Armour Security India Ltd

This section provides an overview of the macroeconomic environment, detailing projections for global economic growth, inflation, and various risks. It discusses how recent developments, such as tariff discussions and financial conditions, have impacted global markets. Furthermore, it shifts focus to India's economic trajectory, noting its rise in global economic ranking and projections for future GDP growth. The market overview highlights India's robust expansion driven by domestic demand and trade, alongside improvements in its external economic position.

The provided section discusses various economic and governmental developments in India, including FDI inflows, foreign exchange reserves, investment trends, and sector-specific performance indicators. It also covers recent government initiatives aimed at boosting the economy, such as R&D funding, investment caps, and various schemes to support various sectors and infrastructure. Furthermore, the text delves into the outlook for the private security market in India, noting its rapid expansion, the challenges faced by smaller agencies, and the need for increased quality and transparency in service delivery.

The text discusses the recruitment and staffing industry, which involves identifying, selecting, and placing employees for various roles, including temporary staffing, contract placements, and permanent recruitment. The market is expanding due to factors like the rising youth population and the demand for cost-effective hiring solutions. Key drivers include job opportunities in sectors like BFSI and IT, as well as the impact of digitization and financial inclusion. Restraints on the market include rising operational costs and margin pressure. The COVID-19 pandemic caused dynamic changes, shifting the focus towards remote work and digital recruitment solutions. The analysis further details regional dynamics, showing North America as the dominant market, while highlighting growth in the Asia Pacific region.

This section discusses the benefits of technology in staffing and recruiting, focusing on improved efficiency, enhanced candidate screening, and increased client satisfaction. It also addresses ethical considerations related to AI and data privacy in recruitment. Furthermore, the text provides an overview of the Facility Management (FM) services market, noting its projected growth and the role of cloud computing in facilitating secure, scalable solutions. The market is segmented by service type and end-use industry, with hard services dominating, and various segments showing growth based on industry trends and regional dynamics.

Armour Security (India) Limited provides comprehensive and customized services across India, including security, facility management, and recruitment and staffing solutions. The company has over two decades of operational experience in delivering private security, housekeeping, fire-fighting, and security training. Their offerings are developed through detailed on-site assessments to meet client operational, safety, and regulatory requirements. The company also offers ancillary services such as event support and branding content creation, indicating a consultancy-oriented approach. Armour Security (India) Limited serves various sectors by providing integrated services to government departments, PSUs, development agencies, and private enterprises.

The company provides integrated security and allied services across India, targeting various client segments including corporate houses, industrial units, government bodies, and residential complexes. The business model focuses on delivering reliable, technology-enabled, and cost-efficient security solutions. Services are broadly categorized into Manpower Services, which include private security guards, other manpower and supervision services, and comprehensive facility management services. These services are tailored to meet specific client needs through various skill sets and technological integrations.

The company's revenue streams are broadly categorized into Government Contracts and Non-Government Contracts, with Government contracts comprising 54% of the revenue. Revenue is geographically distributed across various Indian states, and the company relies on certificates from Statutory Auditors for revenue details. The company's operational processes cover service development, supply chain management, customer relationship management, financial management, human resources, and operations and quality control. The company owns certain machinery and equipment for security and housekeeping services, and it follows a comprehensive risk management framework. Competitive strengths include a diversified service portfolio, deep industry expertise from the promoters, integrated technology infrastructure, and compliance certifications like ISO and PSARA.

The company emphasizes a customer-centric approach focused on retention through service excellence, robust relationship management, and rigorous quality control. Key business strategies include extensive employee training to develop both technical and interpersonal skills, adherence to global quality certifications, and a cross-marketing approach to showcase the full range of services. The company is also exploring the integration of drone-based surveillance services for security operations and plans to establish training centers for manpower agencies. Operationally, the company intends to invest in an ERP system to improve resource management and deployment flexibility.

This section details various aspects related to the company's operations, including properties owned or leased, insurance policies, intellectual property, corporate social responsibility status, and the regulatory framework applicable to its business in India. It outlines the types of agreements for properties, the insurance coverage obtained, and the legal statutes such as the Companies Act, Contract Act, MSME Act, PSARA, and various tax and labour laws that govern its activities.

This section details various Indian laws that govern aspects of the business, including labour regulations, property transfer, stamp duty, trademark protection, copyright, and patent rights. It also mentions that the company is subject to several other central and state laws concerning its operations. Furthermore, it provides information on the company's history, including its incorporation and conversion to a public limited company, as well as details regarding its registered office and major milestones achieved through contracts awarded over several years.

