Green Asia Impex Limited

This section provides an overview of the industry context, primarily drawing from external market research reports. It details macroeconomic scenarios, including global GDP growth projections, and discusses currency dynamics related to the USD and Euro. Furthermore, it outlines India's economic outlook, highlighting its position as a fast-growing major economy, its strong GDP growth trajectory, and favorable demographic trends that support growth in the seafood and spice export segments.

The text discusses several macroeconomic and sectoral trends in India, including urbanization, disposable income, and consumption patterns. It notes that rapid urbanization is increasing demand for higher-value food products. Rising disposable incomes are stimulating household consumption, particularly for premium goods. Furthermore, the text details the performance of various economic sectors, such as the service sector showing strong growth, and the performance of the agriculture sector, which faced various weather-related impacts. The text also covers trends in investment, noting India's attractiveness as an FDI destination and the impact of government policies on industrial growth.

This section provides an overview of the economic context, including monthly per capita consumption expenditure (MPCE) data, inflation trends, and the long-term outlook for the shrimp and red chilli export sectors in India. It details the intricate supply chains for both products, outlining stages from hatchery seed production and cultivation to harvesting, processing, and export logistics. The text highlights the concentration of production and processing facilities in certain states and the importance of adhering to global food safety standards throughout the chain.

The section details the processing and logistics chain for red chilies, starting from post-harvest drying, which is critical for moisture reduction and shelf life. It covers subsequent steps like aggregation, grading, stem removal, and sorting to meet international standards. The text also discusses the requirements for cold storage and warehousing to maintain product quality, alongside packaging methods and transportation logistics. Furthermore, it outlines India's role in the global shrimp trade, highlighting its position as a major exporter and the competitive advantages it holds over other countries in the processed shrimp market.

The provided text details various aspects related to trade flows and market analysis for shrimp and red chilies. For shrimp, the targeted export market outside India showed moderate volatility between 2019 and 2025, with certain regions showing resilience. Regarding red chilies, India is a leading global exporter, and the trade flow analysis shows significant imbalances between exports and imports. Furthermore, the text discusses the diverse varieties of red chilies cultivated in India and the key markets for these products.

The Indian Shrimps Market has shown steady and robust growth, expanding from INR 41,700 crore in FY19 to an estimated INR 82,041 crore by FY25, reflecting an 11.9% CAGR. This growth is attributed to increased domestic consumption driven by health consciousness and rising disposable income. While export-oriented varieties like Vannamei dominate production, domestic consumption has increased for peeled and deveined shrimp types due to retail adoption. The market is forecasted to maintain momentum, growing from INR 82,040 crore in 2025 to approximately INR 1,28,400 crore by 2030, driven by international market expansion and innovations in farming practices.

The analysis covers market segmentation for India's chili exports, detailing the expected growth trajectory for different varieties, and provides an overview of trends in the Indian shrimp industry. For chili exports, Guntur Sannam and Teja varieties are dominant, with specific projected market shares and growth rates for the coming years. In the shrimp sector, production showed growth, and the industry is being driven by global demand, technological innovation, supportive government policies, and efforts to diversify export destinations.

The text discusses trends in the red chili market, noting significant production growth in India, alongside price fluctuations influenced by global demand and supply. It details the diverse uses of red chili extracts across various industries, including food processing, pharmaceuticals, and cosmetics. Furthermore, the text outlines challenges in the red chili sector, such as pest and disease attacks, rising labor costs, and the vulnerability of the industry to supply chain disruptions. The section also provides an overview of the regulatory framework governing the shrimp export sector, detailing various agencies and international standards.

The text details various government incentives and support schemes provided by bodies like MPEDA and PMMSY for the shrimp industry, covering capital subsidies, quality control support, and export promotion. It also outlines common certifications required for shrimp exports and provides an overview of regulatory frameworks for the red chili market, including various regulatory bodies and international standards for export. Furthermore, the text discusses the infrastructure for the cold chain for both shrimps and red chilies, the technological innovations being adopted, and the challenges faced in the cold chain sector such as infrastructure gaps and high operational costs.

The provided text compares players in the Indian shrimp market and the Indian red chilies market across various operational and financial parameters. The shrimp market features several key players with different product offerings, certifications, and market dependencies. The red chilies market is also competitive and fragmented, with established players operating under regulatory oversight to ensure food safety and facilitate trade.

The analysis compares the strengths and weaknesses of several peers in the Indian Red Chilies market, detailing aspects like product range, logistics, and financial performance. It also outlines the market opportunity for Green Asia Impex, which is targeting a large market size for shrimp and chilies, and plans for expansion into Ready-to-Cook products for international markets. The research methodology defines the scope for both the shrimp and chili markets.

Green Asia Impex Limited is engaged in the sourcing, processing, and export of frozen seafood and agri-commodities, primarily focusing on frozen shrimps and dried chillies. The company supplies these products to various business-to-business customers globally. The company has received recognition as a Two Star Export House by the Directorate General of Foreign Trade. The business model involves procuring raw materials, processing, quality control, and exporting finished products, utilizing both company-operated and third-party licensed facilities. The company's revenue is heavily skewed towards the shrimp segment, which contributes over 87.76% of total revenue in Fiscal 2026. The company processes and exports various shrimp formats and trades in different varieties of dried chillies.

