Exim Routes Limited (CIN U51909HR2019PLC115525) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹44 Cr. In FY25 it reported revenue of ₹121 Cr (+67.9% on FY24) and a net profit of ₹7.6 Cr. Promoters hold 63.4% before the IPO. Our fact-check of its claims found 1 medium or high concern across 70 claims checked.
Read from public SEBI filings; last updated . Not investment advice.
Key signals
Read from the filing. Signals summarise it; they are not a recommendation or investment advice.
1 to review70 claims checked: 0 high, 1 medium concern.
How we rate these
Valuation: P/E at the top of the band: up to 25x good, up to 40x watch, above that concern.
Growth: Sales growth per year: 20% or more good, 8% or more watch, below that concern.
Profitability: Net profit margin: 10% or more good, 4% or more watch, below that concern. The trend note compares operating margin with the year before (1.5 points either way).
Debt: Borrowings / net worth: up to 0.5x good, up to 1.5x watch, above that concern.
Profit into cash: Cash from operations as a share of net profit: 80% or more good, 40% or more watch, below that (or negative) concern.
One-off income: Other and one-off income as a share of pre-tax profit: up to 10% good, up to 30% watch, above that concern. Any one-off item management itself describes moves "good" to "watch".
Where the money goes: Offer for sale as a share of the whole issue: under 40% good, under 75% watch, above that concern. In an offer for sale the money goes to the selling shareholders, not the company.
Red flags: Fact-check results: any high-concern finding is concern, any medium is watch, otherwise good.
Rules are rules of thumb, not a verdict: a fast-growing business can reasonably carry a higher P/E, and some sectors run on debt.
The IPO
What Exim Routes Limited is offering, at what price, and who owns it today. Read from the Prospectus; anything the company hasn't fixed yet shows as pending.
IPO dates announced
Bidding 12 Dec 2025 to 16 Dec 2025.
Fresh issue
₹44 Cr
49.7 lakh shares
Offer for sale
Nil
Not part of this offer: the whole offer is new shares
As printed in the filing's summary financial information, converted to ₹ crore.
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.90
Line item
FY23
FY24
FY25
3M Jun-25
Revenue from operations 22
36
72
121
44
Other income 23
0.02
0.53
0.32
0.34
36
72
121
44
Income
Finance cost 28
0.01
0.03
0.24
0.15
Depreciation and amortisation expense 29
0.15
0.24
0.24
0.01
36
68
111
43
Expenses
Purchase of stock-in-trade 24
19
60
97
38
Change in inventory of stock-in-trade 25
0.01
0.00
-0.19
-2.5
Cost of services 26
12
3.1
9.1
6.0
Employee benefits expense 27
2.7
2.8
2.0
0.61
Other expenses 30
1.6
1.8
2.3
0.69
Profit before exceptional items, extraordinary item and tax
0.49
4.8
9.8
1.6
Profit before tax
0.49
4.8
9.8
1.6
0.12
0.63
2.2
0.40
Tax expense
Current tax
0.16
0.64
2.3
0.37
Deferred tax
-0.04
-0.01
-0.07
0.03
Profit after tax
0.37
4.2
7.6
1.2
Basic and Diluted earnings per share before issue of bonus issue(in ₹)
37.49
304.73
5.23
0.87
0.31
2.54
5.23
0.87
Profit after tax attributable to:
Owners of Holding company
0.37
3.1
6.8
1.2
Minority interest
0.00
1.2
0.81
-0.02
previous year: ₹ 10): 31
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.89
Line item
FY23
FY24
FY25
3M Jun-25
Long-term borrowings 6
0.00
0.72
1.9
1.8
Short-term borrowings 8
2.9
3.7
2.7
5.6
Trade payables 9 total outstanding dues of micro enterprises and small enterprises
0.00
0.00
0.14
0.05
6.6
21
48
51
Equity and Liabilities
Shareholders' funds
Share capital 3
0.10
0.10
6.9
6.9
Reserves and surplus 4
0.53
3.6
14
16
Minority Interest 5
0.00
1.3
2.2
0.03
Non-current liabilities
Long-term provisions 7
0.11
0.11
0.22
0.11
Current liabilities
- total outstanding dues of creditors other than micro enterprises and small enterprises
2.5
9.6
15
15
Other current liabilities 10
0.54
0.77
1.3
2.7
Short-term provisions 11
0.03
0.54
2.5
2.8
Property, plant and equipment 12
0.38
0.99
0.17
0.17
Goodwill 14
0.00
0.18
0.18
0.18
Inventories 17
0.13
0.13
0.19
2.7
Trade receivables 18
3.9
17
33
33
6.6
21
48
51
Assets
Non-current assets
Intangible assets 12(A)
0.00
0.00
0.01
0.01
Intangible assets under development 13
0.00
0.16
4.9
5.7
Deferred tax asset (net) 15
0.06
0.07
0.14
0.10
Other non current assets 16
0.12
0.02
0.04
0.04
Current assets
Cash and bank balances 19
0.52
0.57
2.4
0.95
Short-term loans and advances 20
1.5
1.6
6.9
8.4
Other current assets 21
0.00
0.00
0.06
0.07
₹ crore (per-share figures in ₹), as restated in the filing. Click + to see what a line is made of.Source p.91p.92
Line item
FY23
FY24
FY25
3M Jun-25
Restated Profit before tax
0.49
4.8
9.8
1.6
Profit on sale of property, plant and equipment
0.00
0.00
-0.00
0.00
Operating profit before working capital changes
0.78
4.7
10
1.4
0.08
-1.2
-4.9
-1.2
Adjustments for:
Depreciation and amortisation expenses
0.15
0.24
0.24
0.01
Property, plant and equipment written off
0.00
0.00
0.02
0.00
Bad debts
0.14
0.10
0.00
0.02
Interest income
-0.01
0.00
-0.07
-0.02
Gratuity written back
0.00
0.00
0.00
-0.12
Asset written off
0.00
0.00
0.00
0.00
Liabilities written back
0.00
-0.52
-0.02
-0.09
Inventory written off
0.00
0.00
0.13
0.00
Finance costs
0.01
0.03
0.24
0.15
Unrealised foreign exchange gain/(loss) (net)
-0.01
-0.01
-0.13
-0.08
Adjustments for (increase)/decrease in:
Trade receivables
-3.1
-13
-16
0.11
Inventories
0.01
0.00
-0.19
-2.5
Short-term loans and advances
0.21
-0.73
-5.3
-1.5
Other non current assets
0.00
0.10
-0.02
0.01
Other current assets
0.03
-0.00
-0.06
-0.01
Adjustments for increase/(decrease) in:
Trade payables
1.8
7.7
6.0
-0.13
Other current liabilities
0.31
0.24
0.49
1.4
Provision for gratuity
0.04
0.00
0.12
-0.01
Cash generated from/(used in) operations
0.09
-1.0
-4.5
-1.2
Less: Taxes paid (net)
-0.01
-0.14
-0.35
-0.01
-0.95
-0.53
-4.1
-2.8
Purchase/sale of property, plant & equipment, intangible assets, capital work in progress and capital advance (net)
-0.96
-0.35
-4.2
-0.85
Purchase of investments
0.00
0.00
0.00
-2.0
Interest received
0.01
0.00
0.07
0.02
Goodwill
0.00
-0.18
0.00
0.00
1.4
1.8
11
2.6
Proceeds from issue of share capital including security premium
(net of share issue expense)
0.00
0.00
11
0.00
Proceeds from long-term borrowings
0.00
1.0
2.4
0.50
(Repayment) of long-term borrowings
0.00
0.00
-0.60
-0.63
Page 89 of 466
Proceeds/(repayment) from short-term borrowings(net)
1.4
0.60
-1.6
2.9
Minority interest
0.00
0.18
0.00
0.00
Interest paid
-0.01
-0.01
-0.17
-0.14
Other borrowing costs paid
0.00
-0.02
-0.05
-0.01
Net increase/(decrease) in cash and cash equivalents (A+B+C)
0.51
0.05
1.8
-1.4
Cash and cash equivalents at the beginning of the year
0.02
0.52
0.57
2.4
Cash and cash equivalents at end of the year
0.52
0.57
2.4
0.95
Discounted cash flow
What Exim Routes Limited's cash flow would be worth today. Change the rate, time period or growth to see how sensitive the answer is.
