचालन की अनुमजत िोगी;
(ड) ‘’िाईजिड मानि-रजित िायुयान’’ से, िायु से अजधक भारी मानि-रजित िायुयान अजभप्रेत िै िो िर्टिकल
टेक-ऑफ और लैंसडंग में सक्षम िो, िो दक सैद्धांजतक रूप से इन उडानों के िौरान जलफ्ट के जलए ऊिाि-चाजलत
जलफ्ट उपकरणों या इं िन थ्रस्ट्ट पर तथा क्षैजति उडान के िौरान जलफ्ट के जलए नान-रोटेटटंग एयरफायल पर
जनभिर करता िै;
(ढ) ‘’संजििाकारी राज्य’’ से, ऐसा कोई िेि अजभप्रेत िै िो तारीख 7 दिसंबर, 1944 को जिकागो में संपन्न
अंतरराष्ट्रीय नागर जिमानन पर अजभसमय का पक्षकार िै;
(ण) ‘’मॉडल ररमोटली पायलेटेड िायुयान प्रणाली’’ से, के िल िैक्षजणक, अनुसंधान, जडिाइन, परीक्षण या
मनोरं िन के प्रयोिन के जलए प्रयुि और जििुअल लाइन ऑफ साइट के भीतर प्रचाजलत 25 दकलोग्राम से
अनजधक समग्र भार िाला ररमोटली पायलेटेड िायुयान प्रणाली अजभप्रेत िै;
(त) ’’‘प्रचालक’’ से, एक मानि-रजित िायुयान प्रणाली िाले प्रचालन में जनयोजित या जनयोजित िोने की
प्रस्ट्थापना करने िाला व्यजि अजभप्रेत िै;
(थ) “व्यजि” के अंतगित कोई व्यजष्ट, कं पनी, फमि, व्यजियों का समूि, व्यजष्टयों का जनकाय, स्ट्थानीय
प्राजधकरण, कोई जिजधक जनकाय, चािे िि जनगजमत िो या निीं, कें द्रीय सरकार या राज्य सरकार या इनकी
कोई इकाई िाजमल िैं;
(ि) “प्रोटोटाइप मानि-रजित िायुयान प्रणाली” से, कोई मानि-रजित िायुयान प्रणाली अजभप्रेत िै, जिसे
अनुसंधान और जिकास के प्रयोिन से या उडनयोग्यता का प्रमाण पत्र प्राप्त करने िेतु जिकजसत दकया गया िै;
(ध) ‘‘भारतीय गुणित्ता पररषि’’ से, भारत सरकार द्वारा भारतीय उद्योग के साथ संयुि रूप से, राष्ट्रीय
प्रत्यायन संरचना स्ट्थाजपत और प्रचाजलत करने और गुणििा को प्रोत्साजित करने के जलए गरठत स्ट्िायि
जनकाय अजभप्रेत िै;
(न) “रे ड िोन” से, भारत के भूक्षत्र

े या राज्यक्षेत्रीय समुद्र के ऊपर या भारत के राज्यक्षेत्रीय समुद्र के बािर
कें द्रीय सरकार द्वारा जिजनर्ििष्ट दकसी स्ट्थापना या अजधसूजचत पिन सीमाओं के ऊपर का पररभाजषत आयामों
िाला िायुक्षेत्र अजभप्रेत िै, जिसके भीतर कें द्रीय सरकार द्वारा असाधारण पररजस्ट्थजतयों में मानि-रजित
िायुयान प्रणाली के प्रचालन की अनुमजत िी िाएगी;
(प) ‘‘ररमोट पायलट’’ से, प्रचालक द्वारा दकसी मानि-रजित िायुयान के प्रचालन के जलए अजनिायि कतिि्यों
सजित प्रभाररत कोई व्यजष्ट अजभप्रेत िै और िो उडान समय के िौरान उडान जनयंत्रणों को यथा समीचीन, िाथ
में लेता और संचाजलत करता िै;
(फ) “ररमोट पायलट लाइसेंस” से मिाजनिेिक द्वारा जनयम 34 के अधीन दकसी व्यजष्ट को िारी की गई
अनुज्ञजप्त अजभप्रेत िै;
(ब) “ररमोट पायलट स्ट्टेिन” से ररमोट द्वारा पायलट दकए िा रिे िायुयान को पायलट करने के जलए प्रयुि
उपस्ट्करों को समाजिष्ट करने िाली ररमोट द्वारा संचाजलत िायुयान प्रणाली का घटक अजभप्रेत िै;
(भ) “ररमोट द्वारा संचाजलत िायुयान” से ऐसा कोई मानि-रजित िायुयान अजभप्रेत िै, जिसे दकसी ररमोट
पायलट स्ट्टेिन से संचाजलत दकया िाता िै;
(म) “ररमोट संचाजलत िायुयान प्रणाली” से, ररमोट पायलट स्ट्टेिन से सियुि ररमोटली पायलेटेड िायुयान
को अपेजक्षत कमांड और कं रोल सलंक्स तथा टाईप जडिाइन में जिजनर्ििष्ट अन्य अियि अजभप्रेत िैं;
(य) “रोटरक्राफ्ट” से, मूलत: ऊर्धिािधर अक्ष पर एक या अजधक िजि चाजलत रोटर पर ििा की प्रजतदक्रयाओं
द्वारा उडान में समर्थित िायु से अजधक भारी िायुयान अजभप्रेत िै;
(यक) “टाइप प्रमाण-पत्र” से, मिाजनिेिक या मिाजनिेिक द्वारा प्राजधकृ त दकसी अन्य इकाई द्वारा िारी दकया
गया प्रमाणपत्र अजभप्रेत िै जिसमें यि प्रमाजणत दकया गया िो दक दकसी जिजनर्ििष्ट प्रकार की मानि-रजित
िायुयान प्रणाली, इन जनयमों के अधीन जिजनर्ििष्ट अपेक्षाओं को पूरा करती िो;
(यख) “मानि-रजित िायुयान प्रणाली का प्रकार” से, उन उपांतरों के जसिाय, जिसके पररणामस्ट्िरूप िैंडसलंग
या उडान जििेषताओं में पररितिन िोता िै, सभी उपांतरों के साथ एक िी मूल जडिाइन की सभी मानि-रजित
िायुयान प्रणाजलयां अजभप्रेत िैं;
(यग) “जिजिष्ट पिचान संखया” से, भारत में दकसी मानि-रजित िायुयान प्रणाली को रजिस्ट्रीकृ त करने के
जलए िारी दकया गया जििेष पिचान संखया अजभप्रेत िै;
(यघ) “मानि-रजित िायुयान प्रणाली” से, कोई ऐसा िायुयान अजभप्रेत िै, िो स्ट्िायत रूप से उडान भर
सकता िै या जिन्िें उडान में जबना दकसी पायलट के प्रचाजलत दकया िा सकता िै;
(यङ) “मानि-रजित िायुयान प्रणाली यातायात प्रबंधन प्रणाली” से, ऐसी प्रणाली अजभप्रेत िै, िो मानि-
रजित िायुयान यातायात के संरजक्षत और त्िररत प्रिाि के जलए यातयात प्रबंधन मुिय
ै ा कराती िै और
व्यजियों, सूचना, प्रोद्योजगकी, सुजिधाओं और सेिाओं के , सियोगी एकीकरण के मार्धयम से मानियुि तथा
मानि-रजित िायुयान के बीच टकराि से बचाती िै;
(यच) “येलो िोन” से, भारत के भूक्षेत्रों या राज्यक्षेत्रीय समुद्र के ऊपर पररभाजषत आयामों िाला िायुक्षेत्र
अजभप्रेत िै जिसके भीतर मानि-रजित िायुयान प्रणाली का प्रचालन प्रजतबंजधत िै और जिसके जलए संबंजधत
ििाई यातयात जनयंत्रण प्राजधकारी की ओर से अनुमजत अपेजक्षत िोगी।
(2) उन िब्िों और पिों के , िो इसमें प्रयुि िैं और पररभाजषत निीं िैं, दकन्तु िायुयान अजधजनयम, 1934
और िायुयान जनयम, 1937 में पररभाजषत िैं, ििी अथि िोंगे, िो उि अजधजनयम या जनयमों में िैं।
भाग II
मानि-रजित िायुयान प्रणाली का िगीकरण
4. मानि-रजित िायुयान प्रणाली का िगीकरण – (1) मानि-रजित िायुयान प्रणाली को जनम्नजलजखत तीन प्रिगों में
िगीकृ त दकया िाएगा, अथाित् :--
(क) एयरोप्लेन;
(ख) रोटरक्राफ्ट;
(ग) िाईजिड मानि-रजित िायुयान प्रणाली।
(2) एयरोप्लेन, रोटरक्राफ्ट और िाईजिड मानि-रजित िायुयान प्रणाजलयों को आगे जनम्नानुसार उप-िगीकृ त दकया
िाएगा-
(क) ररमोट द्वारा संचाजलत िायुयान प्रणाली ;
(ख) ररमोट द्वारा संचाजलत मॉडल िायुयान प्रणाली; और
(ग) स्ट्िायि मानि-रजित िायुयान प्रणाली ।
5. मानि-रजित िायुयान प्रणाजलयों का िगीकरण — मानि-रजित िायुयान प्रणाजलयों को पेलोड सजित उनके अजधकतम
समग्र भार के आधार पर जनम्नानुसार िगीकृ त दकया िाएगा:-
(क) अजत सूक्ष्म मानि-रजित िायुयान प्रणाली: 250 ग्राम से कम या बराबर;
(ख) सूक्ष्म मानि-रजित िायुयान प्रणाली: 250 ग्राम से अजधक दकन्तु 2 दकलोग्राम से कम या बराबर;
(ग) लघु मानि-रजित िायुयान प्रणाली: 2 दकलोग्राम से अजधक दकन्तु 25 दकलोग्राम से कम या बराबर;
(घ) मर्धयम मानि-रजित िायुयान प्रणाली: 25 दकलोग्राम से अजधक दकन्तु 150 दकलोग्राम से कम या बराबर;
तथा
(ड.) जििाल मानि-रजित िायुयान प्रणाली: 150 दकलोग्राम से अजधक ।
भाग III
मानि-रजित िायुयान प्रणाली का प्रमाणन
6. साधारण - कोई भी व्यजि भारत में मानि-रजित िायुयान का प्रचालन तब तक निीं करेगा िब तक दक ऐसी मानि-रजित
जिमान प्रणाली, टाईप प्रमाणपत्र के अनुरूप न िो या इन जनयमों के अधीन इसे, टाईप प्रमाणपत्र की अपेक्षा से छू ट प्राप्त न
िो।
7. प्रमाणन मानक – कें द्रीय सरकार, भारतीय गुणििा पररषि की जसफाररि पर मानि-रजित िायुयान प्रणाजलयों के जलए
टाईप प्रमाणपत्र प्राप्त करने िेतु रािपत्र में अजधसूचना द्वारा मानकों को जिजनर्ििष्ट कर सके गी और ऐसे मानक जनम्नजलजखत
प्रयोग को संिर्धित कर सकते िैं-
(क) भारत में जनर्मित प्रौद्योजगकी, जडिाइन, घटकों और मानि-रजित िायुयान प्रणाजलयों; और
(ख) भारतीय कोंस्ट्टेलि

े न नैजिगेिन नामक भारत की क्षेत्रीय दिक् चालन उपग्रि प्रणाली के उपयोग को बढािा िे सकें गे।
8. टाइप प्रमाणन – मिाजनिेिक या इस संबंध में मिाजनिेिक द्वारा प्राजधकृ त कोई इकाई, भारतीय क् िाजलटी पररषि या
कोई प्राजधकृ त इकाई की जसफाररि पर, दकसी जििेष प्रकार के मानि-रजित िायुयान के जलए टाईप प्रमाणपत्र िारी कर
सकता िै।
9. आिेिन और टाइप प्रमाण पत्र िारी करने की प्रदक्रया – (1) कोई भी ि्यजि, िो टाईप प्रमाणपत्र प्राप्त करना चािता िै,
् सजित, जडजिटल स्ट्काई प्लेटफॉमि पर प्ररूप डी-1 के मार्धयम से आिेिन करना िोगा, और
उसे जनयम 46 में जिजनर्ििष्ट िुलक
उसे, उसमें जनम्नजलजखत सूचना प्रिान करनी िोगी:
(क) आिेिक का जििरण;
(ख) उसमें यथा जिजनर्ििषट् प्रोटोटाईप मानि-रजित िायुयान प्रणाली के संबंध में जििरण और अपेजक्षत िस्ट्तािेि;
और
(ग) उसमें यथा जिजनर्ििष्ट प्रोटोटाईप मानि-रजित िायुयान प्रणाली, जिसे भौजतक रूप से प्राजधकृ त परीक्षण इकाई
को सौंपा िाएगा ।
(2) भारतीय गुणििा पररषि (क्यूसीआई) या अजधकृ त परीक्षण इकाई, प्रस्ट्ताि की परीक्षा करे गी और आिेिन प्राप्त िोने की
तारीख के साठ दििस के भीतर अपनी जसफाररिों के साथ परीक्षण ररपोटि मिाजनिेिक को प्रस्ट्तुत करे गी।
(3) मिाजनिेिक, उप जनयम (2) के अधीन जसफाररिों के साथ प्राप्त हुई परीक्षण ररपोटि के आधार पर समाधान िोने पर,
ऐसी परीक्षण ररपोटि प्राप्त िोने के पंद्रि दििस के भीतर, आिेिक को जिजिष्ट प्रकार के मानि-रजित िायुयान प्रणाली के जलए
एक टाइप प्रमाणपत्र िारी करें गे।
10. जििेिी जनयामकों द्वारा दिए गए अनुमोिनों की स्ट्िीकृ जत – मिाजनिेिक, कें द्रीय सरकार द्वारा रािपत्र में अजधसूचना
द्वारा यथाजिजनर्ििष्ट ऐसे संजििाकारी राि्यों द्वारा अनुिि स्ट्िकृ ती के आधार पर दकसी प्रकार की मानि-रजित िायुयान
प्रणाली को, उस प्रकार की मानि-रजित िायुयान प्रणाली के जलए टाईप प्रमाणन िारी कर सके गा।
11. आयात - मानि-रजित िायुयान के आयात को, जििेि व्यापार मिाजनिेिालय या के न्द्रीय सरकार द्वारा प्राजधकृ त दकसी
अन्य इकाई द्वारा जिजनयजमत दकया िाएगा।
12. आज्ञापक सुरक्षा जििेषताएं - (1) कें द्रीय सरकार, दकसी मानि-रजित िायुयान के स्िामी द्वारा उस पर संस्थाजपत की
िानी िाली सुरक्षा जििेषताओं को, अजधसूजचत करे गी, जिसमें अन्य जििेषताओं के साथ जनम्नजलजखत जििेषताएं सजम्मजलत
िो सकती िै, अथाित:--
(क) 'नो परमीिन - नो टेकऑफ' िाडििेयर और फमििेयर;
(ख) रीयल-टाइम रैककं ग बीकन िो मानि-रजित िायुयान प्रणाली के स्ट्थान, ऊंचाई, गजत और जिजिष्ट पिचान संखया
को संसूजचत करे गा; तथा
(ग) जियो फैं ससंग क्षमता।
(2) मानि-रजित िायुयान पर स्ट्िाजमत्ि रखने िाले सभी व्यजि, ऐसी अिजध के भीतर, िो प्रकािन की तारीख से छि मास
से कम निीं िोगी, िैसा कें द्रीय सरकार जिजनर्ििष्ट करे , उपधारा (1) के अधीन अजधसूजचत सुरक्षा जििेषताओं को अंगीकृ त
करें गे ।
13. कजतपय मामलों में टाईप प्रमाण पत्र प्राप्त दकए िाने से छू ट – जनम्नजलजखत के जिजनमािण, आयात या प्रचालन के जलए,
दकसी टाईप प्रमाणपत्र की आिश्यकता निीं िोगी -
(क) मॉडल ररमोटली पायलट एयरक्राफ्ट प्रणाली; और

(ख) नैनो मानि-रजित िायुयान प्रणाली।
भाग IV
मानि-रजित िायुयान प्रणाली का रजिस्ट्रीकरण
14. साधारण - (1) कोई भी व्यजि दकसी मानि-रजित िायुयान प्रणाली को जडजिटल स्ट्काई प्लेटफॉमि पर पिले रजिस्ट्रीकृ त
और जिजिष्ट पिचान संखया प्राप्त दकए जबना प्रचालन निीं करे गा, िब तक दक इन जनयमों के अधीन जिजिष्ट पिचान संखया
की अपेक्षा से छू ट निीं जमली हुई िो।
(2) ऐसी सभी मानि-रजित िायुयान प्रणाजलयों का रजिस्ट्रीकृ त अजभलेख मिाजनिेिक द्वारा अनुरजक्षत दकया िाएगा, जिन्िे
इन जनयमों के अधीन जिजिष्ट पिचान संखया िारी की गई िै ।
(3) यि सुजनजित करने का उत्तरिाजयत्ि, मानि-रजित िायुयान प्रणाली को प्रचाजलत करने िाले व्यजि की िोगी दक ऐसी
मानि-रजित िायुयान प्रणाली जिजधमान्य टाईप प्रमाणपत्र के अनुरूप िो।
15. रजिस्ट्रीकरण के जलए आिेिन और प्रदक्रया – (1) कोई व्यजि िो मानि-रजित िायुयान प्रणाली को रजिस्ट्रीकृ त कराने
और जिजिष्ट पिचान संखया प्राप्त करने का आिय रखता िै, जनयम 46 में यथा जिजनर्ििष्ट फीस के साथ जडजिटल स्ट्काई
प्लेटफॉमि पर प्ररूप डी-2 में आिेिन करे गा और अपेजक्षत जििरण जिसके अंतगित टाईप प्रमाणपत्र की िो मानि-रजित
िायुयान प्रणाली अनुरूप िै, जिजिष्ट संखया भी, प्रिान करे गा ।
(2) जडजिटल स्ट्काई प्लेटफॉमि, इस जििरण का सत्यापन करे गा और आिेिक को जिजिष्ट पिचान संखया िारी करे गा।
(3) मानि-रजित िायुयान प्रणाली की जिजिष्ट पिचान संखया को, जनमािता द्वारा प्रिान दकए गए जिजिष्ट क्रम संख्या और
उसके उडान जनयंत्रण मॉड्यूल और ररमोट पायलेट स्ट्टेिन की जिजिष्ट क्रम संखया से सलंक दकया िाएगा।
(4) कोई भी व्यजि, जडजिटल स्ट्काई प्लेटफॉमि पर नए फ्लाइट कं रोल मॉड्यूल या ररमोट पायलेट स्ट्टेिन की जिजिष्ट क्रम
संख्या को ऐसे प्रजतस्ट्थापन की तारीख से सात दििस की अिजध के भीतर अथिा इस प्रकार की मानि-रजित िायुयान प्रणाली
को प्रचाजलत करने से पिले, िो भी पिले िो अपडेट दकए जबना, मानि-रजित िायुयान प्रणाली के फ्लाइट कं रोल मॉड्यूल या
ररमोट पायलेट स्ट्टेिन को निीं बिलेगा, जिसकी क्रम संखया, ऐसे मानि-रजित िायुयान की जिजिष्ट पिचान संखया से सलंक
िै।
16. जिद्यमान मानि-रजित िायुयान प्रणाजलयों का रजिस्ट्रीकरण – (1) तारीख 30 निंबर 2021 को या उससे पिले भारत
में जिजनर्मित या भारत में आयात दकए गए मानि-रजित िायुयान पर स्ट्िाजमत्ि रखने िाला ि्यजि, उक्त तारीख के इकतीस
दिनों की अिजध के भीतर, जनयम 46 में यथा जिजनर्ििष्ट फीस के साथ जडजिटल स्ट्काई प्लेटफॉमि पर प्ररूप डी-2 में अपेजक्षत
जििरण प्रिान करके रजिस्ट्टर कराने और जिजिष्ट पिचान संखया प्राप्त करने के जलए आिेिन करे गा ।
(2) जडजिटल स्काई प्लेटफॉमि, उपजनयम (1) के अधीन प्रस्ट्तुत दकए गए इस जििरण का सत्यापन करे गा और आिेिक को
जिजिष्ट पिचान संखया िारी करे गा, यदि --
(क) मानि-रजित िायुयान प्रणाली के पास उपधारा (1) में उजल्लजखत तारीख या पर उसके पिले जडजिटल स्ट्काई
प्लेटफॉमि द्वारा िारी एक जिजधमान्य ड्रोन पािती संखया िो;
(ख) मानि-रजित िायुयान प्रणाली के पास, मानि-रजित िायुयान प्रणाली के जलए माल और सेिा कर संित्त दकए
िाने का जबल िो; और
(ग) मानि-रजित िायुयान की यि प्रणाली, जडजिटल स्ट्काई प्लेटफॉमि पर मिाजनिेिक द्वारा प्रकाजित मानि-रजित
िायुयान प्रणाजलयों की सूची का जिस्ट्सा िो।
17. मानि-रजित िायुयान प्रणाजलयों का अंतरण – (1) कोई व्यजि, जनयम 46 में यथा जिजनर्ििष्ट फीस के साथ जडजिटल
स्ट्काई प्लेटफॉमि पर डी-3 प्ररूप में, अंतरक, अंतररती और मानि-रजित िायुयान प्रणाली की जिजिष्ट पिचान संखया का
अपेजक्षत जििरण िेने के पश्चात्, दकसी मानि-रजित िायुयान प्रणाली का दकसी अन्य व्यजि को जिक्रय, पट्टा, उपिार या
दकसी अन्य रीजत से अंतरण कर सके गा ।
(2) उपजनयम (1) में जनर्ििष्ट अंतरण, मिाजनिेिक द्वारा अनुरजक्षत रजिस्ट्रीकरण अजभलेख में प्रभािी िोंगे और अंतरक,
अंतररती तथा जिजिष्ट पिचान संखया के इलैक्राजनक सत्यापन के पश्चात्, जडजिटल स्ट्काई प्लेटफामि पर संव्यििार संखया
िजनत िोगी ।
18. मानि-रजित िायुयान प्रणाजलयों का डी-रजिस्ट्रीकरण – (1) ििां दकसी व्यजि के नाम से रजिस्ट्रीकृ त कोई मानि-
रजित िायुयान प्रणाली स्ट्थायी रूप से खो गई िै या क्षजतग्रस्ट्त िो गई िै, ििां उसका स्िामी, उसके खोने या क्षजतग्रस्ट्त िोने के
युजियुि जनष्कषि पर पहुंचने पर, जनयम 46 में यथाजिजनर्ििष्ट िुल्क के साथ जडजिटल स्ट्काई प्लेटफॉमि को डी-3 प्ररूप में
आिेिन प्रस्ट्तुत करके , ऐसी मानि-रजित िायुयान प्रणाली के जिरजिस्ट्रीकरण के जलए आिेिन करे गा।
(2) उपजनयम (1) में जनर्ििष्ट जिरजिस्ट्रीकरण, मिाजनिेिक द्वारा अनुरजक्षत रजिस्ट्रीकरण अजभलेख में प्रभािी िोंगे और
जडजिटल स्ट्काई प्लेटफामि पर उनकी संव्यििार संखया िजनत िोगी।
भाग V
मानि-रजित िायुयान प्रणाली का प्रचालन
19. एयरस्ट्पेस मैप—कें द्रीय सरकार, इन जनयमों की अजधसूचना की तारीख के तीस दििस के भीतर, जडजिटल स्ट्काई
प्लेटफॉमि पर, मानि-रजित िायुयान प्रणाली प्रचालन के जलए एक ििाई क्षेत्र का नक्िा, िो भारत के पूरे ििाई क्षेत्र को 10
मीटर या इससे स्ट्पष्ट (फाइन) िााँररिान्टल रे सोल्यूिन के साथ, लाल, पीले और िरे क्षेत्रों में जिभि करता िै, प्रकाजित कर
सकती िै।
20. इं टर-एजक्टि मैप्स – मानि-रजित िायुयान प्रणाली प्रचालन के जलए ििाई क्षेत्र का नक्िा, एक मिीन रीडेबल
एजप्लके िन प्रोग्रासमंग इं टरफे स (एपीआई) और इं टर-एजक्टि के मार्धयम से प्रोग्रामेरटक रूप से सुलभ िोने के जलए जडजाइन
दकया िाएगा, जिससे मानि-रजित िायुयान प्रणाली पायलट, अपनी प्रस्ट्ताजित उडान योिना का आधार तैयार कर सके और
आसानी से उस क्षेत्र की पिचान कर सकें , जिसके भीतर यि आता िै जिससे यि आकलन दकया िा सके दक उन्िें पूिि अनुमोिन
के जलए आिेिन करने की आिश्यकता िै या निीं।
21. क्षेत्रीय जनबंधनों का, उडान-पूिि आज्ञापक सत्यापन – मानि-रजित िायुयान प्रणाली प्रचालन िुरू करने से पिले,
ररमोट पायलट को, प्रचालन के इजछछत क्षेत्र में मानि-रजित िायुयान प्रणाली प्रचालन के जलए लागू दकसी भी अजधसूचना या
जनबंधन की िानकारी के जलए जडजिटल स्ट्काई प्लेटफॉमि से आज्ञापक रूप से सत्याजपत कराना िोगा।
22. पूिि अनुमजत की आिश्यकता – (1) कोई भी व्यजि, पूिि अनुमजत के जबना रे ड िोन या येलो िोन में मानि-रजित
िायुयान प्रणाली का प्रचालन निीं करे गा।
(2) जनयम 21 के प्रािधानों के अधीन ग्रीन िोन में मानि-रजित िायुयान प्रणाली के प्रचालन के जलए पूिि अनुमजत की
आिश्यकता निी िोगी।
23. िोसनंग की गजतिील प्रकृ जत – कें द्रीय सरकार, दकसी क्षेत्र की जस्ट्थजत को एक क्षेत्र से िूसरे में बिलने के जलए, समय-
समय पर मानि-रजित िायुयान प्रणाली प्रचालन के जलए जडजिटल स्ट्काई प्लेटफॉमि पर ििाई क्षेत्र के नक्िे को अपडेट कर
सके गी और इस तरि का कोई भी पररितिन इस तरि के अपडेट की तारीख के सात दििस बाि िी प्रभािी िोगा।
24. अस्ट्थायी रे ड िोन – (1) यदि दकसी जिजनर्ििष्ट क्षेत्र में मानि-रजित िायुयान प्रणाली उडानों को अस्ट्थायी रूप से
प्रजतबंजधत करने की तत्काल आिश्यकता िै, तो संबंजधत राज्य सरकार या संघ राज्यक्षेत्र प्रिासन या जिजध प्रितिन अजभकरण,
इसे जडजिटल स्ट्काई प्लेटफॉमि के मार्धयम से अजधसूजचत करके और ििाई क्षेत्र के नक्िे पर िाईलाइट करके , ऐसे जनर्ििष्ट क्षेत्र में
एक समय में जछयानिे घंटे से अनजधक की अिजध के जलए अस्ट्थायी रे ड िोन घोजषत कर सकें गे।
(2) अस्ट्थायी रे ड िोन की घोषणा, ऐसे दकसी अजधकारी द्वारा की िाएगी, िो पुजलस अधीक्षक या उसके समतुल्य स्तर से
नीचे की पंजि का न िो । ऐसा अजधकारी, अस्ट्थायी रे ड िोन के आकार को युजियुक्त रखने का प्रयास करे गा, न दक बढाने
का।
(3) उपजनयम (1) के अंतगित इस प्रकार घोजषत दकए गए प्रजतबंधों के संबंध में अस्ट्थाई रे ड िोन की पररजध से पांच
दकलोमीटर की िूरी के भीतर जिजिष्ट पिचान संखया के धारकों को जडजिटल स्ट्काई प्लेटफामि के मार्धयम से या इलैक्राजनक
मार्धयम से सूजचत करने का प्रयास दकया िाएगा, परं तु इस प्रकार की िानकारी प्राप्त निीं िोना, एक मानि-रजित िायुयान
पायलट को एक मानि-रजित िायुयान प्रणाली प्रचालन िुरु करने से पिले जडजिटल स्ट्काई प्लेटफामि पर क्षेत्रीय प्रजतबंधों को
सत्याजपत करने की जिम्मेिारी से मुि निीं करे गा।
25. जडजिटल स्ट्काई प्लेटफामि तक पहुाँच –राज्य सरकारों, संघ राज्य क्षेत्र प्रिासन और कानून प्रितिन अजधकरण के नोडल
अजधकाररयों को जडजिटल स्ट्काई प्लेटफॉमि तक सीधी पहुंच प्रिान की िाएगी।
26. सुरजक्षत प्रचालन - कोई भी व्यजि, प्रत्यक्ष या अप्रत्यक्ष रूप से, दकसी भी रीजत में मानि-रजित िायुयान प्रणाली का
प्रचालन निीं करे गा, जिससे दकसी भी व्यजि या संपजि की संरक्षा और सुरक्षा को खतरा िो।
27. िजथयारों, गोला-बारूि, जिस्ट्फोटकों, सैन्य भंडारणों आदि के ले िाने पर प्रजतबंध- कोई भी व्यजि, दकसी भी मानि-
रजित िायुयान प्रणाली में भारत से/भारत के जलए, भारत के भीतर या उसके ऊपर, युद्ध के दकसी भी िजथयार, गोला-बारूि,
युद्ध सामग्री, युद्ध के उपकरण, जिस्ट्फोटक और सैन्य भंडार, को कें द्रीय सरकार या कें द्रीय सरकार द्वारा अजधकृ त दकसी अन्य
व्यजि की जलजखत अनुज्ञा के जसिाय और ऐसी अनुमजत के जनबंधनों तथा ितों के अर्धयधीन रिते हुए न तो लेकर िाएगा और
न िी इसके जलए अनुमजत िेगा।
28. खतरनाक माल का ििन- कोई भी व्यजि मानि-रजित िायुयान पर खतरनाक सामान निीं ले िाएगा, िब तक दक ऐसा
प्रचालन, जिमान (िोजखमपूणि सामान की ढु लाई) जनयम, 2003 के अनुपालन में न िो।
29. मागि का अजधकार - मानि-रजित िायुयान प्रणाली का प्रचालन करने िाला कोई भी व्यजि, मानियुि िायुयान के
मागि के अजधकार का उल्लंघन निीं करे गा।
30. िुघटि ना की अजनिायि ररपोर्टंग - मानि-रजित िायुयान प्रणाली से िुडी िुघिटना के अडतालीस घंटे के भीतर, ऐसे मानि-
रजित िायुयान प्रणाली का ररमोट पायलट, जडजिटल स्ट्काई प्लेटफॉमि के मार्धयम से मिाजनिेिक को िुघिटना की ररपोटि करे गा।
भाग VI
ररमोट पायलट अनुज्ञजप्त
31. सामान्य. – जडजिटल स्ट्काई प्लेटफॉमि पर सूचीबद्ध, िैध ररमोट पायलट अनुज्ञजप्त धारक के अजतररक्त कोई भी
सामान्य व्यजि मानि-रजित िायुयान प्रणाली प्रचाजलत निीं करे गा।
32. िगीकरण. – ररमोट पायलट अनुज्ञजप्त में जििेष रूप से मानि-रजित िायुयान प्रणाली के िगि, उप-िगि और श्रेणी या
इनके संयोिन जिनके जलए यि िारी की गई िै उजल्लजखत िोगें ।
33. पात्रता. – कोई व्यजि ररमोट पायलट अनुज्ञजप्त प्राप्त करने के जलए पात्र िोगा यदि िो:
(क) जिसकी न्यूनतम उम्र 18 िषि तथा अजधकतम उम्र 65 िषि िो;
(ख) दकसी मान्यता प्राप्त बोडि से िसिीं परीक्षा या उसके समतुल्य परीक्षा उिीणि की िों; और
(ग) दकसी मान्यताप्राप्त ररमोट पायलट प्रजिक्षण संगठन से, िो मिाजनिेिक द्वारा जिजनर्ििष्ट दकया गया िो
ऐसा प्रजिक्षण सफलतापूििक पूरा चुका िो।
34. ररमोट पायलट अनुज्ञजप्त प्राप्त करने की प्रदक्रया – (1) कोई व्यजि िो मानि रजित जिमान प्रणाली या उसके संयोिन के
दकसी प्रिगि, उपप्रिगि या िगि के जलए ररमोट पायलट अनुज्ञजप्त को प्राप्त करने की इछछा रखता िै तो िि ऐसे प्रिगि, उपप्रिगि
या िगि के जलए मिाजनिेिक द्वारा जिजनर्ििष्ट प्रजिक्षण पूरा करे गा और प्राजधकृ त ररमोट पायलट प्रजिक्षण संगठन द्वारा
संचाजलत परीक्षा उत्तीणि करे गा ।
(2) उपजनयम (1) के अधीन प्रजिक्षण और परीक्षा को सफलतापूििक पूरा करने के सात दिनों के भीतर उन व्यजियों के
जिन्िोंने परीक्षा उत्तीणि कर ली िै के ब्यौरे उपलब्ध कराने के जलए प्राजधकृ त ररमोट पायलट प्रजिक्षण संगठन जनयम, 46 में
यथाजिजनर्ििष्ट फीस के साथ जडजिटल स्ट्काई प्लेटफॉमि पर प्ररूप डी-4 में ररमोट पायलट अनुज्ञजप्त के जलए आिेिन कर सके गा।
(3) व्यजि जिसके संबंध में उपजनयम (2) के अधीन प्राजधकृ त ररमोट पायलट प्रजिक्षण संगठन द्वारा आिेिन दकया गया िै तो
जडजिटल स्ट्काई प्लेटफॉमि के मार्धयम से ऐसे व्यजि को ररमोट पायलट अनुज्ञजप्त िारी की िाएगी ।
(4) मिाजनिेिक उपजनयम (3) के अधीन ररमोट पायलट प्रमाणपत्र के िारी करने की तारीख से पद्रंि दिनों के भीतर
जडजिटल स्ट्काई प्लेटफॉमि के मार्धयम से ऐसे व्यजि को ररमोट पायलट अनुज्ञजप्त िारी करे गा ।
35. अनुज्ञजप्त की िैधता. – कोई ररमोट पायलट अनुज्ञजप्त -
(क) तभी मान्य िोगा िब िि जडजिटल स्ट्काई प्लेटफॉमि पर सूचीबद्ध िो।
(ख) िब तक दक जनलंजबत अथिा रद्द न कर दिया गया िो, िस िषि की अिजध के जलए िैध रिता िै।
(ग) जनयम 46 में यथाजिजनर्ििष्ट फीस को संिाय दकए िाने पर मिाजनिेिक द्वारा ऐसी अिजध के जलए िो
उसमें जिजनर्ििष्ट की िाए िस िषों की अिजध के अर्धयाधीन निीकृ त दकया िा सकता िै:
परन्तु ररमोट पायलट अनुज्ञजप्त धारक ऐसे पुनियाि पाठ्यक्रम को पूरा करे गा िो समय-समय पर जडजिटल स्ट्काई
प्लेटफॉमि पर मिाजनिेिक द्वारा जनर्ििष्ट दकया िाए।
36. अनुज्ञजप्त प्राप्त करने से छू ट – दकसी भी ऐसे व्यजि के जलए ररमोट पायलट अनुज्ञजप्त की आिश्यकता निीं िोगी िो –
(क) नैनो मानि-रजित िायुयान प्रणाली का प्रचालन कर रिा िो; और
(ख) गैर-िाजणजज्यक उद्देश्यों के जलए माइक्रो मानि-रजित िायुयान प्रणाली का प्रचालन कर रिा िो।
भाग VII
ररमोट पायलट प्रजिक्षण संगठन
37. सामान्य – प्राजधकृ त ररमोट पायलट प्रजिक्षण संगठन के अलािा कोई व्यजि, ररमोट पायलट अनुज्ञजप्त के जलए दकसी
व्यजि को प्रजिक्षण प्रिान निीं कर सकता।
38.पात्रता – दकसी ररमोट पायलट प्रजिक्षण संगठन को तब तक प्रजिक्षण िेने के जलए प्राजधकृ त निीं दकया िाएगा िब तक
िि मिाजनिेिक द्वारा जनधािररत पात्रता के सभी मापिंडों को पूरा निीं कर लेता िै।
39.प्राजधकार प्राप्त करने की प्रदक्रया – (1) कोई भी व्यजि िो ररमोट पायलट प्रजिक्षण संगठन स्ट्थाजपत करने के जलए
प्राजधकार की मांग कर रिा िै, िि, जनयम 46 में जनर्ििष्ट सेिा िुल्क के साथ जडजिटल स्ट्काई प्लेटफॉमि पर प्ररूप घ-5 में
मिाजनिेिक को आिेिन प्रस्ट्तुत करे गा।
(2) मिाजनिेिक, उपजनयम (1) के अधीन आिेिन की प्राजप्त की तारीख से साठ दिनों के अिजध के भीतर आिेिक को,
ऐसे, ररमोट पायलट प्रजिक्षण संगठन स्ट्थाजपत करने के जलए प्राजधकार िारी कर सके गा यदि उसे समाधान िो िाता िै दक
आिेिक ऐसे ररमोट पायलट प्रजिक्षण संगठन स्ट्थाजपत करने के जलए जिजनर्ििष्ट मापिंड और अपेक्षाएं पूरी करता िै।
40. िैधता – ररमोट पायलट प्रजिक्षण संगठन की स्ट्थापना करने िेतु प्रिान दकया गया प्राजधकार, िब तक दक
जनलंजबत या रद्द न कर दिया गया िो, िस िषि की अिजध के जलए िैध रिेगा और जनयम 46 में यथाजिजनर्ििष्ट फीस के
संिाय पर ऐसी अिजध के जलए िो उसमें जिजनर्ििष्ट की िाए, एक समय में िस िषि की अजधकतम अिजध के अर्धयाधीन,
निीनीकृ त दकया िा सके गा।
41. प्रजिक्षण अपेक्षाएाँ – (1) प्राजधकृ त ररमोट पायलट प्रजिक्षण संगठन, प्रजिक्षण, पाठ्यक्रम, अिसंरचना,
अनुिेिकों, िक्षता परीक्षण और ररमोट पायलट प्रमाण पत्र के संबंध में जडजिटल स्ट्काई प्लेटफॉमि पर मिाजनिेिक जिजनर्ििष्ट
अपेक्षाओं के साथ सखत अनुपालन सुजनजित करे गा।
(2) उपजनयम (1) के अधीन जिजनर्ििष्ट प्रजिक्षण अपेक्षाएाँ, मानि-रजित िायुयान प्रणाली के प्रिगि, उपप्रिगि और िगि के
जलए जिजनर्ििष्ट िोगी।
भाग VIII
अनुसध
ं ान, जिकास और परीक्षण
42. ं ान, जिकास और परीक्षण के जलए मानि-रजित जिमान प्रणाली प्रचालन – जनम्नजलजखत व्यजियों को
अनुसध
अनुसंधान, जिकास और परीक्षण उद्देश्यों के जलए मानि-रजित जिमान प्रणाजलयों के प्रचालन िेतु टाइप प्रमाण पत्र, जिजिष्ट
पिचान संखया, पूिि अनुमजत तथा ररमोट पायलट अनुज्ञजप्त की आिश्यकता निीं िोगी, अथाित् :–
(क) के न्द्रीय सरकार या राज्य सरकार या संघ राज्य क्षेत्र प्रिासन के प्रिासजनक जनयंत्रण में या उनसे मान्यता
प्राप्त अनुसंधान एिं जिकास संस्ट्था;
(ख) के न्द्रीय सरकार या राज्य सरकार या संघ राज्य क्षेत्र प्रिासन के प्रिासजनक जनयंत्रण में या उनसे मान्यता
प्राप्त िैक्षजणक संस्ट्था;
(ग) उद्योग संिधिन और आंतररक व्यापार जिभाग द्वारा मान्यता प्राप्त स्ट्टाटिअप;
(घ) कोई प्राजधकृ त परीक्षण संस्ट्था; और
(ङ) कोई भी मानि-रजित िायुयान प्रणाली जनमािता जिसके पास िस्ट्तु और सेिा कर पिचान संखया िै:
परन्तु इस तरि के मानि-रजित जिमान प्रणाली प्रचालन ग्रीन जोन के भीतर और उस व्यजि के पररसर के भीतर िों ििां
ऐसा अनुसंधान, जिकास और परीक्षण दकया िा रिा िो; या ऐसे व्यजि के जनयंत्रण में दकसी ग्रीन जोन में खुले क्षेत्र के
भीतर िो।
भाग IX
मानि-रजित िायुयान प्रणाली यातायात प्रबंधन
43. मानि-रजित िायुयान प्रणाली यातायात प्रबंधन- (1) के न्द्रीय सरकार, इन जनयमों के प्रकािन की तारीख के साठ
दिनों की अिजध के भीतर, जडजिटल स्ट्काई प्लेटफॉमि पर मानि-रजित िायुयान प्रणाली यातायात प्रबंधन प्रणाली से
संबंजधत नीजतगत ढांचा प्रकाजित करे गी।
(2) ऐसा नीजतगत ढांचा इन जनयमों के अनुरूप िोगा एिं इन जनयमों के अधीन यथा अपेजक्षत स्ट्िचाजलत अनुमजत सुजिधा
के अनुसार िोगा और जिसमें -
(क) सभी िोनों के भीतर मानि-रजित िायुयान प्रणाली द्वारा सामान के सुरजक्षत और जनबािध अंतरण के जलए
गजलयारों को जिकजसत करने के जलए ढांचा; और
(ख) राज्य सरकारों और संघ राि्य क्षेत्र प्रिासनों की भूजमकाएं, िजियां और उत्तरिाजयत्ि िाजमल िैं।
भाग X
बीमा
44. बीमा— (1) मोटर यान अजधजनयम, 1988 (1988 का 59) के उपबंध और इनके अधीन बनाए गए जनयम,
आिश्यक पररितिन सजित, मानि-रजित जिमान प्रणाली के तीसरे पक्षकार बीमा तथा ऐसे मानि-रजित जिमान प्रणाली के
कारण हुए िीिन या संपजि की िाजन के मामले में क्षजतपूर्ति के जलए लागू िोंगे।
परन्तु एक नैनो मानि-रजित जिमान प्रणाली, तीसरे पक्षकार बीमा के जबना प्रचाजलत िो सके गी।
(2) मानि-रजित जिमान प्रणाली को प्रचाजलत करने िाला कोई व्यजि, भारतीय बीमा जिजनयामक और जिकास प्राजधकरण
द्वारा अनुमोदित इस प्रकार के प्रचालनों के जलए जिजिष्ट तौर से तैयार दकए गए बीमा उत्पाि का उपयोग कर सकता िै।
भाग XI
मानि-रजित िायुयान प्रणाली को बढािा िेना
45. मानि-रजित जिमान प्रणाली को बढािा िेना – (1) के न्द्रीय सरकार मानि-रजित जिमान प्रणाली संिधिन
पररषि के गठन के द्वारा मानि-रजित िायुयान प्रणाली को ग्रिण और उपयोग को बढािा िे सके गी जिसमें जनम्नजलजखत
सुजिधाएं िोंगी -
(क) स्ट्िचाजलत अनुमजतयों सजित व्यिसाय के अनुकूल जिजनयामक व्यिस्ट्था का जिकास;
(ख) मानि-रजित िायुयान प्रणाली प्रौद्योजगदकयों के जिकास के जलए इन्क्यूबेटरों और अन्य सुजिधाओं की
स्ट्थापना;
(ग) नीजत सलाि में उद्योग जििेषज्ञों और िैक्षजणक संस्ट्थाओं की भागीिारी; और
(घ) मानि-रजित िायुयान प्रणाली और जिमान प्रणाली प्रौद्योजगदक से िुडे प्रजतस्ट्पधी कायिक्रमों का आयोिन।
(2) कें द्रीय सरकार, आर्थिक प्रभाि के आधार पर इन जनयमों का मूल्यांकन करने के पिात् भारतीय मानि रजित िायुयान
प्रणाली सेक्टर की उपलजब्धयों का सूचीकरण करते हुए तथा उस सेक्टर में कारबार करने में आसानी के िधिन िेतु उठाए गए
किमों की एक छि माजसक ररपोटि तैयार करे गी।
भाग XII
प्रकीणि
46. फीस-–इन जनयमों के अधीन कें द्रीय सरकार द्वारा जनयत, नीचे सारणी के स्ट्तंभ (2) में जिजनर्ििष्ट सेिाओं के जलए संिेय
फीस, उि सारणी के तत्स्ट्थानी स्ट्तंभ (3) में यथा जिजनर्ििष्ट िोगी, अथाित् :-
सारणी
क्रम सं. सेिाएं फीस (रुपए में)
(1) (2) (3)
1 प्रकार प्रमाणपत्र िारी करना 100
जिजिष्ट पिचान संखया िारी करना, अंतरण करना या उसका डी-रजिस्ट्रीकरण

2 100
करना
3 ररमोट पायलट अनुज्ञजप्त िारी करना या उसका निीनीकरण 100
4 ररमोट पायलट प्रजिक्षण संगठन का प्राजधकरण या प्राजधकरण का निीनीकरण 1,000
रटप्पण : भारत की गुणििा पररषि्, प्राजधकृ त परीक्षण इकाईयां तथा प्राजधकृ त ररमोट पायलट प्रजिक्षण संगठन, उनके
द्वारा इन जनयमों के अनुसार िी गई सेिाओं के जलए बािार सिबद्ध सेिा प्रभार संग्रजित कर सकें गे ।
47. जनिेि—िब कें द्रीय सरकार यि आिश्यक समझे तो िि अजधजनयम या इन जनयमों के उपबंधों से संगत, मानि रजित
िायुयान प्रणाजलयों से संबंजधत साधारण या जििेष जनिेि िारी कर सके गी ।
48. छू ट िेने की साधारण िजि—कें द्रीय सरकार, जलजखत में साधारण या जििेष आिेि द्वारा, ऐसी ितों के अधीन रिते
हुए, िो उस आिेि में जिजनर्ििष्ट की िाएं, या तो पूणित: या भागत: इन जनयमों के प्रचालन से दकसी व्यजि या व्यजियों के
िगि को छू ट िे सके गी ।
49. अपराध, िगीकरण और िमनीकरण—(1) कोई भी व्यजि इन जनयमों के उल्लंघन में कोई दक्रयाकलाप निीं करे गा ।
(2) िंड प्रदक्रया संजिता, 1973 (1974 का 2) में अंतर्ििष्ट दकसी बात के िोते हुए भी, जनयम 22 तथा जनयम 27 का
उल्लंघन संज्ञेय और अिमनीय िोगा।
(3) इन जनयमों के उल्लंघन या उनके अनुपालन में असफलता के जलए दकसी भी कायििािी के प्रजत, यदि ऐसा उल्लंघन या
असफलता, कारकों या पररजस्ट्थजतयों, िो ऐसे दकसी व्यजि के जनयंत्रण से परे या उसके ज्ञान या त्रुरट के जबना मौसमिन्य
करठनाई या अन्य अपररिायि कारण या पररजस्ट्थजत के कारण िोना साजबत िोने पर प्रजतरक्षा िोगी।
(4) इन जनयमों के उपबंध तत्समय प्रिृि दकसी अन्य जिजध के उपबंधों के अजतररि िोंगे न दक उसके अल्पीकरण में।
50. िाजस्ट्तयां—ििां सुनिाई का अिसर दिए िाने के पिात् मिाजनिेिक या कें द्रीय सरकार या राज्य सरकार अथिा संघ
राज्यक्षेत्र प्रिासन द्वारा प्राजधकृ त दकसी अजधकारी का यि समाधान िो िाता िै दक दकसी व्यजि ने इन जनयमों का उल्लंघन
दकया िै या इनके अनुपालन में असफल रिा िै, तो िि लेखबद्ध दकए िाने िाले कारणों से, अजधजनयम की धारा 10क के
उपबंधों के अनुसार एक लाख रुपए से अनजधक िाजस्ट्त उिगृिीत कर सके गा।
51. जनरीक्षण की िजि—मिाजनिेिक या उसके द्वारा प्राजधकृ त कोई व्यजि, जलजखत में साधारण या जििेष आिेि द्वारा
इन जनयमों तथा अजधजनयम के उपबंधों का अनुपालन सुजनजित करने के प्रयोिन के जलए, दकसी मानि रजित िायुयान
प्रणाली, दकसी संबंजधत सुजिधा का जनरीक्षण कर सके गा, दकसी कार्मिक से िातािलाप कर सके गा और दकसी िस्ट्तािेि या
अजभलेख का जनरीक्षण कर सके गा।
52. प्राजधकृ त व्यजियों को बाधा पहुंचाना—कोई व्यजि स्ट्िेछछया इन जनयमों के अधीन उसकी िजियों के प्रयोग तथा
कतिव्यों के जनिििन में कोई बाधा निीं पहुंचाएगा।
53. रद्दीकरण या जनलंबन—ििां मिाजनिेिक का, सुनिाई का अिसर िेने के पिात्, यि समाधान िो िाता िै दक दकसी
व्यजि ने इन जनयमों के उपबंधों का उल्लंघन दकया िै या उनका अनुपालन करने में असफल रिा िै, तो िि लेखबद्ध दकए
िाने िाले कारणों से इन जनयमों के अधीन अनुिि दकसी अनुज्ञजप्त, प्रमाणपत्र, प्राजधकरण या अनुमोिन को रद्द या जनलंजबत
कर सके गा।
54. कजतपय आिेिों की व्यािृजि—इन जनयमों की कोई बात लोक सुरक्षा के जित में या सभी मानि सजित या मानि रजित
िायुयानों के सुरजक्षत प्रचालन के जलए िारी दकए गए दकसी आिेि के संबंध में कें द्रीय सरकार की िजि को सीजमत या
अन्यथा प्रभाजित निीं करे गी।
55. जनरसन और व्यािृजि—ऐसे जनरसन के पूिि की गई या करने से लोप की गई बातों के जसिाय, मानि रजित िायुयान
प्रणाली जनयम, 2021 जनरजसत दकए िाते िैं।
प्ररूप डी-1
(जनयम 9 िेख)ें
प्रकार प्रमाण पत्र के जलए आिेिन
भाग क - व्यजिगत ब्यौरे (यदि लागू िो)
1 पूरा नाम
2 मोबाइल संखया (िो आधार से सलंक िो)
3 ईमेल पता
4 आधार संखया
5 भारतीय पासपोटि संखया
6 स्ट्थायी खाता संखया (िैकजल्पक)
7 घरकापता
भाग ख - संगठन के ब्यौरे (यदि लागू िो)
8 जिजनमािता का नाम
9 जिजनमािता का पता
10 संगठन की रजिस्ट्रीकरण संखया
11 िीएसटीआईएन प्रमाणपत्र (िैकजल्पक)
12 डीआईएन के साथ जनिेिक(कों)का नाम
13 दकसी एक जनिेिक की आधार संखया
14 जनिेिक का ई-मेल पता
15 जनिेिक की मोबाइल संखया (िो आधार से सलंक िो)
भाग ग - मानि-रजित िायुयान प्रणाली की जिजिष्टताएाँ और िस्ट्तािेि
16 मॉडल का नाम
मानि-रजित िायुयान प्रणाली का िगीकरण ☐ जिमान ☐ रोटरक्राफ्ट

17
☐ िाइजिड
मानि-रजित िायुयानप्रणाली की उप-श्रेणी ☐ आरपीएएस ☐ मॉडल

18
☐ स्ट्िायि
मानि-रजित िायुयान प्रणाली का प्रकार ☐ नैनो ☐ सूक्ष्म ☐ छोटे ☐ मर्धयम

19
☐ बडे
20 उडान जनयंत्रण मॉड्यूल की जिजिष्टताएाँ
21 ररमोट पायलट स्ट्टेिन की जिजिष्टाताएाँ
22 दकलोग्राम में अजधकतम कु ल भार (पेलोड सजित)
23 जम.मी. में कु ल आयाम (लंबाईxचौडाईxऊंचाई)
24 जििरण
25 संगत पेलोड के ब्यौरे
26 पररितिनीय भार/उपभोग्य िस्ट्तुएं (िैसे द्रि आदि, यदि कोई िो)
27 इं िन/मोटर
28 पािर रे टटंग
29 इं िनों/मोटरों की संखया
30 कु ल ईंधन क्षमता (दकलोग्राम)/बैटरी क्षमता (एमएएच)
31 प्रोपेलर ब्यौरे
32 ग्राउं ड जनयंत्रण स्ट्टेिन सॉफ्टिेयर संस्ट्करण
33 दिक्वेन्सी बैंड
34 अजधकतम एन्डु रन्स (घंटा/जमनट)
35 अजधकतम सीमा (दक.मी. में)
36 अजधकतम गजत (मीटर/सेकंड में)
37 अजधकतम प्राप्य ऊंचाई/अजधकतम ऊंचाई सीमा(फीट में)
38 प्रचालजनक ऊंचाई (फीट में)
39 पररचालन एनिेलप
40 इं िन की सीमा (अजधकतम आरपीएम)/अजधकतम बैटरी तापमान(⁰से. में)
41 प्रोपेलर सीमा
42 जिजनमािता की पररचालन जनयमािली (िैसा लागू िो)
43 जिजनमािता के रखरखाि दििाजनिेि (िैसा लागू िो)
44 रखरखाि जनरीक्षण अनुसूची/ओिरिाल अंतराल
मानि-रजित िायुयान प्रणाली की तस्ट्िीरें :
45 1. िं ट व्यू
2. टॉप व्यू
46 प्राजधकृ त परीक्षण संगठन का चयन (जडजिटल स्ट्काइ प्लैटफ़ामि पर ड्रॉपडाउन मेनू

से)
भाग घ - फीस के ब्यौरे
47 संव्यििार संखया
48 फीस रसीि
घोषणा
मैं, यि घोषणा करता हं दक इस में िी गई सभी सूचनाएं, मेरी िानकारी के अनुसार सत्य एिं सिी िै। मुझे यि ज्ञात िै दक
इसमें जमथ्या सूचना प्रस्ट्तुत करने पर,मेरे जिरूद्ध यथालागू िंडात्मक कारि िाई की िा सकती िै।
नाम:
तारीख : स्ट्थान:
प्ररूप डी-2
(जनयम 15 और 16 िेख)ें
जिजिष्ट पिचान संखया के रजिस्ट्रीकरण के जलए आिेिन
भाग क - व्यजि के ब्यौरे (यदि लागू िो)
7 घर का पता
भाग ख – संगठन के ब्यौरे (यदि लागू िो)
8 संगठन का नाम
9 संगठन का पता
11 िीएसटीआईएन प्रमाण पत्र (िैकजल्पक)
12 जनिेिकों के नाम उनके डीआईएन के साथ
भाग ग - मानि-रजित िायुयान प्रणाली जिजिष्टताएाँ
16 मानि-रजित िायुयान प्रणाली का िगीकरण ☐ जिमान ☐ रोटरक्राफ्ट ☐ िाइजिड
☐ आरपीएएस ☐ मॉडल ☐ स्ट्िायि

17 मानि-रजित िायुयान प्रणाली की उप-श्रेणी
18 मानि-रजित िायुयान प्रणाली का िगि ☐ नैनो ☐ सूक्ष्म ☐ छोटे ☐ मर्धयम ☐ बडे
19 जिजनमािता का नाम
21 टाइप प्रमाण पत्र की सीररयल संखया (यदि लागू िो)
22 जिजनमािता द्वारा प्रिान की गई सीररयल संखया
23 उडान जनयंत्रण मॉड्यूल की सीररयल संखया

24 ररमोट पायल टस्ट्टेिन की सीररयल संखया
मानि-रजित िायुयान प्रणाली का जचत्र:
1. िं ट व्यू
25
2. टॉप व्यू
3. जिजनमािता की क्रमसंखया का क्लोि-अप
26 ड्रोन अजभस्ट्िीकृ जत संखया (डीएएन) (यदि लागू िो)
27 िीएसटी-पेड जबल अपलोड करें (के िल डीएएन धारकों के जलए)
भाग घ – फीस ब्यौरे
घोषणा
मैं, यि घोषणा करता हं दक इसमें िी गई सभी सूचनाएं मेरी िानकारी के अनुसार सत्य एिं सिी िै। मैं और यि घोषणा
करता हाँ दक मानि-रजित िायुयान प्रणाली प्ररूप (यदि लागू िो) में उजल्लजखत प्रकार प्रमाणपत्र के अनुरूप िै। मुझे यि ज्ञात
िै दक इसमें जमथ्या सूचना प्रस्ट्तुत करने पर मेरे जिरूद्ध यथालागू िंडात्मक कारि िाई की िा सकती िै।
नाम:
तारीख : स्ट्थान:
प्ररुप डी-3
मानि-रजित िायुयान प्रणाली के अंतरण या जिरजिस्ट्रीकरण (deregistration) के जलए आिेिन
भाग क – मानि-रजित िायुयान प्रणाली ब्यौरे
1 जिजिष्ट पिचान संखया (यूआईएन)
3 कु ल भार
भाग ख – अंतरणकताि (Transferor)/ स्ट्िामी के ब्यौरे
4 व्यजि या संगठन का पूरा नाम

5 आधार संखया (व्यजि के जलए)
6 भारतीय पासपोटि संखया (व्यजि जिजिष्ट के जलए)
8 आधार से सलंक मोबाइल संखया
9 पता
12 संव्यििार की प्रकृ जत ☐ अंतरण ☐ जिरजिस्ट्रीकरण (भाग ग छोड िें)
13 अंतरण की प्रकृ जत (यदि लागू िो) ☐ जिक्रय ☐ लीज ☐ उपिार ☐ अन्य
भाग ग - अंतररती(Transferee) ब्यौरे (यदि लागू िो)
व्यजिगत ब्यौरे (यदि लागू िो)
संगठन के ब्यौरे (यदि लागू िो)

25 जनिेिकों का नाम उनके डीआईएन के साथ
भाग घ – डी-रजिस्ट्रीकरण के ब्यौरे (यदि लागू िो)
29 जिरजिस्ट्रीकरण का कारण ☐ स्ट्थायी रूप से नष्ट ☐ स्ट्थायी रूप से क्षजतग्रस्ट्त
भाग ड. – फीस ब्यौरे
घोषणा
मैं, यि घोषणा करता हं दक इस में िी गई सभी सूचनाएं मेरी िानकारी एिं जिर्श्ास के अनुसार सत्य एिं सिी िै। मुझे यि
ज्ञात िै दक इसमें जमथ्या सूचना प्रस्ट्तुत करने पर मेरे जिरूद्ध यथालागू िंडात्मक कारि िाई की िा सकती िै।
नाम:
तारीख: स्ट्थान:
प्ररुप डी - 4
ररमोट पायलट लाइसेंस के जलए आिेिन (आरपीटीओ द्वारा फाइल दकया िाना िै।)
भाग क - व्यजि का ब्यौरा
2 िन्म जतजथ (दिन मिीना िषि)
3 निीनतम फोटो
7 फोन संखया
भाग ख - प्रजिक्षण ब्यौरे
9 प्रजिक्षण संगठन का नाम
10 प्रजिक्षण संगठन का डीिीसीए द्वारा प्रिि प्राजधकरण संखया
11 मानि-रजित िायुयान प्रणाली का िगि ☐ जिमान ☐ रोटरक्राफ्ट ☐ िाइजिड
12 मानि-रजित िायुयान प्रणाली का उप-िगि ☐ आरपीएएस ☐ मॉडल ☐ स्ट्िायि
13 मानि-रजित िायुयान प्रणाली की श्रेणी ☐ नैनो ☐ सूक्ष्म ☐ छोटे ☐ मर्धयम ☐ बडे
14 आरपीटीओ द्वारा िारी प्रिि प्रजिक्षण प्रमाणपत्र संखया

्
भाग ग - फीस ब्यौरे
घोषणा
मैं, यि घोषणा करता हं दक इसमें िी गई सभी सूचनाऐं मेरी िानकारी एिं जिर्श्ास के अनुसार सत्य एिं सिी िै। मुझे यि
ज्ञात िै दक इसमें जमथ्या सूचना प्रस्ट्तुत करने पर मेरे जिरूद्ध यथालागू िंडात्मक कारि िाई की िा सकती िै।
नाम:
प्ररुप डी-5
ररमोट पायलट प्रजिक्षण के संगठन के प्राजधकरण के जलए आिेिन
भाग क - व्यजि या संगठन के प्रमुख के ब्यौरे

भाग ख - संगठन के ब्यौरे
11 िीएसटीआईएन प्रमाण पत्र (िैकजल्पक)
12 डीआईएन के साथ जनिेिक(कों) के नाम
भाग ग – अिसंरचना
16 भूजम के स्ट्िाजमत्ि या पट्टे के समझौते का प्रमाण
17 कक्षाओं की संखया
18 कक्षाओं का समग्र क्षेत्रफल
भाग घ - मानि-रजित िायुयान प्रणाली के जिजिष्टताएाँ और िस्ट्तािेि (प्रत्येक मानि-रजित जिमान प्रणाली के पररचालन
िेत)ु
19 मानि-रजित िायुयान प्रणाली की श्रेणी ☐ जिमान ☐ रोटरक्राफ्ट ☐ िाइजिड

☐ आरपीएएस ☐ मॉडल ☐ स्ट्िायि

20 मानि-रजित िायुयान प्रणाली की उप-श्रेणी
21 मानि-रजित िायुयान प्रणाली का िगि ☐ नैनो ☐ सूक्ष्म ☐ छोटे ☐ मर्धयम ☐ बडे
23 जिजिष्ट पिचान संखया
24 मानि-रजित िायुयान प्रणाली की जिजिजष्टताएाँ
भाग ङ - कार्मिक ब्यौरे
25 उत्तरिायी प्रबंधक के ब्यौरे
26 प्रत्येक अनुिि
े क के ब्यौरे
भाग च – फीस ब्यौरे
घोषणा
मैं, यि घोषणा करता हं दक इस में िी गई सभी सूचनाएं मेरी िानकारी एिं जिर्श्ास के अनुसार सत्य एिं सिी िै। मैं नागर
जिमानन मिाजनिेिालय द्वारा जिजनर्ििष्ट प्रजिक्षण अपेक्षाओं का पूणि अनुपालन सुजनजित करूंगा। मुझे यि ज्ञात िै दक इसमें
जमथ्या सूचना प्रस्ट्तुत करने पर मेरे जिरूद्ध यथालागू िंडात्मक कारि िाई की िा सकती िै।
नाम:
[फा.सं. एिी-29017/37/2021-एसडीआईटी-एमओसीए]
अम्बर िुब,े संयुि सजचि
MINISTRY OF CIVIL AVIATION
NOTIFICATION
New Delhi, the 25th August, 2021
The Drone Rules, 2021
G.S.R. 589(E).—Whereas, the draft of the Drone Rules, 2021, which the Central Government had
proposed to make in supersession of the Unmanned Aircraft System Rules, 2021, were published, as
required under section 14 of the Aircraft Act, 1934 (22 of 1934), vide notification of the Government of
India in the Ministry of Civil Aviation number G.S.R. 489 (E), dated the 15th July, 2021 in the Gazette of
India, Extraordinary, Part II, Section 3, Sub-section (i), dated the 15th July, 2021, inviting objections and
suggestions from all persons likely to be affected thereby, before the specified period;
And whereas, the objections and suggestions received in respect of the draft rules within the period so
specified have been taken into consideration;
Now, therefore, in exercise of the powers conferred by section 5, sub-section (2) of section 10 and
sections 10A, 10B and 12A of the Aircraft Act, 1934 (22 of 1934), the Central Government hereby makes
the following rules, namely:–
PART I
PRELIMINARY
1. Short title and commencement. —(1) These rules may be called the Drone Rules, 2021.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. Application.––(1) These rules shall apply to––
(a) all persons owning or possessing, or engaged in leasing, operating, transferring or maintaining
an unmanned aircraft system in India;
(b) all unmanned aircraft systems that are registered in India; and
(c) all unmanned aircraft systems that are being operated for the time being, in or over India.
(2) The provisions of the Aircraft Rules, 1937 shall not apply to unmanned aircraft systems except in case
of an unmanned aircraft system with maximum all-up-weight of more than 500 kilograms;
(3) These rules shall not apply to an unmanned aircraft system belonging to, or used by, the naval, military
or air forces of the Union of India.
3. Definitions.—(1) In these rules, unless the context otherwise requires, –
(a) “Act” means the Aircraft Act, 1934 (22 of 1934);
(b) “accident” means any accident associated with the operation of an unmanned aircraft system in
which a person is fatally or seriously injured or where the unmanned aircraft system sustains
significant damage or goes missing or is completely inaccessible;
(c) "aeroplane" means any power-driven heavier than air aircraft machine deriving support for its
lift in flight chiefly from aerodynamic reactions on surfaces which remain fixed under given
conditions of flight;
(d) “authorised remote pilot training organisation” means an organisation authorised by the
Director General for the purpose of imparting training under rule 39;
(e) “authorised testing entity” means an entity authorised by the Director General or the Quality
Council of India for the purpose of testing unmanned aircraft system for type certification;
(f) “Contracting State” means any country which is for the time being a party to the Convention
on International Civil Aviation concluded at Chicago on 7th December 1944;
(g) “digital sky platform” means the online platform hosted by the Directorate General of Civil
Aviation for various activities related to the management of unmanned aircraft system
activities in India;
(h) “Director General" means the Director General of Civil Aviation appointed under section 4A of
the Act;
(i) “Drone” means an unmanned aircraft system;
(j) “Drone acknowledgement number” means the unique number issued by the digital sky
platform under the voluntary disclosure scheme for unmanned aircraft systems in India;
(k) “Geo-fencing” means restricting the movement of unmanned aircraft system within a defined
airspace;
(l) “green zone” means the airspace of defined dimensions above the land areas or territorial
waters of India, upto a vertical distance of 400 feet or 120 metre that has not been designated as
a red zone or yellow zone in the airspace map for unmanned aircraft system operations and the
airspace upto a vertical distance of 200 feet or 60 metre above the area located between a
lateral distance of 8 kilometre and 12 kilometre from the perimeter of an operational airport:
“yellow zone” means the airspace of defined dimensions above the land areas or territorial
waters of India within which unmanned aircraft system operations are restricted and shall
require permission from the concerned air traffic control authority. The airspace above 400
feet or 120 metre in the designated green zone and the airspace above 200 feet or 60 metre in
the area located between the lateral distance of 8 kilometre and 12 kilometre from the perimeter
of an operational airport, shall be designated as yellow zone;
“red zone” means the airspace of defined dimensions, above the land areas or territorial waters
of India, or any installation or notified port limits specified by the Central Government beyond
the territorial waters of India, within which unmanned aircraft system operations shall be
permitted only by the Central Government;
(m) “hybrid unmanned aircraft” means a heavier-than-air unmanned aircraft capable of vertical
take-off and landing which depends principally on power-driven lift devices or engine thrust
for the lift during the flight regimes and on non-rotating airfoil for lift during horizontal flight;
(n) “model remotely piloted aircraft system” means a remotely piloted aircraft system, with all-up
weight not exceeding twenty-five kilograms, used for educational, research, design, testing or
recreational purpose only and operated within visual line of sight;
(o) “Operator” means a person engaged in, or offering to engage in, an operation involving an
unmanned aircraft system;
(p) “person” includes an individual, a company, a firm, an association of persons, a body of
individuals, a local authority, the Central Government, the State Government and any legal
entity, whether incorporated or not;
(q) “prototype unmanned aircraft system” means an unmanned aircraft system developed for the
purpose of research and development or obtaining a type certificate;
(r) “Quality Council of India” is the autonomous body set up by the Government of India jointly
with the Indian Industry in a public private partnership to establish and operate national
accreditation structure and promote quality;
(s) “remote pilot” means an individual charged by the operator with duties essential to the
operation of an unmanned aircraft and who manipulates the flight controls, as appropriate,
during flight time;
(t) “remote pilot licence” means the licence issued by Director General to any individual under
rule 34;
(u) “remote pilot station” means the component of the remotely piloted aircraft system containing
the equipment used to pilot the remotely piloted aircraft;
(v) “remotely piloted aircraft” means an unmanned aircraft that is piloted from a remote pilot
station;
(w) “remotely piloted aircraft system” means a remotely piloted aircraft, its associated remote pilot
stations, the required command and control links and any other components as specified in the
type design;
(x) “Rotorcraft” means a heavier-than-air aircraft supported in flight by the reactions of the air on
one or more power driven rotors on substantially vertical axes;
(y) “type certificate” means a certificate issued by the Director General or any other entity
authorised by the Director General, certifying that the unmanned aircraft system of a specific
type meets with the requirements specified under these rules;
(z) “type of unmanned aircraft system” means all unmanned aircraft systems of the same basic
design including all modifications thereto, except those modifications which result in a change
in handling or flight characteristics;
(za) “Unique Identification Number” means the unique identification number issued for registering
an unmanned aircraft system in India;
(zb) “unmanned aircraft system” means an aircraft that can operate autonomously or can be
operated remotely without a pilot on board;
(zc) “Unmanned Aircraft System Traffic Management System” means a system that provides
traffic management for safe and expeditious flow of unmanned aircraft traffic and avoids
collision between manned and unmanned aircraft through the collaborative integration of
persons, information, technology, facilities and services;
(2) The words and expressions used herein but not defined, and defined in the Aircraft Act, 1934 or in the
Aircraft Rules, 1937 shall have the same meaning as assigned to them in the said Act or the rules.
PART II
CLASSIFICATION OF UNMANNED AIRCRAFT SYSTEM
4. Categorisation of unmanned aircraft system.—(1) The unmanned aircraft system shall be categorized
into the following three categories, namely:––
(a) aeroplane;
(b) rotorcraft; and
(c) hybrid unmanned aircraft system.
(2) The aeroplane, rotorcraft and hybrid unmanned aircraft system shall be further sub-categorised as
follows:––
(a) remotely piloted aircraft system;
(b) model remotely piloted aircraft system; and
(c) autonomous unmanned aircraft system.
5. Classification of unmanned aircraft systems.— The unmanned aircraft system shall, based on the
maximum all-up weight including payload, be classified as follows:–––
(a) Nano unmanned aircraft system: weighing less than or equal to 250 grams;
(b) Micro unmanned aircraft system: weighing more than 250 grams, but less than or equal to 2
kilograms;
(c) Small unmanned aircraft system: weighing more than 2 kilograms, but less than or equal to 25
kilograms;
(d) Medium unmanned aircraft system: weighing more than 25 kilograms, but less than or equal to
150 kilograms; and
(e) Large unmanned aircraft system: weighing more than 150 kilograms.
PART III
CERTIFICATION OF UNMANNED AIRCRAFT SYSTEM
6. General.— No person shall operate an unmanned aircraft system in India unless such unmanned aircraft
system conforms to a type certificate or is exempted from the requirement of a type certificate under these
rules.
7. Certification standards.–– The Central Government may, on the recommendation of the Quality
Council of India, by notification in the Official Gazette, specify the standards for obtaining a type
certificate for unmanned aircraft systems and such standards may promote the use of the following—
(a) made-in-India technologies, designs, components and unmanned aircraft systems; and
(b) Indian regional navigation satellite system, namely, Navigation with Indian Constellation.
8. Type certification.–– The Director General or any entity authorised by the Director General in this
behalf, may, on the recommendation of the Quality Council of India or an authorised testing entity, issue a
type certificate for any particular type of unmanned aircraft system.
9. Application and procedure for issuance of type certificate.–– (1) Any person, who intends to obtain a
type certificate, shall make an application in Form D-1 on the digital sky platform along with the fee as
specified in rule 46 and the following––
(a) particulars of the applicant;
(b) details and required documents in respect of the prototype unmanned aircraft system as
specified therein; and
(c) the prototype unmanned aircraft system shall be physically handed over to the authorised
testing entity specified therein.
(2) The Quality Council of India or the authorised testing entity shall examine the proposal and submit the
test report along with its recommendations to the Director General within sixty days from the date of
receipt of the application.
(3) On the basis of test report along with the recommendations received under sub-rule (2), and on being
satisfied, the Director General shall issue to the applicant a type certificate for the specific type of
unmanned aircraft system within fifteen days of receiving such test report.
10. Acceptance of approvals given by foreign regulators.–– On the basis of the approval granted to any
type of unmanned aircraft system by such of the Contracting States, as may be specified by the Central
Government by notification in the Official Gazette, the Director General may issue type certification to that
type of unmanned aircraft system.
11. Imports.–– Import of unmanned aircraft systems shall be regulated by the Directorate General of
Foreign Trade or any other entity authorised by the Central Government.
12. Mandatory safety features.–– (1) The Central Government may, in future, by notification in the
Official Gazette, specify safety features to be installed on an unmanned aircraft system by persons owning
it, which may include among others, the following safety features, namely:––
(a) ‘No Permission – No Takeoff’ hardware and firmware;
(b) Real-time tracking beacon that communicates the unmanned aircraft system’s location,
altitude, speed and unique identification number; and
(c) Geo-fencing capability.
(2) Every person who owns an unmanned aircraft system shall adopt safety features notified under sub-rule
(1) within such period, not less than six months from the date of publication of such notification, as the
Central Government may specify.
13. Exemption from obtaining type certificate in certain cases.— (1) No type certificate shall be
required for manufacturing or importing an unmanned aircraft system.
(2) No type certificate shall be required for operating the following, namely:––
(a) a model remotely piloted aircraft system; and
(b) a nano unmanned aircraft system.
PART IV
REGISTRATION OF UNMANNED AIRCRAFT SYSTEM
14. General.–– (1) No person shall operate an unmanned aircraft system without first registering it on the
digital sky platform and obtaining a unique identification number, unless exempted from the requirement of
a unique identification number under these rules.
(2) A registration record shall be maintained by the Director General of all such unmanned aircraft systems
to which unique identification number has been issued under these rules.
(3) It shall be the responsibility of the person operating an unmanned aircraft system to ensure that such
unmanned aircraft system conforms to a valid type certificate.
15. Application and procedure for registration.–– (1) Any person who intends to register and obtain a
unique identification number for his unmanned aircraft system shall make an application in Form D-2 on
the digital sky platform along with the fee as specified in rule 46 and provide requisite details including the
unique number of the type certificate to which such unmanned aircraft system conforms to.
(2) The digital sky platform shall verify the details and issue a unique identification number to the
applicant.
(3) The unique identification number of an unmanned aircraft system shall be linked to the unique serial
number provided by the manufacturer and the unique serial numbers of its flight control module and remote
pilot station.
(4) No person shall replace the flight control module or remote pilot station of an unmanned aircraft system
whose serial number is linked to such unmanned aircraft system’s unique identification number, without
first updating, on the digital sky platform, the unique serial number of the new flight control module or
remote pilot station, within a period of seven days from the date of such replacement or before operating
such unmanned aircraft system, whichever is earlier.
16. Registration of existing unmanned aircraft systems.–– (1) A person owning an unmanned aircraft
system manufactured in India or imported into India on or before the 30th day of November, 2021 shall,
within a period of thirty one days falling after the said date, make an application to register and obtain a
unique identification number for his unmanned aircraft system and provide requisite details in Form D-2 on
the digital sky platform along with the fee as specified in rule 46.
(2) The digital sky platform shall verify the details furnished under sub-rule (1) and issue a unique
identification number to the applicant, if the unmanned aircraft system––
(a) has a valid Drone Acknowledgement Number issued by the digital sky platform on or before
the date mentioned in sub-rule (1);
(b) has a Goods and Service Tax paid invoice for the unmanned aircraft system; and
(c) is part of the list of unmanned aircraft systems published on the digital sky platform by the
Director General.
17. Transfer of unmanned aircraft systems.–– (1) A person may transfer an unmanned aircraft system to
another person by way of sale, lease, gift or any other mode, after providing requisite details of the
transferor, transferee and unique identification number of the unmanned aircraft system in Form D-3 on the
digital sky platform, along with the fee as specified in rule 46.
(2) A transfer referred to in sub-rule (1) shall be effected in the registration record maintained by the
Director General and a transaction number shall be generated by the digital sky platform after electronic
verification of the transferor, transferee and the unique identification number.
18. Deregistration of unmanned aircraft systems.–– (1) Where an unmanned aircraft system registered in
a person’s name is either permanently lost or permanently damaged, he shall, on arriving at a reasonable
conclusion that it is so lost or damaged, apply for deregistration of such unmanned aircraft system by
submitting an application in Form D-3 on the digital sky platform along with the fee as specified in rule 46.
(2) The deregistration referred to in sub-rule (1) shall be effected in the registration record maintained by
the Director General and a transaction number shall be generated by the digital sky platform.
PART V
OPERATION OF UNMANNED AIRCRAFT SYSTEM
19. Airspace map. – The Central Government may, within thirty days of the date of notification of these
rules, publish on the digital sky platform, an airspace map for unmanned aircraft system operations
segregating the entire airspace of India into red zone, yellow zone and green zone, with a horizontal
resolution equal or finer than 10 meters.
20. Interactive maps. – The airspace map for unmanned aircraft system operations shall be so designed as
to be programmatically accessible through a machine readable Application Programming Interface and
interactive so that unmanned aircraft system pilots shall be able to plot their proposed flight plan and easily
identify the zone within which it falls so as to assess whether or not they need to make an application for
prior approval.
21. Mandatory pre-flight verification of zonal restrictions.–– Before commencing an unmanned aircraft
system operation, a remote pilot shall mandatorily verify the digital sky platform for any notification or
restriction applicable to unmanned aircraft system operations in the intended area of operation.
22. Requirement of prior permission.––(1) No person shall operate an unmanned aircraft system in a red
zone or yellow zone without prior permission.
(2) No prior permission shall be required for operating an unmanned aircraft system in a green zone,
subject to the provisions of rule 21.
23. Dynamic nature of zoning.–– The Central Government may update the airspace map on digital sky
platform for unmanned aircraft system operations from time to time in order to change the status of an area
from one zone to another and such change shall come into effect no sooner than seven days after the date of
such update.
24. Temporary Red Zone.–– (1) If there is an urgent need to temporarily prohibit unmanned aircraft
system flights in any specified area, the concerned State Government or the Union Territory Administration
or a law enforcement agency may declare a temporary red zone over such specified area, for a period not
exceeding ninety six hours at a time, by notifying it through the digital sky platform and highlighting it on
the airspace map.
(2) The temporary red zone shall be declared by an officer not below the rank of Superintendent of Police
or his equivalent and such officer shall endeavour to keep the size of the temporary red zone reasonable and
not excessive.
(3) An endeavour shall be made to inform, through digital sky platform or other electronic means, to all
holders of unique identification number who are within a distance of five kilometre from the perimeter of
the temporary red zone, of the restriction so declared under sub-rule (1), but in case no such information is
received, it shall not absolve a remote pilot of the responsibility to verify the zonal restrictions on the
digital sky platform before commencing an unmanned aircraft system operation.
25. Access to digital sky platform.—The nodal officers of State Governments, Union Territory
Administrations and law enforcement agencies shall be provided direct access to the digital sky platform.
26. Safe operation.–– No person shall operate an unmanned aircraft system in a manner, either directly or
indirectly, as to endanger the safety and security of any person or property.
27. Prohibition on carriage of arms, ammunition, explosives and military stores, etc.— No person
shall carry or cause or permit to be carried in any unmanned aircraft to, from, within or over India, any
arms, ammunitions, munitions of war, implements of war, explosives and military stores, except with the
written permission of the Central Government or any other person authorised by the Central Government in
this behalf and subject to the terms and conditions of such permission.
28. Carriage of dangerous goods.— No person shall carry dangerous goods on unmanned aircraft unless
such operation is in compliance with the Aircraft (Carriage of Dangerous Goods) Rules, 2003.
29. Right of way. – No person operating an unmanned aircraft system shall violate the right of way of a
manned aircraft and shall remain clear of all manned aircrafts.
30. Mandatory reporting of an accident.–– No later than forty-eight hours after an accident involving an
unmanned aircraft system takes place, the remote pilot of such unmanned aircraft system shall report the
accident to the Director General through the digital sky platform.
PART VI
REMOTE PILOT LICENCE
31. General. – No individual other than a holder of a valid remote pilot licence enlisted on the digital sky
platform shall operate an unmanned aircraft system.
32. Classification.–– A remote pilot licence shall specifically mention the category, sub-category and
classification of the unmanned aircraft system or a combination of these, for which it is issued.
33. Eligibility. –An individual shall be eligible to obtain a remote pilot licence, if he––
(a) is not less than eighteen years of age and not more than sixty-five years of age;
(b) has passed class tenth examination or its equivalent from a recognised Board; and
(c) has successfully completed such training as may be specified by the Director General, from any
authorised remote pilot training organisation.
34. Procedure for obtaining a remote pilot licence.–– (1) Any individual, who desires to obtain a remote
pilot licence for any category, sub-category or class of an unmanned aircraft system, or a combination
thereof, shall complete the training specified by the Director General for such category, sub-category or
class, and pass the tests conducted by the authorised remote pilot training organisation.
(2) Within seven days of successful completion of the training and passing of the tests under sub-rule (1),
the authorised remote pilot training organisation shall make an application for remote pilot licence in Form
D-4 on the digital sky platform along with the fee as specified in rule 46, providing details of the individual
who has passed the test.
(3) The individual in respect of whom an application has been made by the authorised remote pilot training
organisation under sub-rule (2) shall be issued a remote pilot certificate through digital sky platform.
(4) The Director General shall, within fifteen days from the date of issue of the remote pilot certificate
under sub-rule (3), issue the remote pilot licence to such individual through the digital sky platform.
35. Validity of licence. – A remote pilot licence shall––
(a) be valid only if it is enlisted on the digital sky platform;
(b) unless suspended or cancelled, remain valid for a period of ten years;
(c) be renewed by the Director General for such period as may be specified therein, subject to a
maximum period of ten years, on payment of fee as specified in rule 46:
Provided that the holder of the remote pilot licence shall undergo such refresher course as may be
specified by the Director General on the digital sky platform from time to time.
36. Exemption from obtaining licence.–– No remote pilot licence shall be required for ––
(a) operating a nano unmanned aircraft system; and
(b) operating a micro unmanned aircraft system for non-commercial purposes.
PART VII
REMOTE PILOT TRAINING ORGANISATION
37. General. – No person other than an authorised remote pilot training organisation shall impart training
to an individual seeking a remote pilot licence.
38. Eligibility. – No remote pilot training organisation shall be authorised impart training unless it meets
with the eligibility criteria as may be specified by the Director General.
39. Procedure for obtaining authorisation.–– (1) Any person who intends to obtain the authorisation to
establish a remote pilot training organisation shall submit an application to the Director General in Form D-
5 on the digital sky platform, along with the fees as specified in rule 46.
(2) The Director General may, within sixty days of the date of receipt of application under sub-rule (1),
issue the authorisation to establish a remote pilot training organisation to the applicant if he satisfies the
specified criteria and meets with the requirements for establishing such remote pilot training organisation.
40. Validity.–– An authorisation to establish a remote pilot training organisation shall, unless suspended or
cancelled, remain valid for a period of ten years, and may be renewed for the period specified therein,
subject to a maximum period of ten years at a time, on payment of fee as specified in rule 46.
41. Training requirements.–– (1) An Authorised remote pilot training organisation shall ensure strict
compliance with the requirements specified by the Director General on the digital sky platform in respect of
training, syllabus, infrastructure, instructors, proficiency testing and issuance of remote pilot certificates.
(2) The training requirements specified under sub-rule (1) shall be specific to a category, sub-category and
class of unmanned aircraft system.
PART VIII
RESEARCH, DEVELOPMENT AND TESTING
42. Unmanned aircraft system operations for research, development and testing. – The following
persons shall not require a type certificate, unique identification number, prior permission and remote pilot
licence for operating unmanned aircraft systems for research, development and testing purposes, namely:––
(a) any research and development entity under the administrative control of, or recognised by, the
Central Government or State Government or Union Territory Administration;
(b) any educational institution under the administrative control of, or recognised by, the Central
Government or State Government or Union Territory Administration;
(c) any Startup recognised by the Department for Promotion of Industry and Internal Trade;
(d) any authorised testing entity; and
(e) any unmanned aircraft system manufacturer having a Goods and Service Tax Identification
Number:
Provided that such unmanned aircraft system operations takes place within a green zone and within
the premises of the person where such research, development and testing is being carried out or within an
open area in a green zone under such person’s control.
PART IX
UNMANNED AIRCRAFT SYSTEM TRAFFIC MANAGEMENT
43. Unmanned aircraft system traffic management.––(1) The Central Government may, within sixty
days of the date of publication of these rules, publish a policy framework in respect of the Unmanned
Aircraft System Traffic Management System on the digital sky platform.
(2) Such policy framework shall be in conformity with these rules, shall facilitate automated permissions as
required under these rules and include––
(a) the framework for developing corridors for safe and seamless transfer of goods by unmanned
aircraft systems within and across zones; and
(b) the roles, powers and responsibilities of the State Governments and Union Territory
Administrations.
PART X
INSURANCE
44. Insurance.—(1) The provisions of the Motor Vehicles Act, 1988 (59 of 1988) and rules made
thereunder shall apply, mutatis mutandis, to the third party insurance of unmanned aircraft system and
compensation in case of damage to life or property caused by such an unmanned aircraft system:
Provided that a nano unmanned aircraft system may operate without third party insurance.
(2) A person operating a unmanned aircraft system may use an insurance product specially designed for
such operations, as and when such insurance product is approved by the Insurance Regulatory and
Development Authority of India.
PART XI
UNMANNED AIRCRAFT SYSTEM PROMOTION
45. Unmanned aircraft system promotion.—(1) The Central Government may promote the adoption and
use of unmanned aircraft systems by constituting an Unmanned Aircraft Systems Promotion Council,
which shall facilitate–
(a) development of a business-friendly regulatory regime, including automated permissions;
(b) establishment of incubators and other facilities for the development of unmanned aircraft
system technologies;
(c) involvement of industry experts and academic institutions in policy advice; and
(d) organising competitive events involving unmanned aircraft systems and counter-unmanned
aircraft system technologies.
(2) The Central Government may, after evaluating these rules on the basis of economic impact, prepare a
six-monthly report listing the achievements of the Indian unmanned aircraft system sector and the measures
taken to further the ease of doing business in that sector.
PART XII
MISCELLANEOUS
46. Fee.— The fee payable for the services specified in column (2) of the Table below, rendered by the
Central Government under these rules, shall be as specified in the corresponding column (3) of the said
Table, namely:––
TABLE
Sl. No Services Fee (in Rupees)
(1) (2) (3)
1 Issuance of type certificate 100
2 Issuance, transfer or deregistration of unique identification number 100
3 Issuance or renewal of remote pilot licence 100
Authorisation or renewal of authorisation of remote pilot training
4 1,000
organisation
Note.–– The Quality Council of India, authorised testing entities and authorised remote pilot training
organisations may collect market-linked service charges for the services rendered by them in accordance
with these rules.
47. Directions.— Where the Central Government deems it necessary, it may, not inconsistent with the
provisions of the Act, or these rules, issue a general or special direction related to unmanned aircraft
systems.
48. General power to exempt.— The Central Government may, by a general or special order in writing,
exempt any person or class of persons from the operation of these rules, either wholly or partially, subject
to such conditions, as may be specified in that order.
49. Offences, classification and compounding.—(1) No person shall carry out any activity in
contravention of these rules.
(2) Notwithstanding anything contained in the Code of Criminal Procedure, 1973 (2 of 1974), the
contravention of rule 22 and rule 27 shall be cognizable and non-compoundable.
(3) It shall be a defence to any proceeding for contravention of, or failure to comply with, these rules, if
such contravention or failure is proved to have been caused due to factors or circumstances, such as stress
of weather or other unavoidable cause or circumstances, beyond the control of such person or without his
knowledge or fault.
(4) The provisions of these rules shall be in addition to, and not in derogation of, the provisions of any other
law, for the time being in force.
50. Penalties.–– Where, after giving an opportunity of being heard, the Director General or an officer
authorised by the Central Government or a State Government or Union Territory Administration, is
satisfied that a person has contravened or failed to comply with the provisions of these rules, he may, for
reasons to be recorded in writing, levy a penalty not exceeding rupees one lakh in accordance with the
provisions of section 10A of the Act.
51. Power to inspect.— The Director General, or any person authorised by him, by general or special order
in writing, may inspect any unmanned aircraft system, any related facility, interact with any personnel, and
inspect any document or record for the purpose of securing compliance with these rules and the provisions
of the Act.
52. Obstruction of authorised persons.— No person shall voluntarily obstruct any person acting in the
exercise of his powers or in the discharge of his duties under these rules.
53. Cancellation or suspension.— Where the Director General, after giving an opportunity of being heard,
is satisfied that a person has contravened or failed to comply with the provisions of these rules, he may, for
reasons to be recorded in writing, cancel or suspend any licence, certificate, authorisation or approval
granted under these rules.
54. Saving of certain orders.— Nothing in these rules shall limit or otherwise affect the power of the
Central Government with regard to any order issued in the interest of public safety or for safe operation of
all manned or unmanned aircraft.
55. Repeal and saving.— The Unmanned Aircraft System Rules, 2021 stand repealed, except as respects
things done or omitted to be done before such repeal.
FORM D-1
(See rule 9)
APPLICATION FOR TYPE CERTIFICATE

Part A - Details of individual (if applicable)
1 Full name
2 Mobile number (linked to the Aadhaar number)
3 E-mail address
4 Aadhaar number
5 Indian passport number
6 Permanent account number (optional)
7 Residential address
Part B - Details of organisation (if applicable)

8 Name of the manufacturer
9 Address of the manufacturer

10 Registration number of organisation
11 GSTIN certificate (optional)
12 Name of the Director(s) with their DIN

13 Aadhaar number of one Director
14 E-mail address of the Director

Mobile number of the Director (linked to the
15
Aadhaar number)
Part C - Unmanned aircraft system specifications and documents

16 Model name
17 Category of UAS ☐ Aeroplane ☐ Rotorcraft ☐ Hybrid
18 Sub-category of UAS ☐ RPAS ☐ Model ☐ Autonomous
19 Class of UAS ☐ Nano ☐ Micro ☐ Small ☐ Medium ☐ Large
20 Specifications of flight control module

21 Specifications of remote pilot station
22 Maximum all-up-weight (including payload) in kg
23 Overall dimensions (l x b x h) in mm
24 Description
25 Details of compatible payload
Variable load / consumables (like fluid etc., if
26
any)
27 Engine/ Motor
28 Power rating
29 Number of engines/ motors
30 Total fuel capacity (kg)/ Battery capacity (mAh)

31 Propeller details
32 Ground control station software version

33 Frequency band
34 Maximum endurance
35 Maximum range (in km)

36 Maximum speed (in m/s)
Maximum height attainable/ Maximum ceiling
37
height (in feet)
38 Operating altitude (in feet)

39 Operational envelope
Engine limits (maximum RPM) / Maximum

40
battery temperature (in ⁰C)
41 Propeller limits
42 Manufacturer’s operating manual (as applicable)
Manufacturer’s maintenance guidelines (as

43
applicable)
Maintenance inspection schedule / Overhaul

44
interval
Photographs of the unmanned aircraft system:

45 a) Front view
b) Top view
Select authorised testing entity (from dropdown
46
menu on digital sky platform)
Part D - Fee details

47 Transaction number
48 Fee receipt
DECLARATION
I hereby declare that all information provided herein are true and correct to the best of my knowledge. I
understand that furnishing any false information herein shall make me liable for penal action, as applicable.
Name:
Date: Place:
FORM D-2
(See rule 15 and 16)
APPLICATION FOR REGISTRATION OF UNIQUE IDENTIFICATION NUMBER
Part A - Details of individual (if applicable)
1 Full name
3 E-mail address
4 Aadhaar number

Part B - Details of organisation (if applicable)
8 Name of the organisation
9 Address of the organisation

15
Aadhaar number)
Part C - Unmanned aircraft system specifications
19 Manufacturer's name
20 Model name
21 Serial number of type certificate (if applicable)
22 Serial number provided by manufacturer
23 Serial number of fight control module
24 Serial number of remote pilot station
Photographs of the unmanned aircraft system:

a) Front view
25
b) Top view
c) Close-up of manufacturer’s serial number
Drone Acknowledgement Number (DAN)

26
(if applicable)
Upload GST-paid invoice (Only for DAN

27 holders)
Part D - Fee details
29 Fee receipt
DECLARATION
further declare that this unmanned aircraft system conforms to the type certificate mentioned in the form (if
applicable). I understand that furnishing any false information herein shall make me liable for penal action,
as applicable.
Name:
Date: Place:
FORM D-3
(See rules 17 and 18)
APPLICATION FOR TRANSFER OR DEREGISTRATION OF UNMANNED AIRCRAFT

SYSTEMS
Part A – Unmanned aircraft system details
1 Unique identification number (UIN)
2 Model name
3 All up weight
Part B – Transferor/ Owner details
4 Full name of individual or organisation
5 Aadhaar number (for individual)
6 Indian passport number(for individual)
7 E-mail address
8 Mobile number linked to the Aadhaar number
9 Address
12 Nature of transaction ☐ Transfer ☐ Deregistration (Skip to Part D)
13 Nature of transfer (if applicable) ☐ Sale ☐ Lease ☐ Gift ☐ Others

Part C – Transferee details (if applicable)
Details of individual (if applicable)
14 Full name
16 E-mail address
17 Aadhaar number
Details of organisation (if applicable)

28
Aadhaar number)
Part D – Deregistration details (if applicable)
29 Reason for deregistration ☐ Permanently lost ☐ Permanently damaged
Part E – Fee details
31 Fee receipt
DECLARATION
Name:
Date: Place:
FORM D-4
APPLICATION FOR REMOTE PILOT LICENCE (TO BE FILED BY RPTO)
Part A - Details of individual
1 Full name
2 Date of birth (DD MMM YYYY)
3 Latest photograph
4 Aadhaar number
6 E-mail address
7 Phone number
Part B - Training details
9 Name of the training organisation
DGCA authorisation number of training

10
organisation
14 Training certificate number issued by RPTO
Part C - Fee details
16 Fee receipt
DECLARATION
Name:
Date: Place:
FORM D-5
APPLICATION FOR AUTHORISATION OF REMOTE PILOT TRAINING ORGANISATION
Part A - Details of individual or head of the organisation
1 Full name
3 E-mail address
4 Aadhaar number
Part B - Organisation details

15
Aadhaar number)
Part C – Infrastructure
16 Proof of land ownership or rental agreement
17 Number of classrooms
18 Total area of the classrooms
Part D - Unmanned aircraft system specifications and documents (For each operational unmanned
aircraft system)

☐ Nano ☐ Micro ☐ Small ☐ Medium

21 Class of UAS
☐ Large
22 Model name
23 Unique identification number
24 Unmanned aircraft system specifications
Part E - Personnel details
25 Details of accountable manager
26 Details of each instructor
Part F - Fee details
28 Fee receipt
DECLARATION
shall ensure full compliance with the training requirements specified by the Directorate General of Civil
Aviation. I understand that furnishing any false information herein shall make me liable for penal action,
as applicable.
Name:
Date: Place:
[F. No. AV-29017/37/2021-SDIT-MoCA]
AMBER DUBEY, Jt. Secy.
Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064
and Published by the Controller of Publications, Delhi-110054. SURENDER Digitally signed by SURENDER
MAHADASAM
MAHADASAM Date: 2021.08.26 10:44:04 +05'30'
ANNEXURE 6
1 Conclusion:
procurement Tender manipulation happens even before the tenders are
floated. Basically, when tenders are being prepared, The
Ideaforge employees to support the government officials in the
preparation of the entire tender that should actually be a transparent
process. However, like a wolf in sheep's clothing, Idea forge employees
dictate technical specifications that are favourable to themselves and also
ensure unreasonable & unfair certification which usually take over 3-6
months are sought by the departments. For example, in a recent tender,
the requirement of any Bid participant Needs to submit 12 unrelated
certifications which take more than 90 days to apply & receive whereas
the bid will close in 30-45 days. The scam is that these unrelated
certifications would have already been applied and received by Ideaforge
and they will insist that these certifications are made mandatory in the
tender in the guise and misconception that these extra certifications will
enhance quality of the drone and the bidder. The Poor innocent
Procurement agency who has limited knowledge on drones agrees &
floats tenders accordingly to Idea Forge whims and fancies. Next step is
where Idea forge senior ex-servicemen and technical team sits with the
army or any procurement agency and get every bidder disqualified on
technical grounds as many bidders whoever decided to apply would not
have these certifications. The only ones who usually qualify are idea forge
resellers, partners of dealers who all sell the same drone. This level
of Corruption. has been unprecedented in the Drone Industry & has been
the blueprint for a few other similar fraudulent companies (that are under
investigation by Vigilance & anti-corruption authorities)to follow a similar
tactic that is causing government departments tremendous losses and
also decimating the entire government department.
Next year, there is demand for 10,000 drones. Idea Forge has come up
with a WIN WIN strategy to unethically decimate the entire drone industry,
the government & retail investors which has a LOSE LOSE scenario.
Scenario 1 :
A. If no one spots this fraud and if these serious flaws, corruption,
manipulation & tender cauterization isn't exposed, Idea forge will follow
the status quo, increasing bid eligibility, work experience, FINANCIAL
eligibility & Raising entry barrier making it almost impossible for anyone &
everyone else in the drone industry from participating in the tenders. In
fact, Idea Forge has already started Manipulating the procurement
agencies into buying using war time procurement clauses, Repeat Orders
& Emergencies in the case of War as in the case of Infantry 5 & 7 where
scope of the drone matched the exact technical specs of Idea forge
drones to Win Drone orders even without tender. It will be business as
usual in winning tenders through fraudulent means & raking in revenue.
Idea Forge will list, go public & IPO sentiment being positive will result in
further investments & revenues. (WIN for Idea Forge)
B. Idea Forge through its unethical means will restrict the Drone industry
and such monopoly will only affect Indian Tax payer, the Government
department and dent the image of a rapidly developing drone sector in
India. (LOSE for the Drone industry, the Government & the Taxpayer)
C. Perhaps, somewhere down the line in a few years, a foreign short seller
like Hindenburg research will do research on Ideaforge, plan a short sell
exposure & have a short position in the company. However even in that
case Ideaforge would have successfully scammed the public & the
government departments while also decimating the rest of the industry so
no Loss for Idea forge majorly. (WIN for Idea Forge & Lose for others)
Scenario 2:
Many across the Drone Industry feel the reason why Idea Forge is in a
hurry to go public is due to the fact that they know that everyone in the
industry & several investors are on to their fraud. That is why, Idea Forge
has blatantly made several glaring errors in their Draft Red Herring
Prospectus . IPO Prospectus mentions a Gross Margin 74%; profitability
AFTER tax 33% only possible by Monopoly & tender Cartelization. Similar
companies that sell drones such as Bharat forge, Paras, Sagar, Tata, less
20%.
As of 2022 numbers Growth rate 1300% Year on Year which are
impossible numbers unless there is a monopoly & tender cartelization.
13.9 crores in 2020

34 crores in 2021
159 crores in 2022
A. Even if the expose & truth is noticed by Government departments,

procurement agencies & Investors who are already committed to see Idea
Forge going public, and even if everyone knows this will be a margin call
exercise where stock pump and dump models will only fool the innocent
retail investors who believe paid press articles on the news, and even
through the game will wind down for Idea Forge as other competitors Pick
up market share, Idea forge would have still WON with a successful
Listing.(Idea Forge still Wins)
B. On the flip side, the damage that Idea Forge Stock Price Bottom Circuit
crash due to the inherent flaws in the fundamental unethical model that
Idea forge built will mirror other scam models like crypto, spac etc which
will sooner or later lose interest as exposes happen which will ultimately
affect only the drone industry as the trust would have been broken and
new investors (whether institutional or retail) will look at the burnt bridge.
Government departments might strengthen the scrutiny process but the
damage to the industry will be permanent & irreparable. (Everyone
LOSES)
Scenario 3 –
SLIMMER OF HOPE:
After the BYJU's ED investigation, the regulatory & investigation bodies

such as RBI, SEBI, ED & CBI have all been notified about the impending
Writ Petition & Public Interest Litigation of Ideaforge drone crash that
almost killed 3 people have the prayer to the High Court is to cease all
business operations until DGCA Investigation of the crash is done. This
could take months as several new reports of crashes are cropping up and
could result in several more litigations & Lawsuits that can hamper Idea
Forge.
Also 139 crores gross profit 101 crores, Gross Profit 72.66% between
April 2022 - September 2023 which is only possible by monopoly, anti-
competitive practices, bid rigging & Cartelization. Bharat forge, Paras,
Sagar, Tata, less 20%. There are allegations on Idea forge & its resellers
of attempting to Bribe & also cases of bribes being given in the form of
gifts & cash which is being investigated by investigation agencies. All the
above could adversely impact Ideaforge Drone sales in the present &
Future. SEBI has also been notified & Complaint along with charges &
proofs has been submitted to SEBI Director & Chairman. We hope that
this document reaches the right officials & Justice prevails for the victims,
ex-employees, army officials who have suffered buying incompetent &
substandard repackaged Chinese equipment that sends data back to
China & most importantly the investors who are no doubt going to be taken
for a ride if the situation doesn't improve & stringent action is taken by
SEBI to prevent an Ideaforge made disaster from happening.
DRAFT RED HERRING PROSPECTUS
Dated February 10, 2023
(Please read Section 32 of the Companies Act, 2013)
(This Draft Red Herring Prospectus will be updated
upon filing with the RoC)
100% Book Built Offer
(Please scan this QR code IDEAFORGE TECHNOLOGY LIMITED

to view the DRHP) CORPORATE IDENTITY NUMBER: U31401MH2007PLC167669
REGISTERED OFFICE CONTACT PERSON TELEPHONE AND E-MAIL WEBSITE
EL-146, TTC Industrial Area, Electronic Sonam Gupta, +91 226787 5000 www.ideaforgetech.co
Zone MIDC, Mahape, Navi Mumbai, Company Secretary and compliance@ideaforgetech.com m
Thane 400 710, Maharashtra, India Compliance Officer
PROMOTERS OF OUR COMPANY: ANKIT MEHTA, RAHUL SINGH AND ASHISH BHAT
DETAILS OF THE OFFER TO PUBLIC
Type Fresh Issue Offer for Total Eligibility and Reservation
size*** Sale size Offer
size***
Fresh Up to [●] Up to Up to [●] The Offer is being made pursuant to Regulation 6(2) of the Securities
Issue and Equity Shares 4,869,712 Equity and Exchange Board of India (Issue of Capital and Disclosure
Offer for aggregating up Equity Shares Requirements) Regulations, 2018, as amended (“SEBI ICDR
Sale to ₹ 3,000.00 Shares aggregating Regulations”), as our Company did not fulfil requirements under
million aggregating up to ₹ [●] Regulation 6(1)(b) of the SEBI ICDR Regulations. For further details,
up to ₹ [●] million see ‘Other Regulatory and Statutory Disclosures – Eligibility for the
million Offer’ on page 379. For details in relation to share reservation among
QIBs, NIIs, RIIs and Eligible Employees, see ‘Offer Structure’ on
page 397.
DETAILS OF THE SELLING SHAREHOLDERS, OFFER FOR SALE AND WEIGHTED AVERAGE COST OF
ACQUISITION
Weighted Average Cost of
Name of the Selling
Type Number of Equity Shares Offered Acquisition per Equity
Shareholders
Share (in ₹)* ^
Ashish Bhat Promoter Selling Up to 158,200 Equity Shares 0.04
Shareholder aggregating up to ₹ [●] million
Amarpreet Singh Individual Selling Up to 8,362 Equity Shares 0.04
Nambirajan Seshadri Individual Selling Up to 22,600 Equity Shares 43.00
Naresh Malhotra Individual Selling Up to 22,600 Equity Shares Nil
Sujata Vemuri Individual Selling Up to 203,400 Equity Shares 2.63
Sundararajan K Pandalgudi Individual Selling Up to 51,980 Equity Shares 38.48
A&E Investment LLC Corporate Selling Up to 135,600 Equity Shares 43.81
Agarwal Trademart Private Corporate Selling Up to 53,200 Equity Shares 75.22
Limited Shareholder aggregating up to ₹ [●] million
Celesta Capital II Mauritius Corporate Selling Up to 1,106,722 Equity Shares 98.50
Celesta Capital II-B Mauritius Corporate Selling Up to 131,758 Equity Shares 97.81
Export Import Bank of India Corporate Selling Up to 202,044 Equity Shares 185.71
Indusage Technology Venture Corporate Selling Up to 1,695,000 Equity Shares 91.16
Fund I Shareholder aggregating up to ₹ [●] million
Qualcomm Asia Pacific Pte. Ltd. Corporate Selling Up to 1,055,646 Equity Shares 92.96
Society for Innovation and Corporate Selling Up to 22,600 Equity Shares 0.04
Entrepreneurship Shareholder aggregating up to ₹ [●] million
*
As certified by Ramanand & Associates, Chartered Accountants, by way of their certificate dated February 10, 2023.
^ Calculated on a fully diluted basis.
RISKS IN RELATION TO THE FIRST OFFER
This being the first public issue of our Company, there has been no formal market for the Equity Shares of our Company. The face
value of the Equity Shares is ₹ 10 per Equity Share. The Floor Price, the Cap Price and the Offer Price, as determined by our
Company, Indusage Technology Venture Fund I (“Indusage”), and Celesta Capital II Mauritius and Celesta Capital II-B Mauritius
(together, “Celesta Capital”), in consultation with the book running lead managers (“BRLMs”), on the basis of the assessment of
market demand for the Equity Shares by way of the book building process, in accordance with the SEBI ICDR Regulations, and as
stated in ‘Basis for Offer Price’ beginning on page 115, should not be considered to be indicative of the market price of the Equity
Shares after the Equity Shares are listed. No assurance can be given regarding an active or sustained trading in the Equity Shares or
regarding the price at which the Equity Shares will be traded after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Offer
unless they can afford to take the risk of losing their entire investment. Investors are advised to read the risk factors carefully before
taking an investment decision in the Offer. For taking an investment decision, investors must rely on their own examination of our
Company and the Offer, including the risks involved. The Equity Shares in the Offer have not been recommended or approved by
the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of this
Draft Red Herring Prospectus. Specific attention of the investors is invited to ‘Risk Factors’ beginning on page 29.
COMPANY’S AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus
contains all information with regard to our Company and the Offer, which is material in the context of the Offer, that the information
contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect,
that the opinions and intentions expressed herein are honestly held and that there are no other facts, the omission of which makes
this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions,
misleading in any material respect. Further, each of the Selling Shareholders, severally and not jointly, accepts responsibility for and
confirms that the statements made or confirmed by such Selling Shareholders in this Draft Red Herring Prospectus to the extent of
information specifically pertaining to it and/or its respective portion of the Offered Shares and assumes responsibility that such
statements are true and correct in all material respects and not misleading in any material respect. Each of the Selling Shareholder
assumes no responsibility for any other statement in this Draft Red Herring Prospectus, including, inter alia, any of the statements
made by or relating to our Company or our Company’s business or any other Selling Shareholders.
LISTING
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges being the BSE and
the NSE. For the purposes of the Offer, the Designated Stock Exchange shall be [●].
BOOK RUNNING LEAD MANAGERS
NAME AND LOGO CONTACT PERSON TELEPHONE AND E-MAIL
JM Financial Limited Prachee Dhuri Tel: +91 22 6630 3030
E-mail: ideaforge.ipo@jmfl.com
IIFL Securities Limited Pawan Jain/Shirish Chikalge Tel: +91 22 4646 4728
E-mail: ideaforge.ipo@iiflcap.com
REGISTRAR TO THE OFFER
NAME OF REGISTRAR CONTACT PERSON TELEPHONE AND E-MAIL
Link Intime India Private Limited Shanti Gopalkrishnan Tel: +91 810 811 4949; E-mail:
ideaforge.ipo@linkintime.co.in
BID/OFFER PERIOD
[●]* BID/ OFFER OPENS ON [●] BID/ [●]**#
ANCHOR INVESTOR BID/ OFFER OFFER
PERIOD CLOSES
ON
*
Our Company, Indusage and Celesta Capital may, in consultation with the BRLMs, consider participation by Anchor Investors in accordance with the SEBI ICDR
Regulations. The Anchor Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date.
**
Our Company, Indusage and Celesta Capital may, in consultation with the BRLMs, consider closing the Bid/Offer Period for QIBs, one Working Day prior to the
Bid/Offer Closing Date in accordance with the SEBI ICDR Regulations.
***
Our Company, in consultation with the BRLMs, may consider issue of specified securities, as may be permitted under the applicable law, aggregating up to ₹ 600.00
million prior to filing of the Red Herring Prospectus with the RoC (“Pre-IPO Placement”). The Pre-IPO Placement, if undertaken, will be at a price to be decided by
our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the
Fresh Issue, subject to compliance with Rule 19(2)(b) of the Securities Contracts (Regulation) Rules, 1957, as amended.
#
UPI mandate end time and date shall be at 5:00 pm on the Bid/Offer Closing Date.
DRAFT RED HERRING PROSPECTUS
Dated February 10, 2023
(Please read Section 32 of the Companies Act, 2013)
(This Draft Red Herring Prospectus will
be updated upon filing with the RoC)
100% Book Built Offer
IDEAFORGE TECHNOLOGY LIMITED
Our Company was incorporated as “ideaForge Technology Private Limited” on February 8, 2007, as a private limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated February 8, 2007, issued
by the Registrar of Companies, Maharashtra at Mumbai (the “RoC”). Upon the conversion of our Company into a public limited company, pursuant to a resolution passed by our Shareholders on December 20, 2022, the name of
our Company was changed to “ideaForge Technology Limited” and a fresh certificate of incorporation dated January 2, 2023 was issued by the RoC. For details in relation to the changes in the registered office of our Company, see
‘History and Certain Corporate Matters - Changes in the registered office of our Company’ on page 212.
Corporate Identity Number: U31401MH2007PLC167669

Registered Office: EL-146, TTC Industrial Area, Electronic Zone MIDC, Mahape, Navi Mumbai, Thane 400 710, Maharashtra, India
Contact Person: Sonam Gupta, Company Secretary and Compliance Officer; Tel.: +91 22-67875000
E-mail: compliance@ideaforgetech.com; Website: www.ideaforgetech.com
PROMOTERS OF OUR COMPANY: ANKIT MEHTA, RAHUL SINGH AND ASHISH BHAT
INITIAL PUBLIC OFFERING OF UP TO [●] EQUITY SHARES OF FACE VALUE OF ₹ 10 EACH (“EQUITY SHARES”) OF IDEAFORGE TECHNOLOGY LIMITED (OUR “COMPANY” OR THE “ISSUER”)
FOR CASH AT A PRICE OF ₹ [●] PER EQUITY SHARE INCLUDING A SECURITIES PREMIUM OF ₹ [●] PER EQUITY SHARE (THE “OFFER PRICE”) AGGREGATING UP TO ₹ [●] MILLION (THE
“OFFER”). THE OFFER COMPRISES OF A FRESH ISSUE OF UP TO [●] EQUITY SHARES BY OUR COMPANY AGGREGATING UP TO ₹ 3,000.00 MILLION (THE “FRESH ISSUE”) AND AN OFFER FOR
SALE OF UP TO 4,869,712 EQUITY SHARES (THE “OFFERED SHARES”) AGGREGATING UP TO ₹ [●] MILLION (THE “OFFER FOR SALE”), COMPRISING OF UP TO 158,200 EQUITY SHARES
AGGREGATING UP TO ₹ [●] MILLION BY ASHISH BHAT (“PROMOTER SELLING SHAREHOLDER”), UP TO 8,362 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY AMARPREET SINGH,
UP TO 22,600 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY NAMBIRAJAN SESHADRI, UP TO 22,600 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY NARESH MALHOTRA,
UP TO 203,400 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY SUJATA VEMURI, UP TO 51,980 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY SUNDARARAJAN K
PANDALGUDI, (THE “INDIVIDUAL SELLING SHAREHOLDERS”), UP TO 135,600 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY A&E INVESTMENT LLC, UP TO 53,200 EQUITY SHARES
AGGREGATING UP TO ₹ [●] MILLION BY AGARWAL TRADEMART PRIVATE LIMITED, UP TO 1,106,722 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY CELESTA CAPITAL II
MAURITIUS, UP TO 131,758 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY CELESTA CAPITAL II-B MAURITIUS, UP TO 202,044 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION
BY EXPORT AND IMPORT BANK OF INDIA, UP TO 1,695,000 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY INDUSAGE TECHNOLOGY VENTURE FUND I, UP TO 1,055,646 EQUITY
SHARES AGGREGATING UP TO ₹ [●] MILLION BY QUALCOMM ASIA PACIFIC PTE. LTD. AND UP TO 22,600 EQUITY SHARES AGGREGATING UP TO ₹ [●] MILLION BY SOCIETY FOR INNOVATION
AND ENTREPRENEURSHIP (COLLECTIVELY REFERRED TO AS THE “CORPORATE SELLING SHAREHOLDERS” AND TOGETHER WITH THE PROMOTER SELLING SHAREHOLDER AND THE
INDIVIDUAL SELLING SHAREHOLDERS, REFERRED TO AS THE “SELLING SHAREHOLDERS”).
THE OFFER INCLUDES A RESERVATION OF UP TO [●] EQUITY SHARES, AGGREGATING UP TO ₹ [●] MILLION (CONSTITUTING UP TO [●]% OF THE POST OFFER PAID-UP EQUITY SHARE
CAPITAL OF OUR COMPANY, FOR SUBSCRIPTION BY ELIGIBLE EMPLOYEES (THE “EMPLOYEE RESERVATION PORTION”). THE OFFER LESS THE EMPLOYEE RESERVATION PORTION IS
HEREINAFTER REFERRED TO AS THE “NET OFFER”. THE OFFER AND THE NET OFFER SHALL CONSTITUTE [●]% AND [●]%, RESPECTIVELY, OF THE POST-OFFER PAID-UP EQUITY SHARE
CAPITAL OF OUR COMPANY. OUR COMPANY, INDUSAGE AND CELESTA CAPITAL MAY, IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS (“BRLMS”), OFFER A DISCOUNT
OF UP TO ₹ [●] ON THE OFFER PRICE TO ELIGIBLE EMPLOYEES BIDDING IN THE EMPLOYEE RESERVATION PORTION (“EMPLOYEE DISCOUNT”).
OUR COMPANY, IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS, MAY CONSIDER ISSUE OF SPECIFIED SECURITIES AS MAY BE PERMITTED UNDER THE APPLICABLE
LAW, AGGREGATING UP TO ₹ 600.00 MILLION, PRIOR TO FILING OF THE RED HERRING PROSPECTUS WITH THE ROC (THE “PRE-IPO PLACEMENT”). THE PRE-IPO PLACEMENT, IF
UNDERTAKEN, WILL BE AT A PRICE TO BE DETERMINED BY OUR COMPANY, IN CONSULTATION WITH THE BOOK RUNNING LEAD MANAGERS. IF THE PRE-IPO PLACEMENT IS
COMPLETED, THE AMOUNT RAISED PURSUANT TO THE PRE-IPO PLACEMENT WILL BE REDUCED FROM THE FRESH ISSUE, SUBJECT TO COMPLIANCE WITH RULE 19(2)(B) OF THE
SECURITIES CONTRACTS (REGULATION) RULES, 1957, AS AMENDED (THE “SCRR”). THE PRE-IPO PLACEMENT SHALL NOT EXCEED 20% OF THE SIZE OF THE FRESH ISSUE.
THE PRICE BAND, THE EMPLOYEE DISCOUNT AND THE MINIMUM BID LOT SIZE WILL BE DECIDED BY OUR COMPANY AND INDUSAGE AND CELESTA CAPITAL, IN CONSULTATION WITH
THE BRLMS, AND WILL BE ADVERTISED IN [●] EDITIONS OF [●] (A WIDELY CIRCULATED ENGLISH NATIONAL DAILY NEWSPAPER), [●] EDITIONS OF [●] (A WIDELY CIRCULATED HINDI
NATIONAL DAILY NEWSPAPER) AND [●] EDITIONS OF [●] (A WIDELY CIRCULATED MARATHI DAILY NEWSPAPER, MARATHI BEING THE REGIONAL LANGUAGE OF MAHARASHTRA,
WHERE THE REGISTERED OFFICE OF OUR COMPANY IS LOCATED), AT LEAST TWO WORKING DAYS PRIOR TO THE BID/ OFFER OPENING DATE AND SHALL BE MADE AVAILABLE TO THE
BSE LIMITED (“BSE”) AND NATIONAL STOCK EXCHANGE OF INDIA LIMITED (“NSE”, AND TOGETHER WITH BSE, THE “STOCK EXCHANGES”) FOR UPLOADING ON THEIR RESPECTIVE
WEBSITES, IN ACCORDANCE WITH THE SECURITIES AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2018, AS AMENDED (THE
“SEBI ICDR REGULATIONS”).
In case of any revision in the Price Band, the Bid/ Offer Period shall be extended for at least three additional Working Days after such revision of the Price Band, subject to the total Bid/ Offer Period not exceeding 10 Working
Days. In cases of force majeure, banking strike or similar circumstances, our Company may, for reasons to be recorded in writing, extend the Bid/ Offer Period for a minimum of three Working Days, subject to the Bid/ Offer
Period not exceeding 10 Working Days. Any revision in the Price Band, and the revised Bid/ Offer Period, if applicable, shall be widely disseminated by notification to the Stock Exchanges, by issuing a public notice and also by
indicating the change on the websites of the BRLMs and at the terminals of the Members of the Syndicate and by intimation to Designated Intermediaries and Sponsor Bank(s), as applicable.
The Offer is being made in terms of Rule 19(2)(b) of the SCRR, read with Regulation 31 of the SEBI ICDR Regulations. The Offer is being made through the Book Building Process, in compliance with Regulation 6(2) of SEBI ICDR
Regulations, wherein not less than 75% of the Net Offer shall be available for allocation on a proportionate basis to Qualified Institutional Buyers (“QIBs” and such portion, the “QIB Portion”), provided that our Company, Indusage and
Celesta Capital may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a discretionary basis by our Company, Indusage and Celesta Capital, in consultation
with the BRLMs (the “Anchor Investor Portion”), of which one-third shall be reserved for the domestic Mutual Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the price at which allocation is made
to Anchor Investors (“Anchor Investor Allocation Price”) in accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be added to
the QIB Portion (other than the Anchor Investor Portion) (the “Net QIB Portion”). Further, 5% of the Net QIB Portion (excluding the Anchor Investor Portion) shall be available for allocation on a proportionate basis only to Mutual Funds,
subject to valid Bids being received at or above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual Funds, subject
to valid Bids being received at or above the Offer Price. Further, up to [●] Equity Shares aggregating to ₹ [●] million will be available for allocation to Eligible Employees, subject to valid Bids being received at or above the Offer Price.
Further, not more than 15% of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors (“Non-Institutional Portion”) (out of which one-third of the portion available to Non-Institutional Investors
will be available for allocation to Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000 and two-thirds of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more than
₹ 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion) and not more than 10% of the Net Offer shall be
available for allocation to Retail Individual Investors (“Retail Portion”), in accordance with the SEBI ICDR Regulations, subject to valid Bids being received from them at or above the Offer Price. All Bidders (except Anchor Investors)
shall mandatorily participate in the Offer only through the Application Supported by Blocked Amount (“ASBA”) process and shall provide details of their respective bank account (including UPI ID for UPI Bidders using UPI Mechanism)
in which the Bid Amount will be blocked by the Self Certified Syndicate Banks (“SCSBs”) or the Sponsor Bank. Anchor Investors are not permitted to participate in the Anchor Investor Portion through the ASBA process. Further, Equity
Shares will be allocated on a proportionate basis to Eligible Employees applying under the Employee Reservation Portion, subject to valid Bids received from them at or above the Offer Price. For details, see ‘Offer Procedure’ on page
401.
RISKS IN RELATION TO FIRST OFFER
This being the first public offer of our Company, there has been no formal market for the Equity Shares. The face value of the Equity Shares is ₹ 10. The Offer Price/ Floor Price/ Cap Price, as determined and justified by our
Company, Indusage and Celesta Capital, in consultation with the BRLMs in accordance with the SEBI ICDR Regulations and as stated in ‘Basis for Offer Price’, beginning on page 115, should not be taken to be indicative of the
market price of the Equity Shares after such Equity Shares are listed. No assurance can be given regarding an active and/ or sustained trading in the Equity Shares nor regarding the price at which the Equity Shares will be traded
after listing.
GENERAL RISK
Investments in equity and equity-related securities involve a degree of risk and investors should not invest any funds in the Offer unless they can afford to take the risk of losing their entire investment. Investors are advised to read
the risk factors carefully before taking an investment decision in the Offer. For taking an investment decision, investors must rely on their own examination of our Company and the Offer, including the risks involved. The Equity
Shares have not been recommended or approved by the Securities and Exchange Board of India (“SEBI”), nor does SEBI guarantee the accuracy or adequacy of the contents of this Draft Red Herring Prospectus. Specific attention
of the investors is invited to ‘Risk Factors’ beginning on page 29.
COMPANY’S AND SELLING SHAREHOLDERS’ ABSOLUTE RESPONSIBILITY
Our Company, having made all reasonable inquiries, accepts responsibility for and confirms that this Draft Red Herring Prospectus contains all information with regard to our Company and the Offer, which is material in the
context of the Offer, that the information contained in this Draft Red Herring Prospectus is true and correct in all material aspects and is not misleading in any material respect, that the opinions and intentions expressed herein are
honestly held and that there are no other facts, the omission of which makes this Draft Red Herring Prospectus as a whole or any of such information or the expression of any such opinions or intentions, misleading in any material
respect. Each of the Selling Shareholder severally and not jointly, accepts responsibility for and confirms only the statements made by it in this Draft Red Herring Prospectus to the extent of information specifically pertaining to
it, and its respective portion of the Offered Shares and assumes responsibility that such statements are true and correct in all material respects and not misleading in any material respect. Each of the Selling Shareholder assumes
no responsibility for any other statement in this Draft Red Herring Prospectus, including, inter alia, any of the statements made by or relating to our Company or our Company’s business or any other Selling Shareholders.
LISTING
The Equity Shares offered through the Red Herring Prospectus are proposed to be listed on the Stock Exchanges. Our Company has received in-principle approvals from BSE and NSE for listing of the Equity Shares pursuant to
their letters dated [●] and [●], respectively. For the purposes of the Offer, [●] shall be the Designated Stock Exchange. A signed copy of the Red Herring Prospectus and the Prospectus shall be filed with the RoC in accordance
with Section 26(4) and Section 32 of the Companies Act, 2013. For details of the material contracts and documents available for inspection from the date of the Red Herring Prospectus until the Bid/ Offer Closing Date, see
‘Material Contracts and Documents for Inspection’ on page 430.
BOOK RUNNING LEAD MANAGERS REGISTRAR TO THE OFFER
JM Financial Limited IIFL Securities Limited Link Intime India Private Limited
7th Floor, Cnergy, Appasaheb Marathe Marg 10th Floor, IIFL Centre, Kamala City, Senapati Bapat Marg, Lower C-101, 1st Floor, 247 Park
Prabhadevi, Mumbai 400 025 Parel (West), Mumbai 400 013 L.B.S. Marg, Vikhroli West
Maharashtra, India Maharashtra, India Mumbai 400 083
Tel.: +91 22 6630 3030 Tel: +91 22 4646 4728 Maharashtra, India
E-mail: ideaforge.ipo@jmfl.com E-mail : ideaforge.ipo@iiflcap.com Tel: +91 810 811 4949
Investor grievance email: grievance.ibd@jmfl.com Investor grievance e-mail: ig.ib@iiflcap.com E-mail: ideaforge.ipo@linkintime.co.in
Contact person: Prachee Dhuri Contact person: Pawan Jain/ Shirish Chikalge Website: www.linkintime.co.in
Website: www.jmfl.com Website: www.iiflcap.com Investor grievance e-mail: ideaforge.ipo@linkintime.co.in
SEBI Registration No.: INM000010361 SEBI Registration No.: INM000010940e Contact person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
BID/OFFERPROGRAMME
ANCHOR INVESTOR BID/ OFFER PERIOD [●]* BID/ OFFER OPENS ON [●] BID/ OFFER CLOSES ON [●]**#
*
Our Company, Indusage and Celesta Capital may, in consultation with the BRLMs, consider participation by Anchor Investors. The Anchor Investors shall Bid during the Anchor Investor Bidding Date, i.e., one Working Day prior
to the Bid/Offer Opening Date.
**
Our Company, Indusage and Celesta Capital may, in consultation with the BRLMs, consider closing the Bid/ Offer Period for QIBs one day prior to the Bid/Offer Closing Date, in accordance with the SEBI ICDR Regulations.
#
TABLE OF CONTENTS
SECTION I – GENERAL .................................................................................................................................... 1
DEFINITIONS AND ABBREVIATIONS ...................................................................................................... 1
CERTAIN CONVENTIONS, USE OF FINANCIAL INFORMATION AND MARKET DATA AND
CURRENCY OF PRESENTATION ............................................................................................................ 15
FORWARD-LOOKING STATEMENTS .................................................................................................... 18
SUMMARY OF THE OFFER DOCUMENT .............................................................................................. 20
SECTION II - RISK FACTORS ....................................................................................................................... 29
SECTION III – INTRODUCTION ................................................................................................................... 59
SUMMARY FINANCIAL INFORMATION ............................................................................................... 59
THE OFFER ................................................................................................................................................... 63
GENERAL INFORMATION ........................................................................................................................ 65
CAPITAL STRUCTURE ............................................................................................................................... 74
OBJECTS OF THE OFFER ........................................................................................................................ 101
BASIS FOR OFFER PRICE ....................................................................................................................... 115
STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS .................................................................... 124
SECTION IV – ABOUT OUR COMPANY ................................................................................................... 128
INDUSTRY OVERVIEW ............................................................................................................................ 128
OUR BUSINESS ........................................................................................................................................... 184
KEY REGULATIONS AND POLICIES.................................................................................................... 207
HISTORY AND CERTAIN CORPORATE MATTERS .......................................................................... 212
OUR MANAGEMENT ................................................................................................................................ 218
OUR PROMOTERS AND PROMOTER GROUP ................................................................................... 238
OUR GROUP COMPANIES ....................................................................................................................... 242
RELATED PARTY TRANSACTIONS ...................................................................................................... 243
DIVIDEND POLICY.................................................................................................................................... 244
SECTION V – FINANCIAL INFORMATION ............................................................................................. 245
RESTATED CONSOLIDATED FINANCIAL INFORMATION ........................................................... 245
OTHER FINANCIAL INFORMATION .................................................................................................... 328
CAPITALISATION STATEMENT ........................................................................................................... 329
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS ....................................................................................................................................... 330
FINANCIAL INDEBTEDNESS .................................................................................................................. 370
SECTION VI – LEGAL AND OTHER INFORMATION ........................................................................... 372
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS .............................................. 372
GOVERNMENT AND OTHER APPROVALS......................................................................................... 376
OTHER REGULATORY AND STATUTORY DISCLOSURES ............................................................ 378
SECTION VII – OFFER INFORMATION ................................................................................................... 390
TERMS OF THE OFFER ............................................................................................................................ 390
OFFER STRUCTURE ................................................................................................................................. 397
OFFER PROCEDURE ................................................................................................................................ 401
RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES ....................................... 422
SECTION VIII - MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION ................................. 423
SECTION IX – OTHER INFORMATION .................................................................................................... 430
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION ................................................. 430
DECLARATION .......................................................................................................................................... 433
SECTION I – GENERAL
DEFINITIONS AND ABBREVIATIONS
This Draft Red Herring Prospectus uses certain definitions and abbreviations which, unless the context otherwise
indicates or implies, shall have the meaning as provided below. References to any legislation, act, regulation,
rule, guideline, policy, circular, notification or clarification shall be to such legislation, act, regulation, rule,
guideline, policy, circular, notification or clarification as amended and any reference to a statutory provision
shall include any subordinate legislation made from time to time under that provision.
The words and expressions used in this Draft Red Herring Prospectus but not defined herein, shall have, to the
extent applicable, the meanings ascribed to such terms under the Companies Act, the SEBI ICDR Regulations,
the SCRA, the Depositories Act or the rules and regulations made thereunder. Unless the context otherwise
requires, all references to ‘we’, ‘us’ and ‘our’ are to our Company and our Subsidiary, on a consolidated basis.
Notwithstanding the foregoing, terms in ‘Statement of Possible Special Tax Benefits’, ‘Industry Overview’, ‘Key
Regulations and Policies in India’, ‘Financial Information’, ‘Outstanding Litigation and Material
Developments’ and ‘Main Provisions of the Articles of Association’, beginning on pages 124, 128, 207, 245, 372
and 423, respectively, will have the meaning ascribed to such terms in those respective sections.
General Terms
Term Description
Company or Issuer ideaForge Technology Limited, a public limited company incorporated under the
Companies Act, 1956
Company Related Terms
Term Description
Articles or Articles of The articles of association of our Company, as amended from time to time
Association
Audit Committee The audit committee of our Board, as described in ‘Our Management’ on page 218
Auditors or Statutory Auditors The current statutory auditors of our Company, namely, B S R & Co. LLP
Board or Board of Directors The board of directors of our Company (including any duly constituted committee
thereof). For details, see ‘Our Management’ on page 218
CCDs Compulsorily convertible debentures, issued by our Company
CCPS Compulsorily convertible preference shares of our Company of face value of ₹10 each
Celesta Capital Together, Celesta Capital II Mauritius and Celesta Capital II-B Mauritius
Chairman and Independent The Chairman and Independent Director of our Company, namely Srikanth Velamakanni.
Director For details, see ‘Our Management’ on page 218
Chief Executive Officer or CEO The chief executive officer of our Company, namely Ankit Mehta. For details, see ‘Our
Management’ on page 218
Chief Financial Officer or CFO The chief financial officer of our Company, namely Vipul Joshi. For details, see ‘Our
Company Secretary and The company secretary and compliance officer of our Company, namely Sonam Gupta.
Compliance Officer For details, see ‘Our Management’ on page 218
Corporate Selling Shareholders Collectively, A&E Investment LLC, Agarwal Trademart Private Limited, Celesta
Capital II Mauritius (formerly known as WRV II Mauritius), Celesta Capital II-B
Mauritius (formerly known as WRV II-B Mauritius), Export Import Bank of India,
Indusage Technology Venture Fund I, Qualcomm Asia Pacific Pte. Ltd. and Society for
Innovation and Entrepreneurship
CSR Committee The corporate social responsibility committee of our Board, as described in ‘Our
Director(s) The director(s) on our Board. For details, see ‘Our Management’ on page 218
ESOP 2018 Employee Stock Option Scheme 2018, as amended
Equity Shares The equity shares of our Company of face value of ₹ 10 each
Executive Director(s) The executive director(s) on our Board, namely Ankit Mehta, Rahul Singh and Ashish
Bhat. For details, see ‘Our Management’ on page 218
Group Companies Our group companies as disclosed in section ‘Our Group Companies’ on page 242
Independent Chartered The independent chartered accountant appointed by our Company, Ramanand &
Accountant Associates, Chartered Accountants
Independent Chartered The independent chartered engineer appointed by our Company, A. D. Joshi, Chartered
Engineer Engineers and Valuers LLP
1
Term Description
Independent Director(s) The independent director(s) on our Board, namely, Srikanth Velamakanni, Sutapa
Banerjee and Vikas Balia. For details, see ‘Our Management’ on page 218
Individual Selling Shareholders Collectively, Amarpreet Singh, Nambirajan Seshadri, Naresh Malhotra, Sujata Vemuri
and Sundararajan K Pandalgudi
Indusage Indusage Technology Venture Fund I
IPO Committee The IPO committee of our Board, which comprises Ankit Mehta, Ganapathy
Subramaniam and Mathew Cyriac
Key Managerial Personnel Key managerial personnel of our Company in terms of the SEBI ICDR Regulations and
as disclosed in ‘Our Management’ on page 218
Materiality Policy Policy for identification of (i) group companies, (ii) material outstanding civil litigation
proceedings involving our Company, our Subsidiary, our Promoters and our Directors
and (iii) material creditors of the Company, pursuant to the disclosure requirements
under SEBI ICDR Regulations, as adopted by the Board through its resolution dated
February 3, 2023
Memorandum of Association The memorandum of association of our Company, as amended from time to time
Non-Executive Nominee The non-executive nominee directors on our Board, namely, Ganapathy Subramaniam
Director and Mathew Cyriac. For details, see ‘Our Management’ on page 218
Nomination and Remuneration The nomination and remuneration committee of our Board, as described in ‘Our
Committee Management’ on page 218
Praxian Praxian Global Private Limited
1Lattice Report Industry report titled “Drone Industry Report” released on February 7, 2023 prepared by
Praxian Global Private Limited, appointed by our Company on October 6, 2022, and
exclusively commissioned by and paid for in connection with the Offer. The 1Lattice
Report shall be available on the website of our Company at
https://ideaforgetech.com/investor-relations/industry-report, from the date of the Red
Herring Prospectus till the Bid/Offer Closing Date
Preference Share The preference shares of our Company which includes Series A CCPS, Series B 1 CCPS
and Series B CCPS. For details, see ‘Capital Structure’ on page 74
Promoters The promoters of our Company, namely, Ankit Mehta, Rahul Singh and Ashish Bhat
Promoter Group The individuals and entities constituting the promoter group of our Company in terms
of Regulation 2(1)(pp) of the SEBI ICDR Regulations. For details, see ‘Our Promoters
and Promoter Group’ on page 238
Promoter Selling Shareholder Ashish Bhat
Registered Office The registered office of our Company situated at EL-146, TTC Industrial Area,
Electronic Zone MIDC, Mahape, Navi Mumbai Thane 400 710 Maharashtra, India
Registrar of Companies or RoC The Registrar of Companies, Maharashtra at Mumbai
Restated Consolidated The restated consolidated financial information of our Company and our Subsidiary as
Financial Information at and for the six months period ended September 30, 2022, September 30, 2021 and as
at and for the years ended March 31, 2022, March 31, 2021 and March 31, 2020
comprising the restated consolidated statement of assets and liabilities as at September
30, 2022, September 30, 2021, March 31, 2022, March 31, 2021 and March 31, 2020,
the restated consolidated statement of profit and loss (including other comprehensive
income), the restated consolidated statement of changes in equity, the restated
consolidated cash flow statement for the six months period ended September 30, 2022,
September 30, 2021 and for the years ended March 31,2022, March 31, 2021 and March
31, 2020, the summary statement of significant accounting policies, and other
explanatory information prepared in accordance with Section 26 of Part I of Chapter III
of the Companies Act, 2013, as amended, the Securities and Exchange Board of India
(Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and the
Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the ICAI,
as amended and e-mail dated October 28, 2021 from Securities and Exchange Board of
India to Association of Investment Bankers of India, instructing lead managers to ensure
that companies provide consolidated financial statements prepared in accordance with
Indian Accounting Standards (Ind-AS) as at and for the six months ended September 30,
2022, September 30, 2021 and as at and for the years ended March 31, 2022, March 31,
2021 and March 31, 2020
Risk Management Committee The risk management committee of our Board, as described in ‘Our Management’ on
page 218
Senior Management Senior management of our Company in terms of the SEBI ICDR Regulations and as
disclosed in ‘Our Management’ on page 218
Series A 1 CCPS Series A 1 CCPS of face value of ₹10 each
Series A CCPS Series A CCPS of face value of ₹10 each
Series B1 CCPS Series B 1 CCPS of face value of ₹10 each
Series B CCPS Series B CCPS of face value of ₹10 each
SHA Shareholders’ agreement dated April 14, 2022, executed between our Company, our
2
Term Description
Promoters, Vipul Joshi, Agarwal Trademart Private Limited, Ashwin Limaye Jt. with
Swati Trehan, Bhavin Shah, Deepak Sachdeva, Amardeep Singh, Sujata Vemuri,
Prashant Puri, R. Laxman, Rahul Shah, Ramakrishna K.V., Naresh Malhotra, Society
for Innovation and Entrepreneurship, Sundararajan K Pandalgudi, Dhruv Gupta,
Galiakotwala Engineering Company Private Limited, Meghaa Karnani, Don Bosco
Sequeira, Ganapathy Subramaniam, A&E Investment LLC, Ajay Doshi, Infina Finance
Private Limited, Anuraag Shah, Ramesh Shah, Charulata C. Shah, Nambirajan Seshadri,
Piyush Maheshwari, Puneet Maheshwari, Richa Garg, Vikas Malu, Ashish Gupta, Shaji
Kumar Devakar, Bharat Jaisinghani, Nikhil Jaisinghani, Amita Desai, Devansh Gupta,
Trifecta Venture Debt Fund I, Export Import Bank of India, WRV II Mauritius (now
known as Celesta Capital II Mauritius), WRV II-B Mauritius (now known as Celesta
Capital II-B Mauritius), Indusage Technology Venture Fund I, Qualcomm Asia Pacific
Pte. Ltd., Infosys Limited and Florintree Enterprise LLP (collectively, the “SHA
Parties”), as amended by the amendment agreement dated February 4, 2023 executed
between the SHA Parties. For further details, see ‘History and Certain Corporate
Matters - Summary of Key Agreements and Shareholders’ Agreement’ on page 215
Shareholders The shareholders of our Company from time to time
Selling Shareholders Collectively, the Promoter Selling Shareholder, the Individual Selling Shareholders and
the Corporate Selling Shareholders
Stakeholders’ Relationship The stakeholders’ relationship committee of our Board, as described in ‘Our
Committee Management’ on page 218
Subsidiary The subsidiary of our Company, namely, ideaForge Technology Inc. For details, see
‘History and Certain Corporate Matters – Subsidiary of our Company’ on page 216
Whole-Time Directors The whole-time directors of our Company
Offer Related Terms
Term Description
Acknowledgement Slip The slip or document issued by the relevant Designated Intermediary(ies) to the Bidder
as proof of registration of the Bid cum Application Form
Allot or Allotment or Allotted Unless the context otherwise requires, allotment or transfer, as the case may be of
Equity Shares offered pursuant to the Fresh Issue and transfer of the Offered Shares
by the Selling Shareholders pursuant to the Offer for Sale to the successful Bidders
Allotment Advice Advice or intimation of Allotment sent to the successful Bidders who have Bid in the
Offer or are to be Allotted the Equity Shares after the Basis of Allotment has been
approved by the Designated Stock Exchange
Allottee A successful Bidder to whom an Allotment is made
Anchor Investor(s) A Qualified Institutional Buyer, applying under the Anchor Investor Portion in
accordance with the SEBI ICDR Regulations and the Red Herring Prospectus, and
who has Bid for an amount of at least ₹ 100 million
Anchor Investor Allocation Price The price at which Equity Shares will be allocated to Anchor Investors according to
the terms of the Red Herring Prospectus, which will be decided by our Company in
consultation with the BRLMs during the Anchor Investor Bid/Offer Period
Anchor Investor Application The form used by an Anchor Investor to make a Bid in the Anchor Investor Portion
Form and which will be considered as an application for Allotment in terms of the Red
Herring Prospectus and under the SEBI ICDR Regulations
Anchor Investor Bid/ Offer The date, one Working Day prior to the Bid/ Offer Opening Date, on which Bids by
Period or Anchor Investor Anchor Investors shall be submitted and allocation to Anchor Investors shall be
Bidding Date completed
Anchor Investor Offer Price The price at which the Equity Shares will be Allotted to Anchor Investors in terms of
the Red Herring Prospectus and the Prospectus, which price will be equal to or higher
than the Offer Price but not higher than the Cap Price
The Anchor Investor Offer Price will be decided by our Company, Indusage and
Celesta Capital in consultation with the BRLMs
Anchor Investor Portion Up to 60% of the QIB Portion which may be allocated by our Company, Indusage and
Celesta Capital in consultation with the BRLMs, to Anchor Investors and the basis of
such allocation will be on a discretionary basis by our Company, Indusage and Celesta
Capital, in consultation with the BRLMs, in accordance with the SEBI ICDR
Regulations. One-third of the Anchor Investor Portion shall be reserved for domestic
Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or
above the Anchor Investor Allocation Price
Anchor Investor Pay-in Date With respect to Anchor Investor(s), it shall be the Anchor Investor Bidding Date, and
in the event the Anchor Investor Allocation Price is lower than the Offer Price, not
later than two Working Days after the Bid/ Offer Closing Date
3
Term Description
ASBA or Application Supported An application, whether physical or electronic, used by ASBA Bidders, other than
by Blocked Amount Anchor Investors, to make a Bid and authorising an SCSB to block the Bid Amount in
the specified bank account maintained with such SCSB and will include amounts
blocked by UPI Bidders using the UPI mechanism
ASBA Account Account maintained with an SCSB which may be blocked by such SCSB or the
account of the UPI Bidders blocked upon acceptance of UPI Mandate Request by UPI
Bidders using the UPI mechanism to the extent of the Bid Amount of the ASBA Bidder
ASBA Bid A Bid made by an ASBA Bidder
ASBA Bidder(s) Any Bidder (other than an Anchor Investor) in the Offer who intends to submit a Bid
ASBA Form An application form, whether physical or electronic, used by ASBA Bidders which
will be considered as the application for Allotment in terms of the Red Herring
Prospectus and the Prospectus
Banker(s) to the Offer Collectively, the Escrow Collection Bank, the Refund Bank, the Public Offer Account
Bank and the Sponsor Banks, as the case may be
Basis of Allotment Basis on which Equity Shares will be Allotted to successful Bidders under the Offer,
described in ‘Offer Procedure’ on page 401
Bid(s) An indication by a ASBA Bidder to make an offer during the Bid/Offer Period
pursuant to submission of the ASBA Form, or on the Anchor Investor Bidding Date
by an Anchor Investor, pursuant to the submission of the Anchor Investor Application
Form, to subscribe to or purchase Equity Shares at a price within the Price Band,
including all revisions and modifications thereto, to the extent permissible under the
SEBI ICDR Regulations, in terms of the Red Herring Prospectus and the Bid cum
Application Form. The term ‘Bidding’ shall be construed accordingly
Bid Amount The highest value of optional Bids indicated in the Bid cum Application Form, and
payable by the Bidder or blocked in the ASBA Account of the ASBA Bidder, as the
case may be, upon submission of the Bid in the Offer, as applicable
In the case of RIIs Bidding at the Cut off Price, the Cap Price multiplied by the number
of Equity Shares Bid for by such RIIs and mentioned in the Bid cum Application Form.
However, Eligible Employees applying in the Employee Reservation Portion can apply
at the Cut-off Price and the Bid Amount shall be Cap Price net of Employee Discount,
multiplied by the number of Equity Shares Bid for by such Eligible Employee and
mentioned in the Bid cum Application Form
The maximum Bid Amount under the Employee Reservation Portion by an Eligible
Employee shall not exceed ₹ 500,000 (net of Employee Discount). However, the initial
Allotment to an Eligible Employee in the Employee Reservation Portion shall not
exceed ₹ 200,000 (net of Employee Discount). Only in the event of an under-
subscription in the Employee Reservation Portion post initial Allotment, such
unsubscribed portion may be Allotted on a proportionate basis to Eligible Employees
Bidding in the Employee Reservation Portion, for a value in excess of ₹ 200,000 (net
of Employee Discount) subject to the total Allotment to an Eligible Employee not
exceeding ₹ 500,000 (net of Employee Discount)
Bid cum Application Form The Anchor Investor Application Form or the ASBA Form, as the context requires
Bidder or Applicant Any prospective investor who makes a Bid pursuant to the terms of the Red Herring
Prospectus and the Bid cum Application Form and unless otherwise stated or implied,
includes an Anchor Investor
Bidding Centres Centres at which the Designated Intermediaries shall accept the ASBA Forms, i.e.,
Designated SCSB Branches for SCSBs, Specified Locations for Members of the
Syndicate, Broker Centres for Registered Brokers, Designated RTA Locations for
RTAs and Designated CDP Locations for CDPs
Bid Lot [●] Equity Shares
Bid/ Offer Closing Date Except in relation to any Bids received from the Anchor Investors, the date after which
the Designated Intermediaries will not accept any Bids, which shall be notified in [●]
editions of [●] (a widely circulated English national daily newspaper), [●] editions of
[●] (a widely circulated Hindi national daily newspaper) and [●] editions of [●] (a
widely circulated Marathi daily newspaper, Marathi being the regional language of
Maharashtra, where our Registered Office is located) and in case of any revision, the
extended Bid/Offer Closing Date shall also be notified on the website and terminals of
the Members of the Syndicate and communicated to the designated intermediaries and
the Sponsor Bank, as required under the SEBI ICDR Regulations
Our Company, Indusage and Celesta Capital, in consultation with the BRLMs, may
consider closing the Bid/Offer Period for QIBs one Working Day prior to the
Bid/Offer Closing Date in accordance with the SEBI ICDR Regulations
4
Term Description
Bid/ Offer Opening Date Except in relation to any Bids received from the Anchor Investors, the date on which
the Designated Intermediaries shall start accepting Bids, which shall be notified in [●]
editions of [●] (a widely circulated English national daily newspaper), [●] editions of
[●] (a widely circulated Hindi national daily newspaper) and [●] editions of [●] (a
widely circulated Marathi daily newspaper, Marathi being the regional language of
Maharashtra, where our Registered Office is located) and in case of any revision, the
extended Bid/ Offer Opening Date also to be notified on the website and terminals of
the Members of the Syndicate and communicated to the Designated Intermediaries and
the Sponsor Bank, as required under the SEBI ICDR Regulations
Bid/ Offer Period Except in relation to Anchor Investors, the period between the Bid/ Offer Opening
Date and the Bid/ Offer Closing Date, inclusive of both days, during which Bidders
can submit their Bids, including any revisions thereof, in accordance with the SEBI
ICDR Regulations and in accordance with the terms of the Red Herring Prospectus.
Provided that the Bidding shall be kept open for a minimum of three Working Days
for all categories of Bidders, other than Anchor Investors
Our Company, Indusage and Celesta Capital, in consultation with the BRLMs, may
consider closing the Bid/ Offer Period for QIBs one Working Day prior to the Bid/
Offer Closing Date in accordance with the SEBI ICDR Regulations
Book Building Process Book building process, as provided in Schedule XIII of the SEBI ICDR Regulations,
in terms of which the Offer is being made
Book Running Lead Managers or The book running lead managers to the Offer, being JM Financial and IIFL
BRLMs
Broker Centres Broker centres notified by the Stock Exchanges where ASBA Bidders can submit the
ASBA Forms to a Registered Broker, provided that Retail Individual Investors may
only submit ASBA Forms at such broker centres if they are Bidding using the UPI
Mechanism. The details of such Broker Centres, along with the names and contact
details of the Registered Brokers are available on the respective websites of the Stock
Exchanges at www.bseindia.com and www.nseindia.com
CAN or Confirmation of Notice or intimation of allocation of the Equity Shares sent to Anchor Investors, who
Allocation Note have been allocated the Equity Shares, after the Anchor Investor Bidding Date
Cap Price The higher end of the Price Band, above which the Offer Price and Anchor Investor
Offer Price will not be finalised and above which no Bids will be accepted. The Cap
Price shall not be more than 120% of the Floor Price, provided that the Cap Price shall
be at least 105% of the Floor Price
Cash Escrow and Sponsor Bank The agreement dated [●] amongst our Company, the Selling Shareholders, the
Agreement Registrar to the Offer, the BRLMs, the Escrow Collection Bank(s), the Public Offer
Account Bank(s), the Sponsor Bank, and the Refund Bank(s) for, among other things,
collection of the Bid Amounts from the Anchor Investors and where applicable,
refunds of the amounts collected from Anchor Investors, on the terms and conditions
thereof
CDP or Collecting Depository A depository participant as defined under the Depositories Act, 1996, registered with
Participant SEBI and who is eligible to procure Bids at the Designated CDP Locations in terms
of circular no. CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015 issued by
SEBI as per the lists available on the websites of the BSE and the NSE
Client ID Client identification number maintained with one of the Depositories in relation to the
demat account
Cut-Off Price Offer Price, which shall be any price within the Price Band, finalised by our Company,
Indusage and Celesta Capital in consultation with the BRLMs
Only Retail Individual Bidders and Eligible Employees Bidding under the Employee
Reservation Portion are entitled to Bid at the Cut-off Price. QIBs (including Anchor
Investor) and Non-Institutional Bidders are not entitled to Bid at the Cut-off Price
Demographic Details The details of the Bidders including the Bidder’s address, name of the Bidder’s father/
husband, investor status, occupation, bank account details and UPI ID, as applicable
Designated CDP Locations Such locations of the CDPs where Bidders can submit the ASBA Forms. The details
of such Designated CDP Locations, along with names and contact details of the
Collecting Depository Participants eligible to accept ASBA Forms are available on the
respective websites of the Stock Exchanges (www.bseindia.com and
www.nseindia.com, respectively) as updated from time to time
Designated Date The date on which the Escrow Collection Bank(s) transfers funds from the Escrow
Account, and funds blocked by the SCSBs and Sponsor Bank are transferred from the
ASBA Accounts, as the case may be, to the Public Offer Account or the Refund
Account, as appropriate, after finalisation of the Basis of Allotment, in terms of the
Red Herring Prospectus following which the Equity Shares will be Allotted in the
5
Term Description
Offer
Designated Intermediary(ies) In relation to ASBA Forms submitted by RIBs, Non-Institutional Bidders Bidding
with an application size of up to ₹ 500,000 (not using the UPI Mechanism) and the
Eligible Employees Bidding in the Employee Reservation Portion by authorising an
SCSB to block the Bid Amount in the ASBA Account, Designated Intermediaries shall
mean SCSBs
In relation to ASBA Forms submitted by UPI Bidders where the Bid Amount will be
blocked upon acceptance of UPI Mandate Request by such UPI Bidders using the UPI
Mechanism, Designated Intermediaries shall mean Syndicate, sub-Syndicate/ agents,
Registered Brokers, CDPs, SCSBs and RTAs
In relation to ASBA Forms submitted by QIBs (excluding Anchor Investors) and Non-
Institutional Bidders (not using the UPI Mechanism), Designated Intermediaries shall
mean Syndicate, sub-Syndicate/ agents, SCSBs, Registered Brokers, the CDPs and
RTAs
Designated RTA Locations Such locations of the RTAs where Bidders can submit the ASBA Forms to RTAs
The details of such Designated RTA Locations, along with names and contact details
of the RTAs eligible to accept ASBA Forms are available on the respective websites
of the Stock Exchanges (www.bseindia.com and www.nseindia.com, respectively) as
updated from time to time
Designated SCSB Branches Such branches of the SCSBs which shall collect the ASBA Forms used by the Bidders,
a list of which is available on the website of SEBI at
http://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmI
d=35, updated from time to time, or at such other website as may be prescribed by
SEBI from time to time
Designated Stock Exchange [●]
Draft Red Herring Prospectus or This draft red herring prospectus February 10, 2023 issued in accordance with the
DRHP SEBI ICDR Regulations, which does not contain complete particulars of the price at
which the Equity Shares will be Allotted and the size of the Offer, including any
addenda or corrigenda thereto
Eligible Employee(s) Permanent employees of our Company and its Subsidiary (excluding such employees
not eligible to invest in the Offer under applicable laws, rules, regulations and
guidelines), as on the date of filing of the Red Herring Prospectus with the RoC and who
continue to be a permanent employee of our Company until the submission of the ASBA
Form and is based, working and present in India or abroad as on the date of submission
of the ASBA Form; or Director of our Company, whether a whole-time Director or
otherwise, who is eligible to apply under the Employee Reservation Portion under
applicable law as of the date of filing of the Red Herring Prospectus with the RoC and
who continues to be a Director of our Company until submission of the ASBA Form and
is based, working and present in India or abroad as on the date of submission of the
ASBA Form, but not including (i) Promoters; (ii) persons belonging to the Promoter
Group; and (iii) Directors who either themselves or through their relatives or through
any body corporate, directly or indirectly, hold more than 10% of the outstanding Equity
Shares of our Company
The maximum Bid Amount under the Employee Reservation Portion by an Eligible
Employee shall not exceed ₹ 500,000 (net of Employee Discount). However, the initial
Allotment to an Eligible Employee in the Employee Reservation Portion shall not exceed
₹ 200,000 (net of Employee Discount). Only in the event of an under-subscription in the
Employee Reservation Portion post initial Allotment, such unsubscribed portion may be
Allotted on a proportionate basis to Eligible Employees Bidding in the Employee
Reservation Portion, for a value in excess of ₹ 200,000 (net of Employee Discount)
subject to the total Allotment to an Eligible Employee not exceeding ₹ 500,000 (net of
Employee Discount)
Eligible NRI NRI(s) from jurisdictions outside India where it is not unlawful to make an offer or
invitation under the Offer and in relation to whom the Bid cum Application Form and
the Red Herring Prospectus will constitute an invitation to purchase the Equity Shares
Employee Discount Our Company, in consultation with the BRLMs, may offer a discount of up to [●]%
on the Offer Price (equivalent of ₹ [●] per Equity Share) to Eligible Employees which
shall be announced at least two Working Days prior to the Bid / Offer Opening Date
Employee Reservation Portion The portion of the Offer being up to [●] Equity Shares aggregating up to ₹ [●] million
which shall not exceed 5% of the post Issue Equity Share capital of our Company,
available for allocation to Eligible Employees, on a proportionate basis
6
Term Description
Escrow Account(s) Account(s) opened with the Escrow Collection Bank and in whose favour Anchor
Investors will transfer the money through direct credit/NEFT/RTGS/NACH in respect
of the Bid Amount while submitting a Bid
Escrow Collection Bank Bank which is a clearing member and registered with SEBI as a banker to an issue,
and with whom the Escrow Account(s) will be opened, in this case being [●]
First or sole Bidder The Bidder whose name shall be mentioned in the Bid cum Application Form or the
Revision Form and in case of joint Bids, whose name shall also appear as the first
holder of the beneficiary account held in joint names
Floor Price The lower end of the Price Band, subject to any revision thereto, at or above which the
Offer Price and the Anchor Investor Offer Price will be finalised and below which no
Bids will be accepted
Fresh Issue The issue of up to [●] Equity Shares at ₹ [●] per Equity Share (including a premium
of ₹ [●] per Equity Share) aggregating up to ₹ 3,000.00 million by our Company
Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement
of specified securities, as may be permitted under the applicable law, aggregating up
to ₹ 600.00 million, prior to filing of the Red Herring Prospectus with the RoC. The
Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company, in
consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount
raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject
to compliance with Rule 19(2)(b) of the SCRR, as amended
General Information Document The General Information Document for investing in public offers, prepared and issued
in accordance with the circular (SEBI/HO/CFD/DIL1/CIR/P/2020/37) dated March
17, 2020, issued by SEBI and the UPI Circulars, as amended from time to time. The
General Information Document shall be available on the websites of the Stock
Exchanges and the BRLMs
Gross Proceeds The gross proceeds of the Fresh Issue that will be available to our Company
IIFL IIFL Securities Limited
JM Financial JM Financial Limited
Monitoring Agency [●]
Monitoring Agency Agreement The agreement dated [●] to be entered into between our Company and the Monitoring
Agency prior to filing of the Red Herring Prospectus
Mutual Fund Portion [●] Equity Shares which shall be available for allocation to Mutual Funds only on a
proportionate basis, subject to valid Bids being received at or above the Offer Price
Mutual Funds Mutual funds registered with SEBI under the Securities and Exchange Board of India
(Mutual Funds) Regulations, 1996
Net Offer The Offer less the Employee Reservation Portion
Net Proceeds Proceeds of the Fresh Issue less our Company’s share of the Offer expenses. For
further details regarding the use of the Net Proceeds and the Offer expenses, see
‘Objects of the Offer’ beginning on page 101
Net QIB Portion The portion of the QIB Portion less the number of Equity Shares Allotted to the
Anchor Investors
NBFC-SI A systemically important non-banking financial company as defined under Regulation
2(1)(iii) of the SEBI ICDR Regulations
Non-Institutional Bidder(s) or Bidders that are not QIBs or RIIs and who have Bid for Equity Shares for an amount
Non-Institutional Investor(s) or more than ₹ 200,000
NII(s) or NIB(s)
Non-Institutional Portion The portion of the Offer being not more than 15% of the Net Offer consisting of [●]
Equity Shares which shall be available for allocation to Non-Institutional Bidders, of
which (a) one-third portion shall be reserved for applicants with application size of
more than ₹ 200,000 and up to ₹ 1,000,000, and (b) two-thirds portion shall be reserved
for applicants with application size of more than ₹ 1,000,000, provided that the
unsubscribed portion in either of such sub-categories may be allocated to applicants in
the other sub-category of, subject to valid Bids being received at or above the Offer
Price
Non-Resident A person resident outside India, as defined under FEMA and includes NRIs, FPIs and
FVCIs
Offer Initial public offering of up to [●] Equity Shares for cash at a price of ₹ [●] per Equity
Share aggregating up to ₹ [●] million comprising the Fresh Issue and the Offer for
Sale. The Offer comprises the Net Offer and Employee Reservation Portion
Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement
7
Term Description
Offer Agreement The agreement dated February 9, 2023 executed amongst our Company, the Selling
Shareholders and the BRLMs, pursuant to which certain arrangements are agreed to
in relation to the Offer
Offer for Sale The Offer for Sale component of the Offer, comprising an offer for sale by Ashish
Bhat of up to 158,200 Equity Shares aggregating up to ₹ [●] million, Amarpreet Singh
of up to 8,362 Equity Shares aggregating up to ₹ [●] million, Nambirajan Seshadri of
up to 22,600 Equity Shares aggregating up to ₹ [●] million, Naresh Malhotra of up to
22,600 Equity Shares aggregating up to ₹ [●] million, Sujata Vemuri of up to 203,400
Equity Shares aggregating up to ₹ [●] million, Sundararajan K Pandalgudi of up to
51,980 Equity Shares aggregating up to ₹ [●] million, A&E Investment LLC of up to
135,600 Equity Shares aggregating up to ₹ [●] million, Agarwal Trademart Private
Limited of up to 53,200 Equity Shares aggregating up to ₹ [●] million, Celesta Capital
II Mauritius of up to 1,106,722 Equity Shares aggregating up to ₹ [●] million, Celesta
Capital II-B Mauritius of up to 131,758 Equity Shares aggregating up to ₹ [●] million,
Export Import Bank of India of up to 202,044 Equity Shares aggregating up to ₹ [●]
million, Indusage Technology Venture Fund I of up to 1,695,000 Equity Shares
aggregating up to ₹ [●] million, Qualcomm Asia Pacific Pte. Ltd. of up to 1,055,646
Equity Shares aggregating up to ₹ [●] million and Society for Innovation and
Entrepreneurship of up to 22,600 Equity Shares aggregating up to ₹ [●] million
Offer Price The final price at which Equity Shares will be Allotted to successful Bidders other
than Anchor Investors in terms of the Red Herring Prospectus
The Offer Price will be decided by our Company, Indusage and Celesta Capital in
consultation with the BRLMs on the Pricing Date, in accordance with the Book-
Building Process and in terms of the Red Herring Prospectus
A discount of up to [●] % on the Offer Price (equivalent of ₹ [●] per Equity Share)
may be offered to Eligible Employees Bidding in the Employee Reservation Portion.
This Employee Discount, if any, will be decided by our Company in consultation with
the BRLMs
Offered Shares Up to 4,869,712 Equity Shares aggregating up to ₹ [●] million being offered for sale
by the Selling Shareholders in the Offer
Pre–IPO Placement Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement
Price Band The price band ranging from the Floor Price of ₹ [●] per Equity Share to the Cap Price
of ₹ [●] per Equity Share, including any revisions thereof. The Price Band and
minimum Bid Lot, as decided by our Company, Indusage and Celesta Capital in
consultation with the BRLMs will be advertised in [●] editions of [●] (a widely
circulated English national daily newspaper), [●] editions of [●] (a widely circulated
Hindi national daily newspaper) and [●] editions of [●] (a widely circulated Marathi
daily newspaper, Marathi being the regional language of Maharashtra, where our
Registered Office is located) at least two Working Days prior to the Bid/Offer Opening
Date with the relevant financial ratios calculated at the Floor Price and at the Cap
Price, and shall be made available to the Stock Exchanges for the purpose of uploading
on their respective websites
Provided that the Cap Price shall be at least 105% of the Floor Price and shall not be
greater than 120% of the Floor Price
Pricing Date The date on which our Company, Indusage and Celesta Capital, in consultation with
the BRLMs, will finalise the Offer Price
Prospectus The Prospectus to be filed with the RoC after the Pricing Date in accordance with
Section 26 of the Companies Act, 2013, and the SEBI ICDR Regulations containing,
inter alia, the Offer Price, the size of the Offer and certain other information, including
any addenda or corrigenda thereto
Public Offer Account The bank account opened with the Public Offer Account Bank under Section 40(3) of
the Companies Act, 2013, to receive monies from the Escrow Account and from the
ASBA Accounts on the Designated Date
8
Term Description
Public Offer Account Bank Bank which is a clearing member and registered with SEBI as a banker to an issue,
and with whom the Public Offer Account(s) will be opened
QIBs or Qualified Institutional Qualified institutional buyers as defined under Regulation 2(1)(ss) of the SEBI ICDR
Buyers Regulations
QIB Bidders QIBs who Bid in the Offer
QIB Bid/ Offer Closing Date In the event our Company, Indusage and Celesta Capital in consultation with the
BRLMs, decide to close Bidding by QIBs one day prior to the Bid/Offer Closing Date,
the date one day prior to the Bid/Offer Closing Date; otherwise it shall be the same as
the Bid/Offer Closing Date
QIB Portion The portion of the Offer being not less than 75% of the Net Offer or [●] Equity Shares,
which shall be available for allocation to QIBs (including Anchor Investors) on a
proportionate basis, subject to valid Bids being received at or above the Offer Price
Red Herring Prospectus or RHP The Red Herring Prospectus to be issued in accordance with Section 32 of the
Companies Act, 2013, and the provisions of the SEBI ICDR Regulations, which will
not have complete particulars of the price at which the Equity Shares will be offered
and the size of the Offer, including any addenda or corrigenda thereto. The Red
Herring Prospectus will be filed with the RoC at least three working days before the
Bid/Offer Opening Date and will become the Prospectus upon filing with the RoC
after the Pricing Date
Refund Account The account opened with the Refund Bank(s), from which refunds, if any, of the whole
or part of the Bid Amount to Anchor Investors shall be made
Refund Bank The Banker to the Offer with whom the Refund Account(s) will be opened, in this case
being [●]
Registrar Agreement The agreement dated February 9, 2023 entered into between our Company, the Selling
Shareholders and the Registrar to the Offer, in relation to the responsibilities and
obligations of the Registrar to the Offer pertaining to the Offer
Registered Brokers Stock brokers registered with SEBI under the Securities and Exchange Board of India
(Stock Brokers and Sub-Brokers) Regulations, 1992 and the stock exchanges having
nationwide terminals, other than the Members of the Syndicate and eligible to procure
Bids in terms of Circular No. CIR/CFD/14/2012 dated October 4, 2012, issued by
SEBI
Registrar to the Offer or Registrar Link Intime India Private Limited
RTAs or Registrar and Share The registrar and share transfer agents registered with SEBI and eligible to procure
Transfer Agents Bids at the Designated RTA Locations in terms of circular no.
CIR/CFD/POLICYCELL/11/2015 dated November 10, 2015, issued by SEBI
Resident Indian A person resident in India, as defined under FEMA
Retail Individual Bidder(s) or Individual Bidders, who have Bid for the Equity Shares for an amount which is not
Retail Individual Investor(s) or more than ₹ 200,000 in any of the bidding options in the Offer (including HUFs
RII(s) or RIB(s) applying through their karta and Eligible NRI Bidders) and does not include NRIs
(other than Eligible NRIs)
Retail Portion The portion of the Offer being not more than 10% of the Offer consisting of [●] Equity
Shares, available for allocation to Retail Individual Bidders as per the SEBI ICDR
Regulations, subject to valid Bids being received at or above the Offer Price, which
shall not be less than the minimum Bid Lot subject to availability in the retail portion,
and the remaining Equity Shares to be Allotted on a proportionate basis
Revision Form Form used by the Bidders to modify the quantity of the Equity Shares or the Bid
Amount in any of their Bid cum Application Forms or any previous Revision Form(s).
QIB Bidders and Non-Institutional Bidders are not allowed to withdraw or lower their
Bids (in terms of quantity of Equity Shares or the Bid Amount) at any stage. Retail
Individual Bidders and Eligible Employees can revise their Bids during the Bid/ Offer
Period and withdraw their Bids until the Bid/ Offer Closing Date
Self Certified Syndicate Bank(s) The banks registered with SEBI, offering services in relation to ASBA, a list of which
or SCSB(s) is available on the website of SEBI at
http://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmI
d=35 or such other websites and updated from time to time
Share Escrow Agent [●]
Share Escrow Agreement The agreement to be entered into between our Company, the Selling Shareholders and
the Share Escrow Agent in connection with the transfer of the Offered Shares by the
Selling Shareholders and credit of such Offered Shares to the demat account of the
Allottees in accordance with the Basis of Allotment
Specified Locations Bidding Centres where the Syndicate shall accept ASBA Forms from Bidders
Sponsor Bank Bank registered with SEBI which will be appointed by our Company to act as a conduit
between the Stock Exchanges and the National Payments Corporation of India in order
to push the mandate collect requests and/ or payment instructions of the UPI Bidders
into the UPI, the Sponsor Bank
9
Term Description
Sub-Syndicate Members The sub-syndicate members, if any, appointed by the BRLMs and the Syndicate
Members, to collect ASBA Forms and Revision Forms
Syndicate Agreement The agreement to be entered into between our Company, the Registrar to the Offer,
the Selling Shareholders, the BRLMs and the Syndicate Members in relation to the
procurement of Bid cum Application Forms by the Syndicate
Syndicate Members Syndicate members as defined under Regulation 2(1)(hhh) of the SEBI ICDR
Regulations
Syndicate or Members of the The BRLMs and the Syndicate Members
Syndicate
Underwriters [●]
Underwriting Agreement The agreement to be entered into between the Underwriters, our Company and the
Selling Shareholders, on or after the Pricing Date but prior to filing of the Prospectus
with the RoC
UPI Unified Payments Interface, which is an instant payment mechanism, developed by
NPCI
UPI Bidders Collectively, individual investors who applied as (i) Retail Individual Bidders in the
Retail Portion, (ii) Non-Institutional Bidders with an application size of up to ₹
500,000 in the Non-Institutional Portion and (iii) Eligible Employees who applied in
the Employee Reservation Portion and Bidding under the UPI Mechanism through
ASBA Form(s) submitted with Syndicate Members, Registered Brokers, Collecting
Depository Participants and Registrar and Share Transfer Agents
Pursuant to Circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022

issued by SEBI, all individual investors applying in public issues where the application
amount is up to ₹ 500,000 are required to use UPI Mechanism and are required to
provide their UPI ID in the Bid cum Application Form submitted with: (i) a syndicate
member, (ii) a stock broker registered with a recognized stock exchange (whose name
is mentioned on the website of the stock exchange as eligible for such activity), (iii) a
depository participant (whose name is mentioned on the website of the stock exchange
as eligible for such activity), and (iv) a registrar to an issue and share transfer agent
(whose name is mentioned on the website of the stock exchange as eligible for such
activity)
UPI Circulars SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2018/138 dated November 1,
2018, SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/50 dated April 3, 2019,
SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019,
SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019, SEBI
circular number SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019,
SEBI circular number SEBI/HO/CFD/DIL2/CIR/P/2020 dated March 30, 2020, SEBI
circular number SEBI/HO/CFD/DIL2/OW/P/2021/2481/1/M dated March 16, 2021,
SEBI circular number SEBI/HO/CFD/DIL1/CIR/P/2021/47 dated March 31, 2021,
SEBI circular number SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021,
SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022 SEBI
circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022, SEBI circular
no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022 and any subsequent
circulars or notifications issued by SEBI in this regard
UPI ID ID created on Unified Payment Interface (UPI) for single-window mobile payment
system developed by the National Payments Corporation of India
UPI Mandate Request A request (intimating the UPI Bidder by way of a notification on the UPI application
and by way of a SMS directing the UPI Bidder to such UPI application) to the UPI
Bidder initiated by the Sponsor Bank to authorise blocking of funds on the UPI
application equivalent to Bid Amount and subsequent debit of funds in case of
Allotment
UPI Mechanism The bidding mechanism that shall be used by UPI Bidders to make a Bid in the Offer
in accordance with UPI Circulars
UPI PIN Password to authenticate UPI transaction
Wilful Defaulter or Fraudulent Wilful defaulter or fraudulent borrower as defined under Regulation 2(1)(lll) of the
Borrower SEBI ICDR Regulations
Working Day All days other than second and fourth Saturday of the month, Sunday or a public
holiday, on which commercial banks in Mumbai are open for business; provided,
however, with reference to (a) announcement of Price Band; and (b) Bid/ Offer Period,
the expression “Working Day” shall mean all days on which commercial banks in
Mumbai are open for business, excluding all Saturdays, Sundays or public holidays;
and (c) with reference to the time period between the Bid/ Offer Closing Date and the
listing of the Equity Shares on the Stock Exchanges, the expression ‘Working Day’
shall mean all trading days of Stock Exchanges, excluding Sundays and bank holidays,
10
Term Description
in terms of the circulars issued by SEBI
Technical/ Industry Related Abbreviations
Term Description
ADR Airborne data relay
Adjusted EBITDA Calculated as EBITDA plus share based payments to employees
Adjusted EBITDA Margin (%) Calculated as Adjusted EBITDA divided by Revenue from Operations
Adjusted ROCE % Adjusted ROCE % provides how efficiently our Company generates earnings from
the capital employed in our business after adjusting the share based payment
Adjusted ROCE Adjusted earnings before interest and tax divided by Adjusted Capital Employed
Adjusted Capital Employed Adjusted Capital Employed is calculated as total equity plus total borrowings minus
intangible assets minus current borrowings minus cash and cash equivalents minus
bank balance other than cash and cash equivalents
Adjusted EBIT Adjusted earnings before interest and tax is calculated as restated profit / (loss) for
the period / year plus total tax expense / (credit) plus finance costs plus share based
payments to employees
ATO Assemble to order
Average Equity Average of the total equity attributable to the equity shareholders of our Company at
the beginning and ending of the year/period
BIS Bureau of Indian Standards
CAGR Compounded annual growth rate is calculated as (end year value/ base year value) ^
(1/no. of years between base year and end year) – 1, wherein ^ denotes ‘raised to’
CBU Completely built up drone
CKD Completely knocked down drone
CCTV Closed circuit television
COTS Common off the shelf
CTQ Critical to quality
Capital Employed Capital Employed is calculated as total equity plus total borrowings minus intangible
assets
DGFT The Directorate General of Foreign Trade
DFR Drone as first responder
DraaS Drone as a Service
EBITDA (₹ million) Calculated as restated profit / (loss) for the period / year, plus finance cost, total taxes,
and depreciation and amortization expense.
EBITDA Margin (%) Calculated as EBITDA divided by Revenue from operations
EBIT Earnings before interest and tax is calculated as restated profit / (loss) for the period
/ year plus total tax expense / (credit) plus finance costs
ERP Enterprise resource planning
ESS Environmental stress screening
GB Gigabyte
GCS Ground control station
GIS Geographic Information System
GPS Global Positioning System
Growth in revenue from operations Calculated as a percentage of revenue from operations of the relevant period/year
(%) minus revenue from operations of the preceding period/year, divided by revenue from
operations of the preceding period / year
Gross Profit (₹ million) Calculated as revenue from operations less cost of materials consumed, changes in
inventories of finished goods and work-in-progress
Gross Margin (%) Percentage margin derived by dividing Gross Profit by Revenue from Operations
ISO International Organization for Standardization
ISR Intelligence, surveillance and reconnaissance
IT Information technology
MTO Make to order
Net Asset Value per Equity Share Net Asset Value per Equity Share is calculated as Net Worth attributable to equity
shareholders as at the end of Fiscal period/year divided by the weighted average
number of Equity Shares used in calculating basic earning per share.
Net Worth Net Worth is computed as the sum of the aggregate of paid up equity share capital,
instruments entirely in the nature of equity and all reserves created out of the profits,
securities premium account and debit or credit balance of profit and loss account,
excluding foreign currency translation reserve
Number of flights launched It is the flights launched / takeoff by drones of our customers
11
Term Description
OEM Original equipment manufacturer
Order Book It is the total value of contracts that have not been executed, as of a certain date
Order Book split by defence and As of a certain date, the total value of contracts won that have not been executed split
civil between defence and civil
PCBA Printed circuit board assembly
PPK Post-processing kinematic
PAT Profit after tax
Profit after Tax (₹ million) Restated profit / (loss) for the period/year as appearing in the Restated Consolidated
Financial Information
Profit after Tax Margin (%) Percentage margin derived by dividing Profit after Tax by Revenue from Operations
RVT Remote video terminal
RoCE Return on capital employed
RoE (%) Return on equity
Return on Capital Employed Return on capital employed is calculated as earnings before interest and taxes divided
by Capital Employed
Return on Equity (%) Restated profit for the year / period attributable to equity shareholders of our
Company divided by Average Equity for the year/period.
Return on Net Worth (%) Return on Net Worth is calculated as restated profit / (loss) after tax attributable to
equity shareholders of our Company divided by restated Net Worth for Equity
Shareholders of our Company.
Revenue from Operations Revenue from operations as appearing in the Restated Consolidated Financial
Information and includes sale of products and services as appearing in the Restated
Consolidated Financial Information.
Revenue split by defence and civil Revenue from Operations as appearing in the Restated Consolidated Financial
Information divided between our Company’s two key focus end use segments of
defence and civil
SaaS Software as a Service
SKD Semi knocked down drone
TCO Total cost of ownership
UAS Unmanned Aerial System
UAV(s) Unmanned Aerial Vehicle(s)
VMS Video management system
VTOL Vertical take-off and loading
Conventional and General Terms or Abbreviations
Term Description
AGM Annual General Meeting
AIF An alternative investment fund as defined in and registered with SEBI under the
Securities and Exchange Board of India (Alternative Investment Funds) Regulations,
2012
BSE The BSE Limited
Category II FPI FPIs registered as “Category II foreign portfolio investors” under the Securities and
Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014
CDSL Central Depository Services (India) Limited
CIN Corporate Identity Number
Companies Act The Companies Act, 1956 and the Companies Act, 2013, as applicable
Companies Act, 1956 The erstwhile Companies Act, 1956 along with the relevant rules made thereunder
Companies Act, 2013 Companies Act, 2013, along with the relevant rules, regulations, clarifications,
circulars and notifications issued thereunder, as amended to the extent currently in
force
CSR Corporate Social Responsibility
Depositories NSDL and CDSL
Depositories Act The Depositories Act, 1996, read with regulations framed thereunder
DDT Dividend distribution tax
DIN Director Identification Number
DP ID Depository Participant’s Identity Number
DP or Depository Participant A depository participant as defined under the Depositories Act
EGM Extraordinary General Meeting
EPS Earnings Per Share
FCNR Foreign currency non-resident account
FDI Foreign Direct Investment
FDI Circular The consolidated FDI Policy, issued by the Department of Promotion of Industry
12
Term Description
and Internal Trade, Ministry of Commerce and Industry, Government of India, and
any modifications thereto or substitutions thereof, issued from time to time
FEMA The Foreign Exchange Management Act, 1999, read with rules and regulations
thereunder
FEMA Non-Debt Instruments Foreign Exchange Management (Non-debt Instruments) Rules, 2019 issued by the
Rules Ministry of Finance, GoI
Financial Year or Fiscal or Fiscal The period of 12 months commencing on April 1 of the immediately preceding
Year calendar year and ending on March 31 of that particular calendar year
FPI(s) Foreign portfolio investors as defined under the SEBI FPI Regulations
FVCI Foreign venture capital investors as defined and registered under the SEBI FVCI
Regulations
GoI or Government or Central The Government of India
Government
GST Goods and services tax
HD High definition
HUF Hindu undivided family
ICAI The Institute of Chartered Accountants of India
IFRS International Financial Reporting Standards of the International Accounting
Standards Board
Income Tax Act The Income-tax Act, 1961, read with the rules framed thereunder
Income Tax Rules The Income-tax Rules, 1962
Ind AS The Indian Accounting Standards prescribed under section 133 of the Companies
Act, 2013, as notified under Companies (Indian Accounting Standard) Rules, 2015,
as amended
Indian GAAP Accounting standards notified under section 133 of the Companies Act, 2013, read
with Companies (Accounting Standards) Rules, 2006, as amended and the
Companies (Accounts) Rules, 2014, as amended
IPO Initial public offering
IST Indian Standard Time
MCA The Ministry of Corporate Affairs, Government of India
Mn or mn Million
MSME Micro, Small and Medium Enterprises
N.A. Not applicable
Net Asset Value per Equity Share Net Asset Value per Equity Share is calculated as net worth attributable to equity
shareholders as at the end of Fiscal period/year divided by the weighted average
number of Equity Shares used in calculating basic earning per share
NEFT National Electronic Fund Transfer
NPCI National Payments Corporation of India
NRI A person resident outside India, who is a citizen of India or an overseas citizen of
India cardholder within the meaning of section 7(A) of the Citizenship Act, 1955
NSDL National Securities Depository Limited
NSE The National Stock Exchange of India Limited
OCB or Overseas Corporate Body A company, partnership, society or other corporate body owned directly or indirectly
to the extent of at least 60% by NRIs including overseas trusts, in which not less than
60% of beneficial interest is irrevocably held by NRIs directly or indirectly and
which was in existence on October 3, 2003 and immediately before such date was
eligible to undertake transactions pursuant to general permission granted to OCBs
under FEMA. OCBs are not allowed to invest in the Offer
P/E Ratio Price / earnings ratio
PAN Permanent account number
PAT Profit after tax
RBI Reserve Bank of India
Regulation S Regulation S under the U.S. Securities Act
RTGS Real time gross settlement
SCRA The Securities Contracts (Regulation) Act, 1956
SCRR The Securities Contracts (Regulation) Rules, 1957
SEBI The Securities and Exchange Board of India constituted under the SEBI Act, 1992
SEBI Act The Securities and Exchange Board of India Act, 1992
SEBI AIF Regulations The Securities and Exchange Board of India (Alternative Investment Funds)
Regulations, 2012
SEBI FPI Regulations The Securities and Exchange Board of India (Foreign Portfolio Investors)
Regulations, 2014
SEBI FVCI Regulations The Securities and Exchange Board of India (Foreign Venture Capital Investors)
Regulations, 2000
13
Term Description
SEBI ICDR Regulations The Securities and Exchange Board of India (Issue of Capital and Disclosure
Requirements) Regulations, 2018
SEBI Listing Regulations The Securities and Exchange Board of India (Listing Obligations and Disclosure
Requirements) Regulations, 2015
SEBI SBEB & SE Regulations The Securities and Exchange Board of India (Share Based Employee Benefits and
Sweat Equity) Regulations, 2021
SEBI VCF Regulations The Securities and Exchange Board of India (Venture Capital Fund) Regulations,
1996
State Government The government of a state in India
Stock Exchanges Collectively, the BSE and NSE
Takeover Regulations The Securities and Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 2011
TAN Tax deduction account number
U.S. GAAP Generally accepted accounting principles in the United States of America
U.S. Securities Act The U.S. Securities Act of 1933, as amended
VCFs Venture capital funds as defined in and registered with SEBI under SEBI
VCF Regulations
Year/ Calendar Year The 12 month period ending December 31
14
CERTAIN CONVENTIONS, USE OF FINANCIAL INFORMATION AND MARKET DATA AND
CURRENCY OF PRESENTATION
Certain Conventions
All references in this Draft Red Herring Prospectus to ‘India’ are to the Republic of India and its territories and
possessions and all references herein to the ‘Government’, ‘Indian Government’, ‘GoI’, ‘Central Government’ or
the ‘State Government’ are to the Government of India, central or state, as applicable.
Unless otherwise specified, any time mentioned in this Draft Red Herring Prospectus is in IST. Unless indicated
otherwise, all references to a year in this Draft Red Herring Prospectus are to a calendar year.
Unless otherwise stated, all references to page numbers in this Draft Red Herring Prospectus are to page numbers
of this Draft Red Herring Prospectus.
Currency and Units of Presentation
All references to “Rupee(s)”, “Rs.” or “₹” or “INR” are to Indian Rupees, the official currency of the Republic
of India. All references to “U.S. Dollar(s)” or “USD” or “US Dollar” are to United States Dollars, the official
currency of the United States of America.
Exchange Rates
This Draft Red Herring Prospectus contains conversion of U.S. Dollar into Rupees that have been presented solely
to comply with the requirements of the SEBI ICDR Regulations. These conversions should not be considered as
a representation that such U.S. Dollar amounts have been, could have been or can be converted into Rupees at any
particular rate, the rates stated below or at all. Unless otherwise stated, the exchange rates referred to for the
purpose of conversion of U.S. Dollar amounts into Rupee amounts, are as follows:
(in ₹)
Currency Exchange rate as on
September 30, 2022 September 30, 2021 March 31, 2022 March 31, 2021 March 31, 2020
USD 81.55 74.25 75.81 73.50 75.39
Source: www.fbil.org.in
Financial and Other Data
Unless stated or the context requires otherwise, the financial information in this Draft Red Herring Prospectus is
derived from our Restated Consolidated Financial Information.
The restated consolidated financial information of our Company and our Subsidiary as at and for the six months
period ended September 30, 2022 and September 30, 2021 and as at and for the years ended March 31, 2022,
March 31, 2021 and March 31, 2020 comprises of the restated consolidated statement of assets and liabilities as
at September 30, 2022, September 30, 2021, March 31, 2022, March 31, 2021 and March 31, 2020, the restated
consolidated statement of profit and loss (including other comprehensive income), the restated consolidated
statement of changes in equity, the restated consolidated cash flow statement for the six months period ended
September 30, 2022, September 30, 2021 and for the years ended March 31,2022, March 31, 2021 and March 31,
2020, the summary statement of significant accounting policies, and other explanatory information prepared in
accordance with Section 26 of Part I of Chapter III of the Companies Act, 2013, as amended, the Securities and
Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and the
Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the ICAI, as amended and e-mail
dated October 28, 2021 from Securities and Exchange Board of India to Association of Investment Bankers of
India, instructing lead managers to ensure that companies provide consolidated financial statements prepared in
accordance with Indian Accounting Standards (Ind-AS) as at and for the six months ended September 30, 2022,
September 30, 2021 and as at and for the years ended March 31, 2022, March 31, 2021 and March 31, 2020.
For further information of our Company’s financial information, please see ‘Financial Information’ on page 245.
There are significant differences between Indian GAAP, Ind AS, U.S. GAAP and IFRS. Our Company does not
provide reconciliation of its financial information to IFRS or U.S. GAAP. For details, see ‘Risk Factors –
Significant differences exist between Ind AS and other accounting principles, such as Indian GAAP, U.S.
15
GAAP and IFRS, which investors may be more familiar with and may consider material to their assessment of
our financial condition’ on page 57. Our Company has not attempted to explain those differences or quantify
their impact on the financial data included in this Draft Red Herring Prospectus and it is urged that you consult
your own advisors regarding such differences and their impact on our financial data. Accordingly, the degree to
which the financial information included in this Draft Red Herring Prospectus will provide meaningful
information is entirely dependent on the reader’s level of familiarity with Indian accounting policies and practices,
the Companies Act, Ind AS, and the SEBI ICDR Regulations. Any reliance by persons not familiar with Indian
accounting policies and practices on the financial disclosures presented in this Draft Red Herring Prospectus
should, accordingly, be limited.
Our Company’s fiscal year commences on April 1 of each year and ends on March 31 of the next year.
Accordingly, all references to a particular fiscal year (referred to herein as “Fiscal”, “Fiscal Year”) are to the 12
months ended March 31 of that particular year, unless otherwise specified.
All the figures in this Draft Red Herring Prospectus have been presented in million or in whole numbers where
the numbers have been too small to present in million unless stated otherwise. One million represents 1,000,000
and one billion represents 1,000,000,000. Certain figures contained in this Draft Red Herring Prospectus,
including financial information, have been subject to rounding adjustments. Any discrepancies in any table
between the totals and the sum of the amounts listed are due to rounding off. All figures in decimals have been
rounded off to the two decimal points. In certain instances, (i) the sum or percentage change of such numbers may
not conform exactly to the total figure given, and (ii) the sum of the figures in a column or row in certain tables
may not conform exactly to the total figure given for that column or row. However, figures sourced from third-
party industry sources may be expressed in denominations other than million or may be rounded off to other than
two decimal points in the respective sources, and such figures have been expressed in this Draft Red Herring
Prospectus in such denominations or rounded-off to such number of decimal points as provided in such respective
sources.
Unless the context otherwise indicates, any percentage amounts, as set forth in ‘Risk Factors’, ‘Our Business’
and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ on pages 29,
184 and 330, respectively, and elsewhere in this Draft Red Herring Prospectus have been calculated on the basis
of amounts derived from the Restated Consolidated Financial Information.
Non-GAAP Financial Measures
This Draft Red Herring Prospectus contains certain non-GAAP financial measures and certain other statistical
information relating to our operations and financial performance like EBITDA, EBITDA Margin, Adjusted
EBITDA, Adjusted EBITDA Margin, Return on Capital Employed, Adjusted Return on Capital Employed, Net
Worth, Return on Net Worth, Net Asset Value per Equity Share and certain other statistical information relating
to our operations and financial performance (together, “Non-GAAP Measures”) that are not required by, or
presented in accordance with, Ind AS, Indian GAAP, or IFRS. Further, these non-GAAP measures are not a
measurement of our financial performance or liquidity under Ind AS, Indian GAAP, IFRS or U.S. GAAP and
should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the years/ period
or any other measure of financial performance or as an indicator of our operating performance, liquidity,
profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind
AS, Indian GAAP, IFRS or U.S. GAAP. We compute and disclose such non-Indian GAAP financial measures
and such other statistical information relating to our operations and financial performance as we consider such
information to be useful measures of our business and financial performance. These non-Indian GAAP financial
measures and other statistical and other information relating to our operations and financial performance may not
be computed on the basis of any standard methodology that is applicable across the industry and therefore may
not be comparable to financial measures and statistical information of similar nomenclature that may be computed
and presented by other companies and are not measures of operating performance or liquidity defined by Ind AS
and may not be comparable to similarly titled measures presented by other companies. For the risks relating to
our Non-GAAP Measures, see ‘Risk Factors- Non-GAAP measures presented in this Draft Red Herring
Prospectus may have limitations as analytical tools, may vary from any standard methodology applicable across
the drone industry, and may not be comparable with financial or statistical information of similar
nomenclature presented by other peer companies.’ on page 50.
Industry and Market Data
Industry publications generally state that the information contained in such publications has been obtained from
publicly available documents from various sources. The data used in these sources may have been re-classified
16
by us for the purposes of presentation. Data from these sources may also not be comparable. Accordingly, no
investment decision should be made solely on the basis of such information. Further, industry sources and
publications are also prepared based on information as of a specific date and may no longer be current or reflect
current trends.
The extent to which industry and market data set forth in this Draft Red Herring Prospectus is meaningful depends
on the reader’s familiarity with and understanding of the methodologies used in compiling such data. There are
no standard data gathering methodologies in the industry in which we conduct our business, and methodologies
and assumptions may vary widely among different industry sources. Accordingly, no investment decision should
be made solely on the basis of such information. Such data involves risks, uncertainties and numerous assumptions
and is subject to change based on various factors, including those disclosed in ‘Risk Factors – Certain sections
of this Draft Red Herring Prospectus disclose information from the industry report which has been
commissioned and paid for by us exclusively in connection with the Offer and any reliance on such information
for making an investment decision in the Offer is subject to inherent risk.’ on page 45.
Unless stated otherwise, industry and market data used in this Draft Red Herring Prospectus is derived from the
report titled, “Drone Industry Report” released on February 7, 2023 (“1Lattice Report”) prepared by Praxian
Global Private Limited (“Praxian”), appointed by our Company pursuant to an engagement letter dated October
6, 2022, and such 1Lattice Report has been commissioned by and paid for by our Company, exclusively in
connection with the Offer. Further, Praxian pursuant to their consent letter dated February 8, 2023 (“Letter”) has
accorded its no objection and consent to use the 1Lattice Report in connection with the Offer. Praxian, pursuant
to its Letter has also confirmed that it is an independent agency, and that it is not related to our Company, our
Directors, our Promoters or our Key Managerial Personnel.
The 1Lattice Report is available on the website of our Company at https://ideaforgetech.com/investor-

relations/industry-report.
Praxian has required us to include the following disclaimer in connection with the 1Lattice Report:
“The report has been prepared as a general summary of matters on the basis of our interpretation of the publicly
available information, our experiences and the information provided to us, and should not be treated as a
substitute for a specific business advice concerning individual matters, situations or concerns. Procedures we
have performed do not constitute an audit of the Company’s historical financial statements nor do they constitute
an examination of prospective financial statements. We have also not performed any procedures to ensure or
evaluate the reliability or completeness of the information obtained from the Company. Accordingly, we express
no opinion, warranty, representation or any other form of assurance on the historical or prospective financial
statements, management representations, or other data of the Company included in or underlying the
accompanying information. We have not carried out any financial, tax, environmental or accounting due diligence
with respect to the Company.”
In accordance with the SEBI ICDR Regulations, the section ‘Basis for Offer Price’ on page 115, includes
information relating to our peer group companies and industry averages. Such information has been derived from
publicly available sources. Such industry sources and publications are also prepared based on information as at
specific dates and may no longer be current or reflect current trends. Industry sources and publications may also
base this information on estimates and assumptions that may prove to be incorrect.
17
FORWARD-LOOKING STATEMENTS
This Draft Red Herring Prospectus contains certain “forward-looking statements”. All statements regarding our
expected financial condition and results of operations, business, plans and prospects are forward looking
statements, which may include statements with respect to our business strategy, our revenue and profitability, our
goals and other such matters discussed in this Draft Red Herring Prospectus regarding matters that are not
historical facts. These forward-looking statements generally can be identified by words or phrases such as “aim”,
“anticipate”, “believe”, “goal”, “expect”, “estimate”, “intend”, “likely to”, “objective”, “plan”, “projected”,
“should” “will”, “will continue”, “seek to”, “will pursue” or other words or phrases of similar import. Similarly,
statements that describe our expected financial conditions, results of operations, strategies, objectives, prospects,
plans or goals are also forward-looking statements. However, these are not the exclusive means of identifying
forward-looking statements. All forward-looking statements whether made by us or any third parties in this Draft
Red Herring Prospectus are based on our current plans, estimates, presumptions and expectations and are subject
to risks, uncertainties and assumptions about us that could cause actual results to differ materially from those
contemplated by the relevant forward-looking statement.
Actual results may differ materially from those suggested by the forward-looking statements due to risks or
uncertainties associated with the expectations with respect to, but not limited to, regulatory changes pertaining to
the industry in which our Company has businesses and our ability to respond to them, our ability to successfully
implement our strategy, our growth and expansion, technological changes, our exposure to market risks, general
economic and political conditions in India and globally which have an impact on our business activities or
investments, the monetary and fiscal policies of India, inflation, deflation, unanticipated turbulence in interest
rates, foreign exchange rates, equity prices or other rates or prices, the performance of the financial markets in
India and globally, incidence of any natural calamities and/or acts of violence, changes in laws, regulations and
taxes and changes in competition in our industry.
Important factors that could cause actual results to differ materially from our expectations include, but are not
limited to, the following:
• Failure to comply with the applicable regulations and rules prescribed by the Government of India and the
relevant statutory or regulatory bodies would create an adverse impact on our business, financial condition,
cash flows and results of operations;
• Failure to comply with the terms and conditions of the license under Industries (Development and
Regulation) Act, 1951 could lead to the cancellation of our license and create a material adverse impact on
our business, financial condition and results of operations;
• A decline in government budget, reduction in orders, termination of existing contracts, delay of existing
contracts or any kind of adverse change in the Government of India policies for our sector would have a
material adverse impact on our business, financial condition, and results of operations;
• Inability to accurately measure the cost and design and develop the trial product for bids may lead to loss of
tender creating an adverse impact on our business, results of operations, financial condition and cash flows;
• The number of orders we have received in the past, our current order book and our growth rate may not be
indicative of the number of orders we will receive in future;
• If critical components or raw materials become scarce or unavailable, then we may incur delays in
manufacturing and delivery of our products and in completing our development programs, which could
damage our business;
• Any variation in schemes launched by Government of India to boost the drone industry would have an
adverse impact on our results of operations and financial condition and cash flows;
• Inability to identify and understand evolving industry trends, technological advancements, customer
preferences and develop new products to meet our customers’ demands could render our existing products
obsolete and may adversely affect our business;
• Our products are complex and technologically advanced and could have unknown defects or errors; and
• Hacking of our software and solution or any kind of cyber-attack could have a material adverse effect on
our business, results of operation or financial condition.
18
For a further discussion on factors that could cause our actual results to differ from our expectations, see ‘Risk
Factors’, ‘Our Business’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of
Operations’ on pages 29, 184 and 330, respectively. By their nature, certain market risk disclosures are only
estimates and could be materially different from what actually occurs in the future. As a result, actual gains or
losses could materially differ from those that have been estimated.
Forward-looking statements reflect our views as of the date of this Draft Red Herring Prospectus and are not a
guarantee of future performance. These statements are based on our management’s beliefs and assumptions, which
in turn are based on the currently available information. Although we believe the assumptions upon which these
forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate, and
the forward-looking statements based on these assumptions could be incorrect. None of our Company, Directors,
the Selling Shareholders, and the BRLMs or their respective affiliates have any obligation to update or otherwise
revise any statements reflecting circumstances arising after the date hereof or to reflect the occurrence of
underlying events, even if the underlying assumptions do not come to fruition. There can be no assurance to
Bidders that the expectations reflected in these forward-looking statements will prove to be correct. Given these
uncertainties, Bidders are cautioned not to place undue reliance on such forward-looking statements and not to
regard such statements to be a guarantee of our future performance.
In accordance with regulatory requirements of SEBI and as prescribed under applicable law, our Company will
ensure that investors in India are informed of material developments from the date of filing of the Red Herring
Prospectus until the date of Allotment. In accordance with the requirements of SEBI, each of the Selling
Shareholders will ensure that investors are informed of material developments in relation to the statements and
undertakings specifically undertaken or confirmed by it in the Red Herring Prospectus until the date of Allotment.
Only statements and undertakings which are specifically confirmed or undertaken by each of the Selling
Shareholders to the extent of information pertaining to it and/or its respective portion of the Offered Shares, as
the case may be, in this Draft Red Herring Prospectus shall be deemed to be statements and undertakings made
by such Selling Shareholder.
19
SUMMARY OF THE OFFER DOCUMENT
This section is a general summary of certain disclosures included in this Draft Red Herring Prospectus and is not
exhaustive, nor does it purport to contain a summary of all the disclosures in this Draft Red Herring Prospectus
or all details relevant to prospective investors. This summary should be read in conjunction with, and is qualified
in its entirety by, the more detailed information appearing elsewhere in this Draft Red Herring Prospectus,
including the sections titled ‘Risk Factors’, ‘The Offer’, ‘Capital Structure’, ‘Objects of the Offer’, ‘Industry
Overview’, ‘Our Business’, ‘Restated Consolidated Financial Information’, ‘Outstanding Litigation and
Material Developments’, ‘Offer Procedure’ and ‘Main Provisions of the Articles of Association’ beginning on
at pages 29, 63, 74, 101, 128, 184, 245, 372, 401 and 423, respectively, of this Draft Red Herring Prospectus.
Summary of Business
We are the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”) market,
with a market share of approximately 50% in Fiscal 2022 (Source: 1Lattice Report). Our product portfolio consists
of (a) hardware, which primarily includes UAVs, payloads, batteries, chargers and communication system, (b)
software and embedded sub-systems, which includes the GCS software and autopilot sub-system, and (c)
solutions. We primarily cater to customers with applications for surveillance, mapping and surveying. We
manufacture all our products in-house from our manufacturing facility located at Navi Mumbai, Maharashtra in
India.
For further information, see ‘Our Business’ on page 184.
Summary of Industry
The global drone industry is estimated to be US$ 21.1 billion in 2022 (Source: 1Lattice Report). The industry has
witnessed a significant growth at a CAGR of 19% over 2018-2022 and is expected to grow even faster at a CAGR
of 20% to be approximately US$ 51.4 billion in 2027 and further leap to approximately US$ 91.3 billion by 2030
(Source: 1Lattice Report). As of 2022, the potential market size for the Indian drone industry was approximately
US$ 2.71 billion (Source: 1Lattice Report). India aims to position itself as a global drone hub by 2030 (Source:
1Lattice Report).
For further information, see ‘Industry Overview’ on page 128.
Promoters
Our Promoters are Ankit Mehta, Rahul Singh and Ashish Bhat.
For further details, see ‘Our Promoters and Promoter Group’ on page 238.
Offer Size
The following table summarizes the details of the Offer. For further details, see ‘The Offer’ and ‘Offer Structure’
on pages 63 and 397, respectively.
Offer [●] Equity Shares, aggregating up to ₹ [●] million

of which
Fresh Issue(1) [●] Equity Shares, aggregating up to ₹ 3,000.00 million
Offer for Sale(2) Up to 4,869,712 Equity Shares, aggregating up to ₹ [●] million by the Selling Shareholders
The Offer may include:
Employee Reservation Up to [●] Equity Shares aggregating up to ₹ [●] million
Portion(3)
Net Offer Up to [●] Equity Shares aggregating up to ₹ [●] million
(1) Our Board has authorised the Offer, pursuant to their resolution dated February 3, 2023. Our Shareholders have authorised the Fresh
Issue pursuant to their resolution dated February 4, 2023.
(2) The Equity Shares being offered by each of the Selling Shareholders have been held by it for a period of at least one year immediately
preceding the date of this Draft Red Herring Prospectus with the SEBI and are eligible for being offered for sale pursuant to the Offer
in terms of the SEBI ICDR Regulations. For details of authorizations received for the Offer for Sale, see ‘Other Regulatory and Statutory
Disclosures’ beginning on page 378.
(3) In the event of under-subscription in the Employee Reservation Portion (if any), the unsubscribed portion will be available for allocation
and Allotment, proportionately to all Eligible Employees who have Bid in excess of ₹ 200,000 (net of Employee Discount), subject to the
maximum value of Allotment made to such Eligible Employee not exceeding ₹ 500,000 (net of Employee Discount). The unsubscribed
portion, if any, in the Employee Reservation Portion after allocation of up to ₹ 500,000 (net of Employee Discount), shall be added to
the Net Offer. Our Company, Indusage and Celesta Capital, in consultation with the BRLMs, may offer a discount of up to [●]% on the
20
Offer Price (equivalent of ₹ [●] per Equity Share) to Eligible Employees bidding in the Employee Reservation Portion which shall be
announced two Working Days prior to the Bid/Offer Opening Date. For further details, see ‘Offer Procedure’ and ‘Offer Structure’ on
pages 401 and 397, respectively.
Note: Our Company in consultation with the BRLMs, may consider a Pre-IPO Placement of specified securities, as may be permitted under
the applicable law, aggregating up to ₹ 600.00 million prior to the filing of the Red Herring Prospectus with the RoC. If the Pre-IPO Placement
is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule
19(2)(b) of the SCRR, as amended.
The Offer and Net Offer shall constitute [●]% and [●]% respectively, of the post-Offer paid up equity share capital
of our Company.
Objects of the Offer
The Net Proceeds are proposed to be used in accordance with the details provided in the following table:
Particulars Amount^
(in ₹ million)
Repayment/prepayment of certain indebtedness availed by our Company 500.00
Funding working capital requirements 1,350.00
Investment in product development 400.00
General corporate purposes(1) [●]
Total Net Proceeds [●]
^ Includes the proceeds, if any, received pursuant to the Pre-IPO Placement. If the Pre-IPO Placement is completed, the amount raised
pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR, as amended.
Details of the Pre-IPO Placement, if undertaken, shall be included in the Red Herring Prospectus.
(1)
To be finalized upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount utilised for
general corporate purposes shall not exceed 25% of the Gross Proceeds.
For further details, see ‘Objects of the Offer’ on page 101.
Pre-Offer Shareholding of Promoters, Promoter Group and Selling Shareholders
Name of the shareholder Pre-Offer