This section primarily addresses various corporate governance and operational stability matters. It confirms that there have been no material changes to the company's activities since its incorporation, no defaults or rescheduling of borrowings from financial institutions, or lockouts and strikes. Furthermore, the company has not entered into any other material agreements with strategic partners, joint venture partners, or financial partners beyond the ordinary course of business. Finally, it states that the company currently has no strategic partners and no other financial partners apart from those undertaken in the ordinary course of business.

The definitions section specifies that references to the Company or Issuer generally pertain to Armour Security (India) Ltd., which was formerly Armour Security (India) Private Limited. The company was incorporated under the Companies Act, 1956, and its registered office is located in New Delhi. The definitions also identify the promoters and the promoter group, and clarify which definitions prevail in case of inconsistency with other documents.

This section defines various terms and abbreviations used within the Prospectus, clarifying references to the company, its promoters, auditors, and various legal/regulatory concepts. It details definitions for terms like the company itself, promoters, various committees, financial statements, and entities. Furthermore, it outlines specific terms related to the issuance process, including definitions for different types of investors, the bid process, and the role of the Book Running Lead Manager.

This section details various terms related to the process of a public issue, including where applications can be submitted, the nature of the issue, and the parties involved. It defines different types of centers for bidding, such as Broker Centers and Designated CDP Locations, and outlines the timelines for allocation and issue closing. It also specifies various investor categories, such as FIIs, QFIs, and Individual Investors, and the pricing structure, including the Price Band. Furthermore, it clarifies the roles of the Designated Intermediaries, the Market Maker, and the Registrar.

This section details various legal and regulatory terms relevant to the issuance process, including systems like SCORES and SME Exchange Emerge, definitions related to securities laws, syndicate agreements, and various regulatory bodies. It outlines the process for bid submission through designated locations and clarifies the roles of different parties involved in the issuance.

This section primarily lists various terms and abbreviations relevant to the security and business operations of the company. It includes definitions for terms related to stock exchanges, various security concepts like access control, asset protection, and various service agreements. Furthermore, it defines business-related terms such as accounts receivable, contract types, and performance metrics. The section also covers abbreviations for various regulatory bodies and financial concepts.

This section primarily deals with definitions and conventions used throughout the Prospectus, including abbreviations, various financial and legal terms, and conventions for presenting numerical data. It clarifies that certain references to India and the Government refer to the Republic of India and its territories, and that references to the US refer to the United States of America. Furthermore, it specifies that financial figures are expressed in lakhs unless otherwise indicated, and it details the basis for the financial information presented.

This section details various aspects of the issue, including the structure of the equity shares being offered and the proposed utilization of the net issue proceeds. The issue involves the offering of equity shares at a specific price, with details on the total amount being raised and how the funds are intended to be deployed. Furthermore, the document outlines the pre-issue shareholding by the promoters and the promoter group as a percentage of the paid-up share capital.

The provided text details various aspects of the company's pre-issue structure, financial performance, litigation, related party transactions, and contingent liabilities. It includes information on promoter shareholding, summarized financial metrics like revenue, EBITDA, and profit after tax over several financial years, as well as details on outstanding litigation and transactions with related parties such as promoters and directors. Furthermore, it outlines quantifiable and non-quantifiable contingent liabilities.

The section details various aspects related to financing arrangements, promoter acquisitions, and pre-IPO plans. It states that no financing arrangements were found where promoters or related parties financed securities purchases within the preceding six months. Furthermore, it confirms that promoters have not acquired any equity shares in the last year, and there were no specified securities acquired in the last three years. The section also covers weighted average costs of acquisition over different periods, noting that there were no transactions in the last 18 months, and clarifies that no Pre-IPO placement was proposed.

This section details the various aspects of the company's capital structure, including the authorized and issued share capital, the process for a recent public issue, and the history of share allotments. The company has only one class of equity shares, and all issued shares are fully paid-up. The section outlines the structure of the recent public issue, including allocations to different investor categories, and provides a detailed history of past share issuances, including various allotments through subscription, bonus issues, rights issues, and preferential allotments.

This section details the company's shareholding pattern as per Regulation 31 of SEBI LODR Regulations, presenting various categories of shareholders and the corresponding number of shares held. The promoter group holds a significant portion of the equity, and the document provides historical details on the buildup of promoter shareholding since incorporation through various allotments, transfers, and issues. Furthermore, it clarifies that no public issue has been made since incorporation and outlines the company's current stance on altering its capital structure.