% / yr
years
% / yr
Worth today (10 years of cash)
₹119 Cr
Per share
₹63.46
Top of the price band
₹88.00
DCF value is 27.9% below it.
Projected cash flow (₹ Cr) Worth today at 11% a yearAlong the bottom: years from now
Starts from FY25 net profit of ₹7.6 Cr, grown 20% a year (based on revenue growth FY23–FY25, capped at 20%) and discounted at 11% a year, with no value counted beyond year 10. Per share uses the shares outstanding after the IPO at the top of the band. A simple illustration from the filing's numbers, not a forecast or investment advice; small changes to the rate or growth move the answer a lot.
The short version
Start here. The story in a few minutes, with every fact tied to the page it came from.
Forget the hype: our investigation into the Exim Routes Limited IPO reveals a glaring silence on a major financial claim. Despite circulating rumors, we found absolutely no web search results to corroborate or contradict the assertion that Manish Goyal provided short-term borrowings to the company.
Financial Health Check: Key Metrics
We need to look closely at the recent financial performance. Revenue from operations for the fiscal year 2024 was reported at Rs. 7,185.90 Lakhs, which sets a baseline for the company's operational scale.
Read more · 4 points, 6 supporting facts
We need to look closely at the recent financial performance. Revenue from operations for the fiscal year 2024 was reported at Rs. 7,185.90 Lakhs, which sets a baseline for the company's operational scale.
Revenue from operations for FY24 was Rs. 7,185.90 Lakhs.p.90
Despite the revenue, the profit picture shows a significant drain on cash flow. The profit after tax for the period ending June 30, 2025, was 117.26 Lakhs, but cash flow from operating activities was negative, showing a net outflow of 119.66 Lakhs.
Profit after tax for the period ended June 30, 2025 was 117.26 Lakhs.p.90
Cash flow from operating activities for the period ended June 30, 2025 was -119.66 Lakhs.p.91
The company's debt structure shows substantial short-term liabilities. As of June 30, 2025, short-term borrowings stood at 557.99 Lakhs, contrasting with long-term borrowings of 175.64 Lakhs.
Short-term borrowings were 557.99 Lakhs as of June 30, 2025.p.89
Long-term borrowings were 175.64 Lakhs as of June 30, 2025.p.89
We must scrutinize the issuance details. The net proceeds from the IPO were estimated at Rs. 3,717.26 Lakhs, which is what the company intends to use for various purposes, including working capital and platform development.
The net proceeds from the issue were estimated at Rs. 3,717.26 Lakhs.p.126
Critical Technology and Operational Risks
A major concern is the potential obsolescence of the core Exim Routes Intelligence System, or ERIS. The prospectus warns that changes in technology or a failure to upgrade or adapt this system could render the existing technology obsolete, potentially impacting the company's financial condition.
Read more · 4 points, 4 supporting facts
A major concern is the potential obsolescence of the core Exim Routes Intelligence System, or ERIS. The prospectus warns that changes in technology or a failure to upgrade or adapt this system could render the existing technology obsolete, potentially impacting the company's financial condition.
Changes in technology or failure to upgrade or adapt may render the existing Exim Routes Intelligence System (“ERIS”) technology obsolete and require significant investments, which may impact the business and financial condition.p.41
The development of the ERIS product itself faces significant technical hurdles. The prospectus notes that the development of the ERIS product is exposed to technical challenges, scope changes, and dependency on third-party vendors, which carry the risk of causing delays and cost overruns.
The development of the ERIS product is exposed to technical challenges, scope changes, and dependency on third-party vendors, which could lead to delays and cost overruns.p.41
The company's revenue stream is highly vulnerable to market cycles. The demand for recyclable paper is cyclical, and the prospectus indicates that market trends and economic conditions can lead to fluctuations in revenue and profit margins.
The demand for recyclable paper is cyclical and influenced by market trends and economic conditions, which can lead to fluctuations in revenue and profit margins.p.43
Furthermore, regulatory changes pose a direct threat to operations. The prospectus highlights that future changes in national, international, or local regulations—such as alterations in tariff rates, trade policies, or import/export restrictions—could significantly impact the ability of the company to operate as planned.
Future changes in national, international, or local regulations such as alterations in tariff rates, trade policies, environmental regulations, or import/export restrictions could significantly impact the ability to operate as planned.p.42
Litigation and Regulatory Compliance Red Flags
We look at the contingent liabilities disclosed in the filings. The company has provided corporate guarantees totaling ₹ 726.73 lacs as of June 30, 2025, which is a significant figure to note.
Read more · 4 points, 4 supporting facts
We look at the contingent liabilities disclosed in the filings. The company has provided corporate guarantees totaling ₹ 726.73 lacs as of June 30, 2025, which is a significant figure to note.
Corporate guarantees amounting to ₹ 726.73 lacs as of June 30, 2025 were disclosed.p.338p.341
Regarding social responsibility, the documents indicate the company did not meet the financial thresholds specified for CSR applicability for the years June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023.
The Company did not meet the financial thresholds specified for CSR applicability for the specified years.p.342
We also examine operational leases. The company is a lessee under various operating leases, with net rental expenses fluctuating across the reporting periods, such as Rs. 3.03 lacs for the period ended June 30, 2025.
Net rental expenses for operating leases included amounts like Rs. 3.03 lacs for the period ended June 30, 2025.p.342
The filings confirm the company has not engaged in certain high-risk activities. Specifically, the group has not traded or invested in cryptocurrency or virtual currency during the financial year.
The Group has not traded or invested in cryptocurrency or virtual currency during the financial year.p.398
Key Personnel and Promoter Links
The management structure shows Mr. Manish Goyal as the Director and CEO, having held a Bachelor’s degree in B.Tech from IIT Roorkee in 2008. He has been overseeing business strategy and global expansion since joining as a Director in 2019.
Read more · 4 points, 4 supporting facts
The management structure shows Mr. Manish Goyal as the Director and CEO, having held a Bachelor’s degree in B.Tech from IIT Roorkee in 2008. He has been overseeing business strategy and global expansion since joining as a Director in 2019.
Manish Goyal holds a Bachelor’s degree in B.Tech in Pulp & Paper Engineering from the Indian Institute of Technology (IIT) Roorkee (2008).p.271
The promoter side identifies Mr. Manish Goyal and Mr. Govind Rai Garg as the main shareholders. Govind Rai Garg is a qualified Chartered Accountant with over a decade of experience in finance and accounting.
