Balaji Phosphates Limited - IPO

1. Our business is dependent on the performance of the agricultural sector in which our fertilizers are used. Any developments affecting the performance of the agricultural sector are likely to affect our business, results of operations and financial condition.

2. Reliance on imported raw materials poses risks that could adversely affect our production capabilities and overall profitability.

3. Our business is subject to climatic conditions and is cyclical in nature. Seasonal variations and unfavourable local and global weather patterns may have an adverse effect on our business, results of operations and financial condition.

4. The fertilizer industry in India is a regulated industry. Any change in Government policies towards the agriculture sector or a reduction in subsidies and incentives provided to farmers could adversely affect our business and results of operations.

5. The business is highly seasonal and such seasonality may affect our operating results and cash flow of our Company.

6. If we are unable to obtain or maintain regulatory approvals for our products, we may be unable to sell such products, which could adversely affect our business and results of operations.

7. Our Promoters have provided personal guarantees and securities to secure certain of our loan facilities, which if revoked or invoked may require alternative guarantees, repayment of amounts due or termination of the facilities.

8. A shortage or non-availability of electricity, water, fuel or an increase in fuel prices may adversely affect our production operations and have an adverse effect on our business, results of operations and financial conditions.

9. We have certain contingent liabilities that have not been provided for in our Company's financials, which if realised, could affect our financial condition.

10. Our Company has experienced negative cash flows. Any negative cash flow in future could affect our results of operations.