The section details the shareholding of the Promoters and the Promoter Group as of the date of the Prospectus. The Promoter shareholding is broken down by Vinod Gupta and Arnima Gupta, with each holding representing 48.40% of the equity shares. There are no details provided regarding share acquisitions or sales by the Promoter/Promoter Group within the preceding six months. Furthermore, the section discusses secondary transactions, noting that the company is not privy to such transactions and no such transactions were found between March 3, 2022, and the date of the prospectus. Finally, details are provided regarding promoter contributions and lock-in periods as per SEBI (ICDR) Regulations.

The issue involves raising funds for several purposes, including working capital, capital expenditure, debt repayment, and general corporate purposes. The gross proceeds from the fresh issue were estimated at ₹ 2,650.50 lakhs, with net proceeds calculated after deducting issue-related expenses. The company intends to deploy these net proceeds according to an estimated schedule across fiscal years, with a majority of the funds proposed to be utilized by March 31, 2026.

The section details various assumptions and justifications related to working capital projections, primarily focusing on trade receivables and payables cycles. The company anticipates that the credit terms for trade receivables will be maintained between 80 to 90 days, with a potential increase to 90 to 100 days for government contracts. The infusion of working capital is intended to secure additional contracts, which may involve upfront investments like Earnest Money Deposits (EMD) or performance guarantees. Furthermore, the business model involves timing gaps between outflow for salaries and inflow from clients, which contributes to higher working capital needs. The company also plans to expand into technology-enabled services, necessitating pre-operational investments for training and certification.

The section details various aspects related to the company's financial position, working capital, and the proposed utilization of funds from the IPO. It covers provisions, working capital gaps, the intended use of funds for acquiring machinery and vehicles, and plans for future technological investments. The company intends to use a significant portion of the IPO proceeds for procuring necessary security equipment to support its new business segment.

The company intends to utilize the net proceeds for various purposes, including the repayment or refinancing of existing borrowings, which is capped at ₹300 lakh. The utilization of funds towards debt repayment is subject to various factors and potential revisions based on the business cycle. Furthermore, the company confirms that prepayment penalties, if applicable, will be funded from the net proceeds, with any shortfall covered by internal accruals. The section details various loans, their outstanding amounts, and the purpose for which the disbursed loan amount was used. For general corporate purposes, the proposed utilization of issue proceeds is restricted to 15% of the gross proceeds or ₹1,000.00 lakhs, whichever is lower, with the Board having flexibility to apply the balance towards working capital, capital expenditure, and other approved purposes.

The section details the estimated expenses related to the Issue, which include various components such as underwriting fees, advertising, and legal costs. These expenses represent a significant portion of the total issue size, with Issue Management Expenses accounting for 52.78% of the total expenses. The document also outlines the proposed year-wise deployment of funds from the net proceeds, which includes provisions for working capital, capital expenditure, debt repayment, and general corporate purposes. Furthermore, it clarifies that no funds have been deployed to date and discusses the temporary investment of net proceeds and monitoring procedures.

This section details various financial metrics and Key Performance Indicators (KPIs) relevant for determining the Issue Price. It includes comparisons with listed industry peers, key financial performance indicators such as revenue, EBITDA, PAT, and various efficiency and leverage ratios. These KPIs have been approved by the Audit Committee and certified by Chartered Accountants. The data presented covers performance over different financial years and periods, providing insight into the company's operational and financial health.

This section details various financial ratios and acquisition cost calculations, including Return on Equity, Return on Capital Employed, Debt to Equity ratio, and Current Ratio. It also outlines procedures for calculating the weighted average cost of acquisition for different periods and transactions, including primary and secondary issuances. Furthermore, it discusses the issue price determination and the price band for equity shares, along with disclaimers regarding the factors that might affect the trading price.

This section details the statement of possible special tax benefits available to Armour Security (India) Limited and its shareholders under various Direct and Indirect Tax Laws. It clarifies that there are no special tax benefits available under Direct Tax Laws except for those provided under normal provisions. Similarly, there are no special tax benefits available under Indirect Tax Laws except for those provided under normal provisions. Furthermore, there are no special tax benefits available to the shareholders under these Tax Laws.

This section contains the Independent Auditor's Examination Report on Restated Standalone Financial Information for Armour Security (India) Limited. The report confirms that the financial information, including the Restated Balance Sheet Statement, Profit & Loss Account, and Cash Flow statements, was examined for the purpose of the SME IPO. The statements were prepared in accordance with various legal and regulatory requirements, including sections of the Companies Act, ICDR Regulations, and the ICAI Guidance Note.

Investors should be aware of several material risks associated with the company's operations and financial standing. Key risks include high dependence on a small number of major customers, which exposes the company to revenue loss if these customers face issues. There are also past non-compliances under the Companies Act, which have led to regulatory scrutiny and potential penalties. Furthermore, there are concerns regarding the potential for litigation arising from employee actions, and contingent liabilities that represent a significant portion of the net worth. Finally, the reliance on tender-based client procurement poses a substantial risk to the company's financial performance and continuity.