Mr. Govind Rai Garg is the Promoter and Executive Director of the Company, a qualified Chartered Accountant.p.268
The structure of the Promoter Group includes several entities. For instance, Exim Routes PTE. LTD. has its shares held by Yogesh Pratap Shishodia, Govind Rai Garg, Anne Sasikanth, and Vaitheeswary, with Exim Routes Limited holding 100.00% of the shares.
Exim Routes PTE. LTD. has its shares held by Yogesh Pratap Shishodia, Govind Rai Garg, Anne Sasikanth, and Vaitheeswary, with Exim Routes Limited holding 100.00% of the shares.p.271
Regarding related party dealings, the company has faced no reported issues concerning the promoters. Specifically, no proceedings have been initiated for economic offences against the Group Companies/Entities.
No proceedings have been initiated for economic offences against the Group Companies/Entities.p.307
Bottom line
In summary, the investigation reveals a company facing significant financial strain, marked by negative cash flow and substantial short-term debt. Critical risks include the potential obsolescence of its core technology, vulnerability to market cycles, and threats from evolving regulatory landscapes. Furthermore, the filings highlight contingent liabilities and a complex ownership structure that warrants close scrutiny.
Red flags & fact-checks
We looked up selected claims from the filing (promoters, court cases, subsidiaries) on the open web. Here is what we found.
MediumPromoter background
Exim Routes Limited
50% confidence
What the filing says
None of the entities in the Promoter Group Companies are restrained by any SEBI Order or have become defunct.
The search results mention investigations and issues related to a company named Rajesh Exports, including allegations of inflating revenues and SEBI orders, which might be relevant to the claim about entities not being restrained. However, the results do not directly confirm or deny the status of the promoter group companies of Exim Routes Limited.
5 Jun 2026 ... Additionally, ED officials reported that several export transactions were settled in cash—both within India and abroad. Such practices, the ...
4 Jun 2026 ... So, SEBI is declaring it as no revenue. If transaction are proved with some minor errors than all good else biggest Zhol. 14w · 51 likes.
4 Jun 2026 ... A two-year Sebi investigation, triggered by a shareholder complaint over unpaid receivables, has put major gold refiner Rajesh Exports Ltd (REL) ...
19 Sept 2025 ... ... SEBI ICDR Regulations, and as stated under 'Basis for the Issue ... Limited (BSE) and the National Stock Exchange of India Limited (NSE ...
21 Nov 2024 ... The allegations made by the US Department of Justice and the US Securities and Exchange Commission against directors of Adani Green are baseless ...
Inside the filing
Section-by-section summaries of the Prospectus. Turn on Detailed view at the top to expand everything.
What the company does and how it got here
Summary of the prospectus
The company's own short pitch: business, strengths, strategy and headline numbers.
The company operates as a global platform that facilitates the exchange of recyclable paper materials by providing end-to-end services to Indian Paper Mills, covering everything from sourcing to logistics. The core of this operation is the AI-powered B2B platform called the Exim Routes Intelligence System (ERIS), which streamlines supply chain operations through global inventory matching and price discovery. This system enables efficient customer communication, delivers actionable market intelligence, and ensures smooth execution of logistics through freight partners, ultimately empowering decisions and optimizing supply and demand.
This section details various related party transactions between the company and its directors and other parties during the fiscal year, categorized into short-term borrowings, trade payables, advances to suppliers, employee related payables, and other accounts. The data shows movements in amounts outstanding, accepted, and repaid, along with the corresponding percentage of revenue from operations for different periods.
This section details various cash flow movements, including payments made, outstanding amounts, and investment activities across different entities and receivables. It summarizes transactions related to various parties, including payments to and from different entities, and details the movement of trade receivables and loan receivables over the period. The section also includes information on financing arrangements and the weighted average cost of acquisition of equity shares by the promoters.
This section details the average cost of acquisition per equity share by the promoters and provides information regarding recent equity share issuances. It confirms that the company has not contemplated any issuance or placement of equity shares other than cash until the listing of the equity shares. Furthermore, the company has not issued any equity shares other than cash in the last year, nor has it undertaken any sub-division or consolidation of its equity shares in the preceding year.
Key points (18)
The company operates as a global platform enabling the exchange of recyclable paper materials, offering end-to-end services to Indian Paper Mills from sourcing to logistics. p.24
The Exim Routes Intelligence System (ERIS) is an AI-powered B2B platform that streamlines supply chain operations through global inventory matching and price discovery. p.24
ERIS enables efficient customer and communication, delivers actionable insights via integrated market intelligence, and ensures seamless logistics execution with freight partners. p.24
The issue size includes a fresh issue of 49,69,600 Equity Shares of face value of Rs. 5/- each. p.25
The Net Issue to Public is up to 47,20,000 Equity Shares of Face Value of Rs. 5/- each. p.25
The Net Issue will constitute 25.17% of the Post Issue paid up Equity Share Capital. p.25
The objects of the issue include meeting expenses for Development and Maintenance of the ERIS platform, Working Capital for business growth, and Investment in Office space for new hires. p.25
Short-term borrowings from Manish Goyal showed a significant increase in outstanding amount, growing from 1.16% of revenue in the previous year to 33.59% in the current year. p.29
Trade payables to Exim Routes INC – USA showed a decrease in the percentage of revenue from operations, dropping from 13.80% to 5.03% over the period. p.30
Payment made during the year resulted in a change in the amount outstanding at the end of the year for j. Radha Singal. p.34
Investment in Exim Routes Pte. Ltd., Singapore showed a significant increase in outstanding amount due to investment made during the year. p.35
Trade receivables showed a net decrease in the amount outstanding at the end of the year after considering sales and received amounts. p.36
The weighted average cost of acquisition of equity shares by promoters in the last one year is provided for Mr. Manish Goyal. p.38
The average cost of acquisition per equity share by the promoters is 2.84 Rs. for Mr. Manish Goyal. p.39
The company does not contemplate any issuance or placement of Equity Shares from the date of this Prospectus until the listing of the Equity Shares. p.39
The company has not issued any equity shares other than cash in the last one year. p.39
The company has not undertaken any sub-division or consolidation of its Equity shares in the one year preceding the date of this Prospectus. p.39
The company has not been applied or granted any exemption from complying with any provisions of securities laws by SEBI. p.39
Business & industry
What the company actually does, its customers, competition and the industry it sells into.
This section primarily discusses the methodology and limitations of market information sources, including a D&B Report, and provides an overview of the global and Indian economic outlook. It details various projections for GDP growth across different regions, noting slowdowns in the global economy due to inflation and geopolitical tensions. The text also covers shifts in the global business environment, such as multinationals rebalancing geographic exposure and changes in trade policies, including developments related to tariffs and trade deals.
The provided text discusses various macroeconomic and sectoral growth trends for India, including projections from the IMF and historical data from the Ministry of Statistics & Programme Implementation (MOSPI). It details changes in GDP growth forecasts, the performance of different economic sectors like industrial, services, and agriculture, and trends in investment and consumption indicators. The data covers projections for various years and quarters, highlighting resilience amidst global economic uncertainties.
