Severelitigationpage 26
Outstanding litigation against promoters (₹1,468L) and company (₹141.62L)
Against our Promoters ... 1,468.00 ... Against our Company ... 141.62
ListedSMEPlastic ProductsSHREETNB
Shree TNB Polymers IPO
Shree TNB Polymers IPO is an SME IPO raising ₹31 Cr at ₹50 – ₹53 a share. It listed on 8 Oct 2026 at ₹60, +13.2% against its issue price of ₹53, and trades at ₹55 today (+3.8% since issue). It was subscribed 1.91× in total.
₹53
Issue price
₹55
Price now
+3.8%
Since issue price
8 Oct 2026
Listed on
1.91×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 544-page prospectus. Indian prospectuses list hundreds of risk factors, most of them generic boilerplate. These are the 14 specific to this company; 44 generic ones were skipped. Every one is quoted verbatim with its page, so you can check it against the document.
Severeconcentrationpage 45
Overwhelming reliance on Noble brand at ~75% of revenue
Noble ... 14,979.63 ... 75.61 ... 12,856.88 ... 73.20 ... 16,351.03 ... 78.67
Severeconcentrationpage 29
Top 10 customer concentration jumped to 61.28% in FY26
our revenue from operations from our top 10 customers contributed to 61.28%, 29.11% and 27.04% respectively of our revenues from operations
Severeconcentrationpage 44
Revenue heavily concentrated in Maharashtra at ~50-60%
Maharashtra ... 9,915.61 50.05% ... 9,313.61 53.02% ... 12,617.99 60.71%
Severeoperationalpage 55
100% of capex orders for new facility yet to be placed
orders which constitute 100% of the total estimated costs in relation to capital expenditure w.r.t the production capacities at Survey No. 579 (erstwhile survey no. 97/1), Village – Athal, U.T. of Dadra and Nagar Haveli and Daman and Diu are yet to be placed
Highoperationalpage 26
All 39 warehouses on short-term 11-month rental agreements
our manufacturing facility-II and warehouses is located on properties taken on rent basis
Highfinancialpage 32
Total indebtedness of ₹4,456.16L with heavy cash credit reliance
our Company's total indebtedness is ₹ 4,456.16 Lakhs ... Cash Credit ... ₹ 3400.00 ... ₹ 3,205.78
Highoperationalpage 40
Manufacturing capacity utilization as low as 10-46%
Total ... 65,00,000.00 ... 19,30,847.00 ... 45.88% ... Suba Machine 3*** ... 10.77%
Highregulatorypage 36
Persistent massive delays in ROC filings, up to 3,002 days
Form MGT-14 Appointment of Company Secretary ... 11.07.2017 ... 29.10.2025 ... 3002
Highoperationalpage 44
Single manufacturing unit at Silvassa creates geographic concentration risk
Due to the geographical concentration of our manufacturing operations in Silvassa, Dadra and Nagar Haveli and Daman and Diu, our operations are susceptible to local, regional and environmental factors
Highconcentrationpage 43
Top 10 suppliers at 61% of purchases with no long-term contracts
the top ten suppliers ... 61.28% for the period ended March 31, 2026 ... We do not have long term agreements with any of our raw material suppliers
Highregulatorypage 51
Educational documents of six directors/promoters not traceable
Relevant copies of educational documents of our Director/ Promoters namely Rasikbhai Gokalbhai Bhalodi, Shilpaben Rasikbhai Bhalodi, Beena Vijay Thosani, Vipul Gokalbhai Bhalodi, Jignaben Vipulbhai Bhalodi and Jalpaben Hasmukhbhai Bhalodi are not traceable.
Highoperationalpage 37
No formal Business Transfer Agreement for acquired businesses
we have not entered into a comprehensive Business Transfer Agreement or similar definitive acquisition agreement
Highpromoterpage 42
Promoter average acquisition cost far below the Issue Price
The average cost of acquisition of Equity Shares by our Promoter may be less than the Issue Price ... Reeta Deepak Raura ... 6.13
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 | 14 | 6 | ₹1.4 Cr |
| Promoters | 0 | 0 | 2 | ₹15 Cr |
| Directors | 0 | 1 | 0 | ₹0.0 Cr |
case₹15 Crpage 402
Sachi Molding Solutions Pvt Ltd & Anr vs Promoter Rasikbhai Gokalbhai Bhalodi – Civil suit alleging breach of Rs 12.50 crore share-purchase MOU; plaintiff claims Rs 12.18 crore balance + Rs 2.50 crore damages = Rs 14.68 crore with 12% p.a. interest, before Principal Sr. Civil Judge (SD), Silvassa
case₹3.3 Crpage 401
Shree TNB Polymers Ltd vs M/s Khanak System & Ors (incl. Visaka Industries) – Civil suit for alleged defective 243.75 KW solar roof system; claim of Rs 3.28 crore (Rs 3.08 crore damages + Rs 0.20 crore business disruption/reputation) before Civil Judge (SD), Silvassa
case₹0.8 Crpage 406
Largest GST demand against Company: DRC-01 dated 29-Dec-2025 for FY 2019-20 (Dadra & Nagar Haveli) under Section 74 CGST Act for excess ITC claimed, Rs 76.82 lakhs inclusive of GST and penalty
case₹0.4 Crpage 401
Shree TNB Polymers Ltd vs Indrani Constructions – Civil suit for recovery of Rs 36.59 lakh for goods supplied, with 24% p.a. interest, before Senior Civil Judge (SD), Silvassa
case₹0.2 Crpage 399
Shree TNB Polymers Ltd vs Amol Laldas Chaudhari & Anr – Civil suit for recovery of Rs 22.54 lakh outstanding under Maharashtra subsidy scheme, with 24% p.a. interest, before Civil Judge, Silvassa
Amounts originally stated in lakhs or rupees were converted to crore (1 crore = 100 lakhs = 10 million). The explicit summary table is the Tax Proceedings table on p406: Company Direct Tax (Income Tax + TDS) 10 cases Rs 9.32L; Company Indirect Tax (GST) 4 cases Rs 132.30L; Promoters Direct Tax Nil; Directors (other than Promoter) Direct Tax 1 case Rs 4.30L; Company tax aggregate = Rs 141.62L = Rs 1.4162 crore. The RHP places six 'Civil litigations initiated by the Company' (pp399-401) which include three criminal complaints under Section 138 NI Act (M/s Nilam Industries, M/s Neel Irrigation Services, Chandrakant Ramshetti and Anr) – quasi-criminal matters classified under 'Civil' here; aggregating these six claim amounts yields approx Rs 4.31 crore (not stated as a single figure). The RHP explicitly states zero criminal proceedings (against or initiated by) for Company, Promoters, Directors (other than Promoter), KMP and SMP (pp399-404). No Subsidiaries (p401) or Group Companies (p401) exist. Counter-suit: Promoter Rasikbhai Gokalbhai Bhalodi filed a related suit against Sachi Molding Solutions (p403) seeking share transfer on Rs 4.56 crore invested. Outstanding dues to creditors table on pp407-408 shows 6 material creditors with Rs 1,526.74 lakhs = Rs 15.27 crore aggregate (not part of litigation bucket). Grand total amount is not stated in the RHP. Inconsistency noted: the tax summary on p406 attributes the Rs 4.30L demand to 'Directors (other than Promoter)' but the underlying entry on p407 names the assessee as 'our Promoter namely Amit Kantilal Bhalodia'.. 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.