Mankind Pharma Ltd IPO

scaled domestic focused business with potential for further growth;

growing faster than the rate of the IPM with a focus on volume-led growth;

diversified portfolio with market leading rankings across key therapeutic areas;

established and growing consumer healthcare franchise with brand recall;

leveraged its corporate brand to build and scale brands;

?wide market and distribution coverage with focus on affordability and accessibility;

significant and diversified manufacturing and R&D capabilities;

experienced and professional management team backed by private equity investors.

The company is subject to extensive government regulations which are also subject to change. If the company fail to comply with the applicable regulations prescribed by the governments and the relevant regulatory agencies, its business, financial condition, cash flows and results of operations will be adversely affected.

The company is required to obtain, maintain or renew its statutory and regulatory approvals, licenses, and registrations to operate its business.

Any disruption, slowdown or shutdown in its manufacturing or R&D operations could adversely affect its business, financial condition, cash flows and results of operations.

The company inability to accurately forecast demand for its products and manage the company inventory may have an adverse effect on its business, financial condition, cash flows and results of operations.

Any failure to maintain and enhance, or any damage to, its brands, product image or reputation could adversely affect the market recognition of, and trust in, the company products.

Any delay, interruption or reduction in the supply of its raw materials or finished formulations from its third-party suppliers and manufacturers, or an increase in the costs of such raw materials and finished formulations, may adversely impact the pricing and supply of its products and have an adverse effect on the company business, financial condition, cash flows and results of operations.

If the company do not successfully develop or commercialize new products in a timely manner, or if the products that the company commercialize do not perform as expected, its business, results of operations and financial condition may be adversely affected.

The availability of counterfeit drugs, such as drugs passed off by others as its products, could adversely affect the company goodwill and results of operations.

Its inability to successfully implement the company business plan, expansion and growth strategies could have an adverse effect on its business, financial condition, cash flows and results of operations.

Any problems in its quality control or manufacturing processes may damage the company reputation, subject us to regulatory action and expose it to litigation or other liabilities.

The company failure to comply with applicable quality standards may result in increased product liability claims, which could adversely affect its business, financial condition, cash flows and results of operations.

The company derive a significant portion of its revenue from operations from a limited number of markets.

The company relies on its medical representatives and field managers, distributors and retailers for the sale and distribution of its products.

Introduction of stricter norms regulating marketing practices by pharmaceutical companies could affect its ability to effectively market the company products, which may have an adverse effect on its business, results of operations and financial condition.

Industry-related information included in this Draft Red Herring Prospectus has been derived from the IQVIA Report, which has been exclusively commissioned and paid for by the Company solely for the purposes of the Offer. This Draft Red Herring Prospectus also includes industry-related information derived from the IQVIA Dataset. The IQVIA Report and the IQVIA Dataset are subject to various limitations and are based upon certain assumptions that are subjective in nature.

Its success depends on the company ability to retain and attract qualified senior management and other key personnel, and if the company is not able to retain them or recruit additional qualified personnel, its may be unable to successfully develop the company business.

Certain therapeutic areas contribute to a more significant portion of its total revenue in India, and the company business, financial condition, cash flows and results of operations may be adversely affected if its products in these therapeutic areas do not perform as expected or if competing products become available and gain wider market acceptance.

The pharmaceutical and consumer healthcare industries are intensely competitive and if the company is unable to respond adequately to the increased competition or pricing pressure its expect to face, the company could lose market share and its revenues and profits could decline, which would in turn adversely affect its business.

Its may be unable to obtain and maintain the intellectual property rights for its brands or protect the company proprietary information.

One of the brothers of its Promoters, Ramesh Juneja and Rajeev Juneja, who is deemed to be a part of the Promoter Group under the SEBI ICDR Regulations has not provided consent to be identified as a member of the Promoter Group and has not provided any information in respect of himself and his relevant entities as Promoter Group.

The company is exposed to government price controls which could negatively affect its results of operations.

The company is dependent on third-party transportation providers for the transportation of raw materials and outsourced finished formulations and delivery of its products.

If any of its products cause, or are perceived to cause, severe side effects, the company business, financial condition, cash flows and results of operations could be adversely affected.

The COVID-19 pandemic, or any future pandemic or widespread public health emergency, could impact its business, financial condition, cash flows and results of operations.

Non-compliance with and changes in environmental, health and safety, labor laws and other applicable regulations may adversely affect its business, financial condition, cash flows and results of operations.

There are outstanding legal proceedings involving the Company, its Promoters, the company Subsidiaries, and its Directors.

The sale of its products may be affected by seasonal factors.