Number of Equity Shares (on a Percentage of pre-Offer Equity
fully diluted basis)(1) Share capital (on a fully diluted
basis)(1)
Promoters
Ankit Mehta 3,686,964 9.93
Ashish Bhat (also the Promoter 3,547,070 9.55
Selling Shareholder)
Rahul Singh 3,583,230 9.65
Total (A) 10,817,264 29.13
Promoter Group
Sujata Vemuri (also a Selling 1,061,748 2.86
Shareholder)
Ravi Bhagavatula 1,061,522 2.86
Total (B) 2,123,270 5.72
Selling Shareholders
A&E Investment LLC 452,000 1.22
Agarwal Trademart Private Limited 266,002 0.72
Amarpreet Singh 35,482 0.10
Celesta Capital II Mauritius 4,430,956 11.93
Celesta Capital II-B Mauritius 527,710 1.42
Export Import Bank of India 403,862 1.09
Indusage Technology Venture Fund I 2,302,488 6.20
Nambirajan Seshadri 167,466 0.45
Naresh Malhotra 113,452 0.31
Society for Innovation and 99,666 0.27
Entrepreneurship
Sundararajan K Pandalgudi 51,980 0.14
Qualcomm Asia Pacific Pte. Ltd. 1,407,528 3.79
Total (C) 10,258,592 27.63
Total (D=A+B+C) 23,199,126 62.48
(1)
Includes 15,196,692 Equity Shares to be issued pursuant to the conversion of 38,145 Series A CCPS, 19,018 Series B1 CCPS and 10,079
Series B CCPS prior to filing of the Red Herring Prospectus with the RoC in compliance with the requirements under Regulation 5(2) of the
21
SEBI ICDR Regulations and vested options pursuant to ESOP 2018. As on the date of this Draft Red Herring Prospectus, (i) IndusAge
Technology Venture Fund I holds 9,075 Series A CCPS and 1,013 Series B CCPS which will be converted into an aggregate of 2,050,950
Equity Shares and 228,938 Equity Shares, respectively, (ii) Qualcomm Asia Pacific Pte. Ltd. holds 5,402 Series A CCPS and 726 Series B
CCPS which will be converted into an aggregate of 1,220,852 Equity Shares and 164,076 Equity Shares, respectively, (iii) Celesta Capital II
Mauritius holds 16,323 Series A CCPS and 3,194 Series B CCPS which will be converted into an aggregate of 3,688,998 Equity Shares and
721,844 Equity Shares respectively, (iv) Celesta Capital II-B Mauritius holds 1,943 Series A CCPS and 381 Series B CCPS which will be
converted into an aggregate of 439,118 Equity Shares and 86,106 Equity Shares, respectively and (v) Export Import Bank of India holds 1,787
Series B CCPS which will be converted into an aggregate of 403,862 Equity Shares, and the conversion into Equity Shares as mentioned in
each of (i), (ii), (iii), (iv) and (v) shall be undertaken prior to filing of the Red Herring Prospectus with the RoC.
For further details, see ‘Capital Structure’ beginning on page 74.
Summary of Selected Financial Information derived from our Restated Consolidated Financial
Information
(₹ in million, unless otherwise specified)
Particulars As at and for As at and for As at and for As at and As at and
the six months the six months the year for the year for the year
ended ended ended ended ended
September 30, September 30, March 31, March 31, March 31,
2022 2021 2022 2021 2020
Equity Share capital 0.90 0.89 0.89 0.89 0.89
Net Worth(*) 3,183.42 405.89 1,633.03 597.48 681.17
Revenue from operations 1,395.48 96.02 1,594.39 347.18 139.99
Profit/(Loss) for the period/year 452.12 (207.34) 440.06 (146.26) (134.46)
Basic EPS (₹) 12.49 (7.08) 13.84 (5.03) (4.68)
Diluted EPS (₹) 11.60 (7.08) 13.13 (5.03) (4.68)
Net Asset Value per Equity 87.94 13.86 51.36 20.57 23.70
Share (₹)
Current borrowings (A) 226.67 498.29 56.76 127.93 52.45
Non-current borrowings (B) - 388.72 - 377.81 0.57
Total borrowings (C=A + B) 226.67 887.01 56.76 505.74 53.02
* Net Worth shall mean the aggregate value of the paid-up share capital and all reserves created out of the profit, securities premium account
and debit or credit balance of profit and loss account after deducting the aggregate value of the accumulated losses, deferred expenditure
and miscellaneous expenditure not written off, as per the audited balance sheet, but does not include reserves created out of revaluation of
assets, write-back of depreciation and amalgamation.
Notes:
1. Basic EPS (₹) = net profit / (loss) after tax attributable to equity shareholders, as restated / weighted average number of Equity Shares
during the year.
2. Diluted EPS (₹) = net profit / (loss) after tax attributable to equity shareholders, as restated / weighted average number of dilutive
Equity Shares during the year.
3. Net Asset Value per Equity Share is calculated as net worth attributable to equity shareholders as at the end of Fiscal period / year
divided by the weighted average number of Equity Shares used in calculating basic earnings per share.
For further details, see ‘Restated Consolidated Financial Information’ on page 245.
Qualifications of the Auditors which have not been given effect to in the Restated Consolidated Financial
Information
There are no qualifications which have not been given effect to in the Restated Consolidated Financial
Information.
Summary of Outstanding Litigation and Material Developments
A summary of outstanding litigation proceedings involving our Company, our Subsidiary, our Promoters and our
Directors, as disclosed in this Draft Red Herring Prospectus as per the Materiality Policy, is provided below.
Name Criminal Tax Statutory or Disciplinary Material Aggregate

proceedings proceedings regulatory actions by the civil amount
actions SEBI or Stock litigation involved*
Exchanges (in ₹ million)
against our
Promoters
Company
By our Nil 5 Nil NA Nil 69.55
Company
22
Name Criminal Tax Statutory or Disciplinary Material Aggregate
Exchanges (in ₹ million)
against our
Promoters
Against our Nil Nil Nil NA Nil Nil
Company
Directors
By our Nil Nil Nil NA Nil Nil
Directors
Against our Nil 1 Nil NA Nil Nil
Directors
Promoters
By the Nil Nil Nil Nil Nil Nil
Promoters
Against our Nil Nil Nil Nil Nil Nil
Promoters
Subsidiary
Subsidiary
Subsidiary
*Amount to the extent quantifiable.
There are no group companies of our Company, as on the date of this Draft Red Herring Prospectus.
For further details of the outstanding litigation proceedings, see ‘Outstanding Litigation and Material
Developments’ beginning on page 372.
Risk Factors
Investors are advised to read the risk factors carefully before taking an investment decision in the Offer.
Please see ‘Risk Factors’ beginning on page 29.
Summary of Contingent Liabilities
The following is a summary table of our contingent liabilities as per Ind AS 37 as on September 30, 2022 as
indicated in our Restated Consolidated Financial Information.
(in ₹ million)
S. No. Particulars As on September 30,
2022
1. Demands raised by income tax authorities 35.22
2. Demands raised by indirect tax authorities 34.33
Total 69.55
For further details, please see ‘Restated Consolidated Financial Information – Note 40 Commitments and
Contingencies’, ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’
and ‘Outstanding Litigation and Material Developments’ beginning on pages 322, 330 and 372, respectively.
Summary of Related Party Transactions
The following is the summary of transactions with related parties as at and for the six months ended September
30, 2022, September 30, 2021 and as at and for Fiscals 2022, 2021 and 2020, as per the requirements under Ind
AS 24.
(₹ in million)
Related parties with Nature of As at and for As at and for Fiscal Fiscal Fiscal
whom transactions transaction the six months the six months 2022 2021 2020
have taken place ended ended
September 30, September 30,
2022 2021
Ankit Mehta Salary, wages, 7.18 4.26 6.97 3.39 4.10
and bonus
23
Related parties with Nature of As at and for As at and for Fiscal Fiscal Fiscal
whom transactions transaction the six months the six months 2022 2021 2020
have taken place ended ended
2022 2021
Reimbursement 0.99 0.32 0.83 0.95 0.38
of expenses
Ashish Bhat Salary, wages, 7.18 4.26 6.96 3.51 4.10
and bonus
Reimbursement 0.16 2.36 2.24 8.81 2.97
of expenses
Rahul Singh Salary, wages, 7.18 4.26 6.92 3.39 4.10
and bonus
Reimbursement 0.04 - 0.08 0.44 0.09
of expenses
Vipul Joshi Salary, wages, 7.18 4.26 6.72 3.39 4.10
and bonus
Share based 44.05 - - - -
payments
charged to P&L
Reimbursement 0.52 2.70 3.26 12.84 2.84
of expenses
Ganapathy Interest expense 0.07 0.92 4.51 3.61 0.00
Subramaniam on short-term
borrowings
Loan taken 0.00 27.00 97.00 70.00 -
Loan repaid 53.50 27.00 43.50 70.00 -
Issue of 55.73 - - - -
preference share
capital
Share based 45.46 - 16.64 0.00 -
payments
charged to profit
and loss
Mathew Cyriac Share based 21.93 - - - -
payments
charged to profit
and loss
Notes: All related party transactions entered during the year were in ordinary course of the business and on arm’s length basis. Outstanding
balances at the year-end are unsecured and settlement occurs in cash.
For details of the related party transactions in accordance with Ind AS 24, see ‘Restated Consolidated Financial
Information – Note 35 Related Party Transactions’ on page 311.
Financing Arrangements
There have been no financing arrangements whereby our Promoters, members of our Promoter Group, our
Directors and their relatives have financed the purchase by any other person of securities of our Company (other
than in the normal course of the business of the financing activity) during a period of six months immediately
preceding the date of this Draft Red Herring Prospectus.
Details of price at which specified securities were acquired by our Promoters, members of the Promoter
Group, Selling Shareholders and Shareholders with right to nominate directors or other rights in the last
three years preceding the date of this Draft Red Herring Prospectus
The details of price at which specified securities were acquired by our Promoters, members of the Promoter Group,
Selling Shareholders and Shareholders with right to nominate directors or other rights, in the last three years
preceding the date of this Draft Red Herring Prospectus is as follows.
Particulars Nature of Face Date of Number of Acquisition price per

specified value acquisition specified specified shares (in ₹)*
securities (in ₹) securities
Promoters
Ankit Mehta Equity Shares 10 November 24, 140 25,000.00
24
2021
December 16, 3,670,650 Nil
2022
Rahul Singh Equity Shares 10 November 24, 160 25,000.00
2021
2022
Ashish Bhat (also the Equity Shares 10 December 16, 3,531,375 Nil
Promoter Selling 2022
Shareholder)
Promoter Group
Sujata Vemuri (also a Equity Shares 10 December 16, 1,057,050 Nil
Selling Shareholder) 2022
Ravi Bhagavatula Equity Shares 10 December 6, 4,697 Nil
2022
2022
Selling Shareholders
A&E Investment LLC Equity Shares 10 December 16, 450,000 Nil
2022
Agarwal Trademart Equity Shares 10 December 16, 264,825 Nil
Private Limited 2022
Amarpreet Singh Equity Shares 10 September 30, 67 10
2020
July 9, 2021 90 10
December 16, 35,325 Nil
2022
Export Import Bank of Series B CCPS 10 April 28, 2022 1,787 41,969.67
India(1) pursuant to
conversion of
CCD
Indusage Technology Series B CCPS 10 April 28, 2022 1,013 41,953.21
Venture Fund I(2) pursuant to
conversion of
CCD
Equity Shares December 16, 22,500 Nil
2022
Nambirajan Seshadri Equity Shares 10 December 16, 166,725 Nil
2022
Naresh Malhotra Equity Shares 10 January 5, 2021 502 Nil
December 16, 112,950
Nil
2022
Society for Innovation Equity Shares 10 December 16,
99,225 Nil
and Entrepreneurship 2022
Sundararajan K Equity Shares 10 December 16,
51,750 Nil
Pandalgudi 2022
Qualcomm Asia Series B CCPS 10 April 28, 2022 726 41,949.59
Pacific Pte. Ltd.(3) pursuant to
conversion of
CCD
2022
Shareholders with right to nominate directors or other rights
Celesta Capital II Series B CCPS 10 April 28, 2022 3,194
Mauritius (also a pursuant to
41,965.72
Selling Shareholder)(4) conversion of
CCD
2022
Celesta Capital II-B Series B CCPS 10 April 28, 2022 381 41,892.65
Mauritius (also a pursuant to
Selling Shareholder)(5) conversion of
25
CCD
2022
Florintree Enterprises Series B1 CCPS 10 July 15, 2022 9,135 54,733.77
LLP (6) April 28, 2022 8,749 49,146.34
*
Notes:
(1) Export Import Bank of India was allotted 1,787 Series B CCPS on April 28, 2022 which will be converted into Equity Shares in the ratio
of 1:226 aggregating total of 403,862 Equity Shares.
(2) Indusage Technology Venture Fund I was allotted 4,488 Series A CCPS on August 9, 2017 and 4,587 Series A CCPS on November 28,
2017, which together with 1,013 Series B CCPS allotted on April 28, 2022, will be converted into Equity Shares in the ratio of 1:226
aggregating to a total of 2,279,888 Equity Shares.
(3) Qualcomm Asia Pacific Pte. Ltd. was allotted 5,402 Series A CCPS on November 28, 2017, which together with 726 Series B CCPS allotted
on April 28, 2022, will be converted into Equity Shares in the ratio of 1:226 aggregating to a total of 1,384,928 Equity Shares.
(4) Celesta Capital II Mauritius was allotted 16,323 Series A CCPS on November 28, 2017, which together with 3,194 Series B CCPS allotted
on April 28, 2022, will be converted into Equity Shares in the ratio of 1:226 aggregating to a total of 4,410,842 Equity Shares.
(5) Celesta Capital II-B Mauritius was allotted 1,943 Series A CCPS on November 28, 2017, which together with 381 Series B CCPS allotted
on April 28, 2022, will be converted into Equity Shares in the ratio of 1:226 aggregating to a total of 525,224 Equity Shares.
(6) Florintree Enterprises LLP was allotted 9,135 Series B1 CCPS on July 15, 2022 and 8,749 Series B1 CCPS on April 28, 2022 which will
be converted into Equity Shares in the ratio of 1:226 aggregating to a total of 4,041,784 Equity Shares.
Weighted average price at which the Equity Shares were acquired by our Promoters and Selling
Shareholders in the one year preceding the date of this Draft Red Herring Prospectus-
The weighted average price at which the Equity Shares were acquired by our Promoters and the Selling
Shareholders in the one year preceding the date of this Draft Red Herring Prospectus is as follows.
Weighted
average price of
Number of Equity Shares acquired in last Equity Shares
Name one year acquired in the
last one year#(in
₹)
Pre-CCPS Post-CCPS Post-CCPS
Conversion Conversion Conversion
Promoters
Ankit Mehta 3,670,650 3,670,650 Nil*
Rahul Singh 3,567,375 3,567,375 Nil*
Ashish Bhat (also the Promoter Selling 3,531,375 3,531,375 Nil*
Shareholder)
Individual Selling Shareholders
Amarpreet Singh 35,325 35,325 Nil*
Nambirajan Seshadri 166,725 166,725 Nil*
Naresh Malhotra 112,950 112,950 Nil*
Sujata Vemuri 1,057,050 1,057,050 Nil*
Sundararajan K Pandalgudi 51,750 51,750 Nil*
Corporate Selling Shareholders
A&E Investment LLC 450,000 450,000 Nil*
Agarwal Trademart Private Limited 264,825 264,825 Nil*
Celesta Capital II Mauritius 20,025 741,869 180.68
Celesta Capital II-B Mauritius 2,475 88,581 180.19
Export Import Bank of India - 403,862 185.71
Indusage Technology Venture Fund I 22,500 251,438 169.02
Qualcomm Asia Pacific Pte. Ltd. 22,500 186,576 163.23
Society for Innovation and Entrepreneurship 99,225 99,225 Nil*
* Represents cost of bonus shares which are issued at nil consideration.
Note: As on the date of this Draft Red Herring Prospectus, (i) Indusage Technology Venture Fund I holds 9,075 Series A CCPS and 1,013
Series B CCPS which will be converted into an aggregate of 2,050,950 Equity Shares and 228,938 Equity Shares, respectively, (ii) Qualcomm
Asia Pacific Pte. Ltd. holds 5,402 Series A CCPS and 726 Series B CCPS which will be converted into an aggregate of 1,220,852 Equity
Shares and 164,076 Equity Shares, respectively, (iii) Celesta Capital II Mauritius holds 16,323 Series A CCPS and 3,194 Series B CCPS
which will be converted into an aggregate of 3,688,998 Equity Shares and 721,844 Equity Shares, respectively, (iv) Celesta Capital II-B
Mauritius holds 1,943 Series A CCPS and 381 Series B CCPS which will be converted into an aggregate of 439,118 Equity Shares and 86,106
Equity Shares, respectively and (v) Export Import Bank of India holds 1,787 Series B CCPS which will be converted into an aggregate of
403,862 Equity Shares and the conversion into Equity Shares as mentioned in each of (i), (ii), (iii), (iv) and (v) shall be undertaken prior to
26
filing of the Red Herring Prospectus with the RoC. The above proposed conversion has been considered while computing the Weighted
Average Price of Equity Shares acquired in last one year.
#
As certified by Ramanand & Associates, Chartered Accountants, by way of their certificate dated February 10, 2023.Computed based on the
Equity Shares acquired/allotted/purchased (including acquisition pursuant to transfer). However, the Equity Shares disposed off have not
been considered while computing number of Equity Shares acquired.
Average Cost of Acquisition of Equity Shares for the Promoters and the Selling Shareholders
The average cost of acquisition per Equity Share for our Promoters and the Selling Shareholders as on the date of
this Draft Red Herring Prospectus is as follows.
S. Name Number of Equity Shares held as on date of this Draft Average cost of
No. Red Herring Prospectus acquisition per Equity
Pre-CCPS conversion Post-CCPS conversion Share
(in ₹)*
Promoters
1. Ankit Mehta 3,686,964 3,686,964 0.99
2. Rahul Singh 3,583,230 3,583,230 1.16
3. Ashish Bhat (also a 3,547,070 3,547,070 0.04
Selling Shareholder)
4. Amarpreet Singh 35,482 35,482 0.04
5. Nambirajan Seshadri 167,466 167,466 43.00
6. Naresh Malhotra 113,452 113,452 Nil
7. Sujata Vemuri 1,061,748 1,061,748 2.63
8. Sundararajan K 51,980 51,980 38.48
Pandalgudi
9. A&E Investment LLC 452,000 452,000 43.81
10. Agarwal Trademart 266,002 266,002 75.22
Private Limited
11. Celesta Capital II 20,114 4,430,956 98.50
Mauritius
12. Celesta Capital II-B 2,486 527,710 97.81
Mauritius
13. Export Import Bank - 403,862 185.71
of India
14. Indusage Technology 22,600 2,302,488 91.16
Venture Fund I
15. Qualcomm Asia 22,600 1,407,528 92.96
Pacific Pte. Ltd.
16. Society for Innovation 99,666 99,666 0.04
and Entrepreneurship
*
Note: As on the date of this Draft Red Herring Prospectus, (i) IndusAge Technology Venture Fund I holds 9,075 Series A CCPS and 1,013
Series B CCPS which will be converted into an aggregate of 2,050,950 Equity Shares and 228,938 Equity Shares, respectively, (ii) Qualcomm
Asia Pacific Pte. Ltd. holds 5,402 Series A CCPS and 726 Series B CCPS which will be converted into an aggregate of 1,220,852 Equity
Shares and 164,076 Equity Shares, respectively, (iii) Celesta Capital II Mauritius holds 16,323 Series A CCPS and 3,194 Series B CCPS
which will be converted into an aggregate of 3,688,998 Equity Shares and 721,844 Equity Shares, respectively, (iv) Celesta Capital II-B
Mauritius holds 1,943 Series A CCPS and 381 Series B CCPS which will be converted into an aggregate of 439,118 Equity Shares and 86,106
Equity Shares, respectively and (v) Export Import Bank of India holds 1,787 Series B CCPS which will be converted into an aggregate of
403,862 Equity Shares and the conversion into Equity Shares as mentioned in each of (i), (ii), (iii), (iv) and (v) shall be undertaken prior to
filing of the Red Herring Prospectus with the RoC. The proposed conversion mentioned above has been considered while computing the
Weighted Average Price of Equity Shares held as on date of this Draft Red Herring Prospectus.
Weighted average cost of acquisition of all shares transacted in last one year, 18 months and three years
preceding the date of this Draft Red Herring Prospectus:
Period Weighted average Cap Price is ‘x’ times the Range of acquisition
cost of acquisition weighted average cost of price: lowest price –
(in ₹)# acquisition* highest price (in ₹)
Last one year preceding the date 56.83 [●] Nil-242.18
of this Draft Red Herring
Prospectus
Last 18 months preceding the date 56.83 [●] Nil-242.18
Prospectus
27
Period Weighted average Cap Price is ‘x’ times the Range of acquisition
cost of acquisition weighted average cost of price: lowest price –
(in ₹)# acquisition* highest price (in ₹)
Last three years preceding the date 56.83 [●] Nil-242.18
Prospectus
#
* To be updated upon finalization of the Price Band.
# Computed based on the Equity Shares acquired/allotted/purchased (including acquisition pursuant to transfer). However, the Equity Shares
disposed off have not been considered while computing number of Equity Shares acquired.
Details of Pre-IPO Placement
Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of specified securities, as
may be permitted under the applicable law, aggregating up to ₹ 600.00 million, prior to filing of the Red Herring
Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company,
in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-
IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR, as
amended.
Issue of Equity Shares for consideration other than cash or bonus issue in the last one year
Other than issuance of Equity Shares pursuant to the exercise of stock option under ESOP 2018, and pursuant to
bonus allotment made on December 16, 2022, our Company has not issued any Equity Shares for consideration
other than cash or bonus issue in the one year preceding the date of this Draft Red Herring Prospectus. For details,
see ‘Capital Structure’ beginning on page 74.
Split / Consolidation of Equity Shares in the last one year
Our Company has not undertaken a split or consolidation of the Equity Shares in the one year preceding the date
Exemption from complying with any provisions of securities laws, if any, granted by SEBI
Our Company has not sought for any exemptions from complying with any provisions of securities laws, as on
the date of this Draft Red Herring Prospectus.
28
SECTION II - RISK FACTORS
An investment in the Equity Shares involves a high degree of risk. Prospective investors should carefully consider
all the information in this Draft Red Herring Prospectus, including the risks and uncertainties described below,
before making an investment in our Equity Shares. The risks described below may not be exhaustive or the only
ones relevant to us, the Equity Shares or the industry segments in which we currently operate. Additional risks
and uncertainties, not presently known to us or that we currently do not deem material may arise or may become
material in the future. Unless specified or quantified in the relevant risk factors below, we are not in a position
to quantify the financial implication of any of the risks mentioned below. If any or a combination of the following
risks, or other risks that are not currently known or are not currently deemed material, actually occur, our
business, results of operations, cash flows and financial condition could be adversely affected, the trading price
of our Equity Shares could decline, and investors may lose all or part of their investment. Furthermore, some
events may be material collectively rather than individually.
In order to obtain a complete understanding of our Company and our business, prospective investors should read
this section in conjunction with ‘Industry Overview’, ‘Our Business’, ‘Key Regulations and Policies’,
‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ and ‘Outstanding
Litigation and Material Developments’ on pages 128, 184, 207, 330 and 372, respectively, as well as the other
financial and statistical information contained in this Draft Red Herring Prospectus. In making an investment
decision, prospective investors must rely on their own examination of us and our business and the terms of the
Offer, including the merits and risks involved. Potential investors should consult their tax, financial and legal
advisors about the particular consequences of investing in the Offer. Potential investors should pay particular
attention to the fact that our Company is incorporated under the laws of India and is subject to legal and
regulatory environment which may differ in certain respects from that of other countries.
Unless the context requires otherwise, all financial information included herein is derived from our Restated
Consolidated Financial Information included in ‘Financial Information’ beginning on page 245. Our fiscal year
ends on March 31 of each year, and references to a particular fiscal are to the twelve months ended March 31 of
that year.
Global Private Limited, appointed by our Company pursuant to an engagement letter dated October 6, 2022, and
such 1Lattice Report has been commissioned by and paid for by our Company, exclusively in connection with the
Offer. The 1Lattice Report is available on the website of our Company at https://ideaforgetech.com/investor-
relations/industry-report. Unless otherwise indicated, financial, operational, industry and other related
information derived from the 1Lattice Report and included herein with respect to any particular year refers to
such information for the relevant calendar year.
Internal Risk Factors
1. We operate in an industry which is highly regulated and is subject to change. If we fail to comply with
the applicable regulations and rules prescribed by the Government of India and the relevant statutory
or regulatory bodies, our business, financial condition, cash flows and results of operations will be
adversely affected.
We operate in an industry which is highly regulated and our operations, including manufacturing and sales,
are subject to stringent laws and regulations. Under the current regulatory regime, in order to operate an
Unmanned Aerial Vehicle (“UAV”), a type certification is required to be obtained from the Directorate
General of Civil Aviation (“DGCA”). DGCA had signed a memorandum of understanding to establish a
mechanism for cooperation with the Quality Council of India to develop and operate a certification scheme
for UAVs and this certification scheme was subsequently notified on January 26, 2022. In order to receive
such certification, our UAVs are required to meet certain criteria of airworthiness for flying. Once our
UAVs successfully pass the evaluation criteria, DGCA issues a type certificate post which our civil
customers who are our customers other than Indian defence customers, are able to operate them. These
certifications generally take around three months for approval. The process of approval is rigorous, time
consuming and involves iterations before one application is finally approved. There are also possibilities
where we might have to abandon certain airframes and system configurations of our UAVs due to their un-
suitability for approval. Though there have been no instances in the past where we had to abandon any
airframes or system configurations, we cannot assure you that in the future we will not abandon any
29
airframes or system configurations. We also cannot assure you that DGCA in the future would not amend
the existing requirement of type certifications or enact any new scheme having higher quality thresholds
for such type certifications. If we fail to receive such type certifications or if the certifications are delayed,
then it would have an adverse impact on our business, financial condition and result of operations. If we
fail to comply with the applicable regulations, we may be subject to penalties, incur increased costs, have
our approvals and permits revoked or suffer a disruption in our operations.
Additionally, in order to sell our UAVs in foreign jurisdictions, we are required to obtain export
authorisations from the Directorate General of Foreign Trade (“DGFT”) as UAVs fall under the list of
Special Chemicals, Organisms, Materials, Equipment, and Technologies (“SCOMET”). The export of
SCOMET, including UAVs are permitted only if authorised by DGFT. While there have been no instances
in the past where DGFT had rejected our applications seeking approvals for exports, we cannot assure you
that in future we would always receive export authorisation to sell our UAVs in other foreign jurisdictions
which may impact our business, financial condition, cash flows and results of operations.
If any of the foregoing risks occur, our business, financial condition, cash flows and results of operations
could be adversely affected.
2. We are a licensed manufacturer of Unmanned Aerial Vehicles under the Industries (Development and
Regulation) Act, 1951 and any non-compliance of, or a failure to satisfy the terms and conditions under
such license could lead to the cancellation of our license thereby creating a material adverse impact on
our business, financial condition and results of operations.
In order to manufacture our UAVs, we are required to obtain an industrial licence under the Industries
(Development and Regulation) Act, 1951 (“IDR Act”) and comply with the conditions stipulated therein.
One of the conditions stipulated under the industrial license mandates that we intimate the Department for
Promotion of Industry and Internal Trade (“DPIIT”) and Department of Defence Production, Ministry of
Defence in case of any change in the management control, ownership pattern, Board of Directors and
foreign holding/ foreign directors. Further, we are required to obtain clearance from the Ministry of Home
Affairs in case there are any addition of foreign partners in our Company. Accordingly, in the past, we have
sought requisite approvals and made intimations to DPIIT for our prior foreign investments. While we
intend to continue to comply with all the conditions of the license, any non-compliance by us of the
conditions of the license in the future may lead to the cancellation of our license thereby creating an adverse
impact on our financial condition and results of operations.
3. We are heavily reliant on sales to the Indian government including to the central and state government
agencies. A decline in government budget, reduction in orders, termination of existing contracts, delay
of existing contracts or any kind of adverse change in the Government of India policies for our sector
would have a material adverse impact on our business, financial condition, and results of operations.
We are a licensed manufacturer of UAVs, under the IDR Act. Our UAVs are suitably designed for
surveillance which are suitable for the tasks and operations undertaken by the Government of India (“GoI”)
entities including both central and state government agencies such as Indian defence customers certain of
the Central Armed Police Forces, state police departments, disaster management forces and forest
departments and are equipped with intelligent features, which help in ‘people detection’ and ‘target
tracking’. Certain of our UAVs also have the feature of ‘motion detection’ that helps in surveillance. We
have entered into contracts with GoI entities for supplying UAVs and consequently our business is highly
dependent on such contracts. We derive a significant portion of our total sales from contracts with GoI
entities and we believe that the success and growth of our business for the foreseeable future will continue
to depend on our ability to win government contracts. For the six months ended September 30, 2022, and
for the Fiscals 2022, 2021 and 2020, our revenue from sales to GoI entities was ₹ 1,299.27 million, ₹
1,419.15 million, ₹ 265.43 million and ₹ 110.76 million, respectively, which amounted to 93.11%, 89.01%,
76.45% and 79.12% of our total revenue from operations for the respective periods. However, many of our
government customers are subject to budgetary constraints and our continued performance under the
contracts, or award of additional contracts from these government agencies, could be jeopardized by budget
restrictions of the state or central governments. A significant decline in government expenditures generally
could adversely affect our business and products. Our operating results may also be negatively impacted
by other developments that affect these government programs generally, including the following:
• changes in government programs that are related to our products and services;
30
• changes in various economic policies including in relation to shifts in domestic spending and tax
policy, and general economic conditions and developments;
• adoption of new laws or regulations relating to government contracting or changes to existing laws
or regulations;
• changes in political or public support for security and defence programs;
• uncertainties associated with the war on terror and other geo-political matters;
• decline or reprioritisation of India’s defence budget; and
• delays in the payment of our invoices by government payment offices.
These developments and other factors could cause GoI entities to reduce their purchases under existing
contracts, to exercise their rights to terminate contracts at their will or to abstain from renewing contracts,
or any of which would cause our revenue to decline and could otherwise harm our business, financial
condition, and results of operations.
4. Majority of the sale of our products are dependent on us winning bids. Bidding for a tender involves
various management activities such as cost estimations and designing and developing a trial product for
the bidding process. Inability to accurately measure the cost and design and develop the trial product
may lead to loss of tender creating an adverse impact on our business, results of operations, financial
condition and cash flows.
Our business and growth depend on our ability to qualify for and win bids undertaken by the GoI entities
for awarding contracts. The GoI awards contracts on a competitive basis which have the potential to create
pricing pressure which in turn exerts pressure on our margins. We obtain a majority of our business through
a competitive bidding process in which we compete for contracts awards based on, among other things,
pricing, product trials, reputation for quality, financing capabilities and track record. Further, the
manufacturing of our UAVs is complex and also requires various components, some of which are imported.
If we fail to accurately estimate our product cost or if we are unable to design, import or develop the
products as per the required specifications, we may lose contracts or may be barred by the authorities to
participate in the future bids. While there have been no instances in the past where we had been barred by
any authority to participate in the bids, there can be no assurance that in the future we would not be barred
by any authority to participate in bids. Our ability to win a successful bid also depends on offering our
products at a lower price that could adversely affect our profit margin. Reduced profit margin could have
an adverse impact on our financial condition and cash flows. Further, the bidding and selection process is
affected by a number of factors, including factors which may be beyond our control, such as market
conditions and external economic or political factors. In the past we have lost certain bids on account of
competitors offering lower price. We cannot assure you that we would not lose any bids in future as well.
Further, any increase in competition during the bidding process or reduction in our competitive capabilities
could have a material adverse effect on our market share. There can be no assurance that our current or
potential competitors will not offer products and solutions comparable or superior to those that we offer at
the same or lower prices, adapt more quickly to industry challenges, or expand their operations at a faster
pace than we do. Increased competition may result in price reductions, reduced profit margins and loss of
market share, thereby causing an adverse effect on our operations, prospects and financial condition.
5. The number of orders we have received in the past, our current order book and our growth rate may not
be indicative of the number of orders we will receive in future.
We are the fastest growing and most profitable player (among Production Linked Incentive (“PLI”) eligible
players) in the UAV industry as of Fiscal 2022 (Source: 1Lattice Report). Our total order book amount for
six months ended September 30, 2022, Fiscals 2022, 2021 and 2020 were ₹ 1,841.76 million, ₹ 3,108.75
million, ₹ 1,363.96 million and ₹ 23.14 million, respectively. We prepare our order book on the basis of
work being completed, outstanding work and the time expected to complete contracts forming part of the
order book. Our order book may be materially impacted if the time taken or amount payable for completion
of any ongoing order of our Company changes. The growth of our order book is a cumulative indication of
the revenues that we expect to recognise in future periods with respect to our existing contracts. Further,
we cannot guarantee that the income anticipated in our order book will be realised, or, if realised, will be
realised on time or result in profits. Our existing order book and our growth rate may not be indicative of
the number of orders we will receive or our growth in the future.
Our order book only represents business that is considered firm, although this is subject to, among other
things, cancellation or early termination due to any breach of our contractual obligations, non-payment by
31
our customers, delays in the initiation of our production of UAVs, unanticipated variations or adjustments
in the scope and schedule of our obligations for reasons outside our and our customers' control or change
in budget appropriations particularly affecting our GoI customers. Accordingly, we cannot predict with
certainty the extent to which an order forming part of our order book will be performed. While none of our
orders have been cancelled or terminated prematurely, there can be no assurance that orders will be
cancelled or terminated prematurely in the future, and our Company will receive any applicable termination
payments in time or at all or that the amount paid will be adequate to enable our Company to recover its
investments in respect of the prematurely cancelled order. In such events, we may have to bear the actual
costs for such production incurred by us which may exceed the agreed work as a result of which, our future
earnings may be lower from the amount of the order book and if any of the forgoing risks materialize, our
cash flow position, revenues and earnings may be adversely affected.
6. We are highly dependent on global vendors for the supply of components and may not be able to reduce
our dependency on such imports. If critical components or raw materials become scarce or unavailable,
then we may incur delays in manufacturing and delivery of our products and in completing our
development programs, which could damage our business. Moreover, the supply and cost of components
can be subject to significant variation due to factors beyond our control.
We partially import certain of our components such as carbon fibre tubes, landing gear, propellors, motors
and antennas required for manufacturing UAVs. We spent ₹ 196.14 million, ₹ 264.48 million, ₹ 152.93
million and ₹ 44.97 million on imports in the six months ended September 30, 2022, and in the Fiscals
2022, 2021 and 2020, respectively. Though we are continuously evaluating the potential of domestic
vendors for the supply of components in order to reduce our dependency on import of components from
global vendors, we cannot assure you that we would be able to meet our requirements only from domestic
vendors and not be dependent on global vendors. While the GoI has introduced recent initiatives such as
“Atmanirbhar Bharat Abhiyan”, which focuses on indigenisation, we cannot assure you that we would be
able to take full benefit of such schemes and reduce our dependency on imports. Further, DGFT has recently
modified the Indian Trade Classification (Harmonised System) 2022 Schedule-1 (Import Policy) and
banned the import of UAVs to provide an impetus to the indigenous manufacturing of UAVs. However,
we cannot assure you that GoI would continue to introduce such policies to boost the indigenous
manufacturing of UAVs in India.
We are dependent on certain core suppliers for our components and thus if we experience significant
increased demand, or need to replace an existing supplier, we cannot assure you that we will be able to
meet such demand or find suitable substitutes, in a timely manner and at reasonable costs, or at all. Further,
component supply and pricing can be volatile due to a number of factors beyond our control, including
global demand and supply, economic and political conditions, transportation and labour costs, disruption
during transportation, labour unrest, natural disasters, import duties, tariffs and currency exchange rates.
This volatility in commodity prices can significantly affect our component costs. Further, any volatility in
fuel prices can also affect commodity prices worldwide, which in turn may significantly increase our
component costs.
7. We design, develop, engineer and manufacture Unmanned Aerial Vehicles that engages advanced
technologies. Our operations are dependent on continuous product development and our inability to
identify and understand evolving industry trends, technological advancements, customer preferences
and develop new products to meet our customers’ demands could render our existing products obsolete
and may adversely affect our business.
We design, develop, engineer and manufacture our UAVs in-house with a focus on performance, reliability
and autonomy. Our focus on product development has been instrumental in the growth of our business and
has caused us to continually improve our ability to build products for our customers. We constantly engage
in product development to develop new products to meet our customer demands, identify evolving industry
trends, technological advancements and customer preferences. However, continuing technological changes
in the market for our products could make our products and services less competitive or even obsolete. Our
future success will depend upon our ability to develop and introduce a variety of new capabilities and
enhancements to our existing product offerings, as well as introduce a variety of new product offerings, to
address the changing needs of the markets in which we offer our products. Delays in introducing new
products and enhancements, the failure to choose correctly among technical alternatives or the failure to
offer innovative products or enhancements at competitive prices may cause existing and potential
customers to purchase our competitors’ products. Though our proprietary products are strongly aligned
32
with requirements of our customers, there can be no assurance that we will be able to secure the necessary
knowledge through our own in-house product development that will allow us to continue to develop our
product portfolio to respond to the requirements of our customers and industry trends.
Our product development centre is located at Navi Mumbai, Maharashtra and we have 93 employees in the
product development team, as of December 31, 2022. While we continue to focus on developing our
products further, we cannot assure you that our in-house product development efforts will result in new
products being developed on a timely basis or meet the demands of our customers as effectively as
competitive offerings. We constantly endeavour to innovate enterprise specific solutions by introducing
new products and solutions for our customers. For instance, our RYNO UAV provides mapping solutions
and, Q4i, NETRA V4+ and SWITCH UAVs, provide surveillance and disaster relief solutions to our
customers for different operating environments and applications.
The development of both UAV software and hardware is a costly, complex and time-consuming process,
and investments in product development often involve a long wait until a return, if any, can be achieved on
such investment. We incurred ₹ 76.50 million, ₹ 113.97 million, ₹ 89.21 million and ₹ 86.14 million on
our product under development expenses for the six months ended September 30, 2022 and for the Fiscals
2022, 2021 and 2020, respectively, representing 5.48%, 7.15%, 25.70% and 61.53% of our total revenue
from operations during the same period. Our ongoing investments in product development for new products
may also result in higher costs without a proportionate increase in revenues. Further, we may not be able
to develop new products that aligns with the requirements of our customers. Delays in any part of the
process, our inability to obtain necessary regulatory approvals for our products or failure of a product to be
successful at any stage of its development will result in our inability to timely offer products that satisfy
the market, which might allow competing products to emerge during the development and certification
process and could adversely affect our business. Consequently, any failure on our part to successfully
introduce new products and upgrades may have an adverse effect on our business, results of operations and
financial condition. In addition, we may not be successful in anticipating or reacting to changes in the
regulatory environments in which our products are sold, and the markets for our products may not develop
or grow as we anticipate. We are also subject to the risks generally associated with new technologies and
product introductions, including lack of market acceptance, delays in product development and failure of
products to operate properly.
8. Our products are complex and technologically advanced and could have unknown defects or errors.
Our UAVs have a fully integrated system relying on complex avionics and electromechanical designs and
advance programming. The software architecture of such advanced programming is based on complex and
interdependent applications including unencrypted signal mechanisms. For instance, our ground control
station (“GCS”) software enables our UAVs to achieve higher safety and lower on field effort for the pilot
such as take-off area suitability check, coverage area check and target location coverage check for off-site
mission planning prior to deployment. Further, our AI based image intelligence features which are equipped
in our UAVs help in ‘people detection’ and ‘target tracking’ and certain UAVs also have ‘motion detection’
feature that helps in surveillance. However, any error on the part of AI technology or applications would
not only lead to the breach of regulatory compliances but may also lead to accidents and injury of other
aerial or ground objects. Similarly, our ‘BlueFire Live!’ platform, which enables encrypted live streaming
of the UAV video feed and payload control from anywhere in the world is also based on integration of
technologies. Further, any unknown error in technology could deter the clarity of video and display blurred
or incorrect images which could impact the mapping and surveillance applications of the UAVs. The
success of our UAVs is dependent on the level of data accuracy provided by them and any kind of unknown
error in the technology might lead to incorrect mapping in terms of measurements thereby causing an
adverse impact on our business. While there have been no instances in the past where such unknown errors
were reported or detected, we cannot assure that errors of any kind would not be detected or reported in the
future. Our designed batteries are optimised to give high endurance for each flight. However, any kind of
defect in our batteries might cause inefficiency in the performance of our UAVs or become a fire hazard.
Further any malfunction of our propellers, communication system, global positioning system loss, return
home failures could also lead to collision of our UAVs. We also provide after sales maintenance services.
While there have been no instances in the past where we were not able to rectify the defects or malfunction
and our customers had to return our product, our inability to rectify such defects or malfunction in our
UAVs to the satisfaction of our customers in the future could lead to liability claims against us, damage
our customer relationships and cause harm to our reputation and earn us a negative publicity, any of which
could adversely affect our business, results of operations and financial condition.
33
9. Hacking of our software and solution or any other kind of cyber-attack could have a material adverse
effect on our business, results of operation or financial condition.
Our website, internal software systems, third party cloud (which we use for processing or storing data) and
our UAVs are vulnerable to hacking, data theft, malicious intrusion, and viruses. Our products are deployed
in high security surveillance activities involving sensitive and confidential data. However, our UAVs can
be hacked by intercepting signals between UAVs and the persons controlling it. The critical targets in our
system vulnerable to cyber-attacks or security breach are our UAV, GCS software, and integrating
applications. Consequently, such hacking of our UAVs would result in the leakage of sensitive and
confidential data which could have an adverse impact on internal and external security of the jurisdictions
that our customers are based in. While we have taken measures such as encrypting the data feed to prevent
our UAVs from being hacked or exposed to cyber threats, implemented several security mechanisms and
control measures to ensure internal and external cyber security, encrypted communication link between our
UAV and GCS software, we cannot assure you that our UAVs would not be vulnerable to hacking and
cyber-attacks in future. Cyber-attacks or other breaches of technology platforms or IT security may cause
equipment failures or disrupt our systems and operations. We may be subject to attempts of breach of the
security of our technology platforms and IT infrastructure through cyber-attack, malware, computer viruses
and other means of unauthorized access. The potential liabilities associated with these events could exceed
the insurance coverage we maintain. Our inability to operate our facilities as a result of such events, even
for a limited period of time, may result in significant expenses or loss of market share to other competitors.
While there have been no instances in the past where we were exposed to any cyber-attacks and while we
believe that our threat detection and mitigation processes and procedures are adequate, we cannot assure
you that we will not encounter disruptions due to cyber-attacks in the future creating a material impact on
our operations and financial results. If we are unable to protect sensitive information, our customers could
question the adequacy of our threat mitigation and detection processes and procedures. In addition, a failure
to protect the privacy of customer and employee confidential data against breaches of technology platforms
or IT security could result in damage to our reputation. The impact of any future incident cannot be
predicted. Although we seek to minimise the impact of cyber threats, we cannot assure you that we will not
encounter any kind of cyber threats. Occurrence of any of these events could adversely affect our internal
operations, the services we provide to our customers, loss of competitive advantages derived from our
research, design and development efforts or other intellectual property, our business, results of operation
or financial condition.
10. If we fail to effectively implement our production schedules, or our manufacturing operations suffer
unanticipated or prolonged interruption, our business and results of operations may be materially and
adversely affected.
Our success depends in part on our ability to meet the production schedules and requirements of our
customers according to their detailed specifications within demanding delivery time frames. Our ability to
meet specific customer demands depends on our ability to design, engineer a prototype, arrange supply of
critical components and commence production of our products within short timeframes. There have been
instances in the past where we failed to meet the timelines on account of delay in supply of materials and
paid liquidated damages for such delays. Payment of liquidated damages on account of delay in supply is
a standard clause forming part of most of our contracts and while the amount is not significant, regular
instances of such an event may impact our business and results of operations. As at September 30, 2022,
and Fiscals 2022, 2021 and 2020, the provision for liquidated damages aggregated to ₹ 27.90 million, ₹
27.90 million, ₹ 1.98 million and ₹ 0.96 million, respectively. We cannot guarantee that in future we would
not default any of the existing terms of the contract resulting in the payment of liquidated damages. While
there have been no instances in past where our contracts were terminated on account of delay in supply,
there can be no guarantee that our customers would not terminate contracts on account of delay in supply
along with payment of liquidated damages. We are also required to discontinue production of obsolete
products and re-configure the relevant production lines to manufacture new products. This requires us to
maintain and enhance our production capabilities by adjusting and streamlining our production resources
and processes, and acquiring, expanding and upgrading our testing equipment and production facilities. We
may in the future incur additional costs and delays in our business, including as a result of higher prices,
schedule delays or the need to identify and develop alternative suppliers, and we may need to provide
additional resources to support our suppliers or otherwise continue performance under our contracts. We
may not be able to maintain and enhance our production capabilities in time or implement our production
plans effectively. Our production operations may also suffer from unanticipated interruptions such as the
34
COVID-19 pandemic, which would cause delays to our production schedule and prevent us from fulfilling
customer orders on time. If we are unable to maintain or enhance our production capabilities to satisfy
customer demand, or our production operations suffer unanticipated or prolonged interruption, our business
and results of operations would be adversely affected.
11. Our entry into ‘drone as a service’ market may not be successful, and it might adversely impact our
financial condition.
We intend to expand our business services revenue by entering into ‘drone as a service’ (“DraaS”) market.
DraaS is a ready-to-fly network of drones which allows users to schedule or request on-demand flights,
without the hassle of owning hardware, software or trained manpower (Source: 1Lattice Report). The
customers can avail DraaS on ‘pay per use’, which will help reduce their initial investment and increase
adoption rate (Source: 1Lattice Report). Further, we are in the process of developing a DraaS model which
will allow our drones to be deployed in several locations and will be ready to fly and execute missions at
the click of a button. While we believe we have the requisite hardware and software capabilities, we cannot
assure you that we will be able to successfully enter into DraaS market or if our products will be successful.
In the event we are not successful in entering the DraaS market despite making substantial investments,
our financial conditions would be adversely affected. While in the 2022 budget, a need to introduce the
DraaS model in India was highlighted, especially in relation to the agriculture sector, thereby creating more
growth impetus to this sector, we cannot predict whether such announcements will fructify and whether we
will be able to benefit from such announcements.
Further, under the current regulatory regime, the operator of a UAV is required to obtain certain
certifications and adhere to guidelines issued by the DGCA. The operators are required to obtain a remote
pilot certification for flying UAVs, and they also need to register the UAVs to obtain a unique identification
number. Further there are restrictions of operations into particular zones and before every operation of a
UAV, requisite permissions are mandatory. We cannot assure you that we would be successful in obtaining
such remote pilot certification and unique identification number and comply with the regulatory
requirements thereby causing delay and hindrance to our operations and causing an adverse impact on our
results of operations and financial condition. Further, such operational restrictions would deter to the
successful penetration of our products and services into the market.
12. Our expansion into international market may not be successful.
While we are evaluating our expansion into overseas markets, such as in Australia, Middle East and Africa
and other geographies, the sale of UAVs in foreign jurisdictions are highly regulated and we are required
to obtain export authorisation from the DGFT before making any sales in foreign jurisdiction. While there
have been no instances in the past where DGFT has denied any of our applications there can be no assurance
that we would continue to get such authorisation from DGFT in future. Currently, we sell our products in
foreign jurisdictions such as Oman only through re-sellers and accordingly the onus to comply with the
foreign regulations lies with our re-sellers. However, we cannot guarantee that we would always sell our
products in foreign jurisdictions through such resellers. Further, any change in law, regulations and policies
in foreign jurisdictions where we are currently selling our products or plan to sell our products may shift
the onus to comply with foreign regulations from our resellers to our Company. In addition, the costs
associated with entering and establishing ourselves in new markets, and expanding our operations and sales,
may be higher than expected, and we may face significant competition in these regions. Further, foraying
into the international markets would be subject to numerous political and economic factors, legal
requirements, cross-cultural considerations and other risks associated with doing business globally. Further,
entry into new international markets requires considerable time of the management of our Company, start-
up expenses, expenditure on capital improvements and modification of our existing operations before any
significant revenue is generated. Therefore, we may not be able to expand our export business, which could
have a material adverse effect on our business, financial condition and results of operations. Further, we
cannot assure you that we would receive export authorisation to sell our UAVs in other foreign
jurisdictions. The actions taken by various governments to contain the COVID-19 pandemic such as closing
of borders and lockdown restrictions, resulted in significant disruption to people and businesses. Our
expansion into foreign jurisdictions could also be affected due to any such future global lockdown due to
outbreak of another pandemic like COVID-19.
13. If the drone industry does not experience significant growth, or if our products lack multiple use
applications, then we will not be able to achieve our anticipated level of growth.
35
The drone industry is at a nascent stage and therefore the requirements are continuously evolving (Source:
1Lattice Report). As of 2022, the potential market for Indian drone industry was approximately US$ 2.71
billion (Source: 1Lattice Report). Our revenue from operations in the six months ended September 30,
2022, six months ended September 30, 2021 and the Fiscals 2022, 2021 and 2020, were ₹ 1,395.48 million,
₹ 96.02 million, ₹ 1,594.39 million, ₹ 347.18 million, and ₹ 139.99 million respectively and we experienced
growth of 148.00% in Fiscal 2021 against Fiscal 2020, 359.24% in Fiscal 2022 against Fiscal 2021 and
1,353.32% for six months ended in September 30, 2022 against six months ended September 30, 2021.
However, we cannot assure you that we will experience similar growth in the future. Further, we have a
diversified product portfolio of UAVs built for multiple use cases. Each of our UAVs are designed with
certain differentiations to address varying customer needs. Our UAVs have been designed to be able to
handle various terrains and extreme temperature conditions. However, we operate in an industry that is
constantly evolving and customer preferences are changing rapidly and therefore we cannot accurately
predict the extent to which the demand for our products will increase. Therefore, we cannot assure you that
expanding our products portfolio by designing, developing and/or manufacturing new products will enable
us to establish new customer bases and cater to new end-use industries.
14. Our business is benefitted by schemes launched by GoI to boost the drone Industry. Any variation in
such schemes would have an adverse impact on our results of operations and financial condition and
cash flows.
In 2021, the GoI with the objective of providing an impetus to the UAV industry in India has launched PLI
scheme for drones and drone components in India. Further, for effective operation and smooth
implementation of such scheme, the Ministry of Civil Aviation has formulated and recently notified the
operational guidelines. The objective of this scheme is to incentivise manufacturing of drones and drone
components in India in order to make the manufacturing sector self-sustaining and globally competitive.
Further, the GoI in order to provide an impetus to the indigenous manufacturing of drones in India have
recently imposed a ban on the import of UAVs. While we have been shortlisted as one of the beneficiaries
of the Government of India's PLI scheme for drone manufacturing, no disbursements of funds have been
initiated. We cannot assure that GoI will continue to launch and implement such schemes in future to
support our business and operations or we would eventually receive disbursements. Any variation in the
current PLI scheme or any policy of the GoI will have an adverse impact on our business, results of
operations, financial condition and cash flows.
15. Our business is dependent on our single manufacturing facility, and we are subject to certain risks in
our manufacturing process. Any slowdown or shutdown in our manufacturing operations could have
an adverse effect on our business, financial condition and results of operations.
We have a single manufacturing facility situated in Navi Mumbai, Maharashtra which is equipped with
advanced equipment, modern technology and automated systems. However, our manufacturing facility is
subject to various operating risks, including the breakdown or failure of equipment and performance below
expected levels of output or efficiency. Any significant malfunction or breakdown of our equipment, our
automation systems, or any other part of our manufacturing processes or systems may entail significant
repair and maintenance costs and cause delays in our operations. If we are unable to repair our
manufacturing assets in a timely manner or at all, our operations may need to be suspended until we procure
the appropriate manufacturing assets to replace them. Our total manufacturing operating expenses which
comprised depreciation on plant and machinery, repair and maintenance expenses, power and manpower
contributed to 27.42 %, 25.96 %, 52.84 %, and 46.95 % of our total income from operations for the six
months ended September 30, 2022 and for Fiscals 2022, 2021 and 2020 respectively. Further, outbreak of
any pandemic or any materially adverse social, political or economic development, civil disruptions, or
changes in the policies of the national or state governments, could adversely affect our operations and may
result in the shutdown of our manufacturing facility. The nationwide lockdown in India during March and
April 2020 resulted in the full closure of our manufacturing facility for four weeks during Fiscal 2021,
resulting in no production for that period. While there has been no material impact of such closure on our
operations, we cannot guarantee that any such similar closure in the future would not have an adverse
impact on our operations. Any inability to utilise our manufacturing facility, to its full or optimal capacity,
non-utilisation of such capacity may adversely affect our results of operations and financial condition.
16. Our industry is competitive and our inability to compete effectively may adversely affect our business,
results of operations, financial condition and cash flows.
36
We are the pioneer and the pre-eminent market leader in the Indian unmanned aircraft systems (“UAS”)
industry, with a market share of approximately 50% as of Fiscal 2022 (Source: 1Lattice Report). We had
the largest operational deployment of indigenous UAVs across India, with an ideaForge manufactured
drone taking off every five minutes on an average for surveillance and mapping during the nine months
ended December 31, 2022 (Source: 1lattice Report). We face competition from companies such as Asteria
Aerospace Private Limited, DCM Shriram Limited, Adani Defence and Aerospace (Adani Enterprises
Limited), as well as other international companies such as Lockheed Martin Corporation and Autel
Robotics Corp. Limited, which either operate in the same line of business as us and offer similar products
(Source: 1Lattice Report).
While there are significant barriers to entry to the UAV manufacturing industry such as complex software
architecture, stringent regulatory regime, and expectation from customers for product innovation and high-
quality standards and stringent specifications, the competitors may win market share from us by providing
lower cost solutions to our customers or by offering technologically advanced UAVs. In the past we have
lost certain bids on account of our competitors offering lower price. We cannot assure you that we would
not lose any bids in future as well. Our success depends on our ability to develop and deliver advanced
products, software and solutions, utilizing our proprietary technologies, to help our customers operate more
effectively and efficiently. We may incur significant expense in preparing to meet anticipated customer
requirements that we may not be able to recover or pass on to our customers. Increased competition may
force us to improve our process, technical, product and service capabilities and/or lower our prices or result
in loss of customers, which may adversely affect our profitability and market share, in turn, affecting our
business, financial condition, results of operations and future prospects. There is no assurance that we will
remain competitive with respect to technology, design, quality or cost. In addition, our competitors may
develop competing technologies that gain market acceptance before or instead of our products. Our
competitors’ actions, including expanding manufacturing capacity, expansion of their operations to newer
geographies or product segments in which we compete, or the entry of new competitors into one or more
of our markets could cause us to lower prices in an effort to maintain our sales volume.
17. We may not be successful in our future pursuit of strategic investment and acquisition opportunities.
We intend to selectively pursue strategic investment and acquisition opportunities that complement our
growth strategy or strengthen or establish our presence in our targeted domestic and overseas markets. We
may also form strategic alliances with global and domestic players in various segments of the UAV industry
that bring synergies to our business. However, we cannot assure you that we will be able to identify suitable
acquisition or strategic investment opportunities at acceptable costs and on commercially reasonable terms,
obtain the financing necessary to complete and support such acquisitions or investments, reach agreements
with the relevant parties, integrate such businesses or investments or that any business acquired or
investment made will be favourable or profitable. Acquisitions and investments may also create other
unforeseen operating difficulties and expenditures or have an adverse impact on our financial condition or
the price of our Equity Shares, including potentially dilutive issuances of Equity Shares, the incurrence of
debt, contingent liabilities or amortization expenses or write-offs, inability to maintain the key business
relationships and the reputation of acquired businesses. Further, the number of attractive expansion
opportunities may be limited, and attractive opportunities may command high valuations for which we may
be unable to secure the necessary financing. Such initiatives may also require significant capital and other
resources, as well as management attention, which could place a burden on our resources and abilities.
18. Any defect or our inability to comply with quality parameters may lead to the cancellation of existing
and future orders and could negatively impact our reputation, business, cashflow and results of
operations and future prospects.
Given the critical nature of the application of our products (such as for defence missions), we always aim
to maintain a high standard for the performance and quality of our products. Our customers have high
expectations for product quality and in certain instances prior to placing the orders, there is a detailed
review process that is undertaken by certain customers. We try to ensure that our products are faultless and
conform to the specific requirements of our customers. Our quality assurance team conducts detailed
material inspections and then subjects the products to various tests, such as environmental stress screening,
following which the products are sent for packaging. However, our quality control procedures may fail to
test all possible conditions of use or identify all defects in the design, engineering or specifications of our
UAVs. While there have been no instances in the past where any of our products were rejected by the
37
customers during the inspection process, there can be no assurance that such rejections of products would
not happen in future. Also, any defect or our inability to comply with the quality parameters may lead to
cancellation of existing orders or non-renewal of contracts by our customers and in certain instances may
even impose additional costs in the form of product liability and/or product recall thereby creating an
adverse impact on our reputation, business, cashflow and results of operations and future prospects.
19. We may be unable to obtain and maintain our patent rights thereby creating an adverse impact on our
business and results of operations.
Our intellectual property and proprietary rights are important to our ability to remain competitive and
successful in the development of our products and to our future growth potential. As on February 8, 2023
we have 41 patent applications pending, out of which 22 applications are pending internationally and 19
applications are pending in India. Some of the capabilities of our UAVs such as take-off area suitability
check, coverage area check and target location coverage check for off-site mission planning prior to
deployment are, as per the 1Lattice Report, unique in the industry, and we have filed patent applications
for these capabilities. However, patent protection can be limited and not all intellectual property can be
patented. We expect to rely on a combination of patent, trademark, copyright as well as confidentiality and
non-disclosure agreements and procedures, and other contractual provisions to protect our intellectual
property, other proprietary rights and our brand. We currently only have a limited amount of granted
trademark, patent or copyright protections. We believe that our proprietary products, and technology are
strongly aligned with requirements of our customers. However, due to varying requirements from different
regulatory bodies we may be unable to obtain the patents that we have applied. Moreover, our existing
patents may expire, and we cannot assure you that we will renew, or will be able to renew, them after the
expiry. As a result, our intellectual property rights may be challenged, invalidated or circumvented by third
parties. We may not be able to prevent the unauthorized disclosure or use of our technical knowledge or
other trade secrets by employees or competitors. Our inability to patent our future innovation and protect
our proprietary information could adversely affect our business and results of operations. While there have
been no past instances of patent infringements or any dispute in relation to our patents, we cannot assure
you that our patents will be adequately protected. Our patent rights may not prevent our competitors from
developing, using or commercializing products that are functionally equivalent or similar to our products.
The process of seeking patent protection can be lengthy and expensive. Further, our patent applications
may not be granted, and our existing and future patents may be insufficient to provide us with meaningful
protection or competitive advantage.
20. We must recruit and retain highly-skilled employees to succeed in our competitive business.
We depend on our ability to recruit and retain employees who have advanced engineering and technical
services skills and who work well with our customers. These employees are in demand and are likely to
remain a limited resource in the foreseeable future. For the six months ended September 30, 2022 and for
the Fiscals 2022, 2021 and 2020 respectively our expenditure on hiring such skilled employees were ₹
164.21 million, ₹ 276.83 million, ₹ 186.63 million and ₹ 179.18 million which accounted for 11.77%,
17.36%, 53.75% and 128.00% of our total revenue from operations for the respective Fiscals/periods. If
we are unable to recruit and retain a sufficient number of these employees, then our ability to maintain our
competitiveness and grow our business could be negatively affected. In addition, because of the highly
technical nature of our products, the loss of any significant number of our existing engineering personnel
could significantly delay or prevent the achievement of our business objectives, materially harm our
business and customer relationships and impair our ability to identify and secure new contracts.
21. The continuing impact of the COVID-19 pandemic on our business and operations is uncertain and it
may be significant and continue to have an adverse effect on our business, operations and our future
financial performance.
An outbreak of COVID-19 was recognized as a pandemic by the WHO on March 11, 2020. In response to
the COVID-19 outbreak the governments of many countries, including India, had taken and may continue
to take preventive or protective actions, such as imposing country-wide lockdowns, restrictions on travel
and business operations and advising or requiring individuals to limit time spent outside of their homes.
Temporary closures of businesses were ordered, and numerous other businesses were temporarily closed
on a voluntary basis as well. For most of Fiscal 2021, the COVID-19 pandemic caused widespread and
prolonged lockdowns throughout India. The nationwide lockdown in India during March and April 2020
resulted in the full closure of our manufacturing facility for four weeks in Fiscal 2021, resulting in no
38
production for that period. COVID19 has been extremely disruptive for the UAV industry with huge supply
shortage for components, such as electronic components and communication modules in Fiscal 2021. As a
consequence, our supply chain was disrupted. While we were able to successfully deliver our orders on
time despite such supply chain disruptions, as we found alternative sources of supply or change parts, we
cannot assure you that in future we would be able to find similar alternative routes to combat the shortages
of supply of components.
The duration and extent of the effect of COVID-19 on our business and results of operations is not
determinable. If the COVID-19 pandemic persists, whether through the outbreak of new virus strains or
otherwise, further lockdowns and travel disruptions may occur, factory closures may be required, and we
may experience lower production levels, additional direct costs and lost revenue. For example, a new
COVID-19 variant named Omicron was detected in November 2021 and caused major supply chain
disruptions. In addition, if our suppliers experience COVID-19 related closures or reductions in their
capacity utilization levels in the future, we may have difficulty sourcing the components necessary to fulfil
production requirements. Any of these factors could have a material adverse effect on our business,
financial condition and results of operations. In addition, we cannot predict the impact that the COVID-19
pandemic will have on our customers, suppliers and other business partners, and each of their financial
conditions; however, any material effect on these parties could adversely impact us.
22. We are dependent on our Promoters, Directors, other Key Managerial Personnel and Senior
Management, including other employees with technical expertise. Any loss of or our inability to attract
or retain such persons could adversely affect our business, results of operations and financial condition.
We are dependent on our Promoters, Directors, other Key Managerial Personnel and Senior Management
as well as persons with technical expertise for strategic business decisions and managing our business. We
are led by our Promoters, Ankit Mehta, Rahul Singh and Ashish Bhat, our Chief Financial Officer, Vipul
Joshi and our Vice President–Sales and Business Development, Vishal Saxena, who are involved in
strategic planning, operations, design and production development, and have a cumulative work experience
of more than 85 years. Their experience and leadership have played a key factor in our growth and
development. Our management team of qualified and experienced professionals enables us to identify new
avenues of growth and help us to implement our business strategies in an efficient manner and to continue
to build on our track record of successful product offerings. The relationships and reputation that members
of our management team and key employees have established and maintain with our clients contribute to
our ability to maintain good customer relations and to identify new business opportunities. We cannot
assure you that we will be able to retain these employees or find adequate replacements in a timely manner,
or at all. Any loss or interruption in the services of our Key Managerial Personnel or Senior Management
could significantly affect our ability to effectively manage our operations and to meet our strategic
objectives. In addition, we could incur additional expenses and need to devote significant time and
resources to recruit and train replacement personnel, which could further disrupt our business and growth.
Our ability to meet continued success and future business challenges depends on our ability to attract,
recruit and train experienced, talented and skilled professionals and retain our service engineers and sales
and marketing professionals. Recruiting and retaining capable personnel, particularly those with expertise
and experience in our industry, are vital to our success. The loss of the services of any key personnel or our
inability to recruit or train a sufficient number of experienced personnel or our inability to manage the
attrition levels in different employee categories may have an adverse effect on our financial results and
business prospects. Further, as we expect to continue to expand our operations and develop new products,
we will need to continue to attract and retain experienced management personnel. If we are unable to attract
and retain qualified personnel, our results of operations may be adversely affected.
23. We have significant working capital requirements. If we are unable to borrow or raise additional
financing or furnish bank guarantees in future, it would adversely impact our business, cash flows and
results of operations.
Our business requires significant working capital in connection with our manufacturing of products,
financing inventory and purchase of critical components which may be adversely affected in case there is
any change in terms of credit or payment. Delays in payment under our existing contracts or reduction of
advance payments due to lower order intake or inventory and work in progress increases and/or accelerated
payments to suppliers, could adversely affect our working capital, lower our cash flows and materially
39
increase the amount of working capital to be funded through external debt financings. Accordingly, we
may require additional capital or financing from time to time to meet our working capital requirements.
While we have historically been able to finance our working capital expenditure from internal accruals and
availing loans from our Directors and external debt financing, this may not be the case once we are a
publicly listed company. Our external borrowings as on November 30, 2022 was ₹ 1,301.25 million on a
consolidated basis. While we have the capacity to take on financial leverage, our ability to obtain external
financing is subject to a variety of uncertainties, including our financial condition, results of operations,
cash flows and liquidity of the domestic and international capital and lending markets. In addition, our loan
agreements may contain financial covenants that restrict our ability to incur additional indebtedness without
our lenders’ consent. Any indebtedness that we may incur in the future may also contain operating and
financing covenants that could be restrictive. Further, financing may not be available in a timely manner
or in amounts or on terms acceptable to us, or at all. If we are required to raise equity financing, this could
result in dilution to our Shareholders. While our Company has not availed any unsecured loans, in the event
we do avail any unsecured loans in the future, there would always be a possibility where such loans could
be recalled by the lenders at any time. In the event that any lender seeks a repayment of any such loan, our
Company would need to find alternative sources of financing, which may not be available on commercially
reasonable terms, or at all. Our Company is also required to furnish bank guarantees in the ordinary course
of business in relation to the fulfilment of purchase orders, as and when required. In the event that any such
bank guarantees are invoked and if we are unable to meet our guarantee requirements, then legal
proceedings may be initiated against us, or we may incur additional costs. While we have not defaulted in
the payment of any of our borrowings including bank guarantees, we cannot assure you that we will not
default in future. Any failure to raise additional funds on favourable terms or in a timely manner or at all
could severely restrict our liquidity and have a material adverse effect on our business and results of
operations. Further, continued increase in our working capital requirements may have an adverse effect on
our financial condition and results of operations.
24. Our manufacturing facility and Registered Office are located on premises taken on a leave and license
basis. There can be no assurance that these leave and license agreements will be renewed upon
termination or that we will be able to obtain other premises on leave and license basis on same or similar
commercial terms or at all.
Our manufacturing facility and Registered Office are located on the same premise being EL-146, TTC
Industrial Area, Electronic Zone MIDC, Mahape, Navi Mumbai Thane - 400 710 Maharashtra, India. Our
Registered Office is located on a premise which is taken on a leave and license basis for a period of five
years with effect from October 1, 2021. Our godowns, product development centre, guest houses and sales
office are also located on premises that are taken on a leave and licensed basis. While we renew these leave
and licensed agreements periodically in the ordinary course of business, in the event that these existing
licenses are terminated or they are not renewed on commercially acceptable terms, we may suffer a
disruption in our operations. If alternative premises are not available at the same or similar costs, sizes or
locations, our business and results of operations may be adversely affected. Our inability to renew leave
and licensed agreements on commercially favourable terms may lead to disruptions to our business and
have a material adverse impact on our financial condition and results of operations.
25. Most of our customer agreements generally contains a liquidated damage clause for delay or non-
delivery of the Unmanned Aerial Vehicle. Any contractual default on our part may result in claims and
payment of liquidated damages, which could adversely affect our business, financial condition and cash
flows.
We are responsible for the quality and performance of our UAVs and are also required to complete the
manufacturing of our product within a stipulated schedule. Any failure to adhere to a contractually agreed
schedule for reasons other than the agreed force majeure events could result in payment of liquidated
damages. For instance, certain of our contracts require us to pay damages in the event of delayed or
undelivered services. As at September 30, 2022, Fiscals 2022, 2021 and 2020, the provision for liquidated
damages aggregated to ₹ 27.90 million, ₹ 27.90 million, ₹ 1.98 million and ₹ 0.96 million respectively.
While we have not defaulted on any of our contracts in the past, we cannot guarantee that in future we
would not default any of the existing terms of the contract resulting in the payment of liquidated damages.
In extreme cases, non-performance or other deficiencies on our part could result in a customer terminating
our contract due to default. While there have been no instances in the past where our contracts were
terminated on account of default, we cannot guarantee that our contracts will not be terminated on grounds
40
of default. A termination for default could expose us to liability, including liability for the costs of re-
procurement, could damage our reputation and could hurt our ability to compete for future contracts.
The existence, or even threat, of a major liability claim could damage the reputation of our Company and
affect consumers’ views of our products. Any damage to our reputation or brand image may lead to a loss
of existing business contracts and adversely affect our ability to enter into additional business contracts in
the future.
26. We do not enter into any long-term contracts with our suppliers.
We have long standing relationships with certain suppliers, although we do not enter into any long-term
contracts with such suppliers. We procure all of our components either by entering into short-term contracts
or by way of purchase orders on an ongoing basis and therefore, are required to pay the market price of
such products. We cannot assure that our existing suppliers would continue to agree enter into such
contracts with us. Any variation in the agreed terms of such contracts would create an adverse impact on
our business. The loss of any of our existing suppliers as a result of termination of existing contracts, may
adversely affect our flow of operations. We are also subject to the risk that one or more of our existing
suppliers may discontinue their operations, which may adversely affect our ability to source components
at a competitive price.
27. We are subject to various laws and regulations, including environmental and health and safety laws and
regulations. If we fail to obtain, maintain or renew the licenses, permits and approvals required to
operate our business, or fail to comply with applicable laws, our business, results of operations and
financial condition may be adversely affected.
We operate in a highly regulated industry and our operations are subject to extensive laws and regulations.
Our business requires us to obtain and renew from time to time, certain approvals, licenses, registrations
and permits. While we currently do not have any applications pending, certain of our approvals are subject
to expiry and once they expire, we cannot guarantee that we will receive the renewed approvals in a timely
manner or at all. We cannot give any assurance that we will receive the renewed certificate in a timely
manner. In addition, we require certain approvals, licenses, registrations and permissions under various
regulations, guidelines, circulars and statutes regulated by the Government of India, the State Governments
and certain other regulatory and government authorities, for operating our business. See ‘Government and
Other Approvals – Material approvals obtained by our Company’ on page 376 for further details. Failure
by us to renew, maintain or obtain the required permits or approvals at the requisite time may result in the
interruption of our operations and may have an adverse effect on our business, financial condition and
results of operations. Further, the approvals, licenses, registrations and permits issued to us may be
suspended or revoked in the event of non-compliance or alleged non-compliance with any terms or
conditions thereof, or pursuant to any regulatory action. Further, any violation of the environmental laws
and regulations may result in fines, criminal sanctions, revocation of operating permits, or shutdown of our
manufacturing facility. While there have been no instances in the past where any approvals, licenses,
registrations and permits issued to us were suspended or revoked, we cannot assure you that the relevant
authorities would not suspend or revoke any of our approvals, licenses, registrations and permits. Any
failure to renew the approvals that have expired or apply for and obtain the required approvals, licenses,
registrations or permits, or any suspension or revocation of any of the approvals, licenses, registrations and
permits that have been or may be issued to us, may impede our operations. In the event that we are unable
to obtain such approvals in a timely manner or at all, our business operations may be materially and
adversely affected.
28. Our insurance policies may not be adequate to cover all losses incurred in our business. An inability to
maintain adequate insurance cover to protect us from material adverse incidents in connection with
our business may adversely affect our operations and profitability.
Our operations are subject to certain hazards such as work accidents, fire, earthquakes, flood and other
force majeure events, acts of terrorism and explosions, including hazards that may cause destruction of
property and inventory. Our principal types of insurance coverage include coverage for our stocks that
includes all normal risks associated with our business, including fire, burglary and terrorism. We typically
maintain standard fire and burglary insurance policies for our stocks, also obtain goods carrying vehicle
package policies and marine insurance policies for transit of goods. We have also obtained a group medical
policy and group accidental policy for our employees. These insurance policies are generally valid for a
41
year and are renewed annually. In our experience, the amount of insurance currently maintained by us
represents an appropriate level of coverage required to insure our business and operations. For the six
months ended September 30, 2022, Fiscal 2022, Fiscal 2021 and Fiscal 2020, the aggregate coverage of
insurance policies obtained by us, was ₹ 767.00 million, ₹ 767.00 million, ₹ 342.00 million and ₹ 121.00
million which constituted 99.39%, 123.84%, 137.84% and 91.49% of our total fixed assets and inventory,
respectively. Our insurance may not be adequate to completely cover any or all of our risks and liabilities.
There can be no assurance that any claim under the insurance policies maintained by us will be honoured
fully, in part or on time, or that we have taken out sufficient insurance to cover all our losses. For instance,
in 2022 there was an outbreak of fire on the production floor of our manufacturing facility due to electrical
short circuit resulting in the damage of a portion of our inventory amounting to ₹ 80.04 million. While we
submitted an insurance claim with respect to such fire incident, we have not received the same and the
claim is under process. Our inability to maintain adequate insurance cover in connection with our business
could adversely affect our operations and profitability. To the extent that we suffer loss or damage as a
result of events for which we are not insured, or for which we did not obtain or maintain insurance, or
which is not covered by insurance, exceeds our insurance coverage or where our insurance claims are
rejected, the loss would have to be borne by us and our results of operations, financial performance and
cash flows could be adversely affected. For further information on our insurance arrangements, see ‘Our
Business – Insurance’ on page 204. If insurance coverage, customer indemnifications and/or other legal
protections are not available or are not sufficient to cover risks or losses, it could have a material adverse
effect on our financial position, results of operations and/or cash flows.
29. Any inability to protect our intellectual property or any claims that we infringe on the intellectual
property rights of others and any failure to keep our technical knowledge confidential could erode our
competitive advantage and could have a material adverse effect on us.
As on February 8, 2023, we have 8 granted patents in India and 10 granted patents in other jurisdictions
and as on February 8, 2023, we have 41 patent applications pending, out of which 22 applications are
pending internationally and 19 applications are pending in India. As on February 8, 2023, we have 32
registered trademarks in India and we have applied for 11 trademarks including 2 applications
internationally and 9 applications in India which are currently pending. As on February 8, 2023, we have
7 registered copyrights in India and have applied for 2 copyrights in India which are currently pending. Our
future patents and current and future trademarks and copyrights are subject to expiration, and we cannot
guarantee that we will be able to renew all of them prior to expiration. Our inability to renew registration
of certain trademarks and copyrights and loss of such trademarks and copyrights could have an adverse
effect on our business, results of operations, financial condition and cash flows. For further details, see
‘Government and Other Approvals’ on page 376.
We are also exposed to the risk that other entities may pass off their products as ours by imitating our brand
name and attempting to create counterfeit products. We believe that there may be other companies or
vendors using our tradename or brand names. Although there have not been such incidents in the past, any
such activities may harm the reputation of our brand and sales of our products, which could in turn
adversely affect our financial performance. We rely on protections available under Indian law, which may
not be adequate to prevent unauthorized use of our intellectual property by third parties. Notwithstanding
the precautions we take to protect our intellectual property rights, it is possible that third parties may copy
or otherwise infringe on our rights, which may have an adverse effect on our business, results of operations,
cash flows and financial condition.
Further, while we take care to ensure that we comply with the intellectual property rights of others, we
cannot determine with certainty whether we are infringing any existing third-party intellectual property
rights. Any claims of intellectual property infringement from third parties, regardless of merit or resolution
of such claims, could force us to incur significant costs in responding to, defending and resolving such
claims, and may divert the efforts and attention of our management and technical personnel away from our
business. The risk of being subject to intellectual property infringement claims will increase as we continue
to expand our operations and product offerings. As a result of such infringement claims, we could be
required to pay third party infringement claims, alter our technologies, obtain licenses or cease some
portions of our operations. The occurrence of any of the foregoing could result in unexpected expenses.
Further, we possess extensive technical knowledge about our products. Such technical knowledge has been
built up through our own experiences. Our technical knowledge is a significant independent asset, which
may not be adequately protected by intellectual property rights such as patent registration. Some of our
42
technical knowledge is protected only by secrecy. While there have been no past instances where there was
breach of confidentiality in relation to our technical knowledge by our employees, we cannot be certain
that our technical knowledge will remain confidential in the long run. Certain proprietary knowledge may
be leaked, either inadvertently or wilfully, at various stages of the manufacturing process. A significant
number of our employees have access to confidential design and product information and there can be no
assurance that this information will remain confidential. Moreover, certain of our employees may leave us
and join our various competitors. In the event that the confidential technical information in respect of our
processes and products or business becomes available to third parties or to the general public, any
competitive advantage we may have over our peers could be harmed. If a competitor is able to reproduce
or otherwise capitalise on our technology, it may be difficult, expensive or impossible for us to obtain
necessary legal protection. Consequently, any leakage of confidential technical information could have an
adverse effect on our business, results of operations, financial condition and future prospects.
30. We face foreign exchange risks that could adversely affect our results of operations.
We partially import certain components such as carbon fibre tubes, landing gear, propellors, motors and
antennas, required for manufacturing UAVs. We spent ₹ 196.14 million, ₹ 264.48 million, ₹ 152.93 million
and ₹ 44.97 million on imports in the six months ended September 30, 2022, and in the Fiscals 2022, 2021
and 2020, respectively. We are therefore exposed to fluctuations in exchange rates against the Indian Rupee.
While we seek to pass on all losses on account of foreign currency fluctuations to our customers, our ability
to foresee future foreign currency fluctuations is limited. Further, due to the time gap between the
accounting of purchases and actual payments, the foreign exchange rate at which the purchase is recorded
in the books of accounts may vary with the foreign exchange rate at which the payment is made, thereby
benefiting or affecting us negatively, depending on the appreciation or depreciation of the Rupee. We may,
therefore, be exposed to risks arising from exchange rate fluctuations and we may not be able to pass on
all losses on account of foreign currency fluctuations to our customers, and as a result, suffer losses on this
account. There is no guarantee that we may be able to manage our foreign currency risk effectively or
mitigate exchange exposures, at all times and our inability may harm our results of operations and cause
our results to fluctuate and/or decline. Further any dividends in respect of our Equity Shares will also be
paid in Indian Rupees and subsequently converted into the relevant foreign currency for repatriation, if
required. Any adverse movement in currency exchange rates during the time taken for such conversion
may reduce the net dividend to foreign investors. In addition, any adverse movement in currency exchange
rates during a delay in repatriating the proceeds from a sale of Equity Shares outside India, for example,
because of a delay in regulatory approvals that may be required for the sale of Equity Shares may reduce
the proceeds received by Shareholders. For example, the exchange rate between the Indian Rupee and the
U.S. dollar has fluctuated substantially in recent years and may continue to fluctuate substantially in the
future, which may have an adverse effect on the returns on our Equity Shares, independent of our operating
results.
31. Any restrictions under the FDI policy or delay in receiving approvals would adversely affect our
business, operations and financial conditions.
We are required to obtain a licence under the IDR Act to manufacture our UAVs which we have obtained
in 2015. One of the conditions stipulated under such licence requires us to intimate the MoD for foreign
investments and also seek clearances from the Ministry of Home Affairs in case of any addition of foreign
partners. Under applicable law, FDI up to 49% is allowed in our Company under the automatic route (with
a post-facto declaration to the MoD regarding certain changes in our shareholding pattern) and FDI
exceeding 49% requires prior approval from DPIIT. The approval process is time consuming and can cause
delay in the prospective fund-raising process. For instance, in 2017, we faced a considerable amount of
delay in receiving the requisite approval (under the FDI policy in force in 2017) while raising funds through
Series A CCPS. Hence, we cannot assure you that we would not face any such delays in future or would
always get approvals to raise funds where foreign investments in our Company exceed 49%. Any such
delay or denial of approval would create an adverse impact on our business, operations and financial
conditions. Further, these approvals granted to us may be revoked at any point of time due to circumstances
which may or may not be within our control and this could have an adverse impact on our business and
operations. Moreover, any further restrictions of the FDI policy impacting our industry would also restrict
our foreign investment opportunities thereby creating an adverse impact on our business, operations and
financial conditions.
43
32. We have certain contingent liabilities which, if materialized, may adversely affect our financial
condition.
As of September 30, 2022, our contingent liabilities as per Ind AS 37 – Provisions, Contingent Liabilities
and Contingent Assets, that have not been provided for in our results of operations were as follows:
(in ₹ million)
2022
Total 69.55
We have not made provisions for the above contingent liabilities, as they are either possible obligations
whose existence will be confirmed only by future uncertain events outside the control of our Company or
are present obligations where the outflow of economic resources may not be probable or cannot be
measured reliably. If a significant portion of these liabilities materialize, we may have to fulfil our payment
obligations, which could have an adverse effect on our business, financial condition and results of
operations. For further information on our contingent liabilities, see ‘Restated Consolidated Financial
Information – Note 40 Contingent Liabilities and Commitments’ on page 322.
33. We have in the past entered into related party transactions and may continue to do so in the future,
which may potentially involve conflicts of interest with the equity shareholders.
We have entered transactions with related parties in the past and from, time to time, we may enter into
related party transactions in the future. These transactions principally include remuneration to our Directors
and Key Managerial Personnel. For further information relating to our related party transactions, see
Restated Consolidated Financial Information – Note 35 Related Party Transactions’ on page 311. While
we believe that all such transactions have been conducted on an arm’s length basis, we cannot assure you
that we might not have obtained more favourable terms had such transactions been entered into with
unrelated parties.
While we shall endeavour to conduct all related party transactions post listing of the Equity Shares subject
to the Board’s or Shareholders’ approval, as applicable, and in compliance with the applicable accounting
standards, provisions of Companies Act, 2013, as amended, provisions of the SEBI Listing Regulations
and other applicable law, such related party transactions may potentially involve conflicts of interest. While
our Company will endeavour to duly address such conflicts of interest as and when they may arise, we
cannot assure you that these arrangements in the future, or any future related party transactions that we may
enter into, individually or in the aggregate, will not have an adverse effect on our business, financial
condition, results of operations, cash flows and prospects or may potentially involve any conflict of interest.
34. We have sustained negative cash flows from operating activities in the past and may experience earnings
declines or operating losses or negative cash flows from operating activities in the future.
The following table sets forth certain information relating to our cash flows on a consolidated basis for the
periods indicated.
(in ₹ million)
Particulars Six months Six months Fiscal 2022 Fiscal 2021 Fiscal 2020
ended ended
2022 2021
Net cash 0.76 (88.88) 665.20 (308.13) (164.67)
generated
from/ (used
in)
operating
activities
Net cash (1,338.08) (84.83) (307.62) (68.03) 47.61
(used in)/
generated
from
investing
activities
44
ended ended
2022 2021
Net cash 1,133.21 314.21 (106.01) 427.85 11.84
generated
from/ (used
in)
financing
activities
We have sustained negative cash flow used in operating activities for six months ended September 30,
2022, six months ended September 30, 2021 and for Fiscals 2021 and 2020 primarily due to losses,
investments in growth development activities, higher debt and longer cashflow cycles. We have also
sustained negative cash flow used in investing activities for six months ended September 30, 2022, six
months ended September 30, 2021 and for Fiscals 2022 and 2021 due to purchase of plant and machinery,
product development and investment in fixed deposits. Further, we have sustained negative cash flow used
in financing activities for Fiscal 2022 due to interest paid towards interest costs on financial liabilities and
working capital loans. There can be no assurances that cash flows will be positive in the future thereby
creating an adverse impact on our ability to meet working capital expenditure, repay loans without raising
finance from external resources. If we are not able to generate sufficient cash flows, it may adversely affect
our business and financial operations.
35. We have incurred losses in Fiscals 2020 and 2021. In the event we incur net loss in the future, our
business and financial condition may be adversely affected.
We reported a loss for the period/year of ₹ 134.46 million and ₹ 146.26 million in Fiscals 2020 and 2021
respectively. Our losses in Fiscal 2020 were primarily on account of stagnant revenue and industry impact
of UAV regulations and our losses in Fiscal 2021 were primarily on account stagnant revenue, industry
impact of UAV regulations and COVID-19. Increases in our costs, expenses and investments may reduce
our margins and materially adversely affect our business, financial condition and results of operations. Our
failure to generate profits may adversely affect the market price of our Equity Shares, restrict our ability to
pay dividends and impair our ability to raise capital and expand our business. Moreover, even if we achieve
profitability, given the competitive and evolving nature of the industry in which we operate, we may be
unable to sustain or increase profitability, and failure to do so would adversely affect our business, including
our ability to raise additional funds.
36. Certain sections of this Draft Red Herring Prospectus disclose information from the industry report
which has been commissioned and paid for by us exclusively in connection with the Offer and any
reliance on such information for making an investment decision in the Offer is subject to inherent risk.
We have availed the services of an independent third-party research agency, Praxian Global Private
Limited, appointed by us pursuant to an engagement letter dated October 6, 2022 entered into with our
Company, to prepare an industry report titled “Drone Industry Report” (the “1Lattice Report”), that has
been exclusively commissioned and paid for by us, for purposes of inclusion in this Draft Red Herring
Prospectus. The 1Lattice Report is available on the website of our Company at
https://ideaforgetech.com/investor-relations/industry-report. The 1Lattice Report is subject to various
limitations and based upon certain assumptions that are subjective in nature. Due to possibly flawed or
ineffective collection methods or discrepancies between published information and market practice and
other problems, the statistics herein may be inaccurate or may not be comparable to statistics produced for
other economies and should not be unduly relied upon. Further, there is no assurance that they are stated
or compiled on the same basis or with the same degree of accuracy as may be the case elsewhere. Statements
from third parties that involve estimates are subject to change, and actual amount may differ materially
from those included in this Draft Red Herring Prospectus. Also see ‘Certain Conventions, Use of Financial
Information and Market Data and Currency of Presentation – Industry and Market Data’ on page 16.
37. There are outstanding legal proceedings involving our Company and Directors. Any adverse outcome
in such legal proceedings may affect our business, results of operations and financial condition.
There are outstanding legal proceedings against our Company and Directors, which are pending at various
levels of adjudication before various courts, tribunals and other authorities. The summary of outstanding
45
matters set out below includes details of criminal proceedings, tax proceedings, statutory and regulatory
actions and other material pending litigation (as defined in the section ‘Outstanding Litigation and
Material Developments’ on page 372) involving our Company, Promoters, Directors and Subsidiary.
Particulars Criminal Tax Statutory or Disciplinary Material Aggregate

Exchanges (in ₹
against our million)
Promoters
Company
By our Nil 5 Nil NA Nil 69.55
Company
Company
Directors
Directors
Against our 1 Nil Nil NA Nil Nil
Directors
Promoters
By the Nil Nil Nil Nil Nil Nil
Promoters
Against our Nil Nil Nil Nil Nil Nil
Promoters
Subsidiary
Subsidiary
Subsidiary
*
Amount to the extent quantifiable
For further information, see ‘Outstanding Litigation and Other Material Developments’ on page 372.
These legal proceedings may or may not be decided in our favor. Further, as for six months ended
September 30, 2022, we have not made any provisioning as necessary to be made by us for any possible
liabilities arising out of this litigation. Additional liability may also arise out of these proceedings. Adverse
decisions in such proceedings may have an adverse effect on our business, results of operations, cash flows,
financial condition and growth strategy.
38. There have been certain instances of regulatory non-compliances or delays or errors in the past. We
may be subject to regulatory actions and penalties for any such past or future non-compliance or delays
or errors and our business, financial condition and reputation may be adversely affected.
There have been certain instances of regulatory non-compliances and delays in the past by our Company.
For example, there were inadvertent delays in the filing of five Forms MGT-14 that were required to be
filed in Fiscals 2015, 2016, 2017 and 2018. Consequently, we filed Form CG-1 with the Ministry of
Corporate Affairs in 2021 for condonation of such delays, pursuant to which such delays were condoned
by them. Further, there were delays in the filing of Forms MGT-7 for Fiscal 2020 and Fiscal 2015, Forms
AOC-4 for Fiscals 2015 and 2018, Form 20B for Fiscal 2014, Form 23AC for Fiscal 2014, for which
additional fees were levied on us. Further, there were also delays in filing Forms FC-GPR with respect to
the issuance of compulsorily convertible debentures in Fiscal 2021 and bonus issuance in Fiscal 2022 for
which we were required to pay late submission fees.
For the allotment dated April 28, 2022, while the CCDs were converted into Series B CCPS at different
prices, in the Form PAS-3 filed by our Company with the RoC, the conversion price was mentioned as an
average conversion price instead of the actual conversion price at which Series B CCPS were issued to
different CCD holders even though the total number of Series B CCPS issued was mentioned correctly.
Further, there was a delay in filing of the Form MGT-14 with respect to the resolution of the Board
approving the conversion price of the CCDs to Series B CCPS, for which we had to pay an additional fee.
We cannot assure you that, in the future, we will not be subject to any liability on account of such non-
compliances or that no action would be taken by the RoC or any other regulatory or statutory body in future
46
in relation to this error. If we are subject to any such liability, it may have a material adverse effect on our
reputation, financial condition and results of operations. Further, there can be no assurance that there will
be no such delays or non-compliances in the future and our Company will not be subject to adverse actions
by the authorities.
39. Our inability to meet our obligations, including financial and other covenants under our debt financing
arrangements could adversely affect our business and results of operations.
Our financing agreements contain certain restrictive covenants that limit our ability to undertake certain
types of actions, any of which could adversely affect our business and financial condition. Our Company
is required to obtain prior approval from and provide prior information to our lenders for, among other
things, change in control of our Company, change in capital structure or constitutional documents, and any
change in the general nature of the business or undertake any new projects or expansion. Any failure in the
future to satisfactorily comply with any condition or covenant under our financing agreements (including
technical defaults) may lead to a termination of one or more of our credit facilities, immediate repayments
of our credit facilities or disclose our name or of our Directors as defaulters, any of which may adversely
affect our business, financial condition and results of operations. Although we have not defaulted on our
financial obligations and have been in compliance with covenants in the past, we cannot assure you that
we will be able to comply with all such financial obligations and covenants in the future. Further, we have
granted security interests over certain of our assets, including charge on our present and future current
assets and on our present and future movable and immovable fixed assets, in order to secure our borrowings,
and any failure to satisfy our obligations under such borrowings could lead to the forced sale and seizure of
such assets, which may adversely affect our business, financial condition and results of operations. For
further details of our indebtedness, see ‘Financial Indebtedness’ on page 370.
40. We have availed working capital facilities which are repayable on demand. Any demand from lenders
for repayment of such working capital facilities may adversely affect our cash flows.
We have an outstanding working capital facility amounting to ₹ 814.50 million, as on November 30, 2022,
on a consolidated basis and in future may continue to avail such working capital facilities which may be
recalled at any time. Such recalls on borrowed amounts may be contingent upon happening of an event
beyond our control and there can be no assurance that we will be able to persuade the lenders to give us
extensions or to refrain from exercising such recalls, which may adversely affect our results of operations
and cash flows.
41. Our funding requirements and proposed deployment of the Net Proceeds are not appraised by any
independent agency and are based on management estimates and may be subject to change based on
various factors, some of which are beyond our control.
We intend to use the Net Proceeds for (i) repayment/prepayment of certain indebtedness availed by our
Company; (ii) funding working capital requirements; (iii) investments in product development and (iv)
general corporate purposes in the manner specified in ‘Objects of the Offer’ on page 101. The amount of
Net Proceeds to be actually used will be based on our management’s estimates and has not been appraised
by any bank or financial institution. However, the deployment of the Net Proceeds will be monitored by a
monitoring agency appointed pursuant to the SEBI ICDR Regulations. Our internal management estimates
may exceed fair market value or the value that would have been determined by third-party appraisals, which
may require us to reschedule or reallocate our capital expenditure and may have an adverse impact on our
business, financial condition, results of operations and cash flows. We may have to reconsider our estimates
or business plans due to changes in underlying factors, some of which are beyond our control, such as
interest rate fluctuations, changes in input cost, and other financial and operational factors.
Accordingly, prospective investors in the Offer will need to rely upon our management’s judgment with
respect to the use of Net Proceeds. If we are unable to deploy the Net Proceeds in a timely or an efficient
manner, it may affect our business and the results of operations.
42. Any variation in the utilization of the Net Proceeds would be subject to certain compliance requirements,
including prior shareholders’ approval.
We propose to utilize the Net Proceeds towards (i) repayment/prepayment of certain indebtedness availed
by our Company; (ii) funding working capital requirements; (iii) investment in product development, and
47
(iv) general corporate purposes in the manner specified in ‘Objects of the Offer’ on page 101. At this stage,
we cannot determine with any certainty if we would require the Net Proceeds to meet any other expenditure
or fund any exigencies arising out of competitive environment, business conditions, economic conditions
or other factors beyond our control. In accordance with Sections 13(8) and 27 of the Companies Act, 2013,
we cannot undertake any variation in the utilization of the Net Proceeds without obtaining the shareholders’
approval through a special resolution. In the event of any such circumstances that require us to undertake
variation in the disclosed utilization of the Net Proceeds, we may not be able to obtain the shareholders’
approval in a timely manner, or at all. Any delay or inability in obtaining such shareholders’ approval may
adversely affect our business or operations.
In light of these factors, we may not be able to undertake variation of objects of the Offer to use any
unutilized proceeds of the Offer, if any, or vary the terms of any contract referred to in this Draft Red
Herring Prospectus, even if such variation is in the interest of our Company. This may restrict our
Company’s ability to respond to any change in our business or financial condition by re-deploying the
unutilized portion of Net Proceeds, if any, or varying the terms of contract, which may adversely affect our
business and results of operations.
43. Failures in internal control systems could cause operational errors which may have an adverse impact
on our profitability.
We are responsible for establishing and maintaining adequate internal measures commensurate with the
size and complexity of operations. Internal control systems comprising policies and procedures are
designed to ensure sound management of our operations, safekeeping of its assets, optimal utilization of
resources, reliability of its financial information and compliance. The systems and procedures are
periodically reviewed and routinely tested and cover all functions and business areas. We take reasonable
steps to maintain appropriate procedures for compliance and disclosure and to maintain effective internal
controls over our financial reporting so that we produce reliable financial reports and prevent financial
fraud. For instance, we review our financials on a monthly basis and any unauthorized, incomplete and
inaccurate financial statements are reported to the Board of Directors. Maintaining such internal controls
require human diligence and compliance and is therefore subject to lapses in judgment and failures that
result from human error.
While we believe that we have adequate controls, we are exposed to operational risks arising from the
potential inadequacy or failure of internal processes or systems, and our actions may not be sufficient to
guarantee effective internal controls in all circumstances. Given the size of our operations, it is possible that
errors may repeat or compound before they are discovered and rectified. Our management information
systems and internal control procedures that are designed to monitor our operations and overall compliance
may not identify every instance of non-compliance or every suspicious transaction. While there have not
been any instances of non-adherence with internal controls in the past three Fiscals and in the six months
ended September 30, 2022, there can be no assurance that deficiencies in our internal controls will not arise
in the future, or that we will be able to implement, and continue to maintain, adequate measures to rectify or
mitigate any such deficiencies in our internal controls.
Our operations are subject to anti-corruption laws and regulations. These laws generally prohibit us and our
employees and our distributers and re-sellers from bribing, being bribed or making other prohibited payments
to government officials or other persons to obtain or retain business or gain some other business advantage.
We take reasonable measures to prevent corruption by including anti-bribery clauses by ways of
representations and warranties in our re-seller and distribution agreements and also provide training to our
employees on anti-corruption laws and regulations. However, we are still exposed to the risks arising from
breach of such contracts and our inability to monitor such breaches. Further, for certain government bids, we
are generally required to enter into pre-contract integrity pact agreements with the respective GoI entities for
the purpose of recording certain obligations with respect to avoidance of corrupt practices with respect to the
proposed bids. For instance, we are required to confirm under such agreements that we would not offer any
inducement to the officer of the GoI entity or collude with any other party interested in the bid to impair the
fairness. We participate in collaborations with our distributers and re-sellers whose actions could potentially
subject us to liability under these laws or other local anti-corruption laws. If we are not in compliance with
applicable anti-corruption laws, we may be subject to criminal and civil penalties, disgorgement and other
sanctions and remedial measures, and legal expenses, which could have an adverse impact on our business,
financial condition, results of operations and liquidity. Likewise, any investigation of any potential violations
of anti-corruption laws by the relevant authorities could also have an adverse impact on our business and
48
reputation. If internal control weaknesses are identified, our actions may not be sufficient to correct such
internal control weakness. These factors may have an adverse effect on our reputation, business, results of
operations, cash flow and financial condition.
44. We may be unable to detect, deter and prevent all instances of fraud or other misconduct committed by
our employees which may have a material adverse effect on our business, results of operations and
financial condition.
Fraud or misconduct by our employees such as leaking of confidential information in relation to our
software and solutions, unauthorized business transaction, bribery, breach of any applicable law or our
internal policies could result in regulatory actions and litigation thereby creating an adverse impact on our
business and reputation. We take reasonable measures to prevent corruption by including anti-bribery
clauses by ways of representations and warranties in our re-seller and distribution agreements and also
provide training to our employees on anti-corruption laws and regulations. Although we have controls in
place with respect to the handling of such cases, we may be unable to prevent, detect or deter all such
instances of misconduct. Prior to registration for some of the bids, we are generally required to enter into
integrity pact agreements with the respective GoI entities with the purpose of recording certain obligations
with respect to prevention of corrupt practices with respect to the proposed bid. For instance, we are
required to confirm that we would not offer any inducement to the officer of the GoI entity or collude with
any other party interested in the bid to impair the fairness. While there have been no past instances of any
such fraud or misconduct committed by our employees under such contract or otherwise, we cannot assure
you that our employees will not commit any fraud or other misconduct in the future. Further, we may not
be able to identify non-compliance and suspicious transactions in a timely manner. Any such misconduct
committed against our interests, which may include past acts that have gone undetected or future acts, may
have a material adverse effect on our business, results of operations and financial condition.
45. Our business may be subject to labour conflicts, strikes, or other types of conflicts with our workforce
which may adversely impact on our business, results of operations and financial condition.
We are significantly dependent on labour force for our manufacturing operations. As of December 31,
2022, we had 252 permanent employees. In addition to our permanent employees, we have five personnel
engaged as consultants and 251 employees on a contractual basis primarily as technicians for providing
support to manufacturing team, as of December 31, 2022. The success of our operations depends on the
availability of labour and maintaining a good relationship with workforce, and we currently do not have
any trade unions. A shortage of skilled or unskilled personnel or work stoppages caused by disagreements
with our workforce, strikes and lockouts as a result of disputes could have an adverse effect on our
business, results of operations and financial conditions. As such, we believe our relations with our
employees to be amicable. While there is no instance of work stoppages caused by disagreements with our
workforce, strikes, lockouts or labour disputes in the past, we cannot assure you that we shall not
experience any such disagreements, strikes, lockouts or labour disputes in the future. Such events could
disrupt our operations and may have a material adverse effect on our business, financial condition and
results of operations. Further, we engage independent contractors through whom we engage contract
labour for performance of certain functions at our manufacturing facility as well as at our offices. We have
also engaged 30 contractual labourers for carrying out various activities such as manpower support
services, security and housekeeping. Although our Company does not engage such contract labourers
directly, we may be held responsible for any wage payments to be made to such contract labourers in the
event of default by independent contracts. While there has been no past instance where we were held
responsible for payment of wages to contract labourers, we cannot assure you that we would not be held
liable for payment of wages in the future. In addition, we are subject to a number of stringent labour laws
that protect the interests of workers, including legislation that sets forth detailed procedures for dispute
resolution and employee removal and legislation that imposes financial obligations on employers upon
retrenchment. If labour laws become more stringent, it may become difficult for us to maintain flexible
human resource policies, discharge employees or downsize, any of which could have an adverse effect on
our business, financial condition, results of operations and cash flows.
46. Our ability to pay dividends in the future will depend on our earnings, financial condition, working
capital requirements, capital expenditures and restrictive covenants of our financing arrangements.
Our Company has a formal dividend policy as on the date of this Draft Red Herring Prospectus pursuant to
a resolution of our Board dated December 14, 2022. Our Company has not made any dividend payments
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in the last three Fiscals. For further information, see ‘Dividend Policy’ on page 244. Our ability to pay
dividends in the future will depend on our earnings, financial condition, cash flow, working capital
requirements, capital expenditure and restrictive covenants of our financing arrangements. The declaration
and payment of dividends will be recommended by the Board of Directors and approved by the
Shareholders, at their discretion, subject to the provisions of the Articles of Association and applicable law,
including the Companies Act, 2013. We may retain all future earnings, if any, for use in the operations and
expansion of the business. As a result, we may not declare dividends in the foreseeable future. Accordingly,
realization of a gain on Shareholders’ investments will depend on the appreciation of the price of the Equity
Shares. There is no guarantee that our Equity Shares will appreciate in value.
47. Our Company has issued Equity Shares during the last twelve months at a price which may be lower
than the Offer Price.
We have, in the 12 months preceding the filing of this Draft Red Herring Prospectus, issued Equity Shares
at prices that may be lower than the Offer Price. See ‘Capital Structure – Notes to Capital Structure –
Issue of equity shares at a price lower than the Offer Price in the last one year’ on page 86. The price at
which our Company has issued the Equity Shares in the past is not indicative of the price at which they will
be issued or traded.
48. Our Company will not receive any proceeds from the Offer for Sale. The Selling Shareholders will
receive the proceeds from the Offer for Sale.
The Offer consists of a Fresh Issue and an Offer for Sale. The Selling Shareholders shall be entitled to the
proceeds from the Offer for Sale (net of its portion of the Offer-related expenses) and our Company will
not receive any proceeds from the Offer for Sale. None of our Directors or Key Managerial Personnel or
Senior Management will receive, in whole or in part, any proceeds from the Offer.
49. Certain Non-GAAP measures presented in this Draft Red Herring Prospectus may have limitations as
analytical tools, may vary from any standard methodology applicable across the drone industry, and may
not be comparable with financial or statistical information of similar nomenclature presented by other
peer companies.
We use certain non-GAAP financial measures and certain other statistical information relating to our
operations and financial performance like EBITDA, EBITDA Margin, Adjusted EBITDA, Adjusted
EBITDA Margin, Return on Capital Employed, Adjusted Return on Capital Employed, Net Worth, Return
on Net Worth, Net Asset Value per Equity Share and certain other statistical information relating to our
operations and financial performance that are not required by, or presented in accordance with, Ind AS,
Indian GAAP, or IFRS. Although these non-GAAP measures are not a measure of performance calculated
in accordance with applicable accounting standards, our Company’s management believes that they are
useful to an investor in evaluating us and our operating and financial performance. For more information
on the non-GAAP financial measures used in this Draft Red Herring Prospectus, see ‘Certain Conventions,
Use of Financial Information and Market Data and Currency of Presentation – Non-GAAP Financial
Measures’ on page 16.
Presentation of these non-GAAP financial measures and key performance indicators should not be
considered in isolation from, or as a substitute for, analysis of our historical financial performance, as
reported and presented in our Restated Consolidated Financial Information set out in this Draft Red Herring
Prospectus. These non-GAAP financial measures and performance indicators are not defined under Ind
AS, are not presented in accordance with Ind AS and have limitations as analytical tools. These non-GAAP
financial measures may differ from similar titled information used by our peer companies, who may
calculate such information differently and hence their comparability with the measures used by us may be
limited. These measures may not be computed on the basis of any standard methodology that is applicable
across the industry and therefore may not be comparable to financial measures and statistical information
of similar nomenclature that may be computed and presented by other companies and are not measures of
operating performance or liquidity defined by Ind AS and may not be comparable to similarly titled
measures presented by other companies and has limited usefulness as a comparative measure. Therefore,
these non-GAAP financial measures and key performance indicators should not be viewed as substitutes
for measures of performance under Ind AS or as indicators of our cash flows, liquidity or profitability.
Risks Relating to India
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50. Political, economic, regulatory or other factors that are beyond our control may have an adverse effect
on our business and results of operations.
The Indian economy and its securities markets are influenced by economic developments and volatility in
securities markets in other countries. Investors’ reactions to developments in one country may have adverse
effects on the market price of securities of companies located elsewhere, including India. Adverse
economic developments, such as rising fiscal or trade deficit, in other emerging market countries may also
affect investor confidence and cause increased volatility in Indian securities markets and indirectly affect
the Indian economy in general. Any of these factors could depress economic activity and restrict our access
to capital, which could have an adverse effect on our business, financial condition and results of operations
and reduce the price of our Equity Shares. Any financial disruption could have an adverse effect on our
business, future financial performance, shareholders’ equity and the price of our Equity Shares.
We are dependent on domestic, regional and global economic and market conditions. Our performance,
growth and market price of our Equity Shares are and will be dependent to a large extent on the health of
the economy in which we operate. There have been periods of slowdown in the economic growth of India.
Demand for our products may be adversely affected by an economic downturn in domestic, regional and
global economies. Economic growth in India is also affected by various factors including domestic
consumption and savings, balance of trade movements, namely export demand and movements in key
imports, global economic uncertainty and liquidity crisis, volatility in exchange currency rates, and annual
rainfall which affects agricultural production. Consequently, any future slowdown in the Indian economy
could harm our business, results of operations and financial condition. Also, a change in the government
or a change in the economic and deregulation policies could adversely affect economic conditions prevalent
in the areas in which we operate in general and our business in particular and high rates of inflation in India
could increase our costs without proportionately increasing our revenues, and as such decrease our
operating margins.
51. Natural disasters, fires, epidemics, pandemics, acts of war, terrorist attacks, civil unrest and other events
could materially and adversely affect our business.
Natural disasters (such as typhoons, flooding and earthquakes), epidemics, pandemics such as COVID-19,
acts of war, terrorist attacks and other events, many of which are beyond our control, may lead to economic
instability, including in India or globally, which may in turn materially and adversely affect our business,
financial condition and results of operations. Our operations may be adversely affected by fires, natural
disasters and/or severe weather, which can result in damage to our property or inventory and generally
reduce our productivity and may require us to evacuate personnel and suspend operations. For instance, in
2022 there was an outbreak of fire on the production floor of our manufacturing facility due to electrical
short circuit resulting in the damage of a portion of our inventory amounting to ₹ 80.04 million. We cannot
assure you that there will not be any such accidents in the future thereby causing an adverse effect on our
business and operations. Any terrorist attacks or civil unrest as well as other adverse social, economic and
political events in India could have a negative effect on us. Such incidents could also create a greater
perception that investment in Indian companies involves a higher degree of risk and could have an adverse
effect on our business and the price of the Equity Shares. A number of countries in Asia, including India,
as well as countries in other parts of the world, are susceptible to contagious diseases and, for example,
have had confirmed cases of diseases such as the highly pathogenic H7N9, H5N1 and H1N1 strains of
influenza in birds and swine and more recently, the COVID-19 virus. A worsening of the current outbreak
of COVID-19 pandemic or future outbreaks of COVID-19 virus or a similar contagious disease could
adversely affect the Indian economy and economic activity in the region. As a result, any present or future
outbreak of a contagious disease could have a material adverse effect on our business and the trading price
of the Equity Shares.
52. A downgrade in ratings of India, may affect the trading price of the Equity Shares.
Our borrowing costs and our access to the debt capital markets depend significantly on the credit ratings of
India. India’s sovereign debt rating could be downgraded due to various factors, including changes in tax
or fiscal policy or a decline in India’s foreign exchange reserves, which are outside our control. Set forth
below is India’s sovereign debt ratings:
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Name of the Rating Outlook Date
Agency
Fitch BBB- Stable December 20, 2022
Moody’s Baa3 Stable December 16, 2022
DBRS BBB (low) Stable May 19, 2022
Any further adverse revisions to India’s credit ratings for domestic and international debt by international
rating agencies may adversely impact our ability to raise additional financing and the interest rates and
other commercial terms at which such financing is available, including raising any overseas additional
financing. A downgrading of India’s credit ratings may occur, for example, upon a change of government
tax or fiscal policy, which are outside our control. This could have an adverse effect on our ability to fund
our growth on favorable terms and consequently adversely affect our business and financial performance
and the price of the Equity Shares.
53. Financial instability in other countries may cause increased volatility in Indian financial markets.
The Indian market and the Indian economy are influenced by economic and market conditions in other
countries, including conditions in the United States, Europe and certain emerging economies in Asia.
Financial turmoil in Asia, Russia and elsewhere in the world in recent years has adversely affected the
Indian economy. Any worldwide financial instability may cause increased volatility in the Indian financial
markets and, directly or indirectly, adversely affect the Indian economy and financial sector and us.
Although economic conditions vary across markets, loss of investor confidence in one emerging economy
may cause increased volatility across other economies, including India. Financial instability in other parts
of the world could have a global influence and thereby negatively affect the Indian economy. Financial
disruptions and economic developments globally could materially and adversely affect our business,
prospects, financial condition, results of operations and cash flows. Concerns related to a trade war between
large economies may lead to increased risk aversion and volatility in global capital markets and
consequently have an impact on the Indian economy. Following the United Kingdom’s exit from the
European Union (“Brexit”), there remains significant uncertainty around the terms of their future
relationship with the European Union and, more generally, as to the impact of Brexit on the general
economic conditions in the United Kingdom and the European Union and any consequential impact on
global financial markets.
In addition, China is one of India’s major trading partners and there are rising concerns of a possible
slowdown in the Chinese economy as well as a strained relationship with India, which could have an
adverse impact on the trade relations between the two countries. In response to such developments,
regulators implemented a number of policy measures designed to add stability to the financial markets.
However, the overall long-term effect of these and other legislative and regulatory efforts on the global
financial markets is uncertain, and they may not have the intended stabilizing effects. Any significant
financial disruption could have a material adverse effect on our business, financial condition and results of
operation.
54. If there is any change in laws or regulations, including taxation laws, or their interpretation, such
changes may significantly affect our financial statements.
Any change in Indian tax laws could have an effect on our operations. For instance, the Taxation Laws
(Amendment) Act, 2019, prescribes certain changes to the income tax rate applicable to companies in India.
According to this Act, companies can henceforth voluntarily opt in favor of a concessional tax regime
(subject to no other special benefits/exemptions being claimed), which would ultimately reduce the tax rate
(on gross basis) for Indian companies from 30% to 22% (exclusive of applicable health and education cess
and surcharge). Any such future amendments may affect our ability to claim exemptions that we have
historically benefited from, and such exemptions may no longer be available to us. Any adverse order
passed by the appellate authorities/ tribunals/ courts would have an effect on our profitability.
The Finance Act, 2020 (“Finance Act”), has, amongst others things, provided a number of amendments to
the direct and indirect tax regime, including, without limitation, a simplified alternate direct tax regime.
For instance, dividend distribution tax (“DDT”) will not be payable in respect of dividends declared,
distributed or paid by a domestic company after March 31, 2020, and accordingly, such dividends would
not be exempt in the hands of the shareholders, both resident as well as non-resident and are likely be
subject to tax deduction at source. Our Company may or may not grant the benefit of a tax treaty (where
52
applicable) to a non-resident shareholder for the purposes of deducting tax at source from such dividend.
Investors should consult their own tax advisors about the consequences of investing or trading in the Equity
Shares.
In addition, we are subject to tax related inquiries and claims. We may be particularly affected by claims
from tax authorities on account of income tax assessment, service tax and GST that combines taxes and
levies by the central and state governments into one unified rate of interest with effect from July 1, 2017
and all subsequent changes and amendments thereto.
Further, the Government of India has introduced the Finance Bill, 2023, in the Union Budget for Fiscal
2024. The Finance Bill, 2023 proposes various amendments to taxation laws in India. As such, there is no
certainty on the impact that the Finance Bill, 2023 may have on our business and operations or on the
industry in which we operate. In addition, unfavorable changes in or interpretations of existing, or the
promulgation of new laws, rules and regulations including foreign investment laws governing our business,
operations and group structure could result in us being deemed to be in contravention of such laws or may
require us to apply for additional approvals. We may incur increased costs relating to compliance with such
new requirements, which may also require management time and other resources, and any failure to comply
may adversely affect our business, results of operations and prospects. Uncertainty in the applicability,
interpretation or implementation of any amendment to, or change in, governing law, regulation or policy,
including by reason of an absence, or a limited body, of administrative or judicial precedent may be time
consuming as well as costly for us to resolve and may affect the viability of our current business or restrict
our ability to grow our business in the future.
We cannot predict whether any new tax laws or regulations impacting our services will be enacted, the
likely nature and impact of the specific terms of any such laws or regulations or whether, if at all, any laws
or regulations would have an adverse effect on our business.
55. If inflation were to rise in India, we might not be able to increase the prices of our products at a
proportionate rate in order to pass costs on to our customers thereby reducing our margins.
Inflation rates in India have been volatile in recent years, and such volatility may continue in the future.
India has experienced high inflation in the recent past. Increased inflation can contribute to an increase in
interest rates and increased costs to our business, including increased costs of transportation, wages,
components and other expenses relevant to our business. Further, a rise in inflation in other countries, such
as in the United States of America or United Kingdom, may lead to an increase in the interest rates in India
and depreciation in the value of the Rupee which in turn make the components imported by our Company
costlier.
Further, the Government of India has previously initiated economic measures to combat high inflation rates,
and it is unclear whether these measures will remain in effect. There can be no assurance that Indian
inflation levels will not worsen in the future.
In recent months, consumer and wholesale prices in India have exhibited increased inflationary trends, as
the result of an increase in crude oil prices, higher international commodity prices, and higher domestic
consumer and supplier prices. The RBI has enacted certain policy measures and has recently increased the
repo rates to curb inflation. However, these policies and steps taken by the RBI may not be successful. In
February 2022, hostilities between Russia and Ukraine commenced. The market price of oil has risen
sharply since the commencement of these hostilities which may have an inflationary effect in India. High
fluctuations in inflation rates may make it more difficult for us to accurately estimate or control our costs.
Any increase in inflation in India can increase our expenses, which we may not be able to adequately pass
on to our customers, whether entirely or in part, and may adversely affect our business and financial
condition. In particular, we might not be able to control the increase in our expenses related to salaries or
wages payable to our employees, reduce our costs or increase the price of our products to pass the increase
in costs on to our customers. In such case, our business, results of operations, cash flows and financial
condition may be adversely affected.
56. Investors may not be able to enforce a judgment of a foreign court against us.
Our Company is a company incorporated under the laws of India. All of our Company’s Directors and
officers are residents of India and a substantial portion of our assets and such persons are located in India.
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As a result, it may not be possible for investors to effect service of process upon our Company or such
persons in jurisdictions outside India, or to enforce judgments obtained against such parties outside India.
Furthermore, it is unlikely that an Indian court would enforce foreign judgments if that court was of the
view that the amount of damages awarded was excessive or inconsistent with public policy, or if judgments
are in breach or contrary to Indian law. In addition, a party seeking to enforce a foreign judgment in India
is required to obtain approval from the RBI to execute such a judgment or to repatriate outside India any
amounts recovered.
Recognition and enforcement of foreign judgments is provided for under Section 13 and Section 44A of
the Code of Civil Procedure, 1908 (“CPC”). India has reciprocal recognition and enforcement of judgments
in civil and commercial matters with only a limited number of jurisdictions, such as the United Kingdom,
Singapore and Hong Kong. In order to be enforceable, a judgment from a jurisdiction with reciprocity must
meet certain requirements established in the CPC. The CPC only permits the enforcement and execution
of monetary decrees in the reciprocating jurisdiction, not being in the nature of any amounts payable in
respect of taxes, other charges, fines or penalties. Judgments or decrees from jurisdictions which do not
have reciprocal recognition with India, including the United States, cannot be enforced by proceedings in
execution in India. Therefore, a final judgment for the payment of money rendered by any court in a non-
reciprocating territory for civil liability, whether or not predicated solely upon the general laws of the non-
reciprocating territory, would not be directly enforceable in India. The party in whose favor a final foreign
judgment in a non-reciprocating territory is rendered may bring a fresh suit in a competent court in India
based on the final judgment within three years of obtaining such final judgment. However, it is unlikely
that a court in India would award damages on the same basis as a foreign court if an action were brought
in India or that an Indian court would enforce foreign judgments if it viewed the amount of damages as
excessive or inconsistent with the public policy in India.
57. Rights of shareholders under Indian laws may be more limited than under the laws of other jurisdictions
due to which they may have difficulty in asserting their rights as a shareholder.
Indian legal principles related to corporate procedures, directors’ fiduciary duties and liabilities, and
shareholders’ rights may differ from those that would apply to a company in another jurisdiction.
Shareholders’ rights including in relation to class actions, under Indian law may not be as extensive as
shareholders’ rights under the laws of other countries or jurisdictions. Investors may have more difficulty
in asserting their rights as shareholder in an Indian company than as shareholder of a corporation in another
jurisdiction.
Risks Relating to Equity Shares and the Offer
58. The trading volume and market price of the Equity Shares may be volatile following the Offer.
The market price of the Equity Shares may fluctuate as a result of, among other things, the following
factors, some of which are beyond our control:
• quarterly variations in our results of operations;

• results of operations that vary from the expectations of securities analysts and investors;
• results of operations that vary from those of our competitors;
• changes in expectations as to our future financial performance, including financial estimates by
research analysts and investors;
• a change in research analysts’ recommendations;
• announcements by us or our competitors of significant acquisitions, strategic alliances, joint
operations or capital commitments;
• announcements by third parties or governmental entities of significant claims or proceedings against
us;
• new laws and governmental regulations applicable to our industry;
• additions or departures of key management personnel;
• changes in exchange rates;
• fluctuations in stock market prices and volume; and
• general economic and stock market conditions.
• Changes in relation to any of the factors listed above could adversely affect the price of the Equity
Shares.
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59. The determination of the Price Band is based on various factors and assumptions and the Offer Price of
the Equity Shares may not be indicative of the market price of the Equity Shares after the Offer. Further,
the current market price of some securities listed pursuant to certain previous issues managed by the
Book Running Lead Managers is below their respective issue prices.
The determination of the Price Band is based on various factors and assumptions, and will be determined
by our Company, Indusage and Celesta Capital in consultation with the Book Running Lead Managers.
Furthermore, the Offer Price of the Equity Shares will be determined by our Company in consultation with
the Book Running Lead Managers through the Book Building Process. These will be based on numerous
factors, including factors as described under ‘Basis for the Offer Price’ on page 115 and may not be
indicative of the market price for the Equity Shares after the Offer. The market price of the Equity Shares
could be subject to significant fluctuations after the Offer, and may decline below the Offer Price. We
cannot assure you that you will be able to resell their Equity Shares at or above the Offer Price.
In addition to the above, the current market price of securities listed pursuant to certain previous initial
public offerings managed by the BRLMs is below their respective issue price. For further details, see ‘Other
Regulatory and Statutory Disclosures – Price information of past issues handled by the Book Running
Lead Managers’ on page 384. The factors that could affect the market price of the Equity Shares include,
among others, broad market trends, financial performance and results of our Company post-listing, and
other factors beyond our control. We cannot assure you that an active market will develop or sustained
trading will take place in the Equity Shares or provide any assurance regarding the price at which the Equity
Shares will be traded after listing.
60. The Equity Shares have never been publicly traded and the Offer may not result in an active or liquid
market for the Equity Shares. Further, the price of the Equity Shares may be volatile, and the investors
may be unable to resell the Equity Shares at or above the Offer Price, or at all.
Prior to the Offer, there has been no public market for the Equity Shares, and an active trading market on
the stock exchanges may not develop or be sustained after the Offer. Listing and quotation does not
guarantee that a market for the Equity Shares will develop, or if developed, the liquidity of such market for
the Equity Shares.
Our Equity Shares are expected to trade on NSE and BSE after the Offer, but there can be no assurance
that active trading in our Equity Shares will develop after the Offer, or if such trading develops that it will
continue. Investors may not be able to sell our Equity Shares at the quoted price if there is no active trading
in our Equity Shares.
There has been significant volatility in the Indian stock markets in the recent past, and the trading price of
our Equity Shares after the Offer could fluctuate significantly as a result of market volatility or due to
various internal or external risks, including but not limited to those described in this Draft Red Herring
Prospectus. The market price of our Equity Shares may be influenced by many factors, some of which are
beyond our control, including, among others:
• the failure of security analysts to cover the Equity Shares after the Offer, or changes in the estimates
of our performance by analysts;
• the activities of competitors and suppliers;
• future sales of the Equity Shares by us or our Shareholders;
• investor perception of us and the industry in which we operate;
• our quarterly or annual earnings or those of our competitors;
• developments affecting fiscal, industrial or environmental regulations; and
• the public’s reaction to our press releases and adverse media reports.
A decrease in the market price of our Equity Shares could cause you to lose some or all of your investment.
61. Investors may be subject to Indian taxes arising out of income arising on the sale of the Equity Shares.
Under current Indian tax laws, unless specifically exempted, capital gains arising from the sale of equity
shares held as investments in an Indian company are generally taxable in India. Any capital gain realized
on the sale of listed equity shares on a Stock Exchange held for more than 12 months immediately preceding
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the date of transfer will be subject to long term capital gains in India at the specified rates depending on
certain factors, such as whether the sale is undertaken on or off the Stock Exchanges, the quantum of gains
and any available treaty relief. Accordingly, you may be subject to payment of long term capital gains tax
in India, in addition to payment of Securities Transaction Tax (“STT”), on the sale of any Equity Shares
held for more than 12 months immediately preceding the date of transfer. STT will be levied on and
collected by a domestic stock exchange on which the Equity Shares are sold. Further, any capital gains
realized on the sale of listed equity shares held for a period of 12 months or less immediately preceding the
date of transfer will be subject to short term capital gains tax in India as well as STT.
Capital gains arising from the sale of the Equity Shares will not be chargeable to tax in India in cases where
relief from such taxation in India is provided under a treaty between India and the country of which the
seller is resident read with the Multilateral Instrument (“MLI”), if and to the extent applicable, and the
seller is entitled to avail benefits thereunder. Generally, Indian tax treaties do not limit India’s ability to
impose tax on capital gains. As a result, residents of other countries may be liable for tax in India as well
as in their own jurisdiction on a gain upon the sale of the Equity Shares.
No dividend distribution tax is required to be paid in respect of dividends declared, distributed or paid by
a domestic company after March 31, 2020, and accordingly, such dividends would not be exempt in the
hands of the shareholders, both resident as well as non-resident. Our Company may or may not grant the
benefit of a tax treaty (where applicable) to a non-resident shareholder for the purposes of deducting tax at
source pursuant to any corporate action including dividends.
Our Company cannot predict whether any tax laws or other regulations impacting it will be enacted, or
predict the nature and impact of any such laws or regulations or whether, if at all, any laws or regulations
would have a material adverse effect on our Company’s business, financial condition, results of operations
and cash flows.
62. Investors will not be able to sell immediately on an Indian stock exchange any of the Equity Shares they
purchase in the Offer.
The Equity Shares will be listed on the Stock Exchanges. Pursuant to applicable Indian laws, certain actions
must be completed before the Equity Shares can be listed and trading in the Equity Shares may commence.
Investors’ book entry, or ‘demat’ accounts with depository participants in India, are credited with the Equity
Shares after the Basis of Allotment is approved by the Stock Exchanges. The Allotment of Equity Shares
in the Offer, the credit of such Equity Shares to the applicant’s demat account with depository participant
and trading in the Equity Shares upon receipt of final listing and trading approvals from the Stock
Exchanges is expected to complete within six Working Days of the Bid Closing Date.
There could be a failure or delay in listing of the Equity Shares on the Stock Exchanges. Any failure or
delay in obtaining the approval or otherwise any delay in commencing trading in the Equity Shares would
restrict investors’ ability to dispose of their Equity Shares. There can be no assurance that the Equity Shares
will be credited to investors’ demat accounts, or that trading in the Equity Shares will commence, within
the time periods specified in this risk factor. We could also be required to pay interest at the applicable
rates if allotment is not made, refund orders are not dispatched or demat credits are not made to investors
within the prescribed time periods.
63. Any future issuance of Equity Shares, or convertible securities or other equity linked instruments by us
may dilute your shareholding and sale of Equity Shares by the Promoters may adversely affect the
trading price of the Equity Shares.
We may be required to finance our growth through future equity offerings. Any future equity issuances by
us, including a primary offering of Equity Shares, convertible securities or securities linked to Equity
Shares including through exercise of employee stock options, may lead to the dilution of investors’
shareholdings in our Company. Any future equity issuances by us or sales of our Equity Shares by the
Promoters may adversely affect the trading price of the Equity Shares, which may lead to other adverse
consequences including difficulty in raising capital through offering of our Equity Shares or incurring
additional debt. In addition, any perception by investors that such issuances or sales might occur may also
affect the market price of our Equity Shares. There can be no assurance that we will not issue Equity Shares,
convertible securities or securities linked to Equity Shares or that our Shareholders will not dispose of,
pledge or encumber their Equity Shares in the future.
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64. Under Indian law, foreign investors are subject to investment restrictions that limit our ability to attract
foreign investors, which may adversely affect the trading price of the Equity Shares.
Under foreign exchange regulations currently in force in India, transfer of shares between non-residents
and residents are freely permitted (subject to certain restrictions), if they comply with the pricing guidelines
and reporting requirements specified by the RBI. If the transfer of shares which are sought to be transferred,
is not in compliance with such pricing guidelines or reporting requirements or falls under any of the
exceptions referred to above, then a prior regulatory approval will be required. Additionally, shareholders
who seek to convert Rupee proceeds from a sale of shares in India into foreign currency and repatriate that
foreign currency from India require a no-objection or a tax clearance certificate from the Indian income tax
authorities. We cannot assure investors that any required approval from the RBI or any other governmental
agency can be obtained on any particular terms or at all. For further information, see ‘Restrictions on
Foreign Ownership of Indian Securities’ on page 422.
65. Significant differences exist between Ind AS and other accounting principles, such as Indian GAAP,
U.S. GAAP and IFRS, which investors may be more familiar with and may consider material to their
assessment of our financial condition.
Our Restated Consolidated Financial Information for six months ended September 30, 2022 and Fiscals
2022, 2021 and 2020, have been prepared and presented in conformity with Ind AS. Ind AS differs in
certain significant respects from Indian GAAP, IFRS, U.S. GAAP and other accounting principles with
which prospective investors may be familiar in other countries. If our financial statements were to be
prepared in accordance with such other accounting principles, our results of operations, cash flows and
financial position may be substantially different. Prospective investors should review the accounting
policies applied in the preparation of our financial information and consult their own professional advisers
for an understanding of the differences between these accounting principles and those with which they may
be more familiar.
66. QIBs and Non-Institutional Investors are not permitted to withdraw or lower their Bids (in terms of
quantity of Equity Shares or the Bid Amount) at any stage after the submission of their Bid, and Retail
Individual Investors are not permitted to withdraw their Bids after closure of the Bid/ Offer Closing
Date.
Pursuant to the SEBI ICDR Regulations, QIBs and Non-Institutional Investors are required to pay the Bid
Amount on submission of the Bid and are not permitted to withdraw or lower their Bids (in terms of quantity
of Equity Shares or the Bid Amount) at any stage after submitting a Bid. Retail Individual Investors can
revise their Bids during the Bid/ Offer Period and withdraw their Bids until the Bid/ Offer Closing Date.
Therefore, QIBs and Non-Institutional Investors will not be able to withdraw or lower their Bids following
adverse developments in international or national monetary policy, financial, political or economic
conditions, our business, results of operations, cash flows or otherwise at any stage after the submission of
their bids.
67. Investors may be restricted in their ability to exercise pre-emptive rights under Indian law and thereby
may suffer future dilution of their ownership position.
Under the Companies Act, a company having share capital and incorporated in India must offer its holders
of equity shares pre-emptive rights to subscribe and pay for a proportionate number of shares to maintain
their existing ownership percentages before the issuance of any new equity shares, unless the pre-emptive
rights have been waived by adoption of a special resolution.
However, if the law of the jurisdiction in which the investors are located, does not permit them to exercise
their pre-emptive rights without our Company filing an offering document or registration statement with
the applicable authority in such jurisdiction, the investors will be unable to exercise their pre-emptive rights
unless our Company makes such a filing. If we elect not to file a registration statement, the new securities
may be issued to a custodian, who may sell the securities for the investor’s benefit. The value such custodian
receives on the sale of such securities and the related transaction costs cannot be predicted. In addition, to
the extent that the investors are unable to exercise pre-emptive rights granted in respect of the Equity Shares
held by them, their proportionate interest in our Company would be reduced.
57
68. The requirements of being a publicly listed company may strain our resources.
We are not a publicly listed company and have not, historically, been subjected to the increased scrutiny of
our affairs by shareholders, regulators and the public at large that is associated with being a listed company.
As a listed company, we will incur significant legal, accounting, corporate governance and other expenses
that we did not incur as an unlisted company. We will be subject to the SEBI Listing Regulations, which
will, among other things, require us to file audited annual and unaudited quarterly reports with respect to
our business and financial condition. If we experience any delays, we may fail to satisfy our reporting
obligations and/or we may not be able to readily determine and accordingly report any changes in our
results of operations as promptly as other listed companies.
Further, as a publicly listed company, we will need to maintain and improve the effectiveness of our
disclosure controls and procedures and internal control over financial reporting, including keeping adequate
records of daily transactions. In order to maintain and improve the effectiveness of our disclosure controls
and procedures and internal control over financial reporting, significant resources and management
attention will be required. As a result, our management’s attention may be diverted from our business
concerns, which may adversely affect our business, prospects, results of operations and financial condition.
In addition, we may need to hire additional legal and accounting staff with appropriate experience and
technical accounting knowledge, but we cannot assure you that we will be able to do so in a timely and
efficient manner.
58
SECTION III – INTRODUCTION
SUMMARY FINANCIAL INFORMATION
The summary financial information presented below should be read in conjunction with ‘Financial Information’
and ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’ beginning on
pages 245 and 330, respectively. The following tables set forth summary financial information derived from our
Restated Consolidated Financial Information.
59
ideaForge Technology Limited (Formerly Known as ideaForge Technology Private Limited)
RESTATED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
(Amount in INR Millions, unless other wise stated)
Particulars September 30, 2022 September 30, 2021 March 31, 2022 March 31, 2021 March 31, 2020
ASSETS
Non-Current Assets
Property, Plant and Equipment 32.12 18.44 22.22 8.81 8.89
Right -of- use Assets 99.70 5.60 108.00 5.10 14.81
Capital Work-in-Progress 3.90 - - - -
Other Intangible Assets 139.01 155.38 131.85 115.81 22.46
Intangible Assets Under Development 231.92 137.90 190.88 142.23 168.36
Financial Assets
(i) Other Financial Assets 330.79 160.69 301.34 139.46 73.07
Non-Current Tax Assets (Net) 11.27 12.97 11.27 10.64 11.10
Deferred Tax Assets (Net) 49.39 23.75 18.88 1.01 2.47
Other Non-Current Assets 59.91 0.20 2.74 0.29 2.53
Total Non-Current Assets 958.01 514.93 787.18 423.35 303.69
Current assets
Inventories 636.01 428.88 489.14 234.20 108.55
Financial Assets
(i) Investments 1,288.75 - 106.50 - 119.04
(ii) Trade Receivables 551.58 111.91 203.07 237.50 101.15
(iii) Cash and cash equivalents 100.05 193.10 304.16 52.59 0.90
(iv) Bank Balances other than cash and cash equivalents 19.65 73.78 46.62 88.72 0.12
(v) Loans 0.63 0.41 0.61 0.44 0.42

(vi) Other Financial Assets 74.13 96.40 46.56 74.80 119.73
Other Current Assets 292.66 209.77 239.47 125.81 44.31
Total Current Assets 2,963.46 1,114.25 1,436.13 814.06 494.22
TOTAL ASSETS 3,921.47 1,629.18 2,223.31 1,237.41 797.91
EQUITY AND LIABILITIES

Equity
Equity Share capital 0.90 0.89 0.89 0.89 0.89
Instruments entirely equity in nature 0.67 0.38 0.38 0.38 0.38
Other Equity 3,181.85 404.62 1,631.76 596.21 679.90
Total Equity 3,183.42 405.89 1,633.03 597.48 681.17
Liabilities
Non Current Liabilities
Financial Liabilities
(i) Borrowings - 388.72 - 377.81 0.57
(ii) Lease Liabilities 86.06 3.07 94.51 - 4.62
Provisions 21.98 25.89 23.96 19.03 14.63
Total Non-Current Liabilities 108.04 417.68 118.47 396.84 19.82
Current Liabilities
(i) Borrowings 226.67 498.29 56.76 127.93 52.45
(ii) Lease Liabilities 22.00 1.48 12.47 4.62 8.46
(iii) Trade Payables
(A) total outstanding dues of micro enterprises and 18.16 24.76 23.66 18.71 2.41
small enterprises; and
(B) total outstanding dues of creditors other than 132.41 33.32 51.28 28.75 5.82
micro enterprises and small enterprises.
(iv) Other Financial Liabilities 27.77 42.91 54.76 49.52 18.03
Other Current Liabilities 8.02 194.05 208.50 6.39 4.95
Provisions 73.66 10.80 55.49 7.17 4.80
Current Tax Liabilities (Net) 121.32 - 8.89 - -
Total Current Liabilities 630.01 805.61 471.81 243.09 96.92
TOTAL EQUITY AND LIABILITIES 3,921.47 1,629.18 2,223.31 1,237.41 797.91
60
RESTATED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Six months period Six months period
Year ended 31 March Year ended 31 March Year ended 31
Particulars ended 30 September ended 30 September
2022 2021 March 2020
2022 2021
INCOME
Revenue from operations 1,395.48 96.02 1,594.39 347.18 139.99
Other income 38.87 8.65 20.09 16.17 23.23
Total Income 1,434.35 104.67 1,614.48 363.35 163.22
EXPENSES
Cost of materials consumed 347.40 116.17 513.90 220.99 76.84
Changes in inventories of finished goods and work-in- 34.13 (68.64) (101.69) (37.96) (11.57)
progress
Employee benefits expense 238.14 112.08 268.53 192.49 128.45
Finance costs 11.06 62.14 176.70 16.72 4.68
Depreciation and amortization expense 53.61 28.45 72.84 35.81 27.80
Other expenses 155.16 84.11 182.43 80.34 71.41
Total Expenses 839.50 334.31 1,112.71 508.39 297.61
Profit/(Loss) before tax 594.85 (229.64) 501.77 (145.04) (134.39)
Tax expense/(credit) :
Current tax 173.13 - 79.68 - -
Deferred tax (credit) / expense (30.40) (22.30) (17.97) 1.22 0.07
Total tax expense/(credit) 142.73 (22.30) 61.71 1.22 0.07
Profit/(Loss) for the period/year (A) 452.12 (207.34) 440.06 (146.26) (134.46)
OTHER COMPREHENSIVE INCOME

Items that will not be reclassified to profit or loss : (0.42) (1.77) 0.40 0.75 (0.81)
Remeasurement of gains/(losses) on defined benefit plans

Income tax relating to items that will not be reclassified to profit 0.11 0.44 (0.10) (0.24) 0.25
or loss
Other Comprehensive income for the period/year, net of tax 0.51 (0.56)
(0.31) (1.33) 0.30
(B)
Total Comprehensive Income for the period

(A+B)
/ (Comprising Profit (Loss) and Other
Comprehensive Income for the period)
Attributable to:
Owners of the parent 451.81 (208.67) 440.36 (145.75) (135.02)
Non-controlling interests - - - - -
X Earnings per equity share ('EPS') (Face value of INR 10

each)
Basic EPS (INR) 12.49 (7.08) 13.84 (5.03) (4.68)
Diluted EPS (INR) 11.60 (7.08) 13.13 (5.03) (4.68)
61
RESTATED CONSOLIDATED STATEMENT OF CASH FLOWS (Amount in INR Millions, unless other wise stated)
Particulars Six months period ended Six months period ended 2021-22 2020-21 2019-20
30 September 2022 30 September 2021
CASH FLOWS FROM OPERATING ACTIVITIES:

Profit/(Loss) before tax : 594.85 (229.64) 501.77 (145.04) (134.39)
Adjustments for:
Depreciation and Amortisation Expense 53.61 28.45 72.84 35.81 27.80
Interest on MSME 0.21 0.54 1.15 - -
Changes in fair value of financial assets at fair value through profit or (7.06) (1.17) (3.05) 0.03 (2.84)
loss
Allowance for bad and doubtful debts 19.34 26.11 5.56 (2.03) 0.20
Finance Costs 11.06 62.14 176.70 16.72 4.68
Foreign Exchange Fluctuation (Gain)/Loss (0.40) 0.30 0.41 0.31 0.24
Interest on Fixed Deposit (15.72) (7.26) (16.50) (11.25) (12.43)
Interest Others (9.21) - - - -
Dividend - - - (1.38) (7.66)
Fair value income on security deposit (lease) (0.35) (0.09) (0.19) (0.19) (0.16)
Employee share-based payment expense 117.77 14.76 62.78 58.88 5.34
Net gain on sale of PPE - - (0.19) - -
Gain on waiver of lease liability - - - (0.60) -
Change in Operating Assets and Liabilities:

Adjustments for (increase) / decrease in operating assets:
(Increase) / Decrease in Inventories (146.87) (194.68) (254.94) (125.65) (6.09)
(Increase) / Decrease in Trade Receivables (367.85) 99.48 28.87 (134.32) (17.09)
(Increase)/Decrease in other financial assets (1.56) (1.21) (9.24) 0.01 0.67
(Increase)/Decrease in other non -current/current assets (50.47) (83.87) (116.10) (79.26) (10.52)
(Increase)/Decrease in Loan (0.03) 0.03 (0.16) (0.02) (0.42)
Adjustments for increase / (decrease) in operating liabilities:

Increase/(Decrease) in Trade Payables 75.83 9.78 25.92 38.93 (11.80)
Increase/(Decrease) in Provisions 15.77 8.73 53.64 7.53 5.68
(Decrease)/Increase in Other Financial Liabilities (26.98) (6.61) 5.24 31.49 0.53
(Decrease)/Increase in Other Current/Non Current Liabilities (200.48) 187.66 202.11 1.44 (2.86)
Cash Generated from Operations 61.46 (86.55) 736.62 (308.59) (161.12)

Less: Direct taxes (paid)/refunded (60.70) (2.33) (71.42) 0.46 (3.55)
Net cash generated from/(used in) from Operating Activities 0.76 (88.88) 665.20 (308.13) (164.67)
CASH FLOWS FROM INVESTING ACTIVITIES:

Purchase of Property,Plant and Equipment (159.59) (66.55) (134.77) (89.79) (91.91)
Investment in mutual funds (net) (1,165.98) 1.17 (103.46) 119.01 124.34
Proceed from sale of PPE - - 0.23 - -
Investments in fixed deposits (net) (28.18) (34.25) (92.87) (112.98) (3.32)
Dividends received - - - 1.38 7.66
Interest Received 15.67 14.80 23.25 14.35 10.84
Net cash (used in)/generated from investing activities (1,338.08) (84.83) (307.62) (68.03) 47.61
CASH FLOWS FROM FINANCING ACTIVITIES:

Proceeds from issue of preference share including security premium 985.52 - - - -
Expenses incurred directly in connection with issue of CCPS (8.09) - - - -
Proceeds from issue of share warrants - 0.03 0.03 - -
Proceeds from Issue of Equity Shares 0.19 0.00 0.00 0.00 0.00
Repayment of unsecured loan (56.52) - - - -
Repayment of short term secured bank loan (0.24) (0.16) (77.83) (0.31) (0.28)
Repayment of long term secured debentures - (30.00) (150.00) - (16.88)
Proceeds from long term secured bank loan - - 240.00 - -
Repayment of long term secured bank loan - - (240.00) - -
Repayment loan NBFC borrowings - - (150.00) - (1.88)
Proceed from CCD - 49.99 124.99 297.95 -
Proceeds from issue of unsecured debentures - - - 150.00 -
Proceeds from long term NBFC borrowings - 150.38 150.00 - -
Proceeds from short term secured bank loan - 174.90 77.50 0.47 42.95
Proceeds from overdraft facility from bank 226.67 - - - -
Proceeds from unsecured loan - - 56.52 - -
Repayment of overdraft facility of bank - - (52.60) - -
Interest paid (6.49) (25.80) (72.86) (11.56) (3.62)
Payment of Lease Liability (7.83) (5.13) (11.76) (8.70) (8.45)
Net cash generated from/ (used in) financing activities 1,133.21 314.21 (106.01) 427.85 11.84
Net (decrease)/increase in cash and cash equivalents (204.11) 140.51 251.57 51.69 (105.22)
Cash and cash equivalents - Opening balance 304.16 52.59 52.59 0.90 106.12
Effects of exchange rate changes on Cash and Cash Equivalents
Cash and cash equivalents - closing balance 100.05 193.10 304.16 52.59 0.90
Components of cash and cash equivalents :

Cash on hand 0.33 0.16 0.18 0.19 0.25
Balance with banks :

In Current accounts 32.43 162.94 153.98 12.60 0.65
In deposits with original maturity of less than three months 18.19 30.00 150.00 19.90 -
Deposits with banks to the extent held as margin money 49.10 - - 19.90 -
Total cash and cash equivalents 100.05 193.10 304.16 52.59 0.90
Cash and cash equivalents for Statement of Cash flows 100.05 193.10 304.16 52.59 0.90
62
THE OFFER
The following table summarises the Offer details:
Offer of Equity Shares^ Up to [●] Equity Shares aggregating up to ₹ [●] million

Of which:
Fresh Issue(1)^ Up to [●] Equity Shares aggregating up to ₹ 3,000.00 million
Offer for Sale(2) by Selling Shareholders Up to 4,869,712 Equity Shares aggregating up to ₹ [●] million
Of which:
Employee Reservation Portion(3) Up to [●] Equity Shares aggregating up to ₹ [●] million
Net Offer Up to [●] Equity Shares, aggregating up to ₹ [●] million

The Net Offer comprises of :
A. QIB Portion(4) (6) Not less than [●] Equity Shares
Of which:
Anchor Investor Portion Up to [●] Equity Shares
Net QIB Portion (assuming Anchor Investor Up to [●] Equity Shares
Portion is fully subscribed)
Of which:
Mutual Fund Portion (5% of the Net QIB [●] Equity Shares
Portion)
Balance of QIB Portion for all QIBs including [●] Equity Shares
Mutual Funds
B. Non-Institutional Portion(5) (6) Not more than [●] Equity Shares

Of which:
One-third available for allocation to Bidders [●] Equity Shares
with an application size of size of more than ₹
200,000 and up to ₹ 1,000,000
Two-thirds available for allocation to Bidders [●] Equity Shares
with an application size of more than ₹
1,000,000
C. Retail Portion(6) Not more than [●] Equity Shares
Pre and post-Offer Equity Shares

Equity Shares outstanding prior to the Offer (prior to [●] Equity Shares
conversion of CCPS)* as on the date of this Draft Red
Herring Prospectus
Equity Shares outstanding prior to the Offer (post [●] Equity Shares
conversion of CCPS)* as on the date of this Draft Red
Herring Prospectus.
Equity Shares outstanding after the Offer [●] Equity Shares
Use of Net Proceeds See ‘Objects of the Offer’ on page 101 for information about
the use of the proceeds from the Fresh Issue. Our Company
will not receive any proceeds from the Offer for Sale.
*The outstanding CCPS will be converted to Equity Shares prior to filing of the Red Herring Prospectus with the RoC in accordance
Regulation 5(2) of the SEBI ICDR Regulations.
^ Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of specified securities, as may be permitted under the
applicable law, aggregating up to ₹ 600.00 million prior to the filing of the Red Herring Prospectus with the RoC. If the Pre-IPO Placement
is completed, the amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule
19(2)(b) of the SCRR, as amended.
(1)
Our Board has authorised the Offer pursuant to their resolution dated February 3, 2023. Our Shareholders have authorised the Fresh
Issue pursuant to their special resolution dated February 4, 2023.
(2)
Each Selling Shareholder has confirmed that the Offered Shares have been held by them for a period of at least one year prior to the
filing of this Draft Red Herring Prospectus and are accordingly eligible for being offered for sale in the Offer in compliance with the
SEBI ICDR Regulations. Each of the Selling Shareholders confirms compliance with and will comply with the conditions specified in
Regulation 8A of the SEBI ICDR Regulations, to the extent applicable. Each Selling Shareholder has authorized the inclusion of their
respective portion of the Offered Shares in the Offer for Sale. For details of authorizations received for the Offer for Sale, see ‘Other
Regulatory and Statutory Disclosures’ beginning on page 378.
(3)
In the event of under-subscription in the Employee Reservation Portion (if any), the unsubscribed portion will be available for allocation
proportionately to all Eligible Employees who have Bid in excess of ₹ 200,000 (net of Employee Discount), subject to the maximum value
of allocation made to such Eligible Employee not exceeding ₹ 500,000 (net of Employee Discount). The unsubscribed portion, if any, in
63
the Employee Reservation Portion (after allocation up to ₹ 500,000 net of Employee Discount), shall be added to the Net Offer. Our
Company, Indusage and Celesta Capital, in consultation with the BRLMs, may offer a discount of up to [●]% on the Offer Price
(equivalent of ₹ [●] per Equity Share) to Eligible Employees bidding in the Employee Reservation Portion which shall be announced two
Working Days prior to the Bid/Offer Opening Date. For further details, see ‘Offer Procedure’ and ‘Offer Structure’ on pages 401 and
397, respectively.
(4)
Our Company, Indusage and Celesta Capital may, in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor
Investors and the basis of such allocation will be on a discretionary basis by our Company, Indusage and Celesta Capital in consultation
with the BRLMs in accordance with the SEBI ICDR Regulations. One-third of the Anchor Investor Portion shall be reserved for domestic
Mutual Funds, subject to valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the
event of under-subscription in the Anchor Investor Portion, the balance Equity Shares in the Anchor Investor Portion shall be added to
the QIB Portion. For further details, see ‘Offer Procedure’ on page 401.
(5)
Not more than 15% of the Net Offer shall be available for allocation to Non-Institutional Investors of which one-third of the Non-
Institutional Portion will be available for allocation to Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000
and two-thirds of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more than ₹
1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Portion may be allocated to Bidders in the
other sub-category of Non-Institutional Portion.
(6)
Subject to valid Bids being received at or above the Offer Price, under-subscription, if any, in any category, except in the QIB Portion,
would be allowed to be met with spill over from any other category or combination of categories at the discretion of our, in consultation
with the BRLMs and the Designated Stock Exchange subject to applicable law. In the event of under-subscription in the Offer, Equity
Shares shall be allocated in the manner specified in the section ‘Terms of the Offer’ on page 390.
Allocation to Bidders in all categories, except the Retail Portion, Non-Institutional Portion and the Anchor
Investor Portion, if any, shall be made on a proportionate basis, subject to valid Bids received at or above the
Offer Price, as applicable. Allocation to Retail Individual Bidders shall not be less than the minimum Bid Lot,
subject to availability of Equity Shares in the Retail Portion, and the remaining available Equity Shares, if any,
shall be allocated on a proportionate basis. One third of the Non-Institutional Portion shall be reserved for
applicants with application size of more than ₹ 200,000 and up to ₹ 1,000,000, two-thirds of the Non-Institutional
Portion shall be reserved for Bidders with an application size of more than ₹ 1,000,000 and the unsubscribed
portion in either of the above subcategories may be allocated to Bidders in the other sub-category of Non-
Institutional Bidders. The allocation of Equity Shares to each Non-Institutional Bidders shall not be less than the
minimum application size, subject to the availability of Equity Shares in the Non-Institutional Portion, and the
remaining Equity Shares, if any, shall be allocated on a proportionate basis in accordance with the SEBI ICDR
Regulations. Allocation to Anchor Investors shall be on a discretionary basis in accordance with the SEBI ICDR
Regulations. For further details, see ‘Offer Structure’, ‘Terms of the Offer’ and ‘Offer Procedure’ on pages
397, 390 and 401, respectively.
64
GENERAL INFORMATION
Our Company was incorporated as “ideaForge Technology Private Limited” on February 8, 2007, as a private
limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated February 8, 2007
issued by the RoC. Upon the conversion of our Company into a public limited company, pursuant to a resolution
passed by our Shareholders on December 20, 2022, the name of our Company was changed to “ideaForge
Technology Limited” and a fresh certificate of incorporation dated January 2, 2023 was issued by the RoC. For
details, see ‘History and Certain Corporate Matters’ on page 212.
Corporate Identity Number: U31401MH2007PLC167669
Registration Number: 167669
Registered office of our Company
EL-146, TTC Industrial Area, Electronic Zone, MIDC

Mahape, Navi Mumbai, Thane 400 710
Maharashtra, India
For details of change in the registered office of our Company, see ‘History and Certain Corporate Matters –
Changes in the registered office’ on page 212.
Address of the Registrar of Companies
Our Company is registered with the RoC located at the following address:
Registrar of Companies, Maharashtra at Mumbai

Everest, 5th Floor, 100 Marine Drive
Mumbai 400 002
Maharashtra, India
Board of Directors of our Company
Details regarding our Board of Directors as on the date of this Draft Red Herring Prospectus are set forth below:
Name and Designation DIN Address
Srikanth Velamakanni 01722758 C 3701, Oberoi Exquisite, Oberoi Garden City, Near Westin
Chairman and Independent Hotel, Goregaon East, Mumbai, Maharashtra 400 063
Director
Ankit Mehta 02108289 Flat No G-426, 4th Floor, Maple Leaf CHS Ltd, Raheja
Chief Executive Officer and Vihar Complex, Chandivali, Mumbai, Maharashtra 400 072
Whole-Time Director
Rahul Singh 02106568 1002/ Tower-5/ Emerald Isle, Saki Vihar Road, L and T
Vice President-Engineering Powai, Powai, Mumbai, Maharashtra 400 072
and Whole-Time Director
Ashish Bhat 02480920 Flat 1301, Floor 13, Wing 7 Saki Vihar Road, Emerald Isle
Vice President-Research & Tower 7, Next to L T Business Park, Powai, Mumbai,
Development and Whole- Maharashtra 400 072
Time Director
Ganapathy Subramaniam 00019891 Villa 29, Prestige White Meadows, Whitefield Main Road,
Non-Executive Nominee Whitefield, Bengaluru, Karnataka 560 066
Director
Mathew Cyriac 01903606 Imperial, 1908, North Tower, B.B. Nakashe Marg, Tardeo,
Non-Executive Nominee Mumbai, Maharashtra 400 034
Director
Sutapa Banerjee 02844650 Springs – 1, Flat No. 3003 A and B, 30th Floor, G.D.
Independent Director Ambedkar Marg, Wadala Tel Exch Naigaon, Dadar East,
Mumbai, Maharashtra 400 014
Vikas Balia 00424524 Mukan 9, Nehru Park, Jodhpur, Rajasthan 342 003
Independent Director
For brief profiles and further details of our Directors, see ‘Our Management’ on page 218.
65
Filing of this Draft Red Herring Prospectus
A copy of this Draft Red Herring Prospectus shall be submitted to SEBI on cfddil@sebi.gov.in in accordance with
instructions issued by the SEBI on March 27, 2020, in relation to “Easing of Operational Procedure – Division
of Issues and Listing – CFD” and will be filed with SEBI electronically on the platform provided by SEBI at
https://siportal.sebi.gov.in, in accordance with SEBI circular bearing reference
SEBI/HO/CFD/DIL1/CIR/P/2018/011 dated January 19, 2018.
It will also be filed with the SEBI at the following address:
Securities and Exchange Board of India

SEBI Head Office
SEBI Bhavan Plot No. C4-A
“G” Block Bandra Kurla Complex
Bandra (East) Mumbai 400 051
Maharashtra, India
A copy of the Red Herring Prospectus, along with the material contracts and documents required to be filed, be
filed with the RoC in accordance with Section 32 of the Companies Act, and a copy of the Prospectus shall be
filed with the RoC at Everest, 5th Floor, 100 Marine Drive Mumbai 400 002, Maharashtra, India as required under
Section 26 of the Companies Act and through the electronic portal at
http://www.mca.gov.in/mcafoportal/loginvalidateuser.do.
Company Secretary and Compliance Officer
Sonam Gupta is the Company Secretary and Compliance Officer of our Company. Her contact details are set forth
below:
Sonam Gupta
Address: EL-146, TTC Industrial Area
Electronic Zone, MIDC
Mahape, Navi Mumbai, Thane 400 710
Maharashtra, India
Tel: + 91 226787 5000
E-mail: compliance@ideaforgetech.com
Investor Grievances
Investors may contact the Company Secretary and Compliance Officer or the Registrar to the Offer in case
of any pre-Offer or post-Offer related grievances including non-receipt of letters of Allotment, non-credit
of Allotted Equity Shares in the respective beneficiary account, non-receipt of refund orders or non-receipt
of funds by electronic mode, etc. For all Offer related queries and for redressal of complaints, investors
may also write to the BRLMs.
All Offer-related grievances, other than of Anchor Investors, may be addressed to the Registrar to the Offer with
a copy to the relevant Designated Intermediary(ies) with whom the Bid cum Application Form was submitted,
giving full details such as name of the sole or first bidder, Bid cum Application Form number, Bidder’s DP ID,
Client ID, PAN, address of Bidder, number of Equity Shares applied for, ASBA Account number in which the
amount equivalent to the Bid Amount was blocked or the UPI ID (for UPI Bidders who make the payment of Bid
Amount through the UPI Mechanism), date of Bid cum Application Form and the name and address of the relevant
Designated Intermediary(ies) where the Bid was submitted. Further, the Bidder shall enclose the Acknowledgment
Slip or the application number from the Designated Intermediaries in addition to the documents or information
mentioned hereinabove. All grievances relating to Bids submitted through Registered Brokers may be addressed
to the Stock Exchanges with a copy to the Registrar to the Offer. The Registrar to the Offer shall obtain the
required information from the SCSBs for addressing any clarifications or grievances of ASBA Bidders
All Offer-related grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full
details such as the name of the sole or first bidder, Anchor Investor Application Form number, Bidders’ DP ID,
Client ID, PAN, date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares
applied for, Bid Amount paid on submission of the Anchor Investor Application Form and the name and address
of the BRLMs where the Anchor Investor Application Form was submitted by the Anchor Investor.
66
Book Running Lead Managers
JM Financial Limited
7th Floor, Cnergy
Appasaheb Marathe Marg
Prabhadevi, Mumbai 400 025
Maharashtra, India
Telephone: + 91 22 6630 3030
E-mail: ideaforge.ipo@jmfl.com
Website: www.jmfl.com
Investor Grievance E-mail: grievance.ibd@jmfl.com
Contact Person: Prachee Dhuri
SEBI Registration No.: INM000010361
IIFL Securities Limited

10th Floor, IIFL Centre, Kamala City
Senapati Bapat Marg
Lower Parel (W), Mumbai 400 013
Maharashtra, India
Tel: +91 22 4646 4728
E-mail: ideaforge.ipo@iiflcap.com
Website: www.iiflcap.com
Investor Grievance ID: ig.ib@iiflcap.com
Contact Person: Pawan Jain/ Shirish Chikalge
SEBI Registration Number: INM000010940
Statement of inter-se allocation of responsibilities amongst the BRLMs
The responsibilities and coordination by the BRLMs for various activities in the Offer are as follows:
Sr. Activity Responsibility Co-

No. ordination
1. Capital structuring with the relative components and formalities such as JM Financial, JM Financial
composition of debt and equity, type of instruments, positioning strategy and due IIFL
diligence of our Company including its operations/management/ business
plans/legal etc. Drafting, design and finalizing of the draft red herring prospectus,
red herring prospectus and prospectus and of statutory / newspaper
advertisements including a memorandum containing salient features of the
prospectus. The BRLMs shall ensure compliance with SEBI ICDR Regulations
and stipulated requirements and completion of prescribed formalities with the
stock exchanges, RoC and SEBI and RoC filings and follow up and coordination
till final approval from all regulatory authorities.
2. Drafting and approval of statutory advertisements JM Financial, JM Financial
IIFL
3. Drafting and approval of all publicity material other than statutory advertisement JM Financial, IIFL
as mentioned above including corporate advertising, brochure, application form, IIFL
abridged prospectus, etc. and filing of media compliance report.
4. Appointment of intermediaries – Bankers to the Offer, Registrar to the JM Financial, IIFL
Offer, advertising agency, printers to the Offer including co-ordination for IIFL
agreements.
5. Preparation of road show marketing presentation and frequently asked questions JM Financial, IIFL
IIFL
6. International Institutional marketing of the Offer, which will cover, inter alia: JM Financial, JM Financial
• Institutional marketing strategy; IIFL
• Finalizing the list and division of international investors for one-to-one
meetings; and
• Finalizing international road show and investor meeting schedule
7. Domestic Institutional marketing of the Offer, which will cover, inter alia: JM Financial, IIFL
• Institutional marketing strategy; IIFL
• Finalizing the list and division of domestic investors for one-to-one
meetings; and
• Finalizing domestic road show and investor meeting schedule
67
Sr. Activity Responsibility Co-
No. ordination
8. Retail marketing of the Offer, which will cover, inter alia: JM Financial, JM Financial
• Finalising media, marketing, public relations strategy and publicity IIFL
• budget including list of frequently asked questions at retail road shows
• Finalising collection centres
• Finalising application form
• Finalising centres for holding conferences for brokers etc.
• Follow – up on distribution of publicity; and
• Issue material including form, RHP / Prospectus and deciding on the
• quantum of the Issue material
9. Non-Institutional marketing of the Offer, which will cover, inter alia: JM Financial, IIFL
• Finalising media, marketing and public relations strategy; and IIFL
• Formulating strategies for marketing to Non – Institutional Investors.
10. Managing the book and finalization of pricing in consultation with our Company JM Financial, IIFL
IIFL
11. Coordination with Stock Exchanges for anchor intimation, book building JM Financial, IIFL
software, bidding terminals and mock trading, payment of 1% security deposit to IIFL
the designated stock exchange.
12. Post bidding activities including management of escrow accounts, coordinate JM Financial, IIFL
non-institutional allocation, coordination with registrar, SCSBs and Bank to the IIFL
Offer, intimation of allocation and dispatch of refund to bidders, etc.
Post-Offer activities, which shall involve essential follow-up steps including
allocation to Anchor Investors, follow-up with Bankers to the Offer and SCSBs
to get quick estimates of collection and advising the issuer about the closure of
the Offer, based on correct figures, finalisation of the basis of allotment or
weeding out of multiple applications, listing of instruments, dispatch of
certificates or demat credit and refunds and coordination with various agencies
connected with the post-issue activity such as registrar to the Offer, Bankers to
the Offer, SCSBs including responsibility for underwriting arrangements, as
applicable. Payment of the applicable securities transaction tax (“STT”) on sale
of unlisted equity shares by the Selling Shareholder under the Offer for Sale to
the Government Co-ordination with SEBI and Stock Exchanges for Refund of
1% Security Deposit and Submission of all post Offer reports including the Initial
and final Post Offer report to SEBI.
Syndicate Members
[●]
Legal Advisors to the Offer
Legal Counsel to the Company as to Indian Law
Shardul Amarchand Mangaldas & Co

Amarchand Towers
216, Okhla Industrial Estate Phase III
New Delhi 110020
Delhi, India
Telephone: +91 11 4159 0700
Legal Counsel to the BRLMs as to Indian Law
Khaitan & Co
Max Towers
7th & 8th Floors
Sector 16B, Noida
Gautam Buddh Nagar 201301
Uttar Pradesh, India
Telephone: +91 120 479 1000
68
Legal Counsel to Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Indusage Technology Venture
Fund I, Qualcomm Asia Pacific Pte. Ltd. and A&E Investment LLC as to Indian Law
Khaitan & Co
Embassy Quest
3rd Floor 45/1 Magrath Road
Bengaluru 560 025
Karnataka, India
Telephone: +91 80 4339 7000
Legal Counsel to Export Import Bank of India, Agarwal Trademart Private Limited, Society for Innovation
and Entrepreneurship and Individual Selling Shareholders as to Indian Law
Rajani Associates
Krishna Chambers
59 New Marine Lines
Mumbai 400020
Maharashtra, India
Telephone: +91 22 4096 1000
Special Purpose International Legal Counsel to the BRLMs
Hogan Lovells Lee & Lee
50 Collyer Quay
#10-01 OUE Bayfront
Singapore 049321
Telephone: +65 6538 0900
Registrar to the Offer
Link Intime India Private Limited

C-101, 1st Floor, 247 Park
L.B.S. Marg, Vikhroli West
Mumbai 400 083
Maharashtra, India
Tel: +91 810 811 4949
E-mail: ideaforge.ipo@linkintime.co.in
Website: www.linkintime.co.in
Investor grievance e-mail: ideaforge.ipo@linkintime.co.in
Contact person: Shanti Gopalkrishnan
SEBI Registration No.: INR000004058
Bankers to the Offer
Escrow Collection Bank
[●]
Public Offer Account Bank
[●]
Refund Bank
[●]
Sponsor Bank
[●]
Statutory Auditors to our Company
69
B S R & Co. LLP, Chartered Accountants
14th Floor, Central Wing B Wing and North C Wing
Nesco IT Park 4, Nesco Center
Western Express Highway, Goregaon (East)
Mumbai 400 063
Maharashtra, India
Tel: + 91 22 6257 1000
E-mail: mpardiwalla@bsraffiliates.com
Peer Review Certificate No.: 014196
Firm Registration No.: 101248W/W-100022
Changes in auditors
There has been no change in the statutory auditors of our Company during the last three years.
Bankers to our Company
HDFC Bank Limited

6th Floor, A Wing, Trade Star
Near Kohinoor Continental Hotel
Sir Mathuridas, Vasanji Road, Andheri
J.B. Nagar, Andheri (E), Mumbai 400 059
Maharashtra, India
Tel: +91 9321543394
E-mail: raghavendra.pugalia1@hdfcbank.com
Website: www.hdfcbank.com
Contact Person: Mr. Raghavendra Pugalia
Axis Bank Limited

Wholesale Banking Operations
MWBC – Mumbai, 12 A Mittal Tower
1st Floor, Nariman Point
Mumbai 400021
Maharashtra, India
Tel: +91 2289 5138
E-mail: p.kirankumar@axisbank.com
Website: www.axisbank.com
Contact Person: Perla Kiran Kumar
Self-Certified Syndicate Banks
The list of SCSBs notified by SEBI for the ASBA process is available at
www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognised=yes, or at such other website as may be
prescribed by SEBI from time to time. A list of the Designated Branches of the SCSBs with which an ASBA
Bidder (other than UPI Bidders using the UPI Mechanism), not bidding through Syndicate/ Sub Syndicate or
through a Registered Broker, RTA or CDP may submit the Bid cum Application Forms, is available at
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=34 or at such other
websites as may be prescribed by SEBI from time to time.
SCSBs and mobile applications enabled for UPI Mechanism
In accordance with SEBI Circular No. SEBI/HO/CFD/DIL2/CIR/P/2019/76 dated June 28, 2019, SEBI Circular
No. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 and SEBI Circular No.
SEBI/HO/CFD/DIL2/CIR/P/2022/45 dated April 5, 2022, UPI Bidders using the UPI Mechanism may only apply
through the SCSBs and mobile applications whose names appears on the website of the SEBI, which may be
updated from time to time. A list of SCSBs and mobile applications, which are live for applying in public issues
using UPI Mechanism is provided as ‘Annexure A’ for the SEBI circular number
SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019 and is also available on
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=40 for SCSBs and
70
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=43 for mobile
applications or at such other websites as may be prescribed by SEBI from time to time.
Syndicate SCSB Branches
In relation to Bids (other than Bids by Anchor Investors and RIIs) submitted under the ASBA process to a member
of the Syndicate, the list of branches of the SCSBs at the Specified Locations named by the respective SCSBs to
receive deposits of Bid cum Application Forms from the members of the Syndicate is available on the website of
the SEBI (www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmId=35) and updated from
time to time or any such other website as may be prescribed by SEBI from time to time.
Registered Brokers
Bidders can submit ASBA Forms in the Offer using the stock broker network of the Stock Exchanges, i.e., through
the Registered Brokers at the Broker Centres. The list of the Registered Brokers eligible to accept ASBA Forms,
including details such as postal address, telephone number and e-mail address, is provided on the websites of the
Stock Exchanges at www.bseindia.com and www.nseindia.com, as updated from time to time.
Registrar and Share Transfer Agents
The list of the RTAs eligible to accept ASBA Forms at the Designated RTA Locations, including details such as
address, telephone number and e-mail address, is provided on the websites of the Stock Exchanges at
www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx? and
www.nseindia.com/products/content/equities/ipos/asba_procedures.htm respectively, as updated from time to
time.
Collecting Depository Participants
The list of the CDPs eligible to accept ASBA Forms at the Designated CDP Locations, including details such as
their name and contact details, is provided on the websites of the Stock Exchanges at
www.bseindia.com/Static/Markets/PublicIssues/RtaDp.aspx? and
www.nseindia.com/products/content/equities/ipos/asba_procedures.htm, respectively, as updated from time to
time.
Grading of the Offer
No credit agency registered with SEBI has been appointed for grading for the Offer.
Monitoring Agency
Our Company will appoint a monitoring agency prior to the filing of the Red Herring Prospectus in accordance
with Regulation 41 of SEBI ICDR Regulations, for monitoring of the utilisation of the proceeds from the Fresh
Issue. For details in relation to the proposed utilisation of the proceeds from the Fresh Issue, please see ‘Objects
of the Offer’ on page 101.
Expert
Except as stated below, our Company has not obtained any expert opinions:
Our Company has received written consent dated February 10, 2023, from B S R & Co. LLP, Chartered
Accountants, Statutory Auditors, holding a valid peer review certificate from ICAI, to include their name as
required under Section 26 (5) of the Companies Act, 2013 read with the SEBI ICDR Regulations, in this Draft
Red Herring Prospectus, and as an “expert” as defined under Section 2(38) of the Companies Act, 2013 to the
extent and in their capacity as our Statutory Auditors, and in respect of their (i) examination report dated February
3, 2023 relating to the Restated Consolidated Financial Information and (ii) the statement of possible special tax
benefits dated February 9, 2023 included in this Draft Red Herring Prospectus and such consent has not been
withdrawn as on the date of this Draft Red Herring Prospectus.
Our Company has received written consent dated February 10, 2023, from Ramanand & Associates, Independent
Chartered Accountants, to include their name as required under Section 26(5) of the Companies Act read with
SEBI ICDR Regulations, in this Draft Red Herring Prospectus and referred to as an “expert”, as defined under
71
Section 2(38) of the Companies Act, 2013 in respect of various certifications issued by them in their capacity as
independent chartered accountant to our Company.
Our Company has received written consent dated February 3, 2023 from A. D. Joshi Chartered Engineers and
Valuers LLP, Independent Chartered Engineer, to include his name as required under Section 26(5) of the
Companies Act read with SEBI ICDR Regulations, in this Draft Red Herring Prospectus and referred to as an
“expert”, as defined under Section 2(38) of the Companies Act, to the extent and in their capacity as an
independent chartered engineer, in relation to the certificate dated February 10, 2023 certifying, inter alia, the
details of the installed and production capacity of our manufacturing facility.
Appraising Entity
None of the objects for which the Net Proceeds will be utilised have been appraised by any agency.
Credit Rating
As the Offer is of Equity Shares, credit rating is not required.
Debenture Trustees
As the Offer is of Equity Shares, the appointment of debenture trustees is not required.
Green Shoe Option
No green shoe option is contemplated under the Offer.
Book Building Process
Book building, in the context of the Offer, refers to the process of collection of Bids from Bidder on the basis of
this Draft Red Herring Prospectus, the Bid cum Application Forms and the Revision Forms within the Price Band
which will be decided by our Company, Indusage and Celesta Capital, in consultation with the BRLMs and
minimum Bid lot which will be decided by our Company, Indusage and Celesta Capital, in consultation with the
BRLMs and advertised in [●] editions of [●] (a widely circulated English national daily newspaper), [●] editions
of [●] (a widely circulated Hindi national daily newspaper) and [●] editions of [●] (a widely circulated Marathi
daily newspaper, Marathi being the regional language of Maharashtra, where our Registered Office is located), at
least two Working Days prior to the Bid/Offer Opening Date and shall be made available to the Stock Exchanges
for the purposes of uploading on their respective website. The Offer Price shall be determined by our Company,
Indusage and Celesta Capital, in consultation with the BRLMs after the Bid/Offer Closing Date.
All Investors (other than Anchor Investors) shall mandatorily participate in the Offer only through the
ASBA process by providing details of their respective ASBA Account in which the corresponding Bid
Amount will be blocked by SCSBs, or in the case of UPI Bidders, by using the UPI Mechanism. Anchor
Investors are not permitted to participate in the Offer through the ASBA process.
In terms of the SEBI ICDR Regulations, QIBs and Non-Institutional Investors are not permitted to
withdraw their Bid(s) or lower the size of their Bid(s) (in terms of quantity of Equity Shares or the Bid
Amount) at any stage. Retail Individual Bidders and other Eligible Employees Bidding in the Employee
Reservation Portion can revise their Bid(s) during the Bid/Offer Period and withdraw their Bid(s) until
Bid/Offer Closing Date. Anchor Investors are not allowed to revise and withdraw their Bids after the
Anchor Investor Bid/Offer Period. Except Allocation to Retail Individual Bidders, Non-Institutional
Bidders and the Anchor Investors, Allocation in the Offer will be on a proportionate basis. For further details
on the Book Building Process and the method and process of Bidding, see ‘Terms of the Offer’ ‘Offer Procedure’
and ‘Offer Structure’ on pages 390, 401 and 397, respectively.
The Book Building Process is subject to change. Bidders are advised to make their own judgment about an
investment through this process prior to submitting a Bid.
Investors should note the Offer is also subject to obtaining final listing and trading approvals of the Stock
Exchanges, which our Company shall apply for after Allotment within six Working Days of the Bid/Offer Closing
Date or such other time period as prescribed under applicable law.
72
For an illustration of the Book Building Process, price discovery process and allocation, see ‘Offer Procedure’
on page 401.
Underwriting Agreement
After the determination of the Offer Price but prior to filing of the Prospectus with the RoC, our Company and
the Selling Shareholders intend to enter into the Underwriting Agreement with the Underwriters for the Equity
Shares proposed to be offered through the Offer. The extent of underwriting obligations and the Bids to be
underwritten by each BRLM shall be as per the Underwriting Agreement. Pursuant to the terms of the
Underwriting Agreement, the obligations of the Underwriters will be several and will be subject to certain
conditions to closing, as specified therein.
The Underwriters have indicated their intention to underwrite the following number of Equity Shares:
(This portion has been intentionally left blank and will be completed before filing of the Prospectus with the RoC)
Name, address, telephone number and e-mail Indicative number of Equity Shares to Amount underwritten
address of the Underwriters be Underwritten (₹ in million)
[●] [●] [●]
[●] [●] [●]
Total [●] [●]
The above-mentioned amounts are provided for indicative purposes only and would be finalised after the pricing
and actual allocation and subject to the provisions of Regulation 40(2) of the SEBI ICDR Regulations.
In the opinion of our Board, the resources of the Underwriters are sufficient to enable them to discharge their
respective underwriting obligations in full. The Underwriters are registered with the SEBI under Section 12(1) of
the SEBI Act or registered as brokers with the Stock Exchange(s). Our Board/ IPO Committee, at its meeting held
on [●], has approved the execution of the Underwriting Agreement by our Company.
Allocation amongst the Underwriters may not necessarily be in proportion to their underwriting commitments set
forth in the table above. Notwithstanding the above table, the Underwriters shall be severally responsible for
ensuring payment with respect to Equity Shares allocated to Investors procured by them in accordance with the
Underwriting Agreement.
73
CAPITAL STRUCTURE
The share capital of our Company, as on the date of this Draft Red Herring Prospectus, is set forth below.
(in ₹, except share data)

S.No. Particulars Aggregate nominal Aggregate
value value at
Offer Price*
A) AUTHORISED SHARE CAPITAL(1)
60,000,000 shares 600,000,000 -
Comprising:
59,925,000 Equity Shares of face value of ₹ 10 each 599,250,000 -
75,000 Preference Shares of face value of ₹ 10 each 750,000 -
B) ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL BEFORE THE OFFER (PRIOR TO
CONVERSION OF THE PREFERENCE SHARES)
21,404,806 shares 214,048,060
comprising
38,145 Series A CCPS of face value of ₹10 each(2) 381,450 -
19,018 Series B 1 CCPS of face value of ₹10 each(2) 190,180 -
10,079 Series B CCPS of face value of ₹10 each(2) 100,790 -
C) ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL BEFORE THE OFFER (UPON CONVERSION
OF THE PREFERENCE SHARES)
D) PRESENT OFFER(3)
Offer of up to [●] Equity Shares of face value of ₹ 10 each [●] [●]
Of which:
Fresh Issue of up to [●] Equity Shares of face value of ₹ 10 each 3,000,000,000 [●]
Offer for Sale of up to 4,869,712 Equity Shares of face value of ₹ 10 each by 48,697,120 [●]
the Selling Shareholders(4)
The Offer Includes:
Employee Reservation Portion of up to [●] Equity Shares aggregating up to ₹ [●] [●]
[●] million (5)
Net Offer to the public of up to [●] Equity Shares [●] [●]
E) ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL AFTER THE OFFER+
[●] Equity Shares of face value of ₹ 10 each [●] [●]
F) SECURITIES PREMIUM ACCOUNT (in ₹ million)
Before the Offer 2,410.05
After the Offer* [●]
*
To be updated upon finalisation of the Offer Price.
+
Assuming full subscription in the Offer.
(1) For details in relation to the changes in the authorised share capital of our Company in the last 10 years, see ‘History and Certain
Corporate Matters – Amendments to the Memorandum of Association’ on page 212.
(2) 38,145 Series A CCPS, 19,018 Series B1 CCPS and 10,079 Series B CCPS shall in aggregate be converted to 15,196,692 Equity Shares,
prior to filing of the Red Herring Prospectus with the RoC in compliance with the requirements under Regulation 5(2) of the SEBI ICDR
Regulations.
(3) Our Board has authorised the Offer, pursuant to their resolution dated February 3, 2023. Our Shareholders have authorised the Fresh
Issue pursuant to special resolution dated February 4, 2023. Our Company, in consultation with the BRLMs, may consider a Pre-IPO
Placement of specified securities, as may be permitted under the applicable law, aggregating up to ₹ 600.00 million, prior to filing of
the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be decided by our Company, in
consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount raised pursuant to the Pre-IPO Placement will be
reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR, as amended. Details of the Pre-IPO Placement, if
undertaken, shall be included in the Red Herring Prospectus.
(4) The Selling Shareholders confirm that the Offered Shares are eligible for being offered for sale in the Offer in accordance with the
provisions of the SEBI ICDR Regulations. The Selling Shareholders have confirmed and authorized their participation in the Offer for
Sale. For details on authorisation of the Selling Shareholders in relation to their respective portion of the Offered Shares, see ‘Other
Regulatory and Statutory Disclosures’ on page 378.
(5) In the event of under-subscription in the Employee Reservation Portion (if any), the unsubscribed portion will be available for allocation
and Allotment, proportionately to all Eligible Employees who have Bid in excess of ₹ 200,000 (net of Employee Discount), subject to the
maximum value of Allotment made to such Eligible Employee not exceeding ₹ 500,000 (net of Employee Discount). The unsubscribed
portion, if any, in the Employee Reservation Portion (after allocation of up to ₹ 500,000), shall be added to the Net Offer. Our Company,
Indusage and Celesta Capital, in consultation with the BRLMs, may offer a discount of up to [●]% on the Offer Price (equivalent of ₹
74
[●] per Equity Share) to Eligible Employees bidding in the Employee Reservation Portion which shall be announced two Working Days
prior to the Bid/Offer Opening Date. For further details, see ‘Offer Structure’ beginning on page 397.
Notes to Capital Structure
1. Equity Share capital history of our Company
(a) The following table sets forth the history of the Equity Share capital of our Company:
Date of Nature of Details of allottees/ Number of Face value Offer price Nature of
allotment allotment shareholders Equity per Equity per Equity consideration
and Equity Shares Shares Share Share
allotted allotted (₹) (₹)
February 8, Initial 3,300 Equity Shares 10,000 10 10 Cash
2007 subscription to were allotted to Ashish
the Bhat, 3,400 Equity
Memorandum Shares were allotted to
of Association Ankit Mehta and 3,300
Equity Shares were
allotted to Rahul Singh.
January 27, Further issue of 528 Equity Shares were 1,600 10 10 Cash
2009 shares allotted to Ashish Bhat,
544 Equity Shares were
allotted to Ankit Mehta
and 528 Equity Shares
were allotted to Rahul
Singh.
March 31, Further issue of 9,574 Equity Shares 9,574 10 488.23 Cash
2009 shares were allotted to Sujata
Vemuri.
December Further issue of 12,672 Equity Shares 38,400 10 10 Cash
31, 2009 shares were allotted to Ashish
Bhat, 13,056 Equity
Shares were allotted to
Ankit Mehta and 12,672
Equity Shares were
allotted to Rahul Singh.
December Further issue of 1 Equity Share was 1 10 1,510 Cash
20, 2011 shares allotted to Anshu Matta.
July 1, Conversion of 2,048 Equity Shares 2,048 10 732.42 Cash
2012 unsecured were allotted to Sujata
loans to Equity Vemuri.
Shares
October 31, Further issue of 5,256 Equity Shares 10,513 10 10 Cash
2012 shares were allotted to Vipul
Joshi and 5,257 Equity
Shares to Amardeep
Singh.
January 9, Conversion of 578 Equity Shares were 578 10 4,325.25 Cash
2015 unsecured allotted to CIIE
loans to Equity Initiatives.
Shares
February 5, Rights issue (in 3,232 Equity Shares 3,232 10 8,663.37 Cash
2015 the ratio of one were allotted to Grow
Equity Share India Capital Private
for every 16 Limited.
Equity Shares
held)
February Rights issue (in 405 Equity Shares were 984 10 8,642 Cash
24, 2015 the ratio of one allotted to Charulata
Equity Share Shah, 405 Equity Shares
for every 55 were allotted to Ramesh
Equity Shares Shah and 174 Equity
held) Shares were allotted to
Anuraag Shah.
75
May 6, Rights issue (in 713 Equity Shares were 713 10 8,695.65 Cash
2015 the ratio of one allotted to Ganapathy
Equity Share Subramaniam.
for every 76
Equity Shares
held)
July 14, Rights issue (in 1,721 Equity Shares 1,721 10 8,655.60 Cash
2015 the ratio of one were allotted to Infina
Equity Share Finance Private Limited.
for every 30
Equity Shares
held)
October 5, Rights issue (in 776 Equity Shares were 2,165 10 12,887 Cash
2015 the ratio of one allotted to Richa Garg,
Equity Share 186 Equity Shares were
for every 17 allotted to Nambirajan
Equity Shares Seshadri, 155 Equity
held) Shares were allotted to
Ajay Doshi, 388 Equity
Growth Securities
Private Limited, 427
Equity Shares were
allotted to Nirmal
Commodities Broker
Private Limited, 155
Equity Shares were
allotted to Puneet
Maheshwari and 78
Equity Shares were
allotted to Piyush
Maheshwari.
April 5, Rights issue (in 2,638 Equity Shares 4,700 10 16,491 Cash
2016 the ratio of one were allotted to Vikas
Equity Share Malu and 2,062 Equity
for every 11 Shares were allotted to
Equity Shares OPG Securities Private
held) Limited.
June 25, Rights issue (in 2,000 Equity Shares 2,000 10 9,900 Cash
2016 the ratio of one were allotted to A&E
Equity Share Investment LLC.
for every 43
Equity Shares
held)
December Private One Equity Share was 1 10 18,246 Cash
21, 2016 placement allotted to Trifecta
Venture Debt Fund I.
August 9, Private 100 Equity Shares to 100 10 18,246 Cash
2017 placement Indusage Technology
Venture Fund I.
November Private 89 Equity Shares were 300 10 18,246 Cash
28, 2017 placement allotted to WRV II
Mauritius, 11 Equity
WRV II-B Mauritius,
allotted to Qualcomm
Asia Pacific Pte. Ltd.
and 100 Equity Shares
were allotted to Infosys
Limited.
76
December Private 630 partly paid Equity 1,100 10 18,484 Cash
5, 2019 placement(1) Shares were allotted to
Ganapathy
Subramaniam, and 470
partly paid Equity
Dhruv Gupta.
September Exercise of 67 Equity Shares were 67 10 10 Cash
30, 2020 stock option allotted to Amarpreet
pursuant to Singh.
ESOP 2018
December Exercise of 108 Equity Shares were 108 10 10 Cash
7, 2020 stock option allotted to Deshraj
pursuant to Singh.
ESOP 2018
January 21, Exercise of 81 Equity Shares were 125 10 10 Cash
2021 stock option allotted to Amit
pursuant to Shrishrimal and 44
ESOP 2018 Equity Shares were
allotted to Naveen
Navlani.
July 9, Exercise of 90 Equity Shares were 165 10 10 Cash
2021 stock option allotted to Amarpreet
pursuant to Singh and 75 Equity
ESOP 2018 Shares were allotted to
Kruthi Aramanamada
Narendra.
August 13, Exercise of 163 Equity Shares were 163 10 10 Cash
2021 stock option allotted to Stephen
pursuant to Anand.
ESOP 2018
September Exercise of 87 Equity Shares were 142 10 10 Cash
8, 2021 stock option allotted to Amit
pursuant to Shrishrimal and 55
ESOP 2018 Equity Shares were
allotted to Naveen
Navlani.
Issue of equity shares in the last one year preceding the date of this Draft Red Herring Prospectus
June 24, Exercise of 19 Equity Shares were 64 10 10 Cash
2022 stock option allotted to Krishan
pursuant to Kumar and 45 Equity
Tushar Hindlekar.
December Allotment 107 Equity Shares were 321 10 41,976 Cash
6, 2022 pursuant to allotted to each of
conversion of Blacksoil Capital
warrants Private Limited, Blue
Ashva Sampada Fund
and Blacksoil India
Credit Fund.
December Exercise of 134 Equity Shares were 1,327 10 10 Cash
14, 2022 stock option allotted to Deepak
pursuant to Karoshi, 37 Equity
Nupur Seth, 117 Equity
Amit Shrishrimal, 690
Equity Shares were
allotted to Vishal
Saxena, 141 Equity
Kruthi Aramanamada,
77
allotted to Naveen
Navlani, 32 Equity
Ezhilan Nanmaran,
allotted to Inderjeet
Singh Bhalla, and 45
Equity Shares were
allotted to Somil
Gautam.
December Bonus issue in 3,670,650 Equity Shares 20,747,700 10 N.A N.A
16, 2022 the ratio of 225 were allotted to Ankit
Equity Share Mehta, 3,567,375
for every one Equity Shares were
Equity Share allotted to Rahul Singh,
held. 3,531,375 Equity Shares
were allotted to Ashish
Bhat, 1,431,000 Equity
Vipul Joshi, 553,725
Equity Shares were
allotted to Florintree
Enterprise LLP, 20,025
Equity Shares were
allotted to Celesta
Capital II Mauritius,
22,500 Equity Shares
were allotted to
Indusage Technology
Venture Fund I,
1,057,050 Equity Shares
were allotted to Sujata
Vemuri, 1,056,825
Equity Shares were
allotted to Ravi
Bhagavatula, 22,500
Equity Shares were
allotted to Infosys
Limited, 22,500 Equity
Qualcomm Asia Pacific
Pte. Ltd., 790,875
Equity Shares were
allotted to Infina
Finance Private Limited,
were allotted to
Ganapathy
Subramaniam, 593,550
Equity Shares were
allotted to Vikas Malu,
2,475 Equity Shares
were allotted to Celesta
Capital II B Mauritius,
were allotted to A&E
Investment LLC,
were allotted to
Amardeep Singh,
were allotted to Dhruv
78
Gupta, 264,825 Equity
Agarwal Trademart
Private Limited,
were allotted to Ashish
Ajay Doshi, 204,300
Equity Shares were
allotted to Richa Garg,
were allotted to Devansh
Nambirajan Seshadri,
were allotted to
Charulata C. Shah,
were allotted to Naresh
Malhotra, 99,225 Equity
Society for Innovation
and Entrepreneurship,
were allotted to
Galiakotwala
Engineering Company
Private Limited, 91,125
Equity Shares were
allotted to Ramesh
Shah, 91,125 Equity
Shahjikumar Devakar,
were allotted to Deepak
Sachdeva, 225 Equity
Trifecta Venture Debt
Fund I, 51,750 Equity
Sundararajan K.
Pandalgudi, 39,150
Equity Shares allotted to
Anuraag Shah, 64,125
Equity Shares were
allotted to Amit
Shrishrimal, 35,325
Equity Shares were
allotted to Amarpreet
Singh, 34,875 Equity
Puneet Maheshwari,
were allotted to R.
Laxman, 24,300 Equity
Deshraj Singh, 24,075
Equity Shares were
allotted to Blacksoil
Capital Private Limited,
79
were allotted to
Blacksoil India Credit
Fund, 24,075 Equity
Blue Ashva Sampada
Fund, 22,500 Equity
Bharat Jaisinghani,
were allotted to Nikhil
Jaisinghani, 34,650
Equity Shares were
allotted to Naveen
Navlani, 18,225 Equity
Bhavin Shah, 18,225
Equity Shares were
allotted to Ramakrishna
K.V, 17,550 Equity
Piyush Maheshwari,
were allotted to Prashant
Puri, 48,600 Equity
Kruthi Aramanamada,
7,875 Equity Shares
were allotted to Ashwin
Limaye, 7,875 Equity
Swati Trehan, 10,350
Equity Shares were
allotted to Rahul Shah,
were allotted to Tushar
Namdev Hindlekar,
9,000 Equity Shares
were allotted to Amita
Desai, 6,750 Equity
Meghaa Karnani, 6,750
Equity Shares were
allotted to Don Bosco
Sequeira, 4,275 Equity
Krishan Kumar, 30,150
Equity Shares were
allotted to Deepak
Karoshi, 8,325 Equity
Nupur Sheth, 155,250
Equity Shares were
allotted to Vishal
Saxena, 7,200 Equity
Ezhilan Nanmaran,
were allotted to
Inderjeet Singh Bhalla
and 10,125 Equity
Somil Gautam.
80
December Allotment 74,128 Equity Shares 74,128 10 10 Cash(3)
19, 2022(2) pursuant to were allotted to Trifecta
conversion of Venture Debt Fund I.
Series A1
CCPS
January 24, Exercise of 415,840 Equity Shares 423,524 10 10 Cash
2023(4) stock option were allotted to
pursuant to Ganapathy
ESOP 2018 Subramaniam, 5,876
Equity Shares were
allotted to Krishan
Kumar, 904 Equity
Vaibhav Baburao
Usapkar and 904 Equity
Shares to Anil Kumar
Yadav
(1)
These Equity Shares were partly paid at the time of allotment and were subsequently made fully paid-up on December 5, 2022.
(2)
These Series A1 CCPS were partly paid at the time of allotment and were subsequently made fully paid-up on December 6, 2022.
The allotment of 74,128 Equity Shares includes 73,800 Equity Shares allotted basis the bonus issuance on December 16, 2022.
(3)
Consideration for such Equity Shares were (i) partly paid at the time of allotment of partly paid Series A 1 CCPS; and (ii) remaining
consideration was paid at the time of conversion from partly paid to fully paid, with agreed terms of conversion.
(4)
The allotment of 423,524 Equity Shares includes 421,650 Equity Shares allotted basis the bonus issuance on December 16, 2022.
(b) Preference share capital history of our Company
The history of the outstanding preference share capital of our Company is provided in the following table:
Date of Nature of Details of Number of Face value Issue price per Nature of
allotment allotment allottees/ preference per preference share consideration
shareholders and shares preference (₹)
preference shares allotted share
allotted (₹)
Series A CCPS of face value ₹10 each
August 9, Private 4,488 Series A 4,488 10 18,246 Cash
2017 placement CCPS were
allotted to
Indusage
Technology
Venture Fund I.
November Private 4,587 Series A 33,657 10 18,246 Cash
28, 2017 placement CCPS were
allotted to
Indusage
Technology
Venture Fund I.
16,323 Series A
CCPS were
allotted to WRV II
Mauritius, 1,943
Series A CCPS
were allotted to
WRV II-B
Mauritius, 5,402
Series A CCPS
were allotted to
Qualcomm Asia
Pacific Pte. Ltd.
and 5,402 Series A
CCPS were
allotted to Infosys
Limited.
Series B 1 CCPS of face value ₹10 each
81
Date of Nature of Details of Number of Face value Issue price per Nature of
allotment allotment allottees/ preference per preference share consideration
shareholders and shares preference (₹)
preference shares allotted share
allotted (₹)
April 28, Preferential 8,749 Series B1 9,883 10 49,146.34 Cash
2022 allotment CCPS were
allotted to
Florintree
Enterprise LLP
and 1,134 Series
B1 CCPS were
allotted to
Ganapathy
Subramaniam.
July 15, Preferential 9,135 Series B1 9,135 10 54,733.77 Cash
2022 allotment CCPS were
allotted to
Florintree
Enterprise LLP.
Series B CCPS of face value ₹10 each
April 28, Allotment 3,194 Series B 3,194 10 41,965.72 Cash
2022 pursuant to CCPS were
conversion of allotted to WRV II
unsecured Mauritius
CCDs* 381 Series B 381 41,892.65
CCPS were
allotted to WRV
II-B Mauritius
1,013 Series B 1,013 41,953.21
CCPS were
allotted to
Indusage
Technology
Venture Fund I
726 Series B 726 41,949.59
CCPS were
allotted to
Qualcomm Asia
Pacific Pte. Ltd.
1,787 Series B 1,787 41,969.67
CCPS were
allotted to Infosys
Limited
1,191 Series B 1,191 41,970.61
CCPS were
allotted to Infina
Finance Private
Limited
1,787 Series B 1,787 41,969.67
CCPS were
allotted to Export
Import Bank of
India.
* The conversion price of CCDs mentioned in the PAS-3 form filed by our Company indicates an average conversion price of ₹
41,962.52 instead of the actual conversion price at which Series B CCPS were issued to respective CCD holders. For details see, ‘Risk
Factors – There have been certain instances of regulatory non-compliances or delays or errors in the past. We may be subject to
regulatory actions and penalties for any such past or future non-compliance or delays or errors and our business, financial condition
and reputation may be adversely affected.’ on page 46.
As on the date of this Draft Red Herring Prospectus, 38,145 Series A CCPS, 19,018 Series B1 CCPS and 10,079
Series B CCPS are outstanding and in aggregate will be converted into 15,196,692 Equity Shares prior to filing
of the Red Herring Prospectus with the RoC in accordance with Regulation 5(2) of the SEBI ICDR Regulations
and a portion of which will be offered in the Offer for Sale.
2. Shares issued for consideration other than cash or by way of bonus issue
82
Except as stated below, our Company has not issued any Equity Shares or Preference Shares for
consideration other than cash or by way of bonus issue at any time since incorporation:
Date of Nature of Details of allottees/ Number of Face Offer price Nature of

allotment allotment shareholders Equity Shares value per per Equity consideration
and Equity Shares allotted Equity Share
allotted Share (₹)
(₹)
December 16, Bonus issue 3,670,650 Equity 20,747,700 10 N.A N.A
2022 in the ratio Shares were allotted
of 225 to Ankit Mehta,
Equity 3,567,375 Equity
Shares for Shares were allotted
every one to Rahul Singh,
Equity 3,531,375 Equity
Share held Shares were allotted
to Ashish Bhat,
1,431,000 Equity
Shares were allotted
to Vipul Joshi,
553,725 Equity
to Florintree
Enterprise LLP,
20,025 Equity
to Celesta Capital II
Mauritius, 22,500
Equity Shares were
allotted to Indusage
Technology Venture
Fund I, 1,057,050
Equity Shares were
allotted to Sujata
Vemuri, 1,056,825
Equity Shares were
allotted to Ravi
Bhagavatula, 22,500
Equity Shares were
allotted to Infosys
Limited, 22,500
Equity Shares were
allotted to
Qualcomm Asia
Pacific Pte. Ltd.,
790,875 Equity
to Infina Finance
Private Limited,
468,675 Equity
to Ganapathy
Subramaniam,
593,550 Equity
to Vikas Malu, 2,475
Equity Shares were
allotted to Celesta
Capital II-B
Mauritius, 450,000
Equity Shares were
allotted to A&E
Investment LLC,
385,650 Equity
83
(₹)
to Amardeep Singh,
289,125 Equity
to Dhruv Gupta,
264,825 Equity
to Agarwal
Trademart Private
Limited, 236,250
Equity Shares were
allotted to Ashish
Gupta, 213,525
Equity Shares were
allotted to Ajay
Doshi, 204,300
Equity Shares were
allotted to Richa
Garg, 174,150
Equity Shares were
allotted to Devansh
Gupta, 166,725
Equity Shares were
allotted to
Nambirajan
Seshadri, 144,675
Equity Shares were
allotted to Charulata
C. Shah, 112,950
Equity Shares were
allotted to Naresh
Malhotra, 99,225
Equity Shares were
allotted to Society
for Innovation and
Entrepreneurship,
95,850 Equity
to Galiakotwala
Engineering
Company Private
Limited, 91,125
Equity Shares were
allotted to Ramesh
Shah, 91,125 Equity
to Shahjikumar
Devakar, 78,075
Equity Shares were
allotted to Deepak
Sachdeva, 225
Equity Shares were
allotted to Trifecta
Venture Debt Fund I,
51,750 Equity
to Sundararajan K.
Pandalgudi, 39,150
Equity Shares were
allotted to Anuraag
Shah, 64,125 Equity
to Amit Shrishrimal,
84
(₹)
35,325 Equity
to Amarpreet Singh,
34,875 Equity
to Puneet
Maheshwari, 26,100
Equity Shares were
allotted to R.
Laxman, 24,300
Equity Shares were
allotted to Deshraj
Singh, 24,075 Equity
to Blacksoil Capital
Private Limited,
24,075 Equity
to Blacksoil India
Credit Fund, 24,075
Equity Shares were
allotted to Blue
Ashva Sampada
Fund, 22,500 Equity
to Bharat
Jaisinghani, 22,500
Equity Shares were
allotted to Nikhil
Jaisinghani, 34,650
Equity Shares were
allotted to Naveen
Navlani, 18,225
Equity Shares were
allotted to Bhavin
Shah, 18,225 Equity
to Ramakrishna
K.V, 17,550 Equity
to Piyush
Maheshwari, 17,550
Equity Shares were
allotted to Prashant
Puri, 48,600 Equity
to Kruthi
Aramanamada,
7,875 Equity Shares
were allotted to
Ashwin Limaye,
7,875 Equity Shares
were allotted to
Swati Trehan,
10,350 Equity
to Rahul Shah,
10,125 Equity
to Tushar Namdev
Hindlekar, 9,000
Equity Shares were
85
(₹)
allotted to Amita
Desai, 6,750 Equity
to Meghaa Karnani,
6,750 Equity Shares
were allotted to Don
Bosco Sequeira,
4,275 Equity Shares
were allotted to
Krishan Kumar,
30,150 Equity
to Deepak Karoshi,
8,325 Equity Shares
were allotted to
Nupur Sheth,
155,250 Equity
to Vishal Saxena,
7,200 Equity Shares
were allotted to
Ezhilan Nanmaran,
17,100 Equity
to Inderjeet Singh
Bhalla and 10,125
Equity Shares were
allotted to Somil
Gautam.
3. Shares issued out of revaluation reserves
Our Company has not issued any shares out of revaluation reserves since its incorporation.
4. Issue of Equity Shares pursuant to Sections 230 to 234 of the Companies Act, 2013
Our Company has not allotted any Equity Shares pursuant to any scheme approved under Sections 230 to
234 of the Companies Act, 2013.
5. Issue of Equity Shares at a price lower than the Offer Price in the last year
Except as disclosed above ‘-Equity Share capital history of our Company’ and ‘-Preference share capital
history of our Company’ on pages 75 and 81, respectively, our Company has not issued any Equity Shares
at a price which may be lower than the Offer Price during a period of one year preceding the date of this
Draft Red Herring Prospectus.
6. Issue of Equity Shares under employee stock option schemes
For details of Equity Shares issued by our Company pursuant to the exercise of options which have been
granted under the employee stock option schemes, see ‘– Equity Share Capital history of our Company’
and ‘– Employee Stock Option Scheme’ on pages 75 and 95, respectively.
7. History of build-up of Promoters’ shareholding and lock-in of Promoters’ shareholding (including