This section primarily discusses various economic and environmental indicators, including private consumption trends, inflation rates, and global waste management statistics. It details fluctuations in the Wholesale Price Index (WPI) across different goods and services, noting changes in prices for various commodities. Furthermore, it provides an overview of the global recycling industry, highlighting the scale of waste generation, the impact of income levels on waste production, and the challenges associated with waste disposal in different regions.
The provided text discusses the global context of solid waste management, highlighting the scale of emissions and the varying responsibilities across countries. It details market drivers such as the shift towards a circular economy, the role of Extended Producer Responsibility (EPR) programs, and the impact of consumer awareness on sustainable practices. Furthermore, the text reviews trends in various regions, including India's plastic recycling growth, challenges in Vietnam's plastic waste management, and advancements in EV battery recycling in Europe. It also covers regulatory responses, such as those in the UK, and the overall economic and environmental benefits of the recycling industry.
The text discusses the economic contributions of exports and recycling volume, highlights various opportunities and challenges within the recycling industry, and details the benefits of recycling. Key challenges include material contamination, international policy shifts affecting waste imports, technological limitations in recycling, and the proliferation of non-recyclable plastics. Conversely, the recycling industry offers significant advantages such as resource conservation, energy efficiency, waste reduction, employment generation, and pollution mitigation.
India is a major producer of plastic waste, generating about 26,000 tons daily, primarily from packaging. The recycling infrastructure is underdeveloped, although efforts are showing promise, with projections for increased recycling volume. The informal sector plays a crucial role in PET recycling, handling a significant portion of the waste. Furthermore, the paper recycling industry is experiencing steady growth, and the regulatory landscape is evolving to promote a circular economy through various government initiatives and guidelines.
Technological advancements are significantly influencing the Indian recycling industry, improving efficiency and sustainability across paper, metal, and plastic sectors. Innovations include automated sorting systems, AI-driven robotic arms, and advanced smelting techniques, which aim to enhance material recovery and reduce environmental impact. Government initiatives, such as the Extended Producer Responsibility (EPR), are mandating corporate responsibility in plastic waste management, while the industry is expected to grow substantially over the next five to six years, driven by stricter regulations and increased industrial waste.
The Indian paper industry operates within sectors such as FMCG, e-commerce, and pharmaceuticals, though it faces a decline in newsprint and writing paper due to the shift towards digital alternatives. Recycled fibre plays a crucial role, contributing about 71.6% of total paper production, highlighting challenges related to the limited availability and high cost of wood and agro-based raw materials. While paper consumption is rising, the market is segmented, with the packaging segment driving the majority of demand. The industry is undergoing a transition from traditional wood and agro-based fibres towards recycled fibre to align with sustainability goals and regulatory changes.
The Indian paper industry is shifting towards sustainability by reducing dependence on wood and agro-based fibers in favor of recycled paper, driven by government policies and environmental awareness. The industry has seen significant growth in installed capacity, supported by increasing demand from sectors like education, packaging, and printing, and investments in modern technology. India is a major consumer of recovered paper globally, though the recycling rate is lower than global standards, and challenges exist regarding waste paper collection and quality. Government initiatives like the Swachh Bharat Mission and Extended Producer Responsibility (EPR) are encouraging the recycling sector, while the industry faces challenges related to the availability of virgin pulp and reliance on imports.
This section details fluctuations in the import of waste and scrap paper into India over several fiscal years, showing trends of increase and decrease. It also outlines the major countries supplying this paper, highlighting a significant reliance on the United States for certain types of imports. Furthermore, the text discusses the impact of technology, such as digital platforms and blockchain, on transforming the paper recycling industry by improving transparency and efficiency in trade.
The text discusses market trends in the paper recycling industry, noting that digital platforms offer data-driven recommendations to buyers for purchasing waste paper based on pricing fluctuations. Advantages of technology integration include increased market access, enhanced transparency through trackable transactions, and cost reduction via AI-powered route optimization. The Indian government has introduced several regulations, such as the Extended Producer Responsibility (EPR) Rules, 2024, to promote sustainable practices. The industry is experiencing steady growth in paper consumption, and digital platforms are emerging to organize the traditionally unorganized trade.
The company operates as a global platform providing end-to-end services for recyclable paper product materials, serving Indian Paper Mills from sourcing waste paper to quality assurance and logistics. They developed the Exim Routes Intelligence System (ERIS), an AI-powered B2B digital platform, to manage supply chain operations, customer enablement, market intelligence, and logistics integration. The company operates through a group structure involving an Indian parent entity and several foreign subsidiaries responsible for sourcing, logistics, and trade execution, which is structured to comply with Indian regulatory guidelines regarding waste paper import and resale.
The company engages in various trading activities, including high-seas sales transactions for waste paper, domestic trading of recyclable paper, and providing services to support suppliers and foreign subsidiaries of Exim. The company also offers the sale and subscription of the ERIS platform to select mills. The business is structured around four segments, utilizing the ERIS digital platform combined with global reach to offer full-service solutions. These services include cross-border procurement and resale of recycled fiber, licensing the ERIS platform to suppliers and mills, providing logistics and container handling services, and offering management and consultancy services to foreign subsidiaries and key suppliers.
The company deals with various paper grades and materials, including Brown Grades Old Corrugated Containers (OCC) and Mix Paper, as well as Cores and BBC. Quality assurance is maintained through a three-part process involving in-person visits for new yard onboarding, on-site inspections for material issues, and a feedback loop between mills and yards for previously accepted material. The core of the business is the ERIS PLATFORM, an AI-powered B2B digital platform designed to centralize and streamline recyclable paper trade operations. This platform functions as the enabling infrastructure for inventory visibility, transaction execution, and data-driven decision-making across the network of suppliers, paper mills, and internal teams.
The company offers several services beyond its core recyclables business, including logistics and management consultancy. Logistics services encompass freight forwarding and container handling for domestic clients, covering aspects like booking, customs support, documentation, and last-mile coordination to ensure regulatory compliance. Management consultancy services provide strategic and operational oversight, regulatory compliance support, and market analysis for clients in the recycling and paper industries. The operational workflow involves acting as an intermediary in the recyclable paper supply chain, managing procurement, logistics, payment processing, and documentation between international suppliers and Indian paper mills. Transactions are executed under Cost, Insurance, and Freight (CIF) Incoterms, with responsibilities for logistics up to the Indian port.
The company operates as a global trading company focused on sourcing and distributing recyclable materials, with a core emphasis on recovered paper. The business involves facilitating transactions between international suppliers and Indian buyers, primarily for recycled paper. The company maintains a significant international presence and a network of yards and mills to supply recycled paper to over 50 Indian paper mills. The company's clientele spans various industries that rely on the company's expertise in sourcing, trading, and logistics for recyclable materials.
The company sources recyclables from over 15 countries globally into India, including the USA, UK, Europe, and the Middle East. The company boasts domain knowledge founded by a paper engineer from IIT Roorkee, and its leadership team has extensive experience across various sectors. A proprietary AI-powered B2B platform called Exim Routes Intelligence System (ERIS) is used to streamline supply chain operations. Quality assurance is maintained through an in-house team that inspects incoming shipments alongside mills. The company faces challenges related to cash flow management and a highly concentrated market focus, with most revenues derived from the Indian market and the paper recyclables segment.