The company operates export-oriented processing facilities designed to meet international quality, food safety, and regulatory standards for frozen shrimps and dried chillies. The facilities are equipped with specialized infrastructure, including grading machines, plate freezers, IQF hardeners, and cold storage units. The company holds various applicable licenses and certifications such as HACCP, ISO 22000, FSSAI, and FDA registrations. The company maintains strong relationships with customers both domestically and internationally, and actively participates in industry exhibitions to expand its export presence. The business involves two product segments, frozen shrimps and dried chillies, which have distinct seasonal availability patterns, allowing for diversification of procurement and processing activities.

The company plans to expand its shrimp product offerings beyond conventional frozen formats by introducing semi-cooked, individually quick frozen (IQF), portion-controlled, ready-to-cook shrimp. The company aims to improve operational efficiency by reviewing processes for better utilization of manpower and resources, process standardization, skill upgradation, and procedure optimization. Furthermore, the company intends to enhance its market footprint by entering new geographies and strengthening its presence in existing markets, including exploring opportunities in South Korea, Russia, and select European Union countries for shrimp, and expanding dried chilli exports to include markets like Vietnam and Malaysia. The business is focused on sourcing, processing, and exporting shrimps, with products categorized into Vannamei, Black Tiger, and Freshwater shrimps, supplied in various formats.

The process involves preliminary processing of shrimps, which includes washing, icing, and temporary chilled storage. Following this, the shrimps undergo a treatment phase involving chemical treatment as per buyer specifications. Processed shrimps are then weighed and prepared for freezing, which can be done using either Individually Quick Frozen (IQF) or block freezing methods depending on customer requirements. After freezing, a glazing process is applied to create a protective ice coating. The final packed frozen shrimps are then placed into poly bags and duplex cartons according to customer specifications, with quality checks like metal detection being conducted. Finished products are stored in frozen storage until shipment, and shipment documents are approved by the HACCP team.

The company maintains inventory management practices for shrimps, involving defined storage and handling protocols, including temperature-controlled storage, with peak availability between October and July. The company utilizes new plant and machinery procured directly from manufacturers. The company is engaged in the sourcing, processing, and export of dried chillies, which contribute a significant portion of its revenue. Dried chillies are sourced from various regions in Andhra Pradesh, and the processing involves various stages from procurement to final packing and dispatch.

The company's procurement strategy for dried chillies involves order-to-order purchases, as they do not maintain long-term supply agreements with suppliers. The company manages inventory for dried chillies across the year, with peak availability occurring from January to April and moderate availability from May to December. The business involves a structured process from lead generation to dispatch, including order evaluation, pricing based on various factors, procurement, processing, quality checks, and logistics for both domestic and export markets. The company has obtained several key certifications, including HACCP and ISO 22000, and maintains an in-house quality control laboratory.

The company handles distribution through various means, exporting products directly to overseas customers using third-party logistics providers or merchant exporters based on market conditions. Customer acquisition involves utilizing online B2B platforms, industry directories, and direct engagement with customers, sometimes involving buyer agents for overseas markets. Customer retention is maintained by ensuring adherence to agreed product specifications, delivery schedules, and quality standards through regular communication. The company utilizes different modes of transportation for its products and relies on various logistics partners for movement to export destinations.

The company emphasizes its commitment to Corporate Social Responsibility (CSR), focusing efforts on healthcare, education, rural transformation, and employability to support economically, socially, and physically challenged groups. The company has established a CSR committee on its board to guide these efforts. The document details various land and property holdings, including owned and leased industrial land, which are intended for the construction and future expansion of shrimp processing and manufacturing facilities. The text also outlines the regulatory framework governing the company's business operations in India, covering various central and state legislations related to industry, labour, and food safety.

This section details various Indian laws and regulations across different domains, including labour, environmental protection, intellectual property, foreign investment, taxation, and consumer protection. It outlines specific legislation such as the Code on Social Security, the Occupational Safety, Health and Working Conditions (OSH) Code, various environmental acts, trademark laws, foreign exchange regulations, and tax laws like GST and Income Tax. The text also covers aspects related to the regulation of trade, the formation of companies, and data protection.

The text discusses various legal frameworks and consumer protection mechanisms relevant to the company's operations. It details provisions for consumer grievance redressal, the scope of the Central Consumer Protection Council (COPRA) concerning e-commerce, and the application of the Sale of Goods Act, 1930. Furthermore, it covers the governance of cheques under the Negotiable Instruments Act, 1881, including penalties for dishonored cheques, and compliance with several other laws and regulations imposed by government authorities.

The company, originally incorporated as ‘Green Asia Impex Private Limited’ in Andhra Pradesh, was converted into a public limited company on September 9, 2025, and its name was changed to ‘Green Asia Impex Limited’ on September 19, 2025. The registered office was changed on June 9, 2025, to facilitate administrative coordination. The company's Memorandum of Association has undergone several amendments over the last ten years, detailing increases in authorized share capital, including conversions of preference shares to equity shares. Key milestones include the start of shrimp export to China in 2021 and awards received in 2017 and 2021. Furthermore, the company disinvested 100% of its holding in Green Asia Cold Storages Private Limited in April 2024.

This section provides various definitions and abbreviations used within the Draft Red Herring Prospectus. It defines terms such as the 'Company' as Green Asia Impex Limited, specifies its registered office, and details various roles and financial terms related to the offer process. Key personnel like the Chief Financial Officer and Managing Director are mentioned, along with definitions for various legal and financial instruments and parties involved in the offering.