Promoters’ contribution)
As on the date of this Draft Red Herring Prospectus, our Promoters hold, in aggregate, 10,817,264 Equity
Shares, which constitute 50.70% of the issued, subscribed and paid-up Equity Share capital of our Company.
All the Equity Shares held by our Promoters are in dematerialised form. The details regarding our Promoters’
shareholding are set forth below.
86
a) Build-up of Promoters’ shareholding in our Company
Set forth below is the build-up of our Promoters’ shareholding since the incorporation of our
Company.
Date of Number of Face Issue/ Nature of Nature of % of the pre- % of the

allotment Equity value acquisition/ consideration transaction Offer Equity post-Offer
/ transfer Shares per transfer Share capital Equity
allotted/ Equity price per Share
transferred Share Equity capital
(₹) Share (₹)
Ankit Mehta
February 3,400 10 10 Cash Initial subscription 0.02 [●]
8, 2007 to the
Memorandum of
Association.
March 31, (136) 10 10 Cash Transfer of equity Negligible [●]
2007 shares to Society
for Innovation and
Entrepreneurship.
January 544 10 10 Cash Further issue of Negligible [●]
27, 2009 shares.
March 31, (544) 10 10 Cash Transfer of Equity Negligible [●]
2009 Shares to Society
for Innovation and
Entrepreneurship.
December 13,056 10 10 Cash Further issue of 0.06 [●]
31, 2009 shares.
December (1) 10 10 Cash Transfer of Equity Negligible [●]
20, 2011 Shares to
Bhanwaridevi
Phophaliya.
(1) 10 10 Cash Transfer of Equity Negligible [●]
Shares to Ritesh
Burad.
June 29, (1) 10 10 Cash Transfer of Equity Negligible [●]
2013 Shares to N K
Maheshwari.
Shares to Hariram
Chowdhury.
Shares to Madhu
Gadodia.
Shares to Madhu
Sewlani.
October 1 10 10 Cash Transfer of Equity Negligible [●]
10, 2014 Shares from N K
Maheshwari.
1 10 10 Cash Transfer of Equity Negligible [●]
Shares from
Hariram
Chowdhury.
Shares from
Madhu Gadodia.
Shares from
Madhu Sewlani.
Shares from
Jaichand
Khandani.
June 25, (145) 10 12,874 Cash Transfer of Equity Negligible [●]
87
(₹) Share (₹)
2016 Shares to Satyan
Malhotra.
November 140 10 25,000 Cash Transfer of Equity Negligible [●]
24, 2021 Shares from
Amardeep Singh.
December 3,670,650 10 N.A N.A Bonus issue in the 17.20 [●]
16, 2022 ratio of 225 Equity
Share for every one
Equity Share held.
Total (A) 3,686,964 17.28 [●]
Rahul Singh
8, 2007 to the
Memorandum of
Association.
for Innovation and
Entrepreneurship.
27, 2009 shares.
for Innovation and
Entrepreneurship.
Shares to Society
for Innovation and
Entrepreneurship.
31, 2009 shares.
August (1) 10 10 Cash Transfer of Equity Negligible [●]
24, 2012 Shares to Gaurav
Rajendra.
2013 Shares to
Chandrakant Shah.
Chandrakant Shah.
Malhotra.
December 1 10 10 Cash Transfer of Equity Negligible [●]
Gaurav Rajendra.
November 160 10 25,000 Cash Transfer of Equity Negligible [●]
Amardeep Singh.
Shares for every
one Equity Share
held.
Total (B) 3,583,230 16.80 [●]
Ashish Bhat
8, 2007 to the
Memorandum of
Association.
88
(₹) Share (₹)
for Innovation and
Entrepreneurship.
27, 2009 shares.
for Innovation and
Entrepreneurship.
31, 2009 shares.
August (1) 10 10 Cash Transfer of Equity Negligible [●]
24, 2012 Shares to Shaikh
Shahid.
2013 Shares to Seema
Maheshwari.
Shaikh Shahid.
Malhotra.
December 1 10 10 Cash Transfer of Equity Negligible [●]
21, 2016 Shares from Seema
Maheswari.
Shares for every
one Equity Share
held.
Total (C) 3,547,070 16.62 [●]
Total 10,817,264 50.70 [●]
(A+B+C)
As of the date of this Draft Red Herring Prospectus, none of the Equity Shares held by our Promoters are pledged
or are otherwise encumbered.
b) Shareholding of our Promoters and the member of our Promoter Group
Name of Pre-Offer Post-Offer

shareholder Number of Percentage of pre-Offer Equity Number of Equity Percentage of post-Offer
Equity Share capital Shares Equity Share capital
Shares
Promoters
Ankit Mehta 3,686,964 17.28 [●] [●]
Rahul Singh 3,583,230 16.80 [●] [●]
Ashish Bhat 3,547,070 16.62 [●] [●]
Total (A) 10,817,264 50.70 [●] [●]
Promoter Group
Sujata 1,061,748 4.98 [●] [●]
Vemuri
Ravi 1,061,522 4.97 [●] [●]
Bhagavatula
Total (B) 2,123,270 9.95 [●] [●]
Total (A+B) 12,940,534 60.65 [●] [●]
89
Except as disclosed above, as on the date of this Draft Red Herring Prospectus, none of the members of the
Promoter Group hold any Equity Shares.
c) Details of minimum Promoters’ contribution locked in for eighteen months or any other period
as may be prescribed under applicable law
Pursuant to Regulations 14 and 16 of the SEBI ICDR Regulations, an aggregate of 20% of the fully
diluted post-Offer Equity Share capital of our Company held by our Promoters shall be considered as
minimum promoters’ contribution and locked-in for a period of eighteen months or any other period
as may be prescribed under applicable law, from the date of Allotment (“Promoter’s Contribution”).
Our Promoter’s shareholding in excess of 20% shall be locked in for a period of six months from the
Allotment. As on the date of this Draft Red Herring Prospectus, our Promoters hold 10,817,264
Equity Shares, constituting 50.70 % of our Company’s issued, subscribed and paid-up Equity Share
capital, all of which are eligible for Promoters’ Contribution.
Our Promoters have given consent to include such number of Equity Shares held by them, in
aggregate, as may constitute 20% of the fully diluted post-Offer Equity Share capital of our Company
as Promoter’s Contribution. Our Promoters have agreed not to dispose, sell, transfer, charge, pledge
or otherwise encumber in any manner the Promoters’ Contribution from the date of this Draft Red
Herring Prospectus, until the expiry of the lock-in period specified above, or for such other time as
required under SEBI ICDR Regulations, except as may be permitted, in accordance with the SEBI
ICDR Regulations.
The details of Equity Shares held by our Promoters, which will be locked-in for minimum Promoter’s
contribution for a period of 18 months, from the date of Allotment as Promoters’ Contribution are as
provided below:
Name of Number Number Date of Face Allotment/ Nature of % of the

the of of allotment/ value Acquisition transaction post-Offer
Promoter Equity Equity transfer# per price per paid-up
Shares Shares Equity Equity Capital
held locked- Share Share (₹)
in** (₹)
[●] [●] [●] [●] [●] [●] [●] [●]
[●] [●] [●] [●] [●] [●] [●] [●]
Total [●] [●] [●] [●] [●] [●] [●]
Note: To be updated at the Prospectus stage.
#
Equity Shares were fully paid-up on the date of allotment/acquisition.
** Subject to finalisation of Basis of Allotment.
The Equity Shares that are being locked-in are not and will not be ineligible for computation of
Promoters’ Contribution under Regulation 15 of the SEBI ICDR Regulations. In particular, these
Equity Shares do not and shall not consist of:
(i) Equity Shares acquired during the three years preceding the date of this Draft Red Herring
Prospectus (a) for consideration other than cash and revaluation of assets or capitalisation of
intangible assets, or (b) as a result of bonus shares issued by utilization of revaluation reserves
or unrealised profits or from bonus issue against Equity Shares which are otherwise in-eligible
for computation of Promoters’ Contribution;
(ii) Equity Shares acquired during the one year preceding the date of this Draft Red Herring
Prospectus, at a price lower than the price at which the Equity Shares are being offered to the
public in the Offer;
(iii) Our Company has not been formed by the conversion of one or more partnership firms or a
limited liability partnership firm; and
(iv) Equity Shares held by the Promoters that are subject to any pledge or any other form of
encumbrance.
d) Details of share capital locked-in for six months or any other period as may be prescribed under
applicable law
90
In terms of Regulation 17 of the SEBI ICDR Regulations, except for the Promoters’ Contribution
which shall be locked-in as above and Equity Shares issued by our Company to Eligible Employees
(or such persons as permitted under the SEBI SBEB Regulations/the ESOP Plan 2018) pursuant to
exercise of options by the eligible employees, whether currently employees or not, in accordance with
the ESOP Plan 2018, the entire pre-Offer Equity Share capital of our Company (including those
Equity Shares held by our Promoters in excess of Promoter’s Contribution), shall, unless otherwise
permitted under the SEBI ICDR Regulations, be locked-in for a period of six months from the date
of Allotment or any other period as may be prescribed under applicable law. Further, in terms of
Regulation 17 of the SEBI ICDR Regulations, Equity Shares held by a venture capital fund or
alternative investment fund of category I or category II or a foreign venture capital investor shall not
be locked-in for a period of six months from the date of Allotment, provided (i) that such Equity
Shares shall be locked-in for a period of at least six months from the date of purchase by the venture
capital fund or alternative investment fund of category I or category II or foreign venture capital
investor.
As required under Regulation 20 of the SEBI ICDR Regulations, our Company shall ensure that the
details of the Equity Shares locked-in are recorded by the relevant Depository.
In terms of Regulation 22 of the SEBI ICDR Regulations, Equity Shares held by our Promoters which
are locked-in, may be transferred to Promoters or members of the Promoter Group or to any new
Promoters, subject to continuation of lock-in in the hands of the transferees for the remaining period
and compliance with provisions of the Takeover Regulations, as applicable and such transferee shall
not be eligible to transfer them till the lock-in period stipulated in SEBI ICDR Regulations has
expired. The Equity Shares held by persons other than our Promoters and locked-in for a period of
six months from the date of Allotment in the Offer or any other period as may be prescribed under
applicable law, may be transferred to any other person holding Equity Shares which are locked -in,
subject to the continuation of the lock-in the hands of the transferee for the remaining period and
compliance with the provisions of the Takeover Regulations.
In terms of Regulation 21 of the SEBI ICDR Regulations, the Equity Shares held by our Promoters
which are locked-in as per Regulation 16 of the SEBI ICDR Regulations, may be pledged only with
scheduled commercial banks or public financial institutions or systemically important non-banking
finance companies or deposit taking housing finance companies as collateral security for loans
granted by such entity, provided that such pledge of the Equity Shares is one of the terms of the
sanctioned loan. However, such lock-in will continue pursuant to any invocation of the pledge and
the transferee of the Equity Shares pursuant to such invocation shall not be eligible to transfer the
Equity Shares until the expiry of the lock-in period stipulated above.
e) Lock-in of Equity Shares Allotted to Anchor Investors
50% of the Equity Shares allotted to Anchor Investors under the Anchor Investor Portion shall be
locked-in for a period 90 days from the date of Allotment and the remaining 50% shall be locked-in
for a period of 30 days from the date of Allotment.
f) Sales or purchases of Equity Shares or other specified securities of our Company by our Promoters,
the members of our Promoter Group and/or our Directors and their relatives during the six months
immediately preceding the date of this Draft Red Herring Prospectus.
None of our Promoters, members of our Promoter Group, our Directors or their relatives have sold or
purchased any Equity Shares of our Company during the six months preceding the date of this Draft
Red Herring Prospectus.
91
8. Our shareholding pattern
The table below represents the shareholding pattern of our Company as on the date of this Draft Red Herring Prospectus:
Category Category of Number of Number of Numbe Number of Total Shareholding Number of Voting Rights held in Number of Shareholding, as Number of Number of Number of
(I) shareholder shareholders fully paid up r of shares number of as a % of total each class of securities Equity Shares a % assuming Locked in Equity Shares Equity Shares
(II) (III) Equity Shares Partly underlying shares held number of (IX) Underlying full conversion of Equity Shares pledged or held in
held paid- Depository (VII) shares Outstanding convertible (XII) otherwise dematerialized
(IV) up Receipts =(IV)+(V)+ (calculated as convertible securities (as a encumbered form
Equity (VI) (VI) per SCRR, securities percentage of (XIII) (XIV)
Shares 1957) Number of voting rights Total (including diluted share Number As a % Number As a %
held (VIII) As a % Class eg: Class Total as a % Warrants) capital) (a) of total (a) of total
(V) of (A+B+C2) Equity eg: of (X) (XI)= (VII)+(X) Shares Shares
Shares Othe (A+B+ As a % of held (b) held (b)
rs C) (A+B+C2)(1)
(A) Promoters 5 12,940,534 Nil Nil 12,940,534 60.65 12,940,534 Nil 12,940,534 60.65 Nil 35.42 - - - - 12,940,534
and Promoter
Group
(B) Public 61 8,397,030 Nil Nil 8,397,030 39.35 8,397,030 Nil 8,397,030 39.35 15,196,692 64.58 - - - - 7,901,748
(C) Non - - - - - - - - - - - - - - - - -
Promoter-
Non Public
(C1) Shares - - - - - - - - - - - - - - - - -
underlying
DRs
(C2) Shares held - - - - - - - - - - - - - - - - -
by Employee
Trusts
Total 66 21,337,564 - - 21,337,564 100 21,337,564 21,337,564 100 15,196,692 100 - - - - 20,842,282
(1) Vested options have not been considered for calculation of shareholding.
92
9. As on the date of this Draft Red Herring Prospectus, our Company has 66 equity shareholders and nine preference
shareholders.
10. Shareholding of our Directors, Key Managerial Personnel and Senior Management in our Company
Except as stated below, none of our Directors or Key Managerial Personnel or Senior Management hold any
Equity Shares.
Name Number of Equity Shares Percentage of pre-Offer Equity Share capital

Ankit Mehta 3,686,964 17.28
Rahul Singh 3,583,230 16.79
Ashish Bhat 3,547,070 16.62
Ganapathy 886,598 4.16
Subramaniam
Vipul Joshi 1,437,360 6.74
Vishal Saxena 155,940 0.73
Total 13,297,162 62.32
11. Details of shareholding of the major shareholders of our Company
(a) Set forth below are details of shareholders holding 1% or more of the paid-up share capital of our Company
as on the date of this Draft Red Herring Prospectus:
S. Name of Shareholder Number of Equity Number of Equity Percentage of pre-Offer

No. Shares (on a non- Shares (on a fully Equity Share capital (on a
diluted basis) diluted basis)(1) fully diluted basis)
1. Florintree Enterprise LLP 556,186 4,597,970 12.38
2. Celesta Capital II Mauritius 20,114 4,430,956 11.93
3. Ankit Mehta 3,686,964 3,686,964 9.93
4. Rahul Singh 3,583,230 3,583,230 9.65
5. Ashish Bhat 3,547,070 3,547,070 9.55
Venture Fund I
7. Infosys Limited 22,600 1,647,314 4.44
8. Vipul Joshi 1,437,360 1,437,360 3.87
9. Qualcomm Asia Pacific Pte. 22,600 1,407,528 3.79
Ltd.
10. Ganapathy Subramaniam 886,598 1,142,882 3.08
11. Infina Finance Private 794,390 1,063,556 2.86
Limited
12. Sujata Vemuri 1,061,748 1,061,748 2.86
13. Ravi Bhagavatula 1,061,522 1,061,522 2.86
14. Vikas Malu 596,188 596,188 1.61
Mauritius
17. Export Import Bank of India Nil 403,862 1.09
18. Amardeep Singh 387,364 387,364 1.04
(1) Includes 15,196,692 Equity Shares to be issued pursuant to the conversion of 38,145 Series A CCPS, 19,018 Series B1 CCPS and
10,079 Series B CCPS prior to filing of the Red Herring Prospectus with the RoC in compliance with the requirements under Regulation
5(2) of the SEBI ICDR Regulations and vested options pursuant to ESOP 2018.
(b) Set forth below are details of shareholders holding 1% or more of the paid-up share capital of our Company
as of 10 days prior to the date of this Draft Red Herring Prospectus:
93
1. Florintree Enterprise LLP 556,186 4,597,970 12.43
2. Celesta Capital II Mauritius 20,114 4,430,956 11.98
3. Ankit Mehta 3,686,964 3,686,964 9.97
4. Rahul Singh 3,583,230 3,583,230 9.69
5. Ashish Bhat 3,547,070 3,547,070 9.59
Venture Fund I
7. Infosys Limited 22,600 1,647,314 4.45
8. Vipul Joshi 1,437,360 1,437,360 3.89
9. Qualcomm Asia Pacific Pte. 22,600 1,407,528 3.80
Ltd.
10. Infina Finance Private 794,390 1,063,556 2.87
Limited
11. Sujata Vemuri 1,061,748 1,061,748 2.87
12. Ravi Bhagavatula 1,061,522 1,061,522 2.87
13. Ganapathy Subramaniam 886,598 1,142,882 3.09
14. Vikas Malu 596,188 596,188 1.61
Mauritius
17. Export Import Bank of India Nil 403,862 1.09
18. Amardeep Singh 387,364 387,364 1.05
(1) Includes 15,196,692 Equity Shares to be issued pursuant to the conversion of 38,145 Series A CCPS, 19,018 Series B1 CCPS and
10,079 Series B CCPS prior to filing of the Red Herring Prospectus with the RoC in compliance with the requirements under Regulation
5(2) of the SEBI ICDR Regulations and vested options pursuant to ESOP 2018.
(c) Set forth below are details of shareholders holding 1% or more of the paid-up share capital of our Company
as of one year prior to the date of this Draft Red Herring Prospectus:

1. Celesta Capital II Mauritius 89 16,412 12.53
2. Ankit Mehta 16,314 16,314 12.45
3. Rahul Singh 15,855 15,855 12.10
4. Ashish Bhat 15,695 15,695 11.98
5. Sujata Vemuri 9,995 9,995 7.63
6. Indusage Technology 100 9,175 7.00
Venture Fund I
7. Vipul Joshi 6,360 6,360 4.85
8. Infosys Limited 100 5,502 4.20
9. Qualcomm Asia Pacific 100 5,502 4.20
Pte. Ltd.
10. Infina Finance Private 3,515 3,515 2.68
Limited
11. Vikas Malu 2,638 2,638 2.01
12. Florintree Enterprise LLP 2,461 2,461 1.88
14. Celesta Capital II-B 11 1,954 1.49
Mauritius
15. Amardeep Singh 1,714 1,714 1.31
16. Ganapathy Subramaniam 1,543 1,543 1.18
(1) Includes 38,473 Equity Shares to be issued pursuant to the conversion of 38,145 Series A CCPS and 328 Series A1 CCPS prior to filing
of the Red Herring Prospectus with the RoC in compliance with the requirements under Regulation 5(2) of the SEBI ICDR Regulations
and vested options pursuant to ESOP 2018. Computation of fully diluted basis excludes CCDs as the conversion rate of such CCDs
was contingent on future event and accordingly, was undeterminable on that date.
(d) Set forth below are details of shareholders holding 1% or more of the paid-up share capital of our Company
94
as of two years prior to the date of this Draft Red Herring Prospectus:
S. Name of Shareholder Number of Number of Equity Shares Percentage of pre-Offer

No. Equity Shares (on a fully diluted basis)(1) Equity Share capital (on
(on a non- a fully diluted basis)
diluted basis)
1. Celesta Capital II 89 16,412 12.71
Mauritius
2. Ankit Mehta 16,174 16,174 12.53
3. Ashish Bhat 15,695 15,695 12.16
4. Rahul Singh 15,695 15,695 12.16
5. Sujata Vemuri 9,995 9,995 7.74
6. Indusage Technology 100 9,175 7.11
Venture Fund 1
7. Vipul Joshi 6,260 6,260 4.85
8. Infosys Limited 100 5,502 4.26
9. Qualcomm Asia Pacific 100 5,502 4.26
Pte. Ltd.
10. Infina Finance Private 3,515 3,515 2.72
Limited.
11. Vikas Malu 2,638 2,638 2.04
12. Grow Max Ventures 2,461 2,461 1.91
LLP
13. Amardeep Singh 2,314 2,314 1.79
14. OPG Securities Private 2,062 2,062 1.60
Limited
16. Celesta Capital II-B 11 1,954 1.51
Mauritius
17. Richa Garg 1,816 1,816 1.41
18. Ganapathy 1,343 1,343 1.04
Subramaniam
(1) Includes 38,473 Equity Shares to be issued pursuant to the conversion of 38,145 Series A CCPS and 328 Series A1 CCPS prior to filing
of the Red Herring Prospectus with the RoC in compliance with the requirements under Regulation 5(2) of the SEBI ICDR Regulations
and vested options pursuant to ESOP 2018. Computation of fully diluted basis excludes CCDs as the conversion rate of such CCDs
was contingent on future event and accordingly, was undeterminable on that date.
12. Employee Stock Option Scheme
As on the date of this Draft Red Herring Prospectus, our Company has only one ESOP scheme, namely Employee
Stock Option Scheme 2018 (“ESOP 2018”). Our Company, pursuant to the resolutions passed by the Board of
Directors on April 10, 2018, and our Shareholders on May 2, 2018, adopted the ESOP 2018. The ESOP 2018
was most recently amended pursuant to the resolution passed by the Board of Directors on February 3, 2023 and
our Shareholders’ on February 4, 2023. ESOP 2018 is in compliance with the SEBI SBEB & SE Regulations.
The details of the ESOP 2018, as certified by Ramanand & Associates, Chartered Accountants through a
certificate dated February 10, 2023 are as follows:
Particulars Fiscal 2020 Fiscal 2021 Fiscal 2022 September October 1,

30, 2022 2022 –
The date of
this DRHP
Total options outstanding 2,482.00 9,500.00 9,709.00 11,034.00 15,639.00
(including vested and
unvested options) as at the
beginning of the period
Total options granted 7,614.00 830.00 2,145.00 4,669.00 106.00
during the year/period
95
30, 2022 2022 –
The date of
this DRHP
Vesting period (years) Vesting Period Vesting Period Vesting Period Vesting Period Vesting Period
ranging from 1 ranging from 1 ranging from 1 ranging from 1 ranging from 1
year to 5 years year to 5 years year to 5 years year to 5 years year to 5 years
Total options exercised Nil 300.00 470.00 64.00 3,201.00
Exercise price of options in 10.00 10.00 10.00 10.00 10.00
₹ (as on the date of grant of
options)
Options 596.00 321.00 350.00 Nil 24.00
forfeited/lapsed/cancelled
Variation of terms of The indicative minimum Vesting Period of an Option for the Option Grantees may be 4 (Four)
options years from the Grant Date. Accordingly, upon vesting of the Options and subject to the provisions
of the ESOP Scheme, the Option Grantees shall be entitled to Exercise Options granted to them.
The Vesting of Options granted to the Option Grantees may occur in the manner provided as
below:
End of 1st year from the Grant Date: 10%
Notwithstanding the terms as given above, our Company can have a varying Vesting cycle for
selective Option Grantees, subject to the Applicable Law for the time being and the terms of such
varying Vesting cycle will be set forth in the Grant Letter issued to such Option Grantees.
Money realized by Nil 3,000.00 4,700.00 640.00 32,010.00
exercise of options (in ₹
million)
Total number of options 9,500.00 9,709.00 11,034.00 15,639.00 12,520.00
(vested and unvested)
outstanding as at the end
of
the period’ or ‘Total
number of options in force’
Total options vested in 236.00 1,394.00 2,078.00 476.00 2,479.00
each Fiscal/period
Options exercised (since Nil 300.00 770.00 834.00 4,035.00
implementation of the
ESOP scheme)
Total number of Equity 9,500.00 9,709.00 11,034.00 15,639.00 15,639.00
Shares that would arise as
a result of exercise of
granted options
Description of the pricing
formula and the method
and significant
assumptions used during
the year to estimate the fair
values of options,
including weighted-
average information,
namely, risk-free interest
rate, expected life,
expected volatility,
expected dividends, and
the price of the underlying
share in market at the time
of grant of the option:
Method of Valuation Black-Scholes valuation model
Expected Volatility (%) 50.27-72.08 50.00-72.08 49.00-72.08 49.00-72.08 49.00-72.08
96
30, 2022 2022 –
The date of
this DRHP
Dividend Yield (%) Nil Nil Nil Nil Nil
Average remaining 11-15years 6-15years 6-15years 6-15years 6-15years
contractual life of the
options outstanding at end
of the year (Years)
Risk free interest rate 6.23-7.75 6.07-7.75 6.07-7.75 6.07-7.75 6.07-7.75

Weighted average exercise 19,239.88 19,258.60 51,307.62 54,751.00 54,751.00
prices and weighted
average fair value of
options where:
a) Exercise price equals 10.00 10.00 10.00 10.00 10.00
market price on the date of
grant
- Fair Value of options

granted (₹)
- Exercise Price (₹)

Employee wise details of
options granted to:
(i) Key managerial Sr.No. Name Total number of Number of options
personnel and senior options granted outstanding as on
management the date of this
Draft Red Herring
Prospectus
1. Vipul Joshi 2,105.00 2,105.00
2. Vishal Saxena 3,074.00 2,384.00
3. Ganapathy Subramaniam 1,840.00 Nil
4. Mathew Cyriac 1,785.00 1,785.00
5. Total 8,804.00 6,274.00
(ii) Any other employee

who receives a grant
in any one year of Sr.No. Name Total number of Number of options
options amounting to options granted outstanding as on
5% or more of the the date of this
options granted Draft Red Herring
during the year Prospectus
From October 1, 2022 to the date of this DRHP
Nil
From April 1, 2022 to the date of this DRHP
1. Vipul Joshi 2,105.00 2,105.00
2. Mathew Cyriac 1,785.00 1,785.00
Fiscal Year ended 2022
3. Ezhilan Nanmaran 128.00 96.00
4. Ganapathy Subramaniam 1,840.00 Nil
5. Tushar Namdev Hindlekar 130.00 85.00
6. Somil Gautam 130.00 85.00
7. Nupur Seth 104.00 67.00
8. Naveen Navlani 47.00 25.00
9. Amit Shrishrimal 47.00 Nil
10. Kruthi Aramanamada 104.00 52.00
11. Vishal Saxena 94.00 Nil
97
30, 2022 2022 –
The date of
this DRHP
12. Krishan Kumar 130.00 85.00
13. Vishal Saxena 2,980.00 2,384.00
14. Aaditya Khimji 4,470.00 4,470.00
(iii) Identified employees 7,450.00 Nil 1,840.00 Nil 3,890.00

who were granted
options during any
one year equal to or
exceeding 1% of the
issued capital
(excluding
outstanding warrants
and conversions) of
our Company at the
time of grant
Diluted earnings per share Nil Nil 1.66 Nil 2.04
pursuant to the issue of
equity shares on exercise
of options in accordance
with IND AS 33 ‘Earnings
Per Share’(₹)
Where our Company has Not applicable because our Company has accounted employee compensation in books using the
calculated the employee fair value of options.
compensation cost using
the intrinsic value of the
stock options, the
difference, if any, between
employee compensation
cost so computed and the
employee compensation
calculated on the basis of
fair value of the stock
options and the impact of
this difference, on the
profits of our Company
and on the earnings per
equity share of our
Company
Impact on the profits and Not applicable because our company had followed the accounting policies specified in Regulation
on the Earnings Per Share 15 of the SEBI SBEB Regulations i.e., as per the Indian Accounting Standards
of the last three years if the
accounting policies
specified in the Securities
and Exchange Board of
India (Share Based
Employee Benefits)
Regulations, 2014 or the
SEBI SBEBSE
Regulations had been
followed, in respect of
options granted in the last
three years
Increase in loss for the year
(₹ million)
Revised EPS (₹)
98
30, 2022 2022 –
The date of
this DRHP
Intention of key Not applicable because none of the Key Managerial Personnel, Senior Management or whole-time
managerial personnel, directors have expressed their intention to sell their Equity shares within three months after the
senior management and listing of Equity Shares pursuant to the Offer.
whole-time directors who
are holders of Equity
Shares allotted on exercise
of options to sell their
shares within three months
after the listing of Equity
Shares pursuant to the
Offer
Intention to sell Equity Not applicable because none of our Director, Key Managerial Personnel, Senior Management or
Shares arising out of the employee has expressed their intention to sell Equity Shares arising out of the ESOP 2018
ESOP scheme or allotted amounting to more than 1% of the issued capital (excluding outstanding warrants and conversions)
under an ESOP scheme within three months after the listing of Equity Shares pursuant to the Offer.
within three months after
the listing of Equity Shares
by directors, key
managerial personnel,
senior management and
employees having Equity
Shares arising out of the
ESOP scheme, amounting
to more than 1% of the
issued capital (excluding
outstanding warrants and
conversions)
13. There have been no financing arrangements whereby our Directors or any of their relatives have financed the
purchase by any other person of securities of our Company during the six months immediately preceding the
date of filing of this Draft Red Herring Prospectus.
14. Our Company, our Directors and the BRLMs have not entered into any buy-back arrangement for purchase of
the Equity Shares being offered through the Offer.
15. The Equity Shares are fully paid-up and there are no partly paid-up Equity Shares as on the date of this Draft
Red Herring Prospectus. The Equity Shares to be issued or transferred pursuant to the Offer shall be fully paid-
up at the time of Allotment.
16. None of the BRLMs and their respective associates (as defined under the SEBI (Merchant Bankers) Regulations,
1992) hold any Equity Shares in our Company as on the date of this Draft Red Herring Prospectus.
17. Except for (i) the options granted pursuant to the ESOP 2018, and (ii) the Preference Shares issued by our
Company, there are no outstanding warrants, options or rights to convert debentures, loans or other instruments
into, or which would entitle any person any option to receive Equity Shares of our Company, as on the date of
this Draft Red Herring Prospectus.
18. No person connected with the Offer, including, but not limited to, our Company, the Selling Shareholders, the
members of the Syndicate, or our Directors, shall offer any incentive, whether direct or indirect, in any manner,
whether in cash or kind or services or otherwise to any Bidder for making a Bid.
19. Except for the allotment of Equity Shares pursuant to (i) the Fresh Issue, (ii) conversion of Preference Shares,
(iii) exercise of employee stock options under ESOP 2018 and (iv) Pre-IPO Placement there will be no further
99
issue of specified securities whether by way of issue of bonus shares, preferential allotment, rights issue or in
any other manner during the period commencing from the date of filing of this Draft Red Herring Prospectus
with SEBI until the Equity Shares have been listed on the Stock Exchanges or all application monies have been
refunded, as the case may be.
20. Except for the Equity Shares to be allotted pursuant to (i) the Fresh Issue, and (ii) exercise of employee stock
options under ESOP 2018, there is no proposal or intention, negotiations or consideration by our Company to
alter its capital structure by way of split or consolidation of the Equity Shares or issue of Equity Shares or
convertible securities on a preferential basis or issue of bonus or rights or further public offer of such securities,
within a period of six months from the Bid/Offer Opening Date.
21. The BRLMs, and any person related to the BRLMs or the Syndicate Members, cannot apply in the Offer under
the Anchor Investor Portion, except for Mutual Funds sponsored by entities which are associate of the BRLMs,
or insurance companies promoted by entities which are associates of the BRLMs, or AIFs sponsored by entities
which are associates of the BRLMs, or a FPI (other than individuals, corporate bodies and family offices)
sponsored by entities which are associates of the BRLMs.
22. Our Company shall ensure that there shall be only one denomination of the Equity Shares, unless otherwise
permitted by law.
23. Our Company will comply with such disclosure and accounting norms as may be specified by SEBI from time
to time. All transactions in Equity Shares by our Promoters and members of our Promoter Group between the
date of filing of this Draft Red Herring Prospectus and the date of closing of the Offer shall be reported to the
Stock Exchanges within 24 hours of such transactions.
24. Up to [●] Equity Shares aggregating up to ₹ [●] million (which shall not exceed 5% of the post-Offer equity
share capital of our Company) shall be reserved for allocation to Eligible Employees under the Employee
Reservation Portion, subject to valid Bids being received at or above the Offer Price (net of Employee Discount,
if any, as applicable for the Employee Reservation Portion). Only Eligible Employees would be eligible to apply
in the Offer under the Employee Reservation Portion. Bids by Eligible Employees can also be made in the Net
Offer and such Bids shall not be treated as multiple Bids. Unless the Employee Reservation Portion is
undersubscribed, the value of allocation to an Eligible Employee shall not exceed ₹ 200,000 (net of Employee
Discount). In the event of undersubscription in the Employee Reservation Portion, the unsubscribed portion may
be allocated, on a proportionate basis, to Eligible Employees for value exceeding ₹ 200,000 (net of Employee
Discount) up to ₹ 500,000 (net of Employee Discount).
100
OBJECTS OF THE OFFER
The Offer comprises of a Fresh Issue of up to [●] Equity Shares, aggregating up to ₹ 3,000.00 million by our Company
and an Offer for Sale of up to 4,869,712 Equity Shares aggregating up to ₹ [●] million by the Selling Shareholders.
For details, see ‘Summary of the Offer Document’ and ‘The Offer’ on pages 20 and 63, respectively.
Offer for Sale
Each of the Selling Shareholders will be entitled to its respective portion of the proceeds of the Offer for Sale after
deducting its proportion of the Offer expenses and relevant taxes thereon. Our Company will not receive any proceeds
from the Offer for Sale. The proceeds of the Offer for Sale will be received by the Selling Shareholders and will not
form part of the Net Proceeds. For further details, see ‘-Offer related expenses’ on page 111.
Object of the Fresh Issue
Our Company proposes to utilize the Net Proceeds towards funding the following objects (collectively, the
“Objects”):
1. Repayment/prepayment of certain indebtedness availed by our Company;

2. Funding working capital requirements;
3. Investment in product development; and
4. General corporate purposes.
In addition, we expect to achieve the benefit of listing of the Equity Shares on the Stock Exchanges, enhancement of
our Company’s visibility and brand name amongst our existing and potential customers and creation of a public market
for the Equity Shares in India.
The main objects clause and objects incidental and ancillary to the main objects clause as set out in the Memorandum
of Association enables our Company: (i) to undertake our existing business activities; and (ii) to undertake the
proposed activities for which the funds are being raised by us in the Fresh Issue, as well as the activities towards which
the loans proposed to be repaid or pre-paid from the Gross Proceeds were utilised.
Net Proceeds
After deducting the Offer related expenses from the Gross Proceeds, we estimate the net proceeds of the Fresh Issue
to be ₹ [●] million (“Net Proceeds”). The details of the Net Proceeds of the Offer are summarized in the table below.
S. No Particulars Estimated Amount (in ₹ million)

(a) Gross Proceeds of the Fresh Issue Up to ₹ 3,000.00 million(1)
(b) Less: Offer Expenses in relation to the Fresh Issue(2) [●](2)(3)
(c) Net Proceeds [●](3)
(1)
Includes the proceeds, if any, received pursuant to the Pre-IPO Placement. If the Pre-IPO Placement is completed, the amount raised pursuant
to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR, as amended. Details of the
Pre-IPO Placement, if undertaken, shall be included in the Red Herring Prospectus. Upon allotment of specified securities pursuant to the Pre-
IPO Placement, we may utilize the proceeds from the Pre-IPO Placement towards the Objects as set out in this section.
(2)
See ‘-Offer Related Expenses’ on page 111.
(3)
To be determined after finalisation of the Offer Price and updated in the Prospectus prior to filing of the RoC.
Utilisation of Net Proceeds
The Net Proceeds are proposed to be utilised in accordance with the details provided in the table below.
Particulars Amount (in ₹ million)^

Repayment/prepayment of certain indebtedness availed by our Company 500.00
Funding working capital requirements 1,350.00
Investment in product development 400.00
101
Particulars Amount (in ₹ million)^
General corporate purposes (1) [●]
Total Net Proceeds(1) [●]
^ Includes the proceeds, if any, received pursuant to the Pre-IPO Placement. If the Pre-IPO Placement is completed, the amount raised pursuant
to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the SCRR, as amended. Details of the
Pre-IPO Placement, if undertaken, shall be included in the Red Herring Prospectus.
(1)
To be finalized upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount utilised for general
corporate purposes shall not exceed 25% of the Gross Proceeds.
Proposed schedule of implementation and deployment of Net Proceeds
We propose to deploy the Net Proceeds for the aforesaid purposes in accordance with the estimated schedule of
implementation and deployment of funds as set forth in the table below:
(₹ in million)
S. Particulars Amount to be Amount to be Amount to be
No funded from Net deployed from the deployed from the
Proceeds Net Proceeds in Net Proceeds in
Fiscal 2024(2) Fiscal 2025(2)
1. Repayment/prepayment of certain 500.00 500.00 Nil
indebtedness availed by our Company
2. Funding working capital requirements 1,350.00 850.00 500.00
3. Investment in product development 400.00 200.00 200.00
4. General corporate purposes(1) [●] [●] [●]
Total Net Proceeds(1) [●] [●] [●]
(1)
To be finalized upon determination of the Offer Price and updated in the Prospectus prior to filing with the RoC. The amount utilised for
general corporate purposes shall not exceed 25% of the Gross Proceeds.
(2)
Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of specified securities, as may be permitted under the
applicable law, aggregating up to ₹ 600.00 million, prior to filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if
undertaken, will be at a price to be decided by our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the
amount raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule 19(2)(b) of the
SCRR, as amended. Details of the Pre-IPO Placement, if undertaken, shall be included in the Red Herring Prospectus. Upon allotment of
specified securities pursuant to the Pre-IPO Placement, we may utilize the proceeds from the Pre-IPO Placement towards the Objects as set
out in this section.
The above-stated fund requirements, deployment of the funds and the intended use of the Net Proceeds as described
in this Draft Red Herring Prospectus are based on (a) our current business plan and internal management estimates
based on current market conditions; and (b) certificate from chartered accountant for certifying the working capital
requirements. However, such fund requirements and deployment of funds have not been appraised by any bank,
financial institution or any other independent agency. For further details, see ‘Risk Factors – Our funding
requirements and proposed deployment of the Net Proceeds are not appraised by any independent agency and are
based on management estimates and may be subject to change based on various factors, some of which are beyond
our control.’ on page 47. We may have to revise our funding requirements and deployment on account of a variety of
factors such as our financial and market condition, our business and growth strategies, our ability to identify and
implement inorganic growth initiatives (including investments and acquisitions), competitive landscape, general
factors affecting our results of operations, financial condition and access to capital and other external factors such as
changes in the business environment or regulatory climate and interest or exchange rate fluctuations, which may not
be within the control of our management. This may entail rescheduling the proposed utilisation of the Net Proceeds
and changing the allocation of funds from its planned allocation at the discretion of our management, subject to
compliance with applicable law. For details, see ‘Risk Factors - Any variation in the utilisation of the Net Proceeds
would be subject to certain compliance requirements, including prior shareholder’s approval.’ on page 47.
In case of variations in the actual utilization of funds earmarked for the purposes set forth above, increased fund
requirements for a particular purpose may be financed by our internal accruals, additional equity and/or debt
arrangements, as required. In case the actual utilisation towards any of the Objects is lower than the proposed
deployment, such balance will be used for funding other existing Objects, if necessary and / or towards general
corporate purposes to the extent that the total amount to be utilised towards general corporate purposes does not exceed
25% of the Gross Proceeds in accordance with the SEBI ICDR Regulations.
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Further, our Company may decide to accelerate the estimated Objects ahead of the schedule specified above. However,
in the event that estimated utilization out of the Net Proceeds in a scheduled Fiscal being not undertaken in its entirety,
the remaining Net Proceeds shall be utilised in subsequent Fiscals, as may be decided by our Company, in accordance
with applicable laws. Any such change in our plans may require rescheduling of our expenditure programs and
increasing or decreasing expenditure for a particular object vis-à-vis the utilization of Net Proceeds.
Further, in case of a shortfall in raising requisite capital from the Net Proceeds towards meeting the objects, our
Company may explore a range of options including utilising our internal accruals and seeking additional debt from
existing and future lenders. We believe that such alternate arrangements would be available to fund any such shortfalls.
Means of finance
The fund requirements for the Objects above are proposed to be entirely funded from the Net Proceeds and hence, no
amount is proposed to be raised through any other means of finance. Accordingly, we are in compliance with the
requirements prescribed under Paragraph 9(C)(1) of Part A of Schedule VIII and Regulation 7(1)(e) of the SEBI ICDR
Regulations which require firm arrangements of finance to be made through verifiable means towards at least 75% of
the stated means of finance, excluding the amount to be raised through the Fresh Issue and existing internal accruals.
In case of a shortfall in the Net Proceeds or any increase in the actual utilisation of funds earmarked for the Objects,
our Company may explore a range of options including utilizing our internal accruals.
Details of the Objects
1. Repayment/prepayment of certain indebtedness availed by our Company
Our Company has entered into various financing arrangements with banks and financial institutions. Our Company
avails fund based and non-fund based facilities in the ordinary course of its business for purposes such as, inter alia,
meeting our working capital requirements or business requirements. As on November 30, 2022, the aggregated
outstanding borrowings of our Company amounted to ₹ 1,301.25 million on a consolidated basis. For further details,
see ‘Financial Indebtedness’ on page 370. Our Company proposes to utilize an estimated amount of ₹ 500.00 million
from the Net Proceeds towards full or partial repayment/ prepayment of all or a portion of certain borrowings availed
by our Company. The repayment/ prepayment, will help reduce our outstanding indebtedness, assist us in maintaining
a favourable debt-equity ratio and enable utilisation of some additional amount from our internal accruals for further
investment in business growth and expansion. Our Company may choose to repay/ prepay certain borrowings availed
further by our Company and/or draw down further funds under existing loans, other than those identified in the table
below, which may include additional borrowings availed after the filing of this Draft Red Herring Prospectus.
Given the nature of borrowing and the terms of repayment/prepayment, the aggregate outstanding borrowing amount
may vary from time to time. The amounts outstanding under these borrowings as well as the sanctioned limits are
dependent on several factors and may vary with our business cycle with multiple intermediate repayments, drawdowns
and enhancement of sanctioned limits. Payment of interest, prepayment penalty or premium, if any, and other related
costs shall be made by us out of the Net Proceeds. If the Net Proceeds are insufficient for making payments for such
pre-payment penalties or premiums or interest, such excessive amount shall be met from our internal accruals. If at
the time of Allotment, any of the below mentioned loans are repaid or refinanced or if any additional credit facilities
are availed or drawn down or further disbursements under the existing facilities are availed by our Company, then our
Company may utilise the Net Proceeds for prepayment/ repayment of any such refinanced facilities or repayment of
any additional facilities/ disbursements obtained by our Company. However, the aggregate amount to be utilised from
the Net Proceeds towards repayment/ prepayment of certain borrowings, in part or in full, would not exceed ₹ 500.00
million.
In light of the above, at the time of filing the Red Herring Prospectus, the table below shall be suitably updated to
reflect the revised amounts or loans as the case may be which have been availed by us. Further, in the event our Board
deems appropriate, the amount allocated for estimated schedule of deployment of Net Proceeds in a particular Fiscal
may be repaid / pre-paid by our Company in the subsequent Fiscal.
The following table provides details of certain borrowings availed by our Company as on November 30, 2022, out of
which our Company proposes to pre-pay or repay, in full or in part, up to an amount aggregating to ₹ 500.00 million
103
from the Net Proceeds:
S. Name of Nature of Purpose Amount Outstandi Rate of Tenor Repayme Prepaym

N the the for which sanctione ng interest nt ent
o. lender(3) facility(5) amount d as on amount as at Schedule penalty
was Novembe as per Novembe condition
utilised(1) r 30, 2022 books of r 30, 2022 s
(in ₹ accounts
million) as at
Novembe
r 30, 2022
(in ₹
million)
1. HDFC Fund Working 592.75(6) 272.57 9.51%(2) 12 months As per 4% or
Bank based capital and demand such rate
Limited (working for bank as may be
capital) guarantee advised by
and non- the bank(9)
fund based
2. Export- Fund Working 750.00(7) 340.86 9.25%(3) 2 years As per Such rate
Import based capital and demand as may be
Bank of (working for bank determine
India(11) capital) guarantee d by the
and non- bank
fund based having
regard to
the then
remaining
maturity
period of
disbursem
ent(10)
3. Axis Bank Fund Working 300.00(8) 201.07 Repo rate 1 year As per Not
Limited based capital and +3.10%(4) from May demand applicable
(working for bank 5, 2022
capital) guarantee
and non-
fund based
Total 1,642.75 814.50
(1)
In accordance with Clause 9(A)(2)(b) of Part A of Schedule VI of the SEBI ICDR Regulations which requires a certificate from the statutory
auditor certifying the utilization of loan for the purposed availed, our Company has obtained the requisite certificate from our Statutory
Auditors by way of their certificate dated February 9, 2023.
(2)
Rate of interest according to sanction letter dated January 31, 2023.
(3)
Rate of interest according to sanction letter dated March 24, 2022. As per renewed sanction letter dated November 30, 2022, rate of interest
will be conveyed while allocation of contracts under the limit closer to the date of disbursement.
(4)
Rate of interest according to sanction letter dated June 16, 2022.
(5)
Only fund based facilities are proposed to be repaid from the Net Proceeds.
(6)
With fund-based limit of ₹ 250.00 million for cash credit and sub-limit of ₹ 90.00 million from non-fund based limit.
(7)
Interchangeable with cash flow deficit funding of up to ₹ 500.00 million.
(8)
With cash credit sublimit of ₹ 200.00 million.
(9)
As per Master Facility Agreement dated December 14, 2021.
(10)
As per Facilities Agreement dated March 28, 2022.
(11)
Export Import Bank of India is also a Selling Shareholder.
The borrowings proposed to be prepaid or repaid amongst our borrowing arrangements availed will be based on
various factors, including (i) cost of the borrowing, including applicable interest rates, (ii) any conditions attached to
the borrowings restricting our ability to prepay / repay the borrowings and time taken to fulfil, or obtain waivers for
fulfilment of such conditions, (iii) receipt of consents for prepayment from the respective lenders, (iv) levy of any
prepayment penalties and the quantum thereof, (v) provisions of any laws, rules and regulations governing such
borrowings, and (vi) other commercial considerations including, among others, the amount of the loan outstanding
and the remaining tenor of the loan. The selection and extent of the borrowings proposed to be prepaid and / or repaid
as mentioned in the table above, is not determined and our Company may utilize the Net Proceeds to prepay and / or
104
repay the facilities disclosed above in accordance with commercial considerations, including amounts outstanding at
the time of prepayment and/ or repayment.
For the purposes of the Offer, our Company has intimated and has obtained necessary consents from its lenders, as is
respectively required under the relevant facility documentation for undertaking activities in relation to this Offer,
including consequent actions, such as change in the capital structure, change in shareholding pattern of our Company,
amendment to the Articles of Association of our Company, etc.
For details in relation to the terms and conditions under the aforesaid loan agreements as well as restrictive covenants
in relation thereto, see ‘Financial Indebtedness’ and ‘Risk Factors – Our inability to meet our obligations, including
financial and other covenants under our debt financing arrangements could adversely affect our business and
results of operations’ on pages 370 and 47, respectively.
2. Funding working capital requirements
Our business is working capital intensive and we fund a majority of our working capital requirements in the ordinary
course of business from internal accruals and financing from various banks and financial institutions. As on November
30, 2022, our Company has total sanctioned limit of working capital facilities of ₹ 1,777.20 million, including fund-
based and non-fund based sub-limits, and has utilized ₹ 1,301.25 million, on a standalone basis. For details, see
‘Financial Indebtedness’ on page 370. We propose to utilise ₹ 1,350.00 million from the Net Proceeds to fund the
working capital for meeting business requirements of our Company in Fiscals 2024 and 2025 respectively.
(a) Existing working capital
Set forth below are the existing working capital of our Company as at six months ended September 30, 2022, and as
at the Fiscals ended March 31, 2022, 2021 and 2020, as derived from our financial information:
(in ₹ million)
Particulars As at the six As at the Fiscal As at the Fiscal As at the Fiscal
months ended ended March 31, ended March 31, ended March 31,
September 30, 2022 2021 2020
2022
(A) Current assets
(a) Inventories 636.01 489.14 234.20 108.55
(b) Financial assets
i. Trade 551.58 203.07 237.50 101.15
receivables
(c) Other current assets 292.66 239.47 125.81 44.31
Total current assets (A) 1,480.24 931.68 597.51 254.01
(B) Current liabilities

(a) Financial liabilities
i. Trade payables 150.57 74.94 47.46 8.23
ii. Other financial 230.77 327.63 63.08 27.78
liabilities,
provisions,
other current
liabilities and
current tax
liabilities
Total current liabilities (B) 381.34 402.57 110.54 36.01
(C) Total working capital 1,098.90 529.11 486.97 218.00

requirements (C=A-B)
(D) Funding Pattern
105
Particulars As at the six As at the Fiscal As at the Fiscal As at the Fiscal
months ended ended March 31, ended March 31, ended March 31,
September 30, 2022 2021 2020
2022
Borrowings from banks, financial 1,098.90 529.11 486.97 218.00
institution and non-banking financial
companies (including bill discounting)
or internal accruals or equity (D)
As certified by Ramanand & Associates, Chartered Accountants, pursuant to their certificate dated February 10, 2023.
(b) Future working capital
We propose to utilize ₹ 850.00 million and ₹ 500.00 million of the Net Proceeds in Fiscals 2024 and 2025, respectively,
towards our Company’s working capital requirements. The balance portion of working capital requirement of our
Company shall be met through internal accruals.
On the basis of our existing working capital requirements and the projected working capital requirements, our Board,
pursuant to their resolution dated February 9, 2023, has approved the expected working capital requirements for
Fiscals 2023, 2024 and 2025 and the proposed funding of such working capital requirements are stated below:
(In ₹ million)
Particulars Fiscals
2023 2024 2025
(A) Current assets
(a) Inventories 869.11 1,340.01 1,684.68
i. Trade receivables 834.19 1,335.76 1,800.41
(c) Other current assets 229.12 327.55 394.50
Total current assets (A) 1,932.42 3,003.32 3,879.59

i. Trade payables 194.08 271.53 314.13
ii. Other financial 417.78 648.58 840.88
liabilities,
provisions, other
current liabilities
and current tax
liabilities
Total current liabilities (B) 611.86 920.11 1,155.00
(C) Total working capital requirements 1,320.56 2,083.21 2,724.59

(C=A-B)
(D) Funding Pattern

Borrowings from banks, financial 1,320.56 1,233.21 2,224.59
institutions and nonbanking financial
companies (including bill
discounting) and/ or internal accruals or
equity (D)
Amount proposed to be utilized from Net - 850.00 500.00
Proceeds (E)
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Pursuant to its certificate dated February 10, 2023, Ramanand & Associates, Chartered Accountants, has compiled
and confirmed the working capital estimates and working capital projections, as noted by the Board of Directors of
our Company pursuant to its resolution dated February 9, 2023.
107
Holding levels and justifications for holding period levels derived from our Restated Consolidated Financial Information
The following table sets forth the details of the holding period (with days rounded to the nearest) considered for our Company for the years/ periods mentioned
below:
Particulars No. of days

For the Fiscal For the Fiscal For the Fiscal For the six For the Fiscal For the Fiscal For the Fiscal
ended March ended March ended March months ended ended March ended March ended March
31, 2020 31, 2021 31, 2022 September 30, 31, 2023 31, 2024 31, 2025
(Actual) (Actual) (Actual) 2022 (Estimated) (Estimated) (Estimated)
(Actual)
(A) Current assets
(a) Inventory 283 246 112 166 127 122 114
i. Trade 264 250 46 144 122 122 122
receivables
ii. Other current 116 132 55 77 33 30 27
assets

i. Trade payables 21 50 17 39 28 25 21
ii. Other financial 72 66 75 60 61 59 57
liabilities,
provisions,
other current
liabilities and
current tax
liabilities
108
Justifications for holding period levels
The working capital projections made by our Company are based on certain key assumptions, as set out below:
Particulars No. of days

Current assets
Inventory The holding levels of the inventories were 283 in Fiscal 2020 and 246 in Fiscal
2021 respectively. The business operations during the said periods were impacted
by Covid-19. However, the holding level was reduced to 112 days in Fiscal 2022,
due to large order billing during the third quarter of Fiscal 2022 which resulted
in decrease in the inventory level as at Fiscal ended March 31, 2022. We expect
the holding level in Fiscal 2023 to be 127 days on account of procurement of raw
materials for future orders, and the holding level to improve there onwards with
improving scale of the business.
Trade receivables The trade receivable holding days were 264 days in Fiscal 2020 and 250 days in
Fiscal 2021. The business operations during the said periods were impacted by
Covid-19. The receivable days were reduced to 46 days in Fiscal 2022, due to the
receipt of payment for a large order during the fourth quarter of Fiscal 2022,
which resulted in decrease in the receivable days as at Fiscal ended March 31,
2022. Receivable days are 144 days as of September 30, 2022, on account of
billing done for orders shipped during the period. Basis expected business
activity, we expect the receivable days in Fiscal 2023 to be 122 days and remain
steady there onwards.
Other Current Assets In Fiscal 2021, other current assets days were 132, largely on account of advances
to vendors and balances with government authorities. This improved to 55 days
in Fiscal 2022 on account of the substantial increase in the scale of our revenues.
These are expected to continue to improve going forward on account of
improving scale of the business.
Current Liabilities
Trade payables Trade payables for the Fiscal 2021 was 50 days on account of the business
operations being impacted by Covid-19. We expect going forward this to be in
the range of 21-28 days which is in line with the credit terms agreed with the
suppliers and the projected business activity for the Fiscals 2024 and 2025.
Other financial liabilities, provisions, In the past, the holding levels were 72 days in Fiscal 2020, 66 days in Fiscal 2021
other current liabilities and current tax and 75 days in Fiscal 2022, which improved to 60 days as for the six months
liabilities ended September 30, 2022, driven by increase in the scale of the business. These
are expected to continue to improve going forward on account of improving scale
of the business.
3. Investment in product development
We cater to domestic and international customers across various segments, including, defence, and civil for
surveillance, mapping, and surveying. We believe that our growth over the years is attributable to our industry
leading design and technological capabilities, our ability to invent and deliver customer centric offerings (i.e.,
hardware, software and solutions) and our vertically integrated operations.
We intend to utilise ₹ 400.00 million from the Net Proceeds towards investment in product development
opportunities. Continuous product development by way of product and market research is integral for growth in
the UAV industry (Source: 1Lattice Report). Consequentially, many drone manufacturers are laying emphasis on
product development and testing (Source: 1Lattice Report). Some of the legacy Indian defence players are
currently spending between 6% and 8% of their revenue from operations on research and development related
activities and investments (Source: 1Lattice Report). As product innovation is at the core of our growth, we
emphasize on constant innovation and enhancing our products, including our technology stack. We constantly
endeavour to develop both our existing portfolio and innovate new products. For instance, we intend to introduce
newer versions of our UAVs such as NETRA, SWITCH, and Q6, wherein our focus will be on improving
performance, reliability and autonomy of the UAVs. We also strive to create enterprise specific solutions for our
customers, including upgrading the existing technology including in-house software and solutions. For details,
see ‘Our Business – Our Strategies - Continue to invest in product innovation, engineering and design’ on page
194.
Our indigenous capabilities allow us to design, develop, engineer and manufacture our UAVs in-house with a
focus on performance, reliability and autonomy of the UAVs. We are a vertically integrated company equipped
with in-house product development centre, which allows us to design, develop, engineer and manufacture our
109
UAVs. We invest a significant amount of resources in enhancing the customer experience and reviewing needs of
our customers, and expanding our capabilities to develop products. We incurred ₹ 86.14 million, ₹ 89.21 million
and ₹ 113.97 million, ₹ 54.62 million and ₹ 76.50 million as expenses for product development in Fiscals 2020,
2021 and 2022, and in the six months ended September 30, 2021 and September 30, 2022, respectively which
includes inter alia expenses on manpower (which includes procurement of engineers, product managers,
consultants for designing and testing new products, etc.), material costs (which includes expenses incurred for
composites, plastics, metal, and machined parts and electronic components, etc.) which are required for product
development purposes and overhead cost (which includes expenses incurred for paying rent for the premises, or
lease expenses, etc.). Our cost of materials consumed was ₹ 347.40 million, ₹ 513.90 million, ₹ 220.99 million
and ₹ 76.84 million in the six months ended September 30, 2022, and in Fiscals 2022, 2021 and 2020, respectively.
Further, as on December 31, 2022, we had 93 employees in the product development team, which is approximately
36.90% of our overall employee strength, and we intend to add more capable and experienced employees in the
product development team, in order for us to make better products and solutions.
Our existing portfolio consists of:
(a) hardware, which primarily includes UAVs, payloads, batteries, chargers and communication system (which
enables communication between the ground control station and the UAVs),
(b) software and embedded sub-systems, which includes the GCS software, which enables the controlling and
management for our UAVs and autopilot sub-system, which enables remote control and autonomous
completion of flights, and
(c) solutions, which enables industry/ application specific software that enhances the value of our UAVs to the
end customer.
In addition to the above product offerings, we are in the process of developing UAVs as an on-demand service
solution, which will mean our UAVs will be deployed to enable operations in a prescheduled or ad hoc/on demand
manner at a short notice. We believe that competitive advantage is transient and hence we continue to innovate
our offerings. For instance, we have introduced UAVs such as RYNO and Q6 to provide mapping and surveying
solutions, and Q4i, NETRA V4+ and SWITCH, to provide surveillance, and disaster relief solutions to our
customers for different operating environments and applications. We will continue to focus on innovation, in order
to upgrade our products in line with the emerging needs of the customers. Drone technology is a sunrise sector,
poised for exponential growth worldwide (Source: 1Lattice Report). India finds itself to be at a critical juncture
in the evolutionary timeline of drone technology and aims to position itself as global drone hub by 2030 (Source:
1Lattice Report). Further, the global drone industry is also estimated to be US$ 21.1 billion in 2022 (Source:
1Lattice Report). The industry has witnessed a significant growth at a CAGR of 19% over 2018-2022 and is
expected to grow even faster at a CAGR of 20% to be approximately US$ 51.4 billion in 2027 and further leap to
approximately US$ 91.3 billion by 2030 (Source: 1Lattice Report). We believe that investment in product
development is essential to our business, in order to take advantage of growth opportunities in the UAV industry.
Moreover, the government of India aims to promote domestic drone research, development, and manufacturing
by promoting creation of drone infrastructure and ecosystem. With the recent initiatives of the Government of
India i.e., “Atmanirbhar Bharat Abhiyan”, wherein focus has been on indigenisation, we are poised to take full
benefit of such schemes and reduce our dependency on imports thereby reducing our import spend, see ‘Our
Business – Our Strategies - Focus on indigenisation’ on page 196, for further details.
However, our investment in product development is subject to multiple internal and external factors, including
applicable business requirements including our ability to compete effectively and to adapt to changes in customer
and user preferences, and regulatory tailwinds for this industry and technological advancements. See ‘Risk
Factors – Our funding requirements and proposed deployment of the Net Proceeds are not appraised by any
independent agency and are based on management estimates and may be subject to change based on various
factors, some of which are beyond our control.’ on page 47.
4. General corporate purposes
Our Company proposes to deploy the balance Net Proceeds aggregating to ₹ [●] million towards general corporate
purposes, subject to such amount not exceeding 25% of the Gross Proceeds, in compliance with the SEBI ICDR
Regulations. The general corporate purposes for which our Company proposes to utilise Net Proceeds include,
but are not restricted to, the following:
i. strategic initiatives;
110
ii. strengthening marketing capabilities and brand building exercises;
iii. employee and other personnel expenses;
iv. repayment and/ or prepayment of additional outstanding borrowings of our Company or Subsidiary;
v. meeting ongoing general corporate exigencies and contingencies;
vi. capital expenditure;
vii. expenses of our Company; and
viii. any other purpose.
The allocation or quantum of utilisation of funds towards the specific purposes described above will be determined
by our Board, based on our business requirements and other relevant considerations, from time to time. Our
management, in accordance with the policies of the Board, shall have the flexibility in utilising surplus amounts,
if any.
Bridge Financing
Our Company has not raised any bridge loans from any bank or financial institution as on the date of this Draft
Red Herring Prospectus, which are proposed to be repaid from the Net Proceeds.
Monitoring of Utilisation of Funds
In terms of Regulation 41 of the SEBI ICDR Regulations, our Company shall appoint a Monitoring Agency for
monitoring the utilisation of net proceeds, prior to the filing of the Red Herring Prospectus, as our size of the Offer
(excluding the Offer for Sale by the Selling Shareholders) exceeds ₹ 1,000.00 million, in accordance with
Regulation 41 of the SEBI ICDR Regulations. Our Audit Committee and the Monitoring Agency will monitor the
utilisation of the Net Proceeds. Our Company undertakes to place the report(s) of the Monitoring Agency on
receipt before the Audit Committee without any delay. Our Company will disclose the utilisation of the Net
Proceeds, including interim use under a separate head in our balance sheet for such periods as required under the
SEBI ICDR Regulations, the SEBI Listing Regulations and any other applicable laws or regulations, clearly
specifying the purposes for which the Net Proceeds have been utilised if any, of such currently unutilised Net
Proceeds. Our Company will also, in its balance sheet for the applicable Fiscals, provide details, if any, in relation
to all such Net Proceeds that have not been utilised, if any, of such currently unutilised Net Proceeds.
Pursuant to Regulation 18(3) and Regulation 32(3) of the SEBI Listing Regulations, our Company shall, on a
quarterly basis, disclose to the Audit Committee the uses and applications of the Net Proceeds. On an annual basis,
our Company shall prepare a statement of funds utilised for purposes other than those stated in this Draft Red
Herring Prospectus and place it before the Audit Committee and make other disclosures as may be required until
such time as the Net Proceeds remain unutilised. Such disclosure shall be made only until such time that all the
Net Proceeds have been utilised in full. The statement shall be certified by the statutory auditor of our Company.
Furthermore, in accordance with Regulation 32(1) of the SEBI Listing Regulations, our Company shall furnish to
the Stock Exchanges on a quarterly basis, a statement indicating (i) deviations, if any, in the actual utilisation of
the proceeds of the Fresh Issue from the objects of the Fresh Issue as stated above; and (ii) details of category
wise variations in the actual utilisation of the proceeds of the Fresh Issue from the objects of the Fresh Issue as
stated above. This information will also be published in newspapers simultaneously with the interim or annual
financial results and explanation for such variation (if any) will be included in our director’s report, after placing
the same before the Audit Committee. We will disclose the utilisation of the Net Proceeds under a separate head
along with details in our balance sheet(s) until such time as the Net Proceeds remain unutilised clearly specifying
the purpose for which such Net Proceeds have been utilised. Our Company will indicate investments, if any, of
unutilised Net Proceeds in the balance sheet of our Company for the relevant Fiscals subsequent to receipt of
listing and trading approvals from the Stock Exchanges.
Offer related expenses
Other than (i) the listing fees, stamp duty payable on issue of Equity Shares pursuant to Fresh Issue and audit fees
of statutory auditors (to the extent not attributable to the Offer), which shall be solely borne by our Company; and
(ii) fees and expenses for legal counsel to the Selling Shareholders, if any, which shall be solely borne by the
respective Selling Shareholders, all costs, fees and expenses with respect to the Offer (including all applicable
taxes except securities transaction tax, which shall be solely borne by the respective Selling Shareholder), shall
be shared by our Company and the Selling Shareholders, on a pro rata basis, in proportion to the number of Equity
Shares issued and Allotted by our Company through the Fresh Issue and sold by each of the Selling Shareholders
through the Offer for Sale. All the expenses relating to the Offer shall be paid by our Company in the first instance
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and upon commencement of listing and trading of the Equity Shares on the Stock Exchanges pursuant to the Offer,
each Selling Shareholder agrees that it shall, severally and not jointly, reimburse our Company for any expenses
in relation to the Offer paid by our Company on behalf of the respective Selling Shareholder and each Selling
Shareholder authorises our Company to deduct from the proceeds of the Offer for Sale from the Offer, expenses
of the Offer required to be borne by such Selling Shareholder in proportion to the Offered Shares, in accordance
with Applicable Law.
The total expenses of the Offer are estimated to be approximately ₹ [●] million. The expenses of the Offer include,
amongst others, listing fees, selling commission, fees payable to the BRLMs, fees payable to legal counsels, fees
payable to the Registrar to the Offer, Bankers to the Offer, processing fee to the SCSBs for processing ASBA
Forms, brokerage and selling commission payable to members of the Syndicate, Registered Brokers, Collecting
RTAs and CDPs, printing and stationery expenses, advertising and marketing expenses and all other incidental
and miscellaneous expenses for listing the Equity Shares on the Stock Exchanges.
The estimated Offer expenses are as follows:

(₹ in million)
Activity Estimated As a % of the As a % of the total
expenses* total estimated Offer size
Offer expenses
Fees payable to the BRLMs and commissions (including [●] [●] [●]
underwriting commission, brokerage and selling commission)
Commission/processing fee for SCSBs, Sponsor Bank and [●] [●] [●]
Bankers to the Offer. Brokerage underwriting and selling
commission and bidding charges for Members of the Syndicate,
Registered Brokers, RTAs and CDPs(1)(2)
Fees payable to the Registrar to the Offer [●] [●] [●]
Others including but not limited to [●] [●] [●]
(i) Listing fees, SEBI filing fees, upload fees, BSE and
NSE processing fees, book building software fees and
other regulatory expenses;
(ii) Printing and distribution of stationery;
(iii) Advertising and marketing expenses;
(iv) Fees payable to legal counsel;
(v) Fees payable to other advisors to the Offer, including
but not limited to Statutory Auditors, Independent
Chartered Accountant, industry service provider and
Independent Chartered Engineer; and
(vi) Miscellaneous
Total estimated Offer expenses [●] [●] [●]
*
Offer expenses include goods and services tax, where applicable. Offer expenses will be incorporated at the time of filing of the Prospectus.
Offer expenses are estimates and are subject to change.
(1) Selling commission payable to the SCSBs on the portion for RIIs, NIIs and Eligible Employees which are directly
procured by the SCSBs, would be as follows:
Portion for RIIs* [●]% of the Amount Allotted (plus applicable taxes)
Portion for Non-Institutional Investors* [●]% of the Amount Allotted (plus applicable taxes)
Portion for Eligible Employees* [●]% of the Amount Allotted (plus applicable taxes)
* Amount Allotted is the product of the number of Equity Shares Allotted and the Offer Price.
Selling Commission payable to the SCSBs will be determined on the basis of the bidding terminal id as captured in the Bid
Book of BSE or NSE.
(2) No processing fees shall be payable by our Company and the Selling Shareholders to the SCSBs on the applications
directly procured by them.
Processing fees payable to the SCSBs on the portion for RIIs, NIIs and Eligible Employees (excluding UPI Bids) which are
procured by the members of the Syndicate/sub-Syndicate/Registered Broker/CRTAs/ CDPs and submitted to SCSB for
blocking, would be as follows:
Portion for RIIs, NIIs and Eligible Employees* ₹[●] per valid application (plus applicable taxes)
* Processing fees payable to the SCSBs for capturing Syndicate Member/Sub-syndicate (Broker)/Sub-broker code on the ASBA
Form for Non-Institutional Investors and Qualified Institutional Bidders with bids above ₹ 0.5 million would be ₹ [●] plus
applicable taxes, per valid application.
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(3)
Selling commission on the portion for RIIs (upto ₹ 0.2 million), NIIs and Eligible Employees which are procured by
members of the Syndicate (including their sub-Syndicate Members), Registered Brokers, CRTAs and CDPs or for using
3-in-1 type accounts- linked online trading, demat & bank account provided by some of the Registered Brokers which
are Members of the Syndicate (including their Sub-Syndicate Members) would be as follows:
Portion for RIIs [●]% of the Amount Allotted* (plus applicable taxes)
Portion for Non-Institutional Investors [●]%of the Amount Allotted* (plus applicable taxes)
Portion for Eligible Employees [●]% of the Amount Allotted* (plus applicable taxes)
* Amount Allotted is the product of the number of Equity Shares Allotted and the Offer Price.
The selling commission payable to the Syndicate / Sub-Syndicate Members will be determined (i) for RIIs, NIIs and Eligible
Employees (upto ₹ 0.5 million), on the basis of the application form number / series, provided that the application is also bid
by the respective Syndicate / Sub-Syndicate Member. For clarification, if a Syndicate ASBA application on the application
form number / series of a Syndicate / Sub-Syndicate Member, is bid by an SCSB, the selling commission will be payable to the
SCSB and not the Syndicate / Sub-Syndicate Member; and (ii) for NIIs (above ₹ 0.5 million), Syndicate ASBA Form bearing
SM Code & Sub-Syndicate Code of the application form submitted to SCSBs for Blocking of the Fund and uploading on the
Exchanges platform by SCSBs. For clarification, if a Syndicate ASBA application on the application form number / series of
a Syndicate / Sub-Syndicate Member, is bid by an SCSB, the selling commission will be payable to the Syndicate / Sub Syndicate
members and not the SCSB.
Bidding Charges payable to members of the Syndicate (including their sub-Syndicate Members) on the applications made
using 3-in-1 accounts would be ₹ [●] plus applicable taxes, per valid application bid by the Syndicate (including their sub-
Syndicate Members). Bidding charges payable to SCSBs on the QIB Portion and NIIs (excluding UPI Bids) which are procured
by the Syndicate/sub-Syndicate/Registered Broker/RTAs/ CDPs and submitted to SCSBs for blocking and uploading would be
₹ [●] per valid application (plus applicable taxes).
The selling commission and bidding charges payable to Registered Brokers the CRTAs and CDPs will be determined on the
basis of the bidding terminal id as captured in the Bid Book of BSE or NSE.
Selling commission / bidding charges payable to the Registered Brokers on the portion for RIIs, Eligible Employees procured
through UPI Mechanism and NIIs which are directly procured by the Registered Broker and submitted to SCSB for processing,
would be as follows:
Portion for RIIs, NIIs and Eligible Employees ₹ [●] per valid application (plus applicable taxes)
Bidding charges / processing fees for applications made by UPI Bidders would be as under:
Members of the Syndicate / CRTAs / ₹ [●] per valid application (plus applicable taxes)
CDPs
[●] ₹ NIL/- per valid Bid cum Application Form (plus applicable taxes)
[●] will also be entitled to a one time escrow management fee of ₹ [●]
The Sponsor Bank shall be responsible for making payments to the third parties
such as remitter bank, NPCI and such other parties as required in connection with
the performance of its duties under the SEBI circulars, the Syndicate Agreement and
other applicable laws.
[●] ₹ [●] per valid Bid cum Application Form (plus applicable taxes)
[●]will also be entitled to a one time escrow management fee of ₹ [●]
The Sponsor Bank shall be responsible for making payments to the third parties
such as remitter bank, NPCI and such other parties as required in connection with
the performance of its duties under the SEBI circulars, the Syndicate Agreement and
other applicable laws.
All such commissions and processing fees set out above shall be paid as per the timelines in terms of the Syndicate Agreement
and Escrow and Sponsor Banks Agreement.
The processing fees for applications made by UPI Bidders may be released to the remitter banks (SCSBs) only after such banks
provide a written confirmation on compliance with SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20,
2022 read with SEBI Circular No: SEBI/HO/CFD/DIL2/CIR/P/2021/570 dated June 02, 2021 read with SEBI Circular No:
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021.
Interim use of Net Proceeds

The Net Proceeds shall be retained in the Public Offer Account until receipt of the listing and trading approvals
from the Stock Exchanges by our Company. Pending utilization of the Net Proceeds for the purposes described
above, our Company undertakes to deposit the Net Proceeds only in one or more scheduled commercial banks
included in the Second Schedule of the Reserve Bank of India Act, 1934, as may be approved by our Board or the
IPO Committee.
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In accordance with Section 27 of the Companies Act, 2013, our Company confirms that it shall not use the Net
Proceeds for buying, trading or otherwise dealing in shares of any other listed company or for any investment in
the equity markets.
Other Confirmations
Except to the extent of any proceeds received pursuant to the sale of Offered Shares proposed to be sold in the
Offer by the Selling Shareholders, no part of the proceeds of the Offer will be paid by our Company to our
Promoters, members of the Promoter Group, our Directors or our Key Managerial Personnel.
Our Company has not entered into and is not planning to enter into any arrangement/ agreements with any of our
Directors, Key Managerial Personnel in relation to the utilisation of the Net Proceeds. Further, there are no
material existing or anticipated interest of such individuals and entities in the objects of the Offer except as set
out above.
Variation in Objects
In accordance with Sections 13(8) and 27 of the Companies Act, 2013 and the applicable rules, and the SEBI
ICDR Regulations, our Company shall not vary the objects of the Fresh Issue without our Company being
authorised to do so by the Shareholders by way of a special resolution. In addition, the notice issued to the
Shareholders in relation to the passing of such special resolution (“Notice”) shall specify the prescribed details as
required under the Companies Act, 2013. The Notice shall simultaneously be published in the newspapers, one in
English and one in Marathi, the vernacular language of the jurisdiction where our Registered Office is situated.
Pursuant to Section 13(8) of the Companies Act, 2013, our Promoters will be required to provide an exit
opportunity to such Shareholders who do not agree to the proposal, to vary the objects, subject to the provisions
of the Companies Act, 2013 and in accordance with such terms and conditions, including in respect of proving of
the Equity Shares, in accordance with the Companies Act, 2013 and the SEBI ICDR Regulations.
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BASIS FOR OFFER PRICE
The Price Band will be determined by our Company, Indusage and Celesta Capital, in consultation with the
BRLMs. The Offer Price will also be determined by our Company, Indusage and Celesta Capital, in consultation
with the BRLMs, on the basis of the Book Building Process and the quantitative and qualitative factors as
described below. The face value of the Equity Shares is ₹ 10 each and the Offer Price is [●] times the face value
at the lower end of the Price Band and [●] times the face value at the higher end of the Price Band. The financial
information included herein is derived from our Restated Consolidated Financial Information. Investors should
refer to ‘Risk Factors’, ‘Our Business’, ‘Restated Consolidated Financial Information’ and ‘Management’s
Discussion and Analysis of Financial Condition and Results of Operations’ beginning on pages 29, 184, 245
and 330, respectively, to have an informed view before making an investment decision.
Qualitative Factors
Some of the qualitative factors which form the basis for the Offer Price are:
1. pioneer and the pre-eminent market leader in the Indian UAS industry, with first-mover advantage;
2. diversified product portfolio with a robust technology stack and track record of successful outcomes in
critical use cases;
3. strong relationships with a diverse customer base;
4. significant product development capabilities powering our software and solutions and product
differentiators;
5. in-house design to delivery capabilities; and
6. strong management capabilities with a demonstrated track record of delivering robust financial performance.
For further details, see ‘Our Business- Our Strengths’ beginning on page 190.
Quantitative Factors
Some of the information presented in this chapter is derived from the Restated Consolidated Financial
Information. For further information, see ‘Financial Information’ beginning on page 245.
Some of the quantitative factors which may form the basis for computing the Offer Price are as follows:
1. Basic and Diluted Earnings per Equity Share
Fiscal ended Basic EPS (₹) Diluted EPS (₹) Weight

March 31, 2022 13.84 13.13 3
March 31, 2021 (5.03) (5.03) 2
March 31, 2020 (4.68) (4.68) 1
Weighted Average 4.46 4.11
Six months ended September 30, 2022* 12.49 11.60
*Not annualized.
Notes:
The ratios have been computed as below:
1. Earnings per share calculations are in accordance with Ind AS - 33 (earnings per share) prescribed by the Companies (Indian
Accounting Standards) Rules, 2015.
2. The ratios have been computed as below:
-Basic earnings per share (₹) = Restated net profit / (loss) available to equity shareholders/weighted average number of Equity
Shares during the year.
-Diluted earnings per share (₹) = Restated net profit / (loss) available to equity shareholders/weighted average number of diluted
3. Basic and diluted EPS for the six-month period ended September 30, 2022 is not annualized.
4. Weighted average number of Equity Shares is the number of Equity Shares outstanding at the beginning of the year adjusted by
the number of Equity Shares issued during the year multiplied by the time weight factor. The weighted average number of Equity
Shares outstanding during the years are adjusted for the bonus issue. Our Company has pursuant to a Board resolution dated
December 16, 2022 issued bonus shares at a ratio of 255 Equity Shares for one Equity Share at face value of ₹ 10 each.
5. The weighted average basic and diluted EPS is a product of basic and diluted EPS and respective assigned weight, dividing the
resultant by total aggregate weight. Weights applied have been determined by the management of our Company.
6. The figures disclosed above are derived from the Restated Consolidated Financial Information of our Company.
2. Price/Earning (“P/E”) Ratio in relation to the Price Band of ₹ [●] to ₹ [●] per Equity Share:
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Particulars P/E at Floor Price P/E at Cap Price (number
(number of times) of times)
Based on basic EPS as per the Restated Consolidated The details shall be provided post the fixing of the price
Financial Information for the financial year ended band by our Company at the stage of the red herring
March 31, 2022 prospectus or the filing of the price band advertisement
Based on diluted EPS as per the Restated Consolidated
Financial Information for the financial year ended
March 31, 2022
3. Industry P/E ratio
Particulars P/E Ratio

Highest 82.73
Lowest 59.02
Average 69.36
Notes:
1. The industry high and low has been considered from the industry peer set provided later in this section. The industry composite has
been calculated as the arithmetic average P/E of the industry peer set disclosed in this section.
2. The industry P/E ratio mentioned above is for the financial year ended March 31, 2022. P/E Ratio has been computed based on the
closing market price of equity shares on BSE on January 30, 2023 divided by the Diluted EPS for the year ended March 31, 2022.
3. All the financial information for listed industry peers mentioned above is sourced from the audited financial statements of the relevant
companies for Fiscal 2022, as available on the websites of the Stock Exchanges.
4. Average Return on Net Worth
Fiscal ended Return on Net Worth (%) Weight

March 31, 2022 26.95 3
March 31, 2021 (24.48) 2
March 31, 2020 (19.74) 1
Weighted Average 2.02
Six months ended September 30, 2022* 14.20
*Not annualized.
Notes:
1. Return on Net Worth (%) = Restated net profit/(loss) after tax attributable to equity shareholders of our Company / restated net
worth for Equity Shareholders of our Company.
2. Net Worth is computed as the sum of the aggregate of paid up equity share capital, instruments entirely in the nature of equity and
all reserves created out of the profits, securities premium account and debit or credit balance of profit and loss account, excluding
foreign currency translation reserve.
3. The weighted average return on net worth is a product of return on net worth and respective assigned weight dividing the resultant
by total aggregate weight. Weights applied have been determined by the management of our Company.
4. The figures disclosed above are derived from the Restated Consolidated Financial Information of our Company.
5. Net Asset Value per Equity Share
Net Asset Value per Equity Share (₹)

As on September 30, 2022 87.94
As on March 31, 2022 51.36
As on March 31, 2021 20.57
As on March 31, 2020 23.70
After the Offer
- At the Floor Price [●]
- At the Cap Price [●]
At Offer Price [●]
Notes:
(i) Net Asset Value per Equity Share is calculated as net worth attributable to equity shareholders as at the end of Fiscal period/year
divided by the weighted average number of Equity Shares used in calculating basic earning per share.
“Net Worth attributable to the owners of our Company” means the aggregate value of the paid-up share capital and all reserves
created out of the profits and securities premium account and debit or credit balance of profit and loss account, after deducting the
aggregate value of the accumulated losses, deferred expenditure and miscellaneous expenditure not written off, as per the audited
balance sheet, but does not include reserves created out of revaluation of assets, capital reserve, write-back of depreciation and
amalgamation as per the SEBI ICDR Regulations as at September 30, 2022, March 31, 2022, March 31, 2021 and March 31, 2020.
(ii) Offer Price per Equity Share will be determined on conclusion of the Book Building Process.
6. Comparison with Listed Industry Peers
There are no listed companies that exclusively undertake the manufacturing of drones. Hence, basis factors
such as the scale of the business, exposure to the defence sector (as defence contributes the majority of
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revenue from operations for our Company), manufacturing of electronics products (as our Company
manufactures drones, which are electronics products), a proxy set of listed peers of MTAR Technologies
Limited, Data Patterns (India) Limited and Astra Microwave Products Limited (the “Industry Peers”) have
been identified for our Company.
Name of Face Revenue from EPS EPS P/E Return Net Asset Net Asset
the Value operations (₹ in (Basic) (Diluted)( [x] on Net Value (in Value per
company (₹) million) (₹) ₹) Worth million) Equity Share
(%) (₹)
ideaForge 10.00 1,594.39 13.84 13.13 N/A# 26.95 1,633.03 51.36
Technology
Limited*
Listed Peers**
MTR 10.00 3,220.06 19.79 19.79 82.73 11.71 5,197.39 168.97
Technologi
es Limited
Data 2.00 3,108.50 19.48 19.48 66.32 16.36 5,745.10 119.08
Patterns
India
Limited
Astra 2.00 7,504.63 4.37 4.37 59.02 6.47 5,855.88 67.61
Microwave
Products
* Financial information of the company has been derived from Restated Consolidated Financial Information as at or for the financial year
ended March, 2022
** To be included in respect of our Company in Prospectus based on the Offer Price.
Notes
1. Net Asset Value per Equity Share is calculated as net worth attributable to equity shareholders as at the end of Fiscal period/year
2. All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available only on
standalone basis) and is sourced from the annual reports / annual results as available of the respective company for the year ended
March 31, 2022 submitted to Stock Exchanges.
3. P/E Ratio has been computed based on the closing market price of equity shares on BSE on January 20, 2023 divided by the Diluted
EPS for the year ended March 31, 2022.
4. Return on Net Worth is computed as restated net profit / (loss) after tax attributable to equity holders of our Company divided by restated
Net Worth for Equity Shareholders of our Company.
Set forth below is a comparison of our KPIs with our peer group companies listed in India .
7. Key Performing Indicators
The table below sets forth the details of KPIs that our Company considers have a bearing for arriving at the
basis for Offer Price. The key financial and operational metrics set forth above, have been approved and
verified by the Audit Committee pursuant to its resolution dated February 7, 2023. Further, the Audit
Committee has on February 7, 2023 taken on record that other than the key financial and operational metrics
set out below, our Company has not disclosed any other key performance indicators during the three years
preceding this Draft Red Herring Prospectus with its investors. The KPIs disclosed below have been used
historically by our Company to understand and analyze the business performance, which in result, help it in
analyzing the growth of various verticals in comparison to our Company’s listed peers, and other relevant
and material KPIs of the business of our Company that have a bearing for arriving at the Basis for Offer Price
have been disclosed below. Additionally, the KPIs have been certified by way of certificate dated February
10, 2023 issued by Ramanand & Associates, Chartered Accountants, who hold a valid certificate issued by
the Peer Review Board of the Institute of Cost Accountants of India. The certificate dated February 10, 2023
issued by Ramanand & Associates, Chartered Accountants, has been included in ‘Material Contracts and
Documents for Inspection – Material Documents’ on page 430.
The Bidders can refer to the below-mentioned KPIs, being a combination of financial and operational KPIs,
to make an assessment of our Company’s performances and make an informed decision.
A list of our KPIs for the six months ended September 30, 2022, September 30, 2021 and Fiscals 2022, 2021
and 2020 is set out below:
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For the six For the six
months ended months ended
Metrics Fiscal 2022 Fiscal 2021 Fiscal 2020
2022 2021
Financial
Revenue from operations(1) 1,395.48 96.02 1,594.39 347.18 139.99
Growth in revenue from 1,353.25 169.45 359.24 148.00 (23.08)
operations (%)(2)
Gross Profit(3) 1,013.96 48.49 1,182.18 164.15 74.71
Gross Profit Margin(%)(4) 72.66 50.50 74.15 47.28 53.37
EBITDA(5) 659.52 (139.03) 751.31 (92.51) (101.91)
EBITDA Margin(6) 47.26 (144.81) 47.12 (26.65) (72.80)
Adjusted EBITDA(7) 777.29 (124.29) 814.09 (33.63) (96.57)
Adjusted EBITDA 55.70 (129.44) 51.06 (9.69) (68.98)
Margin(8)
PAT(9) 452.12 (207.34) 440.06 (146.26) (134.46)
PAT Margin(10) 32.40 (215.92) 27.60 (42.13) (96.05)
ROE(11) 18.77 (41.33) 39.46 (22.88) (18.04)
ROCE(12) 19.94 (16.76) 49.63 (15.18) (23.87)
Adjusted ROCE% (13) 26.87 (65.15) 77.25 (12.06) (25.39)
Operational
Revenue from operations(14)
Sales of products 1,375.50 94.29 1,539.30 310.14 118.47
Sales of products (%) 98.57 98.19 96.54 89.33 84.63
Sales of service 19.87 1.73 54.98 37.04 21.52
Sales of service (%) 1.42 1.80 3.45 10.67 15.37
Revenue split by defence and civil (15)

Defence 1,261.62 13.19 1,276.66 48.29 46.91
Defence (as a % of total) 90.41 13.73 80.07 13.91 33.51
Civil 133.86 82.84 317.73 298.89 93.08
Civil (as a % of total) 9.59 86.27 19.93 86.09 66.49
Order book (in 1,841.76 35.61 3,108.75 1,363.96 23.14

millions)(16)
Defence (17) 1,812.45 33.80 3,055.34 1,284.78 13.38
Civil (17) 29.31 1.81 53.41 79.18 9.75
Number of flights 62,284 19,061 63,920 29,951 28,937

launched(18)
Notes:
*KPIs and metrics for the period are not annualized.
1. Revenue from Operations means the revenue from operations as appearing in the Restated Consolidated Financial Information.
2. Growth in revenue from operations (%) is calculated as a percentage of revenue from operations of the relevant period/year minus
revenue from operations of the preceding period/year, divided by revenue from operations of the preceding period/year.
3. Gross Profit is calculated as revenue from operations less cost of materials consumed, changes in inventories of finished goods and
work-in-progress.
4. Gross Profit Margin refers to the percentage margin derived by dividing Gross Profit by Revenue from Operations.
5. EBITDA is calculated as restated profit / (loss) for the period / year, plus finance costs, total taxes, and depreciation and amortisation
expense.
6. EBITDA Margin (%) is calculated as EBITDA divided by Revenue from Operations.
7. Adjusted EBITDA is calculated as EBITDA plus share based payments to employees.
8. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by the Revenue from Operations.
9. Profit after Tax means restated profit / (loss) for the period/year as appearing in the Restated Consolidated Financial Information.
10. Profit after Tax Margin refers to the percentage margin derived by dividing Profit after Tax by Revenue from Operations.
11. Return on Equity (%) refers to restated profit for the year/period attributable to equity shareholders of our Company divided by Average
Equity for the year/period. Average Equity is calculated as average of the total equity attributable to the equity shareholders of our
Company at the beginning and ending of the year/period.
12. Return on Capital Employed is calculated as earnings before interest and taxes divided by Capital Employed.
-Earnings before interest and tax is calculated as restated profit / (loss) for the period / year plus total tax expense / (credit) plus finance
costs.
-Capital Employed is calculated as total equity plus total borrowings minus intangible assets.
13. Adjusted ROCE is calculated as Adjusted earnings before interest and tax divided by Adjusted Capital Employed.
-Adjusted earnings before interest and tax is calculated as restated profit / (loss) for the period / year plus total tax expense / (credit)
plus finance costs plus share based payments to employees.
-Adjusted Capital Employed is calculated as total equity plus total borrowings minus intangible assets minus current borrowings minus
cash and cash equivalents minus bank balance other than cash and cash equivalents.
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14. Revenue from operations divided between sale of products and services as appearing in the Restated Consolidated Financial
Information.
15. Revenue from Operations as appearing in the Restated Consolidated Financial Information divided between our Company’s two key
focus end use segments of defence and civil.
16. As of a certain date, the total value of contracts won that have not been executed.
17. As of a certain date, the total value of contracts won that have not been executed split between defence and civil.
18. Flights launched / takeoff by the drones that have been sold to customers.
The above KPIs of our Company have also been disclosed, along with other key financial and operating
metrics, in ‘Our Business’ and ‘Management’s Discussion and Analysis of Financial Condition and
Results of Operations’ beginning on pages 184 and 330, respectively. All such KPIs have been defined
consistently and precisely in ‘Definitions and Abbreviations – Conventional and General Terms and
Abbreviations’ on pages 12 to 14.
Our Company shall continue to disclose the KPIs disclosed hereinabove in this section on a periodic basis, at
least once in a year (or for any lesser period as determined by the Board of our Company), for a duration of
one year after the date of listing of the Equity Shares, or until the utilization of Offer Proceeds, whichever is
later, on the Stock Exchanges pursuant to the Offer, or for such other period as may be required under the
SEBI ICDR Regulations.
Explanation for the KPI metrics
KPI Explanations
Revenue from Revenue from Operations is used by our management to track the revenue profile of our
Operations (₹ million) business and in turn helps assess the overall financial performance of our Company and size
of our business.
Growth in revenue from Growth in Revenue from operations provides information regarding the growth of our
operations (%) business for the respective period.
Gross Profit (₹ million) Gross Profit provides information regarding the profits from manufacturing of products and
sale of services by our Company.
Gross Profit Margin (%) Gross Profit Margin is an indicator of the profitability on sale of products manufactured and
services sold by our Company.
EBITDA (₹ million) EBITDA provides information regarding the operational efficiency of our business.
EBITDA Margin (%) EBITDA Margin is an indicator of the operational profitability and financial performance
of our business.
Adjusted EBITDA (₹ Adjusted EBITDA provides information regarding the operational efficiency of our business
million) after adjusting share based payments to our employees, which are non-cash and non-
recurring in nature.
Adjusted EBITDA Adjusted EBITDA Margin is a further indicator of the operational profitability and financial
Margin (%) performance of our business after negating the impact of share based payments to our
employees, which are non-cash and non-recurring in nature.
Profit after tax (₹ Profit after tax provides information regarding the overall profitability of our business.
million)
Profit after tax Margin PAT after tax Margin is an indicator of the overall profitability and financial performance
(%) of our business.
Return on Equity RoE provides how efficiently our Company generates profits from shareholders’ funds.
(“RoE”) (%)
Return on Capital ROCE provides how efficiently our Company generates earnings from the capital employed
Employed (“RoCE”) in our business.
(%)
Adjusted ROCE (%) Adjusted ROCE % provides how efficiently our Company generates earnings from the
capital employed in our business, after adjusting for the impact of share based payments to
our employees and adjusting the capital employed for our current borrowings, cash and cash
equivalents and bank balance other than cash and cash equivalents.
Revenue split products This metric enables our Company to track the progress of revenue from products sold and
and services of revenue from services provided.
Revenue split between This metric enables our Company to track the progress of revenues in its two key focus end
defence and civil use segments of defence and civil.
Order Book (₹ million) This indicator provides our Company with a measurement of the visibility and certainty of
future revenue.
Order book split This metric enables our Company to track the visibility and certainty of future revenue for
between defence and its two key focus end use segments of defence and civil.
civil
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KPI Explanations
Number of flights This metrics enables our Company to track the usage of drones sold to our customers and
launched thereby provides various operational insights which are used to improve offerings.
Comparison of financial KPIs of our Company and our listed peers
ideaForge
Technology Data Patterns MTAR Technologies Astra Microwave
Limited
For the For the For the
six six For the six six
months months months months
Fiscal Fiscal Fiscal Fiscal
KPI ended ended ended ended
2022 2022 2022 2022
Septem Septemb September Septemb
ber 30, er 30, 30, 2022* er 30,
2022* 2022* 2022*
Financial
Revenue from 1,395.48 1,594.39 1,565.30 3,108.50 2,171.85 3,220.06 3,367.68 7,504.63
operations(1)
Growth in revenue 1,353.25 359.24 62.30 38.80 49.44 30.67 9.10 17.09
from operations(2)
Gross Profit(3) 1,013.96 1,182.18 1,014.00 2,247.80 1,244.45 2,057.55 1,274.46 2,232.57
Gross Profit 72.66 74.15 64.78 72.31 57.30 63.90 37.84 29.75
Margin(4)
EBITDA(5) 659.52 751.31 549.60 1,450.00 690.54 1,031.79 638.28 933.42
EBITDA Margin(6) 47.26 47.12 35.11 46.65 31.80 32.04 18.95 12.44
Adjusted EBITDA(7) 777.29 814.09 N/A N/A N/A N/A N/A N/A
Adjusted EBITDA 55.70 51.06 N/A N/A N/A N/A N/A N/A
Margin(8)
PAT(9) 452.12 440.06 352.90 939.70 409.01 608.74 286.25 378.71
PAT margin(10) 32.40 27.60 22.55 30.23 18.83 18.90 8.50 5.05
ROE %(11) 18.77 39.46 6.05 24.02 7.57 12.22 4.82 6.62
ROCE %(12) 19.94 49.63 8.45 23.86 8.46 14.09 6.94 10.89
Adjusted ROCE%(13) 26.87 77.25 N/A N/A N/A N/A N/A N/A
Operational
Revenue from
operations(14)
Sales of Products 1,375.50 1,539.30 N/A 2,850.20 N/A 3,159.28 N/A 7,264.37
Sales of Products 98.57 96.54 N/A 91.69 N/A 98.11 N/A 96.80
(%)
Sales of Service 19.87 54.98 N/A 258.30 N/A 60.78 N/A 240.26
Sales of Service (%) 1.42 3.45 N/A 8.31 N/A 1.89 N/A 3.20
Revenue split by
defence and civil(15)
Defence 1,261.62 1,276.66 N/A N/A N/A N/A N/A N/A
Defence (as % of the 90.41 80.07 N/A N/A N/A N/A N/A N/A
total)
Civil 133.86 317.73 N/A N/A N/A N/A N/A N/A
Civil (as a % of total) 9.59 19.93 N/A N/A N/A N/A N/A N/A
Order book (in 1,841.76 3,108.75 8,370.00 4,760.00 12,885.00 6,488.00 18,520.00 15,510.00
millions) (16)
Defence(17) 1,812.45 3,055.34 N/A N/A N/A N/A N/A N/A
Civil 29.31 53.41 N/A N/A N/A N/A N/A N/A
Number of flights 62,284 63,920 N/A N/A N/A N/A N/A N/A
launched(18)
Notes:
*KPIs and metrics for the period are not annualized.
1. Revenue from Operations means the revenue from operations as appearing in the Restated Consolidated Financial Information and for
Peers from consolidated financials.
2. Growth in revenue from operations (%) is calculated as a percentage of revenue from operations of the relevant period/year minus
Revenue from Operations of the preceding period/year, divided by revenue from operations of the preceding period/year.
3. Gross profit is calculated as revenue from operations less cost of materials consumed, changes in inventories of finished goods and
work-in-progress.
4. Gross Profit Margin refers to the percentage margin derived by dividing gross profit by revenue from operations.
120
5. EBITDA is calculated as restated profit / (loss) for the period / year, plus total tax expense (credit) for the period / year, finance costs
and depreciation and amortization expenses.
6. EBITDA Margin (%) is computed as EBITDA divided by revenue from operations.
7. Not calculated for peers since comparable data is not available.
8. Not calculated for peers since comparable data is not available.
9. Profit after Tax means restated profit / (loss) for the period/year as appearing in the Restated Consolidated Financial Information.
10. Profit after Tax Margin refers to the percentage margin derived by dividing profit after tax by revenue from operations.
11. Return on Equity refers to restated profit for the year/period attributable to equity shareholders of our Company divided by Average
Equity for the year/period. Average Equity is calculated as average of the total equity attributable to the equity shareholders of our
Company at the beginning and ending of the year/period.
12. Return on Capital Employed is calculated as earnings before interest and tax divided by Capital Employed. Earnings before interest
and tax is calculated as restated profit / (loss) for the period / year plus total tax expense / (credit) plus finance costs. Capital Employed
is calculated as total equity plus total borrowings minus intangible assets.
13. Not calculated for peers since comparable data not available.
14. Revenue from Operations divided between sale of products and services as appearing in the Restated Consolidated Financial
Information. For peers the breakup of revenue from operations between sale of products and services is not available for the period
ended September 30, 2022.
15. Revenue from Operations as appearing in the Restated Consolidated Financial Information divided between the two key focus end use
segments of defence and civil. For peers, the comparable bifurcation between defence and civil is either not available in the public
domain or the basis and manner of calculation of the figures mentioned is not ascertainable and therefore, may not be an accurate
comparison with our Company’s information not available in a comparable manner, and hence not mentioned.
16. As of a certain date, the total value of contracts won that have not been executed.
17. As of a certain date, the total value of contracts won that have not been executed, split between defence and civil end use. For peers, the
comparable bifurcation between defence and civil is either not available in the public domain or the basis and manner of calculation of
the figures mentioned is not ascertainable and therefore, may not be an accurate comparison with our Company’s information not
available in a comparable manner, and hence not mentioned.
18. Flights launched / takeoff by the drones that have been sold to customers. This metric is not disclosed for peers as are they do not operate
in the business of manufacture and sale of unmanned aerial systems / drones.
Weighted average cost of acquisition
8. A. The price per share of our Company based on the primary/ new issue of shares (equity/ convertible
securities
The details of the Equity Shares or convertible securities, excluding shares issued under ESOP 2018 and
issuance of bonus shares, during the 18 months preceding the date of this Draft Red Herring Prospectus,
where such issuance is equal to or more that 5% of the fully diluted paid-up share capital of our Company
(calculated based on the pre-Offer capital before such transaction(s) and excluding ESOPs granted but not
vested), in a single transaction or multiple transactions combined together over a span of rolling 30 days
(“Primary Issuance”) are as follows:
Date of Name of Number of Face value Issue Nature of Nature of Total

allotment allottee shares (₹) price per allotment consideration consideration
transacted share (₹) (in ₹ million)
(adjusted (adjusted
for bonus for bonus
issue) issue)
April 28, Florintree 1,977,274 10.00 217.46 Preferential Cash 429,981,328.66
2022 Enterprise LLP Allotment
Series B1
CCPS
April 28, Ganapathy 256,284 10.00 217.46 Preferential Cash 55,731,949.56
2022 Subramaniam Allotment
Series B1
CCPS
April 28, Celesta Capital 721,844 10.00 185.69 Conversion of Cash 134,038,500.00
2022 II Mauritius 6,945
unsecured
CCDs to
Series B
CCPS
April 28, Celesta Capital 86,106 10.00 185.37 Conversion of Cash 15,961,100.00
2022 II B-Mauritius 827 unsecured
CCDs to
Series B
CCPS
April 28, Indusage 228,938 10.00 185.63 Conversion of Cash 42,498,600.00
2022 Technology 2,202
Venture Fund I unsecured
CCDs to
Series B
CCPS
121
Date of Name of Number of Face value Issue Nature of Nature of Total
allotment allottee shares (₹) price per allotment consideration consideration
transacted share (₹) (in ₹ million)
(adjusted (adjusted
for bonus for bonus
issue) issue)
April 28, Qualcomm 164,076 10.00 185.62 Conversion of Cash 30,455,400.00
2022 Asia Pacific 1,578
Pte. Ltd. unsecured
CCDs to
Series B
CCPS
April 28, Infosys 403,862 10.00 185.71 Conversion of Cash 74,999,800.00
2022 Limited 3,886
unsecured
CCDs to
Series B
CCPS
April 28, Infina Finance 269,166 10.00 185.71 Conversion of Cash 49,987,000.00
2022 Private Limited 2,590
unsecured
CCDs to
Series B
CCPS
April 28, Export Import 403,862 10.00 185.71 Conversion of Cash 74,999,800.00
2022 Bank of India 3,886
unsecured
CCDs to
Series B
CCPS
July 15, Florintree 2,064,510 10.00 242.18 Preferential Cash 4,999,92,988.95
2022 Enterprises Allotment
LLP Series B1
CCPS
Total 6,575,922 1,408,646,467.17
Weighted Average Cost of Acquisition [Total consideration/ Total number of shares transacted] 214.21
Note: The Company issued and allotted bonus shares on December 16, 2022 in the ratio of 225 Equity Shares for every one Equity Share
held. Accordingly, the number of Equity Shares transacted and transaction price per Equity Share has been adjusted for bonus issue by our
Company.
B. The price per share of our Company based on secondary sale/ acquisitions of shares (equity /
convertible securities)
There have been no secondary sale / acquisitions of Equity Shares or any convertible securities
(“Security(ies)”), where the Promoter, members of the Promoter Group, Selling Shareholders, or
Shareholder(s) having the right to nominate director(s) in the board of directors of our Company are a party
to the transaction (excluding gifts), during the 18 months preceding the date of this Draft Red Herring
Prospectus, where either acquisition or sale is equal to or more than 5% of the fully diluted paid up share
capital of our Company (calculated based on the pre-Offer capital before such transaction/s and excluding
employee stock options granted but not vested), in a single transaction or multiple transactions combined
together over a span of rolling 30 days.
9. Weighted average cost of acquisition, floor price and cap price
Type of transactions WACA (in ₹) Floor Price Cap Price

(₹ [●])* (₹ [●])*
Weighted average cost of acquisition for last 18 months for 214.21 [●] times [●] times
primary / new issue of shares (equity/ convertible
securities), excluding shares issued under ESOP 2018 and
issuance of bonus shares, during the 18 months preceding
the date of this certificate, where such issuance is equal to
or more than five per cent of the fully diluted paid-up share
capital of our Company (calculated based on the pre-issue
capital before such transaction/s and excluding employee
stock options granted but not vested), in a single
transaction or multiple transactions combined together
over a span of rolling 30 days
Weighted average cost of acquisition for last 18 months for N/A^ [●] times [●] times
secondary sale / acquisition of shares equity/convertible
122
securities), where our Promoters or Promoter Group
entities or Selling Shareholders or shareholder(s) having
the right to nominate director(s) in our Board are a party to
the transaction (excluding gifts), during the 18 months
preceding the date of this certificate, where either
acquisition or sale is equal to or more than five per cent of
the fully diluted paid-up share capital of our Company
(calculated based on the pre-issue capital before such
transaction/s and excluding employee stock options
granted but not vested), in a single transaction or multiple
transactions combined together over a span of rolling 30
days
* To be updated at Prospectus stage.
Note: ^ There were no secondary sales / acquisition of shares (equity/ convertible securities) transactions in last 18 months prior to the
date of this Draft Red Herring Prospectus.
10. Detailed explanation for Offer Price/Cap Price being [•] price of weighted average cost of acquisition
of primary issuance price/secondary transaction price of Equity Shares (set out in point 8 above) along
with our Company’s key financial and operational metrics and financial ratios for six months ended
September 30, 2022 and Fiscal 2022, 2021 and 2020.
[●]*
Note: This will be included on finalisation of Price Band
11. Explanation for Offer Price/Cap Price being [•] price of weighted average cost of acquisition of
primary issuance price/secondary transaction price of Equity Shares (set out in point 8 above) in view
of the external factors which may have influenced the pricing of the Offer.
[●]*
Note: This will be included on finalisation of Price Band
The Offer Price of ₹ [●] has been determined by our Company, Indusage and Celesta Capital, in consultation with
the BRLMs, on the basis of the demand from investors for the Equity Shares through the Book Building Process.
Our Company, Indusage and Celesta Capital, as applicable, in consultation with the BRLMs, are justified of the
Offer Price in view of the above qualitative and quantitative parameters. Investors should read the above-
mentioned information along with ‘Risk Factors’, ‘Our Business’, ‘Management Discussion and Analysis of
Financial Condition and Revenue from Operations’ and ‘Financial Information’ beginning on pages 29, 184,
330 and 245, respectively, to have a more informed view.
The trading price of the Equity Shares could decline due to the factors mentioned in the section titled ‘Risk
Factors’ beginning on page 29 and any other factors that may arise in the future and you may lose all or part of
your investments.
123
STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS
The Board of Directors

ideaForge Technology Limited (formerly known as ideaForge Technology Private Limited)
Plot EL-146, TTC Industrial Area
Electronic Zone MIDC, Mahape
Navi Mumbai 400 710, Thane
Maharashtra, India
9 February 2023
Subject: Statement of possible special tax benefits (“the Statement”) available to ideaForge Technology
Limited (formerly known as ideaForge Technology Private Limited) (“the Company”) and its
shareholders prepared in accordance with the requirement under Schedule VI – Part A - Clause
(9) (L) of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018 (“the SEBI ICDR Regulations”)
This Statement is issued in accordance with the Engagement Letter dated 9 January 2023 and subsequent
addendum dated 10 January 2023.
We hereby report that the enclosed Annexure I and Annexure II prepared by the Company, initialed by us for
identification purpose, states the possible special tax benefits available to the Company and its shareholders under
direct and indirect taxes (together “the Tax Laws”), presently in force in India as on the signing date, which are
defined in Annexure I.
These possible special tax benefits are dependent on the Company and its shareholders fulfilling the conditions
prescribed under the relevant provisions of the Tax Laws. Hence, the ability of the Company and its shareholders
to derive these possible special tax benefits is dependent upon their fulfilling such conditions, which is based on
business imperatives the Company may face in the future and accordingly, the Company and its shareholders may
or may not choose to fulfill.
The benefits discussed in the enclosed Annexure II cover the possible special tax benefits available to the
Company and its shareholders and do not cover any general tax benefits available to the Company and its
shareholders. Further, the preparation of the enclosed Annexure II and its contents is the responsibility of the
Management of the Company. We were informed that the Statement is only intended to provide general
information to the investors and is neither designed nor intended to be a substitute for professional tax advice. In
view of the individual nature of the tax consequences and the changing tax laws, each investor is advised to consult
his or her own tax consultant with respect to the specific tax implications arising out of their participation in the
proposed initial public offering of equity shares of the Company (the “Proposed Offer”) particularly in view of
the fact that certain recently enacted legislation may not have a direct legal precedent or may have a different
interpretation on the possible special tax benefits, which an investor can avail. Neither we are suggesting nor
advising the investors to invest money based on the Statement.
We conducted our examination in accordance with the “Guidance Note on Reports or Certificates for Special
Purposes (Revised 2016)” (the “Guidance Note”) issued by the Institute of Chartered Accountants of India. The
Guidance Note requires that we comply with ethical requirements of the Code of Ethics issued by the Institute of
Charted Accountants of India.
We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality
Control for Firms that Perform Audits and Reviews of Historical Financial information, and Other Assurance and
Related Services Engagements.
We do not express any opinion or provide any assurance as to whether:
i) the Company and its shareholders will continue to obtain these possible special tax benefits in
future; or
ii) the conditions prescribed for availing the possible special tax benefits where applicable, have
been/would be met with.
The contents of the enclosed Annexures are based on the information, explanation and representations obtained
from the Company and on the basis of our understanding of the business activities and operations of the Company.
Our views expressed herein are based on the facts and assumptions indicated to us. No assurance is given that the
revenue authorities/ courts will concur with the views expressed herein. Our views are based on the existing
124
provisions of the Tax Laws and its interpretation, which are subject to change from time to time. We do not assume
responsibility to update the views consequent to such changes. We shall not be liable to the Company for any
claims, liabilities or expenses relating to this assignment except to the extent of fees relating to this assignment,
as finally judicially determined to have resulted primarily from bad faith or intentional misconduct. We will not
be liable to the Company and any other person in respect of this Statement, except as per applicable law.
We hereby give consent to include this Statement in the Draft Red Herring Prospectus, and in any other material
used in connection with the Proposed Offer, and it is not to be used, referred to or distributed for any other purpose
without our prior written consent.
For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/W100022
Mansi Pardiwalla
Partner
Membership No: 108511
UDIN: 23108511BGYYFC3169
Mumbai
9 February 2023
125
ANNEXURE I
LIST OF DIRECT AND INDIRECT TAX LAWS (‘TAX LAWS’)
Sr. No: Details of tax laws

1. Income-tax Act, 1961 and Income-tax Rules, 1962
2. Central Goods and Services Tax Act, 2017
3. Integrated Goods and Services Tax Act, 2017
4. State Goods and Services Tax Act, 2017
5. Customs Act, 1962 and Customs Tariff Act, 1975 read with respective rules, circulars and
notifications made thereunder
6. The Foreign Trade Policy 2015-2020
For ideaForge Technology Limited (formerly known as ideaForge Technology Private Limited)
Director
Place: Navi Mumbai
Date: 9 February 2023
126
ANNEXURE II
STATEMENT OF POSSIBLE SPECIAL TAX BENEFITS AVAILABLE TO IDEAFORGE

TECHNOLOGY LIMITED (FORMERLY KNOWN AS IDEAFORGE TECHNOLOGY PRIVATE
LIMITED) (“THE COMPANY”) AND ITS SHAREHOLDERS UNDER THE APPLICABLE DIRECT
AND INDIRECT TAXES (“TAX LAWS”)
Outlined below are the Possible Special Tax Benefits available to the Company and its shareholders under the
Tax Laws. These Possible Special Tax Benefits are dependent on the Company and its shareholders fulfilling the
conditions prescribed under the Tax Laws. Hence, the ability of the Company and its shareholders to derive the
Possible Special Tax Benefits is dependent upon fulfilling such conditions, which are based on business
imperatives it faces in the future, it may or may not choose to fulfill.
UNDER THE TAX LAWS
A. Special tax benefits available to the Company

Direct tax laws
There are no special direct tax benefits available to the Company under the Tax Laws.
Indirect tax laws
The Company is availing the following special indirect tax benefits pertaining to exports of goods:
a. The Company is entitled for rebate of taxes / duties on inputs under Remission of Duties and Taxes
on Exported Products (“RoDTEP”) scheme at the applicable rates;
b. The Company is also entitled for rebate of Integrated tax (“IGST”) paid on export of goods.
B. Special tax benefits available to Shareholders of the Company
There are no special direct tax benefits or indirect tax benefits available to the shareholders under the
Tax Laws.
NOTES:
1. The above is as per the current Tax Laws in force in India.
2. The above Statement of possible special tax benefits sets out the provisions of Tax Laws in a summary
manner only and is not a complete analysis or listing of all the existing and potential tax consequences
of the purchase, ownership and disposal of equity shares of the Company.
3. The possible special tax benefits are subject to conditions and eligibility criteria which need to be
examined for tax implications.
4. This Statement does not discuss any tax consequences in any country outside India of an investment in
the equity shares of the Company. The shareholders / investors in any country outside India are advised
to consult their own professional advisors regarding possible income tax consequences that apply to them
under the laws of such jurisdiction.
For ideaForge Technology Limited (formerly known as ideaForge Technology Private Limited)
Director
Place: Navi Mumbai
Date: February 9, 2023
127
SECTION IV – ABOUT OUR COMPANY
INDUSTRY OVERVIEW
Unless otherwise indicated, the information in this section has been derived from the report titled “Drone Industry
Report” released on February 7, 2023 (the “1Lattice Report”), prepared by Praxian appointed by us on October
6, 2022, and exclusively commissioned by and paid for by us in connection with the Offer. Praxian is not in any
way related to our Company, our Directors or Promoters. The 1Lattice Report is available on the website of our
Company at https://ideaforgetech.com/investor-relations/industry-report. The data may have been re-classified
by us for the purposes of presentation. See also, ‘Risk Factors – Certain sections of this Draft Red Herring
Prospectus disclose information from the industry report which has been commissioned and paid for by us
exclusively in connection with the Offer and any reliance on such information for making an investment
decision in the Offer is subject to inherent risk.’ on page 45. The recipient should not construe any of the contents
in this report as advice relating to business, financial, legal, taxation or investment matters and are advised to
consult their own business, financial, legal, taxation, and other advisors concerning the transaction. Unless
otherwise indicated, financial, operational, industry and other related information derived from the 1Lattice
Report and included herein with respect to any particular year refers to such information for the relevant calendar
year.
The 1Lattice Report is subject to the following disclaimer:
“The report has been prepared as a general summary of matters on the basis of our interpretation of the publicly
available information, our experiences and the information provided to us, and should not be treated as a
substitute for a specific business advice concerning individual matters, situations or concerns. Procedures we
have performed do not constitute an audit of the Company’s historical financial statements nor do they constitute
an examination of prospective financial statements. We have also not performed any procedures to ensure or
evaluate the reliability or completeness of the information obtained from the Company. Accordingly, we express
no opinion, warranty, representation or any other form of assurance on the historical or prospective financial
statements, management representations, or other data of the Company included in or underlying the
accompanying information. We have not carried out any financial, tax, environmental or accounting due diligence
with respect to the Company.”
MACRO-ECONOMIC AND GEO-POLITICAL OVERVIEW
Global Macroeconomic and Geo-Political Overview
Global GDP growth of 6% by the end of CY21 offsets the contraction in global GDP caused by pandemic
disruptions; Growth rate is likely to remain stable at ~3.2% through CY22-CY27
As per International Monetary Fund (IMF), global GDP growth is likely to stabilize at ~3.2% from CY22. Inflation
is rising, given the impact of the Russian-Ukraine war, the cost-of-living crisis, and tightening of financial
128
conditions. Strict lockdowns associated with China's zero COVID-19 policy have impacted the Chinese and global
economies due to supply chain disruption. Post-CY23, global growth is expected to expand to between 3.2-3.4%
in the medium term due to the generalized tightening of monetary policy driven by the greater-than-expected
inflation targets.
Global inflation is expected to reach 8.8% in CY22 due to an increase in energy prices; and the Russia-Ukraine
conflict
According to IMF, global consumer inflation is expected to rise to 8.8% by the end of CY22. The increase would
be driven by soaring fuel and energy costs, the global supply chain disruptions caused by the Russia-Ukraine war,
and China's Zero COVID-19 policy (Public health policy to suppress wide spread of COVID-19 and achieve zero
new infections and resume normal economic and social activities).
With inflation at its highest in decades, the IMF recommends that monetary policies remain unchanged while
suggesting that fiscal policy should strive to reduce cost-of-living pressures. Structural reforms can help fight
inflation by increasing productivity and relaxing supply restrictions.
Global military expenditure
The overall global military expenditure in CY21 was US$ 2.1T, with the U.S.A accounting the highest share of
38%. Since SIPRI (Stockholm International Peace Research Institute) started keeping track in 1949, the U.S.A has
emerged as the nation with the highest military expenditure in CY21, accounting for 38% of global military
spending.
India’s military expenditure of US$ 76.6 B in CY21 was the third highest in the world. India’s spending was up
by 0.9% from CY20 and by 33% from CY12. Amid ongoing tensions and border disputes with China and Pakistan
that occasionally spill over into armed clashes, India has prioritized the modernization of its armed forces and
self-reliance in arms production. The use of drones is increasing for surveillance and security, combat and
logistical support purposes for the Indian military.
129
Global geo-politics and drones
Over the past decade, drones have significantly altered the way critical, life-threatening operations are conducted.
The first known drone used for defence purposes was deployed by Israel in in the Arab-Israeli war in 1973.
Following Israel, by the 1990s, the U.S.A also started to employ drones in military operations.
Drone usage in Defence
Longer flight times, improved range, quality cameras and intelligent systems as drone offerings are changing the
landscape of warfare by providing better surveillance, reduced cost, reduced human capital loss, increased
convenience / flexibility. Drones change the economics of warfare as drones which cost few tens of thousands of
dollars are able to precisely attack and incapacitate heavy artillery worth millions of dollars.
Drones have three main applications in defence:
(i) Intelligence, surveillance, target acquisition, and reconnaissance (ISTAR)

(ii) Combat
(iii) Logistical support
Considering the various different missions, they have to perform, UAVs can be segregated on basis of range and
operating altitude:
• High-altitude long endurance (HALE): UAVs flying at an altitude more than 9 km (environment with thin air
and low temperature)
• Medium-altitude long endurance (MALE): Flies at an altitude window of 3–9 km
• Tactical
• Mini, micro, nano drones
• High-Altitude Pseudo-Satellites (HAPS)
The ongoing Russia-Ukraine war, as well as the former Azerbaijan-Armenia conflict, have highlighted one feature
of modern warfare: the utilization of drones for both surveillance and retaliatory action.
Major geopolitical events that witnessed drone usage:
• Russia-Ukrainian War (CY22): Russia and Ukraine included advanced military drones in their arsenal and
employed them for observation and attack. Majority of their drone fleet comprises of pre-made or custom-
built machines modified at nationwide factories to drop grenades or anti-tank weapons.
• Striking opposition targets from distance by the U.S.A: Since there is no risk to a human pilot and a drone
can wait longer before firing, drones make targeted strikes easier for nations without losing human capital.
Major General Qassim Suleimani, one of Iran's most influential figures, was assassinated by an aerial drone
operated by the U.S remotely. In CY22, a U.S. drone strike killed al-Qaeda leader Ayman al-Zawahiri in
Kabul, Afghanistan. Countries such as the U.K., Turkey, and Nigeria have followed the U.S.'s lead and are
using drones to strike opposition targets.
• Attack on an oil refinery in Saudi Arabia by Yemen’s Houthi group: Drones attacked oil refinery in
Riyadh, Saudi Arabia's capital city. The Yemen's Houthi group have targeted oil installations, including Saudi
Aramco's pipelines and storage facilities as a part of their ongoing conflict with Saudi rulers.
• Azerbaijan-Armenia War: Armenian forces, which mainly depended on traditional Russian weapons and
tactics, were defeated by Azerbaijan due to use of sophisticated drone technology in CY20. To prevent further
loss of life, territory, and military hardware, the Armenian troops had no choice but to sign the ceasefire.
• India-Pakistan drone intrusions: In CY22, drone intrusions at the India-Pakistan border have almost
doubled as terrorist organizations and drug traffickers based in Pakistan have stepped up their efforts to use
drones to transport guns, explosives, and drugs.
Israel is a dominant player in UAV technology worldwide and has been using drones for over a decade for various
military purposes. Until the early 2000s, Turkey relied on Israel for drones. Due to geo-political reasons, Turkey
stopped purchasing Israeli drones and was prevented from procuring U.S.A. made Predator drones. As a result of
this, the domestic drone industry grew in Turkey. A similar scenario can arise in India as well due to the regulations
in favor of the drone industry. Indian Government banned drone imports from other countries (except for R&D
130
and defence) combined with the Production Linked Incentive (PLI) scheme would help India become a global
drone manufacturing hub.
Anti-China Sentiment
The USA raised concerns about spying by Chinese-owned apps TikTok Inc., WeChat, and Chinese telecom giant
Huawei Technologies Co. Ltd., Shenzhen-based SZ DJI Technology Co. Ltd (leading drone manufacturer) were
already under close watch as a potential national security threat. U.S.A customs authorities alleged that DJI drones
likely gave China access to U.S. infrastructure and law enforcement data. In October 2022, the U.S. Department
of Defense (DoD) blacklisted 13 Chinese companies, including SZ DJI Technology Co. Ltd, Shenzhen Huada
Gene Technology Co. Ltd (BGI Genomics), and China State Construction Engineering Corp Ltd, citing that they
have ties with the Chinese military. Further, in the US, the National Defense Authorization Act (NDAA) for Fiscal
Year 2020 was passed on 20 December, 2019 and Section 848 remains in effect. The Act proposed a law that
restricts purchase of drones by Department of Defense (DoD) with critical components from covered foreign
country (People’s Republic of China).
Chinese-based manufacturing companies help reduce the cost of drones to a reasonable level. As a result, countries
with limited resources have been procuring Chinese drones for their military, leading to a rise in the number of
nations using Chinese UAVs. The rapid increase in the production scale of Chinese drones led to a rise in
unreliability and performance issues. Saudi Arabia and Jordan have called out China for their shortcomings (e.g.,
lack of repair and maintenance documentation, lack of a spare part inventory or procurement mechanism).
The data confidentiality issues and low reliability of Chinese drones, coupled with the global anti-China
sentiments are paving an opportunity for the Indian drone industry to provide an alternative option in the market.
Indian UAVs can compete in this market given the favorable ecosystem created by the government's industry-
friendly policies, significant investments, and increasing demand for drones globally. Through meticulous public
and private investments, the Indian drone sector is looking to position itself as a global competitor in exports for
both civil and military drones.
COVID-19 Impact
Drone companies responded to COVID-19 challenges by looking for ways to demonstrate how small flying robots
may help within applications such as vaccine/medicine delivery, enforcing social distancing, etc. Although many
businesses were already testing contactless drone delivery, the pandemic immediately raised awareness of this
necessity. Delivery-based drone manufacturers jumped into action as companies had some experience delivering
medical goods before the pandemic. Drone deliveries were once thought of as just a marketing ploy. Suddenly,
they were seen as a necessity for safety. Drones could offer a safe substitute for conventional delivery techniques
by eliminating direct human touch. Before the pandemic struck, drone delivery firms, had been testing drone
delivery systems for portable medical supplies in Rwanda and Ghana. The use of drones to distribute vaccinations
in Ghana is arguably the best example of how drones made a clear and immediate impact on the fight against the
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virus. Beyond deliveries drones were also used for monitoring and ensuring social distancing among people and
for making public announcements in remote areas and other such applications.
India Macroeconomic and Geo-Political Overview
India's real GDP (at current prices) is expected to grow at a rate of 9.1% from CY21 to CY27, making it one of
the fastest-growing large economies globally
As per IMF, India became the world’s fifth largest economy at market exchange rates after overtaking the U.K.
in CY22 and is expected to be the third largest by CY30. Over the next 10-15 years, India is anticipated to be
among the top economies on the back of rising demand, robust growth in various sectors, and increased private
consumption. As per World Economic Forum (WEF), Indian private consumption is expected to be driven by an
increasing proportion of the male and female working-age population and a rise in household income.
India's GDP (at current prices) grew from US$ 2.1T to US$ 3.2T between CY15 and CY21 on the back of robust
reforms like GST, corporate tax revision, and revised FDI limits. Due to the impact of the first wave of COVID-
19, the Indian economy witnessed a negative real GDP growth rate of 6.6% in March 2020, but recovered quickly
to deliver real GDP growth of 8.7% in CY21. As per IMF projections, India's GDP (at current prices) is expected
to grow at a rate of 9.1% from CY21 to CY27, making it one of the fastest-growing large economies globally.
India's GDP per capita is predicted to reach US$ 3,652 by CY27
According to the IMF, India's GDP per capita is anticipated to be at US$ 2,466 by the end of CY22 and US$ 3,652
by the end of CY27.
India aims to become a developed nation by 2047. This mission is expected to be attained by sustained high GDP
growth and rising per capita income. Many countries (South Korea, Singapore, and China) transitioned from
developing to developed status in 3-5 decades, driven by growth in per capita income. The individual Indian states
hold the key to achieving the status of a developed country in the coming three decades and are looking to diversify
their economies and take giant strides in human development indicators. State governments are striving to modify
rules and regulations to make the legal framework more compatible with economic and technological advancements
and are looking to attract private investments in various sectors like manufacturing, tourism, financial services, etc.
India’s CPI inflation rate is estimated to be 6.8% in CY22 and the RBI aims to bring it to around 4% by the
end of CY27
According to the IMF database, India's CPI inflation rate is estimated to be 6.8% in CY22 and decline to 5.1% by
CY23 as the impact of the Russia-Ukraine war on global commodity prices diminishes. By CY26, the RBI aims
to bring the CPI inflation rate below 6% to a target of 4%, with a soft landing (bringing inflation back to a target
without a recession).
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CPI inflation rates have increased due to volatile components like vegetable prices, fuel costs, and commodities
such as gold and edible oils. Still, comparatively weak global growth could translate to lower commodity prices
leading to lower CPI inflation rates for India.
As of FY22, financial, real estate, and professional services holds 21% of the GVA followed by agriculture at
19% and trade, hospitality and broadcasting services at 17%
The agricultural sector was least impacted by the pandemic-related disruptions. Agriculture attributes to 19% of
the GVA share. The industry sector was impacted the most but is recovering back to previous levels. The industry
sector is expected to grow in FY22 given the manufacturing and construction boost. Basic services such as
electricity and water supply were maintained even at the height of the national lockdown. Financial, real estate
and professional services hold the highest share of 21% in the overall GVA.
Indian Geo-politics and drones; Due to its varied use cases in both defence and civil, drone technology can be
fully utilized by India with its homegrown technological potential post-ban on imports
Drones may greatly assist governments in assessing the current state of infrastructure such as power systems,
communication networks, ports, airports, railways, bridges, and so on. Drones are utilized to automate time-
consuming and dangerous activities. Drones can be used by construction companies to monitor the structure of such
projects to develop city plans. Drones can provide useful analytical data for crowd and traffic management along
with other actionable insights. Above all, it can help engineers reduce the dangers associated with physical labor.
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India is adopting innovative approaches to include UAV technology in various sectors as to meet increasing
demands and international standards.
The relaxed drone usage guidelines and ban on drone imports due to security reasons has resulted in a quick climb
of the Indian drone industry in the last couple of years and aims to position itself as Global drone hub by CY30. An
increase in the adoption of drones in India across varied industries for different use cases has been seen over the
past few years. Advanced technology and investment in Indian drone companies will lead to the massive potential
for homegrown drone companies in India. The drone segment is also expected to open employment opportunities
in manufacturing, software, and services due to various use cases across industries.
Increase in adoption of drones in India
India is experimenting, exploring, and using drones for various use cases in both defence and civil sectors. On the
civil front, agriculture, media and entertainment, energy and utilities, disaster management, geospatial mapping,
forest and wildlife, and law enforcement are among the most prominent.
Defence
After the CY20 border skirmishes between Indian and Chinese forces, India has been looking to purchase UAVs
for surveillance and reconnaissance along the line of actual control (LAC). In CY20, the Indian Navy acquired
two MQ-9B SeaGuardian drones from General Atomics Aeronautical Systems, Inc. (U.S.) for one year to surveil
the Indian Ocean.
By May 2022, 53 drone incursions were noticed along the India-Pakistan border. Security forces shot down these
UAVs nine times. According to Border Security Force (BSF) sources, increased drone activity has been detected
at several Pakistani border outposts. To defend against such UAVs, India will look forward to expanding its fleet
of drones and integrating counter-drone technology into its defence program.
The clash in the Galwan Valley in CY20, and the subsequent border standoff with China along the Line of Actual
Control, compelled India to strengthen border controls and security. These included faster acquisition and
deployment of drones along the LAC. Both sides have been using an array of drones to keep an eye on each other
during the conflict. The drones used had the capability to operate in adverse weather conditions and perform
operations at height of over 10,000 meters and provide real-time video footage in all weather conditions.
Currently both globally and also in India, defence continues to be the largest segment. The Indian army has as
part of its Make II program has significant requirements for the purchase of drones and also has published
requirements for the purchase of integrated surveillance and loitering munition systems.
As of October 2022, Indian government issued request for proposal (RFP) for 80 mini Remotely Piloted Aerial
Systems (RPAS) which can be used for military purposes such as tactical surveillance to locate adversary troops,
equipment, and weapon systems in a particular sector. Shortly after this, government issued RFP for 750 RPAVs
to be deployed with the Indian Army's Special Forces as they are mandated to execute special missions behind
enemy lines. Additionally, the Army is looking for 1,000 surveillance drones to fly over the Himalayas and
broadcast live video to the war rooms for planning attack at the time of war. Keeping the commitments for
indigenous solution, these RPAVs and UAVs will all be procured from Indian businesses. In July 2022, The
Defence Ministry approved a budget of ~US$ 88M to buy drones. The proposed budget would be used to procure
autonomous surveillance and armed drone swarms. The armed forces already have and in future will partner with
multiple indigenous drone manufacturers for this plan.
Civil
Energy and utilities: Drone surveys are helping solar energy, the fastest-growing sector of the energy industry.
Drones can ensure that electrical panels are accurately analyzed and in good functioning order. These drones can
be used to detect flaws like cracking, deamination, discoloration, and issues such as dust collection. Manual
inspections are generally time-consuming and inaccurate compared with drones. Drones are also very useful for
vegetation management where any vegetation that comes in contact with the powerline has to be trimmed and
managed. Drones can significantly reduce the manual effort required in this for monitoring and inspection of power
lines.
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Agriculture: Weather, soil conditions, and temperature are all critical aspects of farming. Agriculture drones enable
farmers to gather the information that can aid in crop health management, crop treatment, crop scouting, irrigation,
field soil analysis, and crop damage assessments. Depending on national regulations, special permits are given to
deploy drones for agricultural research purposes, which is likely to drive a wave of technology in the agriculture
sector. Kisan drones are used in India for agriculture assessments, land records, insecticide, and nutrient
applications. Under the guidelines of the Sub-Mission on Agricultural Mechanization (SMAM), provisions are
made to encourage the use of drone technology in agriculture. For example, financial assistance of 100% of the cost
of an agricultural drone up to a maximum of Rs. 10 lakhs per drone is provided for purchase by institutes under the
Government of India engaged in agricultural activities. For promoting use of Kisan Drones, the government would
be providing 50% or maximum INR 5 lakhs subsidy to SC-ST, small and marginal, women and farmers of
northeastern states to buy drones. Financial assistance will be given upto 40 percent or maximum INR 4 lakh for
other farmers.
Media and entertainment: The use of drones in the entertainment industry has evolved over years and is seen as a
product capable of mass influence. Film directors are using drones to capture aerial shots for specific scenarios that
previously required helicopters, ultimately reducing operating costs. Aerial photography, which captures images
from high elevations, has also grown in popularity. The Indian government held the 'Drone Olympics' during Asia's
major air show, Aero India-2019, to allow drone pilots to demonstrate their ability to fly these machines.
GIS – Mapping and Surveying: SVAMITVA, a Central Sector Scheme of Ministry of Panchayati Raj was launched
nation-wide by the Hon’ble Prime Minister on National Panchayati Raj Day, 24th April 2021 after successful
completion of pilot phase of scheme (2020-2021) in 9 states. Scheme is a reformative step towards establishment
of clear ownership of property in rural inhabited (Abadi) areas, by mapping of land parcels using drone technology
and providing ‘Record of Rights’ to village household owners with issuance of legal ownership cards. The large
opportunity in mapping (SVAMITVA program) is being rolled out as services projects by different state land
revenue departments and Survey of India. Over six lakh villages are being mapped using geospatial technology and
drones, and 3D pan-Indian mapping of 100 Indian cities are also being developed. Mapping of villages in the
country is launched under the government’s SVAMITVA (Survey of Villages and Mapping with Improvised
Technology in Village Areas) scheme. Full-scale re-surveys for mapping the entire land of states has also started.
The data procured from the easy access to the geospatial technology has helped in maximizing the use and reuse of
data since the launch of SVAMITVA. Future economic growth in India will be highlighted by the use of geospatial
systems, drone regulation, and advances in space industry. Government is anticipating more innovative solutions
and new business models in the coming times building value upon existing resources.
Mining: As per the amended Mineral Conservation and Development Rules, lessees having annual excavation plan
of one million tonne or more or leased area of 50 hectare or more are required to submit drone survey images of
leased area and up to 100 meter outside the lease boundary every year. This is mandated to improve mine planning
practices, security and safety in the mines along with better supervision of mining operations. Drones can help to
achieve many benefits for effective mine planning - conducting initial survey, carrying out exploration activity,
physical terrain mapping for segregation of land use, contour mapping, 3D modelling and terrain modelling. Indian
states have started to incorporate drone practices and are leveraging drones as part of mining automation. For
instance, Andhra Pradesh government deployed drones for the monitoring of stockpile storage, 3D mapping, and
volumetric analysis of limestone. Rajasthan government has deployed drones to prevent illegal mining in the state
Public Safety: There is a significant opportunity for adoption of drones in public safety. A number of state police
departments have adopted drones as first responders for (Dial 100/112) and also for other use cases such as crowd
monitoring, traffic management, beat patrolling, etc. India is already using the drone technology and trying to utilize
its potential for safety. Recently, in Kolkata, police used a drone to patrol polling places where elections were being
held. In CY16, Delhi Police piloted a squadron of drones to monitor temples and expressways on Republic Day.
Logistics / Delivery: The pandemic provided an opportunity for a number of drone companies to do delivery trials
with medicine and vaccine delivery. The second half of this decade is expected to see a significant adoption of
logistics drones both globally and in India. An increase in demand for faster and more efficient delivery at low cost
is being witnessed especially in the e-commerce sector with customers willing to pay extra to get package is
delivered on the same day. This is likely to increase the usage and acceptance of drones in logistics and
transportation market in India.
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Ban on imports from China due to security purposes
India and China are engaged in a sustained standoff along their disputed Himalayan border. Additionally, India is
one of many nations trying to find alternatives to China for goods and components. The pandemic and international
trade tensions intensify the need to diversify supply chains and reduce risk. An expanding market for China's SZ
DJI Technology Co., a leading drone manufacturer, was essentially closed off due to India's recent restriction on
drone imports. This encouraged the development of local businesses to boost production.
In February 2022, the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry
issued an order to ban the import of drones. However, Drones used only for research and development, defence,
and security will be exempt from the ban. Import of drones will be allowed by government entities, central or state
government approved educational institutions, and drone manufacturers and government recognized R&D entities
provided an import authorization is obtained from the DGFT. In summary current geo-political environment, with
economies decoupling with China, especially for anything related with data capture and analysis, coupled with
Indian technological capabilities in the rugged environment of India, is a major contributing factor for Indian
companies to expand globally in both defence and civil drone opportunities.
Relaxed guidelines on drones’ usage and investments
The government is trying to facilitate the production and operation of drones with the recent liberalization of drone
guidelines to make the market more accessible to drone start-ups and international investors. There are no
restrictions for foreign owned/controlled Indian companies for operating drones in India. Consequently, the recent
regulations aim to attract global investment in the sector. Over the next three years, the government has targeted an
investment of ~US$ 600M in the drone manufacturing industry, creating over 10,000 job opportunities.
After the introduction of The Drone Rules 2021, drones are permitted to operate within green zones, and no remote
pilot license is required for non-commercial use of micro drones. Recently a notification amending ‘The Drone
Rules 2021’ stated that the Indian government introduced relaxed regulations on usage and registration of drones,
pilot licenses and allowed drones to carry heavier payloads, to enable utilization of drones in multiple use cases.
While India has significantly lagged in drone adoption compared to other nations, recently there has been a strong
push nationwide towards increased adoption of drones for various purposes. With the production linked incentive
(PLI) scheme launched in September 2021, India will offer incentives for drone makers, to encourage and boost
manufacturers to develop their products in India and export them to the world.
India positioning to become global drone hub
Since CY21, the Indian government has stepped up efforts to establish a sustainable drone manufacturing
ecosystem in India. Over the span of last couple of years, there has been liberalization of drone regulations.
Favorable policies, incentives and indigenous demand creations will be the vital drivers to make India a global
drone hub. Government’s goal is to establish India as a global powerhouse for drone research and development,
testing, production, operation, and export. Application of drones is to be seen across industries such as defence
and civil (industries such as health, agriculture, GIS, construction, real estate, etc.
GLOBAL UAV/ DRONE INDUSTRY
Evolution of the Drone Industry
The first usage of drones dates back to the 1850s. Drones have been used by armies all around the world for
training, defence, surveillance operations and strikes on targets since the 1800s. Commercial drone permits weren't
issued for almost 150 years after the first military usage of drones, despite the advancement of drone technologies.
Today, drones are used in a wide variety of defence and civil applications that are growing across industries.
Drone technology is a sunrise sector, poised for exponential growth worldwide. Its recent exponential expansion
has been fueled by the rise of multiple use cases across varied industries.
Drones have been used for various tasks in a wide range of sectors and applications for the past several years.
Drones are proven to be quite helpful in places where humans cannot access or are unable to undertake tasks in a
fast and effective manner, from battling in combat missions to express shipping and delivery.
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UAVs are a subset of unmanned aerial systems (UASs). A UAS includes not only the unmanned aerial vehicles
or drones, but also the Ground Control Station on the ground controlling the flight and the system in place that
connects both of them. A UAV is a component of the UAS, since it refers to only the vehicle/aircraft itself. UAS
also comprises of elements such as camera, GPS, system software and tools required for maintenance. While
components such as cameras and GPS have developed in their own respective timelines, drone system software
and ground control systems have evolved along with drones.
As drone usage grows globally, the global regulatory landscape has also evolved in sync with the industry needs
to guarantee innovation and widespread acceptance of drones.
Drone regulations
The global use of drones, as well as their technology, range and use cases are growing at an exponential rate and
this calls for the continued evolution of the regulatory framework, accompanying security measures and related
economic arrangements. The use of drones is regulated by extensive laws that have been developed by nations
around the world after careful deliberation of the relevant concerns. The United States has been working on
creating a regulatory framework for drones for almost a century and is a global leader in drones. The Federal
Aviation Administration’s (F.A.A.) move to streamline approvals for drone flight, makes the future of drones
promising as more sectors adopt drones and find new use cases that offer better value.
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Drone regulations vary from country to country, with no universally applicable international drone legislation yet.
However, regulatory frameworks are being developed by national and international aviation authorities to ensure
that drones be used in safe and beneficial ways for business.
Global drone regulations currently have varying levels of maturity across countries and will continue to evolve
with the growth of the drone industry
The increasing usage of drones has prompted a variety of responses from legislators around the world. Nations
like Australia, U.K. and China have made it possible for businesses to use drones with minimal regulations, while
some nations such as Cuba, Iraq, Iran, and Kuwait have officially outlawed the use of unmanned aircraft, others
have established legislation allowing for more experimental use of the technology. Drones are increasingly being
used in defence and civil segments. In civil, there are a a variety of industries, including infrastructure, retail,
agriculture, logistics, and many more. As a result, these markets have seen significant capital invested in their
drone ecosystems and are driving innovation within the market.
The regulatory environment as it stands today in 10 nations across five continents is shown in the table below.
Many nations have moved towards the liberalized approach of regulatory framework to ensure a legal climate that
is business friendly.
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Globally, most governments have restrictions on Beyond Visual Line of Sight (BVLOS) operations, which refers
to flying a drone beyond the remote pilot or operators visible range. This limits the number of applications that
drones can be used for. Increasingly most countries are moving towards removing restrictions and have started
allowing BVLOS operations. As a result, the applications that drones can serve will increase and the operational
cost of operation will go down as this enables autonomous operations and the ability of one drone pilot to operate
multiple drones. Allowing BVLOS operation will significantly increase the demand for drones.
The major countries in drone operations are Australia, China and U.K. These countries possess advanced
regulatory frameworks which have evolved over time. Although U.S. leads the drone industry innovation but still
have stringent regulations which have been getting more liberal over time. BVLOS operations are prohibited in
certain countries like USA, France, New Zealand unless a waiver is requested. In the US, the Federal Aviation
Administrator (FAA) has recently come out with the draft guidelines for BVLOS operation. The degree of ease
of getting a waiver approved is drastically low in such countries. While countries like Australia, UK, and New
Zealand have already started with drone delivery operations, other nations are still in their trial and testing phase
of drone delivery operations.
While ease of drone operation varies significantly worldwide, the general national drone usage guidelines
typically include the following components – pilot's license, LOS operations, flight over people, registration rules
etc. This process of registration includes UIN (Unique Identification Number), pilot certificate and license for
drones that are required to undertake flight operations within green areas. Pilot licensing mandates which include
pilot’s age, training requirements, etc. are more favorable in countries such as Australia, China followed by nations
like UK, New Zealand and India. This is due to the simplification of regulations and approval-seeking process by
the government in such nations.
certain countries like USA, France, New Zealand unless a waiver is requested. The degree of ease of getting a
waiver approved is drastically low in such countries. While countries like Australia, UK and New Zealand have
already started with drone delivery operations, other nations are still in their trial and testing phase of drone
delivery operations.
The regulatory bodies in India have taken a step towards a more liberalized approach after considering the
potential of drones in boosting the economy. With the new ‘The Drone Rules 2021’, the government has taken
several measures such as reducing extensive paperwork involved, increasing the number of “free to fly” green
zones, and simplifying granting of permission for every drone flight, among others. The Indian legislatures believe
that drones have significant advantages to different sectors of the economy and are creators of employment and
economic growth. As a result this transformed outlook and upcoming regulations will help boost the
manufacturing potential in India to make India the drone hub of the world by CY30.
Key Trends in the Global Drone Industry
• Relaxation in drone regulations: Several aviation authorities have relaxed their guidelines to allow
commercial and recreational use of drones. Previously, without a waiver, unmanned aircraft were generally
not permitted to fly over people or out of the operator's line of sight. But as laws soften and drone usage
increases for business purposes, widespread use of drones is sure to follow.
• Growth in Enterprise usage: Technological advances from defence -funded R&D are anticipated to produce
more enterprise-ready drone technology, accelerating adoption in the enterprise sector. Enterprise usage will
continue to be driven by applications in GIS, agriculture, utilities, construction, oil and gas etc. due to low
cost of service, improved operational efficiency, accuracy of data and safety. A few industries like mining,
construction and agriculture have used drones for the past few years due to a healthy return-on-investment
evaluation in such use cases.
• Drone-as-a-service: The "As a Service" concept has gained much traction in the tech sector. Similarly,
corporations are using drones-as-a-service models, which is gaining significant traction due to higher
operational efficiency and reduced cost. Drones can help various industries by incorporating specialized
software into the embedded system, such as construction, mining, agriculture, utilities etc.
• Positive attitude towards BVLOS: Drones can travel great distances while operating in BVLOS, which
increases data collection and boosts operational effectiveness. This is important for many industries, including
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security, data gathering and logistics. Nations such as the UK, Canada, Singapore, and Kenya have allowed
BVLOS operations for different purposes and use cases. Considering the improving regulatory attitudes, it
seems that BVLOS would be enabled on a larger scale.
• A shift in the demand away from Chinese drones: Countries have been disassociating from Made in China
drones due to rise in anti-China sentiment and data-related security concerns.
• Drone swarms is an emerging trend: In China, drones collectively navigated a dense forest with their
trajectories controlled by central computers monitoring their positions and issuing commands. AI-enabled
swarm drones can also boost operations readiness at the borders of neighboring countries.
• Drone in a Box (DiB): It allows drones to navigate and return to self-contained landing "boxes." The three
necessary components required to successfully implement DiB include a drone with automatic charging, a
box for drone launch and land and a control software used to control flight routes.
Covid-19 has accelerated the growth and reshaped the Global Drone Industry
Drone technology has existed for a while, but it has started to evolve rapidly towards its considerable potential
during the pandemic. The crisis has resulted in an acceleration in the adoption of drone technologies. The
pandemic pushed the world further into the future as businesses are forced to adapt to cutting-edge technology to
provide services to customers.
Positive impact on the global drone industry
• Emerging role of drone use cases: Drones were used for contact-free delivery, surveillance, enforcement, and
hygiene applications, to combat the pandemic.
• Exemptions for the usage of drones: Administrative exemptions from existing, limiting airspace regulations
and fast-track partial deregulation were undertaken to deploy drones against COVID-19.
• Shifting attitudes towards drone usage for emergencies: Positive experiences with drones during the epidemic
have altered perceptions of drones and boosted support for non-emergency uses. Hence, developing the
capability for future emergency responses.
The drone industry was growing at a normal pace before the pandemic. However, due to the growing drone usage
across different sectors, relaxation and simplification of drone regulations and growing drone benefits ranging
from cost competitiveness to reduction in labour risk, have contributed more to the growth of the drone industry
at a faster pace.
The Global Drone Industry is expected to increase in a fast pace at a CAGR of ~20% from CY22-30,
reaching US$ ~91.3B By CY30
The global drone industry is estimated to be US$ 21.1B in CY22. The industry has witnessed a significant growth
at a CAGR of 19% over CY18-22 and is expected to grow even faster at a CAGR of 20% to be ~US$ 51.4B in
CY27 and further leap to ~US$ 91.3B by CY30.
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With global drone market poised to become US$ 51.4B market in CY27, drones are expected to be the disrupters
of the future. They are revolutionizing a number of spaces - notably military, and on the civil front emergency
services, aerospace, and potentially even the taxi industry.
Key reasons for increase in drone adoption
• Low operation cost of drones: Drones can significantly reduce fuel and labor costs compared to conventional
methods. Drones can be proved useful if high volume of deliveries are to be fulfilled across a larger geography
compared to traditional methods, helping save resources and reduce costs for enterprises.
• Environment-friendly: Due to use of battery-based technology make drones operate on renewable energy
making them environment friendly.
• Time efficiency: Drones facilitate faster, reliable delivery services by providing a predictable delivery time.
In France during a cost assessment analysis of drones, drone delivery of biomedical samples took about 15
minutes on average, compared to 42 minutes estimated for road delivery.
• Advancement in technology: Due to technological advancement, drones can conduct large-scale operations.
Mapping and surveillance applications are widely used in mining, construction, traffic management, earth
sciences etc.
• Authentic data collection: Any innovation that might improve and facilitate data collection is highly desired.
Thus, drones gained value for authentic data collection thus providing higher return on their investment.
• Favorable regulations: Despite initial opposition to defining clear drone regulations, the last decade has seen
a shift in policy and regulatory approach. The laws governing drone operations are currently being liberalized
to unleash the full potential of drones.
Drone segments by application
Drone applications can be majorly clarified into 4 broad categories, Surveillance, Mapping, Inspection and
Delivery
• Surveillance: Drones provide high-performance aerial vision providing a real-time video feed, in daytime as
well as night via advanced payloads. Drones provide an easy way to get a bird’s eye view of large areas.
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These days drone are also equipped with advanced analytics capabilities such as, target detection, target
tracking and moving target indicator.
• Mapping: Drone technology showcases a huge potential for surveyors and GIS services where aerial
photographs taken from drones using different types of sensors can provide accurate mapping information. It
greatly cuts the cost and work hours of data capture. Further, drones can survey otherwise unreachable areas
and deliver high-resolution aerial maps that would be otherwise impossible to produce in a safe or cost-
effective way. Drones can help to achieve many benefits for effective mine planning - conducting initial
survey, carrying out exploration activity, physical terrain mapping for segregation of land use, contour
mapping, 3D modelling, terrain modelling and stockpile management. In agriculture, multispectral mapping
can be used for crop health monitoring and yield estimation. There are a number of new sensors such as
LiDAR, which enable the ability to create 3D maps and point clouds.
• Inspection: Inspection drones are redefining manual inspection procedures by enabling inspectors to collect
inspection data rapidly while eliminating risky, labor-intensive human stages. There are a number of
inspection use cases such as property inspection, railway inspection, bridge, pipeline inspection.
• Delivery: Drone delivery services can be used to distribute prescription drugs, packages, groceries, food, and
other home healthcare supplies. Another specific application of delivery is spraying drones which can make
a big difference in agriculture with more precise delivery of fertilizer and pesticides.
The versatility of drones due to their numerous benefits is crucial in unlocking their potential across various
industries such as defence, consumer, logistics, among others. Ultimately, the growth and adoption of drones in a
particular industry is driven by the direct correlation between the benefits of drones and evolving nature of the
use cases. The L1 use cases encompasses both military and civil (non-military) applications, while L2 technology
encompasses the deployment of drones across various non-military settings with the aim of reducing the need for
human labor, time and productivity.
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Evolution of use cases of drones
Amazon's announcement that it would employ drones to deliver packages in CY13 marked a turning point for the drone industry. Since then, drones and drone-based services
have skyrocketed in the retail and business sectors. Drones are being explored extensively across various industries, including construction, real estate, e-commerce, agriculture,
utilities and energy, financial services, and media and entertainment.
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The Global Drone Industry is rapidly expanding into various business segments
Similar to microwaves, computers, GPS and the Internet, drones were initially created for military purposes but
have now also evolved for enterprise and civil usage. While traditional uses for drones, such as security,
surveillance, and monitoring, continue to expand, especially in areas where labor costs and human risks are high,
almost every industry has room for this technology, from real estate, construction, and mining to public safety,
insurance, journalism, agriculture, transportation, energy, and telecommunication costs.
Within the global drone market, defence has had the largest share in CY18 and is expected to have the largest
share (48%) in CY22 as well. As defence technology is adapted for commercial use and relaxed regulations, usage
of drones in enterprise sector is expected to grow and contribute ~41% of the total market in CY27. The regulations
are stringent for drone use in the logistics sector currently, although the situation is expected to change with
relaxed norms for drone deliveries and other logistical use cases. The logistics drone market is expected to have
the largest share of the overall drone market in CY30, followed by enterprise and defence.
Defence
Modern defence has been reshaped to engage enemies without endangering soldiers' lives. The global defence
drone market size was estimated to be around 60% of the entire drone market at US$ 6.3B in CY18. The growth
of artificial intelligence and robotics-based applications in drones have led to their increased adoption in the
defence sector.
Over the next decade, A.I. based drones will augment existing platforms with new capabilities and empower
humans to use robotic systems to improve safety and decision-making. The market is projected to grow from US$
10.1B in CY22 to US$ 17.1B by CY27 and US$ 23B by CY30, exhibiting a stable CAGR of around 11% during
CY22-27 and CY27-30. With global defence spending growing at a CAGR of 4.4% from US$ 1.86T in CY18 to
US$ 2.11T in CY21 and the race to gain air superiority, the defence sector is expected drive innovation in the
overall drone market and remain a significant contributor till CY27.
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Since the 1950s, the U.S. Department of Defense has employed drones in most military operations for the
observation, surveillance, and intelligence of enemy forces. A number of countries are already using military
drones. Drones in defence can be classified into three broad categories based on their usage:
• Intelligence, surveillance, target acquisition and reconnaissance (ISTAR): Drones are considered the best
when it comes to data gathering and surveillance across borders. These drones can be deployed kilometers
away and provide real-time updates. Drones with artificial intelligence also communicate continuously and
provide information on any threat / movement around borders.
• Combat: Drones used for combat are armed with guns, cannons, munitions and other types of arsenals. They
engage in air-to-air and air-to-ground combat against enemies or provide close air support to ground troops.
• Logistical support: Drones can be used to offer logistical support to soldiers who are on the battlefield or in
difficult-to-reach places. Drones can develop supply networks that get supplies to troops quickly without
possibly losing an individual. Drones step in and replace traditional logistics techniques when combat zones
and stations are difficult to reach.
By use case, drones in defence can be classified as large, micro and counter drones. Spend on the large defence
drones, which are high altitude pseudo satellite (HAPS), high altitude long endurance (HALE) and medium
altitude long endurance (MALE) drones, account for and will continue to account for the highest share of global
defence market, but micro drones, which are compact rotary drones, are on the rise. Currently majority of the
spending on counter-drones by the defence sector was only towards R&D contracts and not actual procurement
and usage, as current counter-drone systems either offer unproven capabilities or perform differently than
advertised outside of a controlled environment.
The global defence drone market expansion is anticipated to be aided by the rise in defence spending as more
nations purchase modern, technologically advanced military drones/UAVs for enhanced combat capability from
drone suppliers who benefit from high entry barriers like capital requirements and technological prowess in the
defence industry. Rising cross-border conflicts in several countries will also drive drone usage in defence space
for surveillance.
Civil
Civil comprises of enterprise, consumer, logistics and passenger segments. Enterprise drone market has been the
fastest-growing drone market segment, having grown at a CAGR of 43% from CY18 to CY22. It is the second
largest market after the defence sector, pegged at US$ 7.1B in CY22.
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Currently, the enterprise drone market is in its nascent stages with regulatory complications such as the Line-of-
Sight requirement, among others. Drones are expected to be employed on a massive scale in various industries,
with construction and real estate and agriculture being the most significant segments of the enterprise drone market
due to them being early adopters of the technology. Research and development into advanced drone technology
and industry-specific software are expected to drive adoption and improved operational efficiencies. With
increasing drone autonomy and an uptick in drone licenses and registrations, the cost of drone adoption will lower,
further encouraging more use cases across various industries.
GIS, Construction and Real estate
The GIS, construction and real estate drone market comprises of GIS, construction, built inspection and real estate
markets combined. The market is expected to go from US$ 4.2B in CY22 to US$ 12.2B in CY27, growing at a
CAGR of 24%, with real estate being the fastest growing segment amongst the three and construction to make up
~77% of the construction and real estate market in CY27.
GIS & Construction
The GIS & construction drone market is the largest global enterprise drone market segment, standing at US$ 3.5B
in CY22. The market is expected to be US$ 9.4B in CY27, growing at a CAGR of 22% between CY22-27,
considering the relaxation of drone regulations for enterprise use. Drones are being used to improve the efficiency
of construction operations by aiding land surveys, progress monitoring, and safety check functions. A.I.-backed
drone technology is now being deployed to plan construction sites, quantify resources and manage assets on-site.
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The impact of COVID-19 on the construction industry has aided the adoption of drones by the industry. The
pandemic resulted in the reduction of on-site workers and adoption of drone technology to monitor sites and
ensure worker safety. Construction companies majorly work on asset-light models and lease equipment on a
project-to-project basis and these companies will use drones-as-a-service. For that reason, the construction
industry is expected to move quickly towards automation of drone-based data collection and analysis.
Built Inspection
Built inspection or Built Environment Inspection (BEI) refers to the examination of completed structures such as
bridges, railroads, and buildings with the help of drone technology. The global drone-built environment inspection
market is currently at a size of US$ 0.5B in CY22 and is projected to reach US$ 1.7B in CY27, growing at a
CAGR of 28%. Increase in BVLOS acceptance, improved autonomy, and powerful data analytics will allow BEI
to grow as one of the largest markets for enterprise drones through CY30. In a test survey conducted by Arcadis,
a global engineering consultancy, saw that surveillance led by drone took less than half the time taken by
traditional methods.
The primary benefits of deploying drones for built inspection include:
• Increased safety for inspectors: Inspector no longer has to be put into potentially hazardous circumstances.
• Savings on cost of temporary structures: Companies can save on inspection costs by not having to construct
scaffolding or other transient infrastructure for a manual inspection.
• Reduction in insurance cost: Companies can dramatically lower their insurance-related costs by drastically
reducing the time employees are exposed to risky situations.
• Helps create a digital footprint of the company's assets: Visual data collected by drones help companies
retrieve a digital record of an asset's life history at any moment.
• Advantageous for nuclear power plants: Currently, nuclear power reactors or pressure vessels are turned
off before every inspection. This downtime results in a revenue loss which can be resolved by drones to a
great extent.
BEI can be divided into three sub-categories: railway inspection, bridge inspection, and property inspection.
Railway inspection:
The major use cases for drones are to examine bridges, remote railway networks, and radio towers on railroads.
Growth of drone-based inspection will majorly be driven by relaxation on BVLOS flight limits in low human
density areas. The on-time approval of BVLOS operations will act as a catalyst. Soon, drones that launch from
and land in self-contained "boxes" will be strategically placed to carry out autonomous inspections. Asset-light
railroad owners who do not want to maintain a distributed crew of drone monitors will probably scale back their
internal drone operations in favor of an outsourced model as autonomous drone railway inspections become more
prevalent. For instance, BNSF Railway Co., a US based rail infrastructure company, is employing drones to
optimize inspection procedures for its rail network.
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Bridge inspection:
Ageing bridge infrastructure, slow and traditional bridge inspection methods and an increase in the frequency of
bridge inspection will majorly drive the bridge inspection by drones cost-effectively. Drones are increasingly
performing autonomous bridge inspection missions on-site and are becoming standard equipment on utility
vehicles. The time and cost for bridge inspection by drones is drastically less than traditional assessment methods.
For instance, drones are used by state transportation departments in the U.S. for surveying and emergency
response. Using drones-based bridge inspections they were able to save up to 70% of traditional assessment
method cost. In the US, Schemmer Associates Inc., engineering and construction-based consulting firm, deploys
drones to assist in bridge inspections, ensuring inspector’s safety and reach in accessible locations.
Property inspection:
Drones are useful tools for monitoring properties and identifying potential problems. Detecting property changes,
inspection of landscape damages, roof damages, etc. are some of its primary use cases. Also, they are
revolutionizing how insurance companies and building inspectors inspect structures. Since CY15, insurance
companies have been using drones to expedite risky and time-consuming inspections at claim locations while
keeping staff safely on the ground. Drones are already becoming commonplace among those who handle insurance
claims. The increased adoption rate for property inspection will be accelerated by insurance companies seeking
to take benefit of the efficiency gains due to drones. To conduct regular annual inspections on tall buildings,
building inspectors either build costly scaffolding or rappel down the sides of the buildings. Except for repair
work, drones will make scaffolding and rappelling obsolete. A Canadian company, Industrial SkyWorks Inc.,
have used drones to examine walls and roofs of structures at night.
Real estate
Drones have been used in the real estate market for a long time. The market is expected to grow at a CAGR of
41%, from US$ 0.2B in CY22 to US$1.1B in CY27. With many use cases such as real estate marketing, aerial
video tours, and resort living to 360 panoramas, real estate will continue to be a competitive market for drones.
Agents who use drones for real estate could potentially see an increase in their listings and a higher chance of deal
closing. The use of drones has been steadily increasing since the COVID-19-induced lockdowns, where a rise in
3D panoramic virtual tours was on the rise. With increasing adoption due to comparatively relaxed regulatory
norms and growing demand for virtual panoramic views of properties, this segment is expected to grow in the
next five years. A recent project of surveying a village in India where nearly 80 drones deployed for data
collection, saw that the cost was reduced roughly by 4 times when compared with traditional methods.
Agriculture
Drone technology is increasingly being used by agricultural businesses worldwide to modernize farming.
Agriculture drones would carry sensors that can provide real-time information on crop status or animal movement,
allowing for efficient and precise decision-making on operations and management. These drones may be upgraded
with various sensor payload configurations and digital imaging capabilities for field surveys, crop monitoring,
spraying, spreading applications, and livestock and fisheries surveillance. The global agriculture drone market is
estimated to be US$ 0.6B in CY22 and projected to reach US$ 2.5B by CY27, growing at a CAGR of 32%.
Yamaha Motor India Pvt. Ltd., a Japanese multinational manufacturer of motorized products, began selling multi-
rotor drones in CY18 as demand surged in Japan. Operators rent 2,500 or more manual radio-controlled or fully
autonomous Yamaha drones to spray roughly 42% of Japan's paddy fields. In South Korea, nearly 100 manual
radio-controlled or fully autonomous drones are in operation. Yamaha has begun rolling out its technology in
Australia and New Zealand, as well as in the U.S.A., where the F.A.A. has granted Yamaha permission to conduct
commercial trial services and research. Similar to Yamaha, a number of companies like SZ DJI Technology Co.,
Ltd, Parrot Drones SAS, and PrecisionHawk Inc. have been providing drone based agricultural solutions to
governments, enterprises and the public, across the world.
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Precision agriculture improves farm efficiency by utilizing technologies capable of rapid data insight analysis and
is being used by large commercial farms currently in the U.S. Among the plethora of applications for drones in
agriculture, precision agriculture applications will be focused on as 'drone-based agriculture', which is anticipated
to be a premium service until CY25 due to the prohibitive costs of high-tech drone services.
Soil and crop monitoring
High-resolution aerial photos can create 3D maps for crop and soil analysis, which can be used to design seed
planting patterns, regulate irrigation and nitrogen levels, and monitor crop development throughout the season.
Soil and crop monitoring can be performed by using satellites, general aviation aircraft, and drones.
Satellites can collect vast amounts of data. However, high-resolution satellite photography is costly, has limited
revisit times, and is vulnerable to weather conditions. General aviation planes are less expensive than satellites.
They can cover more ground than drones making them ideal for surveying large areas, but produce lower-
resolution imagery than drones. Drones can monitor crops and soil on large pieces of land while being cost and
time effective.
Parameters Satellite General aviation aircraft Drone

Operational expense Very high Medium Low
High resolution imagery Available, but expensive Low availability High
Revisit times Highly limited Unlimited Unlimited
Vulnerability to weather High Medium Low
conditions
Most suitable area size Extremely large areas Very large areas Medium and large areas
Irrigation and crop spraying
Drones for crop spraying are still relatively new in adoption, but they are gaining traction. Due to the limited
availability of drones for crop spraying and local drone regulations, this use case has witnessed slow adoption.
However, crop-spraying drones will become more widely used, with many countries such as China, the United
States, India, and the European Union relaxing drone laws related to agriculture.
Many components of farming are still labor-intensive, and manually spraying chemicals is difficult, dangerous,
and time-consuming. Using drone technology to spray crops avoids any detrimental effects pesticides may have
on humans. Drones are a faster and more effective use of resources in farming. Another advantage of employing
drones for crop spraying is that they can reach locations challenging to access by land.
Health assessment
Drones configured with sensors capable of scanning crops with visible and near-infrared light can be used to check
crop health over time to understand when to follow corrective actions. Farmers can use data from modern sensors
presented as 2D or 3D models to understand better and find new ways to boost crop yields while decreasing crop
damage. This data can then also be used to develop crop damage valuations for crop insurance as traditional
inspection methods can be slow and inaccurate.
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Globally, drone-based precision agriculture is likely to continue to be provided as a managed service offered to
farmers as part of package deals with seed and crop protection companies.
The farming subsidies for drone services will increase as governments move towards adopting technology in
agriculture to maintain adequate food supply for their growing populations. In December 2021, the Government
of India released the Standard Operating Procedure (SOP) for the use of drones in crop protection and spraying.
Several countries are releasing guidelines on the usage of drones in agriculture as a thumbs up to technology’s
potential benefits.
Oil and Gas
Drones are used in the oil and gas sector to check platforms on land and at sea, pipelines, and refineries. Drones
enhance worker safety in the oil and gas sector while lowering inspection and maintenance expenses. The global
oil and gas-based drone market is currently valued at US$ 0.4B in CY22, which is projected to reach US$ 1.4B
by CY27, growing at a CAGR of 28%. In the future, development of autonomous drones will help reduce critical
infrastructure downtime and allow faster inspections of hazardous areas.
The usage of drones in the oil and gas sector is divided into three segments: upstream, midstream, and downstream.
The upstream segment includes the discovery and production of oil and gas, such as drilling and bringing resources
to the surface. The midstream segment refers to all activities necessary for transporting and storing crude oil and
gas before refinement. Downstream encompasses all the processes required to transform crude oil into finished
goods and transportation. Top global oil and gas firms using drones to enhance their operations and obtain real-
time insights include Bharat Petroleum Corporation Limited, Chevron Corporation, ConocoPhillips Company,
Equinor ASA, Exxon Mobil Corporation, among others.
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Mining
There are three primary use cases of Drones at mines: Surveying and mapping, stockpile management, and road
haulage optimization. The global mining-based drone market is currently valued at US$ 0.2B in CY22, projected
to reach US$ 0.8B by CY27, growing at a CAGR of 32% over CY22-27.
Drones are capable of a wide range of mining applications, including exploration, mapping, surveying and data
collection, as well as maintaining safety and strengthening security. Recently popularity of drones has increased
in the mining industry, with several mining sites investing in drone technology. Mining professionals have seen
that drones provide tremendous value to their operations. Drones in mining deliver accurate and complete
information on quarry and mine conditions quickly, increasing the efficiency of large mine sites and quarries.
They will improve coordination between teams on-site and globally and also provide a dynamic picture of all
operations.
Benefits of drones in mining include higher accuracy compared to traditional surveying and inspection techniques,
more rapid data collection which is faster than conventional land-based practices carried out by personnel, higher-
resolution data, increased worker efficiency, cost-effectiveness and enhanced worker security. Massive mines are
using drone surveillance to locate potential deployment sites for resources and reserves and increase exploration
expenditures' effectiveness. These factors, including fewer regulations to comply with compared to other sectors,
as there is barely any drone usage in a high human-density environment, will drive the growth of drones in the
mining sector. For instance, Coal India Limited has decided to utilize drones for variety of monitoring tasks such
as mine repair, reviewing topsoil loss, etc.
Utilities
The utilities sector encompasses tower inspection, power transmission and wind turbines, among others. The
drone utilities market is expected to grow at a CAGR of 28% from US$ 0.2B in CY22 to US$ 0.7B in CY27. The
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difficulty of inspecting various installations, such as power lines and wind turbines necessitates the need for
drones. Drones are primarily being used to carry out inspection and maintenance jobs due to cost savings, safety
and accuracy provided by drones.
Tower inspection: About 5,60,000 inspectors work on about 5 million communication towers globally. With new
5G towers coming up, routine inspection of towers would require additional help. Autonomous drones equipped
with high-resolution thermal cameras allow remote inspections to be undertaken. Tower inspection by drones
requires them to be close to the towers to meet the Beyond Visual Line of Sight requirements for most nations
such as the U.S.A., Australia, U.K and India. Telecom operators have started using drones in maintenance
monitoring, maintaining a record of equipment mounted on cell towers and maintaining a central repository. The
potential market for drone-powered solutions is immense, with the possibility of telecom operators providing such
services themselves. For instance, Verizon Communications, Inc. acquired Skyward IO, Inc., a drone company
which allows users to connect drones wirelessly and share data plans on its network. Vodafone Group Plc. too is
in talks with regulatory authorities of many countries to contribute to drone traffic control centers.
Power transmission: Drones have numerous close-range use cases around power lines, such as checking
vegetation growth and detecting damage to avert a power outage or fire damage etc., drones fitted with thermal
sensors can pinpoint discharge and overheating lines and facilitate timely maintenance. Requirements of
electromagnetic shielding, pilot training and BVLOS restrictions hinders high adoption in this segment.
Wind turbines: Drone usage in the wind turbines market is positioned against ground-based solutions. The energy
industry spends around US$ 8B annually on wind farm maintenance. Wind turbines require preventive
maintenance checks, including manual inspections for signs of wear and tear. Drones can perform 360-degree
inspections, maintain a central repository of data, transport maintenance equipment and chart an automatic flight
path to check for erosion and cracks by performing on-demand remote monitoring. A limiting factor is that wind
speeds can range from 4m/s to 5.8m/s, which may be more than the windspeed limits of drones, acting as a barrier
to their usage.
Public safety
As the usage of drones for public safety grows, so does their utility in emergency and law enforcement scenarios.
The public safety-based drone market is currently valued at US$ 1.1B in CY22 and is projected to reach US$ 2.7B
by CY27, growing at a CAGR of 20%.
Drones have changed public safety operations by providing responders with a wide range of airborne
reconnaissance and mapping capabilities. Although, constraints on flying beyond visual line of sight (BVLOS),
limited battery life, and community concerns about privacy are all barriers to increasing the usage of public safety
drones. As most limitations are critical to the growth of drone usage in public safety, drone adoption is only
expected to accelerate once regulatory concerns are met.
The market for drones in public safety is majorly made up of two use cases:
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Law enforcement
Due to the entry of new technologies, policing looks significantly different now than it did a decade ago. New
technologies like facial recognition software and a wide range of computer applications made possible by high-
speed broadband wireless systems have substantially expanded the capabilities of law enforcement. Police and
government officials worldwide have used drones to perform remote policing and enforce social distancing during
COVID-19 lockdowns. Pilot programs are expanding drone adoption, as agencies turn to technology to address
operational inefficiencies. However, drone adoption in law enforcement is highly regulated as law enforcement
agencies are not allowed to use foreign-made drones, in key countries like the U.S.A., China and Japan for the
protection of public and agency privacy. As a result, the drone market in law enforcement is estimated to grow
conservatively as authorities are reliant on country’s manufacturing capabilities.
Firefighting
Fire departments worldwide, especially in the United States, are increasingly harnessing the benefits of drone
technology during firefighting operations. Drone usage while firefighting goes beyond putting fires out in areas
that are tough to reach. They are used for situational awareness, thermal assessment, and search and rescue
operations, amongst other use cases. Increasingly drones are finding a place in the prevention of forest fires.
Enterprise counter drone
Counter drone technology, which is often referred to as counter-UAS, C-UAS or counter-UAV is the system that
is used to detect and disable an unmanned aerial vehicle. Enterprise counter drones primarily consist of drones
used at airports, nuclear power plants, prisons, oil and gas, enterprise airspaces, municipal airspaces and other
commercial spaces for drone attack detection and mitigation. The counter-drone market is expected to grow at a
CAGR of 12% from US$ 0.3B in CY22 to US$ 0.5B in CY27.
Places of critical nature and mass gatherings are susceptible to drone and other attacks, making counter-drones
essential. Anti-drones can undertake the following activities:
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- Detection and tracking of invasive drones and other technology over restricted airspaces
- Signal a warning to the drone pilot, informing the pilot about the infraction
- Disrupt the flight path of the invading drone
- Confiscate invading drone
- As a last resort, destroy the invading drone
Commercial C-UAS solutions can be used instead of military-grade jammers and electromagnetic counters, which
are prohibited under general circumstances. Usage of other solutions, such as missiles and other projectiles, risk
incurring severe collateral damage. Governments have not yet set specific C-UAS policies, and many regulations
will be overlapping with Aviation Security Act etc. would lead to slower adoption.
Consumer
Consumer drones have been operating as the face of the drone market for the last decade; however, it currently
had a smaller market compared to defence and enterprise. The current market size of the consumer market is US$
3.6B and is expected to grow at a CAGR of 9% to stand at US$5.5B in CY27. While commercial drones are in
the early adopters' phase, drone usage by consumers is expected to reach maturity by CY27.
Consumer drones are broadly categorized into the following:

• Recreational
• Videography
a) Journalism
b) Cinematography
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Recreational use
Drone usage for recreational purposes relates to the use of drones by hobbyists for videography or simply for the
fun of flying a drone. The drone market for recreational use is expected to grow due to growth in the "experience
economy" as social media takes center stage. While in the early days, hobbyists drove the industry. This trend
will reverse as enterprise solutions mature and the growth rate of the consumer market is expected to slow down.
The European and American markets are expected to stagnate in the coming years.
Videography
Videography consists of two broad categories, namely journalism and videography.
Journalism: Drones have been used to cover news, such as natural disasters and other events up close, without
putting a cameraperson in danger. Drones with high-tech cameras and thermal sensors can cover larger areas and
reduce overall reporting costs as they are less expensive at the same time offer more maneuverability than the
next best alternative, which is a chopper. Drone usage is expected to grow steadily due to the ease of regulations
for drones’ usage in low-density public areas and during night time.
Cinematography: Drones have been used for filmography, cinematography and broadcasting for the last few
years. In USA, they have been used regularly for filming aerial shots in movies, television shows and commercials
since CY14 when drones in filmmaking became legal in the country. Sports documentaries make use of F.P.V.
drones to create camera movement. Most drone usage in cinematography is outsourced to drone service providers.
Drones fare better than cranes and replace their role by having advanced payload capacity, high altitude capability
and high-resolution cameras. They also prove to be less costly than helicopters for long-range shots.
Logistics
The drone logistics market is currently valued at US$ 0.3B in CY22 and is projected to reach US$ 33B by CY30.
This market growth can be attributed to surging demand for efficient logistics and last-mile delivery and
technological advancements such as Vertical Take-Off and landing (VTOL), geospatial mapping, IoT, and
machine learning resulting in higher accuracy of package delivery. Furthermore, revamped government regulatory
framework will drive growth opportunities for drones in the logistics sector.
With the growing effects of the pandemic and increase in environmental consciousness among companies and
consumers, the logistics industry has become more dynamic, and adaptive. The logistics movement and supply
chain complexity can be efficiently solved by bringing an autonomous vehicle element. This will fulfil the four
critical areas considered by logistics companies: optimizing efficiency, recognizing value, being flexible, and
resilient and having zero negatives.
The pandemic has also fueled the desire for delivery drones, which address structural challenges such as delivery
timing (same day) and delivering to isolated locations. In a period when there were few people available to
transport items but tremendous demand, the ability of drones to make contactless deliveries in the lowest amount
of time established its value. Furthermore, modern drones can transport bulkier packages over more considerable
distances in a shorter time. During a study in CY22, in last-mile delivery, energy consumption per package by a
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medium-duty diesel truck was reduced to more than half when delivered through a very small quadcopter drone.
Companies in various sectors, including logistics, healthcare, food, and e-commerce, are being prompted to pilot
drone delivery technologies. International corporations, including The Boeing Company, Zipline Inc., United
Parcel Service, Inc., Amazon.com, Inc., Wing Aviation Private Limited, and others, provide stores and online
shoppers with immediate delivery services using drones.
Global examples of drone adoption in logistics
The first drone-based delivery was performed by Domino's Pizza, Inc., in November 2016 to deliver a pizza to a
customer's doorstep. Since then, several large and small businesses have been testing autonomous delivery using
drones. In CY19, Amazon.com Inc. announced ‘PrimeAir’, a drone delivery service to deliver packages within
30 minutes of ordering. The Wing, owned by Alphabet Inc., develops drone-based freight technology, and works
with organizations like Walgreens and FedEx to deliver two and three-pound drone packages.
United Parcel Service, Inc. Flight Forward was the first drone delivery service to be launched by a commercial
logistics company. To advance their effort to provide medications, they have teamed with CVS Health
Corporation. Walmart Inc. in association with DroneUp LLC will potentially serve four million households across
six states in the US by expanding DroneUp delivery network across 34 sites. Drone Delivery Canada Corp., Airbus
SE, Matternet Inc, DHL International GmbH., Shenzhen SF City Logistics Co., Ltd, and Rakuten Group Inc. are
some other major drone delivery companies.
The US is the leading player in the drone delivery industry due to the enormous number of e-commerce giants
and technological start-ups with headquarters in various states around the nation. Additionally, Canada is
accelerating the delivery process by implementing drone delivery technologies. In Asia, China and Japan are
dominating this industry. Drones are being used more frequently in Europe by Switzerland, Iceland, and Finland
to deliver prescription drugs and other retail items to remote locations. Drones are used in African nations like
Ghana and Rwanda to transport test samples and medical supplies.
Passenger
Passenger drones (also called air taxis, eVTOLs, flying cars, etc.) will be used to transport passengers over short
and medium distances flown manually, remotely, or automatically. Passenger drones do not require a runway for
landing due to vertical take-off and landing (VTOL).
Commuters will benefit from drone-led faster intra-city and inter-city transportation. These drones are battery-
powered, making them capable of running on renewable energy sources. Passenger drones can also be employed
for special operations, including search and rescue, emergency supply delivery, air ambulance transport, and fire
rescue.
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The global passenger drone market size is currently in a very nascent stage valued at less than US$ 0.1B and is
anticipated to grow to US$ 0.2B in CY27 at a CAGR of 26% during CY22-27. A decline in equipment costs,
technological advancements, a growing urban population, and increasing need to travel faster, cheaper and cleaner
will accelerate the growth of the passenger drone market.
Drone Industry by geography
The growth in the overall drone market across regions is anticipated to be driven by relaxations in regulations and
testing of drone applications. Several governments are working out ways to form regulations for the adoption of
drones in commercial applications. In CY22, USA is expected to be the biggest market for drones standing at US$
10.2B with ~49% market share and predicted to grow to US$ 20.2B in CY27.
The agriculture drone market is expected to witness a steady growth in the APAC region with China at the
forefront of the market. With the Government of China providing various subsidy schemes and favorable domestic
policies for drone usage in industries, energy, agriculture and consumer markets are expected to drive growth in
the coming years. The Indian government is also encouraging the adoption of drone technology in agriculture and
has released standard operating procedures (SOPs) for drone-assisted pesticide and nutrient application. There is
a growing number of Unmanned Aircraft Operator Permits in India currently. With the new ‘The Drone Rules
2021’, PLI scheme, UTM policy and liberalized drone policy, India is also positioned to become a global
manufacturing hub for drone technology.
While the adoption of drones is growing at a rapid pace, each country has been developing their own ways to
tackle certain headwinds that the drone industry faces. The way each country decides to combat these concerns
would decide the level of sustainable growth the drone industry would witnesses within that country.
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Key challenges in the Drone Industry
Drone safety is still a concern, as are the effects on ecology, security, and privacy. Additional problems include
consequences on jobs and fair use. Future emergency responses may be enhanced by creating a regulatory
framework for drones that considers issues beyond safety.
INDIAN UAV/ DRONE INDUSTRY
Evolution of the Drone Industry in India and how it could evolve given how it has in other markets
Back in the 1990s, the Indian Army acquired UAVs from Israel. First application was use as military drones
during the 1999 Kargil war against Pakistan for photo surveillance along the Line of Control (LOC).
In CY14, the Directorate General of Civil Aviation (DGCA) under the MoCA (Ministry of Civil Aviation) banned
the use of commercial drones in India until it formulated proper rules and regulations to govern their usage. In
CY18, the DGCA released the CAR (Civil Aviation Requirements), which established a paperless procedure for
filing permits for drone activities and registering licenses for drones, owners, and pilots. Apart from defense,
drones came into commercial action after CY18.
In CY20, drones played a crucial role in maintaining social distance and performing sanitization operations during
the peak of COVID-19. Indigenously developed drones were used to deliver COVID-19 vaccines to access
compromised areas and strengthen the vaccine delivery system. With the new 'The Drone Rules 2021’, individuals
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and organizations in India are set to find it easier to own and operate drones, setting the stage for the broader use
of drones in the country. As a part of reforms to make India a global drone hub by CY30, the government also
launched Production-Linked Incentive (PLI) scheme for drones and drone components companies in September
2021 to enable drone manufacturing in India.
In the FY22 budget, the Finance Minister of India introduced the 'Drone Shakti'. Startups are encouraged to
provide Drone-as-a-Service. Customers may hire drones and utilize them for various purposes, including shooting
pictures and films. India's biggest drone festival, Bharat Drone Mahotsav, was inaugurated in May 2022. With
"Atmanirbhar Bharat" initiative, the Government of India has been pushing Indian drone companies for innovation
in the sector through its policies. The purpose was to showcase the broad adoption of drones and the substantial
employment opportunities the industry can create.
India finds itself to be at a critical juncture in the evolutionary timeline of drone technology and aims to position
itself as a global drone hub by CY30. The rise of the drone manufacturing industry in India will result in significant
trickle-down effects across the sub-component value chain, right across motors/ propulsion systems, payloads,
communication modules, batteries/ power systems, propellers, assembly, navigation systems, airframes and
software solutions.
In order to boost indigenous drone production, India has introduced laws and policies that address both the supply
side (through PLI and import bans) and demand sides (through drone policy). By implementing drone
indigenization initiatives in use cases such as defense, commercial, homeland security, and counter UAV sectors,
India has the remarkable opportunity to target approximately 1.8 lakh crore of total domestic manufacturing
potential.
The policy environment in the Indian drone space is becoming more liberal and relaxed with regulations
such as ‘The Drone Rules 2021’
Drone ownership and operation are far more simplified under ‘The Drone Rules 2021’, than under earlier
regulations. ‘The Drone Rules 2021’ have list of compliances that drone operators must be aware of to ensure full
Widen this box so

that its in single line
compliance and few restrictions in place with specific emphasis on approvals. Permission was mandatory for
commercial use of drones, this limitation was eased with ‘The Drone Rules 2021’, which were curtailed in the
regulations released in August 2018.
As of February 2022, India banned the import of drones and drone components except for security and defense,
to encourage the domestic drone manufacturing industry and make India a global drone hub by CY30. On 9 th
February 2022, The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry,
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modified the Indian Trade Classification (Harmonised System) 2022 Schedule-1 (Import Policy) and banned the
import of drones in completely-built-up (CBU), semi-knocked-down (SKD) or completely-knocked-down (CKD)
form, with the exceptions of:
• Import of drones by government entities, educational institutions recognized by central or state government,
government recognized R&D entities and drone manufacturers for R&D purpose are allowed in CBU, SKD
or CKD form, subject to import authorization issued by DGFT in consultation with concerned line ministries,
and
• Import of drones for defence and security purposes are allowed in CBU, SKD or CKD form, subject to import
authorization issued by DGFT in consultation with concerned line industries. However, the import of drone
components is not banned and does not require any approval.
The announcement of the Drone Rules 2021 and the Drone (Amendment) Rules CY22 simplifies the operation of
drones more than ever before. New legislation and standards assist the Indian government's ambitious objective
of becoming a global drone hub by CY30.
The Drone Rules 2021
The Drone Rules 2021 were released in August 2021 to regulate the use and operation of drones in India. Some
prior strict requirements have been relaxed under this policy.
For instance:
• The number of permits and approvals required by a drone operator has been reduced from 25 to 5.
• The Rules have established an online platform hosted by the Directorate General of Civil Aviation for
managing various drone-related activities in India called 'Digital Sky'. The platform seeks to provide a single-
window online system where most of the permissions of drones can be generated by individuals without any
human intervention.
Ministry of Civil Aviation (MoCA) has deployed an interactive airspace map on the Digital Sky platform for the
convenience of drone operators and all other stakeholders. The map is color-coded into green, yellow, and red
zones, which opened nearly 90% of Indian airspace as a green zone. This will help drone operators plan their
flights in a better way and prevent flying in restricted zones. These regulation aims to boost innovation and
business in India.
Production-Linked Incentive (PLI) scheme
The PLI scheme, launched in September 2021, aims to incentivize Indian drone and drone components’
manufacturing companies, to make them self-sustaining and globally competitive. With liberalized rules and the
incentive scheme, the government expects the drones and drone components manufacturing industry to attract
investments from foreign investors. Micro Small and Medium Enterprise (MSME) will be key beneficiaries, and
the eligibility norm has been set for the same.
Under the scheme, a total incentive of US$ 15M is spread over three financial years. PLI will encourage
entrepreneurs to strive towards building drones, components and software for the global market. This initiative is
anticipated to help reduce imports and increase market exports and achieve the Government’s aim to make India
'The global drone hub of the world'. A provisional list of 23 PLI beneficiaries was released in July 2022. The
beneficiaries include 12 drone manufacturers and 11 drone component manufacturers.
The list of shortlisted drone manufacturers is as follows:

1. Aarav Unmanned Systems, Bengaluru, Karnataka
2. Asteria Aerospace, Bengaluru, Karnataka
3. Dhaksha Unmanned Systems, Chennai, Tamil Nadu
4. EndureAir Systems, Noida, Uttar Pradesh
5. Garuda Aerospace, Chennai, Tamil Nadu
6. IdeaForge Technology, Mumbai, Maharashtra
7. IoTechWorld Avigation, Gurugram, Haryana
8. Omnipresent Robot Technologies, Gurugram, Haryana
9. Raphe Mphibr, Noida, Uttar Pradesh
10. Roter Precision Instruments, Roorkee, Uttarakhand
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11. Sagar Defence Engineering, Pune, Maharashtra
12. Throttle Aerospace Systems, Bengaluru, Karnataka
Drone makers and service providers are ramping up their product offerings and hiring to meet a spurt in demand
that is expected to accelerate with the government's PLI scheme, which is expected to bring down drone prices
further. The annual sales turnover of the drone manufacturing industry may grow from US$ 8M in FY21 fold to
over ~US$ 110M in FY24.
The Drone (Amendment) Rules 2022, eliminate the need for a drone pilot license for drone operations up to 2 kg
for non-commercial purposes. The government made it easier for drone manufacturers to obtain a certificate with
the Drone Certification Scheme 2022. The new drone laws have facilitated traction in the market as numerous
companies partner to disseminate technical knowledge and attract funds and government support. For instance, in
June 2021, food delivery platform Swiggy (Bundl Technologies Private Limited) and the integrated airspace
management company ANRA Technologies Private Limited started testing for beyond visual line of sight
(BVLOS) drone food deliveries as they received clearance for testing from the Ministry of Defense, the
Directorate General of Civil Aviation, and the Ministry of Civil Aviation.
Indian drone industry market potential is US$ 2.71B in CY22
The drone industry is at a nascent stage and therefore the requirements are continuously evolving. As of CY22,
the potential market size for Indian drone industry was approximately US$ 2.71B. Drones now have the potential
to carry everything, including vaccines and other medical supplies, and devices, for agriculture, energy utilities,
construction, and mining, passengers, public safety, and logistics are seen to have great potential and to act as
modern-day use cases.
Note: The overall potential for Indian drone market is estimated assuming drones would be extensively used across each of the use case. Deep
dive into each use case is mentioned in following segments.
In CY22, Defence industry has the highest potential of US$ 1.28B out of the total drone market, followed by
Logistics at US$ 0.76B and Enterprise at US$ 0.48B. The Indian market potential for passenger stands at US$
0.08B in CY22. Indian drone industry is expected to grow owing to driving factors such as the government's
regulations such as New Drone Policy 2021/2022 and PLI scheme etc. to transform India into a worldwide hub
for drones by creating a favorable and supportive ecosystem. Furthermore, growing drone use cases and their
future applications, an upsurge in startups and investments will fuel the drone industry in India.
Defense
The Indian defence drone market currently has a potential of US$ 1.28B in CY22.The key use cases for drones in
India defence are surveillance, precision strikes, and terrain mapping for scouting enemy troops. Indian Army is
encouraging companies to develop innovative concepts for introducing modern machinery to their troops. India is
looking to procure mini Remotely Piloted Aircraft Systems (RPAS), long-range surveillance systems, and inertial
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navigation systems. Indian Army has also issued tenders for high and medium-altitude logistics drones to boost the
army's logistics chain and enhance operational preparedness.
The nation's indigenous drone program resulted from the Indina air Force (IAF) using an American drone, Northrop
Chukar. With the help of this drone, the Defence Research and Development Organization (DRDO) developed the
Lakshya target drone for practice firing beyond-visual-range missiles. Since then, the DRDO has been developing
several short-range drones, such as Nishant and Gagan which are outfitted with high-technology radars that generate
high-resolution 3-D photographs. The famed Medium Altitude Long Endurance UAV, Rustom 2, has auto-landing
capabilities and is perfect for surveillance and reconnaissance. To target the Sino-Indian border in eastern Ladakh,
a more advanced High-Altitude Long-Range drone is also being built.
Drone usage in Indian defense
• In August 2022, The Drone Federation of India (DFI) and the Army Design Bureau (ADB) signed an MoU,
according to which they will collaborate on the roadmap planning, research, testing, manufacturing, and
adoption of counter-drones among other technologies that the Indian Army will use in its operations.
• In order to improve its monitoring along the Line of Actual Control, the Indian Army has signed a contract
with ideaForge in January 2022, to purchase high-altitude SWITCH1.0 unmanned aerial vehicles (UAVs)
• In March 2022, the Indian Army has awarded ideaForge a contract to deliver 200 drones capable of vertical
takeoff and landing (VTOL).
Note: Potential is estimated basis the percentage of the drone budget to the overall defence budget of leading drone adopters like USA, UK,
Australia, and France. This multiplier is used to multiply with the Indian defence budget.
Department of Defence Production (DDP) along with Ministry of Defence and GoI, shared a RFP for development,
operation and maintenance of Defence Testing Infrastructure (DTI) for Unmanned Aircraft Systems (UAS) under
the Defence Testing Infrastructure Scheme (DTIS) having Earnest Money Deposit (EMD) value of US$ 75,000
(INR 6M) and RFP value of about US$ 7.5-37.5 million (INR 600-3,000M)
Enterprise
Indian enterprise drone market has a potential of US$ 479M. Agriculture, utilities and public safety are the most
significant segments for enterprise drones. Enterprises are still seeking to discover various uses for drones, data
collection, and developing software to find solutions for the specific industry.
Agriculture
The agriculture-based drone market is expected to have a potential market of US$ 208M in CY22. Spraying,
seeding, crop monitoring and crop insurance are key use cases for drones in agriculture. Manpower shortfall will
lead to a greater reliance on precision farming instruments like drones both globally and India. The growing drone
market in India is trying to incorporate indigenous advanced technology and employ them in agriculture space.
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Methodology: Potential of agriculture-based drone market is if all the farmlands (above 20 hectares) in the country would use drones for
spraying, seeding, insurance, and crop monitoring.
Spraying: Drone technology can usher in a new era for precision agriculture. It is used to spray chemicals as they
have reservoirs, which can be filled with fertilizers and pesticides for spraying on crops in very little time. Drones'
foremost advantage over manual effort is their flexibility to move around in swift motions and maneuver to the
desired locations.
For instance:
• Unnati (Akshamaala Solutions Private Limited), a FinTech-driven agriculture ecosystem, has launched a Drone
Spray service for farmers. The platform will be utilizing a fleet of DGCA-approved (Directorate General of
Civil Aviation) drones to offer the service. The cost of spraying insecticide using drones’ is less and also takes
less time. Unnati says its drones can cover an acre in under eight minutes whereas it takes at least four hours to
spray an acre manually.
• An experiment performed in Jaipur demonstrated that one acre of land can be sprayed in under ten minutes.
Seeding: Agriculture is a very labor-intensive and time-consuming industry because it needs specialized abilities to
operate. In particular, seeding requires physical labor because it takes a long time to complete. Drone technology is
used for sowing the seeds of a diverse variety of crops, which helps to alleviate this tedious operation. In drones,
the lasers, sensors, tanks, etc., enable them to plant seedlings quickly and precisely.
For instance:
• Drone-based tree plantation carried out in Telangana with the help of drones reduced reforestation costs by 10
times while also covering big areas more quickly and with zero risk to personnel.
• Drones are enabling spraying of seeds, pods, and vital nutrients into the ground. This method not only reduces
costs by over 85%, but it also boosts efficiency and consistency.
Insurance: Drones could provide accurate information to insurance companies concerning damages. It also helps to
identify and quantify risks faster and more safely. The insurance companies can collect data on the damaged area
using drones and creates a set of visuals based on the damage. Drones could also streamline formalities like claim
submission and loss inspection processes.
Crop monitoring: Monitoring of crops can be done quickly by drones to provide fertilizers at the right time, checking
for pest attacks, and monitoring the effect of weather conditions. Drones could be vital, as ensuring a timely harvest
is crucial, especially when working with seasonal crops. By using infrared cameras to scan the field, drones can aid
in efficient crop surveillance. Farmers can then act on the information they receive in real-time to improve the health
of the plants there.
Usage of drones in India's agriculture sector:
• In August 2021, Mahindra & Mahindra Limited has been allowed to use drones for agricultural trials and
precision spraying on paddy as well as hot pepper crops in Telangana and Andhra Pradesh respectively.
• In February 2022, the Government of India flagged off 100 Kisan drones in different cities and towns of India
to spray pesticides on farms across India. Kisan Drones are anticipated to promote the increasing demand for
crop assessment, digitization of land records, and spraying of insecticides and nutrients.
• In March 2022, Tamil Nadu state government has decided to procure 60 drones for holding demonstration
exercises on spraying fertilizers using drones in 14,400 hectares of land under the Kisan-drone scheme of Sub-
Mission on Agricultural Mechanization (SMAM)
• In August 2022, Karnataka and Kerala witnessed heavy rainfall. ideaForge worked with DRDO coordinated
surveillance efforts over agriculture lands with its indigenous drones.
• The Rajasthan government's agriculture department recently deployed drones to spray chemicals and fight off
locust swarms in the state.
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• Andhra Pradesh government plans to procure 200 Kisan Drones, which would solve the problem of labor
shortage and health hazards.
Department of Agricultural Research and Education (DARE) has floated a tender for Spraying through drones. This
project will be taking place in Delhi. The EMD is given as US$ 470 (INR 37,500) and the RFP is valued at the
maximum of US$ 0.23M (INR 18M).
Utilities
The Indian utility drone market is currently valued to have a potential of US$ 144M in CY22. With a growing
number of inspection lines and towers, it will be impractical to maintain and examine them on such a big scale
manually thus drones will prove to be a beneficial alternative for inspecting towers / power lines at once and
detecting errors within the same. Drones have immense potential in use cases such as tower inspection, power
transmission, wind turbines and solar panel inspection and maintenance.
Note: The potential market for the utilities sector is estimated by considering that drones are used as a service for use cases such as spraying,
wind, powerline, and solar inspections for the current installed capacity
Wind farm inspection: Drone technology helps in easy detection of structural damages / issues in wind turbine
blades and serve as a guide during maintenance, saving considerable costs. Drones will not only help in reducing
the operational costs but also help in increasing the safety of workers.
Powerline and mobile tower inspection: Traditional power line inspections require inspectors to stand on scaffolding
and cranes and use rope access to climb on poles. Drone surveying for the power grid reduces the need to put people
in harm's way, and line workers can safely remain on the ground while the drone operator assesses the line. Faults
can be detected by capturing the status of the grid from multiple angles to reveal any faults or defects and address
them promptly. Additionally, drones can closely monitor and access hard-to-reach areas.
Spraying (Cleaning): Cleaning of panels, a key part of the operations and maintenance on any large solar plant. This
cleaning is associated with large amount of water used along with less labor in some markets. Drones can provide
cleaning services to solar panels leaving them completely undamaged. For emerging markets, especially India, the
push from these solutions will eventually turn out to be a massive use case, as costs drop to a level where they can
compete easily with labor costs on the ground and provide much-needed water savings in the drier areas where large
solar parks are coming up on.
Inspection and monitoring of solar power plant: Drone solar maintenance inspection reports can provide top-down
inspection data of the system that can give vital insights on faulty spare parts and defective hardware. This type of
data can provide estimates for how much loss of revenue the plant could experience if the identified problems go
unfixed. Drone reduces the inspection time significantly by eliminating the need to check solar panels one by one
with a handheld device.
Usage of drones in utilities:
• Telangana is leveraging drones across various use cases and the inspection of towers. Telangana used drones
to inspect, monitor, and patrol Extra High Tension (power carrying) transmission towers, lines, and substations.
For this, high-quality 4K resolution cameras and AI-based image recognition systems were used. The average
time of inspection of the tower is ~20 minutes whereas a manual inspection could take up to 6 hours per cell
tower.
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• Between November 2021 and March 2022, with two drones hired from a service provider, Tata Power took up
operations and maintenance of power lines in Delhi. Additionally, it undertook GIS survey of Odisha power
discoms which includes detecting power theft, and remote meter reading in rural areas.
• Since October 2022, the state-run Madhya Pradesh Power Transmission Company Limited planning to deploy
drones to monitor 10,000 high voltage towers in the state.
Public Safety
The Indian public safety drone market is expected to have an overall potential of about US$ 49M. Globally, police
departments and public safety agencies have been using it to improve situational awareness, help locate missing
people or suspects, combat fires and inspect damage or accidents. Likewise, India law enforcement agencies like
the police force, special forces, etc., are using drones to monitor traffic, follow suspects and keep an eye on areas
with high crime. The recent changes that have been made in drone policy should further unlock the positive use of
this technology that would benefit the citizens.
Note: Potential is estimated basis the percentage of the drone budget to the overall Indian police budget
Usage of drones in public safety:
• In February 2020, the Delhi police used drones during the Delhi Assembly Elections and the riots in the city
• The UP government used drones to monitor potential protests during the foundation of the Ram Temple in
Ayodhya.
• During the COVID-19 lockdowns, Punjab central police team was able to alert nearest police officer upon
detecting individuals less than six feet apart, via using a drone with high-definition cameras along with
combination of artificial intelligence, location mapping
• The Mumbai Police have also used drone technology to monitor lockdown protocols in susceptible areas.
• Surveillance and delivery drones were deployed in Vadodara in Gujarat and in Andhra Pradesh to supplement
relief and rescue efforts of the National Disaster Relief Force (NDRF) teams deployed amid floods.
GIS, Construction and Real Estate
Drone usage in Indian construction and real estate industry is estimated to have a market potential of US$ 44M. By
taking high-definition pictures and videos, drones help with visual inspection processes such as area mapping,
surveying, monitoring construction work progress, equipment & material tracking on-site, inspection of buildings,
finding construction flaws, and 3D modelling. Drones could help aid reduce operational costs and manual labor for
property viewing and inspections.
- Infrastructure:
a. Road and Highways construction progress monitoring: Due to increase in number of highways and
roadways across the nation, drones could be the key to sustainable and effective road construction,
highway infrastructure management, bridge inspection, and road management operations. The most
significant challenges for road and highway construction are time and production cost. With their rapid
data collecting, quick mapping, and time-sensitive outcomes, drones may significantly cut the time
and expense while providing builders with essential information they need to generate efficient
strategies.
b. Railways construction and monitoring: Drone cameras will undertake monitoring activities of relief
and rescue operations, project monitoring, the progress of important works, conditions of the track
and inspection-related activities. Indian Railways has decided to deploy drone cameras across all
zones to enhance safety and efficiency in train operations.
c. Detailed Project Report (DPR) for roadways, highways and highways: Using advanced data
technologies such as Big data, Artificial intelligence, Internet of things (IoT) along with geospatial
images captured with the drone, it is possible to curate detailed project reports.
- Urban development: Urbanization is increasing population density, so collecting big data for resource
planning and allocation is challenging. Any planning application must include massive data collection in
addition to data analysis and fieldwork. Without the use of drones, it gets more and more challenging,
time-consuming, and expensive. The drone is fitted with high-resolution cameras, which can map out
complex areas of urban or rural terrain faster, cheaper and safer
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- Rural development: In India, the use of drones is expanding, and new uses and applications are constantly
being developed. Drones have a wide range of uses in rural areas, including monitoring using cameras or
other sensors, providing connectivity as a mobile gateway, or even delivering goods to inaccessible
locations. In the Chamba district of Himachal Pradesh, a project was launched for beyond visual line of
sight (BVLOS) trial to connect six primary health centers/community health centers and the area hospitals
via multiple flights between points covering an aerial distance of 170 km
SVAMITVA scheme
SVAMITVA stands for Survey of Villages and Mapping with Improvised Technology in Village Areas. This
scheme seeks to enable village household owners in inhabited areas with the "Record of Rights." The government
aims to use drone technology for implementing SVAMITVA. The scheme aims to cover 6.62 lakh villages in the
country from FY21 to FY25. After successful launch of the scheme during FY21 in the pilot States of Haryana,
Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh, Uttarakhand, Punjab, Rajasthan and Andhra Pradesh in
Phase 1, SVAMITVA Scheme was extended throughout the country from FY22.
Usage of drones in construction and real estate:
• The Andhra Pradesh Government is using drones to monitor the development activities of the capital city
region, i.e., Amaravati, through drone-based outputs
• As a pilot project, the Karnataka Government is using drones for property tax estimation and the creation of a
base map of a city/town for detailed planning and sustainable governance
• The Chandigarh Administration has deployed drones as part of pilot project to get an aerial view of all
properties in Chandigarh.
• Andhra Pradesh Real Estate Regulatory Authority (APRERA) and Construction Industry Development
Council (CIDC) used drones for the real time monitoring of 2,950 construction projects across Andhra Pradesh
resulting in the employment of 8,850 drone operators in the state. Extrapolating these numbers for Pan-India,
translates into a demand for 1,68,000 drone operators for monitoring alone.
Methodology: Mapping of urban and rural development is considered along with infrastructure. Under
infrastructure – Roads, railways monitoring and detailed project report of the same is taken under consideration.
Factors such as surveying, monitoring, and operational costs are considered for calculating the market potential.
Southwestern Railway floated a tender for New Line Section for conducting Geo Technical Investigations,
submission of reports, station building plans and drone survey in Bengaluru, Karnataka. The total RFP raised is
about US$ 0.12-0.68 million (INR 9.6-54.4M) with EMD of US$ 1,375 (INR 0.1M).
Northern Railway floated a tender for Detailed Engineering Survey using Drone LiDAR in New Delhi. EMD is
costing around US$ 666 (INR 53,300) and RFP is valued at around US$ 0.33M (INR 26.4M).
Enterprise counter-drone
The Indian enterprise counter-drone market is estimated to show a potential of US$ 15M in CY22. Since there are
no standard regulations for the safety of drones is a concern. There are still no well-defined guidelines around
civilian counter-drone systems. The restrictions are highly anticipated as the market situation would drive up the
number of drones in the sky. Additionally, counter-drones would play a very significant role in ariel traffic
management ecosystems. As drone market in India is growing, enterprise counter drones in the market will also see
a rise. Strong action plans are needed to create a robust demand for enterprise drones and also to mitigate the counter
effects in India as the it aims to become the global drone hub by CY30.
Mining
The Indian mining-based drone market is current potential is US$ 13M in CY22. The drones are used primarily for
mining across planning, operations, environmental protection, and security. At the time of planning, quick mapping
of the area, hauling route optimization, and providing control information are all possible with drones. These digital
representations of data can be used to track how a site has changed over time. Drones also assist with blast planning
at the site and calculating inventory volumes. For operations, drones aid with traffic management at the mining site
by helping operators optimize stockpile locations, loading floors, designing haul routes, etc. Drones can capture
high-quality thermal images for surveying and mapping. Another essential step in mining that drones can easily
accommodate is stockpile management.
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Use of drones in India's mining sector:
• The Central Mine Planning and Design Institute (CMPDI) is currently assessing the viability of the wider use
of drone technology for mine surveillance on behalf of Coal India Limited and its subsidiaries. In August 2022,
CMPDI stated that they are conducting pilot testing in mines. If the assessment is positive and desired results
are obtained, it will reach out to private drone firms to perform the work and further research.
• The Andhra Pradesh government deployed drones for the monitoring of stockpile storage, 3D mapping, and
volumetric analysis of limestone.
• Tata Steel to deploy drones at the Noamundi iron ore mines in Jharkhand, Uttar Pradesh, for boundary and
safety zone surveillance, compliance reporting, volume calculation at the dumping and quarry area.
• The Rajasthan government has deployed drones to prevent illegal mining in the state.
Oil and gas
Drone usage in the construction and real estate is projected to have an estimated potential of US$ 6M in CY22.
Drones can directly impact the inspection and monitoring of refineries, pipelines, and platforms by making it safer
for labor and reducing manual effort. Upstream, midstream, and downstream are three broad segments in the oil
and gas industry.
Current process of exploration is thorough land surveys of proposed locations, and strict adherence to environmental
and safety regulations are necessary for the oil and gas business to operate effectively. Drones are said to reduce
the inspection time by 80% compared to the manual process. Drone would help provide efficient and accurate real-
time data for all the steps with the help of thermal sensors and cameras to detect the site.
Usage of drones in oil and gas:
• Indian Aviation Ministry has allowed Indian Oil, the leading oil marketing company to use drones for aerial
surveillance of its pipeline.
• Oil India Limited (OIL) to launch advanced drone surveillance project in Assam’s Dibrugarh district. The
fundamental goal of implementing the drone surveillance project is to have a total vision of crude oil delivery
lines and pipelines across wide areas, enhance their operations, and ensure the security of national assets.
Logistics
In CY22, the India logistics drone market potential stands at US$ 0.76B. The current challenges faced by Indian
logistics industry such as, rugged geographical terrains, higher population density, and inadequate infrastructure
can be addressed through drones. Drone use cases and utilities have emerged in healthcare, agriculture, and other
industries and with further advancement, drones will soon be able to cater to the logistics industry.
Note: Potential is estimated by benchmarking with estimated global drone penetration across first, middle and last mile deliveries in India and
extend of drone usage in the industry
Logistics challenges that drones could solve:
1. Last-mile delivery is typically the most time consuming and comprises an estimated 50 per cent of the total
logistical costs. To tackle the inefficiencies in last-mile logistics, a growing number of logistics stakeholders
are turning to drone technology as it can control operational costs satisfying the customer demand and instant
delivery.
2. Overcome traffic bottlenecks and reduce vehicular emissions ensuring on time delivery while being
ecologically sustainable.
3. Allow companies to reach areas that cannot be accessed by other modes of transport due to difficult terrain.
With an increased number of online shoppers, trends like same-day delivery, and players shifting to delivery under
40 minutes, the need for quick delivery has increased significantly over the past few years. Drones are anticipated
to transform the logistics sector in India by enabling faster, alternate delivery methods, inventory management, last-
mile delivery, middle mile, short-range B2B / warehouse to warehouse delivery, and efficient operations.
Middle Mile delivery:
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The demand for faster and more efficient mid-mile delivery for the e-commerce and quick-commerce industries is
growing at a tremendous pace. Industries such as consumer goods and retail utilize it the most with competitive
pricing and high margins, middle mile delivery can help streamline the supply chain and assist companies in
exceeding the competition. Middle mile drones can reduce the hours of transportation and handoff times associated
with trucks and other ground vehicles. Last-mile delivery drones have smaller payload capacities and shorter ranges
than drones being developed for middle-mile logistics. Since the payloads for middle mile is comparatively higher,
and for longer distances, the cost benefits of middle mile drones are higher against conventional transportation.
Mid-mile delivery systems require substantial route planning and testing to be scaled.
The government of India has been taking various initiatives to encourage drone delivery experiments in the country.
There is a huge opportunity in India to use drones for middle mile (hub to hub) logistics and eventually to take it
global. Indian logistics companies, manufacturers and technology service providers are now in the right place to
capitalize on this opportunity and contribute to the burgeoning logistics sector in the country.
Usage of drones in logistics:
• Flipkart Health Private Ltd., the medical branch of Flipkart Private Limited tested drones with Beyond Visual
Line of Sight (BVLOS) from its warehouse in Baruipur, West Bengal, to several Health Buddy OTC sites in
Kolkata and its suburbs.
• In September 2021, a drone developed for BVLOS was used to deliver life-saving medicines and vaccines in
Vikarabad district of Telangana. (Collaboration of the Telangana government, HealthNet Global Ltd., NITI
Aayog and World Economic Forum)
• Swiggy (Bundl Technologies Private Limited) in India is the first in deploying drones to back its Instamart
service. Instamart will commence its pilot project in the Delhi and Bengaluru, to deliver groceries between
store-to-stores within the seller's network.
Consumer
The consumer market potential is expected to be ~US$ 0.10B. In addition to traditional flight enthusiasts and
hobbyists, consumer drones are becoming increasingly popular among people who wish to earn a second income,
explore aerial photography, or fly drones for leisure. The growing prominence of aerial photography is propelling
the demand for consumer drones. Drones are being used by the media and entertainment industries for aerial
photography, cinematography, and special effects.
Besides leisure use, influencers and content creators are grabbing the opportunity to create firsthand creative content
for their followers’ using drones. Given the government regulations and public awareness, consumers are expected
to steadily adopt drones for both leisure as well aerial photography use cases.
Methodology: Sports broadcasting, aerial shots, wedding footages and influencer drone content are the major use
cases considered for estimation of market. potential. Currently, aerial filming of weddings holds the highest
potential for India, assuming one drone is used and that too only in urban weddings.
Passenger
The passenger drone market potential is estimated to be ~US$ 0.08B. Many companies are currently investing in
R&D for drones to transport people, mail, or carry sick people to hospitals and medical clinics during medical
emergencies. The growing population, the number of vehicles, and the lack of road infrastructure will act as
driving forces for the passenger drone market. Innovations in the automotive industry, such as electric vehicles
and autonomous driving, will serve as catalysts for developing energy-dense batteries, improved artificial
intelligence, and model frameworks for the regulatory and consumer acceptance of advanced air mobility.
Use of drones in passengers:
India's first passenger drone, 'Varuna', will soon be inducted into the Indian Navy. The drone is equipped with a
ballistic parachute, which will be used in case of a malfunction. The drone has been designed to help the Navy
transfer its personnel between warships, rescue operations and serve as an air ambulance in rural areas.
Note: Potential market for passenger is calculated basis considering Indian shared mobility and the extent of
drone usage penetration among shared mobility commute in India.
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The Indian Drone Industry is rapidly evolving with increased adoption drone across various potential use
cases
The Indian drone market is projected to grow from US$ 43M by FY22 to US$ 812M by FY27, exhibiting a growth
CAGR of 80% FY22-27. Major drivers behind drone industry growth are industry favorable policies, increased
demand for monitoring and surveying, cost-effective data collection, and introduction of new use cases such as
utilities and search and rescue operations.
Note: The drone market indicated compromises of only hardware and software.
The drone sector in India has experienced numerous regulatory changes. In CY14, India outlawed drones for
personal use, thus stunting the growth of the sector. As a result, India's drone sector is incredibly modest when
compared to the rest of the world and accounted for less than 0.1% of the overall market through FY21. Now, India
is experimenting, investigating, and putting drones to use in a variety of applications across industries like defense,
enterprise and consumer.
By CY27, drone software and services are expected to hold a larger share of the drone market than drone
hardware
By business model, the drone market is made up of drone hardware, software, and services. Drone hardware can be
procured or leased, the software can be bought or used on a subscription basis, and services can be availed. In CY22,
drone hardware procurement constitutes a large chunk of the drone market due to defence contracts. Even in the
enterprise segment, end users and service providers are first expected to build their fleets. Consumers also purchase
drones for recreational and entertainment purposes. In CY21, the Indian government launched financial incentives,
such as the PLI scheme, for businesses to make drone hardware, highlighting its desire to increase domestic
manufacturing and transform the nation into a hub for global manufacturing by CY30. This move will significantly
contribute to global hardware market as it has gained momentum since past year as a result of supply-chain
dynamics that have been affected by the epidemic as well as geopolitical unrest.
By CY27, drone software and services are expected to be a larger market than drone hardware, as software and
service solutions are expected to pick up once drone fleets are maintained in the enterprise segment. Software and
services are being tailor-made to use cases. Drone videography/ photography services in the consumer segment are
also expected to contribute to the growth of drone software and services. In India, logistics and passenger use cases
are still in a nascent stage with companies testing their capabilities. If drones are deemed safe and reliable for
logistics and travel, they are expected to behave like the enterprise segment, wherein service providers would build
their fleets first and then end users would avail services.
Drone software allows for the precise collection, processing, and analysis of data in real-time. This is enabled by a
combination of technology, including the global positioning system (GPS), geographic information system (GIS),
and advanced AI software.
The drone service market enables customers to maintain a lean operating model by providing end-to-end services
of drone-based operations without the purchase of any hardware / software. The drone service provider would focus
on the drone program, while the company would focus on its core business. As a result, they no longer need to use
their own funds to pay for drone hardware, software, pilots, and pilot training programs. The drone services market
is segmented into three categories:
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• Drone platform services / Drone-as-a-Service (DraaS)
• Drone training and education services
• Drone maintenance, repair, and overhaul (MRO)
DraaS is a ready-to-fly network of drones which allows users to schedule or request on-demand flights,
without the hassle of owning hardware, software or trained manpower. Customers can avail the DraaS service as
per ‘pay per use’ model which helps reduce their initial investment and increases adoption rate. DraaS is used in
urban environments for police and paramilitary services, fire brigade services, public asset inspection, public
survey application, urban waste volumetric analysis, urban disaster assessment, pick-up or delivery of goods, rail
infrastructure security. DraaS may also be utilized for pesticide and fertilizer spraying, as well as crop evaluation,
to assist the farming community.
• Defence
Currently, the defence sector spends the most on drones. The defence sector spending is majorly made up of large
government contracts. Since capital-intensive businesses rely on large cash inflows to build reliable and scalable
technologies, the defence sector is a significant contributor to hardware solutions in the drone market. These large
government contracts have allowed the defence sector to be an early and crucial innovator of drone technology.
Going forward, the global defence sector spending as a percentage of the total drone market is expected to reduce
from 48% in CY22 to 34% in CY27 due to increased spending by the enterprise and logistics segments. Even then,
in CY27, the defence sector would contribute US$ 17B to a US$ 50B drone market, with a sizable portion of that
spending expected to be on the procurement of hardware and domestic development of autonomous systems.
• Enterprise
The enterprise segment contributed 33% of the total drone market in CY22. Enterprises spend on drone hardware,
software, and services like other use cases. The proportion of each depends on the operating model of the
company. Following are the models a company may choose to adopt for their drone program:
• In-house development model: A company develops proprietary drone hardware and software systems.
• Hybrid model: A company either develops drone hardware or software and enters a strategic partnership for
what it cannot make in-house. E.g., a drone software-based company can test its software by leasing drones
from a drone original equipment manufacturer (OEM) without making high investments in procurement. In
this case, the OEM will provide drone-as-a-service (DraaS) to a drone software-based company. Once tested,
the drone software might be used by another company making it a software-as-a-service (SaaS) product.
• Outsourcing model: A company chooses to outsource their drone program by partnering with service
providers for their hardware and software.
Drone software and services in the enterprise segment vary based on the use cases. To put this into perspective,
the software required to inspect a building versus a railway line with the help drones would be different as the AI
would need to detect and highlight different aspects. Even within these sub-use cases, there are multiple methods
for inspection which would be desired by a company. As a result of this, drone software and services tailor-made
to use cases are growing. Hybrid and outsourcing models allow end users to remain asset-light and are therefore
expected to be preferred operating models for drone programs.
Many businesses in India have begun providing services across industries in order to take advantage of the rising
drone services market. For example, a Bengaluru-based DraaS provider offers ‘pay per use’ drone services for
agriculture, survey/mapping, surveillance, inspection of manufacturing units, the oil and natural gas industry, solar
panels, windmills, and real-estate construction projects. By lowering the initial investment required, users can more
easily adopt and benefit from this new technology. Additionally, by deploying 6 lakh drones in 6 lakh villages in
India by CY25, a Chennai-based DraaS business hopes to empower Indian farmers and the agriculture sector.
With the implementation of Drone Shakti initiative, Atal Mission, PLI scheme and the SAMITVA scheme,
favorable policies by the Indian government have enabled increased investments and focus on R&D in the drone
software and services market. The PLI incentive launched by the Government of India has motivated businesses are
motivated to invest in drone software and services, which has numerous applications in many areas, particularly for
India’s agriculture and security. According to a GoI estimate, these policies might encourage over US$ 0.625
million (INR 5 Cr) in investments in the drone and drone manufacturing industries over the next three years.
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• Consumer
Apart from defense, another key contributor to the spending on drone hardware procurement is the consumer
segment. Companies manufacturing drones for consumers often try mixing hardware available at a low cost with
software that can be generic for everyone or highly suitable for certain users. Similar to how the smartphone
market with consumers works today, in the drone market, drone hardware is the product the consumer purchases,
while drone features and software act as key price differentiators for drone manufacturers.
Going forward, the recreational drone market is expected to witness a fall in the share of the overall drone market,
while videography is expected to rise. Since recreational drones only contribute to the drone hardware market,
and drones made for videography/ photography contribute to both hardware and services, the consumer drone
software and services market is likely to grow at a faster pace than the consumer drone hardware market.
While the early adopters of recreational drones were majorly hobbyists, and the current users are not limited to
those drone hobbyists and drone enthusiasts. This is because for consumers, the functionality of drones has not
generally gone beyond flying them for fun or using it as a camera in the air. In the case of videography/
photography, drone usage has evolved from being used as an alternative to a helicopter to being used for the
versatility of shots that can be taken. Relaxations of federal and local regulatory restrictions on when and where
drones fly have fueled the growth of drone videography/ photography.
Key trends and growth drivers, including recent policy changes
Made in India, government regulations and increasing drone-based start-ups are vital factors contributing to the
growth of the Indian drone industry. Along with Government’s aim to turn India into a hub for drone technology,
increased use cases and emerging applications in drone sector are some of driving factors, among others.
Drone manufacturing value chain and equipment infrastructure in India
Under the Indian drone ecosystem, the companies are active across all segments, i.e. Hardware, operations, and
services. The various components are described in the value chain and compromises of the following:
Hardware: Construction and maintenance of UAS-related infrastructure
Operations: Operations included the physical arrangements for drones to take off and land vertically,
professionals to operate them, and counter-drone facilities.
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Services: Includes the software used to manage the information collected by drones and services post-sale.
As part of Atmanirbhar Bharat, India intends to develop the whole value chain by cutting down on import
dependence while improving the quality and safety standards of made-in-India drones to enter the global value
chain. Advancements in robotics, artificial intelligence, miniaturization, automation, thermal imaging, materials
science, etc., will support various commercial and civilian usage of drones in sectors like utilities, agriculture,
infrastructure, telecom, and mining, undertaking different activities with substantial enhancements in cost and
efficiency. India’s drone ecosystem is advancing, driven by the rise in manufacturers / service providers in the
market and relevant laws to support the growth.
Drone company benchmarking
In comparison to domestic and international players, ideaForge drones features a variety of use cases across
defence and civil. Additionally, compared to other Indian drone pure play drone manufactures, ideaForge has the
highest revenue of US$ 21.82M in FY22. In comparison to global peers, basis the available data, ideaForge
registered the highest EBITDA margin of 44.8%.
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Drone product benchmarking
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ideaForge’s Netra V4+ is one of few multi-rotor UAVs with total flight time (Endurance) of more than 60 minutes
and has maximum launch altitude of 6,000 meters. It is one of the few UAVs that guarantees full support upto a
maximum of 2,000 landings, as per the OEM (Original equipment manufacturer) certification.
The Netra V4+ is one of the few drones that provide multiple failsafe features. It is programmed to auto return to
home location and land on low battery, other circumstances for return include communication failure, exceeding
wind limit of the system or other UAV health parameters. It is also one of the few drones which has the ability of
target tracking with an enhanced ‘moving target’ indication feature as well.
Netra V4+’s packaging provides waterproof backpacks to carry all mission critical components with IP66 rating
for dust and drizzle protection. It takes less than five minutes to swap out any payload that can be fitted with Netra
V4+ UAV. ideaForge’s UAVs are equipped with industry leading specifications and capabilities, comparable to
those of other established global players in the UAV industry, thus making ideaForge one of the leading design
and technology players in the UAV market.
ideaForge’s Switch UAV is one of the only UAVs which offer endurance of more than 120 minutes in <7 kg
weight globally. It can even operate at maximum launch altitude of 4,500 meters. Further, it is one of the lightest
weighing machines, with a total weight of less than 7 Kgs. Similar to Netra V4+, ideaForge’s Switch UAV is also
installed with failsafe features such as auto return to home location and land on low battery, communication
failure, exceeding wind limit of the system or other UAV health parameters. It also offers target tracking with
enhanced moving target indication feature.
Switch UAV is a first-of-its-kind VTOL and fixed-wing hybrid UAV that can load with publicly available open-
source maps. It also has the capability to incorporate geo-referenced maps in at least one of the generally used
digital map formats (e.g., GIF, TIFF) as well as shape files (.shp). For 3D Maps, Switch can incorporate elevation
data from SRTM and DTED into 3D Maps. It included packaging provides waterproof backpacks to carry all
mission critical components with IP66 or better rating for dust and drizzle protection, similar to Netra V4+. Each
payload that can be attached to the Switch UAV can be swapped out in less than five minutes. ideaForge faces
competition from companies such as Asteria Aerospace Private Limited, DCM Shriram Limited, Adani Defence
and Aerospace (Adani Enterprises Limited) as well as other international companies such as Lockheed Martin
Corporation and Autel Robotics Corp. Limited which operate in the same line of business as ideaForge and offer
similar products.
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COMPANY AND PARENTAGE ANALYSIS
ideaForge history and timeline
Founded in 2007, ideaForge is the fastest growing and most profitable player (among PLI eligible players) in the
UAV industry as of FY22. ideaForge is the pioneer and the pre-eminent market leader in the Indian unmanned
aircraft systems (“UAS”) market, with a market share of 50+% in FY22. Being among the first few players in
India to enter the UAV market, ideaForge has first-mover advantage and also has the distinction of being the first
company to indigenously develop and manufacture Vertical Take-off and Landing (VTOL) UAVs in India in
2009. The company is the largest drone manufacturer in India as of September 30, 2022. ideaForge had the largest
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operational deployment of UAVs across India given its early establishment in 2007 compared to its peers and the
revenue market share that the company holds.
ideaForge has filled more than 20 patents, deployed over 1,000 systems and trained over 3,000 pilots in
governmental organizations and defence forces as of FY22. ideaForge has built a strong foundation on the basis
of its industry leading design and technology capabilities and vertically integrated operations, enabling it to secure
numerous contracts for defence and homeland applications, among them being a US$ 20M contract with the
Indian Army for its SWITCH 1.0 UAVs, which it delivered on time in November 2021.
ideaForge also stands to benefit from the ban on import of drones in completely-built-up (CBU), semi-knocked-
down (SKD) or completely-knocked-down (CKD). With the recent "Atmanirbhar Bharat Abhiyan" efforts from
the Government of India, where the emphasis has been on indigenization, ideaForge plans to capitalize on such
programs and lessen its dependence on imports, hence lowering their import expenditure.
The founders of ideaForge, back in 2004 (in IIT, Mumbai) built one of the first quadrotor drones (in India) to
enter a college fest. Following this, in 2009, ideaForge demonstrated Netra UAV in DEFEXPO, exhibiting the
product launch of India’s first quadracopter drone at DEFEXPO. In addition, in 2009, ideaForge developed one
of the world’s smallest and lightest autopilot. An early prototype of ideaForge’s VTOL UAV was featured in the
Bollywood movie ‘3 Idiots’, in 2009.
In 2010, ideaForge’s co-founder Ashish Bhat won the award for ‘Best Autonomous Hovering Vehicle’ amongst
16 global competitors and was mentioned in the Massachusetts Institute of Technology’s ‘Technology Review list
of 35 Innovators under 35’.for developing the world’s smallest and lightest autopilot for drones (ideaForge drones)
weighing 10 grams
During the 2015 earthquake, ideaForge UAVs were used for site monitoring in Kathmandu, Nepal, and other
locations to aid with the search and rescue activities. During the 2016 terrorist incident in Pampore, ideaForge
UAVs were able to deliver crucial intelligence by revealing the precise locations of the terrorists. ideaForge’s
Ninja UAV was utilized to curb theft and pilferage cases with its partnership with railways to boost their
surveillance operations.
Furthermore, in fiscal year 2017, ideaForge developed the first hybrid VTOL drone with fixed wings in India,
known as the SWITCH UAV. This drone was equipped with additional fail-safes and enhanced safety features.
In CY21, the NETRA UAV was utilized to aid rescuers in search and rescue efforts during the floods in
Uttarakhand. ideaForge is among the first few drone companies selected for survey grade mapping for Survey of
Villages Abadi and Mapping with Improvised Technology Village Areas (SVAMITVA) by Survey of India (SOI).
ideaForge became one of the few drone company to be featured on the New York Times Square as of CY21. In
CY22, ideaForge has established market leadership with more than 50% market share in India drone space in
terms of revenue.
Innovation in products
With its innovation driven focus, ideaForge has superior quality drones for various applications and functions.
ideaForge’s provided capabilities such as take-off area suitability check, coverage area check and target location
coverage check for off-site mission planning prior to deployment are unique in the industry. As a part of the end-
to-end solution provision, customers are enabled with their ‘BlueFire Live!’ platform, which enables encrypted
live streaming of the UAV video feed and payload control from anywhere in the world over the internet. The
BlueFire Live! Platform is offered as a software-as-a-service (“SaaS”). Further, MapAssist, ideaForge’s software,
seeks to make geotagging simple and intuitive. It not only enables safe and autonomous mapping operations with
the ground control station BlueFire Touch (BFT) but also optimises the data captured and reduces the processing
time. As a result, the drones are suitable for large-area mapping operations, with the lowest Total Cost of
Ownership (TCO), which is critical for these projects.
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ideaForge has diversified product portfolio of UAVs built for multiple use cases and has one of the industry’s
leading product portfolios for civil and defence applications (dual use). ideaForge is one of the top vendors
globally for dual use drones (civil and defense), this encompasses a wide range of products from light micro
drones used for advanced mapping, to megaphone drones equipped with HD camera for surveillance and public
announcement, ideaForge drones have advanced technical capabilities, covering distances up to 15 km with 120
minutes flying time and, 1,000 meters operating altitude. ideaForge also has a custom in-house battery
management system, ensuring higher life cycle of batteries, optimizing UAV operations. ideaForge is one of the
first UAV manufacturers to receive the BIS certification for its in-house developed batteries.
ideaForge's multipurpose drone successfully showcased a supply drop simulation with commands from a distant
command center over a 5G network, making it the first company to participate in the demonstration of 5G enabled
UAVs at Indian Mobile Congress in 2018. Drone usage will be accelerated by 5G technology in disaster
management, agriculture, crowd surveillance, traffic control, internet connectivity, and many more sectors. In
March 2022, ideaForge’s SWITCH UAV won the largest mini-VTOL UAV contract against global competitors
from Russia, Israel, France, Ukraine, and other countries.
ideaForge is one the few players to adopt VARs and distributors channels to reach customers across India and
globally, which was distinctive for PLI scheme eligible manufacture, ideaForge has partnered with distribution
networks such as Savex Technologies Private Limited (India's third largest information and communication
technology distributor), PV Lumens LLP, and Ingram Micro Inc. (Global technology and supply chain services
provider). Given the reach of its distribution network, ideaForge has one of the best distribution network networks
in India for UAVs. ideaForge offers a premier support package called 'ideaForge Care', which is renowned for
replacement option of the comprehensive UAV system, in the event of any hardware or software issues, which is
a unique offering in the Indian drone industry. ‘ideaForge care’ plan is one of the first-of-its-kind subscription-
based support package in the Indian UAV industry.
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A recent request for proposals (RFP) issued by the Ministry of Defence and the Government of India for the
Indian Army to procure surveillance quadcopters in November 2022 stipulated that the UAV system need landing
count of at least 500 times. The RYNO UAV from ideaForge is capable of performing four times as many landings
as desired by the Indian Army, some of ideaForge UAVs have flown more than 4,500 flights as against the
minimum requirement specified in RFPs for 500 flights under warranty.
Drone research and development
The government of India aims to promote domestic drone research, development, and manufacturing by
promoting creation of drone infrastructure and ecosystem. Continuous product development by way of product
and market research is integral for growth in the UAV industry and consequentially, many drone manufacturers
are laying emphasis on product development and testing. Some of the legacy Indian defence players such as Bharat
Electronics Limited and Hindustan Aeronautics Limited are currently spending between 6% and 8% of their
revenue from operations on R&D related activities and investments.
INR (Cr.) FY22 FY21 FY20

Bharat Electronics Limited
Revenue from operations 2,063 1,927 1,840
R&D Investments 140 119 134
% of Revenue from operations 6.80% 6.20% 7.30%
Hindustan Aeronautics Limited
Revenue 3,305 3,126 3,042
Product applications
With over 20+ patents filled domestically and internationally, ideaForge has vertically integrated to maintain the
quality of its products. ideaForge’s customers have completed 300,000+ flights using their UAVs as of 31th
December 2022. With an ideaForge manufactured drone taking off every 5 minutes on average for surveillance
and mapping during the nine months which ended on December 31, 2022, it had the largest operational
deployment of indigenous UAVs across India. ideaForge has provided drones for both civil and defence use to
both national and international customers. Drones made by ideaForge cater to various activities in defence and
civil (such as homeland security, agriculture, construction and real estate, mining, oil and gas, and power
transmission, amongst others), drone-as-a-service (DraaS), and geographic mapping.
Given its reliability, ideaForge caters to domestic as well as international customers across various sectors.
ideaForge drones have an ergonomic design and have been tested in extreme weather conditions and high altitudes
across India from deserts to glaciers and offers the highest technical life of 2,000+ landings. While the UAVs are
mission oriented and requires minimum training, ideaForge provides its customers with the basic training required
for operating the UAVs and their functionality.
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Technology and manufacturing
ideaForge has designed and developed UAV technology in-house, and is one of the few vendors globally to have
a full stack UAV solution along with a Ground Control Software (‘BlueFire Touch’), firmware and solutions as
well as robust after sales support. ideaForge also has one of the best support networks in India for UAVs. The
airframe and autopilot sub-system software have been developed in-house along with full communication systems
and a command center. It has a 21,000 square foot, 600-person capacity facility to cater to the growing demand.
ideaForge is one of the few OEMs globally to have its own proprietary autopilot sub-system and ground control
software.
As per the latest report published by Drone Industry Insights in December 2022, ranking of best drone
manufacturers worldwide. ideaForge was ranked 7th globally in the Dual-Use category (Civil and Defense) drone
manufacturers.
BlueFire Touch Ground Control Software
The in-house built BlueFire Touch Ground Software has advanced mission replay and allows for Pre-emptive
checks for take-off and target location for off-site mission planning. ideaForge drones provide terrain data support
with in-built data to protect UAV from rough terrains in situations where terrain data is low resolution.
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There are in-built capabilities for target tracking and a moving target indication and support for MAVLink
Commands. Multi UAV support and support for handheld Ground Control Software such as iPads are in the
works.
FINANCIAL BENCHMARKING WITH LISTED PEERS
Financial benchmarking
ideaForge has demonstrated strong financial performance compared to its peers. It has showcased the highest
revenue growth of 237.5%CAGR over FY22-20. Furthermore, with a gross margin of 74.1%, an EBITDA margin
of 45.9% and a PAT margin of 27.6% in FY22, ideaForge is the most profitable player among the analyzed peers.
ideaForge also has the highest return metrics, i.e., ROE of 26.9% and ROCE of 37.6%, highest among the players.
Note: There are currently no listed pure play drone manufacturing companies in India. The below peers were chosen as proxy comparables
basis defence being a key application, as well as being involved in the manufacture of electronics, both of which are applicable to drones.
Financial – Revenue and profit metrics
Parameters Company FY20 FY21 FY22 1HFY23

Revenue from ideaForge 140.0 347.2 1,594.4 1,395.5
operations Hindustan Aeronautics Limited 2,14,451.6 2,28,823.2 2,46,200.2 87,672.5
(INR M) Bharat Electronics Limited 1,29,676.7 1,41,086.9 1,53,681.8 71,022.0
MTAR Technologies Limited 2,137.7 2,464.3 3,220.1 2,171.9
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Astra Microwave Products 4,672.2 6,409.1 7,504.6 3,367.7
Data Patterns 1,561.0 2,239.5 3,108.5 1,565.3
COGS ideaForge 65.3 183.0 412.2 381.5

(INR M) Hindustan Aeronautics Limited 93,873.6 1,11,914.1 1,00,012.2 28,562.4
Bharat Electronics Limited 70,972.8 78,260.4 88,971.6 40,558.5
MTAR Technologies Limited 721.7 801.5 1,162.5 927.4
Data Patterns 560.9 704.1 860.7 551.3
Gross Profit ideaForge 74.7 164.2 1,182.2 1014.0

(INR M) Hindustan Aeronautics Limited 1,20,578.0 1,16,909.1 1,46,188.0 59,110.1
Data Patterns 1,000.1 1,535.4 2,247.8 1,014.0
EBITDA ideaForge (125.1) (108.7) 731.2 620.7

(INR M) Hindustan Aeronautics Limited 49,031.1 53,362.6 54,085.6 24,479.2
MTAR Technologies Limited 579.7 830.8 944.3 598.76
Astra Microwave Products 824.9 789.7 892.2 624.2
Data Patterns 431.7 919.9 1,410.4 514.0
PAT ideaForge (134.5) (146.3) 440.1 452.1

Data Patterns 210.8 555.6 939.70 352.9
Financial – Revenue and profit growth:
Revenue from Operations

EBITDA CAGR PAT CAGR
Company CAGR
(FY20-22) (FY20-22)
(FY20-22)
ideaForge 237.5% - -
Hindustan Aeronautics Limited 7.1% 5.0% 32.7%
Bharat Electronics Limited 8.9% 10.1% 14.7%
MTAR Technologies Limited 22.7% 27.6% 39.4%
Astra Microwave Products 26.7% 4.0% (7.3)%
Data Patterns 41.1% 80.8% 111.1%
Financial – Profit margins:

Gross ideaForge 53.4% 47.3% 74.1% 72.7%
Margin (%) Hindustan Aeronautics Limited 56.2% 51.1% 59.4% 67.4%
Bharat Electronics Limited 45.3% 44.5% 42.1% 42.9%
MTAR Technologies Limited 66.2% 67.5% 63.9% 57.3%
Astra Microwave Products 43.2% 30.4% 29.7% 37.8%
Data Patterns 64.1% 68.6% 72.3% 64.8%
EBITDA Margin ideaForge (89.4)% (31.3)% 45.9% 44.5%

(%) Hindustan Aeronautics Limited 22.9% 23.3% 22.0% 27.9%
Data Patterns 27.7% 41.1% 45.4% 32.8%
PAT ideaForge (96.0)% (42.1)% 27.6% 32.4%

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Data Patterns 13.5% 24.8% 30.2% 22.5%
Financial – Ratios

ROE (%) ideaForge (19.7)% (24.5)% 26.9% 14.2%
Hindustan Aeronautics Limited 21.7% 21.0% 26.3% 8.8%
Data Patterns 13.7% 26.7% 16.4% 6.0%
ROCE (%) ideaForge (21.8)% (14.5)% 37.6% 17.2%

Data Patterns 21.1% 33.6% 22.3% 7.7%
Gross Fixed ideaForge 2.7 2.0 7.3 NA

Asset Hindustan Aeronautics Limited 1.8 1.7 1.7 NA
Turnover Bharat Electronics Limited 3.2 3.2 3.1 NA
MTAR Technologies Limited 1.1 1.0 1.1 NA
Astra Microwave Products 1.8 2.2 2.4 NA
Data Patterns 5.0 6.2 5.4 NA
Cash ideaForge 824.7 622.1 413.3 608.7

Conversion Hindustan Aeronautics Limited 793.1 560.6 499.1 1,752.1
Cycle (Days) Bharat Electronics Limited 266.8 247.6 236.3 NA
Data Patterns 674.9 574.2 579.0 1,506.7
Cash Flow ideaForge (164.7) (308.1) 655.2 0.8

from Hindustan Aeronautics Limited 15,273.9 1,51,170.0 1,00,327.8 33,097.0
Operations Bharat Electronics Limited 25,704.1 50,932.2 42,072.2 (25,116.0)
(INR M) MTAR Technologies Limited 562.2 86.1 (298.0) (183.6)
Astra Microwave Products (72.8) (246.0) 1,146.7 (653.2)
Data Patterns 134.5 433.8 502.5 (720.8)
Notes:
• Gross Profit = Revenue from Operations – (Cost of Materials Consumed + Changes in Inventories)
• EBITDA = Profit Before Tax + Finance Cost + Depreciation and Amortization – Other Income
• Gross Margin = Gross Profit / Revenue from Operations
• EBITDA Margin = EBITDA / Revenue from Operations
• PAT Margin = PAT / Revenue from Operations
• ROE = PAT / Shareholder’s Equity
• ROCE = EBIT / (Total Assets – Current Liabilities); EBIT = EBITDA – Depreciation and Amortization
• Gross Fixed Assets Turnover = Revenue from Operations / (Gross Property Plant and Equipment + Gross Intangible Assets)
• Cash Conversion Cycle = Days Receivable (Trade Receivables / Revenue from Operations * 365) + Inventory Days (Inventory / Cost of
Goods Sold * 365) – Days Payable (Trade Payables / Cost of Goods Sold * 365)
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OUR BUSINESS
Some of the information in this section, including information with respect to our plans and strategies, contain
forward-looking statements that involve risks and uncertainties. You should read ‘Forward-Looking Statements’
on page 18 for a discussion of the risks and uncertainties related to those statements, and also ‘Risk Factors’,
‘Financial Information’ and ‘Management’s Discussion and Analysis of Financial Condition and Results of
Operations’ on pages 29, 245 and 330, respectively, for a discussion of certain factors that may affect our
business, financial condition or results of operations. Our actual results may differ materially from those
expressed in or implied by these forward-looking statements.
Unless otherwise indicated or the context otherwise requires, the financial information as of and for Fiscals 2020,
2021 and 2022 and as of and for the six months ended September 30, 2021 and September 30, 2022, included
herein is derived from the Restated Consolidated Financial Information, included in this Draft Red Herring
Prospectus. For further information, see ‘Financial Information’ on page 330. Our financial year ends on March
31 of each year, and references to a particular year are to the 12 months ended March 31 of that year.
Unless the context otherwise requires, in this section, references to ‘we’, ‘us’, ‘our’, ‘the Company’, ‘our
Company’ or ‘ideaForge’ refers to ideaForge Technology Limited. We operate in the Indian unmanned aircraft
systems (“UAS”) industry. A UAS includes not only the unmanned aerial vehicles (“UAVs”) or drones, but also
the ground control station (“GCS”) software on the ground controlling the flight and the system in place that
connects both of them. A UAV is a component of the UAS, since it refers to only the vehicle/aircraft itself.
Global Private Limited, appointed by our Company pursuant to an engagement letter dated October 6, 2022 and
such 1Lattice Report has been commissioned by and paid for by our Company, exclusively in connection with the
Offer. For further information, see ‘Risk Factors - Certain sections of this Draft Red Herring Prospectus
disclose information from the industry report which has been commissioned and paid for by us exclusively in
connection with the Offer and any reliance on such information for making an investment decision in the Offer
is subject to inherent risk’ on page 45. Also see, ‘Certain Conventions, Use of Financial Information and
Market Data and Currency of Presentation – Industry and Market Data’ on page 16. The 1Lattice Report is
available on the website of our Company at https://ideaforgetech.com/investor-relations/industry-report. Unless
otherwise indicated, financial, operational, industry and other related information derived from the 1Lattice
Report and included herein with respect to any particular year refers to such information for the relevant calendar
year.
OVERVIEW
with a market share of approximately 50% in Fiscal 2022 (Source: 1Lattice Report). We had the largest
operational deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every
five minutes on average for surveillance and mapping during the nine months ended December 31, 2022 (Source:
1Lattice Report). Our customers have completed over 300,000 flights using our UAVs as of December 31, 2022
(Source: 1Lattice Report). We ranked 7th globally in the dual-use category (civil and defence) drone manufacturers
as per the report published by Drone Industry Insights in December 2022 (Source: 1Lattice Report). We have
grown at a CAGR of 237.48% in terms of revenue from operations over the last three Fiscals, with a Return on
Capital Employed of 49.63% in Fiscal 2022.
Our UAVs are equipped with industry leading specifications and capabilities, comparable to those of other
established global players in the UAV industry (Source: 1Lattice Report). We believe that our growth over the
years is attributable to our indigenous design and technological capabilities, our ability to invent, design and
deliver customer centric offerings (i.e., hardware, software and solutions) and our vertically integrated operations.
These capabilities allow us to design, develop, engineer and manufacture our UAVs in-house with a control on
performance, reliability and autonomy. Our UAV platforms are architected with a ‘mission first’ approach i.e., to
deliver UAVs which meet the requirements of our customers and which, we believe, can reliably sustain a large
number of flights and are capable of being autonomously operated without special skills or training. In addition
to being among the first few players in India to enter the UAV market, we also have the distinction of being the
first company to indigenously develop and manufacture vertical take-off and landing (“VTOL”) UAVs in India
in 2009 (Source: 1Lattice Report). We are also the first company to participate in the demonstration of 5G enabled
UAVs at the Indian Mobile Congress in 2018 (Source: 1Lattice Report). An early prototype of our VTOL UAV
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(quadrotor helicopter) was also featured in a popular Bollywood movie in 2009. We are one of the few original
equipment manufacturers (“OEMs”) globally to have its own proprietary autopilot sub-system and ground control
software (Source: 1Lattice Report). As a result of our continuous product development and innovation efforts, we
have filed 62 patent applications, which comprise of 34 applications filed internationally and 28 patent
applications filed in India, as on February 8, 2023. A validation of our product competency and an example of
global acceptance of our product was when our product SWITCH UAV, according to the 1Lattice Report, won
the largest mini-VTOL UAV contract in March 2022, against global competitors from Russia, Israel, France,
Ukraine and other countries.
A graphical representation of our evolution and growth is set forth below.
We have one of the industry’s leading product portfolios targeted at civil and defence applications (dual use)
(Source: 1Lattice Report). We have a broad range of products with feature-based differentiation such as weight
class (approximately 2-7 kg), endurance class (25-120 minutes flying time), take-off altitude range (up to 6,000
meters), communication range (approximately 2-15 km), payload types, etc. Beyond the UAVs, we undertake a
full integration of our payloads, communication system and packaging. We also build our own software stack
required for flight safety, autopilot sub-system, battery, power and communication in our UAVs. We believe, this
integration of complex technologies while optimizing for performance, reliability and autonomy, not only creates
entry barriers for new entrants but also helps us to differentiate ourselves from other players in the market. We
cater to domestic and international customers across defence and civil sectors, primarily for applications in
surveillance, mapping and surveying. Our UAVs have been used in extreme conditions, from very low
temperatures at high altitudes such as in Ladakh to very high temperatures such as in the Thar desert, meaning
that our UAVs have experienced some of the harshest environments in the world. Given the critical nature of the
application of our products (such as for defence operations), we aim to maintain a high standard for the
performance and quality of our products. Some of our UAVs have flown more than 4,500 flights as against the
minimum requirement specified in RFPs for 500 flights under warranty (Source: 1Lattice Report).
Our product portfolio consists of (a) hardware, which primarily includes UAVs, payloads, batteries, chargers and
communication system (which enables communication between the ground control station and the UAVs), (b)
software and embedded sub-systems, which includes the GCS software, which enables the controlling and
management for our UAVs and autopilot sub-system, which enables remote control and autonomous completion
of flights, and (c) solutions, which enables industry/ application specific software that enhances the value of our
UAVs to the end customer. Our wide range of products gives us the necessary flexibility to meet the evolving
demands of diverse customers across industries.
A brief introduction to our products is set forth below.
Product name Description

Hardware
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NINJA NINJA UAV is our lightest UAV, built for security and
surveillance applications during day and night with swappable
payloads.
RYNO RYNO UAV is our micro category survey-grade UAV and is

equipped with an advanced mapping payload and a state-of-the-art
post processed kinematic (“PPK”) module.
Q4i Q4i is our small category VTOL UAV and is one of our most
economical UAVs built with military grade standards. Q4i UAV
can be used for anti-terrorism, border security, intelligence,
surveillance and reconnaissance (“ISR”) operations, crime control
and disaster management.
Q6 Q6 is our small category UAV and may be used for surveying and
mapping. Its quadcopter design and high area coverage enables it
to complete large-scale mapping projects quicker than our other
UAVs.
NETRA V4+ NETRA V4+ UAV is an intelligent and portable VTOL UAV,
which is built for use in a wide range of mission-critical
applications. NETRA V4+ is mostly used for coastal patrol, anti –
smuggling, search and rescue, disaster and emergency analysis.
SWITCH SWITCH UAV is a fixed wing and VTOL hybrid. SWITCH UAV
features advanced flight time, higher safety and simple operation
with additional fail-safe redundancies. It is used for long range,
high endurance, high altitude last mile surveillance and security
operations.
Software and embedded sub-systems

BlueFire Touch BlueFire Touch, our GCS software, is built to plan and command
both mapping and surveillance missions with the ability to pre-plan
missions based on operational area and target locations via
waypoint based navigation.
Autopilot Enables remote control and autonomous completion of flights with
pre-flight checks, intelligent failsafe features, such as return to
home on low battery, high wind, communication loss and battery
imbalance. It also has smart altitude management and global
positioning system (“GPS”) error handling features.
Solutions
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BlueFire MapAssist Software solution for simple and intuitive geo-tagging with
flexibility for both PPK mapping as well as non-PPK mapping with
optimized data capture and processing.
BlueFire Live! Encrypted live streaming of the drone video feed and payload
control for border management, emergency response, mapping,
surveillance, disaster management and ISR operations. Integrates
easily with CCTVs and command and control centres, operates in
low bandwidth and offers easy remote payload control.
Surveillance Pro Enables anti-terrorism applications, border security and crime
control measures, ISR operations, amongst others, through
advanced image intelligence features such as target tracking and
moving target indicator. It has support for remote video terminal
(“RVT”) with full UAV control and airborne data relay (“ADR”)
communication modes built-in to give maximum flexibility even
for specialised missions. RVT enables a second operator on ground
to receive the video stream, command the UAV and control the
payload to ensure on-ground forces are working on the same set of
information. ADR enables a full duplex between GCS software,
ADR UAV and payload/ data capture UAV. It also enables non-
line of sight for ISR missions.
Geographic Information System (“GIS”) Pro Survey grade mapping via high resolution mapping with PPK.
In addition to the above product offerings, we are in the process of developing UAVs as an on-demand service
solution, which will mean our UAVs will be deployed to enable operations in a pre-scheduled or ad hoc/ on-
demand manner at a short notice. We believe this will drive access to our UAVs for many applications such as
DFR, progress monitoring, inspections, etc. In DFR, we intend for our drones to be able to reach the location of
the reported incident to stream live video which will help in assessing the situation and take decisions, even before
first responders on the ground are able to arrive on the scene of the incident.
We have one of the best support networks in India for UAVs (Source: 1Lattice Report). In addition to the warranty
services that we provide with our UAVs, we also provide after sales maintenance services to our customers. Our
support care plan, ideaForge Care plan, is one of the first-of-its-kind subscription based support package in the
Indian UAV industry (Source: 1Lattice Report). Our support care plan, ideaForge Care, provides customers with
a wide range of support plans suited to their needs, which includes 24x7 support and replacement UAV options.
While our UAVs are mission oriented and require minimal training, we provide our customers with the basic
training required for operating the UAVs and for familiarizing them with our UAVs’ functionality.
Our proprietary software architecture with open interfaces is key to delivering our solutions and forms a big part
of our value proposition. Our proprietary autopilot sub-system protects our UAVs with several fail-safe features
against communication failure, high wind velocity, low battery, battery imbalance and extreme temperature,
among others. BlueFire Touch, our ground control software, is built to plan and command missions. Its mission
planning capabilities include finding suitable areas for take-off, determining coverage area based on flight path
and target location coverage check for off-site mission planning prior to deployment. BlueFire Touch enhances
the flight safety with capabilities such as geo fencing, terrain hugging, terrain avoidance, etc. BlueFire Touch also
gives complete control of flight operations and post flight data retrieval to the professional UAV pilot onsite.
BlueFire Touch’s split screen video/map view feature works by allowing the user to dynamically set a side-by-
side view of the map of the flight operation and the actual live stream. In addition to allowing the user to set a
side-by-side view based on their comfort, the centre camera view also dynamically centers the field of view of the
video, to ensure that there is no image distortion due to the change in aspect ratio, and also keep the center of
frame in check. BlueFire Live!, our innovative software-as-a-service (“SaaS”) offering, with a subscription-based
business model, enables encrypted live streaming of the UAV video feed and payload control. Set forth below is
a diagram illustrating our BlueFire Live! solution.
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BlueFire MapAssist is our software solution that makes geotagging for survey grade PPK mapping simple and
intuitive. This not only enables safe and autonomous mapping operations with our GCS software, but also
optimises the data captured and helps reduce the processing time. This makes our UAVs suitable for large area
mapping operations and enabling the lower total cost of ownership (“TCO”) which is an imperative for these
projects.
We have an established track record of designing products that have led to repeat business. Our innovation process
allows us to evolve product features based on the evolving needs of our customers delivering a superior customer
experience with advanced technology. Our UAVs are capable of being autonomously operated without special
skills or training. This combination of performance, reliability and autonomy leads to a lower TCO for our
customers.
We primarily cater to customers with applications for surveillance, mapping and surveying. Though we do not
enter into long-term contracts with our customers, we have developed long-standing relationships with certain of
them. For example, our first UAV was sold in 2010 to one of the state police departments and we have since
received repeat orders from them. Our customers include Indian defence customers and civil customers
comprising certain of the central armed police forces, state police departments, disaster management forces, forest
departments, private contractors in connection with smart cities, Pioneer Foundation Engineers Private Limited,
and C.E. Info Systems Limited.
As of December 31, 2022, we had about 100 channel partners and three national distributors.
We are one of the top vendors globally for dual use drones (Source: 1Lattice Report). Set forth below is our
revenue break up from civil and defence sectors.
Revenue % Revenue % Revenue % Revenue %

(₹ in million) (₹ in (₹ in (₹ in
Sector million) million) million)
Fiscal 2020 Fiscal 2021 Fiscal 2022 Six month ended
September 30, 2022
Civil 93.08 66.49% 298.89 86.09% 317.73 19.93% 133.86 9.59%
Defence 46.91 33.51% 48.29 13.91% 1,276.66 80.07% 1,261.62 90.41%
Our manufacturing facility, situated in Navi Mumbai, Maharashtra, has an area of approximately 21,000 sq. ft.,
and is equipped with advanced equipment, modern technology with automation systems and has the ability to
manufacture a wide range of products. This facility is in compliance with ISO 9001:2015 requirements and is also
equipped with a testing centre that houses an environmental stress screening (“ESS”) chamber and a vibration
table. While we produce composite structures of our UAV airframes and small component machining is done in-
house, we source commercial-off-the-shelf (“COTS”) and customized components required for manufacturing of
UAVs such as carbon tubes, propellers and cameras from the domestic as well as the international market. Our
product development centre, situated in Navi Mumbai, Maharashtra, helps us design and develop our UAVs, and
with continuous customer insights, we are able to improve the performance of our UAVs.
Our Company was founded in 2007 by our Promoters, Ankit Mehta, Rahul Singh and Ashish Bhat, along with
Vipul Joshi, our Chief Financial Officer who later joined our Company. Our Promoters designed their first
quadrotor UAV in 2004 while studying at the IIT Bombay. While our Promoters are first generation entrepreneurs,
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our Company has raised funding from various investors including Infosys Limited, Qualcomm Asia Pacific Pte.
Ltd., Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Florintree Enterprise LLP, Export Import Bank
of India and Infina Finance Private Limited over the years, who have also provided us with valuable management
and organizational inputs. Our Company was incubated by the Society for Innovation and Entrepreneurship
(“SINE”), IIT Bombay and subsequently by CIIE Initiatives, IIM Ahmedabad.
Our growth in revenue and profitability can be credited to our robust product portfolio and technology
differentiation, which we achieve through continuous product development, and streamlining of our operational
activities. We have been able to achieve revenue from operations of ₹ 139.99 million in Fiscal 2020 and ₹1,594.39
million in Fiscal 2022, which is an increase of over 11.39 times of revenue achieved in Fiscal 2020. Set forth
below are certain key financial information from our business.
(₹ in million)
Particulars Six months ended Fiscal 2022 Fiscal 2021 Fiscal 2020
September 30,
2022
Revenue from 1,395.48 1,594.39 347.18 139.99
operations (A)
EBITDA 659.52 751.31 (92.51) (101.91)
EBITDA Margin 47.26% 47.12% (26.65)% (72.80)%
Profit/ (loss) for the 452.12 440.06 (146.26) (134.46)
period/ year (B)
Profit after Tax Margin 32.40% 27.60% (42.13)% (96.05)%
(C= B/ A)
Notes:
expense.
For a detailed discussion on our financial performance, see ‘Management’s Discussion and Analysis of
Financial Condition and Results of Operations’ and ‘Financial Information’ on pages 330 and 245,
respectively.
MARKET OPPORTUNITIES AND REGULATORY IMPETUS
Drone technology is a sunrise sector, poised for exponential growth worldwide (Source: 1Lattice Report). Today,
drones are used in a wide variety of defence and civil applications that are growing across industries (Source:
1Lattice Report). India finds itself to be at a critical juncture in the evolutionary timeline of drone technology and
aims to position itself as a global drone hub by 2030 (Source: 1Lattice Report). The global drone industry is
estimated to be US$ 21.1 billion in 2022 (Source: 1Lattice Report). The industry has witnessed a significant
growth at a CAGR of 19% over 2018-2022 and is expected to grow even faster at a CAGR of 20% to be
approximately US$ 51.4 billion in 2027 and further leap to approximately US$ 91.3 billion by 2030 (Source:
1Lattice Report). As of 2022, the potential market size for the Indian drone industry was approximately US$ 2.71
billion (Source: 1Lattice Report). In 2022, defence industry has the highest potential of US$ 1.28 billion out of
the total drone market, followed by logistics at US$ 0.76 billion and enterprise at US$ 0.48 billion (Source:
1Lattice Report). The Indian drone market is projected to grow from US$ 43 million by Fiscal 2022 to US$ 812
million by Fiscal 2027, exhibiting a growth CAGR of 80% over Fiscals 2022-2027 (Source: 1Lattice Report).
Major drivers behind drone industry growth are industry favorable policies, increased demand for monitoring and
surveying, cost-effective data collection, and introduction of new use cases such as utilities inspection and search
and rescue operations (Source: 1Lattice Report). By implementing drone indigenization initiatives in use cases
such as defence, commercial, homeland security, and counter UAV sectors, India has the remarkable opportunity
to target approximately 1.8 lakh crore of total domestic manufacturing potential. (Source: 1Lattice Report). The
rise of the drone manufacturing industry in India will result in significant trickle-down effects across the sub-
component value chain, right across motors/ propulsion systems, payloads, communication modules, batteries/
power systems, propellers, assembly, navigation systems, airframes and software solutions (Source: 1Lattice
Report).
The rapid increase in the production scale of Chinese drones led to a rise in unreliability and performance issues
(Source: 1Lattice Report). The data confidentiality issues and low reliability of Chinese drones, coupled with the
global anti-China sentiments, are paving an opportunity for the Indian drone industry to provide an alternative
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option in the market (Source: 1Lattice Report). Indian UAVs can compete in this market given the favorable
ecosystem created by the government’s industry-friendly policies, significant investments, and increasing demand
for drones globally (Source: 1Lattice Report). Through meticulous public and private investments, the Indian
drone sector is looking to position itself as a global competitor in exports for both civil and military drones
Drone regulations vary from country to country, with no universally applicable international drone legislation yet
(Source: 1Lattice Report). The major countries in drone operations are Australia, China and U.K (Source: 1Lattice
Report). These countries possess advanced regulatory frameworks which have evolved over time (Source:
1Lattice Report). The regulatory bodies in India have taken a step towards a more liberalized approach after
considering the potential of drones in boosting the economy (Source: 1Lattice Report). With the notification of
Drone Rules 2021, the government has taken several measures such as reducing extensive paperwork involved,
increasing the number of “free to fly” green zones, and simplifying granting of permission for every drone flight,
among others (Source: 1Lattice Report). India has introduced laws and policies addressing both the demand side
(through drone policy) and the supply side (through PLI and import bans) to provide impetus to the indigenous
production of drones (Source: 1Lattice Report).
The Directorate General of Foreign Trade (“DGFT”) under the Ministry of Commerce and Industry, by way of
notification in February 2022, modified the Indian Trade Classification (Harmonised System) 2022 Schedule-1
(Import Policy) and banned the import of drones in completely-built-up (“CBU”), semi-knocked-down (“SKD”)
or completely-knocked-down (“CKD”) form, with the following exceptions: (a) import of drones by government
entities, educational institutions recognized by central or state government, government recognized R&D entities
and drone manufacturers for R&D purpose are allowed in CBU, SKD or CKD form, subject to import
authorisation issued by DGFT in consultation with concerned line ministries, and (b) import of drones for defence
and security purposes are allowed in CBU, SKD or CKD form, subject to import authorisation issued by DGFT
in consultation with concerned line industries (Source: 1Lattice Report). However, the import of drone
components is not banned and does not require any approval (Source: 1Lattice Report).
OUR STRENGTHS
Pioneer and the pre-eminent market leader in the Indian UAS industry, with first-mover advantage
We are the pioneer and the pre-eminent market leader in the Indian UAS market, with a market share of
approximately 50% in Fiscal 2022 (Source: 1Lattice Report). Our Promoters built their first quadrotor drone in
2004. We started our operations in 2007 and with a first-mover advantage, we are among the first few companies
in India to enter the UAV market and the first organisation to indigenously develop and manufacture VTOL UAVs
in India in 2009 (Source: 1Lattice Report). In Fiscal 2012, we developed the NETRA UAVs in partnership with
a Government of India entity. We are also the first company to participate in the demonstration of 5G enabled
UAVs at Indian Mobile Congress in 2018 (Source: 1Lattice Report). We had the largest operational deployment
of indigenous UAVs across India, with an ideaForge manufactured drone taking off every five minutes on average
for surveillance and mapping for the nine months ended December 31, 2022 (Source: 1Lattice Report). Our
customers have completed over 300,000 flights using our UAVs as of December 31, 2022 (Source: 1Lattice
Report). We ranked 7th globally in the dual-use category (civil and defence) drone manufacturers, as per the report
published by Drone Industry Insights in December 2022 (Source: 1Lattice Report).
Our in-house capabilities to design, develop, engineer and manufacture have enabled us to develop better products
basis evolving demands of our customers, thereby enhancing customer experience with our products. We believe
our ability to build a fully integrated system and having control over the full stack differentiates us from other
players in the market. We are driven by a self-propagating flywheel (as described in the diagram below), whereby
as a result of our leadership position and our first mover advantage, we have been able to create a better user
experience based on customers insights and with continuous technology improvements. This enables us to acquire
new customers and add more use cases.
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Following the sale of our first UAV in 2010 to one of the state police departments, we have since continued to
focus on innovation and have developed advanced UAVs to cater to the growing market. We believe that on
account of our first mover advantage and our experience of operationalising UAVs in customer organisations, we
have a sustainable competitive advantage over new entrants. We have been working with certain of our customers
for over a decade and have the experience of over 300,000 flights as of December 31, 2022 as per the 1Lattice
Report, that our UAVs have already undertaken, which has allowed us to continuously learn and improve our
technological capabilities.
Diversified product portfolio with a robust technology stack and track record of successful outcomes in critical
use cases
We have a diversified product portfolio of UAVs built for multiple use cases and have one of the industry’s
leading product portfolios targeted at civil and defence applications (dual use) (Source: 1Lattice Report). We have
a broad range of products with feature-based differentiation such as weight class (approximately 2-7 kg),
endurance class (25-120 minutes flying time), take-off altitude range (up to 6,000 meters), communication range
(approximately 2-15 km), payload types, etc. Each of our UAVs are designed with differentiations for addressing
specific customer needs. Our UAVs are deployed in multiple use cases across defence and civil sectors. Further,
our UAVs can be modified to address construction, infrastructure, retail, agriculture and delivery applications.
We believe that our diversified product portfolio, and our ability to customise our products for specific usage as
per our customers’ specifications have helped us grow and establish a track record.
Considering the critical nature of the use cases of our products, our customers have high and exacting standards
and consequently, the quality, durability and reliability of our UAVs become paramount. As part of our
manufacturing process, our UAVs undergo a rigorous flying test, including a pre-flight check, hover check and
range test, and also undergo extreme environmental lab testing before entering production. Some of our UAVs
have flown more than 4,500 flights as against the minimum requirement specified in RFPs for 500 flights under
warranty (Source: 1Lattice Report). Our UAVs have also been tested in extreme conditions which are prevalent
across India and high altitudes areas, deserts and glaciers. Our SWITCH UAVs have been designed to be able to
handle all terrains and extreme temperature conditions and have been purchased by one of our customers for
surveillance in high altitude regions. We believe that our quality, durability and ability to service tough and
different terrains have made our UAVs as the preferred choice for many of our customers in defence and security
sectors. Our UAVs were deployed for site monitoring in Nepal to help in the search and rescue operations during
the earthquake in 2015 (Source: 1Lattice Report). In 2021, our NETRA series UAVs were used in search and
rescue efforts during the floods in Uttarakhand (Source: 1Lattice Report). We also provided one of our NETRA
series UAVs to an energy conglomerate for aerial surveying of land, surveillance of assets and volumetric
estimations. In the past, our Ninja UAVs were also used to curb theft and pilferage cases to boost the surveillance
operations by a Government of India enterprise (Source: 1Lattice Report).
We are one of the few vendors globally to have a full stack UAV solution, along with a ground control software,
firmware and solutions as well as robust after sales support (Source: 1Lattice Report). Our support care plan,
ideaForge Care, is one of the first-of-its-kind subscription based support package in the Indian UAV industry
191
(Source: 1Lattice Report). Our recently launched product ideaForge Care provides the customers with various
support options that they can subscribe to for the maintenance of UAVs based on their requirement. Our UAVs
are equipped with AI based image intelligence, which helps in ‘people detection’ and ‘target tracking’. Beyond
the UAVs and GCS software, we have proprietary solutions such as BlueFire Live!, which enables encrypted live
streaming of the UAV video feed and also allows payload control from a remote command location. For details
on each of our UAVs, please see ‘- Our Product Portfolio and Sub-Components’ on page 197.
Strong relationships with a diverse customer base
The growth we have achieved with our current products stems from our ability to invent and deliver advanced
customer centric solutions (i.e., hardware, software and solutions), to help them operate more effectively and
efficiently. As of December 31, 2022, we served a diverse base of 265 customers. We cater to domestic and
international customers across defence and civil sectors, primarily for surveillance, mapping and surveying. While
we do not enter into long-term contracts with our customers, we have developed long-standing relationships with
them. Our continuous focus on product quality and reliability over the years has led to customer stickiness. For
example, we sold our first UAV to one of the state police departments in 2010 and since then we have received
repeat orders from them. About 35% of our total customers are repeat customers who have placed at least two
orders with our Company. Certain of our customers have steadily increased the volume of business they undertake
with us over time.
Set forth below is a snapshot of our length of relationship with our customers and their revenue contribution.
Particulars For the period from For the period from

April 1, 2020 until April 1, 2018 until
December 31, 2022 December 31, 2022
Number of repeat customers 47 60
Percentage of total revenue from operations generated 69.69% 68.02%
from these customers
Our customers include Indian defence forces and civil customers comprising certain of the central armed police
forces, state police departments, disaster management forces, forest departments, private contractors in connection
with smart cities, Pioneer Foundation Engineers Private Limited and C.E. Info Systems Limited.
We believe that the growth in our customer base is led primarily by stringent quality checks, technical
specifications and our ability to supply in a timely manner and resultant reputation. Our sales and business
development team works closely with our customers and provides our customers with a wide range of support
plans suited to their needs, which includes 24x7 support and replacement UAV options. We constantly strive to
innovate and offer value-added and technologically advanced products and solutions to our customers. By doing
so, we believe that we are able to deepen our customer relationships to become their preferred suppliers.
Significant product development capabilities powering our software and solutions and product differentiators
We are a vertically integrated company equipped with in-house product development centre, which allows us to
design, develop, engineer and manufacture our UAVs. Our focus on product development has been instrumental
in the growth of our business and in improving our ability to customize solutions for our customers as well as in
reducing our cost of products while maintaining our margins. We incurred ₹ 76.50 million, ₹ 113.97 million, ₹
89.21 million and ₹ 86.14 million as our product development expenses for the six months ended September 30,
2022 and for the Fiscals ended March 31, 2022, 2021 and 2020, respectively, representing 5.48%, 7.15%, 25.70%
and 61.53% of our total revenue from operations during the same period.
Our product development centre is located in Navi Mumbai, Maharashtra and consists of 93 employees as on
December 31, 2022, which includes Ezhilan Nanmaran, Krishan Kumar, Dhirendra Sarup and Vishal Nagpal. Our
product development team focuses on the development of new products, solutions, and understanding the
expectations of our customers on to-be manufactured products, whilst simultaneously focusing on cost
competitiveness and supply chain availability. We are the first company to indigenously develop and manufacture
VTOL UAVs in India in 2009 (Source: 1Lattice Report). Our product development capabilities led to the
development of our autopilot sub-system with advanced fail-safe features that ensure high level of operational
safety of our UAVs. We are one of the few OEMs globally to have its own proprietary autopilot sub-system and
ground control software (Source: 1Lattice Report). Additionally, we have also developed the BlueFire Touch,
ground control station software, which enables safe and autonomous surveillance/ mapping operations, and the
‘BlueFire Live!’ platform, which enables encrypted live streaming of the UAV video feed and allows for payload
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control over internet. Our UAVs are capable of AI features such as people detection and target tracking which
may be used for applications such as surveillance, tree counting, powerline detection and mapping. Our mapping
solutions are aimed at reducing the TCO for our customers, by among others, optimizing the time it takes to
generate the desired mapping outputs as a solution to the end customer.
Our ability to drive technology and product innovation also led us to develop a custom in-house battery
management system which we believe ensures high cycle life of our batteries and are optimised to give customers
high endurance for each flight. As on February 8, 2023, we have 18 registered patents, out of which 8 patents are
registered in India and 10 patents are registered in other jurisdictions. Some of the capabilities such as take-off
area suitability check, coverage area check and target location coverage check for off-site mission planning prior
to deployment are unique in the industry (Source: 1Lattice Report) and we have filed patent applications for these
capabilities. These capabilities help us achieve our ‘mission first’ objective and align with our focus on delivering
customer outcomes.
In-house design to delivery capabilities
We design, develop, engineer and manufacture our UAVs in-house with a focus on performance, reliability and
autonomy. Our own in-house product development centre allows us to design, develop and engineer our UAVs
in line with the needs of our customers, which includes the software stack required for our UAVs. We undertake
our manufacturing operations at our manufacturing facility, situated in Navi Mumbai, Maharashtra which has an
area of approximately 21,000 sq. ft., and is equipped with advanced equipment, modern technology and
automation systems to manufacture a wide range of products.
With our integrated operations i.e., from design and development to manufacturing, assembly and testing and to
providing software solutions, we strive to be able to meet all our customer needs under a single roof as well as
control and maintain the quality of our UAVs thereby maintaining the overall reliability and durability of our
UAVs. Our manufacturing facility is in compliance with ISO 9001:2015 requirements and has a testing centre
equipped with an ESS chamber, through which we screen our products to rule out any non-conformities and a
vibration table. Our UAVs are subject to stringent quality checks by our quality assurance team and in-depth pre-
dispatch inspection by us for large army projects, which ensures compliance with our quality management systems
and statutory and regulatory compliances. Our products are easily portable as the packaging is designed in such a
way that all the components can be carried as a backpack. Typically, our products are shipped directly to our
customers. We predominantly sell our products on a cost, insurance and freight basis. In certain cases, our
customers may directly pick the products at our own facilities. The mode of transportation available for a particular
shipment includes road, rail or air to deliver our products to our customers based on mutually agreed terms and
conditions and on the urgency, size and value of the order. We engage third-party logistics services providers to
provide support on our transportation requirements. While we have not invested any amount on improving the
manufacturing capabilities in Fiscal 2020, we had invested ₹ 1.88 million, ₹ 9.37 million, and ₹ 2.10 million on
improving our manufacturing capabilities for the six months ended September 30, 2022, and for the Fiscals 2022,
and 2021, respectively.
Our in-house design to delivery capabilities led us to develop various NETRA series UAVs, basis the evolving
needs of our customers and technological advancements. Set forth below is a diagram illustrating evolution of our
NETRA series of UAVs, which demonstrates our ability to continuously improve our UAVs:
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ideaForge NETRA EVOLUTION
NETRA NETRA V3 NETRA V4+
Carbon 2011 NETRA V2 2016 NETRA V4 2022
2008 2013 2020
< 1.5 m x 1.5 m

Vehicle Size 90 x 90 cm 90 x 90 cm 1m x 1m <90 x 90 cm < 1.5 m x 1.5 m
All up Weight 1.5 kg 1.8 kg 3 kg <3 kg <6 kg <6 kg
Range 1 km 1.5 km 4 km 5 km 5 kms 10 km
Endurance(At
30 min 25-30 min 40 min 60 min 60 min 60+ min
Mean Sea Level)
Speed 7 m/s 8 m/s 8 m/s 8 m/s 7 m/s 14 m/s
Max Launch
Altitude (Above 2000 m 2000 m 3000 m 2000 m 3000 m 6000 m
Mean Sea Level)
www.ideaforgetech.com
ideaForge Strictly Private & Confidential
Strong management capabilities with a demonstrated track record of delivering robust financial performance
We are led by a qualified and experienced management team, who are supported by a capable and motivated team
of managers and other employees. Our Promoters have knowledge and understanding of the drone industry in
India. Our Promoters, Ankit Mehta, Rahul Singh, Ashish Bhat, our Chief Financial Officer, Vipul Joshi and our
Vice President – Sales and Business Development, Vishal Saxena, are involved in the strategic planning,
operations, design and production development, and have a cumulative work experience of more than 85 years.
We believe that the experience and leadership of our core team has played a key factor in our growth and
development.
Apart from our Promoters, our Board comprises, (a) Srikanth Velamakanni, Chairman and Independent Director,
who is associated with Fractal Analytics Private Limited, (b) Ganapathy Subramaniam, Non-Executive Nominee
Director, who was previously associated with Texas Instruments (India) Private Limited, (c) Mathew Cyriac, Non-
Executive Nominee Director, who was previously associated with Blackstone Advisors India Private Limited,
DLJ Merchant Banking Partners, Bank of America and Credit Suisse First Boston Corporation, (d) Sutapa
Banerjee, Independent Director, who was previously associated with Royal Bank of Scotland N.V., ABN AMRO
Bank and Ambit Capital Private Limited, and (e) Vikas Balia, Independent Director, who is a designated senior
advocate in the Rajasthan High Court, Jodhpur and an associate member of the Institute of Chartered Accountants
of India. For further information, see ‘Our Management – Brief profiles of our Directors’ on page 221. We
believe that our qualified and experienced team enables us to identify new avenues of growth and helps us to
implement our business strategies in an efficient manner.
We have organically grown our operations and have demonstrated an increase in our revenues and profitability.
Our revenue from operations for the Fiscals 2020, 2021, 2022 and for the six months ended September 30, 2022
was ₹ 139.99 million, ₹ 347.18 million, ₹ 1,594.39 million and ₹ 1,395.48 million, respectively, representing a
CAGR of 237.48% during the last three Fiscals. Our EBITDA for the Fiscals 2020, 2021, 2022 and for the six
months ended September 30, 2022 was ₹ (101.91) million, ₹ (92.51) million, ₹ 751.31 million and ₹ 659.52
million, respectively. Our profit/ (loss) for the period/ year for the Fiscals 2020, 2021, 2022 and for the six months
ended September 30, 2022 was ₹ (134.46) million, ₹ (146.26) million, ₹ 440.06 million and ₹ 452.12 million,
respectively. Our Return on Capital Employed for Fiscals 2020, 2021, 2022 and for the six months ended
September 30, 2022 was (17.90)%, (12.29)%, 32.60% and 17.55%, respectively, while our Return on Net Worth
for the Fiscals 2020, 2021, 2022 and for the six months ended September 30, 2022 was (19.74)%, (24.48)%,
26.95% and 14.20%, respectively.
OUR STRATEGIES
Continue to invest in product innovation, engineering and design
We believe that investment in product innovation, engineering and design is essential to our business, growth
opportunities for onboarding new customers and retention of existing customers by aligning our product and
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service offerings with their requirements. The drone industry is at a nascent stage and therefore the requirements
are continuously evolving (Source: 1Lattice Report). As product and technology innovation is at the core of our
growth, we emphasize on constant innovation and enhancing our product and technology stack. Continuous
product development by way of product and market research is integral for growth in the UAV industry and
consequentially, many drone manufacturers are laying emphasis on product development and testing (Source:
1Lattice Report). We constantly endeavour to innovate new products and enterprise specific solutions for our
customers. For instance, we have introduced UAVs such as RYNO and Q6 to provide mapping and surveying
solutions, and Q4i, NETRA V4+ and SWITCH, to provide surveillance and disaster relief solutions to our
customers for different operating environments and applications. We have also designed a portable packaging for
our products so that all the components can be carried as a backpack.
We believe that competitive advantage is transient and hence we continue to innovate in technology, business
models and new offerings. In this regard, our endeavour is to, among others, leverage processes and best practices
that may be prevalent in other sectors and industries as well. We are one of the few players to adopt VARs and
distributor channels to reach customers across India and globally (Source: 1Lattice Report). Further, similar to
other industries that use adaptive microlearning to train their own workforce, we also have a mobile based
microlearning platform to train our customers on our UAV systems. We have also introduced ideaForge Care 360
that enables our customers to better operate and adopt our products and focus on their business outcomes. We will
continue to focus on innovation, in addition to product and engineering, in order to upgrade our products and
technology in line with the emerging needs of the customers.
As on December 31, 2022, we had 93 employees in the product development team, which is approximately
36.90% of our overall employee strength, and we intend to add more experienced employees in the product
development team. We incurred ₹ 76.50 million, ₹ 86.14 million, ₹ 89.21 million and ₹ 113.97 million as expenses
for product development for the six months ended September 30, 2022 and in Fiscals 2020, 2021 and 2022,
respectively, representing 5.48%, 61.53%, 25.70% and 7.15% of our total sales during the same period. We will
continue to invest substantially in product innovation, engineering, and design to expand our offerings and
increase our market presence.
Expanding into international markets
We currently primarily cater to the requirements of the Indian market. India’s large market with diverse and
challenging geographical terrains gives us an opportunity to solve complex problems at scale. The global drone
industry is estimated to be US$ 21.1 billion market in 2022 (Source: 1Lattice Report). The industry has witnessed
a significant growth at a CAGR of 19% over 2018-2022 and is expected to grow even faster at a CAGR of 20%
to be approximately US$ 51.4 billion in 2027 and further leap to approximately US$ 91.3 billion by 2030 (Source:
1Lattice Report).
Our revenue from domestic sales were ₹ 1,379.92 million, ₹ 1,588.32 million, ₹ 347.18 million, and ₹ 139.99
million, for the six months ended September 30, 2022 and for Fiscals 2022, 2021 and 2020, respectively. Through
our extensive experience, established product portfolio and proven track record, we believe we are strongly
positioned for providing products and solutions to international customers. We are currently present in Oman and
USA and we are evaluating our expansion in Bangladesh, Vietnam, and Nepal. We also believe that we will be
able to further expand our presence in the United States, according to the 1Lattice Report, which is expected to
be the biggest market for drones and estimated to be US$ 10.2 billion with approximately 49% market share in
2022, and predicted to grow to US$ 20.2 billion in the year 2027. As on December 31, 2022, we have onboarded
around 100 channel partners and three national distributors. Some of these channel partners help us expand our
presence in the international market. We plan to leverage our knowledge of the industry, and technology
innovation capabilities, in the international markets as well. In order to increase our brand value, we participate
in various international conferences and exhibitions. Most recently, we showcased our UAVs at the Commercial
UAV Expo at Las Vegas in 2022. In March 2022, our SWITCH UAV, according to the 1Lattice Report, won the
largest mini-VTOL UAV contract against global competitors from Russia, Israel, France, Ukraine and other
countries. The current geo-political environment, with economies decoupling with China, especially for anything
related with data capture and analysis, coupled with our Indian technological capabilities in the rugged
environment of India, is a major contributing factor for Indian companies to expand globally in both civil and
defence drone opportunities (Source: 1Lattice Report).
Expand our product portfolio and cater to new end-use applications and industries
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We will continue to expand our product portfolio and plan to provide differentiated offerings to our customers.
UAVs are increasingly finding potential to be employed in multiple applications across infrastructure, retail,
agriculture, logistics, and many other sectors. In the past, our Ninja UAVs were also used to curb theft and
pilferage cases to boost the surveillance operations by a Government of India enterprise (Source: 1Lattice Report).
We also provided NETRA UAVs to an energy conglomerate for aerial surveying of land, surveillance of assets,
volumetric estimations. Drones are being explored extensively across various industries, including construction,
real estate, e-commerce, agriculture, utilities and energy, financial services, and media and entertainment (Source:
1Lattice Report). We intend to leverage our in-house technology and our design and development capabilities to
innovate and introduce new UAVs to capture a higher wallet share from new and existing customers. We seek to
leverage our extensive experience to strengthen our industry position, by developing new products to capitalise
on emerging trends. We are continuously in the process of identifying new end-use cases which have a significant
growth potential and the economic viability to introduce new products. Currently, we primarily cater to
surveillance and mapping applications, and we plan to expand to inspection and delivery applications in the future.
We intend to further develop our UAVs with a focus to cater to asset inspection missions, such as inspection of
towers and other vertical assets. Further, our UAVs have the ability to carry small payloads which can be extended
to support last mile delivery applications. We also intend to develop UAVs with sufficient payload capacity to
cater to the middle mile logistics industry. According to the 1Lattice Report, the drone logistics market is currently
valued at US$ 0.3 billion in 2022 and is projected to reach US$ 33 billion by 2030. The logistics drone market is
expected to have the largest share of the overall drone market in 2030, followed by enterprise and defence (Source:
1Lattice Report). Our initial target segments may include delivery of the frozen foods, perishables and medicines,
which require faster and on-time delivery in places where the ground infrastructure is not fully developed or
challenging. We also intend to benefit from the ban imposed by the DGFT on import of CBU, SKD and CKD
form drones, except in certain cases. For details, please see ‘-Market Opportunities and Regulatory Impetus’ on
page 189. We also plan to expand and offer tactical UAVs and middle mile logistics drones with vertical take-off
and landing capabilities. We believe that we have the technological capabilities to successfully enter into this
market and add middle mile delivery as a revenue segment. We believe that expanding our products and solutions
portfolio by designing, developing and/or manufacturing new products will enable us to establish relationships
with new customers and cater to new end-use industries.
Focus on indigenisation
We are continuously evaluating the potential of domestic vendors for the supply of components in order to reduce
our dependency on import of components from global vendors and suppliers. We partially import certain of our
components such as carbon fibre tubes, landing gear, propellors, motors and antennas, required for manufacturing
UAVs. We spent ₹ 196.14 million, ₹ 264.48 million, ₹ 152.93 million and ₹ 44.97 million on imports as of
September 30, 2022, March 31, 2022, March 31, 2021 and March 31, 2020, respectively. In line with the market
growth potential of UAVs, with increased manufacturing of our UAVs, our expenditure on components required
for manufacturing of UAVs will also increase. With the production linked incentive scheme (“PLI Scheme”)
launched in 2021, the Government of India will offer incentives for drone makers, to encourage and boost
manufacturers to develop their products in India and export them to the world and achieve the Government’s aim
to make India ‘The global drone hub of the world’ (Source: 1Lattice Report). We have also been shortlisted as
one of the beneficiaries of PLI Scheme by the Government of India. With the recent initiatives of the Government
of India i.e., “Atmanirbhar Bharat Abhiyan”, wherein focus has been on indigenisation, we are poised to take full
benefit of such schemes and reduce our dependency on imports thereby reducing our import spend. We also have
an arrangement with a start-up company for development of indigenous UAV propulsion systems.
Expand business services and software revenue through ‘as a Service’ offerings
We believe that we have the hardware and software capabilities to expand our business services revenue by
providing ‘drone as a service’ (“DraaS”) offerings. DraaS is a ready-to-fly network of drones which allows users
to schedule or request on-demand flights, without the hassle of owning hardware, software or trained manpower
(Source: 1Lattice Report). The customers can avail DraaS service on ‘pay per use’, which will help reduce their
initial investment and increase adoption rate (Source: 1Lattice Report). For example, a Bengaluru-based DraaS
service provider currently offers ‘pay per use’ drone services for agriculture, survey/mapping, surveillance,
inspection of manufacturing units, the oil and natural gas industry, solar panels, windmills, and real-estate
construction projects (Source: 1Lattice Report). Similarly, by deploying six lakh drones in six lakh villages in
India by 2025, a Chennai-based DraaS business hopes to empower Indian farmers and the agriculture sector
(Source: 1Lattice Report). We are in the process of developing a DraaS model which will allow our drones to be
deployed in several locations and will be ready to fly and execute missions at the click of a button. We are presently
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experimenting DraaS model with one of our customers to create viable technology and business outcomes. Our
BlueFire MapAssist and BlueFire Live! solutions are offered as a SaaS model where customers can subscribe to
the package as per their requirements. Similarly, we will continue to look for opportunities to offer our software
and solutions as SaaS offerings in the future.
We also provide maintenance services to our customers, by entering into annual maintenance contracts with them.
Our product ideaForge Care provides the customers with various support options that they can subscribe to for
the UAVs. With the maintenance packages that we provide to our customers, such as ideaForge Care packages,
we believe that we have the capabilities to enhance our sale of maintenance services by offering services to our
existing and future customers.
Pursue strategic investment and acquisition opportunities

We intend to selectively pursue strategic investment and acquisition opportunities that complement our growth
strategy or strengthen or establish our presence in our targeted domestic and overseas markets. India has the
remarkable opportunity to target approximately 1.8 lakh crore of total domestic manufacturing potential through
implementation of drone indigenization initiatives in use cases such as defence, commercial, homeland security
and counter UAV sectors (Source: 1Lattice Report). As the UAV industry presents significant growth
opportunities, we intend to utilize our capabilities and expand our business and operations by pursuing investment
opportunities in future. We may also form strategic alliances with global and domestic players in various segments
of the drone industry that bring synergies to our business.
OUR PRODUCT PORTFOLIO AND SUB-COMPONENTS
Over the years, we have developed a wide range of products with varied applications and uses, to cater to the
evolving requirement of our customers such as NINJA, RYNO, Q4i, Q6, NETRA V4+ and SWITCH.
Product name Specific features Applications / end- Range Flight time Payload
use industries
Hardware
NINJA NINJA UAV is our Security and Up to 2 20-25 High Definition
lightest UAV, operable surveillance kms minutes at (“HD”) daylight
during day and night with MSL (mean payload with 5x
swappable payloads. sea level) optical zoom /
thermal payload /
mapping payload
RYNO RYNO UAV is our micro Mapping, land Up to 4 >40 minutes Mapping payload
category survey-grade survey, mining area kms at MSL
UAV and is equipped planning, (mean sea
with an advanced construction and real level)
mapping payload and a estate
state-of-the-art post
processed kinematic PPK
module.
Q4i Q4i is our small category Security and Up to 4 ≥ 40 minutes HD daylight
VTOL UAV and is one of surveillance, traffic kms at MSL payload with 10x
our most economical management, crowd (mean sea optical zoom /
UAVs built with military management and level) thermal payload /
grade standards. disaster relief mapping payload
Q6 Q6 is our small category Mapping, land Up to 10 ≥ 60 minutes HD daylight

UAV. Its quadcopter survey, mining area kms at MSL payload with 10x
design and high area planning, (mean sea optical zoom /
coverage enables it to construction and real level) thermal payload
complete large-scale estate (black/white hot) /
mapping projects quicker Photogrammetry
than our other UAVs. payload
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use industries
NETRA V4+ NETRA V4+ UAV is an Security and Up to 10 > 60 minutes HD daylight
intelligent and portable surveillance, border kms at MSL payload with 10x
VTOL UAV. Its modular security, anti- (mean sea optical zoom /
and rugged design is terrorism, counter level) thermal payload/
suitable for a wide range insurgency, crime Mapping payload
of mission-critical control and drone as
applications. a first responder
SWITCH SWITCH UAV is a fixed Security and Up to 15 ≥120 Daylight

wing and VTOL hybrid. surveillance, border kms minutes at surveillance payload
SWITCH UAV features security, anti- MSL (mean with 25x optical
advanced flight time, terrorism, counter sea level) zoom / thermal
higher safety and simple insurgency and ≥90 minutes payload
operation with additional wildfire management at 4500m
fail-safe redundancies. take-off
altitude
above MSL
(mean sea
level)
Software and embedded sub-system

BlueFire Touch BlueFire Touch, our GCS Mapping and - - -
software, is built to plan surveillance
and command both
mapping and surveillance
missions with the ability
to pre-plan missions
based on operational area
and target locations via
waypoint based
navigation.
Autopilot Enables remote control - - -
and autonomous
completion of flights with
pre-flight checks,
intelligent failsafe
features, such as return to
home on low battery, high
wind, communication
loss and battery
imbalance. It also has
smart altitude
management and GPS
error handling features.
Solutions
BlueFire MapAssist Software solution for Mapping and - - -
simple and intuitive geo- surveying
tagging with flexibility
for both PPK mapping as
well as non-PPK mapping
with optimized data
capture and processing.
BlueFire Live Real time live streaming Security and - - -
of the drone video feed surveillance, border
and payload control. management, crowd
Integrates easily with monitoring, campus
CCTVs and command security, disaster
and control centres, management, remote
operates in low bandwidth monitoring, smart
and offers easy remote cities, mapping and
payload control. ISR operation
Surveillance Pro Includes advanced image Security and - - -
intelligence features such surveillance, border
as target tracking and management, crowd
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use industries
moving target indicator. It monitoring, campus
has support for RVT with security, disaster
full UAV control and management, remote
ADR communication monitoring and smart
modes built-in to give cities
maximum flexibility even
for specialised missions.
RVT enables a second
operator on ground to
receive the video stream,
command the UAV and
control the payload to
ensure on-ground forces
are working on the same
set of information. ADR
enables a full duplex
between GCS software,
ADR UAV and payload/
data capture UAV. It also
enables non-line of sight
for ISR missions.
GIS Pro High resolution mapping Survey grade - - -
with PPK and optimized mapping
workflows.
Planned Products
We intend to introduce newer versions of our UAVs such as NETRA, SWITCH, and Q6, wherein our focus will
be on improving performance, reliability and autonomy of the UAVs. We intend to improve the performance by
providing increased flight times which can be achieved by better airframe designs, better battery technology and
overall better integration of the different subsystems. Further, we shall focus on reliability by improving the life
of the UAV and the quality to reduce mission failures. We intend to achieve autonomy through software
capabilities wherein we focus on flight automation, by improving the autonomous flying capabilities such as
obstacle avoidance, improving landing accuracy, GPS denied navigation, etc. and workflow automation by
ensuring the customer outcomes are achieved through efficient automation of entire data workflow. For example,
in case of a mapping mission workflow automation, the focus shall be on efficient capture of data, seamless
integration to processing software for on premise or cloud processing with minimal manual intervention.
We intend to enable development of third-party payloads for our drones and enhance integration, which will help
us to come up with newer and unique payloads with latest capabilities and sensors. We also plan to have an
integrated support portal that will be a web-based cloud platform which will provide real time support information
and focus on improving the overall support experience for our customers.
Our focus shall also be on developing tactical UAVs which are larger platforms and offering longer flight times
and larger payload carrying capabilities. We also intend to focus on developing middle mile logistics wherein we
intend to build a platform with a payload carrying capacity of more than 100 kgs, capable of traveling for more
than 100 kms.
OUR OPERATIONS
Our Manufacturing Facility
We manufacture all our products in-house from our manufacturing facility located at Navi Mumbai, Maharashtra
in India. Our manufacturing facility spans approximately 21,000 sq. ft. of licensed premises and has three floors,
which includes stores area, testing areas, production lines and seating area for managerial staff.
Our manufacturing facility is accredited with quality management system and is in compliance with ISO
9001:2015 requirements for design and manufacturing of unmanned aerial vehicles. Further, our manufacturing
facility is equipped with advanced equipment, modern technology and semi-automated systems, and has the ability
to manufacture a wide range of products, which provides us with the necessary flexibility to cater to the changing
demands in the market. We have recently restructured the layout of our shop floor and carved out an additional
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production area of approximately 6,000 sq ft. at our manufacturing facility and have included automations and
lean concepts for optimal material and process flows to cut down on wastage and improve the efficiency of the
overall manufacturing facility.
Vibration test setup Environmental stress test chamber
Assembly floor Compactor racks
Our manufacturing facility is equipped with a wide variety of testing and manufacturing machines. We have an
ESS chamber through which we screen our products to rule out any non-conformities and helps in reducing the
field failures related to reliability. The products are also tested on vibration tables, functional jigs and a variety of
custom jigs to ensure that only the best product gets shipped to the customers. Our manufacturing facility is also
equipped with vision inspection systems, printed circuit board assembly (“PCBA”) testers, auto screwing guns,
semi automatic crimping machine, coupled with three computerised numerical control machines to help with
critical-to-quality (“CTQ”) aspects of production.
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High end vision measurement system Automatic crimping machine
The following table sets forth the installed production capacity and the rate of capacity utilization of our
manufacturing facility.
Products Installed Capacity Utilization Capacity Utilization Capacity Utilization

capacity per day as on March 31, as on March 31, as on March 31,
as of October 2022* 2021* 2020*
*
2022
Quadcopter UAV 3 93% 88% 69%
Switch UAV 2 75% 0% 0%
Payload 10 96% 79% 69%
Battery 17 84% 83% 96%
Communication Box 10 90% 88% 46%
*As certified by A. D. Joshi Chartered Engineers & Valuers LLP, Chartered Engineer vide certificate dated February 10,
2023.
Note: Each year we have different capacity and capacity utilisation is not comparable year on year basis.
Product development centre
We have our own in-house product development centre, which allows us to design, develop, engineer and
manufacture our UAVs in-house with a focus on performance, reliability and autonomy. Our product development
centre has 93 employees, as of December 31, 2022.
Wire harness and switch sub assembly lines
Manufacturing Process
Our manufacturing process is based on optimized assembly setup designed in-line with lean principles to suit the
flexibility of demand for various product lines and ensure low mix mid volume product management. This enables
us to deploy our resources in the most optimum manner to suit the customer’s preferences and evolving
requirements. Our operations planning strategy is based on a mixed model of “Make-To-Order” (“MTO”) and
“Assemble-To-Order” (“ATO”) concepts. The large project orders typically follow the MTO route, whereas the
run-rate business and small projects follow the ATO route.
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We follow ERP based material planning processes where the outcome of the ERP enables our material planning
team to prepare purchase orders basis the specifications decided, to obtain the relevant components from our
suppliers or vendors. Our production planning team subsequently provides the raw materials to the production
team for assembly of the relevant components in line to process it into a semi-finished or furnished form. Our
quality assurance team conducts detailed material inspections and subject the products to various tests, such as
ESS or vibration, following which the products are sent for packaging. The final product undergoes a final quality
check and subsequently, the dispatch team raises the invoice, and the finished product is shipped to the customer.
Raw Materials/ Components
The primary raw materials required for manufacturing of our products are composites, plastics, and electronic
components, which we procure domestically or internationally. We also require other raw materials, such as metal
and machined parts, most of which are sourced from the domestic suppliers based on our requirements on an on-
going basis. We have long-standing relationships with certain suppliers. We procure all of our raw materials either
by entering into short-term contracts or by way of purchase orders on an ongoing basis and therefore, are required
to pay the market price of such products. We are able to leverage our wide and diverse network of suppliers to
ensure that our supply chain remains unaffected.
Our cost of materials consumed was ₹ 347.40 million, ₹ 513.90 million, ₹ 220.99 million and ₹ 76.84 million in
the six months ended September 30, 2022 and in Fiscals 2022, 2021 and 2020, respectively, which accounted for
24.89%, 32.23%, 63.65% and 54.89%, of our revenue from operations and 41.38%, 46.18%, 43.47% and 25.82%,
of our total expenses in the six months ended September 30, 2022 and in Fiscals 2022, 2021 and 2020,
respectively.
Customers
As of December 31, 2022, we have served approximately 265 customers. Our customers include Indian defence
customers and civil customers comprising certain of the central armed police forces, state police departments,
disaster management forces, forest departments, private contractors in connection with smart cities, Pioneer
Foundation Engineers Private Limited, and C.E. Info Systems Limited.
Quality Control and customer support
We are a quality-focused company and are committed to maintaining stringent quality standards at all steps of the
manufacturing cycle of our products, from procurement of the raw materials to supply of our products. Given the
nature of our products, our customers have high and exacting standards for product quality as well as delivery
schedules. Additionally, prior to placing the orders, there is a detailed review process that is undertaken by certain
customers. As a result, we are required to incur expenses to maintain our quality assurance systems such as
forming a separate team of engineers responsible for quality and assurance both in the manufacturing facilities
and machineries as well as in the manufacturing processes. Our quality assurance team, which comprised of 18
employees as on December 31, 2022, ensures compliance with our quality management systems and statutory and
regulatory compliances. This team conducts pre-dispatch inspection of our products. In addition, our
manufacturing facility has received ISO 9001:2015 certification for design and manufacturing of UAVs. Our
facility is equipped with high-quality testing equipment such as an ESS chamber to mimic certain distinct
environments prevailing in India, a vibration table to ensure structural and assembly strength and integrity, a
vision based automatic measuring system to inspect incoming raw and semi-finished parts and PCBA automatic
testing facility.
We believe in providing logistic support to our customers and have established one of the best support networks
in India for UAVs, according to the 1Lattice Report. In addition to warranty services provided to customers with
our UAVs, we also provide after sales maintenance services. Our support care plan, ideaForge Care, is one of the
first-of-its-kind subscription based support package in the Indian UAV industry (Source: 1Lattice Report). It
provides customers with a wide range of support plans suited to their needs which includes 24X7 support and
replacement drone options. Our service centres located in Leh (Jammu and Kashmir) and Dibrugarh (Assam),
cater to the annual maintenance and repair requirements of drones deployed in field, thereby reducing overall
turnaround time for repairs.
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Packaging and transportation
Our products are packaged in a modular design having soft bags that have foam inserts to hold and store the drone
and its components, without indenting any surfaces. The products are further securely packaged into hardcases to
ensure robust protection during shipment as well as short distance transportation. Our products are easily portable
as the packaging is designed in such a way that all the components can be carried as a backpack.
Q6 UAV packaging
RYNO UAV packaging
SWITCH UAV backpack
Typically, our products are shipped directly to our customers. We predominantly sell our products on a cost,
insurance and freight basis. In certain cases, our customers may directly pick the products at our own facilities.
The mode of transportation available for a particular shipment includes road, rail or air to deliver our products to
our customers based on mutually agreed terms and conditions and on the urgency, size and value of the order. We
engage third-party logistics services providers to provide support on our transportation requirements.
Sales and Marketing
As of December 31, 2022, our sales and business development team consists of 22 personnel who are responsible
for sales of our products, whereas our marketing team consists of 10 personnel, responsible for marketing our
products for sale. Our distribution network is aided by our in-house sales and business development team and a
marketing team which liaise with them on a regular basis for customer inputs, market demands as well as
positioning of our products vis-à-vis products of our competitors. Our sales and business development team and
marketing teams are technically equipped and focus on developing relationships with our key customers to
understand and identify their specific requirements.
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We focus on digital as well as organic marketing initiatives for marketing our products. We announce the launch
of our products on our website and proliferate it through social media campaigns as well as third – party industry
media for better reach. We also participate in defence exhibitions and conferences and undertake seminars to
showcase our products and services as part of our promotional activities. Recently, in 2022, we showcased our
products at the UAV Expo held in Las Vegas, USA. We also market our products through our distributors and
have entered into distribution agreements and reseller agreements with certain entities, to sell as well as market
our products, in the domestic as well as global market.
Our marketing and advertising expenses was ₹ 6.69 million, ₹ 1.85 million, ₹ 1.19 million and ₹ 1.52 million in
the six months ended September 30, 2022 and Fiscals 2022, 2021 and 2020, respectively, which accounted for
0.80%, 0.17%, 0.23% and 0.51%, of our total expenses in the six months ended September 30, 2022 and Fiscals
2022, 2021 and 2020, respectively.
Information Technology
Investment in IT infrastructure is essential to improve our operational efficiencies, improve scale and enhance
productivity. We have implemented an ERP solution, which helps standardize our processes and planning and
management of our sourcing and manufacturing operations and to assist in the smooth functioning of finance,
sales, stores, purchase, inventory and payroll functions. We have implemented an IT policy to maintain the
confidentiality, integrity and availability of information and supporting information systems. We continue to
actively revise our IT policy and upgrade our technology infrastructure and applications to keep pace with the
changing and dynamic environment. We will continue to focus on increasing operational efficiency through
technology initiatives.
Insurance
Our operations are subject to hazards inherent in storing and transporting our products such as work accidents,
fire, earthquakes, flood and other force majeure events, acts of terrorism and explosions, including hazards that
may cause loss of life and severe damage to and the destruction of property and inventory. Our principal types of
insurance coverage include coverage for our stocks that includes all normal risks associated with our business,
including fire, burglary and terrorism. We typically maintain standard fire and burglary insurance policies for our
stocks, and also obtain goods carrying vehicle package policies and marine insurance policies for transit of goods.
We have also obtained a group medical policy and insurance policy in relation to accidents for our employees.
These insurance policies are generally valid for a year and are renewed annually. In our experience, the amount
of insurance currently maintained by us represents an appropriate level of coverage required to insure our business
and operations. See ‘Risk Factors – Our insurance policies may not be adequate to cover all losses incurred in
our business. An inability to maintain adequate insurance cover to protect us from material adverse incidents
in connection with our business may adversely affect our operations and profitability.’ on page 41.
Intellectual Property
As on February 8, 2023, we have 18 granted patents, 32 registered trademarks and 7 copyrights. For further details,
see ‘Government and Other Approvals – Intellectual Property’ on page 377.
Environmental, Health and Safety Management
We aim to comply with applicable health and safety regulations and other requirements in our operations and have
adopted an environment, health and safety policy that is aimed at complying with legislative requirements,
requirements of our licenses, approvals, various certifications and ensuring the safety of our employees and the
people working under our management, pursuant to which we have implemented health and safety standards
aimed at ensuring a safe working environment. See ‘Risk Factors – We are subject to various laws and
regulations, including environmental and health and safety laws and regulations. If we fail to obtain, maintain
or renew the licenses, permits and approvals required to operate our business, or fail to comply with applicable
laws, our business, results of operations and financial condition may be adversely affected.’ on page 41.
Employees and Human Resources
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We consider our employees and personnel one of our most important assets, who are critical to maintaining our
competitive position within the UAV industry. As of December 31, 2022, we had 252 permanent employees, as
set forth below, by function:
Department Number of employees

Sales and business development 22
Product development (software) 33
Product development (mechanical) 62
Production 12
Product management 6
Marketing 10
Manufacturing 17
Quality assurance team 18
Management 5
Finance 10
Customer support and success 28
Supply chain management 13
Corporate administration 16
In addition to our permanent employees, we have five personnel engaged as consultants and 251 employees on a
contractual basis primarily as technicians for providing support to manufacturing team, as of December 31, 2022.
We have also engaged 30 contractual labourers for carrying out various activities such as manpower support
services, security and housekeeping.
We consider ourselves to have good relations with our employees. In addition to compensation that includes
salary, allowances and performance linked bonuses, we provide our employees other benefits which include
advance salary and yearly leaves. Our human resource policy focuses on recruiting talented and qualified
personnel who would integrate well with our current workforce. We conduct regular training workshops and
performance reviews. We endeavor to develop and train our employees in order to facilitate the growth of our
operations. Our performance management procedures are focused on increasing alignment between individual
and organizational goals and taking regular feedback to facilitate interaction between new employees and senior
management.
Corporate Social Responsibility
We have constituted a corporate and social responsibility (“CSR”) committee of our Board of Directors
comprising of three Directors, namely, Rahul Singh, Ganapathy Subramaniam and Vikas Balia, and have adopted
and implemented a CSR policy, pursuant to which we will carry out our CSR activities which is proposed to
include providing education to underprivileged girls, addressing hunger and support mid-day meals. In Fiscal
2023, we are required to spend ₹ 1.23 million towards our CSR activities.
Properties
Our Registered Office and manufacturing facility is located at EL-146, TTC Industrial Area, Electronic Zone
MIDC, Mahape, Navi Mumbai Thane - 400 710, Maharashtra, India and is held on a leave and license basis for a
period of five years from October 1, 2021. Our product development centre is located at Unit No. 702, 7 th Floor,
Building Q2, Aurum Q Parc, Plot No. Gen 4/1, TTC, Thane Belapur Road, Navi Mumbai - 400 710 and is held
on a leave and license basis for a period of five years from January 15, 2022. Our warehouses, guest house and
sales office are also located on licensed premises. Also see, ‘Risk Factors – Our manufacturing facility and
Registered Office are located on premises taken on a leave and license basis. There can be no assurance that
these leave and license agreements will be renewed upon termination or that we will be able to obtain other
premises on leave and license basis on same or similar commercial terms or at all.’ on page 40.
Competition
We face competition from companies such as Asteria Aerospace Private Limited, DCM Shriram Limited, Adani
Defence and Aerospace (Adani Enterprises Limited), as well as other international companies such as Lockheed
Martin Corporation and Autel Robotics Corp. Limited, which either operate in the same line of business as us and
offer similar products (Source: 1Lattice Report). See ‘Risk Factors – Our industry is competitive and our
inability to compete effectively may adversely affect our business, results of operations, financial condition and
cash flows.’ on page 36.
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IMPACT OF COVID-19
Covid-19 has been extremely disruptive for the drone industry with huge supply shortage for components,
restriction on logistics movement, delay in imports and custom clearance hampering cargo movements. The
actions taken by various governments to contain the pandemic, such as closing of borders and lockdown
restrictions, resulted in significant disruption to people and businesses. The pandemic has impacted, and may
further impact, all of our Company's stakeholders – employees, clients, investors and communities in which it
operates. However, in spite of the supply chain disruptions, we successfully delivered our orders on time, as we
were able to come up with alternative sources of supply or change parts which are either readily available or had
a supply commitment. For further information, see ‘Risk Factors - The continuing impact of the COVID-19
pandemic on our business and operations is uncertain and it may be significant and continue to have an
adverse effect on our business, operations and our future financial performance.’ on page 38.
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KEY REGULATIONS AND POLICIES
The following is a brief overview of certain key laws, regulations, and policies in India, which are applicable to
our Company and the business and operations undertaken by our Company. The information detailed below has
been obtained from various legislations, including rules, regulations, guidelines, and circulars promulgated and
issued by regulatory bodies that are available in the public domain. The overview and description set out below
is not exhaustive and is only intended to provide general information, and is neither designed, nor intended, to be
a substitute for professional legal advice. The statements below are based on the current provisions of Indian law,
which are subject to change or modification by subsequent legislative, regulatory, administrative, or judicial
decisions. For details of the government approvals and licenses obtained by our Company, see ‘Government and
Other Approvals’ beginning on page 376.
Key industry specific regulations
Aircraft Act, 1934, as amended (“Aircraft Act”), the Aircraft Rules, 1937, as amended (“Aircraft Rules”), the
Drone Rules, 2021, as amended (“Drone Rules”)
The Aircraft Act and the Aircraft Rules were enacted to control the manufacture, possession, use, operation, sale,
and the import and export of aircrafts. They stipulate parameters for determining airworthiness, maintenance of
aircrafts, general conditions for flying and safety, registration of aircrafts and conduct of investigations. The
Directorate General of Civil Aviation (“DGCA”) is the competent authority for providing the abovementioned
license and approvals. Pursuant to the Aircraft (Amendment) Act, 2020, three regulatory bodies under the Ministry
of Civil Aviation were accorded the status of statutory organisations, namely the DGCA, the Bureau of Civil
Aviation Security and the Aircraft Accidents Investigation Bureau.
The Ministry of Civil Aviation, on August 25, 2021, notified the Drone Rules, which repealed the Unmanned
Aircraft System Rules, 2021. The Drone Rules define a ‘drone’ as an unmanned aircraft system and it applies to:
(i) all persons owning or possessing, or engaged in leasing, operating, transferring or maintaining an unmanned
aircraft system in India; (ii) all unmanned aircraft systems that are registered in India; and (iii) all unmanned
aircraft systems that are being operated for the time being, in or over India, and published the Certification Scheme
for Unmanned Aircraft Systems, dated January 26, 2022. The Drone Rules provides detailed provisions inter alia
on: (i) classification of unmanned aircraft systems; (ii) certification of unmanned aircraft systems; (iii) registration
of unmanned aircraft systems; (iv) operation of unmanned aircraft systems; (v) remote pilot licenses; and (vi)
unmanned aircraft system traffic management. The Drone Rules authorise the DGCA or an officer authorised by
the central government, or the state government to levy a penalty of up to Rupees one lakh, for a contravention of
the Drone Rules. The Ministry of Civil Aviation, on February 11, 2022, notified the Drone (Amendment) Rules,
2022 which further amended the Drone Rules to abolish the requirement of a drone pilot licence for operating
drones.
Industries (Development and Regulation) Act, 1951, as amended (“IDAR Act”)
The IDAR Act has been liberalized under the New Industrial Policy dated July 24, 1991, and all industrial
undertakings are exempt from licensing except for certain industries, including among others, all types of
electronic aerospace and defence equipment. The IDAR Act is administered by the Ministry of Commerce and
Industries through the Department for Promotion of Industry and Internal Trade.
Regulations relating to foreign trade
The foreign policy of India is governed and regulated by the Foreign Trade (Development and Regulation) Act,
1992, as amended (“Foreign Trade Act”). The Foreign Trade Act empowered the Central Government to make
provisions for the development and regulation of foreign trade by way of facilitating imports into as well as
augmenting exports from the country and in all other matters related to foreign trade. The government has also
been given a wide power to prohibit, restrict and regulate the exports and imports in general as well as specified
cases of foreign trade. It is authorised to periodically formulate the Indian Foreign Trade Policy, 2015-20
(“Foreign Trade Policy”) and amend it thereafter whenever it deems fit. All exports and imports are required to
be in compliance with this policy. The Foreign Trade Policy provides for certain schemes for the promotion of
export of finished goods and import of inputs. The Foreign Trade Policy has been extended for a further period of
six months with effect from October 1, 2022.
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The Foreign Trade Act, read with the Foreign Trade Policy, also provides that no person or company can make
exports or imports without having obtained an importer exporter code number unless such person or company is
specifically exempted.
Environment law legislations
The Environment (Protection) Act, 1986 (the “Environment Act”) and Environment Protection Rules, 1986
(the “Environment Protection Rules”)
The Environment Act has been enacted with the objective of protection and improvement of the environment,
control, reduce and abate pollution and empowers the government to take measures in this regard. Further, the
Environment Protection Rules specifies, amongst other things, the standards for emission or discharge of
environmental pollutants, and restrictions on the handling of hazardous substances in different areas. For
contravention of any of the provisions of the Environment Protection Act or the rules framed thereunder, the
punishment includes either imprisonment or fine or both. As per the Environment Protection Rules, every person
who carries on an industry, operation or process requiring consent under Water Act or Air Act or both or
authorization under the Hazardous Wastes Rules is required to submit to the concerned state pollution control
board an environmental audit report for that financial year in the prescribed form.
Hazardous and Other Wastes (Management and Transboundary Movement) Rules, 2016 (the “Hazardous
Waste Rules”)
The Hazardous Waste Rules, read with the Environment Protection Act, ensure resource recovery and disposal of
hazardous waste in an environmentally sound manner. A categorical list of processes and their respective
hazardous wastes, and waste constituents with respective concentration limits has been provided in the schedules
of the Hazardous Waste Rules. The Hazardous Wastes Rules require every occupier engaged in the generation,
handling, processing, treatment, package, storage, transportation, use, collection, destruction, transfer or the like
of hazardous wastes to obtain authorisation from the concerned state pollution control board, as applicable.
Air (Prevention and Control of Pollution) Act, 1981 (the “Air Act”) and Water (Prevention and Control of
Pollution) Act, 1974 (the “Water Act”)
The Air Act was enacted to provide for the prevention, control and abatement of air pollution in India. The Air
Act requires any person establishing or operating any industrial plant in an air pollution control area to obtain
prior consent from the concerned state pollution control board. Further, it prohibits any person operating any
industrial plant in an air pollution control area from causing or permitting to be discharged the emission of any air
pollutant in excess of prescribed standards. The Water Act was enacted to control and prevent water pollution and
for maintaining or restoring of wholesomeness of water in the country and ensure that domestic and industrial
pollutants are not discharged into water bodies without adequate treatment. Any violation of the provisions of the
Air Act and Water Act is punishable with a fine and/or imprisonment, as applicable.
E-Waste (Management), 2016 (“E-Waste Rules”)
The E-Waste Rules apply to every manufacturer, producer, consumer, bulk consumer, collection centres, dealers,
e-retailer, refurbisher, dismantler and recycler involved in manufacture, sale, transfer, purchase, collection,
storage and processing of e-waste or electrical and electronic equipment as classified under the E-Waste Rules,
including their components, consumables, parts and spares which make the product operations. The E-Waste
Rules mandate that a manufacturer must register with the state pollution control board and also submit annual
returns to the same authority. Producers of such e-waste also have extensive responsibilities and obligations and
may come under the scrutiny of either the central pollution control board or the state pollution control board. The
manufacturer, producer, importer, transporter, refurbisher, dismantler and recycler shall be liable for all damages
caused to the environment or a third party due to improper handling and management of the e-waste and may have
to pay financial penalties as levied for any violation of the provisions under these rules by the state pollution
control board with the prior approval of the central pollution control board.
Labour law legislations
Factories Act, 1948 (the “Factories Act”)
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The Factories Act, as amended, defines a “factory” to cover any premises which employs 10 or more workers on
any day of the preceding 12 months and in which a manufacturing process is carried on with the aid of power, or
is ordinarily so carried on or any premises where at least 20 workers are employed, and where a manufacturing
process is carried on without the aid of power, or is so ordinarily carried on.
This legislation is being enforced by the Central Government through officers appointed under the Factories Act
i.e., Inspectors of Factories, Deputy Chief Inspectors etc. who work under the control of the Chief Inspector of
Factories and overall control of the Labour Commissioner. The ambit of the Factories Act includes provisions as
to the approval of factory building plans before construction or extension, investigation of complaints,
maintenance of registers and the submission of yearly and half-yearly returns.
Shops and establishments legislations
Under the provisions of local shops and establishments legislations applicable in the states in which establishments
are set up, establishments are required to be registered under the respective legislations. These legislations regulate
the condition of work and employment in shops and commercial establishments and generally prescribe
obligations in respect of, among other things, registration, opening and closing hours, daily and weekly working
hours, holidays, leave, health and safety measures and wages for overtime work.
Other labour law legislations
The employment of workers, depending on the nature of activity, is regulated by a wide variety of generally
applicable labour laws, including the Payment of Wages Act, 1936, the Minimum Wages Act, 1948, the
Employees’ State Insurance Act, 1948, the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952,
Payment of Gratuity Act, 1972, the Payment of Bonus Act, 1965, Maternity Benefit Act, 1961, Child Labour
(Prohibition and Regulation) Act, 1986 and the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013.
In order to rationalize and reform labour laws in India, the Government has enacted the following codes:
a) The Code on Wages, 2019, which regulates and amalgamates laws relating to wage and bonus payments
and subsumes four existing laws namely – the Payment of Wages Act, 1936, the Minimum Wages Act,
1948, the Payment of Bonus Act, 1965 and the Equal Remuneration Act, 1976. It regulates, among other
things, the minimum wages payable to employees, the manner of payment and calculation of wages and the
payment of bonus to employees.
b) Industrial Relations Code, 2020, which consolidates and amends laws relating to trade unions, the conditions
of employment in industrial establishments and undertakings, and the investigation and settlement of
industrial disputes. It subsumes the Trade Unions Act, 1926, the Industrial Employment (Standing Orders)
Act, 1946 and the Industrial Disputes Act, 1947.
c) The Code on Social Security, 2020, which amends and consolidates laws relating to social security, and
subsumes various social security related legislations, among other things, including the Employee’s
Compensation Act, 1923, Employee’s State Insurance Act, 1948, the Employee’s Provident Funds and
Miscellaneous Provisions Act, 1952, the Maternity Benefit Act, 1961,the Payment of Gratuity Act, 1972,
the Building and Other Construction Workers’ Welfare Cess Act, 1966 and the Unorganized Workers’
Social Security Act, 2008. It governs the constitution and functioning of social security organisations such
as the Employee’s Provident Fund and the Employee’s State Insurance Corporation, regulates the payment
of gratuity, the provision of maternity benefits and compensation in the event of accidents that employees
may suffer, among others.
d) The Occupational Safety, Health and Working Conditions Code, 2020, consolidates and amends the laws
regulating the occupational safety and health and working conditions of the persons employed in an
establishment. It replaces certain old central labour laws including the Contract Labour (Regulation and
Abolition) Act, 1970, the Factories Act, 1948, the Inter-State Migrant Workmen (Regulation of Employment
and Conditions of Service) Act, 1979 and the Building and Other Construction Workers (Regulation of
Employment and Conditions of Service) Act, 1996.
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Certain portions of the Code on Wages, 2019, have come into force upon notification by the Ministry
of Labour and Employment. The remaining provisions of these codes shall become effective as and when notified
by the Government of India.
Laws governing foreign investments
Foreign investment in India is governed by the provisions of Foreign Exchange Management Act, 1999 along
with the rules, regulations and notifications made by the Reserve Bank of India thereunder, and the consolidated
FDI Policy (“FDI Policy”) issued by the Department of Industrial Policy and Promotion (“DIPP”), Ministry of
Commerce and Industry, Government of India from time to time. The FDI Policy consolidates all the press notes,
press releases, and clarifications on FDI issued by DIPP. Foreign investment is permitted (except in the prohibited
sectors) in Indian companies either through the automatic route or the approval route. Further, the RBI has enacted
the Foreign Exchange Management (Mode of Payment and Reporting of Non-Debt Instruments) Regulations,
2019 which regulate the mode of payment and reporting requirements for investments in India by a person resident
outside India.
Intellectual property legislations
Trade Marks Act, 1999 (the “Trade Marks Act”) and Trade Mark Rules, 2017 (“Trade Mark Rules”)
The Trade Marks Act, 1999 provides for application and registration of trademarks in India. It also provides for
exclusive rights to marks such as brand, label, and heading and to obtain relief in case of infringement for
commercial purposes as a trade description. It prohibits registration of deceptively similar trademarks and provides
penalties for infringement, falsifying or falsely applying trademarks. It also provides for penalties in form of
imprisonment or fine or both for infringement, falsifying and falsely applying trademarks and using them to cause
confusion among the public. The Trade Marks Rules, lay down certain guidelines regarding procedure. Some of
the salient features of the Trade Marks Rules include the process for determination of ‘well-known’ trademarks,
representation of sound marks, recognition of e-mail as a mode of service, new registration fees and mandatory
filing of statements of users. Further, pursuant to the notification of the Trademark (Amendment) Act, 2010
simultaneous protection of trademark in India and other countries has been made available to owners of Indian
and foreign trademarks. The Trademark (Amendment) Act, 2010 also seeks to simplify the law relating to transfer
of ownership of trademarks by assignment or transmission and to conform Indian trademark law to international
practice.
Copyright Act, 1957
The Copyright Act, 1957, along with the Copyright Rules, 1958, (collectively, “Copyright Laws”) serve to create
property rights for certain kinds of intellectual property, generally called works of authorship. The Copyright
Laws protect the legal rights of the creator of an ‘original work’ by preventing others from reproducing the work
in any other way. The intellectual property protected under the Copyright Laws includes literary works, dramatic
works, musical works, artistic works, cinematography and sound recordings. The Copyright Laws prescribe a fine,
imprisonment or both for violations, with enhanced penalty on second or subsequent convictions.
The Patents Act, 1970 (“Patents Act”)
The patent regime in India is governed by the Patents Act and rules and regulations made thereunder. Pursuant to
the TRIPS Agreement, product patent regime with a protection period of 20 years became applicable in India. The
patent regime protects inventions through patents. The amended Patents Act defines “inventive step” to mean a
feature of an invention that involves a technical advance as compared to the existing knowledge or having
economic significance or both and that makes an invention not obvious to a person skilled in the art. Any person
claiming to be the true and first inventor of the invention or the assignee of the true and first inventor or the legal
representative of any deceased person who was entitled to make an application immediately before death may
apply for a patent for an invention.
The Designs Act, 2000 (the “Designs Act”)
The Designs Act prescribes for the registration of designs. The Designs Act specifically lays down the essentials
of a design to be registered and inter alia, provides for application for registration of designs, copyright in
registered designs, etc. A ‘Design’ means only the features of shape, configuration, pattern, ornament or
composition of lines or combination thereof applied to any article whether two dimensional or three dimensional
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or in both forms, by any industrial process or means, whether manual, mechanical or chemical, separate or
combined, which in the finished article appeal to and are judged solely by the eye, but does not include any mode
or principle or construction or anything which is in substance a mere mechanical device, and expressly excludes
works accorded other kinds of protection like property marks, trademarks and copyrights. Any person claiming
to be the proprietor of a new or original design may apply for registration of the same before the Controller-
General of Patents, Designs and Trade Marks. On registration, the proprietor of the design attains a copyright over
the same. The duration of the registration of a design in India is initially ten years from the date of registration.
No person may sell, apply for the purpose of sale or import for the purpose of sale any registered design, or
fraudulent or obvious imitation thereof.
Other applicable laws
In addition to the above, our Company is required to comply with the provisions of the Indian Contract Act, 1872,
Companies Act, 2013, Transfer of Property Act, 1882, Indian Stamp Act, 1899, Foreign Exchange Management
Act, 1999, Prevention of Corruption Act, 1988, to the extent applicable, Income Tax Act 1961, Income Tax Rules,
1962, as amended by the Finance Act in respective years, the relevant goods and services tax legislations, Customs
Act, 1962, Customs Tariff Act, 1975, Insolvency and Bankruptcy Code, 2016, and other applicable laws and
regulations imposed by the central and state governments and other authorities for its day-to-day operations.
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HISTORY AND CERTAIN CORPORATE MATTERS
Brief history of our Company
Our Company was incorporated as “ideaForge Technology Private Limited” on February 8, 2007, as a private
limited company under the Companies Act, 1956, pursuant to a certificate of incorporation dated February 8, 2007
issued by the RoC. Subsequently, upon the conversion of our Company into a public limited company, pursuant
to a resolution passed by our Shareholders’ on December 20, 2022, the name of our Company was changed to
“ideaForge Technology Limited” and a fresh certificate of incorporation dated January 2, 2023 was issued by the
RoC.
Changes in the registered office of our Company
Except as disclosed below, there has been no change in the registered office of our Company since its
incorporation.
Date of change Details of change in the registered office Reasons for change
March 8, 2007 Registered office was changed from 4, Raj Palace Administrative convenience
Apartment, Samarth Nagar, Majas Road, Jogeshwari
(East), Mumbai 400060, Maharashtra, India to Room No.
1, 4th Floor, KReSIT BI, IIT Bombay, Powai, Mumbai
400076, Maharashtra, India
March 1, 2013 Registered office was changed from Room No. 1, 4th Floor, Administrative convenience
KReSIT BI, IIT Bombay, Powai, Mumbai 400076,
Maharashtra, India to 1st Floor, Plot EL-121, TTC
Industrial Area, Electronic Zone, MIDC, Mahape, Navi
Mumbai, Thane 400 710, Maharashtra, India
March 10, 2017 Registered office was changed from 1st Floor, Plot EL-121, Administrative convenience
TTC Electronic Zone, MIDC, Mahape, Navi Mumbai,
Thane- 400 710, Maharashtra, India to EL-146, TTC
Industrial Area, Electronic Zone, MIDC, Mahape, Navi
Mumbai, Thane 400 710, Maharashtra, India
Main objects of our Company
The main objects clause as contained in the Memorandum of Association enables our Company to undertake its
existing activities. The main objects contained in our Memorandum of Association are as follows:
1. “To manufacture and to act as buyer, seller, importer, exporter, dealer, distributor, assembler, converter,
fitter, repairer, broker, designer, developer, fabricator, processor, contractor of all classes of apparatus,
instruments, machineries, fixtures, devices, products and services, pertaining to electronics, electrical
systems, mechanical systems, electro-mechanical systems, educational products and services, architecture
and civil engineering, medical and related, engineering and other materials, engineering software and other
related products and services.
2. To carry on the business or vocation of acting as advisors and consultants on all matters and problems
pertaining to electronics, electrical systems, mechanical systems, electro-mechanical systems, educational
products and services, architecture and civil engineering, medical and related, engineering and other
materials, engineering software and other related products and services.”
Amendments to our Memorandum of Association in the last 10 years
Set out below are the amendments to our Memorandum of Association in the last 10 years:
Date of Shareholder’s
Particulars
resolution/ Effective date
December 7, 2016 Clause V (a) of the Memorandum of Association was amended to reflect the increase in
authorised share capital from ₹ 1,000,000 divided into 100,000 Equity Shares of ₹ 10 each to ₹
3,000,000 divided into 225,000 Equity Shares of ₹ 10 each and 75,000 preference shares of ₹
10 each.
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Date of Shareholder’s
Particulars
resolution/ Effective date
April 28, 2022 Clause IV of the Memorandum of Association was amended to reflect the change in liability
from “The liability of members is limited” to “The liability of the members is limited and this
liability is limited to the amount unpaid, if any, on the shares held by them”.
November 28, 2022 Clause V (a) of the Memorandum of Association was amended to reflect the increase in
authorised share capital from ₹ 3,000,000 divided into 225,000 Equity Shares of ₹ 10 each and
75,000 preference shares of ₹ 10 each to ₹ 600,000,000 divided into 59,925,000 Equity Shares
of ₹ 10 each and 75,000 preference shares of ₹ 10 each.
Amendment of the Memorandum of Association to reflect the change in name of our Company
December 20, 2022 from “ideaForge Technology Private Limited” to “ideaForge Technology Limited” due to the
conversion of our Company from a private limited company to a public limited company.
Major events and milestones of our Company
The table below sets forth some of the key events in our history:
Calendar
Milestone
Year
2007 Incorporation of our Company
2007 Incubation at Society for Innovation and Entrepreneurship, Bombay
2009 First angel investment by Sujata Vemuri in consultation with Ravi Bhagavatula
2009 Demonstrated NETRA, exhibiting the product launch of India’s first quadcopter drone at DefExpo*
2009 Early prototype of our VTOL UAV (quadrotor helicopter) was featured in a popular Bollywood movie
2009 Developed one of the world’s smallest and lightest autopilots*
2010 Sale of our first drone to a state police department
2010 Developed NETRA UAV in partnership with a Government of India entity
2014 Received ₹ 388.10 million capital contract from Government of India entities
2015 Angel Investment by Centre for Innovation, Incubation and Entrepreneurship, Indian Institute of Management,
Ahmedabad (IIM- Ahmedabad)
2016 Developed the first hybrid VTOL drone with fixed wings in India, known as the SWITCH UAV*
2017 First round of institutional investment by Celesta Capital II Mauritius, Celesta Capital II-B Mauritius,
Qualcomm Asia Pacific Pte. Ltd. and Infosys Limited
2019 First company to participate in the demonstration of 5G enabled UAVs at Indian Mobile Congress*
2020 Bagged contract for SWITCH 1.0 UAVs for approximately US$ 18.27M
2022 Won the largest mini-VTOL UAV contract against global competitors from Russia, Israel, France, Ukraine,
and other countries*
2022 Second round of institutional investment by Florintree Enterprise LLP, Infina Finance Private Limited and
Export Import Bank of India in addition to first round of institutional investors
2022 Incorporated a Subsidiary in USA, ideaForge Technology Inc.
* Source: 1Lattice Report
Awards, accreditations and recognition
The table below sets forth some of the key awards, accreditations and recognition received by our Company:
Calendar
Year
Awards, accreditations and recognition
2017 Recognised as Best Product Design Company in the Indian Aerospace & Defence category by India Electronics
& Semiconductor Association (“IESA”) at the Deftronics Award 2017
2018 Received an award for business innovation at the MIF Awards 2018 by the Marico Innovation Foundation
2020 Recognised as Top Indian MSME for Patents and Commercialisation at the National Intellectual Property
Awards 2020
2021 Received the National Geospatial Award by Federation of Indian Chambers of Commerce & Industry
Recognised as Best Drone Company by The Associated Chambers of Commerce and Industry of India at the
13th International Conference cum Awards – Civil Aviation & Cargo
2022 Received the Outstanding Achiever Award by Thane Small Scale Industries Association
Significant financial and strategic partnerships
213
Our Company does not have any significant financial or strategic partnerships as on the date of this Draft Red
Herring Prospectus.
Time/cost overrun in setting up projects
There has been no time or cost overrun in respect of our business operations.
Defaults or rescheduling/ restructuring of borrowings with financial institutions/ banks
There has been no instance of rescheduling/restructuring of borrowings with financial institutions/ banks in respect
of our borrowings from lenders.
Capacity/facility creation, location of plants
For details regarding our manufacturing facility, see ‘Our Business – Manufacturing Facility’ on page 199.
Launch of key products or services, entry into new geographies or exit from existing markets
For details of key products or services launched by our Company, entry into new geographies or exit from existing
markets, see ‘Our Business’ on page 184.
Details regarding material acquisitions or divestments of business/undertakings, mergers, amalgamation,

any revaluation of assets, etc. in the last 10 years
Our Company has not made any material acquisitions or divestments of business/undertakings, mergers,
amalgamation, any revaluation of assets, etc. in the last 10 years.
Guarantees provided to third parties by our Promoters offering their Equity Shares in the Offer for Sale
Except as stated below, as on the date of this Draft Red Herring Prospectus, no guarantee has been issued by our
Promoters offering their Equity Shares in the Offer for Sale:
Sr. Name of the Lender Type of facility Sanctioned Consideration Reason

No. Promoter amount of
offering facility (in ₹
their Equity million)
Shares in
the Offer
for Sale
1. Ashish Bhat* Axis Bank Working capital 300.00 Nil Personal guarantee
Limited facilities in respect of the
working capital
facilities to our
Company
Export Import Fund and non-fund 750.00 Nil Personal guarantee
Bank of India based facilities in respect of the
fund and non-fund
based facilities to
our Company
HDFC Bank Credit facilities 592.75 Nil Personal guarantee
Limited in respect of the
credit facilities to
our Company
Union Bank of Bank guarantee 134.45 Nil Personal guarantee
India in respect of the
bank guarantee to
our Company
* The letters of guarantee have been jointly executed by Ashish Bhat along with the other Promoters and Chief Financial Officer of our
Company.
The aforementioned guarantees shall continue and remain in force until the underlying facilities are repaid by our
Company. In the event of any default by our Company towards payment of the outstanding amount under the
aforementioned facilities, our Promoter, Ashish Bhat, along with the other Promoters and the Chief Financial
214
Officer of our Company, shall be liable for the payment of the outstanding amount, including the interest amount,
expenses incurred by the lender and any loss suffered by reason of such default.
Summary of Key Agreements and Shareholders’ Agreement
Shareholders’ agreement dated April 14, 2022 (“SHA”), executed between our (a) Company, (b) our
Promoters, (c) Vipul Joshi (“VJ”), (d) Agarwal Trademart Private Limited, Ashwin Limaye Jt. with Swati
Trehan, Bhavin Shah, Deepak Sachdeva, Amardeep Singh, Sujata Vemuri, Prashant Puri, R. Laxman, Rahul
Shah, Ramakrishna K.V., Naresh Malhotra, Society for Innovation and Entrepreneurship, Sundararajan K.
Pandalgudi, Dhruv Gupta, Galiakotwala Engineering Company Private Limited, Meghaa Karnani, Don Bosco
Sequeira, Ganapathy Subramaniam (collectively, “Other shareholders”), (e) A&E Investment LLC, Ajay
Doshi, Florintree Enterprise LLP, Infina Finance Private Limited, Anuraag Shah, Ganapathy Subramaniam,
Ramesh Shah, Charulata C. Shah, Nambirajan Seshadri, Piyush Maheshwari, Puneet Maheshwari, Richa
Garg, Vikas Malu, Ashish Gupta, Galiakotwala Engineering Company Private Limited, Shaji Kumar Devakar,
Bharat Jaisinghani, Nikhil Jaisinghani, Amita Desai, Dhruv Gupta, Devansh Gupta (collectively, the “Seed
Investors”), (f) WRV II Mauritius (now Celesta Capital II Mauritius), WRV II-B Mauritius (now Celesta
Capital II-B Mauritius), Indusage Technology Venture Fund I, Qualcomm Asia Pacific Pte. Ltd. and Infosys
Limited (collectively “Series A Investor”), (g) Trifecta Venture Debt Fund I, (h) Export Import Bank of India
and (i) Florintree Enterprise LLP (“Series B1 Investor”, and together with Series A Investor, the “Investors”),
and the amendment agreement to the SHA dated February 4, 2023 (“Amendment Agreement”).
The SHA was entered into to record the inter se rights and obligations by virtue of the respective shareholding of
the parties in our Company, the management of our Company and certain other matters.
The SHA confers certain rights to the Investors, including appointment of nominee directors, and certain reserved
matters for which the Investors have affirmative voting rights. The SHA also provides certain restrictions on
transfer of Equity Shares by the Promoters till the time Series B1 Investor and Series A Investor hold five percent
of the fully diluted share capital, each, right of first offer in case of certain transfers by the Investors, tag-along
rights, drag-along rights in favor of the Investors in the event of transfer of Equity Shares held by them, and pre-
emptive rights in case of further dilution of share capital by our Company in favor of the Shareholders.
Additionally, the SHA also provides for certain exit rights, information rights, including in relation to certain
corporate, financial and other records of our Company.
Pursuant to the terms of the Amendment Agreement, except for the director nomination rights, as stated below,
all rights of the parties to the SHA shall automatically stand terminated upon commencement of listing of the
Equity Shares on any recognized stock exchange in India pursuant to the Offer. In accordance with the terms of
the Amendment Agreement, (A) the Promoters will have the right to (a) nominate four directors on our Board so
long as they collectively hold at least 15% of our Company’s fully diluted paid-up share capital, (b) nominate
three directors on our Board so long as they collectively hold at least 10% of our Company’s fully diluted paid-
up share capital, (c) nominate two directors on our Board so long as they collectively hold at least 5% of our
Company’s fully diluted paid-up share capital, and (d) nominate one director on our Board so long as they
collectively hold at least 2% of our Company’s fully diluted paid-up share capital, (B) Celesta Capital II Mauritius
and Celesta Capital II-B Mauritius, will have the right to nominate one director on our Board as long as they hold
atleast 10% of our Company’s fully diluted paid-up share capital, and (C) Series B1 Investor will have the right
to nominate one director on our Board as long as it holds atleast 10% of our Company’s fully diluted paid-up
share capital. However, such nomination rights shall be extinguished forever in the event that their shareholding
in our Company falls below stipulated thresholds. Further, in terms of the provisions of our Articles of
Association, such nomination right shall be subject to approval of the Shareholders of our Company by way of a
special resolution at the first general meeting immediately subsequent to the date on which the Equity Shares of
our Company are listed on the Stock Exchanges.
Agreement dated January 31, 2023 executed between Ankit Mehta, Rahul Singh, Ashish Bhat, Sujata Vemuri
and Ravi Bhagavatula (together the “Parties” and such agreement, the “Agreement”)
The Agreement was executed amongst the Parties for the purposes of recording the terms and conditions upon
which the Parties have agreed to act in concert for any future acquisition of Shares (as defined in the Agreement)
in our Company, post listing of Equity Shares on the Stock Exchanges. Each of the Parties shall act as persons
acting in concert with the relevant party(ies) that will be acquiring the Shares during the subsistence of the
Agreement. Any party that would intend to undertake a proposed acquisition, shall notify the other parties, in
writing, of its intent to undertake such proposed acquisition at least seven days prior to the earlier of: (a) execution
215
of binding agreements in relation to the proposed acquisition; (b) announcement of the proposed acquisition in
the public domain; or (c) consummation of the proposed acquisition pursuant to which the relevant party acquires
the Shares. Under the Agreement, Sujata Vemuri and Ravi Bhagavatula have the right to participate in any
proposed acquisition by Ankit Mehta, Rahul Singh and Ashish Bhat, and in the event Sujata Vemuri and Ravi
Bhagavatula do not exercise their right to participate in a proposed acquisition, they shall act as persons acting in
concert in the manner set out in the Agreement. In the event a proposed acquisition triggers an open offer pursuant
to the Takeover Regulations, the Parties shall conduct such open offer in accordance with the Takeover
Regulations. The Agreement may be terminated (a) at any time by the written agreement of the Parties, or (b)
upon expiry of the term, unless the term is extended by the Parties, or (c) by the Parties, upon the occurrence of
certain events, as specified in the Agreement. The Agreement also states that the Parties shall act in concert solely
for the limited purposes of the acquisition of Shares in our Company and for no other purposes.
Key terms of other subsisting material agreements
As on the date of this Draft Red Herring Prospectus, our Company has not entered into any subsisting material
agreements with strategic partners, joint venture partners and/or financial partners other than in the ordinary course
of business of our Company.
Agreements with Key Managerial Personnel or Senior Management or Directors or Promoters or any other
employee
As on the date of the Draft Red Herring Prospectus, there are no agreements entered into by our Key Managerial
Personnel or Senior Management or Directors or Promoters or any other employee of our Company, either by
themselves or on behalf of any other person, with any shareholder or any other third party with regard to
compensation or profit sharing in connection with dealings in the securities of our Company.
Holding company
As on the date of this Draft Red Herring Prospectus, our Company has no holding company.
Joint Ventures of our Company
As on the date of this Draft Red Herring Prospectus, our Company does not have any joint ventures.
Subsidiary of our Company
As on the date of this Draft Red Herring Prospectus, our Company has one wholly-owned foreign subsidiary,
ideaForge Technology Inc.
ideaForge Technology Inc. was incorporated as a domestic for profit Corporation on September 6, 2022, with
Office of Secretary of State of Texas, USA under the Texas Business Organizations Code. Its registered office is
at 5900, Balcones Drive, STE 100, Austin, Texas 78731 USA. The file number assigned to ideaForge Technology
Inc. by the Office of the Secretary of State of Texas, USA is 804717824. The principal business of ideaForge
Technology Inc. is, inter alia, engineering products, sales and services of UAVs.
Capital Structure
The authorized share capital of ideaForge Technology Inc. is $ 100 divided into 1,000 shares of $ 0.1 each and its
issued, subscribed and paid-up equity share capital is Nil as the bank account of ideaForge Technology Inc. is not
opened and accordingly no subscription money has been paid up as on date of this Draft Red Herring Prospectus.
Shareholding pattern
The following table sets forth the details of the shareholding of ideaForge Technology Inc:
Sr. No. Name of the shareholders Number of shares of face value $ 0.1 Percentage of total equity
each shareholding (%)
1 *ideaForge Technology Limited 1,000 100%
*ideaForge Technology Limited is the subscriber to 1,000 shares of $ 0.1 each. However, the same is not paid up as the bank
account of ideaForge Technology Inc. is not opened as on date of this Draft Red Herring Prospectus.
Board of directors
216
The board of directors of ideaForge Technology Inc. comprises of one director, Ankit Mehta.
Amount of accumulated profits or losses
There are no accumulated profits or losses of ideaForge Technology Inc. that have not been accounted for by our
Company.
Confirmations
As on the date of this Draft Red Herring Prospectus, our Subsidiary does not have any: (a) business interest in our
Company; or (b) related business transactions with our Company.
As on the date of this Draft Red Herring Prospectus, our Company and our Subsidiary do not have any common
pursuit.
As on the date of this Draft Red Herring Prospectus, our Subsidiary is not listed in India or abroad.
217
OUR MANAGEMENT
In terms of the Companies Act and our Articles of Association, our Company is required to have a minimum of
three Directors and a maximum of up to fifteen Directors. As on the date of this Draft Red Herring Prospectus,
our Board comprises eight Directors, of whom three are Independent Directors including one woman Director.
Our Company is in compliance with the corporate governance norms prescribed under the SEBI Listing
Regulations and the Companies Act, 2013, in relation to the composition of our Board and constitution of
committees thereof.
The following table sets forth details regarding our Board of Directors as on the date of this Draft Red Herring
Prospectus:
Name, designation, term, period of directorship, Directorships in other companies

address, occupation, date of birth, age and DIN
Srikanth Velamakanni Indian Companies
Designation: Chairman and Independent Director and not • Broadcast Audience Research Council
liable to retire by rotation • Cuddle Artificial Intelligence Private
Limited
Term: Five years from December 14, 2022 • Eugenie Technologies Private Limited
Period of Directorship: Director since December 14, 2022 • Final Mile Consultants Private
Limited
Address: C 3701, Oberoi Exquisite, Oberoi Garden City, • Fractal Analytics Private Limited
Near Westin Hotel, Goregaon East, Mumbai, Maharashtra • Fractal Alpha Private Limited
400 063 • Metro Brands Limited
• Neal Analytics Services Private
Occupation: Professional Limited
• Theremin AI Solutions Private
Date of Birth: February 16, 1974
Limited
Age: 48
DIN: 01722758 Foreign Companies
• 4i Consulting, Inc
• Cuddle.ai Inc.
• Eugenie.ai Inc.
• Final Mile Consulting LLC
• Fractal Analytics (Canada) Inc.
• Fractal Analytics (Shanghai) Limited
• Fractal Analytics (Switzerland) GmbH
• Fractal Analytics Australia Pty
Limited
• Fractal Analytics Germany GmbH
• Fractal Analytics Inc.
• Fractal Analytics Malaysia SDN BHD
• Fractal Analytics Netherland B.V.
• Fractal Analytics Sweden AB
• Fractal Analytics UK Limited
• Fractal Frontiers, Inc.
• Fractal Private Limited (Singapore)
• Limited Liability Company
‘Symphony (Ukraine)’*
Ankit Mehta Indian Companies
Designation: Chief Executive Officer and Whole-Time Nil

Director
218
Foreign Companies
Term: Five years from November 15, 2019 and liable to
retire by rotation • ideaForge Technology Inc.
Period of Directorship: Director since February 8, 2007
Address: Flat No G-426, 4th Floor, Maple Leaf CHS Ltd,

Raheja Vihar Complex, Chandivali, Mumbai, Maharashtra
400 072
Occupation: Business
Date of Birth: February 14, 1983
Age: 39 years
DIN: 02108289
Rahul Singh Nil
Designation: Vice President–Engineering and Whole-Time

Director

retire by rotation
Address: 1002/ Tower-5/ Emerald Isle, Saki Vihar Road, L

and T Powai, Powai, Mumbai, Maharashtra 400 072
Date of Birth: October 1, 1984
Age: 38 years
DIN: 02106568
Ashish Bhat Nil
Designation: Vice President-Research & Development and

Whole-Time Director

retire by rotation
Address: Flat 1301, Floor 13, Wing 7 Saki Vihar Road,

Emerald Isle Tower 7, Next to L T Business Park, Powai,
Mumbai, Maharashtra 400 072
Date of Birth: September 13, 1983
Age: 39 years
219
DIN: 02480920
Ganapathy Subramaniam Indian Companies
Designation: Non-Executive Nominee Director** • CIREL Systems Private Limited

• Galaxeye Space Solutions Private
Term: Since December 13, 2022 and not liable to retire by Limited
rotation
Foreign Companies
Period of Directorship: Director since November 28, 2017
• Kyulux
Address: Villa 29, Prestige White Meadows, Whitefield
• Tonbo Imaging Pte Ltd
Main Road, Whitefield, Bengaluru, Karnataka 560 066
Occupation: Venture partner
Date of Birth: March 31, 1968
Age: 54 years
DIN: 00019891
Mathew Cyriac Indian Companies
Designation: Non-Executive Nominee Director*** • Access Engineering Products Private

Limited
Term: Director since June 24, 2022 and not liable to retire • CMS IT Services Private Limited
by rotation • Data Patterns (India) Limited
Period of Directorship: Director since June 24, 2022 • Elimath Advisors Private Limited
• Florintree Advisors Private Limited
Address: Imperial, 1908, North Tower, B.B. Nakashe Marg, • Florintree Managers Private Limited
Tardeo, Mumbai, Maharashtra 400 034 • Freight Commerce Solutions Private
Limited
Occupation: Business • Gokaldas Exports Limited
• Glass Dreamz Entertainment Private
Date of Birth: May 20, 1969 Limited
Age: 53 years • Jyoti Structures Limited
• Myy Sports Private Limited
DIN: 01903606 • Logicserve Digital Private Limited
• Procam International Private Limited
• Plaeup Private Limited
• Robinhood Fintech Private Limited
• Tata Play BroadBand Private Limited
• Tata Play Limited
Foreign Companies
Nil
Sutapa Banerjee Indian Companies
Designation: Independent Director • Axis Capital Limited

• Camlin Fine Sciences Limited
220
Term: Five years from December 14, 2022 and not liable to • CDP Operations India Private
retire by rotation Limited
• Godrej Properties Limited
Period of Directorship: Director since December 14, 2022 • JSW Holdings Limited
Address: Springs – 1, Flat No. 3003 A and B, 30th Floor, G.D. • JSW Cement Limited
Ambedkar Marg, Wadala Tel Exch Naigaon, Dadar East, • Polycab India Limited
Mumbai, Maharashtra 400 014 • Satsure Analytics India Private
Limited
Occupation: Consultant • Zomato Limited
Date of Birth: March 24, 1965

Foreign Companies
Age: 57
Nil
DIN: 02844650
Vikas Balia Indian Companies
Designation: Independent Director • Eqaro Surety Private Limited

• Hindalco Industries Limited
Term: Five years with effect from December 14, 2022 and • Hasti Petro Chemical and Shipping
not liable to retire by rotation Limited
• Mukan Plus Private Limited
Period of Directorship: Director since December 14, 2022
• Mehta Balia Consultants Private
Address: Mukan 9, Nehru Park, Jodhpur, Rajasthan 342 003 Limited
• Parvdas Private Limited
Occupation: Advocate
Foreign Companies
Date of Birth: August 4, 1975
Nil
Age: 47
DIN: 00424524
* Chairman of supervisory board

** Nominee of Celesta Capital II Mauritius (formerly known as WRV II Mauritius) and Celesta Capital II-B Mauritius (formerly known as
WRV II-B Mauritius)
*** Nominee of Florintree Enterprise LLP
Brief profiles of our Directors
Srikanth Velamakanni is the Chairman and Independent Director of our Company and has been an Independent
Director on the Board of our Company since December 14, 2022. He holds degree in bachelor of technology in
electrical engineering from Indian Institute of Technology, Delhi and a post-graduate diploma in management
from Indian Institute of Management, Ahmedabad. He is associated with Fractal Analytics Private Limited as the
co-founder, group chief executive and executive vice chairman.
Ankit Mehta is the Chief Executive Officer and Whole-Time Director of our Company. He is a Promoter of our
Company. He has been associated with our Company since its incorporation and has experience in the drone
industry. In our Company, he is responsible for driving business growth, strategy, global expansion and investor
relations. He holds a degree in bachelor of technology in mechanical engineering under the dual degree
programme and a degree in master of technology in mechanical engineering with specialization in computer aided
design and automation under the dual degree programme from Indian Institute of Technology, Bombay. He
received the Young Alumnus Achiever Award from Indian Institute of Technology, Bombay in the year 2020.
Rahul Singh is the Vice President-Engineering and Whole-Time Director of our Company. He is a Promoter of
our Company. In our Company, he is responsible for driving innovation and for product and technology roadmap.
He has been associated with our Company since its incorporation and has experience in the drone industry. He
221
holds a degree in bachelor of technology in mechanical engineering from Indian Institute of Technology, Bombay.
He received the Young Alumnus Achiever Award from Indian Institute of Technology, Bombay in the year 2020.
Ashish Bhat is the Vice President-Research & Development and Whole-Time Director of our Company. He is a
Promoter of our Company. In our Company, he is responsible for driving innovation and for product and
technology roadmap. He has been associated with our Company since its incorporation and has experience in the
drone industry. He holds a degree in bachelor of technology in electrical engineering from Indian Institute of
Technology, Bombay. He received the Young Alumnus Achiever Award from Indian Institute of Technology,
Bombay in the year 2020.
Ganapathy Subramaniam is a Non-Executive Nominee Director of our Company and has been associated with
our Company since November 28, 2017. He holds a degree in bachelor of engineering in electrical and electronics
engineering from Bharathidasan University. He was previously associated with Texas Instruments (India) Private
Limited.
Mathew Cyriac is a Non-Executive Nominee Director of our Company and has been associated with our
Company since June 24, 2022. He holds a degree in bachelor of engineering in mechanical engineering from
Anna University, Madras, and a post-graduate diploma in management from Indian Institute of Management,
Bangalore. He was previously associated with Blackstone Advisors India Private Limited, DLJ Merchant Banking
Partners, Bank of America and Credit Suisse First Boston Corporation.
Sutapa Banerjee is an Independent Director of our Company and has been an Independent Director on the Board
of our Company since December 14, 2022. She holds degree in post-graduate honours diploma in personnel
management and industrial relations from XLRI Jamshedpur. She was an advanced leadership fellow at Harvard
University in 2015. She was previously associated with Royal Bank of Scotland N.V., ABN AMRO Bank and
Ambit Capital Private Limited.
Vikas Balia is an Independent Director of our Company and has been an Independent Director on the Board of
our Company since December 14, 2022. He holds degree in doctor of philosophy from Jai Narain Vyas University,
Jodhpur. He is a designated senior advocate in the Rajasthan High Court, Jodhpur, and also is an associate member
of the Institute of Chartered Accountants of India.
Relationship between our Directors and the Key Managerial Personnel or Senior Management
None of our Directors are related to each other or to any of the Key Managerial Personnel or Senior Management.
Terms of Appointment of Directors
Terms of appointment of our Executive Directors
Ankit Mehta
Ankit Mehta is a Whole-Time Director of our Company and has been associated with our Company since its
incorporation. He was reappointed as a Whole-Time Director of our Company pursuant to the resolution passed
by our Board on January 16, 2020, and the resolution passed by our Shareholders on December 31, 2020, for a
period of five years with effect from November 15, 2019. He has most recently been appointed as the Chief
Executive Officer of our Company with effect from December 1, 2022, pursuant to the resolution passed by our
Board on December 1, 2022, and the resolution passed by our Shareholders on December 15, 2022.
According to the terms of his letter of appointment dated February 6, 2023 and as per the Board resolution dated
February 3, 2023 and the Shareholders’ resolution dated February 4, 2023 he is entitled to receive a fixed salary
(including perquisites) of ₹ 15.25 million per annum from January 01, 2023 to November 14, 2024. He is also
entitled to receive a performance related variable salary, provided that the maximum remuneration payable to him
per annum shall not exceed ₹ 50.00 million.
Rahul Singh
Rahul Singh is a Whole-Time Director of our Company and has been associated with our Company since its
222
period of five years with effect from November 15, 2019. He has most recently been re-designated as the Vice
President-Engineering of our Company with effect from December 14, 2022, pursuant to the resolution passed by
our Shareholders dated December 15, 2022.
February 3 2023 and the Shareholders’ resolution dated February 4, 2023, he is entitled to receive a fixed salary
Ashish Bhat
Ashish Bhat is a Whole-Time Director of our Company and has been associated with our Company since its
period of five years with effect from November 15, 2019. He has most recently been redesignated as the Vice
President-Research & Development of our Company with effect from December 14, 2022, pursuant to the
resolution passed by our Shareholders dated December 15, 2022.
February 3, 2023 and the Shareholders’ resolution dated February 4, 2023, he is entitled to receive a fixed salary
Terms of appointment of our Non-Executive Nominee Directors
Our Non-Executive Nominee Directors are not entitled to receive any sitting fees and remuneration.
Terms of appointment of our Independent Directors
Pursuant to a resolution passed by our Board on February 3, 2023, our Independent Directors are entitled to receive
a sitting fee of ₹ 0.10 million per sitting for attending meetings of our Board and of the various committee of our
Board. Further, our Independent Directors are entitled to receive a commission as may be determined by our Board
from time to time in accordance with the Companies Act, 2013, however the total commission payable to all our
Independent Directors taken together should not exceed one percent of the net profits of our Company.
Payment or benefit to Directors of our Company
Details of the sitting fees or other remuneration paid to our Directors in Fiscal 2022 are set forth below.
Remuneration to our Executive Directors
Details of the remuneration paid to our Executive Directors in Fiscal 2022 is set forth below:
(i) In Fiscal 2022, Ankit Mehta received aggregate compensation of ₹ 6.97 million (which included an
annual variable pay of ₹ 2.05 million for Fiscal 2021, payable in Fiscal 2022). Further, for Fiscal 2022,
₹ 3.24 million was accrued as annual variable pay, which was paid in Fiscal 2023.
(ii) In Fiscal 2022, Rahul Singh received aggregate compensation of ₹ 6.92 million (which included an
(iii) In Fiscal 2022, Ashish Bhat received aggregate compensation of ₹ 6.96 million (which included an
Remuneration to our Non-Executive Nominee Directors
223
None of our Non-Executive Nominee Directors were paid any sitting fees or remuneration in Fiscal 2022.
Remuneration to our Independent Directors
All the Independent Directors of our Company have been appointed in Fiscal 2023, and accordingly, no sitting
fees has been paid to them in Fiscal 2022.
Remuneration paid to our Directors by our Subsidiary
None of our Directors have received any remuneration, sitting fees or commission from our Subsidiary in Fiscal
2022, as our Subsidiary was incorporated in Fiscal 2023.
Bonus or profit-sharing plan for our Directors
Other than the performance related bonus as per the terms of the remuneration of the Executive Directors, none
of our Directors are party to any bonus or profit-sharing plan of our Company.
Contingent and deferred compensation payable to our Directors
There is no contingent or deferred compensation payable to our Directors, which does not form part of their
remuneration.
Shareholding of our Directors in our Company
As per our Articles of Association, our Directors are not required to hold any qualification shares.
Except as disclosed in ‘Capital Structure – Shareholding of our Directors, Key Managerial Personnel and
Senior Management in our Company’ on page 93, none of our Directors hold any Equity Shares in our Company
as on the date of this Draft Red Herring Prospectus.
Arrangement or understanding with major shareholders, customers, suppliers or others
Other than (a) Ganapathy Subramaniam, who has been nominated to our Board by Celesta Capital II Mauritius
(formerly known as WRV II Mauritius) and Celesta Capital II-B Mauritius (formerly known as WRV II-B
Mauritius), and (b) Mathew Cyriac, who has been nominated to our Board by Florintree Enterprise LLP, pursuant
to the terms of the SHA, none of our Directors have any arrangement or understanding with our major
shareholders, customers, suppliers or others pursuant to which any of our Directors were appointed on our Board
or as a member of the senior management.
For further details, ‘History and Certain Corporate Matters – Summary of Key Agreements and Shareholders’
Agreement’ on page 215.
Interest of Directors
All our Directors may be deemed to be interested to the extent of fees, if any, payable to them for attending
meetings of the Board or a committee thereof, as well as to the extent of other remuneration and reimbursement
of expenses, if any, payable to them. Further, our Directors may also be deemed to be interested to the extent of
repayment of, and interest payable on, loans provided to our Company by them. For further details, please see
‘Related Party Transactions’ on page 243.
Our Directors may also be interested to the extent of Equity Shares and to the extent of any dividend payable to
them, if any, held by them or held by the entities in which they are associated as promoters, directors, partners,
proprietors or trustees or held by their relatives or that may be subscribed by or allotted to the companies, firms,
ventures, trusts in which they are interested as promoters, directors, partners, proprietors, members or trustees,
pursuant to the Offer.
For further details regarding the shareholding of our Directors, see ‘Capital Structure - Shareholding of our
Directors, Key Managerial Personnel and Senior Management in our Company’ on page 93.
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Further, our Directors are also directors on the board, or are shareholders, kartas, trustees, proprietors, members
or partners, of entities with which our Company has had transactions and may be deemed to be interested to the
extent of the payments made by our Company, or services provided by our Company, if any, to these entities.
Interest in land and property
None of our Directors have any interest in any property acquired or proposed to be acquired of our Company or
by our Company.
Interest in promotion of our Company
Except for Ankit Mehta, Rahul Singh and Ashish Bhat, who are our Promoters, none of our Directors have any
interest in the promotion or formation of our Company, as on the date of this Draft Red Herring Prospectus.
Loans to Directors
As on the date of this Draft Red Herring Prospectus, no loans have been availed by our Directors from our
Company
Confirmations
None of our Directors is or has been a director on the board of any listed company whose shares have been/were
suspended from being traded on any of the stock exchanges, during his/her tenure, in the five years preceding the
date of this Draft Red Herring Prospectus.
None of our Directors have been or are directors on the board of any listed companies which is or has been delisted
from any stock exchange(s) during his/her tenure.
No consideration in cash or shares or otherwise has been paid, or agreed to be paid to any of our Directors, or to
the firms or companies in which they are interested as a member by any person either to induce such director to
become, or to help such director to qualify as a Director, or otherwise for services rendered by him/her or by the
firm or company in which he/she is interested, in connection with the promotion or formation of our Company.
Changes in our Board during the last three years
The changes in our Board during the three years immediately preceding the date of this Draft Red Herring
Prospectus are set forth below.
Name of Director Date of Change Reasons

Srikanth Velamakanni December 14, 2022 Appointed as Chairman and Independent Director
Sutapa Banerjee December 14, 2022 Appointed as Independent Director
Vikas Balia December 14, 2022 Appointed as Independent Director
Ganapathy Subramaniam December 13, 2022 Resigned as Executive Chairman due to pre-
occupation**
Nicholas Earle Brathewaite December 13, 2022 Resigned from directorship due to withdrawal of
nomination
Sujata Vemuri November 29, 2022 Resigned from directorship due to pre-occupation
Palepu Sudhir Rao November 30, 2022 Resigned from directorship due to withdrawal of
nomination
Matthew Cyriac June 24, 2022* Appointed as Non-Executive Nominee Director
*
Regularised pursuant to a resolution passed by our Shareholders on September 28, 2022.
**
Remains on the Board as Non-Executive Nominee Director.
Borrowing Powers
In accordance with our Articles of Association and the applicable provisions of the Companies Act, 2013, and
pursuant to the resolution passed by our shareholders on February 4, 2023 and subject to the applicable laws, our
Board has been authorised to borrow sums of money which, together with the monies borrowed by our Company
(apart from temporary loans obtained from our Company’s bankers in the ordinary course of business) shall not
at any time in aggregate exceed ₹ 10,000.00 million for our Company and ₹ 20,000.00 million for our Company
and our Subsidiary taken together.
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Corporate Governance
As on the date of this Draft Red Herring Prospectus, there are eight Directors on our Board comprising three
Executive Directors, two Non-Executive Nominee Directors and three Independent Directors, including one
woman Director. Our Board functions either as a full board or through various committees constituted to oversee
specific functions. Our Company is in compliance with the corporate governance norms prescribed under the
SEBI Listing Regulations and the Companies Act in relation to the composition of our Board and constitution of
committees thereof.
Our Company undertakes to take all necessary steps to continue to comply with all the applicable requirements of
SEBI Listing Regulations and the Companies Act.
Board committees
Our Company has constituted the following Board committees in terms of the SEBI Listing Regulations, and the
Companies Act:
(a) Audit Committee;
(b) Nomination and Remuneration Committee;
(c) Stakeholders’ Relationship Committee;
(d) Corporate Social Responsibility Committee; and
(e) Risk Management Committee.
Audit Committee
The Audit Committee was constituted by a resolution of the Board dated December 14, 2022. The Audit
Committee is in compliance with Section 177 and other applicable provisions of the Companies Act and
Regulation 18 of the SEBI Listing Regulations. The Audit Committee currently comprises of:
The members of the Audit Committee are:
S. Name of Director Designation Committee Designation

No.
1. Vikas Balia Independent Director Chairperson
2. Sutapa Banerjee Independent Director Member
3. Mathew Cyriac Non-Executive Nominee Director Member
The Company Secretary shall act as the secretary to the Audit Committee.
Terms of Reference for the Audit Committee:
The Audit Committee shall be responsible for, among other things, as may be required by the stock exchange(s)
from time to time, the following:
A. Powers of Audit Committee
The Audit Committee shall have powers, including the following:
(1) to investigate any activity within its terms of reference;

(2) to seek information from any employee;
(3) to obtain outside legal or other professional advice;
(4) to secure attendance of outsiders with relevant expertise, if it considers necessary; and
(5) such other powers as may be prescribed under the Companies Act, 2013 and the SEBI Listing Regulations.
Role of Audit Committee
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The role of the Audit Committee shall include the following:
(1) oversight of financial reporting process and the disclosure of financial information relating to our Company
to ensure that the financial statements are correct, sufficient and credible;
(2) recommendation to the Board of Directors for appointment, re-appointment, replacement, remuneration and
terms of appointment of auditors of the Company and the fixation of the audit fee;
(3) approval of payment to statutory auditors for any other services rendered by the statutory auditors;
(4) examining and reviewing, with the management, the annual financial statements and auditor's report thereon
before submission to the Board for approval, with particular reference to
a. matters required to be included in the director’s responsibility statement to be included in the Board’s
report in terms of clause (c) of sub-section 3 of section 134 of the Companies Act, 2013;
b. changes, if any, in accounting policies and practices and reasons for the same;
c. major accounting entries involving estimates based on the exercise of judgment by management;
d. significant adjustments made in the financial statements arising out of audit findings;
e. compliance with listing and other legal requirements relating to financial statements;
f. disclosure of any related party transactions; and
g. modified opinion(s) in the draft audit report.
(5) reviewing, with the management, the quarterly, half-yearly and annual financial statements before
submission to the Board for approval;
(6) reviewing, with the management, the statement of uses / application of funds raised through an issue (public
issue, rights issue, preferential issue, etc.), the statement of funds utilized for purposes other than those stated
in the offer document / prospectus / notice and the report submitted by the monitoring agency monitoring
the utilisation of proceeds of a public issue or rights issue or preferential issue or qualified institutions
placement, and making appropriate recommendations to the board to take up steps in this matter;
(7) reviewing and monitoring the auditor’s independence and performance, and effectiveness of audit process;
(8) approval of any subsequent modification of transactions of the Company with related parties and omnibus
approval for related party transactions proposed to be entered into by the Company, subject to the conditions
as may be prescribed;
Explanation: The term "related party transactions" shall have the same meaning as provided in Clause
2(zc) of the SEBI Listing Regulations and/or the applicable Accounting Standards and/or the Companies
Act, 2013.
(9) reviewing, at least on a quarterly basis, the details of related party transactions entered into by the Company
pursuant to each of the omnibus approvals given;
(10) scrutiny of inter-corporate loans and investments;
(11) valuation of undertakings or assets of the Company and appointing a registered valuer in terms of Section
247 of the Companies Act, 2013, wherever it is necessary;
(12) evaluation of internal financial controls and risk management systems;
227
(13) reviewing, with the management, performance of statutory and internal auditors, and adequacy of the internal
control systems;
(14) reviewing the adequacy of internal audit function, if any, including the structure of the internal audit
department, staffing and seniority of the official heading the department, reporting structure coverage and
frequency of internal audit;
(15) discussion with internal auditors of any significant findings and follow-up thereon;
(16) reviewing the findings of any internal investigations by the internal auditors into matters where there is
suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the
matter to the Board;
(17) discussion with statutory auditors before the audit commences, about the nature and scope of audit as well
as post-audit discussion to ascertain any area of concern;
(18) looking into the reasons for substantial defaults in the payment to depositors, debenture holders, shareholders
(in case of non-payment of declared dividends) and creditors;
(19) reviewing the functioning of the whistle blower mechanism;
(20) monitoring the end use of funds through public offers and related matters;
(21) overseeing the vigil mechanism established by the Company, with the chairman of the Audit Committee
directly hearing grievances of victimization of employees and directors, who used vigil mechanism to report
genuine concerns in appropriate and exceptional cases;
(22) approval of appointment of chief financial officer (i.e., the whole-time finance Director or any other person
heading the finance function or discharging that function) after assessing the qualifications, experience and
background, etc. of the candidate;
(23) reviewing the utilization of loans and/or advances from/investment by the holding company in the subsidiary
exceeding ₹1,000,000,000 or 10% of the asset size of the subsidiary, whichever is lower including existing
loans/ advances/ investments existing as on the date of coming into force of this provision; and
(24) considering and commenting on rationale, cost-benefits and impact of schemes involving merger, demerger,
amalgamation etc., on the listed entity and its shareholders;
(25) formulating, reviewing and making recommendations to the Board to amend the terms of reference of Audit
Committee from time to time;
(26) reviewing compliance with the provisions of the Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulations, 2015, at least once in a financial year and shall verify that the systems for
internal control under the said regulations are adequate and are operating effectively
(27) carrying out any other functions required to be carried out by the Audit Committee as may be decided by the
Board and/or as provided under the Companies Act, 2013, the SEBI Listing Regulations, uniform listing
agreements and/or any other applicable laws, as and when amended from time to time, or by any regulatory
authority and performing such other functions as may be necessary or appropriate for the performance of its
duties.”
The Audit Committee shall mandatorily review the following information:
• Management discussion and analysis of financial condition and results of operations;
228
• Statement of significant related party transactions (as defined by the Audit Committee), submitted by
management;
• Management letters / letters of internal control weaknesses issued by the statutory auditors;
• Internal audit reports relating to internal control weaknesses;
• The appointment, removal and terms of remuneration of the chief internal auditor; and
• Statement of deviations in terms of the SEBI Listing Regulations:
a. quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to

stock exchange(s) where the Equity Shares are proposed to be listed in terms of the SEBI Listing
Regulations;
b. annual statement of funds utilised for purposes other than those stated in the offer document/
prospectus/ notice in terms of the SEBI Listing Regulations.
• The financial statements, in particular, the investments made by any unlisted subsidiary; and
• Such information as may be prescribed under the Companies Act and SEBI Listing Regulations.
Nomination and Remuneration Committee
The Nomination and Remuneration Committee was constituted pursuant to a resolution passed by the Board on
December 14, 2022. The composition and terms of reference of the Nomination and Remuneration Committee
are in compliance with Section 178 and other applicable provisions of the Companies Act 2013 and Regulation
19 of the SEBI Listing Regulations. The Nomination and Remuneration Committee currently comprises of:
The members of the Nomination and Remuneration Committee are:

No.
1. Sutapa Banerjee Independent Director Chairperson
2. Srikanth Velamakanni Chairman and Independent Director Member
3. Mathew Cyriac Non-Executive Nominee Director Member
Terms of Reference for the Nomination and Remuneration Committee:
The Nomination and Remuneration Committee shall be responsible for, among other things, the following:
• Formulation of the criteria for determining qualifications, positive attributes and independence of a director
and recommend to the Board of Directors a policy relating to the remuneration of the directors, key
managerial personnel and other employees (“Remuneration Policy”);
• For every appointment of an independent director, the Nomination and Remuneration Committee shall
evaluate the balance of skills, knowledge and experience on the Board and on the basis of such evaluation,
prepare a description of the role and capabilities required of an independent director. The person
recommended to the Board for appointment as an independent director shall have the capabilities identified
in such description. For the purpose of identifying suitable candidates, the Committee may:
a. use the services of an external agencies, if required;
b. consider candidates from a wide range of backgrounds, having due regard to diversity; and
c. consider the time commitments of the candidates.
• Formulation of criteria for evaluation of independent directors and the Board;
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• Devising a policy on Board diversity;
• Identifying persons who are qualified to become directors and who may be appointed in senior management
in accordance with the criteria laid down, and recommend to the Board their appointment and removal and
carrying out evaluation of every director’s performance (including independent director), its committees
and individual directors to be carried out either by the Board, by the Nomination and Remuneration
Committee or by an independent external agency and review its implementation and compliance. The
Company shall disclose the remuneration policy and the evaluation criteria in its annual report;
• Whether to extend or continue the term of appointment of the independent director, on the basis of the
report of performance evaluation of independent directors;
• Recommend to the board, all remuneration, in whatever form, payable to senior management;
• The Nomination and Remuneration Committee, while formulating the Remuneration Policy, should ensure
that:
(a) the level and composition of remuneration be reasonable and sufficient to attract, retain and
motivate directors of the quality required to run the Company successfully;
(b) relationship of remuneration to performance is clear and meets appropriate performance

benchmarks; and
(c) remuneration to directors, key managerial personnel and senior management involves a balance
between fixed and incentive pay reflecting short and long term performance objectives appropriate
to the working of the Company and its goals.
• perform such functions as are required to be performed by the Nomination and Remuneration Committee
under the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity)
Regulations, 2021, as amended, including the following:
(a) administering the employee stock option plans of the Company, as may be required;
(b) determining the eligibility of employees to participate under the employee stock option plans of
the Company;
(c) granting options to eligible employees and determining the date of grant;
(d) determining the number of options to be granted to an employee;
(e) determining the exercise price under the employee stock option plans of the Company; and
(f) construing and interpreting the employee stock option plans of the Company and any agreements
defining the rights and obligations of the Company and eligible employees under the employee
stock option plans of the Company, and prescribing, amending and/or rescinding rules and
regulations relating to the administration of the employee stock option plans of the Company.
• frame suitable policies, procedures and systems to ensure that there is no violation of securities laws, as
amended from time to time, including:
(a) the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
and
(b) the Securities and Exchange Board of India (Prohibition of Fraudulent and Unfair Trade Practices
Relating to the Securities Market) Regulations, 2003, by the trust, the Company and its employees,
as applicable.
230
• carrying out any other activities as may be delegated by the Board of Directors of the Company functions
required to be carried out by the Nomination and Remuneration Committee as provided under the
Companies Act, 2013, the SEBI Listing Regulations or any other applicable law, as and when amended
from time to time.
Stakeholders’ Relationship Committee
The Stakeholders’ Relationship Committee was constituted by a resolution of our Board dated December 14,
2022, in compliance with Section 178 and any other applicable law of the Companies Act 2013 and Regulation
20 of the SEBI Listing Regulations. The Stakeholders’ Relationship Committee currently comprises of:
The members of the Stakeholders’ Relationship Committee are:

No.
1. Mathew Cyriac Non-Executive Nominee Director Chairperson
2. Vikas Balia Independent Director Member
3. Ankit Mehta Chief Executive Officer and Whole- Member
Time Director
Terms of Reference for the Stakeholders’ Relationship Committee:
The Stakeholders’ Relationship Committee shall be responsible for, among other things, as may be required
under applicable law, the following:
• considering and looking into various aspects of interest of shareholders, debenture holders and other security
holders
• resolving the grievances of the security holders of the listed entity including complaints related to
transfer/transmission of shares, non-receipt of annual report, non-receipt of declared dividends, issue of
new/duplicate certificates, general meetings etc.;
• formulation of procedures in line with the statutory guidelines to ensure speedy disposal of various requests
received from shareholders from time to time;
• giving effect to allotment of Equity Shares, approval of transfer or transmission of Equity Shares, debentures
or any other securities;
• issue of duplicate certificates and new certificates on split/consolidation/renewal, etc.;
• review of measures taken for effective exercise of voting rights by shareholders;
• review of adherence to the service standards adopted by the listed entity in respect of various services being
rendered by the Registrar & Share Transfer Agent;
• approve requests for transposition, deletion, consolidation, sub-division, change of name etc. of shares,
debentures and other securities;
• to dematerialize or rematerialize the issued shares;
• review of the various measures and initiatives taken by the listed entity for reducing the quantum of
unclaimed dividends and ensuring timely receipt of dividend warrants/annual reports/statutory notices by
the shareholders of the company; and
• carrying out any other functions required to be carried out by the Stakeholders’ Relationship Committee as
contained in the SEBI Listing Regulations or any other applicable law, as and when amended from time to
time.
CSR Committee
231
The CSR Committee was constituted by a resolution of our Board dated August 22, 2022 and was recently re-
constituted by a resolution of our Board dated December 14, 2022 and its composition and terms of reference are
in compliance with Section 135 and other applicable provisions of the Companies Act 2013. The CSR Committee
currently comprises of:
The members of the CSR Committee are:

No.
1. Rahul Singh Vice President-Engineering and Chairperson
Whole-Time Director
2. Ganapathy Subramaniam Non-Executive Nominee Director Member
Terms of Reference for the CSR Committee:
The Corporate Social Responsibility Committee be and is hereby authorized to perform the following functions:
(a) Formulate and recommend to the Board, a ‘Corporate Social Responsibility Policy’ which shall indicate
amongst others, the guiding principles for selection, implementation and monitoring the activities as well
as formulation of the annual action plan which shall indicate the activities to be undertaken by the
Company as specified in Schedule VII of the Companies Act, as amended and the rules made thereunder
and make any revisions therein as and when decided by the Board;
(b) Review and recommend the amount of expenditure to be incurred on the activities referred in clause (a)
and amount to be incurred for such expenditure shall be as per the applicable law;
(c) Monitor the corporate social responsibility policy of the Company and its implementation from time to
time and issuing necessary directions as required for proper implementation and timely completion of
corporate social responsibility programme; and
(d) Any other matter as the corporate social responsibility committee may deem appropriate after approval
of the Board or as may be directed by the Board from time to time and/or as may be required under
applicable law, as and when amended from time to time.
Risk Management Committee
The Risk Management Committee was constituted by a resolution of our Board dated December 14, 2022. The
scope and functions of the Risk Management Committee are in compliance with the Regulation 21 of the SEBI
Listing Regulations. The Risk Management Committee currently comprises of:
The members of the Risk Management Committee are:

No.
1. Ganapathy Subramanium Non-Executive Nominee Director Chairperson
3. Ankit Mehta Chief Executive Officer and Whole- Member
Time Director
4. Vipul Joshi Chief Financial Officer Member
Terms of Reference for the Risk Management Committee:
The role and responsibility of the Risk Management Committee shall be as follows:
1. Formulation of a detailed risk management policy which shall include: (a) a framework for identification
of internal and external risks specifically faced by the listed entity, in particular including financial,
operational, sectoral, sustainability (particularly, ESG related risks), information, cyber security risks or
any other risk as may be determined by the Risk Management Committee; (b) measures for risk
mitigation including systems and processes for internal control of identified risks; and (c) business
continuity plan;
232
2. Ensure that appropriate methodology, processes and systems are in place to monitor and evaluate risks
associated with the business of the Company;
3. Monitor and oversee implementation of the risk management policy, including evaluating the adequacy
of risk management systems;
4. Periodically review the risk management policy, at least once in two years, including by considering the
changing industry dynamics and evolving complexity, and recommend for any amendment or
modification thereof, as necessary;
5. Approve the process for risk identification and mitigation;
6. Decide on risk tolerance and appetite levels, recognizing contingent risks, inherent and residual risks
including for cyber security;
7. Monitor the Company’s compliance with the risk structure;
8. Assess whether current exposure to the risks it faces is acceptable and that there is an effective
remediation of non-compliance on an on-going basis;
9. Approve major decisions affecting the risk profile or exposure and give appropriate directions;
10. Consider the effectiveness of decision making process in crisis and emergency situations;
11. Generally, assist the Board in the execution of its responsibility for the governance of risk;
12. Keep the Board of directors of the Company informed about the nature and content of its discussions,
recommendations and actions to be taken;
13. Review the appointment, removal and terms of remuneration of the Chief Risk Officer (if any);
14. Implement and monitor policies and/or processes for ensuring cyber security;
15. Monitor and review regular updates on business continuity; and
16. Any other similar or other functions as may be laid down by Board from time to time and/or as may be
required under applicable law, as and when amended from time to time, including the Securities and
Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
233
Management Organisation Structure
234
Key Managerial Personnel and Senior Management
Key Managerial Personnel
The details of our Key Managerial Personnel, as of the date of this Draft Red Herring Prospectus are as follows:
In addition to our Chief Executive Officer and Whole-Time Director, Ankit Mehta, and our Whole-Time Directors
Rahul Singh and Ashish Bhat, whose details are provided in ‘- Brief Profiles of our Directors’ above, the details
of our other Key Managerial Personnel as on the date of this Draft Red Herring Prospectus are set forth below.
Vipul Joshi is the Chief Financial Officer of our Company. He has been associated with our Company since
October 21, 2008. He is responsible for handling the financial operations of our Company. He holds a bachelor of
commerce (honours) accounting degree from Jai Narain Vyas University, Jodhpur and he attended an MBA course
at the University of Business & Finance, Switzerland. He has been the Chief Financial Officer of our Company
since October 15, 2022 and has experience in finance and marketing. He was previously associated with Kebee
Network Systems Private Limited and Arvin Meritor Commercial Vehicle Aftermarket AG. In Fiscal 2022, Vipul
Joshi received aggregate compensation of ₹ 6.72 million (which included an annual variable pay of ₹ 1.80 million
for Fiscal 2021, payable in Fiscal 2022). Further, for Fiscal 2022, ₹ 3.24 million was accrued as annual variable
pay, which was paid in Fiscal 2023.
Vishal Saxena is the Vice President-Sales and Business Development of our Company and has been associated
with our Company since February 3, 2020. In our Company, he is responsible for sales and development. He
holds degree in bachelor of science and bachelor of technology from Jawaharlal Nehru University, New Delhi
and post graduate programme in management from Indian School of Business, Hyderabad. He has experience in
sales and development. He was previously associated with CISCO Systems (India) Private Limited and the Indian
Army. In Fiscal 2022, Vishal Saxena received aggregate compensation of ₹ 21.73 million (which included an
annual variable pay of ₹ 12.81 million for Fiscal 2021, payable in Fiscal 2022). Further, for Fiscal 2022, ₹ 2.38
million was accrued as annual variable pay, which was paid in Fiscal 2023.
Sonam Gupta is the Company Secretary and Compliance Officer of our Company and has been associated with
our Company since December 15, 2022. In our Company, she is responsible for ensuring managerial and
secretarial compliances. She is an associate member of the Institute of Company Secretaries of India. She was
previously associated with Oriental Rail Infrastructure Limited and Bharat Wire Ropes Limited. She joined our
Company in Fiscal 2023 and accordingly no remuneration was paid or is payable to her in Fiscal 2022.
Senior Management
Except our Chief Financial Officer, Vipul Joshi, our Company Secretary and Compliance Officer, Sonam Gupta
and our Vice President-Sales and Business Development, Vishal Saxena, who are also our Key Managerial
Personnel and whose details have been disclosed above, there are no other Senior Management in our Company.
Status of Key Managerial Personnel and Senior Management
All the Key Managerial Personnel and Senior Management are permanent employees of our Company.
Relationship among Key Managerial Personnel and Senior Management
None of our Key Managerial Personnel and Senior Management are related to each other.
Bonus or profit-sharing plan for the Key Managerial Personnel and Senior Management
Except as disclosed above under ‘- Terms of appointment of our Executive Directors’, none of our Key
Managerial Personnel or Senior Management are party to any bonus or profit-sharing plan of our Company, other
than the performance linked bonus that Vipul Joshi and Vishal Saxena are entitled to in accordance with their
terms of appointment. Further, Vishal Saxena, the Vice President-Sales and Development of our Company, is
entitled to receive sales-linked incentives on achieving certain sales targets.
Shareholding of Key Managerial Personnel and Senior Management in our Company
Except as disclosed in ‘- Shareholding of our Directors in our Company’ and other than Vipul Joshi and Vishal
Saxena, none of our Key Managerial Personnel or Senior Management, hold any Equity Shares in our Company
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as on the date of this Draft Red Herring Prospectus. For further details, see ‘Capital Structure - Shareholding of
our Directors, Key Managerial Personnel and Senior Management in our Company’ on page 93.
Service Contracts with Directors and Key Managerial Personnel and Senior Management
Except as disclosed below, other than statutory benefits upon termination of their employment in our Company
or retirement, no officer of our Company, including our Directors or our Key Managerial Personnel or Senior
Management is entitled to any benefits upon termination of employment, including under any service contract
with our Company. Further, other than the respective employment agreements/appointment letters entered into by
our Key Managerial Personnel or Senior Management with our Company or our Subsidiary, as the case may be,
none of our Directors, Key Managerial Personnel or Senior Management have entered into a service
contract/appointment letter with our Company or our Subsidiary pursuant to which they are entitled to such
statutory benefits upon termination of their employment in our Company.
Our Whole-Time Directors, namely, Ankit Mehta, Rahul Singh and Ashish Bhat upon termination of their
employment, are entitled to severance fees or compensation for loss of office, on the merit of the situation and as
per the industry standard and as may be decided by the Nomination and Remuneration Committee or the Board.
Contingent and deferred compensation payable to our Key Managerial Personnel and Senior Management
There is no contingent or deferred compensation payable to our Key Managerial Personnel and Senior
Management, which does not form part of their remuneration.
Arrangements and understanding with major shareholders, customers, suppliers or others
None of the Key Managerial Personnel or Senior Management of our Company have been appointed pursuant to
any arrangement or understanding with our major shareholders, customers, suppliers or others.
Interest of Key Managerial Personnel and Senior Management
Except as disclosed above under ‘Interest of Directors’, and to the extent of the remuneration (including any
variable pay or sales-linked incentives), benefits, interest of receiving dividends on the Equity Shares held by
them, if any, reimbursement of expenses incurred in the ordinary course of business, our Key Managerial
Personnel and Senior Management may be interested to the extent of employee stock options that may be granted
to them from time to time under the ESOP 2018 and other employee stock option schemes that may be formulated
by our Company from time to time.
Except as disclosed herein, none of our Key Managerial Personnel or Senior Management have been paid any
consideration of any nature from our Company, other than their remuneration.
Changes in Key Managerial Personnel or Senior Management during the last three years
Except as disclosed below, there are no other changes in our Key Managerial Personnel or Senior Management
during the three years immediately preceding the date of this Draft Red Herring Prospectus are set forth below:
Name of Key Managerial Date of Change Reasons

Personnel
Sonam Gupta December 15, 2022 Appointment as the Company Secretary and
Compliance Officer
Vishal Saxena December 1, 2022 Redesignated as Vice President–Sales & Business
Development
Ashish Bhat December 14, 2022 Redesignated from Whole-Time Director* to the
Vice President-Research & Development and
Whole-Time Director
Rahul Singh December 14, 2022 Redesignated from Whole-Time Director* to the
Vice President-Engineering and Whole-Time
Director
Ankit Mehta December 1, 2022 Redesignated from Whole-Time Director* to the
Chief Executive Officer and Whole-Time
Director
Vipul Joshi October 15, 2022 Redesignated as the Chief Financial Officer
* Ankit Mehta, Rahul Singh and Ashish Bhat were reappointed as the Whole-Time Directors of our Company with effect from November 15,
2019, for further details see ‘Our Management-Terms of Appointment of our Executive Directors’ on page 222.
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Employee stock option and stock purchase schemes
For details of the employee stock option scheme of our Company, see ‘Capital Structure – Employee Stock
Option Scheme’ on page 95.
Payment or Benefit to Key Managerial Personnel and Senior Management of our Company
No non-salary related amount or benefit has been paid or given to any of our Company’s officers including our
Directors, Key Managerial Personnel and Senior Management within the two preceding years of this Draft Red
Herring Prospectus or is intended to be paid or given, other than in the ordinary course of their employment.
237
OUR PROMOTERS AND PROMOTER GROUP
Our Promoters
Ankit Mehta, Rahul Singh and Ashish Bhat are the Promoters of our Company.
As on the date of this Draft Red Herring Prospectus, our Promoters, who are also Equity Shareholders, hold in
aggregate 10,817,264 Equity Shares, which constitutes 50.70 % of the issued, subscribed and paid-up Equity
Share capital of our Company. Except Ravi Bhagavatula and Sujata Vemuri, none of the members of our Promoter
Group hold any Equity Shares as on the date of this Draft Red Herring Prospectus.
For details on shareholding of our Promoters in our Company, see ‘Capital Structure – History of build-up of
Promoters’ shareholding and lock-in of Promoters’ shareholding (including Promoters’ contribution) - Build-
up of Promoter’s shareholding in our Company’ on page 87. Further for details on shareholding of the members
of our Promoter Group in our Company, see ‘Capital Structure - Shareholding of our Promoters and the member
of our Promoter Group’ on page 89.
Details of our Promoters
Ankit Mehta
Ankit Mehta, born on February 14, 1983, aged 39 years, is our Promoter, Chief
Executive Officer and Whole-Time Director. He is a resident of Flat No G-
426, 4th Floor, Maple Leaf CHS Ltd, Raheja Vihar Complex, Chandivali,
Mumbai, Maharashtra 400 072. For the complete profile of Ankit Mehta,
along with the details of his educational qualification, experience in the
business/employment, positions/posts held in past, directorship, special
achievements, his business and financial activities, see ‘Our Management’ on
page 218.
The permanent account number of Ankit Mehta is ALTPM6313J.
Rahul Singh
Rahul Singh, born on October 1, 1984, aged 38 years, is our Promoter, Vice
President–Engineering and Whole-Time Director. He is a resident of 1002/
Tower-5/ Emerald Isle, Saki Vihar Road, L and T Powai, Powai, Mumbai,
Maharashtra 400 072. For the complete profile of Rahul Singh along with the
details of his educational qualification, experience in the
business/employment, positions/posts held in past, directorship, special
achievements, his business and financial activities, see ‘Our Management’ on
page 218.
The permanent account number of Rahul Singh is BGUPS0260B.
Ashish Bhat
Ashish Bhat, born on September 13, 1983, aged 39 years, is our Promoter,
Vice President–Research & Development and Whole-Time Director. He is a
resident of Flat 1301, Floor 13, Wing 7 Saki Vihar Road, Emerald Isle Tower
7, Next to L T Business Park, Powai, Mumbai, Maharashtra 400 072. For the
complete profile of Ashish Bhat along with the details of his educational
qualification, experience in the business/employment, positions/posts held in
past, directorship, special achievements, his business and financial activities,
see ‘Our Management’ on page 218.
The permanent account number of Ashish Bhat is ALCPB6071D.
Our Company confirms that the permanent account number, bank account number(s), passport number, Aadhar
card number and driving licence number, as applicable, of each of our Promoters will be submitted to the Stock
238
Exchanges at the time of filing of this Draft Red Herring Prospectus.
Other ventures of our Promoters
Other than as disclosed in the section ‘Our Management’ on page 218, our Promoters are not involved in any
other ventures.
Change in the management and control of our Company
There has been no change in the control of our Company in the last five years.
Interests of Promoters
Our Promoters are interested in our Company to the extent that they have promoted our Company and hold Equity
Shares in our Company and to the extent of any dividend and distribution declared thereon, if any. For details of
the shareholding of our Promoters in our Company, see ‘Capital Structure – History of build-up of Promoters’
shareholding and lock-in of Promoters’ shareholding (including Promoters’ contribution) ) - Build-up of
Promoter’s shareholding in our Company’ on page 87. Our Promoters, who are also Directors and Key
Managerial Personnel, may be deemed to be interested to the extent of their remuneration/fees, benefits and
reimbursement of expenses, payable to them, if any. For further details, see ‘Our Management - Interest of
Directors’ and Restated Consolidated Financial Information – Note 35 Related Party Transactions’ on pages
224 and 311, respectively.
Our Promoters have no interest in any property acquired by our Company during the three years preceding the
date of this Draft Red Herring Prospectus, or proposed to be acquired by our Company, or in any transaction by
our Company for acquisition of land, construction of building or supply of machinery.
Our Promoters are not interested as a member in any firm or company which has any interest in our Company.
Further, no sum has been paid or agreed to be paid to any of our Promoters or to any firm or company in which
any of our Promoters are interested as a member, in cash or shares or otherwise by any person either to induce
any of our Promoters to become, or qualify them as a director, or otherwise for services rendered by any our
Promoters or by such firm or company in connection with the promotion or formation of our Company.
Payments or benefits to our Promoters or members of our Promoter Group
Except in ordinary course of business and as disclosed in, ‘Our Management’ and ‘Restated Consolidated
Financial Information – Note 35 Related Party Transactions’ on pages 218 and 311, respectively, no amount or
benefit has been paid or given to our Promoters or members of our Promoter Group during the two years preceding
the filing of this Draft Red Herring Prospectus nor is there any intention to pay or give any benefit to our Promoter
or members of our Promoter Group.
Confirmations
Our Promoters and members of our Promoter Group have not been prohibited from accessing or operating in
capital markets or restrained from buying, selling or dealing in securities under any order or direction passed by
SEBI or any other regulatory or governmental authority.
Our Promoters are not and have never been a promoter, director or person in control of any other company which
is prohibited from accessing or operating in capital markets under any order or direction passed by SEBI.
None of the companies our Promoters are associated with or companies promoted by any of them, have been
delisted or suspended in the past.
Our Promoters have not been declared as Wilful Defaulters or Fraudulent Borrowers.
Our Promoters have not been declared a fugitive economic offender under section 12 of the Fugitive Economic
Offenders Act, 2018.
Common Pursuits
Our Promoters do not have any interest in any venture that is involved in any activities similar to those conducted
by our Company.
239
Material Guarantees to third parties with respect to the Equity Shares
Our Promoters have not given any material guarantee to any third party with respect to the Equity Shares, as on
the date of this Draft Red Herring Prospectus.
Disassociation by our Promoters in the three immediately preceding years
Except as stated below, our Promoters have not disassociated themselves from any company or firm during the
three years preceding the date of this Draft Red Herring Prospectus.
Name of Company or firm from Reasons and circumstances leading Date of disassociation
which Promoters have disassociated to the disassociation
Rahul Singh
Chougain Infrastructures Private Transferred all the shares held January 31, 2023
Limited
Promoter Group
Apart from our Promoters, the following individuals and entities constitute our Promoter Group in terms of
Regulation 2(1)(pp) of the SEBI ICDR Regulations.
A. Natural persons who are part of the Promoter Group
The natural persons who are part of the Promoter Group, other than our individual Promoters, are as follows:
(a) Immediate relatives of our Promoters
Name of Promoter Name of relative Relationship

Ankit Mehta Arun Mehta Father
Manju Mehta Mother
Rukmani Sah Mehta Spouse
Priyanka Mohnot Sister
Aarini Sah Mehta Daughter
Sadhana Sah Spouse’s mother
Rahul Singh Ranjeet Singh Father
Asha Singh Mother
Neha Chauhan Spouse
Rohit Singh Brother
Rishi Pal Singh Spouse’s father
Nirupma Singh Spouse’s mother
Jatin Singh Spouse’s brother
Tarun Singh Chauhan Spouse’s brother
Varnika Singh Spouse’s sister
Ashish Bhat Ramesh Bhat Father
Indu Bhat Mother
Esha Wali Spouse
Neha Bhat Sister
Ashwani Wali Spouse’s father
Leena Wali Spouse’s mother
Krisha Wali Spouse’s sister
(b) In addition to the individuals mentioned above, persons whose shareholding is aggregated under the
shareholding of the promoter group are Ravi Bhagavatula and Sujata Vemuri. For further details, see
‘Capital Structure - Shareholding of our Promoters and the member of our Promoter Group’ on page
89.
B. Entities forming part of the Promoter Group
The entities forming part of our Promoter Group are as follows:
1. Alphaimmensus Financial Technology (OPC) Private Limited;

2. Chougain Infrastructures Private Limited;
240
3. Gautam Buddh Nagar Rural Development Private Limited;
4. Mahakal Centre for Excellence Private Limited;
5. One Alpha Project LLP; and
6. Hotel Evelyn.
241
OUR GROUP COMPANIES
As per the SEBI ICDR Regulations, for the purpose of identification of group companies, our Company has
considered:
(i) the companies (other than our Subsidiary) with which there were related party transactions during the
period for which the Restated Consolidated Financial Information has been disclosed in this Draft Red
Herring Prospectus; and
(ii) any other company as considered material by the Board.
With respect to point (ii) above, for the purpose of disclosure in this Draft Red Herring Prospectus, the Board in
its meeting held on February 3, 2023 has considered and adopted the Materiality Policy for, amongst others, the
identification of companies that shall be considered material and disclosed as a ‘group company’ in this Draft Red
Herring Prospectus. In terms of the Materiality Policy, a company (other than the companies covered under the
schedule of related party transactions) shall be considered “material” and will be disclosed as a ‘Group Company’
in this Draft Red Herring Prospectus if it is a member of the Promoter Group in terms of Regulation 2(1)(pp) of
the SEBI ICDR Regulations, and has entered into one or more related party transactions during the period after
the last completed financial year and the stub period, if any, which individually or in the aggregate, exceed 10%
of the total revenue from operations of our Company for the last completed financial year, as applicable, as
included in the Offer Documents until the date of filing of the Offer Documents.
Accordingly, as on the date of this Draft Red Herring Prospectus, based on the above, we do not have any Group
Companies.
242
RELATED PARTY TRANSACTIONS
For details of the related party transactions, as per the requirements under the applicable accounting standards,
i.e., Ind AS 24, read with the SEBI ICDR Regulations, for the six months ended September 30, 2022 and for
Fiscals 2022, 2021, and 2020, see ‘Restated Consolidated Financial Information – Note 35 Related Party
Transactions’ on page 311. For a summary of the related party transactions for the six months ended September
30, 2022 and for Fiscals 2022, 2021, and 2020, see ‘Summary of the Offer Document – Summary of Related
Party Transactions’ on page 23.
243
DIVIDEND POLICY
The dividend distribution policy of our Company was approved and adopted by our Board on December 14, 2022
(“Dividend Policy”). In terms of the Dividend Policy, the declaration and payment of dividends on our Equity
Shares, if any, will be recommended by our Board and approved by our Shareholders, at their discretion, subject
to the provisions of the Articles of Association and applicable laws including the Companies Act, read with the
rules notified thereunder, each as amended.
Any future determination as to the declaration and payment of dividends, if any, will be at the discretion of the
Board and will depend on a number of factors, including but not limited to, earning stability, past dividend trends,
free cashflow for the period under consideration, debt repayment obligations, profitability of our Company during
the period under consideration and external factors, including but not limited to the macro-economic environment,
market conditions, prevailing legal requirements and regulatory conditions or restrictions laid down under the
applicable laws including tax laws and industry outlook for business in which our Company operates.
Additionally, we may retain all our future earnings, if any, for any proposed or ongoing or planned business
expansion or for any other purposes which may be considered by the Board subject to compliance with the
provisions of the Companies Act. In addition, the ability of our Company to pay dividends may be impacted by a
number of factors, including restrictive covenants under the loan or financing arrangements our Company is
currently availing of or may enter into to finance our funding requirements for our business activities. For details
in relation to risks involved in this regard, see ‘Risk Factors – Our ability to pay dividends in the future will
depend on our earnings, financial condition, working capital requirements, capital expenditures and restrictive
covenants of our financing arrangements’ and ‘Financial Indebtedness’ on pages 49 and 370, respectively.
Our Company has not declared any dividends in the preceding three Fiscals and the six months ended September
30, 2022 and the period from October 1, 2022 until the date of this Draft Red Herring Prospectus.
244
SECTION V – FINANCIAL INFORMATION
RESTATED CONSOLIDATED FINANCIAL INFORMATION
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245
INDEPENDENT AUDITOR’S EXAMINATION REPORT ON RESTATED CONSOLIDATED
FINANCIAL INFORMATION
The Board of Directors

ideaForge Technology Limited (formerly known as ideaForge Technology Private Limited)
Plot EL-146, TTC Industrial Area
Electronic Zone MIDC, Mahape
Navi Mumbai 400 710, Thane
Maharashtra, India
Dear Sirs,
1. We B S R & Co. LLP, Chartered Accountants (“we” or “us” or “B S R”) have examined the attached Restated
Consolidated Financial Information of ideaForge Technology Limited (formerly known as ideaForge
Technology Private Limited) (the “Company” or the “Issuer”) and its subsidiary (the Company and its
subsidiary together referred to as the “Group") as at and for the six months period ended 30 September 2022,
30 September 2021 and as at and for the years ended 31 March 2022, 31 March 2021 and 31 March 2020
comprising the Restated Consolidated Statement of Assets and Liabilities as at 30 September 2022, 30
September 2021, 31 March 2022, 31 March 2021 and 31 March 2020, the Restated Consolidated Statements
of Profit and Loss (including other comprehensive income), the Restated Consolidated Statement of
Changes in Equity, the Restated Consolidated Cash Flow Statement for the six months period ended 30
September 2022, 30 September 2021 and for the years ended 31 March 2022, 31 March 2021 and 31 March
2020, the Summary Statement of Significant Accounting Policies, and other explanatory information
(collectively, the “Restated Consolidated Financial Information”), as approved by the Board of Directors
of the Company at their meeting held on 3 February 2023 for the purpose of inclusion in the Draft Red Herring
Prospectus (“DRHP”) prepared by the Company in connection with its proposed initial public offer of equity
shares of face value of ₹ 10 each comprising a fresh issue of equity shares and an Offer for Sale of Equity
Shares held by the selling shareholders (the “Offer”) prepared in terms of the requirements of:
a) Section 26 of Part I of Chapter III of the Companies Act, 2013 (the “Act");
b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements)
Regulations, 2018, as amended ("SEBI ICDR Regulations");
c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of
Chartered Accountants of India (“ICAI”), as amended from time to time (the “Guidance Note”); and
d) E-mail dated 28 October 2021 from Securities and Exchange Board of India (“SEBI”) to
Association of Investment Bankers of India, instructing lead managers to ensure that companies
provide consolidated financial statements prepared in accordance with Indian Accounting Standards
(Ind-AS) for all the three years and stub period (hereinafter referred to as the “the SEBI e-mail”).
2. The Company’s Board of Directors is responsible for the preparation of the Restated Consolidated
Financial Information for the purpose of inclusion in the DRHP to be filed with Securities and Exchange
Board of India, BSE Limited and National Stock Exchange of India and the Registrar of Companies,
Maharashtra at Mumbai, in connection with the proposed Offer. The Restated Consolidated Financial
Information have been prepared by the management of the Company on the basis of preparation stated in
note 2.1 to the Restated Consolidated Financial Information. The responsibilities of respective Board of
Directors of the companies included in the Group includes designing, implementing and maintaining
adequate internal control relevant to the preparation and presentation of the Restated Consolidated
Financial Information. The respective Board of Directors are also responsible for identifying and
ensuring that the Group complies with the Act, SEBI ICDR Regulations and the Guidance Note and the
SEBI e-mail.
3. We have examined such Restated Consolidated Financial Information taking into consideration:
a) The terms of reference and terms of our engagement agreed upon with you in accordance with our
engagement letter dated 9 December 2022 in connection with the proposed Offer of equity shares
of the Company;
246
b) The Guidance Note. The Guidance Note also requires that we comply with the ethical requirements of
the Code of Ethics issued by the ICAI;
c) Concepts of test checks and materiality to obtain reasonable assurance based on verification of
evidence supporting the Restated Consolidated Financial Information; and
d) The requirements of Section 26 of the Act, the SEBI ICDR Regulations and the SEBI e-mail.
Our work was performed solely to assist you in meeting your responsibilities in relation to your compliance
with the Act, the SEBI ICDR Regulations and the Guidance Note and the SEBI e-mail in connection with
the Offer.
4. These Restated Consolidated Financial Information have been compiled by the management from:
a) Audited special purpose in ter im consolidated Ind AS financial statements of the Group as at and
for the six months period ended 3 0 September 2022 prepared in accordance with (Ind AS) 34
“Interim Financial Reporting”, specified under section 133 of the Act and other accounting principles
generally accepted in India (the “Special Purpose I n t e r i m Consolidated Ind AS Financial
Statements”) which have been approved by the Board of Directors at their meeting held on 3
February 2023.
b) Audited special purpose interim Ind AS financial statements of the Company as at and for the six
months period ended 3 0 September 2021 prepared in accordance with (Ind AS) 34 “Interim
Financial Reporting”, specified under section 133 of the Act and other accounting principles generally
accepted in India (the “Special Purpose i n t e r i m Ind AS financial statements”) which have been
approved by the Board of Directors at their meeting held on 3 February 2023.
c) As at and for the years ended 31 March 2022, 31 March 2021 and 31 March 2020:
From the audited special purpose Ind AS financial statements of the Company as at and for the years
ended 31 March 2022, 31 March 2021 and 31 March 2020, which were prepared by the Company in
response to the requirements of the SEBI e-mail and were approved by the Board of Directors at their
Board meeting held on 3 February 2023. The audited special purpose Ind AS financial statements as
at and for the years ended 31 March 2022, 31 March 2021 and 31 March 2020 have been prepared after
making suitable adjustments to the accounting heads from their Indian GAAP values following
accounting policies (both mandatory exceptions and optional exemptions) availed as per Ind AS 101
for the transition date of 1 April 2019 and as per the presentation, accounting policies and
grouping/classifications followed as at and for the stub period ended 30 September 2022.
5. For the purpose of our examination, we have relied on:
a) Auditor’s report issued by us dated 3 February 2023 on the Special Purpose Consolidated Interim Ind
AS financial statements of the Group as at and for the six months period ended 30 September 2022 as
referred in Paragraph 4 (a) above.
b) Auditor’s report issued by us dated 3 February 2023 on the Special Purpose Interim Ind AS financial
statements of the Company as at and for the six months period ended 30 September 2021 as referred
in Paragraph 4 (b) above.
c) Auditor’s reports issued by us dated 3 February 2023 on the audited Special Purpose Ind AS financial
statements of the Company as at and for the years ended 31 March 2022, 31 March 2021 and 31 March
2020 as referred in Paragraph 4 (c) above. These audited special purpose Ind AS financial statements
are prepared in accordance with basis of preparation as referred to Note 1.1 of the audited special
purpose Ind AS financial statements for the years ended 31 March 2022, 31 March 2021 and 31 March
2020.
The auditor’s report on the audited special purpose Ind AS financial statements of the Company as at
and for the years ended 31 March 2022, 31 March 2021 and 31 March 2020 included the following
Emphasis of Matter paragraph (as referred in Annexure VI of the Restated Consolidated Financial
Information):
247
As explained therein, these special purpose Ind AS financial statements have been prepared by the
Company in response to the requirements of the e-mail dated 28 October 2021 from Securities and
Exchange Board of India (“SEBI”) to Association of Investment Bankers of India, instructing lead
managers to ensure that companies provide consolidated financial statements prepared in accordance
with Indian Accounting Standards (Ind AS) for all the three years and stub period (hereinafter referred
to as the “the SEBI e-mail”) for submission to SEBI. Accordingly, the attached special purpose Ind AS
financial statements may not be suitable for any other purpose and this report should not be used,
referred to or distributed for any other purpose. We have no responsibility to update this report for
events and circumstances occurring after the date of this report.
6. As indicated in our audit reports referred above:
We did not audit the financial statements of the subsidiary included in the Group as of and for the six
months period ended 30 September 2022, whose financial statements reflect total assets, total revenues
and total cash flows included in the Special Purpose Consolidated Interim Ind AS Financial Statements as
at and for the six months period ended 30 September 2022 as tabulated below. These financial statements
are unaudited, and as per our opinion, insofar as it relates to the amounts included in respect of such
subsidiary, is based solely on the management representation. In our opinion and according to the
information and explanation given to us by the Management, this financial statement and other financial
information is not material to the Group.
Our opinion on the consolidated financial statements is not modified in respect of this matter.
(Rs in million)
Particulars As at and for the six months period
ended September 2022
Total assets Nil
Total revenues Nil
Total cash flows Nil
7. Based on our examination and according to the information and explanations given to us, we report that
the Restated Consolidated Financial Information:
a) have been prepared after incorporating adjustments for the changes in accounting policies, material
errors and regrouping/reclassifications retrospectively in the financial years ended 31 March 2022,
31 March 2021 and 31 March 2020 and for the six months period ended 30 September 2021 to reflect
the same accounting treatment as per the accounting policies and grouping/classifications followed as
at and for the six months period ended 30 September 2022;
b) does not contain any qualifications requiring adjustments. However, those qualifications in the
Companies (Auditor’s Report) Order, 2020/ Companies (Auditor’s Report) Order, 2016 issued by the
Central Government of India in terms of sub section (11) of section 143 of the Act, which do not
require any corrective adjustments in the Restated Consolidated Financial Information, have been
disclosed in Annexure VI to the Restated Consolidated Financial Information; and
c) have been prepared in accordance with the Act, SEBI ICDR Regulations and the Guidance Note, and
the SEBI e-mail.
8. We have not audited any financial statements of the Group as of any date or for any period subsequent
to 30 September 2022. Accordingly, we express no opinion on the financial position, results of
operations, cash flows and statement of changes in equity of the Group as of any date or for any
period subsequent to 30 September 2022.
9. The Restated Consolidated Financial Information do not reflect the effects of events that occurred
subsequent to the respective dates of the reports on the Special Purpose Consolidated Interim Ind AS
Financial Statements and audited financial statements mentioned in paragraph 4 above.
10. This report should not in any way be construed as a reissuance or re-dating of any of the previous audit
reports issued by us, nor should this report be construed as a new opinion on any of the financial statements
referred to herein.
11. We have no responsibility to update our report for events and circumstances occurring after the date of the
report.
248
12. Our report is intended solely for use of the Board of Directors for inclusion in the DRHP to be filed with
Securities and Exchange Board of India, BSE Limited and National Stock Exchange of India and the
Registrar of Companies, Maharashtra at Mumbai, in connection with the proposed Offer. Our report should
not be used, referred to, or distributed for any other purpose except with our prior consent in writing.
Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any
other person to whom this report is shown or into whose hands it may come without our prior consent in
writing.
For B S R & Co. LLP

Chartered Accountants
Firm’s Registration No: 101248W/W100022
Mansi Pardiwalla
Partner
Membership No: 108511
UDIN: 23108511BGYYEX2397
Mumbai
3 February 2023
249
ANNEXURE - I
RESTATED CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES
Note
No.
ASSETS
Non-Current Assets
Property, Plant and Equipment 4 32.12 18.44 22.22 8.81 8.89
Right -of- use Assets 5 99.70 5.60 108.00 5.10 14.81
Capital Work-in-Progress 4 3.90 - - - -
Other Intangible Assets 6 139.01 155.38 131.85 115.81 22.46
Intangible Assets Under Development 6A 231.92 137.90 190.88 142.23 168.36
Financial Assets
(i) Other Financial Assets 7C 330.79 160.69 301.34 139.46 73.07
Non-Current Tax Assets (Net) 13 11.27 12.97 11.27 10.64 11.10
Deferred Tax Assets (Net) 14 49.39 23.75 18.88 1.01 2.47
Other Non-Current Assets 12 59.91 0.20 2.74 0.29 2.53
Total Non-Current Assets 958.01 514.93 787.18 423.35 303.69
Current assets
Inventories 8 636.01 428.88 489.14 234.20 108.55
Financial Assets
(i) Investments 7A 1,288.75 - 106.50 - 119.04
(ii) Trade Receivables 9 551.58 111.91 203.07 237.50 101.15
(iii) Cash and cash equivalents 10 100.05 193.10 304.16 52.59 0.90
(iv) Bank Balances other than cash and cash equivalents 11 19.65 73.78 46.62 88.72 0.12
(v) Loans 7B 0.63 0.41 0.61 0.44 0.42

(vi) Other Financial Assets 7C 74.13 96.40 46.56 74.80 119.73
Other Current Assets 12 292.66 209.77 239.47 125.81 44.31
Total Current Assets 2,963.46 1,114.25 1,436.13 814.06 494.22
TOTAL ASSETS 3,921.47 1,629.18 2,223.31 1,237.41 797.91

Equity
Equity Share capital 15 0.90 0.89 0.89 0.89 0.89
Instruments entirely equity in nature 15 0.67 0.38 0.38 0.38 0.38
Other Equity 16 3,181.85 404.62 1,631.76 596.21 679.90
Total Equity 3,183.42 405.89 1,633.03 597.48 681.17
Liabilities
Non Current Liabilities
(i) Borrowings 17 - 388.72 - 377.81 0.57
(ii) Lease Liabilities 21 86.06 3.07 94.51 - 4.62
Provisions 22 21.98 25.89 23.96 19.03 14.63
Total Non-Current Liabilities 108.04 417.68 118.47 396.84 19.82
Current Liabilities
(i) Borrowings 17 226.67 498.29 56.76 127.93 52.45
(ii) Lease Liabilities 21 22.00 1.48 12.47 4.62 8.46
(iii) Trade Payables 19
(A) total outstanding dues of micro enterprises and 18.16 24.76 23.66 18.71 2.41
small enterprises; and
(B) total outstanding dues of creditors other than 132.41 33.32 51.28 28.75 5.82
micro enterprises and small enterprises.
(iv) Other Financial Liabilities 18 27.77 42.91 54.76 49.52 18.03
Other Current Liabilities 20 8.02 194.05 208.50 6.39 4.95
Provisions 22 73.66 10.80 55.49 7.17 4.80
Current Tax Liabilities (Net) 23 121.32 - 8.89 - -
Total Current Liabilities 630.01 805.61 471.81 243.09 96.92
TOTAL EQUITY AND LIABILITIES 3,921.47 1,629.18 2,223.31 1,237.41 797.91
The above Annexure should be read together with basis of preparation and significant accounting policies forming part of the Restated Consolidated Financial Information in Annexure V, Statement of
Adjustments in Annexure VI and notes to the Restated Consolidated Financial Information in Annexure VII.
As per our report of even date attached For and on behalf of the Board of Directors of
For B S R & Co. LLP ideaForge Technology Limited (Formerly known as ideaForge Technology Private Limited)
Chartered Accountants CIN : U31401MH2007PLC167669
Firm's Registration No: 101248W/W-100022
Mansi Pardiwalla Ankit Mehta Rahul Singh

Partner Chief Executive Officer and Whole Time Director Whole Time Director
Membership No: 108511 DIN: 02108289 DIN: 02106568
Vipul Joshi Sonam Gupta

Chief Financial Officer Company Secretary
Membership No: A53881
Place: Mumbai Place: Mumbai

Date: February 03, 2023 Date: February 03, 2023
250
ANNEXURE - II
RESTATED CONSOLIDATED STATEMENT OF PROFIT AND LOSS
Note Year ended 31 March Year ended 31 March Year ended 31
No. 2022 2021 March 2020
2022 2021
INCOME
Revenue from operations 24 1,395.48 96.02 1,594.39 347.18 139.99
Other income 25 38.87 8.65 20.09 16.17 23.23
Total Income 1,434.35 104.67 1,614.48 363.35 163.22
EXPENSES
Cost of materials consumed 26 347.40 116.17 513.90 220.99 76.84
Changes in inventories of finished goods and work-in- 27 34.13 (68.64) (101.69) (37.96) (11.57)
progress
Employee benefits expense 28 238.14 112.08 268.53 192.49 128.45
Finance costs 29 11.06 62.14 176.70 16.72 4.68
Depreciation and amortization expense 30 53.61 28.45 72.84 35.81 27.80
Other expenses 31 155.16 84.11 182.43 80.34 71.41
Total Expenses 839.50 334.31 1,112.71 508.39 297.61
Profit/(Loss) before tax 594.85 (229.64) 501.77 (145.04) (134.39)
Tax expense/(credit) :
Current tax 173.13 - 79.68 - -
Deferred tax (credit) / expense (30.40) (22.30) (17.97) 1.22 0.07
Total tax expense/(credit) 142.73 (22.30) 61.71 1.22 0.07
Profit/(Loss) for the period/year (A) 452.12 (207.34) 440.06 (146.26) (134.46)

Items that will not be reclassified to profit or loss : (0.42) (1.77) 0.40 0.75 (0.81)
Remeasurement of gains/(losses) on defined benefit plans

Income tax relating to items that will not be reclassified to profit 0.11 0.44 (0.10) (0.24) 0.25
or loss
Other Comprehensive income for the period/year, net of tax 0.51 (0.56)
(0.31) (1.33) 0.30
(B)
Total Comprehensive Income for the period

(A+B)
/ (Comprising Profit (Loss) and Other
Comprehensive Income for the period)
Attributable to:
Owners of the parent 451.81 (208.67) 440.36 (145.75) (135.02)
Non-controlling interests - - - - -
X Earnings per equity share ('EPS') (Face value of INR 10 32

each)
Basic EPS (INR) 12.49 (7.08) 13.84 (5.03) (4.68)
Diluted EPS (INR) 11.60 (7.08) 13.13 (5.03) (4.68)
The above Annexure should be read together with basis of preparation and significant accounting policies forming part of the Restated Consolidated Financial Information in Annexure V, Statement of
Adjustments in Annexure VI and notes to the Restated Consolidated Financial Information in Annexure VII.