The company's financial performance data is provided across several years, showing various revenue and profit metrics. The company's office facilities utilize power supplied by Dakshin Haryana Bijli Vitran Nigam, and water is sourced from local supplies for drinking and sanitation. The company does not generate hazardous industrial effluents. The business is characterized as trading and consultancy services, which negates the application of capacity utilization concepts. The company maintains strong employee relations, having not experienced work stoppages since incorporation, and invests in regular employee training for operational excellence and compliance. Various legal and regulatory considerations, such as the Digital Personal Data Protection Act, 2023, are relevant to their business operations.
This section details various Indian laws and regulations relevant to business operations, primarily focusing on data protection, consumer rights, foreign trade, and intellectual property. It outlines several key acts such as the Information Technology Act, Sale of Goods Act, Consumer Protection Act, and various regulations issued by different government bodies like the DPIIT and RBI. The text also covers aspects of foreign investment rules, intellectual property protection, and contract labour regulations.
The provided text details a comprehensive overview of various Indian labour and environmental laws applicable to the company, including provisions related to employee compensation, working conditions, and environmental protection. It covers numerous acts such as the Employees’ Provident Funds and Miscellaneous Provisions Act, the Payment of Wages Act, the Equal Remuneration Act, and several other legislation concerning worker welfare and industrial relations. Furthermore, the text outlines various taxation laws, including the Income Tax Act and the Goods and Service Tax Act, alongside customs regulations for import and export of goods. Finally, it mentions environmental laws that mandate environmental audits for industries requiring consent under various acts and rules.
This section details various legal frameworks that apply to the company's operations, including environmental laws like the Air and Water Acts, rules concerning E-Waste, and international agreements such as the Basel Convention. It also lists numerous other relevant legislation such as the Companies Act, Indian Contract Act, Stamp Act, Information Technology Act, Negotiable Instruments Act, and the Competition Act. Furthermore, the text outlines the company's history, including its incorporation and conversion to a public limited company, and describes its core business as a global platform for exchanging recyclable paper materials. The company's key innovation is the AI-powered Exim Routes Intelligence System (ERIS), which streamlines supply chain operations through global inventory matching and price discovery.
The company operates on a subscription-based model offering flexible pricing tiers for a wide range of recyclables, including paper, plastic, metal, and glass. The company focuses on promoting sustainability and supporting the circular economy by optimizing material trading and recycling to reduce environmental impact. Furthermore, the company provides a broad range of business and management consultancy services, which include strategic planning, operational efficiency, financial management, market research, organizational development, technology integration, regulatory compliance guidance, and engineering consultancy. The company has undergone several amendments to its Memorandum of Association regarding object clauses and authorized share capital, and it has converted from a Private Limited to a Public Company. The company has five subsidiaries as of the date of the prospectus, but does not have any holding or associate/joint venture companies.
Key points (275, showing 60)
Market information from the D&B Report is derived using an integrated research methodology involving secondary and primary research. p.157
Forecasts and estimates in the D&B Report are inherently uncertain and can fluctuate due to changes in underlying assumptions or unforeseen events. p.157
Global GDP growth is expected to show resilience at 3.2% in CY 2025, marking the slowest expansion since 2020. p.158
The slowdown in global GDP growth is attributed to high inflation, energy market volatility, and uncertainty around trade policies. p.158
Emerging and Developing Asia is expected to moderate its GDP growth to 5.2% in CY 2025 from 5.3% in the previous year. p.158
The U.S. adjusted its trade framework, linking tariff exemptions more explicitly to security partnerships in early September. p.160
The Canadian government provided CAD1.2bn in loans and guarantees to the softwood and lumber industry. p.160
Indonesia signed a landmark FTA with the EU, expected to double bilateral trade and eliminate tariffs on 98% of goods. p.160
India concluded a major trade deal with the U.K. and is in advanced negotiations with the EU. p.160
Growth in the United States is expected to slow to 2.0 percent in 2025 and remain steady at 2.1 percent in 2026. p.161
The euro area economy is expected to grow modestly to 1.2 percent in 2025 and to 1.1 percent in 2026. p.161
Emerging market and developing economies' growth is projected to moderate from 4.3 percent in 2024 to 4.2 percent in 2025 and further to 4.0 percent in 2026. p.161
China's 2025 GDP growth forecast was revised downward by 0.6 percentage point in the April 2025 WEO due to escalating trade tensions with the United States. p.161
Latin America and the Caribbean growth is projected to remain stable at 2.4 percent in 2025 and decline slightly to 2.3 percent in 2026. p.161
India's economy is projected to grow at 6.6% in CY 2025 according to the IMF's latest World Economic Outlook. p.162
India is expected to remain one of the fastest growing emerging market and developing economies, outpacing China's expected growth of 4.8%. p.162
The industrial sector experienced a moderation in FY 2025, with growth rates for mining, manufacturing, and construction activities showing changes compared to FY 2024. p.163
The services sector continued to be the main driver of economic growth, expanding by 7.19% in FY 2025 from 8.99% in FY 2024. p.163
The industrial sector's contribution to GVA moderated marginally from 30.81% in FY 2024 to 30.66% in FY 2025. p.163
The agriculture sector saw an acceleration, with growth increasing from 2.66% in FY 2024 to 4.63% in FY 2025. p.164
Gross Fixed Capital Formation (GFCF) showed fluctuation during FY 2025, registering 7.06% year-on-year growth against 8.78% in FY 2024. p.166
The GFCF to GDP ratio measured 34.57% in Q1 FY 2025-2026. p.166
Quarterly Private Final Consumption Expenditure (PFCE) showed a 7.05% growth rate in Q1 of FY 2025-26 compared to the 8.28% growth rate in the corresponding period of the previous financial year. p.167
The annual rate of inflation based on All India Wholesale Price Index (WPI) was 0.13% (provisional) for the month of September 2025 (over September, 2024). p.167
The price of Primary Articles decreased by 1.05% from 191.0 (provisional) for the month of August 2025 to 189.0 (provisional) in September 2025. p.168
The price of food articles decreased by 1.38% in September 2025 as compared to the previous period. p.168
The price of minerals increased by 1.36% in September 2025 as compared to August 2025. p.168
The price of Fuel & Power decreased by 0.14% from 143.6 (provisional) for the month of August 2025 to 143.4 (provisional) in September 2025. p.168
The index for Manufactured Products increased by 0.21% from 144.9 (provisional) for the month of August 2025 to 145.2 (provisional) in September 2025. p.168
Food and green waste constitutes 44% of global waste. p.171
Plastic waste accounts for 12% of global waste. p.171
Paper and cardboard waste contributes 17% to global waste. p.171
Rubber and leather waste accounts for 17% of global waste. p.171
93% of waste in low-income countries is openly dumped. p.171
Solid waste treatment and disposal generated 1.6 billion tonnes of CO₂-equivalent emissions in 2018, accounting for 5% of global emissions, primarily from open dumps and unmanaged landfills. p.172
In high-income countries, waste management costs exceed $100 per tonne, whereas lower-income countries spend around $35 per tonne but struggle with cost recovery. p.172
India's plastic recycling industry is experiencing rapid growth, with projections suggesting it could reach USD 6.9 billion by 2033, supported by government efforts and a 60% recycling rate. p.173