This section defines various terms used in the Draft Red Herring Prospectus, including terms related to the exchange, funds transfer, investor categories, and the offer structure. It specifies that the Draft Red Herring Prospectus is dated February 26, 2026, and outlines various investor types such as Eligible NRIs and Qualified Foreign Investors. It also details the structure of the Offer, including the Fresh Issue and the Pre-IPO Placement, and the process for bid acceptance and closing dates.

This section primarily defines various terms and abbreviations used within the prospectus. It details definitions related to stock exchanges, agreements, payment mechanisms, regulatory circulars, and various industry-specific terms. It also lists definitions for financial metrics, market size, and various legal/corporate terms.

This section primarily defines various financial and legal terms used within the Draft Red Herring Prospectus (DRHP). It includes definitions for terms like FDI, FEMA, various investment types (FPIs, FVCI), accounting standards (Ind AS, Indian GAAP), and various financial metrics (like Revenue from Operations, PAT, EBITDA, and various ratios). Furthermore, it outlines conventions regarding the currency of presentation, time zones (IST), and the calendar year. It also specifies that financial data is derived from Restated Financial Statements prepared in accordance with Indian GAAP and relevant regulations.

This section details various aspects of the offering, including currency conventions and the source of industry data. Industry and market data used in the prospectus is derived from a report by Ken Research Private Limited, which was commissioned and paid for by the Company. Information regarding peer group companies is sourced from publicly available sources, and neither the Company nor the Book Running Lead Manager have independently verified this data. The prospectus also includes forward-looking statements, which are subject to various risks and uncertainties related to regulatory changes, economic conditions, and market fluctuations.

The company intends to use a portion of the net proceeds from a fresh issue to fund the capital expenditure for setting up a Proposed Seafood Processing Facility in Chinnayagudem, Andhra Pradesh. The total estimated cost is ₹5,126.94 lakhs, with ₹4,002.77 lakhs proposed from the fresh issue and the remaining balance from internal accruals. The project cost was certified by an Independent Chartered Engineer. The business faces various risks, including adverse developments in China, challenges in diversifying export markets, biosecurity risks in the seafood industry, exposure to economic and regulatory changes in India, and foreign exchange risks. Furthermore, the business is working capital intensive and dependent on external borrowings, and there are contingent liabilities related to income tax demands.

The company requires prior consent from lenders for various actions, including changes to capital structure, management control, or financial covenants. The company has experienced negative cash flows in recent fiscal years, and future negative cash flows are not guaranteed. A significant portion of the company's revenue comes from a limited number of large customers, making the business vulnerable to changes in customer relationships or demand. Furthermore, the company's manufacturing facilities are concentrated in Andhra Pradesh, India, exposing them to local disruptions. The business is also subject to seasonality in raw material procurement and risks related to the shelf life and cold chain of their products.

The company has filed a Form GNL-2 with the Registrar of Companies, which was approved, and has taken corrective steps, although there is no guarantee against future regulatory actions. The company faces risks related to customer orders being delayed, modified, or cancelled due to various factors, including external events, and customer payment defaults. Revenues are significantly dependent on a limited number of geographies, particularly the dried chillies segment, which has seen a decline in its share from China. Furthermore, the company is expanding into newer international markets, which carry higher risks regarding demand and regulatory requirements. The company also has a highly leveraged capital structure, which increases financial risks, and certain parties are involved in legal proceedings.

This section details the general and statutory information for the company, including its registered office, the details of its Board of Directors, and the contact information for the Company Secretary and Compliance Officer. It also outlines the various entities involved in the offer process, such as the Book Running Lead Manager, the Legal Counsel, the Statutory Auditors, the Registrar to the Offer, and the various Designated Intermediaries for handling investor grievances and bid submissions.

This section details various aspects related to the issuance process, including the filing of the Draft Red Herring Prospectus and the book-building procedure. It specifies that the offer is 100% underwritten by the Book Running Lead Manager, and outlines the appointment of a Market Maker. The process involves various regulations from SEBI ICDR, including rules regarding bid withdrawal, the use of ASBA for bids, and the requirements for market making, such as providing 2-way quotes and adhering to specific price band and spread limits.

This section outlines various limits and conditions related to market makers during the market-making process, which are based on the Offer size, including different thresholds for buy quote exemption and re-entry depending on the size of the offer. It also details the process for withdrawing the offer, including the company's right to halt the offer before the Board meeting for allotment and the subsequent public notice requirements. Furthermore, it specifies the role of the Book Running Lead Manager in notifying bank accounts and the requirement to inform the Stock Exchange about the proposed listing.

This section details the authorized and issued share capital of the company as of the date of the Red Herring Prospectus. It outlines the structure of the offer, including provisions for fresh issues and offers for sale. Furthermore, it provides a history of equity share allotments, including various cash and bonus issues over several years. The section also discloses details regarding secondary transactions of equity shares by promoters and members of the Promoter Group, as well as instances where equity shares were issued for consideration other than cash or from revaluation reserves.

The section details various aspects of the company's capital structure, including allotments of equity shares and the shareholding pattern. The company has not issued equity shares under schemes of arrangement approved by the Companies Act. Furthermore, the company has not issued equity shares at a price lower than the Offer Price in the preceding year, except for bonus shares mentioned elsewhere. The shareholding pattern shows that the Promoter and Promoter Group holds a significant portion of the equity shares. The section also provides a detailed build-up of equity shareholding from the incorporation of the company up to recent transfers and transactions.