The company faces several risks related to its contracts with public sector undertakings, which are susceptible to political and administrative decisions affecting revenues and cash flows. Revenues and profitability are noted to be unpredictable due to various factors such as contract awards, pricing, and client financial health. There is a risk concerning the inability to perform background verification on employees, which could impact reputation and operations if fraudulent activities occur. The company is subject to various statutory and regulatory requirements, and non-compliance could lead to operational disruptions or penalties. Furthermore, the business is vulnerable to technological advancements that might reduce demand, dependence on concentrated customers and geographies, and intense competition in the market. Finally, the business is manpower-intensive, making it susceptible to labor issues, wage demands, and potential work stoppages.

The company has a history of delays in filing statutory returns like GST and TDS, which may negatively impact its reputation and financial standing. These delays were attributed to timing mismatches between customer collections and statutory payment due dates. Furthermore, there is no assurance that future delays will not occur, potentially leading to regulatory actions and penalties. The company has also faced non-compliance with the minimum board member requirements under the Companies Act, 2013, which exposes it to penalties. Additionally, borrowings are repayable on demand, posing a risk to working capital if funds cannot be arranged promptly. There are also concerns regarding the non-completion of Charge Creation filings for certain loans, which could result in penalties from the Registrar of Companies. Finally, there is a lack of assurance regarding future litigation outcomes and potential liabilities.

The company faces several risks related to financial liabilities, cash flow, and operational execution. There are pending demands for various taxes and GST litigations which could negatively impact the business. Furthermore, the company has experienced negative cash flows in past years, which could affect future growth. Risks exist concerning the deployment of funds raised through the issue, as the utilization is at the discretion of management, and there is no guarantee of implementation timelines or costs. There are also concerns regarding related party transactions and the recoverability of advances made to directors and employees, which could pose conflicts of interest or impact financial stability. Finally, the business is exposed to various regulatory risks due to complex Indian labour laws and potential changes in tax laws.

The company faces several risks related to labor laws, such as changes in social security codes that might increase employee benefits costs, which could negatively impact operations and cash flows. There are concerns regarding the collection of receivables, where delays or defaults by clients could adversely affect cash flows. Furthermore, the deployment of funds is based on internal estimates subject to external changes, and the company relies heavily on key personnel whose loss could disrupt business. Risks also exist concerning the leasing of office premises, the difficulty in securing future leases, and potential issues with internal controls and cybersecurity. Finally, there are concerns about the availability of funding and the potential for conflicts of interest among promoters.

The prospectus highlights several risks related to regulatory changes, market volatility, and economic conditions. Risks include uncertainty from new requirements or interpretations of existing laws, the impact of unethical practices within the industry, and adverse effects from general economic and market conditions in India and globally. Furthermore, there are risks concerning taxation on the sale of equity shares, potential adverse effects from political instability, financial market turmoil, and discrepancies between Indian GAAP and other international accounting principles.

The company's issue is being made under specific provisions of the SEBI (ICDR) Regulations, requiring a minimum of 25% of the post-issue paid-up equity share capital to be issued to the public. The issue was authorized by the Board and shareholders through resolutions passed at subsequent meetings. The regulations detail various allocation rules for different bidder categories, including provisions for non-institutional bidders, individual bidders, and QIBs, with specific minimum allocations mandated. There are also provisions for spill-over allocations and discretionary allocations to anchor investors.

This section provides details regarding the company's incorporation, including its name, registration number, and the timeline of its conversion to a public limited company. It also lists various key intermediaries involved in the issue process, such as Book Running Lead Managers, Legal Advisors, Statutory Auditors, and various banks and brokers. Furthermore, it outlines the regulatory framework concerning the use of UPI for applications in Initial Public Offerings (IPOs).

The section details various responsibilities and procedures related to the issuance of securities, including the roles of the Book Running Lead Manager (BRLM) and other parties. It outlines the process for capital structuring, due diligence, drafting of prospectuses, and various marketing strategies for different investor categories. Furthermore, it specifies procedures for the book-building process, including the determination of the price band, the allocation of shares across different investor segments (QIBs, Non-Institutional Investors, Individual Bidders), and the timeline for allotment and commencement of trading.

This section details various procedural and regulatory aspects related to the issuance of securities, including bid acceptance timings, withdrawal rights, underwriting agreements, and market-making arrangements. It outlines strict timelines for application submissions and clarifies the liabilities of the company and the Book Running Lead Manager regarding uploading forms. Furthermore, it specifies conditions for the market-making agreement, including quoting requirements, inventory limits, and potential penalties imposed by the Stock Exchange.