The shift to a circular economy prioritizes resource reuse, remanufacturing, and recycling to reduce waste and boost the recycling industry. p.173
Extended Producer Responsibility (EPR) policies make manufacturers responsible for their products' end-of-life management, promoting eco-friendly designs and recycling. p.173
The recycling industry in India generates around ₹10,000 crores in GST revenue, with expectations to increase to ₹35,000 crores in the near future. p.174
Germany faces operational challenges in its recycling system due to up to 40% of waste in recycling bins being incorrectly sorted. p.174
Companies like Altilium (UK) and tozero (Germany) have made advancements in recycling EV battery materials, with Altilium reducing CO₂ emissions by 70% and costs by 20%. p.174
The U.S. had a plastic recycling rate of 4.5% in 2019, which is lower than several European countries. p.174
Egypt's Zabbaleen community reportedly recycles 80% of collected waste by manually sorting it into upcycled products. p.175
Agreements were signed in December 2024 involving Saudi Arabia's Public Investment Fund, the Saudi Investment Recycling Company, and Veolia to improve waste management and recycling in the kingdom. p.175
The UK introduced Simpler Recycling legislation in England in 2025 to standardize recycling and aim for 65% of municipal waste recycling by 2035. p.176
The recycling industry handles over 600 million tonnes of recyclables annually and generates an annual turnover exceeding USD 200 billion. p.176
Aluminum has an impressive recycling rate of over 95%, while Nickel has a recycling rate of over 90%, Copper over 85%, Steel over 74%, and Paper 65%. p.176
Export-related economic activity was valued at around $20.2 billion in 2023. p.177
More than 137 million metric tons of materials were processed for recycling in 2022. p.177
Recycling reduces the need for virgin raw materials, thereby preserving natural resources like forests, mineral ores, and fossil fuels. p.180
Recycling paper reduces the demand for fresh wood pulp, preventing deforestation and decreasing water consumption. p.180
Recycling aluminum consumes 95% less energy compared to refining it from bauxite ore. p.180
Recycling steel saves about 60-74% of energy compared to primary steel production. p.180
Recycling diverts millions of tonnes of waste from landfills, reducing soil, air, and water contamination. p.180
The informal recycling sector plays a critical role in India's waste management system through workers like ragpickers and scrap dealers. p.180
Government initiatives like the Swachh Bharat Mission aim to formalize and integrate informal waste workers to improve working conditions. p.180
Recycling reduces emissions from industries that would otherwise burn fossil fuels for raw material extraction. p.180
Recycling metal and plastic waste significantly reduces CO2 emissions compared to extracting and processing new materials. p.180
The IPO terms and where the money goes
Cover & definitions
Headline offer terms and the glossary the rest of the document relies on.
This section defines various terms used within the Prospectus. It specifies that 'Exim Routes Limited' is the company, and provides details regarding its corporate identification number and registered office address. It also defines key personnel such as the Chief Financial Officer and Company Secretary. Furthermore, it outlines various legal and financial terms related to the issue, including different types of investors and the process for allotment.
The book running lead manager for the issue is Narnolia Financial Services Limited. The book building process is governed by the book building process described in Part A, Schedule XIII of the SEBI ICDR Regulations. The issue involves a public offering of 49,69,600 Equity Shares with a face value of Rs. 5/- each, at a price of Rs. 88/- per Equity Share, including a premium of Rs. 83/- per Equity Share, aggregating Rs. 4,373.25 Lakhs. The issue is scheduled to close on December 12, 2025, with an opening date of December 16, 2025.
This section primarily defines various terms and conventions used throughout the Draft Red Herring Prospectus (DRHP). It outlines conventions regarding the use of 'India' and 'U.S./USA' references, and provides specific exchange rates for converting U.S. Dollars to Rupees for SEBI ICDR Regulations compliance. It also clarifies the basis for financial data, stating that it is extracted from restated financial statements prepared according to Indian GAAP and restated in accordance with SEBI (ICDR) Regulations.
This section discusses various aspects related to the financial data, currency presentation, and the sources of industry and market data used in the Prospectus. It clarifies that financial figures are presented in lakhs or whole numbers, and defines the various currencies used. Furthermore, it details the reliance on third-party industry reports, such as those from Dun & Bradstreet, and includes extensive disclaimers regarding the limitations and uncertainties associated with such data and forward-looking statements.
Key points (23)
The company is Exim Routes Limited, incorporated under the Companies Act, 2013, with CIN U51909HR2019PLC115525. p.5
The registered office address for the company is Unit No 421, 4th Floor, Suncity Success Tower, Golf Course Extension Road, Sector 65, Gurugram, Haryana 122101, India. p.5p.7
The Statutory Auditor is M/s NKSC & Co., Chartered Accountants, with firm registration number 020076N and Peer Review certificate number 014317. p.6
The Chief Financial Officer of the company is Mr. Anshul Bansal. p.6
The Company Secretary and Compliance Officer is Ms. Richa Anand. p.6
The Promoters are Mr. Manish Goyal and Mr. Govind Rai Garg. p.7
The Issue Related Terms define concepts such as Anchor Investor, Bid, and Allotment. p.8
The book running lead manager or lead manager to the Issue is Narnolia Financial Services Limited. p.10
The Issue involves the Initial Public Issue of 49,69,600 Equity Shares of face value of Rs. 5/- each fully paid up of the Company for cash at a price of Rs. 88/- per Equity Share (including a premium of Rs. 83/- per Equity Share) aggregating Rs. 4,373.25 Lakhs. p.12
The Market Makers appointed by the Company include Nikunj Stock Brokers Limited, who have a SEBI registration number INB230691333. p.12
The Issue Proceeds will be Rs. 4373.25 Lakhs. p.12
The Price Band ranges from the Floor Price of Rs. 83 per Equity Share to the Cap Price of Rs. 88 per Equity Share, including any revisions thereto. p.13
The Issue Price is decided by the Company in consultation with the BRLM, on the Pricing Date, in accordance with the Book-Building Process and in terms of the Draft Red Herring Prospectus/ Red Herring Prospectus. p.13
The Registrar to the Offer is Maashitla Securities Private Limited. p.14
The Prospectus contains conversion of U.S. Dollar into Rupees to comply with SEBI ICDR Regulations. p.19
Financial data included in the Prospectus is extracted from restated financial statements prepared in accordance with the Companies Act, 2013 and Indian GAAP and restated in accordance with SEBI (ICDR) Regulations. p.19
The fiscal year commences on the 1st of April of each year and ends on the 31st of March of the next year. p.19
Percentage amounts are calculated based on restated financial statements prepared in accordance with the Companies Act and Indian GAAP and restated in accordance with SEBI (ICDR) Regulations. p.20
Industry and market data is obtained from or derived from Dun & Bradstreet Information Services India Private Limited (“D&B”) or publicly available information. p.21
The D&B Report has been commissioned pursuant to an engagement letter with D&B for the purpose of confirming the understanding of the industry in which the Company operates in connection with the Offer. p.21
Forward-looking statements are predictions and involve known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those anticipated. p.22
The offer
How many shares are being sold, by whom, and on what terms.
The company is proposing an issue of equity shares, which is divided into several categories including a QIB portion and a Non-institutional portion. The total issue is detailed with various allocations reserved for different investor types, such as Anchor Investors, Mutual Funds, and Individual Investors. Specific rules govern the reservation and allocation of these shares, including provisions for minimum bid lots and the handling of under-subscription across different categories.