This section details various transactions involving equity shares, including allotments, transfers, and the resulting shareholding structure. It outlines the pre-offer and post-offer shareholding of promoters, the promoter group, and additional top 10 shareholders. Furthermore, it specifies rules regarding the locking-in of promoter contributions for various periods and details concerning the pledgeability of equity shares as collateral for loans. It also confirms that all equity shares held by promoters are in dematerialized form and discusses conditions for the transfer of pre-issue equity shares held by non-promoters.

This section outlines various restrictions and conditions related to the offer of equity shares, including prohibitions on buyback arrangements and incentives for bidders. It specifies that the post-offer paid-up equity share capital will not exceed the authorized amount. Furthermore, it restricts further equity share issues during a specified period, except for the current offer. The offer is conducted through the Book Building Method, and there are no outstanding warrants, options, or rights to convert convertible instruments as of the filing date. Finally, it clarifies that the Merchant Bankers and their associates do not hold equity shares in the company as of the Red Herring Prospectus date.

The Offer involves a combination of a Fresh Issue and an Offer for Sale from Promoter Selling Shareholders. The proceeds from the Fresh Issue, after deducting the company's share of estimated offer-related expenses, are designated for funding specific objects. The company intends to use these net proceeds for capital expenditure related to setting up a new seafood processing facility and for general corporate purposes. Furthermore, the company anticipates benefits from the listing of equity shares on the stock exchange, such as enhanced visibility and the creation of a public market for its shares in India.

The text provides details regarding the projected growth of the Indian Shrimps Market, forecasting a significant expansion from INR 40,674 crore in 2025 to approximately INR 1,28,400 crore by 2030. This growth is driven by factors such as increased health consciousness and rising income among the urban middle class. Furthermore, the section details the estimated cost for setting up a proposed seafood processing facility, including the breakdown of capital expenditure across various components. The total estimated capital expenditure is 5,126.94 Lakhs, with a portion of the funds being deployed in Fiscal 2028 and Fiscal 2029.

This section details various works related to civil construction, including the laying of different grades of concrete, masonry, and various types of plastering and painting services. It also lists several items under the category of plant, machinery, and equipment, primarily related to refrigeration and freezing systems. The quoted amounts for these works and equipment are provided in Lakhs.

This section details various quotations for different types of equipment and services, primarily related to refrigeration systems, processing machinery, and various stainless steel (SS 304 grade) components. The quotations cover items such as air-cooled condensing units, various accessories, installation, testing, and commissioning services. The costs are presented in Lakhs, showing the cost per unit, the quantity, the total cost, and incidental costs for each item.

This section details various quotations for different equipment and fittings across various areas, including Pre-Processing, Block Freezing, Soaking, Raw IQF, Raw Cooking, and Repacking areas. The quotations cover items such as shovels, stands, tables, and various machinery components. The costs are presented in Lakhs, showing the cost per unit, quantity, and incidental costs for each item.

This section details various quotations for different types of equipment and consumables, primarily related to processing and hygiene. The quotations cover items such as various types of hangers, lockers, wash basins, and different grades of stainless steel, AISI 304, and SS 304. The total cost for these items amounts to ₹3,240.86 Lakhs, with specific notes regarding the validity of quotations and the potential for cost increases if orders are placed later.

The company proposes to deploy the entire net proceeds towards the objects of the offer, with provisions for surplus funds to be applied towards general corporate purposes up to a specified limit. The text details various aspects related to the deployment of funds, including the use of proceeds for capital expenditure, the estimation of offer-related expenses, and the conditions under which these expenses are to be met. Furthermore, it outlines the framework for dealing with various parties involved in the offer process, such as fees payable to different entities and the handling of commissions and processing fees.

The section discusses various compliance and monitoring aspects related to the issuance of securities. It clarifies that the funding requirements are based on management estimates and are subject to external factors. It details procedures for drawing down bridge financing facilities and confirms that any such amounts will be repaid from the net proceeds of the issue. Furthermore, it outlines the process for monitoring the utilization of funds, including the appointment of a monitoring agency and subsequent reporting requirements to the Audit Committee and the Stock Exchange.

The provided section details various financial performance indicators, including GAAP and Non-GAAP measures, which were disclosed to investors over the three years preceding the Draft Red Herring Prospectus date. It also includes explanations for these Key Performance Indicators (KPIs) and notes on the certification of these KPIs by the Statutory Auditors. Furthermore, the text covers aspects related to the weighted average cost of acquisition from primary and secondary transactions.

The section discusses the basis for determining the offer price and advises investors to review various sections of the prospectus for a complete understanding. It also covers statements regarding possible special tax benefits available to the company and its shareholders under various Direct and Indirect Tax Laws. These benefits are contingent upon the company or shareholders fulfilling prescribed conditions based on business imperatives.

The provided text discusses the definition and criteria for 'Group Companies' under SEBI ICDR Regulations, including related party transactions and transactions with the Promoter Group. It details the corporate information and financial information pertaining to two group companies: Green Asia Cold Storages Private Limited and Green Asia Corp. It clarifies that certain financial details regarding these companies are available on the company's website but do not form part of the Red Herring Prospectus.