251
ANNEXURE - III
RESTATED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
A Equity Share Capital

ISSUED, SUBSCRIBED AND PAID UP CAPITAL
Equity shares (Amount in INR Millions, unless other wise stated)
Particulars Equity shares of INR 10 each, fully paid up Equity shares of INR 10 each, INR 1 partly paid Total
Number of Number of up Number of
Amount Amount Amount
shares shares shares
At April 1, 2019 88,630 0.89 - - 88,630 0.89
Shares Issued during the year - - 1,100 0.00 1,100 0.00
At March 31, 2020 88,630 0.89 1,100 0.00 89,730 0.89
Shares Issued during the year 300 0.00 - - 300 0.00
At March 31, 2021 88,930 0.89 1,100 0.00 90,030 0.89
Shares Issued during the year 470 0.00 - - 470 0.00
At March 31, 2022 89,400 0.89 1,100 0.00 90,500 0.89
- - - - - -
At March 31, 2021 88,930 0.89 1,100 0.00 90,030 0.89
Shares Issued during the period 470 0.00 - - 470 0.00
At September 30, 2021 89,400 0.89 1,100 0.00 90,500 0.89
- - - - - -
At March 31, 2022 89,400 1 1,100 0 90,500 0.89
Shares Issued during the period 64 0.00 - - 64 0.00
At September 30, 2022 89,464 0.89 1,100 0.00 90,564 0.90
B Instruments Entirely Equity In Nature
(i) Series A1 0.01% Compulsorily Convertible Cumulative Preference Shares of INR 10 each, 1 partly paid-up.
Particulars Restated balance at the

Balance at the Changes in equity Changes in Equity share
beginning of the Balance at the end of
Beginning of the share capital due to capital during the
current reporting the period/year
period/year prior period errors period/year
period/year
March 31, 2020
Number of shares 328 - 328 - 328
Amount 0.00 - 0.00 - 0.00
March 31, 2021

Amount 0.00 - 0.00 - 0.00
March 31, 2022

Amount 0.00 - 0.00 - 0.00
September 30, 2021

Amount 0.00 - 0.00 - 0.00
September 30, 2022

Amount 0.00 - 0.00 - 0.00
252
ANNEXURE - III
(ii) Series A 0.001% Compulsorily Convertible Cumulative Preference Shares of INR 10 each, fully paid-up.
period/year
March 31, 2020
Number of shares 38,145 - 38,145 - 38,145
Amount 0.38 - 0.38 - 0.38
March 31, 2021

Number of shares 38,145 - 38,145 - 38,145
Amount 0.38 - 0.38 - 0.38
March 31, 2022

Number of shares 38,145 - 38,145 - 38,145
Amount 0.38 - 0.38 - 0.38
September 30, 2021

Number of shares 38,145 - 38,145 - 38,145
Amount 0.38 - 0.38 - 0.38
September 30, 2022

Number of shares 38,145 - 38,145 - 38,145
Amount 0.38 - 0.38 - 0.38
(iii) Series B Compulsorily Convertible Cumulative Preference Shares of Rs. 10/- each, fully paid up.
period/year
March 31, 2020
Number of shares - - - - -
Amount - - - - -
March 31, 2021

Amount - - - - -
March 31, 2022

Amount - - - - -
September 30, 2021

Amount - - - - -
September 30, 2022

Number of shares - - - 10,079 10,079
Amount - - - 0.10 0.10
253
ANNEXURE - III
(iv) Series B1 Compulsorily Convertible Cumulative Preference Shares of Rs. 10/- each, fully paid up.
period/year
March 31, 2020
Amount - - - - -
March 31, 2021
Amount - - - - -
March 31, 2022

Amount - - - - -
September 30, 2021

Amount - - - - -
September 30, 2022

Number of shares - - - 19,018 19,018
Amount - - - 0.19 0.19
B. Other Equity (Amount in INR Millions, unless other wise stated)

Reserves and Surplus Other Equity Money received Total Equity
Securities Premium Debenture Redemption General Reserve Retained Earnings Share Based Payment comprehensive component of against share Total
Reserve Reserve income compound warrant
Particulars
financial
instruments
As at April 1, 2019 890.12 5.00 - (109.62) 22.42 - - - 807.92
Restated balances as at April 1, 2019 890.12 5.00 - (109.62) 22.42 - - - 807.92
(Loss) for the year - - - (134.46) - - - - (134.46)
Other comprehensive income for the year - - - - - (0.56) - - (0.56)
Sub Total 890.12 5.00 - (244.08) 22.42 (0.56) - - 672.90
Employee compensation expense for the year - - - - 7.00 - - 7.00
As at March 31, 2020 890.12 5.00 - (244.08) 29.42 (0.56) - - 679.90
Restated balances as at March 31, 2020 890.12 5.00 - (244.08) 29.42 (0.56) - - 679.90
(Loss) for the year - (146.26) - - - - (146.26)
Other comprehensive income for the year - - - 0.51 - - 0.51
Sub Total 890.12 5.00 - (390.34) 29.42 (0.05) - - 534.15
Issue of equity shares on exercise of employee stock options 5.47 - - - (5.47) - - -
Employee compensation expense for the year - - - - 62.06 - - - 62.06
As at March 31, 2021 895.59 5.00 - (390.34) 86.01 (0.05) - - 596.21
Profit for the year - - - 440.06 - - - - 440.06
Other comprehensive income for the period - - - - 0.30 - - 0.30
Sub Total 895.59 5.00 - 49.72 86.01 0.25 - - 1,036.57
Issue of equity shares on exercise of employee stock options 7.11 - - - (7.11) - - - -
Share warrant application money received during the year - - - - - - - 0.03 0.03
Fair value gain/loss on financial liability measured at FVTPL. - - - - - - - - -
Transfer from compulsory convertible debentures to - - - - - 528.67 - 528.67
compulsory convertible preference shares
Transferred to General Reserve - (5.00) 5.00 - - - - - -
Employee compensation expense for the year - - - - 66.49 - - - 66.49
As at March 31, 2022 902.70 - 5.00 49.72 145.39 0.25 528.67 0.03 1,631.76
254
ANNEXURE - III
As at March 31, 2021 895.59 5.00 - (390.34) 86.01 (0.05) - - 596.21
(Loss) for the period - - - (207.34) - - - - (207.34)
Other comprehensive income for the period - - - - (1.33) - - (1.33)
Sub Total 895.59 5.00 - (597.68) 86.01 (1.38) - - 387.54
Share warrant application money received during the period - - - - - - - 0.03 0.03
Employee compensation expense for the period - - - - 17.05 - - - 17.05
As at September 30, 2021 902.70 5.00 - (597.68) 95.95 (1.38) - 0.03 404.62
As at March 31, 2022 902.70 - 5.00 49.72 145.39 0.25 528.67 0.03 1,631.76
Restated balances as at March 31, 2022 902.70 - 5.00 49.72 145.39 0.25 528.67 0.03 1,631.76
Profit for the period - - - 452.12 - - - - 452.12
Other comprehensive income for the period - - - - (0.31) - - (0.31)
Sub Total 902.70 - 5.00 501.84 145.39 (0.06) 528.67 0.03 2,083.57
Securities premium on preference shares issued 985.52 - - - - - - - 985.52
Expenses incurred directly in connection with issue of (8.09) - - - - - - - (8.09)
Compulsorily Convertible Preference Shares
Employee compensation expense for the period - - - - 120.95 - - - 120.95
Transfer of reserve on conversion of from compulsory 528.57 - - - - - (528.57) - -
convertible debenture to compulsory convertible preference
shares to the extent of securities premium
Transfer of reserve on conversion of from compulsory - - - - - - (0.10) - (0.10)
convertible debenture to compulsory convertible preference
shares to the extent of Instruments Entirely Equity In Nature
As at September 30, 2022 2,410.05 - 5.00 501.84 264.99 (0.06) - 0.03 3,181.85
Note - INR 0.00 denotes amount less than INR 5000.00
Refer Note No.16 for nature and purpose of reserves
The above Statement should be read together with significant accounting policies forming part of the Restated Consolidated Financial Information in Annexure V, Statement of Adjustments to Restated Consolidated
Financial Information in Annexure VI and notes to the Restated Consolidated Financial Information in Annexure VII.



255
ANNEXURE - IV
Particulars Six months period ended Six months period ended 2021-22 2020-21 2019-20
30 September 2022 30 September 2021

Profit/(Loss) before tax : 594.85 (229.64) 501.77 (145.04) (134.39)
Adjustments for:
Depreciation and Amortisation Expense 53.61 28.45 72.84 35.81 27.80
Interest on MSME 0.21 0.54 1.15 - -
Changes in fair value of financial assets at fair value through profit or (7.06) (1.17) (3.05) 0.03 (2.84)
loss
Allowance for bad and doubtful debts 19.34 26.11 5.56 (2.03) 0.20
Finance Costs 11.06 62.14 176.70 16.72 4.68
Foreign Exchange Fluctuation (Gain)/Loss (0.40) 0.30 0.41 0.31 0.24
Interest on Fixed Deposit (15.72) (7.26) (16.50) (11.25) (12.43)
Interest Others (9.21) - - - -
Dividend - - - (1.38) (7.66)
Fair value income on security deposit (lease) (0.35) (0.09) (0.19) (0.19) (0.16)
Employee share-based payment expense 117.77 14.76 62.78 58.88 5.34
Net gain on sale of PPE - - (0.19) - -
Gain on waiver of lease liability - - - (0.60) -

(Increase) / Decrease in Inventories (146.87) (194.68) (254.94) (125.65) (6.09)
(Increase) / Decrease in Trade Receivables (367.85) 99.48 28.87 (134.32) (17.09)
(Increase)/Decrease in other financial assets (1.56) (1.21) (9.24) 0.01 0.67
(Increase)/Decrease in other non -current/current assets (50.47) (83.87) (116.10) (79.26) (10.52)
(Increase)/Decrease in Loan (0.03) 0.03 (0.16) (0.02) (0.42)

Increase/(Decrease) in Trade Payables 75.83 9.78 25.92 38.93 (11.80)
Increase/(Decrease) in Provisions 15.77 8.73 53.64 7.53 5.68
(Decrease)/Increase in Other Financial Liabilities (26.98) (6.61) 5.24 31.49 0.53
(Decrease)/Increase in Other Current/Non Current Liabilities (200.48) 187.66 202.11 1.44 (2.86)
Cash Generated from Operations 61.46 (86.55) 736.62 (308.59) (161.12)

Less: Direct taxes (paid)/refunded (60.70) (2.33) (71.42) 0.46 (3.55)
Net cash generated from/(used in) from Operating Activities 0.76 (88.88) 665.20 (308.13) (164.67)

Purchase of Property,Plant and Equipment (159.59) (66.55) (134.77) (89.79) (91.91)
Investment in mutual funds (net) (1,165.98) 1.17 (103.46) 119.01 124.34
Proceed from sale of PPE - - 0.23 - -
Investments in fixed deposits (net) (28.18) (34.25) (92.87) (112.98) (3.32)
Dividends received - - - 1.38 7.66
Interest Received 15.67 14.80 23.25 14.35 10.84
Net cash (used in)/generated from investing activities (1,338.08) (84.83) (307.62) (68.03) 47.61

Proceeds from issue of preference share including security premium 985.52 - - - -
Expenses incurred directly in connection with issue of CCPS (8.09) - - - -
Proceeds from issue of share warrants - 0.03 0.03 - -
Proceeds from Issue of Equity Shares 0.19 0.00 0.00 0.00 0.00
Repayment of unsecured loan (56.52) - - - -
Repayment of short term secured bank loan (0.24) (0.16) (77.83) (0.31) (0.28)
Repayment of long term secured debentures - (30.00) (150.00) - (16.88)
Proceeds from long term secured bank loan - - 240.00 - -
Repayment of long term secured bank loan - - (240.00) - -
Repayment loan NBFC borrowings - - (150.00) - (1.88)
Proceed from CCD - 49.99 124.99 297.95 -
Proceeds from issue of unsecured debentures - - - 150.00 -
Proceeds from long term NBFC borrowings - 150.38 150.00 - -
Proceeds from short term secured bank loan - 174.90 77.50 0.47 42.95
Proceeds from overdraft facility from bank 226.67 - - - -
Proceeds from unsecured loan - - 56.52 - -
Repayment of overdraft facility of bank - - (52.60) - -
Interest paid (6.49) (25.80) (72.86) (11.56) (3.62)
Payment of Lease Liability (7.83) (5.13) (11.76) (8.70) (8.45)
Net cash generated from/ (used in) financing activities 1,133.21 314.21 (106.01) 427.85 11.84
Net (decrease)/increase in cash and cash equivalents (204.11) 140.51 251.57 51.69 (105.22)
Cash and cash equivalents - Opening balance 304.16 52.59 52.59 0.90 106.12
Cash and cash equivalents - closing balance 100.05 193.10 304.16 52.59 0.90
256
ANNEXURE - IV
Cash on hand 0.33 0.16 0.18 0.19 0.25

In Current accounts 32.43 162.94 153.98 12.60 0.65
In deposits with original maturity of less than three months 18.19 30.00 150.00 19.90 -
Deposits with banks to the extent held as margin money 49.10 - - 19.90 -
Total cash and cash equivalents (Refer Note No.10) 100.05 193.10 304.16 52.59 0.90
Cash and cash equivalents for Statement of Cash flows 100.05 193.10 304.16 52.59 0.90
The above restated consolidated statement of cash flows has been prepared under the 'Indirect Method' as set out in the Ind AS 7 on 'Statement of Cash Flows'.
Reconciliation between opening and closing balance sheet for liabilities arising from financing activities :
Particulars April 1, 2019 Cash flows Non-cash changes March 31, 2020
Long term borrowing (including current maturities) 1.16 (0.29) - 0.87
Loan repayable on demand 11.06 41.07 - 52.13
Lease Liabilities 19.70 (8.45) 1.83 13.08
31.92 32.33 1.83 66.08
Particulars March 31, 2020 Cash flows Non-cash changes March 31, 2021
Long term borrowing (including current maturities) 0.87 447.65 4.62 453.14
66.08 439.42 4.86 510.36
Particulars March 31, 2021 Cash flows Non-cash changes March 31, 2022
Long term borrowing (including current maturities) 453.14 (227.83) (302.57) (77.26)
Loan repayable on demand 52.60 (52.60) - -
Other borrowing (specify) - 56.52 - 56.52
510.36 (235.67) (188.45) 86.24
Particulars March 31, 2021 Cash flows Non-cash changes September 30, 2021
Long term borrowing (including current maturities) 453.14 19.82 36.16 509.12
Other borrowing (specify) - 150.00 - 150.00
510.36 339.96 41.23 891.55
Particulars March 31, 2022 Cash flows Non-cash changes September 30, 2022
Long term borrowing (including current maturities) (77.26) (0.24) - (77.50)
Loan repayable on demand - 226.67 - 226.67
Other borrowing (specify) 56.52 - - 56.52
86.24 218.60 8.91 313.75
Non-cash movement represents:
- With respect to long-term borrowings, accrual of interest on liability component of compulsory convertible debenture instrument and reclassification of such compulsory convertible debentures to
Instrument entirely equity in nature.
- With respect to leases, accrual of interest on lease liabilities.
The above Statement should be read together with significant accounting policies forming part of the Restated Consolidated Financial Information in Annexure V, Statement of Adjustments to Restated
Consolidated Financial Information in Annexure VI and notes to the Restated Consolidated Financial Information in Annexure VII.



257
ANNEXURE -V
NOTES TO RESTATED CONSOLIDATED FINANCIAL INFORMATION
1 CORPORATE INFORMATION
ideaForge Technology Limited (Formerly known as ideaForge Technology Private Limited )('the Holding Company') was incorporated on February 8, 2007 having its
registered office at Navi Mumbai, Mumbai, Maharashtra, India.The Holding Company is primarily engaged in the business of designed, developed, manufacturing and
marketing of Unmanned Aerial Vehicle ("UAV") systems which are used for security and surveillance. The ancillary business of providing training and maintenance service
evolve around the main business of manufacture and marketing of UAV systems.
* Subsequent to six months period ended September 30, 2022, the Holding company has changed its name from ideaForge Technology Private Limited to ideaForge
Technology Limited based on the approval from Registrar of Companies, Maharashtra and accordingly it has become a public limited company.
The Restated Consolidated Financial Information comprise the restated consolidated financial information of the Holding Company and its subsidiary (referred to collectively as
the “Group”)
Subsidiary
Name of Company Country of Proportion (%) of equity interest

Principle activity
incorporation As at September 30, 2022
ideaForge Technology Inc. Selling, Marketing and distribution
(incorporated on September 6, 2022) USA of Unmanned Aerial Vehicles 100%
2 BASIS OF PREPARATION, MEASUREMENT AND SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of preparation and measurement
A STATEMENT OF COMPLIANCE
The restated consolidated financial information of the Group comprise the Restated Consolidated Balance Sheet as at September 30 2022, September 30, 2021, March 31 2022,
March 31 2021 and March 31, 2020, the Restated Consolidated Statement of Profit and Loss (including Other Comprehensive Income), Restated Consolidated Statement of
Changes in Equity and the Restated Consolidated Statement of Cash Flows for the six months ended September 30, 2022, September 30,2021 and years ended March 31, 2022,
March 31, 2021 and March 31, 2020, the summary of significant accounting policies and explanatory notes (collectively, the ‘Restated Consolidated Financial Information’).
These Restated Consolidated Financial Information have been prepared by the management as required under the Securities and Exchange Board of India (Issue of Capital and
Disclosure Requirements) Regulations, 2018, as amended (“ICDR Regulations”) issued by the Securities and Exchange Board of India ('SEBI'), in pursuance of the Securities
and Exchange Board of India Act, 1992, for the purpose of inclusion in the Draft Red Herring Prospectus (‘DRHP’) in connection with the proposed initial public offering of
equity shares of face value of Rs. 10 each of the Holding Company comprising a fresh issue of equity shares and an offer for sale of equity shares held by the selling
shareholders (the “Offer”), prepared by the Holding Company in terms of the requirements of:
(a) Section 26 of Part I of Chapter III of the Companies Act, 2013 ("the Act");
(b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended;
(c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI) (the “Guidance Note”); and
(d) E-mail dated October 28, 2021 from Securities and Exchange Board of India (“SEBI”) to Association of Investment Bankers of India, instructing lead managers to ensure
that companies provide financial statements prepared in accordance with Indian Accounting Standards (Ind AS) for all the three years and stub period (hereinafter referred to as
the “the SEBI e-mail”).
The Restated Consolidated Financial Information of the Group have been prepared to comply in all material respects with the Indian Accounting Standards (“Ind AS”) as
prescribed under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time), presentation requirements of
Division II of Schedule III to the Act, as applicable to the financial statements and other relevant provisions of the Act.
The Restated Consolidated Financial Information has been compiled by the Group from:
1. Audited special purpose financial statements of the Group as at and for the six months period ended September 30, 2022 prepared in accordance with recognition and
measurement principles under Indian Accounting Standard (Ind AS) 34 "Interim Financial Reporting", specified under section 133 of the Act and other accounting principles
generally accepted in India and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (the “Special Purpose Financial Statements”) which have
been approved by the Board of Directors at their meeting held on February 03, 2023.
2. Audited special purpose financial statements of the Company as at and for the six months period ended September 30, 2021 prepared in accordance with recognition and
measurement principles under Indian Accounting Standard (Ind AS) 34 "Interim Financial Reporting", specified under section 133 of the Act and other accounting principles
generally accepted in India and presentation requirements of Division II of Schedule III to the Companies Act, 2013 (the “Special Purpose Financial Statements”) which have
been approved by the Board of Directors at their meeting held on February 03, 2023.
3. As at and for the years ended March 31, 2022, March 31, 2021 and March 31, 2020: From the audited special purpose financial statements of the Holding Company as at
and for the years ended March 31, 2022, March 31, 2021 and March 31, 2020, which were prepared by the Holding Company after taking into consideration in response to
the requirements of the SEBI e-mail and were approved by the Board of Directors at their Board meeting held on February 03, 2023. The audited special purpose financial
statements for the years ended March 31, 2022, March 31, 2021 and March 31, 2020 have been prepared after making suitable adjustments to the accounting heads from their
Indian GAAP values following accounting policies (both mandatory exceptions and optional exemptions) availed as per Ind AS 101 for the transition date of 1st April, 2019
and as per the presentation, accounting policies and grouping/classifications followed as at and for the six-months period ended September 30, 2022.
4. As at and for the years ended March 31, 2022, March 31, 2021 and March 31, 2020: From the audited financial statements of the Holding Company as at and for the years
ended March 31, 2022, March 31, 2021 and March 31, 2020 prepared in accordance with Indian GAAP which were approved by the Board of Directors in their meetings held
on September 4, 2022, September 8, 2021 and December 9, 2020 respectively.
Pursuant to the Companies (Indian Accounting Standard) Second Amendment Rules, 2015, the Group will prepare its first set of statutory financial statements as per Indian
Accounting Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) for the year ended March 31, 2023
and consequently April 1, 2021 is the transition date for preparation of such statutory financial statements. The special purpose financial statements for the six month period
ended September 30, 2022 are the first financial statements prepared in accordance with Ind-AS. Upto the financial year ended March 31, 2022, the Holding Company
prepared its financial statements in accordance with accounting standards prescribed under Section 133 of the Companies Act, 2013 (“Indian GAAP”).
In accordance with Ind AS 101 First-time Adoption of Indian Accounting Standards, the Group has presented an explanation of how the transition to Ind AS has affected the
previously reported financial position, financial performance and cash flows (Refer to Annexure VI).
These restated consolidated financial information were approved for issue by the Holding Company’s Board of Directors on February 03, 2023.
258
ANNEXURE -V
B Basis of preparation
The accounting policies set out below have been applied consistently to the periods presented in the Restated Consolidated Financial Information.
These Restated Consolidated Financial Information have been prepared on a going concern basis.
C Basis of measurement
The Restated Consolidated Financial Information has been prepared on a historical cost convention, except for the following:
(i) Employee's defined benefit plan at fair value of plan assets less present value of defined benefit obligation determined as per actuarial valuation; and
(ii) Certain financial assets and liabilities that are qualified to be measured at fair value.
D Current and Non-Current Classification

The Group presents assets and liabilities in the balance sheet based on current/ non current classification.
An asset is classified as current when it is:

- Expected to be realised or intended to be sold or consumed in normal operating cycle,
- Held primarily for the purpose of trading,
- Expected to be realised within twelve months after the reporting year, or
- Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting year.
All other assets are classified as non-current.
A liability is classified as current when it is:

- Expected to be settled in normal operating cycle,
- Held primarily for the purpose of trading,
- Due to be settled within twelve months after the reporting year, or
- There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting year.
All other liabilities are classified as non-current.
Deferred tax assets and liabilities are classified as non-current assets and non-current liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realisation in cash and cash equivalents. The Group has identified twelve months as its
operating cycle
E Functional and Presentation Currency

The Restated Consolidated Financial Information has been presented in Indian Rupees (Rs. or INR), which is also the Holding company’s functional currency. All amounts
have been rounded-off to the nearest millions and decimals thereof, unless otherwise mentioned.
F Use of estimates, assumptions and judgements

The preparation of Restated Consolidated Financial Information in conformity with Ind AS requires management to make judgements, estimates and assumptions that affect the
application of accounting policies and the reported amounts of assets, liabilities, the disclosure of contingent liabilities on the date of Restated Consolidated Financial
Information and the reported amount of income and expenses for the year / period reported. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. They are based on historical experience and other factors that are believed to be reasonable under the
circumstance. Revisions to accounting estimates are recognised in the year in which the estimates are revised and future periods are affected.
Assumption and estimation uncertainties:
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment in the amounts recognised in the Restated
Consolidated Financial Information is included in the following notes:
(i) Impairment test of non-financial assets and financials assets

(ii) Measurement of defined benefit obligations: key actuarial assumptions
(iii) Recognition of deferred tax assets: availability of future taxable profit against which tax losses carried forward can be used
(iv) Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and magnitude of an outflow of resources
G Fair value measurement
Certain accounting policies and disclosures of the Group require the measurement of fair values, for both financial and non financial assets and liabilities.
The Group has an established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and
valuation adjustments.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:
- Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
- Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a
liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value hierarchy as the
lowest level input that is significant to the entire measurement.
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2.2 Principles of consolidation
A Subsidiaries
The restated consolidated financial information comprise the financial statements of the Holding Company and its subsidiary. The Group controls an entity when it is exposed
to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Group re-assesses
whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary
begins when the Group obtains control over the subsidiary and ceases when the Group loses control of the subsidiary. The Restated Consolidated Financial Information are
prepared using uniform accounting policies for like transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those
adopted in the restated consolidated financial statements for like transactions and events in similar circumstances, appropriate adjustments are made to that Group member’s
financial statements in preparing the restated consolidated financial information to ensure conformity with the Group’s accounting policies.
The financial statements used for the purpose of consolidation are drawn up to same reporting date as that of the Holding Company. When the end of the reporting year of the
parent is different from that of a subsidiary, the subsidiary prepares, for consolidation purposes, additional financial information as of the same date as the standalone financial
statements of the Holding Company to enable the Holding Company to consolidate the financial information of the subsidiary, unless it is impracticable to do so.
Consolidation procedure:
(i) Combine like items of assets, liabilities, equity, income, expenses and cash flows of the Holding Company with those of its subsidiary. For this purpose, income and expenses
of the subsidiary are based on the amounts of the assets and liabilities recognised in the restated consolidated financial statements at the acquisition date.
(ii) Offset (eliminate) the carrying amount of the Holding Company’s investment in each subsidiary and the Holding Company’s portion of equity of each subsidiary.
(iii) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities of the group (profits or losses resulting
from intragroup transactions that are recognised in assets, such as inventory and property, plant and equipment, are eliminated in full). Intragroup losses may indicate an
impairment that requires recognition in the restated consolidated financial statements. Ind AS 12 Income Taxes applies to temporary differences that arise from the elimination
of profits and losses resulting from intragroup transactions.
B Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and any related Non Controlling Interest (NCI) and other components
of equity. Any interest retained in the former subsidiary is measured at fair value at the date the control is lost. Any resulting gain or loss is recognised in restated consolidated
statement of profit and loss.
2.3 SIGNIFICANT ACCOUNTING POLICIES
(a) PROPERTY , PLANT AND EQUIPMENT
Recognition and measurement

Property, Plant and equipment are measured at cost (which includes capitalised borrowing costs) less accumulated depreciation and accumulated impairment losses, if any.
The cost of an item of property, plant and equipment comprises:

a) its purchase price, including import duties and non-refundable purchase taxes, after deducting trade discounts and rebates.
b) any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by the management.
c) the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant
and equipment and depreciated accordingly.
Subsequent expenditure
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Group.
Capital work in progress and Capital advances

Assets under construction includes the cost of property, plant and equipment that are not ready to use at the balance sheet date. Advances paid to acquire property, plant and
equipment before the balance sheet date are disclosed under other non-current assets. Assets under construction are not depreciated as these assets are not yet available for use.
Depreciation, Estimated useful life and Estimated residual value

Depreciation is calculated using the Written Down Value method, pro rata to the period of use, taking into account useful lives and residual value of the assets. The useful life
of assets and the estimated residual value taken from those prescribed under Part C of Schedule II to the Companies Act, 2013 except in case of leasehold improvements which
are depreciated over primary lease period, which in management’s opinion is reflective of economic useful lives of these assets. Useful life and residual values are reviewed by
management at every balance sheet date and adjusted, if appropriate.
Tangible Asset Useful Life
Plant and Machinery 15 years
Vehicle 8 years
Furniture and fixtures 10 years
Office equipments 5 years
Electrical equipment 10 years
Computers 3 years
Leasehold Improvement Lower of useful life of the leasehold improvement or the lease term
Depreciation is computed with reference to cost. Depreciation on additions during the year is provided on pro rata basis with reference to month of addition/installation.
Derecognition
An item of property, plant and equipment and any significant part initially recognized is derecognised upon disposal or when no future economic benefits are expected from its
use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the restated consolidated statement of profit and loss when the asset is derecognised.
Transition to Ind AS
On transition to Ind AS, the Holding Company has elected to continue with the carrying value of all the items of property, plant and equipment recognized as at April 1, 2021,
measured as per the previous GAAP, and use that carrying value as the deemed cost of such property, plant and equipment. The Holding Company has followed the
same accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101) as initially adopted on transition date i.e. April 1, 2021 while
preparing the Restated Consolidated Financial Information for the years ended March 31, 2022, March 31, 2021 and March 31, 2020.
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(b) INTANGIBLE ASSETS

Intangible assets comprise primarily of patent,computer software and product under development. Intangible assets are initially recorded at cost and subsequent to recognition,
intangible assets are stated at cost less accumulated amortisation.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditure are recognised
in the restated consolidated statement of profit and loss as incurred.
Amortisation
Intangible assets are amortised over their estimated useful life on Straight Line Method as follows. The amortisation period and the amortisation method for an intangible asset
with finite useful life is reviewed at the end of each financial period/year. If any of these expectations differ from previous estimates, such changes is accounted for as a change
in an accounting estimate.
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if required.
(i) Product development : 3 Years
(ii) Software : 3 Years
(iii) Patent : 20-25 years, and in few patents 100 years
Derecognition
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or disposal. Gains or losses arising from derecognition of an
intangible asset, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognised in the restated consolidated statement of
profit and loss when the asset is derecognised.
On transition to Ind AS, the Holding Company has elected to continue with the carrying value of all the items of Intangible assets recognized as at April 1, 2021, measured as
per the previous GAAP, and use that carrying value as the deemed cost of such intangible assets. The Holding Company has followed the same accounting policy choices
(both mandatory exceptions and optional exemptions availed as per Ind AS 101) as initially adopted on transition date i.e. April 1, 2021 while preparing the Restated
Consolidated Financial Information for the years ended March 31, 2022, March 31, 2021 and March 31, 2020.
Intangible assets under development

Intangible assets under development includes the cost of patent, trademark and product development costs that are not ready to use at the balance sheet date. Product
development costs includes employee benefits expenses including employee stock option expense incurred towards research and development team, raw material consumed,
testing charges, other expenses like lease, electricity and other administration and office expenses. Intangible assets under development are not depreciated as these assets are not
yet available for use.
(c) IMPAIRMENT
(i) Non-financial assets
Assessment for impairment is done at each Balance Sheet date as to whether there is any indication that a non-financial asset may be impaired. For the purpose of assessing
impairment, the smallest identifiable group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows from other assets or groups
of assets is considered as a cash generating unit (CGU). If any indication of impairment exists, an estimate of the recoverable amount of the individual asset/cash generating unit
is made. Asset/cash generating unit whose carrying value exceeds their recoverable amount are written down to the recoverable amount by recognising the impairment loss as
an expense in the Restated Consolidated Statement of Profit and Loss.
Recoverable amount is higher of an asset’s or cash generating unit’s value in use and its fair value less cost of disposal. Value in use is estimated future cash flows expected to
arise from the continuing use of an asset or cash generating unit and from its disposal at the end of its useful life discounted to their present value using a post-tax discount rate
that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions
are considered. If no such transactions can be identified, an appropriate valuation model is used.
An impairment loss is reversed in the restated consolidated statement of profit and loss if there has been a change in the estimates used to determine the recoverable amount.
The carrying amount of the asset is increased to its revised recoverable amount, provided that this amount does not exceed the carrying amount that would have been
determined (net of any accumulated amortization or depreciation) had no impairment loss been recognised for the asset in prior years.
(ii) Financial assets
The Group assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost. The impairment methodology applied depends on
whether there has been a significant increase in credit risk. The Group recognises loss allowances using the expected credit loss (ECL) model as per Ind AS 109 for the financial
assets which are not fair valued through profit or loss. Loss allowance for trade receivables with no significant financing component is measured at an amount equal to lifetime
ECL. For all other financial assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a significant increase in credit risk from
initial recognition in which case those are measured at lifetime ECL. The amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the
reporting date to the amount that is required to be recognised is recognised as an impairment gain or loss in restated consolidated statement of profit and loss.
ECL is the difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the entity expects to receive (i.e. all
cash shortfalls), discounted at the original effective interest rate. Lifetime ECL are the expected credit losses resulting from all possible defaults events over the expected life of a
financial asset. 12 month ECL are a portion of the lifetime ECL which result from default events that are possible within 12 months from the reporting date.
The Group considers a financial asset to be in default when:

- the counter party is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as realising security (if any is held); or
- the financial asset is 180 days or more past due.
ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range of outcomes, taking into account the time value of money
and other reasonable information available as a result of past events, current conditions and forecasts of future economic conditions.
The gross carrying amount of a financial asset is written off when the Group has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.
The Group expects no significant recovery from the amount written off during the year.
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(d) FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
Initial recognition and measurement

All financial assets are initially recognized at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets, which are not at fair value
through profit or loss, are adjusted to the fair value on initial recognition. Financial assets are classified, at initial recognition, as financial assets measured at fair value or as
financial assets measured at amortised cost.
Subsequent Measurement
Financial Assets measured at Amortised Cost (AC)

A Financial Asset is measured at Amortised Cost if it is held within a business model whose objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the Financial Asset give rise on specified dates to cash flows that represent solely payments of principal and interest on the principal amount outstanding.
Financial Assets measured at Fair Value Through Other Comprehensive Income (FVTOCI)
A Financial Asset is measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling Financial Assets
and the contractual terms of the Financial Asset give rise on specified dates to cash flows that represents solely payments of principal and interest on the principal amount
outstanding.
Financial Assets measured at Fair Value Through Profit or Loss (FVTPL)

A Financial Asset which is not classified in any of the above categories are measured at FVTPL. Financial assets are reclassified subsequent to their recognition, if the Group
changes its business model for managing those financial assets. Changes in business model are made and applied prospectively from the reclassification date which is the first
day of immediately next reporting period following the changes in business model in accordance with principles laid down under Ind AS 109 – Financial Instruments.
In case of investments In mutual fund and bonds- Measured at Fair value through Profit and Loss (FVTPL).
Derecognition of financial assets

The Group derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the
financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred.
FINANCIAL LIABILITIES
Classification
The Group classifies its financial liabilities in the following measurement categories:
- those to be measured subsequently at fair value through profit and loss-[FVTPL]; and
- those measured at amortised cost. [AC]

Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss or at amortised cost.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
The Group’s financial liabilities include trade and other payables, lease liabilities, loans and borrowings including bank overdrafts and liability component of convertible
instruments.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss [FVTPL]

Financial liabilities at fair value through profit or loss [FVTPL] include financial liabilities designated upon initial recognition as at fair value through profit or loss. Financial
liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the near term. This category also includes derivative financial instruments
entered into by the Group that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded derivatives are also classified as
held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the initial date of recognition, only if the criteria in Ind-AS 109 are
satisfied. For liabilities designated as FVTPL, fair value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/loss are not subsequently
transferred to restated consolidated statement of profit and loss. However, the Group may transfer the cumulative gain or loss within equity. All other changes in fair value of
such liability are recognised in the restated consolidated statement of profit and loss.
Financial liabilities at amortised cost (Loans and borrowings)

After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in restated
consolidated statement of profit and loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is
included as finance costs in the restated consolidated statement of profit and loss. This category generally applies to borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from
the same lender on substantially different terms or the terms of an existing liability are substantially modified such exchange or modification is treated as the derecognition of
the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognised in the restated consolidated statement of profit and
loss.
Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a currently enforceable legal right to offset the recognised
amounts and there is an intention to settle on a net basis, to realise the assets and settle the liabilities simultaneously. The legally enforceable right must not be contingent on
future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty.
Derivative financial instruments

The Group uses derivative financial instruments, such as forward currency contracts, interest rate swaps and forward commodity contracts to hedge its foreign currency risks,
interest rate risks and commodity price risks respectively. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is
entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair
value is negative.
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Financial guarantee contracts
Financial guarantee contracts issued by the Group are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified debtor
fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability at fair value, adjusted for
transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance determined
and the amount recognised less cumulative amortisation.
Compound Financial Instruments

Compound Financial instruments are separated into liability and equity components based on the terms of the contract. On issuance of the compound financial instruments, the
fair value of the liability component is determined using a market rate for an equivalent non- convertible instrument.This amount is classified as an financial liability measured
at FVTPL (net of transaction costs) until it is extinguished on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised
and included in equity since conversion option meets Ind AS 32 criteria for fixed to fixed classification. Transaction costs are deducted from equity, net of associated income
tax. The carrying amount of the conversion option is remeasured at each reporting date. Transaction Costs are apportioned between the liability and equity components of the
compound financial instruments based on the allocation of proceeds to the liability and equity components when the instruments are initially recognised.
Compulsorily convertible preference shares (CCPS) :

Compulsory Convertible Preference Shares (CCPS) are those shares which are issued with the terms that it can be converted into certain number of equity shares after a period
of time. CCPS offer fixed income to the investors and compulsorily convert into Equity Shares of the issuing company after a predetermined period. The terms of conversion
are also pre-decided at the time of issue.
CCPS are particularly offered to fill the gap between the valuation expectations of the founder and the investors that are generally linked to the performance of the Holding
Company. These offer investors the opportunity to participate in the growth of companies while mitigating the risk of lower valuation of companies that underachieve the
targets. Issuing CCPS further benefits the Holding Company’s promoters to raise funds without diluting the ownership at the initial period.
(e) LOANS AND BORROWINGS
Borrowings are initially recognised at fair value, net of transaction costs incurred. Any difference between the proceeds (net of transaction costs) and the redemption amount is
recognised in profit or loss over the period of borrowings using the effective interest method. Processing/Upfront fee are treated as prepaid expenses and same is amortised over
the period of the facility to which it relates.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is
included as finance costs in the restated consolidated statement of profit and loss.
This category generally applies to interest-bearing loans and borrowings.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying
amount of the financial liability that has been extinguished or transferred to another party and the consideration paid including any non cash assets transferred or liability
assumed, is restated consolidated statement of profit and loss as other gains or (losses).
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer the settlement of liabilities for at least twelve months after the reporting year.
Where there is a breach of a material provision of a long term loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable
on demand on the reporting date, the same is classified as current unless the lender agreed, after the reporting year and before the approval of Restated Consolidated Ind AS
financial information for issue, not to demand payment as a consequence of the breach.
(f) CASH AND CASH EQUIVALENT

Cash and cash equivalent includes cash on hand, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes in value, and bank overdrafts.
Restated Consolidated Statement of Cash Flows

Cash flows are reported using the indirect method, whereby net profit before taxes for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or
accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating,
investing and financing activities of the Group are segregated.
(g) INVENTORIES
Inventories comprises of raw material, work in progress and finished goods. Inventories are valued at lower of cost and net realisable value. Cost of inventories comprises of all
costs of purchase and other costs incurred in bringing the inventories to their present location and condition.
Inventories are valued at lower of cost and net realisable value; cost is determined on FIFO basis. Net realisable value is the estimated selling price in the ordinary course of
business, less estimated costs of completion and estimated costs necessary to make the sale.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of completion and the estimated costs necessary to make the sale. The
net realizable value of work-in-progress is determined with reference to the selling prices of related finished products. Raw materials and other supplies held for use in
production of finished products are not written down below cost except in cases where material prices have declined and it is estimated that the cost of the finished products will
exceed their net realizable value.
(h) EARNINGS PER SHARE

Basic earnings per share
Basic earnings per shares is calculated by dividing Profit/(Loss) attributable to equity holders (adjusted for amounts directly charged to Reserves) before/after Exceptional Items
(net of tax) by Weighted average number of Equity shares, (excluding treasury shares).
Diluted earnings per share

Diluted earnings per share is computed using the net profit or loss for the year attributable to the shareholders’ and weighted average number of equity and potential equity
shares outstanding during the year including share options, convertible preference shares and debentures, except where the result would be anti-dilutive. Potential equity shares
that are converted during the year are included in the calculation of diluted earnings per share, from the beginning of the year or date of issuance of such potential equity
shares, to the date of conversion.
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(i) FOREIGN CURRENCY TRANSACTIONS AND TRANSLATIONS
Foreign currency are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign currency denominated monetary assets and
liabilities are translated into relevant functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses resulting from the settlement of
such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognized in restated
consolidated statement of profit and loss. Non-monetary assets and non-monetary liabilities denominated in foreign currency and measured at fair value are translated at the
exchange rate prevalent at the date when the fair value was determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured at
historical cost are translated at the exchange rate prevalent at the date of transaction. Translation differences on assets and liabilities carried at fair value are reported as part of
the fair value gain or loss and are generally recognised in restated consolidated statement of profit and loss, except exchange differences arising from the translation of the
following items which are recognised in OCI:
• equity investments at fair value through OCI (FVOCI)
• a financial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and
• qualifying cash flow hedges to the extent that the hedges are effective.
(j) REVENUE RECOGNITION

Revenue is recognised to depict the transfer of control of promised goods or services to customers upon the satisfaction of performance obligation under the contract in an
amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Consideration includes goods or services contributed by
the customer, as non-cash consideration, over which the Group has control.
Where performance obligation is satisfied over time, Group recognizes revenue over the contract year. Where performance obligation is satisfied at a point in time, Group
recognizes revenue when customer obtains control of promised goods and services in the contract.
Revenue is recognised net of any taxes collected from customers, which are remitted to governmental authorities.
(i) Sale of goods

Revenue from sale of goods is recognised when control or substantial risks and rewards of ownership are transferred to the buyer under the terms of the contract
Revenue is measured at the amount of consideration which the Group expects to be entitled to in exchange for transferring distinct services to a customer as specified in the
contract, excluding amounts collected on behalf of third parties (for example taxes and duties collected on behalf of the government). Consideration is generally due upon
satisfaction of performance obligations and receivable is recognized when it becomes unconditional.
Revenue is measured based on the transaction price, which is the consideration, adjusted for discounts and claims, if any, as specified in the contract with the customer.
Revenue also excludes taxes collected from customers.
The specific recognition criteria described below must also be met before revenue is recognized. The Group has a Two stream of revenue i.e. Sale of products & Sale of
services
The Group recognises revenue at a point in time when the performance obligation is satisfied, i.e. when ‘control’ of the goods underlying the particular performance obligation
are transferred to the customer. Customers obtain control of the good when the goods are delivered at the agreed point of delivery which generally is the premises of the
customer.
Further, revenue from sale of goods is recognised based on a 5-Step Methodology which is as follows:
Step 1: Identify the contract(s) with a customer
Step 2: Identify the performance obligation in contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
(ii) Sale of service

The Group assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligations to
determine the deliverables and the ability of the customer to benefit independently from such deliverables, and allocation of transaction price to these distinct performance
obligations involves significant judgment.
Sale of service includes Maintenance services, training services and other services.
(iii) Warranty
The Group provides warranties for general repairs of defects as per terms of the contract with ultimate customers. These warranties are considered as assurance type warranties
and are accounted for under Ind AS 37 - Provisions, Contingent Liabilities and Contingent assets.
(iv) Variable consideration (Liquidated damages)

The Group estimate the amount of consideration to which the Group will be entitled in exchange for transferring the promised goods or services to a customer, if the
consideration promised in a contract includes a variable amount.
An amount of consideration can vary because of discounts, rebates, refunds, credits, price concessions, incentives, performance bonuses, or other similar items. The promised
consideration can also vary if Group entitlement to the consideration is contingent on the occurrence or non-occurrence of a future event.
The Group recognises liquidated damages net of sale of products for respective period/year.
(v) Contract Balances

Trade Receivables : A receivable represents the Group’s right to an amount of consideration that is unconditional.
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received consideration (or an amount of consideration is due) from the
customer. If a customer pays consideration before the Group transfers goods or services to the customer, a contract liability is recognised when the payment is made. Contract
liabilities are recognised as revenue when the Group performs under the contract.
Contract assets
A contract asset is a right to receive consideration in exchange for services already transferred to the customer (which consists of unbilled revenue). By transferring services to
the customer before the customer pays consideration or before the payment is due, a contract asset is recognised for the earned consideration that is unconditional.
(vi) Other operating income

Duty drawback income is recognised in the restated consolidated statement of profit and loss of the Group under other operating revenue of the Group.
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(k) RECOGNITION OF DIVIDEND INCOME, INTEREST INCOME OR EXPENSE
Interest income or expense is recognised using the effective interest method.
- the gross carrying amount of the financial asset; or
- the amortised cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the
amortised cost of the liability.
However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the
amortised cost of the financial asset.
If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
Dividend income is recognised in the restated consolidated statement of profit and loss on the date on which the Group’s right to receive payment is established.
(l) EMPLOYEE BENEFITS

(i) During Employment benefits
(a) Short term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the amount expected to be paid if the Group has a present legal or
constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.
(ii) Post Employment benefits
(a) Defined contribution plans
A defined contribution plan is a post employment benefit plan under which a Group pays fixed contribution into a separate entity and will have no legal or constructive
obligation to pay further amounts.
Obligations for contributions to defined contribution plans are expensed as the related service is provided. Prepaid contributions are recognised as an asset to the extent that a
cash refund or a reduction in future payments is available.
(b) Defined benefit plans

The Group pays gratuity to the employees who have has completed five years of service with the Group at the time when employee leaves the Group.
The gratuity liability amount is unfunded and formed exclusively for gratuity payment to the employees.
The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit Method and spread over the periods during which the
benefit is expected to be derived from employees' services.
Re-measurement of defined benefit plans in respect of post employment are charged to Other Comprehensive Income.
Compensated Absences : Accumulated compensated absences, which are expected to be availed or encashed within 12 months from the end of the year are treated as short
term employee benefits. The obligation towards the same is measured at the expected cost of accumulated compensated absences as the additional amount expected to be paid
as a result of the unused entitlement as at the year end.
(iii) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date or when an employee accepts voluntary redundancy in
exchange for these benefits. In case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to
accept the offer.
(iv) Equity settled share based payments

Employees of the Group receive remuneration in the form of Share based payment transactions, whereby employees render services as consideration for equity instruments
(equity settled transactions). In accordance with the Ind AS 102 Share based payment, the cost of equity- settled transactions is measured using the fair value method. The
cumulative expense recognised for equity settled transactions at each reporting date until the vesting date reflects the extent to which the vesting year has expired and the
Group's best estimate of the number of equity instruments that will ultimately vest. The expense or credit recognised in the restated consolidated statement of profit and loss for
the year represents the movement in cumulative expense recognised as at the beginning and end of that year is recognised in employee benefits expense.
(m) INCOME TAXES

Income tax expense comprises current and deferred tax. Tax is recognised in restated consolidated statement of profit and loss, except to the extent that it relates to items
recognised in the other comprehensive income or in equity. In which case, the tax is also recognised in the other comprehensive income or in equity.
(i) Current tax

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities, based on tax rates and laws that are enacted or
subsequently enacted at the Balance sheet date.
Current tax assets and liabilities are offset only if, the Group:
a) has a legally enforceable right to set off the recognised amounts; and
b) intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current tax provision is computed for income calculated after considering allowances and exemptions under the provisions of the applicable Income Tax Laws. Current tax
assets and current tax liabilities are off set, and presented as net.
(ii) Deferred tax

Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the Restated Consolidated Ind AS financial information and the
corresponding tax bases used in the computation of taxable profit.
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the liability is settled or the asset realised, based on tax rates (and
tax laws) that have enacted or substantively enacted by the end of the reporting year. The carrying amount of Deferred tax liabilities and assets are reviewed at the end of each
reporting year. Deferred tax is recognised to the extent that it is probable that future taxable profit will be available against which they can be used.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which the Group expects, at the reporting date, to recover or settle the
carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if:
a) the Group has a legally enforceable right to set off current tax assets against current tax liabilities; and
b) The Deferred Tax Assets and the deferred tax liabilities relate to income taxes levied by the same taxation authority on the same taxable Holding company.
Minimum alternate tax (MAT) paid in a year is charged to the Restated Consolidated Statement of Profit and Loss as current tax. The Group recognizes MAT credit available as
an asset only to the extent that there is convincing evidence that the Group will pay normal income tax during the specified period i.e. the period for which MAT credit is
allowed to be carried forward.
In the year in which the Group recognizes MAT credit as an asset in accordance with the GN on accounting for Credit Available in respect of Minimum Alternate Tax under the
Income Tax Act, 1961, the said asset is created by way of credit to the Restated Consolidated Statement of Profit and Loss and shown as "MAT Credit Entitlement." The Group
reviews the "MAT credit entitlement" asset at each reporting date and writes down the asset to the extent the Group does not have convincing evidence that it will pay normal
tax during the specified period.
265
ANNEXURE -V
(n) BORROWING COSTS
Borrowing costs include:

(i) interest expense calculated using the effective interest rate method;
(ii) finance charges in respect of leases; and
(iii) exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get
ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for
capitalisation.
All other borrowing costs are recognised in the restated consolidated statement of profit and loss in the period in which they are incurred.
(o) LEASES
Effective 1 April 2021 (date of transition to Ind AS in accordance with the transition provision specified under Ind AS 101), the Group has applied Ind AS 116. For the
purpose of preparation of Restated Consolidated Financial Information, the management has evaluated the impact of change in accounting policies on adoption of Ind AS 116
for the year ended 31 March 2022. Hence in these Restated Consolidated Financial Information, Ind AS 116 has been adopted with effect from 1 April 2021 recognising right-
of-use assets and lease liabilities from the date of commencement of each leases.
In accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with ICAI Guidance Note on Report on Company Prospectuses (Revised
2019), the Restated consolidated Financial Information for the years ended March 31, 2022, March 31, 2021 and 31 March 2020 have been prepared after incorporating Ind
AS adjustments (both re-measurements and reclassifications) to be made in accounting heads from their Accounting Standards values as on the date of transition (i.e. 1 April
2021) following accounting policies consistent with that used at the date of transition to Ind AS. The Ind AS adjustments as described above are more fully described in Note
42 of Annexure VII to the Restated Consolidated Financial Information.
The Group assesses whether a contract is or contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an
identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses
whether:
(i) the contract involves the use of an identified asset
(ii) the Group has substantially all of the economic benefits from use of the asset through the period of the lease and
(iii) the Group has the right to direct the use of the asset.
The Group also applied the available practical expedients wherein it:
• Used a single discount rate to a portfolio of leases with reasonably similar characteristics
• Relied on its assessment of whether leases are onerous immediately before the date of initial application
• Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application
• Used hindsight in determining the lease term where the contract contained options to extend or terminate the lease
Right-of-use assets
The Group recognizes right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost,
less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease
liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of use assets are
depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets.
Lease liability
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease
payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and
amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the
Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on
an index or a rate are recognized as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date when the interest rate implicit in the lease is
not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made.
In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future
payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
Short-term leases and leases of low-value assets

The Group has applied the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of 12 months or less from the commencement
date and do not contain a purchase option) and low-value assets recognition exemption.
(p) PROVISIONS AND CONTINGENT LIABILITIES & ASSETS

Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is
material, provisions are discounted using equivalent period government securities interest rate. Unwinding of the discount is recognised in the restated consolidated statement of
profit and loss as a finance cost. Provisions are reviewed at each balance sheet date and are adjusted to reflect the current best estimate.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which will be confirmed only by the occurrence or non-
occurrence of one or more uncertain future events not wholly within the control of the Group or a present obligation that arises from past events where it is either not probable
that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Information on contingent liability is disclosed in the Notes to the
Restated Consolidated Ind AS Financial Information.
Contingent assets are not recognised. However, when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognised as an
asset.
(q) OPERATING SEGMENTS

The Group is exclusively engaged in the business of manufacture and marketing of UAV systems which are used for security and surveillance. The ancillary business of
providing training and maintenance service evolve around the main business of manufacture and marketing of UAV systems. Based on Management Approach , the Chief
Operating Decision Maker evaluates the Group's performance and allocates the resources based on an analysis of overall country level performance indicators.
The Group prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the restated consolidated financial information of
the Group as a whole.
266
ANNEXURE - VI
STATEMENT OF ADJUSTMENTS TO RESTATED CONSOLIDATED FINANCIAL INFORMATION
Part A : Statement of Restatement Adjustment
I Reconciliation of total equity between previous GAAP and Ind AS:

As at March 31, As at March 31,
Particulars Note 2022 2021 As at March 31, 2020
A Total equity reported earlier under previous GAAP 1,218.99 603.95 684.74
B Ind AS adjustment 42 414.04 (6.47) (3.57)
C Total equity as per Ind AS 1,633.03 597.48 681.17
D Audit qualifications - - -
E Restatement adjustments - - -
F Total equity as per restated consolidated statement of assets and liabilities 1,633.03 597.48 681.17
II Reconciliation of total comprehensive income between previous GAAP and Ind AS:
Year ended March Year ended March Year ended March 31,
Particulars Note 31, 2022 31, 2021 2020
A Profit/ (Loss) for the year reported earlier under previous GAAP 548.52 (142.86) (135.37)
B Ind AS Adjustment 42 (108.16) (2.89) 0.35
C Total comprehensive Income as reported under Ind AS 440.36 (145.75) (135.02)
D Audit qualifications - - -
E Restatement adjustments - - -
F Total comprehensive Income as reported under Ind AS 440.36 (145.75) (135.02)
Note :
Material regrouping : None
Appropriate regroupings have been made in the Restated consolidated Statement of Assets and Liabilities, Restated consolidated Statement of Profit and Loss and Restated
consolidated Statement of Cashflows, wherever required, by reclassification of the corresponding items of consolidated income, consolidated expenses, consolidated assets,
consolidated liabilities and consolidated cashflows, in order to bring them in line with the accounting policies and classification as per Ind AS Consolidated financial
information of the Group for the years ended March 31,2022, March 31 2021 and March 31 2020 respectively prepared in accordance with Schedule III of Companies Act,
2013, requirements of Ind AS 1 and other applicable Ind AS principles and the requirements of the Securities and Exchange Board of India (Issue of Capital & Disclosure
Requirements) Regulations 2018, as amended.
PART B : NON-ADJUSTING EVENTS
A. Qualifications in Auditors’ Report, which do not require any corrective adjustments in the Restated consolidated Financial Information
There are no audit qualifications in the auditor's report for the years ended 31 March 2022, 31 March 2021 and 31 March 2020 respectively.
B. Emphasis of Matter (EOM) in Auditors’ Report which do not require any corrective adjustments in the Restated consolidated Financial Information:
As at and for the six months period ended 30 September 2022
We draw attention to Note 2.1 to the special purpose interim Ind AS consolidated financial statements, which describes the basis of preparation of these special purpose
interim Ind AS consolidated financial statements. As explained therein, these special purpose interim Ind AS consolidated financial statements have been prepared by the
Holding Company for the purpose of preparation of the Restated Consolidated Financial Information, which will be included in the Draft Red Herring Prospectus in
connection with the proposed issue of equity shares of the Holding Company by way of a fresh issue and offer for sale of equity shares by the existing shareholders by way
of initial public offer. Accordingly, the attached special purpose interim Ind AS consolidated financial statements may not be suitable for any other purpose and this report
should not be used, referred to or distributed for any other purpose.
As at and for the six months period ended 30 September 2021

We draw attention to Note 2.1 to the special purpose interim Ind AS financial statements, which describes the basis of preparation of these special purpose interim Ind AS
financial statements. As explained therein, these special purpose interim Ind AS financial statements have been prepared by the Holding company for the purpose of
preparation of the Restated consolidated Financial Information, which will be included in the Draft Red Herring Prospectus in connection with the proposed issue of equity
shares of the Holding Company by way of a fresh issue and offer for sale of equity shares by the existing shareholders by way of initial public offer. Accordingly, the
attached special purpose interim Ind AS financial statements may not be suitable for any other purpose and this report should not be used, referred to or distributed for any
other purpose.
Our opinion is not modified in respect of this matter.

As at and for the years ended 31 March 2022, 31 March 2021 and 31 March 2020:
We draw attention to Note 2.1 to the special purpose Ind AS financial statements, which describes the basis of preparation of these special purpose Ind AS financial
statements. As explained therein, these special purpose Ind AS financial statements have been prepared by the Holding company in response to the requirements of the e-mail
dated 28 October 2021 from Securities and Exchange Board of India (“SEBI”) to Association of Investment Bankers of India, instructing lead managers to ensure that
companies provide consolidated financial statements prepared in accordance with Indian Accounting Standards (Ind AS) for all the three years and stub period (hereinafter
referred to as the “the SEBI e-mail”) for submission to SEBI. Accordingly, the attached special purpose Ind AS financial statements may not be suitable for any other purpose
and this report should not be used, referred to or distributed for any other purpose. We have no responsibility to update this report for events and circumstances occurring
after the date of this report.
C. Audit Qualifications in Annexure to Auditors’ Report, which do not require any corrective adjustments in the Restated consolidated Financial Information
Statements/comments included in the Companies (Auditor’s Report) Order, 2020/the Companies (Auditor’s Report) Order, 2016, which do not require any corrective
In addition to the audit opinion on the consolidated financial statements, the auditors are required to comment upon the matters included in the Companies (Auditor’s Report)
Order, 2020/ the Companies (Auditor’s Report) Order, 2016 (together "the CARO") issued by the Central Government of India under sub-section (11) of Section 143 of
Companies Act, 2013 on the financial statements as at and for the financial years ended March 31,2022, March 31,2021 and March 31,2020 respectively. Certain
statements/comments included in the CARO in the consolidated financial statements, which do not require any adjustments in the Restated Consolidated Financial Information
are reproduced below in respect of the consolidated financial statements presented.
267
For the year ended 31 March 2022
Clause vii (b) of CARO 2020 Order

According to the information and explanations given to us and on the basis of our examination of the records of the Company, statutory dues relating to Goods and Service
Tax and Income-Tax which have not been deposited on account of any dispute are as follows:
Nature of Amount INR in Period to which the Forum where dispute

Name of the statute
the dues million amount relates is pending
33.06 Commissioner of
Income Tax Act, 1961 Income Tax AY 2017-18
Income tax (Appeals)
9.39
Deputy Commissioner
VAT Act, 2005 VAT FY 2016-17
(Appeals)
0.08
Deputy Commissioner
VAT Act, 2005 VAT FY 2017-18
(Appeals)

According to the information and explanations given to us and on the basis of our examination of the records of the Company, statutory dues relating to Income-Tax and
Goods and Service Tax as at 31 March 2021, which have not been deposited with appropriate authorities on account of any dispute except for following:

Name of the statute
the dues million amount relates is pending
33.06 Commissioner of
Income Tax Act, 1961 Income Tax AY 2017-18
Income tax (Appeals)
9.39 Deputy Commissioner
VAT Act, 2005 VAT FY 2016-17
(Appeals)
0.08 Deputy Commissioner
VAT Act, 2005 VAT FY 2017-18
(Appeals)
Clause (vii) (a) of paragraph 3 of CARO 2016 order :

According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of
account in respect of undisputed statutory dues including Goods and Services tax, Cess, Duty of customs, Employees’ State Insurance, Professional tax, and other material
statutory dues have been regularly deposited during the year by the Company with the appropriate authorities. Amounts deducted / accrued in the books of account in respect
of undisputed statutory dues including Income-tax and Provident fund have generally been regularly deposited during the year by the Company with the appropriate
authorities, though there have been slight delays in one case.

According to the information and explanations given to us, there are no dues of Income-Tax, Goods and Service and Duty of Customs as at 31 March 2020, which have not
been deposited with appropriate authorities on account of any dispute except for following:

Name of the statute the dues million amount relates is pending
Commissioner of
Income Tax Act, 1961 Income Tax 33.69 AY 2017-18 Income tax (Appeals)
268
ANNEXURE -VII
4. PROPERTY, PLANT AND EQUIPMENT
Particulars Plant and Machinery Vehicles Computer Office Equipments Electrical Equipments Furniture and Fixtures Total
Cost or Deemed Cost
GROSS CARRYING VALUE
As at April 1, 2019 * 2.48 1.12 2.95 0.79 0.60 3.96 11.90
Additions - - 1.26 0.24 0.30 - 1.80
Deletions - - - - - - -
As at March 31, 2020 2.48 1.12 4.21 1.03 0.90 3.96 13.70
Additions 2.10 - 0.47 0.06 0.05 0.19 2.87
Deletions - - - - - - -
As at March 31, 2021 4.58 1.12 4.68 1.09 0.95 4.15 16.57
As at March 31, 2021* 3.70 0.53 1.26 0.40 0.57 2.35 8.81
Additions 9.37 1.73 7.24 0.37 0.06 0.64 19.41
Deletions - (0.04) - - - - (0.04)
As at March 31, 2022 13.07 2.22 8.50 0.77 0.63 2.99 28.18
As at March 31, 2021 * 3.70 0.53 1.26 0.40 0.57 2.35 8.81
Additions 5.17 0.72 5.31 0.14 0.01 11.35
Deletions - - - - - - -
As at September 30, 2021 8.87 1.25 6.57 0.54 0.58 2.35 20.16
As at March 31, 2022 13.07 2.22 8.50 0.77 0.63 2.99 28.18
Additions 1.88 3.27 7.23 0.72 0.42 1.74 15.26
Deletions - - - - - - -
As at September 30, 2022 14.95 5.49 15.73 1.49 1.05 4.73 43.44
ACCUMULATED DEPRECIATION
As at April 1, 2019* - - - - - - -
Depreciation for the year 0.45 0.35 2.39 0.40 0.19 1.03 4.81
Deletions - - - - - - -
As at March 31, 2020 0.45 0.35 2.39 0.40 0.19 1.03 4.81
Deletions - - - - - - -
As at March 31, 2021 0.88 0.59 3.42 0.69 0.38 1.80 7.76
As at March 31, 2021 * - - - - - - -

Deletions - (0.01) - - - - (0.01)
As at March 31, 2022 1.69 0.44 2.73 0.26 0.15 0.69 5.96
269
As at March 31, 2021 * - - - - - - -
Depreciation for the period 0.55 0.14 0.55 0.11 0.07 0.30 1.72
Deletions - - - - - - -
As at September 30, 2021 0.55 0.14 0.55 0.11 0.07 0.30 1.72
As at March 31, 2022 1.69 0.44 2.73 0.26 0.15 0.69 5.96
Depreciation for the period 1.09 0.39 3.25 0.18 0.09 0.36 5.36
Deletions - - - - - - -
As at September 30, 2022 2.78 0.83 5.98 0.44 0.24 1.05 11.32
Net carrying value as at April 1, 2019 2.48 1.12 2.95 0.79 0.60 3.96 11.90
Net carrying value as at March 31, 2020 2.03 0.77 1.82 0.63 0.71 2.93 8.89
Net carrying value as at September 30, 2021 8.32 1.11 6.02 0.43 0.51 2.05 18.44
Net carrying value as at September 30, 2022 12.17 4.66 9.75 1.05 0.81 3.68 32.12
*Deemed cost (refer footnote iv below)
Notes:
i. Contractual Obligations
Refer to Note 40 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
ii. Title deeds not held in the name of the company

The Group does not have any immovable property for the reporting period/year
iii. The Group has not revalued its property, plant and equipment
iv. Reconciliation of deemed cost to values under previous GAAP : (Amount in INR Millions, unless otherwise stated)
Particulars Plant and Machinery Vehicles Computer Office Equipments Electrical Equipments Furniture and Fixtures Total
Gross block as at April 1, 2019 3.97 2.68 10.20 1.71 1.10 7.84 27.50
Accumulated depreciation as at April 1, 2019 1.49 1.56 7.25 0.92 0.50 3.88 15.60
Deemed Cost as at April 1, 2019 2.48 1.12 2.95 0.79 0.60 3.96 11.90
Gross block as at March 31, 2021 6.07 2.69 11.94 2.02 1.45 8.03 32.20
Accumulated depreciation as at March 31, 2021 2.37 2.16 10.68 1.62 0.88 5.68 23.39
Deemed Cost as at March 31, 2021 3.70 0.53 1.26 0.40 0.57 2.35 8.81
4A. CAPITAL WORK IN PROGRESS

Particulars Total
As at March 31, 2022 -

Additions 3.90
Deletions -
As at September 30, 2022 3.90
270
(i) Ageing Schedule
Capital work-in-progress ageing schedule as at September 30, 2022 (Amount in INR Millions, unless otherwise stated)
Capital work-in-progress Amount in Capital work-in-progress for a period of
Total
Less than 1 year 1-2 years 2-3 Years More than 3 years
Project in progress 3.90 - - - 3.90
Project temporarily suspended - - - - -
There are no Capital work-in-progress for the period September 2021 and for the year ended March 22, March 21 and March 20.
(b) For Capital work-in-progress, completion is not overdue nor has exceeded its cost compared to its original plan and thus completion schedule is not given.
5. RIGHT-OF-USE ASSETS
Buildings & Total
Particulars
improvements
As at April 1, 2019 24.22 24.22
Additions 0.30 0.30
Deletions - -
As at March 31, 2020 24.52 24.52
Additions 0.11 0.11
Deletions - -
As at March 31, 2021 24.63 24.63
Additions 115.37 115.37
Deletions - -
As at March 31, 2022 140.00 140.00
As at March 31, 2021 24.63 24.63

Additions 5.16 5.16
Deletions - -
As at September 30, 2021 29.79 29.79
As at March 31, 2022 140.00 140.00

Additions 4.06 4.06
Deletions - -
As at September 30, 2022 144.06 144.06
ACCUMULATED DEPRECIATION
As at April 1, 2019 - -
Depreciation for the year 9.71 9.71
Deletions - -
As at March 31, 2020 9.71 9.71
Deletions - -
As at March 31, 2021 19.53 19.53
Deletions - -
As at March 31, 2022 32.00 32.00
271
As at March 31, 2021 19.53 19.53
Depreciation for the period 4.66 4.66
Deletions - -
As at September 30, 2021 24.19 24.19
As at March 31, 2022 32.00 32.00

Depreciation for the period 12.36 12.36
Deletions -
As at September 30, 2022 44.36 44.36
Net carrying value as at April 1, 2019 24.22 24.22

Net carrying value as at March 31, 2020 14.81 14.81
Net carrying value as at September 30, 2021 5.60 5.60
Net carrying value as at September 30, 2022 99.70 99.70
Notes :
(i) The Group has not revalued Rights to use assets for the reporting period/year.
(ii) The Group has entered into lease arrangements for its office purpose. These leasing arrangements are of 3 to 5 years on an average and are usually renewable by mutual consent on mutually agreeable terms.
(iii) The following amount are recognised in the restated consolidated profit and loss: (Amount in INR Millions, unless other wise stated)
Particulars Six months period Six months period Year ended 31 March Year ended 31 March Year ended 31 March
ended 30 September ended 30 September 2022 2021 2020
2022 2021
Depreciation expenses of right of use assets (refer note 12.36 4.66 12.47 9.82 9.71
30)
Interest expenses on lease liabilities (refer note 21 and 5.16 0.22 3.43 0.84 1.56
29)
Expenses relating to short term leases (refer note 21 1.29 0.19 0.54 0.91 2.47
and 31)
(iv) Refer note 21 for disclosures pertaining to lease liabilities
(v) The lease agreements for immovable properties where the Group is the lessee are duly executed in favour of the Group.
272
ANNEXURE -VII
6. INTANGIBLE ASSETS
Particulars Software Patent Product development Total
Cost or Deemed Cost
As at April 1, 2019 * 2.96 0.16 17.74 20.86
Additions 3.94 0.41 12.48 16.83
Deletions - - - -
As at March 31, 2020 6.90 0.57 30.22 37.69
Additions 0.32 0.39 118.01 118.72
Deletions - - - -
As at March 31, 2021 7.22 0.96 148.23 156.41
As at March 31, 2021 * 2.86 0.88 112.07 115.81

Additions 3.08 0.66 69.24 72.98
Deletions - - - -
As at March 31, 2022 5.94 1.54 181.31 188.79
As at March 31, 2021 * 2.86 0.88 112.07 115.81

Additions 2.69 0.23 60.05 62.97
Deletions - - - -
As at September 30, 2021 5.55 1.11 172.12 178.78
As at March 31, 2022 5.94 1.54 181.31 188.79

Additions 2.69 1.09 40.66 44.44
Deletions - - - -
As at September 30, 2022 8.63 2.63 221.97 233.23
ACCUMULATED AMORTISATION
As at April 1, 2019 * - - - -
Amortisation for the year 1.93 0.04 13.26 15.23
Deletions - - - -
As at March 31, 2020 1.93 0.04 13.26 15.23
Deletions - - - -
As at March 31, 2021 4.36 0.08 36.16 40.60
As at March 31, 2021 * - - - -

Deletions - - - -
As at March 31, 2022 2.62 0.07 54.25 56.94
As at March 31, 2021 * - - - -

Deletions - - - -
As at September 30, 2021 1.13 0.03 22.24 23.40
As at March 31, 2022 2.62 0.07 54.25 56.94

Deletions - - - -
As at September 30, 2022 3.65 0.13 90.44 94.22
Net carrying value as at April 1, 2019 2.96 0.16 17.74 20.86

Net carrying value as at March 31, 2020 4.97 0.53 16.96 22.46
Net carrying value as at September 30, 2021 4.42 1.08 149.88 155.38
Net carrying value as at September 30, 2022 4.98 2.50 131.53 139.01
*Deemed cost (refer footnote ii below)
i. The Group has not revalued any Intangible assets during the reporting period/year.
ii. Reconciliation of deemed cost to values under previous GAAP :

Particulars Software Patent Product development Total
Gross block as at April 1, 2019 5.36 0.21 98.99 104.56
Accumulated depreciation as at April 1, 2019 2.40 0.05 81.25 83.70
Deemed Cost as at April 1, 2019 2.96 0.16 17.74 20.86
Gross block as at March 31, 2021 9.63 1.01 229.47 240.11

Accumulated depreciation as at March 31, 2021 6.77 0.13 117.40 124.30
Deemed Cost as at March 31, 2021 2.86 0.88 112.07 115.81
6A. INTANGIBLE ASSETS UNDER DEVELOPMENT

Particulars Software under development Patents under development Product under development Total
As at April 1, 2019 - 3.42 87.60 91.02
Additions - 4.09 86.14 90.23
Capitalised during the year - (0.41) (12.48) (12.89)
As at March 31, 2020 - 7.10 161.26 168.36
Additions - 3.06 89.21 92.27
As at March 31, 2021 - 9.77 132.46 142.23
Additions 0.69 3.89 113.97 118.55
As at March 31, 2022 0.69 13.00 177.19 190.88
As at March 31, 2021 - 9.77 132.46 142.23

Additions - 1.33 54.62 55.95
Capitalised during the period - (0.23) (60.05) (60.28)
As at September 30, 2021 - 10.87 127.03 137.90
As at March 31, 2022 0.69 13.00 177.19 190.88

Additions 3.22 3.07 76.50 82.79
Capitalised during the period (1.09) (40.66) (41.75)
As at September 30, 2022 3.91 14.98 213.03 231.92
273
(i) Ageing Schedule
Intangible Assets under Development ageing schedule as at September 30, 2022
Intangible Assets under Development Amount in Intangible Assets under Development for a period of Total
Project In Progress :
Software 3.22 0.69 - - 3.91
Patent under development 2.01 5.93 3.86 3.18 14.98
Product under development 58.00 54.84 5.73 94.46 213.03
Intangible Assets under Development ageing schedule as at September 30, 2021
Software - - - - -
Intangible Assets under Development ageing schedule as at March 31, 2022
Software 0.69 - - - 0.69
Software - - - - -
Software - - - - -
Patent under development 3.80 2.63 0.67 7.10
Product under development 85.28 65.84 10.14 - 161.26
(ii) For Intangible assets under development, completion is not overdue nor has exceeded its cost compared to its original plan and thus completion schedule is not given.
(iii) Research and development cost
The Group during the period has incurred cost on research and development activities which are eligible for capitalisation in terms of Ind AS 38 and therefore they are not recognised in other expenses under restated consolidated
statement of profit and loss. Amount charged to restated consolidated statement of profit and loss during the period/year ended September 30, 2022 : INR Nil, September 30, 2021 : INR Nil, March 31, 2022 : INR Nil, March 31,
2021: INR Nil and March 31, 2020 : INR Nil.
On Revenue Account - - - - -
On Capital Account 76.50 54.62 113.97 89.21 86.14
Total Research & Development Expenditure 76.50 54.62 113.97 89.21 86.14
(iv) Capitalisation Of Expenditure

During the respective period/year ended, the Group has capitalised the following expenses of revenue nature to the cost of property, plant and equipment/capital work-in-progress (CWIP) or Intangible asset/ Intangible asset under
development (IAUD). Consequently, expenses disclosed under the respective notes are net of amounts capitalised by the Group.
Salaries, wages and bonus (Refer Note No.28) 56.92 41.45 88.58 65.87 69.08
Bonus (Refer Note No.28) 8.55 6.15 12.30 10.46 1.72
Share based payments to employees (Refer Note 3.18 2.29 3.71 3.18 1.66
No.28)
Consumption of stores and spares (Refer Note No.26) 3.28 3.01 5.33 6.49 9.27
Finance Cost (Refer Note No.29) 0.58 0.04 0.71 0.29 0.47
Depreciation and amortization expense (Refer Note 1.39 1.33 2.54 2.33 1.95
No.30)
Other Expense (Refer Note No.31) 2.60 0.35 0.80 0.59 1.99
Total 76.50 54.62 113.97 89.21 86.14
274
ANNEXURE -VII
7. FINANCIAL ASSETS
(A) INVESTMENTS
Current
Investments carried at fair value through Profit and Loss
Quoted
Investments in Mutual Funds
2,355,360 units (September 30, 2021: Nil, March 31, 2022 : 2,791, March 31, 2021: Nil , March 31,
74.94 - 0.09 - -
2020 : Nil) IDFC Low Duration Reg-Growth
10,019 units (September 30, 2021 : Nil, March 31, 2022: 10,019, March 31, 2021: Nil , March 31,
0.14 - 0.14 - -
2020 : Nil) Axis Corporate Debt Fund
9,865 units (September 30, 2021: Nil, March 31, 2022: 9,865, March 31, 2021: Nil , March 31, 2020 :
0.16 - 0.16 - -
Nil) IDFC Corporate Bond Fund
17,565 units (September 30, 2021: Nil, March 31, 2022: 17,565 March 31, 2021: Nil , March 31, 2020
20.56 - 20.15 - -
: Nil) Axis Money Market Fund
27,531 units (September 30, 2021: Nil, March 31, 2022 : 4,498, March 31, 2021: Nil , March 31, 2020
96.42 - 15.41 - -
: Nil) SBI Overnight Fund Growth
47,661 units (September 30, 2021: Nil, March 31, 2022 : 22,502, March 31, 2021: Nil , March 31,
152.78 - 70.55 - -
2020 : Nil) HDFC Overnight Fund Growth
1,11,915.31 units ((September 30, 2022: Nil, September 30, 2021: Nil, March 31, 2022: Nil, March
- - - - 119.04
31,2021 : Nil, March 31,2020: Nil) , April 1, 2020 : 1,11,915.31 units) of HDFC Money Market Fund
3,479,870 Units (September 30, 2021: Nil, March 31, 2022: Nil, March 31,2021 : Nil, March 31,2020:
55.74 - - - -
Nil) Edelweiss Arbitrage Reg-Growth
394,076 Units (September 30, 2021: Nil, March 31, 2022 : Nil, March 31, 2021 : Nil, March 31, 2020 :
122.30 - - - -
Nil) ICICI Pru Money Market-Growth
5,513,011 Units (September 30, 2021: Nil, March 31, 2022 : Nil, March 31, 2021 : Nil, March 31,
56.05 - - - -
2020 : Nil) Aditya Birla SL CRISIL AAA Jun 2023 Index Fund Reg-Growth
45.32 - - - -
Nil) Aditya Birla Sun Life Liquid Fund Growth (Erstwhile Aditya Birla Sun Life Cash Plus)
50.30 - - - -
Nil) Aditya Birla Sun Life Savings Fund Growth
1,158,610 Units (September 30, 2021: Nil, March 31, 2022 : Nil, March 31,2021 : Nil, March 31, 2020
50.27 - - - -
: Nil) DSP Savings Fund Growth
74.70 - - - -
2021 : Nil) Aditya Birla Sl Crisil Sdl Plus Aaa Psu Apr 2027 60:40 Index Fund Reg- Growth
74.65 - - - -
2020 : Nil) ICICI Pru Psu Bond Plus Sdl 40:60 Index Fund - Sep 2027-Growth
55.67 - - - -
2020 : Nil) UTI Arbitrage Reg-Growth
Investments in Bonds
50 Units (September 30, 2021: Nil, March 31, 2022 : Nil, March 31, 2021 : Nil, March 31, 2020 : Nil)
52.99 - - - -
Shriram City Union Finance Limited
50.94 - - - -
Tata Capital Financial Services Limited
100 Units (September 30, 2021: Nil, March 31,2022 : Nil, March 31, 2021: Nil, March 31, 2020 : Nil)
101.09 - - - -
National Bank For Agriculture And Rural Development
49.61 - - - -
Housing Development Finance Corporation Ltd
51.74 - - - -
9.15 ICICI Bank Limited
52.38 - - - -
Nil) Muthoot Finance Limited
Total 1,288.75 - 106.50 - 119.04
275
Aggregate amount of quoted investments 1,288.75 - 106.50 - 119.04
Market value of quoted investments 1,288.75 - 106.50 - 119.04
Aggregate amount of unquoted investments - - - - -
Aggregate amount of impairment in the value of investments - - - - -
(B) LOANS September 30, 2022 September 30, 2021 March 31, 2022 March 31, 2021 March 31, 2020
Current
Loan to employees
Loans Receivables considered good – Unsecured 0.63 0.41 0.61 0.44 0.42
Total 0.63 0.41 0.61 0.44 0.42
(i) Loans due by directors or other officers of the Group or any of them either severally or jointly with any other persons or amounts due by firms or private companies respectively in which any director is a partner or a director or a member : Nil for September 30, 2022,
September 30, 2021, March 31, 2022, March 31, 2021 and March 31, 2020.
Loans or advances in the nature of advances to promoters, directors, KMPs or related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person: Refer note no. 12
(ii) Loans given to employees as per the holding company's policy are not considered for the purposes of disclosure under Section 186(4) of the Companies Act, 2013
(C) OTHER FINANCIAL ASSETS September 30, 2022 September 30, 2021 March 31, 2022 March 31, 2021 March 31, 2020
Non Current
(i) Financial assets carried at amortised cost
Balance with banks deposit account with original maturity more than 12 months 39.90 39.90 44.29 - -
Earnest Money Deposit with Customers 1.01 1.29 1.31 1.29 1.01
Security Deposits 7.51 2.44 6.97 2.25 1.88
(ii) Financial assets carried at fair value through OCI

Deposits with banks to the extent held as margin money 282.37 117.06 248.77 135.92 70.18
Total 330.79 160.69 301.34 139.46 73.07
Current
(i) Financial assets carried at amortised cost
Security Deposits 3.63 2.35 2.04 1.36 1.32
Interest accrued on Fixed Deposit with banks 0.84 - 0.79 7.54 10.65
Earnest Money Deposit with Customers - - - - 0.51
Bank deposits with less than 12 months maturity 62.65 - - 0.00 10.04
Deposits with banks to the extent held as margin money 7.01 94.05 43.73 65.90 97.21
Total 74.13 96.40 46.56 74.80 119.73
Details of lien against fixed deposits: : (non current)

Security lien towards Axis Bank - bank guarantee (non current) - - 66.30 - -
Security lien towards Axis Bank - cash credit facility (non current) 52.50 - - - -
Security lien towards HDFC - bank guarantee (non current) 57.67 - 71.73 - -
Security lien towards UBI - bank guarantee (non current) 88.95 86.70 107.41 124.86 8.07
Security lien towards UBI - working capital demand loan (non current) - - - 8.43 -
Security lien towards RBL - cash credit facility (non current) - - - - 59.47
Security lien towards RBL - bank guarantee (non current) 2.89 12.56 3.33 2.63 2.64
Security lien towards EXIM - bank guarantee (non current) 80.36 17.80 - - -
Total 282.37 117.06 248.77 135.92 70.18
Details of lien against fixed deposits: : (current)

Security lien towards RBL - cash credit facility (current) - - - 63.74 31.02
Security lien towards UBI - working capital demand loan (current) - 70.26 - - -
Security lien towards RBL - bank guarantee (current) 0.54 1.29 0.11 1.09 1.12
Security lien towards HDFC - bank guarantee (current) 3.71 - 1.20 - -
Security lien towards UBI - bank guarantee (current) 2.76 2.32 3.97 1.07 65.07
Security lien towards EXIM - bank guarantee (current) - 20.18 38.45 - -
Total 7.01 94.05 43.73 65.90 97.21
276
ANNEXURE -VII
8. INVENTORIES
(At lower of cost and net realisable value) (Amount in INR Millions, unless other wise stated)
Raw materials 474.71 266.50 293.71 140.46 52.77

Work-in-process 23.88 11.38 20.48 6.72 2.99
Finished goods 137.42 151.00 174.95 87.02 52.79
(Valued at lower of cost and net realisable value)
Total 636.01 428.88 489.14 234.20 108.55
(i) For mode of valuation of inventories, refer Annexure V - note 2.2 (g) of significant accounting policies
(ii) The value of inventories above is stated after provision/expenses recognised for inventories carried at net realisable value for period/ year ended September 30, 2022 : Nil, September 30, 2021 : NIL, March 31, 2022 : Nil, March 31, 2021 : Nil ,
March
(iii) 31, 2020:
During Nil. ended September 30, 2022, on April 6 2022 an unfortunate incident of fire occurred in a partial area of the first floor of manufacturing premises at Mahape. The only damage was of a portion of inventories of about INR 80.04
the period
million which has been written off as at September 30, 2022. Management has taken relevant steps to inform the insurance company about this incident. Insurance claim process has been initiated and is under process. Management is confident the
damages are recoverable as it was fully insured. There was no impact on the continuity of the Holding company's operations, and committed contracts were delivered in full.
9. TRADE RECEIVABLES
Current
Trade receivables considered good - Secured - - - - -
Trade receivables considered good - Unsecured 578.53 140.07 210.68 239.55 105.23
Trade receivable which have significant increase in credit risk - Unsecured - - - - -
Trade receivable Credit Impaired - Unsecured - - - - -
578.53 140.07 210.68 239.55 105.23
Less : Allowance for expected credit loss 26.95 28.16 7.61 2.05 4.08
551.58 111.91 203.07 237.50 101.15
Category wise details of allowance for expected credit loss

Allowance for expected credit loss for Trade Receivables considered good – Unsecured 26.95 28.16 7.61 2.05 4.08
26.95 28.16 7.61 2.05 4.08
(i) Trade receivables are non-interest bearing and generally on terms of 30 to 45 days
(ii) Refer Note No. 38 and 39 for Financial instruments, fair values and risk measurement
(iii) Trade receivables does not include any debts which are due by directors or other officers of the Holding company or any of them either severally or jointly with any other person or debts due by firms or private companies respectively in which any
director is a partner or a director or a member.
(iv) Trade receivables does not include any debts from related parties
(v) The movement in allowance for expected credit loss is as follows :
Balance as at beginning of the period/year 7.61 2.05 2.05 4.08 3.88
Change in allowance during the period/year 19.34 26.11 5.56 - 0.20
Written back during the period/year - - - (2.03) -
Balance as at the end of the period/year 26.95 28.16 7.61 2.05 4.08
277
ANNEXURE -VII
Trade Receivables Ageing Schedule : (Amount in INR Millions, unless other wise stated)
September 30, 2022 Outstanding for following periods from due date of payment
Less than 6 More than 3
Particulars Unbilled Not Due 6 months - 1 year 1-2 years 2-3 years Total
months years
(i) Undisputed Trade receivables – considered good - 38.94 363.40 114.18 55.26 2.82 0.31 574.91
(ii) Undisputed Trade Receivables – significant increase in credit risk - - - - - - - -
(iii) Undisputed Trade Receivables – credit impaired - - - - - - - -
(iv) Disputed Trade Receivables–considered good - - - - - - - -
(v) Disputed Trade Receivables – significant increase in credit risk - - - - - - - -
(vi) Disputed Trade Receivables – credit impaired - - - - - - - -
Trade Receivables - Unbilled Revenue 3.62 - - - - - - 3.62
Sub Total 3.62 38.94 363.40 114.18 55.26 2.82 0.31 578.53
Less: Allowance for expected credit loss 26.95
Total 551.58
September 30, 2021 Outstanding for following periods from due date of payment
months years
Trade Receivables - Unbilled Revenue - - - - - - - -
Sub Total - 11.09 15.84 96.77 10.38 4.98 1.01 140.07
Total 111.91
March 31, 2022 Outstanding for following periods from due date of payment
months years
Sub Total 7.30 71.88 60.55 1.80 68.52 0.32 0.31 210.68
Total 203.07
278
months years
Sub Total 4.25 59.72 153.79 3.02 12.03 2.32 4.42 239.55
Total 237.50
months years
(i) Undisputed Trade receivables – considered good - 10.90 60.49 28.38 1.72 3.74 - 105.23
Trade Receivables - Unbilled Revenue - - - - - - - -
Sub Total - 10.90 60.49 28.38 1.72 3.74 - 105.23
Total 101.15
279
ANNEXURE -VII
10. CASH AND CASH EQUIVALENTS
Particulars March 31, 2022 March 31, 2021 March 31, 2020
2022 2021
Balances with banks:

- In current accounts 32.43 162.94 153.98 12.60 0.65
- Deposits with original maturity of less than three months 18.19 30.00 150.00 19.90 -
- Deposits with banks to the extent held as margin money less than three months 49.10 - - 19.90 -
Cash on hand 0.33 0.16 0.18 0.19 0.25
100.05 193.10 304.16 52.59 0.90
Details of lien against fixed deposits: :

Security lien towards HDFC - bank guarantee 49.10 - - - -
Security lien towards UBI - bank guarantee - - - 19.90 -
Total 49.10 - - 19.90 -
11. BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS

2022 2021
- Deposits with banks to the extent held as margin money 0.28 56.08 27.62 88.72 0.12
- Deposits with original maturity of more than 3 months but less than 12 months* 19.37 17.70 19.00 - -
19.65 73.78 46.62 88.72 0.12
Details of lien against fixed deposits: :

Security lien towards HDFC - bank guarantee 0.01 - - - -
Security lien towards EXIM - bank guarantee - 19.90 17.70 - -
Security lien towards RBL - against escrow account - - 9.66 - -
Security lien towards RBL - cash credit facility - - - 33.14 -
Security lien towards RBL - working capital demand loan - 35.72 - - -
Security lien towards RBL - bank guarantee 0.27 0.30 0.26 - -
Security lien towards UBI - bank guarantee - 0.16 - 55.58 0.12
Total 0.28 56.08 27.62 88.72 0.12
12. OTHER ASSETS

2022 2021
Non Current
Unsecured, considered good unless otherwise stated
Capital Advances 59.89 - - - -
Others
- Prepaid expenses 0.02 0.20 2.74 0.29 2.53
Total 59.91 0.20 2.74 0.29 2.53
Current
Unsecured, considered good unless otherwise stated
Advances other than Capital advances
- Advances to vendors 121.29 55.49 60.88 37.36 2.44
- Advances to employees 1.54 0.71 0.39 0.36 0.46
Others
- Prepaid expenses 3.77 19.45 6.26 5.35 1.53
- Balances with Government Authorities 166.06 134.05 171.94 82.67 39.85
- Other receivable (includes TDS receivable from customer) - 0.07 - 0.07 0.03
Total 292.66 209.77 239.47 125.81 44.31
Note :
(i) There are no loans due by directors or other officers of the Group or any of them either severally or jointly with any other persons or amounts due by firms or private companies
respectively in which any director is a partner or a director or a member.
(ii) There are no loans or advances in the nature of loans are granted to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013), either severally or jointly
with any other person, that are:
(a) repayable on demand; or
(b) without specifying any terms or period of repayment.
13. NON CURRENT TAX ASSETS (NET)

2022 2021
Advance tax and tax deducted at source (net of provision for tax of INR 7.92 million,
September 30, 2021: INR 15.56 million, March 31, 2022: INR 7.92 million, March 31, 11.27 12.97 11.27 10.64 11.10
2021: INR 15.56 million, March 31, 2020: INR 15.56 million)
Total 11.27 12.97 11.27 10.64 11.10
280
ANNEXURE -VII
14. INCOME TAX
Deferred Tax
Deferred Tax relates to the following:

Property, plant and equipment 12.32 7.18 9.54 9.04
Provision for employee benefits - Gratuity 4.89 4.61 4.38 4.63 3.82
Provision for employee benefits - Leave encashment 3.99 3.70 2.53 2.08 1.40
Losses available for offsetting against future taxable income - 152.56 - 118.32 75.11
Provision for warranty 8.18 0.92 6.08 0.86 0.54
Provision for liquidated damages 7.02 - 7.02 0.86 -
Provision for other expenses 3.98 0.12 0.07 0.05 0.07
Expected credit loss on trade receivables 6.78 7.09 1.90 0.64 1.27
Leases - ROU and lease liability 2.46 0.36 0.06 0.36 0.89
Security deposits 0.89 0.01 0.96 0.00 0.06
Deferred tax asset : (A) 50.51 176.55 23.00 137.34 92.20
Leases - ROU and lease liability - 0.37 - - -

Investments in measured at FVTPL 1.12 - - - -
Property, plant and equipment 4.12
Deferred tax liabilities : (B) 1.12 0.37 4.12 - -
Unrecognised deferred tax assets - 152.43 136.33 89.73
Net deferred tax assets / (liabilities) 49.39 23.75 18.88 1.01 2.47
Considering the probability of availability of future taxable profits in the period in which tax losses expire, deferred tax assets have not been recognised in respect of tax losses carried forward by the
Group for the year ended March 31, 2021 and March 31, 2020.
Movement in deferred tax assets/(liabilities) : September 30, 2022

Recognised in
Movements during the six months period ended Recognised in profit other Recognised
Opening balance Closing balance
September 30, 2022 and Loss comprehensive directly in equity
income
Property, plant and equipment (4.12) 16.44 - - 12.32
Provision for employee benefits - Gratuity 4.38 0.40 0.11 - 4.89
Provision for employee benefits - Leave encashment 2.53 1.46 - - 3.99
Losses available for offsetting against future taxable income - - - - -
Provision for warranty 6.08 2.10 - - 8.18
Provision for liquidated damages 7.02 - - - 7.02
Provision for other expenses 0.07 3.91 - - 3.98
Expected credit loss on trade receivables 1.90 4.88 - - 6.78
Leases - ROU and lease liability 0.06 2.40 - - 2.46
Security deposits 0.96 (0.07) - - 0.89
Investments in measured at FVTPL - (1.12) - - (1.12)
Total 18.88 30.40 0.11 - 49.39
Movement in deferred tax assets/(liabilities) : September 30, 2021
Recognised in
Movements during the six months period ended Recognised in profit other Recognised
September 30, 2021 and Loss comprehensive directly in equity
income
Property, plant and equipment 9.54 (2.36) - - 7.18
Provision for employee benefits - Gratuity 4.63 (0.46) 0.44 - 4.61
Losses available for offsetting against future taxable income 118.32 34.24 - - 152.56
Provision for liquidated damages 0.86 (0.86) - - -
Leases - ROU and lease liability 0.36 (0.37) - - (0.01)
Security deposits 0.00 0.01 - - 0.01
Investments in measured at FVTPL - - - - -
Total 137.34 38.40 0.44 - 176.18
Unrecognised deferred tax 136.33 16.10 - - 152.43
Total (net) 1.01 22.30 0.44 - 23.75
281
ANNEXURE -VII
Movement in deferred tax assets/(liabilities) :March 31, 2022
Recognised in
Movements during the year ended Recognised in profit other Recognised
March 31, 2022 and Loss comprehensive directly in equity
income
Property, plant and equipment 9.54 (13.66) - - (4.12)
Provision for employee benefits - Gratuity 4.63 (0.15) (0.10) - 4.38
Losses available for offsetting against future taxable income 118.32 (118.32) - - -
Provision for liquidated damages 0.86 6.16 - - 7.02
Leases - ROU and lease liability 0.36 (0.30) - - 0.06
Security deposits 0.00 0.96 - - 0.96
Total 137.34 (118.36) (0.10) - 18.88
Unrecognised deferred tax 136.33 - - - -
deferred tax recognised and utilsed against during the year - (136.33) - - -
Total (net) 1.01 17.97 (0.10) - 18.88
Movement in deferred tax assets/(liabilities) : March 31, 2021
Recognised in
income
Property, plant and equipment 9.04 0.50 - - 9.54
Provision for employee benefits - Gratuity 3.82 1.05 (0.24) - 4.63
Provision for liquidated damages - 0.86 - - 0.86
Provision for other expenses 0.07 (0.02) - - 0.05
Expected credit loss on trade receivables 1.27 (0.63) - - 0.64
Total 92.20 45.38 (0.24) - 137.34
Total (net) 2.47 (1.22) (0.24) - 1.01
Movement in deferred tax assets/(liabilities) :March 31, 2020
Recognised in
income
Property, plant and equipment 6.84 2.20 - - 9.04
Provision for employee benefits - Gratuity 3.29 0.28 0.25 - 3.82
Provision for employee benefits - Leave encashment - 1.40 - - 1.40
Provision for warranty - 0.54 - - 0.54
Provision for liquidated damages - - - - -
Provision for other expenses 0.34 (0.27) - - 0.07
Investments in measured at FVTPL - - - -
Total 49.90 42.05 0.25 - 92.20
Total (net) 2.29 (0.07) 0.25 - 2.47
Unrecognised deferred tax assets - 152.43 - 136.33 89.73
Deductible temporary differences - (0.13) - 18.01 14.62
Unrecognised tax losses - 152.56 - 118.32 75.11
Unrecognised tax credits - - - - -
Disclosure of losses carried forward as per income tax, Act 1961

Business loss - 293.31 - 293.31 184.63
Unabsorbed Depreciation - 84.83 - 84.83 55.06
Capital loss - 1.07 - 1.07 1.04
282
ANNEXURE -VII
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate
to income taxes levied by the same tax authority
Tax losses which arose in India that are available for offsetting against future taxable profits of the Group. Majority of these losses will expire as per table below :
Assessment year wise expiry September 30, 2022 September 30, 2021 March 31, 2022 March 31, 2021 March 31, 2020
Business loss
A.Y 2026-27 - 5.79 - 5.79 5.79
A.Y 2027-28 - 76.76 - 76.76 76.76
A.Y 2028-29 - 102.08 - 102.08 102.08
A.Y 2029-30 - 108.68 - 108.68 -
Unabsorbed Depreciation
Unabsorbed depreciation shall be carried forward by the Group for unlimited years till set - 84.83 - 84.83 55.06
off against future taxable profit is available to the Group.
Capital loss
A.Y 2022-23 - 1.04 - 1.04 1.04
A.Y 2025-26 - 0.03 - 0.03 -
Major Components of income tax expense for period/year ended September 30, 2022, September 30, 2021, March 31, 2022, March 31, 2021 and March 31, 2020 are as
follows:
`
i. Income tax recognised in profit or loss
Current Tax Expense
Current tax on profits for the period/year 173.13 - 79.68 - -
Adjustment in respect of current income tax of previous year - - - - -
Total Current Tax Expense 173.13 - 79.68 - -
Deferred Tax (Credit) / Expense

Origination and reversal of temporary differences (30.40) (22.30) (17.97) 1.22 0.07
Total Deferred Tax (Credit) / Expense (30.40) (22.30) (17.97) 1.22 0.07
Income tax expenses recognised in profit or loss 142.73 (22.30) 61.71 1.22 0.07
ii. Income Tax recognised in OCI

Net loss/(gain) on remeasurements of defined benefit plans 0.11 0.44 (0.10) (0.24) 0.25
Income tax expense recognised in OCI 0.11 0.44 (0.10) (0.24) 0.25
Reconciliation of tax expense and accounting profit multiplied by income tax rate for September 30, 2022, March 31,2022, September 30, 2021 , March 31, 2021 and March
Profit/(loss) before tax 594.85 (229.64) 501.77 (145.04) (134.39)
Accounting profit before income tax 594.85 (229.64) 501.77 (145.04) (134.39)
Enacted tax rate in India 25.17% 25.17% 25.17% 31.20% 31.20%
Income Tax on accounting profit/(loss) 149.71 (57.80) 126.30 (45.25) (41.93)
Effect of
Expenses not allowable under Income Tax - - - - -
Fair value loss on financial liability measured at FVTPL - 9.10 25.45 1.44 -
Rate differnce due to Deferred tax recognised - - - - -
Rate difference on tax loss of half year due to full year ETR and applicbale rate - 11.94 - - -
DTA not recognised against Carry Forward Business Loss (to the extent of CY profit/loss) - 16.10 - 46.61 42.12
Rate difference due to effective rate and applicable rate - - 26.35 - -
Unrecognised DTA utlised in CY against profits - - (118.32) - -
Income considered under separate head - Capital Gain (0.40) - (0.40) - -
Others (6.58) (1.64) 2.33 (1.57) (0.12)
Tax at effective Income Tax Rate 142.73 (22.30) 61.71 1.22 0.07
Changes in tax rate

During the year ended March 31, 2022, the Holding company elected to exercise the option permitted under Section 115BAA of the Income-tax Act, 1961 as introduced by the Taxation Laws
(Amendment) Ordinance, 2019. Accordingly, the Group re-measured its net deferred tax asset/(liabilities) basis the rate prescribed in the said section.The full impact of this change was recognised in the
restated consolidated statement of profit and loss for that year.
283
ANNEXURE -VII
15. EQUITY SHARE CAPITAL AND INSTRUMENTS ENTIRELY EQUITY IN NATURE
i. Authorised Share Capital
Equity shares Preference shares
Number of Number of
Amount Amount
Particulars shares shares
Equity shares and Preference shares of Rs.10 each with
voting rights
At April 1, 2019 2,25,000 2.25 75,000 0.75
Change during the year - - - -
At March 31, 2020 2,25,000 2.25 75,000 0.75
At March 31, 2021 2,25,000 2.25 75,000 0.75
At March 31, 2022 2,25,000 2.25 75,000 0.75
At March 31, 2021 2,25,000 2.25 75,000 0.75

Change during the period - - - -
At September 30, 2021 2,25,000 2.25 75,000 0.75
At March 31, 2022 2,25,000 2.25 75,000 0.75

Change during the period - - - -
At September 30, 2022 2,25,000 2.25 75,000 0.75
ii. Issued, Subscribed and Paid up Capital
(a) Reconciliation of the number of equity shares

Particulars Equity shares of INR 10 each, fully paid Equity shares of INR 10 each, INR 1 Total
up partly paid up
Number of Number of Number of
Amount Amount Amount
shares shares shares
At April 1, 2019 88,630 0.89 - - 0.89 88,630
Shares Issued during the year - - 1,100 0.00 0.00 1,100
At March 31, 2020 88,630 0.89 1,100 0.00 0.89 89,730
Shares Issued during the year 300 0.00 - - 0.00 300
At March 31, 2021 88,930 0.89 1,100 0.00 0.89 90,030
Shares Issued during the year 470 0.00 - - 0.00 470
At March 31, 2022 89,400 0.89 1,100 0.00 0.89 90,500
At March 31, 2021 88,930 0.89 1,100 0.00 0.89 90,030

Shares Issued during the period 470 0.00 - - 0.00 470
At September 30, 2021 89,400 0.89 1,100 0.00 0.89 90,500
At March 31, 2022 89,400 0.89 1,100 0.00 0.89 90,500

Shares Issued during the period 64 0.00 - - 0.00 64
At September 30, 2022 89,464 0.89 1,100 0.00 0.90 90,564
(b) Rights, preferences and restrictions attached to equity shares:

The Holding company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Holding Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity
shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Holding Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
Failure to pay any amount called up on shares may lead to forfeiture of the shares.
On winding up of the Group, the holders of equity shares will be entitled to receive the residual assets of the Group, remaining after distribution of all preferential amounts in proportion to the number of equity shares held and after payment to the secured and unsecured loan.
284
(c) Reconciliation of the number of Instruments Entirely Equity In Nature shares
Series A1 0.01% Compulsorily Series A 0.001% Compulsorily Series B Compulsorily Convertible Series B1 Compulsorily Convertible
Convertible Cumulative Preference Shares Convertible Cumulative Preference Shares Cumulative Preference Shares of Rs. 10/- Cumulative Preference Shares of Rs. 10/- Total
Particulars
of INR 10 each, 1 partly paid-up. of INR 10 each, fully paid-up. each, fully paid up. each, fully paid up.
Number of Number of Number of Number of
Amount Amount Amount Amount Amount
shares shares shares shares
At April 1, 2019 328 0.00 38,145 0.38 - - - - 0.38

Issued during the year - - - - - - - - -
At March 31, 2020 328 0.00 38,145 0.38 - - - - 0.38
At March 31, 2021 328 0.00 38,145 0.38 - - - - 0.38
At March 31, 2022 328 0.00 38,145 0.38 - - - - 0.38
At March 31, 2021 328 0.00 38,145 0.38 - - - - 0.38

Issued during the period - - - - - - - - -
At September 30, 2021 328 0.00 38,145 0.38 - - - - 0.38
At March 31, 2022 328 0.00 38,145 0.38 - - - - 0.38

Issued during the period - - - - 10,079 0.10 19,018 0.19 0.29
At September 30, 2022 328 0.00 38,145 0.38 10,079 0.10 19,018 0.19 0.67
(d) Rights, preferences and restrictions attached to preference shares: (Series A1)
Compulsorily convertible cumulative preference shares were issued at par in December, 2016. All preference shares carry voting rights as per the provision of the Companies Act, 2013. These preference shares are convertible in to equity shares upon the earlier of (i) 6th (sixth) anniversary
of the date of allotment of each such Series A1 CCPS, or (ii) in connection with an IPO/QIPO, prior to the filing of a prospectus (or equivalent document, by whatever name called) by the Holding company with the competent authority. The preference shares are entitled to cumulative
dividend @ 0.01% in preference to equity shares, as and when declared. Where dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward. Each Preference share is convertible in to 1 Equity Share of INR 10 each in accordance
with the Securities Subscription Agreement.The Series A1 CCPS shall have the voting rights, prescribed under applicable Law.
(e) Rights, preferences and restrictions attached to preference shares: (Series A)

Compulsorily convertible cumulative preference shares were issued at par in December, 2017. All preference shares carry voting rights as per the provision of the Companies Act, 2013. These preference shares are convertible in to equity shares upon the earlier of (i) 1 (one) day prior to the
expiry of 20 (twenty) years from the date of allotment or (ii) in connection with an IPO/QIPO, prior to the filing of a prospectus (or equivalent document, by whatever name called) by the Holding company with the competent authority or such later date as may be permitted under
applicable Law, or (iii) a decision by vote or written consent of the holders of a majority of the Series A CCPS that all the Series A CCPS must be converted. The preference shares are entitled to cumulative dividend @ 0.001% in preference to equity shares, as and when declared. Where
dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward. Each Preference share is convertible in to 1 Equity Share of INR 10 each in accordance with the Securities Subscription Agreement. Holders of the Series A CCPS are
entitled to vote on all matters that are submitted to the vote of the Shareholders.
(f) Rights, preferences and restrictions attached to preference shares: (Series B)

Compulsorily convertible cumulative preference shares were issued at par in April, 2022. All preference shares carry voting rights as per the provision of the Companies Act, 2013. These preference shares are convertible in to equity shares upon the earlier of (i) 1 (one) day prior to the
applicable Law, or (iii) a decision by vote or written consent of the holders of a majority of the Series B CCPS that all the Series B CCPS must be converted. The preference shares are entitled to cumulative dividend @ 0.001% in preference to equity shares, as and when declared. Where
dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward. Each Preference share is convertible in to 1 Equity Share of INR 10 each in accordance with the Securities Subscription Agreement. Holders of the Series B CCPS are
(g) Rights, preferences and restrictions attached to preference shares: (Series B1)
Compulsorily convertible cumulative preference shares were issued at par in April, 2022. All preference shares carry voting rights as per the provision of the Companies Act, 2013. These preference shares are convertible in to equity shares upon the earlier of (i) 1 (one) day prior to the
applicable Law, or (iii) a decision by vote or written consent of the holders of a majority of the Series B1 CCPS that all the Series B1 CCPS must be converted. The preference shares are entitled to cumulative dividend @ 0.001% in preference to equity shares, as and when declared. Where
dividend on cumulative preference shares is not declared for a financial year, the entitlement thereto is carried forward. Each Preference share is convertible in to 1 Equity Share of INR 10 each in accordance with the Securities Subscription Agreement. Holders of the Series B1 CCPS are
285
(h) Details of shareholders holding more than 5% shares of a class of shares in the Group:
As at September 30, 2022 As at September 30, 2021 As at March 31, 2022 As at March 31, 2021 As at March 31, 2020
Particulars
Number of shares % Holding Number of shares % Holding Number of shares % Holding Number of shares % Holding Number of shares % Holding
Equity Shares with Voting Rights
Ankit Mehta 16,314 18.01% 16,174 17.87% 16,314 18.03% 16,174 17.97% 16,174 18.03%
Ashish Bhat 15,695 17.33% 15,695 17.34% 15,695 17.34% 15,695 17.43% 15,695 17.49%
Rahul Singh 15,855 17.51% 15,695 17.34% 15,855 17.52% 15,695 17.43% 15,695 17.49%
Sujata Vemuri 9,395 10.37% 9,995 11.04% 9,395 10.38% 9,995 11.10% 9,995 11.14%
Vipul Joshi 6,360 7.02% 6,260 6.92% 6,360 7.03% 6,260 6.95% 6,260 6.98%
Preference shares
Series A1, partly paid up
Trifecta Venture Debt Fund I 328 100.00% 328 100.00% 328 100.00% 328 100.00% 328 100.00%
Series A, fully paid up

Celesta Capital II Mauritius (Formerly known as WRV II
Mauritius) 16,323 42.79% 16,323 42.79% 16,323 42.79% 16,323 42.79% 16,323 42.79%
Indusage Technology Venture Fund I 9,075 23.79% 9,075 23.79% 9,075 23.79% 9,075 23.79% 9,075 23.79%
Infosys Limited 5,402 14.16% 5,402 14.16% 5,402 14.16% 5,402 14.16% 5,402 14.16%
Qualcomm Asia Pacific PTE Limited 5,402 14.16% 5,402 14.16% 5,402 14.16% 5,402 14.16% 5,402 14.16%
Celesta Capital II-B Mauritius (Formerly known as WRV II-
B Mauritius) 1,943 5.09% 1,943 5.09% 1,943 5.09% 1,943 5.09% 1,943 5.09%
Series B, fully paid up *

IndusAge Technology Venture Fund I 1,013 10.05% - - - - - - - -
Infosys Limited 1,787 17.73% - - - - - - - -
Qualcomm Asia Pacific Pte. Ltd. 726 7.20% - - - - - - - -
Celesta Capital II Mauritius (Formerly known as WRV II
Mauritius) 3,194 31.69% - - - - - - - -
Celesta Capital II-B Mauritius (Formerly known as WRV II
Mauritius) 381 3.78%
Infina Finance Private Limited 1,191 11.82% - - - - - - - -
Export Import Bank Of India 1,787 17.73% - - - - - - - -
Series B1, fully paid up *

Florintree Enterprise LLP 17,884 94.04% - - - - - - - -
Ganapathy Subramaniam 1,134 5.96% - - - - - - - -
* Series B and B1 are issued during the period ended September 30, 2022, there are no comparative available
(i) Details of shareholdings by the Promoter's of the Group:

As at September 30, 2022 As at March 31, 2022 % Change during
Promoter's name*
Number of shares % Holding Number of shares % Holding the period
Equity Shares of Rs 10 each fully paid up

Ankit Mehta 16,314 18.01% 16,314 18.03% -0.02%
Ashish Bhat 15,695 17.33% 15,695 17.34% -0.01%
Rahul Singh 15,855 17.51% 15,855 17.52% -0.01%

Promoter's name*

Ankit Mehta 16,174 17.87% 16,174 17.97% -0.10%
Ashish Bhat 15,695 17.34% 15,695 17.43% -0.09%
Rahul Singh 15,695 17.34% 15,695 17.43% -0.09%
As at March 31, 2022 As at March 31, 2021 % Change during

Promoter's name*
Number of shares % Holding Number of shares % Holding the year

Ankit Mehta 16,314 18.03% 16,174 17.97% 0.06%
Ashish Bhat 15,695 17.34% 15,695 17.43% -0.09%
Rahul Singh 15,855 17.52% 15,695 17.43% 0.09%
* Change during the year is on account of acquisition of shares by Mr. Ankit Mehta (140 shares) and Mr. Rahul Singh (160 shares) from Mr. Amardeep singh on November 24, 2021.
286
Promoter's name*

Ankit Mehta 16,174 17.97% 16,174 18.03% -0.06%
Ashish Bhat 15,695 17.43% 15,695 17.49% -0.06%
Rahul Singh 15,695 17.43% 15,695 17.49% -0.06%
As at March 31, 2020 As at April 1, 2019 % Change during

Promoter's name*

Ankit Mehta 16,174 18.03% 16,174 18.25% -0.22%
Ashish Bhat 15,695 17.49% 15,695 17.71% -0.22%
Rahul Singh 15,695 17.49% 15,695 17.71% -0.22%
Details of shareholders holding more than 5% shares of a partly paid shares in the Group:
Particulars
Equity Shares of Rs 10 each partly paid up of INR 1

Ganapathy Subramaniam 630 57.27% 630 57.27% 0.00%
Dhruv Gupta 470 42.73% 470 42.73% 0.00%

Particulars

Dhruv Gupta 470 42.73% 470 42.73% 0.00%

Particulars

Dhruv Gupta 470 42.73% 470 42.73% 0.00%

Particulars

Dhruv Gupta 470 42.73% 470 42.73% 0.00%
287
As at March 31, 2020 As at April 1, 2019 % Change during
Particulars

Ganapathy Subramaniam 630 57.27% - 0.00% 100.00%
Dhruv Gupta 470 42.73% - 0.00% 100.00%
(j) Shares reserved for issue under options and contracts:

As at 30 September 2022 As at 30 September 2021 As at 31 March 2022 As at 31 March 2021 As at 31 March 2020
Particulars
Number of shares Amount No. Of Shares Amount No. Of Shares Amount No. Of Shares Amount No. Of Shares Amount
Under Employee Stock Option plan :

Equity shares of Rs. 10 each, at exercise price of Rs.10 per
share (September 30, 2022, September 30, 2021, March 31,
2021 and March 31, 2020 :INR 10 each)
15,639 0.16 9,070 0.09 11,034 0.11 9,709 0.10 9,500 0.10
For series A1 0.01% Compulsorily Convertible

Cumulative Preference Shares of INR 10 each, INR 1 each
partly paid-up.
Equity shares of Rs. 10 each 328 0.00 328 0.00 328 0.00 328 0.00 328 0.00
For Series A 0.001% Compulsorily Convertible

Cumulative Preference Shares of INR 10 each, fully paid-
up.
Equity shares of Rs. 10 each 38,145 0.38 38,145 0.38 38,145 0.38 38,145 0.38 38,145 0.38
For Series B Compulsorily Convertible Cumulative

Preference Shares of INR 10 each, fully paid up.
Equity shares of Rs. 10 each 10,079 0.10 - - - - - - - -
For Series B1 Compulsorily Convertible Cumulative

Preference Shares of INR 10 each, fully paid up.
Equity shares of Rs. 10 each 19,018 0.19 - - - - - - - -
Aggregate number and class of shares allotted as fully paid up by way of bonus shares : Nil
Aggregate number and class of shares bought back during the period of five years immediately preceding the reporting date: Nil
288
ANNEXURE -VII
16. OTHER EQUITY
A. Summary of Other Equity balance:

Reserves & surplus

Securities Premium 2,410.05 902.70 902.70 895.59 890.12
General Reserve 5.00 - 5.00 - -
Share Based Payment Reserve 264.99 95.95 145.39 86.01 29.42
Retained Earnings 501.78 (599.06) 49.97 (390.39) (244.64)
Debenture Redemption Reserve - 5.00 - 5.00 5.00
Equity component of compound financial instruments ( refer note 17) - - 528.67 - -
Money received against share warrant 0.03 0.03 0.03 - -
Total Other Equity 3,181.85 404.62 1,631.76 596.21 679.90
(a) Securities Premium

Balance at the beginning of the period/year 902.70 895.59 895.59 890.12 890.12
Add: Interest expense on fair value through P&L on CCD - - - - -
Add : Securities premium on preference shares issued 985.52 - - - -
Add : Securities premium on conversion of compulsorily convertible debenture to 528.57 - - - -
compulsorily convertible preference shares
Add : Issue of equity shares on exercise of employee stock options 1.35 7.11 7.11 5.47 -
Less : Expenses incurred directly in connection with issue of CCPS (8.09) - - - -
Balance at the end of the period/year 2,410.05 902.70 902.70 895.59 890.12
(b) General Reserve

Balance at the beginning of the period/year 5.00 - - - -
Add: Transferred from debenture redemption reserve - - 5.00 - -
Balance at the end of the period/year 5.00 - 5.00 - -
(c) Share Based Payment Reserve

Balance at the beginning of the period/year 145.39 86.01 86.01 29.42 22.42
Add : Employee compensation expense for the year 120.95 17.05 66.49 62.06 7.00
Less : Transferred to securities premium account/share capital on exercise of stock option (1.35) (7.11) (7.11) (5.47) -
Balance at the end of the period/year 264.99 95.95 145.39 86.01 29.42
(d) Retained Earnings

Balance at the beginning of the period/year 49.97 (390.39) (390.39) (244.64) (109.62)
Add: Profit/(Loss) for the period/year 452.12 (207.34) 440.06 (146.26) (134.46)
Less: Remeasurement of post employment benefit obligation, net of tax (0.31) (1.33) 0.30 0.51 (0.56)
Balance at the end of the period/year 501.78 (599.06) 49.97 (390.39) (244.64)
289
(e) Debenture Redemption Reserve (DRR)
Balance at the beginning of the period/year - 5.00 5.00 5.00 5.00
Less : Transferred to General Reserve - - (5.00) - -
Balance at the end of the period/year - 5.00 - 5.00 5.00
(e) Money received against share warrant

Balance at the beginning of the period/year 0.03 - - - -
Add : Money received during the year against warrants - 0.03 0.03 - -
Balance at the end of the period/year 0.03 0.03 0.03 - -
(f) Equity component of compound financial instruments

Balance at the beginning of the period/year 528.67 - - -
Add : Premium on reclassification of CCD to CCPS - - 528.67 - -
Less : Reclassified to securities Premium and equity on actual conversion of CCD to CCPS (528.67) - - - -
Balance at the end of the period/year - - 528.67 - -
B. Nature and purpose of reserves:
Securities Premium - Securities premium reserve is used to record the premium on issue of shares. The reserve is utilised in accordance with the provisions of the Act.
General Reserve - On redemption of the debentures for which the debenture redemption reserve was created, the Holding Company has transferred the balance in the debenture redemption reserve to the General Reserve.
Share Based Payment Reserve - The fair value of the equity-settled share based payment transactions is recognised in restated consolidated statement of profit and loss with corresponding credit to Share Based Payment Reserve and
utilised on issue of shares.
Retained Earnings - Retained earnings are the profits that the Group has earned till date or losses incurred till date, less any transfers to general reserve, dividends or other distributions paid to shareholders.
Debenture Redemption Reserve - In order to comply with the requirements of Section 71(4) of the Companies Act, 2013, the Holding company had created a debenture redemption reserve out of the profits of the Holding company
available for payment of dividend, and the amount credited to such account was utilized by the Group for the redemption of debentures.
Security premium related to conversion from CCD to CCP's - The amount received in excess of face value of the equity shares is recognised in security premium. In case of equity component of compound financial instruments,
the difference between fair value on the day of conversion and nominal value of shares is accounted as security premium
290
ANNEXURE -VII
17. BORROWINGS

2022 2021
Non Current Borrowings
Secured
(a) Debenture :
(September 30, 2022 : Nil, September 30, 2021: Nil, March 31, 2022: Nil,
March 31, 2021 : 300 and March 31, 2020 : Nil)
- - - 150.00 -
(September 30, 2022 : Nil September 30, 2021: Nil , March 31, 2022: Nil ,
March 31, 2021 : 17.5% and March 31, 2020: Nil) Redeemable Non
Convertible Debentures of INR 5,00,000 each (refer note (a))
(b) Vehicle Loan
From Bank - ICICI Bank (refer note (b)) - - - 0.57 0.88
Unsecured
Liability carried at fair value through profit & loss
(c) Debenture :
(September 30, 2022 : Nil, September 30, 2021 : 18028, March 31, 2022 :
Nil, March 31, 2021 : 15,438, March 31, 2020 : Nil) Compulsorily - 388.72 - 302.57 -
convertible debentures of INR 19,300 each carried at Fair value through
Profit & Loss (refer note (d))
(A) - 388.72 - 453.14 0.88
Less : Current Maturity of Non Current Borrowings
(a) Debenture :
(September 30, 2022 : Nil, September 30, 2021 : Nil, March 31, 2022: Nil,
- - - (75.00) -
March 31, 2021 : 300 and March 31, 2020 : Nil) 17.5% Redeemable Non
CMNCB1.1 Convertible Debentures of INR 5,00,000 each (refer note (a))
(b) Vehicle Loan
From Bank - ICICI Bank (refer note (b)) - - - (0.33) (0.31)
(B) - - - (75.33) (0.31)
Total (A)-(B) - 388.72 - 377.81 0.57
Current Borrowings
Secured
(a) Debenture :
(September 30, 2022 : Nil, September 30, 2021 : 300, March 31, 2022:
- 120.00 - 75.00 -
Nil, March 31, 2021 : 300 and March 31, 2020 : Nil) 17.5% Redeemable
Non Convertible Debentures of INR 5,00,000 each (refer note (a))
(b) Vehicle Loan
From Bank - ICICI Bank (refer note (b)) - 0.41 0.24 0.33 0.31
(c) Loans repayable on demand
From Bank (refer note c (i), (iii) and (iv)) 226.67 77.50 - 52.60 52.13
From NBFC (refer note c (ii)) - 150.38 - - -
(d) Other loan from bank* (refer note c (v)) - 150.00 - - -
Unsecured
(e ) Loans from Related Parties - Ganapathy Subramaniam (refer note (e)) - - 56.52 - -
COFLAC11 (f) Interest accrued but not due on borrowings - - 0.00 0.00 0.01
Total 226.67 498.29 56.76 127.93 52.45
*From Exim bank
Secured :
Note (a) : Unlisted 17.5% p.a secured redeemable non convertible debentures were issued to Blacksoil India Credit Limited on February 25, 2021, the same are repayable
within 24 months from the date of allotment February 25, 2021 as per the Debentures deed agreement. There was a moratorium period of 4 months for principal
repayment till May 31, 2021. These debentures are secured against the personal guarantee of the promoters and a pari passu first charge over book debts, inventories,
movable assets and others assets acquired by the Holding company. These non convertible debenture were fully repaid during the year ended March 31, 2022.
Note (b) : Secured Vehicle loan from ICICI Bank was obtained on October 18, 2017 amounting to INR 1.50 million and carries an interest rate of 8.24% p.a (September
30, 2021 : 8.24% p.a , March 31, 2022 : 8.24% p.a , March 2021 31, : 8.24% p.a, March 31 2020 : 8.24% p.a) against the hypotication of vehicle. The loan is repayable
in 60 equal instalments commencing from December 1,2017 having and equated monthly instalment of INR 0.03 million. During the period ended September 30, 2022,
the loan were fully repaid.
Note (c(i)): Overdraft facility taken from RBL Bank Limited with sanctioned amount of INR 80.00 million (fund and non-fund based) on October 28, 2016, and INR
100.00 million during the year ended March 31, 2020 which carries an interest based on prevalent base rate plus margin on actual amount utilised and the same is
repayable on demand. The overdraft facility is secured by personal guarantee of promoters and pari passu charge over inventories.
Note (c (ii)):Structured credit line from Northern Arc Capital Limited (formerly IFMR Capital Finance Limited) for a maximum amount of INR 240.00 million repayable
within 24 months from the date of availment of the facility i.e.June 25, 2021 carring an interest rate of 14.5% p.a. Facility is available for utilization majorly towards
contract amounting to gross value of INR 1,344.50 million with Ministry of Defence, Government of India (86785/MINI RPAS/FTP/Inf-5(a)/2020). During the year
ended March 31, 2022 the loan were fully repaid
291
Note (c (iii)): Cash credit (fund and Non fund based) facility taken from HDFC Bank Limited and carries interest based prevalent base rate plus margin (30 September
2022 : 7.25% p.a, September 30, 2021 : Nil, March 31,2022 : 7.25% p.a, March 31, 2021 : Nil and March 31, 2020 : Nil) on actual amount utilised and the same is
repayable on demand. The overdraft facility is secured by personal guarantee of promoters and pari passu charge over over book debts, inventories (excluding inventory
of infantry project), movable assets and others assets acquired by the Holding company. Date of Sanction of credit facility : October 22, 2021 with total limit of INR
400.00 million and the same has been revised on April 15, 2022 with limit of INR 592.00 million. Date of Hypothecation Agreement : November 23, 2021 and period is
of 12 months.
Note (c (iv)): Cash credit (fund and Non fund based) facility taken from Axis Bank Limited and carries interest based prevalent base rate plus margin (September 30, 2022
: 7.65% p.a, September 30, 2021 : Nil ,March 31, 2022 : Nil , March 31, 2021 : Nil, March 31, 2020 : Nil) on actual amount utilised and the same is repayable on
demand. The overdraft facility is secured by personal guarantee of promoters and pari passu charge over book debts, inventories (excluding inventory of infantry project),
movable assets and others assets acquired by the Holding company. Date of Sanction of credit facility : May 5, 2022 and Date of Hypothecation Agreement: August 23,
2022.
Note (c (v)): Cash credit (cashflow deficit and Non fund based) facility taken from Exim Bank and carries interest based prevalent base rate plus margin (September 30,
2022 : 9.50% p.a, September 30, 2021 : 9.50% p.a , March 31,2022 : 9.50% p.a , March 31 2021 : Nil, March 31 2020 : Nil) on actual amount utilised and this is against
the SIDM1.The overdraft facility is secured by personal guarantee of promoters and pari passu charge over book debts (only for SIDM 1 project), inventories (only for
SIDM 1 project), movable assets and others assets acquired by the Holding company and the same was repaid during the year ended March 31,2022. During the six month
period ended September 30, 2022, The Holding company has obtained cash credit facility with sanctioned amount of INR 750.00 million for Infantry project and this
overdraft facility is secured by personal guarantee of promoters and pari passu charge over book debts (only for Infantry project), inventories (only for Infantry project),
movable assets and others assets acquired by the Group. Date of Sanction of credit facility : March 25, 2021 and Date of Hypothecation Agreement: March 28, 2022.
Note : The holding company has filed quaterly returns/statements of current assets with banks and the amounts reported are in agreement with the books of account
Unsecured :
Note (d) : Unlisted and unsecured compulsorily convertible debentures are issued to IndusAge dated November 23, 2020 , Celesta Capital II-B Mauritius (Formerly known
as WRV II-B Mauritius) and Celesta Capital II Mauritius (Formerly known as WRV II Mauritius) dated December 30, 2020, Qualcomm dated February 10, 2021, Infosys
Ltd dated February 12, 2021, Infina Finance Pvt Ltd dated April 15, 2021 EXIM Bank dated October 27, 2021 and the same are to be converted in equity share within 24
months from the date of allotment as per the debentures subscription agreement and on April 28, 2022 CCD's have been converted into INR 0.10 million Series B
Compulsorily Convertible Cumulative Preference Shares of Rs. 10/- each, fully paid up of the Holding company.
Note (e) : During the year ended March 31, 2021, Holding company has taken unsecured working capital loan from Mr. Ganapathy Subramaniam Director of the Holding
company at interest of 16% p.a. to meet working capital requirement of INR 70.00 million and was fully repaid on March 29, 2021. Further during the year ended March
31, 2022 Holding company has taken unsecured working capital loan from Mr. Ganapathy Subramaniam Director of the Holding company at interest of 16% p.a. to meet
working capital requirement of INR 97.00 million and was fully repaid by April 5, 2022.
292
ANNEXURE -VII
17. BORROWINGS
Unsecured
Compulsory Convertible Debentures
The Holding company has issued 21,914 0% compulsorily convertible debentures for INR 19,300 each on November 20,2020. to IndusAge, Celesta Capital II-B Mauritius (Formerly
known as WRV II-B Mauritius) and Celesta Capital II Mauritius (Formerly known as WRV II Mauritius), Qualcomm, Infosys Ltd, Infina, EXIM Bank. The debentures are convertible
into 0.01% cumulative compulsorily convertible preference shares of the Group, at the option of the holder. The Conversion rate to shares for each debenture held is stated below. The
Convertible debenture are presented in the balance sheet as follows:
Face value of compulsory convertible debentures
issued - 19,300 19,300 19,300 -
Equity component of debentures - value of conversion rights - 528.67 -
Financial liability of compulsory convertible debentures issued 352.56 297.95 -
Non Current Borrowings - 388.72 - 297.95 -

Equity - - 528.67 - -
Terms and conditions for conversion of CCD :

1. Conversion of CCDs: CCDs shall be converted into Converted Securities of the Group, as per point 1.1 below, without any further act or deed by the holder of such CCD on (I)
the earlier of (A) the first instance of the Holding company receiving a Qualified Financing, and(B) on the occurrence of a Bridge Liquidation Event and/or Exit Event within 24
(twenty-four) months from the Closing Date (collectively referred to as a “Conversion Event”), and (II) on the expiry of 24 (twenty-four) months from the Closing Date, whichever is
earlier.
1.1 In the event that CCDs are to be converted pursuant to point 2(I) above (i.e. on the occurrence of a Conversion Event) then, CCDs shall convert into Converted Securities as
follows, provided that in no event shall the conversion price be lower than the fair market value of the Holding company’s Securities at the time of subscription of CCDs(i.e. INR
19,263.57 per security):
a) if such Conversion Event occurs within the 12 (twelve) months from the Closing Date, then the CCDs shall be converted into such number of Converted Securities determined by
dividing the subscription amount paid by the concerned holder of the CCDs by the price per Converted Security, which price per Converted Security shall be equal to a 20% (twenty
percent) discount to the price per Share, determined by dividing the product of (a) the pre money valuation applied at the Conversion Event and (b) the Agreed Exchange Rate, by the
number of issued and outstanding Securities of the Holding company on a Fully Diluted Basis (other than the CCDs and the Converted Securities into which the CCDs shall convert into
on the Conversion Date) on the Conversion Date;
b) if such Conversion Event occurs post a period of 12 (twelve) months from the Closing Date, but prior to the expiry of 24 (twenty-four) months from the Closing Date, then the
CCDs shall be converted into such number of Converted Securities determined by dividing the subscription amount paid by the concerned holder of the CCDs by the price per
Converted Security, which price per Converted Security shall be equal to a 30% (thirty percent) to the price per Share, determined by dividing the product of (a) the pre money
valuation applied at the Conversion Event and (b) the Agreed Exchange Rate, by the number of issued and outstanding Securities of the Holding company on a Fully Diluted Basis
1.2 In the event that the CCDs are to be converted pursuant to Point 2 (II) above (i.e. on the expiry of 24 (twenty-four) months from the Closing Date) then, the CCDs shall convert at
a per security price of INR 19,300/- (Rupees Nineteen Thousand Three Hundred only) per CCD (which conversion price is not lower than the fair market value of the Holding
company’s Securities at the time of subscription of the CCDs (i.e. INR 19,263.57 per Security).
1.3 It is clarified that the exchange rate of 1 USD = INR75/- (“Agreed Exchange Rate”), shall be applied to pre-money valuation at the Conversion Event for the purposes of arriving at
the price per share and the number of shares to be issued to the Identified Person pursuant to any Conversion Event.
Pursuant to the term sheet signed dated November 20, 2021, the ratio is determined for conversion of CCD into CCPS and hence the instrument becomes equity in nature. The
outstanding CCD is then transferred from borrowing to equity component of compound financial instruments as at November 20,2021. Subsequent to March 31,2022 on 28 April
2022 CCD's have been converted into 0.10 lakh CCPS of the Holding company.
Note 1 : Where the Holding company has not used the borrowings from banks and financial institutions for the specific purpose for which it was taken at the balance sheet date, the
Holding company shall disclose the details of where they have been used.
293
ANNEXURE -VII
18. OTHER FINANCIAL LIABILITIES
Current
Payable to employees 27.77 42.91 54.76 49.52 18.03
Total 27.77 42.91 54.76 49.52 18.03
294
ANNEXURE -VII
19. TRADE PAYABLES
Current
Total outstanding dues of micro enterprise and small enterprises 18.16 24.76 23.66 18.71 2.41
Total outstanding dues of creditors other than micro enterprises and small enterprises 132.41 33.32 51.28 28.75 5.82
Total 150.57 58.08 74.94 47.46 8.23
20. OTHER LIABILITIES
Current
Statutory dues 7.72 4.67 7.02 3.01 2.73
Contract Liabilities (Advance from customers) (Refer Note No. 24 (ii)) 0.22 189.21 197.85 2.83 2.02
Other payables (includes reimbursement payable to employee) 0.08 0.17 3.63 0.55 0.20
Total 8.02 194.05 208.50 6.39 4.95
21. LEASE LIABILITIES
Non Current
Lease liabilities payable beyond 12 months 86.06 3.07 94.51 - 4.62
Total 86.06 3.07 94.51 - 4.62
Current
Lease liabilities payable within 12 months 22.00 1.48 12.47 4.62 8.46
Total 22.00 1.48 12.47 4.62 8.46
295
i. Movement in lease liabilities
Reconciliation of Fair Value:
Particulars Amount
At April 1, 2019 19.70
Additions 0.27
Finance cost accrued during the year (Refer Note No. 29) 1.56
Payment of lease liabilities (8.45)
At March 31, 2020 13.08
Additions -
Rent concession income (0.60)
At March 31, 2021 4.62
Additions 110.69
At March 31, 2022 106.98
At March 31, 2021 4.62

Additions 4.84
Finance cost accrued during the period (Refer Note No. 29) 0.22
At September 30, 2021 4.55
At March 31, 2022 106.98

Additions 3.75
Finance cost accrued during the period (Refer Note No. 29) 5.16
At September 30, 2022 108.06
ii. The details of the contractual maturities of lease liabilities on an undiscounted basis are as follows:
Particulars
Within one year 31.16 1.84 22.20 4.72 8.70

One to five years 99.62 3.33 112.10 - 4.72
More than five years - - - - -
130.78 5.17 134.30 4.72 13.42
(iii) The effective interest rate for lease liabilities is 10.00% as on September 30, 2022 (September 30, 2021 : 10.00%, March 31, 2022 : 10.00%, March 31 2021 : 10.00%, March 31, 2020 : 10.00%)
(iv) The Group had total cash outflow for leases (including the short-term leases) for September 30, 2022: INR 9.12 million (September 30, 2021: INR 5.32 million, March 31, 2022: INR 12.30 million, March 31, 2021: INR 9.61 million, March 31, 2020 : INR 10.92 million).
296
ANNEXURE -VII
Trade Payables due for payments :
Trade Payables Ageing Schedule as at 30 September 2022

Particulars Outstanding for following periods from due date of payment
More than 3
Accruals Not Due Less than 1 year 1-2 years Total
2-3 years years
(i) MSME 1.36 14.55 2.24 0.01 - - 18.16
(ii) Others 98.93 22.99 8.94 1.49 - 0.06 132.41
(iii) Disputed dues - MSME - - - - - - -
(iv) Disputed dues - Others - - - - - - -
Trade Payables Ageing Schedule as at 30 September 2021

More than 3
2-3 years years
(i) MSME 0.54 15.11 9.11 - - - 24.76
(ii) Others 9.97 10.64 12.66 - 0.05 - 33.32
Trade Payables Ageing Schedule as at 31 March 2022

More than 3
2-3 years years
(i) MSME 1.15 17.32 5.18 0.01 - - 23.66
(ii) Others 18.07 14.34 18.80 0.05 - 0.02 51.28

More than 3
2-3 years years
(i) MSME - 8.98 9.73 - - - 18.71
(ii) Others 10.12 7.02 11.44 0.11 0.06 - 28.75
(iii) Disputed dues - MSME - - - - - -
(iv) Disputed dues - Others - - - - - -

More than 3
2-3 years years
(i) MSME - 1.29 1.12 - - - 2.41
(ii) Others 2.51 0.85 2.45 0.01 - - 5.82
297
ANNEXURE -VII
22. PROVISIONS

2022 2021
Non Current
Provision for employee benefits
Provision for gratuity (Refer Note No. 33) 14.98 16.76 15.82 13.61 10.98
Provision for compensated absence (Refer Note No. 33) 7.00 9.13 8.14 5.42 3.65
Total 21.98 25.89 23.96 19.03 14.63
Current
Provision for employee benefits
Provision for gratuity (Refer Note No. 33) 4.44 1.60 1.58 1.17 1.26
Provision for compensated absence (Refer Note No. 33) 8.83 5.55 1.90 1.24 0.83
Provision for Warranty* 32.49 3.65 24.11 2.78 1.75
Provision for Liquidated damages** 27.90 - 27.90 1.98 0.96
Total 73.66 10.80 55.49 7.17 4.80
*The Group records provision towards warranty for products wherein it has obligation for two years. Accordingly, provision had been recognised on the basis of management's expectation of
warranty claims on such products.

Movements in Provision for Warranty March 31, 2022 March 31, 2021 March 31, 2020
2022 2021
At the commencement of the period/year 24.11 2.78 2.78 1.75 0.30
Provision made during the period/year 24.53 3.65 24.11 2.48 1.45
Provision utilised during the period/year (16.15) (2.78) (2.78) (1.45) -
At the end of the period/year 32.49 3.65 24.11 2.78 1.75
**Liquidated damages are contractual obligations affecting the revenue in case of the UAV systems delivery arising as a result of penalties arising from delays caused in the completion of a
delivery. For delivery delayed beyond the stipulated delivery completion periods, management has estimated the liability that could arise on these contracts.
Additional disclosure relating to provision for September 30, September 30,

March 31, 2022 March 31, 2021 March 31, 2020
liquidated damages 2022 2021
At the commencement of the period/year 27.90 1.98 1.98 0.96 -
Provision made during the period/year - - 31.29 2.13 0.96
Provision utilised during the period/year - (1.98) (5.37) (1.11) -
At the end of the period/year 27.90 - 27.90 1.98 0.96
23. CURRENT TAX LIABILITY(NET)

2022 2021
Provision for tax (net of advance tax and tax deducted at source of INR 138.43 million,
30 September 2021: INR Nil, 31 March 2022: INR 7.84 million, 31 March 2021: INR Nil, 121.32 - 8.89 - -
31 March 2020: INR Nil)
Total 121.32 - 8.89 - -
298
ANNEXURE -VII
24. REVENUE FROM OPERATIONS
Year ended 31 Year ended 31 Year ended 31
March 2022 March 2021 March 2020
2022 2021
Revenue from contract with customers :
Sale of products (I)
UAVs 1,368.36 81.02 1,515.79 287.42 109.36
Spare items 7.14 13.27 23.51 22.72 9.11
Sale of service (II)

Maintenance services 18.79 1.73 32.76 37.04 21.46
Training services - - 21.71 - 0.06
Others 1.08 - 0.51 - -
Total (I + II) 1,395.37 96.02 1,594.28 347.18 139.99
Other Operating Revenues

Duty drawback 0.11 - 0.11 - -
Total 1,395.48 96.02 1,594.39 347.18 139.99
Critical judgements in calculating amounts

The Group has recognised revenue amounting to INR 1,375.50 million for September 30, 2022, INR 94.29 million for September 30, 2021, INR 1,539.31 million for March 31, 2022, INR
310.14 million for March 31, 2021 and INR 118.47 million for March 31, 2020 for sale of product UAVs and spare items to customers . The buyers have the right to warranty for the
product sold as per the respective contracts. The Group believes that, based on past experience with similar sales of products, the warranty rate will not exceed 1%. The Group has, therefore,
recognised revenue on these transactions with a corresponding provision against revenue for estimated warranty.
(i) Disaggregated revenue information :

2022 2021
Sale of products (transferred at a point of time) 1,375.50 94.29 1,539.30 310.14 118.47
India 1,360.05 88.69 1,533.34 310.14 118.47
Outside India 15.45 5.60 5.96 - -
Sale of service (transferred over period of time) 19.87 1.73 54.98 37.04 21.52
India 19.87 1.73 54.98 37.04 21.52
Outside India - - - - -

2022 2021
Government of India (GoI):
Sale of products 1,280.34 44.03 1,373.40 231.70 92.57
Sale of service 18.93 1.41 45.75 33.73 18.19
Total 1,299.27 45.44 1,419.15 265.43 110.76
Non Government:
Sale of products 95.16 50.26 165.90 78.44 25.90
Sale of service 0.94 0.32 9.23 3.31 3.33
Total 96.10 50.58 175.13 81.75 29.23
299
ANNEXURE -VII
(ii) Contract balances :
2022 2021
Contract assets (Unbilled revenue) - - - - -
Contract liabilities (Advance from customers) 0.22 189.21 197.85 2.83 2.02
For Trade receivable Refer note 9
Movement in contract liabilities during the period/year:

2022 2021
Contract Liabilities (Advance from customers):
Opening Balance 197.85 2.83 2.83 2.02 1.33
Revenue recognised that was included in the contract liability balance at the (197.71) (2.35) (2.13) (1.84) -
beginning of the period/year
Advance received during the period/year 0.08 188.73 197.15 2.65 0.69
Closing balance 0.22 189.21 197.85 2.83 2.02
(iii) Reconciling the amount of revenue recognised in the restated consolidated statement of profit and loss with the contracted price
2022 2021
Contracted price 1,395.37 96.02 1,625.57 349.31 140.95
Less : Liquidated damages - - (31.29) (2.13) (0.96)
Total Revenue as per restated consolidated statement of profit and loss 1,395.37 96.02 1,594.28 347.18 139.99
(iv) Performance obligations

The performance obligation is satisfied upon delivery of the product and payment is generally due as per the contract with the customers. The performance obligation for sale of services is
satisfied over the period of time as per contract with customer
The transaction price allocated to the remaining performance obligations is as follows :

2022 2021
To be recognised within one year 18.93 39.94 37.86 24.52 29.34
To be recognised in more than one year 44.63 63.56 45.51 83.37 107.89
Closing Balance 63.56 103.50 83.37 107.89 137.23
The remaining performance obligations expected to be recognised in more than one year relate to the Annual Maintenance Contract("AMC") revenue that is to be satisfied within few years.
All the other remaining performance obligations are expected to be recognised within one year.
300
ANNEXURE -VII
25. OTHER INCOME
2022 2021
Interest income under the effective interest rate method on :
Fixed Deposits 15.72 7.26 16.50 11.25 12.43

Financial assets at amortised cost (Security deposit) 0.35 0.09 0.19 0.19 0.16
Current investments 9.21 - - - -
Dividend income - - - 1.38 7.66

Fair valuation gain from investments designated at FVTPL* 7.06 1.17 3.05 - 2.84
Net gain on sale of property, plant and equipment - - 0.19 - -
Foreign exchange fluctuation gain (Net) 0.40 - - - -
Awards and honours - 0.10 0.10 - -
Rent Concession - - - 0.60 -
Reversal of expected credit loss on trade receivables - - - 2.03 -
Miscellaneous income 6.13 0.03 0.06 0.72 0.14
38.87 8.65 20.09 16.17 23.23
* Fair valuation gain from investments designated at FVTPL includes INR 2.61 million (September 30, 2021 : INR 1.17 million, March 31, 2022: INR 2.61 million, March 31, 2021: INR
Nil, March 31, 2020 : INR 2.84 million) as ‘Net gain or loss on sale of investments.
26. COST OF MATERIALS CONSUMED

2022 2021
Inventory of raw material as at beginning of the period/year 293.71 140.46 140.46 52.77 58.24
Add : Purchases for the year 531.68 245.22 672.48 315.17 80.64
Less: Capitalised in intangible assets under development (Refer Note
(3.28) (3.01) (5.33) (6.49) (9.27)
No.6A)
Less : Inventory of raw material as at end of the period/year (474.71) (266.50) (293.71) (140.46) (52.77)
347.40 116.17 513.90 220.99 76.84
27. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS

2022 2021
Inventories as at the beginning of the year
Work - in - progress 20.48 6.72 6.72 2.99 6.21
Finished goods 174.95 87.02 87.02 52.79 38.00
Total 195.43 93.74 93.74 55.78 44.21
Less : Inventories as at the end of the year

Work - in - progress (23.88) (11.38) (20.48) (6.72) (2.99)
Finished goods (137.42) (151.00) (174.95) (87.02) (52.79)
Total (161.30) (162.38) (195.43) (93.74) (55.78)
Net decrease / (increase) in inventories 34.13 (68.64) (101.69) (37.96) (11.57)
301
ANNEXURE -VII
28. EMPLOYEE BENEFITS EXPENSE

2022 2021
Salaries, wages and bonus* 164.21 125.02 276.83 186.63 179.18

Contribution to provident and other funds (Refer Note No.33) 2.53 2.23 4.38 4.47 5.42
Share based payments to employees** (Refer Note No.34) 117.77 14.76 62.78 58.88 5.34
Staff welfare expenses 2.25 1.46 5.07 2.58 3.90
Compensated Absences (Refer Note No. 33) 6.34 8.40 4.72 2.69 1.16
Referral Bonus - - - - -
Defined benefit plan expenses (Refer Note No. 33) 1.96 1.66 3.33 3.11 2.53
Less : Capitalised in intangible assets under development (Refer Note No.

(56.92) (41.45) (88.58) (65.87) (69.08)
6A)
238.14 112.08 268.53 192.49 128.45
* Salaries, wages and bonus amount is after netting off of amount capitalised in intangible assets under development (refer note no. 6A) for September 30, 2022 : INR 8.55 million
(September 30, 2021 : INR 6.15 million, March 31, 2022 : INR 12.30 million, March 31, 2021 :INR 10.46 million, March 31, 2020 :INR 1.72 million)
** Share based payments to employees amount is after netting off of amount capitalised in intangible assets under development (refer note no. 6A) for September 30, 2022 : INR 3.18
million (September 30, 2021 : INR 2.29 million, March 31, 2022 : INR 3.71 million, March 31, 2021 :INR 3.18 million, March 31, 2020 :INR 1.66 million)
29. FINANCE COSTS

2022 2021
Interest cost on financial liabilities measured at amortized cost

- On borrowings 3.51 19.51 49.09 9.46 2.95
- Interest on Lease liability (Refer Note No.21) 5.16 0.22 3.43 0.84 1.56
- Less : Capitalised in intangible assets under development (Refer Note
(0.58) (0.04) (0.71) (0.29) (0.47)
No. 6A)
Interest cost on Net defined benefit liability (refer note 33) 0.57 0.46 0.93 0.77 0.64
Other borrowing costs (includes processing charges) 2.40 5.83 22.84 1.32 -
11.06 62.14 176.70 16.72 4.68
30. DEPRECIATION AND AMORTIZATION EXPENSE

2022 2021
Depreciation on property, plant and equipment (Refer Note No.4) 5.36 1.72 5.97 2.95 4.81
Amortisation on intangible assets (Refer Note No. 6) 37.28 23.40 56.94 25.37 15.23
Depreciation on right -of- use assets (Refer Note No. 5) 12.36 4.66 12.47 9.82 9.71
(1.39) (1.33) (2.54) (2.33) (1.95)
6A)
53.61 28.45 72.84 35.81 27.80
302
ANNEXURE -VII
31. OTHER EXPENSES

2022 2021
Lease expense 1.29 0.19 0.54 0.91 2.47

Electricity charges 1.73 1.11 2.04 0.69 1.97
(0.50) (0.28) (0.67) (0.47) (0.55)
6A)
Administration and office expenses 9.13 5.17 11.51 8.43 9.11
(0.07) (0.07) (0.13) (0.12) (0.12)
6A)
Bank charges and commission 3.27 4.55 14.29 2.57 1.35
Marketing and advertising expenses 6.69 0.20 1.85 1.19 1.52
Repairs and maintenance expenses 2.20 2.31 4.28 1.45 1.61
Software expenses 3.00 2.16 4.88 3.68 2.89
Rates and taxes 15.17 0.62 8.35 1.23 1.42
Manpower recruitment cost 22.87 17.02 43.70 12.69 3.13
Legal and professional expenses 14.14 8.04 19.98 9.46 10.76
Travelling and conveyance expenses 20.63 7.75 23.89 12.02 18.83
Warranty expenses 24.53 3.65 24.11 2.48 1.45
Insurance expenses 2.56 0.67 2.76 1.99 1.36
Transport charges 6.07 3.24 11.42 11.48 4.48
Share Issue Expenses - - - 1.39 -
Payment to auditor 0.41 0.41 0.83 0.63 0.61
Expected Credit Loss on trade receivables 19.34 26.11 5.56 - 0.20
Loss on sale of investment in mutual funds - - - 0.03 -
Miscellaneous expenses 2.70 1.26 3.24 8.61 8.92
Total 155.16 84.11 182.43 80.34 71.41
Note - INR 0.00 denotes amount less than INR 5000.
303
ANNEXURE -VII
32. EARNINGS PER SHARE
(a) Basic earnings per share
Basic earnings per share attributable to the equity holders of the Holding company 12.49 (7.08) 13.84 (5.03) (4.68)
Total basic earnings per share attributable to the equity holders of the Holding company 12.49 (7.08) 13.84 (5.03) (4.68)
(b) Diluted earnings per share

Diluted earnings per share attributable to the equity holders of the Holding company 11.60 (7.08) 13.13 (5.03) (4.68)
Total diluted earnings per share attributable to the equity holders of the Holding company 11.60 (7.08) 13.13 (5.03) (4.68)
(c) Par value per share 10 10 10 10 10
(d) Reconciliations of earnings used in calculating earnings per share

Basic earnings per share
Profit/(Loss) attributable to the equity holders of the Holding company used in calculating basic earnings
per share 452.12 (207.34) 440.06 (146.26) (134.46)
452.12 (207.34) 440.06 (146.26) (134.46)
Diluted earnings per share
Profit/(Loss) attributable to the equity holders of the Holding company used in calculating basic earnings
per share
452.12 (207.34) 440.06 (146.26) (134.46)
Adjusted Profit/(Loss) attributable to the equity holders of the Holding company used in calculating
diluted earnings per share 452.12 (207.34) 440.06 (146.26) (134.46)
(e) Weighted average number of shares used as the denominator
Weighted average number of equity shares used as the denominator in calculating basic earnings per share 3,61,98,206 2,92,81,595 3,17,98,124 2,90,50,847 2,87,36,647
Adjustments for calculation of diluted earnings per share: 3,89,92,463 3,09,78,403 3,35,11,875 3,09,44,501 3,08,30,311
Weighted average number of equity shares used as the denominator in calculating diluted earnings per share 7,51,90,669 6,02,59,998 6,53,09,999 5,99,95,348 5,95,66,958
Note :
(i) For March 31, 2020, March 31, 2021 and September 30, 2021 - The Group has not considered CCPS- Series A and A1 and ESOPS outstanding as these are anti dilutive in nature. Thus Diluted EPS is considered same as Basic EPS.
ii) The Equity shares and basic/diluted earning per share has been presented to reflect the adjustments for issue of bonus shares subsequent to September 30, 2022 (refer note no 44) in accordance with Ind AS 33-Earning per share.
304
ANNEXURE -VII
33. EMPLOYEE BENEFIT OBLIGATIONS

2022 2021
Expense towards compensated absences included in Employee Benefit expenses 6.34 8.40 4.72 2.69 1.16
As at September As at September As at March 31, As at March 31, As at March 31,

Particulars
30, 2022 30, 2021 2022 2021 2020
Provision for compensated absences (under Non-Current provisions) (Refer note 22) 7.00 9.13 8.14 5.42 3.65
Provision for compensated absences (under Current provisions) (Refer note 22) 8.83 5.55 1.90 1.24 0.83
Total 15.83 14.68 10.04 6.66 4.48
B. Defined Benefit Plan
(i) Description of Plan

Retirement Benefit Plan of the Group include Gratuity. Every employee who has completed five years or more of service gets a gratuity on death or resignation or retirement at 15 days salary
(last drawn salary) for each completed year of service with maximum ceiling as per Group policies. Gratuity plan is unfunded.
(ii) Balance Sheet
The assets, liabilities and (surplus)/deficit position of the defined benefit plans at the Balance Sheet date were:

Particulars
30, 2022 30, 2021 2022 2021 2020
Fair value of plan assets - - - - -
Present value of obligations 19.42 18.36 17.40 14.78 12.24
(Liability) recognised in balance sheet (19.42) (18.36) (17.40) (14.78) (12.24)

Particulars
30, 2022 30, 2021 2022 2021 2020
Provision for gratuity (under Non-Current provisions) (Refer note 22) 14.98 16.76 15.82 13.61 10.98
Provision for gratuity (under Current provisions) (Refer note 22) 4.44 1.60 1.58 1.17 1.26
Total 19.42 18.36 17.40 14.78 12.24
Movements in Present Value of Obligation:
Particulars Amount
As at April 1, 2019 8.82
Current service cost 2.53
Past service cost -
Interest cost 0.64
Actuarial losses / (gains) 0.81
Benefits Paid (0.56)
As at March 31, 2020 12.24
Past service cost -
Interest cost 0.77
Actuarial losses / (gains) (0.75)
As at March 31, 2021 14.78
Past service cost -
Interest cost 0.93
Actuarial losses / (gains) (0.40)
As at March 31, 2022 17.40
As at March 31, 2021 14.78

Past service cost -
Interest cost 0.46
As at March 31, 2022 17.40

Past service cost -
Interest cost 0.57
305
ANNEXURE -VII
(iii) Restated consolidated statement of profit and loss

2022 2021
Employee Benefit Expenses:

Current service cost 1.96 1.66 3.33 3.11 2.53
Past service cost - - - - -
1.96 1.66 3.33 3.11 2.53
Finance costs:
Interest cost 0.57 0.46 0.93 0.77 0.64
Interest income - - - - -
0.57 0.46 0.93 0.77 0.64
Net impact on profit (before tax) 2.53 2.12 4.26 3.88 3.17
Remeasurement of the net defined

benefit plans:
Actuarial (gains)/losses arising from changes in financial assumptions (1.47) 0.30 (0.50) 0.13 0.90
Actuarial (gains)/losses arising from changes in demographic assumptions (0.37) - - - -
Actuarial (gains)/losses arising from experience adjustments 2.26 1.47 0.10 (0.88) (0.09)
Net impact on other comprehensive 0.42 1.77 (0.40) (0.75) 0.81
income (before tax)
(iv) Assumptions
With the objective of presenting the plan obligations of the defined benefits plans at their fair value on the Balance Sheet, assumptions under Ind AS 19 are set by reference to market conditions at the
valuation date.
The obligations are measured at the present value of estimated future cash flows by using a discount rate that is determined with reference to the market yields at the Balance Sheet date on Government
Bonds, which is consistent with the estimated terms of the obligation.
The estimates of future salary increases, considered in actuarial valuation, takes into account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment
market.
The significant actuarial assumptions were as follows:

30, 2022 30, 2021 2022 2021 2020
Mortality rate Indian Assured Indian Assured Indian Assured Indian Assured Indian Assured
Lives Lives Lives Lives Lives
Mortality (2012-14) Mortality (2012-14) Mortality (2012-14) Mortality (2012-14) Mortality (2012-14)
Ult Ult Ult Ult Ult
Discount rate 7.50% 6.35% 6.90% 6.55% 6.65%
Salary growth rate 7.00% 8.00% 8.00% 8.00% 8.00%
Retirement age 60 years 60 years 60 years 60 years 60 years
Employee attrition rate Refer table A below 11% 11% 11% 11%
Table A
Employee Attrition Rate September 30,
2022
Age (Years) Rate (P.a.)
21-30 25%
31-40 23%
41-50 11%
51-59 4%
(v) Sensitivity Analysis
The sensitivity of the overall plan obligations to changes in the weighted key assumptions are:

Particulars
30, 2022 30, 2021 2022 2021 2020
Discount rate (per annum) Increase 0.50% (18.92) (17.63) (16.73) (14.19) (11.76)
Decrease 0.50% 19.95 19.15 18.12 15.42 12.77
Salary escalation rate (per annum) Increase 0.50% 19.81 19.00 17.97 15.32 12.68
Decrease 0.50% (19.04) (17.75) (16.85) (14.27) (11.83)
306
ANNEXURE -VII
(vi) Expected future cash flows in respect of gratuity:

Particulars
30, 2022 30, 2021 2022 2021 2020
Less than a year 4.44 1.60 1.58 1.17 1.26
Between 2-5 years 10.57 7.51 7.48 6.11 4.81
More than 5 years 17.37 25.82 25.27 21.70 18.27
(vii) Weighted average duration of the defined benefit plan:

Particulars
30, 2022 30, 2021 2022 2021 2020
Gratuity plan (in years) 5.29 8.26 7.94 8.32 8.51
C Defined contribution plan

Amount incurred and paid towards contribution to provident fund, Labour Welfare Fund and employees’ state insurance corporation is recognised as an expense and included in employee
benefit expense:

2022 2021
Contribution to provident fund and other funds 2.53 2.23 4.38 4.47 5.42
307
ANNEXURE -VII
34.SHARE BASED PAYMENT
EMPLOYEE STOCK OPTION SCHEME, 2018 (EMPLOYEE STOCK OPTION PLAN) (ESOS/ESOP)
By way of a resolution passed by the Board on April 10, 2018 and a resolution passed by shareholders on May 2,2018, ESOS or ESOP 2018 was instituted pursuant to a resolution. The ESOP 2018 was amended by our Holding company pursuant to a resolution of our Board on December 9, 2020
and resolution dated December 31, 2020 of our Shareholders.
The ESOP 2018 was subsequently amended by our Holding company pursuant to a resolution of our Board on March 25, 2022 and resolution dated April 28, 2022 of our Shareholders. The maximum number of options which can be granted under ESOP 2018 is 21,935 options (prior to any
bonus issue or Split of equity shares).
The primary objective of the plan is to reward the key employee for his association, dedication and contributions to the goals of the Holding company. The plan is established is with effect from May 2, 2018 on which the shareholders of the Holding company have approved the plan by the way of
special resolution and it shall continue to be in force until its termination by the Holding company as per provisions of Applicable laws, or the date on which all of the Options available for issuance under the plan have been issued and exercised , whichever is earlier.
Weighted Average
Number of Exercise Price (Rs.)
Grant date Grant Date Vesting Conditions Exercise Period Exercise Price (Rs.)
instruments per share
per share
Graded vesting over

Tranche 1 : 10 years from date
4,779 02-May-18 4 years from grant 10 10
May 02, 2018 of vesting
date
Graded vesting over
384 13-Jul-18 4 years from grant 10 10
July 13, 2018 of vesting
date
Graded vesting over
164 26-Nov-19 4 years from grant 10 10
November 26, 2019 of vesting
date
Graded vesting over
2,980 03-Feb-20 5 years from grant 10 10
February 03, 2020 of vesting
date
Graded vesting over
4,470 27-Feb-20 4 years from grant 10 10
February 27, 2020 of vesting
date
Graded vesting over
585 02-May-20 4years from grant 10 10
May 2, 2020 of vesting
date
Tranche 7 : 1 year from grant 10 years from date
115 29-Oct-20 10 10
October 29, 2020 date of vesting
Graded vesting over
130 21-Jan-21 4 years from grant 10 10
January 21, 2021 of vesting
date
Graded vesting over
61 02-Jun-21 4 years from grant 10 10
June 02, 2021 of vesting
date
Graded vesting over
128 14-Jun-21 4 years from grant 10 10
June 14, 2021 of vesting
date
Graded vesting over
47 13-Aug-21 4 years from grant 10 10
August 13, 2021 of vesting
date
308
ANNEXURE -VII
Graded vesting over
37 13-Dec-21 4 years from grant 10 10
December 13, 2021 of vesting
date
Graded vesting over
date
Graded vesting over
date
1,840 23-Jan-22 10 10
January 23, 2022 date of vesting
2,105 28-Apr-22 10 10
April 28, 2022 date of vesting
Graded vesting over

Tranche 17 - I : 10 years from date
761 01-Jul-22 4 10 10
years from grant date
Tranche 17 - II : 1 year from grant 10 years from date

1,785 01-Jul-22 10 10
July 1, 2022 date of vesting
Graded vesting over
18 04-Jul-22 4 years from grant 10 10
date
The following table provides the number and weighted average exercise prices (WAEP) of, and movements in, share options during the year:
Particulars As at September 30, 2022 As at September 30, 2021 As at March 31, 2022 As at March 31, 2021 As at March 31, 2020
2018 Scheme Number WAEP (INR) Number WAEP (INR) Number WAEP (INR) Number WAEP (INR) Number WAEP (INR)
Outstanding at the beginning of the period/year 11,034 10 9,709 10 9,709 10 9,500 10 2,482 10
Granted during the period/year 4,669 10 236 10 2,145 10 830 10 7,614 10
Exercised during the period/year 64 10 470 10 470 10 300 10 - 10
Lapsed/ forfeited /surrendered/expired during the period/year - 10 90 10 350 10 321 10 596 10
Outstanding at the end of the period/year 15,639 10 9,385 10 11,034 10 9,709 10 9,500 10
Exercisable at the end of the period/year 3,350 10 1,877 10 2,938 10 1,330 10 236 10
The value of the underlying shares has been determined by an independent valuer. The following assumptions were used for calculation of fair value of grants in accordance with Black Scholes model

Particulars ended 30 ended 30
September 2022 September 2021
Dividend yield (%) 0.00% 0.00% 0.00% 0.00% 0.00%
Expected volatility (%) 49.00%-72.08% 49.00%-72.08% 49.00%-72.08% 50.00%-72.08% 50.27%-72.08%
Risk–free interest rate(%) 6.07%-7.75% 6.07%-7.75% 6.07%-7.75% 6.07%-7.75% 6.23%-7.75%
Expected life of share option 6-15years 6-15years 6-15years 6-15years 11-15years
Black Scholes Black Scholes Black Scholes Black Scholes Black Scholes
Model Used
valuation model valuation model valuation model valuation model valuation model
309
ANNEXURE -VII
Effect of share based payment transactions on the restated consolidated statement of profit and loss:

2022 2021
Equity settled share based payments 117.78 16.45 62.78 58.88 5.34
Total expense recognized under "Employee benefits expense" 117.78 16.45 62.78 58.88 5.34

2022 2021
Weighted Avg. Share Price of options exercised on the date of
54,751.00 23,363.33 23,363.33 19,246.52 -
exercise
Average remaining contractual life of options (years) as at the end
7-10 years 7-10 years 7-10 years 7-10 years 7-10 years
of the period/year
310
ANNEXURE -VII
35. RELATED PARTY TRANSACTIONS
Disclosure of prior / post to elimination of group entries to be stated. *
A. Names of the related parties of the Group
Key management personnel (KMP)

Name of Related Party Nature of Relationship
Mr. Ankit Mehta Whole Time Director
Mr. Rahul Singh Whole Time Director
Mr. Ashish Bhat Whole Time Director
Mr. Vipul Joshi VP - Operations
Mr. Palepu Sudhir Rao Director
Mr. Ganapathy Subramaniam Director
Mr. Nicholas Earle Brathwaite Director
Mr. Mathew Cyriac Director (with effect from June 24, 2022)
Mrs. Sujata Vemuri Director
B. Disclosure of transactions between the Group and related parties
Nature of Transaction Six months period ended Six months period ended Year ended 31 March Year ended 31 March Year ended 31 March
Name
30 September 2022 30 September 2021 2022 2021 2020
Mr. Ankit Mehta Salary, wages and bonus 7.18 4.26 6.97 3.39 4.10
Mr. Ashish Bhat Salary, wages and bonus 7.18 4.26 6.96 3.51 4.10
Mr. Rahul Singh Salary, wages and bonus 7.18 4.26 6.92 3.39 4.10
Mr. Vipul Joshi Salary, wages and bonus 7.18 4.26 6.72 3.39 4.10
Mr. Ankit Mehta Reimbursement of expenses 0.99 0.32 0.83 0.95 0.38
Mr. Ashish Bhat Reimbursement of expenses 0.16 2.36 2.24 8.81 2.97
Mr. Rahul Singh Reimbursement of expenses 0.04 - 0.08 0.44 0.09
Mr. Vipul Joshi Reimbursement of expenses 0.52 2.70 3.26 12.84 2.84
Mr. Ganapathy Subramaniam Interest expense on short-term
0.07 0.92 4.51 3.61 -
borrowings
Mr. Ganapathy Subramaniam Loan Taken (Borrowing) - 27.00 97.00 70.00 -
Mr. Ganapathy Subramaniam Loan Repaid (Borrowing) 53.50 27.00 43.50 70.00 -
Mr. Ganapathy Subramaniam Issue of preference share capital 55.73 - - - -
Mr. Ganapathy Subramaniam Share based payments charged to
45.46 - 16.64 - -
P&L
Share based payments charged to
Mr. Vipul Joshi 44.05 - - - -
P&L
Mr. Mathew Cyriac Share based payments charged to
21.93 - - - -
P&L
C. Status of outstanding balances :
Name Nature of Transaction As at September 30, 2022 As at September 30, 2021 As at March 31, 2022 As at March 31, 2021 As at March 31, 2020
Mr. Ankit Mehta Employee benefits payable - 0.60 - 0.28 0.24
Mr. Ashish Bhat Employee benefits payable - 0.58 - 0.26 0.19
Mr. Rahul Singh Employee benefits payable - 0.61 - 0.30 0.28
Mr. Vipul Joshi Employee benefits payable - 0.60 - 0.30 0.22
Mr. Ganapathy Subramaniam Short-term borrowings payable - - 53.50 - -
Mr. Ganapathy Subramaniam Interest payable - - 3.00 - -
*There are no transactions with subsidiary. Hence pre and post elimination amounts are same.
311
ANNEXURE -VII
Unlisted secured debentures and working capital facilitites taken from financial institutions are secured against the personal guarantee of the whole time director. Outstanding amount of debentures as on September 30, 2022: INR Nil, September 30, 2021 : INR 12.00, March 31,
2022 :INR Nil, March 31, 2021 is INR 150 Millions, March 31, 2020 :INR Nil
The KMP's are covered under the Group's gratuity scheme along with the other employees of the Group. The gratuity liability is determined for all the employees on the basis of actuarial valuation. Accordingly, the amount pertaining to the KMP's are not ascertainable and,
therefore, not included above.
D. Details of guarantees of key management personnel and shares pledged:
Shares pledged details
i) Personal guarantee of Mr. Ankit Mehta, Mr. Rahul Singh, Mr. Ashish Bhat and Mr. Vipul Joshi given to Blacksoil India Pvt. Ltd. In FY 2020-21, Northern Arc Capital and Export Import Bank of India in FY 2021-22.
ii) Pledged of 8,221 Equity shares (2,471 owned by Mr. Ankit Mehta, 2,397 owned by Mr. Rahul Singh, 2397 owned by Mr. Ashish Bhat and 956 owned by Mr. Vipul Joshi) to Blacksoil Capital Ltd. for Non convertible debenture issued in February-2021 and the same have been
released November-2022.
iii) Pledged of 10,269 Equity shares (3,086 owned by Mr. Ankit Mehta, 2,994 owned by Mr. Rahul Singh 2,994 owned by Mr. Ashish Bhat and 1,195 owned by Mr. Vipul Joshi) to Northern Arc Capital Ltd. for working capital loan facility in June-2021 and the same have released
in June-2022.
iv) Pledged of 22,234 Equity shares (6,682 owned by Mr. Ankit Mehta, 6,483 owned by Mr. Rahul Singh, 6,483 owned by Mr. Ashish Bhat and 2,586 owned by Mr. Vipul Joshi) to Export Import Bank of India for Fund based and non fund based limits in July-21 and the same
have released in December-22.
E. Terms and conditions of transactions with related parties
There have been no guarantees provided or received for any related party receivables or payables other than those mentioned in note 35D
312
ANNEXURE - VII
36. OPERATING SEGMENT
The Group is exclusively engaged in the business of manufacture and marketing of UAV systems which are used for security and surveillance. The ancillary business of providing training and
maintenance service evolve around the main business of manufacture and marketing of UAV systems. Based on Management Approach, the Chief Operating Decision Maker evaluates the
Group's performance and allocates the resources based on an analysis of overall country level performance indicators.
The Group prepares its segment information in conformity with the accounting policies adopted for preparing and presenting the restated consolidated financial statements of the Group as a
whole.
The Chief Executive Officer of the Group, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Chief Operating Decision
Maker (CODM).
There is only one reporting segment and has no reportable segment as per IND AS 108 - Operating Segment
Information about Geographical Areas :
Revenue from External Customers
The Group is domiciled in India. The amount of its revenue from external customers broken down by location of the customers is shown in the table below:
Particulars
Six months period ended Six months period ended Year ended 31 March Year ended 31 March Year ended 31 March
- -
India 1,379.92 90.42 1,588.32 347.18 139.99
Outside India 15.45 5.60 5.96 - -
Total 1,395.37 96.02 1,594.28 347.18 139.99
Particulars As at September 30, As at September 30,

As at March 31, 2022 As at March 31, 2021 As at March 31, 2020
2022 2021
Non current assets*
India 897.35 478.21 757.03 411.70 290.12

Outside India - - - - -
897.35 478.21 757.03 411.70 290.12
* Non-current assets excludes financial instruments, non-current tax assets (net) and deferred tax assets.
Revenue from Major Customers

The Group earns revenue from few of its major customers which individually amounts to 10 per cent or more of the Group’s revenues. Details of such customers (i.e. the total amount of
revenues from each such customer) are disclosed below. Revenue from such customers are reported under all the segments of the Group.
Particulars Six months period ended Six months period ended Year ended 31 March Year ended 31 March Year ended 31 March
Customer 1 - - - - 27.54
Customer 2 - - - - 37.29
Customer 3 - - - 132.98 -
Customer 4 1,245.98 - 1,269.46 - -
Customer 5 - 12.99 - - -
Customer 6 - 10.73 - - -
Customer 7 - 9.70 - - -
Customer 8 - 9.14 - - -
1,245.98 42.56 1,269.46 132.98 64.83
313
ANNEXURE - VII
37. CAPITAL MANAGEMENT
The Group defines capital as total equity including issued equity capital, share premium and all other equity reserves attributable to equity holders of the Group (which is the Group net asset
value). The Group manages its capital so as to safeguard its ability to continue as a going concern and to optimise returns to shareholders. The capital structure of the Group is based on
management’s judgement of its strategic and day-to-day needs with a focus on total equity so as to maintain investor, creditors and market confidence.
The Group monitors capital using a ratio of ‘adjusted net debt’ to ‘adjusted equity’. For this purpose, adjusted net debt is defined as total liabilities, comprising interest-bearing loans and
borrowings less cash and cash equivalents. Adjusted equity comprises all components of equity.
The Group’s adjusted net debt to adjusted equity ratio was as follows.
As at September 30, As at September 30, As at March 31, As at March 31, As at March 31,
Particulars 2022 2021 2022 2021 2020
Borrowings (refer note.17) 226.67 887.01 56.76 505.74 53.02

Lease Liabilities (refer note. 21) 108.06 4.55 106.98 4.62 13.08
Total debt liabilities 334.73 891.56 163.74 510.36 66.10
Less: Cash and Cash Equivalents (refer note10) (100.05) (193.10) (304.16) (52.59) (0.90)
Adjusted Net Debt 234.68 698.46 (140.42) 457.77 65.20
Total/ Adjusted Equity 3,183.42 405.89 1,633.03 597.48 681.17
Adjusted net debt to adjusted equity ratio 0.07 1.72 (0.09) 0.77 0.10
Debt equity considering only borrowings as debt 0.11 2.20 0.10 0.85 0.10
314
ANNEXURE - VII
38. FINANCIAL INSTRUMENTS FAIR VALUE AND RISK MEASUREMENTS
A. Financial instruments by category and their fair value

Particulars Carrying Amount/ Fair Value
Note As at September 30, As at September 30, 2021 As at March 31, 2022 As at March 31, 2021 As at March 31, 2020
2022
FINANCIAL ASSETS
Financial assets measured at fair value

Investments measured at- Fair value through profit or loss 7A 1,288.75 - 106.50 - 119.04
Financial assets measured at amortised cost

Trade Receivables 9 551.58 111.91 203.07 237.50 101.15
Cash and Cash Equivalents 10 100.05 193.10 304.16 52.59 0.90
Bank Balances other Cash and cash equivalents 11 19.65 73.78 46.62 88.72 0.12
Loans 7B 0.63 0.41 0.61 0.44 0.42
Other Financial Assets 7C 404.92 257.09 347.90 214.26 192.80
Total 2,365.58 636.29 1,008.86 593.51 414.43
FINANCIAL LIABILITIES
Financial liabilities measured at fair value

Borrowings 17 - 388.72 - 302.57 -
Financial liabilities measured at amortised cost

Borrowings 17 226.67 498.29 56.76 203.17 53.02
Trade Payables 19 150.57 58.08 74.94 47.47 8.23
Lease Liabilities 21 108.06 4.55 106.98 4.62 13.08
Other Financial Liabilities 18 27.77 42.91 54.76 49.52 18.03
Total 513.07 992.55 293.44 607.35 92.36
B. Fair Value Hierarchy

The fair value of financial instruments as referred to in note (A) above have been classified into three categories depending on the inputs used in the valuation technique. The hierarchy gives the highest priority to quoted prices in active markets for identical assets
or liabilities (Level 1 measurements) and lowest priority to unobservable inputs (Level 3 measurements).
Level 1: Quoted prices for identical instruments in an active market;

Level 2: Directly or indirectly observable market inputs, other than Level 1 inputs; and
Level 3: Inputs which are not based on observable market data.
For assets and liabilities which are measured at fair value as at Balance Sheet date, the classification of fair value calculations by category is summarised below:
Particulars Note As at September 30, 2022 Fair value measurement at end of the reporting period
Level 1 Level 2 Level 3

Financial assets and liabilities measured at the fair value
Investment in mutual funds and Bonds 7A 1,288.75 1,288.75 -
Borrowings 17 - - - -
Financial assets and liabilities not measured at the fair value
Borrowings 17 226.67 226.67
315
Particulars Note As at September 30, 2021 Fair value measurement at end of the reporting period

Investment in mutual funds and Bonds 7A - - - -
Borrowings 17 388.72 - 388.72 -
Borrowings 17 227.91 227.91
Particulars Note As at March 31, 2022 Fair value measurement at end of the reporting period
Investment in mutual funds and Bonds 7A 106.50 106.50 -
Borrowings 17 0.24 0.24
Investment in mutual funds and Bonds 7A - - - -
Borrowings 17 302.57 - 302.57 -
Investment in mutual funds and Bonds 7A 119.04 119.04 -
There have been no transfers among Level 1, Level 2 and Level 3 during the reporting period
Calculation of Fair Values
The fair values of the financial assets and liabilities are defined as the price that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to
estimate the fair values are consistent with those used for the period/year ended September 30, 2022, September 30, 2021, March 31, 2022, March 31, 2021 and March 31, 2020.
Financial assets and liabilities measured at fair value as at Balance Sheet date:
The fair values of investments in mutual fund units is based on the net asset value (‘NAV’) as stated by the issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue further units
of mutual fund and the price at which issuers will redeem such units from the investors.
Other financial assets and liabilities
Fair value of financial assets and liabilities measured at amortised cost (cash and cash equivalents, other bank balance, trade receivables, other financial assets, trade payables, borrowings, lease liabilities and other financial liabilities) is not materially different from
the amortised cost. Further, impact of time value of money is not significant for the financial instruments classified as current. Accordingly, the fair value has not been disclosed separately as it approximates the carrying value
316
ANNEXURE - VII
39. FINANCIAL RISK MANAGEMENT
The Holding company's business activities are exposed to a variety of financial risks, namely liquidity risk, market risk and credit risk. The Holding company’s senior management has the
overall responsibility for establishing and governing the Group risk management framework. The Holding company has constituted a Risk Management Committee, which is responsible for
developing and monitoring the Holding company’s risk management policies. The Holding company’s risk management policies are established to identify and analyse the risks faced by the
Holding company, to set and monitor appropriate risk limits and controls, periodically review the changes in market conditions and reflect the changes in the policy accordingly. The key risks
and mitigating actions are also placed before the Audit Committee of the Holding Company.
(A) Credit risk

Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay amounts due causing financial loss to the Holding company. The potential
activities where credit risks may arise include from cash and cash equivalents and security deposits and principally from credit exposures to customers relating to outstanding receivables. The
maximum credit exposure associated with financial assets is equal to the carrying amount. Details of the credit risk specific to the Holding company along with relevant mitigation procedures
adopted have been enumerated below:
Trade receivables
The Holding company's exposure to credit risk is the exposure that Holding company has major business dealings with few parties to whom sales are made on credit basis and the contracted
consideration is yet to be received.
The Holding company provides for allowance for impairment that represents its estimate of expected losses in respect of trade and other receivables. The Holding company has used a practical
expedient by computing the expected credit loss allowance for trade receivables based on a simplified provision matrix.
The Holding company has considered an assessment of past history and has taken into account various factors including future forecast conditions for determination of allowance for expected
credit loss.
Refer to note 9 for ageing for trade receivables from the due date of payment.
The provision for impairment of trade receivables, movement of which has been provided in note 9
Other financial assets
The Holding company maintains exposure in cash and cash equivalents and term deposits with banks. The Holding company has set counter-party limits based on multiple factors including
financial position, credit rating, etc. The Holding company’s maximum exposure to credit risk as at September 30, 2022, September 30, 2021, March 31, 2022, March 31, 2021 and March
31, 2020 is the carrying value of each class of financial assets.
317
ANNEXURE - VII
39. FINANCIAL RISK MANAGEMENT
(B) Liquidity risk
Liquidity risk is the risk that the Holding company will encounter difficulty in meeting the obligations associated with its financial liabilities that are proposed to be settled by delivering cash or other financial asset. The holding company's financial
planning has ensured, as far as possible, that there is sufficient liquidity to meet the liabilities whenever due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Holding company’s reputation.
The Holding company regularly monitors the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet operational needs. Any short-term surplus cash generated, over and above the amount required for working capital management
and other operational requirements, is retained as cash and cash equivalents (to the extent required) and any excess is invested in interest bearing term deposits with appropriate maturities to optimise the cash returns on investments while ensuring sufficient
liquidity to meet its liabilities.
Financing arrangements
The Holding company had access to the following undrawn borrowing facilities at the end of the reporting period/year:
Particulars As at September 30, As at September 30, As at March 31, As at March 31, As at March 31,
2022 2021 2022 2021 2020
Cash credit facilities (includes bank overdraft and working capital facilities) 519.78 94.16 94.16 33.31 27.87
519.78 94.16 94.16 33.31 27.87
Exposure to liquidity risk

The following are the remaining contractual maturities of financial assets and financial liabilities at the reporting date. The amounts are gross and undiscounted, and include estimated interest receipts / payments and exclude the impact of netting
agreements.
Undiscounted Amount
Particulars Note Carrying Value Within 1 year More than 1 year Total
September 30, 2022

Non-derivatives
Borrowings 17 226.67 226.67 - 226.67
Lease Liabilities 21 108.06 22.00 86.06 108.06
Trade payables 19 150.57 150.57 - 150.57
Other financial liabilities 18 27.77 27.77 - 27.77
Total non derivative liabilities 513.07 427.01 86.06 513.07
September 30, 2021

Non-derivatives
Borrowings 17 887.01 498.29 388.72 887.01
Trade payables 19 58.08 58.08 - 58.08
March 31, 2022

Non-derivatives
Borrowings 17 56.76 56.76 - 56.76
Trade payables 19 74.94 74.94 - 74.94
318
ANNEXURE - VII
March 31, 2021
Non-derivatives
Borrowings 17 505.74 127.93 377.82 505.74
Lease Liabilities 21 4.62 4.62 - 4.62
Trade payables 19 47.47 47.47 - 47.47
March 31, 2020

Non-derivatives
Borrowings 17 53.02 52.45 0.57 53.02
Trade payables 19 8.23 8.23 - 8.23
(C) Market risk

Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity prices – will affect the Holding company’s income or the value of its holdings of financial instruments.
The Holding company size and operations result in it being exposed to the following market risks that arise from its use of financial instruments:
- currency risk
- price risk
- interest rate risk
(i) currency risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes in foreign exchange rates. The functional currency of the Holding company is Indian Rupees . The Holding company does not enter into
any derivative instruments for trading or speculative purposes. The Holding company's borrowings are all in Indian rupees.
The carrying amounts of the Holding company’s foreign currency denominated monetary items are as follows:
Amount in USD Equivalent amount Amount in AED Equivalent amount Amount in EUR Equivalent amount Amount in NZD Equivalent amount Total Amount in
in INR for USD in INR for AED in INR for EUR in INR for NSD INR
Amount Amount Amount Amount
September 30, 2022
Trade Receivables 0.19 16.46 - - - - - - 16.46

Cash in foreign currency 0.00 0.08 0.00 0.03 - - - - 0.11
Trade Payables (0.27) (22.16) - - (0.00) (0.03) - - (22.19)
Net exposure to foreign currency risk (0.08) (5.62) 0.00 0.03 (0.00) (0.03) - - (5.62)
September 30, 2021

Trade Receivables - - - - - - - - -
Cash in foreign currency 0.00 0.07 0.00 0.02 - - - 0.09
Trade Payables (0.07) (5.53) - - (0.00) (0.03) - - (5.56)
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ANNEXURE - VII
March 31, 2022
Trade Receivables 0.08 6.27 - - - - - - 6.27
Trade Payables (0.06) (4.40) - - (0.00) (0.03) - - (4.43)
Net exposure to foreign currency risk 0.02 1.94 0.00 0.02 (0.00) (0.03) - - 1.93
March 31, 2021

Trade Receivables - - - - - - - -
Trade Payables (0.09) (6.94) - - (0.00) (0.03) - - (6.97)
March 31, 2020
Trade Receivables - - - - - - - - -
Trade Payables (0.00) (0.17) - - (0.00) (0.01) (0.00) (0.01) (0.19)
Net exposure to foreign currency risk (0.00) (0.09) 0.00 0.02 (0.00) (0.01) (0.00) (0.01) (0.10)
The below table demonstrates the sensitivity to a 1% increase or decrease in the foreign currency against INR with all other variables held constant. The sensitivity analysis is prepared on the net unhedged exposure of the Holding company as at the
reporting date. 1% represents management’s assessment of reasonably possible change in foreign exchange rate.
2022 2021 2022 2021 2020
1% strengthening of INR compared to USD Profit or (Loss) 0.06 0.05 (0.02) 0.07 0.09
1% strengthening of USD compared to INR Profit or (Loss) (0.06) (0.05) 0.02 -0.07 (0.09)
1% strengthening of INR compared to AED Profit or (Loss) (0.00) (0.00) (0.00) (0.00) (0.00)
1% strengthening of AED compared to INR Profit or (Loss) 0.00 0.00 0.00 0.00 0.00
1% strengthening of INR compared to EUR Profit or (Loss) 0.00 0.00 0.00 0.00 0.00
1% strengthening of USD compared to INR Profit or (Loss) (0.00) (0.00) (0.00) (0.00) (0.00)
1% strengthening of INR compared to NZD Profit or (Loss) - - - - 0.00

1% strengthening of NZD compared to INR Profit or (Loss) - - - - 0.00
(ii) Price risk

The holding company is mainly exposed to the price risk due to its investment in mutual funds and bonds. The price risk arises due to uncertainties about the future market values of these investments. The Holding company has laid policies and guidelines
which it adheres to in order to minimise price risk arising from investments in mutual funds and bonds
The carrying amounts of the Holding company’s investment in mutual funds and bonds are as follows:
2022 2021 2022 2021 2020
Investments in mutual funds 930.00 - 106.50 - 119.04
Sensitivity analysis:
1% increase in prices Profit or (Loss) 9.30 - 1.07 - 1.19
1% decrease in prices Profit or (Loss) (9.30) - (1.07) - (1.19)
Investments in bonds 358.73 - - - -
Sensitivity analysis:
1% increase in prices Profit or (Loss) 3.59 - - - -
1% decrease in prices Profit or (Loss) (3.59) - - - -
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ANNEXURE - VII
(iii) Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk is the risk of changes in fair values of fixed interest bearing investments. Cash flow interest rate risk is the risk that the future cash flows of
floating interest bearing investments will fluctuate because of fluctuations in the interest rates.
The Holding company’s main interest rate risk arises from long-term borrowings with variable rates, which expose the Holding company to cash flow interest rate risk.
During September 30, 2022, September 30, 2021, March 31, 2022 , March 31, 2021, and March 31, 2020, the Holding company’s borrowings at variable rate were denominated in INR.
The Holding company’s fixed rate borrowings are carried at amortised cost. They are therefore not subject to interest rate risk as defined in Ind AS 107, since neither the carrying amount nor the future cash flows will fluctuate because of a change in
market
The interest rate profile of the Holding company’s interest-bearing financial instruments as reported to the management of the Holding company is as follows.
2022 2021 2022 2021 2020
Fixed-rate instruments
Financial assets 1,288.75 - 106.50 - 119.04
Financial liabilities - 509.12 56.76 453.14 0.88
Variable-rate instruments
Financial assets - - - - -
Financial liabilities 226.67 377.88 - 52.60 52.13
Cash flow sensitivity analysis for variable-rate instruments

A reasonably possible change of 100 basis points in interest rates at the reporting date would have increased / decreased profit or loss by amounts shown below. This analyses assumes that all other variables, in particular, foreign currency exchange rates,
remain constant. This calculation also assumes that the change occurs at the balance sheet date and has been calculated based on risk exposures outstanding as at that date. The year end balances are not necessarily representative of the average debt
outstanding during the year.
2022 2021 2022 2021 2020
Variable rate borrowings 3.51 19.51 49.09 9.46 2.95
Impact - Profit or (Loss)

Interest rates - increase by 100 basis points (0.04) (0.20) (0.49) (0.09) (0.03)
Interest rates - decrease by 100 basis points 0.04 0.20 0.49 0.09 0.03
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ANNEXURE - VII
40. COMMITMENTS AND CONTINGENCIES
A. Commitments
i. Capital Commitments
Capital expenditure contracted for at the end of the reporting period but not recognised as liabilities is as follows:
Particulars As at September 30, As at September 30, As at March 31, 2022 As at March 31, 2021 As at March 31,
2022 2021 2020
Estimated amount of contracts (net of advances) remaining to be
51.45 - - - -
executed on capital account and not provided for
ii. Lease Commitments

Lease commitments are the future cash out flows from the lease contracts which are not recorded in the measurement of lease liabilities. These include potential future payments related to
leases of low value assets, leases with term less than twelve months and variable leases.
2022 2021 2020
Not later than one year 1.12 0.17 1.46 0.13 0.75
Later than one year and not later than five years - - - - -
Later than five years - - - - -
1.12 0.17 1.46 0.13 0.75
iii Other commitments

2022 2021 2020
Preference share dividend on convertible cumulative preference
shares 0.00 0.00 0.00 0.00 0.00
B. Contingent Liabilities As at September 30, As at September 30, As at March 31, 2022 As at March 31, 2021 As at March 31,
2022 2021 2020
Claims against the Group not acknowledged as debts
Demands raised by income tax authorities* 35.22 35.22 35.22 35.22 35.22
Demands raised by indirect tax authorities** 34.33 34.33 34.33 34.33 -
Brief description of the nature of each contingent liability

* During the previous year the Assessing officer (AO) while finalizing the assessment for FY 2016-17 has made disallowances of share premium by rejecting the Discounted Cash Flow
(DCF) method of valuation of shares and in place of the DCF method, the AO has adopted Net Asset Value (NAV) method and consequently has raised an Income tax demand of INR 35.22
millions. Subsequently the Group has filed an appeal with Commissioner of Income Tax (Appeal) against the AO order and filed application for stay of demand. Further the Group has also
paid an advance at the time of filing the appeal which is included under Balance with government authorities of INR 2.16 millions for FY 2021-22 and for FY 2020-21 INR 1.53 millions.
Based on management’s internal assessment given the relatively preliminary nature of the litigation, considering various favourable cases in this regards and advise from the Group’s
consultants, Management is of the view that they have a good case and likelihood that the litigation will go against the Group is remote. However, due to the nature of the case, the Group
has disclosed the litigation as at September 30, 2022 , September 30, 2021, March 31, 2022, March 31, 2021 ,and March 31, 2020 year end/period end restated consolidated financial
information as contingent liability.
** During the Audit Assessment proceedings, no body attended the assessment proceedings as such dealer is assessed on the available record online. Perusal of the purchase statement filed
by the dealer alongwith returns submitted available online cross checked with the Computer folder of the Checkpost Lakhanpur as available revealed that the dealer has not accounted for the
purchases amounting to INR 57.13.
Accordingly, in response to the VAT- 83 issued vide this office No. 2342/ STOP dated February 5, 2020 nobody attended the office. Hence it is construed that dealer has nothing to say in
this behalf. Accordingly the concealed purchases of INR 57.13 after adding profit and incidental charges, the taxable turnover of INR 62.85 added to the total taxable turnover of the dealer
and liable to be taxed@ 14.5% . Hence liability of the dealer is determined at INR 34.33 till contrary comes to notice against the dealer:
1. That the order under appeal is against the law and facts of the case.
2. That the Assessing Authority has not been justified in creating additional demand of tax when on the facts and circumstances of the case, no additional demand could be created.
3. That the Assessing Authority lacks jurisdiction to assess the case as the basic principle to assess a case is to issue/serve statutory notice to assume jurisdiction which lacks in the case of the
appellant.
4. That the Assessing Authority has erred in law in not providing a reasonable opportunity of being heard to the appellant, thus denying the Principles of Natural justice.
5. That the Assessing Authority has erred in law in observing that the appellant through its representative attended the proceedings of assessment but no additional document was demanded
from the appellant.
6. That the Assessing Authority has not been justified in not giving opportunity to the appellant to rebut the alleged purchases or to justify the same which amounts to denial of justice.
7. That the appellant has declared all the sales which is accepted by the Assessing Authority in the assessment order itself. However, the Authority has taxed the amount of disputed / alleged
purchases without any evidence on record.
8. That under the taxing statutes, no transaction can be taxed on mere surmises, conjectures and assumptions. Thus the order is liable to be quashed.
9. That the Assessing Authority also erred in demanding interest u/s 51(4) of J&K VAT Act, as the appellant is not in default in making the payment under the said section. In any case, the
appellant is not liable to pay any interest as no additional tax is legally payable and no interest could be demanded for a period before assessment.
10. That the penalties imposed are also contested as no notices for the imposition of penalties have been issued/served. Moreover, the penalties imposed are not sustainable in law.
11. That the penalty imposed u/s 69(1)(f) for concealment of purchases has been wrongly imposed, more so when the appellant has not admitted the same in the proceedings even when the
Assessing Authority affirms that the appellant has not attended the proceedings.
12. That in any case, it is submitted that the default, if any, in not attending the case is only on account of the pandemic in the month of March 2020 where the Offices remained closed for
the period
Note: In respect of Supreme Court Judgement on which allowances paid to the employees should be identified for inclusion in basic wages for the purposes of computation of Provident
Fund contribution. In view of the management, the liability for the period from the date of the SC order to March 31, 2019 is not significant and has not been given effect to in the books of
account.
There are no other contingent liabilities as on September 30, 2022 : INR Nil (September 30, 2021:INR Nil, March 31, 2022:INR Nil, March 31, 2021 :INR Nil, March 31, 2020 :INR Nil)
C. Contingent assets
There are no other contingent Assets as on September 30, 2022 : INR Nil (September 30, 2021:INR Nil, March 31, 2022:INR Nil, March 31, 2021 :INR Nil, March 31, 2020 :INR Nil)
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ANNEXURE - VII
41. SHARE OF ENTITIES IN GROUP
As at 30 September 2022 For the six months period ended 30 september 2022
Net Assets (Total Assets - Total Liabilities) Share in Sale of products and services Share in Profit and Loss Share in Other Comprehensive Income Share in Total Comprehensive Income
Name of Entity
As % of consolidated As % of consolidated
As % of consolidated As % of consolidated As % of consolidated
Amount Amount Amount other comprehensive Amount total comprehensive Amount
net assets sale of products profit and loss
income income
Parent
ideaForge Technology Limited 100% 3,183.42 100% 1,395.37 100% 452.12 100% (0.31) 100% 451.81
Subsidiary
Indian
ideaForge Technology Inc - - - - - - - - - -
Inter-company eliminations - - - - - - - - - -
100% 3,183.42 100% 1,395.37 100% 452.12 100% (0.31) 100% 451.81
Note: The holding company did not have any subsidiary, associate or joint venture for the period/year ended 30th September 2021, 31st March 2022, 31st March 2021 and 31st March 2020.
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ANNEXURE - VII
42. FIRST TIME ADOPTION
The restated consolidated statement of assets and liabilities of the Group as at September 30, 2022 and the restated consolidated statement of profit and loss, the restated consolidated statement
of changes in equity and the restated consolidated statement of cash flows for the period ended September 30, 2022 and restated consolidated other financial information has been prepared
under Indian Accounting Standards ('Ind AS') notified under Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 as amended by Companies (Indian
Accounting Standards) Rules, 2016 and other relevant provisions of the Act, to the extent applicable.
In accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with ICAI Guidance Note on Report on Company Prospectuses (Revised 2019), the Restated
consolidated Financial Information for the year ended March 31, 2022, March 31,2021 and March 31, 2020 have been prepared after making suitable adjustments to the accounting heads
from their Indian GAAP values following accounting policies (both mandatory exceptions and optional exemptions) availed as per Ind AS 101 for the transition date of April 1, 2019 and as
per the presentation, accounting policies and grouping/classifications followed as at and for the six months period ended September 30, 2022.
Pursuant to the Companies (Indian Accounting Standard) Second Amendment Rules, 2015, the Group will prepare its first set of statutory financial statements as per Indian Accounting
Standards (Ind-AS) notified under the Companies (Indian Accounting Standards) Rules, 2015 (as amended from time to time) for the year ended March 31, 2023 and consequently April 1,
2021 is the transition date for preparation of such statutory financial statements. Upto the financial year ended March 31, 2022, the Group prepared its financial statements in accordance with
accounting standards prescribed under Section 133 of the Companies Act, 2013 (“Indian GAAP”).
A. Exemptions and exceptions availed on first time adoption of Ind AS
Set out below are the applicable Ind AS 101 optional exemptions and mandatory exceptions applied in the transition from previous GAAP to Ind AS.
1. Ind AS optional exemptions
i. Cumulative translation differences

i. Deemed cost for Property, Plant and Equipment and Intangible assets
Ind AS 101 permits a first-time adopter to elect to continue with the carrying value for all of its property, plant and equipment and Intangible assets as recognised in the consolidated financial
statement as at the date of transition to Ind AS, measured as per previous GAAP and used that as its deemed cost as at the date of transition after making necessary adjustment for
decommissioning liabilities. Accordingly, the Group has elected to measure all of its property, plant and equipment at their previous GAAP carrying value as at transition date.
ii. Leases:
The Group has adopted Ind AS 116 following the full retrospective approach. The Group has applied the following available practical expedients wherein it:
a) Used a single discount rate to a portfolio of leases with reasonably similar characteristics
b) Applied the short-term leases exemptions to leases with lease term that ends within 12 months at the date of initial application
c) Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application
2. Ind AS mandatory exceptions
i. Estimates
On assessment of the estimates made under the previous GAAP financial statements, the Group has concluded that there is no necessity to revise the estimates under Ind AS, as there is no
objective evidence of an error in those estimates. However, estimates that were required under Ind AS but not required under previous GAAP are made by the Group for the relevant
reporting dates reflecting conditions existing as at that date. Key estimates considered in preparation of financial statements that were not required under the previous GAAP are listed below:
- Fair valuation of financial instruments carried at FVTPL
- Determination of the discounted value for financial instruments carried are amortised cost.
- Impairment of financial assets based on the expected credit loss model.
ii. Share based payment transactions

A first-time adopter is encouraged, but not required, to apply Ind AS 102 Share-based Payment to equity instruments that were vested on or before the date of transition to Ind AS. However,
if a first-time adopter elects to apply Ind AS 102 to such equity instruments, it may do so only if the entity has disclosed publicly the fair value of those equity instruments determined at the
measurement date as defined in Ind AS 102. If a first-time adopter modifies the terms or conditions of a grant of equity instruments to which Ind AS 102 has not been applied, the entity is
also not required to apply Ind AS 102 requirements for modifications of awards if the modification occurred before the date of transition to Ind AS.
iii. Classification and measurement of financial assets:
The Group has classified the financial assets in accordance with IndAS 109 on the basis of facts and circumstances that exist at the date of transition to Ind AS.
324
1E+06

ANNEXURE - VII
42 42. FIRST TIME ADOPTION
B. Reconciliations between previous GAAP and Ind AS

Ind AS 101 requires an entity to reconcile equity and total comprehensive income for prior periods. The following tables represent the
reconciliations from previous GAAP to Ind AS.
(i) Reconciliation of total Equity between previous GAAP and Ind AS for the Year ended March 31, 2022, March 31, 2021, March 31, 2020

Particulars Note March 31, 2022 March 31, 2021 March 31, 2020 April 01, 2019
Total equity (shareholder’s funds) as per previous

IGAAP 1,218.99 603.95 684.74 813.11
Adjustments:
Provision for expected credit losses on trade
receivables 6 (7.61) (2.05) (4.08) (3.88)
Ind AS 116 transition impact 2 (3.43) (3.43) (3.43) (3.43)
Interest on lease liabilities 2 (5.83) (2.40) (1.56) -
Depreciation on ROU 2 (24.87) (13.44) (6.67) -
Reversal of lease expenses 2 28.86 17.50 9.54 1.10
Fair value income on security deposit 5 0.54 0.35 0.16 -
Interest expense on fair valuation of CCD 9 - (4.62) - -
Tax effects of adjustments 3 2.84 1.02 2.47 2.28
Rent concession income 2 0.60 0.60 -
Equity component of compound financial instruments
( refer note 17) 9 422.84 - - -
Instrument entirely in the nature of equity (CCD) 9 0.10 - - -
Total adjustments 414.04 (6.47) (3.57) (3.93)
Total Equity as per Ind AS 1,633.03 597.48 681.17 809.18
(ii). Reconciliation of total comprehensive income between previous GAAP and Ind AS for the year ended March 31, 2022, March 31, 2021, March 31, 2020
Particulars Note March 31, 2022 March 31, 2021 March 31, 2020
Profit after tax as per previous IGAAP 548.52 (142.86) (135.37)

Adjustments:
Remeasurement of gains (losses) on defined benefit
plans 4 (0.40) (0.75) 0.81
Depreciation On Right On Use 2 (11.42) (6.78) (6.67)
Reversal of rental expenses for which right of use
assets have been recognised 2 11.35 7.98 8.44
Interest On Lease Liability 2 (3.43) (0.84) (1.56)
Fair value income on security deposit 5 0.19 0.19 0.16
Provision for expected credit losses on trade
receivables 6 (5.56) 2.03 (0.20)
Interest expense on fair valuation of CCD 9 (101.12) (4.62) -
Income tax effect 3 1.92 (1.22) (0.07)
Rent concession income 2 - 0.60 -
Total adjustments (108.46) (3.40) 0.91
Profit after tax as per Ind AS 440.06 (146.26) (134.46)
Other comprehensive income
Remeasurement of gains (losses) on defined benefit
plans 4 0.40 0.75 (0.81)
Income tax effect 4 (0.10) (0.24) 0.25
Total comprehensive income as per Ind AS 440.36 (145.75) (135.02)
C. Notes to first-time adoption and Ind AS

Adjustment/Restatement :
Note 1: Fair valuation of investments

Under the previous GAAP, investments in mutual funds were classified as current investments based on the intended holding period and realisability. Current investments were carried at
lower of cost and fair value. Under Ind AS, these investments are required to be measured at fair value. The resulting fair value changes of these investments have been recognised in retained
earnings as at the date of transition and subsequently in the restated consolidated statement of profit and loss for the period ended September 30, 2021 and September 30, 2022 and year
ended March 31, 2022, March 31, 2021, March 31, 2020
Note 2: Leases
Ind AS 116 standard sets out the principles for the recognition, measurement, presentation and disclosure of leases and requires lessees to recognise most leases on the balance sheet. The
Group adopted Ind AS 116 using the modified retrospective method of adoption with the date of initial application of 1 April 2020 being the date of transition and rolled back the impacts
on the leases more than 1 year, if any, as on April 1, 2019 which resulted in to recognition of right-of-use assets,lease liabilities and consequent changes in the restated consolidated statement
of profit and loss and cashflows. Also, interest free lease security deposits were recorded at their transaction value under the Indian GAAP. However, under IndAS, all material financial assets
are required to be recognised at fair value.
Accordingly, the Group has fair valued security deposits by discounting them over the lease period under Ind AS. Difference between the fair value and transaction value of the security
deposit has been recognised as prepaid rent which has been adjusted in the value of ROU asset for respective year.
Restated consolidated Statement of Profit and Loss As at March 31, As at March 31, As at March 31,
2022 2021 2020
Depreciation On Right On Use (11.42) (6.78) (6.67)

Reversal of rental expenses for which right of use 11.35 7.98 8.44
assets have been recognised
Interest On Lease Liability (3.43) (0.84) (1.56)
Rent concession income - 0.60 -
(3.50) 0.96 0.21
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ANNEXURE - VII
Restated consolidated Statement of Assets and Year ended 31 Year ended 31 Year ended 31
Liabilities March 2022 March 2021 March 2020
Ind AS 116 transition impact (3.43) (3.43) (3.43)

Interest on lease liabilities (5.83) (2.40) (1.56)
Depreciation on ROU (24.87) (13.44) (6.67)
Reversal of lease expenses 28.86 17.50 9.54
Rent concession income 0.60 0.60 -
(4.67) (1.17) (2.12)
Note 3: Deferred tax

Indian GAAP requires deferred tax accounting using the income statement approach, which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12
requires entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences between the carrying amount of an asset or liability in the balance
sheet and its tax base. The application of Ind AS 12 approach has resulted in recognition of deferred tax on new temporary differences which was not required under Indian GAAP.
In addition, the various transitional adjustments lead to temporary differences. According to the accounting policies, the group has to account for such differences. Deferred tax adjustments
are recognised in correlation to the underlying transaction either in retained earnings or a separate component of equity.

