Severeconcentrationpage 39
Extreme top-10 customer concentration (71.71% of revenue)
our top ten customers contributing 71.71% of our revenue from operations for the six-months period ended September 30, 2025
ListedSMESteel & Iron ProductsANAND
Anand Seamless IPO
Anand Seamless IPO is an SME IPO raising ₹26 Cr at a fixed price of ₹72 a share. It listed on 29 Sept 2026 at ₹72, +0.1% against its issue price of ₹72, and trades at ₹65 today (−10.2% since issue). It was subscribed 1.51× in total.
₹72
Issue price
₹65
Price now
−10.2%
Since issue price
29 Sept 2026
Listed on
1.51×Subscribed (final) · all exchanges
Just covered — bids slightly exceed the shares on offer
populated partly populated we hold nothing here — the tab says why
What the prospectus says could go wrong
Read from the 421-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 12 specific to this company; 54 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeoperationalpage 41
Extreme supplier dependence (top 10 = 94.55%) without definitive agreements
Top 10 Suppliers 2,031.30 94.55% ... we have not entered into definitive supply agreements with most of our suppliers
Severefinancialpage 49
Audit opinion cites material weakness in internal controls
The company has not maintained quantity information as required by law. This is a material weakness in the Internal Controls of the Company
Severeregulatorypage 44
Extensive ROC filing delays, missing forms, and clerical errors
There are certain discrepancies/ errors/ delay filings noticed in some of our corporate records relating to forms filed with the Registrar of Companies
Severepromoterpage 60
Promoters' average share acquisition cost far below face value
The average cost of acquisition of the Equity Shares held by our Promoters since incorporation and the weighted average cost of acquisition of Equity Shares acquired by them during the last one year is lower than the face value
Severeregulatorypage 67
Agency agreement not stamped, enforceability at risk
Our Company has entered into an agency agreement for marketing and/or sale of certain of our products however, such agreement has not been duly executed on appropriate stamp paper in accordance with applicable stamp laws. Consequently, the enforceability of the said agency agreement may be subject to legal uncertainty.
Highoperationalpage 51
Severe capacity underutilization at Unit-1 (Finned Tubes 27.31%)
Finned Tubes 2,40,000 65,533 27.31%
Highconcentrationpage 40
Heavy geographic concentration in Gujarat (60.42% of revenue)
Gujarat 1,803.76 60.42%
Highfinancialpage 42
Negative operating cash flows in two consecutive periods
Net cash flow from/ (used in) operating activities (149.42) (331.00)
Highfinancialpage 59
Heavy debt levels requiring additional financing
As on September 30, 2025, the Company has long-term borrowings of ₹929.57 lakhs and short-term borrowings (incl. current maturities of long-term debt) amounting to ₹1,394.90 lakhs
Highoperationalpage 86
Three auditor changes in roughly one year
Shah & Patel ... Resigned due to pre-occupancy ... V R Shah and Associates ... Resigned due to pre occupancy ... Chirag R Shah & Associates ... Appointment under casual vacancy
Moderateoperationalpage 53
Capex orders not yet placed for ₹712.69 lakhs machinery plan
As of the date of this Draft Prospectus, we have not placed any purchase orders for the machinery proposed to be acquired as part of our capital expenditure plans
Extracted from the issuer’s own prospectus and ranked by how specific and material each risk is to this company. Severity is our assessment of the disclosure, not a prediction — and nothing here is a recommendation to apply to this issue.
What’s in court
The issuer’s own summary of outstanding legal proceedings — SEBI requires this table in every prospectus. Counts and amounts are as disclosed.
| Against | Criminal | Tax | Other material | Amount at stake |
|---|---|---|---|---|
| The company | 0 | 2 | 2 | ₹0.3 Cr |
| Promoters | 0 | 1 | 0 | ₹0.0 Cr |
| Directors | 0 | 0 | 0 | — |
| Group companies | 0 | 0 | 0 | — |
case₹0.2 Crpage 300
GST demand ZD240124084654G u/s 74 for FY April 2018–March 2019 of ₹15,06,198; company has filed appeal
case₹0.1 Crpage 300
GST demand ZD2401240847289 u/s 74 for FY April 2019–March 2020 of ₹14,22,136; company has filed appeal
case₹0.0 Crpage 299
Thakor Sureshji Manaji vs Aanand Simlesh Tube Pvt Ltd (SCA/543/2025, Gujarat HC) — similar writ petition by ex-employee; disputes compensation ₹65,000 + cost ₹3,000 and seeks reinstatement with full back wages
case₹0.0 Crpage 299
Thakor Galaji Keshaji vs Aanand Simlesh Tube Pvt Ltd (SCA/3867/2024, Gujarat HC) — ex-employee writ petition challenging Labour Court award; disputes compensation of ₹55,000 + cost ₹3,000 and seeks reinstatement with full back wages
case₹0.0 Crpage 301
Income tax demand of ₹7,150 u/s 143(1)(a) for AY 2021-22 against promoter Heta Kedar Choksi
Amounts converted from ₹ lakhs / rupees to crore (1 crore = 100 lakh = 10 million). The 'company' bucket amount_cr (0.2928 crore) is the explicit tax-table aggregate (₹29.28 lakhs) only; the 2 material civil proceedings against the company have small individually-stated compensation amounts (₹55,000+₹3,000; ₹65,000+₹3,000) that are not aggregated in the text and were therefore not added to the bucket figure. KMPs/SMPs (separate disclosure on p301–302) had Nil across all categories. Subsidiary entities are not separately addressed in the litigation section and are treated as Nil. Group Company (Anand Tubes Pvt Ltd) expressly states 'not party to any pending litigation which may have a material impact' (p310). No grand total amount is stated in the prospectus; the two stated party-table totals sum to ₹29.35 lakhs but this derivation is not stated in the text. Materiality threshold adopted by Board (5 Jan 2026) is ₹14.84 lakhs.. Outstanding means unresolved — a listed case is an exposure, not a verdict.
Source documents
What the issuer and the exchanges published. Everything else on this tab is read out of these.