This section details the reliance on audited financial statements and the process of restating consolidated financial information for the financial years ended March 31, 2026, 2025, and 2024. The work was performed to ensure compliance with various legal requirements and guidance notes. The data presented includes a statement of assets and liabilities, a profit and loss statement, and a cash flow statement for the company.

This section outlines the basis for preparing the restated consolidated financial statements, detailing the transition from historical statements and the group structure. It specifies the accounting policies regarding the classification of assets and liabilities, the estimation assumptions used, and the treatment for property, plant, and equipment, inventories, investments, and cash. It also defines how revenue and other income are recognized within the Group's operations.

This section details various accounting policies and disclosures related to the financial statements, including foreign currency transactions, government grants, borrowing costs, earnings per share calculations, income taxes, leases, employee benefits, prior period items, provisions, and contingent liabilities. It outlines the recognition criteria for grants, the treatment of borrowing costs, the calculation methods for earnings per share, the components of tax expense, the classification of leases, and the recognition of provisions and contingent liabilities.

This section details various restatement adjustments made to the audited financial statements, including impacts on profit after tax and equity/net worth figures. It also provides reconciliation details for share capital, including authorized, issued, and subscribed shares, and information regarding shareholder holdings and share allotments. Furthermore, it outlines terms and rights attached to equity and preference shares, as well as disclosures related to share issuance and convertible securities.

This section details the movement in reserves, profit and loss summary, long-term and short-term borrowings, provisions, and trade payables for Green Asia Impex Limited across different fiscal years. The data includes various components such as capital redemption reserves, profit movement, different categories of loans, provisions for employee benefits, and outstanding dues to various parties.

This section details various financial disclosures, including information related to supplier interest, provisions, property, plant, and equipment, inventories, trade receivables, and deferred tax assets. It presents comparative data across different accounting periods for several line items, such as current liabilities, provisions, fixed assets, and receivables, with corresponding figures in ₹ Lakhs.

This section details various financial statement components for Green Asia Impex Limited, including cash balances, loans, assets, revenue, other income, purchases, operating expenses, and employee benefits. Key figures are presented across different reporting periods, showing fluctuations in these line items. The text also includes notes regarding the treatment of IPO expenses and the nature of various financial provisions.

This section details various financial and actuarial calculations for Green Asia Impex Limited across different periods. It includes calculations for Gratuity - Unfunded, the recognition of amounts in the balance sheet, and expenses recognized in the statement of profit or loss. Furthermore, it presents a restated consolidated statement of finance costs, other expenses, and key financial ratios such as Current Ratio, Debt-Equity Ratio, Debt Service Coverage Ratio, and Return on Equity Ratio.

This section presents restated consolidated financial ratios for Green Asia Impex Limited across different periods. Key metrics include inventory turnover, trade receivables and payables turnover, net capital turnover, profit margins, and return metrics. It also details tax shelter provisions, contingent liabilities, and the statement of capitalization for borrowings and shareholders' funds.

This section details the restated consolidated statement of related party transactions and balance sheet items for Green Asia Impex Limited across different fiscal years. It includes various transactions such as remuneration, loans, and sales/purchases with related parties. Furthermore, it provides information on the balance sheet components and disclosures regarding related party transactions, including the treatment of investments and transactions with subsidiaries.

This section provides financial information, including ratios, capitalization details, and financial indebtedness, for the company. It details various financial metrics for fiscal years 2026, 2025, and 2024, including Net Worth, Profit After Tax, Earnings Per Share, and EBITDA. It also outlines the structure of borrowings and the outstanding amounts as of August 31, 2026.

This section details the company's various borrowing arrangements, including the structure of loans, interest rates, and repayment terms. It also presents a comprehensive comparison of key performance indicators (KPIs) across Fiscal Years 2026, 2025, and 2024, covering GAAP measures like revenue, profitability, and leverage ratios. The text includes definitions for these KPIs and a comparison of these metrics against industry peers.

This section presents various non-GAAP financial measures, including growth rates, margins, and profitability ratios, for different fiscal years. It details performance metrics such as EBITDA, Net Worth, Return on Equity (ROE), and Return on Capital Employed (ROCE), alongside debt metrics like the Debt-Equity Ratio and Working Capital Ratio. Furthermore, the text discusses factors influencing operations, such as dependency on existing customer orders, seasonality related to raw material availability, and the mix between shrimp and dried chillies in revenue. It also provides details on the capacity for processing and freezing shrimp.

This section details various operational and financial metrics across Fiscal 2026, 2025, and 2024, covering production capacity utilization, working capital requirements, and financial structure. Key observations include changes in production mix, fluctuations in cost structure components, improvements in operating profitability metrics like EBITDA margin, and significant changes in the debt-equity ratio. The analysis highlights that revenue growth was driven by increased shrimp revenue and domestic demand, partially offset by a decline in dried chilli exports. Furthermore, working capital requirements increased, which was funded by working capital borrowings, leading to a lengthening of the working capital cycle.

This section details various financial performance metrics, including changes in revenue, expenses, profitability, and cash flows across different fiscal years. Key observations include significant growth in revenue from services and other income, alongside increases in total expenses, which were partially offset by factors like inventory build-up. Profitability metrics showed improvements in EBITDA margins and profit after tax margins, while net worth and debt-equity ratios also showed positive trends. The cash flow section highlights changes in working capital components and cash movements in operating, investing, and financing activities.