2022 2021 2020
Income tax effect 1.92 (1.22) (0.07)

Restated consolidated Statement of Assets and As at March 31, As at March 31, As at March 31,
Liabilities 2022 2021 2020
Tax effects of adjustments 2.84 1.02 2.47
Note 4: Remeasurements of post-employment

benefit obligations
Under Ind AS, remeasurements i.e. actuarial gains and losses and the return on plan assets, excluding amounts included in the net interest expense on the net defined benefit liability are
recognised in other comprehensive income instead of profit or loss. Under the previous GAAP, these remeasurements were forming part of the profit or loss for the year.
2022 2021 2020
Remeasurement of gains (losses) on defined benefit 0.40 0.75 (0.81)
plans
Remeasurement of gains (losses) on defined benefit (0.40) (0.75) 0.81
plans
Income tax effect (0.10) (0.24) 0.25
Note 5: Security deposits

Under the previous GAAP, interest free lease security deposits (that are refundable in cash on completion of the lease term) are recorded at their transaction value. Under Ind AS, all financial
assets are required to be recognised at fair value. Accordingly, the group has fair valued these security deposits under Ind AS. Difference between the fair value and transaction value of the
security deposit has been adjusted in the value of ROU Assets.
Consequent to this change, the amount of security deposits decreased by INR 0.01 Millions as at April 1, 2020 and the ROU asset is increased by INR 0.01 Million as at April 1, 2020.
Note 6: Trade and Other Receivables

Under Previous GAAP, provision for doubtful trade receivables was recognised under an incurred loss model. Under Ind AS, an allowance for trade receivable are recognized using the
expected credit loss model.
Accordingly, an allowance for expected credit loss model has been recognised in the restated consolidated financial statements.
The impact of INR 5.27 Millions, INR 3.51 Millions, INR 1.37 Millions for the year ended March 31, 2022, March 31, 2021, March 31, 2020 respectively has been recognized in the
restated consolidated statement of profit and loss.
Note 7: Retained earnings
Retained earnings as at April 1, 2019 has been adjusted consequent to the above Ind AS transition adjustments.
Note 8: Other comprehensive income
Under Ind AS, all items of income and expense recognised in a period should be included in profit or loss for the period, unless a standard requires or permits otherwise. Items of income and
expense that are not recognised in profit or loss but are shown in the restated consolidated statement of profit and loss as ‘other comprehensive income’ includes remeasurements of defined
benefit plans. The concept of other comprehensive income did not exist under previous GAAP.
Note 9: Compulsory Convertible preference shares
The group has issues compulsory convertible preference shares. The preference shares carry fixed cumulative dividend which is non-discretionary. Under Indian GAAP, the preference
shares were classified as equity and dividend payable thereon was treated as distribution of profit.
Under Ind AS, convertible preference shares are separated into liability and equity components based on the terms of the contract. Since the dividend rate is not significant, liability is not
calculated there on and not seperated from compulsory convertible preference share.
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ANNEXURE - VII
43. OTHER STATUTORY DISCLOSURES
(i) The Group do not have any Benami property, where any proceeding has been initiated or pending against the Group for holding any Benami property.
(ii) The Group have not traded or invested in Crypto currency or Virtual Currency during reporting periods.
(iii) The Group have not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries) with the understanding that the Intermediary
shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
(iv) The Group have not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise)
that the Group shall:
(a) directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
(v) The Group does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under
the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
(vi) The Group does not have any borrowings from banks and financial institutions that are used for any other purpose other than the specific purpose for which it was taken at the
reporting balance sheet date.
(vii) The Group has complied with the number of layers prescribed under clause (87) of section 2 of the Act read with Companies (Restriction on number of Layers) Rules, 2017.
(viii) The Group is not declared as a wilful defaulter by any bank or financial institution or other lender during the any reporting period.
(ix) The Group shall disclose as to whether the fair value of investment property (as measured for disclosure purposes in the financial statements) is based on the valuation by a registered
valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. Since, the Group does not have any investment property during any reporting period, the said
disclosure is not applicable.
(x) Section 8 of the Companies Act, 2013 Group is required to disclose grants or donations received during the year. Since, the Group is not covered under Section 8 of the Companies
Act, 2013, the said disclosure is not applicable.
(xi) There are no scheme of arrangements which have been approved by the Competent Authority in terms of sections 230 to 237 of the Companies Act, 2013 during the reporting
periods.
(xii) The Group has not identified any transactions or balances in any reporting periods with companies whose name is struck off under section 248 of the Companies Act, 2013 or section
560 of Companies Act, 1956.
(ix) The Group has no unrecorded transactions in books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961)
(xv) There are no charge or satisfaction yet to be registered with ROC beyond the statutory period by the Group as at the reporting periods.
The Group has neither declared nor paid any dividend during the reporting period.
44. SUBSEQUENT EVENTS

Bonus issue of equity shares -Subsequent to period ended September 30, 2022, pursuant to the approval of shareholders granted in the extra-ordinary General meeting held on December
15, 2022, the Holding company issued and allotted fully paid up 'bonus share' at par in proportion of 225 new equity share of INR 10 each for every one existing fully paid up equity
share of INR 10 each held on the record date of December 15, 2022.
Significant Accounting Policies and Notes on Accounts form an integral part of the Restated Consolidated Financial Information.



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OTHER FINANCIAL INFORMATION
The accounting ratios required under Paragraph 11 of Part A of Schedule VI of the SEBI ICDR Regulations are
given below.
(in ₹ million other than share data)

Particulars As at and for As at and for Fiscal 2022 Fiscal 2021 Fiscal 2020
the six months the six months
ended ended
2022 2021
Restated earnings per 12.49 (7.08) 13.84 (5.03) (4.68)
Equity Shares - Basic (in
₹)
Restated earnings per 11.60 (7.08) 13.13 (5.03) (4.68)
Equity Share – Diluted
(in ₹)
Return on Net Worth (%) 14.20 (51.08) 26.95 (24.48) (19.74)
Net Asset Value per 87.94 13.86 51.36 20.57 23.70
Equity Share (in ₹)
EBITDA 659.52 (139.05) 751.31 (92.51) (101.91)
Notes:
4. Basic EPS (₹) = Net profit / (loss) after tax attributable to equity shareholders, as restated / weighted average number of Equity Shares
during the year.
5. Diluted EPS (₹) = Net profit / (loss) after tax attributable to equity shareholders, as restated / Weighted average number of dilutive
6. Net Asset Value per Equity Share means net worth attributable to the owners of our Company divided by weighted average number of
Equity Shares outstanding at the end of the period/ year.
7. Return on net worth is computed as restated net profit / (loss) after tax attributable to equity holders of our Company divided by restated
net worth for equity shareholders of our Company.
8. The Equity Shares and Basic/Diluted earning per share has been presented to reflect the adjustments for issue of bonus shares subsequent
to September 30, 2022 in accordance with Ind AS 33-Earning per share.
In accordance with the SEBI ICDR Regulations, the audited financial statements of our Company for the year
ended March 31, 2022, March 31, 2021, and March 31, 2020, and the reports thereon dated September 4, 2022,
September 8, 2021, and December 9, 2020, respectively (“Audited Financial Statements”) are available on our
website at https://ideaforgetech.com/investor-relations/financial-information. Our Company does not have a
material subsidiary, as on the date of this Draft Red Herring Prospectus.
Our Company is providing a link to this website solely to comply with the requirements specified in the SEBI
ICDR Regulations. The Audited Financial Statements do not constitute, (i) a part of this Draft Red Herring
Prospectus; or (ii) a prospectus, a statement in lieu of a prospectus, an offering circular, an offering memorandum,
an advertisement, an offer or a solicitation of any offer or an offer document to purchase or sell any securities
under the Companies Act, 2013, the SEBI ICDR Regulations, or any other applicable law in India or elsewhere
in the world. The Audited Financial Statements should not be considered as part of information that any investor
should consider to subscribe for or purchase any securities of our Company, or any entity in which it or its
shareholders may have significant influence and should not be relied upon or used as a basis for any investment
decision. None of the BRLMs or any of their respective employees, directors, affiliates, agents or representatives
accept any liability whatsoever for any loss, direct or indirect, arising from any information presented or contained
in the Audited Financial Statements, or the opinions expressed therein.
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CAPITALISATION STATEMENT
The following table sets forth our Company’s capitalization as at September 30, 2022, as derived from our
Restated Consolidated Financial Information. This table should be read in conjunction with the sections titled
‘Risk Factors’, ‘Management’s Discussion and Analysis of Financial Condition and Results of Operations’
and ‘Financial Information’ and beginning on pages 29, 330 and 245, respectively.
(₹ in million, except ratios)

Particulars Pre-offer as at As adjusted for the
September 30, 2022 Offer*
Borrowings
Non-current borrowings# (I) - [●]
Current borrowings# (II) 226.67 [●]
Total borrowings (III = I + II) 226.67 [●]
Equity
Equity share capital# (IV) 0.90 [●]
Instruments entirely equity in nature (V) 0.67 [●]
Other Equity# (VI) 3,181.85
Total Equity (VII = IV + V + VI) 3,183.42 [●]
Total borrowings/ Total Equity (VIII = III/VII) 0.07 [●]
Non-current borrowings/Total Equity (IX = I / VII) - [●]
*The corresponding post Offer capitalization data is not determinable at this stage pending the completion of the Book Building Process and
hence have not been furnished. To be updated upon finalization of the Offer Price.
#
These terms shall carry the meaning as per Schedule III of the Companies Act.
Notes:
The above has been computed on the basis on amounts derived from the Restated Consolidated Financial Information.
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
You should read the following discussion and analysis of our financial condition and results of operations, and
our assessment of the factors that may affect our prospects and performance in future periods, together with our
Restated Consolidated Financial Information included in this Draft Red Herring Prospectus. Unless otherwise
indicated or the context otherwise requires, the financial information for the six months ended September 30,
2022, September 30, 2021 and as at and for Fiscals 2022, 2021 and 2020, included herein is derived from the
Restated Consolidated Financial Information, included in this Draft Red Herring Prospectus. For further
information, see ‘Financial Information’ on page 245. Our financial year ends on March 31 of each year, and
references to a particular year are to the 12 months ended March 31 of that year.
Some of the information in the following discussion, including information with respect to our plans and
strategies, contain forward-looking statements that involve risks and uncertainties. You should read the section
‘Forward-Looking Statements’ on page 18 for a discussion of the risks and uncertainties related to those
statements. Our actual results may differ materially from those expressed in or implied by these forward-looking
statements as a result of various factors, including those described below and elsewhere in this Draft Red Herring
Prospectus. Also read ‘Risk Factors’ and ‘– Factors Affecting our Results of Operations and Financial
Condition’ on pages 29 and 333, respectively, for a discussion of certain factors that may affect our business,
financial condition or results of operations.
Unless otherwise indicated, industry and market data used in this section has been derived from the report titled
“Drone Industry Report” released on February 7, 2023 (the “1Lattice Report”), prepared by Praxian Global
Private Limited and appointed by us on October 6, 2022, and exclusively commissioned by and paid for by us in
connection with the Offer. Unless otherwise indicated, financial, operational, industry and other related
information derived from the 1Lattice Report and included herein with respect to any particular year refers to
such information for the relevant calendar year. See also, ‘Risk Factors - Certain sections of this Draft Red
Herring Prospectus disclose information from the industry report which has been commissioned and paid for
by us exclusively in connection with the Offer and any reliance on such information for making an investment
decision in the Offer is subject to inherent risk.’ on page 45. Also see, ‘Certain Conventions, Use of Financial
Information and Market Data and Currency of Presentation – Industry and Market Data’ on page 16.
Unless the context otherwise requires, in this section, references to ‘we’, ‘us’, ‘our’ and similar terms are to our
Company together with its Subsidiary.
OVERVIEW
with a market share of approximately 50% in Fiscal 2022 (Source: 1Lattice Report). We had the largest
operational deployment of indigenous UAVs across India, with an ideaForge manufactured drone taking off every
five minutes on average for surveillance and mapping during the nine months ended December 31, 2022 (Source:
1Lattice Report). Our customers have completed over 300,000 flights using our UAVs as of December 31, 2022
(Source: 1Lattice Report). We ranked 7th globally in the dual-use category (civil and defence) drone manufacturers
as per the report published by Drone Industry Insights in December 2022 (Source: 1Lattice Report). We have
grown at a CAGR of 237.48% in terms of revenue from operations over the last three Fiscals, with a Return on
Capital Employed of 49.63% in Fiscal 2022.
Our UAVs are equipped with industry leading specifications and capabilities, comparable to those of other
established global players in the UAV industry (Source: 1Lattice Report). We believe that our growth over the
years is attributable to our indigenous design and technological capabilities, our ability to invent, design and
deliver customer centric offerings (i.e., hardware, software and solutions) and our vertically integrated operations.
These capabilities allow us to design, develop, engineer and manufacture our UAVs in-house with a control on
performance, reliability and autonomy. Our UAV platforms are architected with a ‘mission first’ approach i.e., to
deliver UAVs which meet the requirements of our customers and which, we believe, can reliably sustain a large
number of flights and are capable of being autonomously operated without special skills or training. In addition
to being among the first few players in India to enter the UAV market, we also have the distinction of being the
first company to indigenously develop and manufacture vertical take-off and landing (“VTOL”) UAVs in India
in 2009 (Source: 1Lattice Report). We are also the first company to participate in the demonstration of 5G enabled
UAVs at the Indian Mobile Congress in 2018 (Source: 1Lattice Report). An early prototype of our VTOL UAV
(quadrotor helicopter) was also featured in a popular Bollywood movie in 2009. We are one of the few original
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equipment manufacturers (“OEMs”) globally to have its own proprietary autopilot sub-system and ground control
software (Source: 1Lattice Report). As a result of our continuous product development and innovation efforts, we
have filed 62 patent applications, which comprise of 34 applications filed internationally and 28 patent
applications filed in India, as on February 8, 2023. A validation of our product competency and an example of
global acceptance of our product was when our product SWITCH UAV, according to the 1Lattice Report, won
the largest mini-VTOL UAV contract in March 2022, against global competitors from Russia, Israel, France,
Ukraine and other countries.
We have one of the industry’s leading product portfolios targeted at civil and defence applications (dual use)
(Source: 1Lattice Report). We have a broad range of products with feature-based differentiation such as weight
class (approximately 2-7 kg), endurance class (25-120 minutes flying time), take-off altitude range (up to 6,000
meters), communication range (approximately 2-15 km), payload types, etc. Beyond the UAVs, we undertake a
full integration of our payloads, communication system and packaging. We also build our own software stack
required for flight safety, autopilot sub-system, battery, power and communication in our UAVs. We believe, this
integration of complex technologies while optimizing for performance, reliability and autonomy, not only creates
entry barriers for new entrants but also helps us to differentiate ourselves from other players in the market. We
cater to domestic and international customers across defence and civil sectors, primarily for applications in
surveillance, mapping and surveying. Our UAVs have been used in extreme conditions, from very low
temperatures at high altitudes such as in Ladakh to very high temperatures such as in the Thar desert, meaning
that our UAVs have experienced some of the harshest environments in the world. Given the critical nature of the
application of our products (such as for defence operations), we aim to maintain a high standard for the
performance and quality of our products. Some of our UAVs have flown more than 4,500 flights as against the
minimum requirement specified in RFPs for 500 flights under warranty (Source: 1Lattice Report).
Our product portfolio consists of (a) hardware, which primarily includes UAVs, payloads, batteries, chargers and
communication system (which enables communication between the ground control station and the UAVs), (b)
software and embedded sub-systems, which includes the GCS software, which enables the controlling and
management for our UAVs and autopilot sub-system, which enables remote control and autonomous completion
of flights, and (c) solutions, which enables industry/ application specific software that enhances the value of our
UAVs to the end customer. Our wide range of products gives us the necessary flexibility to meet the evolving
demands of diverse customers across industries.
We are in the process of developing UAVs as an on-demand service solution, which will mean our UAVs will be
deployed to enable operations in a pre-scheduled or ad hoc/ on-demand manner at a short notice. We believe this
will drive access to our UAVs for many applications such as DFR, progress monitoring, inspections, etc. In DFR,
we intend for our drones to be able to reach the location of the reported incident to stream live video which will
help in assessing the situation and take decisions, even before first responders on the ground are able to arrive on
the scene of the incident.
We have one of the best support networks in India for UAVs (Source: 1Lattice Report). In addition to the warranty
services that we provide with our UAVs, we also provide after sales maintenance services to our customers. Our
support care plan, ideaForge Care plan, is one of the first-of-its-kind subscription based support package in the
Indian UAV industry (Source: 1Lattice Report). Our support care plan, ideaForge Care, provides customers with
a wide range of support plans suited to their needs, which includes 24x7 support and replacement UAV options.
While our UAVs are mission oriented and require minimal training, we provide our customers with the basic
training required for operating the UAVs and for familiarizing them with our UAVs’ functionality.
Our proprietary software architecture with open interfaces is key to delivering our solutions and forms a big part
of our value proposition. Our proprietary autopilot sub-system protects our UAVs with several fail-safe features
against communication failure, high wind velocity, low battery, battery imbalance and extreme temperature,
among others. BlueFire Touch, our ground control software, is built to plan and command missions. Its mission
planning capabilities include finding suitable areas for take-off, determining coverage area based on flight path
and target location coverage check for off-site mission planning prior to deployment. BlueFire Touch enhances
the flight safety with capabilities such as geo fencing, terrain hugging, terrain avoidance, etc. BlueFire Touch also
gives complete control of flight operations and post flight data retrieval to the professional UAV pilot onsite.
BlueFire Touch’s split screen video/map view feature works by allowing the user to dynamically set a side-by-
side view of the map of the flight operation and the actual live stream. In addition to allowing the user to set a
side-by-side view based on their comfort, the centre camera view also dynamically centers the field of view of the
video, to ensure that there is no image distortion due to the change in aspect ratio, and also keep the center of
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frame in check. BlueFire Live!, our innovative software-as-a-service (“SaaS”) offering, with a subscription-based
business model, enables encrypted live streaming of the UAV video feed and payload control.
BlueFire MapAssist is our software solution that makes geotagging for survey grade PPK mapping simple and
intuitive. This not only enables safe and autonomous mapping operations with our GCS software, but also
optimises the data captured and helps reduce the processing time. This makes our UAVs suitable for large area
mapping operations and enabling the lower total cost of ownership (“TCO”) which is an imperative for these
projects.
We have an established track record of designing products that have led to repeat business. Our innovation process
allows us to evolve product features based on the evolving needs of our customers delivering a superior customer
experience with advanced technology. Our UAVs are capable of being autonomously operated without special
skills or training. This combination of performance, reliability and autonomy leads to a lower TCO for our
customers.
We primarily cater to customers with applications for surveillance, mapping and surveying. Though we do not
enter into long-term contracts with our customers, we have developed long-standing relationships with certain of
them. For example, our first UAV was sold in 2010 to one of the state police departments and we have since
received repeat orders from them. Our customers include Indian defence customers and civil customers
comprising certain of the central armed police forces, state police departments, disaster management forces, forest
departments, private contractors in connection with smart cities, Pioneer Foundation Engineers Private Limited,
and C.E. Info Systems Limited.
As of December 31, 2022, we had about 100 channel partners and three national distributors.
We are one of the top vendors globally for dual use drones (Source: 1Lattice Report). Set forth below is our
revenue break up from civil and defence sectors.
Revenue % Revenue % Revenue % Revenue %

(₹ in million) (₹ in (₹ in (₹ in
Sector million) million) million)
Fiscal 2020 Fiscal 2021 Fiscal 2022 Six month ended
September 30, 2022
Civil 93.08 66.49% 298.89 86.09% 317.73 19.93% 133.86 9.59%
Defence 46.91 33.51% 48.29 13.91% 1,276.66 80.07% 1,261.62 90.41%
Our manufacturing facility, situated in Navi Mumbai, Maharashtra, has an area of approximately 21,000 sq. ft.,
and is equipped with advanced equipment, modern technology with automation systems and has the ability to
manufacture a wide range of products. This facility is in compliance with ISO 9001:2015 requirements and is also
equipped with a testing centre that houses an environmental stress screening (“ESS”) chamber and a vibration
table. While we produce composite structures of our UAV airframes and small component machining is done in-
house, we source commercial-off-the-shelf (“COTS”) and customized components required for manufacturing of
UAVs such as carbon tubes, propellers and cameras from the domestic as well as the international market. Our
product development centre, situated in Navi Mumbai, Maharashtra, helps us design and develop our UAVs, and
with continuous customer insights, we are able to improve the performance of our UAVs.
Our Company was founded in 2007 by our Promoters, Ankit Mehta, Rahul Singh and Ashish Bhat, along with
Vipul Joshi, our Chief Financial Officer who later joined our Company. Our Promoters designed their first
quadrotor UAV in 2004 while studying at the IIT Bombay. While our Promoters are first generation entrepreneurs,
our Company has raised funding from various investors including Infosys Limited, Qualcomm Asia Pacific Pte.
Ltd., Celesta Capital II Mauritius, Celesta Capital II-B Mauritius, Florintree Enterprise LLP, Export Import Bank
of India and Infina Finance Private Limited over the years, who have also provided us with valuable management
and organizational inputs. Our Company was incubated by the Society for Innovation and Entrepreneurship
(“SINE”), IIT Bombay and subsequently by CIIE Initiatives, IIM Ahmedabad.
Our growth in revenue and profitability can be credited to our robust product portfolio and technology
differentiation, which we achieve through continuous product development, and streamlining of our operational
activities. We have been able to achieve revenue from operations of ₹ 139.99 million in Fiscal 2020 and ₹1,594.39
million in Fiscal 2022, which is an increase of over 11.39 times of revenue achieved in Fiscal 2020. Set forth
below are certain key financial information from our business.
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(₹ in million)
Particulars Six months ended Fiscal 2022 Fiscal 2021 Fiscal 2020
September 30,
2022
Revenue from 1,395.48 1,594.39 347.18 139.99
operations (A)
EBITDA 659.52 751.31 (92.51) (101.91)
EBITDA Margin 47.26% 47.12% (26.65)% (72.80)%
Profit/ (loss) for the 452.12 440.06 (146.26) (134.46)
period/ year (B)
Profit after Tax Margin 32.40% 27.60% (42.13)% (96.05)%
(C= B/ A)
Notes:
expense.
FACTORS AFFECTING OUR RESULTS OF OPERATIONS AND FINANCIAL CONDITION
Our results of operations and financial condition are affected by several important factors including:
Domestic and global demand for our UAVs
The global drone industry is estimated to be US$ 21.1. billion in 2022 (Source: 1Lattice Report). While the
industry has witnessed a significant growth at a CAGR of 19% over 2018-2022, it is expected to grow at an even
faster rate at a CAGR of 20% to be approximately US$ 51.4 billion in 2027 and further leap to approximately
US$ 91.3 billion by 2030 (Source: 1Lattice Report). Over the past decade, drones have significantly altered the
way critical, life-threatening operations are conducted (Source: 1Lattice Report). Recently, drones were used in
some major geopolitical events globally, for instance, in the ongoing Russia-Ukraine war, as well as the former
Azerbaijan-Armenia conflict, drones were utilised for both surveillance as well as retaliatory action (Source:
1Lattice Report). Similarly, countries such as the U.K., Turkey, and Nigeria are following the U.S.'s lead and are
using drones to strike opposition targets (Source: 1Lattice Report).
As of 2022, the potential market size for the Indian drone industry was approximately US$ 2.71 billion (Source:
1Lattice Report). In 2022, defence industry has the highest potential of US$ 1.28 billion out of the total drone
market, followed by logistics at US$ 0.76 billion and enterprise at US$ 0.48 billion (Source: 1Lattice Report).
The Indian drone market is projected to grow from US$ 43 million by Fiscal 2022 to US$ 812 million by Fiscal
2027, exhibiting a growth CAGR of 80% over Fiscals 2022-2027 (Source: 1Lattice Report).
As of December 31, 2022, we served a diverse base of 265 customers, catering to domestic and international
customers across defence and civil sectors primarily for surveillance, mapping and surveying. We believe as a
pioneer in the Indian unmanned aircraft systems in India, we are well placed to leverage on the growth
opportunities available in India and globally. However, any slowdown in the Indian or the global drone markets
due to any reasons including recession, pandemic or any other geo-political reasons may adversely impact our
growth prospects and the results of operations. Our future growth also depends on penetrating new international
markets as well as remaining a key supplier to strategic sectors, adapting existing products to new applications,
and introducing new products that achieve market acceptance.
While our revenues are distributed between civil customers (including, domestic as well as global customers) and
the Indian defence customers, there may be variations in the proportion in which the different sources contribute
to our revenue basis factors such as market demand and policy changes in India and outside India. We derived
90.41%, 80.07%, 13.91% and 33.51% of our revenue from operations from defence customers for six months
ended September 30, 2022, Fiscals 2022, 2021 and 2020, respectively and 9.59%, 19.93%, 86.09% and 66.49%
of our revenue from operations from civil customers for six months ended September 30, 2022, Fiscals 2022,
2021 and 2020, respectively. Any shifts in spending trends, changes in security levels, defence, and intelligence
priorities, general economic conditions and developments, and other factors may affect our financial condition.
We operate in a highly regulated industry, including regulations on exports
Drone regulations vary from country to country, with no universally applicable international drone legislation yet
(Source: 1Lattice Report). The major countries in drone operations are Australia, China and the U.K (Source:
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1Lattice Report). These countries possess advanced regulatory frameworks which have evolved over time
(Source: 1Lattice Report). The regulatory bodies in India have taken a step towards a more liberalized approach
after considering the potential of drones in boosting the economy (Source: 1Lattice Report). With the notification
of Drone Rules 2021, the government has taken several measures such as reducing extensive paperwork involved,
increasing the number of “free to fly” green zones, and simplifying granting of permission for every drone flight,
among others (Source: 1Lattice Report). India has introduced laws and policies addressing both the demand side
(through drone policy) and the supply side (through PLI and import bans) to provide impetus to the indigenous
production of drones (Source: 1Lattice Report).
Further, we operate in an industry which is highly regulated and our operations, including manufacturing and
sales, are subject to stringent laws and regulations. We are required to obtain certain certifications from the
Directorate General of Civil Aviation (“DGCA”) in order to sell our UAVs to civil users in India. DGCA had
signed a memorandum of understanding to establish a mechanism for cooperation with the Quality Council of
India to develop and operate a certification scheme for UAVs and this certification scheme was notified on January
26, 2022. In order to receive such certification, our UAVs are required to meet certain criteria of airworthiness for
flying. Once our UAVs successfully pass the evaluation criteria, DGCA issues a certain certificate post which we
are able to sell our UAVs to our civil customers. These certifications generally take around three months for
approval. The process of approval is rigorous, time consuming and involves multiple iterations before one
application is finally approved, which in turn can adversely impact our cash flows and results of operations.
Though there have been no instances in the past where such type certifications were rejected for our UAVs, we
cannot assure you that there would be no rejections in future. There are also possibilities where we might have to
abandon certain airframes and system configurations of our UAVs due to their un-suitability for approval after
investing significant money, time and labour on production of these products. For further information, see ‘Risk
Factors- We operate in an industry which is highly regulated and is subject to change. If we fail to comply with
the applicable regulations and rules prescribed by the Government of India and the relevant statutory or
regulatory bodies, our business, financial condition, cash flows and results of operations will be adversely
affected.’ on page 29.
Further, in order to manufacture our UAVs, we are required to obtain an industrial licence under the Industries
(Development and Regulation) Act, 1951 (“IDR Act”) and comply with the conditions stipulated therein. One of
the conditions stipulated under the industrial license mandates that we intimate the Department for Promotion of
Industry and Internal Trade (“DPIIT”) and Department of Defence Production, Ministry of Defence, in case of
any change in the management control, ownership pattern, Board of Directors and foreign holding/ foreign
directors. Further, we are required to obtain clearance from the Ministry of Home Affairs in case there are any
addition of foreign partners in our Company. While we intend to comply with all the conditions of the licenses,
any non-compliance of the conditions would lead to the cancellation of our license thereby creating a significant
adverse impact on our financial condition and results of operations. For further information, see ‘Risk Factors-
We are a licensed manufacturer of Unnamed Ariel Vehicle under the Industries (Development and Regulation)
Act, 1951 and any non-compliance of, or a failure to satisfy the terms and conditions under such license could
lead to the cancellation of our license thereby creating a material adverse impact on our business, financial
condition and results of operations.’ on page 30.
In order to sell our UAVs in foreign jurisdictions, we are required to obtain export authorisations from the
Directorate General of Foreign Trade (“DGFT”) as UAVs fall under the list of Special Chemicals, Organisms,
Materials, Equipment, and Technologies (“SCOMET”). The export of SCOMET, including UAVs are permitted
only if authorised by DGFT. While there have been no instances in the past where DGFT had rejected our
applications seeking approvals for exports, we cannot assure you that in future we would always receive export
authorisation to sell our UAVs in other foreign jurisdictions which may impact our business, financial condition,
cash flows and results of operations. Further, any change in law, regulations and policies in foreign jurisdictions
where we are currently selling our products or plan to sell our products may shift the onus to comply with foreign
regulations from our resellers to our Company. For more information, see ‘Risk Factors – Our expansion into
international market may not be successful.’ on page 35.
Raw Material costs
The primary raw materials required for manufacturing of our products are composites, plastics, and electronic
components. We also require other raw materials, such as metal and machined parts for manufacturing our
products. We procure our raw materials domestically as well as internationally from a wide and diverse network
of suppliers, based on our requirements on an on-going basis. The availability and price of raw materials and
commodity prices is subject to a number of factors beyond our control including global demand and supply,
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general economic and political conditions, transportation and labour costs, labour unrest, natural disasters,
competition, import duties, fuel prices and availability, power tariffs and currency exchange rates, and there are
uncertainties inherent in estimating such variables, regardless of the methodologies and assumptions that we may
use. While procuring our raw materials, we factor in the current supply orders as well as the anticipated demand
for our products, thereby working on forecasted demand as well. These forecasts are then shared with our supply
chain management team so that they can quote the amount of required inventory, based on the information at
hand. However, most of these forecasts are only accurate to a certain degree and hence we carry the risk that our
anticipated demand may not be met, which may impact our contributions either way. Our cost of materials
consumed was ₹ 347.40 million, ₹ 513.90 million, ₹ 220.99 million and ₹ 76.84 million in the six months ended
September 30, 2022 and in the Fiscals 2022, 2021 and 2020, respectively, which accounted for 24.89%, 32.23%,
63.65% and 54.89%, of our revenue from operations and 41.38%, 46.18%, 43.47% and 25.82%, of our total
expenses in the six months ended September 30, 2022 and Fiscals 2022, 2021 and 2020, respectively.
Interruption of, or a shortage in the supply of, raw materials required to manufacture our products, may also result
in our inability to operate our manufacturing facility at optimal capacities, leading to a decline in production and
sales. Most of our procurement contracts with suppliers are at a fixed price with certain of our contracts having
an exchange rate variation clause. On account of this, our ability to pass on increased raw material costs is limited.
Furthermore, any increase in the cost of raw materials which results in an increase in prices of our products, may
reduce demand for our products and thereby affect our margins and profitability.
Technological obsolescence
The components that we use in manufacturing our products are subject to technological obsolescence.
Technological obsolescence is subject to a variety of factors, mostly not being in our control, including rapid
changes to various hardware and software involved in producing the components required in manufacturing our
products. In the event of any significant technological or component obsolescence, we are thereby, required to
incur additional costs, which may be at no additional cost to the customer, during the period of warranty, to update
or replace the product, encompassing such obsolete component. Although we factor in component obsolescence
in our initial project costs or estimates at the time of bidding, our ability to pass on increased costs of newer
technologies or components has a direct impact on our profitability and results of operations. Our contracts usually
require us to provide warranty without any additional costs for a fixed period of time, typically for a year. Our
provision of warranty in six months ended September 30, 2022 and in Fiscal 2022, Fiscal 2021 and Fiscal 2020
was ₹ 32.49 million, ₹ 24.11 million, ₹ 2.78 million and ₹ 1.75 million, respectively.
Design and product development
We believe that our growth over the years is attributable to our core capabilities, including our indigenous design
and technological capabilities, our ability to invent, design and deliver advanced customer centric offerings (i.e.,
hardware, software and solutions) and vertically integrated operations. We have an established track record of
designing products that have high customer adoption. Our innovation process allows us to evolve product features
based on the evolving needs of our customers delivering a superior customer experience with advanced technology
at a lower Total Cost of Ownership (“TCO”). However, this process is both time-consuming and cash intensive.
To develop new products and upgrade existing products, we commit substantial time, funds and other resources.
We incurred ₹ 76.50 million, ₹ 113.97 million, ₹ 89.21 million and ₹ 86.14 million as expenses for product
development for the six months ended September 30, 2022 and in Fiscals 2022, 2021 and 2020, respectively. Our
investments in development for future products may not always give the desired outcomes and could result in
higher costs without a proportionate increase in revenues and we might also lose our entire investment if we are
unable to innovate the products. Further, there is also a possibility that our competitors, particularly the foreign
competitors, may invest more in design and product development and receive higher returns than us. The cost of
implementing new technologies, upgrading our manufacturing facilities and retaining our employees could be
significant and could adversely affect our profitability if commensurate revenue is not generated from the newly
designed products.
Imposition of liquidated damages and invocation of performance bank guarantees/indemnity bonds by our
customers
Our ability to meet specific customer demands depends on our ability to design, engineer a prototype, arrange
supply of critical components and commence production of our products within short timeframes. Any failure to
adhere to a contractually agreed schedule, for reasons other than the agreed force majeure events could result in
payment of liquidated damages. Payment of liquidated damages on account of delay in supply of products or
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failure to submit the required performance bank guarantees or failure to install the equipment or provide training,
as required under the contract, is a standard clause forming part of most of our contracts and the maximum amount
payable for such liquidated damages varies from contract-to-contract basis. For six months ended September 2022,
Fiscal 2022, Fiscal 2021 and Fiscal 2020, the provision for liquidated damages aggregated to ₹ 27.90 million, ₹
27.90 million, ₹ 1.98 million and ₹ 0.96 million, respectively, due to the penalties arising from delays caused in
the completion of a delivery.
There have been instances in the past where we have failed to meet the timelines on account of delay in supply or
materials or submitting the required guarantees and have paid liquidated damages for such delays. We cannot
guarantee that in future we will not default any of the existing terms of our contracts resulting in the payment of
liquidated damages. While there have been no instances in past where our contracts were terminated on account
of delay in supply, there can be no guarantee that our customers would not terminate contracts on account of delay
in supply along with payment of liquidated damages. The incurring of such liabilities pursuant to the imposition
of liquidated damages as well as invocation of such performance bank guarantees and indemnity bonds in relation
to our contracts could have an adverse effect on our business, operations, revenues and earnings. For more
information, see ‘Risk Factors – Most of our customer agreements generally contains a liquidated damage
clause for delay or non-delivery of the Unmanned Aerial Vehicle. Any contractual default on our part may
result in claims and payment of liquidated damages, which could adversely affect our business, financial
condition and cash flows.’ on page 40.
Restriction on imports and impact on international competition
The rapid increase in the production scale of Chinese drones led to a rise in unreliability and performance issues
(Source: 1Lattice Report). The data confidentiality issues and low reliability of Chinese drones, coupled with the
global anti-China sentiments, are paving an opportunity for the Indian drone industry to provide an alternative
option in the market (Source: 1Lattice Report). Indian UAVs can compete in this market given the favorable
ecosystem created by the government’s industry-friendly policies, significant investments, and increasing demand
for drones globally (Source: 1Lattice Report). Through meticulous public and private investments, the Indian
drone sector is looking to position itself as a global competitor in exports for both civil and military drones
The DGFT under the Ministry of Commerce and Industry, by way of notification in February, 2022, modified the
Indian Trade Classification (Harmonised System) 2022 Schedule-1 (Import Policy) and banned the import of
drones in completely-built-up (“CBU”), semi-knocked-down (“SKD”) or completely-knocked-down (“CKD”)
form, with the following exceptions: (a) import of drones by government entities, educational institutions
recognized by central or state government, government recognized R&D entities and drone manufacturers for
R&D purpose are allowed in CBU, SKD or CKD form, subject to import authorisation issued by DGFT in
consultation with concerned line ministries, and (b) import of drones for defence and security purposes are allowed
in CBU, SKD or CKD form, subject to import authorisation issued by DGFT in consultation with concerned line
industries. However, the import of drone components is not banned and does not require any approval. These
regulations which aim to boost local businesses and innovators like us in India by incentivising manufacturing of
drones and drone components in India in order to make the manufacturing sector self-sustaining and globally
competitive, have benefited our Company in the past as these have resulted in an increase in demand for our
products, owing to a ban on imports of drones. However, we cannot assure that the government will continue to
implement such restrictions in the future and any variation in any such policy of the government may have an
adverse impact on our business, results of operations, financial condition and cash flows. For more information,
see ‘Risk Factors – Our business is benefitted by schemes launched by GoI to boost the drone industry. Any
variation in such schemes would have an adverse impact on our results of operations and financial condition
and cash flows.’ on page 36.
Cost and availability of skilled manpower
We require the application of high levels of technology at key stages of our design, engineering and manufacturing
processes and accordingly, depend on our ability to recruit and retain employees who have advanced engineering
and technical services skills and who work well with our customers. Our human resource policy focuses on
recruiting talented and qualified personnel who would integrate well with our current workforce. We conduct
regular training workshops and performance reviews. We endeavour to develop and train our employees in order
to facilitate their growth as well as the growth of our operations. If we are unable to recruit and retain a sufficient
number of these employees, then our ability to maintain our competitiveness and grow our business could be
negatively affected. In addition, because of the highly technical nature of our products, the loss of any significant
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number of our existing engineering personnel could significantly delay or prevent the achievement of our business
objectives, materially harm our business and customer relationships and impair our ability to identify and secure
new contracts.
As of December 31, 2022, we had 252 permanent employees. In addition to our permanent employees, we have
five personnel engaged as consultants and 251 employees on a contractual basis primarily as technicians for
providing support to manufacturing team, as of December 31, 2022. We have also engaged 30 contractual
labourers for carrying out various activities such as manpower support services, security and housekeeping.
Our expenses towards salaries, wages and bonus was ₹ 164.21 million, ₹ 276.83 million, ₹ 186.63 million and ₹
179.18 million for six months ended September 30, 2022 and for the Fiscals 2022, 2021 and 2020, respectively.
We believe that our Company’s growth and work environment combined with our employee satisfaction rate has
allowed us to attract talent on a large scale. In addition, the presence of varied profiles available in our organisation
coupled with high growth potential facilitates higher retention of employees. If there are any labour shortages, it
could increase our production cost and hinder our productivity and ability to meet customers’ delivery schedules,
any or all of which may have an adverse impact on our results of operations.
SIGNIFICANT ACCOUNTING POLICIES UNDER IND AS
The notes to the Restated Consolidated Financial Information included in this Draft Red Herring Prospectus
contain a summary of our significant accounting policies. Set forth below is a summary of our most significant
accounting policies adopted in preparation of the Restated Consolidated Financial Information.
Statement of Compliance
The Restated Consolidated Financial Information which has been approved by the Board of Directors of our
Company, has been prepared in accordance with the requirements of:
(a) Section 26 of Part I of Chapter III of the Companies Act, 2013 ("Companies Act, 2013");
(b) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations,
2018 as amended (“SEBI ICDR Regulations”);
(c) The Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of
Chartered Accountants of India (“ICAI”) (the “Guidance Note”); and
(d) E-mail dated October 28, 2021 from Securities and Exchange Board of India to Association of Investment
Bankers of India, instructing lead managers to ensure that companies provide financial statements
prepared in accordance with Indian Accounting Standards, as prescribed under Section 133 of the Act
read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended) (“Ind AS”) for all the
three years and stub period (hereinafter referred to as the “the SEBI e-mail”).
The Restated Consolidated Financial Information of our Company and our Subsidiary (together, the “Group”)
have been prepared to comply in all material respects with the Ind AS, as prescribed under Section 133 of the
Companies Act, 2013 read with the Companies (Indian Accounting Standards) Rules, 2015 (as amended from
time to time), presentation requirements of Division II of Schedule III to the Act, as applicable to the financial
statements and other relevant provisions of the Companies Act, 2013.
The Restated Consolidated Financial Information has been compiled by our Company from:
1. Audited special purpose financial statements of our Group as at and for the six months ended September
30, 2022 are prepared in accordance with recognition and measurement principles under Ind AS 34
"Interim Financial Reporting", specified under section 133 of the Companies Act, 2013 and other
accounting principles generally accepted in India and presentation requirements of Division II of
Schedule III to the Companies Act, 2013 (the “Special Purpose Financial Statements”);
2. As at and for the years ended March 31, 2022, March 31, 2021 and March 31, 2020: From the audited
special purpose financial statements of our Company as at and for the years ended March 31, 2022,
March 31, 2021 and March 31, 2020, which were prepared by our Company after taking into
consideration in response to the requirements of the SEBI e-mail and were approved by the Board of
Directors. The audited special purpose financial statements for the years ended March 31, 2022, March
31, 2021 and March 31, 2020 have been prepared after making suitable adjustments to the accounting
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heads from their Indian GAAP (as defined below) values following accounting policies (both mandatory
exceptions and optional exemptions) availed as per Ind AS 101 for the transition date of April 1, 2019
and as per the presentation, accounting policies and grouping/classifications followed as at and for the
six-months period ended September 30, 2022.
3. As at and for the years ended March 31, 2022, March 31, 2021 and March 31, 2020: From the audited
financial statements of our Company as at and for the years ended March 31, 2022, March 31, 2021 and
March 31, 2020 prepared in accordance with Indian GAAP which were approved by the Board of
Directors.
Pursuant to the Companies (Indian Accounting Standard) Second Amendment Rules, 2015, the Group will prepare
its first set of statutory financial statements as per Ind AS notified under the Companies (Indian Accounting
Standards) Rules, 2015 (as amended from time to time) for the year ending March 31, 2023 and consequently
April 1, 2021 is the transition date for preparation of such statutory financial statements. The special purpose
financial statements for the six month period ended September 30, 2022 are the first financial statements prepared
in accordance with Ind-AS. Upto the financial year ended March 31, 2022, our Company prepared its financial
statements in accordance with accounting standards prescribed under Section 133 of the Companies Act, 2013
(“Indian GAAP”).
In accordance with Ind AS 101 First-time Adoption of Indian Accounting Standards, the Group has presented an
explanation of how the transition to Ind AS has affected the previously reported financial position, financial
performance and cash flows. The audited special purpose financial statements should be read together with
significant accounting policies forming part of the Restated Consolidated Financial Information in Annexure V,
Statement of Adjustments to Restated Consolidated Financial Information in Annexure VI and notes to the
Restated Consolidated Financial Information in Annexure VII. These Restated Consolidated Financial
Information were approved for issue by our Company’s Board of Directors on February 3, 2023.
Basis of preparation
The Restated Consolidated Financial Information have been prepared on a going concern basis.
Basis of Measurement
These financial statements have been prepared on a historical cost convention basis, except for (i) employee's
defined benefit plan at fair value of plan assets less present value of defined benefit obligation determined as per
actuarial valuation; and (ii) certain financial assets and liabilities that are measured at fair value.
Current versus non-current classification
Our Company presents assets and liabilities in the balance sheet based on current/non-current classification. An
asset is current when it is: (a) expected to be realised or intended to be sold or consumed in the normal operating
cycle; (b) held primarily for the purpose of trading; (c) expected to be realised within 12 months after the reporting
year; or (d) cash and cash equivalents unless restricted from being exchanged or used to settle a liability for at
least 12 months after the reporting year. All other assets are classified as non-current assets.
A liability is current when: (a) it is expected to be settled in the normal operating cycle; (b) it is held primarily for
the purpose of trading; (c) it is due to be settled within 12 months after the reporting year; or (d) there is no
unconditional right to defer the settlement of the liability for at least 12 months after the reporting year. All other
liabilities as non-current liabilities.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
The operating cycle is the time between the acquisition of assets for processing and their realization in the form
of cash or cash equivalents. Our Company has identified that its operating cycle is 12 months.
Functional and presentation currency
The Restated Consolidated Financial Information are presented in INR which is our Company’s functional
currency. All amounts have been rounded-off to the nearest millions and decimals thereof, unless otherwise
mentioned.
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Use of estimates, assumptions and judgements
The preparation of Restated Consolidated Financial Information in conformity with Ind AS requires management
to make judgements, estimates and assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, the disclosure of contingent liabilities on the date of Restated Consolidated Financial
Information and the reported amount of income and expenses for the year / period reported, wherein actual results
may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. They are based on historical experience
and other factors that are believed to be reasonable under the circumstance. Revisions to accounting estimates are
recognised in the year in which the estimates are revised and future periods are affected.
Assumption and estimation uncertainties:
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material
adjustment in the amounts recognised in Restated Consolidated Financial Information is included in the following
notes:
(i) Impairment test of non-financial assets and financials assets;

(ii) Measurement of defined benefit obligations: key actuarial assumptions;
(iii) Recognition of deferred tax assets: availability of future taxable profit against which tax losses carried
forward can be used; and
(iv) Recognition and measurement of provisions and contingencies: key assumptions about the likelihood and
magnitude of an outflow of resources.
Fair Value Measurement
Certain accounting policies and disclosures of our Company require the measurement of fair values, for both
financial and non financial assets and liabilities. We have an established control framework with respect to the
measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation
adjustments.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation
techniques as follows:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).
When measuring the fair value of an asset or a liability, our Company uses observable market data as far as
possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair
value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the fair value
hierarchy as the lowest level input that is significant to the entire measurement.
Principles of Consolidation
Subsidiary
The Restated Consolidated Financial Information comprise the financial statements of our Company and our
Subsidiary. The Group controls an entity when it is exposed to, or has rights to, variable returns from its
involvement with the entity and has the ability to affect those returns through its power over the entity. The Group
re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one
or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the subsidiary. The Restated Consolidated
Financial Information are prepared using uniform accounting policies for like transactions and other events in
similar circumstances. If a member of the Group uses accounting policies other than those adopted in the restated
consolidated financial statements for like transactions and events in similar circumstances, appropriate
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adjustments are made to that Group member’s financial statements in preparing the restated consolidated financial
statements to ensure conformity with the Group’s accounting policies.
The financial statements used for the purpose of consolidation are drawn up to same reporting date as that of our
Company. When the end of the reporting year of the parent is different from that of a subsidiary, the subsidiary
prepares, for consolidation purposes, additional financial information as of the same date as the standalone
financial statements of our Company to enable us to consolidate the financial information of the subsidiary, unless
it is impracticable to do so.
Consolidation procedure
(i) Combine like items of assets, liabilities, equity, income, expenses and cash flows of our Company with those
of our Subsidiary. For this purpose, income and expenses of our Subsidiary are based on the amounts of the assets
and liabilities recognised in the Restated Consolidated Financial Information at the acquisition date.
(ii) Offset (eliminate) the carrying amount of our Company’s investment in each subsidiary and our Company’s
portion of equity of each subsidiary.
(iii) Eliminate in full intragroup assets and liabilities, equity, income, expenses and cash flows relating to
transactions between entities of the Group (profits or losses resulting from intragroup transactions that are
recognised in assets, such as inventory and property, plant and equipment, are eliminated in full). Intragroup losses
may indicate an impairment that requires recognition in the restated consolidated financial statements. Ind AS 12
income taxes applies to temporary differences that arise from the elimination of profits and losses resulting from
intragroup transactions.
Loss of control
When the Group loses control over a subsidiary, it derecognises the assets and liabilities of the subsidiary, and
any related NCI and other components of equity. Any interest retained in the former subsidiary is measured at fair
value at the date the control is lost. Any resulting gain or loss is recognised in profit or loss.
Property, plant and equipment
Property, plant and equipment are measured at cost (which includes capitalised borrowing costs) less accumulated
depreciation and accumulated impairment losses, if any. The cost comprises of (i) purchase price, including import
duties and non-refundable purchase taxes, after deducting trade discounts and rebates, (ii) any costs directly
attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the
manner intended by the management and (iii) the initial estimate of the costs of dismantling and removing the
item and restoring the site on which it is located.
If significant parts of an item of property, plant and equipment have different useful lives, these are accounted for
as separate items (major components) of property, plant and equipment and depreciated accordingly.
Subsequent expenditure is capitalised only in case of a probability that the future economic benefits associated
with the expenditure will flow to us.
Capital work in progress and Capital advances
Capital work in progress are the assets under construction, which include the cost of property, plant and equipment
that are not ready to use at the balance sheet date. Advances paid to acquire property, plant and equipment before
the balance sheet date are disclosed under other non-current assets. Assets under construction are not depreciated
as these assets are not yet available for use.
Depreciation methods, estimated useful life and residual value
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Depreciation is calculated using written down value method, pro-rata to the period of use, taking into account
useful lives and residual value of the assets. The useful life of assets and the estimated residual value taken from
those prescribed under Part C of Schedule II to the Companies Act, 2013 except in case of leasehold improvements
which are depreciated over primary lease period, which in management’s opinion is reflective of economic useful
lives of these assets. Useful life and residual values are reviewed by management at every balance sheet date and
adjusted, if appropriate. The estimate useful life of our property, plant and equipment assets are as follows:
Tangible asset Useful life

Plant and Machinery 15 years
Vehicle 8 years
Furniture and Fixtures 10 years
Office equipments 5 years
Electrical equipment 10 years
Computers 3 years
Leasehold Improvement Lower of useful life of the leasehold improvement or the lease term
Depreciation is computed with reference to cost. Depreciation on additions during the year is provided on pro rata
basis with reference to month of addition/installation.
Derecognition
An item of property, plant and equipment and any significant part initially recognized is derecognised upon
disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on
derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount
of the asset) is included in the restated consolidated statement of profit and loss once such asset is derecognised.
On transition to Ind AS, our Company has elected to continue with the carrying value of all the items of property,
plant and equipment recognized as at April 1, 2021, measured as per the previous GAAP, and use that carrying
value as the deemed cost of such property, plant and equipment. Our Company has followed the same
accounting policy choices (both mandatory exceptions and optional exemptions availed as per Ind AS 101 as
initially adopted on transition date i.e. April 1, 2021 while preparing the Restated Consolidated Financial
Information for the years ended March 31, 2021 and March 31, 2020.
Intangible assets
Intangible assets primarily comprise of patents, computer software and products under development. Intangible
assets are initially recorded at cost and subsequent to recognition, intangible assets are stated at cost less
accumulated amortisation.
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied in the specific
asset to which it relates, and all other expenditures are recognised in the statement of profit and loss as incurred.
Amortisation
Intangible assets are amortised over their estimated useful life using straight line method. The amortisation period
and the amortisation method for an intangible asset with finite useful life is reviewed at the end of each financial
period/year. If any of these expectations differ from previous estimates, such changes is accounted for as a change
in an accounting estimate.
Amortisation methods, useful lives and residual values are reviewed at each reporting date and adjusted, if
required.
Type of asset Estimated Useful life

Product development 3 years
Software 3 years
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Patent 20-25 years and 100 years, for few patents
Derecognition
An intangible asset is derecognised on disposal, or when no future economic benefits are expected from use or
disposal. Gains or losses arising from derecognition of an intangible asset, measured as the difference between
the net disposal proceeds and the carrying amount of the asset, are recognised in the restated consolidated
statement of profit and loss when the asset is derecognised.
On transition to Ind AS, we have elected to continue with the carrying value of all the items of Intangible assets
recognized as at April 1, 2021, measured as per the previous GAAP, and use that carrying value as the deemed
cost of such intangible assets. We have followed the same accounting policy choices (both mandatory exceptions
and optional exemptions availed as per Ind AS 101) as initially adopted on transition date i.e. April 1, 2021 while
preparing the Restated Financial Information for the years ended March 31, 2021 and March 31, 2020.
Intangible assets under development
Intangible assets under development include the cost of patent, trademark and product development costs that are
not ready to use as on the date of the balance sheet. Further, product development costs includes employee benefits
expenses including employee stock option expense incurred towards research and development team, raw
materials consumed, testing charges, other expenses like lease, electricity and other administration and office
expenses. Intangible assets under development are not depreciated as these assets are not yet available for use.
Impairment
Non-financial assets
Assessment for impairment is done at each balance sheet date as to whether there is any indication that a non-
financial asset may be impaired. For the purpose of assessing impairment, the smallest identifiable group of assets
that generates cash inflows from continuing use that are largely independent of the cash inflows from other assets
or groups of assets is considered as a cash generating unit (“CGU”). If any indication of impairment exists, an
estimate of the recoverable amount of the individual asset/cash generating unit is made. Asset/cash generating
unit whose carrying value exceeds their recoverable amount are written down to the recoverable amount by
recognising the impairment loss as an expense in the restated statement of profit and loss.
Recoverable amount is higher of an asset’s or cash generating unit’s value in use and its fair value less cost of
disposal. Value in use is estimated future cash flows expected to arise from the continuing use of an asset or cash
generating unit and from its disposal at the end of its useful life discounted to their present value using a post-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
In determining fair value less costs of disposal, recent market transactions are considered. If no such transactions
can be identified, an appropriate valuation model is used.
An impairment loss is reversed in the restated statement of profit and loss if there has been a change in the
estimates used to determine the recoverable amount. The carrying amount of the asset is increased to its revised
recoverable amount, provided that this amount does not exceed the carrying amount that would have been
determined (net of any accumulated amortization or depreciation) had no impairment loss been recognised for the
asset in prior years.
Financial Assets
Our Company assesses on a forward looking basis the expected credit losses associated with its assets carried at
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in
credit risk. Our Company recognises loss allowances using the expected credit loss (“ECL”) model as per Ind AS
109 for the financial assets which are not fair valued through profit or loss. Loss allowance for trade receivables
with no significant financing component is measured at an amount equal to lifetime ECL. For all other financial
assets, expected credit losses are measured at an amount equal to the 12-month ECL, unless there has been a
significant increase in credit risk from initial recognition in which case those are measured at lifetime ECL. The
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amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to
the amount that is required to be recognised is recognised as an impairment gain or loss in profit or loss.
ECL is the difference between all contractual cash flows that are due to our Company in accordance with the
contract and all the cash flows that the entity expects to receive (i.e. all cash shortfalls), discounted at the original
effective interest rate. Lifetime ECL are the expected credit losses resulting from all possible defaults events over
the expected life of a financial asset. 12 month ECL are a portion of the lifetime ECL which result from default
events that are possible within 12 months from the reporting date.
Our Company considers a financial asset to be in default when:
- the counter party is unlikely to pay its credit obligations to the Group in full, without recourse by our Company
to actions such as realising security (if any is held); or
- the financial asset is 180 days or more past due.
ECL are measured in a manner that they reflect unbiased and probability weighted amounts determined by a range
of outcomes, taking into account the time value of money and other reasonable information available as a result
of past events, current conditions and forecasts of future economic conditions.
The gross carrying amount of a financial asset is written off when we have no reasonable expectations of
recovering a financial asset in its entirety or a portion thereof. We expect no significant recovery from the amount
written off during the year.
Financial Instruments
Financial Assets
All financial assets are initially recognized at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets, which are not at fair value through profit or loss, are adjusted to the fair
value on initial recognition. Financial assets are classified, at initial recognition, as financial assets measured at
fair value or as financial assets measured at amortised cost.
Financial Assets measured at amortised cost (“AC”): A financial asset is measured at Amortised Cost if it is held
within a business model whose objective is to hold the asset in order to collect contractual cash flows and the
contractual terms of the financial asset give rise on specified dates to cash flows that represent solely payments of
principal and interest on the principal amount outstanding.
Financial Assets measured at fair value through other comprehensive income (“FVTOCI”): A financial asset is
measured at FVTOCI if it is held within a business model whose objective is achieved by both collecting
contractual cash flows and selling financial assets and the contractual terms of the financial asset give rise on
specified dates to cash flows that represents solely payments of principal and interest on the principal amount
outstanding.
Financial Assets measured at fair value through profit or loss (“FVTPL”): A financial asset which is not classified
in any of the above categories are measured at FVTPL. Financial assets are reclassified subsequent to their
recognition, if our Company changes its business model for managing those financial assets. Changes in business
model are made and applied prospectively from the reclassification date which is the first day of immediately next
reporting period following the changes in business model in accordance with principles laid down under Ind AS
109 – Financial Instruments.
In case of investments in mutual fund and bonds: Measured at FVTPL.
Derecognition of financial assets
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Our Company derecognises a financial asset when the contractual rights to cash flows from the asset expire, or it
transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which
substantially all the risks and rewards of ownership of the financial asset are transferred.
We classify our financial assets into the following measurement categories: (i) those to be measured subsequently
at FVTPL and (ii) assets to be measured at AC.
All financial liabilities are recognised initially at FVTPL or AC. All financial liabilities are recognised initially
at fair value and, in the case of loans and borrowings and payables, net of directly attributable transaction costs.
It also includes trade and other payables, lease liabilities, loans and borrowings including bank overdrafts and
liability component of convertible instruments.
Financial liabilities at fair value through profit or loss
FVTPL include financial liabilities designated upon initial recognition as at fair value through profit or loss.
Financial liabilities are classified as held for trading if they are incurred for the purpose of repurchasing in the
near term. This category also includes derivative financial instruments entered into by our Company that are not
designated as hedging instruments in hedge relationships as defined by Ind AS 109. Separated embedded
derivatives are also classified as held for trading unless they are designated as effective hedging instruments.
Gains or losses on liabilities held for trading are recognised in the profit or loss.
Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the
initial date of recognition, only if the criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL, fair
value gains/ losses attributable to changes in own credit risk are recognized in OCI. These gains/ losses are not
subsequently transferred to statement of profit or loss. However, we may transfer the cumulative gain or loss
within equity. All other changes in fair value of such liability are recognised in the statement of profit or loss.
Financial liabilities at amortised cost (Loans and borrowings)
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using
the effective interest rate (“EIR”) method. Gains and losses are recognised in profit or loss when the liabilities
are derecognised as well as through the EIR amortisation process. AC is calculated by taking into account any
discount or premium on acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is
included as finance costs in the restated statement of profit and loss. This category generally applies to borrowings.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires.
When an existing financial liability is replaced by another from the same lender on substantially different terms
or the terms of an existing liability are substantially modified such exchange or modification is treated as the
derecognition of the original liability and the recognition of a new liability. The difference in the respective
carrying amounts is recognised in the restated statement of profit and loss.
Offsetting of financial instruments
Financials assets and financial liabilities are offset, and the net amount is reported in the statement of assets and
Liabilities, if there is a currently enforceable legal right to offset the recognized amounts and there is an intention
to settle on a net basis, to realize the assets and settle the liabilities simultaneously. The legally enforceable right
must not be contingent on future events and must be enforceable in the normal course of business and in the event
of default, insolvency or bankruptcy of our Company or the counterparty.
Derivative financial instruments
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We use derivative financial instruments, such as forward currency contracts, interest rate swaps and forward
commodity contracts to hedge its foreign currency risks, interest rate risks and commodity price risks respectively.
Such derivative financial instruments are initially recognised at fair value on the date on which a derivative
contract is entered into and are subsequently re-measured at fair value and carried as financial assets or financial
liabilities, accordingly. Derivatives are carried as financial assets when the fair value is positive and as financial
liabilities when the fair value is negative.
Financial guarantee contracts
Financial guarantee contracts issued by our Company are those contracts that require a payment to be made to
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when due in
accordance with the terms of a debt instrument. Financial guarantee contracts are recognised initially as a liability
at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee.
Subsequently, the liability is measured at the higher of the amount of loss allowance determined and the amount
recognised less cumulative amortisation.
Compound Financial Instruments
Compound financial instruments are separated into liability and equity components based on the terms of the
contract. On issuance of the compound financial instruments, the fair value of the liability component is
determined using a market rate for an equivalent non- convertible instrument. This amount is classified as an
financial liability measured at FVTPL (net of transaction costs) until it is extinguished on conversion or
redemption. The remainder of the proceeds is allocated to the conversion option that is recognised and included
in equity since conversion option meets Ind AS 32 criteria for fixed to fixed classification. Transaction costs are
deducted from equity, net of associated income tax. The carrying amount of the conversion option is remeasured
at each reporting date. Transaction costs are apportioned between the liability and equity components of the
compound financial instruments based on the allocation of proceeds to the liability and equity components when
the instruments are initially recognised.
Compulsorily convertible preference shares
Compulsory Convertible Preference Shares (“CCPS”) are those shares which are issued with the terms that it can
be converted into certain number of equity shares after a period of time. CCPS offer fixed income to the investors
and compulsorily convert into Equity Shares of the issuing company after a predetermined period. The terms of
conversion are also pre-decided at the time of issue.
CCPS are particularly offered to fill the gap between the valuation expectations of the founder and the investors
that are generally linked to the performance of our Company. These offer investors the opportunity to participate
in the growth of companies while mitigating the risk of lower valuation of companies that underachieve the targets.
Issuing CCPS further benefits our Company’s promoters to raise funds without diluting the ownership at the initial
period.
Loans and Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Any difference between the
proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the
borrowings using the EIR method. Processing/Upfront fee are treated as prepaid expenses and same is amortised
over the period of the facility to which it relates.
After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost.
Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process. Amortised cost is calculated by taking into account any discount or premium on acquisition
and fees or costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the
restated statement of profit and loss. This category generally applies to interest-bearing loans and borrowings.
Borrowings are derecognised from the balance sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of the financial liability that has been
extinguished or transferred to another party and the consideration paid including any non-cash assets transferred
or liability assumed, is recognised in statement of profit or loss as other gains or (losses).
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Borrowings are classified as current liabilities unless our Company has an unconditional right to defer the
settlement of liabilities for at least twelve months after the reporting year. Where there is a breach of a material
provision of a long term loan arrangement on or before the end of the reporting period with the effect that the
liability becomes payable on demand on the reporting date, the same is classified as current unless the lender
agreed, after the reporting year and before the approval of restated Ind AS financial information for issue, not to
demand payment as a consequence of the breach.
Cash and Cash equivalent
Cash and cash equivalent includes cash on hand, other short-term, highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash and which are subject to
an insignificant risk of changes in value, and bank overdrafts.
Statement of Cash Flows
Cash flows are reported using the indirect method, whereby net profit before taxes for the period is adjusted for
the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts
or payments and item of income or expenses associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of our Company are segregated. Bank overdrafts and cash credits
which are repayable on demand form an integral part of our cash management and are included as a component
of cash and cash equivalents.
Inventories
Raw materials and stores, work in progress, and finished goods are stated at the lower of cost and net realisable
value. Cost of inventories comprises cost of purchases and all other costs incurred in bringing the inventories to
their present location and condition. Inventories are valued at lower of cost and net realisable value. Net realisable
value is the estimated selling price in the ordinary course of business, less estimated costs of completion and
estimated costs necessary to make the sale.
Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale. The net realizable value of work-in-progress is
determined with reference to the selling prices of related finished products. Raw materials and other supplies held
for use in production of finished products are not written down below cost except in cases where material prices
have declined and it is estimated that the cost of the finished products will exceed their net realizable value.
Earnings Per Share
Basic earnings per share: Basic earnings per share is calculated by dividing the profit attributable to equity holders
(adjusted for amounts directly charged to reserves) before/after exceptional Items (net of tax) by weighted average
number of equity shares, (excluding treasury shares).
Diluted earnings per share: Diluted earnings per share is computed using the net profit or loss for the year
attributable to the shareholders’ and weighted average number of equity and potential equity shares outstanding
during the year including share options, convertible preference shares and debentures, except where the result
would be anti-dilutive. Potential equity shares that are converted during the year are included in the calculation of
diluted earnings per share, from the beginning of the year or date of issuance of such potential equity shares, to
the date of conversion.
Foreign currency transactions and translations
Foreign currency transactions are translated into the functional currency using the exchange rate prevailing at the
date of the transaction. Foreign currency denominated monetary assets and liabilities are translated into relevant
functional currency at exchange rates in effect at the balance sheet date. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the translation of monetary assets and liabilities
denominated in foreign currencies at year end exchange rates are generally recognized in restated consolidated
statement of profit and loss. Non-monetary assets and non-monetary liabilities denominated in foreign currency
and measured at fair value are translated at the exchange rate prevalent at the date when the fair value was
determined. Non-monetary assets and non-monetary liabilities denominated in a foreign currency and measured
at historical cost are translated at the exchange rate prevalent at the date of transaction. Translation differences on
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assets and liabilities carried at fair value are reported as part of the fair value gain or loss and are generally
recognised in restated consolidated statement of profit and loss, except exchange differences arising from the
translation of the following items which are recognised in OCI: (a) equity investments at fair value through OCI
(FVOCI); (b) a financial liability designated as a hedge of the net investment in a foreign operation to the extent
that the hedge is effective; and (c) qualifying cash flow hedges to the extent that the hedges are effective.
Revenue Recognition
Revenue is recognised to depict the transfer of control of promised goods or services to customers upon the
satisfaction of performance obligation under the contract in an amount that reflects the consideration to which the
entity expects to be entitled in exchange for those goods or services. Consideration includes goods or services
contributed by the customer, as non-cash consideration, over which we have control. Where performance
obligation is satisfied over time, we recognize revenue over the contract year. Where performance obligation is
satisfied at a point in time, we recognize revenue when customer obtains control of promised goods and services
in the contract.
Revenue is recognised net of any taxes collected from customers, which are remitted to governmental authorities.
Our Company has two streams of revenue i.e., sale of goods & sale of services.
Sale of goods
Revenue from sale of goods is recognised when control or substantial risks and rewards of ownership are
transferred to the buyer under the terms of the contract.
Revenue is measured at the amount of consideration which our Company expects to be entitled to in exchange for
transferring distinct services to a customer as specified in the contract, excluding amounts collected on behalf of
third parties (for example taxes and duties collected on behalf of the government). Consideration is generally due
upon satisfaction of performance obligations and receivable is recognized when it becomes unconditional.
Revenue is measured based on the transaction price, which is the consideration, adjusted for discounts and claims,
if any, as specified in the contract with the customer. Revenue also excludes taxes collected from customers.
The specific recognition criteria described below must also be met before revenue is recognized. We have two
streams of revenue i.e., sale of products & sale of services. We recognise revenue at a point in time when the
performance obligation is satisfied, i.e., when ‘control’ of the goods underlying the particular performance
obligation are transferred to the customer. Customers obtain control of the good when the goods are delivered at
the agreed point of delivery which generally is the premises of the customer.
Further, revenue from sale of goods is recognised based on a 5-Step methodology which is as follows:
Step 1: Identify the contract(s) with a customer;

Step 2: Identify the performance obligation in contract;
Step 3: Determine the transaction price;
Step 4: Allocate the transaction price to the performance obligations in the contract; and
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation.
Sale of service
We assess the services promised in a contract and identify distinct performance obligations in the contract to
determine the deliverables and the ability of the customer to benefit independently from such deliverables, and
allocation of transaction price to these distinct performance obligations, involves significant judgment. Our sale
of services includes maintenance services, training services and other services.
Warranties
We provide warranties for general repairs of defects as per terms of the contract with ultimate customers. These
warranties are considered as assurance type warranties and are accounted for under Ind AS 37-Provisions,
Contingent Liabilities and Contingent assets.
Variable consideration (liquidated damages)
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We estimate the amount of consideration to which we shall be entitled in exchange for transferring the promised
goods or services to a customer, if the consideration promised in a contract includes a variable amount. An amount
of consideration can vary because of discounts, rebates, refunds, credits, price concessions, incentives,
performance bonuses, or other similar items. The promised consideration can also vary if company's entitlement
to the consideration is contingent on the occurrence or non-occurrence of a future event. We recognise liquidated
damages as net of sale of products for respective period/year.
Contract balances
Trade Receivables: A receivable represents our right to an amount of consideration that is unconditional.
Contract Liabilities
A contract liability is the obligation to transfer goods or services to a customer for which we have received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before
we transfer goods or services to the customer, a contract liability is recognised when the payment is made. Contract
liabilities are recognised as revenue when we perform under the contract.
Contract Assets
A contract asset is a right to receive consideration in exchange for services already transferred to the customer
(which consists of unbilled revenue). By transferring services to the customer before the customer pays
consideration or before the payment is due, a contract asset is recognised for the earned consideration that is
unconditional.
Other operating income
Duty drawback income is recognized in the statement of profit and loss under other operating revenue.
Recognition of dividend income, interest income or expense
The EIR is applied for calculating interest income and expense. The ‘effective interest rate’ is the rate that exactly
discounts estimated future cash payments or receipts through the expected life of the financial instrument to (a)
the gross carrying amount of the financial asset or (b) the amortised cost of the financial liability.
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of
the asset (when the asset is not credit-impaired) or to the amortised cost of the liability.
However, for financial assets that have become credit-impaired subsequent to initial recognition, interest income
is calculated by applying the effective interest rate to the amortised cost of the financial asset.
If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
Dividend income is recognised in the restated statement of profit and loss on the date on which our right to receive
payment is established.
Employee benefits
(i) During employment benefits
Short-term employee benefits
Short-term employee benefits are expensed as the related service is provided. A liability is recognised for the
amount expected to be paid we a present legal or constructive obligation to pay this amount as a result of past
service provided by the employee and the obligation can be estimated reliably.
(ii) Post-employment benefits
Defined contribution plans
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A defined contribution plan is a post-employment benefit plan under which a Company pays fixed contribution
into a separate entity and will have no legal or constructive obligation to pay further amounts. The contributions
are accounted for as defined contribution plans and the contributions are recognised as employee benefits expense
when they are incurred. Prepaid contributions are recognised as an asset to the extent that a cash refund or a
reduction in the future payments is available.
Defined benefit plans
We pay gratuity to the employees who have completed five years of service with us at the time when any employee
leaves. The gratuity liability amount is unfunded and formed exclusively for gratuity payment to the employees.
The liability in respect of gratuity and other post-employment benefits is calculated using the Projected Unit Credit
Method and spread over the periods during which the benefit is expected to be derived from employees' services.
Re-measurement of defined benefit plans in respect of post employment are charged to Other Comprehensive
Income.
Compensated Absences: Accumulated compensated absences, which are expected to be availed or encashed
within 12 months from the end of the year are treated as short term employee benefits. The obligation towards the
same is measured at the expected cost of accumulated compensated absences as the additional amount expected
to be paid as a result of the unused entitlement as at the year end.
Termination benefits
Termination benefits are payable when employment is terminated by us before the normal retirement date or when
an employee accepts voluntary redundancy in exchange for these benefits. In case of an offer made to encourage
voluntary redundancy, the termination benefits are measured based on the number of employees expected to
accept the offer.
Equity settled share-based payments
Employees of our Company receive remuneration in the form of Share based payment transactions, whereby
employees render services as consideration for equity instruments (equity settled transactions). In accordance with
the Ind AS 102 Share based payment, the cost of equity- settled transactions is measured using the fair value
method. The cumulative expense recognised for equity settled transactions at each reporting date until the vesting
date reflects the extent to which the vesting year has expired and our best estimate of the number of equity
instruments that will ultimately vest. The expense or credit recognised in the restated statement of profit and loss
for the year represents the movement in cumulative expense recognised as at the beginning and end of that year
is recognised in employee benefits expense.
Income Taxes
Income tax expense comprises current and deferred tax. Tax is recognised in restated statement of profit and loss,
except to the extent that it relates to items recognised in the other comprehensive income or in equity. In which
case, the tax is also recognised in the other comprehensive income or in equity.
Current tax
Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities, based on tax rates and laws that are enacted. Current tax assets and liabilities are offset only if, we (i)
have a legally enforceable right to set off the recognised amounts; and (ii) intends either to settle on a net basis,
or to realise the asset and settle the liability simultaneously. Current tax provision is computed for income
calculated after considering allowances and exemptions under the provisions of the applicable income tax laws.
Current tax assets and current tax liabilities are off set and presented as net.
Deferred tax
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the
Restated Ind AS financial information and the corresponding tax bases used in the computation of taxable profit.
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Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the year in which the
liability is settled or the asset realised, based on tax rates (and tax laws) that have enacted or substantively enacted
by the end of the reporting year. The carrying amount of deferred tax liabilities and assets are reviewed at the end
of each reporting year. Deferred tax is recognised to the extent that it is probable that future taxable profit will be
available against which they can be used.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in which our
Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if, (i) we have a legally enforceable right to set off current tax
assets against current tax liabilities; and (ii) the deferred tax assets and the deferred tax liabilities relate to income
taxes levied by the same taxation authority on the same Company.
Minimum alternate tax (“MAT”) paid in a year is charged to the restated statement of profit and loss as current
tax. Our Company recognizes MAT credit available as an asset only to the extent that there is convincing evidence
that our Company will pay normal income tax during the specified period i.e., the period for which MAT credit
is allowed to be carried forward.
In the year in which our Company recognizes MAT credit as an asset in accordance with the GN on accounting
for credit available in respect of minimum alternate tax under the Income Tax Act, 1961, the said asset is created
by way of credit to the restated statement of profit and loss and shown as "MAT Credit Entitlement." Our Company
reviews the "MAT credit entitlement" asset at each reporting date and writes down the asset to the extent our
Company does not have convincing evidence that it will pay normal tax during the specified period.
Borrowing costs
Borrowing cost include finance charges in respect of leases, exchange differences arising from foreign currency
borrowings to the extent that they are regarded as an adjustment to interest costs and interest expense calculated
based on the EIR method. Borrowing cost also includes exchange differences to the extent regarded as an
adjustment to the borrowing cost. Borrowing costs directly attributable to the acquisition, construction or
production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for
their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready
for their intended use or sale.
Interest income earned on the temporary investment of specific borrowings pending their expenditure on
qualifying assets is deducted from the borrowing costs eligible for capitalisation.
All other borrowing costs are recognised in the restated statement of profit and loss in the period in which they
are incurred.
Leases
Effective April 1, 2021 (date of transition to Ind AS in accordance with the transition provision specified under
Ind AS 101), we applied Ind AS 116. For the purpose of preparation of Restated Consolidated Financial
Information, the management has evaluated the impact of change in accounting policies on adoption of Ind AS
116 for the year ended March 31, 2022. Hence in these Restated Consolidated Financial Information, Ind AS 116
has been adopted with effect from April 1, 2021 recognising right-of-use assets and lease liabilities from the date
of commencement of each leases.
In accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 read with ICAI
Guidance Note on Report on Company Prospectuses (Revised 2019), the Restated Consolidated Financial
Information for the years ended March 31, 2021 and March 31, 2020 have been prepared after incorporating Ind
AS adjustments (both re-measurements and reclassifications) to be made in accounting heads from their
Accounting Standards values as on the date of transition (i.e. April 1, 2021) following accounting policies
consistent with that used at the date of transition to Ind AS. The Ind AS adjustments as described above are more
fully described in Note 40 of Annexure VII to the Restated Consolidated Financial Information.
We assess whether a contract is or contains a lease, at inception of a contract. A contract is, or contains, a lease if
the contract conveys the right to control the use of an identified asset for a period of time in exchange for
consideration. To assess whether a contract conveys the right to control the use of an identified asset, we assess
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whether: (i) the contract involves the use of an identified asset, (ii) our Company has substantially all of the
economic benefits from use of the asset through the period of the lease and (iii) we have the right to direct the use
of the asset.
We have also applied the available practical expedients wherein it (i) used a single discount rate to a portfolio of
leases with reasonably similar characteristics, (b) relied on its assessment of whether leases are onerous
immediately before the date of initial application, (c) excluded the initial direct costs from the measurement of the
right-of-use asset at the date of initial application and (d) used hindsight in determining the lease term where the
contract contained options to extend or terminate the lease.
Right-of-use assets
We recognize right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is
available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount
of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received. Right-of use assets are depreciated on a straight-line basis
over the shorter of the lease term and the estimated useful lives of the assets.
Lease liability
At the commencement date of the lease, we recognize lease liabilities measured at the present value of lease
payments to be made over the lease term. The lease payments include fixed payments (including in-substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate,
and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise
price of a purchase option reasonably certain to be exercised by our Company and payments of penalties for
terminating the lease, if the lease term reflects our Company’s exercising the option to terminate. Variable lease
payments that do not depend on an index or a rate are recognized as expenses (unless they are incurred to produce
inventories) in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, we use our incremental borrowing rate at the lease
commencement date when the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for
the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a
modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting
from a change in an index or rate used to determine such lease payments) or a change in the assessment of an
option to purchase the underlying asset.
Short-term leases and leases of low-value assets
We have applied the short-term lease recognition exemption to our short-term leases (i.e., those leases that have
a lease term of 12 months or less from the commencement date and do not contain a purchase option) and low-
value assets recognition exemption.
Provisions and contingent liabilities & assets
Provisions are recognised when we have a present obligation (legal or constructive) as a result of a past event. It
is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material,
provisions are discounted using equivalent period government securities interest rate. Unwinding of the discount
is recognised in the restated statement of profit and loss as a finance cost. Provisions are reviewed at each balance
sheet date and are adjusted to reflect the current best estimate.
Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of
which will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not
wholly within the control of our Company or a present obligation that arises from past events where it is either
not probable that an outflow of resources will be required to settle or a reliable estimate of the amount cannot be
made. Contingent assets are not recognised. However, when the realisation of income is virtually certain, then the
related asset is no longer a contingent asset, but it is recognised as an asset.
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Operating segments
We are engaged in the business of manufacturing and marketing of UAV systems which are used for security and
surveillance. Our ancillary business of providing training and maintenance service evolves around the main
business of manufacture and marketing of UAV systems. We prepare our segment information in conformity with
the accounting policies adopted for preparing and presenting the financial statements as a whole and the chief
operating decision maker (“CODM”) evaluates our performance and allocates the resources based on an analysis
of overall country level performance indicators.
NON-GAAP FINANCIAL MEASURES
This Draft Red Herring Prospectus contains certain non-GAAP financial measures and certain other statistical
information relating to our operations and financial performance like EBITDA, EBITDA Margin, Adjusted
EBITDA, Adjusted EBITDA Margin, Return on Capital Employed, Adjusted Return on Capital Employed, Net
Worth, Return on Net Worth, Net Asset Value per Equity Share and certain other statistical information relating
to our operations and financial performance (together, “Non-GAAP Measures”) that are not required by, or
presented in accordance with, Ind AS, Indian GAAP, or IFRS. Further, these non-GAAP measures are not a
measurement of our financial performance or liquidity under Ind AS, Indian GAAP, IFRS or U.S. GAAP and
should not be considered in isolation or construed as an alternative to cash flows, profit/ (loss) for the years/ period
or any other measure of financial performance or as an indicator of our operating performance, liquidity,
profitability or cash flows generated by operating, investing or financing activities derived in accordance with Ind
AS, Indian GAAP, IFRS or U.S. GAAP. We compute and disclose such non-Indian GAAP financial measures
and such other statistical information relating to our operations and financial performance as we consider such
information to be useful measures of our business and financial performance. These non-Indian GAAP financial
measures and other statistical and other information relating to our operations and financial performance may not
be computed on the basis of any standard methodology that is applicable across the industry and therefore may
not be comparable to financial measures and statistical information of similar nomenclature that may be computed
and presented by other companies and are not measures of operating performance or liquidity defined by Ind AS
and may not be comparable to similarly titled measures presented by other companies. For the risks relating to
our Non-GAAP Measures, see ‘Risk Factors - Non-GAAP measures presented in this Draft Red Herring
Prospectus may have limitations as analytical tools, may vary from any standard methodology applicable across
the drone industry, and may not be comparable with financial or statistical information of similar
nomenclature presented by other peer companies.’ on page 50.
Reconciliation of EBITDA, EBITDA Margin, Adjusted EBITDA and Adjusted EBITDA Margin
(₹ in million, except percentages)

Particulars Six months Six months Fiscal 2022 Fiscal Fiscal
ended ended 2021 2020
2022 2021
Restated profit/ (loss) for the period/ 452.12 (207.34) 440.06 (146.26) (134.46)
year (A)
Add: Finance costs (B) 11.06 62.14 176.70 16.72 4.68
Add: Total tax expense/ (credit) (C) 142.73 (22.30) 61.71 1.22 0.07
Add: Depreciation and amortisation 53.61 28.45 72.84 35.81 27.80
expense (D)
Earnings before interest, tax, 659.52 (139.05) 751.31 (92.51) (101.91)
depreciation and amortisation
(EBITDA) (E = A + B + C + D)
Revenue from operations (F) 1,395.48 96.02 1,594.39 347.18 139.99
EBITDA Margin (G = E/F) 47.26% (144.81)% 47.12% (26.65)% (72.80)%
Add: Share based payments to 117.77 14.76 62.78 58.88 5.34
employees (H)
Adjusted EBITDA (I = E + H) 777.29 (124.29) 814.09 (33.63) (96.57)
Adjusted EBITDA Margin (J = 55.70% (129.44)% 51.06% (9.69)% (68.98)%
I/F)
Notes:
1. EBITDA is calculated as restated profit / (loss) for the period / year, plus finance costs, total taxes and depreciation and amortisation
expense.
3. Adjusted EBITDA is calculated as EBITDA plus share based payments to employees.
4. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by Revenue from Operations.
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Return on Capital Employed and Adjusted Return on Capital Employed
Return on Capital Employed

ended ended
2022 2021
Restated profit/ (loss) for the 452.12 (207.34) 440.06 (146.26) (134.46)
period/ year (A)
Add: Total tax expense/ 142.73 (22.30) 61.71 1.22 0.07
(credit) (B)
Add: Finance costs (C) 11.06 62.14 176.70 16.72 4.68
Earnings before interest and 605.91 (167.50) 678.47 (128.32) (129.71)
tax (EBIT) (D= A+B+C)
Total equity (E) 3,183.42 405.89 1,633.03 597.48 681.17
Total borrowings (F) 226.67 887.01 56.76 505.74 53.02
Less: Intangible assets (G) 370.93 293.28 322.73 258.04 190.82
Capital Employed (H= E+F-G) 3,039.16 999.62 1,367.06 845.18 543.37
Return on Capital 19.94% (16.76)% 49.63% (15.18)% (23.87)%
Employed% (D/H)
Notes: Return on Capital Employed is calculated as earnings before interest and taxes divided by Capital Employed. Earnings before interest
and tax is calculated as restated profit / (loss) for the period / year plus total tax expense / (credit) plus finance costs. Capital Employed is
calculated as total equity plus total borrowings minus intangible assets.
Adjusted Return on Capital Employed

ended ended
2022 2021
Restated profit/ (loss) for the 452.12 (207.34) 440.06 (146.26) (134.46)
period/ year (A)
Add: Total tax expense/ 142.73 (22.30) 61.71 1.22 0.07
(credit) (B)
Add: Finance costs (C) 11.06 62.14 176.70 16.72 4.68
Add: Share based payments to 117.77 14.76 62.78 58.88 5.34
employees (D)
Adjusted earnings before 723.68 (152.74) 741.25 (69.44) (124.37)
interest and tax (Adjusted
EBIT) (E= A+B+C+D)
Total equity (F) 3,183.42 405.89 1,633.03 597.48 681.17
Total Borrowings (G) 226.67 887.01 56.76 505.74 53.02
Less: Intangible assets (H) 370.93 293.28 322.73 258.04 190.82
Capital Employed (I= F+G-H) 3,039.16 999.62 1,367.06 845.18 543.37
Less: Current borrowings (J) 226.67 498.29 56.76 127.93 52.45
Less: Cash and cash 100.05 193.10 304.16 52.59 0.90
equivalents (K)
Less: Bank balance other than 19.65 73.78 46.62 88.72 0.12
cash and cash equivalents (L)
Adjusted Capital Employed 2,692.79 234.45 959.52 575.94 489.90
(M= I-J-K-L)
Adjusted Return on Capital 26.87% (65.15)% 77.25% (12.06)% (25.39)%
Employed (N= E/M)
Notes: Adjusted Return on Capital Employed is calculated as Adjusted earnings before interest and tax divided by Adjusted Capital Employed.
Adjusted earnings before interest and tax is calculated as restated profit / (loss) for the period / year plus total tax expense / (credit) plus
finance costs plus share based payments to employees. Adjusted Capital Employed is calculated as total equity plus total borrowings minus
intangible assets minus current borrowings minus cash and cash equivalents minus bank balance other than cash and cash equivalents.
Reconciliation to Net Worth, Return on Net Worth and Net Asset Value per Equity Share
Net Worth
(₹ in million)
353
Particulars Six months Six Fiscal 2022 Fiscal Fiscal 2020
ended months 2021
September ended
30, 2022 September
30, 2021
Equity Share capital (A) 0.90 0.89 0.89 0.89 0.89
Instruments entirely equity in nature (B) 0.67 0.38 0.38 0.38 0.38
Other Equity (C) 3,181.85 404.62 1,631.76 596.21 679.90
Net Worth (D = A+ B+ C) 3,183.42 405.89 1,633.03 597.48 681.17
Return on Net Worth

Particulars Six months Six Fiscal Fiscal Fiscal
ended months 2022 2021 2020
September ended
30, 2022 Septembe
r 30, 2021
Restated profit/ (loss) for the period/ year (A) 452.12 (207.34) 440.06 (146.26) (134.46)
Equity Share capital (B) 0.90 0.89 0.89 0.89 0.89
Instruments entirely equity in nature (C) 0.67 0.38 0.38 0.38 0.38
Other Equity (D) 3,181.85 404.62 1,631.76 596.21 679.90
Net Worth (E = B + C +D) 3,183.42 405.89 1,633.03 597.48 681.17
Return on Net Worth (F = A/ E) 14.20% (51.08)% 26.95% (24.48)% (19.74)%
Note: Return on Net Worth is calculated as restated profit/ (loss) after tax attributable to equity shareholders of our Company divided by
restated Net Worth for Equity Shareholders of our Company.
Net Asset Value per Equity Share

(₹ in million)
Particulars Six months Six months Fiscal Fiscal Fiscal 2020
ended ended 2022 2021
September September
30, 2022 30, 2021
Net Worth (A) 3,183.42 405.89 1,633.03 597.48 681.17
Weighted average number of equity 36,198,206 29,281,595 31,798,124 29,050,847 28,736,647
shares used in calculating basic
earnings per share (B)
Net Asset Value per Equity Share (C 87.94 13.86 51.36 20.57 23.70
= A/ B
Note: Net Asset Value per Equity Share is calculated as Net Worth attributable to equity shareholders as at the end of Fiscal period/year
Compounded Annual Growth Rate

(₹ in million, except as otherwise stated)
Particulars Fiscal 2020 Fiscal 2021 Fiscal 2022
Revenue from operations 139.99 347.18 1,594.39
Year 0 1 2
CAGR% 237.48%
Note: Compounded annual growth rate is calculated as (end year value/ base year value) ^ (1/ No. of years between base year and end year)
– 1, wherein ^ denotes ‘raised to’.
PRINCIPAL COMPONENTS OF INCOME AND EXPENDITURE
Income
Our total income is divided into revenue from operations and other income. The following table shows our revenue
from operations and other income.

ended ended
September September
30, 2022 30, 2021
A. Revenue from 1,395.48 96.02 1,594.39 347.18 139.99
operations
354
ended ended
September September
30, 2022 30, 2021
Revenue from 1,395.37 96.02 1,594.28 347.18 139.99
contracts with
customers
- Sale of products 1,375.50 94.29 1,539.30 310.14 118.47
Percentage of 98.57% 98.20% 96.54% 89.33% 84.63%
revenue from
operations (% of A)
- Sale of service 19.87 1.73 54.98 37.04 21.52
Percentage of 1.42% 1.80% 3.45% 10.67% 15.37%
revenue from
operations (% of A)
Other operating 0.11 - 0.11 - -
revenue
B. Other income 38.87 8.65 20.09 16.17 23.23
Total income (A+B) 1,434.35 104.67 1,614.48 363.35 163.22
Our revenue from operations is primarily generated from (i) sale of products and (ii) sale of services.
Revenue from sale of products
Our revenue from sale of products primarily consists of sale of UAVs and spare items to our customers. All our
products are currently manufactured in-house at our manufacturing facility in Navi Mumbai, Maharashtra. Our
revenue from sale of products accounted for 98.57%, 98.20%, 96.54%, 89.33% and 84.63% of our revenue from
operations for six months ended September 30, 2022, September 30, 2021 and for the Fiscal 2022, Fiscal 2021
and Fiscal 2020, respectively.
Revenue from sale of services
Our services primarily consist of maintenance services, training services and other ancillary services, which our
Company provides to its customers, either annually or on spot basis, or both. Our revenue from sale of services
accounted for 1.42%, 1.80%, 3.45%, 10.67% and 15.37% of our revenue from operations for six months ended
September 30, 2022, September 30, 2021 and for the Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively.
Other Income
Other income includes (i) interest income under effective interest rate method on financial assets measured at
amortised cost (including bank fixed deposits, financial assets at amortised cost and dividend income), (ii) fair
value gain on investment in mutual funds measured at fair value through profit or loss and current investments,
(iii) net gain on disposal of property, plant and equipment, (iv) foreign exchange fluctuation gain, (v)
miscellaneous income, (vi) income from awards and honours and (vii) rent concession. Our other income
Expenses
Our expenses comprise of (i) cost of materials consumed, (ii) changes in inventories of finished goods and work-
in-progress, (iii) employee benefits expense, (iv) finance costs, (v) depreciation and amortisation expense and (vi)
other expenses.
The following table sets forth our expenditure as a percentage of our revenue from operations for the periods
indicated.
355
ended ended
September September
30, 2022 30, 2021
Cost of materials 347.40 116.17 513.90 220.99 76.84
consumed
Percentage of 24.89% 120.99% 32.23% 63.65% 54.89%
revenue from
operations
Changes in 34.13 (68.64) (101.69) (37.96) (11.57)
inventories of
finished goods and
work-in-progress
Percentage of 2.45% (71.49)% (6.38)% (10.93)% (8.26)%
revenue from
operations
Employee benefits 238.14 112.08 268.53 192.49 128.45
expense
Percentage of 17.07% 116.73% 16.84% 55.44% 91.75%
revenue from
operations
Finance costs 11.06 62.14 176.70 16.72 4.68
Percentage of 0.79% 64.72% 11.08% 4.81% 3.34%
revenue from
operations
Depreciation and 53.61 28.45 72.84 35.81 27.80
amortization
expense
Percentage of 3.84% 29.63% 4.57% 10.31% 19.86%
revenue from
operations
Other expenses 155.16 84.11 182.43 80.34 71.41
Percentage of 11.12% 87.60% 11.44% 23.14% 51.01%
revenue from
operations
Total expenses 839.50 334.31 1,112.71 508.39 297.61
Cost of materials consumed
Cost of materials consumed comprises of raw material costs incurred in the manufacturing of our products, such
as UAVs and our spare parts. The primary raw materials required for manufacturing of our products are
composites, plastics, and electronic components, which we procure domestically as well as internationally. We
also require other raw materials, such as metal and machined parts, most of which are sourced from domestic
suppliers based on our requirements on an on-going basis. We procure all of our raw materials either by entering
into short-term contracts or by way of purchase orders on an ongoing basis and therefore, are required to pay the
market price of such products. Cost of materials consumed accounted for 24.89%, 120.99%, 32.23%, 63.65% and
54.89% of our revenue from operations for six months ended September 30, 2022, September 30, 2021 and for
the Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively.
Changes in inventories of finished goods and work-in-progress
Changes in inventories of finished goods and work-in-progress consists of costs attributable to an increase or
decrease in inventory levels during the relevant financial period of work in progress and finished goods. Changes
in inventories of finished goods and work-in-progress accounted for 2.45%, (71.48)%, (6.38)%, (10.93)% and
(8.26)% of our revenue from operations for six months ended September 30, 2022, September 30, 2021 and for
the Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively.
Employee benefits expense
Employee benefits expense includes (i) salaries, wages and bonus, (ii) contribution to provident and other funds,
(iii) ESOPs granted to employees, pursuant to ESOP 2018 adopted by our Company (iv) staff welfare expenses,
(v) compensated absences and (vi) defined benefit plan expenses. Employee benefits expense accounted for
356
17.07%, 116.73%, 16.84%, 55.44% and 91.76% of our revenue from operations for six months ended September
30, 2022, September 30, 2021 and for the Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively.
Finance costs
Finance costs includes (i) interest on borrowings from banks, (ii) processing fees expense, (iii) interest on lease
liabilities, (iv) interest expense (discount) on fair value of CCDs and (v) other borrowing costs. Finance costs
Depreciation and amortisation expense
Depreciation represents depreciation on property, plant and equipment and depreciation on right of use of assets.
Amortisation represents amortisation of intangible assets. Depreciation is calculated on a pro-rata basis on written
down value method using net of their residual values, over their estimated useful lives. The useful life of assets
and the estimated residual value are taken from those prescribed under Part C of Schedule II to the Companies
Act, 2013 except in case of leasehold improvements which are depreciated over primary lease period, which in
our management’s opinion is reflective of economic useful lives of these assets.
Depreciation and amortisation expense accounted for 3.84%, 29.63%, 4.57%, 10.31% and 19.86% of our revenue
from operations for six months ended September 30, 2022, September 30, 2021 and for the Fiscal 2022, Fiscal
2021 and Fiscal 2020, respectively.
Other expenses
Other expenses include lease expense, electricity charges, administration and office expenses, bank charges and
commission, marketing and advertising expenses, software expenses, rates and taxes, manpower recruitment cost,
legal and professional expenses, travelling and conveyance expenses, warranty expenses, insurance, shipment
charges, transport charges, job work charges, testing charges, miscellaneous expenses, payment to auditors,
foreign exchange fluctuation loss, sundry balance written off, donations, stores and consumables, expected credit
loss on trade receivables and fair value loss on investment in mutual funds measured at fair value through profit
or loss. Other expenses accounted for 11.12%, 87.60%, 11.44%, 23.14% and 51.01% of our revenue from
operations for six months ended September 30, 2022, September 30, 2021 and for the Fiscal 2022, Fiscal 2021
and Fiscal 2020, respectively.
RESULTS OF OPERATIONS
Six months ended September 30, 2022 compared to six months ended September 30, 2021
Total income
Our total income increased significantly by ₹ 1,329.68 million or by 1,270.33% from ₹ 104.67 million in six
months ended September 30, 2021 to ₹ 1,434.35 million in six months ended September 30, 2022. This was
primarily due to a significant increase in our revenue from operations.
Revenue from operations
Our revenue from operations increased by ₹ 1,299.46 million or by 1,353.32% from ₹ 96.02 million in six months
ended September 30, 2021 to ₹ 1,395.48 million in six months ended September 30, 2022. This increase was
primarily driven by ₹ 1,281.21 million increase in revenue from sale of products and ₹ 18.14 million increase in
revenue from sale of services.
Our revenue from sale of products increased significantly by ₹ 1,281.21 million or by 1,358.86% from ₹ 94.29
million in six months ended September 30, 2021 to ₹ 1,375.50 million in six months ended September 30, 2022.
This increase was primarily driven by an increase in sales of our UAVs, pursuant to a repeat contract in August,
2021 for supply of large quantities of SWITCH UAVs manufactured by us, which was delivered by our Company
in August, 2022 and invoices aggregating to ₹ 1,242 million were raised by our Company, to that effect, in the
corresponding period.
357
Our revenue from sale of services increased by ₹ 18.14 million or by 1,049.33% from ₹ 1.73 million in six months
ended September 30, 2021 to ₹ 19.87 million in six months ended September 30, 2022. This increase was primarily
attributable to an increase in providing maintenance services to customers, under the annual maintenance contracts
entered into with such entities.
Other operating revenue
We generated an operating revenue of ₹ 0.11 million in six months ended September 30, 2022. We did not have
any operating revenue in six months ended September 30, 2021.
Other income
Our other income increased by ₹ 30.22 million or by 349.36% from ₹ 8.65 million in six months ended September
30, 2021 to ₹ 38.87 million in six months ended September 30, 2022. This increase was primarily driven by returns
from interest on fixed deposits, accrued interests on bonds and gain from investments made in mutual funds.
Expenditure
Total expenses increased significantly by ₹ 505.19 million or by 151.11% from ₹ 334.31 million in six months
ended September 30, 2021 to ₹ 839.50 million in six months ended September 30, 2022. This was primarily driven
by ₹ 231.23 million or by 199.04% increase in cost of materials consumed.
Cost of material consumed increased by ₹ 231.23 million or by 199.03% from ₹ 116.17 million in six months
ended September 30, 2021 to ₹ 347.40 million in six months ended September 30, 2022 on account of increase in
production of our UAVs. As a percentage of our revenue from operations, our cost of materials consumed
accounted for 24.89% in the six months ended September 30, 2022 compared to 120.99% in the six months ended
September 30, 2021.
Changes in inventories of finished goods and work-in-progress decreased by 149.72% from an increase of ₹ 68.64
million in six months ended September 30, 2021 to a decrease of ₹ 34.13 million in the six months ended
September 30, 2022 on account of higher sales of our UAVs in the corresponding period.
Employee benefits expense increased by ₹ 126.06 million or by 112.47% from ₹ 112.08 million in six months
ended September 30, 2021 to ₹ 238.14 million in six months ended September 30, 2022. This was primarily due
to (a) increment in salaries of employees, (ii) new appointments made by our Company and (iii) increase in ESOPs
granted to employees, pursuant to ESOP 2018 adopted by our Company, resulting from a significant increase in
our operations. As a percentage of our revenue from operations, our employee benefits expense accounted for
17.07% in the six months ended September 30, 2022 compared to 116.73% in the six months ended September
30, 2021.
Finance costs
Finance costs decreased by ₹ 51.08 million or by 82.20% from ₹ 62.14 million in the six months ended September
30, 2021, to ₹ 11.06 million in the six months ended September 30, 2022. This decrease in finance costs is
primarily attributable to decrease in interest payments due to repayment of outstanding borrowings to (i) Blacksoil
India Credit Limited amounting to ₹ 120.00 million, (ii) to Northern Arc Capital Limited amounting to ₹ 150.00
million and (iii) to Export and Import Bank of India amounting to ₹ 150.00 million, and interest expenses incurred
on account of fair value of CCDs, due to impact of adjustment from Indian GAAP to IND AS. As a percentage of
our revenue from operations, our finance costs accounted for 0.79% in the six months ended September 30, 2022
compared to 64.72% in the six months ended September 30, 2021.
358
Our depreciation and amortisation expense increased by ₹ 25.16 million or by 88.44% from ₹ 28.45 million in six
months ended September 30, 2021 to ₹ 53.61 million in six months ended September 30, 2022. The increase in
depreciation was primarily due to purchase of new plant and machinery, software and computers, vehicles, lease
hold improvement and increase in product development costs. As a percentage of our revenue from operations,
our depreciation and amortisation expense accounted for 3.84% in the six months ended September 30, 2022
compared to 29.63% in the six months ended September 30, 2021.
Other expenses
Other expenses increased significantly by ₹ 71.05 million or by 84.47% from ₹ 84.11 million in six months ended
September 30, 2021 to ₹ 155.16 million in six months ended September 30, 2022. This was primarily attributable
to an increase of (i) ₹ 6.49 million in marketing and advertising expenses, as we conducted two marketing events
in India and the USA, (ii) ₹ 14.55 million in rates and taxes, related to interests on advance tax, (iii) ₹ 12.88
million in travelling and conveyance expenses, as a result of post Covid-19 turnaround and (iv) ₹ 20.88 million in
warranty expenses, on account of expenses incurred during the warranty period of our products. As a percentage
of our revenue from operations, our other expenses accounted for 11.12% in the six months ended September 30,
2022 compared to 87.60% in the six months ended September 30, 2021.
Restated profit before tax
In light of above discussions, our restated profit before tax increased significantly by ₹ 824.49 million from ₹
(229.64) million in six months ended September 30, 2021 to ₹ 594.85 million in six months ended September 30,
2022.
Tax expense
Our total tax expense also accordingly increased by ₹ 165.03 million from ₹ (22.30) million in six months ended
September 30, 2021 to ₹ 142.73 million in six months ended September 30, 2022.
Restated profit for the year
For the various reasons discussed above, and following adjustments for tax expense, we recorded a significant
increase in our restated profit for the year ₹ 659.46 million from ₹ (207.34) million in six months ended September
30, 2021 to ₹ 452.12 million in six months ended September 30, 2022.
Fiscal 2022 compared with Fiscal 2021
Total income
Our total income increased significantly by ₹ 1,251.13 million or by 344.33% from ₹ 363.35 million in the Fiscal
2021 to ₹ 1,614.48 million in the Fiscal 2022. This was primarily due to increase in our revenue from operations.
Our revenue from operations increased by ₹ 1,247.21 million or by 359.24% from ₹ 347.18 million in the Fiscal
2021 to ₹ 1,594.39 million in the Fiscal 2022. This increase was primarily driven by ₹ 1,229.16 million increase
in revenue from sale of products.
Our revenue from sale of products increased significantly by ₹ 1,229.16 million or by 396.32% from ₹ 310.14
million in the Fiscal 2021 to ₹ 1,539.30 million in the Fiscal 2022. This increase was primarily driven by (i)
increase in sales of our UAVs, pursuant to a new contract in January, 2021 for supply of large quantities of
SWITCH UAVs manufactured by us, which were delivered by our Company in December, 2021 and invoices
aggregating to ₹ 1,265.00 million were raised by our Company, to that effect in the corresponding period and (ii)
a marginal increase in sale of spare items manufactured by us.
359
Our revenue from sale of services increased by ₹ 17.94 million or by 48.43% from ₹ 37.04 million in the Fiscal
2021 to ₹ 54.98 million in the Fiscal 2022. This increase was primarily due to introduction of providing after sales
training services to our customers.
Other operating revenue
We generated an operating revenue of ₹ 0.11 million in Fiscal 2022. We did not have any operating revenue in
Fiscal 2021.
Other income
Our other income increased by ₹ 3.92 million or by 24.24% from ₹ 16.17 million in the Fiscal 2021 to ₹ 20.09
million in the Fiscal 2022. This increase was primarily driven by returns from interest on fixed deposits and gain
from investments made in mutual funds.
Expenditure
Total expenses increased significantly by ₹ 604.32 million or by 118.87% from ₹ 508.39 million in the Fiscal
2021 to ₹ 1,112.71 million in the Fiscal 2022. This was primarily driven by ₹ 159.98 million or by 956.82%
increase in finance costs.
Cost of material consumed increased by ₹ 292.91 million or by 132.54% from ₹ 220.99 million in the Fiscal 2021
to ₹ 513.90 million in the Fiscal 2022 on account of increase in production of our UAVs in the corresponding
period. As a result, our cost of materials consumed as a percentage of our revenue from operations, accounted for
32.23% in the Fiscal 2022 compared to 63.65% in the Fiscal 2021.
Changes in inventories of finished goods and work-in-progress increased by ₹ 63.73 million or by 167.89% from
₹ 37.96 million in the Fiscal 2021 to ₹ 101.69 million in the Fiscal 2022. This was primarily attributable to higher
sales of our UAVs in the corresponding period.
Employee benefits expense increased by ₹ 76.04 million or by 39.50% from ₹ 192.49 million in the Fiscal 2021
to ₹ 268.53 million in the Fiscal 2022. This was primarily due to (a) increment in salaries of employees, (ii) new
appointments made by our Company and (iii) increase in ESOPs granted to employees, pursuant to ESOP 2018
adopted by our Company, resulting from a significant increase in our operations. As a percentage of our revenue
from operations, our employee benefits expense accounted for 16.84% in the Fiscal 2022 compared to 55.44% in
the Fiscal 2021.
Finance costs
Finance costs increased by ₹ 159.98 million or by 956.82% from ₹ 16.72 million in the Fiscal 2021 to ₹ 176.70
million in the Fiscal 2022. This increase in finance cost is primarily attributable to increase in interest paid on
loans taken from banks and interest expenses incurred on account of fair value of CCDs, due to impact of
adjustment from Indian GAAP to IND AS. As a percentage of our revenue from operations, our finance costs
accounted for 11.08% in the Fiscal 2022 compared to 4.82% in the Fiscal 2021.
Our depreciation and amortisation expense increased by ₹ 37.03 million or by 103.41% from ₹ 35.81 million in
the Fiscal 2021 to ₹ 72.84 million in the Fiscal 2022. The increase in depreciation was primarily due to purchase
of new plant and machinery, software and computers, vehicles, lease hold improvement and increase in product
development costs. As a percentage of our revenue from operations, our depreciation and amortisation expense
accounted for 4.57% in the Fiscal 2022 compared to 10.31% in the Fiscal 2021.
360
Other expenses
Other expenses increased significantly by ₹ 102.09 million or by 127.07% from ₹ 80.34 million in the Fiscal 2021
to ₹ 182.43 million in the Fiscal 2022. This was primarily attributable to an increase of (i) ₹ 11.72 million in bank
charges and commission, (ii) ₹ 7.12 million in rates and taxes, related to interests on advance tax, (iii) ₹ 31.01
million in manpower recruitment cost and (iv) ₹ 21.63 million in warranty expenses, on account of expenses
incurred during the warranty period of our products. As a percentage of our revenue from operations, our other
expenses accounted for 11.44% in the Fiscal 2022 compared to 23.14% in the Fiscal 2021.
Restated profit before tax
In light of above discussions, our restated profit before tax increased significantly by ₹ 646.81 million from ₹
(145.04) million in the Fiscal 2021 to ₹ 501.77 million in the Fiscal 2022.
Tax expense
Our total tax expense also accordingly increased by ₹ 60.49 million from ₹ 1.22 million in the Fiscal 2021 to ₹
61.71 million in the Fiscal 2022.
Restated profit for the year
For the various reasons discussed above, and following adjustments for tax expense, we recorded a significant
increase in our restated profit for the year by ₹ 586.32 million from ₹ (146.26) million in the Fiscal 2021 to ₹
440.06 million in the Fiscal 2022.
Fiscal 2021 compared with Fiscal 2020
Total income
Our total income increased significantly by ₹ 200.13 million or by 122.61% from ₹ 163.22 million in the Fiscal
2020 to ₹ 363.35 million in the Fiscal 2021. This was primarily due to increase in our revenue from operations.
Our revenue from operations increased by ₹ 207.19 million or by 148.00% from ₹ 139.99 million in the Fiscal
2020 to ₹ 347.18 million in the Fiscal 2021. This increase was primarily driven by ₹ 191.67 million increase in
revenue from sale of products.
Our revenue from sale of products increased significantly by ₹ 191.67 million or by 161.79% from ₹ 118.47
million in the Fiscal 2020 to ₹ 310.14 million in the Fiscal 2021. This increase was primarily driven by (i) increase
in sales of our UAVs, pursuant to winning bids undertaken by civil customers, for supply of Q4 and Q6 UAVs
manufactured by us and invoices aggregating to ₹ 128.92 million were raised by our Company, to that effect in
the corresponding period and (ii) an increase in sale of spare items manufactured by us.
Our revenue from sale of services increased by ₹ 15.52 million or by 72.12% from ₹ 21.52 million in the Fiscal
2020 to ₹ 37.04 million in the Fiscal 2021. This increase was primarily due to increase in maintenance services
provided to customers, on account of annual maintenance contracts entered into with such entities.
Other income
Our other income decreased by ₹ 7.06 million or by 30.39% from ₹ 23.23 million in the Fiscal 2020 to ₹ 16.17
million in the Fiscal 2021. This decrease was primarily due to decrease in dividend income and gains from
investments made in mutual funds.
Expenditure
361
Total expenses increased by ₹ 210.78 million or by 70.82% from ₹ 297.61 million in the Fiscal 2020 to ₹ 508.39
million in the Fiscal 2021. This was primarily driven by ₹ 144.15 million increase in cost of materials consumed.
Cost of material consumed increased significantly by ₹ 144.15 million or by 187.60% from ₹ 76.84 million in the
Fiscal 2020 to ₹ 220.99 million in the Fiscal 2021 on account of increase in production of our UAVs in the
corresponding period. As a percentage of our revenue from operations, our cost of materials consumed accounted
for 63.65% in the Fiscal 2021 compared to 54.89% in the Fiscal 2020.
Changes in inventories of finished goods and work-in-progress increased by ₹ 26.39 million or by 228.09% from
₹ 11.57 million in the Fiscal 2020 to ₹ 37.96 million in the Fiscal 2021. This was primarily attributable to higher
sales of our UAVs in the corresponding period.
Employee benefits expense increased by ₹ 64.04 million or by 49.86% from ₹ 128.45 million in the Fiscal 2020
to ₹ 192.49 million in the Fiscal 2021. This was primarily due to (a) increment in salaries of employees, (ii) new
appointments made by our Company and (iii) increase in ESOPs granted to employees, pursuant to ESOP 2018
adopted by our Company, resulting from a significant increase in our operations. As a percentage of our revenue
from operations, our employee benefits expense accounted for 55.44% in the Fiscal 2021 compared to 91.76% in
the Fiscal 2020.
Finance costs
Finance costs increased by ₹ 12.04 million or by 257.26% from ₹ 4.68 million in the Fiscal 2020 to ₹ 16.72 million
in the Fiscal 2021. This increase in finance costs is primarily attributable to increase in interest paid on loans taken
from banks and interest expenses incurred, on account of fair value of CCDs, due to impact of adjustment from
Indian GAAP to IND AS. As a percentage of our revenue from operations, our finance cost accounted for 4.82%
in the Fiscal 2021 compared to 3.34% in the Fiscal 2020.
Our depreciation and amortisation expense increased by ₹ 8.01 million or by 28.81% from ₹ 27.80 million in the
Fiscal 2020 to ₹ 35.81 million in the Fiscal 2021. The increase in depreciation was primarily due to purchase of
new plant and machinery and increase in product development costs. As a percentage of our revenue from
operations, our depreciation and amortisation expense accounted for 10.31% in the Fiscal 2021 compared to
19.86% in the Fiscal 2020.
Other expenses
Other expenses increased by ₹ 8.93 million or by 12.51% from ₹ 71.41 million in the Fiscal 2020 to ₹ 80.34
million in the Fiscal 2021. This was primarily attributable to an increase of warranty expenses as our products are
covered under a warranty period and an increase in sale of our UAVs resulted in an increase of warranty expenses.
As a percentage of our revenue from operations, our other expenses accounted for 23.14% in the Fiscal 2021
compared to 51.01% in the Fiscal 2020.
Restated loss before tax
In light of above discussions, our restated loss before tax increased by ₹ 10.65 million from ₹ (134.39) million in
the Fiscal 2020 to ₹ (145.04) million in the Fiscal 2021.
Tax expense
Our tax expense also accordingly increased by ₹ 1.15 million from ₹ 0.07 million in the Fiscal 2020 to ₹ 1.22
million in the Fiscal 2021.
Restated loss for the year
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For the various reasons discussed above, and following adjustments for tax expense, we recorded an increase in
our restated profit / (loss) for the year by ₹ 11.80 million from ₹ (134.46) million in the Fiscal 2020 to ₹ (146.26)
million in the Fiscal 2021.
CASH FLOWS
The following table sets forth certain information relating to our cash flows in six months ended September 30,
2022, September 30, 2021 and for Fiscal 2022, Fiscal 2021 and Fiscal 2020.
(₹ in million)
Particulars Six months ended Six months Fiscal 2022 Fiscal 2021 Fiscal 2020
September 30, ended
2022 September 30,
2021
Net cash 0.76 (88.88) 665.20 (308.13) (164.67)
generated from/
(used in)
operating
activities
Net cash (used (1,333.08) (84.83) (307.62) (68.03) 47.61
in)/ generated
from investing
activities
Net cash 1,133.21 314.21 (106.01) 427.85 11.84
generated from/
(used in)
financing
activities
Net (decrease)/ (204.11) 140.51 251.57 51.69 (105.22)
increase in cash
and cash
equivalents
Cash and cash 304.16 52.59 52.59 0.90 106.12
equivalents –
Opening balance
Cash and cash 100.05 193.10 304.16 52.59 0.90
equivalents –
Closing balance
Net cash generated from/ used in operating activities
Six months ended September 30, 2022
Net cash generated from operating activities in six months ended September 30, 2022 was ₹ 0.76 million and our
operating profit before working capital changes was ₹ 764.10 million. The difference was primarily attributable
to ₹ 146.87 million increase in inventories, ₹ 367.85 million increase in trade receivables, ₹ 1.56 million increase
in other financials assets, ₹ 50.47 million increase in other non-current / current assets, ₹ 26.98 million decrease
in other financial liabilities and ₹ 200.48 million decrease in other current / non-current liabilities. The increase
in other non-current / current assets is primarily towards advances to suppliers and decrease in other current / non-
current liabilities is towards advances from customers. This was partially offset by ₹ 75.83 million increase in
trade payables and ₹ 15.77 million increase in provisions. We paid income tax of ₹ 60.70 million.
Net cash used in operating activities in six months ended September 30, 2021 was ₹ 88.88 million and our
operating loss before working capital changes was ₹ 105.86 million. The difference was primarily attributable to
₹ 194.68 million increase in inventories, ₹1.21 million increase in other financials assets, ₹ 83.87 million increase
in other non-current/ current assets and ₹ 6.61 million decrease in other financial liabilities. The increase in other
non-current / current assets is primarily towards advances to suppliers. This was partially offset by ₹ 99.48 million
decrease in trade receivables, ₹ 9.78 million increase in trade payables, ₹ 187.66 million increase in other current
/ non-current liabilities and ₹ 8.73 million increase in provisions. The increase in other current / non-current
liabilities is towards advances from customers. We paid income tax of ₹ 2.33 million.
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Fiscal 2022
Net cash generated from operating activities in Fiscal 2022 was ₹ 665.20 million and our operating profit before
working capital changes was ₹ 801.28 million. The difference was primarily attributable to ₹ 254.94 million
increase in inventories, ₹ 9.24 million increase in other financials assets and ₹ 116.10 million increase in other
non-current/ current assets. This was partially offset by ₹ 28.87 million decrease in trade receivables, ₹ 25.92
million increase in trade payables, ₹ 202.11 million increase in other current / non-current liabilities, ₹ 5.24 million
increase in other financial liabilities and ₹ 53.64 million increase in provisions. The increase in other current /
non-current liabilities was towards advances from customers and the increase in provisions was as a result of
increase in provision for gratuity, increase in provision for compensated absence, increase in provision for
liquidated damages and increase in provision for warranty. We paid income tax of ₹ 71.42 million.
Fiscal 2021
Net cash used in operating activities in Fiscal 2021 was ₹ 308.13 million and our operating loss before working
capital changes was ₹ 48.74 million. The difference was primarily attributable to ₹ 125.65 million increase in
inventories, ₹ 134.32 million increase in trade receivables, ₹ 0.01 million decrease in other financial assets and ₹
79.26 million increase in other non-current/ current assets. This was partially offset by ₹ 38.93 million increase in
trade payables, ₹ 1.44 million increase in other current/ non-current liabilities, ₹ 31.49 million increase in other
financial liabilities and ₹ 7.53 million increase in provisions. We received a refund of income tax of ₹ 0.46 million.
Fiscal 2020
Net cash used in operating activities in Fiscal 2020 was ₹ 164.67 million and our operating loss before working
capital changes was ₹ 119.22 million. The difference was primarily attributable to ₹ 6.09 million increase in
inventories, ₹ 17.09 million increase in trade receivables, ₹ 10.52 million increase in other non-current/ current
assets, ₹ 11.80 million decrease in trade payables and ₹ 2.86 million decrease in other current/ non-current
liabilities. This was partially offset by ₹ 0.67 million decrease in other financials assets, ₹ 0.53 million increase in
other financial liabilities and ₹ 5.68 million increase in provisions. We paid income tax of ₹ 3.55 million.
Net cash generated from/ used in investing activities
Net cash used in investing activities in six months ended September 30, 2022 was ₹ 1,338.08 million. This
reflected (i) payment of ₹ 159.59 million towards purchase of property, plant and equipment, (ii) payment of ₹
1,165.98 million towards investment in mutual funds (net) and (iii) payment of ₹ 28.18 million towards investment
in fixed deposits (net). The purchase of property, plant and equipment comprises of software and computers,
vehicles and product development costs. This was partially offset by ₹ 15.67 million as interest received on fixed
deposits.
Net cash used in investing activities in six months ended September 30, 2021 was ₹ 84.83 million. This reflected
(i) payment of ₹ 66.55 million towards purchase of property, plant and equipment and (ii) payment of ₹ 34.25
million towards investment in fixed deposits (net). This was partially offset by (i) ₹ 14.80 million as interest
received on fixed deposits and (ii) ₹ 1.17 million from sale of mutual funds (net).
Fiscal 2022
Net cash used in investing activities in Fiscal 2022 was ₹ 307.62 million. This reflected (i) payment of ₹ 134.76
million towards purchase of property, plant and equipment, (ii) payment of ₹ 103.46 million towards investment
in mutual funds (net) and (iii) payment of ₹ 92.87 million towards investment in fixed deposits (net). The purchase
of property, plant and equipment comprises of software and computers, vehicles and product development costs.
This was partially offset by (i) ₹ 23.25 million as interest received on fixed deposits and (ii) ₹ 0.23 million proceeds
from sale of property, plant and equipment.
Fiscal 2021
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Net cash used in investing activities in Fiscal 2021 was ₹ 68.03 million. This reflected (i) payment of ₹ 89.79
million towards purchase of property, plant and equipment and (ii) payment of ₹ 112.98 million towards
investment in fixed deposits (net). The purchase of property, plant and equipment comprises of product
development costs. This was partially offset by (i) ₹ 14.35 million as interest received on fixed deposits, (ii) ₹
1.38 million from dividends received from investments in mutual funds and (iii) ₹ 119.01 million from sale of
mutual funds (net).
Fiscal 2020
Net cash generated from investing activities in Fiscal 2020 was ₹ 47.61 million. This reflected (i) payment of ₹
91.91 million towards purchase of property, plant and equipment and (ii) payment of ₹ 3.32 million towards
investment in fixed deposits (net). The purchase of property, plant and equipment comprises of product
development costs. This was partially offset by (i) ₹ 10.84 million as interest received on fixed deposits, (ii) ₹
7.66 million from dividends received from investments in mutual funds and (iii) ₹ 124.34 million from sale of
mutual funds (net).
Net cash generated from/ used in financing activities
Net cash generated from financing activities in six months ended September 30, 2022 was ₹ 1,133.21 million.
This reflected (i) ₹ 985.52 million received from issue of preference share including share premium, (ii) ₹ 0.19
million received from issue of equity shares and (iii) ₹ 226.67 million towards proceeds from overdraft facility
from bank. The overdraft facility was availed from HDFC Bank Limited. This was partially offset by (i) ₹ 8.09
million towards expenses incurred in connection with issue of CCPS, (ii) ₹ 56.52 million paid towards repayment
of unsecured loans, (iii) ₹ 0.24 million paid towards repayment of short term secured bank loan, (iv) ₹ 6.49 million
interest paid and (v) ₹ 7.83 million towards payment of lease liability. Repayment of unsecured loan relates to
loan taken from Ganapathy Subramaniam and repayment of short term secured bank loan relates to loan taken
from ICICI Bank Limited. The interest paid comprises of interest costs on financial liabilities and working capital
loans.
Net cash generated from financing activities in six months ended September 30, 2021 was ₹ 314.21 million. This
reflected (i) ₹ 49.99 million received as proceeds from CCDs, (ii) ₹ 150.38 million as proceeds from long term
NBFC borrowings and (iii) ₹ 174.90 million as short term secured bank loan. The proceeds from CCDs were
received based on the terms of conversion of the CCD to CCPS. The proceeds from long-term NBFC borrowings
relates to Northern Arc Capital Limited and the short-term secured bank loan was taken from Export and Import
Bank of India and RBL Bank Limited amounting to ₹ 150.00 million and ₹ 24.90 million, respectively. This was
partially offset by (i) ₹ 0.16 million paid towards repayment of short term secured bank loan, (ii) ₹ 30.00 million
paid towards repayment of long term secured debentures, (iii) ₹ 25.80 million interest paid and (iv) ₹ 5.13 million
towards payment of lease liability. The repayment of short term secured bank loan relates to loan taken from ICICI
Bank Limited and the interest paid comprises of interest costs on financial liabilities and working capital loans.
Fiscal 2022
Net cash used in financing activities in Fiscal 2022 was ₹ 106.01 million. This reflected (i) ₹ 0.33 million paid
towards repayment of short term secured bank loan, (ii) payment of ₹ 150.00 million towards repayment of long
term secured debentures, (iii) payment of ₹ 52.60 million towards repayment of overdraft facility of bank, (iv) ₹
72.86 million interest paid and (v) ₹ 11.76 million towards payment of lease liability. The repayment of short term
secured bank loan relates to loan taken from ICICI Bank Limited and the interest paid comprises of interest costs
on financial liabilities and working capital loans. This was partially offset by (i) ₹ 124.99 million as proceeds from
CCDs, (ii) ₹ 0.03 million received from issue of share warrants and (iii) ₹ 56.52 million received as unsecured
loans. The proceeds from CCDs were received based on the terms of conversion of the CCD to CCPS and the
unsecured loan was taken from Ganapathy Subramaniam by our Company.
Fiscal 2021
Net cash generated from financing activities in Fiscal 2021 was ₹ 427.85 million. This relates to (i) ₹ 297.95
million received as proceeds from CCDs, (ii) ₹ 150.00 million received from issue of unsecured debentures and
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(iii) ₹ 0.47 million as short term secured bank loan taken. The short term unsecured loan was taken from RBL
Bank Limited. This was partially offset by (i) ₹ 0.31 million paid towards repayment of short term secured bank
loan, (ii) ₹ 11.56 million interest paid and (iii) ₹ 8.70 million towards payment of lease liability. The repayment
of short term secured bank loan relates to loan taken from ICICI Bank Limited and the interest paid comprises of
interest costs on financial liabilities and working capital loans.
Fiscal 2020
Net cash generated from financing activities in Fiscal 2020 was ₹ 11.84 million. This reflected from ₹ 42.95
million as short term secured bank loan. The short-term secured bank loan was taken from RBL Bank Limited.
This was partially offset by (i) ₹ 16.88 million paid towards repayment of long term secured debentures, (ii) ₹
0.28 million repayment of short term secured bank loan, (iii) ₹ 3.62 million interest paid and (iv) ₹ 8.45 million
towards payment of lease liability. The repayment of short term secured bank loan relates to loan taken from ICICI
Bank Limited and repayment of NBFC borrowings which were taken from Northern Arc Capital Limited. The
interest paid comprises of interest costs on financial liabilities and working capital loans.
LIQUIDITY AND CAPITAL RESOURCES
We have historically financed the expansion of our business and operations primarily through debt financing,
equity funding and funds generated from our operations. From time to time, we may obtain loan facilities to
finance our short term working capital requirements. We evaluate our funding requirements regularly in light of
cash flows from our operating activities, the requirements of our business and operations and market conditions.
Our Company had closing cash and cash equivalents of ₹ 100.05 million, ₹ 193.10 million, ₹ 304.16 million, ₹
52.59 million and ₹ 0.90 million as of six months ended September 30, 2022, September 30, 2021 and for the
Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively. Our Company had ₹ nil, ₹ 388.72 million, ₹ nil, ₹ 377.81
million and ₹ 0.57 million non-current borrowings as of six months ended September 30, 2022, September 30,
2021 and for the Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively. Our Company had ₹ 226.67 million, ₹
498.29 million, ₹ 56.76 million, ₹ 127.93 million and ₹ 52.45 million current borrowings as of six months ended
September 30, 2022, September 30, 2021 and for the Fiscal 2022, Fiscal 2021 and Fiscal 2020, respectively. Our
Company had ₹ 86.06 million, ₹ 3.07 million, ₹ 94.51 million, ₹ nil and ₹ 4.62 million non-current lease liabilities
as of six months ended September 30, 2022, September 30, 2021 and for the Fiscal 2022, Fiscal 2021 and Fiscal
2020, respectively. Our Company had ₹ 22.00 million, ₹ 1.48 million, ₹ 12.47 million, ₹ 4.62 million and ₹ 8.46
million current lease liabilities as of six months ended September 30, 2022, September 30, 2021 and for the Fiscal
2022, Fiscal 2021 and Fiscal 2020, respectively.
For further information, see ‘Restated Consolidated Financial Information’ on page 245.
CONTINGENT LIABILITIES AND COMMITMENTS
The following is a summary table of our contingent liabilities, as per Ind AS 37 as on September 30, 2022 as
indicated in our Restated Consolidated Financial Information.
(in ₹ million)
2022
Total 69.55
For further information on our contingent liabilities and commitments, see ‘Restated Consolidated Financial
Information – Note 40 Contingent Liabilities and Commitments’ on page 322.
OFF-BALANCE SHEET ARRANGEMENTS
We do not have any off-balance sheet arrangements that have or which we believe reasonably likely to have a
current or future effect on our financial condition, changes in financial condition, revenue or expenses, operating
results, liquidity, capital expenditure or capital resources.
RELATED PARTY TRANSACTIONS
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We enter into various related parties in the ordinary course of business including rent expenses, managerial
remuneration and promotional expenses. For further information relating to our related party transactions, see
‘Restated Consolidated Financial Information – Notes to the Restated Consolidated Financial Information –
Note 35 Related Party Transactions’ on page 311. For the risk relating to our related party transactions, see ‘Risk
Factors - We have in the past entered into related party transactions and may continue to do so in the future,
which may potentially involve conflicts of interest with the equity shareholders.’ on page 44.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market risk is the risk that the changes in market prices, such as foreign exchange rates, interest rate and equity
prices, will affect our Company’s financial instruments. We are exposed to certain market risks that arise from
the use of financial instruments, including, currency risk, price risk and interest rate risk.
Credit risk
Credit risk is the risk that a customer or counterparty to a financial instrument will fail to perform or fail to pay
amounts due, causing financial loss to our Company. The potential activities where credit risks may arise include
from cash and cash equivalents and security deposits and principally from credit exposure to customers relating
to outstanding receivables. The maximum credit exposure associated with financial assets is equal to the carrying
amount.
Currency risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate due to changes
in foreign exchange rates. We import components used in the manufacturing of UAVs, the price of which are
denominated in USD. Changes in currency exchange rates influence results of operations. Our Company does not
enter into any derivative instruments for trading or speculative purposes.
Price risk
We are mainly exposed to the price risk due to its investment in mutual funds and bonds. The price risk arises due
to uncertainties about the future market values of these investments. We have laid down policies and guidelines
which it adheres to in order to minimise price risk arising from investments in mutual funds and bonds.
Interest rate risk
Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value interest rate risk
is the risk of changes in fair values of fixed interest bearing investments. Cash flow interest rate risk is the risk
that future cash flows of floating interest bearing investments will fluctuate because of fluctuations in the interest
rates. Our Company’s main interest rate risk arises from long-term borrowings with variable rates, which expose
our Company to cash flow interest rate risk. We mitigate risk by structuring our borrowings to achieve a
reasonable, competitive cost of funding. There can be no assurance that we will be able to do so on commercially
reasonable terms, or that these agreements, if entered into, will protect us adequately against interest rate risks.
Liquidity risk
Liquidity risk is the risk that our Company will encounter difficulty in meeting the obligations associated with its
financial liabilities that are proposed to be settled by delivering cash or other financial asset. Our Company’s
financial planning has ensured that there is sufficient liquidity to meet the liabilities whenever due, under both
normal and stressed conditions, without incurring unacceptable losses or risking damage to our Company’s
reputation. We regularly monitor the rolling forecasts to ensure it has sufficient cash on an on-going basis to meet
operational needs. Any short-term surplus cash generated, over and above the amount required for working capital
management and other operational requirements, is retained as cash and cash equivalents (to the extent required)
and any excess in invested in interest bearing term deposits with appropriate maturities to optimise the cash returns
on investments while ensuring sufficient liquidity to meet its liabilities.
Inflation risk
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In recent year, India has experienced relatively high rates of inflation. While we believe that inflation has not had
any material impact on our business and results of operations in light of the growth of our revenues, inflation
generally impacts the overall economy and business environment and hence could affect us.
UNUSUAL OR INFREQUENT EVENTS OR TRANSACTIONS
Except as described in this Draft Red Herring Prospectus, there have been no other events or transactions that, to
our knowledge, may be described as “unusual” or “infrequent”.
SIGNIFICANT DEPENDENCE ON A SINGLE OR FEW CUSTOMERS OR SUPPLIERS
We do not depend on one customer or supplier. However, we have entered into contracts with various government
entities for supplying UAVs and consequently our business is highly dependent on such contracts. For further
information see, ‘Risk Factors - We are heavily reliant on sales to the Indian government including to the
central and state government agencies. A decline in government budget, reduction in orders, termination of
existing contracts, delay of existing contracts or any kind of adverse change in the Government of India policies
for our sector would have a material adverse impact on our business, financial condition, and results of
operations.’ on page 30.
TOTAL TURNOVER OF EACH MAJOR INDUSTRY SEGMENT
We operate in only a single reportable segment ‘manufacturing and marketing of UAV systems’ and there are no
other reportable segments. The CODM evaluates our performance, and allocates the resources based on an
analysis of overall country level performance indicators. For further information, see ‘Restated Consolidated
Financial Information’ on page 245.
SIGNIFICANT ECONOMIC CHANGES THAT MATERIALLY AFFECTED OR ARE LIKELY TO

AFFECT INCOME FROM OPERATIONS
Other than as described in this section and in ‘Our Business’, ‘Risk Factors’, and ‘Industry Overview’ on pages
184, 29 and 128, respectively, there have been no significant economic changes that materially affected or are
likely to affect our Company’s income from operations.
KNOWN TRENDS OR UNCERTAINTIES THAT HAVE HAD OR ARE EXPECTED TO HAVE A

MATERIAL ADVERSE IMPACT ON SALES, REVENUE OR INCOME FROM CONTINUING
OPERATIONS
Other than as described in this section and the section titled ‘Our Business’ on page 184, to our knowledge, there
are no known trends or uncertainties that have had or are expected to have a material adverse impact on our
revenues or income.
FUTURE CHANGES IN RELATIONSHIP BETWEEN COST AND REVENUE
Other than as described in this section and the sections of this Draft Red Herring Prospectus titled ‘Our Business’
and ‘Risk Factors’ on pages 184 and 29, respectively, to our knowledge there are no known factors that may
adversely affect our business prospects, results of operations and financial condition.
MATERIAL INCREASES IN NET INCOME AND SALES
Material increases in our Company’s net income and sales are primarily due to the reasons described in the section
titled ‘– Results of Operations’ above on page 357.
PUBLICLY ANNOUNCED NEW PRODUCTS OR BUSINESS SEGMENTS/ MATERIAL INCREASES

IN REVENUE DUE TO INCREASED DISBURSEMENTS AND INTRODUCTION OF NEW
PRODUCTS
Other than as disclosed in this chapter and in ‘Our Business’ on page 184, there are no publicly announced new
products or business segments or material increases in revenue due to increased disbursements and introduction
of new products that have or are expected to have a material impact on our business prospects, results of operations
or financial condition.
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COMPETITIVE CONDITIONS
We operate in a competitive environment. For further information, see ‘Our Business – Competition’, ‘Industry
Overview’ and ‘Risk Factors’ on pages 205, 128 and 29, respectively.
SEASONALITY OF BUSINESS
There is no seasonality in our business.
CHANGE IN ACCOUNTING POLICIES
There have been no changes in the accounting policies of our Company in the last three Fiscals and in the six
months ended September 30, 2022.
For further information, see ‘Restated Consolidated Financial Information’ on page 245.
MATERIAL DEVELOPMENTS SUBSEQUENT TO SIX MONTHS ENDED SEPTEMBER 30, 2022

THAT MAY AFFECT OUR FUTURE RESULTS OF OPERATIONS
Except as disclosed below and elsewhere in this Draft Red Herring Prospectus, to our knowledge, no
circumstances have arisen since the date of the last financial statements disclosed in this Draft Red Herring
Prospectus, which materially and adversely affect or are likely to affect our operations or profitability, or the value
of our assets or our ability to pay our material liabilities within the next 12 months.
• Subsequent to six months ended September 30, 2022, our Company issued and allotted fully paid up
bonus shares at par, in proportion of 225 new Equity Shares of ₹ 10 each for every one existing fully
paid up equity share of ₹ 10 each pursuant to the approval of shareholders granted in the extra-ordinary
general meeting held on December 15, 2022.
• Subsequent to six months ended September 30, 2022, our Company has invested ₹ 9.99 million in NW
Engineering Private Limited, to subscribe 4,111 compulsorily convertible debentures.
QUALIFICATIONS AND EMPHASIS OF MATTER
There are no qualifications which have not been given effect to in the Restated Consolidated Financial
Information.
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FINANCIAL INDEBTEDNESS
Our Company avails fund based and non-fund based facilities in the ordinary course of its business for purposes
such as, inter alia, meeting our working capital requirements or business requirements.
For details of the borrowing powers of our Board, see ‘Our Management - Borrowing Powers’ on page 225.
Set forth below is a brief summary of our aggregate outstanding borrowings amounting to ₹ 1,301.25 million, as
on November 30, 2022 on a consolidated basis.
(in ₹ million)
Sanctioned Amount Amount outstanding as on
Category of Borrowing
(to the extent applicable) November 30, 2022
Secured Loan
(a) Fund based facilities
Term loans - -
Working capital facilities 960.74 814.50
(b) Non-fund based facilities
Bank guarantee (interchangeable) 816.46 486.75
Unsecured Loan - -
Total borrowings 1,777.20 1,301.25
*As certified by Ramanand & Associates, Chartered Accountants, by way of their certificate dated February 10, 2023.
Key terms of our secured borrowings are disclosed below:
• Tenor and interest rate: The tenor of the fund based and non-fund based facilities availed by our
Company ranges from one year to three years. The interest rates for the facilities availed by our Company
are typically linked to benchmark rates, such as the repo rate prescribed by the RBI, and a spread per
annum is charged above these benchmark rates. The fund based and non-fund based facilities availed by
our Company have an interest rate varying from 1.00% p.a to 9.25 % p.a.
• Security: In terms of our borrowings where security needs to be created, we are typically required to
create security by way of charge on movable assets (both present and future), current assets, receivables,
all stock in trade (both present and future), all the book debts and plant and machinery. Further, our
Promoters have provided guarantees in relation to certain borrowings availed by our Company.
• Repayment: Our fund based facilities are repayable on demand.
• Prepayment : Some of the loans availed by our Company have prepayment provisions which allows for
prepayment of the outstanding loan amount and sometimes carry a pre-payment penalty on the pre-paid
amount or on the outstanding amount subject to terms and conditions stipulated under the loan
documents. Some of our loan agreements require us to pay prepayment penalties.
• Penal Interest: We are typically bound to pay additional interest to our lenders for defaults in the
payment of interest or other monies due and payable. This additional interest is charged as per the terms
of our loan agreements and is typically 2.00% over the applicable interest rate.
• Restrictive Covenants: As per the terms of our loan agreements, certain corporate actions for which our
Company requires prior written consent of the lenders include:
a) Change in control/ownership/management of our Company;
b) Amending the constitutional documents of our Company;
c) Effecting any changes to the capital structure or shareholding pattern of our Company; and
d) Permit any change in the general nature of the business or undertake any new projects,
expansion or any other capital investment or obtain equipment on lease other than that taken in
the normal course of business.
• Events of Default: As per the terms of our borrowings, the following, among others, constitute events of
default:
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a) Non-Payment of instalment/ interest within the stipulated time;
b) Representations or warranties found to have been false, incomplete or misleading in any

material respect when made or deemed to have been made;
c) Any breach or default shall have occurred in the observance or performance of any obligation
by a guarantor or surety or any other person liable for our Company;
d) Any licence, consent, approval or exemption of any competent authority is revoked withheld or
materially modified or not renewed; and
e) Application/petition filed under the Insolvency and Bankruptcy Code, 2016.
• Consequences of occurrence of events of default: In terms of our borrowing arrangements, the

following, inter alia, are the consequences of occurrence of events of default, whereby our lenders may:
a) Terminate the right of our Company to avail any facilities and the unavailed portion of our
facilities shall stand cancelled;
b) Seek immediate repayments of the facilities;
c) Enforce the security created in the favour of bank or security trustee; and
d) Review the management structure and board, and review the conditions for the appointment or
reappointment of the managing director or any other person holding substantial powers of
management;
This is an indicative list and there may be additional terms that may require the consent of the relevant lender, the
breach of which may amount to an event of default under various borrowing arrangements entered into by us, and
the same may lead to consequences other than those stated above. We have obtained the necessary consents
required under the relevant loan documentation for undertaking activities in relation to the Offer, including, inter
alia, effecting a change in our shareholding pattern, effecting a change in the composition of our Board and
amending our constitutional documents.
For risks in relation to the financial and other covenants required to be complied with in relation to our borrowings,
see ‘Risk Factors - Our inability to meet our obligations, including financial and other covenants under our
debt financing arrangements could adversely affect our business and results of operations ’ on page 47.
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SECTION VI – LEGAL AND OTHER INFORMATION
OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS
Except as disclosed in this section, there are no outstanding (i) criminal proceedings; (ii) actions taken by
regulatory or statutory authorities; (iii) claims related to direct and indirect taxes; and (iv) other pending
litigation as determined to be material pursuant to the Materiality Policy in each case involving our Company,
our Subsidiary, our Directors and our Promoters (“Relevant Parties”). Further, there are no disciplinary actions
including penalties imposed by SEBI or Stock Exchanges against our Promoters in the last five Financial Years
including outstanding actions. As on the date of this Draft Red Herring Prospectus, our Company does not have
any group company.
Pursuant to the Materiality Policy adopted by our Board of Directors on February 3, 2023 for the purposes of
(iv) above, any pending litigation (including arbitration proceedings) involving the Relevant Parties, other than
criminal proceedings, actions by regulatory authorities and statutory authorities, including outstanding actions,
and tax matters, has been considered ‘material’ and accordingly disclosed in this Draft Red Herring Prospectus
where:
(i) the monetary claim made by or against the Relevant Parties in any such pending litigation/arbitration
proceeding is equivalent to or above 1% of the restated profit after tax of the Company, for Fiscal 2022,
as per the Restated Consolidated Financial Information being ₹ 4.40 million;
(ii) any such litigation wherein a monetary liability is not determinable or quantifiable, or which does exceed
the materiality threshold as specified in (i) above, or such pending matters which involve the Relevant
Parties but are not falling in (i) above but the outcome of which could, nonetheless, have a material adverse
effect on the business, operations, performance, prospects, financial position or reputation of our
Company; and
(iii) any such litigation where the decision in one matter is likely to affect the decision in similar matters such
that the cumulative amount involved in such matters exceeds the threshold as specified in (i) above, even
though the amount involved in an individual matter may not exceed the threshold as specified in (i) above;
Except as stated in this section, there are no outstanding material dues to creditors of the Company. In terms of
the Materiality Policy, outstanding dues to any creditor of the Company having monetary value exceeding ₹ 7.53
million, which is 5% of the total trade payables of our Company as of September 30, 2022 as per the Restated
Consolidated Financial Information shall be considered as ‘material’. Accordingly, as of September 30, 2022 as
per the Restated Consolidated Financial Information, any outstanding dues exceeding ₹ 7.53 million have been
considered as material outstanding dues for the purposes of disclosure in this section. Further, for outstanding
dues to any party, which is a micro, small or a medium enterprise (“MSME”), the disclosure will be based on
information available with our Company regarding status of the creditor as defined under section 2 of the Micro,
Small and Medium Enterprises Development Act, 2006, as amended, as has been relied upon by the Statutory
Auditors.
It is clarified that for the purpose of the Materiality Policy, pre-litigation notices received by the Relevant Parties
from third parties (excluding governmental/statutory/regulatory/ judicial authorities or notices threatening
criminal action) shall, in any event, not be considered as litigation until such time that Relevant Parties are
impleaded as defendants in proceedings initiated before any court, tribunal or governmental authority, or is
notified by any governmental, statutory or regulatory authority of any such proceeding that may be commenced.
All terms defined in a particular litigation disclosure pertain to that litigation only. Unless stated to the contrary,
the information provided below is as of date of this Draft Red Herring Prospectus.
I. Litigation involving our Company
A. Litigation filed against our Company
Criminal proceedings
Nil
372
Outstanding actions by regulatory and statutory authorities
Nil
Material Civil proceedings
Nil
B. Litigation filed by our Company
Nil
Nil
C. Tax proceedings involving our Company
Particulars Number of cases Aggregate amount involved to the extent ascertainable

(in ₹ million)
Direct Tax 1 35.22
Indirect Tax 4 34.33
Total 5 69.55
II. Litigation involving our Subsidiary
A. Litigation filed against our Subsidiary
Nil
Nil
Nil
B. Litigation filed by our Subsidiary
Nil
Nil
C. Tax proceedings involving our Subsidiary

(in ₹ million)
Direct Tax Nil Nil
Indirect Tax Nil Nil
Total Nil Nil
III. Litigation involving our Directors
373
A. Litigation filed against our Directors
Nil
Nil
Nil
B. Litigation filed by our Directors
Nil
Nil
C. Tax proceedings involving our Directors

(in ₹ million)
Direct Tax 1 Nil
Total 1 Nil
IV. Litigation involving our Promoters
A. Litigation filed against our Promoters
Nil
Nil
Nil
Disciplinary actions including penalties imposed by SEBI or stock exchanges in the last five financial
years including outstanding actions
Nil
B. Litigation filed by our Promoters
Nil
374
Nil
C. Tax proceedings involving our Promoters

(in ₹ million)
Direct Tax Nil Nil
Total Nil Nil
V. Outstanding dues to creditors
In accordance with the Materiality Policy, details of outstanding dues (trade payables) owed to MSME (as
defined under section 2 of the Micro, Small and Medium Enterprises Development Act, 2006), material
creditors and other creditors, as at September 30, 2022, are set out below:
Type of creditors Number of creditors Amount involved

(in ₹ million)
Material creditors 1 17.16
Micro, Small and Medium 56 18.16
Enterprises
Other creditors 88 115.25
Total 145 150.57*
* The total of the trade payables as per the Restated Consolidated Financial Information is ₹ 150.57 million, including provisions of ₹
1.35 million for accrued expenses with respect to MSME creditors and ₹ 96.77 million with respect to other creditors.
The details pertaining to outstanding dues to the material creditors along with names and amounts involved
for each such material creditor are available on the website at https://ideaforgetech.com/investor-
relations/material-creditors.
Material Developments
Other than as stated in the section entitled ‘Management’s Discussion and Analysis of Financial Condition and
Results of Operations’ on page 330, there have not arisen, since the date of the last financial information disclosed
in this Draft Red Herring Prospectus, any circumstances which materially and adversely affect, or are likely to
affect, our operations, our profitability taken as a whole or the value of our assets or our ability to pay our liabilities
within the next 12 months from the date of the filing of the DRHP.
375
GOVERNMENT AND OTHER APPROVALS
Our business activities and operations require various approvals issued by relevant central and state authorities
under various rules and regulations. We have set out below an indicative list of all material approvals obtained
by our Company, as applicable, for the purposes of undertaking our business activities and operations (“Material
Approvals”). In view of such approvals, our Company can undertake the Offer and its current business activities.
Unless otherwise stated, these approvals are valid as of the date of this Draft Red Herring Prospectus, and in
case of licenses and approvals which have expired, we have either made an application for renewal, or are in the
process of making an application for renewal.
For details of risk associated with not obtaining or delay in obtaining the requisite approvals, see ‘Risk Factors
– We are subject to various laws and regulations, including environmental and health and safety laws and
regulations. If we fail to obtain, maintain or renew the licenses, permits and approvals required to operate our
business, or fail to comply with applicable laws, our business, results of operations and financial condition may
be adversely affected.’ on page 41. For further details in connection with the regulatory and legal framework
within which we operate, see ‘Key Regulations and Policies’ on page 207.
I. General details
Incorporation details of our Company
(i) Certificate of incorporation dated February 8, 2007, issued to our Company by the RoC in the name
of “ideaForge Technology Private Limited”, with Corporate Identity Number (CIN)
U31401MH2007PTC167669.
(ii) Fresh certificate of incorporation dated January 2, 2023 issued by the RoC, pursuant to conversion of
our Company from ‘private limited company’ to a ‘public limited company’ and consequential
change in our name from “ideaForge Technology Private Limited” to “ideaForge Technology
Limited”. The new Corporate Identity Number (CIN) is U31401MH2007PLC167669.
Offer related approvals
For details of corporate and other approvals obtained in relation to the Offer, see ‘The Offer’ and ‘Other
Regulatory and Statutory Disclosures’ on pages 63 and 378, respectively.
Tax related approvals
(i) The permanent account number of our Company is AABCI6495B.
(ii) The tax deduction account number of our Company is MUMI08237F.
(iii) The GST registration number of our Company is 27AABCI6495B1ZK, issued by the Government of
India for GST payments in the state of Maharashtra where our business operations are situated.
Labour and Employee related approvals
(i) Under the provisions of the Employees’ Provident Funds and Miscellaneous Provisions Act, 1952 as
amended, our Company has been allotted code number MH/VASHI/220870.
(ii) Under the provisions of the Employees State Insurance Act, 1948, as amended, our Company has
been allotted code number 34000290340000999.
(iii) Under the provisions of the Contract Labour (Regulation and Abolition) Act, 1970, as amended, our
Company has obtained registration certificate number 2210200710022813.
Importer-Exporter Code
(i) Certificate of Importer Exporter Code (“IEC”), granting the IEC number 0307030288, issued by the
Additional Directorate General of Foreign Trade, Ministry of Commerce and Industry.
II. Material Approvals obtained by our Company
376
We require various approvals, licenses and registrations under several central or state-level acts, rules and
regulations to carry on our business activities and operations in India. We have obtained the following
Material Approvals.
(i) Under the provisions of the Industries (Development and Regulation) Act, 1951 as amended, our
Company has been issued industrial license number DIL: 24(2015).
The Secretariat for Industrial Assistance (IL Section), Department of Industrial Policy & Promotion,
Ministry of Commerce & Industry, Government of India, in its letter dated April 22, 2015, while granting
the industrial license to us mandated including the following statement in any prospectus or other
documents by which the public is invited to subscribe for the industrial undertaking:
“A license has been obtained from the Central Government for the manufacture of item(s) mentioned below,
of which a copy is open to public inspection at the Head Office of the Company. It must be distinctly
understood that, in granting this license, the Govt. of India do not take any responsibility for the financial
soundness of this undertaking or for the correctness of any of the statements made or opinions expressed
in regard to it.”
Sl. No. Name of the Item

1. Manufacture of Unmanned Aerial Systems.
(ii) Under the provisions of the Maharashtra Shops and Establishments (Regulation of Employment and
Conditions of Service) Act, 2017, as amended, our Company has been issued registration certificate
no. 2210200317001109.
(iii) Under the provisions of the Water (Prevention & Control of Pollution) Act, 1974, Air (Prevention &
Control of Pollution) Act, 1981 and under the Hazardous & Other Wastes (Management &
Transboundary Movement) Rules 2016, from the Maharashtra Pollution Control Board , as amended,
our Company has been granted the consent to operate vide letter no. 0000151604/CE/2212002527.
Material Approvals to be obtained by our Company
Material Approvals or renewals applied for but not received
Nil
Material Approvals expired and not applied for renewal
Nil
Material Approvals required but not applied for or obtained
Nil
III. Intellectual Property
Trademarks
As on February 8, 2023, we have 33 registered trademarks in India and 0 registered trademarks in other
jurisdictions. Further, as on February 8, 2023, we have applied for 9 trademarks which are pending at
various stages in India and 2 trademarks which are pending at various stages in other jurisdictions.
Patents
As on February 8 2023, we have 8 granted patents in India and 10 granted patents in other jurisdictions.
Further, as on February 8, 2023, we have applied for 19 patents which are pending at various stages in
India, and 22 patents which are pending at various stages in other jurisdictions.
Copyrights
As on February 8, 2023, we have 7 registered copyrights in India. Further, as on February 8, 2023, we have
applied for 3 copyrights which are pending in India.
377
OTHER REGULATORY AND STATUTORY DISCLOSURES
Authority for the Offer
Corporate Approvals
• Our Board has authorised the Offer pursuant to a resolution passed at its meeting held on February 3,
2023.
• Our Shareholders have authorised the Fresh Issue, pursuant to a special resolution passed on February 4,
2023 under Section 62(1)(c) of the Companies Act, 2013.
• This Draft Red Herring Prospectus has been approved pursuant to a resolution passed by our Board on
February 9, 2023 and the IPO Committee on February 10, 2023.
Approvals from the Selling Shareholders
Each of the Selling Shareholders have, severally and not jointly, confirmed and authorised the transfer of its
respective proportion of the Offered Shares pursuant to the Offer for Sale, as set out below:
Sr. Name of the Selling Shareholder Date of Consent Date of No. of Offered Shares
No. Letter corporate
authorisation/
board
resolution
Promoter Selling Shareholder
1. Ashish Bhat February 9, 2023 N.A. Up to 158,200 Equity Shares
2. Amarpreet Singh February 9, 2023 N.A. Up to 8,362 Equity Shares
3. Nambirajan Seshadri February 9, 2023 N.A. Up to 22,600 Equity Shares
4. Naresh Malhotra February 9, 2023 N.A. Up to 22,600 Equity Shares
5. Sujata Vemuri February 9, 2023 N.A. Up to 203,400 Equity Shares
6. Sundararajan K Pandalgudi February 9, 2023 N.A. Up to 51,980 Equity Shares
7. A&E Investment LLC February 8, 2023 January 13, Up to 135,600 Equity Shares
2023
8. Agarwal Trademart Private Limited February 9, 2023 January 16, Up to 53,200 Equity Shares
2023
9. Celesta Capital II Mauritius February 8, 2023 January 17, Up to 1,106,722 Equity Shares
2023
10. Celesta Capital II-B Mauritius February 8, 2023 January 17, Up to 131,758 Equity Shares
2023
11. Export Import Bank of India February 9, 2023 December 9, Up to 202,044 Equity Shares
2022
12. Indusage Technology Venture Fund I February 8, 2023 December 24, Up to 1,695,000 Equity Shares
2022
13. Qualcomm Asia Pacific Pte. Ltd. February 8, 2023 December 28, Up to 1,055,646 Equity Shares
2022
14. Society for Innovation and February 9, 2023 January 10, Up to 22,600 Equity Shares
Entrepreneurship 2023
Each of the Selling Shareholders, severally and not jointly, confirm that it is in compliance with Regulation 8 of
the SEBI ICDR Regulations, and it has held its respective portion of the Offered Shares for a period of at least
one year prior to the date of filing of the Draft Red Herring Prospectus. Further, in accordance with Regulation
8A of the SEBI ICDR Regulations, the Equity Shares offered for sale by (i) Selling Shareholders holding,
individually or with persons acting in concert, more than 20% of the pre-Offer shareholding of our Company (on
a fully-diluted basis), shall not exceed more than 50% of their respective pre-Offer shareholding (on a fully-diluted
basis) and (ii) Selling Shareholders holding, individually or with persons acting in concert, less than 20% of pre-
Offer shareholding of our Company (on a fully-diluted basis), shall not exceed more than 10% of the pre-Offer
shareholding of our Company (on a fully-diluted basis).
378
In-principle Listing Approvals
Our Company has received in-principle approvals from the BSE and the NSE for the listing of our Equity Shares
pursuant to letters dated [●] and [●], respectively.
Prohibition by SEBI, RBI or governmental authorities
Our Company, our Promoters, members of the Promoter Group, our Directors or persons in control of our
Company and each of the Selling Shareholders are not prohibited from accessing the capital market or debarred
from buying, selling or dealing in securities under any order or direction passed by SEBI or any securities market
regulator in any other jurisdiction or any other authority/court.
Compliance with the Companies (Significant Beneficial Owners) Rules, 2018
Our Company, our Promoters, member of the Promoter Group and each of the Selling Shareholders, severally and
not jointly, confirm that they are in compliance with the Companies (Significant Beneficial Owners) Rules, 2018,
as amended, to the extent applicable to them in respect of its respective holding in our Company, as on the date
Directors associated with the Securities Market
Except (i) Sutapa Banerjee, who is associated with Axis Capital Limited as a director and (ii) Srikanth
Velamakanni, who is associated with Theremin Multi Strategy Fund LLP, as a body corporate nominee
(designated partner), none of our Directors are associated with the securities market in any manner. No outstanding
action has been initiated by SEBI against any of our Directors in the five years preceding the date of this Draft
Eligibility for the Offer
Our Company is eligible for the Offer in accordance with Regulation 6(2) of the SEBI ICDR Regulations which
states the following:
“An issuer not satisfying the condition stipulated in sub-regulation (1) shall be eligible to make an initial public
offer only if the issue is made through the book-building process and the issuer undertakes to allot at least seventy
five per cent of the net offer to qualified institutional buyers and to refund the full subscription money if it fails to
do so.”
We are an unlisted company that does not satisfy the conditions specified in Regulation 6(1) of the SEBI ICDR
Regulations and are therefore required to meet the conditions as detailed under Regulation 6(2) of the SEBI ICDR
Regulations.
We are therefore required to allot not less than 75% of the Net Offer to QIBs to meet the conditions as detailed
under Regulation 6(2) of the SEBI ICDR Regulations. Further, not more than 15% of the Net Offer shall be
available for allocation to Non-Institutional Investors of which one-third of the Non-Institutional Portion will be
available for allocation to Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000 and two-
thirds of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more
than ₹ 1,000,000 and under-subscription in either of these two sub-categories of Non-Institutional Portion may be
allocated to Bidders in the other sub-category of Non-Institutional Portion. Further, not more than 10% of the Net
Offer shall be available for allocation to RIBs in accordance with the SEBI ICDR Regulations, subject to valid
Bids being received at or above the Offer Price.
In the event that we fail to do so, the full application monies shall be refunded to the Bidders, in accordance with
the SEBI ICDR Regulations, and other applicable law.
Our Company confirms that it is in compliance with the conditions specified in Regulation 7(1) of the SEBI ICDR
Regulations, to the extent applicable, and will ensure compliance with the conditions specified in Regulation 7(2)
of the SEBI ICDR Regulations, to the extent applicable.
379
Further, in accordance with Regulation 49(1) of the SEBI ICDR Regulations, our Company shall ensure that the
number of Allottees under the Offer shall be not less than 1,000, failing which, the entire application money will
be refunded forthwith, in accordance with the SEBI ICDR Regulations and applicable law.
Further, our Company confirms that it is not ineligible to make the Offer in terms of Regulation 5 of the SEBI
ICDR Regulations, to the extent applicable. Our Company is in compliance with the conditions specified in
Regulation 5 of the SEBI ICDR Regulations, as follows:
a) Our Company, the Selling Shareholders, our Promoters, the members of our Promoter Group, and our
Directors are not debarred from accessing the capital market by SEBI;
b) None of our Promoters or Directors are promoters or directors of companies which are debarred from
accessing the capital markets by the SEBI;
c) Neither our Company nor any of our Promoters or Directors has been declared a Wilful Defaulters or a
Fraudulent Borrower;
d) None of our Promoters or our Directors have not been declared a fugitive economic offender under section
12 of the Fugitive Economic Offenders Act, 2018; and
e) Except for the options granted pursuant to ESOP 2018 and conversion of Preference Shares into Equity
Shares prior to the filing of the Red Herring Prospectus with the RoC, there are no outstanding convertible
securities, warrants, options or rights to convert debentures, loans or other instruments convertible into, or
any other right which would entitle any person any option to receive Equity Shares, as on the date of this
Draft Red Herring Prospectus. For further information on the ESOP schemes of our Company, see ‘Capital
Structure – Employee Stock Option Scheme’ on page 95 and for further information on the Preferences
Shares issued by our Company, see ‘Capital Structure - Preference share capital history of our Company’
on page 81.
DISCLAIMER CLAUSE OF SEBI
IT IS TO BE DISTINCTLY UNDERSTOOD THAT SUBMISSION OF THIS DRAFT RED HERRING

PROSPECTUS TO SEBI SHOULD NOT, IN ANY WAY, BE DEEMED OR CONSTRUED THAT THE
SAME HAS BEEN CLEARED OR APPROVED BY SEBI. SEBI DOES NOT TAKE ANY
RESPONSIBILITY EITHER FOR THE FINANCIAL SOUNDNESS OF ANY SCHEME OR THE
PROJECT FOR WHICH THE OFFER IS PROPOSED TO BE MADE OR FOR THE CORRECTNESS
OF THE STATEMENTS MADE OR OPINIONS EXPRESSED IN THIS DRAFT RED HERRING
PROSPECTUS. THE BOOK RUNNING LEAD MANAGERS, BEING JM FINANCIAL LIMITED, AND
IIFL SECURITIES LIMITED, HAVE CERTIFIED THAT THE DISCLOSURES MADE IN THIS
DRAFT RED HERRING PROSPECTUS ARE GENERALLY ADEQUATE AND ARE IN
CONFORMITY WITH THE SEBI ICDR REGULATIONS. THIS REQUIREMENT IS TO FACILITATE
INVESTORS TO TAKE AN INFORMED DECISION FOR MAKING AN INVESTMENT IN THE
PROPOSED OFFER.
IT SHOULD ALSO BE CLEARLY UNDERSTOOD THAT WHILE OUR COMPANY IS PRIMARILY

