Icodex Publishing Solutions Limited - IPO

1. The company is highly dependent on few customers for its business and revenues. Loss of relationship with any of these customers may have a material adverse effect on its profitability and results of operations of the Company.

2. Substantial portion of its revenues is dependent on a Global Publishing Company based out of United States of America (USA). Any economic slowdown and/or any other factor affecting the economy of USA may have an adverse impact on its business. Further any change in the Government regulations and policies vis-à-vis supply of services to USA may have a material adverse effect on its profitability and results of operations.

3. The company has entered into business agreements / service agreements with its customers which contain Termination clause. In the event of any breach of obligations or covenants in the agreements, it may lead to termination of its service agreements with the company customers which in turn may result in loss of business, profitability and operations of the Company.

4. The Company is exposed to foreign currency exchange risks, which its may not be able to manage effectively. Currency exchange rate fluctuations could adversely affect the company financial results.

5. Success of its business is substantially dependent on the company Promoters for the continued success of its business through their continuing services and strategic guidance AND Senior Managerial Personnel and its inability to retain them could adversely affect the company business and operations.

6. The company operates out of a co-working space and the company does not own the business premises where its registered office is situated.

7. The Company's success depends largely upon its skilled professionals and its ability to attract and retain these personnel. The industry where the Company operates is a highly skilled and technical employee intensive industry.

8. There have been instances of delay in filing of statutory and regulatory dues in the past with the various Government authorities.

9. Outstanding litigations pending against the Company, Directors, Promoters, and Group companies.

10. Its logo is not registered with Registrar of Trademark; any infringement of its brand name or failures to get it registered may adversely affect the compay business. Further, any kind of negative publicity or misuse of its brand name could hamper the company brand building efforts and its future growth strategy could be adversely affected.