This section primarily details various adjustments and financial statements related to the company's accounts, including profit after tax, reserves, and various adjustments for provisions and revenue. It also covers disclosures regarding dues to Micro and Small Enterprises, confirmation of balances for trade receivables and payables, and confirmations regarding the company's status concerning benami transactions. Furthermore, it provides details on the recognition of employee benefits under the Gratuity Act and the creation of Deferred Tax Assets/Liabilities.

This section details various financial and regulatory aspects of the company, including tax provisions, related party transactions, and contingent liabilities. It shows a breakdown of tax calculations, related party dealings with various individuals and entities, and pending litigation matters. Furthermore, it presents financial performance metrics such as EBITDA margins, return on net worth, and earnings per share.

This section primarily covers disclosures related to related party transactions, management's discussion and analysis of financial position, company overview, and key performance indicators. It details the company's incorporation history, the roles of the promoters and directors, and various financial metrics for different periods. The text also outlines several factors that could affect the company's operations, such as labor issues, market competition, and technological adoption.

This section primarily details the financial performance metrics, including expenses, profit before tax (PBT), and profit after tax (PAT), derived from restated financial statements. It outlines the components of total income, which is comprised of revenue from operations and other income. Revenue from operations is categorized into Manpower Services (including Private Security Services, Other manpower Services, and Recruitment Services) and Integrated Facility Management Services (such as Housekeeping Services, Event Management Services, Firefighting Services, and Supervision Services). The revenue bifurcation is presented across different service categories and time periods, with reliance placed on a certificate issued by the Statutory Auditors.

The section details the revenue bifurcation by client industry, showing that Education accounts for the largest share of revenue, followed by Healthcare and Government-Administrative. It also provides data on top customers, indicating that the top 5 customers accounted for nearly 60% of the sales. Furthermore, the text discusses various expense components, including employee benefits, finance costs, depreciation, and other expenses, noting their percentage contribution to total income over several financial years. Finally, it highlights financial performance improvements, such as increased revenue from operations, better management of employee costs relative to revenue growth, and enhanced gross margins per customer due to successful project execution.

This section details various financial performance metrics and cash flow movements over different fiscal years. Revenue from operations showed an increase, primarily due to new tenders, while other income grew due to higher security deposits. Employee benefit expenses rose due to higher salaries and wages linked to new contracts, and finance costs significantly increased due to higher working capital loans. Other expenses saw a substantial rise, mainly from recurring tender fees and non-recurring costs like late fees for delayed compliance. Profit before tax increased, though the impact of rising other expenses was noted. The section also covers market risk factors, including interest rate risk, liquidity risk, and credit risk related to trade receivables.

The section discusses various aspects related to the company's financial performance, including expectations regarding the relationship between expenditure and income, and details on revenue bifurcation across different service categories. It also provides information on the status of new products and business segments, noting that none have been publicly announced. Furthermore, the section presents a detailed capitalization statement and a comprehensive list of financial indebtedness, including secured and unsecured borrowings from various banks and financial institutions.

The section details various outstanding demands, proceedings, and show-cause notices received from different tax authorities, including the Income Tax, Service Tax, and GST departments. Specific issues include outstanding demands for interest on delayed TDS deposits, service tax demands, and GST demands related to short payment of tax or excess availment of Input Tax Credit (ITC). Several show cause notices have been issued, and some orders are pending adjudication or appeal before the Appellate Authority. The text also mentions a pending application for waiver and appeal against a GST order.

The section details various regulatory and legal matters concerning the company, including pending proceedings and litigation filed by the company. There are several instances where the company has voluntarily filed adjudication applications under the Companies Act for past non-compliance, such as related to the object clause of the Memorandum of Association. Furthermore, there are pending adjudication orders from the Registrar of Companies regarding the reflection of a disqualified director in annual returns and the signing of financial statements for a specific fiscal year. The section also lists numerous pending civil and arbitration proceedings initiated by the company against various parties for recovery of dues related to manpower, security, and other services.

The section details various aspects related to litigation, tax liabilities, and regulatory approvals for the company. It notes that there is no outstanding litigation against other persons or companies that could have a material adverse effect on the company. Furthermore, the company has confirmed that no disciplinary actions or pending actions have been initiated by SEBI or Stock Exchanges in the last five financial years. The text also outlines numerous licenses and registrations obtained under various central and state legislations, including those related to Private Security Agencies, and details for employee-related approvals.