RESPONSIBLE FOR THE CORRECTNESS, ADEQUACY AND DISCLOSURE OF ALL RELEVANT
INFORMATION IN THIS DRAFT RED HERRING PROSPECTUS AND EACH OF THE SELLING
SHAREHOLDER WILL BE RESPONSIBLE ONLY FOR THE STATEMENTS SPECIFICALLY
CONFIRMED OR UNDERTAKEN BY IT IN THE DRAFT RED HERRING PROSPECTUS IN
RELATION TO ITSELF FOR ITS RESPECTIVE PORTION OF OFFERED SHARES. THE BOOK
RUNNING LEAD MANAGERS ARE EXPECTED TO EXERCISE DUE DILIGENCE TO ENSURE
THAT OUR COMPANY AND THE SELLING SHAREHOLDERS DISCHARGE THEIR
RESPONSIBILITIES ADEQUATELY IN THIS BEHALF AND TOWARDS THIS PURPOSE, THE
BOOK RUNNING LEAD MANAGERS, BEING JM FINANCIAL LIMITED AND IIFL SECURITIES
LIMITED HAVE FURNISHED TO SEBI, A DUE DILIGENCE CERTIFICATE DATED FEBRUARY
10, 2023 IN THE FORMAT PRESCRIBED UNDER SCHEDULE V (FORM A) OF THE SECURITIES
AND EXCHANGE BOARD OF INDIA (ISSUE OF CAPITAL AND DISCLOSURE REQUIREMENTS)
REGULATIONS, 2018, AS AMENDED.
380
THE FILING OF THE DRAFT RED HERRING PROSPECTUS DOES NOT, HOWEVER, ABSOLVE
OUR COMPANY FROM ANY LIABILITIES UNDER THE COMPANIES ACT, 2013, AS AMENDED
OR FROM THE REQUIREMENT OF OBTAINING SUCH STATUTORY AND/OR OTHER
CLEARANCES AS MAY BE REQUIRED FOR THE PURPOSE OF THE OFFER. SEBI FURTHER
RESERVES THE RIGHT TO TAKE UP, AT ANY POINT OF TIME, WITH THE BOOK RUNNING
LEAD MANAGERS, ANY IRREGULARITIES OR LAPSES IN THE DRAFT RED HERRING
PROSPECTUS.
All legal requirements pertaining to the Offer will be complied with at the time of filing of the Red Herring
Prospectus with the RoC in terms of Section 32 of the Companies Act. All legal requirements pertaining to the
Offer will be complied with at the time of filing of the Prospectus with the RoC in terms of Sections 26, 33(1) and
33(2) of the Companies Act.
Disclaimer from our Company, our Directors, the Selling Shareholders, and the BRLMs
Our Company, our Directors and the BRLMs accept no responsibility for statements made otherwise than in this
Draft Red Herring Prospectus or in the advertisements or any other material issued by or at our Company’s
instance and anyone placing reliance on any other source of information, including our Company’s website at
www.ideaforgetech.com or the website of any affiliate of our Company or any of the Selling Shareholders, would
be doing so at his or her own risk.
Each of the Selling Shareholder, it’s respective directors, affiliates, partners, associates and officers, accept no
responsibility for any statements made or undertakings provided other than those made by the respective Selling
Shareholders, and only in relation to it and/or to the Equity Shares offered by such Selling Shareholder through
the Offer for Sale and included in this Draft Red Herring Prospectus and anyone placing reliance on any other
source of information, including our Company’s website at www.ideaforgetech.com or website of any of the
Selling Shareholders, would be doing so at his or her own risk.
The BRLMs accept no responsibility, save to the limited extent as provided in the Offer Agreement and the
Underwriting Agreement.
All information shall be made available by our Company, each of the Selling Shareholders (with respect to itself
and its respective portion of the Offered Shares) and the BRLMs to the public and investors at large and no
selective or additional information would be available for a section of the investors in any manner whatsoever,
including at road show presentations, in research or sales reports, at Bidding Centres or elsewhere.
None among our Company, the Selling Shareholders or any member of the Syndicate is liable for any failure in
uploading the Bids due to faults in any software/ hardware system or otherwise; the blocking of Bid Amount in
the ASBA Account on receipt of instructions from the Sponsor Bank on account of any errors, omissions or non-
compliance by various parties involved in, or any other fault, malfunctioning or breakdown in, or otherwise, in
the UPI Mechanism.
Investors who Bid in the Offer were required to confirm and would be deemed to have represented to our
Company, the Selling Shareholders, Underwriters and their respective directors, partners, designated partners,
trustees, officers, agents, affiliates, and representatives that they are eligible under all applicable laws, rules,
regulations, guidelines and approvals to acquire the Equity Shares and will not issue, sell, pledge, or transfer the
Equity Shares to any person who is not eligible under any applicable laws, rules, regulations, guidelines and
approvals to acquire the Equity Shares. Our Company, the Selling Shareholders, Underwriters and their respective
directors, partners, designated partners, trustees, officers, agents, affiliates, and representatives accept no
responsibility or liability for advising any investor on whether such investor is eligible to acquire the Equity
Shares.
The BRLMs and their respective associates and affiliates may engage in transactions with, and perform services
for, our Company, the Selling Shareholders and their respective affiliates or associates or third parties in the
ordinary course of business and have engaged, or may in the future engage, in commercial banking and investment
banking transactions with our Company, the Selling Shareholders and their respective affiliates or associates or
third parties, for which they have received, and may in the future receive, compensation.
Disclaimer in respect of Jurisdiction
381
The Offer is being made in India to persons resident in India (including Indian nationals resident in India who are
competent to contract under the Indian Contract Act, 1872, as amended, HUFs, companies, corporate bodies and
societies registered under the applicable laws in India and authorised to invest in shares, domestic Mutual Funds
registered with SEBI, Indian financial institutions, commercial banks, regional rural banks, co-operative banks
(subject to permission from RBI), systemically important NBFCs or trusts under applicable trust law and who are
authorised under their respective constitutions to hold and invest in shares, public financial institutions as specified
in Section 2(72) of the Companies Act, 2013, multilateral and bilateral development financial institutions, state
industrial development corporations, insurance companies registered with IRDAI, provident funds (subject to
applicable law) and pension funds (subject to applicable law), National Investment Fund, insurance funds set up
and managed by army, navy or air force of Union of India, insurance funds set up and managed by the Department
of Posts, GoI and permitted Non-Residents including FPIs and Eligible NRIs, AIFs, and other eligible foreign
investors, if any, provided that they are eligible under all applicable laws and regulations to purchase the Equity
Shares. This Draft Red Herring Prospectus does not constitute an invitation to subscribe to or purchase the Equity
Shares in the Offer in any jurisdiction, including India. Any person into whose possession this Draft Red Herring
Prospectus comes is required to inform himself or herself about, and to observe, any such restrictions.
Any dispute arising out of the Offer will be subject to the jurisdiction of appropriate court(s) in Mumbai, India
only.
Bidders are advised to ensure that any Bid from them does not exceed the investment limits or maximum number
of Equity Shares that can be held by them under applicable law.
Eligibility and Transfer Restrictions
Invitations to subscribe to or purchase the Equity Shares in the Offer will be made only pursuant to the Red
Herring Prospectus if the recipient is in India or the preliminary offering memorandum for the Offer, which
comprises the Red Herring Prospectus and the preliminary international wrap for the Offer, if the recipient is
outside India. No person outside India is eligible to bid for Equity Shares in the Offer unless that person has
received the preliminary offering memorandum for the Offer, which contains the selling restrictions for
the Offer outside India.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities Act or
any state securities laws in the United States and may not be offered or sold within the United States, except
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S.
Securities Act and applicable state securities laws in the United States. Accordingly, the Equity Shares are being
offered and sold outside the United States in offshore transactions in compliance with Regulation S and the
applicable laws of the jurisdiction where those offers and sales are made. The Equity Shares have not been and
will not be registered, listed or otherwise qualified in any other jurisdiction outside India and may not be offered
or sold, and Bids may not be made by persons in any such jurisdiction, except in compliance with the applicable
laws of such jurisdiction.
Until the expiry of 40 days after the commencement of the Offer, an offer or sale of the Equity Shares within the
United States by a dealer (whether or not it is participating in the Offer) may violate the registration requirements
of the U.S. Securities Act, unless made pursuant to available exemptions from the registration requirements of the
U.S. Securities Act and in accordance with applicable securities laws of any state of the United States.
Further, each Bidder where required must agree in the Allotment Advice that such Bidder will not sell or
transfer any Equity Shares or any economic interest therein, including any off-shore derivative
instruments, such as participatory notes, issued against the Equity Shares or any similar security, other
than in accordance with applicable laws.
Disclaimer Clause of the BSE
As required, a copy of this Draft Red Herring Prospectus shall be submitted to the BSE. The disclaimer clause as
intimated by the BSE to our Company, post scrutiny of this Draft Red Herring Prospectus, shall be included in
the Red Herring Prospectus and the Prospectus prior to filing with the RoC.
Disclaimer Clause of the NSE
382
As required, a copy of this Draft Red Herring Prospectus shall be submitted to the NSE. The disclaimer clause as
intimated by the NSE to our Company, post scrutiny of this Draft Red Herring Prospectus, shall be included in
the Red Herring Prospectus and the Prospectus prior to filing with the RoC.
Listing
The Equity Shares proposed to be Allotted pursuant to the Red Herring Prospectus and the Prospectus are proposed
to be listed on the BSE and the NSE. Applications will be made to the Stock Exchanges for obtaining permission
for the listing and trading of the Equity Shares being issued and sold in the Offer and [●] will be the Designated
Stock Exchange, with which the Basis of Allotment will be finalised.
If the permission to deal in and for an official quotation of the Equity Shares are not granted by the Stock
Exchanges, our Company shall forthwith repay, without interest, all monies received from the applicants in
pursuance of the Red Herring Prospectus in accordance with applicable law. If such money is not repaid within
the prescribed time, then our Company and every officer in default shall be liable to repay the money, with interest,
as prescribed under applicable law. Any expense incurred by our Company on behalf of any of the Selling
Shareholders with regard to interest on such refunds as required under the Companies Act and any other applicable
law will be reimbursed by such Selling Shareholder as agreed among our Company and the Selling Shareholders
in writing, in proportion to its respective portion of the Offered Shares. Provided that no Selling Shareholder shall
be responsible or liable for payment of any expenses or interest, unless such delay is solely and directly attributable
to an act or omission of such Selling Shareholder.
Our Company shall ensure that all steps for the completion of the necessary formalities for listing and
commencement of trading of Equity Shares at the Stock Exchanges are taken within six Working Days of the
Bid/Offer Closing Date or such other period as may be prescribed by the SEBI. Each of the Selling Shareholders,
severally and not jointly, confirms that it shall extend commercially reasonable co-operation to our Company, as
may be required solely in relation to its respective Offered Shares, in accordance with applicable law, to facilitate
the process of listing the Equity Shares on the Stock Exchanges.
If our Company does not allot Equity Shares pursuant to the Offer within six Working Days from the Bid/Offer
Closing Date or within such timeline as prescribed by the SEBI, it shall repay without interest all monies received
from Bidders, failing which interest shall be due to be paid to the Bidders at the rate of 15% per annum for the
delayed period.
Consents
Consents in writing of: (a) each of the Selling Shareholders, our Directors, our Company Secretary and
Compliance Officer, our Statutory Auditors, the legal counsel, the bankers to our Company, industry report
provider, independent chartered accountants, the BRLMs and Registrar to the Offer have been obtained; and (b)
the Syndicate Members, Escrow Collection Bank, Public Offer Account Bank, Sponsor Bank, Refund Bank and
Monitoring Agency to act in their respective capacities, will be obtained. Further, such consents shall not be
withdrawn up to the time of delivery of this Draft Red Herring Prospectus with SEBI and the Prospectus with the
RoC.
Experts to the Offer
Our Company has received written consent dated February 10, 2023, from B S R & Co. LLP, Chartered
Accountants, our Statutory Auditors, who hold a valid peer review certificate from ICAI, to include their name as
required under Section 26(5) of the Companies Act 2013 read with the SEBI ICDR Regulations, in this Draft Red
Herring Prospectus, and as an “expert”, as defined under Section 2(38) of the Companies Act 2013 to the extent
and in their capacity as our Statutory Auditors, and in respect of their (i) examination report dated February 3,
2023 relating to the Restated Consolidated Financial Information and (ii) the statement of possible special tax
benefits dated February 9, 2023 included in this Draft Red Herring Prospectus and such consent has not been
Our Company has received written consent dated February 10, 2023, from Ramanand & Associates, Independent
Chartered Accountants, to include their name as required under Section 26(5) of the Companies Act read with
SEBI ICDR Regulations, in this Draft Red Herring Prospectus and as an “expert”, as defined under Section 2(38)
of the Companies Act, 2013 in respect of various certifications issued by them in their capacity as independent
chartered accountant to our Company.
383
Our Company has received written consent dated February 3, 2023 from A. D. Joshi Chartered Engineers and
Valuers LLP, Independent Chartered Engineer, to include their name as required under Section 26(5) of the
Companies Act read with SEBI ICDR Regulations, in this Draft Red Herring Prospectus and as an “expert”, as
defined under Section 2(38) of the Companies Act, 2013 to the extent and in their capacity as an independent
chartered engineer, in relation to the certificate dated February 10, 2023 certifying, inter alia, the details of the
installed and production capacity of our manufacturing facility.
Such consents have not been withdrawn as on the date of this DRHP. The term “experts” and consent thereof does
not represent an expert or consent within the meaning under the U.S. Securities Act.
Particulars regarding public or rights issues during the last five years
Our Company has not undertaken any public issue in the five years preceding the date of this Draft Red Herring
Prospectus. Other than as disclosed in ‘Capital Structure’ on page 74, our Company has not undertaken any rights
issues in the five years immediately preceding the date of this Draft Red
Herring Prospectus.
Commission or brokerage on previous issues in the last five years
Since this is the initial public offering of the Equity Shares, no sum has been paid or has been payable as
commission or brokerage for subscribing to or procuring or agreeing to procure public subscription for any of our
Equity Shares in the five years preceding the date of this Draft Red Herring Prospectus.
Capital issues in the preceding three years by our Company, our listed group companies, subsidiary and
associates of our Company
Except as disclosed in ‘Capital Structure’ on page 84, our Company has not made any capital issue during the
three years preceding the date of this Draft Red Herring Prospectus. As on the date of this Draft Red Herring
Prospectus, our Subsidiary is not listed. As on the date of this Draft Red Herring Prospectus, we do not have any
associates or group company.
Performance vis-à-vis objects – Public/ rights issue of our Company
Our Company has not undertaken any public issue or rights issue in the five years immediately preceding the date
Performance vis-à-vis Objects - Public/rights issue of the listed subsidiary/ promoters of our Company
Our Company does not have any listed promoters or listed subsidiary.
Price information of past issues handled by the Book Running Lead Managers
JM Financial Limited
1. Price information of past issues (during the current Financial Year and two Financial Years preceding the
current Financial Year) handled by JM Financial Limited.
Sr. Issue name Issue Size Issue Listing Opening +/- % change in +/- % change in +/- % change in
No. (in ₹ price Date price on closing closing closing price, [+/- %
million) (in ₹) Listing price, [+/- % price, [+/- % change in
Date change in change in closing closing benchmark]
(in ₹) closing benchmark] - 90th - 180th calendar
benchmark] - calendar days days from listing
30th calendar from listing
days from listing
1. Elin Electronics Limited# 4,750.00 247.00 December 243.00 -15.55% [-2.48%] Not Applicable Not Applicable
30, 2023
2. Uniparts India Limited# 8,356.08 577.00 December 575.00 -5.11% [-3.24%] Not Applicable Not Applicable
12, 2022
384
Sr. Issue name Issue Size Issue Listing Opening +/- % change in +/- % change in +/- % change in
No. (in ₹ price Date price on closing closing closing price, [+/- %
million) (in ₹) Listing price, [+/- % price, [+/- % change in
Date change in change in closing closing benchmark]
(in ₹) closing benchmark] - 90th - 180th calendar
benchmark] - calendar days days from listing
30th calendar from listing
days from listing
3. Archean Chemical 14,623.05 407.00 November 450.00 25.42% [1.24%] Not Applicable Not Applicable
Industries Limited* 21, 2022
4. Bikaji Foods International 8,808.45 300.00 November 321.15 28.65% [-0.29%] Not Applicable Not Applicable
Limited#8 16, 2022
5. Global Health Limited* 22,055.70 336.00 November 401.00 33.23% [0.03%] Not Applicable Not Applicable
16, 2022
6. Fusion Micro Finance 11,039.93 368.00 November 359.50 9.86% [1.40%] Not Applicable Not Applicable
Limited* 15, 2022
7. Electronics Mart India 5,000.00 59.00 October 17, 90.00 46.02% [6.31%] 42.63% [3.72%] Not Applicable
Limited* 2022
8. Harsha Engineers 7,550.00 330.00 September 450.00 31.92% [3.76%] 10.68% [4.65%] Not Applicable
International Limited* 26, 2022
9. Paradeep Phosphates 15,017.31 42.00 May 27, 43.55 -10.24% [-3.93%] 27.50% [7.65%] 31.19% [11.91%]
Limited# 2022
10. Life Insurance 205,572.31 949.00 May 17, 867.20 -27.24% [-3.27%] -28.12% [9.47%] -33.82% [13.76%]
Corporation of India#7 2022
Source: www.nseindia.com and www.bseindia.com
#
BSE as Designated Stock Exchange
* NSE as Designated Stock Exchange
Notes:
1. Opening price information as disclosed on the website of the Designated Stock Exchange.
2. Change in closing price over the issue/offer price as disclosed on Designated Stock Exchange.
3. For change in closing price over the closing price as on the listing date, the CNX NIFTY or S&P BSE SENSEX is considered as the
Benchmark Index as per the Designated Stock Exchange disclosed by the respective Issuer at the time of the issue, as applicable.
4. In case of reporting dates falling on a trading holiday, values for the trading day immediately preceding the trading holiday have been
considered.
5. 30th calendar day has been taken as listing date plus 29 calendar days; 90th calendar day has been taken as listing date plus 89 calendar
days; 180th calendar day has been taken a listing date plus 179 calendar days.
6. Restricted to last 10 issues.
7. A discount of Rs. 45 per Equity Share was offered to Eligible Employees bidding in the Employee Reservation Portion and Retail
Individual Investors. A discount of Rs. 60 per Equity Share was offered to Policy holders.
8. A discount of Rs. 15 per Equity Share was offered to Eligible Employees bidding in the Employee Reservation Portion.
9. Not Applicable – Period not completed.
2. Summary statement of price information of past issues (during the current Financial Year and two Financial
Years preceding the current Financial Year) handled by JM Financial Limited.
Financial Total Total funds raised Nos. of IPOs trading at Nos. of IPOs trading Nos. of IPOs trading Nos. of IPOs trading at
Year no. of (` Millions) discount on as on 30th at premium on as on at discount as on premium as on 180th
IPOs calendar days from 30th calendar days 180th calendar days calendar days from
listing date from listing date from listing date listing date
Over Between Less Over Between Less Over Between Less Over Between Less
50% 25% - than 50% 25%- than 50% 25%- than 50% 25%- than
50% 25% 50% 25% 50% 25% 50% 25%
2022-2023 11 3,16,770.53 - 1 3 - 5 2 - 1 - 1 1 -
2021-2022 17 2,89,814.06 - 1 2 5 5 4 1 2 3 4 3 4
2020-2021 8 62,102.09 - - 3 2 1 2 - - - 5 2 1
IIFL Securities Limited
1. Price information of past issues (during the current Financial Year and two Financial Years preceding the
current Financial Year) handled by IIFL Securities Limited.
385
Sr Issue Issue Issue Listing Designat Openi +/- % change +/- % change +/- %
. Name Size (in Price Date ed Stock ng in closing in change in
N ₹ (in ₹) Exchang price price, [+/- % closing closing
o. million e as on change in price, [+/- % price, [+/-
) disclose Listin closing change %
d in the g benchmark] - in closing change in
Red Date 30th calendar benchmark] - closing
Herring (in ₹) days from 90th benchma
Prospect listing calendar days rk] -
us filed from 180th
listing calendar
days
from
listing
1. Syrma 8,401.2 220.00 August BSE 262.00 +31.11%,[- +29.20%,[+4.5 N.A.
SGS 6 26, 1.25%] 5%]
Technolog 2022
y Limited
2. Electronic 5,000.0 59.00 October NSE 90.00 +46.02%,[+6.3 +42.63%,[+3.7 N.A.
s Mart 0 17, 1%] 2%]
India 2022
Limited
3. Tracxn 3,093.7 80.00 October NSE 84.50 10.25%,[+4.23 +25.13%,[+2.7 N.A.
Technolog 8 20, %] 9%]
ies 2022
Limited
4. Fusion 11,039. 368.00 Novem NSE 359.50 +9.86%,[+1.40 N.A. N.A.
Micro 93 ber 15, %]
Finance 2022
Limited
5. Bikaji 8,808.4 300.00 Novem NSE 322.80 +29.15%,[+0.0 N.A. N.A.
(1)
Foods 5 ber 16, 3%]
Internatio 2022
nal
Limited
6. Archean 14,623. 407.00 Novem NSE 450.00 +25.42%,[+1.2 N.A. N.A.
Chemical 05 ber 21, 4%]
Industries 2022
Limited
7. Kaynes 8,578.2 587.00 Novem NSE 778.00 +19.79%,[- N.A. N.A.
Technolog 0 ber 22, 0.25%]
y India 2022
Limited
8. Sula 9,603.4 357.00 Decemb NSE 361.00 +18.59%,[- N.A. N.A.
Vineyards 9 er 22, 0.55%]
Limited 2022
9. KFin 15,000. 366.00 Decemb NSE 367.00 -13.55%,[- N.A. N.A.
Technolog 00 er 29, 3.22%]
ies 2022
Limited
10. Radiant 2,566.4 94.00(2 January NSE 103.00 +2.55%,[- N.A. N.A.
)
Cash 1 4, 2023 2.40%]
Managem
ent
Services
Limited
Source: www.nseindia.com; www.bseindia.com, as applicable
(1) A discount of ₹ 15 per equity share was offered to eligible employees bidding in the employee reservation portion.
(2) Issue price for anchor investors was ₹ 99 per equity share.
Note: Benchmark Index taken as NIFTY 50 or S&P BSE SENSEX, as applicable. Price of the designated stock exchange as disclosed by the
respective issuer at the time of the issue has been considered for all of the above calculations. The 30th, 90th and 180th calendar day from listed
day have been taken as listing day plus 29, 89 and 179 calendar days, except wherever 30th /90th / 180th calendar day from listing day is a
holiday, the closing data of the previous trading day has been considered. % change taken against the Issue Price in case of the Issuer. NA
means Not Applicable. The above past price information is only restricted to past 10 initial public offers.
2. Summary statement of price information of past issues (during the current Financial Year and two Financial
Years preceding the current Financial Year) handled by IIFL Securities Limited.
386
No. of IPOs trading at No. of IPOs trading at No. of IPOs trading at
No. of IPOs trading at
Total premium – 30th discount – 180th premium – 180th
Total discount – 30th calendar
Funds calendar days from calendar days from calendar days from
Financial No. days from listing
Raised listing listing listing
Year of
(in Rs. Less Less Less Less
IPO’s Over Between Over Between Over Between Over Between
Mn) than than than than
50% 25-50% 50% 25-50% 50% 25-50% 50% 25-50%
25% 25% 25% 25%
2020-21 8 47,017.65 - - 4 2 1 1 - 1 - 3 3 1
2021-22 17 3,58,549.95 - - 5 - 4 8 - 6 4 3 1 3
2022-23 12 106,650.92 - - 4 - 4 4 - - - - 1 1
Source: www.nseindia.com; www.bseindia.com, as applicable
Note: Data for number of IPOs trading at premium/discount taken at closing price of the designated stock exchange as disclosed by the
respective issuer at the time of the issue has been considered on the respective date. In case any of the days falls on a non-trading day, the
closing price on the previous trading day has been considered.
NA means Not Applicable.
Track record of past issues handled by the BRLMs
For details regarding the track record of the Book Running Lead Managers, as specified in circular reference
CIR/MIRSD/1/2012 dated January 10, 2012 issued by SEBI, please see the websites of the Book Running Lead
Managers, as set forth in the table below:
Sr. No. Name of the BRLM Website

1. JM Financial Limited www.jmfl.com
2. IIFL Securities Limited www.iiflcap.com
Stock market data of the Equity Shares
This being the initial public offering of the Equity Shares of our Company, the Equity Shares are not listed on any
stock exchange as on the date of this Draft Red Herring Prospectus, and accordingly, no stock market data is
available for the Equity Shares.
Mechanism for Redressal of Investor Grievances
The Registrar Agreement provides for the retention of records with the Registrar to the Offer for a period of at
least eight years from the date of listing and commencement of trading of the Equity Shares on the Stock
Exchanges, to enable the investors to approach the Registrar to the Offer for redressal of their grievances. The
Registrar to the Offer shall obtain the required information from the SCSBs for addressing any clarifications or
grievances of ASBA Bidders.
All grievances in relation to the Bidding process, other than of Anchor Investors, may be addressed to the Registrar
to the Offer with a copy to the relevant Designated Intermediary to whom the Bid cum Application Form was
submitted. The Bidder should give full details such as name of the sole or first bidder, Bid cum Application Form
number, Bidder DP ID, Client ID, UPI ID, PAN, date of the submission of Bid cum Application Form, address of
the Bidder, number of the Equity Shares applied for and the name and address of the Designated Intermediary
where the Bid cum Application Form was submitted by the Bidder. Further, the Bidder shall also enclose a copy
of the Acknowledgment Slip duly received from the concerned Designated Intermediary in addition to the
information mentioned herein.
Our Company, the Selling Shareholders, the BRLMs and the Registrar to the Offer accept no responsibility for
errors, omissions, commission or any acts of SCSBs including any defaults in complying with its obligations
under the applicable provisions of the SEBI ICDR Regulations. Investors can contact our Company Secretary and
Compliance Officer or the Registrar to the Offer in case of any pre-Offer or post-Offer related problems such as
non-receipt of letters of Allotment, non-credit of allotted Equity Shares in the respective beneficiary account, non-
receipt of refund intimations and nonreceipt of funds by electronic mode.
In terms of SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2018/22 dated February 15, 2018, SEBI circular
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, as amended pursuant to SEBI circular
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 and subject to applicable laws, any ASBA Bidder
whose Bid has not been considered for Allotment, due to failure on the part of any SCSB, shall have the option to
387
seek redressal of the same by the concerned SCSB within three months of the date of listing of the Equity Shares.
SCSBs are required to resolve these complaints within 15 days, failing which the concerned SCSB would have to
pay interest at the rate of 15% per annum for any delay beyond this period of 15 days. Further, the investors shall
be compensated by the SCSBs in accordance with SEBI circular SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M
dated March 16, 2021, in the events of delayed unblock for cancelled/withdrawn/deleted applications, blocking
of multiple amounts for the same UPI application, blocking of more amount than the application amount, delayed
unblocking of amounts for non-allotted/partially-allotted applications, for the stipulated period. Further, in terms
of SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022, the payment of processing fees
to the SCSBs shall be undertaken pursuant to an application made by the SCSBs to the BRLMs, and such
application shall be made only after (i) unblocking of application amounts for each application received by the
SCSB has been fully completed, and (ii) applicable compensation relating to investor complaints has been paid
by the SCSB.
SEBI, by way of its circular dated March 16, 2021 as amended by its circular dated April 20, 2022, has identified
the need to put in place measures, in order to manage and handle investor issues arising out of the UPI Mechanism
inter alia in relation to delay in receipt of mandates by Bidders for blocking of funds due to systemic issues faced
by Designated Intermediaries/SCSBs and failure to unblock funds in cases of partial allotment/non allotment
within prescribed timelines and procedures. Pursuant to the circular dated March 16, 2021, SEBI has prescribed
certain mechanisms to ensure proper management of investor issues arising out of the UPI Mechanism,
including:(i) identification of a nodal officer by SCSBs for the UPI Mechanism; (ii) delivery of SMS alerts by
SCSBs for blocking and unblocking of UPI Mandate Requests; (iii) hosting of a web portal by the Sponsor Bank
containing statistical details of mandate blocks/unblocks; (iv) limiting the facility of reinitiating UPI Bids to
Syndicate Members to once per Bid/Batch; and (v) mandating SCSBs to ensure that the unblock process for non-
allotted/ partially allotted applications is completed by the closing hours of one Working Day subsequent to the
finalization of the Basis of Allotment.
All Offer-related grievances of the Anchor Investors may be addressed to the Registrar to the Offer, giving full
details such as the name of the sole or first bidder, Anchor Investor Application Form number, Bidders’ DP ID,
Client ID, PAN, date of the Anchor Investor Application Form, address of the Bidder, number of the Equity Shares
applied for, Bid Amount paid on submission of the Anchor Investor Application Form and the name and address
of the BRLMs where the Anchor Investor Application Form was submitted by the Anchor Investor.
The processing fees for applications made by Retail Individual Bidders using the UPI Mechanism may be released
to the remitter banks (SCSBs) only after such banks provide a written confirmation on compliance with SEBI
Circular No: SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 read with SEBI Circular No:
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021.
Disposal of investor grievances by our Company
Our Company estimates that the average time required by our Company or the Registrar to the Offer or the SCSBs
in case of ASBA bidders for the redressal of routine investor grievances shall be ten Working Days from the date
of receipt of the complaint. In case of non-routine complaints and complaints where external agencies are
involved, our Company will seek to redress these complaints as expeditiously as possible.
Our Company shall obtain authentication on the SCORES platform in terms of the SEBI circular no.
CIR/OIAE/1/2013 dated April 17, 2013 and shall comply with the SEBI circular (CIR/OIAE/1/2014) dated
December 18, 2014 in relation to redressal of investor grievances through SCORES.
Our Company has appointed Sonam Gupta, as the Company Secretary and Compliance Officer of our Company,
and she may be contacted in case of any pre-Offer or post-Offer related problems. For details, see ‘General
Information’ on page 65.
Our Company has also constituted a Stakeholders’ Relationship Committee, comprising of our Directors, Mathew
Cyriac, Vikas Balia and Ankit Mehta, to review and redress the shareholders’ and investors’ grievances such as
transfer of Equity Shares, non-recovery of balance payments, declared dividends, approve subdivision,
consolidation, transfer and issue of duplicate shares. For details of our Stakeholders’ Relationship Committee,
please see ‘Our Management’ on page 218.
388
Our Company has not received any investor complaint during the three years preceding the date of this Draft Red
Herring Prospectus. Further, no investor complaint in relation to our Company is pending as on the date of this
Draft Red Herring Prospectus.
Each of the Selling Shareholders have severally and not jointly authorised the Company Secretary and Compliance
Officer of our Company, and the Registrar to the Offer to redress any complaints received from Bidders in respect
of its respective portion of the Offered Shares.
Other confirmations
Any person connected with the Offer shall not offer any incentive, whether direct or indirect, in any manner,
whether in cash or kind or services or otherwise, to any person for making a Bid in the Offer, except for fees or
commission for services rendered in relation to the Offer.
Exemption from complying with any provisions of securities laws, if any, granted by SEBI
Our Company has not sought any exemption from complying with any provisions of securities laws.
389
SECTION VII – OFFER INFORMATION
TERMS OF THE OFFER
The Equity Shares being offered and Allotted in the Offer will be subject to the provisions of the Companies Act,
the SEBI ICDR Regulations, the SCRR, the Memorandum of Association, the Articles of Association, the SEBI
Listing Regulations, the terms of this Draft Red Herring Prospectus, the Red Herring Prospectus and the
Prospectus, the Bid cum Application Form, the Revision Form, the abridged prospectus and other terms and
conditions as may be incorporated in the CAN (for Anchor Investors), Allotment Advice and other documents
and certificates that may be executed in respect of the Offer. The Equity Shares shall also be subject to all
applicable laws, guidelines, rules, notifications and regulations relating to the issue of capital and listing and
trading of securities, issued from time to time, by SEBI, the Government of India, the Stock Exchange, the RoC,
the RBI and/or other authorities, as in force on the date of the Offer and to the extent applicable or such other
conditions as maybe prescribed by SEBI, the Government of India, the Stock Exchange, the RoC, the RBI and/or
other authorities while granting approval for the Offer.
The Offer
The Offer comprises a Fresh Issue by our Company and an Offer for Sale by the Selling Shareholders. Expenses
for the Offer shall be incurred in the manner specified in ‘Objects of the Offer – Offer related expenses’ on page
111.
Ranking of Equity Shares
The Equity Shares being offered and transferred pursuant to the Offer shall be subject to the provisions of the
Companies Act, SEBI Listing Regulations, SEBI ICDR Regulations, SCRA read with SCRR, the Memorandum
of Association and the Articles of Association and will rank pari passu in all respects with the existing Equity
Shares of our Company, including in respect of rights to receive dividends and other corporate benefits, if any,
declared by our Company after the date of Allotment as per the applicable law. For more information, see ‘Main
Provisions of the Articles of Association’ on page 423.
Mode of Payment of Dividend
Our Company will pay dividends, if declared, to the Shareholders, as per the provisions of the Companies Act
2013, the SEBI Listing Regulations, the Memorandum of Association and the Articles of Association, and any
guidelines or directives that may be issued by the Government of India in this respect or any other applicable law.
Any dividends declared, after the date of Allotment in the Offer, will be payable to the Allottees who have been
Allotted Equity Shares in the Offer, for the entire year, in accordance with applicable laws. For more information,
see ‘Dividend Policy’ and ‘Main Provisions of the Articles of Association’ on pages 244 and 423, respectively.
Face Value and Price Band
The face value of each Equity Share is ₹ 10 and the Offer Price at the lower end of the Price Band is ₹ [●] per
Equity Share and at the higher end of the Price Band is ₹ [●] per Equity Share. The Anchor Investor Offer Price
is ₹ [●] per Equity Share.
The Price Band, the minimum Bid Lot will be decided by our Company, Indusage and Celesta Capital in
consultation with the BRLMs, and published by our Company in [●] edition of [●] (a widely circulated English
national daily newspaper), [●] edition of [●] (a widely circulated Hindi national daily newspaper) and [●] edition
of [●] (a widely circulated Marathi daily newspaper, Marathi being the regional language in the place where our
Registered Office is located) at least two Working Days prior to the Bid/Offer Opening Date, and shall be made
available to the Stock Exchanges for the purpose of uploading the same on their websites. The Price Band, along
with the relevant financial ratios calculated at the Floor Price and at the Cap Price shall be pre-filled in the Bid-
cum-Application Forms available at the respective websites of the Stock Exchanges. The Offer Price shall be
determined by our Company, Indusage and Celesta Capital, in consultation with the BRLMs, after the Bid/Offer
Closing Date, on the basis of assessment of market demand for Equity Shares offered by way of the Book Building
Process.
At any given point in time there will be only one denomination for the Equity Shares.
Compliance with disclosure and accounting norms
390
Our Company shall comply with all disclosure and accounting norms as specified by SEBI from time to time.
Rights of the Equity Shareholder
Subject to applicable laws, rules, regulations and guidelines and the Articles of Association, the Equity
Shareholders will have the following rights:
1. Right to receive dividends, if declared;
2. Right to attend general meetings and exercise voting powers, unless prohibited by law;
3. Right to vote on a poll either in person or by proxy and e-voting in accordance with the provisions of
the Companies Act;
4. Right to receive offers for rights shares and be allotted bonus shares, if announced;
5. Right to receive any surplus on liquidation subject to any statutory and preferential claims being
satisfied;
6. Right of free transferability of their Equity Shares, subject to applicable foreign exchange regulations
and other applicable law; and
7. Such other rights as may be available to a shareholder of a listed public company under the Companies
Act, the terms of the SEBI Listing Regulations and our Memorandum of Association and Articles of
Association.
For a detailed description of the main provisions of our Articles of Association relating to voting rights, dividend,
forfeiture, lien, transfer, transmission, consolidation and splitting, see ‘Main Provisions of the Articles of
Association’ on page 423.
Allotment only in Dematerialised Form
Pursuant to Section 29 of the Companies Act, 2013 and the SEBI ICDR Regulations, the Equity Shares shall be
allotted only in dematerialised form. Hence, the Equity Shares offered through the Red Herring Prospectus can be
applied for in the dematerialised form only. As per the SEBI ICDR Regulations, the trading of the Equity Shares
shall only be in dematerialised form.
In this context, two agreements have been signed amongst our Company, the respective Depositories and the
Registrar to the Offer:
• Tripartite Agreement dated December 1, 2022, among NSDL, our Company and the Registrar to the
Offer.
• Tripartite Agreement dated November 25, 2022, among CDSL, our Company and Registrar to the Offer.
Market Lot and Trading Lot
Since trading of the Equity Shares is in dematerialised form, the tradable lot is one Equity Share. Allotment in the
Offer will be only in electronic form in multiples of one Equity Share, subject to a minimum Allotment of [●]
Equity Shares. For the method of Basis of Allotment, see ‘Offer Procedure’ on page 401.
Jurisdiction
Exclusive jurisdiction for the purpose of the Offer is with the competent courts/authorities in Mumbai,
Maharashtra.
Joint Holders
Subject to the provisions of the Articles of Association, where two or more persons are registered as the holders
of the Equity Shares, they will be deemed to hold such Equity Shares as joint tenants with benefits of survivorship.
391
Nomination Facility
In accordance with Section 72 of the Companies Act 2013, read with Companies (Share Capital and Debentures)
Rules, 2014, as amended, the sole Bidder, or the first bidder along with other joint Bidders, may nominate any
one person in whom, in the event of the death of sole Bidder or in case of joint Bidders, death of all the Bidders,
as the case may be, the Equity Shares Allotted, if any, shall vest to the exclusion of all other persons, unless the
nomination is varied or cancelled in the prescribed manner. A person, being a nominee, entitled to the Equity
Shares by reason of the death of the original holder(s), shall be entitled to the same advantages to which he or she
would be entitled if he or she were the registered holder of the Equity Share(s). Where the nominee is a minor,
the holder(s) may make a nomination to appoint, in the prescribed manner, any person to become entitled to Equity
Share(s) in the event of his or her death during the minority. A nomination shall stand rescinded upon a sale,
transfer or alienation of Equity Share(s) by the person nominating. A nomination may be cancelled or varied by
nominating any other person in place of the present nominee by the holder of the Equity Shares who has made the
nomination by giving a notice of such cancellation. A buyer will be entitled to make a fresh nomination in the
manner prescribed. Fresh nomination can be made only on the prescribed form available on request at our
Registered Office or to the Registrar and Share Transfer Agents of our Company.
Further, any person who becomes a nominee by virtue of Section 72 of the Companies Act 2013, as amended,
will, on the production of such evidence as may be required by our Board, elect either:
• to register himself or herself as holder of Equity Shares; or
• to make such transfer of the Equity Shares, as the deceased holder could have made.
Further, our Board may at any time give notice requiring any nominee to choose either to be registered himself or
herself or to transfer the Equity Shares, and if the notice is not complied with within a period of 90 days, our
Board may thereafter withhold payment of all dividend, interests, bonuses or other monies payable in respect of
the Equity Shares, until the requirements of the notice have been complied with.
Since the Allotment of Equity Shares in the Offer will be made only in dematerialised form, there is no need to
make a separate nomination with our Company. Nominations registered with the respective Depository Participant
of the Bidder will prevail. If Bidders want to change their nomination, they are advised to inform their respective
Depository Participants.
Bid/Offer Period
BID/OFFER OPENS ON* [●]

BID/OFFER CLOSES ON**# [●]
* Our Company, Indusage and Celesta Capital in consultation with the BRLMs, consider participation by Anchor Investors. The Anchor
Investor Bid/Offer Period shall be one Working Day prior to the Bid/Offer Opening Date.
** Our Company, Indusage and Celesta Capital in consultation with the BRLMs, consider closing the Bid/Offer Period for QIBs one
Working Day prior to the Bid/Offer Closing Date in accordance with the SEBI ICDR Regulations.
#
An indicative timetable in respect of the Offer is set out below:
BID/OFFER CLOSING DATE [●]

FINALISATION OF BASIS OF ALLOTMENT WITH THE On or about [●]
DESIGNATED STOCK EXCHANGE
INITIATION OF REFUNDS FOR ANCHOR INVESTORS/ On or about [●]
UNBLOCKING OF FUNDS FROM ASBA ACCOUNT*
CREDIT OF EQUITY SHARES TO DEPOSITORY On or about [●]
ACCOUNTS
COMMENCEMENT OF TRADING OF THE EQUITY On or about [●]
SHARES ON THE STOCK EXCHANGE
* In case of (i) any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI Mechanism) for
cancelled/ withdrawn/ deleted ASBA Forms, the Bidder shall be compensated at a uniform rate of ₹ 100 per day or 15% per annum of
the Bid Amount, whichever is higher from the date on which the request for cancellation/ withdrawal/ deletion is placed in the Stock
Exchanges bidding platform until the date on which the amounts are unblocked (ii) any blocking of multiple amounts for the same ASBA
Form (for amounts blocked through the UPI Mechanism), the blocked funds other than the original application amount shall be instantly
revoked and the Bidder shall be compensated at a uniform rate ₹ 100 per day or 15% per annum of the total cumulative blocked amount
except the original application amount, whichever is higher from the date on which such multiple amounts were blocked till the date of
actual unblock; (iii) any blocking of amounts more than the Bid Amount, the different amount (i.e., the blocked amount less the Bid
Amount) shall be instantly revoked and the Bidder shall be compensated at a uniform rate of ₹ 100 per day or 15% per annum of the
difference in amount, whichever is higher from the date on which such excess amounts were blocked till the date of actual unblock; (iv)
392
any delay in unblocking of non-allotted/ partially allotted Bids, exceeding four Working Days from the Bid/Offer Closing Date, the Bidder
shall be compensated at a uniform rate of ₹ 100 per day or 15% per annum of the Bid Amount, whichever is higher for the entire duration
of delay exceeding four Working Days from the Bid/ Offer Closing Date by the SCSB responsible for causing such delay in unblocking.
Further, Bidders shall be entitled to compensation in the manner specified in the circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M
dated March 16, 2021 and circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022, which for the avoidance of doubt, shall be deemed to be incorporated in the
deemed agreement of the Company with the SCSBs, to the extent applicable, issued by SEBI, and any other applicable law in case of
delays in resolving investor grievances in relation to blocking/unblocking of funds.
The above timetable, other than the Bid/Offer Closing Date, is indicative and does not constitute any
obligation on our Company or any of the Selling Shareholders or the BRLMs.
Whilst our Company shall ensure that all steps for the completion of the necessary formalities for the listing
and the commencement of trading of the Equity Shares on the Stock Exchanges are taken within six
Working Days of the Bid/Offer Closing Date or such period as may be prescribed, the timetable may be
extended due to various factors, such as extension of the Bid/Offer Period by our Company, revision of the
Price Band or any delay in receiving the final listing and trading approval from the Stock Exchanges. The
commencement of trading of the Equity Shares will be entirely at the discretion of the Stock Exchanges
and in accordance with the applicable laws. Each of the Selling Shareholder, severally and not jointly,
confirms that it shall extend commercially reasonable co-operation to our Company, as may be required
solely in relation to its respective Offered Shares, in accordance with applicable law, to facilitate the process
of listing the Equity Shares on the Stock Exchanges.
In terms of the UPI Circulars, in relation to the Offer, the BRLMs will be required to submit reports of
compliance with timelines and activities prescribed by SEBI in connection with the allotment and listing
procedure within six Working Days from the Bid/Offer Closing Date, identifying non-adherence to
timelines and processes and an analysis of entities responsible for the delay and the reasons associated with
it.
SEBI is in the process of streamlining and reducing the post issue timeline for IPOs. Any circulars or
notifications from SEBI after the date of this Draft Red Herring Prospectus may result in changes to the
above mentioned timelines. Further, the offer procedure is subject to change basis any revised SEBI
circulars to this effect.
Submission of Bids (other than Bids from Anchor Investors):
Bid/Offer Period (except the Bid/Offer Closing Date)

Submission and Revision in Bids Only between 10.00 a.m. and 5.00 p.m. (Indian Standard Time (“IST”)
Bid/Offer Closing Date*
Submission and Revision in Bids Only between 10.00 a.m. and 3.00 p.m. IST
*UPI mandate end time and date shall be at 5:00 pm on the Bid/Offer Closing Date.
On the Bid/Offer Closing Date, the Bids shall be uploaded until:
(i) 4.00 p.m. IST in case of Bids by QIBs and Non-Institutional Bidders, and
(ii) until 5.00 p.m. IST or such extended time as permitted by the Stock Exchanges, in case of Bids by
Retail Individual Investors.
On Bid/Offer Closing Date, extension of time will be granted by Stock Exchanges only for uploading Bids
received by Retail Individual Investors and Eligible Employees Bidding in the Employee Reservation Portion
after taking into account the total number of Bids received up to closure of timings for acceptance of Bid cum
Application Forms as stated herein and as reported by the BRLMs to the Stock Exchanges.
The Registrar to the Offer shall submit the details of cancelled/ withdrawn/ deleted applications to the SCSBs on
a daily basis within 60 minutes of the bid closure time from the Bid/ Offer Opening Date till the Bid/Offer Closing
Date by obtaining such information from the Stock Exchanges. The SCSBs shall unblock such applications by the
closing hours of the Working Day and submit the confirmation to the BRLMs and the RTA on a daily basis, as
per the format prescribed in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021.
It is clarified that Bids shall be processed only after the application monies are blocked in the ASBA
Account and Bids not uploaded on the electronic bidding system or in respect of which the full Bid Amount
393
is not blocked by SCSBs, or not blocked under the UPI Mechanism in the relevant ASBA Account, as the
case may be, would be rejected.
To avoid duplication, the facility of re-initiation provided to Syndicate Members shall preferably be allowed only
once per bid/batch and as deemed fit by the Stock Exchanges, after closure of the time for uploading Bids.
Due to limitation of time available for uploading the Bids on the Bid/Offer Closing Date, Bidders are advised to
submit their Bids one day prior to the Bid/Offer Closing Date and, in any case, no later than 1.00 p.m. (Indian
Standard Time) on the Bid/ Offer Closing Date. Any time mentioned in this Draft Red Herring Prospectus is IST.
Bidders are cautioned that, in the event a large number of Bids are received on the Bid/Offer Closing Date, some
Bids may not get uploaded due to lack of sufficient time. Such Bids that cannot be uploaded will not be considered
for allocation under the Offer. Bids will be accepted on the Stock Exchange platform only during Working Days,
during the Bid/ Offer Period. The Designated Intermediaries shall modify select fields uploaded in the Stock
Exchange Platform during the Bid/Offer Period till 5.00 pm on the Bid/Offer Closing Date after which the Stock
Exchange(s) send the bid information to the Registrar to the Offer for further processing. Further, as per letter no.
list/smd/sm/2006 dated July 3, 2006 and letter no. NSE/IPO/25101- 6 dated July 6, 2006 issued by BSE and NSE
respectively, Bids and any revision in Bids shall not be accepted on Saturdays and public holidays as declared by
the Stock Exchanges. Bids by ASBA Bidders shall be uploaded by the relevant Designated Intermediary in the
electronic system to be provided by the Stock Exchanges.
Our Company, Indusage and Celesta Capital in consultation with the BRLMs, reserve the right to revise the Price
Band during the Bid/Offer Period in accordance with the SEBI ICDR Regulations. The revision in the Price Band
shall not exceed 20% on either side, i.e., the Floor Price may move up or down to the extent of 20% of the Floor
Price and the Cap Price will be revised accordingly, but the Floor Price shall not be less than the face value of the
Equity Shares. In all circumstances, the Cap Price shall be less than or equal to 120% of the Floor Price. Provided
that, the Cap Price of the Price Band shall be at least 105% of the Floor Price.
In case of any revision to the Price Band, the Bid/Offer Period will be extended by at least three additional
Working Days following such revision of the Price Band, subject to the Bid/Offer Period not exceeding 10
Working Days. In cases of force majeure, banking strike or similar circumstances, our Company, for
reasons to be recorded in writing, extend the Bid/Offer Period for a minimum of three Working Days,
subject to the Bid/Offer Period not exceeding 10 Working Days. Any revision in the Price Band and the
revised Bid/Offer Period, if applicable, will be widely disseminated by notification to the Stock Exchanges,
by issuing a public notice, and also by indicating the change on the respective websites of the BRLMs and
at the terminals of the Syndicate Members and by intimation to the Designated Intermediaries and the
Sponsor Bank, as applicable. In case of revision of Price Band, the Bid Lot shall remain the same.
In case of discrepancy in data entered in the electronic book vis-vis data contained in the Bid cum Application
Form for a particular Bidder, the details as per the Bid file received from the Stock Exchanges shall be taken as
the final data for the purpose of Allotment.
Employee Discount
Employee Discount, if any, will be offered to Eligible Employees bidding in the Employee Reservation Portion,
and, at the time of making a Bid. Eligible Employees bidding in the Employee Reservation Portion at a price
within the Price Band can make payment based on Bid Amount net of Employee Discount, at the time of making
a Bid. Eligible Employees bidding in the Employee Reservation Portion at the Cut-Off Price have to ensure
payment at the Cap Price, less Employee Discount, at the time of making a Bid. In case of any revision in the
Price Band, the Bid/ Offer Period shall be extended for at least three additional Working Days after such revision
of the Price Band, subject to the total Bid/ Offer Period not exceeding 10 Working Days. Any revision in the Price
Band, and the revised Bid/ Offer Period, if applicable, shall be widely disseminated by notification to the Stock
Exchanges by issuing a public notice and also by indicating the change on the websites of the BRLMs and at the
terminals of the members of the Syndicate. In case of discrepancy in the data entered in the electronic book vis-
à-vis the data contained in the physical Bid cum Application Form for a particular Bidder, the details as per the
Bid file received from the Stock Exchanges may be taken as the final data for the purpose of Allotment.
Minimum Subscription
On the date of closure of the Offer, if our Company does not receive (i) minimum subscription of 90% of the
Fresh Issue and (ii) a subscription in the Offer equivalent to at least the minimum number of securities as specified
under Rule 19(2)(b)(iii) of the SCRR our Company shall forthwith refund the entire subscription amount received.
394
If there is a delay beyond four days, our Company shall pay interest at the rate of 15% per annum including the
circular no. SEBI/HO/CFD/DIL1/CIR/P/2021/47 dated March 31, 2021 and circular bearing no.
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, issued by SEBI.
Further, in terms of Regulation 49(1) of the SEBI ICDR Regulations, our Company shall ensure that the number
of Bidders to whom the Equity Shares will be Allotted will be not less than 1,000. In case of an undersubscription
in the Offer, subject to receiving minimum subscription for 90% of the Fresh Issue and compliance with Rule
19(2)(b) of the SCRR, the Offered Shares shall first be allocated or transferred in proportion to the Offered Shares
of each Selling Shareholder and subsequently, Allotment shall be made towards the balance portion of the Fresh
Issue.
Each of the Selling Shareholders shall severally and not jointly adjust or reimburse, in proportion to the portion
of its respective Offered Shares, any expenses (with regard to delayed payment of refunds) and interest incurred
by our Company on behalf of such Selling Shareholder for any delays in making refunds as required under the
Companies Act and any other applicable law as agreed among our Company and the Selling Shareholders in
writing, provided that no Selling Shareholder shall be responsible or liable for payment of any expenses or interest,
unless such delay is solely and directly attributable to an act or omission of such Selling Shareholder and any
expenses and interest shall be paid to the extent of its respective portion of the Offered Shares.
Arrangements for Disposal of Odd Lots
Since the Equity Shares will be treated in dematerialised form only, and the market lot for the Equity Shares will
be one Equity Share, there are no arrangements for disposal of odd lots.
New Financial Instruments
Our Company is not issuing any new financial instruments through the Offer.
Restrictions, if any on Transfer and Transmission of Equity Shares
Except for lock-in of pre-Offer equity shareholding, minimum Promoter’s contribution and Anchor Investor lock-
in in the Offer, as detailed in ‘Capital Structure’ on page 74 and except as provided in our Articles as detailed in
‘Main Provisions of the Articles of Association’ on page 423, there are no restrictions on transfers and
transmission of shares/debentures and on their consolidation/splitting.
Option to receive Equity Shares in Dematerialized Form
Investors should note that the Equity Shares will be Allotted to all successful Bidders only in dematerialised form.
Bidders will not have the option of being Allotted Equity Shares in physical form. However, they may get the
Equity Shares rematerialized subsequent to Allotment of the Equity Shares in the Offer, subject to applicable laws.
Withdrawal of the Offer
The Offer shall be withdrawn in the event that 90% of the Fresh Issue portion of the Offer is not subscribed.
Further, our Company, Indusage and Celesta Capital in consultation with the BRLMs, reserves the right not to
proceed with the Offer, in whole or in part thereof, after the Bid/ Offer Opening Date but before the Allotment. In
such an event, our Company would issue a public notice in the newspapers in which the pre-Offer advertisements
were published, within two days of the Bid/ Offer Closing Date or such other time as may be prescribed by SEBI,
providing reasons for not proceeding with the Offer and inform the Stock Exchanges promptly on which the
Equity Shares are proposed to be listed. The BRLMs, through the Registrar to the Offer, shall notify the SCSBs
and the Sponsor Bank, to unblock the bank accounts of the ASBA Bidders within one Working Day from the date
of receipt of such notification and also inform the Bankers to the Offer to process refunds to the Anchor Investors,
as the case may be. The notice of withdrawal will be issued in the same newspapers where the pre-Offer
advertisements have appeared and the Stock Exchanges will also be informed promptly.
If our Company, Indusage and Celesta, in consultation with the BRLMs withdraw the Offer after the Bid/ Offer
Closing Date and thereafter determines that it will proceed with a public offering of the Equity Shares, our
Company shall file a fresh draft red herring prospectus with SEBI. Notwithstanding the foregoing, the Offer is
also subject to obtaining (i) the final listing and trading approvals of the Stock Exchanges, which our Company
shall apply for after Allotment and within six Working Days of the Bid/ Offer Closing Date or such other time
period as prescribed under applicable law; and (ii) the final RoC approval of the Prospectus after it is filed and/
or submitted with the RoC and the Stock Exchanges. If Allotment is not made within the prescribed time period
395
under applicable law, the entire subscription amount received will be refunded/unblocked within the time
prescribed under applicable law.
396
OFFER STRUCTURE
The Offer is of up to [●] Equity Shares of face value of ₹ 10 each at an Offer Price of ₹ [●] per Equity Share for
cash aggregating up to ₹ 3,000 million comprising of a Fresh Issue of [●] Equity Shares, aggregating up to ₹ [●]
million by our Company and an Offer of Sale up to 4,869,712 Equity Shares, aggregating up to ₹ [●] million by
the Selling Shareholders.
The Offer comprises Employee Reservation Portion of up to [●] Equity Shares and a Net Offer of up to [●] Equity
Shares. The Employee Reservation Portion shall not exceed 5% of our post-Offer paid-up Equity Share capital.
The Offer and the Net Offer shall constitute [●] % and [●] %, respectively of the post-Offer paid-up Equity Share
capital of our Company. Our Company, in consultation with the BRLMs, may consider a Pre-IPO Placement of
specified securities, as may be permitted under the applicable law, aggregating up to ₹ 600.00 million, prior to
filing of the Red Herring Prospectus with the RoC. The Pre-IPO Placement, if undertaken, will be at a price to be
decided by our Company, in consultation with the BRLMs. If the Pre-IPO Placement is completed, the amount
raised pursuant to the Pre-IPO Placement will be reduced from the Fresh Issue, subject to compliance with Rule
19(2)(b) of the SCRR, as amended. Details of the Pre-IPO Placement, if undertaken, shall be included in the Red
Herring Prospectus.
In terms of Rule 19(2)(b) of the SCRR, the Offer is being made through the Book Building Process, in compliance
with Regulation 6(2) and 31 of the SEBI ICDR Regulations.
Particulars Eligible Employees# QIBs(1) Non-Institutional Retail Individual

Bidders Investors
Number of Equity Up to [●] Equity Shares Not less than [●] Equity Not more than [●] Not more than [●]
Shares available Shares Equity Shares Equity Shares
for Allotment or available for available for
allocation*(2) allocation or Net allocation or Net
Offer less allocation Offer less allocation
to QIB Bidders and to QIB Bidders and
RIIs Non-Institutional
Bidders
Percentage of up to [●]% of the post- Not less than 75% of the Net Not more than 15% of Not more than 10%
Offer Size Offer paid-up equity share Offer being available for the Net Offer less of the Net Offer or
available for capital of our Company allocation to QIB Bidders. allocation to QIB the Offer less
Allotment or However, up to 5% of the QIB Bidders and RIIs allocation to QIB
allocation Portion will be available for shall be available for Bidders and Non-
allocation proportionately to allocation Institutional Bidders
Mutual Funds only. Mutual will be available for
Funds participating in the allocation
Mutual Fund Portion will also
be eligible for allocation in the
remaining QIB Portion
(excluding the Anchor
Investor Portion). The
unsubscribed portion in the
Mutual Fund Portion will be
available for allocation to
other QIBs
Basis of Proportionate; unless the Proportionate as follows The specified The allotment to
Allotment if Employee Reservation (excluding the Anchor securities available each RII shall not be
respective Portion is under- Investor Portion): for allocation in the less than the
category is subscribed, the value of a) up to [●] Equity Shares Non-Institutional minimum Bid Lot,
oversubscribed* allocation to an Eligible shall be available for Portion shall be subject to
Employee shall not allocation on a subject to the availability of
exceed ₹200,000 (net of proportionate basis to following – Equity Shares in the
Employee Discount). In Mutual Funds only; and Retail Portion and
the event of under- b) up to [●] Equity Shares (i) Not more than the remaining
subscription in the shall be available for 15% of the Net Offer available Equity
Employee Reservation allocation on a less allocation to QIB Shares if any, shall
Portion, the unsubscribed proportionate basis to all Bidders and RIIs be Allotted on a
portion may be allocated, QIBs, including Mutual shall be available for proportionate basis.
on a proportionate basis, Funds receiving allocation out of For further details,
to Eligible Employees allocation as per (a) which: see ‘Offer
Bidding in the Employee above
397
Bidders Investors
Reservation Portion for c) up to [●] Equity Shares (i) One-third of the Procedure’ on page
value exceeding ₹200,000 may be allocated on a Non-Institutional 401
(net of Employee discretionary basis to Portion will be
Discount)., subject to total Anchor Investors of available for
Allotment to an Eligible which one-third shall be allocation to Bidders
Employee not exceeding available for allocation to with an application
₹500,000 (net of Mutual Funds only, size of more than ₹
Employee Discount) subject to valid Bid 200,000 and up to ₹
received from Mutual 1,000,000; and
Funds at or above the (ii) Two-thirds of the
Anchor Investor Non-Institutional
Allocation Price Portion will be
available for
allocation to Bidders
with an application
size of more than ₹
1,000,000 provided
that the unsubscribed
portion in either of
the sub categories
specified above may
be allocated to
Applicants in the
other sub-category of
Non-Institutional
Bidders.
The allotment of
specified securities to
each Non-
Institutional Investor
shall not be less than
the
minimum application
size, subject to
availability in the
Non-Institutional
Portion, and the
remainder, if any,
shall be allotted on a
proportionate basis in
accordance with the
conditions specified
in the SEBI ICDR
Regulations. For
further details, see
‘Offer Procedure’ on
page 401
Mode of Bid^ Through ASBA Process only (except in case of Anchor Investors)
Minimum Bid [●] Equity Shares and in Such number of Equity Shares Such number of [●] Equity Shares
multiples of [●] Equity in multiples of [●] Equity Equity Shares in and in multiples of
Shares thereafter Shares such that the Bid multiples of [●] [●] Equity Shares
Amount exceeds ₹ 200,000 Equity Shares such thereafter
that the Bid Amount
exceeds ₹ 200,000
Maximum Bid Such number of Equity Such number of Equity Shares Such number of Such number of
Shares in multiples of [●] in multiples of [●] Equity Equity Shares in Equity Shares in
Equity Shares so as to Shares not exceeding the size multiples of [●] multiples of [●]
ensure that the Bid of the Net Offer, subject to Equity Shares not Equity Shares so that
Amount by each Eligible applicable limits exceeding the size of the Bid Amount
Employee does not the Net Offer, does not exceed ₹
exceed ₹500,000 less (excluding the QIB 200,000
Employee Discount, if Portion) subject to
any limits applicable to
the Bidder
398
Bidders Investors
Mode of Compulsorily in dematerialised form
Allotment
Bid Lot [●] Equity Shares and in multiples of [●] Equity Shares thereafter
Allotment Lot [●] Equity Shares and in multiples of one Equity Share thereafter
Trading Lot One Equity Share
Who can Eligible Employees Public financial institutions as Resident Indian Resident Indian
apply(3)(4) defined in the Companies Act, individuals, Eligible individuals, Eligible
2013, scheduled commercial NRIs, HUFs (in the NRIs and HUFs (in
banks, multilateral and name of the karta), the name of the
bilateral development companies, corporate karta)
financial institutions, Mutual bodies, scientific
Funds, FPIs other than institutions, societies,
individuals, corporate bodies trusts, family offices
and family offices, VCFs, and FPIs who are
AIFs, FVCIs, state industrial individuals, corporate
development corporation, bodies and family
insurance company registered offices which are re-
with IRDAI, provident funds categorised as
with minimum corpus of ₹ category II FPIs and
250 million, pension funds registered with SEBI
with minimum corpus of ₹
250 million, National
Investment Fund set up by the
GoI, insurance funds set up
and managed by army, navy
or air force of the Union of
India, insurance funds set up
and managed by the
Department of Posts, India
and NBFC-SI
Terms of In case of Anchor Investors: Full Bid Amount shall be payable by the Anchor Investors at the time of
Payment(5) submission of their Bids
In case of all other Bidders: Full Bid Amount shall be blocked in the bank account of the ASBA Bidder
(other than Anchor Investors), or by the Sponsor Bank through the UPI Mechanism, that is specified in
the ASBA Form at the time of submission of the ASBA Form
*
Assuming full subscription in the Offer.
# Eligible Employees Bidding in the Employee Reservation Portion can Bid up to a Bid Amount of ₹ 500,000 (net of Employee Discount).
However, a Bid by an Eligible Employee in the Employee Reservation Portion will be considered for allocation, in the first instance, for a Bid
Amount of up to ₹ 200,000 (net of Employee Discount). In the event of under-subscription in the Employee Reservation Portion, the
unsubscribed portion will be available for allocation and Allotment, proportionately to all Eligible Employees who have Bid in excess of ₹
200,000 (net of Employee Discount), subject to the maximum value of Allotment made to such Eligible Employee not exceeding ₹ 500,000 (net
of Employee Discount). An Eligible Employee Bidding in the Employee Reservation Portion (subject to Bid Amount being up to ₹ 200,000)
can also Bid in the Retail Portion, and such Bids shall not be considered multiple Bids. However, Bids by Eligible Employees Bidding in the
Employee Reservation Portion and in the Non Institutional Portion shall be treated as multiple Bids. The unsubscribed portion if any, in the
Employee Reservation Portion shall be added back to the Net Offer. In case of under-subscription in the Net Offer, spill-over to the extent of
such under-subscription shall be permitted from the Employee Reservation Portion.
^ SEBI vide its circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, has mandated that ASBA applications in Public Issues
shall be processed only after the application monies are blocked in the bank accounts of the investors. Accordingly, Stock Exchanges shall,
for all categories of investors viz. QIBs, NIIs and RIIs and also for all modes through which the applications are processed, accept the ASBA
applications in their electronic book building platform only with a mandatory confirmation on the application monies blocked.
(1) Our Company, Indusage and Celesta Capital in consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor
Investors at the Anchor Investor Offer Price, on a discretionary basis, subject to there being (i) a maximum of two Anchor Investors,
where allocation in the Anchor Investor Portion is up to ₹ 100.00 million, (ii) minimum of two and maximum of 15 Anchor Investors,
where the allocation under the Anchor Investor Portion is more than ₹ 100.00 million but up to ₹ 2,500.00 million under the Anchor
Investor Portion, subject to a minimum Allotment of ₹ 50.00 million per Anchor Investor, and (iii) in case of allocation above ₹ 2,500.00
million under the Anchor Investor Portion, a minimum of five such investors and a maximum of 15 Anchor Investors for allocation up
to ₹ 2,500.00 million, and an additional 10 Anchor Investors for every additional ₹ 2,500.00 million or part thereof will be permitted,
subject to minimum allotment of ₹ 50.00 million per Anchor Investor. An Anchor Investor will make a minimum Bid of such number of
Equity Shares, that the Bid Amount is at least ₹ 100.00 million. One-third of the Anchor Investor Portion will be reserved for domestic
Mutual Funds, subject to valid Bids being received at or above the price at which allocation is made to Anchor Investors, which price
shall be determined by our Company, Indusage and Celesta Capital in consultation with the BRLMs.
(2) Subject to valid Bids being received at or above the Offer Price. The Offer is being made in accordance with Rule 19(2)(b) of the SCRR,
through the Book Building Process, in compliance with Regulation 6(2) of the SEBI ICDR Regulations. The Offer is being made through
the Book Building Process, in compliance with Regulation 6(2) of SEBI ICDR Regulations, wherein not less than 75% of the Net Offer
shall be available for allocation on a proportionate basis to QIBs provided that our Company, Indusage and Celesta Capital may, in
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consultation with the BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a
discretionary basis by our Company in consultation with the BRLMs, of which one-third shall be reserved for the domestic Mutual
Funds, subject to valid Bids being received from the domestic Mutual Funds at or above the Anchor Investor Allocation Price in
accordance with the SEBI ICDR Regulations. In the event of under-subscription or non-allocation in the Anchor Investor Portion, the
balance Equity Shares shall be added to the Net QIB Portion. Further, 5% of the Net QIB Portion (excluding the Anchor Investor
Portion) shall be available for allocation on a proportionate basis only to Mutual Funds, subject to valid Bids being received at or
above the Offer Price, and the remainder of the Net QIB Portion shall be available for allocation on a proportionate basis to all QIBs
(other than Anchor Investors), including Mutual Funds, subject to valid Bids being received at or above the Offer Price. If at least 75%
of the Net Offer cannot be Allotted to QIBs, then the entire application money will be refunded forthwith. Further, not more than 15%
of the Net Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors will be available for allocation
to Bidders with an application size of more than ₹ 200,000 and up to ₹ 1,000,000 and two-thirds of the Non-Institutional Portion will
be available for allocation to Bidders with an application size of more than ₹ 1,000,000 and under-subscription in either of these two
sub-categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional Portion, and not
more than 10% of the Net Offer shall be available for allocation to Retail Individual Investors in accordance with the SEBI ICDR
Regulations, subject to valid Bids being received from them at or above the Offer Price.
(3) In the event that a Bid is submitted in joint names, the relevant Bidders should ensure that the depository account is also held in the
same joint names and the names are in the same sequence in which they appear in the Bid cum Application Form. The Bid cum
Application Form should contain only the name of the first bidder whose name should also appear as the first holder of the beneficiary
account held in joint names. The signature of only such first bidder would be required in the Bid cum Application Form and such first
bidder would be deemed to have signed on behalf of the joint holders.
(4) Bids by FPIs with certain structures as described under ‘Offer Procedure – Bids by FPIs’ on page 407 and having the same PAN may
be collated and identified as a single Bid in the Bidding process. The Equity Shares Allocated and Allotted to such successful Bidders
(with same PAN) may be proportionately distributed.
(5) Full Bid Amount shall be payable by the Anchor Investors at the time of submission of the Anchor Investor Application Forms provided
that any difference between the Anchor Investor Allocation Price and the Anchor Investor Offer Price shall be payable by the Anchor
Investor Pay-in Date as indicated in the CAN.
Bidders will be required to confirm and will be deemed to have represented to our Company, the Selling
Shareholders, the Underwriters, their respective directors, officers, agents, affiliates and representatives that they
are eligible under applicable law, rules, regulations, guidelines and approvals to acquire the Equity Shares.
Subject to valid Bids being received at or above the Offer Price, under-subscription, if any, in any category except
the QIB Portion, would be allowed to be met with spill over from any other category or combination of categories
at the discretion of our Company in consultation with the Book Running Lead Managers and the Designated Stock
Exchange, on a proportionate basis.
Eligible Employees bidding in the Employee Reservation Portion at a price within the Price Band can make
payment based on Bid Amount, at the time of making a Bid. Eligible Employees bidding in the Employee
Reservation Portion at the Cut-Off Price have to ensure payment at the Cap Price, at the time of making a Bid.
Subject to valid Bids being received at or above the Offer Price, undersubscription, if any, in any category except
the QIB Portion, would be met with spill-over from the other categories or a combination of categories at the
discretion of our Company in consultation with the BRLMs, and the Designated Stock Exchange, on proportionate
basis as per the SEBI ICDR Regulations.
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OFFER PROCEDURE
All Bidders should read the General Information Document for Investing in Public Issues prepared and issued in
accordance with the circular no. SEBI/HO/CFD/DIL1/CIR/P/2020/37 dated March 17, 2020 and the UPI
Circulars (the “General Information Document”) which highlights the key rules, processes and procedures
applicable to public issues in general in accordance with the provisions of the Companies Act, 2013, the SCRA,
the SCRR and the SEBI ICDR Regulations. The General Information Document is available on the websites of
the Stock Exchanges and the BRLMs. Please refer to the relevant provisions of the General Information Document
which are applicable to the Offer. The investors should note that the details and process provided in the General
Information Document should be read along with this section.
Additionally, all Bidders may refer to the General Information Document for information in relation to (i)
category of investors eligible to participate in the Offer; (ii) maximum and minimum Bid size; (iii) price discovery
and allocation; (iv) payment instructions for ASBA Bidders; (v) issuance of Confirmation of Allocation Note
(“CAN”) and Allotment in the Offer; (vi) general instructions (limited to instructions for completing the Bid cum
Application Form); (vii) designated date; (viii) disposal of applications; (ix) submission of Bid cum Application
Form; (x) other instructions (limited to joint bids in cases of individual, multiple bids and instances when an
application would be rejected on technical grounds); (xi) applicable provisions of Companies Act, 2013 relating
to punishment for fictitious applications; (xii) mode of making refunds; and (xiii) interest in case of delay in
Allotment or refund.
The SEBI through its circular (SEBI/HO/CFD/DIL2/CIR/P/2018/138) dated November 1, 2018 as amended from
time to time, including pursuant to circular (SEBI/HO/CFD/DIL2/CIR/P/2019/50) dated April 3, 2019 has
introduced an alternate payment mechanism using Unified Payments Interface (“UPI”) and consequent reduction
in timelines for listing in a phased manner. UPI has been introduced in a phased manner as a payment mechanism
with the ASBA for applications by Retail Individual Investors through intermediaries from January 1, 2019. The
UPI Mechanism for Retail Individual Investors applying through Designated Intermediaries, in phase I, was
effective along with the prior process and existing timeline of T+6 days (“UPI Phase I”), until June 30, 2019.
Subsequently, for applications by Retail Individual Investors through Designated Intermediaries, the process of
physical movement of forms from Designated Intermediaries to SCSBs for blocking of funds has been discontinued
and only the UPI Mechanism with existing timeline of T+6 days is applicable for a period of three months or
launch of five main board public issues, whichever is later (“UPI Phase II”), with effect from July 1, 2019, by
SEBI circular (SEBI/HO/CFD/DIL2/CIR/P/2019/76) dated June 28, 2019, read with circular
(SEBI/HO/CFD/DIL2/CIR/P/2019/85) dated July 26, 2019. Further, as per the SEBI circular
(SEBI/HO/CFD/DCR2/CIR/P/2019/133) dated November 8, 2019, the UPI Phase II had been extended until
March 31, 2020. However, due to the outbreak of COVID-19 pandemic, UPI Phase II has been further extended
by SEBI until further notice, by its circular (SEBI/HO/CFD/DIL2/CIR/P/2020/50) dated March 30, 2020.
Thereafter, the final reduced timeline of T+3 days may be made effective using the UPI Mechanism for
applications by Retail Individual Investors (“UPI Phase III”), as may be prescribed by SEBI. Accordingly, The
Offer will be undertaken pursuant to the processes and procedures under UPI Phase II, subject to any circulars,
clarification or notification issued by the SEBI from time to time. Further, SEBI vide its circular no.
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021 read with circular no.
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 and SEBI circular no.
SEBI/HO/CFD/DIL2/CIR/P/2022/51 dated April 20, 2022 has introduced certain additional measures for
streamlining the process of initial public offers and redressing investor grievances. This circular has come into
force for initial public offers opening on or after May 1, 2021 except as amended pursuant to SEBI circular
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021, and the provisions of this circular are deemed to form
part of this Draft Red Herring Prospectus. Furthermore, pursuant to SEBI circular no.
SEBI/HO/CFD/DIL2/P/CIR/P/2022/45 dated April 5, 2022, all UPI Bidders in initial public offerings (opening
on or after May 1, 2022) whose application sizes are up to ₹ 500,000 shall use the UPI Mechanism. Additionally,
SEBI vide its circular no. SEBI/HO/CFD/DIL1/CIR/P/2021/47 dated March 31, 2021, has reduced the timelines
for refund of application monies from 15 days to four days.
Pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, applications made using
the ASBA facility in initial public offerings (opening on or after September 1, 2022) shall be processed only after
application monies are blocked in the bank accounts of investors (all categories).
In case of any delay in unblocking of amounts in the ASBA Accounts (including amounts blocked through the UPI
Mechanism) exceeding four Working Days from the Bid/Offer Closing Date, the Bidder shall be compensated at
a uniform rate of ₹ 100 per day for the entire duration of delay exceeding four Working Days from the Bid/Offer
Closing Date by the intermediary responsible for causing such delay in unblocking. The BRLMs shall, in their
401
sole discretion, identify and fix the liability on such intermediary or entity responsible for such delay in
unblocking.
Our Company, the Selling Shareholders and the BRLMs do not accept any responsibility for the completeness and
accuracy of the information stated in this section and the General Information Document and are not liable for
any amendment, modification or change in the applicable law which may occur after the date of this Draft Red
Herring Prospectus. Bidders are advised to make their independent investigations and ensure that their Bids are
submitted in accordance with applicable laws and do not exceed the investment limits or maximum number of
Equity Shares that can be held by them under applicable law or as specified in the Red Herring Prospectus and
this Prospectus.
Further, our Company, the Selling Shareholders and the Members of the Syndicate do not accept any
responsibility for any adverse occurrences consequent to the implementation of the UPI Mechanism for
application in the Offer.
Book Building Procedure
The Offer is being made in terms of Rule 19(2)(b) of the SCRR, through the Book Building Process in accordance
with Regulation 6(2) of the SEBI ICDR Regulations wherein not less than 75% of Net Offer shall be allocated on
a proportionate basis to QIBs, provided that our Company, Indusage and Celesta Capital in consultation with the
BRLMs, allocate up to 60% of the QIB Portion to Anchor Investors and the basis of such allocation will be on a
discretionary basis by our Company, Indusage and Celesta Capital in consultation with the BRLMs in accordance
with the SEBI ICDR Regulations, of which one-third shall be reserved for domestic Mutual Funds, subject to
valid Bids being received from domestic Mutual Funds at or above the Anchor Investor Allocation Price. In the
event of under-subscription, or non-allocation in the Anchor Investor Portion, the balance Equity Shares shall be
added to the QIB Portion. Further, 5% of the net QIB Portion (excluding the Anchor Investor Portion) shall be
available for allocation on a proportionate basis only to Mutual Funds, and the remainder of the QIB Portion shall
be available for allocation on a proportionate basis to all QIBs (other than Anchor Investors), including Mutual
Funds, subject to valid Bids being received at or above the Offer Price. Further, not more than 15% of the Net
Offer shall be available for allocation on a proportionate basis to Non-Institutional Investors of which one-third
of the Non-Institutional Portion will be available for allocation to Bidders with an application size of more than ₹
200,000 and up to ₹ 1,000,000 and two-thirds of the Non-Institutional Portion will be available for allocation to
Bidders with an application size of more than ₹ 1,000,000 and under-subscription in either of these two sub-
categories of Non-Institutional Portion may be allocated to Bidders in the other sub-category of Non-Institutional
Portion. Further, not more than 10% of the Net Offer shall be available for allocation to Retail Individual Investors
in accordance with the SEBI ICDR Regulations, subject to valid Bids being received at or above the Offer Price.
Furthermore, up to [●] Equity Shares, aggregating up to ₹ [●] million shall be made available for allocation on a
proportionate basis only to Eligible Employees Bidding in the Employee Reservation Portion, subject to valid
Bids being received at or above the Offer Price, if any.
Subject to valid Bids being received at or above the Offer Price, undersubscription, if any, in any category, except
in the QIB Portion, would be allowed to be met with spill-over from any other category or a combination of
categories at the discretion of our Company, Indusage and Celesta Capital in consultation with the BRLMs, and
the Designated Stock Exchange. However, under-subscription, if any, in the QIB Portion will not be allowed to
be met with spill-over from other categories or a combination of categories. In case of an undersubscription in the
Offer, the Equity Shares proposed for sale by the Selling Shareholders shall be in proportion to the Offered Shares
by such Selling Shareholders. In accordance with Rule 19(2)(b) of the SCRR, the Offer and Net Offer will
constitute at least [●]% and [●] %, respectively, of the post Offer paid-up Equity Share capital of our Company.
Further, in the event of an under-subscription in the Employee Reservation Portion, such unsubscribed portion
may be Allotted on a proportionate basis to Eligible Employees Bidding in the Employee Reservation Portion, for
a value in excess of ₹ 200,000 (net of Employee Discount) subject to the total Allotment to an Eligible Employee
not exceeding ₹ 500,000 (net of Employee Discount). The unsubscribed portion, if any, in the Employee
Reservation Portion shall be added to the Net Offer.
Investors must ensure that their PAN is linked with Aadhaar and are in compliance with the notification
issued by Central Board of Direct Taxes on February 13, 2020, and read with press release dated June 25,
2021 and September 17, 2021.
The Equity Shares, on Allotment, shall be traded only in the dematerialised segment of the Stock Exchanges.
402
Investors should note that the Equity Shares will be Allotted to all successful Bidders only in dematerialised
form. The Bid cum Application Forms which do not have the details of the Bidders’ depository account,
including DP ID, Client ID, PAN and UPI ID (for RIIs Bidding through the UPI Mechanism and Eligible
Employees Bidding in the Employee Reservation Portion Bidding using the UPI Mechanism), as applicable,
shall be treated as incomplete and will be rejected. Bidders will not have the option of being Allotted Equity
Shares in physical form. However, they may get the Equity Shares rematerialized subsequent to Allotment
of the Equity Shares in the Offer, subject to applicable laws.
Phased implementation of Unified Payments Interface
SEBI has issued the UPI Circulars in relation to streamlining the process of public issue of inter alia equity shares.
Pursuant to the UPI Circulars, the UPI Mechanism had been introduced in a phased manner as a payment
mechanism (in addition to mechanism of blocking funds in the account maintained with SCSBs under ASBA) for
applications by RIIs through Designated Intermediaries with the objective to reduce the time duration from public
issue closure to listing from six Working Days up to three Working Days. Considering the time required for
making necessary changes to the systems and to ensure complete and smooth transition to the UPI payment
mechanism, the UPI Circulars have introduced the UPI Mechanism in three phases in the following manner:
Phase I: This phase was applicable from January 1, 2019 until March 31, 2019 or floating of five main board
public issues, whichever was later. Subsequently, the timeline for implementation of Phase I was extended till
June 30, 2019. Under this phase, an RII had the option to submit the ASBA Form with any of the Designated
Intermediary and use his/her UPI ID for the purpose of blocking of funds. The time duration from public issue
closure to listing continued to be six Working Days.
Phase II: This phase has become applicable from July 1, 2019 and was to initially continue for a period of three
months or floating of five main board public issues, whichever is later. SEBI vide its circular no.
SEBI/HO/CFD/DCR2/CIR/P/2019/133 dated November 8, 2019, decided to extend the timeline for
implementation of UPI Phase II until March 31, 2020. Subsequently, SEBI vide its circular no.
SEBI/HO/CFD/DIL2/CIR/P/2020/50 dated March 30, 2020 extended the timeline for implementation of UPI
Phase II till further notice. Under this phase, submission of the ASBA Form by RIIs through Designated
Intermediaries (other than SCSBs) to SCSBs for blocking of funds was discontinued and replaced by the UPI
Mechanism. However, the time duration from public issue closure to listing continues to be six Working Days
during this phase.
Phase III: The commencement period of Phase III is yet to be notified. In this phase, the time duration from
public issue closure to listing is proposed to be reduced to three Working Days. Accordingly, upon commencement
of Phase III, the reduced time duration shall be applicable for the Offer.
All SCSBs offering the facility of making application in public issues shall also provide facility to make
application using UPI. Our Company will be required to appoint one of the SCSBs as a sponsor bank to act as a
conduit between the Stock Exchanges and NPCI in order to facilitate collection of requests and/or payment
instructions of the UPI Bidders using the UPI.
NPCI through its circular (NPCI/UPI/OC No. 127/ 2021-22) dated December 9, 2021, inter alia, has enhanced the
per transaction limit from ₹ 200,000 to ₹ 500,000 for applications using UPI in initial public offerings.
Further, in terms of the UPI Circulars, the payment of processing fees to the SCSBs shall be undertaken pursuant
to an application made by the SCSBs to the BRLMs, and such application shall be made only after (i) unblocking
of application amounts for each application received by the SCSB has been fully completed, and (ii) applicable
compensation relating to investor complaints has been paid by the SCSB. For further details, refer to the General
Information Document available on the websites of the Stock Exchanges and the BRLMs.
Electronic registration of Bids
a) The Designated Intermediary may register the Bids using the online facilities of the Stock Exchanges.
The Designated Intermediaries can also set up facilities for off-line electronic registration of Bids, subject
to the condition that they may subsequently upload the off-line data file into the online facilities for Book
Building on a regular basis before the closure of the Offer.
b) On the Bid/Offer Closing Date, the Designated Intermediaries may upload the Bids till such time as may
be permitted by the Stock Exchanges and as disclosed in the Red Herring Prospectus.
403
c) Only Bids that are uploaded on the Stock Exchanges Platform are considered for allocation/Allotment.
Bid cum Application Form
Copies of the Bid cum Application Form (other than for Anchor Investors) and the abridged prospectus will be
available with the Designated Intermediaries at the Bidding Centres, and our Registered Office. An electronic
copy of the Bid cum Application Form will also be available for download on the websites of BSE
(www.bseindia.com) and NSE (www.nseindia.com) at least one day prior to the Bid/Offer Opening Date.
All Bidders (other than Anchor Investors) shall mandatorily participate in the Offer only through the ASBA
process. UPI Bidders shall Bid in the Offer through the UPI Mechanism. ASBA Bidders must provide either (i)
the bank account details and authorisation to block funds in the ASBA Form, or (ii) the UPI ID, as applicable, in
the relevant space provided in the ASBA Form. The ASBA Forms that do not contain such details are liable to be
rejected. Applications made by the UPI Bidders using third party bank account or using third party linked bank
account UPI ID are liable for rejection. Anchor Investors are not permitted to participate in the Offer through the
ASBA process. ASBA Bidders shall ensure that the Bids are made on ASBA Forms bearing the stamp of the
relevant Designated Intermediary, submitted at the relevant Bidding Centres only (except in case of electronic
ASBA Forms) and the ASBA Forms not bearing such specified stamp are liable to be rejected. For all initial
public offerings opening on or after September 1, 2022, as specified in SEBI vide its circular no.
SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, the ASBA applications in public issues shall be
processed only after the application monies are blocked in the investor’s bank accounts. Stock Exchanges shall
accept the ASBA applications in their electronic book building platform only with a mandatory confirmation on
the application monies blocked. This circular shall be applicable for all categories of investors viz. Retail, QIB,
NII and other reserved categories and also for all modes through which the applications are processed. Since the
Offer is made under Phase II of the UPI Circulars, ASBA Bidders may submit the ASBA Form in the manner
below:
(i) UPI Bidders using the UPI Mechanism, may submit their ASBA Forms, including details of their UPI
IDs with the Syndicate, Sub-Syndicate Members, Registered Brokers, RTAs or CDPs, or online using
the facility of linked online trading, demat and bank account (3 in 1 type accounts), provided by certain
brokers.
(ii) RIIs authorizing an SCSB to block the Bid Amount in the ASBA Account may submit their ASBA Forms
with the SCSBs (physically or online, as applicable), or online using the facility of linked online trading,
demat and bank account (3 in 1 type accounts), provided by certain brokers.
(iii) QIBs and NIBs (other than UPI Bidders) may submit their ASBA Forms with SCSBs, Syndicate, Sub-
Syndicate Members, Registered Brokers, RTAs or CDPs.
The ASBA Bidders, including UPI Bidders, shall ensure that they have sufficient balance in their bank accounts
to be blocked through ASBA for their respective Bid as the application made by a Bidder shall only be processed
after the Bid amount is blocked in the ASBA account of the Bidder pursuant to SEBI circular number
SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022, which is effective from September 1, 2022.
For Anchor Investors, the Anchor Investor Application Form will be available at the offices of the BRLMs.
The prescribed colour of the Bid cum Application Form for the various categories is as follows:
Category Colour of Bid cum

Application Form*
Resident Indians, including resident QIBs, Non-Institutional Investors, Retail Individual [●]
Investors and Eligible NRIs applying on a non-repatriation basis^
Eligible NRIs, FVCIs, FPIs and registered bilateral and multilateral institutions applying on a [●]
repatriation basis
Anchor Investors^^ [●]
Eligible Employees Bidding in the Employee Reservation Portion # [●]
*
Excluding the electronic Bid cum Application Form
^
Electronic Bid cum Application Form will be made available for download on the website of the BSE (www.bseindia.com) and NSE
(www.nseindia.com)
^^
Bid cum Application Forms for Anchor Investors will be made available at the offices of the BRLMs.
#
Bid cum Application Forms for Eligible Employees shall be available at the Registered Office of our Company.
404
In case of ASBA Forms, the relevant Designated Intermediaries shall upload the relevant bid details in the
electronic bidding system of the Stock Exchanges and the Stock Exchanges shall accept the ASBA applications
in their electronic bidding system only with a mandatory confirmation on the application monies blocked. For
RIIs using the UPI Mechanism, the Stock Exchanges shall share the Bid details (including UPI ID) with the
Sponsor Bank on a continuous basis to enable the Sponsor Bank to initiate UPI Mandate Request to RIIs for
blocking of funds.
In case of ASBA Forms, the relevant Designated Intermediaries shall capture and upload the relevant bid details
(including UPI ID in case of ASBA Forms under the UPI Mechanism) in the electronic bidding system of the
Stock Exchanges.
For UPI Bidders using UPI Mechanism, the Stock Exchanges shall share the Bid details (including UPI ID) with
the Sponsor Bank on a continuous basis through API integration to enable the Sponsor Bank to initiate UPI
Mandate Request to UPI Bidders, for blocking of funds. Stock Exchanges shall validate the electronic bids with
the records of the CDP for DP ID/Client ID and PAN, on a real time basis and bring inconsistencies to the notice
of the relevant Designated Intermediaries, for rectification and re-submission within the time specified by Stock
Exchanges. Stock Exchanges shall allow modification of either DP ID/Client ID or PAN ID, bank code and
location code in the Bid details already uploaded. The Sponsor Bank shall initiate request for blocking of funds
through NPCI to UPI Bidders, who shall accept the UPI Mandate Request for blocking of funds on their respective
mobile applications associated with UPI ID linked bank account. In accordance with BSE Circular No: 20220803-
40 and NSE Circular No: 25/2022, each dated August 3, 2022, for all pending UPI Mandate Requests, the Sponsor
Bank shall initiate requests for blocking of funds in the ASBA Accounts of relevant Bidders with a confirmation
cut-off time of 5:00 pm on the Bid/Offer Closing Date (“Cut-Off Time”). Accordingly, UPI Bidders Bidding
using through the UPI Mechanism should accept UPI Mandate Requests for blocking off funds prior to the Cut-
Off Time and all pending UPI Mandate Requests at the Cut-Off Time shall lapse. Further, modification of Bids
shall be allowed in parallel during the Bid/Offer Period until the Cut-Off Time. The NPCI shall maintain an audit
trail for every Bid entered in the Stock Exchanges bidding platform, and the liability to compensate UPI Bidders
(Bidding through UPI Mechanism) in case of failed transactions shall be with the concerned entity (i.e. the Sponsor
Bank, NPCI or the issuer bank) at whose end the lifecycle of the transaction has come to a halt. The NPCI shall
share the audit trail of all disputed transactions/ investor complaints to the Sponsor Banks and the issuer bank.
The Sponsor Banks and the Bankers to the Offer shall provide the audit trail to the BRLMs for analysing the same
and fixing liability. For ensuring timely information to investors, SCSBs shall send SMS alerts for mandate block
and unblock including details specified in SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated
March 16, 2021 as amended pursuant to SEBI circular no. SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2,
2021 and SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated April 20, 2022. Further, the
processing fees for applications made by UPI Bidders using the UPI Mechanism may be released to the remitter
banks (SCSBs) only after such banks provide a written confirmation on compliance with circular no.
SEBI/HO/CFD/DIL2/P/CIR/2021/570 dated June 2, 2021 read with circular no.
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated March 16, 2021, issued by SEBI and circular no.
SEBI/HO/CFD/DIL2/CIR/P/2021/2480/1/M dated April 20, 2022 and SEBI circular no.
SEBI/HO/CFD/DIL2/P/CIR/2022/75 dated May 30, 2022 and any subsequent circulars or notifications issued by
SEBI in this regard.
The Sponsor Bank will undertake a reconciliation of Bid responses received from Stock Exchanges and sent to
NPCI and will also ensure that all the responses received from NPCI are sent to the Stock Exchanges platform
with detailed error code and description, if any. Further, the Sponsor Bank will undertake reconciliation of all Bid
requests and responses throughout their lifecycle on daily basis and share reports with the BRLMs in the format
and within the timelines as specified under the UPI Circulars. Sponsor Bank and issuer banks shall download UPI
settlement files and raw data files from the NPCI portal after every settlement cycle and do a three way
reconciliation with UPI switch data, CBS data and UPI raw data. NPCI is to coordinate with issuer banks and
Sponsor Banks on a continuous basis.
For ASBA Forms (other than UPI Bidders using UPI Mechanism) Designated Intermediaries (other than SCSBs)
shall submit/deliver the ASBA Forms to the respective SCSB where the Bidder has an ASBA bank account and
shall not submit it to any non-SCSB bank or any Escrow Collection Bank.
The Sponsor Bank shall host a web portal for intermediaries (closed user group) from the date of Bid/Offer
Opening Date till the date of listing of the Equity Shares with details of statistics of mandate blocks/unblocks,
performance of apps and UPI handles, down-time/network latency (if any) across intermediaries and any such
processes having an impact/bearing on the Offer Bidding process.
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Participation by the Promoters and Promoter Group of our Company, BRLMs, the Syndicate Members
and their associates and affiliates
The BRLMs and the Syndicate Members shall not be allowed to purchase Equity Shares in the Offer in any
manner, except towards fulfilling their respective underwriting obligations. However, the associates and affiliates
of the BRLMs and the Syndicate Members may Bid for Equity Shares in the Offer, either in the QIB Portion or
in the Non-Institutional Portion as may be applicable to such Bidders, where the allocation is on a proportionate
basis, and such subscription may be on their own account or on behalf of their clients. All categories of investors,
including associates or affiliates of the BRLMs and Syndicate Members, shall be treated equally for the purpose
of allocation to be made on a proportionate basis.
Except as stated below, neither the BRLMs nor any persons related to the BRLMs can apply in the Offer under
the Anchor Investor Portion:
(i) mutual funds sponsored by entities which are associate of the BRLMs;
(ii) insurance companies promoted by entities which are associate of the BRLMs;
(iii) AIFs sponsored by the entities which are associate of the BRLMs;
(iv) FPIs other than individuals, corporate bodies and family offices sponsored by the entities which are
associate of the BRLMs; or
Further, no person related to our Promoters or Promoter Group shall apply in the Offer under the Anchor Investor
Portion.
For the purposes of the above, a QIB who has the following rights shall be deemed to be a person related to our
Promoters or Promoter Group:
(i) rights under a shareholders’ agreement or voting agreement entered into with our Promoters or Promoter
Group;
(ii) veto rights; or
(iii) right to appoint any nominee director on the Board.
Further, an Anchor Investor shall be deemed to be an “associate of the BRLM” if:
(i) either of them controls, directly or indirectly through its subsidiary or holding company, not less than
15% of the voting rights in the other; or
(ii) either of them, directly or indirectly, by itself or in combination with other persons, exercises control
over the other; or
(iii) there is a common director, excluding nominee director, amongst the Anchor Investors and the BRLMs.
Bids by Mutual Funds
With respect to Bids by Mutual Funds, a certified copy of their SEBI registration certificate must be lodged along
with the Bid cum Application Form. Failing this, our Company, Indusage and Celesta Capital in consultation with
the BRLMs reserve the right to reject any Bid without assigning any reason thereof, subject to applicable laws.
In case of multiple Bids, bids made by asset management companies or custodians of Mutual Funds shall
specifically state names of the concerned schemes for which such Bids are made.
In case of a Mutual Fund, a separate Bid can be made in respect of each scheme of the Mutual Fund registered
with SEBI and such Bids in respect of more than one scheme of the Mutual Fund will not be treated as multiple
Bids provided that the Bids clearly indicate the scheme concerned for which the Bid has been made.
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No Mutual Fund scheme shall invest more than 10% of its NAV in equity shares or equity related instruments of
any single company provided that the limit of 10% shall not be applicable for investments in case of index funds
or sector or industry specific schemes. No Mutual Fund under all its schemes should own more than 10% of any
company’s paid-up share capital carrying voting rights.
Bids by Eligible NRIs
Eligible NRIs may obtain copies of Bid cum Application Form from the Designated Intermediaries. Eligible NRI
Bidders bidding on a repatriation basis by using the Non-Resident forms should authorise their SCSB to block
their Non-Resident External (“NRE”) accounts (including UPI ID, if activated), or Foreign Currency Non-
Resident (“FCNR”) accounts, and eligible NRI Bidders bidding on a non-repatriation basis by using resident
forms should authorise their SCSB to block their Non-Resident Ordinary (“NRO”) accounts for the full Bid
Amount, at the time of the submission of the Bid cum Application Form. NRIs applying in the Offer through the
UPI Mechanism are advised to enquire with the relevant bank, whether their account is UPI linked, prior to
submitting a Bid cum Application Form.
Eligible NRIs Bidding on non-repatriation basis are advised to use the Bid cum Application Form for residents
([●] in colour). Eligible NRIs Bidding on a repatriation basis are advised to use the Bid cum Application Form
meant for Non-Residents ([●] in colour).
Participation of Eligible NRIs in the Offer shall be subject to the FEMA Non-debt Instrument Rules. Only bids
accompanied by payment in Indian rupees or fully convertible foreign exchange will be considered for allotment.
In accordance with the FEMA Non-Debt Instruments Rules, the total holding by any individual NRI, on a
repatriation basis, shall not exceed 5% of the total paid-up Equity Share capital on a fully diluted basis or shall
not exceed 5% of the paid-up value of each series of debentures or preference shares or share warrants issued by
an Indian company and the total holdings of all NRIs and OCIs put together shall not exceed 10% of the total
paid-up Equity Share capital on a fully diluted basis or shall not exceed 10% of the paid-up value of each series
of debentures or preference shares or share warrant. Provided that the aggregate ceiling of 10% may be raised to
24% if a special resolution to that effect is passed by the general body of the Indian company. Pursuant to the
special resolution of our Shareholders dated February 4, 2023, the aggregate ceiling of 10% was raised to 24%.
For details of restrictions on investment by NRIs, see ‘Restrictions on Foreign Ownership of Indian Securities’
on page 422.
Bids by HUFs
Bids by Hindu Undivided Families or HUFs, in the individual name of the Karta. The Bidder should specify that
the Bid is being made in the name of the HUF in the Bid cum Application Form as follows: “Name of sole or first
bidder: XYZ Hindu Undivided Family applying through XYZ, where XYZ is the name of the Karta”. Bids by
HUFs may be considered at par with Bids from individuals.
Bids by FPIs
In terms of the SEBI FPI Regulations, the issue of Equity Shares to a single FPI or an investor group (which means
the same multiple entities having common ownership directly or indirectly of more than 50% or common control)
must be below 10% of our post-Offer Equity Share capital. Further, in terms of the FEMA Non-debt Instruments
Rules, the total holding by each FPI, of an investor group, shall be below 10% of the total paid-up Equity Share
capital of our Company on a fully diluted basis and the aggregate limit for FPI investments shall be the sectoral
caps applicable to our Company, which is 49% of the total paid-up Equity Share capital of our Company on a
fully diluted basis. In case the total holding of an FPI or investor group increases beyond 10% of the total paid-up
Equity Share capital of our Company, on a fully diluted basis, the total investment made by the FPI or investor
group will be re-classified as FDI subject to the conditions as specified by SEBI and the RBI in this regard and
our Company and the investor will be required to comply with applicable reporting requirements. Further, the
total holdings of all FPIs put together, with effect from April 1, 2020, can be up to the sectoral cap applicable to
the sector in which our Company operates (i.e., up to 49%). In terms of the FEMA Rules, for calculating the
aggregate holding of FPIs in a company, holding of all registered FPIs shall be included. Bids by FPIs which
utilise the multi investment manager structure, submitted with the same PAN but with different beneficiary
account numbers, Client IDs and DP IDs may not be treated as multiple Bids.
In case of Bids made by FPIs, a certified copy of the certificate of registration issued under the SEBI FPI
Regulations is required to be attached to the Bid cum Application Form, failing which our Company, Indusage
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and Celesta Capital, in consultation with the BRLMs reserves the right to reject any Bid without assigning any
reason, subject to applicable laws.
FPIs are permitted to participate in the Offer subject to compliance with conditions and restrictions which may be
specified by the Government from time to time. In terms of the FEMA Non-debt Instruments Rules, for calculating
the aggregate holding of FPIs in a company, holding of all registered FPIs shall be included.
Subject to compliance with all applicable Indian laws, rules, regulations, guidelines and approvals in terms of
Regulation 22 of the SEBI FPI Regulations, an FPI, may issue, subscribe to or otherwise deal in offshore derivative
instruments (as defined under the SEBI FPI Regulations as any instrument, by whatever name called, which is
issued overseas by a FPI against securities held by it in India, as its underlying) directly or indirectly, only in the
event (i) such offshore derivative instruments are issued only by persons registered as Category I FPIs; (ii) such
offshore derivative instruments are issued only to persons eligible for registration as Category I FPIs; (iii) such
offshore derivative instruments are issued after compliance with ‘know your client’ norms; and (iv) such other
conditions as may be specified by SEBI from time to time.
In case the total holding of an FPI increases beyond 10% of the total paid-up Equity Share capital, on a fully
diluted basis or 10% or more of the paid-up value of any series of debentures or preference shares or share warrants
issued that may be issued by our Company, the total investment made by the FPI will be re-classified as FDI
subject to the conditions as specified by SEBI and the RBI in this regard and our Company and the investor will
be required to comply with applicable reporting requirements.
An FPI issuing offshore derivate instruments is also required to ensure that any transfer of offshore derivative
instruments issued by, or on behalf of it subject to, inter alia, the following conditions:
(a) such offshore derivative instruments are transferred to persons subject to fulfilment of SEBI FPI
Regulations; and
(b) prior consent of the FPI is obtained for such transfer, except when the persons to whom the offshore
derivative instruments are to be transferred are pre-approved by the FPI.
The FPIs who wish to participate in the Offer are advised to use the Bid cum Application Form for non-residents.
Bids received from FPIs bearing the same PAN shall be treated as multiple Bids and are liable to be rejected,
except for Bids from FPIs that utilize the multiple investment manager structure in accordance with the operational
guidelines for FPIs and designated Depository Participants issued to facilitate implementation of SEBI FPI
Regulations (such structure referred to as “MIM Structure”), provided such Bids have been made with different
beneficiary account numbers, Client IDs and DP IDs.
Accordingly, it should be noted that multiple Bids received from FPIs, who do not utilize the MIM Structure, and
bear the same PAN, are liable to be rejected. In order to ensure valid Bids, FPIs making multiple Bids using the
same PAN, and with different beneficiary account numbers, Client IDs and DP IDs, are required to provide a
confirmation in the Bid cum Application Forms that the relevant FPIs making multiple Bids utilize the MIM
Structure. In the absence of such confirmation from the relevant FPIs, such multiple Bids shall be rejected.
Further, in the following cases, Bids by FPIs shall not be treated as multiple Bids:
• FPIs which utilise the MIM structure, indicating the name of their respective investment managers in
such confirmation;
• Offshore derivative instruments which have obtained separate FPI registration for ODI and proprietary
derivative investments;
• Sub funds or separate class of investors with segregated portfolio who obtain separate FPI registration;
• FPI registrations granted at investment strategy level/sub fund level where a collective investment
scheme or fund has multiple investment strategies/sub-funds with identifiable differences and managed
by a single investment manager;
• Multiple branches in different jurisdictions of foreign bank registered as FPIs;
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• Government and Government related investors registered as Category 1 FPIs; and
• Entities registered as collective investment scheme having multiple share classes.
The Bids belonging to any of the above mentioned seven structures and having same PAN may be collated and
identified as a single Bid in the Bidding process. The Equity Shares allotted in the Bid may be proportionately
distributed to the Applicant FPIs (with same PAN). In order to ensure valid Bids, FPIs making multiple Bids using
the same PAN, and with different beneficiary account numbers, Client IDs and DP IDs, are required to provide a
confirmation along with each of their Bid cum Application Forms that the relevant FPIs making multiple Bids
utilize any of the above-mentioned structures and indicate the name of their respective investment managers in
such confirmation. In the absence of such confirmation from the relevant FPIs, such multiple Bids shall be
rejected.
Please note that in terms of the General Information Document, the maximum Bid by any Bidder including QIB
Bidder should not exceed the investment limits prescribed for them under applicable laws. Further, MIM Bids by
an FPI Bidder utilising the MIM Structure shall be aggregated for determining the permissible maximum Bid.
Further, please note that as disclosed in the Draft Red Herring Prospectus read with the General Information
Document, Bid Cum Application Forms are liable to be rejected in the event that the Bid in the Bid cum
Application Form “exceeds the Offer size and/or investment limit or maximum number of the Equity Shares that
can be held under applicable laws or regulations or maximum amount permissible under applicable laws or
regulations, or under the terms of the Red Herring Prospectus.”
For example, an FPI must ensure that any Bid by a single FPI and/ or an investor group (which means the same
multiple entities having common ownership directly or indirectly of more than 50% or common control)
(collective, the “FPI Group”) shall be below 10% of the total paid-up Equity Share capital of our Company on a
fully diluted basis. Any Bids by FPIs and/ or the FPI Group (including but not limited to (a) FPIs Bidding through
the MIM Structure; or (b) FPIs with separate registrations for offshore derivative instruments and proprietary
derivative instruments) for 10% or more of our total paid-up post Offer Equity Share capital shall be liable to be
rejected.
Bids by SEBI registered VCFs, AIFs and FVCIs
The Securities and Exchange Board of India (Venture Capital Funds) Regulations, 1996 (“SEBI VCF
Regulations”) as amended, inter alia prescribe the investment restrictions on VCFs, registered with SEBI. The
Securities and Exchange Board of India (Alternative Investment Funds) Regulations, 2012 (“SEBI AIF
Regulations”) prescribe, amongst others, the investment restrictions on AIFs. The Securities and Exchange Board
of India (Foreign Venture Capital Investors) Regulations, 2000 as amended (“SEBI FVCI Regulations”)
prescribe the investment restrictions on FVCIs.
Accordingly, the holding in any company by any individual VCF or FVCIs registered with SEBI should not
exceed 25% of the corpus of the VCF or FVCI. Further, VCFs and FVCIs can invest only up to 33.33% of the
investible funds in various prescribed instruments, including in public offering.
Category I and II AIFs cannot invest more than 25% of the investible funds in one investee company. A Category
III AIF cannot invest more than 10% of the investible funds in one investee company. A VCF registered as a
Category I AIF, as defined in the SEBI AIF Regulations, cannot invest more than one-third of its investible funds
by way of subscription to an initial public offering of a venture capital undertaking whose shares are proposed to
be listed. Additionally, the VCFs which have not re-registered as an AIF under the SEBI AIF Regulations shall
continue to be regulated by the SEBI VCF Regulations until the existing fund or scheme managed by the fund is
wound up and such funds shall not launch any new scheme after the notification of the SEBI AIF Regulations.
All non-resident investors should note that refunds (in case of Anchor Investors), dividends and other
distributions, if any, will be payable in Indian Rupees only and net of bank charges and commission.
Our Company, the Selling Shareholder or the BRLMs will not be responsible for loss, if any, incurred by
the Bidder on account of conversion of foreign currency.
Bids by Limited Liability Partnerships
In case of Bids made by limited liability partnerships registered under the Limited Liability Partnership Act, 2008,
a certified copy of certificate of registration issued under the Limited Liability Partnership Act, 2008, must be
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attached to the Bid cum Application Form. Failing this, our Company, Indusage and Celesta Capital in
consultation with the BRLMs reserve the right to reject any Bid without assigning any reason thereof.
Bids by banking companies
In case of Bids made by banking companies registered with the RBI, certified copies of (i) the certificate of
registration issued by the RBI, and (ii) the approval of such banking company’s investment committee are required
to be attached to the Bid cum Application Form. Failing this, our Company, Indusage and Celesta Capital in
consultation with the BRLMs, reserves the right to reject any Bid without assigning any reason thereof, subject to
applicable law.
The investment limit for banking companies in non-financial services companies as per the Banking Regulation
Act, 1949, as amended (the “Banking Regulation Act”), and Master Direction – Reserve Bank of India (Financial
Services provided by Banks) Directions, 2016, as amended, is 10% of the paid-up share capital of the investee
company or 10% of the bank’s own paid-up share capital and reserves, whichever is lower. Further, the aggregate
equity investments in subsidiaries and other entities engaged in financial and non-financial services, including
overseas investments, cannot exceed 20% of the bank’s paid-up share capital and reserves. However, a banking
company may hold up to 30% of the paid-up share capital of the investee company with the prior approval of the
RBI, provided that the investee company is engaged in non-financial activities in which banking companies are
permitted to engage under the Banking Regulation Act or the additional acquisition is through restructuring of
debt, or to protect the bank’s interest on loans/investments made to a company.
Bids by SCSBs
SCSBs participating in the Offer are required to comply with the terms of the circulars bearing numbers
CIR/CFD/DIL/12/2012 and CIR/CFD/DIL/1/2013 dated September 13, 2012, and January 2, 2013, respectively,
issued by SEBI. Such SCSBs are required to ensure that for making applications on their own account using
ASBA, they should have a separate account in their own name with any other SEBI registered SCSBs. Further,
such account shall be used solely for the purpose of making application in public issues and clear demarcated
funds should be available in such account for such applications.
Bids by Insurance Companies
In case of Bids made by insurance companies registered with the IRDAI, a certified copy of certificate of
registration issued by IRDAI must be attached to the Bid cum Application Form. Failing this, our Company,
Indusage and Celesta Capital in consultation with the BRLMs reserve the right to reject any Bid without assigning
any reason thereof, subject to applicable law.
The exposure norms for insurers, prescribed under the Insurance Regulatory and Development Authority of India
(Investment) Regulations, 2016, as amended, are broadly set forth below:
(a) equity shares of a company: the lower of 10%* of the outstanding equity shares (face value) or 10% of the
respective fund in case of life insurer or 10% of investment assets in case of general insurer or reinsurer or
health insurer;
(b) the entire group of the investee company: not more than 15% of the respective fund in case of a life insurer
or 15% of investment assets in case of a general insurer or reinsurer or health insurer or 15% of the
investment assets in all companies belonging to the group, whichever is lower; and
(c) the industry sector in which the investee company operates: not more than 15% of the fund of a life insurer
or a general insurer or a reinsurer or health insurer or 15% of the investment asset, whichever is lower.
The maximum exposure limit, in the case of an investment in equity shares, cannot exceed the lower of an amount
of 10% of the investment assets of a life insurer or general insurer and the amount calculated under (a), (b) and
(c) above, as the case may be.
*
The above limit of 10% shall stand substituted as 15% of outstanding equity shares (face value) for insurance
companies with investment assets of ₹ 2,500,000 million or more and 12% of outstanding equity shares (face
value) for insurers with investment assets of ₹ 500,000 million or more but less than ₹ 2,500,000 million.
Insurance companies participating in the Offer shall comply with all applicable regulations, guidelines and
circulars issued by IRDAI from time to time.
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Bids by Provident Funds/Pension Funds
In case of Bids made by provident funds/pension funds with minimum corpus of ₹ 250 million, subject to
applicable law, a certified copy of a certificate from a chartered accountant certifying the corpus of the provident
fund/pension fund must be attached to the Bid cum Application Form. Failing this, our Company, Indusage and
Celesta Capital, in consultation with the BRLMs reserve the right to reject any Bid, without assigning any reason
thereof.
Bids under Power of Attorney
In case of Bids made pursuant to a power of attorney by limited companies, corporate bodies, registered societies,
eligible FPIs, AIFs, Mutual Funds, insurance companies, NBFC-SI, insurance funds set up by the army, navy or
air force of the India, insurance funds set up by the Department of Posts, India or the National Investment Fund
and provident funds with a minimum corpus of ₹ 250.00 million (subject to applicable laws) and pension funds
with a minimum corpus of ₹ 250.00 million, a certified copy of the power of attorney or the relevant resolution or
authority, as the case may be, along with a certified copy of the memorandum of association and articles of
association and/or bye laws must be lodged along with the Bid cum Application Form. Failing this, our Company
reserve the right to accept or reject any Bid in whole or in part, in either case, without assigning any reason thereof.
Our Company, Indusage and Celesta Capital in consultation with the BRLMs, in their absolute discretion, reserve
the right to relax the above condition of simultaneous lodging of the power of attorney along with the Bid cum
Application Form, subject to such terms and conditions that our Company, Indusage and Celesta Capital in
consultation with the BRLMs, may deem fit.
Bids by Anchor Investors
In accordance with the SEBI ICDR Regulations, in addition to details and conditions mentioned in this section
the key terms for participation by Anchor Investors are provided below:
(a) Anchor Investor Application Forms will be made available for the Anchor Investor Portion at the offices
of the BRLMs.
(b) The Bid must be for a minimum of such number of Equity Shares so that the Bid Amount exceeds ₹
100.00 million. A Bid cannot be submitted for over 60% of the QIB Portion. In case of a Mutual Fund,
separate bids by individual schemes of a Mutual Fund will be aggregated to determine the minimum
application size of ₹ 100.00 million.
(c) One-third of the Anchor Investor Portion will be reserved for allocation to domestic Mutual Funds.
(d) Bidding for Anchor Investors will open one Working Day before the Bid/Offer Opening Date, and will
be completed on the same day.
(e) Our Company may finalise allocation to the Anchor Investors and the basis of such allocation will be on
a discretionary basis by our Company in consultation with the BRLMs, provided that the minimum
number of Allottees in the Anchor Investor Portion will not be less than:
(i) maximum of two Anchor Investors, where allocation under the Anchor Investor Portion is up
to ₹ 100.00 million;
(ii) minimum of two and maximum of 15 Anchor Investors, where the allocation under the Anchor
Investor Portion is more than ₹ 100.00 million but up to ₹ 2,500.00 million, subject to a
minimum Allotment of ₹ 50.00 million per Anchor Investor; and
(iii) in case of allocation above ₹ 2,500.00 million under the Anchor Investor Portion, a minimum
of five such investors and a maximum of 15 Anchor Investors for allocation up to ₹ 2,500.00
million, and an additional 10 Anchor Investors for every additional ₹ 2,500.00 million, subject
to minimum Allotment of ₹ 50.00 million per Anchor Investor.
(f) Allocation to Anchor Investors will be completed on the Anchor Investor Bid/Offer Period. The number
of Equity Shares allocated to Anchor Investors and the price at which the allocation is made, will be
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made available in the public domain by the BRLMs before the Bid/Offer Opening Date, through
intimation to the Stock Exchanges.
(g) Anchor Investors cannot withdraw or lower the size of their Bids at any stage after submission of the
Bid.
(h) If the Offer Price is greater than the Anchor Investor Allocation Price, the additional amount being the
difference between the Offer Price and the Anchor Investor Offer Price will be payable by the Anchor
Investors on the Anchor Investor Pay-in Date specified in the CAN. If the Offer Price is lower than the
Anchor Investor Offer Price, Allotment to successful Anchor Investors will be at the higher price.
(i) 50% of the Equity Shares Allotted to the Anchor Investors in the Anchor Investor Portion shall be locked
in for a period of 90 days from the date of Allotment and the remaining 50% of the Equity Shares Allotted
to Anchor Investors in the Anchor Investor Portion shall be locked in for a period of 30 days from the
date of Allotment.
(j) Neither the BRLMs nor any associate of the BRLMs (except Mutual Funds sponsored by entities which
are associates of the BRLMs or insurance companies promoted by entities which are associate of BRLMs
or AIFs sponsored by the entities which are associate of the BRLMs or FPIs, other than individuals,
corporate bodies and family offices sponsored by the entities which are associate of the and BRLMs)
shall apply in the Offer under the Anchor Investor Portion. For details, see ‘- Participation by the the
Promoters and Promoter Group of our Company, BRLMs, the Syndicate Members and their associates
and affiliates’ on page 406.
(k) Bids made by QIBs under both the Anchor Investor Portion and the QIB Portion will not be considered
multiple Bids.
Bids by Systemically Important Non-Banking Financial Companies
In case of Bids made by NBFC-SI registered with RBI, certified copies of: (i) the certificate of registration issued
by RBI, (ii) certified copy of its last audited financial statements on a standalone basis, (iii) a net worth certificate
from its statutory auditors, and (iv) such other approval as may be required by the NBFC-SI, are required to be
attached to the Bid cum Application Form. Failing this, our Company, Indusage and Celesta Capital, in
consultation with the BRLMs, reserves the right to reject any Bid without assigning any reason thereof, subject to
applicable law. NBFC-SI participating in the Offer shall comply with all applicable regulations, guidelines and
circulars issued by RBI from time to time.
The investment limit for NBFC-SI shall be as prescribed by RBI from time to time.
Bids by Eligible Employees
The Bid must be for a minimum of [●] Equity Shares and in multiples of [●] Equity Shares thereafter so as to
ensure that the Bid Amount payable by the Eligible Employee does not exceed ₹ 500,000 (net of Employee
Discount). The Allotment in the Employee Reservation Portion will be on a proportionate basis. Eligible
Employees under the Employee Reservation Portion may Bid at Cut-off Price provided that the Bid does not
exceed ₹ 500,000 (net of Employee Discount).
However, Allotments to Eligible Employees in excess of ₹ 200,000 (net of Employee Discount) shall be
considered on a proportionate basis, in the event of undersubscription in the Employee Reservation Portion,
subject to the total Allotment to an Eligible Employee not exceeding ₹ 500,000 (net of Employee Discount) (which
will be less Employee Discount). Subsequent undersubscription, if any, in the Employee Reservation Portion shall
be added back to the Net Offer. Eligible Employees Bidding in the Employee Reservation Portion may Bid at the
Cut-off Price.
Bids under Employee Reservation Portion by Eligible Employees shall be:
(a) Made only in the prescribed Bid cum Application Form or Revision Form (i.e. [●] colour form).
(b) The Bidder should be an Eligible Employee as defined. In case of joint bids, the first Bidder shall be an
Eligible Employee.
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(c) Only Eligible Employees would be eligible to apply in the Offer under the Employee Reservation
Portion.
(d) Only those Bids, which are received at or above the Offer Price, net of Employee Discount, if any would
be considered for Allotment under this category.
(e) Eligible Employees can apply at Cut-off Price.
(f) If the aggregate demand in this category is less than or equal to [●] Equity Shares at or above the Offer
Price, full allocation shall be made to the Eligible Employees to the extent of their demand.
(g) Eligible Employees bidding in the Employee Reservation Portion can also Bid through the UPI
mechanism
(h) Under-subscription, if any, in the Employee Reservation Portion will be added back to the Net Offer.
In case of under-subscription in the Net Offer, spill over to the extent of under-subscription shall be permitted
from the Employee Reservation Portion. If the aggregate demand in this category is greater than [●] Equity Shares
at or above the Offer Price, the allocation shall be made on a proportionate basis.
Please note that any individuals who are directors, employees or promoters of (a) the BRLMs, Registrar to the
Offer, or the Syndicate Members, or of the (b) ‘associate companies’ (as defined in the Companies Act, 2013, as
amended) and ‘group companies’ of such BRLMs, Registrar to the Offer or Syndicate Members are not eligible
to bid in the Employee Reservation Portion.
The above information is given for the benefit of the Bidders. Our Company, the Selling Shareholders and
the BRLMs are not liable for any amendments or modification or changes in applicable laws or regulations,
which may occur after the date of this Draft Red Herring Prospectus. Bidders are advised to make their
independent investigations and ensure that any single Bid from it does not exceed the applicable investment
limits or maximum number of the Equity Shares that can be held by it under applicable law or regulation
or as specified in this Draft Red Herring Prospectus, the Red Herring Prospectus and the Prospectus.
The relevant Designated Intermediary will enter a maximum of three Bids at different price levels opted in
the Bid cum Application Form and such options are not considered as multiple Bids. It is the Bidder’s
responsibility to obtain the acknowledgment slip from the relevant Designated Intermediary. The
registration of the Bid by the Designated Intermediary does not guarantee that the Equity Shares shall be
allocated/Allotted. Such Acknowledgement Slip will be non-negotiable and by itself will not create any
obligation of any kind. When a Bidder revises his or her Bid, he/she shall surrender the earlier
Acknowledgement Slip and may request for a revised acknowledgment slip from the relevant Designated
Intermediary as proof of his or her having revised the previous Bid. In relation to electronic registration of
Bids, the permission given by the Stock Exchanges to use their network and software of the electronic
bidding system should not in any way be deemed or construed to mean that the compliance with various
statutory and other requirements by our Company, the Selling Shareholders and/or the Book Running
Lead Managers are cleared or approved by the Stock Exchanges; nor does it in any manner warrant, certify
or endorse the correctness or completeness of compliance with the statutory and other requirements, nor
does it take any responsibility for the financial or other soundness of our Company, the management or
any scheme or project of our Company; nor does it in any manner warrant, certify or endorse the
correctness or completeness of any of the contents of the Red Herring Prospectus; nor does it warrant that
the Equity Shares will be listed or will continue to be listed on the Stock Exchanges.
General Instructions
Please note that QIBs and Non-Institutional Bidders are not permitted to withdraw their Bid(s) or lower the size
of their Bid(s) (in terms of quantity of Equity Shares or the Bid Amount) at any stage. RIIs and Eligible Employees
Bidding under the Employee Reservation Portion can revise their Bid(s) during the Bid/Offer Period and withdraw
or lower the size of their Bid(s) until Bid/Offer Closing Date. Anchor Investors are not allowed to withdraw their
Bids after the Anchor Investor Bid/Offer Period.
Do’s:
1. Check if you are eligible to apply as per the terms of this Draft Red Herring Prospectus and under
applicable law, rules, regulations, guidelines and approvals;
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2. All Bidders (other than Anchor Investors) should submit their Bids through the ASBA process only
3. Ensure that you have Bid within the Price Band;
4. Read all the instructions carefully and complete the Bid cum Application Form in the prescribed form;
5. Ensure that you (other than the Anchor Investors) have mentioned the correct details of ASBA Account
(i.e. bank account number or UPI ID, as applicable) and PAN in the Bid cum Application Form and if
you are a UPI Bidder ensure that you have mentioned the correct UPI ID (with maximum length of 45
characters including the handle), in the Bid cum Application Form;
6. Ensure that your Bid cum Application Form bearing the stamp of a Designated Intermediary is submitted
to the Designated Intermediary at the relevant Bidding Centre (except in case of electronic Bids) within
the prescribed time;
7. UPI Bidders Bidding using the UPI Mechanism in the Offer shall ensure that they use only their own
ASBA Account or only their own bank account linked UPI ID to make an application in the Offer and
not ASBA Account or bank account linked UPI ID of any third party;
8. Ensure that you have funds equal to the Bid Amount in the ASBA Account maintained with the SCSB
before submitting the ASBA Form to the relevant Designated Intermediaries;
9. Ensure that you have accepted the UPI Mandate Request received from the Sponsor Bank(s) prior to 5:00
pm on the Bid/Offer Closing Date;
10. Ensure that the signature of the first bidder in case of joint Bids, is included in the Bid cum Application
Forms. If the first bidder is not the ASBA Account holder, ensure that the Bid cum Application Form is
also signed by the ASBA Account holder;
11. Ensure that the names given in the Bid cum Application Form is/are exactly the same as the names in
which the beneficiary account is held with the Depository Participant. In case of joint Bids, the Bid cum
Application Form should contain the name of only the first bidder whose name should also appear as the
first holder of the beneficiary account held in joint names;
12. Ensure that you request for and receive a stamped acknowledgement in the form of a counterfoil of the
Bid cum Application Form for all your Bid options from the concerned Designated Intermediary;
13. Ensure that you submit the revised Bids to the same Designated Intermediary, through whom the original
Bid was placed and obtain a revised acknowledgment;
14. Except for Bids (i) on behalf of the Central or State Governments and the officials appointed by the
courts, who, in terms of the circular no. MRD/DoP/Cir-20/2008 dated June 30, 2008 issued by SEBI,
may be exempt from specifying their PAN for transacting in the securities market, (ii) Bids by persons
resident in the state of Sikkim, who, in terms of the circular dated July 20, 2006 issued by SEBI, may be
exempted from specifying their PAN for transacting in the securities market, and (iii) persons/entities
exempt from holding a PAN under applicable law, all Bidders should mention their PAN allotted under
the IT Act. The exemption for the Central or the State Government and officials appointed by the courts
and for investors residing in the State of Sikkim is subject to (a) the Demographic Details received from
the respective depositories confirming the exemption granted to the beneficial owner by a suitable
description in the PAN field and the beneficiary account remaining in “active status”; and (b) in the case
of residents of Sikkim, the address as per the Demographic Details evidencing the same. All other
applications in which PAN is not mentioned will be rejected;
15. FPIs making MIM Bids using the same PAN, and different beneficiary account numbers, Client IDs and
DP IDs, are required to submit a confirmation that their Bids are under the MIM structure and indicate
the name of their investment managers in such confirmation which shall be submitted along with each
of their Bid cum Application Forms. In the absence of such confirmation from the relevant FPIs, such
MIM Bids shall be rejected;
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16. Ensure that thumb impressions and signatures other than in the languages specified in the Eighth
Schedule to the Constitution of India are attested by a Magistrate or a Notary Public or a Special
Executive Magistrate under official seal;
17. Ensure that the category and the investor status is indicated in the Bid cum Application Form to ensure
proper upload of your Bid in the electronic Bidding system of the Stock Exchanges;
18. Ensure that in case of Bids under power of attorney or by limited companies, corporates, trust, etc.,
relevant documents including a copy of the power of attorney, if applicable, are submitted;
19. Ensure that Bids submitted by any person outside India is in compliance with applicable foreign and
Indian laws;
20. However, Bids received from FPIs bearing the same PAN shall not be treated as multiple Bids in the
event such FPIs utilise the MIM Structure and such Bids have been made with different beneficiary
account numbers, Client IDs and DP IDs;
21. Since the Allotment will be in dematerialised form only, ensure that the depository account is active, the
correct DP ID, Client ID, UPI ID (for UPI Bidders bidding through UPI mechanism) and the PAN are
mentioned in their Bid cum Application Form and that the name of the Bidder, the DP ID, Client ID, UPI
ID (for UPI Bidders bidding through UPI mechanism) and the PAN entered into the online IPO system
of the Stock Exchanges by the relevant Designated Intermediary, as applicable, matches with the name,
DP ID, Client ID, UPI ID (for UPI Bidders bidding through UPI mechanism) and PAN available in the
Depository database;
22. In case of QIBs and NIIs, ensure that while Bidding through a Designated Intermediary, the ASBA Form
is submitted to a Designated Intermediary in a Bidding Centre and that the SCSB where the ASBA
Account, as specified in the ASBA Form, is maintained has named at least one branch at that location
for the Designated Intermediary to deposit ASBA Forms (a list of such branches is available on the
website of SEBI at http://www.sebi.gov.in);
23. Ensure that you have correctly signed the authorisation/undertaking box in the Bid cum Application
Form, or have otherwise provided an authorisation to the SCSB or the Sponsor Bank, as applicable, via
the electronic mode, for blocking funds in the ASBA Account equivalent to the Bid Amount mentioned
in the Bid cum Application Form at the time of submission of the Bid. In case of UPI Bidder Bidding
through the UPI Mechanism, ensure that you authorise the UPI Mandate Request raised by the Sponsor
Bank for blocking of funds equivalent to Bid Amount and subsequent debit of funds in case of Allotment;
24. Ensure that the Demographic Details are updated, true and correct in all respects;
25. The ASBA Bidders shall use only their own bank account or only their own bank account linked UPI ID
for the purposes of making Application in the Offer, which is UPI 2.0 certified by NPCI;
26. The ASBA Bidders shall ensure that bids above ₹ 5,00,000, are uploaded only by the SCSBs;
27. Bidders (except UPI Bidders Bidding through the UPI Mechanism) should instruct their respective banks
to release the funds blocked in the ASBA account under the ASBA process. In case of UPI Bidders, once
the Sponsor Bank issues the Mandate Request, the UPI Bidders would be required to proceed to authorise
the blocking of funds by confirming or accepting the UPI Mandate Request to authorise the blocking of
funds equivalent to application amount and subsequent debit of funds in case of Allotment, in a timely
manner;
28. Bidding through UPI Mechanism shall ensure that details of the Bid are reviewed and verified by opening
the attachment in the UPI Mandate Request and then proceed to authorise the UPI Mandate Request
using his/her UPI PIN. Upon the authorisation of the mandate using his/her UPI PIN, a UPI Bidder
Bidding through UPI Mechanism shall be deemed to have verified the attachment containing the
application details of the UPI Bidding through UPI Mechanism in the UPI Mandate Request and have
agreed to block the entire Bid Amount and authorised the Sponsor Bank issue a request to block the Bid
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Amount specified in the Bid cum Application Form in his/her ASBA Account;
29. Ensure that you have accepted the UPI Mandate Request received from the Sponsor Bank prior to 5:00
p.m. of the Bid/ Offer Closing Date;
30. UPI Bidders bidding using the UPI Mechanism should mention valid UPI ID of only the Bidder (in case
of single account) and of the first bidder (in case of joint account) in the Bid cum Application Form;
31. UPI Bidders using the UPI Mechanism who have revised their Bids subsequent to making the initial Bid
should also approve the revised UPI Mandate Request generated by the Sponsor Bank to authorise
blocking of funds equivalent to the revised Bid Amount and subsequent debit of funds in case of
Allotment in a timely manner.
32. Bids by Eligible NRIs HUFs and any individuals, corporate bodies and family offices which are
recategorised as Category II FPI and registered with SEBI for a Bid Amount of less than ₹ 200,000 would
be considered under the Retail Portion for the purposes of allocation and Bids for a Bid Amount
exceeding ₹ 200,000 would be considered under the Non-Institutional Portion for allocation in the Offer;
and
33. Ensure that Anchor Investors submit their Bid cum Application Forms only to the BRLMs.
34. The ASBA bidders shall ensure that bids above ₹ 5,00,000, are uploaded only by the SCSBs.
The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not complied
with. Application made using incorrect UPI handle or using a bank account of an SCSB or SCSBs which is not
mentioned in the Annexure ‘A’ to the SEBI circular no. SEBI/HO/CFD/DIL2/CIR/P/2019/85 dated July 26, 2019
is liable to be rejected.
Don’ts:
1. Do not Bid for lower than the minimum Bid Lot;
2. Do not submit a Bid using UPI ID, if you are not a UPI Bidder;
3. Do not Bid for a Bid Amount exceeding ₹ 200,000 for Bids by Retail Individual Investors and ₹ 500,000
for Bids by UPI Bidders and Eligible Employees Bidding in the Employee Reservation Portion;
4. Do not Bid on another Bid cum Application Form and the Anchor Investor Application Form, as the case
may be, after you have submitted a Bid to any of the Designated Intermediary;
5. Do not Bid/revise the Bid amount to less than the floor price or higher than the cap price;
6. Do not pay the Bid Amount in cheques, demand drafts or by cash, money order, postal order or by stock
invest;
7. Do not send Bid cum Application Forms by post; instead submit the same to the Designated Intermediary
only;
8. Do not Bid at Cut-off Price (for Bids by QIBs and Non-Institutional Bidders);
9. In case of ASBA Bidders (other than 3-in-1 Bids), Syndicate Members shall ensure that they do not
upload any bids above ₹ 5,00,000;
10. Do not instruct your respective banks to release the funds blocked in the ASBA Account under the ASBA
process;
11. Do not submit the Bid for an amount more than funds available in your ASBA Account;
12. Do not submit Bids on plain paper or on incomplete or illegible Bid cum Application Forms or on Bid
cum Application Forms in a colour prescribed for another category of Bidder;
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13. Do not submit a Bid in case you are not eligible to acquire Equity Shares under applicable law or your
relevant constitutional documents or otherwise;
14. Do not Bid if you are not competent to contract under the Indian Contract Act, 1872 (other than minors
having valid depository accounts as per Demographic Details provided by the depository);
15. Do not fill up the Bid cum Application Form such that the Equity Shares Bid for exceeds the Offer size
and/or investment limit or maximum number of the Equity Shares that can be held under the applicable
laws or regulations or maximum amount permissible under the applicable regulations or under the terms
of this Draft Red Herring Prospectus;
16. Do not Bid for Equity Shares more than specified by the respective Stock Exchanges for each category;
17. In case of ASBA Bidders (other than UPI Bidders using UPI mechanism), do not submit more than one
Bid cum Application Form per ASBA Account;
18. If you are UPI Bidder and are using UPI mechanism, do not submit more than one Bid cum Application
Form for each UPI ID;
19. Do not make the Bid cum Application Form using third party bank account or using third party linked
bank account UPI ID;
20. Anchor Investors should not bid through the ASBA process;
21. Do not submit the Bid cum Application Form to any non-SCSB bank or our Company;
22. Do not Bid on another Bid cum Application Form and the Anchor Investor Application Form, as the case
may be, after you have submitted a Bid to any of the Designated Intermediaries;
23. Do not submit the GIR number instead of the PAN;
24. Anchor Investors should submit Anchor Investor Application Form only to the BRLMs;
25. Do not Bid on a Bid cum Application Form that does not have the stamp of a Designated Intermediary;
26. If you are a QIB, do not submit your Bid after 3 p.m. on the QIB Bid/Offer Closing Date;
27. Do not withdraw your Bid or lower the size of your Bid (in terms of quantity of the Equity Shares or the
Bid Amount) at any stage, if you are a QIB or a Non-Institutional Bidder. Retail Individual Investors and
Eligible Employees bidding in the Employee Reservation Portion can revise or withdraw their Bids on
or before the Bid/Offer Closing Date;
28. Do not submit Bids to a Designated Intermediary at a location other than at the relevant Bidding Centres.
If you are UPI Bidder and are using UPI mechanism, do not submit the ASBA Form directly with SCSBs;
29. Do not submit incorrect details of the DP ID, Client ID, PAN and UPI ID details if you are a UPI Bidder
Bidding through the UPI Mechanism. Further, do not provide details for a beneficiary account which is
suspended or for which details cannot be verified to the Registrar to the Offer;
30. Do not submit the Bid without ensuring that funds equivalent to the entire Bid Amount are available for
blocking in the relevant ASBA Account;
31. Do not link the UPI ID with a bank account maintained with a bank that is not UPI 2.0 certified by the
NPCI in case of Bids submitted by UPI Bidders using the UPI Mechanism;
32. UPI Bidders Bidding through the UPI Mechanism using the incorrect UPI handle or using a bank account
of an SCSB or a banks which is not mentioned in the list provided in the SEBI website is liable to be
rejected; and
33. Do not submit more than one Bid cum Application Form for each UPI ID in case of UPI Bidders Bidding
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using the UPI Mechanism.
34. Do not Bid if you are an OCB.
The Bid cum Application Form is liable to be rejected if the above instructions, as applicable, are not
complied with.
For helpline details of the BRLMs pursuant to the SEBI/HO.CFD.DIL2/CIR/P/2021/2480/1/M dated March 16,
2021, see ‘General Information – Book Running Lead Managers’ on page 67.
Further, in case of any pre-Offer or post Offer related issues regarding share certificates/demat credit/refund
orders/unblocking etc., investors shall reach out the Company Secretary and Compliance Officer. For details of
the Company Secretary and Compliance Officer, see ‘General Information’ on page 65.
For details of grounds for technical rejections of a Bid cum Application Form, please see the General Information
Document.
Names of entities responsible for finalising the basis of allotment in a fair and proper manner
The authorised employees of the Stock Exchanges, along with the BRLMs and the Registrar to the Offer, shall
ensure that the Basis of Allotment is finalised in a fair and proper manner in accordance with the procedure
specified in the SEBI ICDR Regulations.
Method of allotment as may be prescribed by SEBI from time to time
Our Company will not make any allotment in excess of the Equity Shares offered through the Offer except in case
of oversubscription for the purpose of rounding off to make allotment, in consultation with the Designated Stock
Exchange. Further, upon oversubscription, an allotment of not more than 1% of the Net Offer to public may be
made for the purpose of making allotment in minimum lots.
The allotment of Equity Shares to applicants other than to the RIIs, NIIs and Anchor Investors shall be on a
proportionate basis within the respective investor categories and the number of securities allotted shall be rounded
off to the nearest integer, subject to minimum allotment being equal to the minimum application size as determined
and disclosed.
The allotment of Equity Shares to each RII shall not be less than the minimum bid lot, subject to the availability
of shares in RII category, and the remaining available shares, if any, shall be allotted on a proportionate basis. The
allotment to each Non-Institutional Investor shall not be less than the minimum application size for each category
of Non-Institutional Investor, subject to the availability of Equity Shares in the Non-Institutional Portion, and the
remaining Equity Shares, if any, shall be allotted on a proportionate basis in accordance with the SEBI ICDR
Regulations.
Payment into Anchor Investor Escrow Account
Our Company in consultation with the BRLMs will decide the list of Anchor Investors to whom the CAN will be
sent, pursuant to which, the details of the Equity Shares allocated to them in their respective names will be notified
to such Anchor Investors. Anchor Investors are not permitted to Bid in the Offer through the ASBA process.
Instead, Anchor Investors should transfer the Bid Amount (through direct credit, RTGS, NACH or NEFT) to the
Escrow Account(s). For Anchor Investors, the payment instruments for payment into the Anchor Investor Escrow
Account should be drawn in favour of:
(a) In case of resident Anchor Investors: “[●]”
(b) In case of Non-Resident Anchor Investors: “[●]”
Anchor Investors should note that the escrow mechanism is not prescribed by SEBI and has been established as
an arrangement between our Company, the Selling Shareholders, the Syndicate, the Escrow Collection Bank and
the Registrar to the Offer to facilitate collections of Bid amounts from Anchor Investors.
Pre-Offer Advertisement
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Subject to Section 30 of the Companies Act, 2013, our Company shall, after filing the Red Herring Prospectus
with the RoC, publish a pre-Offer advertisement, in the form prescribed under the SEBI ICDR Regulations, in [●]
edition of [●] (a widely circulated English national daily newspaper), [●] edition of [●] (a widely circulated Hindi
national daily newspaper) and [●] edition of [●] (a widely circulated Marathi daily newspaper, Marathi being the
regional language in the place where our Registered Office is located).
In the pre-Offer advertisement, we shall state the Bid/Offer Opening Date and the Bid/Offer Closing Date. This
advertisement, subject to the provisions of Section 30 of the Companies Act, 2013, shall be in the format
prescribed in Part A of Schedule X of the SEBI ICDR Regulations.
The information set out above is given for the benefit of the Bidders/applicants. Our Company, the Selling
Shareholders, and the BRLMs are not liable for any amendments or modification or changes in applicable
laws or regulations, which may occur after the date of this Draft Red Herring Prospectus.
Bidders/applicants are advised to make their independent investigations and ensure that the number of
Equity Shares Bid for do not exceed the prescribed limits under applicable laws or regulations.
Allotment Advertisement
Our Company, the BRLMs and the Registrar to the Offer shall publish an allotment advertisement before
commencement of trading, disclosing the date of commencement of trading in: (i) [●] editions of [●], a widely
circulated English national daily newspaper; ii) [●] editions of [●], a Hindi national daily newspaper; and (iii) [●]
editions of [●], a widely circulated Marathi national daily newspaper, Marathi also being the regional language of
Maharashtra, where our Registered Office is located).
Signing of the Underwriting Agreement and Filing with the RoC
a) Our Company, the Selling Shareholders and the Underwriters intend to enter into an Underwriting
Agreement after the finalisation of the Offer Price but prior to the filing of the Prospectus.
b) After signing the Underwriting Agreement, an updated Red Herring Prospectus will be filed with the RoC
in accordance with applicable law, which would then be termed as the Prospectus. The Prospectus will
contain details of the Offer Price, the Anchor Investor Offer Price, the Offer size, and underwriting
arrangements and will be complete in all material respects.
Impersonation
Attention of the Applicants is specifically drawn to the provisions of sub-section (1) of Section 38 of the
Companies Act, 2013, which is reproduced below:
“Any person who:
(a) makes or abets making of an application in a fictitious name to a company for acquiring, or subscribing
for, its securities; or
(b) makes or abets making of multiple applications to a company in different names or in different
combinations of his name or surname for acquiring or subscribing for its securities; or
(c) otherwise induces directly or indirectly a company to allot, or register any transfer of, securities to him,
or to any other person in a fictitious name,
shall be liable for action under Section 447.”
The liability prescribed under Section 447 of the Companies Act, 2013, for fraud involving an amount of at least
₹ 1 million or 1% of the turnover of our Company, whichever is lower, includes imprisonment for a term which
shall not be less than six months extending up to 10 years and fine of an amount not less than the amount involved
in the fraud, extending up to three times such amount (provided that where the fraud involves public interest, such
term shall not be less than three years.) Further, where the fraud involves an amount less than ₹ 1 million or one
per cent of the turnover of our Company, whichever is lower, and does not involve public interest, any person
guilty of such fraud shall be punishable with imprisonment for a term which may extend to five years or with fine
which may extend to ₹ 5.00 million or with both.
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Undertakings by our Company
Our Company undertakes the following:
• the complaints received in respect of the Offer shall be attended to by our Company expeditiously and
satisfactorily;
• all steps for completion of the necessary formalities for listing and commencement of trading at all the
Stock Exchanges where the Equity Shares are proposed to be listed are taken within six Working Days
of the Bid/Offer Closing Date or within such other time period prescribed by SEBI will be taken;
• the funds required for making refunds/unblocking (to the extent applicable) as per the mode(s) disclosed
shall be made available to the Registrar to the Offer by our Company;
• if Allotment is not made within the prescribed timelines under applicable laws, the entire subscription
amount received will be refunded/unblocked within the time prescribed under applicable laws. If there
is a delay beyond such prescribed time, our Company shall pay interest prescribed under the Companies
Act, 2013, the SEBI ICDR Regulations and other applicable laws for the delayed period;
• where refunds (to the extent applicable) are made through electronic transfer of funds, a suitable
communication shall be sent to the Applicant within time prescribed under applicable laws, giving details
of the bank where refunds shall be credited along with amount and expected date of electronic credit of
refund;
• that if our Company or the Selling Shareholders do not proceed with the Offer after the Bid/Offer Closing
Date but prior to Allotment, the reason thereof shall be given by our Company as a public notice within
two days of the Bid/Offer Closing Date. The public notice shall be issued in the same newspapers where
the pre-Offer advertisements were published. The Stock Exchanges shall be informed promptly;
• that if our Company and/or the Selling Shareholders withdraw the Offer after the Bid/Offer Closing Date,
our Company shall be required to file a fresh offer document with SEBI, in the event our Company or
the Selling Shareholders subsequently decide to proceed with the Offer;
• Except for (i) issuance of Equity Shares pursuant to exercise of options granted under the ESOP 2018
(ii) allotment of equity Shares pursuant to conversion of CCPS and (iii) Pre-IPO Placement, no further
issue of Equity Shares shall be made till the Equity Shares offered through the Red Herring Prospectus
are listed or until the Bid monies are unblocked in ASBA Account/refunded on account of non-listing,
under-subscription, etc.; and
• adequate arrangements shall be made to collect all Bid cum Application Forms from Bidders.
Undertakings by the Selling Shareholders
Each of the Selling Shareholder, severally and not jointly, specifically undertakes and/or confirms the following
in respect to itself as a Selling Shareholder and its respective portion of the Offered Shares:
• the Offered Shares have been held by it for a minimum period of one year prior to the date of filing this
Draft Red Herring Prospectus with SEBI in accordance with Regulation 8 of the SEBI ICDR Regulations;
• the Offered Shares are within the thresholds prescribed under Regulation 8A of the SEBI ICDR
Regulations, to the extent applicable to it;
• it is the legal and beneficial holder of and has full title to its respective portion of the Offered Shares,
which have been acquired and is held by it in full compliance with applicable law;
• its respective portion of the Offered Shares shall be transferred pursuant to the Offer, free and clear of
any encumbrances;
• it shall not offer any incentive, whether direct or indirect, in any manner, whether in cash or kind or
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services or otherwise to any Bidder for making a Bid in the Offer, except for fees or commission for
services rendered in relation to the Offer;
• it shall not have recourse to the proceeds from the Offer for Sale until receipt by our Company of the
final listing and trading approvals from all the Stock Exchanges and
• its respective portion of the Offered Shares are fully paid-up and are in [dematerialized form].
Our Board certifies that:
(i) all monies received out of the Offer shall be credited/transferred to a separate bank account other than
the bank account referred to in sub-Section (3) of Section 40 of the Companies Act, 2013;
(ii) details of all monies utilised out of the Fresh Issue shall be disclosed, and continue to be disclosed till
the time any part of the Fresh Issue proceeds remains unutilised, under an appropriate head in the balance
sheet of our Company indicating the purpose for which such monies have been utilised; and
(iii) details of all unutilised monies out of the Fresh Issue, if any shall be disclosed under an appropriate
separate head in the balance sheet indicating the form in which such unutilised monies have been
invested.
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RESTRICTIONS ON FOREIGN OWNERSHIP OF INDIAN SECURITIES
Foreign investment in Indian securities is regulated through the Industrial Policy, 1991 of the Government of India
and FEMA. While the Industrial Policy, 1991 prescribes the limits and the conditions subject to which foreign
investment can be made in different sectors of the Indian economy, FEMA regulates the precise manner in which
such investment may be made. Under the Industrial Policy, unless specifically restricted, foreign investment is
freely permitted in all sectors of the Indian economy up to any extent and without any prior approvals, but the
foreign investor is required to follow certain prescribed procedures for making such investment. The RBI and the
concerned ministries/departments are responsible for granting approval for foreign investment. The Government
of India has from time to time made policy pronouncements on foreign direct investment (“FDI”) through press
notes and press releases.
The Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry, Government
of India (formerly, Department of Industrial Policy and Promotion) (“DPIIT”) issued the Consolidated FDI Policy
Circular of 2020, (“FDI Policy”) which, with effect from October 15, 2020, consolidates and supersedes all
previous press notes, press releases and clarifications on FDI issued by the DPIIT that were in force and effect
prior to October 15, 2020. In terms of the FDI Policy and FEMA Rules, a company seeking an industrial licence
shall be permitted to have foreign direct investment up to 49% under the automatic route and above 49% under
approval route on case to case basis, wherever it is likely to result in access to modern technology in India or for
other reasons.
The transfer of shares between an Indian resident and a non-resident does not require the prior approval of RBI,
provided that: (i) the activities of the investee company are under the automatic route under the Consolidated FDI
Policy and transfer does not attract the provisions of the SEBI Takeover Regulations, (ii) the non-resident
shareholding is within the sectoral limits under the Consolidated FDI policy, and (iii) the pricing is in accordance
with the guidelines prescribed by the SEBI/RBI.
Further, in accordance with Press Note No. 3 (2020 Series), dated April 17, 2020 issued by the DPIIT and the
Foreign Exchange Management (Non-debt Instruments) Amendment Rules, 2020 which came into effect from
April 22, 2020, any investment, subscription, purchase or sale of equity instruments by entities of a country which
shares land border with India or where the beneficial owner of an investment into India is situated in or is a citizen
of any such country (“Restricted Investors”), will require prior approval of the Government, as prescribed in the
Consolidated FDI Policy and the FEMA Rules. Further, in the event of transfer of ownership of any existing or
future FDI in an entity in India, directly or indirectly, resulting in the beneficial ownership falling within the
aforesaid restriction/ purview, such subsequent change in the beneficial ownership will also require approval of
the Government. Each Bidder should seek independent legal advice about its ability to participate in the Offer. In
the event such prior approval of the Government of India is required, and such approval has been obtained, the
Bidder shall intimate our Company and the Registrar to the Offer in writing about such approval along with a
copy thereof within the Bid/Offer Period.
As per the existing policy of the Government of India, OCBs cannot participate in the Offer.
For further details, see ‘Offer Procedure’ on page 401.
The Equity Shares offered in the Offer have not been and will not be registered under the U.S. Securities
Act or any state securities laws in the United States, and unless so registered, may not be offered or sold
within the United States, except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the U.S. Securities Act and in accordance with any applicable U.S. state
securities laws. Accordingly, the Equity Shares are being offered and sold outside the United States in
‘offshore transactions’ in reliance on Regulation S under the U.S. Securities Act and the applicable laws of
the jurisdictions where such offers and sales are made.
The above information is given for the benefit of the Bidders. Our Company, the Selling Shareholders and
the Book Running Lead Managers are not liable for any amendments or modification or changes in
applicable laws or regulations, which may occur after the date of this Draft Red Herring Prospectus.
Bidders are advised to make their independent investigations, seek independent legal advice about its
liability to participate in the Issue and ensure that the number of Equity Shares Bid for do not exceed the
applicable limits under laws or regulations.
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SECTION VIII - MAIN PROVISIONS OF THE ARTICLES OF ASSOCIATION
Capitalized terms used in this section have the meanings that have been given to such terms in the Articles of
Association of our Company (“Articles”). The Articles consist of two parts, Part I and Part II. Upon the
commencement of listing of the Equity Shares of our Company on any recognized stock exchange in India pursuant
to an initial public offering of the Equity Shares of our Company, Part II shall automatically stand deleted, not
have any force and be deemed to be removed from the Articles and the provisions of Part I shall automatically
come in effect and in force, without any further corporate or other action by our Company or its shareholders.
PART I
APPLICABILITY OF TABLE F
The regulations contained in the Table marked 'F' in Schedule to the Companies Act, 2013, as amended from time
to time, shall not apply to our Company, except in so far as the same are repeated, contained or expressly made
applicable in these Articles or by the said Act.
AUTHORISED CAPITAL
Article 1.1 provides that the authorised share capital of our Company shall be such amount, divided into such
class(es), denomination(s) and number of shares in our Company as given in Clause V of the Memorandum of
Association or as altered from time to time, payable in the manner as may be determined by the Board, with the
power to increase, reduce, sub-divide or to repay the same or to divide the same into several classes and to attach
thereto any rights and to consolidate or sub-divide or re-organize the shares and subject to the provisions of the
Companies Act, 2013, 2013, to vary such rights as may be determined in accordance with the regulations of our
Company.
ALLOTMENT OF SHARES
Article 1.3 provides that subject to the provisions of the Companies Act, 2013, and these Articles, the shares in
the capital of our Company for the time being shall be under the control of the Board who may issue, allot or
otherwise dispose of the same or any of them to such persons, in such proportion and on such terms and conditions
and either at a premium or at par or (subject to the compliance with the provisions of Section 53 and 54 of the
Companies Act, 2013,) at a discount and at such time as they may from time to time think fit and with the sanction
of our Company in the general meeting to give to any person or persons the option or right to call for any shares
either at par or premium during such time and for such consideration as the Board think fit, and may issue and
allot shares in the capital of our Company on payment in full or part of any property sold and transferred or for
any services rendered to our Company in the conduct of its business and any shares which may so be allotted may
be issued as fully paid up shares and if so issued, shall be deemed to be fully paid shares. Provided that option or
right to call of shares shall not be given to any person or persons without the sanction of our Company in the
general meeting. As regards all allotments, from time to time made, the Board shall duly comply with Sections 23
and 39 of the Companies Act, 2013, as the case may be.
SUB-DIVISION, CONSOLIDATION AND CANCELLATION OF SHARE
Article 11.1 provides that our Company may, by ordinary resolution, from time to time, subject to Section 61 of
the Companies Act, 2013, alter the conditions of Memorandum of Association as follows:
(a) Increase the share capital by such amount to be divided into shares of such amount as may be
specified in the resolution;
(b) Consolidate and divide all or any its share capital into shares of larger amount than its
existing shares;
(c) Sub-divide its existing shares or any of them into shares of smaller amount than is fixed by
Memorandum of Association, and the resolution whereby any share is subdivided, may
determine that, as between the holders of the shares resulting from such sub-division, one or
more of such shares shall have some preference or special advantage as regards dividend,
capital or otherwise over or as compared with the other or others. However, that in the sub –
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division in the proportion between the amount paid and the amount, if any, unpaid on each
reduced shares shall be the same as it was in the share from which the reduced share is
derived;
(d) Cancel any shares which, at the date of the passing of the resolution, have not been taken or
agreed to be taken by any person and diminish the amount of its share capital by the amount
of the share so cancelled; and
(e) Convert all or any one its fully paid-up shares into stock and reconvert that stock into fully
paid-up shares of any denomination.
ISSUE OF CERTIFICATES
Article 3.2 provides that every member shall be entitled, without payment, to one or more certificates in
marketable lots, for all the shares of each class of denomination registered in his name, or if the Board so approve
(upon paying such fee as the Board may from time to time determine in accordance with the Companies Act,
2013,) to several certificates, each for one or more of such shares and our Company shall complete and keep ready
for delivery such certificates unless prohibited by any provision of Applicable Law or any order of court, tribunal
or other authority having jurisdiction, within two months from the date of allotment, unless the conditions of issue
thereof otherwise provide, or within one month of the receipt of application of registration of transfer,
transmission, subdivision, consolidation or renewal of any of its shares as the case may be or within a period of
six months from the date of allotment in the case of any allotment of debenture, and as per Applicable Law. Every
certificate of shares shall be under the Seal of our Company and shall specify the number and distinctive numbers
of shares in respect of which it is issued and amount paid-up thereon and shall be in such form as the Board may
prescribe or approve, provided that in respect of a share or shares held jointly by several persons, our Company
shall not be bound to issue more than one certificate and delivery of a certificate of shares to one of several joint
holders shall be sufficient delivery vis-à-vis all such holders. Companies Act, 2013.
Article 3.3 provides that if any certificate of any shares or shares be surrendered to our Company for sub-division
or consolidation or if any certificate be defaced, mutilated, torn or old, decrepit, worn- out or where the pages on
the reverse for recording transfer have been duly utilized, or where there is no further space on the back thereof
for endorsement of transfer then upon production and surrender thereof to our Company, the Board may order the
same to be cancelled and may issue new certificate in lieu thereof and if any certificate be lost or destroyed then
upon proof thereof to the satisfaction of our Company and on such indemnity as our Company think adequate
being given a new certificate in lieu thereof shall be given to a party entitled to the shares of such lost or destroyed
certificate relates. Where a new certificate has been issued as aforesaid it shall state on the face of it and against
the stub or counterfoil that it is issued in lieu of a share certificate or is a duplicate issued for the one so replaced
and, in the case certificate issued in place of one which has been lost or destroyed the word ‘duplicate’ shall be
stamped or punched in bold letters across the face thereof.
COMPANY’S LIEN ON SHARES/ DEBENTURES
Article 7.9 provides that our Company shall have a first and paramount lien upon all the shares/debentures (other
than fully paid-up shares / debentures) registered in the name of each member (whether solely or jointly with
others) and upon the proceeds of sale thereof for all moneys (whether presently payable or not) called or payable
at a fixed time in respect of such shares/debentures and no equitable interest in any shares shall be created except
on the footing and condition that this Article will have full effect.
TRANSFER AND TRANSMISSION OF SHARES
Article 8.1 provides that subject to the provisions of the Companies Act, 2013, and these Articles, no transfer of
shares shall be registered unless a proper instrument of transfer duly stamped and executed by or on behalf of the
transferor or transferee has been delivered to our Company within a period of 60 days from the date of the
execution together with the certificate or certificates of the shares or if no such certificate is in existence along
with the letter of allotment of shares. The instrument of transfer of any shares shall be signed both by or on behalf
of the transferor and by or on behalf of the transferee and the transferor shall be deemed to remain the holder of
such share until the name of the transferee is entered in the register in respect thereof.
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Article 8.2 provides application for the registration of the transfer of a share may be made either by the transferor
or the transferee provided that where such application is made by the transferor, no registration shall in the case
of partly paid shares be effected unless our Company gives notice of the application to the transferee in the manner
prescribed by the Companies Act, 2013, and subject to the provisions of Articles hereof, our Company shall unless
objection is made by the transferee within two weeks from the date of receipt of the notice enter in the register the
name of the transferee in the same manner and subject to the same conditions as if the application for registration
was made by the transferee.
Article 8.5 provides that subject to the provisions of Sections 58 and 59 of the Companies Act, 2013, Section 22A
of the Securities Contracts (Regulation) Act, 1956, any listing agreement entered into with any recognized stock
exchange and other applicable provisions of the Companies Act, 2013, or any other Applicable Law for the time
being in force as amended, the Board may, at their own absolute and uncontrolled discretion and by giving reasons
may decline to register or acknowledge any transfer of refuse to register the transfer of, or the transmission by
operation of Applicable Law of the right to, any securities or interest of a shareholder in our Company. Our
Company shall, within 30 (thirty) days from the date on which the instrument of transfer, or the intimation of such
transmission, as the case may be, was delivered to our Company, send a notice of refusal to the transferee and
transferor or to the person giving notice of such transmission, as the case may be, giving reasons for such refusal.
However, no transfer of shares/debentures shall be refused on the ground of them not being held in marketable
lots. Further, registration of transfer shall not be refused on the ground of the transferor being either alone or
jointly with any other person or persons indebted to our Company on any account whatsoever.
Article 8.6 provides that no transfer shall be made to a minor or a person of unsound mind.
Article 8.7 provides that no fee shall be charged for registration for transfer, transmission, probate, succession
certificate, letter of administration, certificate of death or marriage, power of attorney or similar other documents
with our Company.
Article 8.8 provides that all instruments of transfer duly approved shall be retained by our Company and in case
of refusal, instruments of transfer shall be returned to the person who lodged the transfer deeds.
Power to close transfer book & register
Article 8.9 provides that subject to the provisions of the Companies Act, 2013, the Register of Members may be
closed for any period or periods not exceeding in the aggregate forty-five days in each year, but not exceeding
thirty days at any one time, subject to giving of previous notice of at least seven days (or such lesser period as
may be specified by Securities and Exchange Board of India for listed Companies or the Companies which intend
to get their securities listed.
Article 8.10 provides that the executors or administrators or nominees or legal representatives or the holder of
succession certificate in respect of shares of a deceased member (not being one of several joint holders) shall be
the only person whom our Company shall recognize as having any title to the shares registered in the name of
such member and, in case of the death of any one or more of the joint- holders of any registered shares the survivors
shall be only persons recognized by our Company as having any title to or interest in such share but nothing herein
contained shall be taken to release the estate of a deceased joint- holder from any liability on shares held by him
jointly with any other person.
Article 8.11 provides that any person becoming entitled to transfer shares in consequence of the death or
insolvency of any member, upon producing such evidence that he sustains the character in respect of which he
proposes to act under this Article, or of his title as the Board think sufficient, may with the consent of the Board
(which they shall not be under any obligation to give), be registered as a member in respect of such shares or may,
subject to the regulations as to transfer hereinbefore contained, transfer such shares as the deceased or insolvent
person could have transferred.
Article 8.12 provides that subject to any other provisions of these Articles if the Board in its sole direction is
satisfied in regard thereof, a person becoming entitled to a share in consequence of the death or insolvency of a
member may receive and give a discharge for any dividends or other money payable in respect of the share.
Article 8.13 provides that the instrument of transfer shall be in writing and all the provisions of Section 56 of the
Companies Act, 2013, and of any statutory modification thereof for the time being and other applicable provisions
of the Companies Act, 2013, shall be duly complied with in respect of all transfer of shares or debentures and the
registration thereof. The instrument of transfer shall be in a common form.
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GENERAL MEETINGS
A general meeting means any duly convened meeting of the Shareholders of our Company and any adjournments
thereof. All general meetings of our Company other than the Annual General Meeting shall be called an extra
ordinary general meeting.
Article 16.1 provides that the Board may, whenever they think fit, call an extra ordinary general meeting. If at any
time Directors capable of acting who are sufficient in number to form a quorum are not within India, any Director
or any two members of our Company may call an extraordinary general meeting in the same manner, as nearly as
possible, as that in which such a meeting may be called by the Board. The Board of our Company shall on the
requisition of such member or members of our Company as is specified in sub section (2) of Section 100 of the
Companies Act, 2013, forthwith proceed to call an extra-ordinary general meeting of our Company and in respect
of any such requisition and of any meeting to be called pursuant thereto, all the other provisions of Section 100 of
the Companies Act, 2013, and of any statutory modification thereof for the time being shall apply.
Article 16.3 provides that the quorum for a general meeting shall be as provided in Section 103 of the Companies
Act, 2013.
Article 16.4 provides that at every general meeting, the ‘Chair’ shall be taken by the Chairman of the Board. If at
any meeting, the Chairman of the Board is not present within fifteen minutes after the time appointed for holding
the meeting or, though present be unwilling to act as chairman, the members present shall choose one of the
Directors present to be Chairman or if no Directors shall be present or through present be unwilling to take the
Chair then the members present shall choose one of their members being a member, entitled to vote, to be
Chairman.
Article 16.5 provides that any act or resolution which, under the provisions of this Article or of the Companies
Act, 2013, is permitted shall be sufficiently so done or passed if effected by an ordinary resolution unless either
the Companies Act, 2013, or the Articles specifically require such act to be done or resolution passed as a special
resolution.
Article 16.6 provides that subject to the provisions of the Companies Act, 2013, if within half an hour from the
time appointed for the meeting a quorum be not present, the meeting, if converted upon a resolution of the
shareholders shall be dissolved but in any other case it shall stand adjourned to the same day in the next week at
same time and place, unless the same shall be public holiday when the meeting shall stand adjourned to the next
day not being a public holiday at the same time and place and if at such adjourned meeting a quorum be not present
within half an hour from the time appointed for the meeting, those members who are present shall be a quorum
and may transact the business for which the meeting was called.
Article 16.7 provides that the Chairman of a general meeting may, with the consent of any members of the meeting
at which a quorum is present, and shall, if so directed by the meeting adjourn the same, from time to time and
from place to place, but no business shall be transacted at any adjourned meeting other than the business left
unfinished at the meeting from which the adjournment took place. When a meeting is adjourned for thirty (30)
days or more, notice of the adjourned meeting shall be given as in the case of an original meeting. Save as
aforesaid, and as provided in Section 103 of the Companies Act, 2013, it shall not be necessary to give notice to
the members of such adjournment or of the time, date and place appointed for the holding of the adjourned
meeting.
Article 16.8 provides that if a poll be demanded, the demand of a poll shall not prevent the continuance of a
meeting or the transaction of any business other than the question on which a poll has been demanded.
VOTE OF MEMBERS
Article 17 provides that subject to any rights or restrictions for the time being attached to any class or classes of
shares: (a) On a show of hands every member present in person and being a holder of equity shares shall have one
vote and every person present either as a Proxy on behalf of a holder of equity shares or as a duly authorized
representative of a body corporate being a holder of equity shares, if he is not entitled to vote in his own right,
shall have one vote. (b) On a poll the voting rights of holder of equity shares shall be in proportion to his share in
the paid-up equity share capital of our Company. A member may exercise his vote at a meeting by electronic
means in accordance with Section 108 of the Companies Act, 2013, and shall vote only once. (c) No Company or
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body corporate shall vote by Proxy so long as a resolution of the Board under Section 113 of the Companies Act,
2013, is in force and the representative named in such resolution is present at the general meeting at which the
vote by Proxy is tendered. (d) A person becoming entitled to a share shall not before being registered as member
in respect of the share be entitled to exercise in respect thereof any right conferred by membership in relation to
meeting of our Company.
Votes in respect of deceased, insolvent and insane members
If any member be a lunatic or idiot, he may vote whether on a show of hands or at a poll by his committee or other
legal curator and such last mentioned persons may give their votes by Proxy provided that at least 24 hours before
the time of holding the meeting or adjourned meeting as the case may be, at which any such person proposes to
vote he shall satisfy the Board of his rights under this Articles unless the Board shall have previously admitted his
right to vote at such meeting in respect thereof.
Joint holders
Where there are joint holders of any share any one of such persons may vote at any meeting either personally or
by Proxy in respect of such shares as if he were solely entitled thereto and if more than one such joint-holders be
present at any meeting either personally or Proxy then that one of the said persons so present whose name stands
prior in order on the register in respect of such share shall alone be entitled to vote in respect thereof. Several
executors or administrators of deceased member in whose name any share stands shall for the purpose of this
Article be deemed joint-holders thereof.
DIRECTORS
Article 101 provides that the number of Directors shall not be less than three and not more than 15. The following
are the first directors of our Company (a) Mr. Ankit Mehta; (b) Mr. Ashish Bhat and (c) Mr. Rahul Singh.
After the closing of the IPO (i.e., commencement of trading of the Equity Shares on the Stock Exchanges
(“Trading Date”)), subject to applicable Laws and the approval of the Shareholders by way of a special resolution
in the first general meeting convened after the Trading Date, the Board shall include:
(A) Until such time that the Promoters collectively hold at least 15% (fifteen percent) of the share capital of our
Company (on a fully diluted basis), the Promoters shall collectively have the right to nominate four directors
on the Board, out of whom Ankit Mehta, Ashish Bhat and Rahul Singh, shall at all times, for as long as they
are in the employment of our Company, continue to be directors on the Board of our Company;
(B) Until such time that the Promoters collectively hold at least 10% (ten percent) of the share capital of our
Company (on a fully diluted basis), the Promoters shall collectively have the right to nominate three directors
on the Board of our Company;
(C) Until such time that the Promoters collectively hold at least 5% (five percent) of the share capital of our
Company (on a fully diluted basis), the Promoters shall collectively have the right to nominate two directors
(D) Until such time that the Promoters collectively hold at least 2% (two percent) of the share capital of our
Company (on a fully diluted basis), the Promoters shall collectively have the right to nominate one director
(E) Until such time (a) B1 Investor holds at least 10% (ten percent) of the share capital of our Company (on a
fully diluted basis); and (b) Celesta 1 and Celesta 2 (together) hold at least 10% (ten percent) of the share
capital of our Company (on a fully diluted basis), they shall each have the right to nominate one nominee
director to the Board of our Company. It is hereby clarified that if the shareholding of (1) B1 Investor or (2)
Celesta 1 and Celesta 2, together, falls below the thresholds specified in this clause, their respective
nomination rights will be extinguished forever.
RETIREMENT AND ROTATION OF DIRECTORS
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Article 20 provides that not less than two-thirds of the total number of Directors (other than the Independent
Directors) shall be persons whose period of office is liable to determination by retirement of Directors by rotation.
At each annual general meeting of our Company, one - third of such of the Directors for the time being as are
liable to retire by rotation or if their number is not three or a multiple of three, then the number nearest to one-
third shall retire from office. The Director to retire by rotation at every annual general meeting shall be those who
have been longest in office since their last appointment, but as between persons who became Directors on the
same day, those to retire shall, in default of and subject to any agreement among themselves, be determined by
lot.
Subject to the foregoing provisions as between Directors appointed under any of the Articles referred to above,
the Director or Directors who shall not be liable to retire by rotation shall be determined by and in accordance
with their respective seniorities as may be determined by the Board. A retiring Director shall be eligible for re-
election and shall act as a Director throughout the meeting at which he retires.
Subject to any resolution for reducing the number of Directors, if at any meeting at which an election of Directors
ought to take place, the place of the retiring Directors not filled up, the meeting shall stand adjourned till the same
day in the next week which is not a public holiday at the same time and place and if at the adjourned meeting, the
place of the retiring Directors are not filled up, the retiring Directors or such of them as have not had their places
filled up shall (it will to continue in office) be deemed to have been re-elected at the adjourned meeting, subject
to the provisions of the Companies Act, 2013.
PROCEEDINGS OF THE BOARD OF DIRECTORS
Article 21 provides that the Board of Directors may meet together for the dispatch of business, adjourn and
regulate their meetings and proceedings as they think fit provided that meetings of the Board are held at least four
times every year in such a manner that not more than 120 (One Hundred and Twenty) days shall intervene between
two consecutive meetings of the Board. Notice in writing of every meeting to the Directors shall ordinarily be
given by a Director or Company Secretary or such other officer of our Company duly authorized in this behalf to
every Director for the time being in India in accordance with the provisions of the Companies Act, 2013. The
quorum for a meeting of the board shall be one-third of its total strength or two Directors, whichever is higher,
subject to Section 174 of Companies Act, 2013. If a quorum is not present within half an hour of the time appointed
for the meeting or ceases to be present, the Director(s) present shall adjourn the meeting to a specified date, time
and place as specified in Section 174 of the Companies Act, 2013, or at such date, place and time as may be
decided by the Chairman. A meeting of Board for the time being at which a quorum is present shall be competent
to exercise all or any of the authorities, powers and discretions by or under the Articles of our Company and the
act for the time being vested in or exercisable by the Board generally. Subject to the provisions of the Companies
Act, 2013, a Director may participate in any meeting of the Board by means of a telephone or video conference.
MANAGING AND WHOLE-TIME DIRECTORS
Article 23 provides that subject to the provision of the Companies Act, 2013, the Board may, from time to time,
appoint one or more Directors to be managing director or managing directors of our Company and may, from time
to time, (subject to the provisions of any contract between him or them and our Company), remove or dismiss him
or them from office and appoint another or others in his place or their places. The Directors may elect one of
themselves to the office of the Chairman of the Board and the same person may also be appointed / continue as
Managing Director of our Company and in such situations, such person may be designated as the Chairman of our
Company.
DIVIDEND
Article 26.3 provides that no larger dividend shall be declared than is recommended by the Board, but our
Company in general meeting may declare a smaller dividend.
Article 26.12 provides that any dividend remaining unpaid or unclaimed after having been declared shall be dealt
in accordance with the provisions of Applicable Law.
CAPITALISATION OF PROFITS
Article 15.2 provides that our Company in any general meeting may resolve that the whole or any part of the
undivided profit of our Company (which expression shall include any premiums received on the issue of shares
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and any profits or other sums which have been set aside as a reserve or reserves or have been carried forward
without being divided) be capitalized and distributed amongst such of the members as would be entitled to receive
the same if distributed by way of dividend and in the same proportions on the footing that they become entitled
thereto as capital and that all or any part of such capitalized amount be applied on behalf of such members in
paying up in full any un-issued shares of our Company which shall be distributed accordingly or in or towards
payment of the uncalled liability on any issued share and that such distribution or payment shall be accepted by
such members in full satisfaction of their interest in the said capitalized amount provided that any sum standing
to the credit of a Securities Premium Account or a Capital Redemption Reserve Account may, for the purpose of
this Article only be applied in the paying up of un-issued shares to be issued to members of our Company as fully-
paid bonus shares.
WINDING UP
Distributions of Assets
Article 31.1 provides that subject to the provisions of Applicable Law, if the Company is wound up and the assets
available for distribution among the members as such are insufficient to repay the whole of the paid - up capital,
such assets shall be distributed so that as nearly as may be the losses shall be borne by the members in proportion
to the capital paid -up or which ought to have been paid- up at the commencement of the winding-up on the
shares held by them respectively. And if in a winding-up the assets available for distribution among the
member shall be more than sufficient to repay the whole of the capital paid -up at the commencement of the
winding-up, the excess shall be distributed amongst the members in proportion to the capital at the
commencement of the winding- up, paid up or which ought to have been paid-up on the shares held by them
respectively. But this Article is to be without prejudice to the rights of the holders of shares issued upon special
terms and conditions.
Distribution of assets in specie
Article 31.2 provides that in the event of the Company being wound up, whether voluntarily or otherwise, the
liquidators, may with the sanction of special resolution, divide among the contributories, in specie or kind, any
part of the assets of the Company and may with the like sanction vest any part of the assets of the Company in
trustee upon such trusts for the benefit of the contributories or any of them, as the liquidators, with like sanction
shall think fit.
PART II
Part II of the Articles provide for, among other things, the rights of certain shareholders pursuant to the
Amendment Agreement. For more details on the Amendment Agreement, see ‘History and Certain Corporate
Matters – Summary of Key Agreements and Shareholders’ Agreement on page 215.
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SECTION IX – OTHER INFORMATION
MATERIAL CONTRACTS AND DOCUMENTS FOR INSPECTION
The copies of the following documents and contracts which have been entered or are to be entered into by our
Company (not being contracts entered into in the ordinary course of business carried on by our Company) which
are or may be deemed material will be attached to the copy of the Red Herring Prospectus and filed with the RoC.
Copies of the contracts and documents for inspection referred to hereunder, may be inspected at our Registered
Office, from 10.00 am to 5.00 pm on all Working Days and will also be available on the website of our Company
at https://ideaforgetech.com/investor-relations/material-contracts from the date of the Red Herring Prospectus
until the Bid/Offer Closing Date, except for such contracts and documents that will be entered into or executed
subsequent to the completion of the Bid/Offer Closing Date.
Any of the contracts or documents mentioned in this Draft Red Herring Prospectus may be amended or modified
at any time if so required in the interest of our Company or if required by other parties, without reference to the
Shareholders, subject to compliance of the provisions contained in the Companies Act and other applicable law.
Material Contracts to the Offer
1. Offer Agreement dated February 9, 2023 entered into among our Company, the Selling Shareholders and
the BRLMs.
2. Registrar Agreement dated February 9, 2023 entered into among our Company, the Selling Shareholders
and the Registrar to the Offer.
3. Monitoring Agency Agreement dated [●] entered into between our Company and the Monitoring
Agency.
4. Cash Escrow and Sponsor Bank Agreement dated [●] entered into among our Company, the Selling
Shareholders, the BRLMs, the Syndicate Members, Banker(s) to the Offer and the Registrar to the Offer.
5. Share Escrow Agreement dated [●] entered into among the Selling Shareholders, our Company and the
Share Escrow Agent.
6. Syndicate Agreement dated [●] entered into among the Members of the Syndicate, our Company, the
Selling Shareholders and the Registrar to the Offer.
7. Underwriting Agreement dated [●] entered into among our Company, the Selling Shareholders and the
Underwriters.
Material Documents
1. Certified copies of our Memorandum of Association and Articles of Association, as amended from time
to time.
2. Certificate of incorporation dated February 8, 2007, and a fresh certificate of incorporation dated January
2, 2023 upon conversion into a public company.
3. Resolution of our Board dated February 3, 2023, approving the Offer and other related matters.
4. Shareholders’ resolution dated February 4, 2023, approving the Fresh Issue and other related matters.
5. Resolution of our Board dated February 9, 2023, and resolution of our IPO Committee dated February
10, 2023, approving this Draft Red Herring Prospectus for filing with SEBI and the Stock Exchanges.
6. Resolution of our Board of Directors dated February 9, 2023, taking on record the approval for the Offer
for Sale by the Selling Shareholders.
7. The SHA and the Amendment Agreement dated February 4, 2023.
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8. Agreement dated January 31, 2023 executed between Ankit Mehta, Rahul Singh, Ashish Bhat, Sujata
Vemuri and Ravi Bhagavatula.
9. Letter of Appointment dated February 6, 2023 executed amongst our Company and Ankit Mehta.
10. Letter of Appointment dated February 6, 2023 executed amongst our Company and Rahul Singh.
11. Letter of Appointment dated February 6, 2023 executed amongst our Company and Ashish Bhat.
12. Consent letters and authorisations from the Selling Shareholders consenting to participate in the Offer
for Sale.
13. Copies of the annual reports of our Company for the Fiscals 2022, 2021 and 2020.
14. The examination report dated February 3, 2023 of the Statutory Auditors on our Restated Consolidated
Financial Information.
15. The report dated February 9, 2023 on the ‘Statement of possible special tax benefits’ available to the
Company and its shareholders under the applicable laws in India’ from the Statutory Auditors.
16. Consent dated February 10, 2023 from B S R & Co, LLP, Chartered Accountants, Statutory Auditors,
holding a valid peer review certificate from ICAI, to include their name as required under section 26 (5)
of the Companies Act read with SEBI ICDR Regulations, in this Draft Red Herring Prospectus and as an
“expert” as defined under Section 2(38) of the Companies Act to the extent and in their capacity as our
Statutory Auditors, and in respect of their (i) examination report, dated February 3, 2023 on our Restated
Consolidated Financial Information; and (ii) their report dated February 9, 2023 on the statement of
possible special tax benefits included in this Draft Red Herring Prospectus and such consent has not been
17. Consent dated February 10, 2023, from Ramanand & Associates, Chartered Accountants, to include their
name as required under Section 26(5) of the Companies Act read with SEBI ICDR Regulations in this
Draft Red Herring Prospectus and referred to as an “expert” as defined under Section 2(38) of the
Companies Act, 2013 in respect of various certifications issued by them in their capacity as independent
chartered accountant to our Company.
18. Certificate dated February 10, 2023, from Ramanand & Associates, Chartered Accountants, certifying
the KPIs of our Company.
19. Consent dated February 3, 2023, from A. D. Joshi Chartered Engineers and Valuers LLP, Independent
Chartered Engineer, to include his name as required under Section 26(5) of the Companies Act read with
SEBI ICDR Regulations in this Draft Red Herring Prospectus and referred to as an “expert” as defined
under Section 2(38) of the Companies Act, to the extent and in their capacity as an independent chartered
engineer, in relation to the certificate dated February 10, 2023, certifying, inter alia, the details of the
installed and production capacity of our manufacturing facility.
20. Consents of our Directors, Bankers to our Company, the BRLMs, Registrar to the Offer, Banker(s) to the
Offer, legal counsels, Monitoring Agency, Escrow Collection Bank(s), Public Offer Account Bank(s),
Refund Bank(s), Sponsor Bank(s), lenders to our Company, Company Secretary and Compliance Officer
of our Company, as referred to act, in their respective capacities.
21. Consent letter dated February 8, 2023, from Praxian Global Private Limited to rely on and reproduce part
or whole of the 1Lattice Report and include their name in this Draft Red Herring Prospectus.
22. Industry report titled “Drone Industry Report” released on February 7, 2023 prepared and issued by
Praxian, commissioned and paid for by our Company and engagement letter dated October 6, 2022,
amongst our Company and Praxian.
23. Industrial license number DIL: 24(2015) issued to our Company under the provisions of the Industries
431
(Development and Regulation) Act, 1951 as amended.
24. In-principle listing approvals dated [●] and [●] from the BSE and the NSE, respectively.
25. Tripartite Agreement dated December 1, 2022 among our Company, NSDL and the Registrar to the
Offer.
26. Tripartite Agreement dated November 25, 2022 among our Company, CDSL and the Registrar to the
Offer.
27. Due diligence certificate to SEBI from the BRLMs, dated February 10, 2023.
28. SEBI final observation letter number [●] dated [●].
432
DECLARATION
I hereby certify and declare that all relevant provisions of the Companies Act, 2013, and the rules, regulations and
guidelines issued by the Government of India, or the rules, regulations and guidelines issued by SEBI established
under Section 3 of the SEBI Act, as the case may be, have been complied with and no statements, disclosures and
undertakings made in this Draft Red Herring Prospectus are contrary to the provisions of the Companies Act,
2013, the Securities and Exchange Board of India Act, 1992, the Securities Contracts (Regulation) Act, 1956, the
Securities Contracts (Regulation) Rules, 1957 each as amended, or the rules, regulations and guidelines issued
thereunder, as the case may be. I further certify that all the statements, disclosures and undertakings in this Draft
Red Herring Prospectus are true and correct.
SIGNED BY THE DIRECTOR OF OUR COMPANY
Srikanth Velamakanni
Designation: Chairman and Independent Director

Place: Mumbai
433
DECLARATION
Ankit Mehta
Designation: Chief Executive Officer and Whole-Time Director

Place: Mumbai
434
DECLARATION
Rahul Singh
Designation: Vice President-Engineering and Whole-Time Director

Place: Mumbai
435
DECLARATION
Ashish Bhat
Designation: Vice President-Research and Development and Whole-Time Director

Place: Mumbai
436
DECLARATION
Ganapathy Subramaniam
Designation: Non-Executive Nominee Director

Place: Bangalore
437
DECLARATION
Mathew Cyriac
Designation: Non-Executive Nominee Director

Place: Mumbai
438
DECLARATION
Sutapa Banerjee
Designation: Independent Director

Place: Mumbai
439
DECLARATION
Vikas Balia
Designation: Independent Director

Place: Jodhpur
440
DECLARATION
SIGNED BY THE CHIEF FINANCIAL OFFICER OF OUR COMPANY
Vipul Joshi
Designation: Chief Financial Officer

Place: Mumbai
441
DECLARATION
I, Ashish Bhat, the Promoter Selling Shareholder, hereby confirm that all statements, disclosures and undertakings
specifically made or confirmed by me in this Draft Red Herring Prospectus about and in relation to myself, as a
Promoter Selling Shareholder and my respective portion of the Offered Shares, are true and correct. I assume no
responsibility for any other statements, disclosures and undertakings, including, any of the statements, disclosures
and undertakings made or confirmed by or relating to the Company or any other Selling Shareholder or any other
person(s) in this Draft Red Herring Prospectus.
Ashish Bhat

Place: Mumbai
442
DECLARATION
I, Nambirajan Seshadri, the Individual Selling Shareholder, hereby confirm that all statements, disclosures and
undertakings specifically made or confirmed by me in this Draft Red Herring Prospectus about and in relation to
myself, as an Individual Selling Shareholder and my respective portion of the Offered Shares, are true and correct.
I assume no responsibility for any other statements, disclosures and undertakings, including, any of the statements,
disclosures and undertakings made or confirmed by or relating to the Company or any other Selling Shareholder
or any other person(s) in this Draft Red Herring Prospectus.
Nambirajan Seshadri

Place: Mumbai
443
DECLARATION
I, Sujata Vemuri, the Individual Selling Shareholder, hereby confirm that all statements, disclosures and
Sujata Vemuri

Place: Mumbai
444
DECLARATION
I, Sundararajan K Pandalgudi, the Individual Selling Shareholder, hereby confirm that all statements, disclosures
and undertakings specifically made or confirmed by me in this Draft Red Herring Prospectus about and in relation
to myself, as an Individual Selling Shareholder and my respective portion of the Offered Shares, are true and
correct. I assume no responsibility for any other statements, disclosures and undertakings, including, any of the
statements, disclosures and undertakings made or confirmed by or relating to the Company or any other Selling
Shareholder or any other person(s) in this Draft Red Herring Prospectus.
Sundararajan K Pandalgudi

Place: Bangalore
445
DECLARATION
I, Amarpreet Singh, the Individual Selling Shareholder, hereby confirm that all statements, disclosures and
Amarpreet Singh

Place: Mumbai
446
DECLARATION
I, Naresh Malhotra, the Individual Selling Shareholder, hereby confirm that all statements, disclosures and
Naresh Malhotra

Place: Mumbai
447
DECLARATION
We, Indusage Technology Venture Fund I, the Corporate Selling Shareholder, hereby confirm that all statements
specifically made by us in this Draft Red Herring Prospectus in relation to us, as a Corporate Selling Shareholder
and our portion of the Offered Shares, are true and correct. Indusage Technology Venture Fund I assumes no
and undertakings made or confirmed by, or relating to the Company or any other Selling Shareholder or any other
Signed for and on behalf of Indusage Technology Venture Fund I
Name: P Sudhir Rao

Designation: Authorised Signatory
Place: Bangalore
448
DECLARATION
We, Qualcomm Asia Pacific Pte. Ltd., the Corporate Selling Shareholder, hereby confirm that all statements
and our portion of the Offered Shares, are true and correct. Qualcomm Asia Pacific Pte. Ltd. assumes no
Signed for and on behalf of Qualcomm Asia Pacific Pte. Ltd.
Name: Adam Schwenker

Place: San Diego, CA USA
449
DECLARATION
We, Celesta Capital II Mauritius, the Corporate Selling Shareholder, hereby confirm that all statements
and our portion of the Offered Shares, are true and correct. Celesta Capital II Mauritius assumes no responsibility
for any other statements, disclosures and undertakings, including, any of the statements, disclosures and
undertakings made or confirmed by, or relating to the Company or any other Selling Shareholder or any other
Signed for and on behalf of Celesta Capital II Mauritius (formerly known as WRV II Mauritius)
Name: Matthew Marsh

Designation: Director
Place: Mauritius
450
DECLARATION
We, Celesta Capital II-B Mauritius, the Corporate Selling Shareholder, hereby confirm that all statements
and our portion of the Offered Shares, are true and correct. Celesta Capital II-B Mauritius assumes no
Signed for and on behalf of Celesta Capital II-B Mauritius (formerly known as WRV II-B Mauritius)
Name: Matthew Marsh

Designation: Director
Place: Mauritius
451
DECLARATION
We, Export Import Bank of India, the Corporate Selling Shareholder, hereby confirm that all statements
and our portion of the Offered Shares, are true and correct. Export Import Bank of India assumes no responsibility
for any other statements, disclosures and undertakings, including, any of the statements, disclosures and
undertakings made or confirmed by, or relating to the Company or any other Selling Shareholder or any other
Signed for and on behalf of Export Import Bank of India
Name: Mitali Pendharkar

Designation: Assistant General Manager
Place: Mumbai
452
DECLARATION
We, Agarwal Trademart Private Limited, the Corporate Selling Shareholder, hereby confirm that all statements
and our portion of the Offered Shares, are true and correct. Agarwal Trademart Private Limited assumes no
Signed for and on behalf of Agarwal Trademart Private Limited
Name: A. R. Gokuldas
Place: Gurugram
453
DECLARATION
We, Society for Innovation and Entrepreneurship, the Corporate Selling Shareholder, hereby confirm that all
statements specifically made by us in this Draft Red Herring Prospectus in relation to us, as a Corporate Selling
Shareholder and our portion of the Offered Shares, are true and correct. Society for Innovation and
Entrepreneurship assumes no responsibility for any other statements, disclosures and undertakings, including, any
of the statements, disclosures and undertakings made or confirmed by, or relating to the Company or any other
Selling Shareholder or any other person(s) in this Draft Red Herring Prospectus.
Signed for and on behalf of Society for Innovation and Entrepreneurship
Name: Mr. Prasad Shetty

Designation: Vice President- Portfolio & Operations
Place: Mumbai
454
DECLARATION
We, A&E Investment LLC, the Corporate Selling Shareholder, hereby confirm that all statements specifically
made by us in this Draft Red Herring Prospectus in relation to us, as a Corporate Selling Shareholder and our
portion of the Offered Shares, are true and correct. A&E Investment LLC assumes no responsibility for any other
statements, disclosures and undertakings, including, any of the statements, disclosures and undertakings made or
confirmed by, or relating to the Company or any other Selling Shareholder or any other person(s) in this Draft
Signed for and on behalf of A&E Investment LLC
Name: Lip Bu Tan

Designation: Manager
Place: California, USA
455
ANNEXURE 7
Ideaforge Technology Limited
CORPORATE RESEARCH Integrated UAV player with dominant share

Ideaforge Technology Limited (“Ideaforge”) is the pioneer
10 February 2023 and the pre-eminent market leader in the Indian unmanned
aircraft systems (“UAS”) market, with a market share of
Trends in revenues ~50% in FY22 (Source: 1Lattice Report). The company is a
(Rs
vertically integrated player with capabilities across hardware,
Million) software and solutions, which has allowed them to design,
2,000 develop, engineer and manufacture their UAVs in-house.
Ideaforge UAVs caters to both defence and civil segments,
1,500
across both domestic and international customers, with
1,594.39
applications for their drones being surveillance, mapping and

1,395.48
1,000
347.18
surveying. The company is favorably placed to benefit from

139.99
500 the exponential growth in the sunrise sector.
0 Market leadership with first mover advantage: The Indian

FY20 FY21 FY22 1H FY23 drone industry is estimated to grow at 80% CAGR from US$43mn in
Source: Company
FY22 to reach US$812mn by FY27 (Source: 1Lattice Report).
Ideaforge with its market leadership and largest operational
Revenue Mix deployment of UAVs across India (ranked 7th globally in the dual-
use drone category) is expected to be one of the key beneficiaries of
Revenue from Civil
(Rs Million) the multifold growth in this market. It is looking to expand its
Revenue from Defense
1,800 presence internationally (currently present in Oman and the US);
317.73
global market is expected to be ~US$51.4bn in CY27 from

133.86
1,600
1,400 US$21.1bn in CY22 (Source: 1Lattice Report). Geo-political factors,
1,200 decoupling from China, favorable government policies such as focus
1,000 on indigenisation & PLI (US$15m incentives) and expansion into the
1276.66
800
large and fast growing global market are the key growth drivers.
1261.62
600
400 298.89
200 93.08 Integrated player with in-house technology credentials:
46.91 48.29 Integration of technology and in-house product development has
0
FY20 FY21 FY22 1H FY23 been a key differentiator, enabling customization, competitive cost
structure and higher margins to IdeaForge. They have a team of 93
Source: Company
people in product development and have 8 patents granted in India
(& 11 internationally) and have filed for multiple patents in India and
Trend in order book international markets. The company is foraying in ‘Software as a
(Rs Million) Civil Order Book Service’ and ‘Drone as a service’ segment with proprietary solutions.
Defence Order Book
4,000
Turns profitable in FY22: During FY20-22, Ideaforge’s revenue
53.41 from operations grew at 237.48% CAGR with EBITDA/PAT margins
3,000
entering firmly in the positive territory at 47.12%/27.6% on account
2,000
29.31 of operating leverage kicking in. Further during 1HFY23, revenue has
79.18 reached 87.52% of FY22 levels and PAT has exceeded FY22 levels
demonstrating profitability with improving scale. ROE/ROCE has
1284.78
3055.34
1812.45
1,000
9.75 been healthy at 39.46%/49.63% in FY22.
13.38
0
Financial summary (Rs mn)
FY20 FY21 FY22 1H FY23
Particulars FY20 FY21 FY22 1HFY23
Source: Company
+
Total income 163.22 363.35 1,614.48 1,434.35

Gross Profit 74.71 164.15 1,182.18 1,013.96

Renu Baid Gross Margin (%) 53.37% 47.28% 74.15% 72.66%
renu.baid@iiflcap.com EBITDA ‐101.91 ‐92.51 751.31 659.52
91 22 4646 4651 EBITDA Margin (%) ‐72.80% ‐26.65% 47.12% 47.26%

Profit after tax ‐134.46 ‐146.26 440.06 452.12
Harsh Dhoka
PAT Margin (%) ‐96.05% ‐42.13% 27.60% 32.40%
harsh.dhoka@iiflcap.com
ROCE (%) ‐23.87% ‐15.18% 49.63% 19.94%
91 22 4646 4685

ROE (%) ‐18.04% ‐22.88% 39.46% 18.77%
www.iiflcap.com Source: Company, Figures for 1HFY23 are not annualized
NO PART OF THIS RESEARCH MAY BE REPRODUCED OR SENT INTO THE UNITED STATES OR TO U.S. PERSONS (AS DEFINED IN REGULATION S OF THE SECURITIES ACT) OR CANADA, THE
PRC OR JAPAN OR TO ANY CANADIAN, PRC OR JAPANESE RESIDENT OR TO ANY OTHER COUNTRY OR ITS RESIDENTS WHERE IT WOULD VIOLATE APPLICABLE SECURITIES LAWS BY ANY
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THIS DOCUMENT IS A RESEARCH REPORT AND IS NOT AN “OFFERING CIRCULAR”, “OFFER LETTER”,
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Company background
• Ideaforge Technology (“Ideaforge”) is a pioneer and
manufacturer of unmanned aircraft systems (“UAS”) or drones in
India. It is the market leader with a market share of ~50%, as
per 1Lattice Report.
• Ideaforge UAVs caters to both defence and civil segments across
both domestic and international customers, with applications for
their drones being surveillance, mapping and surveying
• The company is a vertically integrated player with capabilities
across hardware, software and solutions, which has allowed them
to design, develop, engineer and manufacture their UAVs in-
house.
• The integration of technologies has helped them create entry
barriers for new entrants but has also helped them to
differentiate themselves in the market
• Ideaforge has the largest operational deployment of drones
across India, with an ideaForge manufactured drone taking off
every five minutes on average for surveillance and mapping
during the nine months ended December 31, 2022 and
customers having completed over 300,000 flights using their
UAVs as of December 31, 2022.
• It has about 100 channel partners and three national distributors.
• It is ranked 7th globally in the dual use (civil and defence)
category drone manufacturers as per the report published by
Drone Industry Insights in December 2022.
• It was the first company to indigenously develop and
manufacture vertical take-off and landing (“VTOL”) UAVs in India
in 2009 and also the first company to participate in the
demonstration of 5G enabled UAVs at the Indian Mobile Congress
in 2018.
Figure 1: Financial highlights Figure 2: Revenue mix by segment (FY22)

(Rs Revenue from Operations Profit after tax
(Rs
Million) Pat Margins
Million) Revenue from Civil Revenue from Defense
2000 50% 1,800
27.60% 32.40%
1,600
1500 1,400 317.73 133.86
0%
1,200
1000 ‐42.13% 1,000
347.18
1,594.39
1,395.48
‐50%
139.99
1276.66
440.06 452.12 800

500
1261.62
600
‐96.05% ‐100% 400 298.89
0 93.08
200
‐134.46 46.91 48.29
‐146.26 0
(500) ‐150%
FY20 FY21 FY22 1H FY23 FY20 FY21 FY22 1H FY23
Source: Company Source: Company
Figure 3: Order Book
(Rs Million)
Defence Order Book Civil Order Book
3,500
53.41
3,000
2,500
29.31
2,000
3055.34
1,500 79.18
1812.45
1,000
1284.78
500 9.75 13.38
0
Source: Company
Figure 4: Flights launched from drones sold
Parameter FY20 FY21 FY22 1HFY23
Total flights launched 28,937 29,951 63,920 62,284
Source: Company
Figure 5: Evolution of Ideaforge Technology across products and customer segments
Source: 1 Lattice Report
Figure 6: Key Milestones
Calendar Year Milestone
2007 Incorporation of the Company
2007 Incubation at Society for Innovation and Entrepreneurship, Bombay
2009 First angel investment by Sujata Vemuri in consultation with Ravi Bhagavatula
2009 Demonstrated NETRA, exhibiting the product launch of India’s first quadcopter drone at DefExpo*
2009 Early prototype of the VTOL UAV (quadrotor helicopter) was featured in a popular Bollywood movie
2009 Developed one of the world’s smallest and lightest autopilots*
2010 Sale of first drone to a state police department
2010 Developed NETRA UAV in partnership with a Government of India entity
2014 Received ₹ 388.10 million capital contract from Government of India entities
2015 Angel investment by Centre for Innovation, Incubation and Entrepreneurship, Indian Institute of Management,
Ahmedabad (IIM‐ Ahmedabad)
2016 Developed the first hybrid VTOL drone with fixed wings in India, known as the SWITCH UAV*
2017 First round of institutional investment by Celesta Capital II Mauritius, Celesta Capital II‐B Mauritius, Qualcomm Asia
Pacific Pte. Ltd. and Infosys Limited
2019 First company to participate in the demonstration of 5G enabled UAVs at Indian Mobile Congress*
2020 Bagged contract for SWITCH 1.0 UAVs for about US$ 18.72M
2022 Won the largest mini‐VTOL UAV contract against global competitors from Russia, Israel, France, Ukarine and other
countries*
2022 Second round of institutional investment by Florintree Enterprise LLP, Infina Finance Private Limited and Export
Import Bank of India in addition to first round of institutional investors
2022 Incorporated a subsidiary in USA, ideaForge Technology Inc.
Source: *1Lattice Report, Company
Promoter and management
• Ideaforge was founded in 2007 by the Promoters, Ankit Mehta,

Rahul Singh and Ashish Bhat, along with Vipul Joshi, the Chief
Financial Officer who later joined the Company
• The senior management team and promoter group has significant
experience and has been associated with the company since its
incorporation.

Figure 7: Promoter background
Name Designation Shareholding* Background
He holds a degree in bachelor of technology in mechanical engineering under
the dual degree programme and a degree in master of technology in
Chief Executive
Ankit mechanical engineering with specialization in computer aided design and
Officer and Whole‐ 9.93%
Mehta automation under the dual degree programme from Indian Institute of
Time Director
Technology, Bombay.
He has been associated with the Company since its incorporation
Vice president–
He holds a degree in bachelor of technology in mechanical engineering from
Rahul Engineering and
9.65% Indian Institute of Technology, Bombay.
Singh Whole‐Time
He has been associated with the Company since its incorporation
Director
Vice president–
Research & He holds a degree in bachelor of technology in electrical engineering from
Ashish
Development and 9.55% Indian Institute of Technology, Bombay.
Bhat
Whole‐Time He has been associated with the Company since its incorporation
Director
Source: Company, *On a fully diluted basis
Product offerings
Ideaforge has a diversified product portfolio of UAV’s targeted at civil
and defence segments (dual use) with applications in surveillance,
mapping, and surveying. Beyond the UAVs, the company undertakes
a full integration of their payloads, batteries, communication system
and packaging. They have also built their own software stack
required for flight safety, autopilot, battery, power and
communication in their UAVs.
Figure 8: Business Roadmap
Source: Company
Figure 9: Revenues from products and services
(Rs Million) Revenue from services Revenue from products
1,800
54.98
1,600
19.87
1,400
1,200
1,539.30
1,000
1,375.50
800
600 37.04
400
310.14
200 21.52
0 118.47
Source: Company
• UAVs: Ideaforge has a product portfolio of UAVs built for multiple

use cases and have products targeted at surveillance and
mapping solutions. It has a broad range of products with feature-
based differentiation such as weight class (approximately 2-7
kg), endurance class (25-120 minutes flying time), take-off
altitude range (upto 6,000 meters), communication range (~2-15
km), payload types, etc.
Figure 10: Ideaforge Netra Evolution
Source: Company
o Ideaforge’s UAVs can be designed with certain unique features

and differentiations for addressing specific customer needs,
their UAVs are deployed in multiple use cases across defence
and civil sectors. Further, their UAVs can be modified to
address construction, infrastructure, retail, agriculture and
delivery applications.
o Their UAVs are equipped with AI based image intelligence,
which helps in ‘people detection’, ‘motion detection’ and ‘target
tracking’
o They have also been tested in extreme weather conditions
across India from high altitudes to deserts and glaciers
• Full stack UAV solution: The company offers a full stack UAV
solution along with a GCS software, firmware and solutions and
after sales support
• Ideaforge Care: IdeaForge Care provides the customers with

various support options that they can subscribe to for the
maintenance of UAVs based on their requirement and is one of
the first-of-its-kind support package in the Indian UAV industry
• Developing On-demand service solution: Ideaforge is in

process of developing UAVs as an on-demand service solution,
entailing UAV deployment to enable operations in a pre-
scheduled or ad hoc/ on-demand manner at a short notice
• BlueFire Live: BlueFire Live! is a proprietary solution of

Ideaforge which enables live streaming of the UAV video feed and
also allows payload control from a remote command location is a
software-as-a-service (“SaaS”) offering, with a subscription-
based business model
Figure 11: Summary of Product Portfolio ‐ Hardware
Product name Specific features Applications Range Flight Payload
End‐use industries time at
MSL
(mean
sea level)
NINJA NINJA UAV is Ideaforge’s Security and surveillance Up to 2 20‐25 High Definition
lightest UAV, operable during kms minutes (“HD”) daylight
day and night with swappable payload with 5x
payloads. optical zoom /
thermal payload /
mapping payload

RYNO RYNO UAV is a micro category Mapping, land survey, Up to 4 >40 Mapping payload
survey‐grade UAV and is mining area planning, kms minutes
equipped with an advanced construction and real
mapping payload and a state‐ estate
of‐the‐art post processed
kinematic PPK module.

