Indogulf Cropsciences Limited - IPO

1. We are subject to regular inspections and audits, and the success and wide acceptability of our products is largely dependent upon our quality controls and standards. Any failure to comply with quality standards may adversely affect our business prospects and financial performance, including cancellation of existing and future orders which may expose us to warranty claims.

2. The value of our brands may be diluted if there is a change in the brand name for a known product, quality concern, negative publicity which could adversely affect our business, financial condition and results of operations.

3. Our historical cumulative average growth rate ("CAGR") in Revenue from Operations, EBITDA and PAT, may not be indicative of our future performance.

4. Under-utilization of our manufacturing capacities and an inability to effectively utilize our expanded manufacturing capacities could have an adverse effect on our business, future prospects and future financial performance.

5. Our inability to collect receivables and default in payment from our customers could result in the reduction of our profits and affect our cash flows.

6. Any shortfall in the supply of our components and raw materials or an increase in our component or raw material costs, or other input costs, may adversely affect the pricing and supply of our products and have an adverse effect on our business, results of operations and financial condition.

7. We intend to deploy a substantial portion of the Net Proceeds aggregating to ? 650.00 million towards funding our working capital requirements, which is based on certain assumptions. Any change in working capital requirements on account of such assumptions may materially adversely affect our results of operations and profitability.

8. The agrochemicals industry is capital intensive, and we may need to seek additional financing in the future to support our growth strategies. Any failure to raise additional financing could have an adverse effect on our business, results of operations, financial condition and cash flows.

9. The Offer Price, price to earnings ratio and market capitalization to revenue multiple based on the Offer Price of our Company, may not be indicative of the market price of the Company on listing or thereafter.

10. The determination of the Price Band is based on various factors and assumptions, and the Offer Price of our Equity Shares may not be indicative of the market price of our Equity Shares after the Offer.