The financial statements show changes in borrowings, revenue, and profitability between Fiscal 2024 and Fiscal 2025. Total income increased by 6.76% due to higher revenue from operations, driven by growth in the dried chilli segment and changes in the shrimp segment. Revenue from operations saw a 6.38% increase, with significant growth in dried chilli exports to China. Various line items detail changes in operating expenses, finance costs, and the impact of divestments and changes in credit policies on cash flows.

The financial statements detail various cash flows and profitability metrics across Fiscal 2024, 2025, and 2026. Operating activities showed net cash utilization, with negative flows primarily driven by working capital absorption, including increases in inventories and receivables. Investing activities showed capital expenditure for property, plant, and equipment in Fiscal 2026, while financing activities involved significant borrowings and repayments. Trade receivables showed a substantial increase over the period, reflecting changes in credit policies and business volumes, which impacted working capital requirements and cash flows.

This section details the availability of chillies throughout the year, noting that the peak season for volumes is from January to April, while availability remains moderate from May to December. The company operates in two product segments: processed shrimp and dried chillies, with revenue figures provided for various fiscal years. Revenue from products is presented separately from revenue from operations, as products do not aggregate to the total revenue from operations. Furthermore, the text discusses the dependence on a limited number of customers and material developments, including a Pre-IPO Placement and the availing of credit facilities after March 31, 2026.

The section outlines the absence of certain legal and regulatory issues, such as criminal proceedings, actions by statutory or regulatory authorities, tax claims, or material litigation involving the Company, its directors, promoters, KMPs, SMPs, and group companies. It details a materiality policy for identifying material litigation, which involves thresholds based on turnover, net worth, or profit/loss, and a monetary threshold of ₹54.37 lakhs for certain litigations. Furthermore, it discloses outstanding dues to creditors, where amounts exceeding 10% of total trade payables are considered material creditors, with specific details to be uploaded separately.

The section details various approvals, licenses, and registrations obtained by the Company under central and state legislations to conduct its business activities. This includes authorizations from the Board of Directors and shareholders for the Offer, as well as numerous registrations related to tax, professional, labour, and regulatory compliance. The text lists numerous licenses, including those for GST, various professional taxes, employee provident fund, ESIC, export inspections, and food safety standards, some of which have specific expiry dates. Furthermore, it outlines several consents and licenses related to pollution control, factory operations, and water abstraction.

This section details various aspects related to intellectual property, regulatory approvals, and compliance with various laws and regulations. The company has made applications for trademark registration, and the offer has been authorized by the board and members. Furthermore, the company confirms that neither it nor its promoters have been prohibited from accessing the capital market or debarred from dealing in securities by regulatory authorities. The text also includes confirmations regarding compliance with various laws, including the Companies Act, SEBI ICDR Regulations, and RBI guidelines.

The section primarily addresses assurances regarding the absence of defaults and legal issues concerning the Company, its promoters, and related parties. It confirms no defaults in payments to various creditors over the past three years and no criminal proceedings involving serious economic offenses against the Directors. Furthermore, it states that no litigation records exist against the Company, promoters, directors, or subsidiaries, except for those disclosed elsewhere in the DRHP. The text also details various disclaimers related to the offer document, the role of various parties, and compliance with regulatory filings.

The section primarily addresses the lack of certain corporate structures and instruments, such as listed subsidiaries, corporate promoters, outstanding debentures, bonds, or preference shares as of the filing date. It also confirms that no capital issues have been undertaken in the last three years, and no commission or brokerage has been paid for equity shares since incorporation. Furthermore, the company confirms that no investor complaints have been received during the three years preceding the filing, and they have procedures in place for grievance redressal.

This section outlines the various legal and regulatory frameworks under which the equity shares being issued will operate, including compliance with the Companies Act 2013, SCRA, SCRR, SEBI ICDR Regulations, and various SEBI/Government guidelines. It details the process for investors to apply, including the use of the Application Supported by Blocked Amount (ASBA) process, and specifies the timelines for the bid/offer period and the subsequent steps for fund unblocking and the commencement of trading.

This section details various procedural aspects related to the Bid/Offer process, including time limitations for uploading bids, rules regarding bid revisions, and consequences for non-compliance. It outlines conditions for minimum subscription, the process for handling non-receipt of funds, and stipulations concerning the number of prospective allottees and the nature of the underwriting. Furthermore, it discusses provisions related to the migration of the company to the main board and the requirements for market making arrangements.

This section details various aspects of the allotment process, including the reservation portions for different investor categories (like Mutual Funds and QIBs), the rules for firm allotment proportions, and the mode of bidding. It outlines specific rules regarding the minimum application size, the nature of bids, and various procedural changes mandated by SEBI concerning the use of the ASBA process and the UPI Mechanism for public issues.

This section details various aspects related to the process for investors applying for the offer, including compensation for delays in fund unblocking, the phased implementation of the UPI Mechanism by SEBI, and the requirements for investor grievances. It outlines different categories of bidders eligible to participate and specifies the mandatory use of the ASBA process, including provisions for various investor types and the handling of electronic and UPI applications.