The company is subject to the risk of loss due to fire, accidents and other hazards as its manufacturing and R&D processes and materials are highly flammable and hazardous. The company is also subject to the risk of other natural calamities or general disruptions affecting its production facilities and distribution chain.

The company is exposed to counterparty credit risk and any delay in receiving payments or non-receipt of payments may adversely impact its business, financial condition, cash flows and results of operations.

The company inability to attract or retain companies who are looking to it for marketing and licensing in the future could adversely affect the company market share. If the covenants in its agreements with such companies are onerous or commercially restrictive, its results of operations and financial condition could be adversely affected.

The company enter into distribution and supply arrangements for distribution of its products in certain geographies.

Its operations are labor intensive and the company may be subject to strikes, work stoppages or increased wage demands by its employees or those of the company suppliers.

Failure, inadequacy or breach of the company IT systems or its business processes regarding confidential information and other data, unauthorized access to its confidential information or violations of data protection laws could result in material harm to its business, financial condition, cash flows and results of operations.

The company may not be able to detect or prevent fraud or other misconduct committed by its employees or third parties.

The company may need additional capital for future growth of its business but may not be able to obtain such on favorable terms or at all.

Its insurance coverage may not be sufficient or adequate to cover its losses or liabilities. If the company suffer a large uninsured loss or if its suffer an insured loss that significantly exceeds the company insurance coverage, its financial condition and results of operations may be adversely affected.

If third parties on whom the company relies for clinical trials do not perform their obligations as contractually required or as its expect, and do not comply with cGMP or other applicable regulations, its may not be able to obtain regulatory approval for or commercialize the company products.

Delay or failure in the performance of its contracts with the company customers for supply of its products, whether on its part or on the part of carrying and forwarding ("C&F") agents, may adversely affect the company business.

The company appoint contract labor for carrying out certain of its operations and the company may be held responsible for paying the wages of such workers if the independent contractors through whom such workers are hired default on their obligations, and such obligations could have an adverse effect on its financial condition, results of operations and cash flows.

The company is exposed to risks associated with engaging with government institutions as part of its overseas business.

The company overseas operations expose its to complex management, legal, tax and economic risks, which could adversely affect its business, financial condition, cash flows and results of operations.

The company is currently entitled to certain tax incentives and export promotion schemes. Any decrease in or discontinuation in policies relating to tax, duties or other such levies applicable to it may affect the company results of operations.

Its may face risks on account of not meeting the company export obligation for its Indian operations. The company failure to fulfill its export obligations in full may make it liable to pay duty proportionate to unfulfilled obligation along with interest.

The company inability to meet its obligations, including financial and other covenants under the company debt financing arrangements could adversely affect its business, financial condition, cash flows and results of operations.

The audit reports of the Company and certain of its Subsidiaries contain an emphasis of matter paragraph and the Companies (Auditor`s Report) Order, 2020 and Companies (Auditor`s Report) Order, 2016 of the Company and few of its Subsidiaries, joint ventures and associates contain certain adverse remarks or qualifications.

The company has contingent liabilities and capital commitments. Its financial condition could be adversely affected if any of these contingent liabilities or capital commitments materialize.

Its Promoters will be able to exercise significant influence and control over it after the Offer and may have interests that are different from or conflict with those of the company other shareholders.

Certain of the company shareholders, Directors and Key Management Personnel may be interested in the Company other than in terms of remuneration and reimbursement of expenses. Its Promoters, Directors and some of the comnpany Key Managerial Personnel may have interest in entities, which are in businesses similar to its and this may result in conflict of interest with it.

The company has in the past entered into related party transactions and may continue to do so in the future. Its cannot assure you that the company could not have achieved more favorable terms had such transactions not been entered into with related parties.

Certain of its corporate records are not traceable or have discrepancies. The company cannot assure you that any regulatory proceedings or actions will not be initiated against it in the future and the company will not be subject to any penalty imposed by the competent regulatory authority in this regard.

The Company will not receive any proceeds from the Offer.

The company do not own its Registered Office and several premises from which the company operate.

Information relating to the installed manufacturing capacity, actual production and capacity utilization of its manufacturing units included in this Draft Red Herring Prospectus are based on various assumptions and estimates and future production and capacity may vary.

Its ability to pay dividends in the future will depend on its earnings, financial condition, working capital requirements, capital expenditures and restrictive covenants of its financing arrangements.

Certain Non-GAAP financial measures and other statistical information relating to its operations and financial performance have been included in this Draft Red Herring Prospectus. These Non- GAAP financial measures are not measures of operating performance or liquidity defined by Ind AS and may not be comparable with those presented by other companies.

Unsecured loans taken by the company Subsidiaries from time to time from related parties can be recalled at any time.