The company has disclosed various tax registrations, including PAN and TAN, and GST registrations across different states. Furthermore, several quality and management system certifications, such as ISO 9001, SA 8000, ISO 45001, and ISO/IEC 27001, are listed. The document notes that some of these licenses are under process for name updates. The company has also obtained in-principle listing approval from NSE for the use of the NSE name in the prospectus. The company confirms compliance with various regulations regarding the issuance of equity shares and eligibility for an Initial Public Issue under SEBI (ICDR) Regulations.

The section details various compliance and procedural aspects related to the issuance of the draft prospectus. It confirms that no material regulatory or disciplinary actions have been taken against the company in the past three years. It also addresses issues concerning the filing of IPO documents, noting that a previous application was returned by the Exchange due to non-compliances pending adjudication. Furthermore, it outlines disclaimers regarding the responsibility of the Book Running Lead Manager and clarifies that the filing of the issue document does not absolve the issuer from liabilities under the Companies Act, 2013.

The section details various regulatory reports and disclosures related to the company's issuance activities. It mentions the issuance of a Report on the Statement of Possible Tax Benefits and a Certificate of Key Performance Indicators, both issued on December 30, 2025. Furthermore, the document clarifies that the company is an 'Unlisted Issuer' and the current issue is an 'Initial Public Issue' under SEBI (ICDR) Regulations. The text also confirms that no commission or brokerage has been paid for subscribing to equity shares since incorporation, and no public or rights issues have been undertaken in the last five years.

The issuance of equity shares is subject to various regulations, including the Companies Act, SCRA, SCRR, SEBI (ICDR) Regulations, and various SEBI circulars concerning the public issue process. The text details the transition through different phases of the Unified Payments Interface (UPI) mechanism for public issue, including the discontinuation of the physical movement of forms and the subsequent implementation of Phase III timelines. The issue is authorized by a Board resolution and shareholder approval, and the process involves specific timelines for bid/issue, fund unblocking, and commencement of trading.

The section discusses various regulatory timelines and conditions related to the issuance process, including adherence to SEBI circulars and potential changes to timelines. It outlines requirements for bid-cum-application submissions, rules regarding the withdrawal or modification of applications, and stipulations concerning the underwriting and subscription levels of the issue. Furthermore, it details conditions for migration from the SME exchange to the main board of the stock exchange, including criteria related to capital, revenue, profit, and public shareholders.

The section details various regulatory requirements and procedures related to the issuance of equity shares, including restrictions on where the shares can be registered or sold. It outlines the pre-issue advertisement requirements under the SEBI (ICDR) Regulations, 2018, and specifies the structure of the Initial Public Offer, including the reservation of shares for different investor categories. Furthermore, it specifies the process for the book-building, the various application modes, and the timeline for the allotment and commencement of trading.

This section details various procedural and regulatory aspects related to public issue applications, including the applicability of different payment mechanisms like UPI, and the phased implementation of these mechanisms by SEBI. It outlines the timelines for listing, the roles of various intermediaries, and the requirements for submitting application forms. Furthermore, it specifies rules regarding the book-building process, including the allocation of shares to different investor categories, and mandates for ensuring compliance with investor grievance redressal mechanisms.

This section details the mandatory application procedures for investors, primarily focusing on the Application Supported by Blocked Amount (ASBA) process and the use of UPI for payments. It outlines different categories of investors, including Resident Indians, Non-Residents, FPIs, and various financial institutions, who must adhere to specific rules regarding the application forms and payment mechanisms. The text also specifies who is eligible to apply and lists various entities, such as Hindu Undivided Families, Mutual Funds, and Insurance Companies, that are permitted to invest in the issue.

The company has five directors on the Board, including one Managing Director, three Non-Executive Independent Directors, and one Whole Time Director. The key personnel detailed include Mrs. Arnima Gupta as the Managing Director, Mr. Brij Bhushan Gupta as a Whole Time Director, and three Non-Executive Independent Directors: Mr. Krishna Kumar Singh, Mr. Shrikant Shriram Modak, and Mr. Nilendra Kumar. The document also outlines various confirmations regarding the relationship and conduct of the directors, as well as the remuneration structure for the directors.

The company outlines various provisions regarding director remuneration, sitting fees, and payments to officers, stating that payments are generally limited to remuneration for services rendered. The company has adopted several policies, including those related to corporate governance, insider trading, and related party transactions. The Board structure includes various committees, such as the Audit Committee, which is constituted in accordance with SEBI (LODR) Regulations. The company is committed to good corporate governance practices and compliance with applicable laws.

