Milky Mist Dairy Food Limited

• Repayment/ prepayment, in full or in part, of certain outstanding borrowings availed by our Company₹497 Cr
• Financing the capital expenditure requirements in relation to the expansion and modernisation of our Perundurai Manufacturing Facility₹469 Cr
• Deployment of visi coolers, ice cream freezers and chocolate coolers₹155 Cr
• General corporate purposes

Except as stated below, as on the date of this Red Herring Prospectus, there are no other outstanding (i) criminal proceedings (including matters which are at FIR stage whether cognizance has been taken or not by any court or judicial authority) involving our Company, Subsidiary, Directors or Promoters ("Relevant Parties") and Key Managerial Personnel and Senior Management; (ii) actions taken (including any orders passed or show cause notices issued) by regulatory authorities and/or statutory authorities (including any judicial, quasi-judicial, administrative authorities or enforcement authorities) involving the Relevant Parties and Key Managerial Personnel and Senior Management; (iii) claims related to direct and indirect taxes involving the Relevant Parties, in a consolidated manner; and (iv) other litigations involving the Relevant Parties (including civil litigation / arbitration proceedings) which has been determined to be material pursuant to the Materiality Policy (as disclosed herein below) or (v) litigations involving our Group Company which may have a material impact on our Company. Further, as on the date of this Red Herring Prospectus, there are no disciplinary actions (including penalties imposed) by SEBI or recognized stock exchanges, against our Promoters in the last five Fiscals immediately preceding the date of this Red Herring Prospectus including any outstanding action.

• The Company has disclosed contingent liabilities aggregating to ₹ 2,290.09 million as of March 31, 2026, including disputed GST demands and obligations under Export Promotion Capital Goods (EPCG) licenses. If these liabilities materialize, they may adversely affect the business, results of operations, financial condition and cash flows.(Financial)

• The Company has an aggregate outstanding export obligation under all active EPCG licences of ₹ 10,028.13 million as at March 31, 2026. Failure to meet these obligations in full or within prescribed timelines may result in liability to pay an amount equivalent to the duty saved, along with applicable interest and penalties.(Regulatory)

• The Company's manufacturing operations are dependent on the supply of large amounts of raw milk, with 94.51%, 97.68% and 99.62% of total raw milk procurement sourced from Tamil Nadu in Fiscals 2026, 2025 and 2024, respectively. Any adverse development in Tamil Nadu affecting milk supply may adversely affect the business.(Operational)

• The Company's manufacturing operations are dependent on the supply of raw milk, which is the primary raw material. Disease outbreaks in livestock can reduce the volume and quality of raw milk available for processing and may trigger temporary closure of collection centers.(Operational)

• The Company derives a portion of its revenue from outside India (3.72%, 3.16% and 2.65% of revenue from operations in Fiscals 2026, 2025 and 2024, respectively). Any adverse events in export countries or foreign exchange fluctuations could have an adverse impact on the business.(Market)

• The Company is subject to GST demands and disputes, including demands for ₹ 161.79 million (July 2017 to March 2021), ₹ 50.41 million (April 2021 to March 2022), and ₹ 42.48 million (April 2020 to March 2021). The Company is in the process of filing appeals, and if liabilities materialize, it could adversely affect the business.(Regulatory)

• The Company's ability to meet EPCG obligations may be impacted if it is unable to manage overall growth of business, operations and revenue.(Operational)

• The Company's operations are largely reliant on the stability and efficiency of the supply chain in Tamil Nadu. Significant social, political, or economic disruption, natural calamities, civil unrest, dairy farmers' protests, or changes in government policies could substantially impact the ability to procure raw milk.(Operational)

Each bar is a fixed formula applied to the figures shown above, scored 0–100. This is a reading of what the company disclosed — not a recommendation to apply or avoid, not a price target, and not a prediction of listing performance. Dimensions that could not be extracted are excluded rather than assumed, so coverage varies between documents.

• Milky Mist Dairy Food Ltd. - RHP11 Aug 2026