Q4i Q4i is a small category VTOL Security and surveillance, Up to 4 ≥ 40 HD daylight
UAV and is an economical UAV traffic management, kms minutes payload with 10x
built with military grade crowd management and optical zoom /
standards. disaster relief thermal payload /
mapping payload

Q6 Q6 is a small category UAV. Its Mapping, land survey, Up to 10 ≥ 60 HD daylight
quadcopter design and high mining area planning, kms minutes payload with 10x
area coverage enables it to construction and real optical zoom /
complete large‐scale mapping estate thermal payload
projects quicker than our other (black/white hot)
UAVs. /
Photogrammetry
payload
NETRA V4+ NETRA V4+ UAV is an Security and surveillance, Up to 10 > 60 HD daylight
intelligent and portable VTOL border security, anti‐ kms minutes payload with 10x
UAV. Its modular and rugged terrorism, counter optical zoom /
design is suitable for a wide insurgency, crime control thermal payload/
range of mission‐critical and drone as a first Mapping payload
applications. responder

SWITCH SWITCH UAV is a fixed wing Security and surveillance, Up to 15 ≥120 Daylight
and VTOL hybrid. SWITCH UAV border security, anti‐ kms minutes surveillance
features advanced flight time, terrorism, counter at MSL payload with 25x
higher safety and simple insurgency and wildfire ≥90 optical zoom /
operation with additional fail‐ management minutes thermal payload
safe redundancies. at 4500m
take‐off

altitude
above
MSL

Source: Company, IIFL Research
Figure 12: Summary of Product Portfolio ‐ Software and Solutions
Product name Specific features Applications end‐use industries
Software and embedded subsystems
BlueFire Touch BlueFire Touch, a GCS software, is built to plan and command Mapping and surveillance
both mapping and surveillance missions with the ability to pre‐
plan missions based on operational area and target locations via
waypoint based navigation.
Autopilot Enables remote control and autonomous completion of flights
with pre‐flight checks, intelligent failsafe features, such as
return to home on low battery, high wind, and communication
loss and battery imbalance.
It also has smart altitude management and GPS error handling
features.
Solutions
BlueFire MapAssist Software solution for simple and intuitive geo‐tagging with Mapping and surveying
flexibility for both PPK mapping as well as non‐PPK mapping
with optimized data capture and processing.
BlueFire Live Real time live streaming of the drone video feed and payload Security and surveillance, border
control. Integrates easily with CCTVs and command and control management, crowd monitoring,
centres, operates in low bandwidth and offers easy remote campus security, disaster management,
payload control. remote monitoring, smart cities,
mapping and ISR operation
Surveillance Pro Includes advanced image intelligence features such as target Security and surveillance, border
tracking and moving target indicator. management, crowd monitoring,
It has support for RVT with full UAV control and ADR campus security, disaster management,
communication modes built‐in to give maximum flexibility even remote monitoring and smart cities
for specialised missions.
RVT enables a second operator on ground to receive the video
stream, command the UAV and control the payload to ensure
on‐ground forces are working on the same set of information.
ADR enables a full duplex between GCS software, ADR UAV and
payload/ data capture UAV.
It also enables non‐line of sight for ISR missions.
GIS Pro High resolution mapping with PPK and optimized workflows. Survey grade mapping
Source: Company
Figure 13: Blu‐fire Live
Source: Company
Customer profile
• Ideaforge primarily caters to customers with applications for
surveillance, mapping and surveying in the defence and civil
segments, with government organisations being the key
customers. It has served a diverse base of 265 customers as of
December 31, 2022
• Key customers in the defence segment: Indian Defence
forces, central armed police forces and state police departments
• Key customers in the civil segment: Disaster management
forces, forest departments, Pioneer Foundation Engineers Private
Limited, C.E. Info Systems Limited and private contractors in
connection with smart cities
Figure 14: Share of Revenue from Government Organisations
(Rs Million) Revenue from Government Organisations
Share of Government Organisations in Revenue(%)
1600.0 100.00%
89.01%
1400.0 93.10% 90.00%
79.12%
80.00%
1200.0
76.45% 70.00%
1000.0 1419.15 1299.27 60.00%
800.0 50.00%
600.0 40.00%
30.00%
400.0
20.00%
200.0 265.43 10.00%
110.76
0.0 0.00%
Source: Company
Figure 15: Revenue contribution from Repeat Customers
Particulars Up to three years Up to five years
Number of customers 47 60
Percentage of total revenue from operations
69.69% 68.02%
generated from these customers
Source: Company
Manufacturing and Product Development

• Ideaforge manufactures all their products in-house from their
manufacturing facility located at Navi Mumbai, Maharashtra in
India.
• The manufacturing facility spans over more than 21,000 sq. ft. of
licensed premises and has three floors, which includes stores
area, testing areas, production lines and seating area for
managerial staff.
• Ideaforge also recently restructured the layout of their shop floor
and carved out an additional production area of approximately
6,000 sq ft. at the plant. They have included automations and
lean concepts for optimal material and process flows to cut down
on wastage and improve the efficiency of the overall
manufacturing facility.
• The manufacturing facility is accredited with quality management
system and is in compliance with ISO 9001:2015 requirements
for design and manufacturing of unmanned aerial vehicles.
Figure 16: Product‐wise capacity and utilization of manufacturing facilities
Installed capacity [per day Capacity Utilization as on Capacity Utilization as on Capacity Utilization as on
Products
as of October, 2022]* March 31, 2022 March 31, 2021 March 31, 2020
Quadcopter UAV 3 93% 88% 69%
Switch UAV 2 75% 0% 0%
Payload 10 96% 79% 69%
Battery 17 84% 83% 96%
Communication Box 10 90% 88% 46%
Source: Company, Note: Capacity utilization is not comparable on a YoY basis due to varying capacities

• The company also has a product development centre, which
allows them to design, develop, engineer and manufacture their
UAVs in-house
Figure 17: Product development expense as a % of Revenue
(Rs Million) Product Development Expense As a % of revenue
120.0 70.00%
61.53% 113.97 60.00%
100.0
50.00%
80.0 86.14 89.21
76.50 40.00%
60.0
25.70% 30.00%
40.0
20.00%
20.0 7.15% 10.00%
5.48%
0.0 0.00%
Source: Company
Raw materials, components and supply chain

• The primary raw materials required for manufacturing of
Ideaforge’s products are composites, plastics, and electronic
components, which are procured domestically as well as
internationally
• It also requires other raw materials, such as metals and
machined parts, most of which are sourced from the domestic
suppliers
• Raw materials comprise a major portion of cost for all its
products. The company is able to leverage their wide and diverse
network of suppliers to ensure that their supply chain remains
unaffected for development of moulds/tools required for the
manufacture of various of the company’s products
Figure 18: Imported components as a % of revenue of material costs
(Rs Million) Component Imports As a % of revenue
As a % of Material costs
300 80%
69.20%
70%
250 264.48
56.46% 60%
200 58.52%
44.05% 50%
51.47% 196.14
150 40%
152.93
32.12% 30%
100
20%
50 16.59% 14.06% 10%
44.97
0 0%
Source: Company
Workforce
• The company has 252 permanent employees across various
functions, as of December 31, 2022.
• The operations are enhanced by five personnel engaged as
consultants and 251 employees on a contractual basis primarily
as technicians for providing support to the manufacturing team
• The company has also engaged 30 contractual labourers for
carrying out various activities such as manpower support
services, security and housekeeping
Figure 19: Permanent Employee strength – December’2022
Department Number of employees
Sales and business development 22
Product development (software) 33
Product development (mechanical) 62
Production 12
Product management 6
Marketing 10
Manufacturing 17
Quality assurance team 18
Management 5
Finance 10
Customer support and success 28
Supply chain management 13
Corporate administration

16
Source: Company
Competition
Ideaforge faces competition from Indian companies, such as Asteria
Aerospace Private Limited, DCM Shriram Limited, Adani Defence and
Aerospace (Adani Enterprises Limited), as well as other international
companies such as Lockheed Martin Corporation and Autel Robotics
Corp. Limited, which either operate in the same line of business and
offer similar products to Ideaforge.
Drone Company Benchmarking

IdeaForge drones features a variety of use cases across defence and
civil segments. Compared to other Indian drone pure play drone
manufactures, IdeaForge had the highest revenue of US$ 21.82mn
in FY22. In comparison to global peers, basis the available data,
IdeaForge registered the highest EBITDA margin of 45.9% in FY22.
Figure 20: Drone company Benchmarking (Domestic)
Figure 21: Drone Company Benchmarking (Global)
Comparison with Listed Industry Peers

• There are currently no listed pure play drone manufacturing
companies in India.
• The below peer group is a proxy comparable, basis defence being
a key application, as well as being involved in the manufacture of
electronics, both of which are applicable to drones.
Figure 22: Financial Comparison ‐ Profit Margins
Gross IdeaForge 53.4% 47.3% 74.1% 72.7%
Data Patterns 64.1% 68.6% 72.3% 64.8%
EBITDA Margin (%) IdeaForge (89.4)% (31.3)% 45.9% 44.5%

Data Patterns 27.7% 41.1% 45.4% 32.8%
PAT IdeaForge (96.0)% (42.1)% 27.6% 32.4%

Data Patterns 13.5% 24.8% 30.2% 22.5%
Source: 1 Lattice Report, Note – EBITDA IS Calculated here as Profit Before Tax + Finance Cost + Depreciation and Amortization – Other Income
Figure 23: Financial Comparison ‐ Revenue and Profit metrics
Parameters
Company FY20 FY21 FY22 1HFY23
(in Rs mn)
Revenue from IdeaForge 140.0 347.2 1,594.4 1,395.5
Bharat Electronics Limited 1,29,676.7 1,41,086.9 1,53,681.8 71,022.0
Data Patterns 1,561.0 2,239.5 3,108.5 1,565.3
COGS IdeaForge 65.3 183.0 412.2 381.5

Hindustan Aeronautics Limited 93,873.6 1,11,914.1 1,00,012.2 28,562.4
Data Patterns 560.9 704.1 860.7 551.3
Gross Profit IdeaForge 74.7 164.2 1,182.2 1014.0

Hindustan Aeronautics Limited 1,20,578.0 1,16,909.1 1,46,188.0 59,110.1
Data Patterns 1,000.1 1,535.4 2,247.8 1,014.0
EBITDA IdeaForge (125.1) (108.7) 731.2 620.7

Hindustan Aeronautics Limited 49,031.1 53,362.6 54,085.6 24,479.2
Data Patterns 431.7 919.9 1,410.4 514.0
PAT IdeaForge (134.5) (146.3) 440.1 452.1

Hindustan Aeronautics Limited 28,826.5 32,455.5 50,798.8 18,413.5
Data Patterns 210.8 555.6 939.70 352.9
Figure 24: Financial Comparison ‐ Ratios
IdeaForge ‐19.70% ‐24.50% 26.90% 14.20%
ROE (%)
Data Patterns 13.70% 26.70% 16.40% 6.00%

IdeaForge ‐21.80% ‐14.50% 37.60% 17.20%
ROCE (%)
Data Patterns 21.10% 33.60% 22.30% 7.70%

IdeaForge 2.7 2 7.3 NA
Gross Fixed
Hindustan Aeronautics Limited 1.8 1.7 1.7 NA
Asset Turnover
Bharat Electronics Limited 3.2 3.2 3.1 NA

MTAR Technologies Limited 1.1 1 1.1 NA


Data Patterns 5 6.2 5.4 NA

IdeaForge 824.7 622.1 413.3 608.7
Hindustan Aeronautics Limited 793.1 560.6 499.1 1,752.10
Cash Conversion Bharat Electronics Limited 266.8 247.6 236.3 NA
Cycle (Days) MTAR Technologies Limited 332.3 423.1 509.8 877.9
Astra Microwave Products 500.8 390.9 351.7 955
Data Patterns 674.9 574.2 579 1,506.70

IdeaForge ‐164.7 ‐308.1 655.2 0.8
Hindustan Aeronautics Limited 15,273.90 1,51,170.0 1,00,327.8 33,097.00
Cash Flow from Bharat Electronics Limited 25,704.10 50,932.20 42,072.20 ‐25,116.00
Operations (INR M) MTAR Technologies Limited 562.2 86.1 ‐298 ‐183.6
Astra Microwave Products ‐72.8 ‐246 1,146.70 ‐653.2
Data Patterns 134.5 433.8 502.5 ‐720.8
Key Strengths
Market leader with First Mover Advantage
Ideaforge is the market leader in the Indian UAS market, with a
market share of approximately 50% in Fiscal 2022. It was among
the first few companies in India to enter the UAV market and the
first organisation to indigenously develop and manufacture VTOL
UAVs in India in 2009. In 2010-11, they developed the NETRA UAVs
in partnership with one of the GoI enterprise.
The company has the largest operational deployment of UAVs across
India and are ranked 7th globally in the dual-use (civil and defence)
category drone manufacturers.
Their in-house capabilities to design, develop, engineer and
manufacture have enabled them to build a fully integrated system
and having control over the full stack differentiates them from other
players in the market.
As a result of their leadership position and their first mover
advantage, they have been able to create a better user experience
based on customer’s insights and with continuous technology
improvements. This enables them to acquire new customers and add
more use cases.
Diversified portfolio and full stack of UAVs

The company has a diversified product portfolio of UAVs built for
multiple use cases and have one of the industry’s leading product
portfolios targeted at surveillance and mapping solutions.
Their UAVs are deployed in multiple use cases across defence and
civil sectors and can be modified to address construction,
infrastructure, retail, agriculture and delivery applications. Their
UAVs can also be customised as per their customer specifications.
Ideaforge is one of the very few vendors globally to have a full stack
UAV solution, along with a GCS software, firmware and solutions as
well as robust after sales support.
They have a subscription based customer support product called
IdeaForge Care and a proprietary offering called BlueFire Live which
enables live streaming from UAVs and payload control among other
software offerings.
Strong relationships with a diverse customer base

Ideaforge has a diversified base of 265 customers as of December
31, 2022. It caters to domestic and international customers across
defence and civil sectors, primarily for surveillance, mapping and
surveying.
The company’s focus on product quality and reliability over the years
has led to customer stickiness. About 35% of their total customers
are repeat customers who have placed at least two orders with the
company. The company derives about 68% of their revenues (for the
period April 1, 2018 to December 31, 2023) from about 60
customers with a vintage of upto five years.
Product development capabilities powering software,

solutions and product differentiators
Ideaforge is a vertically integrated company equipped with in-house
technology development centre, which allows them to design,
develop, engineer and manufacture their UAVs.
The company’s focus on product development has been instrumental
in the growth of their business and improve their ability to customize
solutions for their customers as well as reduce their cost of products
while maintaining margins.
They are one of the few OEMs globally to have their own proprietary
autopilot system have developed other software offerings which help
them to differentiate their products. As of 2023, they have 8 granted
patents in India and 10 granted patents internationally.
Further they have applied for 19 patents which are pending at
various stages in India, and 22 patents which are pending at various
stages internationally.
In-house design to delivery capabilities

In-house design to delivery capabilities allows the company to
design, develop and engineer their UAVs in line with the needs of
customers, which includes the software stack required for their
UAVs.
It has led the company to develop various NETRA series UAVs, basis
the evolving needs of customers and technological advancements
Experienced board, management and operating team

The Promoters of the Company are Ankit Mehta, Rahul Singh and
Ashish Bhat who along with Vipul Joshi(CFO) and Vishal Saxena(VP)
have knowledge and understanding of the drone industry in India
and are involved in the strategic planning, operations, design and
production development, and have a cumulative experience of more
than 85 years. The core team has been instrumental in the growth of
the business.
Figure 25: Board of Directors
Name of Director Designation Background
He holds degree in bachelor of technology in electrical engineering from
Indian Institute of Technology, Delhi and a post‐graduate diploma in
Srikanth Chairman and Independent management from Indian Institute of Management, Ahmedabad. He is
Velamakanni Director associated with Fractal Analytics Private Limited as the co‐founder, group
chief executive and executive vice chairman. He has been on the board since
December 14, 2022
He holds a degree in bachelor of technology in mechanical engineering under
the dual degree programme and a degree in master of technology in
Chief Executive Officer and mechanical engineering with specialization in computer aided design and
Ankit Mehta
Whole‐Time Director automation under the dual degree programme from Indian Institute of
Technology, Bombay. He has been associated with the Company since its
incorporation and is one of the promoters of the company
He holds a degree in bachelor of technology in mechanical engineering from
Vice President‐Engineering and
Rahul Singh Indian Institute of Technology, Bombay. He has been associated with the
Whole‐Time Director
Company since its incorporation and is one of the promoters of the company
Vice President‐Research & He holds a degree in bachelor of technology in electrical engineering from
Ashish Bhat Development and Whole‐Time Indian Institute of Technology, Bombay. He has been associated with the
Director Company since its incorporation and is one of the promoters of the company
He has been associated with the Company since November 28, 2017. He
Ganapathy holds a degree in bachelor of engineering in electrical and electronics
Non‐Executive Nominee Director
Subramaniam engineering from Bharathidasan University. He was previously associated
with Texas Instruments (India) Private Limited.
He has been associated with the Company since June 24, 2022. He holds a
degree in bachelor of engineering in mechanical engineering from Anna
University, Madras, and a post‐graduate diploma in management from
Mathew Cyriac Non‐Executive Nominee Director
Indian Institute of Management, Bangalore. He was previously associated
with Blackstone Advisors India Private Limited, DLJ Merchant Banking
Partners, Bank of America and Credit Suisse First Boston Corporation.
She holds degree in post‐graduate honours diploma in personnel

management and industrial relations from XLRI Jamshedpur. She was an
Sutapa Banerjee Independent Director advanced leadership fellow at Harvard University in 2015. She was previously
associated with Royal Bank of Scotland N.V., ABN AMRO Bank and Ambit
Capital Private Limited. She has been on the board since December 14, 2022
He holds degree in doctor of philosophy from Jai Narain Vyas University,
Jodhpur. He is a designated senior advocate in the Rajasthan High Court,
Vikas Balia Independent Director
Jodhpur, and also is an associate member of the Institute of Chartered
Accountants of India. He has been on the board since December 14, 2022
Source: Company
Business strategy
Continue investing in product innovation, engineering and
design
Ideaforge intends to continue investing in product innovation,
engineering and design as the drone industry is at a nascent stage
and therefore the requirements are continuously evolving.
Continuous product development by way of product and market
research has become integral for growth in the UAV industry and
consequentially, many drone manufacturers are laying emphasis on
product development and testing.
Competitive advantage being transient, the company believes
investments in technology, business models, new offerings and
customer facing processes are essential to grow and maintain
competitive advantage.
Expansion in International markets

The company plans to leverage their knowledge of the industry, and
technology innovation capabilities, in the international markets. As
per 1Lattice Report the global drone industry is likely grow at a
CAGR of 20% to be approximately US$ 51.4 billion in 2027 and
further leap to US$ 91.3 billion by 2030 (Source: 1Lattice Report)
presents an opportunity.
The company is currently present in Oman and USA and are
evaluating expansion in Bangladesh, Vietnam and Nepal. The
company aims to be able to further expand their presence in the
United States, which is expected to be the biggest market for drones
and estimated to be US$ 10.2 billion in 2022, growing to US$ 20.2
billion in the year 2027(as per 1Lattice Report)
The company also expects the current geo-political environment,
economies decoupling from China to aid them in their international
expansion.
Expansion of product portfolio and catering to new end-use

applications and industries
The company intends to continue to expand their product portfolio
and plan to provide differentiated offerings to their customers.
Drones are being explored extensively across various industries,
including construction, real estate, e-commerce, agriculture, utilities
and energy, financial services, and media and entertainment.
It plans to leverage its experience to strengthen its industry position,
by developing new products to capitalise on emerging trends and to
identify new end-use cases which have a significant growth potential
and the economic viability to introduce new products. Currently, the
company primarily caters to surveillance and mapping applications,
and plans to expand to inspection and delivery applications in the
future.
Focus on indigenisation
The company is evaluating the potential of domestic vendors for the
supply of components in order to reduce their dependency on import
of components from global vendors and suppliers. The company
imported components worth 16.59% of their revenue in FY22.
The company is a beneficiary of the PLI Scheme launched in
September 2021 by the Government of India, which offers certain
incentives for drone makers, to encourage and boost manufacturers
to develop their products in India and export them. The company
aims to take benefit of the scheme and “Atmanirbhar Bharat
Abhiyan” initiative of the government to increase indigenisation. The
company also has an arrangement with a start-up company for
development of indigenous UAV propulsion systems.
Focus on business services and software revenue through ‘as

a Service’ offerings
Ideaforge intends to offer its hardware and software capabilities to
expand its business services revenue by providing ‘drone as a
service’ (“DraaS”) and ‘Software as a Service’ (“Saas”) offerings.
DraaS is a ready-to-fly network of drones which will allow users to
schedule or request on-demand flights, without owning hardware,
software or trained manpower. The customers can avail drone
services on ‘pay per use’ basis.
MapAssist and BlueFire Live! solutions are offered as a SaaS model
where customers can subscribe to the package as per their
requirements. The company will continue to look for opportunities to
offer their software and solutions as SaaS offerings in the future.
Pursue strategic investment and acquisition opportunities

The company intends to selectively pursue strategic investment and
acquisition opportunities that complement its growth strategy or
strengthen or establish its presence in their targeted domestic and
overseas markets.
They also intend to form strategic alliances with global and domestic
players in various segments of the drone industry that bring
synergies to their business
Financial highlights
Revenue from operations has increased at a CAGR of 237.48% from
Rs 139.99 Million in FY20 to Rs 1,594.39 Million in FY22 led by
growth in drone sales.
Figure 26: Revenue from operations over FY20‐1HFY23
(Rs Million) Revenue from Operations
2,000
1,500
1,594.39
1,395.48
1,000
347.18
139.99
500
0
Source: Company
Figure 27: Revenue mix between Civil and Defence
(Rs Million) Revenue from Civil Revenue from Defense
1,800
1,600
1,400 317.73
133.86
1,200
1,000
1276.66
800
1261.62
600
400 298.89
200 93.08
46.91 48.29
0
Source: Company
Figure 28: Trend in revenue from operations by products vs services

(Rs Million) Revenue from services Revenue from products
1,800
54.98
1,600
19.87
1,400
1,200
1,539.30
1,000
1,375.50
800
600
37.04
400
310.14
200 21.52
0 118.47
Source: Company
• Sale of products grew at a CAGR of 260.46% from FY20-22 and
sale of services grew at a CAGR of 59.84% from FY20-22.
Figure 29: Trends in Gross margin

(Rs Million) Gross Profit(LHS) Gross Margin(RHS)
1400 80%
74.15% 72.66%
1200 70%
53.37% 1013.96
1000 1182.18 60%
47.28% 50%
800
40%
600
30%
400 20%
164.15
200 74.71 10%
0 0%
Source: Company
Figure 30: Employee benefit expenses
(Rs Million) Employee benefits expense As a % of revenue
300 268.53 100%
91.75%
238.14
250 80%
192.49
200
60%
150 128.45
55.44%
40%
100
50 20%
16.8… 17.07%
0 0%
Source: Company, *‐ % of revenue from operations
Figure 31: EBITDA margins over FY20‐1HFY23

(Rs Million) EBITDA(LHS) EBITDA Margin(RHS)
800 47.12% 60%
700 47.26%
40%
600 751.31 659.52
500 20%
400 0%
300
200 ‐20%
100 ‐26.65%
‐40%
0 ‐101.91 ‐92.51 ‐60%
(100)
(200) ‐72.80% ‐80%
Source: Company
Figure 32: PAT turns positive from FY22
(Rs Million) PAT(LHS) PAT Margin(RHS)
500 40%
400 32.40% 20%
27.60%
300 0%
‐20%
200
‐42.13% ‐40%
100
440.06 452.12 ‐60%
0 ‐80%
‐134.46 ‐146.26
(100) ‐100%
‐…
(200) ‐120%
Source: Company
Figure 33: Trend in ROE & ROCE

(%) Return on Equity(ROE %) Return on Capital Employed(ROCE)
60%
49.63%
50%
40%
30% 39.46% 19.94%
20%
18.77%
10%
0%
‐10% ‐18.04% ‐15.18%
‐20%
‐22.88%
‐30% ‐…
Source: Company
Figure 34: Trend in Cash Flow from operations
(Rs Million) Cashflow from Operations
800
600 665.2
400
200
0.76
0
‐164.67 ‐308.13
(200)
(400)
Source: Company
Industry overview
Source: 1Lattice Report (prepared by Praxian)
Evolution of the global UAV/drone Industry

• UAVs are a subset of unmanned aerial systems (UASs), UAS
includes not only the unmanned aerial vehicles or drones, but
also the Ground Control Station on the ground controlling the
flight and the system in place that connects both of them.
• A UAV is a component of the UAS, since it refers to only the
vehicle/aircraft itself. UAS also comprises of elements such as
camera, GPS, system software and tools required for
maintenance.
• While components such as cameras and GPS have developed in
their own respective timelines, drone system software and
ground control systems have evolved along with drones.
• Drones have been used by armies all around the world for
training, defence, surveillance operations and strikes on targets
since the 1800s. Commercial drone permits weren't issued for
almost 150 years after the first military usage of drones, despite
the advancement of drone technologies.
• Today, drones are used in a wide variety of defence and civil
applications that are growing across industries.
• Drone technology is a sunrise sector, poised for exponential
growth worldwide. Its recent exponential expansion has been
fuelled by the rise of multiple use cases across varied industries.
Figure 35: Evolution of the Drone Industry
Source: 1Lattice Report
Figure 36: Drone Use case Evolution
Drone regulations
• With evolution of drone usage, the global regulatory landscape
has also evolved in sync with the industry needs to enable
innovation and widespread acceptance of drones.
• Drones are increasingly being used in defence and civil
segments. In civil, there are variety of industries, including
infrastructure, retail, agriculture, logistics, and many more. As a
result, these markets have seen significant capital invested in
their drone ecosystems and are driving innovation within the
market
• The increasing usage of drones has prompted a variety of
responses from legislators around the world.
• Nations like Australia, U.K. and China have made it possible for
businesses to use drones with minimal regulations, while some
nations such as Cuba, Iraq, Iran, and Kuwait have officially
outlawed the use of unmanned aircraft, others have established
legislation allowing for more experimental use of the technology.
• General national drone usage guidelines typically include the
following components – pilot's license, LOS operations, flight over
people, registration rules etc.
Figure 37: Drone Regulatory environment across countries
Key trends in the global drone industry

• Relaxation in drone regulations: Several aviation authorities
have relaxed their guidelines to allow commercial and
recreational use of drones. Previously, without a waiver,
unmanned aircraft were generally not permitted to fly over
people or out of the operator's line of sight. But as laws soften
and drone usage increases for business purposes, widespread
use of drones is sure to follow.
• Growth in Enterprise usage: Technological advances from
defence-funded R&D are anticipated to produce more enterprise-
ready drone technology, accelerating adoption in the enterprise
sector. Enterprise usage will continue to be driven by applications
in GIS, agriculture, utilities, construction, oil and gas etc. due to
low cost of service, improved operational efficiency, accuracy of
data and safety. A few industries like mining, construction and
agriculture have used drones for the past few years due to a
healthy return-on-investment evaluation in such use cases.
• Drone-as-a-service: The "As a Service" concept has gained
much traction in the tech sector. Similarly, corporations are using
drones-as-a-service models, which is gaining significant traction
due to higher operational efficiency and reduced cost. Drones can
help various industries by incorporating specialized software into
the embedded system, such as construction, mining, agriculture,
utilities etc.
• Positive attitude towards BVLOS: Drones can travel great
distances while operating in BVLOS, which increases data
collection and boosts operational effectiveness. This is important
for many industries, including security, data gathering and
logistics. Nations such as the UK, Canada, Singapore, and Kenya
have allowed BVLOS operations for different purposes and use
cases. Considering the improving regulatory attitudes, it seems
that BVLOS would be enabled on a larger scale.
• A shift in the demand away from Chinese drones: Countries
have been disassociating from Made in China drones due to rise
in anti-China sentiment and data-related security concerns.
• Drone swarms is an emerging trend: In China, drones
collectively navigated a dense forest with their trajectories
controlled by central computers monitoring their positions and
issuing commands. AI-enabled swarm drones can also boost
operations readiness at the borders of neighbouring countries.
• Drone in a Box (DiB): It allows drones to navigate and return
to self-contained landing "boxes." The three necessary
components required to successfully implement DiB include a
drone with automatic charging, a box for drone launch and land
and a control software used to control flight routes.
• Covid-19 impact: Applications of drones during the pandemic
resulted in altered perceptions of drones and boosted support for
non-emergency uses. The drone industry was growing at a
normal pace before the pandemic. However, due to the growing
drone usage across different sectors, relaxation and simplification
of drone regulations and growing drone benefits ranging from
cost competitiveness to reduction in labour risk, have contributed
more to the growth of the drone industry at a faster pace.
Factors driving drone adoption

• Low operation cost of drones: Drones can significantly reduce
fuel and labor costs compared to conventional methods. Drones
can be proved useful if high volume of deliveries are to be
fulfilled across a larger geography compared to traditional
methods, helping save resources and reduce costs for
enterprises.
• Environment-friendly: Due to use of battery-based technology
make drones operate on renewable energy making them
environment friendly.
• Time efficiency: Drones facilitate faster, reliable delivery
services by providing a predictable delivery time. In France
during a cost assessment analysis of drones, drone delivery of
biomedical samples took about 15 minutes on average, compared
to 42 minutes estimated for road delivery.
• Advancement in technology: Due to technological
advancement, drones can conduct large-scale operations.
Mapping and surveillance applications are widely used in mining,
construction, traffic management, earth sciences etc.
• Authentic data collection: Any innovation that might improve
and facilitate data collection is highly desired. Thus, drones
gained value for authentic data collection thus providing higher
return on their investment.
• Favourable regulations: Despite initial opposition to defining
clear drone regulations, the last decade has seen a shift in policy
and regulatory approach. The laws governing drone operations
are currently being liberalized to unleash the full potential of
drones.
Global Drone industry and Market Size
• The global drone industry is estimated to be US$ 21.1bn in CY22.
The industry has witnessed a significant growth at a CAGR of
19% over CY18-22 and is expected to grow even faster at a
CAGR of 20% to be ~US$ 51.4bn in CY27 and further leap to
~US$ 91.3bn by CY30.
Figure 38: Global drone industry market size
In US$ bn Global drone market size
100 91.3
90
80
70
60 51.4
50
40
30 21.1
17.7
20 10.4
10
0
CY18 CY21 CY22E CY27P CY30P
Drone segments by application

Drone applications can be majorly clarified into 4 broad categories,
Surveillance, Mapping, Inspection and Delivery
Figure 39: Drone application segments
• Surveillance: Drones provide high-performance aerial vision

providing a real-time video feed, in daytime as well as night via
advanced payloads. Drones provide an easy way to get a bird’s
eye view of large areas. These days drone are also equipped with
advanced analytics capabilities such as, target detection, target
tracking and moving target indicator.
• Mapping: Drone technology showcases a huge potential for
surveyors and GIS services where aerial photographs taken from
drones using different types of sensors can provide accurate
mapping information.
• Inspection: Inspection drones are redefining manual inspection
procedures by enabling inspectors to collect inspection data
rapidly while eliminating risky, labour-intensive human stages.
• Delivery: Drone delivery services can be used to distribute
prescription drugs, packages, groceries, food, and other home
healthcare supplies.
The growth and adoption of drones in a particular industry is driven

by the direct correlation between the benefits of drones and evolving
nature of the use cases.
The L1 use cases encompasses both military and civil (non-military)
applications, while L2 technology encompasses the deployment of
drones across various non-military settings with the aim of reducing
the need for human labour, time and productivity
Figure 40: Drone Market Segmentation by use case
• Similar to microwaves, computers, GPS and the Internet, drones

were initially created for military purposes but have now also
evolved for enterprise and civil usage.
• While traditional uses for drones, such as security, surveillance,
and monitoring, continue to expand, especially in areas where
labour costs and human risks are high, almost every industry has
room for this technology, from real estate, construction, and
mining to public safety, insurance, journalism, agriculture,
transportation, energy, and telecommunication costs.
Figure 41: Global drone market by segment
Defence market
• The growth of artificial intelligence and robotics-based
applications in drones have led to their increased adoption in the
defence sector.
• The global defence drone market size was estimated to be
around 60% of the entire drone market at US$ 6.3B in CY18.
• The market is projected to grow from US$ 10.1bn in CY22 to US$
17.1bn by CY27 and US$ 23bn by CY30, exhibiting a stable CAGR
of around 11% during CY22-27 and CY27-30.
• With global defence spending growing at a CAGR of 4.4% from
US$ 1.86trn in CY18 to US$ 2.11trn in CY21 and the race to gain
air superiority, the defence sector is expected drive innovation in
the overall drone market and remain a significant contributor till
CY27.
• By use case, drones in defence can be classified as large, micro
and counter drones.
• Spend on the large defence drones, which are high altitude
pseudo satellite (HAPS), high altitude long endurance (HALE) and
medium altitude long endurance (MALE) drones, account for and
will continue to account for the highest share of global defence
market, but micro drones, which are compact rotary drones, are
on the rise.
• The global defence drone market expansion is anticipated to be
aided by the rise in defence spending as more nations purchase
modern, technologically advanced military drones/UAVs for
enhanced combat capability from drone suppliers who benefit
from high entry barriers like capital requirements and
technological prowess in the defence industry.
Figure 42: Global Defence Drone Market Size

In US$ Bn Defence drone market size
25 23.0
20 17.1
15
10.1
9.0
10
6.3
5
0
Civil Market
• Civil drone segment comprises of enterprise, consumer, logistics
and passenger segments.
• Enterprise drone market has been the fastest-growing drone
market segment, having grown at a CAGR of 43% from CY18 to
CY22.
• It is the second largest market after the defence sector, pegged
at US$ 7.1B in CY22.
• Drones are expected to be employed on a massive scale in
various industries, with construction and real estate and
agriculture being the most significant segments of the enterprise
drone market due to them being early adopters of the
technology.
• Research and development into advanced drone technology and
industry-specific software are expected to drive adoption and
improved operational efficiencies.
Figure 43: Enterprise Drone Market Size
In US$ Bn Enterprise drone market size
30 28.0
25
20.8
20
15
10 7.1
5.3
5 1.7
0
Figure 44: Key Sub‐segments in Drone Enterprise Segment
GIS, construction and real estate segment

• The GIS, construction and real estate drone market comprises of
GIS, construction, built inspection and real estate markets
combined.
• The market is expected to go from US$ 4.2B in CY22 to US$
12.2B in CY27, growing at a CAGR of 24%, with real estate being
the fastest growing segment amongst the three and construction
to make up ~77% of the construction and real estate market in
CY27.
Figure 45: Construction and Real Estate drone Market Size
In US$ Bn Construction and Real estate drone market size
GIS & Construction Built inspection Real estate
16
14 1.6
12 1.1 2.5
10 1.7
8
6 11
0.2 9.4
4 0.5
2 3.5
0
CY22E CY27P CY30P
Agriculture segment
• Drone technology is increasingly being used by agricultural
businesses worldwide to modernize farming.
• Agriculture drones would carry sensors that can provide real-time
information on crop status or animal movement, allowing for
efficient and precise decision-making on operations and
management.
The global agriculture drone market is estimated to be US$ 0.6B
in CY22 and projected to reach US$ 2.5B by CY27, growing at a
CAGR of 32%.
Figure 46: Agricultural Drone Market Size
In US$ Bn Agriculture drone market size
5 4.0
4
4
3 2.5
3
2
2
1 0.6
1
0
CY22E CY27P CY30P
Oil and Gas Segment

• Drones are used in the oil and gas sector to check platforms on
land and at sea, pipelines, and refineries.
• The global oil and gas-based drone market is currently valued at
US$ 0.4B in CY22, which is projected to reach US$ 1.4B by CY27,
growing at a CAGR of 28%
Figure 47: Oil and Gas Market Size
In US$ Bn Oil and Gas market size
2 1.8
2 1.4
1 0.4
0
CY22E CY27P CY30P
Mining Segment
• The primary use cases of Drones at mines include surveying and
mapping, stockpile management, and road haulage optimization.
The global mining-based drone market is currently valued at US$
0.2B in CY22, projected to reach US$ 0.8B by CY27, growing at a
CAGR of 32% over CY22-27.
Figure 48: Mining Market Size
In US$ Bn Mining market size
2
1.3
1
0.8
1
0.2
0
CY22E CY27P CY30P
Utilities Segment
• The utilities sector encompasses tower inspection, power
transmission and wind turbines, among others. The drone utilities
market is expected to grow at a CAGR of 28% from US$ 0.2B in
CY22 to US$ 0.7B in CY27.
Figure 49: Utilities Market Size
In US$ Bn Utilities market size
2
1.2
1
0.7
1
0.2
0
CY22E CY27P CY30P
Public Safety segment

• Drone usage for public safety has primarily two use cases their
utility in emergency and law enforcement scenarios.
• The public safety-based drone market is currently valued at US$
1.1B in CY22 and is projected to reach US$ 2.7B by CY27,
growing at a CAGR of 20%.
Figure 50: Public Safety Market Size
In US$ Bn Public safety drone market size
5
4.0
4
3 2.7
2
1.1
1
0
CY22E CY27P CY30P
Enterprise Counter Drone Segment

• Counter drone technology, which is often referred to as counter-
UAS, C-UAS or counter-UAV is the system that is used to detect
and disable an unmanned aerial vehicle.
• Enterprise counter drones primarily consist of drones used at
airports, nuclear power plants, prisons, oil and gas, enterprise
airspaces, municipal airspaces and other commercial spaces for
drone attack detection and mitigation.
• The counter-drone market is expected to grow at a CAGR of 12%
from US$ 0.3B in CY22 to US$ 0.5B in CY27.
Figure 51: Enterprise Counter Drone Market Size
In US$ Bn Enterprise counter drone market size
1
0.6
1
0.5
1
0
0.3
0
0
0
0
CY22E CY27P CY30P
Consumer drone segment

• Consumer drones have been operating as the face of the drone
market for the last decade; primary applications include
Recreational use and Videography for two broad categories
Journalism and Cinematography
• The current market size of the consumer market is US$ 3.6B and
is expected to grow at a CAGR of 9% to stand at US$5.5B in
CY27.
• While commercial drones are in the early adopters' phase, drone
usage by consumers is expected to reached maturity by CY27
Figure 52: Consumer Drone Market Size
In US$ Bn Consumer drone market size
7 6.6
6 5.5
5
4 3.6
3.2
3 2.3
2
1
0
Logistics Segment
• The drone logistics market is currently valued at US$ 0.3B in
CY22 and is projected to reach US$ 33B by CY30.
• This market growth can be attributed to surging demand for
efficient logistics and last-mile delivery and technological
advancements such as Vertical Take-Off and landing (VTOL),
geospatial mapping, IoT, and machine learning resulting in higher
accuracy of package delivery.
Figure 53: Logistics Market Size
In US$ Bn Logistics market size
35 33.0
30
25
20
15
10 7.8
5
0.1 0.3
0
CY21 CY22E CY27P CY30P
Passenger Segment
• Passenger drones (also called air taxis, eVTOLs, flying cars, etc.)
will be used to transport passengers over short and medium
distances flown manually, remotely, or automatically.
• The global passenger drone market size is currently in a very
nascent stage valued at less than US$ 0.1B and is anticipated to
grow to US$ 0.2B in CY27 at a CAGR of 26% during CY22-27.
Figure 54: Passenger Market Size
In US$ Bn Passenger market size
1
0.7
1
1
1
0
0
0.2
0
< 0.1
0
0
CY22E CY27P CY30P
Drone Industry by Geography

• The growth in the overall drone market across regions is
anticipated to be driven by relaxations in regulations and testing
of drone applications. Several governments are working out ways
to form regulations for the adoption of drones in commercial
applications.
• In CY22, USA is expected to be the biggest market for drones
standing at US$ 10.2B with ~49% market share and predicted to
grow to US$ 20.2B in CY27.
• The agriculture drone market is expected to witness a steady
growth in the APAC region with China at the forefront of the
market.
• With the Government of China providing various subsidy schemes
and favourable domestic policies for drone usage in industries,
energy, agriculture and consumer markets are expected to drive
growth in the coming years.
• The Indian government is also encouraging the adoption of
drone technology in agriculture and has released standard
operating procedures (SOPs) for drone-assisted pesticide and
nutrient application. There is a growing number of Unmanned
Aircraft Operator Permits in India currently. With the new ‘The
Drone Rules 2021’, PLI scheme, UTM policy and liberalized drone
policy, India is also positioned to become a global manufacturing
hub for drone technology
Figure 55: Global Drone Market by Geography
Key Challenges in the Drone Industry

• Drone safety is still a concern, as are the effects on ecology,
security, and privacy.
• Additional problems include consequences on jobs and fair use.
• Future emergency responses may be enhanced by creating a
regulatory framework for drones that considers issues beyond
safety.
Figure 56:Key Challenges in Drone Industry
Overview of Indian UAV/Drone Industry

Evolution of Indian UAV/Drone Market
• Indian Army acquired drones from Israel in the 1990s for
surveillance during the 1999 Kargil war against Pakistan for
photo surveillance along the Line of Control (LOC).
• In CY14, the Directorate General of Civil Aviation (DGCA) under
the MoCA (Ministry of Civil Aviation) banned the use of
commercial drones in India until it formulated proper rules and
regulations to govern their usage.
• In CY18, the DGCA released the CAR (Civil Aviation
Requirements), which established a paperless procedure for filing
permits for drone activities and registering licenses for drones,
owners, and pilots.
• In CY20, drones played a crucial role in maintaining social
distance and performing sanitization operations during the peak
of COVID-19. Indigenously developed drones were used to
deliver COVID-19 vaccines to access compromised areas and
strengthen the vaccine delivery system.
• With the new 'The Drone Rules 2021’, individuals and
organizations in India are set to find it easier to own and operate
drones, setting the stage for the broader use of drones in the
country.
• As a part of reforms to make India a global drone hub by CY30,
the government also launched Production-Linked Incentive (PLI)
scheme for drones and drone components companies in
September 2021 to enable drone manufacturing in India.
Figure 57: Evolution of Indian Drone Market
Drone Regulations in India

• The policy environment in the Indian drone space is becoming
more liberal and relaxed with regulations such as ‘The Drone
Rules 2021’
• ‘The Drone Rules 2021’ have list of compliances that drone
operators must be aware of to ensure full compliance and few
restrictions in place with specific emphasis on approvals.
Permission was mandatory for commercial use of drones, this
limitation was eased with ‘The Drone Rules 2021’, which were
curtailed in the regulations released in August 2018.
• As of February 2022, India banned the import of drones and
drone components except for security and defence, to encourage
the domestic drone manufacturing industry and make India a
global drone hub by CY30.
• On 9th February 2022, The Directorate General of Foreign Trade
(DGFT) under the Ministry of Commerce and Industry, modified
the Indian Trade Classification (Harmonised System) 2022
Schedule-1 (Import Policy) and banned the import of drones in
completely-built-up (CBU), semi-knocked-down (SKD) or
completely-knocked-down (CKD) form, with some exceptions.
Figure 58: Evolution of Drone Regulation in India
Indian drone industry market size

• As of CY22, the potential market size for Indian drone industry
was approximately US$ 2.71B
• In terms of business model, the drone market is made up of
drone hardware, software, and services.
• In CY22, Defence industry has the highest potential of US$ 1.28B
out of the total drone market, followed by Logistics at US$ 0.76B
and Enterprise at US$ 0.48B.
• The Indian market potential for passenger stands at US$ 0.08B in
CY22.
• Indian drone industry is expected to grow owing to driving
factors such as the government's regulations such as New Drone
Policy 2021/2022 and PLI scheme etc. to transform India into a
worldwide hub for drones by creating a favourable and supportive
ecosystem.
• Furthermore, growing drone use cases and their future
applications, an upsurge in start-ups and investments will fuel
the drone industry in India.
• The Indian drone market is projected to grow from US$ 43M by
FY22 to US$ 812M by FY27, exhibiting a growth CAGR of 80%
FY22-27.
• Major drivers behind drone industry growth are industry
favourable policies, increased demand for monitoring and
surveying, cost-effective data collection, and introduction of new
use cases such as utilities and search and rescue operations.
Figure 59: Indian Drone Market
In US$ mn Indian drone market (Hardware and software)
900 812
800
700
600
500 CAGR
400 80%
300
200
100 12 43
CAGR
0 424%
FY21 FY22 FY27P
• By CY27, drone software and services are expected to be a larger

market than drone hardware, as software and service solutions
are expected to pick up once drone fleets are maintained in the
enterprise segment.
• DraaS is a ready-to-fly network of drones which allows users to
schedule or request on-demand flights, without the hassle of
owning hardware, software or trained manpower. Customers can
avail the DraaS service as per ‘pay per use’ model which helps
reduce their initial investment and increases adoption rate.
Figure 60: Indian Drone Market Potential
Indian drone market potential
0.1 0.08
Defense
0.48 Logistics
US$ Bn 1.28 Enterprise

2.71 Consumer
Passenger
0.76
Defence Segment
• The Indian defence drone market currently has a potential of US$
1.28B in CY22.
• The key use cases for drones in India defence are surveillance,
precision strikes, and terrain mapping for scouting enemy troops.
• India is looking to procure mini Remotely Piloted Aircraft Systems
(RPAS), long-range surveillance systems, and inertial navigation
systems.
• Indian Army has also issued tenders for high and medium-
altitude logistics drones to boost the army's logistics chain and
enhance operational preparedness.
• Currently, the defence sector spends the most on drones. The
defence sector spending is majorly made up of large government
contracts.
• Since capital-intensive businesses rely on large cash inflows to
build reliable and scalable technologies, the defence sector is a
significant contributor to hardware solutions in the drone market.
• These large government contracts have allowed the defence
sector to be an early and crucial innovator of drone technology.
Enterprise Segment
• Indian enterprise drone market has a potential of US$ 479M.
• Agriculture, utilities and public safety are the most significant
segments for enterprise drones.
• Enterprises are still seeking to discover various uses for drones,
data collection, and developing software to find solutions for the
specific industry.
Figure 61: Enterprise Drone Market Potential
Enterprise split
Agriculture
6
13 Utilities
15
44 Public safety
49 208 GIS, Construction and Real Estate
US$ Bn
479 Enterprise based Couner drone
Mining
144
Oil and Gas
Drone applications and market size by sub-segment:
• Agriculture: The agriculture-based drone market is expected to

have a potential market of US$ 208M in CY22. Spraying, seeding,
crop monitoring and crop insurance are key use cases for drones
in agriculture.
Figure 62: Benefits of drone technology in Agriculture Segment
• Utilities: The Indian utility drone market is currently valued to

have a potential of US$ 144M in CY22. Drones have potential
applications in use cases such as tower inspection, power
transmission, wind turbines and solar panel inspection and
maintenance.
• Public Safety: The Indian public safety drone market is
expected to have an overall potential of about US$ 49M. The
applications of drones in Public safety primarily consists of law
enforcement and emergency services.
• GIS, Construction and Real Estate: Drone usage in Indian
construction and real estate industry is estimated to have a
market potential of US$ 44M. Applications in the sub segment
include area mapping, surveying, monitoring construction work
progress, equipment & material tracking on-site, inspection of
buildings, finding construction flaws, and 3D modelling.
• The government aims to use drone technology for implementing
SVAMITVA. SVAMITVA stands for Survey of Villages and Mapping
with Improvised Technology in Village Areas. The scheme aims to
cover 6.62 lakh villages in the country from FY21 to FY25.
• Enterprise counter-drone: The Indian mining-based drone
market is current potential is US$ 13M in CY22. The drones are
used primarily for mining across planning, operations,
environmental protection, and security.
• Oil and gas: Drone usage in the construction and real estate is
projected to have an estimated potential of US$ 6M in CY22.
Drones can directly impact the inspection and monitoring of
refineries, pipelines, and platforms by making it safer for labor
and reducing manual effort.
• Logistics: In CY22, the India logistics drone market potential
stands at US$ 0.76B. Drone applications in the segment could
include Last mile delivery and Middle mile delivery.
• Consumer: The consumer market potential is expected to be
~US$ 0.10B. Recreational use and cinematography are primary
applications of the drone in the sub-segment.
• Passenger: The passenger drone market potential is estimated
to be ~US$ 0.08B. Many companies are currently investing in
R&D for drones to transport people, mail, or carry sick people to
hospitals and medical clinics during medical emergencies.
Key trends and Growth drivers of Indian drone industry

• Made in India, government regulations and increasing drone-
based start-ups are vital factors contributing to the growth of the
Indian drone industry.
• Along with Government’s aim to turn India into a hub for drone
technology, increased use cases and emerging applications in
drone sector are some of driving factors, among others.
• By CY27 drone software and services are expected to be a larger
market than drone hardware, as software and service solutions
are expected to pick up once drone fleets are maintained in the
enterprise segment.
Figure 63: Key trends and Growth drivers of Indian drone Industry
Drone value chain in India

• Companies are active across value chain in the Indian drone
ecosystem i.e. Hardware, operations, and services:
• Hardware: Construction and maintenance of UAS-related
infrastructure
• Operations: Operations include the physical arrangements for
drones to take off and land vertically, professionals to operate
them, and counter-drone facilities.
• Services: Includes the software used to manage the information
collected by drones and services post-sale.
Figure 64: Drone Value Chain
Summary of market opportunity for Ideaforge
Robust industry outlook
• Drone technology is a sunrise sector, poised for sharp growth
worldwide, used in a wide variety of defence and civil applications
that are growing across industries.
• The global drone industry is estimated to be US$ 21.1 bn in
2022. The industry has witnessed a significant growth at a CAGR
of 19% over 2018-2022 and is expected to grow even faster at a
CAGR of 20% to be approximately US$ 51.4 bn in 2027 and
further leap to approximately US$ 91.3 bn by 2030.
• The Indian drone market is projected to grow from US$ 43 mn by
Fiscal 2022 to US$ 812 mn by Fiscal 2027, exhibiting a growth
CAGR of 80% over FY 2022-2027.
• Major drivers behind drone industry growth are industry
favourable policies, increased demand for monitoring and
surveying, cost-effective data collection, and introduction of new
use cases such as utilities inspection and search and rescue
operations.
• Ideaforge being a dominant drone player (50% market share) in
India and also looking to expand internationally, stands to benefit
from the sharp expected growth of the industry globally and in
India.
Government initiatives driving sunrise sector

• Implementing drone indigenization initiatives in use cases such
as defence, commercial, homeland security, and counter UAV
sectors, India has opportunity to target approximately Rs1,800bn
of total domestic manufacturing potential.
• India has introduced laws and policies addressing both the
demand side (through drone policy) and the supply side (through
PLI and import bans) to provide impetus to the indigenous
production of drones.
• With the notification of Drone Rules 2021, the government has
taken several measures such as reducing extensive paperwork
involved, increasing the number of “free to fly” green zones, and
simplifying granting of permission for every drone flight, among
others.
• The Directorate General of Foreign Trade (“DGFT”) under the
Ministry of Commerce and Industry, by way of notification in
February 2022, modified the Import Policy and banned the
import of drones in completely-built-up (“CBU”), semi-knocked-
down (“SKD”) or completely-knocked-down (“CKD”) form, with
some exceptions.
Indigenisation focus
• The Indian government has stepped up efforts to establish a
sustainable drone manufacturing ecosystem in India and aims to
make India the drone hub of the world by CY30.
• Initiatives of the Government of India i.e., “Atmanirbhar Bharat
Abhiyan”, wherein focus has been on indigenisation, Ideaforge
expects to take full benefit of such schemes and reduce their
dependency on imports.
• The Production linked incentive scheme (“PLI Scheme”) launched
in 2021, the Government of India will offer incentives for drone
makers, to encourage and boost manufacturers to develop their
products in India and export them to the world.
• Ideaforge is one of the beneficiaries of the PLI scheme and aims
to benefit from the scheme, under the scheme, a total incentive
of US$ 15mn is spread over three financial years.
China Decoupling
• Current geo-political environment, with economies decoupling
from China, especially for anything related with data capture and
analysis are paving an opportunity for the Indian drone industry
to provide an alternative in both civil and defence drone
opportunities.
• Decoupling from China, favourable ecosystem created by the
government for drone ecosystem in India and Import restrictions
on drones in India are expected to benefit Ideaforge expand their
business in India and internationally.
Key risks
Competitive pressure
The UAV/drone industry is competitive and Ideaforge’s inability to
compete effectively may adversely affect their business, results of
operations, financial condition and cash flows
Regulatory factors
Ideaforge operate in an industry which is highly regulated and is
subject to change. Failure to comply with the applicable regulations
and rules prescribed by the Government of India and the relevant
statutory or regulatory bodies, their business, financial condition,
cash flows and results of operations will be adversely affected.
Import dependence for components

Ideaforge is highly dependent on global vendors for the supply of
components and may not be able to reduce their dependency on
such imports. If critical components or raw materials become scarce
or unavailable, then they may incur delays in manufacturing and
delivery of their products and in completing their development
programs, which could damage their business. Moreover, the supply
and cost of components can be subject to significant variation due to
factors beyond their control
Disruption in manufacturing
The company’s business is dependent on a single manufacturing
facility, and are subject to certain risks in their manufacturing
process. Any slowdown or shutdown in their manufacturing
operations could have
an adverse effect on their business, financial condition and results of
operations
Rapid change in technology and Inability to innovate

Ideaforge designs, develops, engineers and manufactures Unmanned
Aerial Vehicles that engages advanced technologies. Their operations
are dependent on continuous product development and their inability
to identify and understand evolving industry trends, technological
advancements, customer preferences and develop new products to
meet their customers’ demands could render their existing products
obsolete and may adversely affect their business.
Quality issues
Any defect or inability to comply with quality parameters may lead to
the cancellation of existing and future orders and could negatively
impact reputation, business, cash-flow and results of operations and
future prospects.
Reliance on sales to Indian Government

Ideaforge is heavily reliant on sales to the Indian government
including to the central and state government agencies. A decline in
government budget, reduction in orders, termination of existing
contracts, delay of existing contracts or any kind of adverse change
in the Government of India policies for the sector would have a
material adverse impact on the business, financial condition, and
results of operations.
Key Managerial Persons

Figure 65: Management Organisation Structure
Source: Company
Figure 66: Management background
Name Designation Background
He holds a degree in bachelor of technology in mechanical engineering under the dual
Chief Executive degree programme and a degree in master of technology in mechanical engineering with
Ankit Mehta Officer and Whole‐ specialization in computer aided design and automation under the dual degree
Time Director programme from Indian Institute of Technology, Bombay. He has been associated with
the Company since its incorporation
Vice president–
He holds a degree in bachelor of technology in mechanical engineering from Indian
engineering and
Rahul Singh Institute of Technology, Bombay. He has been associated with the Company since its
Whole‐Time
incorporation
Director
Vice president–
research & He holds a degree in bachelor of technology in electrical engineering from Indian
Ashish Bhat development and Institute of Technology, Bombay . He has been associated with the Company since its
Whole‐Time incorporation
Director
He has been associated with the company since, 2008. He holds degree in master of
business administration from [University of Business & Finance, Switzerland]. He has
Chief Financial
Vipul Joshi been the Chief Financial Officer of the Company since October 15, 2022 and has
Officer
experience in finance and marketing. He was previously associated with Kebee Network
Systems Private Limited and Arvin Meritor Commercial Vehicle Aftermarket AG.
He has been associated with the Company since February 3, 2020. He holds degree in
bachelor of science and bachelor of technology from Jawaharlal Nehru University, New
Vice president‐sales
Vishal Saxena Delhi and post graduate programme in management from Indian School of Business,
and development
Hyderabad. He has experience in sales and development. He was previously associated
with CISCO Systems (India) Private Limited and the Indian Army.
Company Secretary She has been associated with the Company since December 15, 2022. She is a member of
Sonam Gupta and Compliance the Institute of Company Secretaries of India. She was previously associated with
Officer Oriental Rail Infrastructure Limited and Bharat Wire Ropes Limited.
Shareholding
Figure 67: Shareholding Structure
No. of Equity Shares (on a fully Percentage of Equity Share capital (%) on a full
Name of Shareholder
diluted basis) diluted basis
Promoters
Ankit Mehta 3,686,964 9.93
Ashish Bhat 3,547,070 9.55
Rahul Singh 3,583,230 9.65
Total Promoter (A) 10,817,264 29.13
Promoter Group
Sujata Vemuri 1,061,748 2.87
Ravi Bhagavatula 1,061,522 2.87
Total Promoter Group (B) 2,123,270 5.72
Total Promoter (A+B = C) 12,940,534 34.85

Key Managerial Persons
Ganapathy Subramaniam 1,142,882 3.08
Vipul Joshi 1,437,360 3.87
Total (D) 2,580,242 6.95

Others
Florintree Enterprise LLP 4,597,970 12.38
Celesta Capital II Mauritius 4,430,956 11.93
Indusage Technology Venture Fund I 2,302,488 6.20
Infosys Limited 1,647,314 4.44
Qualcomm Asia Pacific Pte. Ltd. 1,407,528 3.79
Infina Finance Private Limited 1,063,556 2.86
Vikas Malu 596,188 1.61
Celesta Capital II‐B Mauritius 5,27,710 1.42
A&E Investment LLC 452,000 1.22
Export Import Bank of India 403,862 1.09
Amardeep Singh 387,364 1.04
Total (E) 17,289,226 47.98
Total (C+D+E) 32,810,002 89.78
Source: Company
Consolidated Financial statements
Figure 68: Consolidated Profit & Loss
INCOME
Revenues from Operations 139.99 347.18 1594.39 1395.48
Other Income 23.23 16.17 20.09 38.87
Total Income 163.22 363.35 1614.48 1434.35
Expenses:
Cost of raw materials consumed 76.84 220.99 513.9 347.4
Changes in Inventories of finished goods, work‐in‐progress ‐11.57 ‐37.96 ‐101.69 34.13
Employee benefits expense 128.45 192.49 268.53 238.14
Finance costs 4.68 16.72 176.7 11.06
Depreciation and amortisation expense 27.8 35.81 72.84 53.61
Other expenses 71.41 80.34 182.43 155.16
Total Expenses 297.61 508.39 1112.71 839.5

Profit/(Loss) before tax ‐134.39 ‐145.04 501.77 594.85

Tax expense/ (credit) :
Current tax 79.68 173.13
Deferred tax (credit)/ expense 0.07 1.22 ‐17.97 ‐30.4
Total Tax expense/ (credit) 0.07 1.22 61.71 142.73

Profit/ (Loss) for the period/year ‐134.46 ‐146.26 440.06 452.12

Items that will not be reclassified to profit or loss: ‐0.81 0.75 0.4 ‐0.42
Remeasurement of gains/(losses) on defined benefit plans 0.25 ‐0.24 ‐0.1 0.11
Income tax relating to items that will not be reclassified to

profit or loss
Other Comprehensive income for the period/year, net of tax ‐0.56 0.51 0.3 ‐0.31
Total Comprehensive Income for the period/
(Comprising Profit (Loss) and Other Comprehensive Income
for the period)
Attributable to:
Owners of the parent ‐135.02 ‐145.75 440.36 451.81
Non‐controlling Interest

Earnings per equity share ('EPS') (Face value of INR 10 each)
Basic EPS (INR) ‐4.68 ‐5.03 13.84 12.49
Diluted EPS (INR) ‐4.68 ‐5.03 13.13 11.6
Source: Company
Figure 69: Consolidated Balance Sheet
ASSETS
Non‐Current Assets
(a) Property, plant and equipment 8.89 8.81 22.22 32.12
(b) Right‐of‐Use assets 14.81 5.1 108 99.7
(c) Capital Work‐in‐Progress 3.9
(d) Other Intangible Assets 22.46 115.81 131.85 139.01
(e) Intangible Assets Under Development 168.36 142.23 190.88 231.92
(f) Financial Assets
(i) Other financial assets 73.07 139.46 301.34 330.79
(g) Non‐Current Tax Assets(Net) 11.1 10.64 11.27 11.27
(f) Deferred Tax Asset (Net) 2.47 1.01 18.88 49.39
(h) Other Non Current Assets 2.53 0.29 2.74 59.91
Total non‐current assets 303.69 423.35 787.18 958.01
Current Assets
(a) Inventories 108.55 234.2 489.14 636.01
(b) Financial Assets
(i) Investments 119.04 106.5 1288.75
(ii) Trade Receivables 101.15 237.5 203.07 551.58
(iii) Cash and cash equivalents 0.9 52.59 304.16 100.05
(iv) Bank Balances other than cash and cash equivalents 0.12 88.72 46.62 19.65
(v) Loans 0.42 0.44 0.61 0.63
(vi) Other Financial Assets 119.73 74.8 46.56 74.13
Other Current Assets 44.31 125.81 239.47 292.66
Total current assets 494.22 814.06 1436.13 2963.46
TOTAL ASSETS 797.91 1237.41 2223.31 3921.47
Equity
(a) Equity Share Capital 0.89 0.89 0.89 0.9
(b) Instruments entirely equity in nature 0.38 0.38 0.38 0.67
(c) Other Equity 679.9 596.21 1631.76 3181.85
Total equity 681.17 597.48 1633.03 3183.42
Non‐Current Liabilities
(a) Financial Liabilities
(i) Borrowings 0.57 377.81
(ii) Lease Liabilities 4.62 94.51 86.06
(b) Provisions 14.63 19.03 23.96 21.98
(c) Other non‐current liabilities
Total non‐current liabilities 19.82 396.84 118.47 108.04
Current Liabilities
(a) Financial Liabilities
(i) Borrowings 52.45 127.93 56.76 226.67
(ii) Lease Liabilities 8.46 4.62 12.47 22
(iii) Trade Payables
a) Micro and small enterprises 2.41 18.71 23.66 18.16
b) Others 5.82 28.75 51.28 132.41
iv. Other Financial Liabilities 18.03 49.52 54.76 27.77
(b) Other Current Liabilities 4.95 6.39 208.5 8.02
(c) Provisions 4.8 7.17 55.49 73.66
(d) Current tax Liabilities (Net) 8.89 121.32
Total current liabilities 96.92 243.09 471.81 630.01
Total Liabilities 116.74 639.93 590.28 738.05
TOTAL EQUITY AND LIABILITIES 797.91 1237.41 2223.31 3921.47
Source: Company
Figure 70: Consolidated Statement of Cash Flows
Profit/(Loss) before tax : ‐134.39 ‐145.04 501.77 594.85
Adjustments for:
Depreciation and Amortisation Expense 27.8 35.81 72.84 53.61
Interest on MSME ‐ ‐ 1.15 0.21
Changes in fair value of financial assets at fair value through profit or loss ‐2.84 0.03 ‐3.05 ‐7.06
Allowance for bad and doubtful debts 0.2 ‐2.03 5.56 19.34
Finance Costs 4.68 16.72 176.7 11.06
Foreign Exchange Fluctuation (Gain)/Loss 0.24 0.31 0.41 ‐0.4
Interest on Fixed Deposit ‐12.43 ‐11.25 ‐16.5 ‐15.72
Interest Others ‐ ‐ ‐ ‐9.21
Dividend ‐7.66 ‐1.38 ‐ ‐
Fair value income on security deposit (lease) ‐0.16 ‐0.19 ‐0.19 ‐0.35
Employee share‐based payment expense 5.34 58.88 62.78 117.77
Compulsorily Convertible Cumulative Preference Shares ‐
Net gain on sale of PPE ‐ ‐ ‐0.19 ‐
Gain on waiver of lease liability ‐ ‐0.6 ‐ ‐
(Increase) / Decrease in Inventories ‐6.09 ‐125.65 ‐254.94 ‐146.87
(Increase) / Decrease in Trade Receivables ‐17.09 ‐134.32 28.87 ‐367.85
(Increase)/Decrease in other financial assets 0.67 0.01 ‐9.24 ‐1.56
(Increase)/Decrease in other non ‐current/current assets ‐10.52 ‐79.26 ‐116.1 ‐50.47
(Increase)/Decrease in Loan ‐0.42 ‐0.02 ‐0.16 ‐0.03

Increase/(Decrease) in Trade Payables ‐11.8 38.93 25.92 75.83
Increase/(Decrease) in Provisions 5.68 7.53 53.64 15.77
(Decrease)/Increase in Other Financial Liabilities 0.53 31.49 5.24 ‐26.98
(Decrease)/Increase in Other Current/Non Current Liabilities ‐2.86 1.44 202.11 ‐200.48
Cash Generated from Operations ‐161.12 ‐308.59 736.62 61.46

Less: Direct taxes (paid)/refunded ‐3.55 0.46 ‐71.42 ‐60.7
Net cash generated from/(used in) from Operating Activities ‐164.67 ‐308.13 665.2 0.76
Purchase of Property,Plant and Equipment ‐91.91 ‐89.79 ‐134.77 ‐159.59
Investment in mutual funds (net) 124.34 119.01 ‐103.46 ‐1,165.98
Proceed from sale of PPE ‐ ‐ 0.23 ‐
Investments in fixed deposits (net) ‐3.32 ‐112.98 ‐92.87 ‐28.18
Dividends received 7.66 1.38 ‐ ‐
Interest Received 10.84 14.35 23.25 15.67
Net cash (used in)/generated from investing activities 47.61 ‐68.03 ‐307.62 ‐1,338.08
Consolidated Statement of Cash Flows ‐ Contd
Proceeds from issue of preference share including security premium ‐ ‐ ‐ 985.52
Expenses incurred directly in connection with issue of CCPS ‐ ‐ ‐ ‐8.09
Proceeds from issue of share warrants ‐ 0.03 ‐
Proceeds from Issue of Equity Shares 0 0 0 0.19
Repayment of unsecured loan ‐ ‐ ‐ ‐56.52
Repayment of short term secured bank loan ‐0.28 ‐0.31 ‐77.83 ‐0.24
Repayment of long term secured debentures ‐16.88 ‐ ‐150 ‐
Proceeds from long term secured bank loan ‐ 240 ‐
Repayment of long term secured bank loan ‐240 ‐
Repayment loan NBFC borrowings ‐1.88 ‐ ‐150 ‐
Proceed from CCD 297.95 124.99 ‐
Proceeds from issue of unsecured debentures ‐ 150 ‐ ‐
Proceeds from long term NBFC borrwoings ‐ ‐ 150 ‐
Proceeds from short term secured bank loan 42.95 0.47 77.5 ‐
Proceeds from overdraft facility from bank ‐ ‐ ‐ 226.67
Proceeds from unsecured loan ‐ ‐ 56.52 ‐
Repayment of overdraft facility of bank ‐ ‐ ‐52.6 ‐
Interest paid ‐3.62 ‐11.56 ‐72.86 ‐6.49
Payment of Lease Liability ‐8.45 ‐8.7 ‐11.76 ‐7.83
Net cash generated from/ (used in) financing activities 11.84 427.85 ‐106.01 1,133.21
Net (decrease)/increase in cash and cash equivalents ‐105.22 51.69 251.57 ‐204.11

Cash and cash equivalents ‐ Opening balance 106.12 0.9 52.59 304.16
Cash and cash equivalents ‐ closing balance 0.90 52.59 304.16 100.05
Cash on Hand 0.25 0.19 0.18 0.33
In Current accounts 0.65 12.6 153.98 32.43
In deposits with original maturity of less than three months 19.9 150 18.19
Deposits with banks to the extent held as margin money 19.9 49.1
Total cash and cash equivalents 0.9 52.59 304.16 100.05
Cash and cash equivalents for Statement of Cash flows 0.9 52.59 304.16 100.05
Source: Company, IIFL Research
NOTES
Disclosure : Published in 2023, © IIFL Securities Limited (Formerly ‘India Infoline Limited’) 2023
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ANNEXURE 8
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2
TABLE OF CONTENTS
1. Macro-Economic and Geo-Political Overview
1.1. Global Macroeconomic and Geo-Political Overview
1.1.1. Gross domestic product and GDP growth
1.1.2. Global inflation
1.1.3. Global military expenditure
1.1.4. Global geo-political analysis
1.2 India Macroeconomic and Geo-Political Overview
1.1.5. India real and nominal GDP and GDP growth
1.1.6. India GDP per capita
1.1.7. Consumer price inflation (CPI), including forecasts
1.1.8. Sectorial share of GVA, including forecasts
1.1.9. Indian geopolitics and drone industry
2. Global UAV/ Drone Industry

2.1. Evolution of the Drone Industry
2.1.1. Global drone regulations
2.1.2. Comparison of drone regulations of major countries
2.2. Key trends on global drone industry
2.3. COVID-19 impact on global drone industry
2.4. Market size of global drone industry
2.5. Evolution of use cases of drones
2.6. Application wise break-up of the drone market
2.6.1. Defence
2.6.2. Civil
2.6.2.1. Construction and Real Estate
2.6.2.1.1. Construction
2.6.2.1.2. Built inspection
2.6.2.1.3. Real estate
2.6.2.2. Agriculture
2.6.2.3. Oil and Gas
2.6.2.4. Mining
2.6.2.5. Utilities
2.6.2.6. Public safety
2.6.2.7. Enterprise counter drone
2.6.2.8. Consumer
2.6.2.9. Logistics
2.6.2.10. Passenger
2.7. Drone industry by geography
2.8. Key challenges in the drone industry
3. Indian UAV / Drone Industry

3.1. Evolution of drone industry in India
3.2. Drone policy environment in India
3.3. Application wise break-up of drone market
3.3.1. Defence
3.3.2. Civil
3.3.2.2. Utilities
3.3.2.3. Public Safety
3
3.3.2.4. Construction and Real Estate
3.3.2.5. Enterprise counter drone
3.3.2.6. Mining
3.3.2.7. Oil and gas
3.3.2.8. Logistics
3.3.2.9. Consumer
3.3.2.10. Passenger
3.4. Market size of drone industry in India
3.5. Indian drone by hardware, software and as-services
3.6. Key trends and growth drivers
3.7. Drone manufacturing value chain and equipment infrastructure
3.8. Drone company benchmarking
3.9. Drone product benchmarking
4. Strategic Positioning for ideaForge

4.1. ideaForge history and timeline
4.2. Innovation in products
4.3. Product applications
4.4. Technology and manufacturing
5. Financial Benchmarking with Listed Indian Peers

5.1. Financial benchmarking
4
GLOSSARY OF ABBREVIATIONS USED
Abbreviations
S.No. Full form
used
1 2D 2-Dimensional
2 3D 3-Dimensional
3 5G 5th Generation
4 ADB Army Design Bureau
5 ADSB Automatic Dependent Surveillance–Broadcast
6 AI Artificial Intelligence
7 AMA American Medical Association
8 APAC Asia-Pacific
9 APRERA Andhra Pradesh Real Estate Regulatory Authority
10 B Billion
11 BEI Built Environment Inspection
12 BI Business Intelligence
13 BSF Border Security Force
14 BVLOS Beyond Visible Line of Sight
15 C-UAS Counter Unmanned Aircraft System
16 CAGR Compound Annual Growth Rate
17 CAR Civil Aviation Requirements
18 CBU Completely Build Up
19 CEGR Centre for Education Growth and Research
20 CIDC Construction Industry Development Council
21 CKD Completely Knocked Down
22 CMPDI Central Mine Planning and Design
23 COTS Commercial-Off-The-Shelf
24 CPI Consumer Price Index
25 CRPF Central Reserve Police Force
26 CY Calendar Year
27 DARE Department of Agricultural Research and Education
28 DFI Drone Federation of India
29 DDP Department of Defence Production
29 DGCA Directorate General of Civil Aviation
30 DGFT Directorate General of Foreign Trade
31 DiB Drone in a Box
32 DoD Department of Defense
33 DPR Detailed Project report
34 DraaS Drone-as-a-service
35 DRDO Defence Research and Development Organisation
36 DTI Defence Testing Infrastructure
5
37 DTIS Defence Testing Infrastructure Scheme
38 E Estimated
39 EBIT Earnings Before Interest and Tax
40 EBITDA Earnings Before Interest, Tax and Depreciation
41 EHT Extra High Tension
42 EMD Earnest Money Deposit
43 EO / IR Electro-Optical and Infrared sensors
44 EV Electric Vehicles
45 FAA Federal Aviation Administration
46 FDI Foreign Direct Investment
47 FMRA FAA Modernization and Reform Act
48 FPV First Person View
49 FY Financial Year
50 GDP Gross Domestic Product
51 GIS Geographic Information System
52 GPS Global Positioning System
53 GST Goods and Service Tax
54 GVA Gross Value Added
55 HALE High-altitude long endurance
56 HAPS High-Altitude Pseudo-Satellites
57 HD High Definition
58 IESA India Electronics and Semiconductor Association
59 INR Indian Rupee
60 IMF International Monetary Fund
61 IoT Internet of Things
62 IP Intellectual Property
63 ITBP Indo-Tibetan Border Police
64 LAC Line of Actual Control
65 LiDAR Light Detection and Ranging
66 LoC Line of Control
67 LOS Line Of Sight
68 M Million
69 m/s metres per second
70 MALE Medium-altitude long endurance
71 MAVLink Micro Air Vehicle Link
72 ML Machine Learning
73 MoCA Ministry of Civil Aviation
74 MoU Memorandum of Understanding
75 MSME Micro Small and Medium Enterprise
76 NDAA National Defense Authorization Act
77 NDRF National Disaster Relief Force
78 NPNT No Permission-No Take-off
6
79 O&M Operations and Maintenance
80 OEM Original Equipment Manufacturer
81 ONVIF Open Network Video Interface Forum
82 OTC Over-the-Counter
83 P Projected
84 PLI Production Linked Incentive
85 R&D Research and Development
86 RBI Reserve Bank of India
87 RC Radio-controlled
88 RFID Radio-Frequency IDentification
89 RFP Request for proposal
90 RoCE Return On Capital Employed
91 ROE Return On Equity
92 RPAS Remotely Piloted Aerial Systems
93 RPAV Remotely Piloted Aerial Vehicle
94 SaaS Software-as-a-service
95 SC Scheduled Caste
96 SKD Semi Knocked Down
97 SMAM Sub-Mission on Agricultural Mechanization
98 SOI Survey of India
99 SOP Standard Operating Procedure
100 SIPRI Stockholm International Peace Research Institute
101 ST Scheduled Tribes
Survey of villages and mapping with improvised technology in
102 SVAMITVA village areas
103 T Trillion
104 UAS Unmanned Aerial System
105 UAV Unmanned Aerial Vehicle
106 UIN Unique Identity Number
107 US$ United States Dollar
108 UTM Policy National Unmanned Aircraft System Traffic Management Policy
109 VTOL Vertical Take-off and Landing
110 WEF World Economic Forum
111 YoY Year on Year
7
EXCHANGE RATE TABLE
INR Euro INR Euro
Year (FY) Equivalent of equivalent of Year (CY) Equivalent of equivalent of
one US$ one US$ one US$ one US$
2015-16 66.33 1.13 2016 67.95 1.05
2016-17 64.84 1.08 2017 63.93 1.20
2017-18 65.04 1.23 2018 68.36 1.14
2018-19 69.17 1.12 2019 69.89 1.12
2019-20 70.49 1.08 2020 74.18 1.21
2020-21 73.20 1.18 2021 74.50 1.20
2021-22 74.50 1.16 2022 79.19 0.98
8
9
1.1 Global Macroeconomic and Geo-Political Overview
1.1.1 Global GDP growth of 6% by the end of CY21 offsets the contraction in global GDP caused
by pandemic disruptions; Growth rate is likely to remain stable at ~3.2% through CY22-CY27
As per International Monetary Fund (IMF), global GDP growth is likely to stabilize at ~3.2% from CY22. Inflation
is rising, given the impact of the Russian-Ukraine war, the cost-of-living crisis, and tightening of financial
conditions. Strict lockdowns associated with China's zero COVID-19 policy have impacted the Chinese and global
economies due to supply chain disruption. Post-CY23, global growth is expected to expand to between 3.2-3.4%
in the medium term due to the generalized tightening of monetary policy driven by the greater-than-expected
inflation targets.
1.1.2 Global inflation is expected to reach 8.8% in CY22 due to an increase in energy prices; and
the Russia-Ukraine conflict
According to IMF, global consumer inflation is expected to rise to 8.8% by the end of CY22. The increase would
be driven by soaring fuel and energy costs, the global supply chain disruptions caused by the Russia-Ukraine war,
and China's Zero COVID-19 policy (Public health policy to suppress wide spread of COVID-19 and achieve zero
new infections and resume normal economic and social activities).
With inflation at its highest in decades, the IMF recommends that monetary policies remain unchanged while
suggesting that fiscal policy should strive to reduce cost-of-living pressures. Structural reforms can help fight
inflation by increasing productivity and relaxing supply restrictions.
10
1.1.3 Global military expenditure
The overall global military expenditure in CY21 was US$ 2.1T, with the U.S.A accounting the highest share of
38%. Since SIPRI (Stockholm International Peace Research Institute ) started keeping track in 1949, the U.S.A has
emerged as the nation with the highest military expenditure in CY21, accounting for 38% of global military
spending.
India’s military expenditure of US$ 76.6 B in CY21 was the third highest in the world. India’s spending was up
by 0.9% from CY20 and by 33% from CY12. Amid ongoing tensions and border disputes with China and Pakistan
that occasionally spill over into armed clashes, India has prioritized the modernization of its armed forces and
self-reliance in arms production. The use of drones is increasing for surveillance and security, combat and
logistical support purposes for the Indian military.
1.1.4 Global geo-politics and drones
Over the past decade, drones have significantly altered the way critical, life-threatening operations are conducted.
The first known drone used for defence purposes was deployed by Israel in in the Arab-Israeli war in 1973.
Following Israel, by the 1990s, the U.S.A also started to employ drones in military operations.
1. Drone usage in Defence
Longer flight times, improved range, quality cameras and intelligent systems as drone offerings are changing the
landscape of warfare by providing better surveillance, reduced cost, reduced human capital loss, increased
convenience / flexibility. Drones change the economics of warfare as drones which cost few tens of thousands of
dollars are able to precisely attack and incapacitate heavy artillery worth millions of dollars.
Drones have three main applications in defence:

1. Intelligence, surveillance, target acquisition, and reconnaissance (ISTAR)
2. Combat
3. Logistical support
Considering the various different missions, they have to perform, UAVs can be segregated on basis of range &
operating altitude:
1. High-altitude long endurance (HALE): UAVs flying at an altitude more than 9 km (environment
with thin air and low temperature)
2. Medium-altitude long endurance (MALE): Flies at an altitude window of 3–9 km
3. Tactical
4. Mini, micro, nano drones
5. High-Altitude Pseudo-Satellites (HAPS)
11
The ongoing Russia-Ukraine war, as well as the former Azerbaijan-Armenia conflict, have highlighted one feature
of modern warfare: the utilization of drones for both surveillance and retaliatory action.
Major geopolitical events that witnessed drone usage:
1. Russia-Ukrainian War (CY22): Russia and Ukraine included advanced military drones in their arsenal and
employed them for observation and attack. Majority of their drone fleet comprises of pre-made or custom-
built machines modified at nationwide factories to drop grenades or anti-tank weapons.
2. Striking opposition targets from distance by the U.S.A: Since there is no risk to a human pilot and a drone
can wait longer before firing, drones make targeted strikes easier for nations without losing human capital.
Major General Qassim Suleimani, one of Iran's most influential figures, was assassinated by an aerial drone
operated by the U.S remotely. In CY22, a U.S. drone strike killed al-Qaeda leader Ayman al-Zawahiri in
Kabul, Afghanistan. Countries such as the U.K., Turkey, and Nigeria have followed the U.S.'s lead and are
using drones to strike opposition targets.
3. Attack on an oil refinery in Saudi Arabia by Yemen’s Houthi group: Drones attacked oil refinery in
Riyadh, Saudi Arabia's capital city. The Yemen's Houthi group have targeted oil installations, including Saudi
Aramco's pipelines and storage facilities as a part of their ongoing conflict with Saudi rulers.
4. Azerbaijan-Armenia War: Armenian forces, which mainly depended on traditional Russian weapons and
tactics, were defeated by Azerbaijan due to use of sophisticated drone technology in CY20. To prevent further
loss of life, territory, and military hardware, the Armenian troops had no choice but to sign the ceasefire.
5. India-Pakistan drone intrusions: In CY22, drone intrusions at the India-Pakistan border have almost
doubled as terrorist organizations and drug traffickers based in Pakistan have stepped up their efforts to use
drones to transport guns, explosives, and drugs.
Israel is a dominant player in UAV technology worldwide and has been using drones for over a decade for various
military purposes. Until the early 2000s, Turkey relied on Israel for drones. Due to geo-political reasons, Turkey
stopped purchasing Israeli drones and was prevented from procuring U.S.A. made Predator drones. As a result of
this, the domestic drone industry grew in Turkey. A similar scenario can arise in India as well due to the regulations
in favor of the drone industry. Indian Government banned drone imports from other countries (except for R&D
and defence) combined with the Production Linked Incentive (PLI) scheme would help India become a global
drone manufacturing hub.
2. Anti-China Sentiment
The USA raised concerns about spying by Chinese-owned apps TikTok Inc., WeChat, and Chinese telecom giant
Huawei Technologies Co. Ltd., Shenzhen-based SZ DJI Technology Co. Ltd (leading drone manufacturer) were
already under close watch as a potential national security threat. U.S.A customs authorities alleged that DJI drones
likely gave China access to U.S. infrastructure and law enforcement data. In October 2022, the U.S. Department
of Defense (DoD) blacklisted 13 Chinese companies, including SZ DJI Technology Co. Ltd, Shenzhen Huada
Gene Technology Co. Ltd (BGI Genomics), and China State Construction Engineering Corp Ltd, citing that they
have ties with the Chinese military. Further, in the US, the National Defense Authorization Act (NDAA) for Fiscal
Year 2020 was passed on 20 December, 2019 and Section 848 remains in effect. The Act proposed a law that
restricts purchase of drones by Department of Defense (DoD) with critical components from covered foreign
country (People’s Republic of China).
Chinese-based manufacturing companies help reduce the cost of drones to a reasonable level. As a result, countries
with limited resources have been procuring Chinese drones for their military, leading to a rise in the number of
nations using Chinese UAVs. The rapid increase in the production scale of Chinese drones led to a rise in
unreliability and performance issues. Saudi Arabia and Jordan have called out China for their shortcomings (e.g.,
lack of repair and maintenance documentation, lack of a spare part inventory or procurement mechanism).
The data confidentiality issues and low reliability of Chinese drones, coupled with the global anti-China
sentiments are paving an opportunity for the Indian drone industry to provide an alternative option in the market.
Indian UAVs can compete in this market given the favorable ecosystem created by the government's industry-
12
friendly policies, significant investments, and increasing demand for drones globally. Through meticulous public
and private investments, the Indian drone sector is looking to position itself as a global competitor in exports for
both civil and military drones.
3. COVID-19 Impact
Drone companies responded to COVID-19 challenges by looking for ways to demonstrate how small flying robots
may help within applications such as vaccine/medicine delivery, enforcing social distancing, etc. Although many
businesses were already testing contactless drone delivery, the pandemic immediately raised awareness of this
necessity. Delivery-based drone manufacturers jumped into action as companies had some experience delivering
medical goods before the pandemic. Drone deliveries were once thought of as just a marketing ploy. Suddenly,
they were seen as a necessity for safety. Drones could offer a safe substitute for conventional delivery techniques
by eliminating direct human touch. Before the pandemic struck, drone delivery firms, had been testing drone
delivery systems for portable medical supplies in Rwanda and Ghana. The use of drones to distribute vaccinations
in Ghana is arguably the best example of how drones made a clear and immediate impact on the fight against the
virus. Beyond deliveries drones were also used for monitoring and ensuring social distancing among people and
for making public announcements in remote areas and other such applications.
1.2 India Macroeconomic and Geo-Political Overview
1.2.1 India's real GDP (at current prices) is expected to grow at a rate of 9.1% from CY21 to
CY27, making it one of the fastest-growing large economies globally
As per IMF, India became the world’s fifth largest economy at market exchange rates after overtaking the U.K.
in CY22 and is expected to be the third largest by CY30. Over the next 10-15 years, India is anticipated to be
among the top economies on the back of rising demand, robust growth in various sectors, and increased private
consumption. As per World Economic Forum (WEF), Indian private consumption is expected to be driven by an
increasing proportion of the male and female working-age population and a rise in household income.
India's GDP (at current prices) grew from US$ 2.1T to US$ 3.2T between CY15 and CY21 on the back of robust
reforms like GST, corporate tax revision, and revised FDI limits. Due to the impact of the first wave of COVID-
19, the Indian economy witnessed a negative real GDP growth rate of 6.6% in March 2020, but recovered quickly
to deliver real GDP growth of 8.7% in CY21. As per IMF projections, India's GDP (at current prices) is expected
to grow at a rate of 9.1% from CY21 to CY27, making it one of the fastest-growing large economies globally.
13
1.2.2 India's GDP per capita is predicted to reach US$ 3,652 by CY27
According to the IMF, India's GDP per capita is anticipated to be at US$ 2,466 by the end of CY22 and US$ 3,652
by the end of CY27.
India aims to become a developed nation by 2047. This mission is expected to be attained by sustained high GDP
growth and rising per capita income. Many countries (South Korea, Singapore, and China) transitioned from
developing to developed status in 3-5 decades, driven by growth in per capita income. The individual Indian states
hold the key to achieving the status of a developed country in the coming three decades and are looking to diversify
their economies and take giant strides in human development indicators. State governments are striving to modify
rules and regulations to make the legal framework more compatible with economic and technological advancements
and are looking to attract private investments in various sectors like manufacturing, tourism, financial services, etc.
1.2.3 India’s CPI inflation rate is estimated to be 6.8% in CY22 and the RBI aims to bring it to
around 4% by the end of CY27
According to the IMF database, India's CPI inflation rate is estimated to be 6.8% in CY22 and decline to 5.1% by
CY23 as the impact of the Russia-Ukraine war on global commodity prices diminishes. By CY26, the RBI aims
to bring the CPI inflation rate below 6% to a target of 4%, with a soft landing (bringing inflation back to a target
without a recession).
14
CPI inflation rates have increased due to volatile components like vegetable prices, fuel costs, and commodities
such as gold and edible oils. Still, comparatively weak global growth could translate to lower commodity prices
leading to lower CPI inflation rates for India.
1.2.4 As of FY22, financial, real estate, and professional services holds 21% of the GVA followed
by agriculture at 19% and trade, hospitality and broadcasting services at 17%
The agricultural sector was least impacted by the pandemic-related disruptions. Agriculture attributes to 19% of
the GVA share. The industry sector was impacted the most but is recovering back to previous levels. The industry
sector is expected to grow in FY22 given the manufacturing and construction boost. Basic services such as
electricity and water supply were maintained even at the height of the national lockdown. Financial, real estate
and professional services hold the highest share of 21% in the overall GVA.
1.2.5 Indian Geo-politics and drones; Due to its varied use cases in both defence and civil, drone
technology can be fully utilized by India with its homegrown technological potential post-ban on
imports
Drones may greatly assist governments in assessing the current state of infrastructure such as power systems,
communication networks, ports, airports, railways, bridges, and so on. Drones are utilized to automate time-
consuming and dangerous activities. Drones can be used by construction companies to monitor the structure of such
projects to develop city plans. Drones can provide useful analytical data for crowd and traffic management along
with other actionable insights. Above all, it can help engineers reduce the dangers associated with physical labor.
India is adopting innovative approaches to include UAV technology in various sectors as to meet increasing
demands and international standards.
The relaxed drone usage guidelines and ban on drone imports due to security reasons has resulted in a quick climb
of the Indian drone industry in the last couple of years and aims to position itself as Global drone hub by CY30. An
increase in the adoption of drones in India across varied industries for different use cases has been seen over the
past few years. Advanced technology and investment in Indian drone companies will lead to the massive potential
for homegrown drone companies in India. The drone segment is also expected to open employment opportunities
in manufacturing, software, and services due to various use cases across industries.
1. Increase in adoption of drones in India:

India is experimenting, exploring, and using drones for various use cases in both defence and civil sectors. On the
civil front, agriculture, media and entertainment, energy and utilities, disaster management, geospatial mapping,
forest and wildlife, and law enforcement are among the most prominent.
15
1. Defence:
After the CY20 border skirmishes between Indian and Chinese forces, India has been looking to purchase UAVs
for surveillance and reconnaissance along the line of actual control (LAC). In CY20, the Indian Navy acquired
two MQ-9B SeaGuardian drones from General Atomics Aeronautical Systems, Inc. (U.S.) for one year to surveil
the Indian Ocean.
By May 2022, 53 drone incursions were noticed along the India-Pakistan border. Security forces shot down these
UAVs nine times. According to Border Security Force (BSF) sources, increased drone activity has been detected
at several Pakistani border outposts. To defend against such UAVs, India will look forward to expanding its fleet
of drones and integrating counter-drone technology into its defence program.
The clash in the Galwan Valley in CY20, and the subsequent border standoff with China along the Line of Actual
Control, compelled India to strengthen border controls and security. These included faster acquisition and
deployment of drones along the LAC. Both sides have been using an array of drones to keep an eye on each other
during the conflict. The drones used had the capability to operate in adverse weather conditions and perform
operations at height of over 10,000 meters and provide real-time video footage in all weather conditions.
Currently both globally and also in India, defence continues to be the largest segment. The Indian army has as
part of its Make II program has significant requirements for the purchase of drones and also has published
requirements for the purchase of integrated surveillance and loitering munition systems.
As of October 2022, Indian government issued request for proposal (RFP) for 80 mini Remotely Piloted Aerial
Systems (RPAS) which can be used for military purposes such as tactical surveillance to locate adversary troops,
equipment, and weapon systems in a particular sector. Shortly after this, government issued RFP for 750 RPAVs
to be deployed with the Indian Army's Special Forces as they are mandated to execute special missions behind
enemy lines. Additionally, the Army is looking for 1,000 surveillance drones to fly over the Himalayas and
broadcast live video to the war rooms for planning attack at the time of war. Keeping the commitments for
indigenous solution, these RPAVs and UAVs will all be procured from Indian businesses. In July 2022, The
Defence Ministry approved a budget of ~US$ 88M to buy drones. The proposed budget would be used to procure
autonomous surveillance and armed drone swarms. The armed forces already have and in future will partner with
multiple indigenous drone manufacturers for this plan.
2. Civil
i.Energy and utilities
Drone surveys are helping solar energy, the fastest-growing sector of the energy industry. Drones can ensure
that electrical panels are accurately analyzed and in good functioning order. These drones can be used to detect
flaws like cracking, deamination, discoloration, and issues such as dust collection. Manual inspections are
generally time-consuming and inaccurate compared with drones. Drones are also very useful for vegetation
management where any vegetation that comes in contact with the powerline has to be trimmed and managed.
Drones can significantly reduce the manual effort required in this for monitoring and inspection of power lines.
ii.Agriculture
Weather, soil conditions, and temperature are all critical aspects of farming. Agriculture drones enable farmers
to gather the information that can aid in crop health management, crop treatment, crop scouting, irrigation, field
soil analysis, and crop damage assessments. Depending on national regulations, special permits are given to
deploy drones for agricultural research purposes, which is likely to drive a wave of technology in the agriculture
sector. Kisan drones are used in India for agriculture assessments, land records, insecticide, and nutrient
applications. Under the guidelines of the Sub-Mission on Agricultural Mechanization (SMAM), provisions are
made to encourage the use of drone technology in agriculture. For example, financial assistance of 100% of the
cost of an agricultural drone up to a maximum of Rs. 10 lakhs per drone is provided for purchase by institutes
under the Government of India engaged in agricultural activities. For promoting use of Kisan Drones, the
government would be providing 50% or maximum INR 5 lakh subsidy to SC-ST, small and marginal, women
and farmers of northeastern states to buy drones. Financial assistance will be given upto 40 percent or maximum
INR 4 lakh for other farmers.
iii.Media and entertainment

The use of drones in the entertainment industry has evolved over years and is seen as a product capable of mass
influence. Film directors are using drones to capture aerial shots for specific scenarios that previously required
helicopters, ultimately reducing operating costs. Aerial photography, which captures images from high
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elevations, has also grown in popularity. The Indian government held the 'Drone Olympics' during Asia's major
air show, Aero India-2019, to allow drone pilots to demonstrate their ability to fly these machines.
iv.GIS – Mapping and Surveying

SVAMITVA, a Central Sector Scheme of Ministry of Panchayati Raj was launched nation-wide by the
Hon’ble Prime Minister on National Panchayati Raj Day, 24th April 2021 after successful completion of
pilot phase of scheme (2020-2021) in 9 states. Scheme is a reformative step towards establishment of clear
ownership of property in rural inhabited (Abadi) areas, by mapping of land parcels using drone technology
and providing ‘Record of Rights’ to village household owners with issuance of legal ownership cards.
The large opportunity in mapping (SVAMITVA program) is being rolled out as services projects by different
state land revenue departments and Survey of India. Over six lakh villages are being mapped using geospatial
technology and drones, and 3D pan-Indian mapping of 100 Indian cities are also being developed. Mapping of
villages in the country is launched under the government’s SVAMITVA (Survey of Villages and Mapping with
Improvised Technology in Village Areas) scheme. Full-scale re-surveys for mapping the entire land of states
has also started.
The data procured from the easy access to the geospatial technology has helped in maximizing the use and
reuse of data since the launch of SVAMITVA. Future economic growth in India will be highlighted by the use
of geospatial systems, drone regulation, and advances in space industry. Government is anticipating more
innovative solutions and new business models in the coming times building value upon existing resources.
v.Mining
As per the amended Mineral Conservation and Development Rules, lessees having annual excavation plan of
one million tonne or more or leased area of 50 hectare or more are required to submit drone survey images of
leased area and up to 100 meter outside the lease boundary every year. This is mandated to improve mine
planning practices, security and safety in the mines along with better supervision of mining operations.
Drones can help to achieve many benefits for effective mine planning - conducting initial survey, carrying out
exploration activity, physical terrain mapping for segregation of land use, contour mapping, 3D modelling and
terrain modelling. Indian states have started to incorporate drone practices and are leveraging drones as part of
mining automation. For instance, Andhra Pradesh government deployed drones for the monitoring of stockpile
storage, 3D mapping, and volumetric analysis of limestone. Rajasthan government has deployed drones to
prevent illegal mining in the state
vi.Public Safety
There is a significant opportunity for adoption of drones in public safety. A number of state police departments
have adopted drones as first responders for (Dial 100/112) and also for other use cases such as crowd
monitoring, traffic management, beat patrolling, etc. India is already using the drone technology and trying to
utilize its potential for safety. Recently, in Kolkata, police used a drone to patrol polling places where elections
were being held. In CY16, Delhi Police piloted a squadron of drones to monitor temples and expressways on
Republic Day.
vii.Logistics / Delivery
The pandemic provided an opportunity for a number of drone companies to do delivery trials with medicine
and vaccine delivery. The second half of this decade is expected to see a significant adoption of logistics drones
both globally and in India. An increase in demand for faster and more efficient delivery at low cost is being
witnessed especially in the e-commerce sector with customers willing to pay extra to get package is delivered
on the same day. This is likely to increase the usage and acceptance of drones in logistics and transportation
market in India.
2. Ban on imports from China due to security purposes:

India and China are engaged in a sustained standoff along their disputed Himalayan border. Additionally, India is
one of many nations trying to find alternatives to China for goods and components. The pandemic and international
trade tensions intensify the need to diversify supply chains and reduce risk. An expanding market for China's SZ
DJI Technology Co., a leading drone manufacturer, was essentially closed off due to India's recent restriction on
drone imports. This encouraged the development of local businesses to boost production.
In February 2022, the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry
issued an order to ban the import of drones. However, Drones used only for research and development, defence,
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and security will be exempt from the ban. Import of drones will be allowed by government entities, central or state
government approved educational institutions, and drone manufacturers and government recognized R&D entities
provided an import authorization is obtained from the DGFT. In summary current geo-political environment, with
economies decoupling with China, especially for anything related with data capture and analysis, coupled with
Indian technological capabilities in the rugged environment of India, is a major contributing factor for Indian
companies to expand globally in both defence and civil drone opportunities.
3. Relaxed guidelines on drones’ usage and investments:

The government is trying to facilitate the production and operation of drones with the recent liberalization of drone
guidelines to make the market more accessible to drone start-ups and international investors. There are no
restrictions for foreign owned/controlled Indian companies for operating drones in India. Consequently, the recent
regulations aim to attract global investment in the sector. Over the next three years, the government has targeted an
investment of ~US$ 600M in the drone manufacturing industry, creating over 10,000 job opportunities.
After the introduction of The Drone Rules 2021, drones are permitted to operate within green zones, and no remote
pilot license is required for non-commercial use of micro drones. Recently a notification amending ‘The Drone
Rules 2021’ stated that the Indian government introduced relaxed regulations on usage and registration of drones,
pilot licenses and allowed drones to carry heavier payloads, to enable utilization of drones in multiple use cases.
While India has significantly lagged in drone adoption compared to other nations, recently there has been a strong
push nationwide towards increased adoption of drones for various purposes. With the production linked incentive
(PLI) scheme launched in September 2021, India will offer incentives for drone makers, to encourage and boost
manufacturers to develop their products in India and export them to the world.
4. India positioning to become global drone hub

Since CY21, the Indian government has stepped up efforts to establish a sustainable drone manufacturing
ecosystem in India. Over the span of last couple of years, there has been liberalization of drone regulations.
Favorable policies, incentives and indigenous demand creations will be the vital drivers to make India a global
drone hub. Government’s goal is to establish India as a global powerhouse for drone research and development,
testing, production, operation, and export. Application of drones is to be seen across industries such as defence
and civil (industries such as health, agriculture, GIS, construction, real estate, etc.
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2.1 Evolution of the Drone Industry
The first usage of drones dates back to the 1850s. Drones have been used by armies all around the world for
training, defence, surveillance operations and strikes on targets since the 1800s. Commercial drone permits weren't
issued for almost 150 years after the first military usage of drones, despite the advancement of drone technologies.
Today, drones are used in a wide variety of defence and civil applications that are growing across industries.
Drone technology is a sunrise sector, poised for exponential growth worldwide. Its recent exponential expansion
has been fueled by the rise of multiple use cases across varied industries.
Drones have been used for various tasks in a wide range of sectors and applications for the past several years.
Drones are proven to be quite helpful in places where humans cannot access or are unable to undertake tasks in a
fast and effective manner, from battling in combat missions to express shipping and delivery.
UAVs are a subset of unmanned aerial systems (UASs). A UAS includes not only the unmanned aerial vehicles
or drones, but also the Ground Control Station on the ground controlling the flight and the system in place that
connects both of them. A UAV is a component of the UAS, since it refers to only the vehicle/aircraft itself. UAS
also comprises of elements such as camera, GPS, system software and tools required for maintenance. While
components such as cameras and GPS have developed in their own respective timelines, drone system software
and ground control systems have evolved along with drones.
As drone usage grows globally, the global regulatory landscape has also evolved in sync with the industry needs
to guarantee innovation and widespread acceptance of drones.
2.1.1 Drone regulations

The global use of drones, as well as their technology, range and use cases are growing at an exponential rate and
this calls for the continued evolution of the regulatory framework, accompanying security measures and related
economic arrangements. The use of drones is regulated by extensive laws that have been developed by nations
around the world after careful deliberation of the relevant concerns. The United States has been working on
creating a regulatory framework for drones for almost a century and is a global leader in drones. The Federal
Aviation Administration’s (F.A.A.) move to streamline approvals for drone flight, makes the future of drones
promising as more sectors adopt drones and find new use cases that offer better value.
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Drone regulations vary from country to country, with no universally applicable international drone legislation yet.
However, regulatory frameworks are being developed by national and international aviation authorities to ensure
that drones be used in safe and beneficial ways for business.
2.1.2 Global drone regulations currently have varying levels of maturity across countries and will
continue to evolve with the growth of the drone industry
The increasing usage of drones has prompted a variety of responses from legislators around the world. Nations
like Australia, U.K. and China have made it possible for businesses to use drones with minimal regulations, while
some nations such as Cuba, Iraq, Iran, and Kuwait have officially outlawed the use of unmanned aircraft, others
have established legislation allowing for more experimental use of the technology. Drones are increasingly being
used in defence and civil segements. In civil, there are a a variety of industries, including infrastructure, retail,
agriculture, logistics, and many more. As a result, these markets have seen significant capital invested in their
drone ecosystems and are driving innovation within the market.
The regulatory environment as it stands today in 10 nations across five continents is shown in the table below.
Many nations have moved towards the liberalized approach of regulatory framework to ensure a legal climate that
is business friendly.
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Globally, most governments have restrictions on Beyond Visual Line of Sight (BVLOS) operations,which refers
to flying a drone beyond the remote pilot or operators visible range. This limits the number of applications that
drones can be used for. Increasingly most countries are moving towards removing restrictions and have started
allowing BVLOS operations.. As a result, the applications that drones can serve will increase and the operational
cost of operation will go down as this enables autonomous operations and the ability of one drone pilot to operate
multiple drones. Allowing BVLOS operation will significantly increase the demand for drones.
certain countries like USA, France, New Zealand unless a waiver is requested. In the US, the Federal Aviation
Administrator (FAA) has recently come out with the draft guidelines for BVLOS operation. The degree of ease
of getting a waiver approved is drastically low in such countries. While countries like Australia, UK, New Zealand
have already started with drone delivery operations, other nations are still in their trial and testing phase of drone
While ease of drone operation varies significantly worldwide, the general national drone usage guidelines
typically include the following components – pilot's license, LOS operations, flight over people, registration rules
etc. This process of registration includes UIN (Unique Identification Number), pilot certificate and license for
drones that are required to undertake flight operations within green areas. Pilot licensing mandates which include
pilot’s age, training requirements, etc. are more favorable in countries such as Australia, China followed by nations
like UK, New Zealand, India. This is due to the simplification of regulations and approval-seeking process by the
government in such nations.
certain countries like USA, France, New Zealand unless a waiver is requested. The degree of ease of getting a
waiver approved is drastically low in such countries. While countries like Australia, UK, New Zealand have
already started with drone delivery operations, other nations are still in their trial and testing phase of drone
The regulatory bodies in India have taken a step towards a more liberalized approach after considering the
potential of drones in boosting the economy. With the new ‘The Drone Rules 2021’, the government has taken
several measures such as reducing extensive paperwork involved, increasing the number of “free to fly” green
zones, and simplifying granting of permission for every drone flight, among others. The Indian legislatures believe
that drones have significant advantages to different sectors of the economy and are creators of employment and
economic growth. As a result this transformed outlook and upcoming regulations will help boost the
manufacturing potential in India to make India the drone hub of the world by CY30.
2.2 Key trends in the global drone industry

1. Relaxation in drone regulations: Several aviation authorities have relaxed their guidelines to allow
commercial and recreational use of drones. Previously, without a waiver, unmanned aircraft were
generally not permitted to fly over people or out of the operator's line of sight. But as laws soften and
drone usage increases for business purposes, widespread use of drones is sure to follow.
2. Growth in Enterprise usage: Technological advances from defence-funded R&D are anticipated to
produce more enterprise-ready drone technology, accelerating adoption in the enterprise sector.
Enterprise usage will continue to be driven by applications in GIS, agriculture, utilities, construction, oil
and gas etc. due to low cost of service, improved operational efficiency, accuracy of data and safety. A
few industries like mining, construction and agriculture have used drones for the past few years due to a
healthy return-on-investment evaluation in such use cases.
3. Drone-as-a-service: The "As a Service" concept has gained much traction in the tech sector. Similarly,
corporations are using drones-as-a-service models, which is gaining significant traction due to higher
operational efficiency and reduced cost. Drones can help various industries by incorporating specialized
software into the embedded system, such as construction, mining, agriculture, utilities etc.
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4. Positive attitude towards BVLOS: Drones can travel great distances while operating in BVLOS, which
increases data collection and boosts operational effectiveness. This is important for many industries,
including security, data gathering and logistics. Nations such as the UK, Canada, Singapore, and Kenya
have allowed BVLOS operations for different purposes and use cases. Considering the improving
regulatory attitudes, it seems that BVLOS would be enabled on a larger scale.
5. A shift in the demand away from Chinese drones: Countries have been disassociating from Made in
China drones due to rise in anti-China sentiment and data-related security concerns
6. Drone swarms is an emerging trend: In China, drones collectively navigated a dense forest with their
trajectories controlled by central computers monitoring their positions and issuing commands. AI-
enabled swarm drones can also boost operations readiness at the borders of neighboring countries.
7. Drone in a Box (DiB): It allows drones to navigate and return to self-contained landing "boxes." The
three necessary components required to successfully implement DiB include a drone with automatic
charging, a box for drone launch and land and a control software used to control flight routes.
2.3 COVID-19 has accelerated the growth and reshaped the global drone industry
Drone technology has existed for a while, but it has started to evolve rapidly towards its considerable potential
during the pandemic. The crisis has resulted in an acceleration in the adoption of drone technologies. The
pandemic pushed the world further into the future as businesses are forced to adapt to cutting-edge technology to
provide services to customers.
Positive impact on the global drone industry:

1. Emerging role of drone use cases: Drones were used for contact-free delivery, surveillance, enforcement,
and hygiene applications, to combat the pandemic.
2. Exemptions for the usage of drones: Administrative exemptions from existing, limiting airspace regulations
and fast-track partial deregulation were undertaken to deploy drones against COVID-19.
3. Shifting attitudes towards drone usage for emergencies: Positive experiences with drones during the
epidemic have altered perceptions of drones and boosted support for non-emergency uses. Hence, developing
the capability for future emergency responses.
The drone industry was growing at a normal pace before the pandemic. However, due to the growing drone usage
across different sectors, relaxation and simplification of drone regulations and growing drone benefits ranging
from cost competitiveness to reduction in labour risk, have contributed more to the growth of the drone industry
at a faster pace.
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2.4 The global drone industry is expected to increase in a fast pace at a CAGR of ~20%
from CY22-30, reaching US$ ~91.3B by CY30
The global drone industry is estimated to be US$ 21.1B in CY22. The industry has witnessed a significant growth
at a CAGR of 19% over CY18-22 and is expected to grow even faster at a CAGR of 20% to be ~US$ 51.4B in
CY27 and further leap to ~US$ 91.3B by CY30.
With global drone market poised to become US$ 51.4B market in CY27, drones are expected to be the disrupters
of the future. They are revolutionizing a number of spaces - notably military, and on the civil front emergency
services, aerospace, and potentially even the taxi industry.
Key reasons for increase in drone adoption:

1. Low operation cost of drones: Drones can significantly reduce fuel and labor costs compared to
conventional methods. conventional methods. Drones can be proved useful if high volume of deliveries are
to be fulfilled across a larger geography compared to traditional methods, helping save resources and reduce
costs for enterprises.
2. Environment-friendly: Due to use of battery-based technology make drones operate on renewable energy
making them environment friendly.
3. Time efficiency: Drones facilitate faster, reliable delivery services by providing a predictable delivery time.
In France during a cost assessment analysis of drones, drone delivery of biomedical samples took about 15
minutes on average, compared to 42 minutes estimated for road delivery.
4. Advancement in technology: Due to technological advancement, drones can conduct large-scale operations.
Mapping and surveillance applications are widely used in mining, construction, traffic management, earth
sciences etc.
5. Authentic data collection: Any innovation that might improve and facilitate data collection is highly desired.
Thus, drones gained value for authentic data collection thus providing higher return on their investment.
6. Favorable regulations: Despite initial opposition to defining clear drone regulations, the last decade has
seen a shift in policy and regulatory approach. The laws governing drone operations are currently being
liberalized to unleash the full potential of drones.
Drone segments by application:
Drone applications can be majorly clarified into 4 broad categories, Surveillance, Mapping, Inspection and
Delivery
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1. Surveillance: Drones provide high-performance aerial vision providing a real-time video feed, in
daytime as well as night via advanced payloads. Drones provide an easy way to get a bird’s eye view of
large areas. These days drone are also equipped with advanced analytics capabilities such as, target
detection, target tracking and moving target indicator.
2. Mapping: Drone technology showcases a huge potential for surveyors and GIS services where aerial
photographs taken from drones using different types of sensors can provide accurate mapping
information. It greatly cuts the cost and work hours of data capture. Further, drones can survey otherwise
unreachable areas and deliver high-resolution aerial maps that would be otherwise impossible to produce
in a safe or cost-effective way. Drones can help to achieve many benefits for effective mine planning -
conducting initial survey, carrying out exploration activity, physical terrain mapping for segregation of
land use, contour mapping, 3D modelling, terrain modelling and stockpile management. In agriculture,
multispectral mapping can be used for crop health monitoring and yield estimation. There are a number
of new sensors such as LiDAR, which enable the ability to create 3D maps and point clouds.
3. Inspection: Inspection drones are redefining manual inspection procedures by enabling inspectors to
collect inspection data rapidly while eliminating risky, labor-intensive human stages. There are a number
of inspection use cases such as property inspection, railway inspection, bridge, pipeline inspection.
4. Delivery: Drone delivery services can be used to distribute prescription drugs, packages, groceries, food,
and other home healthcare supplies. Another specific application of delivery is spraying drones which
can make a big difference in agriculture with more precise delivery of fertilizer and pesticides
The versatility of drones due to their numerous benefits is crucial in unlocking their potential across various
industries such as defence, consumer, logistics, among others. Ultimately, the growth and adoption of drones in a
particular industry is driven by the direct correlation between the benefits of drones and evolving nature of the
use cases. The L1 use cases encompasses both military and civil (non-military) applications, while L2 technology
encompasses the deployment of drones across various non-military settings with the aim of reducing the need for
human labor, time and productivity.
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2.5 Evolution of use cases of drones
Amazon's announcement that it would employ drones to deliver packages in CY13 marked a turning point for the drone industry. Since then, drones and drone-based services
have skyrocketed in the retail and business sectors. Drones are being explored extensively across various industries, including construction, real estate, e-commerce, agriculture,
utilities and energy, financial services, and media and entertainment.
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2.6 The Global drone industry is rapidly expanding into various business segments
Similar to microwaves, computers, GPS and the Internet, drones were initially created for military purposes but
have now also evolved for enterprise and civil usage. While traditional uses for drones, such as security,
surveillance, and monitoring, continue to expand, especially in areas where labor costs and human risks are high,
almost every industry has room for this technology, from real estate, construction, and mining to public safety,
insurance, journalism, agriculture, transportation, energy, and telecommunication costs.
Within the global drone market, defence has had the largest share in CY18 and is expected to have the largest
share (48%) in CY22 as well. As defence technology is adapted for commercial use and relaxed regulations, usage
of drones in enterprise sector is expected to grow and contribute ~41% of the total market in CY27. The regulations
are stringent for drone use in the logistics sector currently, although the situation is expected to change with
relaxed norms for drone deliveries and other logistical use cases. The logistics drone market is expected to have
the largest share of the overall drone market in CY30, followed by enterprise and defence.
2.6.1 Defence:
Modern defence has been reshaped to engage enemies without endangering soldiers' lives. The global defence
drone market size was estimated to be around 60% of the entire drone market at US$ 6.3B in CY18. The growth
of artificial intelligence and robotics-based applications in drones have led to their increased adoption in the
defence sector.
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Over the next decade, A.I. based drones will augment existing platforms with new capabilities and empower
humans to use robotic systems to improve safety and decision-making. The market is projected to grow from US$
10.1B in CY22 to US$ 17.1B by CY27 and US$ 23B by CY30, exhibiting a stable CAGR of around 11% during
CY22-27 and CY27-30. With global defence spending growing at a CAGR of 4.4% from US$ 1.86T in CY18 to
US$ 2.11T in CY21 and the race to gain air superiority, the defence sector is expected drive innovation in the
overall drone market and remain a significant contributor till CY27.
Since the 1950s, the U.S. Department of Defense has employed drones in most military operations for the
observation, surveillance, and intelligence of enemy forces. A number of countries are already using military
drones. Drones in defence can be classified into three broad categories based on their usage:
1. Intelligence, surveillance, target acquisition and reconnaissance (ISTAR): Drones are considered the best
when it comes to data gathering and surveillance across borders. These drones can be deployed kilometers
away and provide real-time updates. Drones with artificial intelligence also communicate continuously and
provide information on any threat / movement around borders.
2. Combat: Drones used for combat are armed with guns, cannons, munitions and other types of arsenals. They
engage in air-to-air and air-to-ground combat against enemies or provide close air support to ground troops.
3. Logistical support: Drones can be used to offer logistical support to soldiers who are on the battlefield or in
difficult-to-reach places. Drones can develop supply networks that get supplies to troops quickly without
possibly losing an individual. Drones step in and replace traditional logistics techniques when combat zones
and stations are difficult to reach.
By use case, drones in defence can be classified as large, micro and counter drones. Spend on the large defence
drones, which are high altitude pseudo satellite (HAPS), high altitude long endurance (HALE) and medium
altitude long endurance (MALE) drones, account for and will continue to account for the highest share of global
defence market, but micro drones, which are compact rotary drones, are on the rise. Currently majority of the
spending on counter-drones by the defence sector was only towards R&D contracts and not actual procurement
and usage, as current counter-drone systems either offer unproven capabilities or perform differently than
advertised outside of a controlled environment.
The global defence drone market expansion is anticipated to be aided by the rise in defence spending as more
nations purchase modern, technologically advanced military drones/UAVs for enhanced combat capability from
drone suppliers who benefit from high entry barriers like capital requirements and technological prowess in the
defence industry. Rising cross-border conflicts in several countries will also drive drone usage in defence space
for surveillance.
2.6.2 Civil:
Civil comprises of enterprise, consumer, logistics and passenger segments. Enterprise drone market has been the
fastest-growing drone market segment, having grown at a CAGR of 43% from CY18 to CY22. It is the second
largest market after the defence sector, pegged at US$ 7.1B in CY22.
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Currently, the enterprise drone market is in its nascent stages with regulatory complications such as the Line-of-
Sight requirement, among others. Drones are expected to be employed on a massive scale in various industries,
with construction and real estate and agriculture being the most significant segments of the enterprise drone market
due to them being early adopters of the technology. Research and development into advanced drone technology
and industry-specific software are expected to drive adoption and improved operational efficiencies. With
increasing drone autonomy and an uptick in drone licenses and registrations, the cost of drone adoption will lower,
further encouraging more use cases across various industries.
2.6.2.1 GIS, Construction and Real estate:

The GIS, construction and real estate drone market comprises of GIS, construction, built inspection and real estate
markets combined. The market is expected to go from US$ 4.2B in CY22 to US$ 12.2B in CY27, growing at a
CAGR of 24%, with real estate being the fastest growing segment amongst the three and construction to make up
~77% of the construction and real estate market in CY27.
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2.6.2.1.1 GIS & Construction:
The GIS & construction drone market is the largest global enterprise drone market segment, standing at US$ 3.5B
in CY22. The market is expected to be US$ 9.4B in CY27, growing at a CAGR of 22% between CY22-27,
considering the relaxation of drone regulations for enterprise use. Drones are being used to improve the efficiency
of construction operations by aiding land surveys, progress monitoring, and safety check functions. A.I.-backed
drone technology is now being deployed to plan construction sites, quantify resources and manage assets on-site.
The impact of COVID-19 on the construction industry has aided the adoption of drones by the industry. The
pandemic resulted in the reduction of on-site workers and adoption of drone technology to monitor sites and
ensure worker safety. Construction companies majorly work on asset-light models and lease equipment on a
project-to-project basis and these companies will use drones-as-a-service. For that reason, the construction
industry is expected to move quickly towards automation of drone-based data collection and analysis.
2.6.2.1.2 Built Inspection:

Built inspection or Built Environment Inspection (BEI) refers to the examination of completed structures such as
bridges, railroads, and buildings with the help of drone technology. The global drone-built environment inspection
market is currently at a size of US$ 0.5B in CY22 and is projected to reach US$ 1.7B in CY27, growing at a
CAGR of 28%. Increase in BVLOS acceptance, improved autonomy, and powerful data analytics will allow BEI
to grow as one of the largest markets for enterprise drones through CY30. In a test survey conducted by Arcadis,
a global engineering consultancy, saw that surveillance led by drone took less than half the time taken by
traditional methods.
The primary benefits of deploying drones for built inspection include:

1. Increased safety for inspectors: Inspector no longer has to be put into potentially hazardous circumstances
2. Savings on cost of temporary structures: Companies can save on inspection costs by not having to construct
scaffolding or other transient infrastructure for a manual inspection.
3. Reduction in insurance cost: Companies can dramatically lower their insurance-related costs by drastically
reducing the time employees are exposed to risky situations.
4. Helps create a digital footprint of the company's assets: Visual data collected by drones help companies
retrieve a digital record of an asset's life history at any moment.
5. Advantageous for nuclear power plants: Currently, nuclear power reactors or pressure vessels are turned
off before every inspection. This downtime results in a revenue loss which can be resolved by drones to a
great extent.
BEI can be divided into three sub-categories: railway inspection, bridge inspection, and property inspection.
1. Railway inspection:
The major use cases for drones are to examine bridges, remote railway networks, and radio towers on railroads.
Growth of drone-based inspection will majorly be driven by relaxation on BVLOS flight limits in low human
density areas. The on-time approval of BVLOS operations will act as a catalyst. Soon, drones that launch from
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and land in self-contained "boxes" will be strategically placed to carry out autonomous inspections. Asset-light
railroad owners who do not want to maintain a distributed crew of drone monitors will probably scale back their
internal drone operations in favor of an outsourced model as autonomous drone railway inspections become more
prevalent. For instance, BNSF Railway Co., a US based rail infrastructure company, is employing drones to
optimize inspection procedures for its rail network.
2. Bridge inspection:
Ageing bridge infrastructure, slow and traditional bridge inspection methods and an increase in the frequency of
bridge inspection will majorly drive the bridge inspection by drones cost-effectively. Drones are increasingly
performing autonomous bridge inspection missions on-site and are becoming standard equipment on utility
vehicles. The time and cost for bridge inspection by drones is drastically less than traditional assessment methods.
For instance, drones are used by state transportation departments in the U.S. for surveying and emergency
response. Using drones-based bridge inspections they were able to save up to 70% of traditional assessment
method cost. In the US, Schemmer Associates Inc., engineering and construction-based consulting firm, deploys
drones to assist in bridge inspections, ensuring inspector’s safety and reach in accessible locations.
3. Property inspection:
Drones are useful tools for monitoring properties and identifying potential problems. Detecting property changes,
inspection of landscape damages, roof damages, etc. are some of its primary use cases. Also, they are
revolutionizing how insurance companies and building inspectors inspect structures. Since CY15, insurance
companies have been using drones to expedite risky and time-consuming inspections at claim locations while
keeping staff safely on the ground. Drones are already becoming commonplace among those who handle insurance
claims. The increased adoption rate for property inspection will be accelerated by insurance companies seeking
to take benefit of the efficiency gains due to drones. To conduct regular annual inspections on tall buildings,
building inspectors either build costly scaffolding or rappel down the sides of the buildings. Except for repair
work, drones will make scaffolding and rappelling obsolete. A Canadian company, Industrial SkyWorks Inc.,
have used drones to examine walls and roofs of structures at night.
2.6.2.1.3 Real estate

Drones have been used in the real estate market for a long time. The market is expected to grow at a CAGR of
41%, from US$ 0.2B in CY22 to US$1.1B in CY27. With many use cases such as real estate marketing, aerial
video tours, and resort living to 360 panoramas, real estate will continue to be a competitive market for drones.
Agents who use drones for real estate could potentially see an increase in their listings and a higher chance of deal
closing. The use of drones has been steadily increasing since the COVID-19-induced lockdowns, where a rise in
3D panoramic virtual tours was on the rise. With increasing adoption due to comparatively relaxed regulatory
norms and growing demand for virtual panoramic views of properties, this segment is expected to grow in the
next five years. A recent project of surveying a village in India where nearly 80 drones deployed for data
collection, saw that the cost was reduced roughly by 4 times when compared with traditional methods.
2.6.2.2 Agriculture
Drone technology is increasingly being used by agricultural businesses worldwide to modernize farming.
Agriculture drones would carry sensors that can provide real-time information on crop status or animal movement,
allowing for efficient and precise decision-making on operations and management. These drones may be upgraded
with various sensor payload configurations and digital imaging capabilities for field surveys, crop monitoring,
spraying, spreading applications, and livestock and fisheries surveillance. The global agriculture drone market is
estimated to be US$ 0.6B in CY22 and projected to reach US$ 2.5B by CY27, growing at a CAGR of 32%.
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Yamaha Motor India Pvt. Ltd., a Japanese multinational manufacturer of motorized products, began selling multi-
rotor drones in CY18 as demand surged in Japan. Operators rent 2,500 or more manual radio-controlled or fully
autonomous Yamaha drones to spray roughly 42% of Japan's paddy fields. In South Korea, nearly 100 manual
radio-controlled or fully autonomous drones are in operation. Yamaha has begun rolling out its technology in
Australia and New Zealand, as well as in the U.S.A., where the F.A.A. has granted Yamaha permission to conduct
commercial trial services and research. Similar to Yamaha, a number of companies like SZ DJI Technology Co.,
Ltd, Parrot Drones SAS, and PrecisionHawk Inc. have been providing drone based agricultural solutions to
governments, enterprises and the public, across the world.
Precision agriculture improves farm efficiency by utilizing technologies capable of rapid data insight analysis and
is being used by large commercial farms currently in the U.S. Among the plethora of applications for drones in
agriculture, precision agriculture applications will be focused on as 'drone-based agriculture', which is anticipated
to be a premium service until CY25 due to the prohibitive costs of high-tech drone services.
1. Soil and crop monitoring

High-resolution aerial photos can create 3D maps for crop and soil analysis, which can be used to design seed
planting patterns, regulate irrigation and nitrogen levels, and monitor crop development throughout the season.
Soil and crop monitoring can be performed by using satellites, general aviation aircraft, and drones.
Satellites can collect vast amounts of data. However, high-resolution satellite photography is costly, has limited
revisit times, and is vulnerable to weather conditions. General aviation planes are less expensive than satellites.
They can cover more ground than drones making them ideal for surveying large areas, but produce lower-
resolution imagery than drones. Drones can monitor crops and soil on large pieces of land while being cost and
time effective.
General aviation
Parameters Satellite Drone
aircraft
Operational expense Very high Medium Low
High resolution Available, but expensive Low availability High
imagery
Revisit times Highly limited Unlimited Unlimited
Vulnerability to High Medium Low
weather conditions
Most suitable area size Extremely large areas Very large areas Medium and large areas
2. Irrigation and crop spraying

Drones for crop spraying are still relatively new in adoption, but they are gaining traction. Due to the limited
availability of drones for crop spraying and local drone regulations, this use case has witnessed slow adoption.
However, crop-spraying drones will become more widely used, with many countries such as China, the United
States, India, and the European Union relaxing drone laws related to agriculture.
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Many components of farming are still labor-intensive, and manually spraying chemicals is difficult, dangerous,
and time-consuming. Using drone technology to spray crops avoids any detrimental effects pesticides may have
on humans. Drones are a faster and more effective use of resources in farming. Another advantage of employing
drones for crop spraying is that they can reach locations challenging to access by land.
3. Health assessment
Drones configured with sensors capable of scanning crops with visible and near-infrared light can be used to check
crop health over time to understand when to follow corrective actions. Farmers can use data from modern sensors
presented as 2D or 3D models to understand better and find new ways to boost crop yields while decreasing crop
damage. This data can then also be used to develop crop damage valuations for crop insurance as traditional
inspection methods can be slow and inaccurate.
Globally, drone-based precision agriculture is likely to continue to be provided as a managed service offered to
farmers as part of package deals with seed and crop protection companies.
The farming subsidies for drone services will increase as governments move towards adopting technology in
agriculture to maintain adequate food supply for their growing populations. In December 2021, the Government
of India released the Standard Operating Procedure (SOP) for the use of drones in crop protection and spraying.
Several countries are releasing guidelines on the usage of drones in agriculture as a thumbs up to technology’s
potential benefits.
2.6.2.3 Oil and Gas:

Drones are used in the oil and gas sector to check platforms on land and at sea, pipelines, and refineries. Drones
enhance worker safety in the oil and gas sector while lowering inspection and maintenance expenses. The global
oil and gas-based drone market is currently valued at US$ 0.4B in CY22, which is projected to reach US$ 1.4B
by CY27, growing at a CAGR of 28%. In the future, development of autonomous drones will help reduce critical
infrastructure downtime and allow faster inspections of hazardous areas.
The usage of drones in the oil and gas sector is divided into three segments: upstream, midstream, and downstream.
The upstream segment includes the discovery and production of oil and gas, such as drilling and bringing resources
to the surface. The midstream segment refers to all activities necessary for transporting and storing crude oil and
gas before refinement. Downstream encompasses all the processes required to transform crude oil into finished
goods and transportation. Top global oil and gas firms using drones to enhance their operations and obtain real-
time insights include Bharat Petroleum Corporation Limited, Chevron Corporation, ConocoPhillips Company,
Equinor ASA, Exxon Mobil Corporation, among others.
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2.6.2.4 Mining:
There are three primary use cases of Drones at mines: Surveying and mapping, stockpile management, and road
haulage optimization. The global mining-based drone market is currently valued at US$ 0.2B in CY22, projected
to reach US$ 0.8B by CY27, growing at a CAGR of 32% over CY22-27.
Drones are capable of a wide range of mining applications, including exploration, mapping, surveying and data
collection, as well as maintaining safety and strengthening security. Recently popularity of drones has increased
in the mining industry, with several mining sites investing in drone technology. Mining professionals have seen
that drones provide tremendous value to their operations. Drones in mining deliver accurate and complete
information on quarry and mine conditions quickly, increasing the efficiency of large mine sites and quarries.
They will improve coordination between teams on-site and globally and also provide a dynamic picture of all
operations.
Benefits of drones in mining include higher accuracy compared to traditional surveying and inspection techniques,
more rapid data collection which is faster than conventional land-based practices carried out by personnel, higher-
resolution data, increased worker efficiency, cost-effectiveness and enhanced worker security. Massive mines are
using drone surveillance to locate potential deployment sites for resources and reserves and increase exploration
expenditures' effectiveness. These factors, including fewer regulations to comply with compared to other sectors,
as there is barely any drone usage in a high human-density environment, will drive the growth of drones in the
mining sector. For instance, Coal India Limited has decided to utilize drones for variety of monitoring tasks such
as mine repair, reviewing topsoil loss, etc.
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2.6.2.5 Utilities:
The utilities sector encompasses tower inspection, power transmission and wind turbines, among others. The
drone utilities market is expected to grow at a CAGR of 28% from US$ 0.2B in CY22 to US$ 0.7B in CY27. The
difficulty of inspecting various installations, such as power lines and wind turbines necessitates the need for
drones. Drones are primarily being used to carry out inspection and maintenance jobs due to cost savings, safety
and accuracy provided by drones.
1. Tower inspection:
About 5,60,000 inspectors work on about 5 million communication towers globally. With new 5G towers coming
up, routine inspection of towers would require additional help. Autonomous drones equipped with high-resolution
thermal cameras allow remote inspections to be undertaken. Tower inspection by drones requires them to be close
to the towers to meet the Beyond Visual Line of Sight requirements for most nations such as the U.S.A., Australia,
U.K and India. Telecom operators have started using drones in maintenance monitoring, maintaining a record of
equipment mounted on cell towers and maintaining a central repository. The potential market for drone-powered
solutions is immense, with the possibility of telecom operators providing such services themselves. For instance,
Verizon Communications, Inc. acquired Skyward IO, Inc., a drone company which allows users to connect drones
wirelessly and share data plans on its network. Vodafone Group Plc. too is in talks with regulatory authorities of
many countries to contribute to drone traffic control centers.
2. Power transmission:
Drones have numerous close-range use cases around power lines, such as checking vegetation growth and
detecting damage to avert a power outage or fire damage etc., drones fitted with thermal sensors can pinpoint
discharge and overheating lines and facilitate timely maintenance. Requirements of electromagnetic shielding,
pilot training and BVLOS restrictions hinders high adoption in this segment.
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3. Wind turbines:
Drone usage in the wind turbines market is positioned against ground-based solutions. The energy industry spends
around US$ 8B annually on wind farm maintenance. Wind turbines require preventive maintenance checks,
including manual inspections for signs of wear and tear. Drones can perform 360-degree inspections, maintain a
central repository of data, transport maintenance equipment and chart an automatic flight path to check for erosion
and cracks by performing on-demand remote monitoring. A limiting factor is that wind speeds can range from
4m/s to 5.8m/s, which may be more than the windspeed limits of drones, acting as a barrier to their usage.
2.6.2.6 Public safety

As the usage of drones for public safety grows, so does their utility in emergency and law enforcement scenarios.
The public safety-based drone market is currently valued at US$ 1.1B in CY22 and is projected to reach US$ 2.7B
by CY27, growing at a CAGR of 20%.
Drones have changed public safety operations by providing responders with a wide range of airborne
reconnaissance and mapping capabilities. Although, constraints on flying beyond visual line of sight (BVLOS),
limited battery life, and community concerns about privacy are all barriers to increasing the usage of public safety
drones. As most limitations are critical to the growth of drone usage in public safety, drone adoption is only
expected to accelerate once regulatory concerns are met.
The market for drones in public safety is majorly made up of two use cases:
1. Law enforcement
Due to the entry of new technologies, policing looks significantly different now than it did a decade ago. New
technologies like facial recognition software and a wide range of computer applications made possible by high-
speed broadband wireless systems have substantially expanded the capabilities of law enforcement. Police and
government officials worldwide have used drones to perform remote policing and enforce social distancing during
COVID-19 lockdowns. Pilot programs are expanding drone adoption, as agencies turn to technology to address
operational inefficiencies. However, drone adoption in law enforcement is highly regulated as law enforcement
agencies are not allowed to use foreign-made drones, in key countries like the U.S.A., China and Japan for the
protection of public and agency privacy. As a result, the drone market in law enforcement is estimated to grow
conservatively as authorities are reliant on country’s manufacturing capabilities.
2. Firefighting
Fire departments worldwide, especially in the United States, are increasingly harnessing the benefits of drone
technology during firefighting operations. Drone usage while firefighting goes beyond putting fires out in areas
that are tough to reach. They are used for situational awareness, thermal assessment, and search and rescue
operations, amongst other use cases. Increasingly drones are finding a place in the prevention of forest fires.
2.6.2.7 Enterprise counter drone:

Counter drone technology, which is often referred to as counter-UAS, C-UAS or counter-UAV is the system that
is used to detect and disable an unmanned aerial vehicle. Enterprise counter drones primarily consist of drones
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used at airports, nuclear power plants, prisons, oil and gas, enterprise airspaces, municipal airspaces and other
commercial spaces for drone attack detection and mitigation. The counter-drone market is expected to grow at a
CAGR of 12% from US$ 0.3B in CY22 to US$ 0.5B in CY27.
Places of critical nature and mass gatherings are susceptible to drone and other attacks, making counter-drones
essential. Anti-drones can undertake the following activities:
1. Detection and tracking of invasive drones and other technology over restricted airspaces
2. Signal a warning to the drone pilot, informing the pilot about the infraction
3. Disrupt the flight path of the invading drone
4. Confiscate invading drone
5. As a last resort, destroy the invading drone
Commercial C-UAS solutions can be used instead of military-grade jammers and electromagnetic counters, which
are prohibited under general circumstances. Usage of other solutions, such as missiles and other projectiles, risk
incurring severe collateral damage. Governments have not yet set specific C-UAS policies, and many regulations
will be overlapping with Aviation Security Act etc. would lead to slower adoption.
2.6.2.8 Consumer:
Consumer drones have been operating as the face of the drone market for the last decade; however, it currently
had a smaller market compared to defence and enterprise. The current market size of the consumer market is US$
3.6B and is expected to grow at a CAGR of 9% to stand at US$5.5B in CY27. While commercial drones are in
the early adopters' phase, drone usage by consumers is expected to reached maturity by CY27.
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Consumer drones are broadly categorized into the following:
1. Recreational
2. Videography
a) Journalism
b) Cinematography
Recreational use:
Drone usage for recreational purposes relates to the use of drones by hobbyists for videography or simply for the
fun of flying a drone. The drone market for recreational use is expected to grow due to growth in the "experience
economy" as social media takes center stage. While in the early days, hobbyists drove the industry. This trend
will reverse as enterprise solutions mature and the growth rate of the consumer market is expected to slow down.
The European and American markets are expected to stagnate in the coming years.
Videography:
Videography consists of two broad categories, namely journalism and videography.
1. Journalism
Drones have been used to cover news, such as natural disasters and other events up close, without putting a
cameraperson in danger. Drones with high-tech cameras and thermal sensors can cover larger areas and reduce
overall reporting costs as they are less expensive at the same time offer more maneuverability than the next best
alternative, which is a chopper. Drone usage is expected to grow steadily due to the ease of regulations for drones’
usage in low-density public areas and during night time.
2. Cinematography
Drones have been used for filmography, cinematography and broadcasting for the last few years. In USA, they
have been used regularly for filming aerial shots in movies, television shows and commercials since CY14 when
drones in filmmaking became legal in the country. Sports documentaries make use of F.P.V. drones to create
camera movement. Most drone usage in cinematography is outsourced to drone service providers. Drones fare
better than cranes and replace their role by having advanced payload capacity, high altitude capability and high-
resolution cameras. They also prove to be less costly than helicopters for long-range shots.
2.6.2.9 Logistics:
The drone logistics market is currently valued at US$ 0.3B in CY22 and is projected to reach US$ 33B by CY30.
This market growth can be attributed to surging demand for efficient logistics and last-mile delivery and
technological advancements such as Vertical Take-Off and landing (VTOL), geospatial mapping, IoT, and
machine learning resulting in higher accuracy of package delivery. Furthermore, revamped government regulatory
framework will drive growth opportunities for drones in the logistics sector.
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With the growing effects of the pandemic and increase in environmental consciousness among companies and
consumers, the logistics industry has become more dynamic, and adaptive. The logistics movement and supply
chain complexity can be efficiently solved by bringing an autonomous vehicle element. This will fulfil the four
critical areas considered by logistics companies: optimizing efficiency, recognizing value, being flexible, and
resilient and having zero negatives.
The pandemic has also fueled the desire for delivery drones, which address structural challenges such as delivery
timing (same day) and delivering to isolated locations. In a period when there were few people available to
transport items but tremendous demand, the ability of drones to make contactless deliveries in the lowest amount
of time established its value. Furthermore, modern drones can transport bulkier packages over more considerable
distances in a shorter time. During a study in CY22, in last-mile delivery, energy consumption per package by a
medium-duty diesel truck was reduced to more than half when delivered through a very small quadcopter drone.
Companies in various sectors, including logistics, healthcare, food, and e-commerce, are being prompted to pilot
drone delivery technologies. International corporations, including The Boeing Company, Zipline Inc., United
Parcel Service, Inc., Amazon.com, Inc., Wing Aviation Private Limited, and others, provide stores and online
shoppers with immediate delivery services using drones.
Global examples of drone adoption in logistics:
The first drone-based delivery was performed by Domino's Pizza, Inc., in November 2016 to deliver a pizza to a
customer's doorstep. Since then, several large and small businesses have been testing autonomous delivery using
drones. In CY19, Amazon.com Inc. announced ‘PrimeAir’, a drone delivery service to deliver packages within
30 minutes of ordering. The Wing, owned by Alphabet Inc., develops drone-based freight technology, and works
with organizations like Walgreens and FedEx to deliver two and three-pound drone packages.
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United Parcel Service, Inc. Flight Forward was the first drone delivery service to be launched by a commercial
logistics company. To advance their effort to provide medications, they have teamed with CVS Health
Corporation. Walmart Inc. in association with DroneUp LLC will potentially serve four million households across
six states in the US by expanding DroneUp delivery network across 34 sites. Drone Delivery Canada Corp., Airbus
SE, Matternet Inc, DHL International GmbH., Shenzhen SF City Logistics Co., Ltd, and Rakuten Group Inc. are
some other major drone delivery companies.
The US is the leading player in the drone delivery industry due to the enormous number of e-commerce giants
and technological start-ups with headquarters in various states around the nation. Additionally, Canada is
accelerating the delivery process by implementing drone delivery technologies. In Asia, China and Japan are
dominating this industry. Drones are being used more frequently in Europe by Switzerland, Iceland, and Finland
to deliver prescription drugs and other retail items to remote locations. Drones are used in African nations like
Ghana and Rwanda to transport test samples and medical supplies.
2.6.2.10 Passenger:
Passenger drones (also called air taxis, eVTOLs, flying cars, etc.) will be used to transport passengers over short
and medium distances flown manually, remotely, or automatically. Passenger drones do not require a runway for
landing due to vertical take-off and landing (VTOL).
Commuters will benefit from drone-led faster intra-city and inter-city transportation. These drones are battery-
powered, making them capable of running on renewable energy sources. Passenger drones can also be employed
for special operations, including search and rescue, emergency supply delivery, air ambulance transport, and fire
rescue.
The global passenger drone market size is currently in a very nascent stage valued at less than US$ 0.1B and is
anticipated to grow to US$ 0.2B in CY27 at a CAGR of 26% during CY22-27. A decline in equipment costs,
technological advancements, a growing urban population, and increasing need to travel faster, cheaper and cleaner
will accelerate the growth of the passenger drone market.
2.7 Drone industry by geography

The growth in the overall drone market across regions is anticipated to be driven by relaxations in regulations and
testing of drone applications. Several governments are working out ways to form regulations for the adoption of
drones in commercial applications. In CY22, USA is expected to be the biggest market for drones standing at US$
10.2B with ~49% market share and predicted to grow to US$ 20.2B in CY27.
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The agriculture drone market is expected to witness a steady growth in the APAC region with China at the
forefront of the market. With the Government of China providing various subsidy schemes and favorable domestic
policies for drone usage in industries, energy, agriculture and consumer markets are expected to drive growth in
the coming years. The Indian government is also encouraging the adoption of drone technology in agriculture and
has released standard operating procedures (SOPs) for drone-assisted pesticide and nutrient application. There is
a growing number of Unmanned Aircraft Operator Permits in India currently. With the new ‘The Drone Rules
2021’, PLI scheme, UTM policy and liberalized drone policy, India is also positioned to become a global
manufacturing hub for drone technology.
While the adoption of drones is growing at a rapid pace, each country has been developing their own ways to
tackle certain headwinds that the drone industry faces. The way each country decides to combat these concerns
would decide the level of sustainable growth the drone industry would witnesses within that country.
2.8 Key challenges in the drone industry

Drone safety is still a concern, as are the effects on ecology, security, and privacy. Additional problems include
consequences on jobs and fair use. Future emergency responses may be enhanced by creating a regulatory
framework for drones that considers issues beyond safety.
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3.1 Evolution of the drone industry in India and how it could evolve given how it has in
other markets
Back in the 1990s, the Indian Army acquired UAVs from Israel. First application was use as military drones
during the 1999 Kargil war against Pakistan for photo surveillance along the Line of Control (LOC).
In CY14, the Directorate General of Civil Aviation (DGCA) under the MoCA (Ministry of Civil Aviation) banned
the use of commercial drones in India until it formulated proper rules and regulations to govern their usage. In
CY18, the DGCA released the CAR (Civil Aviation Requirements), which established a paperless procedure for
filing permits for drone activities and registering licenses for drones, owners, and pilots. Apart from defence,
drones came into commercial action after CY18.
In CY20, drones played a crucial role in maintaining social distance and performing sanitization operations during
the peak of COVID-19. Indigenously developed drones were used to deliver COVID-19 vaccines to access
compromised areas and strengthen the vaccine delivery system. With the new 'The Drone Rules 2021’, individuals
and organizations in India are set to find it easier to own and operate drones, setting the stage for the broader use
of drones in the country. As a part of reforms to make India a global drone hub by CY30, the government also
launched Production-Linked Incentive (PLI) scheme for drones and drone components companies in September
2021 to enable drone manufacturing in India.
In the FY22 budget, the Finance Minister of India introduced the 'Drone Shakti'. Startups are encouraged to
provide Drone-as-a-Service. Customers may hire drones and utilize them for various purposes, including shooting
pictures and films. India's biggest drone festival, Bharat Drone Mahotsav, was inaugurated in May 2022. With
"Atmanirbhar Bharat" initiative, the Government of India has been pushing Indian drone companies for innovation
in the sector through its policies. The purpose was to showcase the broad adoption of drones and the substantial
employment opportunities the industry can create.
India finds itself to be at a critical juncture in the evolutionary timeline of drone technology and aims to position
itself as a global drone hub by CY30. The rise of the drone manufacturing industry in India will result in significant
trickle-down effects across the sub-component value chain, right across motors/ propulsion systems, payloads,
communication modules, batteries/ power systems, propellers, assembly, navigation systems, airframes and
software solutions.
In order to boost indigenous drone production, India has introduced laws and policies that address both the supply
side (through PLI and import bans) and demand sides (through drone policy). By implementing drone
indigenization initiatives in use cases such as defence, commercial, homeland security, and counter UAV sectors,
India has the remarkable opportunity to target approximately 1.8 lakh crore of total domestic manufacturing
potential.
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3.2 The policy environment in the Indian drone space is becoming more liberal and
relaxed with regulations such as ‘The Drone Rules 2021’
Drone ownership and operation are far more simplified under ‘The Drone Rules 2021’, than under earlier
regulations. ‘The Drone Rules 2021’ have list of compliances that drone operators must be aware of to ensure full
compliance and few restrictions in place with specific emphasis on approvals.
Permission was mandatory for commercial use of drones, this limitation was eased with ‘The Drone Rules 2021’,
which were curtailed in the regulations released in August 2018.
As of February 2022, India banned the import of drones and drone components except for security and defence,
to encourage the domestic drone manufacturing industry and make India a global drone hub by CY30. On 9th
February 2022, The Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce and Industry,
modified the Indian Trade Classification (Harmonised System) 2022 Schedule-1 (Import Policy) and banned the
import of drones in completely-built-up (CBU), semi-knocked-down (SKD) or completely-knocked-down (CKD)
form, with the exceptions of:
- Import of drones by government entities, educational institutions recognized by central or state
government, government recognized R&D entities and drone manufacturers for R&D purpose are
allowed in CBU, SKD or CKD form, subject to import authorization issued by DGFT in consultation
with concerned line ministries, and
- Import of drones for defence and security purposes are allowed in CBU, SKD or CKD form, subject to
import authorization issued by DGFT in consultation with concerned line industries. However, the import
of drone components is not banned and does not require any approval.
The announcement of the Drone Rules 2021 and the Drone (Amendment) Rules CY22 simplifies the operation of
drones more than ever before. New legislation and standards assist the Indian government's ambitious objective
of becoming a global drone hub by CY30.
The Drone Rules 2021:

The Drone Rules 2021 were released in August 2021 to regulate the use and operation of drones in India. Some
prior strict requirements have been relaxed under this policy.
For instance:
1. The number of permits and approvals required by a drone operator has been reduced from 25 to 5.
2. The Rules have established an online platform hosted by the Directorate General of Civil Aviation for
managing various drone-related activities in India called 'Digital Sky'. The platform seeks to provide a
single-window online system where most of the permissions of drones can be generated by individuals
without any human intervention.
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Ministry of Civil Aviation (MoCA) has deployed an interactive airspace map on the Digital Sky platform for the
convenience of drone operators and all other stakeholders. The map is color-coded into green, yellow, and red
zones, which opened nearly 90% of Indian airspace as a green zone. This will help drone operators plan their
flights in a better way and prevent flying in restricted zones. These regulation aims to boost innovation and
business in India.
Production-Linked Incentive (PLI) scheme:

The PLI scheme, launched in September 2021, aims to incentivize Indian drone and drone components’
manufacturing companies, to make them self-sustaining and globally competitive. With liberalized rules and the
incentive scheme, the government expects the drones and drone components manufacturing industry to attract
investments from foreign investors. Micro Small and Medium Enterprise (MSME) will be key beneficiaries, and
the eligibility norm has been set for the same.
Under the scheme, a total incentive of US$ 15M is spread over three financial years. PLI will encourage
entrepreneurs to strive towards building drones, components and software for the global market. This initiative is
anticipated to help reduce imports and increase market exports and achieve the Government’s aim to make India
'The global drone hub of the world'. A provisional list of 23 PLI beneficiaries was released in July 2022. The
beneficiaries include 12 drone manufacturers and 11 drone component manufacturers.
The list of shortlisted drone manufacturers is as follows:

1. Aarav Unmanned Systems, Bengaluru, Karnataka
2. Asteria Aerospace, Bengaluru, Karnataka
3. Dhaksha Unmanned Systems, Chennai, Tamil Nadu
4. EndureAir Systems, Noida, Uttar Pradesh
5. Garuda Aerospace, Chennai, Tamil Nadu
6. IdeaForge Technology, Mumbai, Maharashtra
7. IoTechWorld Avigation, Gurugram, Haryana
8. Omnipresent Robot Technologies, Gurugram, Haryana
9. Raphe Mphibr, Noida, Uttar Pradesh
10. Roter Precision Instruments, Roorkee, Uttarakhand
11. Sagar Defence Engineering, Pune, Maharashtra
12. Throttle Aerospace Systems, Bengaluru, Karnataka
Drone makers and service providers are ramping up their product offerings and hiring to meet a spurt in demand
that is expected to accelerate with the government's PLI scheme, which is expected to bring down drone prices
further. The annual sales turnover of the drone manufacturing industry may grow from US$ 8M in FY21 fold to
over ~US$ 110M in FY24.
The Drone (Amendment) Rules 2022, eliminate the need for a drone pilot license for drone operations up to 2 kg
for non-commercial purposes. The government made it easier for drone manufacturers to obtain a certificate with
the Drone Certification Scheme 2022. The new drone laws have facilitated traction in the market as numerous
companies partner to disseminate technical knowledge and attract funds and government support. For instance, in
June 2021, food delivery platform Swiggy (Bundl Technologies Private Limited) and the integrated airspace
management company ANRA Technologies Private Limited started testing for beyond visual line of sight
(BVLOS) drone food deliveries as they received clearance for testing from the Ministry of Defence, the
Directorate General of Civil Aviation, and the Ministry of Civil Aviation.
3.3 Indian drone industry market potential is US$ 2.71B in CY22

The drone industry is at a nascent stage and therefore the requirements are continuously evolving. As of CY22,
the potential market size for Indian drone industry was approximately US$ 2.71B. Drones now have the potential
to carry everything, including vaccines and other medical supplies, and devices, for agriculture, energy utilities,
construction, and mining, passengers, public safety, and logistics are seen to have great potential and to act as
modern-day use cases.
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Note: The overall potential for Indian drone market is estimated assuming drones would be extensively used
across each of the use case. Deep dive into each use case is mentioned in following segments.
In CY22, Defence industry has the highest potential of US$ 1.28B out of the total drone market, followed by
Logistics at US$ 0.76B and Enterprise at US$ 0.48B. The Indian market potential for passenger stands at US$
0.08B in CY22. Indian drone industry is expected to grow owing to driving factors such as the government's
regulations such as New Drone Policy 2021/2022 and PLI scheme etc. to transform India into a worldwide hub
for drones by creating a favorable and supportive ecosystem. Furthermore, growing drone use cases and their
future applications, an upsurge in startups and investments will fuel the drone industry in India.
3.3.1. Defence
The Indian defence drone market currently has a potential of US$ 1.28B in CY22.The key use cases for drones in
India defence are surveillance, precision strikes, and terrain mapping for scouting enemy troops. Indian Army is
encouraging companies to develop innovative concepts for introducing modern machinery to their troops. India is
looking to procure mini Remotely Piloted Aircraft Systems (RPAS), long-range surveillance systems, and inertial
navigation systems. Indian Army has also issued tenders for high and medium-altitude logistics drones to boost the
army's logistics chain and enhance operational preparedness.
The nation's indigenous drone program resulted from the Indina air Force (IAF) using an American drone, Northrop
Chukar. With the help of this drone, the Defence Research and Development Organization (DRDO) developed the
Lakshya target drone for practice firing beyond-visual-range missiles. Since then, the DRDO has been developing
several short-range drones, such as Nishant and Gagan which are outfitted with high-technology radars that generate
high-resolution 3-D photographs. The famed Medium Altitude Long Endurance UAV, Rustom 2, has auto-landing
capabilities and is perfect for surveillance and reconnaissance. To target the Sino-Indian border in eastern Ladakh,
a more advanced High-Altitude Long-Range drone is also being built.
Drone usage in Indian defence:

1. In August 2022, The Drone Federation of India (DFI) and the Army Design Bureau (ADB) signed an MoU,
according to which they will collaborate on the roadmap planning, research, testing, manufacturing, and
adoption of counter-drones among other technologies that the Indian Army will use in its operations.
2. In order to improve its monitoring along the Line of Actual Control, the Indian Army has signed a contract
with ideaForge in January 2022, to purchase high-altitude SWITCH1.0 unmanned aerial vehicles (UAVs)
3. In March 2022, the Indian Army has awarded ideaForge a contract to deliver 200 drones capable of vertical
takeoff and landing (VTOL).
Note: Potential is estimated basis the percentage of the drone budget to the overall defence budget of leading drone adopters
like USA, UK, Australia, and France. This multiplier is used to multiply with the Indian defence budget.
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Department of Defence Production (DDP) along with Ministry of Defence and GoI, shared a RFP for development,
operation and maintenance of Defence Testing Infrastructure (DTI) for Unmanned Aircraft Systems (UAS) under
the Defence Testing Infrastructure Scheme (DTIS) having Earnest Money Deposit (EMD) value of US$ 75,000
(INR 6M) and RFP value of about US$ 7.5-37.5 million (INR 600-3,000M)
3.3.2. Enterprise
Indian enterprise drone market has a potential of US$ 479M. Agriculture, utilities and public safety are the most
significant segments for enterprise drones. Enterprises are still seeking to discover various uses for drones, data
collection, and developing software to find solutions for the specific industry.
The agriculture-based drone market is expected to have a potential market of US$ 208M in CY22. Spraying,
seeding, crop monitoring and crop insurance are key use cases for drones in agriculture. Manpower shortfall will
lead to a greater reliance on precision farming instruments like drones both globally and India. The growing drone
market in India is trying to incorporate indigenous advanced technology and employ them in agriculture space.
Methodology: Potential of agriculture-based drone market is if all the farmlands (above 20 hectares) in the country would use
drones for spraying, seeding, insurance, and crop monitoring.
Spraying: Drone technology can usher in a new era for precision agriculture. It is used to spray chemicals as they
have reservoirs, which can be filled with fertilizers and pesticides for spraying on crops in very little time. Drones'
foremost advantage over manual effort is their flexibility to move around in swift motions and maneuver to the
desired locations.
For instance:
1. Unnati (Akshamaala Solutions Private Limited), a FinTech-driven agriculture ecosystem, has launched a Drone
Spray service for farmers. The platform will be utilizing a fleet of DGCA-approved (Directorate General of
Civil Aviation) drones to offer the service. The cost of spraying insecticide using drones’ is less and also takes
less time. Unnati says its drones can cover an acre in under eight minutes whereas it takes at least four hours to
spray an acre manually.
2. An experiment performed in Jaipur demonstrated that one acre of land can be sprayed in under ten minutes.
Seeding: Agriculture is a very labor-intensive and time-consuming industry because it needs specialized abilities to
operate. In particular, seeding requires physical labor because it takes a long time to complete. Drone technology is
used for sowing the seeds of a diverse variety of crops, which helps to alleviate this tedious operation. In drones,
the lasers, sensors, tanks, etc., enable them to plant seedlings quickly and precisely.
For instance:
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1. Drone-based tree plantation carried out in Telangana with the help of drones reduced reforestation costs by 10
times while also covering big areas more quickly and with zero risk to personnel.
2. Drones are enabling spraying of seeds, pods, and vital nutrients into the ground. This method not only reduces
costs by over 85%, but it also boosts efficiency and consistency.
Insurance: Drones could provide accurate information to insurance companies concerning damages. It also helps to
identify and quantify risks faster and more safely. The insurance companies can collect data on the damaged area
using drones and creates a set of visuals based on the damage. Drones could also streamline formalities like claim
submission and loss inspection processes.
Crop monitoring: Monitoring of crops can be done quickly by drones to provide fertilizers at the right time, checking
for pest attacks, and monitoring the effect of weather conditions. Drones could be vital, as ensuring a timely harvest
is crucial, especially when working with seasonal crops. By using infrared cameras to scan the field, drones can aid
in efficient crop surveillance. Farmers can then act on the information they receive in real-time to improve the health
of the plants there.
Usage of drones in India's agriculture sector:

1. In August 2021, Mahindra & Mahindra Limited has been allowed to use drones for agricultural trials and
precision spraying on paddy as well as hot pepper crops in Telangana and Andhra Pradesh respectively.
2. In February 2022, the Government of India flagged off 100 Kisan drones in different cities and towns of India
to spray pesticides on farms across India. Kisan Drones are anticipated to promote the increasing demand for
crop assessment, digitization of land records, and spraying of insecticides and nutrients.
3. In March 2022, Tamil Nadu state government has decided to procure 60 drones for holding demonstration
exercises on spraying fertilizers using drones in 14,400 hectares of land under the Kisan-drone scheme of Sub-
Mission on Agricultural Mechanization (SMAM)
4. In August 2022, Karnataka and Kerala witnessed heavy rainfall. ideaForge worked with DRDO coordinated
surveillance efforts over agriculture lands with its indigenous drones.
5. The Rajasthan government's agriculture department recently deployed drones to spray chemicals and fight off
locust swarms in the state.
6. Andhra Pradesh government plans to procure 200 Kisan Drones, which would solve the problem of labor
shortage and health hazards.
Department of Agricultural Research and Education (DARE) has floated a tender for Spraying through drones. This
project will be taking place in Delhi. The EMD is given as US$ 470 (INR 37,500) and the RFP is valued at the
maximum of US$ 0.23M (INR 18M).
3.3.2.2. Utilities
The Indian utility drone market is currently valued to have a potential of US$ 144M in CY22. With a growing
number of inspection lines and towers, it will be impractical to maintain and examine them on such a big scale
manually thus drones will prove to be a beneficial alternative for inspecting towers / power lines at once and
detecting errors within the same. Drones have immense potential in use cases such as tower inspection, power
transmission, wind turbines and solar panel inspection and maintenance.
Note: The potential market for the utilities sector is estimated by considering that drones are used as a service for use cases
such as spraying, wind, powerline, and solar inspections for the current installed capacity
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Wind farm inspection: Drone technology helps in easy detection of structural damages / issues in wind turbine
blades and serve as a guide during maintenance, saving considerable costs. Drones will not only help in reducing
the operational costs but also help in increasing the safety of workers.
Powerline and mobile tower inspection: Traditional power line inspections require inspectors to stand on scaffolding
and cranes and use rope access to climb on poles. Drone surveying for the power grid reduces the need to put people
in harm's way, and line workers can safely remain on the ground while the drone operator assesses the line. Faults
can be detected by capturing the status of the grid from multiple angles to reveal any faults or defects and address
them promptly. Additionally, drones can closely monitor and access hard-to-reach areas.
Spraying (Cleaning): Cleaning of panels, a key part of the operations and maintenance on any large solar plant. This
cleaning is associated with large amount of water used along with less labor in some markets. Drones can provide
cleaning services to solar panels leaving them completely undamaged. For emerging markets, especially India, the
push from these solutions will eventually turn out to be a massive use case, as costs drop to a level where they can
compete easily with labor costs on the ground and provide much-needed water savings in the drier areas where large
solar parks are coming up on.
Inspection and monitoring of solar power plant: Drone solar maintenance inspection reports can provide top-down
inspection data of the system that can give vital insights on faulty spare parts and defective hardware. This type of
data can provide estimates for how much loss of revenue the plant could experience if the identified problems go
unfixed. Drone reduces the inspection time significantly by eliminating the need to check solar panels one by one
with a handheld device.
Usage of drones in utilities:

1. Telangana is leveraging drones across various use cases and the inspection of towers. Telangana used drones
to inspect, monitor, and patrol Extra High Tension (power carrying) transmission towers, lines, and substations.
For this, high-quality 4K resolution cameras and AI-based image recognition systems were used. The average
time of inspection of the tower is ~20 minutes whereas a manual inspection could take up to 6 hours per cell
tower.
2. Between November 2021 and March 2022, with two drones hired from a service provider, Tata Power took up
operations and maintenance of power lines in Delhi. Additionally, it undertook GIS survey of Odisha power
discoms which includes detecting power theft, and remote meter reading in rural areas.
3. Since October 2022, the state-run Madhya Pradesh Power Transmission Company Limited planning to deploy
drones to monitor 10,000 high voltage towers in the state.
3.3.2.3. Public Safety

The Indian public safety drone market is expected to have an overall potential of about US$ 49M. Globally, police
departments and public safety agencies have been using it to improve situational awareness, help locate missing
people or suspects, combat fires and inspect damage or accidents. Likewise, India law enforcement agencies like
the police force, special forces, etc., are using drones to monitor traffic, follow suspects and keep an eye on areas
with high crime. The recent changes that have been made in drone policy should further unlock the positive use of
this technology that would benefit the citizens.
Note: Potential is estimated basis the percentage of the drone budget to the overall Indian police budget
Usage of drones in public safety:

1. In February 2020, the Delhi police used drones during the Delhi Assembly Elections and the riots in the city
2. The UP government used drones to monitor potential protests during the foundation of the Ram Temple in
Ayodhya.
3. During the COVID-19 lockdowns, Punjab central police team was able to alert nearest police officer upon
detecting individuals less than six feet apart, via using a drone with high-definition cameras along with
combination of artificial intelligence, location mapping
4. The Mumbai Police have also used drone technology to monitor lockdown protocols in susceptible areas.
5. Surveillance and delivery drones were deployed in Vadodara in Gujarat and in Andhra Pradesh to supplement
relief and rescue efforts of the National Disaster Relief Force (NDRF) teams deployed amid floods.
3.3.2.4. GIS, Construction and Real Estate
Drone usage in Indian construction and real estate industry is estimated to have a market potential of US$ 44M. By
taking high-definition pictures and videos, drones help with visual inspection processes such as area mapping,
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surveying, monitoring construction work progress, equipment & material tracking on-site, inspection of buildings,
finding construction flaws, and 3D modelling. Drones could help aid reduce operational costs and manual labor for
property viewing and inspections.
1. Infrastructure:
a. Road and Highways construction progress monitoring: Due to increase in number of highways and
roadways across the nation, drones could be the key to sustainable and effective road construction,
highway infrastructure management, bridge inspection, and road management operations. The most
significant challenges for road and highway construction are time and production cost. With their rapid
data collecting, quick mapping, and time-sensitive outcomes, drones may significantly cut the time
and expense while providing builders with essential information they need to generate efficient
strategies.
b. Railways construction and monitoring: Drone cameras will undertake monitoring activities of relief
and rescue operations, project monitoring, the progress of important works, conditions of the track
and inspection-related activities. Indian Railways has decided to deploy drone cameras across all
zones to enhance safety and efficiency in train operations.
c. Detailed Project Report (DPR) for roadways, highways and highways: Using advanced data
technologies such as Big data, Artificial intelligence, Internet of things (IoT) along with geospatial
images captured with the drone, it is possible to curate detailed project reports.
2. Urban development: Urbanization is increasing population density, so collecting big data for resource
planning and allocation is challenging. Any planning application must include massive data collection in
addition to data analysis and fieldwork. Without the use of drones, it gets more and more challenging,
time-consuming, and expensive. The drone is fitted with high-resolution cameras, which can map out
complex areas of urban or rural terrain faster, cheaper and safer
3. Rural development: In India, the use of drones is expanding, and new uses and applications are constantly
being developed. Drones have a wide range of uses in rural areas, including monitoring using cameras or
other sensors, providing connectivity as a mobile gateway, or even delivering goods to inaccessible
locations. In the Chamba district of Himachal Pradesh, a project was launched for beyond visual line of
sight (BVLOS) trial to connect six primary health centers/community health centers and the area hospitals
via multiple flights between points covering an aerial distance of 170 km
SVAMITVA scheme
SVAMITVA stands for Survey of Villages and Mapping with Improvised Technology in Village Areas. This
scheme seeks to enable village household owners in inhabited areas with the "Record of Rights." The government
aims to use drone technology for implementing SVAMITVA. The scheme aims to cover 6.62 lakh villages in the
country from FY21 to FY25. After successful launch of the scheme during FY21 in the pilot States of Haryana,
Karnataka, Madhya Pradesh, Maharashtra, Uttar Pradesh, Uttarakhand, Punjab, Rajasthan and Andhra Pradesh in
Phase 1, SVAMITVA Scheme was extended throughout the country from FY22.
Usage of drones in construction and real estate:

1. The Andhra Pradesh Government is using drones to monitor the development activities of the capital city
region, i.e., Amaravati, through drone-based outputs
2. As a pilot project, the Karnataka Government is using drones for property tax estimation and the creation of a
base map of a city/town for detailed planning and sustainable governance
3. The Chandigarh Administration has deployed drones as part of pilot project to get an aerial view of all
properties in Chandigarh.
4. Andhra Pradesh Real Estate Regulatory Authority (APRERA) and Construction Industry Development
Council (CIDC) used drones for the real time monitoring of 2,950 construction projects across Andhra
Pradesh resulting in the employment of 8,850 drone operators in the state. Extrapolating these numbers for
Pan-India, translates into a demand for 1,68,000 drone operators for monitoring alone.
Methodology: Mapping of urban and rural development is considered along with infrastructure. Under
infrastructure – Roads, railways monitoring and detailed project report of the same is taken under consideration.
Factors such as surveying, monitoring, and operational costs are considered for calculating the market potential.
Southwestern Railway floated a tender for New Line Section for conducting Geo Technical Investigations,
submission of reports, station building plans and drone survey in Bengaluru, Karnataka. The total RFP raised is
about US$ 0.12-0.68 million (INR 9.6-54.4M) with EMD of US$ 1,375 (INR 0.1M).
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Northern Railway floated a tender for Detailed Engineering Survey using Drone LiDAR in New Delhi. EMD is
costing around US$ 666 (INR 53,300) and RFP is valued at around US$ 0.33M (INR 26.4M).
3.3.2.5. Enterprise counter-drone:

The Indian enterprise counter-drone market is estimated to show a potential of US$ 15M in CY22. Since there are
no standard regulations for the safety of drones is a concern. There are still no well-defined guidelines around
civilian counter-drone systems. The restrictions are highly anticipated as the market situation would drive up the
number of drones in the sky. Additionally, counter-drones would play a very significant role in ariel traffic
management ecosystems.
As drone market in India is growing, enterprise counter drones in the market will also see a rise. Strong action plans
are needed to create a robust demand for enterprise drones and also to mitigate the counter effects in India as the it
aims to become the global drone hub by CY30.
3.3.2.6. Mining
The Indian mining-based drone market is current potential is US$ 13M in CY22. The drones are used primarily for
mining across planning, operations, environmental protection, and security. At the time of planning, quick mapping
of the area, hauling route optimization, and providing control information are all possible with drones.
These digital representations of data can be used to track how a site has changed over time. Drones also assist with
blast planning at the site and calculating inventory volumes. For operations, drones aid with traffic management at
the mining site by helping operators optimize stockpile locations, loading floors, designing haul routes, etc. Drones
can capture high-quality thermal images for surveying and mapping. Another essential step in mining that drones
can easily accommodate is stockpile management.
Use of drones in India's mining sector:

1. The Central Mine Planning and Design Institute (CMPDI) is currently assessing the viability of the wider use
of drone technology for mine surveillance on behalf of Coal India Limited and its subsidiaries. In August 2022,
CMPDI stated that they are conducting pilot testing in mines. If the assessment is positive and desired results
are obtained, it will reach out to private drone firms to perform the work and further research.
2. The Andhra Pradesh government deployed drones for the monitoring of stockpile storage, 3D mapping, and
volumetric analysis of limestone.
3. Tata Steel to deploy drones at the Noamundi iron ore mines in Jharkhand, Uttar Pradesh, for boundary and
safety zone surveillance, compliance reporting, volume calculation at the dumping and quarry area.
4. The Rajasthan government has deployed drones to prevent illegal mining in the state.
3.3.2.7. Oil and gas

Drone usage in the construction and real estate is projected to have an estimated potential of US$ 6M in CY22.
Drones can directly impact the inspection and monitoring of refineries, pipelines, and platforms by making it safer
for labor and reducing manual effort. Upstream, midstream, and downstream are three broad segments in the oil
and gas industry.
Current process of exploration is thorough land surveys of proposed locations, and strict adherence to environmental
and safety regulations are necessary for the oil and gas business to operate effectively. Drones are said to reduce
the inspection time by 80% compared to the manual process. Drone would help provide efficient and accurate real-
time data for all the steps with the help of thermal sensors and cameras to detect the site.
Usage of drones in oil and gas:

1. Indian Aviation Ministry has allowed Indian Oil, the leading oil marketing company to use drones for aerial
surveillance of its pipeline.
2. Oil India Limited (OIL) to launch advanced drone surveillance project in Assam’s Dibrugarh district. The
fundamental goal of implementing the drone surveillance project is to have a total vision of crude oil delivery
lines and pipelines across wide areas, enhance their operations, and ensure the security of national assets.
3.3.2.8. Logistics
In CY22, the India logistics drone market potential stands at US$ 0.76B. The current challenges faced by Indian
logistics industry such as, rugged geographical terrains, higher population density, and inadequate infrastructure
can be addressed through drones. Drone use cases and utilities have emerged in healthcare, agriculture, and other
industries and with further advancement, drones will soon be able to cater to the logistics industry.
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Note: Potential is estimated by benchmarking with estimated global drone penetration across first, middle and last mile
deliveries in India and extend of drone usage in the industry
Logistics challenges that drones could solve:

1. Last-mile delivery is typically the most time consuming and comprises an estimated 50 per cent of the total
logistical costs. To tackle the inefficiencies in last-mile logistics, a growing number of logistics stakeholders
are turning to drone technology as it can control operational costs satisfying the customer demand and instant
delivery.
2. Overcome traffic bottlenecks and reduce vehicular emissions ensuring on time delivery while being
ecologically sustainable.
3. Allow companies to reach areas that cannot be accessed by other modes of transport due to difficult terrain.
With an increased number of online shoppers, trends like same-day delivery, and players shifting to delivery under
40 minutes, the need for quick delivery has increased significantly over the past few years. Drones are anticipated
to transform the logistics sector in India by enabling faster, alternate delivery methods, inventory management, last-
mile delivery, middle mile, short-range B2B / warehouse to warehouse delivery, and efficient operations.
Middle Mile delivery:

The demand for faster and more efficient mid-mile delivery for the e-commerce and quick-commerce industries is
growing at a tremendous pace. Industries such as consumer goods and retail utilize it the most with competitive
pricing and high margins, middle mile delivery can help streamline the supply chain and assist companies in
exceeding the competition. Middle mile drones can reduce the hours of transportation and handoff times associated
with trucks and other ground vehicles. Last-mile delivery drones have smaller payload capacities and shorter ranges
than drones being developed for middle-mile logistics. Since the payloads for middle mile is comparatively higher,
and for longer distances, the cost benefits of middle mile drones are higher against conventional transportation.
Mid-mile delivery systems require substantial route planning and testing to be scaled.
The government of India has been taking various initiatives to encourage drone delivery experiments in the country.
There is a huge opportunity in India to use drones for middle mile (hub to hub) logistics and eventually to take it
global. Indian logistics companies, manufacturers and technology service providers are now in the right place to
capitalize on this opportunity and contribute to the burgeoning logistics sector in the country.
Usage of drones in logistics:

1. Flipkart Health Private Ltd., the medical branch of Flipkart Private Limited tested drones with Beyond Visual
Line of Sight (BVLOS) from its warehouse in Baruipur, West Bengal, to several Health Buddy OTC sites in
Kolkata and its suburbs.
2. In September 2021, a drone developed for BVLOS was used to deliver life-saving medicines and vaccines in
Vikarabad district of Telangana. (Collaboration of the Telangana government, HealthNet Global Ltd., NITI
Aayog and World Economic Forum)
3. Swiggy (Bundl Technologies Private Limited) in India is the first in deploying drones to back its Instamart
service. Instamart will commence its pilot project in the Delhi and Bengaluru, to deliver groceries between
store-to-stores within the seller's network.
3.3.2.9. Consumer
The consumer market potential is expected to be ~US$ 0.10B. In addition to traditional flight enthusiasts and
hobbyists, consumer drones are becoming increasingly popular among people who wish to earn a second income,
explore aerial photography, or fly drones for leisure. The growing prominence of aerial photography is propelling
the demand for consumer drones. Drones are being used by the media and entertainment industries for aerial
photography, cinematography, and special effects.
Besides leisure use, influencers and content creators are grabbing the opportunity to create firsthand creative content
for their followers’ using drones. Given the government regulations and public awareness, consumers are expected
to steadily adopt drones for both leisure as well aerial photography use cases.
Methodology: Sports broadcasting, aerial shots, wedding footages and influencer drone content are the major use
cases considered for estimation of market. potential. Currently, aerial filming of weddings holds the highest
potential for India, assuming one drone is used and that too only in urban weddings.
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3.3.2.10. Passenger
The passenger drone market potential is estimated to be ~US$ 0.08B. Many companies are currently investing in
R&D for drones to transport people, mail, or carry sick people to hospitals and medical clinics during medical
emergencies. The growing population, the number of vehicles, and the lack of road infrastructure will act as
driving forces for the passenger drone market. Innovations in the automotive industry, such as electric vehicles
and autonomous driving, will serve as catalysts for developing energy-dense batteries, improved artificial
intelligence, and model frameworks for the regulatory and consumer acceptance of advanced air mobility.
Use of drones in passengers:

India's first passenger drone, 'Varuna', will soon be inducted into the Indian Navy. The drone is equipped with a
ballistic parachute, which will be used in case of a malfunction. The drone has been designed to help the Navy
transfer its personnel between warships, rescue operations and serve as an air ambulance in rural areas.
Note: Potential market for passenger is calculated basis considering Indian shared mobility and the extent of drone usage
penetration among shared mobility commute in India.
3.4 The Indian drone industry is rapidly evolving with increased adoption drone across
various potential use cases
The Indian drone market is projected to grow from US$ 43M by FY22 to US$ 812M by FY27, exhibiting a growth
CAGR of 80% FY22-27. Major drivers behind drone industry growth are industry favorable policies, increased
demand for monitoring and surveying, cost-effective data collection, and introduction of new use cases such as
utilities and search and rescue operations.
Note: The drone market indicated compromises of only hardware and software.
The drone sector in India has experienced numerous regulatory changes. In CY14, India outlawed drones for
personal use, thus stunting the growth of the sector. As a result, India's drone sector is incredibly modest when
compared to the rest of the world and accounted for less than 0.1% of the overall market through FY21. Now, India
is experimenting, investigating, and putting drones to use in a variety of applications across industries like defence,
enterprise and consumer.
3.5 By CY27, drone software and services are expected to hold a larger share of the drone
market than drone hardware
By business model, the drone market is made up of drone hardware, software, and services. Drone hardware can be
procured or leased, the software can be bought or used on a subscription basis, and services can be availed. In CY22,
drone hardware procurement constitutes a large chunk of the drone market due to defence contracts. Even in the
enterprise segment, end users and service providers are first expected to build their fleets. Consumers also purchase
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drones for recreational and entertainment purposes. In CY21, the Indian government launched financial incentives,
such as the PLI scheme, for businesses to make drone hardware, highlighting its desire to increase domestic
manufacturing and transform the nation into a hub for global manufacturing by CY30. This move will significantly
contribute to global hardware market as it has gained momentum since past year as a result of supply-chain
dynamics that have been affected by the epidemic as well as geopolitical unrest.
By CY27, drone software and services are expected to be a larger market than drone hardware, as software and
service solutions are expected to pick up once drone fleets are maintained in the enterprise segment. Software and
services are being tailor-made to use cases. Drone videography/ photography services in the consumer segment are
also expected to contribute to the growth of drone software and services. In India, logistics and passenger use cases
are still in a nascent stage with companies testing their capabilities. If drones are deemed safe and reliable for
logistics and travel, they are expected to behave like the enterprise segment, wherein service providers would build
their fleets first and then end users would avail services.
Drone software allows for the precise collection, processing, and analysis of data in real-time. This is enabled by a
combination of technology, including the global positioning system (GPS), geographic information system (GIS),
and advanced AI software.
The drone service market enables customers to maintain a lean operating model by providing end-to-end services
of drone-based operations without the purchase of any hardware / software. The drone service provider would focus
on the drone program, while the company would focus on its core business. As a result, they no longer need to use
their own funds to pay for drone hardware, software, pilots, and pilot training programs. The drone services market
is segmented into three categories:
• Drone platform services / Drone-as-a-Service (DraaS)
• Drone training and education services
• Drone maintenance, repair, and overhaul (MRO)
DraaS is a ready-to-fly network of drones which allows users to schedule or request on-demand flights, without
the hassle of owning hardware, software or trained manpower. Customers can avail the DraaS service as per ‘pay
per use’ model which helps reduce their initial investment and increases adoption rate. DraaS is used in urban
environments for police and paramilitary services, fire brigade services, public asset inspection, public survey
application, urban waste volumetric analysis, urban disaster assessment, pick-up or delivery of goods, rail
infrastructure security. DraaS may also be utilized for pesticide and fertilizer spraying, as well as crop evaluation,
to assist the farming community.
Defence
Currently, the defence sector spends the most on drones. The defence sector spending is majorly made up of large
government contracts. Since capital-intensive businesses rely on large cash inflows to build reliable and scalable
technologies, the defence sector is a significant contributor to hardware solutions in the drone market. These large
government contracts have allowed the defence sector to be an early and crucial innovator of drone technology.
Going forward, the global defence sector spending as a percentage of the total drone market is expected to reduce
from 48% in CY22 to 34% in CY27 due to increased spending by the enterprise and logistics segments. Even then,
in CY27, the defence sector would contribute US$ 17B to a US$ 50B drone market, with a sizable portion of that
spending expected to be on the procurement of hardware and domestic development of autonomous systems.
Enterprise
The enterprise segment contributed 33% of the total drone market in CY22. Enterprises spend on drone hardware,
software, and services like other use cases. The proportion of each depends on the operating model of the
company. Following are the models a company may choose to adopt for their drone program:
• In-house development model: A company develops proprietary drone hardware and software systems.
• Hybrid model: A company either develops drone hardware or software and enters a strategic partnership for
what it cannot make in-house. E.g., a drone software-based company can test its software by leasing drones
from a drone original equipment manufacturer (OEM) without making high investments in procurement. In
this case, the OEM will provide drone-as-a-service (DraaS) to a drone software-based company. Once tested,
the drone software might be used by another company making it a software-as-a-service (SaaS) product.
• Outsourcing model: A company chooses to outsource their drone program by partnering with service
providers for their hardware and software.
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Drone software and services in the enterprise segment vary based on the use cases. To put this into perspective,
the software required to inspect a building versus a railway line with the help drones would be different as the AI
would need to detect and highlight different aspects. Even within these sub-use cases, there are multiple methods
for inspection which would be desired by a company. As a result of this, drone software and services tailor-made
to use cases are growing. Hybrid and outsourcing models allow end users to remain asset-light and are therefore
expected to be preferred operating models for drone programs.
Many businesses in India have begun providing services across industries in order to take advantage of the rising
drone services market. For example, a Bengaluru-based DraaS provider offers ‘pay per use’ drone services for
agriculture, survey/mapping, surveillance, inspection of manufacturing units, the oil and natural gas industry, solar
panels, windmills, and real-estate construction projects. By lowering the initial investment required, users can more
easily adopt and benefit from this new technology. Additionally, by deploying 6 lakh drones in 6 lakh villages in
India by CY25, a Chennai-based DraaS business hopes to empower Indian farmers and the agriculture sector.
With the implementation of Drone Shakti initiative, Atal Mission, PLI scheme and the SAMITVA scheme,
favorable policies by the Indian government have enabled increased investments and focus on R&D in the drone
software and services market. The PLI incentive launched by the Government of India has motivated businesses are
motivated to invest in drone software and services, which has numerous applications in many areas, particularly for
India’s agriculture and security. According to a GoI estimate, these policies might encourage over US$ 0.625
million (INR 5 Cr) in investments in the drone and drone manufacturing industries over the next three years.
Consumer
Apart from defence, another key contributor to the spending on drone hardware procurement is the consumer
segment. Companies manufacturing drones for consumers often try mixing hardware available at a low cost with
software that can be generic for everyone or highly suitable for certain users. Similar to how the smartphone
market with consumers works today, in the drone market, drone hardware is the product the consumer purchases,
while drone features and software act as key price differentiators for drone manufacturers.
Going forward, the recreational drone market is expected to witness a fall in the share of the overall drone market,
while videography is expected to rise. Since recreational drones only contribute to the drone hardware market,
and drones made for videography/ photography contribute to both hardware and services, the consumer drone
software and services market is likely to grow at a faster pace than the consumer drone hardware market.
While the early adopters of recreational drones were majorly hobbyists, and the current users are not limited to
those drone hobbyists and drone enthusiasts. This is because for consumers, the functionality of drones has not
generally gone beyond flying them for fun or using it as a camera in the air. In the case of videography/
photography, drone usage has evolved from being used as an alternative to a helicopter to being used for the
versatility of shots that can be taken. Relaxations of federal and local regulatory restrictions on when and where
drones fly have fueled the growth of drone videography/ photography.
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3.6 Key trends and growth drivers, including recent policy changes
Made in India, government regulations and increasing drone-based start-ups are vital factors contributing to the
growth of the Indian drone industry. Along with Government’s aim to turn India into a hub for drone technology,
increased use cases and emerging applications in drone sector are some of driving factors, among others.
3.7 Drone manufacturing value chain and equipment infrastructure in India

Under the Indian drone ecosystem, the companies are active across all segments, i.e. Hardware, operations, and
services. The various components are described in the value chain and compromises of the following:
Hardware: Construction and maintenance of UAS-related infrastructure
Operations: Operations included the physical arrangements for drones to take off and land vertically,
professionals to operate them, and counter-drone facilities.
Services: Includes the software used to manage the information collected by drones and services post-sale.
As part of Atmanirbhar Bharat, India intends to develop the whole value chain by cutting down on import
dependence while improving the quality and safety standards of made-in-India drones to enter the global value
chain. Advancements in robotics, artificial intelligence, miniaturization, automation, thermal imaging, materials
science, etc., will support various commercial and civilian usage of drones in sectors like utilities, agriculture,
infrastructure, telecom, and mining, undertaking different activities with substantial enhancements in cost and
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efficiency. India’s drone ecosystem is advancing, driven by the rise in manufacturers / service providers in the
market and relevant laws to support the growth.
3.8 Drone company benchmarking

In comparison to domestic and international players, ideaForge drones features a variety of use cases across
defence and civil. Additionally, compared to other Indian drone pure play drone manufactures, ideaForge has the
highest revenue of US$ 21.82M in FY22. In comparison to global peers, basis the available data, ideaForge
registered the highest EBITDA margin of 44.8%.
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3.9 Drone product benchmarking
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ideaForge’s Netra V4+ is one of few multi-rotor UAVs with total flight time (Endurance) of more than 60 minutes
and has maximum launch altitude of 6,000 meters. It is one of the few UAVs that guarantees full support upto a
maximum of 2,000 landings, as per the OEM (Original equipment manufacturer) certification.
The Netra V4+ is one of the few drones that provide multiple failsafe features. It is programmed to auto return to
home location and land on low battery, other circumstances for return include communication failure, exceeding
wind limit of the system or other UAV health parameters. It is also one of the few drones which has the ability of
target tracking with an enhanced ‘moving target’ indication feature as well.
Netra V4+’s packaging provides waterproof backpacks to carry all mission critical components with IP66 rating
for dust and drizzle protection. It takes less than five minutes to swap out any payload that can be fitted with Netra
V4+ UAV. ideaForge’s UAVs are equipped with industry leading specifications and capabilities, comparable to
those of other established global players in the UAV industry, thus making ideaForge one of the leading design
and technology players in the UAV market.
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ideaForge’s Switch UAV is one of the only UAVs which offer endurance of more than 120 minutes in <7 kg
weight globally. It can even operate at maximum launch altitude of 4,500 meters. Further, it is one of the lightest
weighing machines, with a total weight of less than 7 Kgs. Similar to Netra V4+, ideaForge’s Switch UAV is also
installed with failsafe features such as auto return to home location and land on low battery, communication
failure, exceeding wind limit of the system or other UAV health parameters. It also offers target tracking with
enhanced moving target indication feature.
Switch UAV is a first-of-its-kind VTOL and fixed-wing hybrid UAV that can load with publicly available open-
source maps. It also has the capability to incorporate geo-referenced maps in at least one of the generally used
digital map formats (e.g., GIF, TIFF) as well as shape files (.shp). For 3D Maps, Switch can incorporate elevation
data from SRTM and DTED into 3D Maps. It included packaging provides waterproof backpacks to carry all
mission critical components with IP66 or better rating for dust and drizzle protection, similar to Netra V4+. Each
payload that can be attached to the Switch UAV can be swapped out in less than five minutes. ideaForge faces
competition from companies such as Asteria Aerospace Private Limited, DCM Shriram Limited, Adani Defence
and Aerospace (Adani Enterprises Limited) as well as other international companies such as Lockheed Martin
Corporation and Autel Robotics Corp. Limited which operate in the same line of business as ideaForge and offer
similar products.
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4.1 ideaForge history and timeline
Founded in 2007, ideaForge is the fastest growing and most profitable player (among PLI eligible players) in the
UAV industry as of FY22. ideaForge is the pioneer and the pre-eminent market leader in the Indian unmanned
aircraft systems (“UAS”) market, with a market share of 50+% in FY22. Being among the first few players in
India to enter the UAV market, ideaForge has first-mover advantage and also has the distinction of being the first
company to indigenously develop and manufacture Vertical Take-off and Landing (VTOL) UAVs in India in
2009. The company is the largest drone manufacturer in India as of September 30, 2022. ideaForge had the largest
operational deployment of UAVs across India given its early establishment in 2007 compared to its peers and the
revenue market share that the company holds.
ideaForge has filled more than 20 patents, deployed over 1,000 systems and trained over 3,000 pilots in
governmental organizations and defence forces as of FY22. ideaForge has built a strong foundation on the basis
of its industry leading design and technology capabilities and vertically integrated operations, enabling it to secure
numerous contracts for defence and homeland applications, among them being a US$ 20M contract with the
Indian Army for its SWITCH 1.0 UAVs, which it delivered on time in November 2021.
ideaForge also stands to benefit from the ban on import of drones in completely-built-up (CBU), semi-knocked-
down (SKD) or completely-knocked-down (CKD). With the recent "Atmanirbhar Bharat Abhiyan" efforts from
the Government of India, where the emphasis has been on indigenization, ideaForge plans to capitalize on such
programs and lessen its dependence on imports, hence lowering their import expenditure.
The founders of ideaForge, back in 2004 (in IIT, Mumbai) built one of the first quadrotor drones (in India) to
enter a college fest. Following this, in 2009, ideaForge demonstrated Netra UAV in DEFEXPO, exhibiting the
product launch of India’s first quadracopter drone at DEFEXPO. In addition, in 2009, ideaForge developed one
of the world’s smallest and lightest autopilot. An early prototype of ideaForge’s VTOL UAV was featured in the
Bollywood movie ‘3 Idiots’, in 2009.
In 2010, ideaForge’s co-founder Ashish Bhat won the award for ‘Best Autonomous Hovering Vehicle’ amongst
16 global competitors and was mentioned in the Massachusetts Institute of Technology’s ‘Technology Review list
of 35 Innovators under 35’.for developing the world’s smallest and lightest autopilot for drones (ideaForge drones)
weighing 10 grams
During the 2015 earthquake, ideaForge UAVs were used for site monitoring in Kathmandu, Nepal, and other
locations to aid with the search and rescue activities. During the 2016 terrorist incident in Pampore, ideaForge
UAVs were able to deliver crucial intelligence by revealing the precise locations of the terrorists. ideaForge’s
Ninja UAV was utilized to curb theft and pilferage cases with its partnership with railways to boost their
surveillance operations.
Furthermore, in fiscal year 2017, ideaForge developed the first hybrid VTOL drone with fixed wings in India,
known as the SWITCH UAV. This drone was equipped with additional fail-safes and enhanced safety features.
In CY21, the NETRA UAV was utilized to aid rescuers in search and rescue efforts during the floods in
Uttarakhand. ideaForge is among the first few drone companies selected for survey grade mapping for Survey of
Villages Abadi and Mapping with Improvised Technology Village Areas (SVAMITVA) by Survey of India (SOI).
ideaForge became one of the few drone company to be featured on the New York Times Square as of CY21. In
CY22, ideaForge has established market leadership with more than 50% market share in India drone space in
terms of revenue.
4.2 Innovation in products

With its innovation driven focus, ideaForge has superior quality drones for various applications and functions.
ideaForge’s provided capabilities such as take-off area suitability check, coverage area check and target location
coverage check for off-site mission planning prior to deployment are unique in the industry. As a part of the end-
to-end solution provision, customers are enabled with their ‘BlueFire Live!’ platform, which enables live
streaming of the UAV video feed and payload control from anywhere in the world over the internet. The BlueFire
Live! Platform is offered as a software-as-a-service (“SaaS”). Further, MapAssist, ideaForge’s software, seeks to
make geotagging simple and intuitive. It not only enables safe and autonomous mapping operations with the
ground control station BlueFire Touch (BFT) but also optimises the data captured and reduces the processing
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time. As a result, the drones are suitable for large-area mapping operations, with the lowest Total Cost of
Ownership (TCO), which is critical for these projects.
ideaForge has diversified product portfolio of UAVs built for multiple use cases and has one of the industry’s
leading product portfolios for civil and defence applications (dual use). ideaForge is one of the top vendors
globally for dual use drones (civil and defence), this encompasses a wide range of products from light micro
drones used for advanced mapping, to megaphone drones equipped with HD camera for surveillance and public
announcement, ideaForge drones have advanced technical capabilities, covering distances up to 15 km with 120
minutes flying time and, 1,000 meters operating altitude. ideaForge also has a custom in-house battery
management system, ensuring higher life cycle of batteries, optimizing UAV operations. ideaForge is one of the
first UAV manufacturers to receive the BIS certification for its in-house developed batteries.
ideaForge's multipurpose drone successfully showcased a supply drop simulation with commands from a distant
command center over a 5G network, making it the first company to participate in the demonstration of 5G enabled
UAVs at Indian Mobile Congress in 2018. Drone usage will be accelerated by 5G technology in disaster
management, agriculture, crowd surveillance, traffic control, internet connectivity, and many more sectors. In
March 2022, ideaForge’s SWITCH UAV won the largest mini-VTOL UAV contract against global competitors
from Russia, Israel, France, Ukraine, and other countries.
ideaForge is one the few players to adopt VARs and distributors channels to reach customers across India and
globally, which was distinctive for PLI scheme eligible manufacture, ideaForge has partnered with distribution
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networks such as Savex Technologies Private Limited (India's third largest information and communication
technology distributor), PV Lumens LLP, and Ingram Micro Inc. (Global technology and supply chain services
provider). Given the reach of its distribution network, ideaForge has one of the best distribution network networks
in India for UAVs. ideaForge offers a premier support package called 'ideaForge Care', which is renowned for
replacement option of the comprehensive UAV system, in the event of any hardware or software issues, which is
a unique offering in the Indian drone industry. ‘ideaForge care’ plan is one of the first-of-its-kind subscription-
based support package in the Indian UAV industry.
A recent request for proposals (RFP) issued by the Ministry of Defence and the Government of India for the
Indian Army to procure surveillance quadcopters in November 2022 stipulated that the UAV system need landing
count of at least 500 times. The RYNO UAV from ideaForge is capable of performing four times as many landings
as desired by the Indian Army, some of ideaForge UAVs have flown more than 4,500 flights as against the
minimum requirement specified in RFPs for 500 flights under warranty.
4.2.1 Drone research and development

The government of India aims to promote domestic drone research, development, and manufacturing by
promoting creation of drone infrastructure and ecosystem. Continuous product development by way of product
and market research is integral for growth in the UAV industry and consequentially, many drone manufacturers
are laying emphasis on product development and testing. Some of the legacy Indian defence players such as Bharat
Electronics Limited and Hindustan Aeronautics Limited are currently spending between 6% and 8% of their
revenue from operations on R&D related activities and investments.
INR (Cr.) FY22 FY21 FY20

Bharat Electronics Limited
Revenue from operations 2,063 1,927 1,840
Hindustan Aeronautics Limited
Revenue 3,305 3,126 3,042
4.3 Product applications

With over 20+ patents filled domestically and internationally, ideaForge has vertically integrated to maintain the
quality of its products. ideaForge’s customers have completed 300,000+ flights using their UAVs as of 31th
December 2022. With an ideaForge manufactured drone taking off every 5 minutes on average for surveillance
and mapping during the nine months which ended on December 31, 2022, it had the largest operational
deployment of indigenous UAVs across India. ideaForge has provided drones for both civil and defence use to
both national and international customers. Drones made by ideaForge cater to various activities in defence and
civil (such as homeland security, agriculture, construction and real estate, mining, oil and gas, and power
transmission, amongst others), drone-as-a-service (DraaS), and geographic mapping.
Given its reliability, ideaForge caters to domestic as well as international customers across various sectors.
ideaForge drones have an ergonomic design and have been tested in extreme weather conditions and high altitudes
across India from deserts to glaciers and offers the highest technical life of 2,000+ landings. While the UAVs are
mission oriented and requires minimum training, ideaForge provides its customers with the basic training required
for operating the UAVs and their functionality.
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4.4 Technology and manufacturing
ideaForge has designed and developed UAV technology in-house, and is one of the few vendors globally to have
a full stack UAV solution along with a Ground Control Software (‘BlueFireTouch’), firmware and solutions as
well as robust after sales support. ideaForge also has one of the best support networks in India for UAVs. The
airframe and autopilot sub-system software have been developed in-house along with full communication systems
and a command center. It has a 21,000 square foot, 600-person capacity facility to cater to the growing demand.
ideaForge is one of the few OEMs globally to have its own proprietary autopilot sub-system and ground control
software.
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As per the latest report published by Drone Industry Insights in December 2022, ranking of best drone
manufacturers worldwide. ideaForge was ranked 7th globally in the Dual-Use category (Civil and Defence) drone
manufacturers.
4.4.1. BlueFire Touch Ground Control Software
The in-house built BlueFire Touch Ground Software has advanced mission replay and allows for Pre-emptive
checks for take-off and target location for off-site mission planning. ideaForge drones provide terrain data support
with in-built data to protect UAV from rough terrains in situations where terrain data is low resolution.
There are in-built capabilities for target tracking and a moving target indication and support for MAVLink
Commands. Multi UAV support and support for handheld Ground Control Software such as iPads are in the
works.
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5.1 Financial benchmarking
ideaForge has demonstrated strong financial performance compared to its peers. It has showcased the highest
revenue growth of 237.5%CAGR over FY22-20. Furthermore, with a gross margin of 74.1%, an EBITDA margin
of 45.9% and a PAT margin of 27.6% in FY22, ideaForge is the most profitable player among the analyzed peers.
ideaForge also has the highest return metrics, i.e., ROE of 26.9% and ROCE of 37.6%, highest among the players.
Note: There are currently no listed pure play drone manufacturing companies in India. The below peers were chosen
as proxy comparables basis defence being a key application, as well as being involved in the manufacture of
electronics, both of which are applicable to drones.
Financial – Revenue and profit metrics

Revenue from ideaForge 140.0 347.2 1,594.4 1,395.5
(INR M) Bharat Electronics Limited 1,29,676.7 1,41,086.9 1,53,681.8 71,022.0
Data Patterns 1,561.0 2,239.5 3,108.5 1,565.3
COGS ideaForge 65.3 183.0 412.2 381.5

(INR M) Hindustan Aeronautics Limited 93,873.6 1,11,914.1 1,00,012.2 28,562.4
Data Patterns 560.9 704.1 860.7 551.3
Gross Profit ideaForge 74.7 164.2 1,182.2 1014.0

(INR M) Hindustan Aeronautics Limited 1,20,578.0 1,16,909.1 1,46,188.0 59,110.1
Data Patterns 1,000.1 1,535.4 2,247.8 1,014.0
EBITDA ideaForge -125.1 -108.7 731.2 620.7

Data Patterns 431.7 919.9 1,410.4 514.0
PAT ideaForge -134.5 -146.3 440.1 452.1

Data Patterns 210.8 555.6 939.70 352.9
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Financial – Revenue and profit growth:
Revenue from
EBITDA CAGR PAT CAGR
Company Operations CAGR
(FY20-22) (FY20-22)
(FY20-22)
ideaForge 237.5% - -
Hindustan Aeronautics Limited 7.1% 5.0% 32.7%
Bharat Electronics Limited 8.9% 10.1% 14.7%
MTAR Technologies Limited 22.7% 27.6% 39.4%
Astra Microwave Products 26.7% 4.0% -7.3%
Data Patterns 41.1% 80.8% 111.1%
Financial – Profit margins:

Gross ideaForge 53.4% 47.3% 74.1% 72.7%
Data Patterns 64.1% 68.6% 72.3% 64.8%
EBITDA ideaForge -89.4% -31.3% 45.9% 44.5%

Data Patterns 27.7% 41.1% 45.4% 32.8%
PAT ideaForge -96.0% -42.1% 27.6% 32.4%

Data Patterns 13.5% 24.8% 30.2% 22.5%
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Financial – Ratios

ROE (%) ideaForge -19.7% -24.5% 26.9% 14.2%
Data Patterns 13.7% 26.7% 16.4% 6.0%
ROCE (%) ideaForge -21.8% -14.5% 37.6% 17.2%

Data Patterns 21.1% 33.6% 22.3% 7.7%
Gross Fixed ideaForge 2.7 2.0 7.3 NA

Asset Hindustan Aeronautics Limited 1.8 1.7 1.7 NA
Turnover Bharat Electronics Limited 3.2 3.2 3.1 NA
MTAR Technologies Limited 1.1 1.0 1.1 NA
Data Patterns 5.0 6.2 5.4 NA
Cash ideaForge 824.7 622.1 413.3 608.7

Conversion Hindustan Aeronautics Limited 793.1 560.6 499.1 1,752.1
Cycle (Days) Bharat Electronics Limited 266.8 247.6 236.3 NA
Data Patterns 674.9 574.2 579.0 1,506.7
Cash Flow ideaForge -164.7 -308.1 655.2 0.8

from Hindustan Aeronautics Limited 15,273.9 1,51,170.0 1,00,327.8 33,097.0
Operations Bharat Electronics Limited 25,704.1 50,932.2 42,072.2 -25,116.0
(INR M) MTAR Technologies Limited 562.2 86.1 -298.0 -183.6
Astra Microwave Products -72.8 -246.0 1,146.7 -653.2
Data Patterns 134.5 433.8 502.5 -720.8
Notes:
Gross Profit = Revenue from Operations – (Cost of Materials Consumed + Changes in Inventories)
EBITDA = Profit Before Tax + Finance Cost + Depreciation and Amortization – Other Income
Gross Margin = Gross Profit / Revenue from Operations
EBITDA Margin = EBITDA / Revenue from Operations
PAT Margin = PAT / Revenue from Operations
ROE = PAT / Shareholder’s Equity
ROCE = EBIT / (Total Assets – Current Liabilities); EBIT = EBITDA – Depreciation and Amortization
Gross Fixed Assets Turnover = Revenue from Operations / (Gross Property Plant and Equipment + Gross
Intangible Assets)
Cash Conversion Cycle = Days Receivable (Trade Receivables / Revenue from Operations * 365) + Inventory Days
(Inventory / Cost of Goods Sold * 365) – Days Payable (Trade Payables / Cost of Goods Sold * 365)
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1 Conclusion:
procurement Tender manipulation happens even before the tenders are
floated. Basically, when tenders are being prepared, The
Ideaforge employees to support the government officials in the
preparation of the entire tender that should actually be a transparent
process. However, like a wolf in sheep's clothing, Idea forge employees
dictate technical specifications that are favourable to themselves and also
ensure unreasonable & unfair certification which usually take over 3-6
months are sought by the departments. For example, in a recent tender,
the requirement of any Bid participant Needs to submit 12 unrelated
certifications which take more than 90 days to apply & receive whereas
the bid will close in 30-45 days. The scam is that these unrelated
certifications would have already been applied and received by Ideaforge
and they will insist that these certifications are made mandatory in the
tender in the guise and misconception that these extra certifications will
enhance quality of the drone and the bidder. The Poor innocent
Procurement agency who has limited knowledge on drones agrees &
floats tenders accordingly to Idea Forge whims and fancies. Next step is
where Idea forge senior ex-servicemen and technical team sits with the
army or any procurement agency and get every bidder disqualified on
technical grounds as many bidders whoever decided to apply would not
have these certifications. The only ones who usually qualify are idea forge
resellers, partners of dealers who all sell the same drone. This level
of Corruption. has been unprecedented in the Drone Industry & has been
the blueprint for a few other similar fraudulent companies (that are under
investigation by Vigilance & anti-corruption authorities)to follow a similar
tactic that is causing government departments tremendous losses and
also decimating the entire government department.
Next year, there is demand for 10,000 drones. Idea Forge has come up
with a WIN WIN strategy to unethically decimate the entire drone industry,
the government & retail investors which has a LOSE LOSE scenario.
Scenario 1 :
A. If no one spots this fraud and if these serious flaws, corruption,
manipulation & tender cauterization isn't exposed, Idea forge will follow
the status quo, increasing bid eligibility, work experience, FINANCIAL
eligibility & Raising entry barrier making it almost impossible for anyone &
everyone else in the drone industry from participating in the tenders. In
fact, Idea Forge has already started Manipulating the procurement
agencies into buying using war time procurement clauses, Repeat Orders
& Emergencies in the case of War as in the case of Infantry 5 & 7 where
scope of the drone matched the exact technical specs of Idea forge
drones to Win Drone orders even without tender. It will be business as
usual in winning tenders through fraudulent means & raking in revenue.
Idea Forge will list, go public & IPO sentiment being positive will result in
further investments & revenues. (WIN for Idea Forge)
B. Idea Forge through its unethical means will restrict the Drone industry
and such monopoly will only affect Indian Tax payer, the Government
department and dent the image of a rapidly developing drone sector in
India. (LOSE for the Drone industry, the Government & the Taxpayer)
C. Perhaps, somewhere down the line in a few years, a foreign short seller
like Hindenburg research will do research on Ideaforge, plan a short sell
exposure & have a short position in the company. However even in that
case Ideaforge would have successfully scammed the public & the
government departments while also decimating the rest of the industry so
no Loss for Idea forge majorly. (WIN for Idea Forge & Lose for others)
Scenario 2:
Many across the Drone Industry feel the reason why Idea Forge is in a
hurry to go public is due to the fact that they know that everyone in the
industry & several investors are on to their fraud. That is why, Idea Forge
has blatantly made several glaring errors in their Draft Red Herring
Prospectus . IPO Prospectus mentions a Gross Margin 74%; profitability
AFTER tax 33% only possible by Monopoly & tender Cartelization. Similar
companies that sell drones such as Bharat forge, Paras, Sagar, Tata, less
20%.
As of 2022 numbers Growth rate 1300% Year on Year which are
impossible numbers unless there is a monopoly & tender cartelization.
13.9 crores in 2020

34 crores in 2021
159 crores in 2022
A. Even if the expose & truth is noticed by Government departments,

procurement agencies & Investors who are already committed to see Idea
Forge going public, and even if everyone knows this will be a margin call
exercise where stock pump and dump models will only fool the innocent
retail investors who believe paid press articles on the news, and even
through the game will wind down for Idea Forge as other competitors Pick
up market share, Idea forge would have still WON with a successful
Listing.(Idea Forge still Wins)
B. On the flip side, the damage that Idea Forge Stock Price Bottom Circuit
crash due to the inherent flaws in the fundamental unethical model that
Idea forge built will mirror other scam models like crypto, spac etc which
will sooner or later lose interest as exposes happen which will ultimately
affect only the drone industry as the trust would have been broken and
new investors (whether institutional or retail) will look at the burnt bridge.
Government departments might strengthen the scrutiny process but the
damage to the industry will be permanent & irreparable. (Everyone
LOSES)
Scenario 3 –
SLIMMER OF HOPE:
After the BYJU's ED investigation, the regulatory & investigation bodies

such as RBI, SEBI, ED & CBI have all been notified about the impending
Writ Petition & Public Interest Litigation of Ideaforge drone crash that
almost killed 3 people have the prayer to the High Court is to cease all
business operations until DGCA Investigation of the crash is done. This
could take months as several new reports of crashes are cropping up and
could result in several more litigations & Lawsuits that can hamper Idea
Forge.
Also 139 crores gross profit 101 crores, Gross Profit 72.66% between
April 2022 - September 2023 which is only possible by monopoly, anti-
competitive practices, bid rigging & Cartelization. Bharat forge, Paras,
Sagar, Tata, less 20%. There are allegations on Idea forge & its resellers
of attempting to Bribe & also cases of bribes being given in the form of
gifts & cash which is being investigated by investigation agencies. All the
above could adversely impact Ideaforge Drone sales in the present &
Future. SEBI has also been notified & Complaint along with charges &
proofs has been submitted to SEBI Director & Chairman. We hope that
this document reaches the right officials & Justice prevails for the victims,
ex-employees, army officials who have suffered buying incompetent &
substandard repackaged Chinese equipment that sends data back to
China & most importantly the investors who are no doubt going to be taken
for a ride if the situation doesn't improve & stringent action is taken by
SEBI to prevent an Ideaforge made disaster from happening.

Idea Forgery IPO Scam - SEBI

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Idea Forgery

Story of how Chinese Wolf in (Made in

1 English Translation Transcript of Chhattisgarh Police Investigation Officer: ..................................................... 4

4 Pilots Injured After Drone Explosion In Chhattisgarh - NDTV https://www.ndtv.com/india-news/4-

Ideaforge Bags SEBI’s Nod For IPO As Drone Explodes - https://inc42.com/buzz/ideaforge-bags-sebis-

3 Threat to dent India's Credibility of becoming a Global Drone

REFERENCE : DGCA Drone Rules 2021 - Annexure 2

6 Blame Game on injured Pilots

However a deeper look at the IDEAFORGE shows how Indigenous Drone

Another proof of diversion tactics of the Q4 drone crash and explosion

Reason 1: Usage of low-cost Chinese power distribution boards:

Reason 2: Improper and unprofessional battery packaging seal:

Reason 3:Use of low-cost lithium Chinese cells-

1. It to be noted that The Army Procurement officials from Northern Command,

18 The Forgery claim of 25 patents

3. Later Ideaforge approached National Aeronautical Labs - NAL to sell

4. Pocket Jammers SCAM - In 2018 Idea Forge resorted to sabotage tactics

5. Idea Forge resorted to hiring influential retired servicemen such as Major

22 Trial Sabotage Scam

Idea Forge Scam in Swamitva Scheme large scale Drone mapping

23 The Chinese Link

Ideaforge has Mislead several government departments by saying

Available on Chinese Market Q4 Parts

ADTi Camera + 24Mp E mount Lens

Emlid RS2 Base station with Receiver

Available on Chinese Market Q4 Parts

Anti Gravity Motor

Li-Ion Battery Cell

Centre approves procurement of US MQ-9B SeaGuardian drones | Deccan Herald - (ampproject.org)

25 This monopolistic behaviour and Cartelisation

On the basis on Anonymity detailing honest options about Idea forge

Snippets has been attached below accordingly:

Lots of misinformation. They aren't even in agriculture, And no mention of Paras

31 Acquisitions against Ideaforge

1. Profiteering by utilisation of gaps in the Indian Defence Procurement Procedure

Evidence Number 1: Fault Report of Ideaforge Drones by Indian Army

Defects highlighted by Evidence Number 1:

REFER Technical Trial Report

Reference: Ideaforge Rigging Document

Reference : Profiteering by utilisation of gaps document

Reference: Ideaforge Tech Specs document + Consolidated report

13.9 crores in 2020

A. Even if the expose & truth is noticed by Government departments, procurement

Bid End Date/Time 11-11-2022 16:00:00

Bid Opening Date/Time 11-11-2022 16:30:00

Bid Offer Validity (From End Date) 180 (Days)

Ministry/State Name Ministry Of Defence

Department Name Department Of Military Affairs

Organisation Name Indian Army

Office Name ***********

Total Quantity 143

Item Category Multicopter Medium Altitude (Day) (Q3)

Minimum Average Annual Turnover of the

OEM Average Turnover (Last 3 Years) 300 Lakh (s)

Years of Past Experience Required for

MSE Exemption for Years Of Experience

Startup Exemption for Years Of Experience

1 * *UDHAMPUR 143 120