The section details various responsibilities assigned to the Audit Committee, which cover oversight of financial reporting, auditor appointments, review of financial statements, and transactions with related parties. It also outlines functions related to the Stakeholders’ Relationship Committee, which is tasked with addressing shareholder grievances. Furthermore, the text describes the constitution of a Nomination and Remuneration Committee to formulate criteria for director qualifications and determine remuneration policies for key managerial personnel. The section concludes by listing the Key Managerial Personnel (KMPs) of the company and providing brief profiles and tenure details for each.

This section details the Key Managerial Personnel (KMPs) of the company, including their equity share holdings, remuneration, and various financial arrangements. It specifies the remuneration paid to KMPs for the financial year ended March 31, 2025, and clarifies that the KMPs are permanent employees on the company's payroll. Furthermore, the company confirms that there are no performance-linked bonus or profit-sharing plans, contingent or deferred compensation payable to KMPs, or outstanding loans against them. The section also addresses the interest of KMPs in the company and details changes in key managerial personnel over the last three years.

The promoters of the company are Mr. Vinod Gupta and Mrs. Arnima Gupta, who collectively hold 85.69% of the Pre-Issue Issued, Subscribed and Paid-up Equity Share Capital. Mr. Vinod Gupta has extensive experience in the manpower industry, holding various leadership roles in the company, and has faced a disqualification from the Registrar of Companies for non-filing of annual returns in certain companies. Mrs. Arnima Gupta has significant experience in the manpower industry and is responsible for overall company management, including strategy and risk management. The company's promoter group includes several family members and entities, and the promoters have disassociated from Armour IT Solutions Private Limited.

The company identified one Group Company, which is Viarn Infrastructure Private Limited. This company was incorporated on July 07, 2009, and its Board of Directors includes Mr. Vinod Gupta and Mrs. Arnima Gupta. The company's financial information is available on the company's website. Several confirmations were provided stating that the Group Companies' securities are not listed on any stock exchange, they have not made public or rights issues in the preceding three years, and no defaults have been found with statutory or bank dues. Furthermore, there are no outstanding litigation involving the Group Companies, and no conflict of interest exists between third-party service providers and the Group Companies. The company also disclosed its dividend policy, noting that no final or interim dividends have been paid in the last three financial years.

This section primarily details the reliance placed on previous auditors and the subsequent restatement of the company's financial information for various reporting periods. The report confirms that the Restated Statements of Assets and Liabilities, Summary Statements of Profit and Loss, and Cash Flow have been prepared and approved by the Board of Directors, incorporating necessary adjustments and regroupings as deemed appropriate. The report also confirms that no extraordinary items required separate disclosure and that accounting policies were followed in accordance with applicable laws and standards.

The provided section details various financial flows and balances, including cash flow from operating, investing, and financing activities over several fiscal years. It also includes disclosures regarding the structure of the company's equity, including shareholding by promoters and major shareholders, and details on the issuance of various types of equity shares. Furthermore, the text lists details of long-term borrowings, including various loans from banks and other financial institutions, and information on loans from related parties. It also provides details on provisions, securities premium, and short-term borrowings.

This section details various financial balances and transactions for Armour Security (India) Limited across different reporting periods. It includes aging schedules for various balances, details on dues payable to Micro and Small Enterprises, provisions for gratuity, and a comprehensive breakdown of fixed assets and current liabilities. Furthermore, it provides revenue figures from integrated facility management services and security services, along with details on other income earned.

This section primarily details the accounting policies and basis for preparing the financial statements, including the use of estimates and assumptions in accordance with Indian Generally Accepted Accounting Principles (GAAP). It specifies the application of various accounting standards, the treatment of financial statements across different periods, and adjustments made for alignment and regrouping of financial data. The text also outlines policies regarding property, plant and equipment, leases, impairment, investments, and the recognition of various financial components. Furthermore, it details how cash and bank balances are accounted for and how revenue, interest income, and other income are recognized.

This section primarily details provisions, contingent liabilities, and asset recognition policies, as well as segment reporting information. It outlines the criteria for recognizing provisions, contingent liabilities, and contingent assets, emphasizing the requirement for a present obligation and a probable outflow of resources. The text also covers segment definitions based on the nature of services or geographical areas, and compliance checks regarding transactions with struck-off companies and the number of layers of companies. Furthermore, it confirms that the company has not advanced, loaned, invested funds, or received funds from any party under specific understandings related to lending, investing, or providing guarantees.

This section details various rules concerning the investment process, including eligibility criteria for different types of bidders, the procedure for submitting bids, and the handling of different price levels. It specifies minimum and maximum application sizes for individual bidders and non-institutional applicants, outlines the bid period duration, and governs how bids are processed through the Book Running Lead Manager and SCSBs. Furthermore, it covers specific provisions for Anchor Investors, including minimum bid amounts and allocation limits, and rules regarding the participation of promoters and related parties.

