EMA Partners India Limited - IPO

1. The ongoing success and reputation of EMA Partners, as well as the continued validity of the EMA Partners International Membership Agreement, are crucial for maintaining our business operations under the name "EMA Partners".

2. A significant portion of our business is attributable to certain large clients. Any deterioration of their financial condition or prospects may have an adverse impact on our business. Further, if we fail to expand the size of our business with our existing clients or expand to new clients, or if we lose our large clients, our business, revenue, profitability and growth will be adversely affected

3. If we are unable to protect our intellectual property, or if we face allegations of infringing others' intellectual property, our business, our reputation, results of operations, cash flows and financial condition could be adversely affected.

4. Through EMA Partners Executive Search Private Limited, our wholly owned subsidiary we have invested in Reccloud Technologies Private Limited which has developed the "MyRCloud" technology platform. If we're unable to scale this solution or if the system becomes obsolete, we may not be able to recover our investment.

5. We face significant competition from domestic and global firms. The domestic market is fragmented with small boutique firms offering recruitment services. Competition in our industry could result in loss of market share, reduced demand for our services, and /or require us to lower fees for our services, which could adversely affect our operating result and future growth.

6. We are limited in our ability to recruit candidates from certain of our clients due to off-limit agreements with those clients and for client relations and marketing purposes. Such limitations could impact our business and revenues.

7. Failure to attract and retain qualified and experienced employees could result in a loss of clients which in turn could cause a decline in our revenue and future growth.

8. We are subject to potential legal liability from clients, employees, candidates for employment, shareholders and other stakeholders.

9. We are dependent on our Promoters, Directors and our Key Managerial Personnel for the execution of our business strategy. Failure to retain our executive officers and key personnel or integrate new members of our senior management who are critical to our business may prevent us from successfully managing our business and limit our growth.

10. Acquisitions or our inability to effect acquisitions may have an adverse effect on our business.