Key points (12)
The total issue of equity shares is up to 49,69,600 Equity Shares. p.86
The issue is for cash at a price of Rs. 88/- per Equity Share. p.86
The issue aggregates to Rs. 4,373.25 Lakh for the total issue. p.86
A portion reserved for Market Makers is up to 2,49,600 Equity Shares. p.86
The Net Issue to the Public is up to 47,20,000 Equity Shares. p.86
The Anchor Investor Portion is up to 14,11,200 Equity Shares. p.86
A portion available for allocation to Mutual Funds only is up to 46,400 Equity Shares. p.86
A Non-institutional portion is not less than 7,10,400 Equity Shares. p.86
Individual Investor portion is not less than 16,57,600 Equity Shares. p.86
Equity Shares outstanding prior to the Issue were 1,37,82,400 Equity Shares. p.87
Equity Shares outstanding after the Issue will be 1,87,52,000 Equity Shares. p.87
One-third of the portion available to non-institutional investors shall be reserved for applicants with application size of more than two lots and up to such lots equivalent to not more than ₹10 lakhs. p.88
Capital structure
Who owns what today, past share issues and what the shareholding looks like after the IPO.
The company's equity share capital details are presented, showing the authorized, issued, and post-issue share capital amounts. The company only has one class of equity shares with a face value of INR 5/- each, and no outstanding convertible instruments are noted. The document details various milestones in the history of paid-up equity share capital, including initial subscriptions, bonus issues, and private placements.
The section details the initial issuance of equity shares through a Private Placement on January 07, 2025, involving various allottees. It also outlines the shareholding of the Promoters and Promoter Group, who collectively held 87,31,292 Equity Shares, representing 63.35% of the pre-issue paid-up share capital. The document further provides a comprehensive history of transactions and transfers involving the Promoters and Promoter Group over several dates, including various transfers, bonus issues, and sub-divisions.
The company has 104 shareholders as of the date of the Prospectus, and all equity shares are held in dematerialized form. There are no partly paid-up shares, outstanding convertible securities, or warrants in the company. The holding of securities by the Promoter Group and Top 10 public shareholders is detailed, showing pre-issue and post-issue shareholding percentages. Furthermore, the company has not issued any equity shares without the accrual of cash resources, and there have been no issuances of equity shares at a price lower than the Issue Price during the preceding year.
The company has obtained promoter consent to include a certain number of equity shares as Promoters' Contribution, which is subject to a lock-in period. This minimum promoter contribution is locked in for a period of three years from the commencement of commercial production or the date of allotment in the Initial Public Offer, whichever is later. The minimum contribution does not include shares acquired during the preceding three years for consideration other than cash and revaluation of assets or capitalization of intangible assets, or shares resulting from a bonus issue against such reserves. Furthermore, the shares offered for the minimum promoter contribution are not subject to pledge.
This section details various compliance and procedural aspects related to the issuance of equity shares, including provisions regarding employee stock option plans and the structure of the public offering. It clarifies that no shares are being issued against granted options, and confirms that all grantees under the ESOP scheme are employees and that the grants comply with the Companies Act, 2013. Furthermore, the text addresses issues like the post-issue paid-up capital, the status of existing financial instruments, and restrictions on transactions by promoters and the promoter group during the filing period. It also specifies that all equity shares are fully paid-up and details the shareholding of directors and Key Management Personnel (KMPs) prior to the issue.
Key points (33)
The total issued, subscribed and paid-up share capital before the issue was 1,37,82,400 Equity Shares of INR 5/- each. p.103
The net issue to the public consisted of 47,20,000 Equity Shares of Rs. 5/- each at a price of INR 88 per Equity Share. p.103
The allocation for the Anchor Investor Portion was up to 14,11,200 Equity Shares of face value of INR 5 each fully paid-up for cash at a price of Rs. 88 /- per Equity Share, aggregating to Rs. 1241.86 Lakhs. p.103
A total of 93,600 Equity shares of face value Rs. 10/- and issue price Rs. 640/- each were issued for a cash consideration by way of Private Placement on July 25, 2024. p.106
A total of 54,68,000 Equity shares of face value Rs. 10/- each were issued for other than cash consideration by way of Bonus Issue on July 31, 2024. p.107
The Company issued 6,59,200 Equity shares on January 07, 2025, for a cash consideration by way of Private Placement. p.108
As of the date of the Prospectus, the Promoters, Mr. Manish Goyal and Mr. Govind Rai Garg collectively held 87,31,292 Equity Shares, representing 63.35% of the pre-issue paid up share capital. p.109
A transaction on April 23, 2019 showed Manish Goyal as a subscriber to the MOA, holding 10 Equity Shares for a cash consideration. p.110
A transfer on May 20, 2025, involved a transfer by way of Gift to Sushila Jora, resulting in a 1.90% holding for Manish Goyal. p.110
A transfer on October 28, 2025, involved a transfer from Govind Rai Garg, resulting in a 1.24% holding for Govind Rai Garg. p.110
A Bonus Issue on July 17, 2024 resulted in a 8.25% holding for Manish Goyal. p.111
A Sub-division on August 07, 2024 resulted in a 55.00% holding for Manish Goyal. p.111
The Date of incorporation of the company is April 23, 2019. p.111
None of the Equity Shares held by the Promoters are under pledge. p.111
The total holding of the Promoter Group was 8.00% of the issued capital pre-issue and 5.88% post-issue. p.114
The total holding of the Public shareholders was 13.35% of the issued capital pre-issue and 36.31% post-issue. p.114
As of the date of this Prospectus, there are no partly paid-up shares/outstanding convertible securities/warrants in the Company. p.114
Manish Goyal held 46.56% of the equity shares at the lower end of the price band pre-issue and 46.56% at the upper end of the price band post-issue. p.114
The company has not issued any Equity Shares out of revaluation reserve or reserves without accrual of cash resources. p.116
A Private Placement of 6,59,200 Equity Shares was allotted on January 07, 2025 for ₹5.76.20 per share. p.116
A minimum promoter contribution of 20.00% of the post-issue paid-up Equity Share Capital has been granted. p.118
The Minimum Promoters Contribution is locked in for a period of 3 years from the date of commencement of commercial production or the date of allotment in the Initial Public Offer, whichever is later. p.118
A specific transaction by Manish Goyal resulted in 37,52,000 Equity Shares being locked in for 3 years. p.118
The minimum promoter contribution does not include Equity Shares acquired during the preceding three years for consideration other than cash and revaluation of assets or capitalization of intangible assets. p.119
Equity Shares offered for the minimum promoter contribution are not subject to pledge. p.119
A portion of the promoters' holding in excess of the minimum promoter contribution is locked in for a period of two years. p.120
A portion of the promoters' holding in excess of the minimum promoter contribution is locked in for a period of one year. p.120
The Equity Shares held by the Promoters and locked in as per Regulation 238 of the SEBI (ICDR) Regulations, 2018 may be transferred to another Promoter or any person in the Promoter's Group. p.121
The Equity Shares held by persons other than promoters and locked in as per Regulation 239 of the SEBI (ICDR) Regulations, 2018 may be transferred to any other person. p.121
The shareholding of Manish Goyal, Executive Director and CEO, is 63.35% of the pre-Issue Equity Share Capital. p.124
The shareholding of Pallav Singal, Executive Director, is 2.86% of the pre-Issue Equity Share Capital. p.124
The shareholding of Vivinprasath Devaraj, Executive Director, is 1.22% of the pre-Issue Equity Share Capital. p.124
None of the shares held by the Promoters/Promoter Group were pledged with any financial institutions or banks as security for loans as of the date of the Prospectus. p.124
Use of proceeds
What the money raised will be spent on: growth, debt repayment or promoters cashing out.