This section details various eligibility criteria and procedures for investors applying for the equity shares, including different categories such as Pension Funds, Insurance Funds, and various investor types like Individuals, Non-Institutional Applicants, and QIBs. It outlines restrictions on participation by certain entities like Minors, Partnership firms, and Foreign Nationals. Furthermore, the text specifies rules regarding the investment limits, the bidding process, the handling of bids, and requirements for documentation such as PAN, and specific considerations for bids by Eligible NRIs and HUFs.

This section details various restrictions and requirements concerning the participation of different investor categories in the Offer, including FPIs, Mutual Funds, AIFs, VCFs, insurance companies, NBFCs, and various other entities. It outlines specific rules regarding bid documentation, investment limits, and the handling of multiple bids or bids from certain entities. Furthermore, it specifies requirements for certain investors, such as providing proof of registration or using specific structures like the MIM Structure, and clarifies issues related to the process of allotment and payment.

This section details the payment mechanism for bids, primarily through the Application Supported by Blocked Amount (ASBA) process, and outlines various rules and responsibilities related to electronic registration and bid submission. It specifies that Self-Certified Syndicate Banks (SCSBs) block the application amount in the specified bank accounts until the application is withdrawn, rejected, or instructions are received to unblock the funds. Furthermore, it mandates the use of ASBA and UPI for applications as per relevant SEBI circulars. The text also covers responsibilities of Designated Intermediaries regarding the acceptance and uploading of applications, the verification of investor details, and the finalization of allotment based on the uploaded details.

This section details numerous compliance requirements and prohibitions for bidders in the securities market, covering aspects such as documentation, fund blocking, bid submission timing, and the handling of various investor categories. It specifies rules regarding PAN, demographic details, signatures, and the use of UPI mandates. Furthermore, it outlines strict 'Don'ts' related to bid amounts, payment methods, and the submission of bid forms, including prohibitions against multiple bids or submitting bids after certain closing times. It also covers issues related to the matching of investor IDs with depository records and various technical rejections for non-compliance.

This section details various procedural aspects related to the allotment of equity shares, including rules for different bidder categories (Non-Institutional Bidders and QIBs), the process for handling oversubscribed offers, and the flow of events from the bidding closure to the final allotment. It outlines specific rules regarding the basis of allotment, the handling of rejected applications, and the company's undertakings concerning the timely completion of listing formalities and the refund of funds to unsuccessful applicants.

This section primarily outlines undertakings by Promoter Selling Shareholders regarding the equity shares offered in the sale. These undertakings include confirming their ownership, ensuring the shares are free of encumbrances, and authorizing the Company to take necessary steps for allotment and refunding monies as required. Furthermore, the shareholders committed not to pursue proceeds from the offer until listing approvals are received and to comply with various laws, including the Companies Act and SEBI regulations. The Board of Directors also certified several conditions related to the utilization and disclosure of the offer proceeds, including crediting funds to separate bank accounts and complying with SEBI Listing Regulations.

This section primarily details various provisions related to the modification and handling of share capital, including rights attached to different classes of shares, the power to reduce capital, and the ability to sub-divide or consolidate shares. It also outlines provisions concerning liens on shares, the procedure for selling such shares, and the process for making calls on members for unpaid amounts. Furthermore, the text covers the rules for the transfer of shares, the recognition of such transfers by the Board, and the consequences of a member's failure to pay calls, including the forfeiture of shares.

This section primarily deals with the provisions related to the dematerialization of securities, the transfer of ownership, and various procedural aspects concerning the company's articles and general meetings. It outlines rules for how securities can be held with a depository, the rights of beneficial owners, and the procedures for altering the company's share capital. Furthermore, it details rules for capitalizing profits and the general procedures for conducting general meetings, including quorum requirements, notice periods, and voting rights.

This section primarily outlines the powers granted to Directors and various officers of the company, including provisions for appointing key managerial personnel, conducting board meetings, and handling financial and legal matters. It details the scope of powers for the Managing Director, including general management, appointing agents, and entering into contracts. Furthermore, the text covers procedures for calling board meetings, resolving questions, and the delegation of powers to committees. It also addresses the appointment and removal of key officers like the Chief Executive Officer and Secretary, as well as rules regarding the custody of the company seal and the handling of bank accounts. Finally, it discusses provisions related to borrowing powers, the treatment of securities, and the declaration and distribution of dividends.

This section details the material contracts and documents that have been entered into or are planned for entry by the Company, which are relevant for inspection and filing purposes. It lists numerous agreements with various parties such as promoters, lead managers, underwriters, and registrars, alongside various corporate documents and resolutions. The section also certifies that all relevant provisions of the Companies Act, SEBI regulations, and other governing laws have been complied with and that all disclosures are true and correct.

This section primarily consists of declarations from various Directors and the Chief Financial Officer confirming compliance with various laws and regulations, including the Companies Act, 2013, and rules issued by the Government of India or the Securities and Exchange Board of India. Furthermore, there is a declaration confirming the truth and correctness of all disclosures made in the Draft Red Herring Prospectus. Another declaration specifically confirms the truth and correctness of statements made by the Promoter Selling Shareholder regarding the offered shares.

This section contains a declaration by the Promoter, confirming the truth and correctness of statements, disclosures, and undertakings made in the Red Herring Prospectus concerning themselves as a Promoter Selling Shareholder and their portion of the Offered Shares. The declaration explicitly excludes responsibility for any other statements, disclosures, or undertakings made by the Company, other Selling Shareholders, or any other person in the Prospectus.