This section details various restrictions and conditions concerning who can bid for the issue of shares, categorized by the type of investor. It outlines specific rules for Eligible NRIs regarding their participation, including limits on total holding based on repatriation or non-repatriation, and requirements for filing declarations with the RBI. The text also specifies rules for associates and promoters related to the Book Running Lead Manager, defining certain rights related to the Board. Furthermore, it sets out criteria for FPIs, including holding limits and requirements for submitting registration certificates. Different investor categories, such as Mutual Funds, Insurance Companies, and various funds, have distinct investment limits and documentation requirements.

This section details various procedural and regulatory aspects related to the issuance process, including investment limits for banking companies, rules for Self Certified Syndicate Banks (SCSBs), and the mechanics of applications. It outlines the process for sending confirmation notes (CAN) to bidders, the requirements for applications supported by blocked amounts (ASBA), and the timelines for the issue period. Furthermore, it specifies rules regarding the acceptance, rejection, and handling of applications, including provisions for withdrawal of bids and the allocation of shares based on demand and regulatory guidelines.

This section details various procedural requirements and instructions for investors submitting bids for the equity shares, covering aspects such as bid validity, documentation requirements, and technical rejections. It outlines rules regarding bid amounts, submission methods, and compliance with various regulations. Specific instructions are provided for different types of bidders, including joint bids, and stipulations regarding the handling of funds and documentation to ensure a smooth allotment process.

This section details various compliance checks for bids, including issues with mismatched account details and adherence to securities laws. It outlines procedures for allocation based on SEBI (ICDR) Regulations, including handling of under-subscription and over-subscription scenarios. Specific rules govern how shares are allotted to different investor categories such as Individual Investors, Non-Institutional Investors, and Qualified Institutional Buyers (QIBs), involving proportionate allotment, rounding to multiples of 2,000 shares, and adjustments for oversubscription. Furthermore, there are specific provisions for allocating shares to Anchor Investors and procedures for handling discrepancies between the Issue Price and the Anchor Investor Allocation Price.

This section details various procedural aspects related to the issuance and allotment of equity shares, including the role of the Designated Stock Exchange in finalizing the basis of allotment. It outlines the process for issuing allotment advice, the timeline for share credit, and the procedures for handling bid cum application forms. Furthermore, it specifies requirements for bidder documentation and outlines the company's undertakings regarding the timely completion of listing formalities and the handling of funds.

The provisions detail various restrictions and rights concerning the issuance and transfer of equity shares. Restrictions exist regarding who can invest, including requirements for government approval for certain investors and limitations on the sale of shares to ineligible persons. The Articles also outline procedures for share certificates, including provisions for replacement if certificates are damaged or lost. Furthermore, the company retains a lien on shares for outstanding amounts, and there are specific rules governing calls made on members for unpaid amounts, including provisions for interest on defaults.

This section details various provisions concerning the transfer, forfeiture, and capitalization of shares, as well as rules governing general meetings and voting rights. It outlines conditions for recognizing share transfers, procedures for dealing with the death or insolvency of a member, and the process for forfeiting shares due to non-payment of calls. Furthermore, it specifies rules for increasing or changing the share capital, the treatment of converted stock, and the capitalization of profits for distribution among members.

The provisions detail the composition and powers of the Board of Directors, including the initial directors and rules regarding director remuneration and expenses. The Articles grant the Board the power to appoint additional directors, subject to a maximum strength limit, and specifies the tenure for such appointments. The section also covers procedures for Board meetings, including voting majority and casting votes, and the ability of continuing directors to act in case of vacancies. Furthermore, it outlines rules for the sealing of company instruments and various provisions concerning dividends, reserves, and the payment of amounts due on shares.

This section primarily details the certification and compliance aspects related to the drafting and filing of the Draft Red Herring Prospectus, including various minutes of board and general meetings, and the certification of financial information and tax benefits. It also includes declarations from various directors confirming compliance with relevant laws and the accuracy of the statements made in the Prospectus.

The provided section consists entirely of declarations certifying compliance with various laws and regulations, including the Companies Act, 2013, and guidelines from the Government of India and the Securities and Exchange Board of India. These declarations are signed by different officers of ARMOUR SECURITY (INDIA). LTD., including a Non-Executive Independent Director, the Chief Financial Officer, and the Company Secretary & Compliance Officer. The text confirms that the Prospectus statements have been made in compliance with these legal frameworks and that all statements within the Prospectus are true and correct.