Icon Facilitators Limited - IPO

1. Our business is largely concentrated in North India and is affected by various factors associated with these states.

2. Our Company has reported certain negative cash flows from its operating activities, investing activities and financing activities, details of which are given below. Sustained negative cash flow could impact our growth and business.

3. We have a large workforce deployed across workplaces and customer premises. Consequently, we may be exposed to service-related claims and losses or employee disruptions, as well as employee related regulatory risks, that could have an adverse effect on our reputation, business, cash flows, results of operations and financial condition.

4. There have been certain instances of delays in payment of certain statutory dues by us. Any further delays in payment of statutory dues may attract financial penalties from the respective government authorities and in turn may have a material adverse impact on our financial condition and cash flows.

5. There have been instances of delays of certain forms which were required to be filed as per the reporting requirements under the Companies Act, 2013 to the Registrar of Companies.

6. Our revenue from operations is highly dependent upon a limited number of customers, with our largest, top 5 and top 10 customers contributing to more than 49.59%, 73.58% & 87.17%, respectively of our revenue from operations for Fiscal 2025.

7. We have significant employee benefit expenses, such as workers' compensation, staff welfare expenses and contribution to provident and other funds. In case we face an increase in employee costs that we are unable to pass on to our customers, we may be prevented from maintaining our competitive advantage and our profitability may be impacted.

8. We have in the past entered into related party transactions and may continue to do so in the future, which may potentially involve conflicts of interest with the equity shareholders. There can be no assurance that such transactions, individually or in the aggregate, will not have an adverse effect on our financial condition and results of operations.

9. We are engaged in the third-party verification procedure for our personnel prior to assigning them to our customers, which may impact our reputations, cash flows and business prospects.

10. Our businesses are manpower intensive and our inability to attract and retain skilled manpower could have an adverse impact on our growth, business and financial condition. Further, in the event we are not able to manage our attrition, we may not be able to meet the expectations of our customers, which may have an adverse impact on our financial condition.