The section details various disclosures regarding legal and regulatory proceedings, primarily stating that the company has not been subject to material litigation, except for certain tax proceedings, and warns of potential future liabilities. It also mentions that the promoters have subscribed to and purchased equity shares at prices potentially below the offer price. Furthermore, the text highlights risks related to trade receivables, including potential collection delays and the inability to accurately assess customer creditworthiness, which could impact liquidity. The company also faces risks related to labor issues, including potential disputes, strikes, and the need to attract and retain skilled manpower, as well as risks associated with IT system failures and competition in the industry.

The section details various compliance and operational risks faced by the company, including potential penalties for delayed statutory dues and the inherent uncertainty in securing necessary business permits and licenses. The company also highlights dependencies on its management personnel and the risks associated with the adequacy of insurance coverage for its operations. Furthermore, the text discusses potential issues with secretarial filings and the reliability of third-party industry data. Finally, it discloses past related party transactions with certain entities, noting that these were undertaken on an arm's length basis.

The section details various aspects related to related party transactions, promoter control, and financial risks. It discloses transactions with parties like Green Asia Cold Storage Pvt Ltd and various balances, including unsecured loans and receivables. It also outlines that the promoters collectively hold a significant majority of the pre-offer equity share capital, granting them substantial control over company decisions. Furthermore, the document warns about potential conflicts of interest, the risk of funding requirements negatively impacting shareholders, and various regulatory and market risks.

This section primarily discusses various risks related to the listing and trading of Equity Shares, including assurances regarding the timely commencement of trading and listing on the Stock Exchange. It cautions that there is no guarantee that shares will be listed in a timely manner, and that delisting may occur due to non-compliance with applicable laws. Furthermore, the text details numerous external risks, such as slowdowns in the Indian and global economies, outbreaks of communicable diseases, natural disasters, and geopolitical conflicts, all of which could negatively impact the business, financial condition, and stock price.

This section details various regulatory and legal considerations related to the offering of equity shares, including potential disruptions from global economic developments and restrictions on foreign investment. It outlines rules regarding the transfer of shares between residents and non-residents, requirements for obtaining approvals from the RBI for share transfers, and tax implications for capital gains on the sale of equity shares. Furthermore, it discusses limitations on shareholder pre-emptive rights and the potential for future dilution due to equity issuances by major shareholders. The text also covers aspects of the offer process, such as the allocation of shares to different investor categories and the rules governing bid withdrawals.

This section primarily presents summary financial statements, including the statement of assets and liabilities, profit and loss, and cash flow statements for the company. The financial data shows trends across three years, detailing revenue, expenses, profit before tax, and cash movements. The data includes figures for various liabilities, assets, and cash flows, which should be reviewed alongside the full financial statements and management's discussion and analysis.

This section summarizes contingent liabilities as of March 31, 2026, noting that the total contingent liabilities amount to ₹788.69 lakhs, representing 19.04% of the net worth. It details that a portion of the disputed amount is disclosed as a contingent liability, and mentions a request for an extension to clear remaining pre-deposit installments due to operational cash flow constraints. Furthermore, the text outlines various related party transactions with entities like Green Asia Impex Limited and Green Asia Cold Storage Private Limited across fiscal years, including remuneration, loans, and sales/purchases.

The company has six directors on its Board, consisting of two Executive Directors (including the Managing Director and an Executive Woman Director), one Non-Executive Director, and three Independent Directors, in compliance with corporate governance requirements. Key personnel profiles detail their experience, qualifications, and association with the company. The company has not entered into service contracts with directors, and there are no disclosed arrangements or understandings with major shareholders, customers, suppliers, or others. Furthermore, the company does not have any subsidiaries or associate companies as of the filing date.

The company confirms that none of its directors have held directorships in listed companies whose shares have been suspended or delisted, nor have any directors been declared as Wilful Defaulters or fugitive economic offenders. Furthermore, the directors are not prohibited from accessing the capital market or debarred by any regulatory authority. The Board composition includes six directors: two Executive Directors (including the Managing Director and an Executive Woman Director), one Non-Executive Director, and three Independent Directors, which is in accordance with corporate governance requirements. Several specialized committees, including the Audit, Nomination and Remuneration, Stakeholders’ Relationship, Corporate Social Responsibility, and IPO Committees, have been constituted by the Board.

This section details various powers and approvals the Board or IPO Committee may have, covering aspects such as approving codes of conduct, policies on insider trading, and determining terms for the Offer. It also outlines the authority to appoint various professional advisors, enter into agreements with such parties, and seek necessary consents from regulatory and governmental bodies. Furthermore, the section discusses the procedures for determining pricing, allocation, and the transfer of Equity Shares, as well as the process for seeking listing on a Stock Exchange. The latter part of the section introduces the Key Managerial Personnel and Senior Management, including their designations, qualifications, experience, and remuneration details.

The company's promoters are Pasupuleti Venkata Ramarao and Pasupuleti Meenakshi, holding 92.02% of the pre-offer equity shares. Pasupuleti Venkata Ramarao is the Managing Director, and Pasupuleti Meenakshi is the Executive Director. The document confirms no change in control within the preceding five years. The promoters are interested in various aspects related to their promotion, shareholding, directorships, and remuneration. Furthermore, the document states that no payments or benefits have been made to the promoters or promoter group during the two years before the filing.