The company intends to use the net proceeds from the issue for various purposes, including development and maintenance of the ERIS platform, working capital for business growth, investment in office space for new hires, and general corporate purposes. The net proceeds from the issue were estimated at Rs. 3,717.26 lakhs after deducting issue-related expenses. The utilization of funds is subject to changes based on external factors, and any shortfalls may be covered by internal accruals or debt.
The section details various aspects related to the company's operations, including commercialized tech products, human resources, and the procurement of computer hardware and software licenses. It outlines the required manpower for product development, the quotations received for such resources, and the necessary hardware and software subscriptions needed to support the team's work. Furthermore, the text discusses the utilization of fresh issue proceeds for working capital requirements.
The company is planning to utilize a portion of the net proceeds for General Corporate Purposes, which is capped at 15% of the gross proceeds or Rs. 10 crores, whichever is lower, for strategic initiatives like strengthening the marketing network and brand building. The company also intends to use funds for investment in office space to accommodate new hires and establish a new working space in Gurugram for team collaboration. Furthermore, the issue-related expenses are estimated to be around 655.99 Lakhs, with the largest portion being for 'Others'.
The section details various fees related to the issuance process, including application charges for members, commissions for registered brokers, and processing fees for SCSBs. It also outlines the estimated proceeds from the IPO, which amounted to 4,373.25 Lakhs. The fund deployment plan is based on internal management estimates, and the table specifies the estimated utilization of net proceeds across different financial years for various purposes.
The provided text details various financial metrics and performance indicators for the company, including comparisons with industry peers and performance over different financial years. It outlines key metrics such as revenue from operations, EBITDA, Profit After Tax (PAT), margins, working capital, net worth, and various ratios. The data is presented based on restated standalone and consolidated financial statements, with definitions provided for these key performance indicators.
This section provides financial ratios and details regarding the process for the offer of shares, including various financial metrics based on restated consolidated statements. It details different types of share issuances, such as primary and secondary sales, and outlines the weighted average cost of acquisition for these transactions. Furthermore, it includes a statement regarding possible special tax benefits available to the company and its shareholders.
This section outlines the possible special tax benefits available to the Company and its shareholders under the current Indian taxation laws. It explicitly states that the Company is not entitled to any special tax benefits under the Act. Furthermore, the shareholders are also not entitled to any special tax benefits under the Act. The document includes several notes clarifying that the benefits mentioned are only for the sole/first name holder when shares are held by joint holders, and that the statement only covers certain direct tax law benefits, not indirect tax law benefits. It is also noted that there is no assurance that revenue authorities or courts will concur with the views expressed, as the views are based on existing provisions of law which are subject to change.
Key points (36)
The gross proceeds from the issue were Rs. 4,373.25 Lakhs. p.126
The net proceeds from the issue were estimated to be Rs. 3,717.26 Lakhs. p.126
Funds are to be utilized for the development and maintenance of the ERIS platform. p.127p.128
Funds are to be utilized for working capital to fund business growth. p.127p.128
Funds are to be utilized for investment in office space to accommodate new hires. p.127p.128
Funds are to be utilized for general corporate purposes, with a limit of 15% of the amount raised or Rs. 10 Crores, whichever is lower. p.127
The company intends to deploy Rs. 1,450.00 Lakhs towards the development and maintenance of the ERIS platform. p.128
The total requirement for product development, including upgrades, human resources, and computer hardware/software licenses, amounts to Rs. 1,450.00 Lakhs. p.130
The total issue size is broken down into Commercialized Tech Products, New Trade Verticals, and a total. p.131
The agreement for commercialized tech products is valid for 16 months, extending through March 2027. p.131
All prices mentioned in the agreement are exclusive of Goods and services Tax (GST). p.131
The product development is expected to take 20 months, during which the company will ramp up internal resources to complete the tech team in-house. p.131
A quotation for Human Resources was taken from Archelons Consulting on November 01, 2025. p.132
The right hardware and software subscriptions are intended to empower the team to build, deploy, and scale innovative products efficiently. p.133
Rs. 900.00 lakhs from the Net Proceeds of the Fresh Issue is proposed to be utilized towards funding the company’s working capital requirements. p.134
The company intends to deploy Rs. 713.00 lakhs from the Net Proceeds towards funding a new office space, with 604 Lakhs estimated for procurement and 109.00 Lakhs for interior fitout work. p.138p.139
The company plans to use the balance Net Proceeds aggregating Rs. 654.26 Lakh for General Corporate Purposes, subject to utilization not exceeding 15% of the Gross Proceeds or Rs. 10 crores, whichever is lower. p.140
Issue related expenses are estimated not to exceed Rs. 655.99 Lakhs. p.140
The IPO proceeds were estimated at 4,373.25 Lakhs. p.141
The estimated utilization of net proceeds for the year 2025-26 is 1,450.00 Lakhs. p.141
The estimated utilization of net proceeds for the year 2026-27 is 222.00 Lakhs. p.141
The estimated utilization of net proceeds for the year 2027-28 is 965.00 Lakhs. p.141
The estimated utilization of net proceeds for general corporate purposes is 654.26 Lakhs. p.141
NAV after the Issue at Floor Price is 30.73. p.146
The company believes there are no comparable listed peers. p.146
Revenue from operations for the period ended June 30, 2025 was 697.81 Lakhs. p.147
Profit after tax for the period ended June 30, 2025 was 78.16 Lakhs. p.149
Working capital for the period ended June 30, 2025 was 915.73 Lakhs. p.150
Net worth for the period ended June 30, 2025 was 1,638.11 Lakhs. p.150
The document presents various financial ratios including Return on capital employed, Return on investment, Current ratio, Debt-equity ratio, Debt service coverage ratio, Inventory turnover ratio, Trade receivables turnover ratio, Trade payables turnover ratio, Net capital turnover ratio, Net profit ratio, Return on equity ratio, and Return on capital employed. p.151
The document details the process for calculating various financial metrics, such as Revenue from Operations, EBITDA, Current Ratio, Debt-equity ratio, Inventory Turnover Ratio, Trade receivables turnover ratio, Trade payables turnover ratio, Net capital turnover ratio, Net profit ratio, Return on equity ratio, Return on capital employed, and Interest Service Coverage Ratio. p.152
The document outlines different types of equity share issuances, including on incorporation, private placement, and the corresponding face value and issue price details. p.152
The document specifies the weighted average cost of acquisition for primary/new issue and secondary acquisition transactions, including floor price and cap price details. p.153
The document includes a statement concerning possible special tax benefits available to the company and its shareholders under relevant regulations. p.154
The Company is not entitled to any Special tax benefits under the Act. p.156
The numbers behind the story
Financial information
Revenue, profit, debt, cash flow and the auditors' notes behind them.
This section provides a summary of the consolidated financial statements, including the statement of assets and liabilities, the profit and loss statement, and the cash flow statement for several periods. The data is presented in Lakhs and shows trends from March 31, 2023, to June 30, 2025. Key figures include revenue, expenses, profit after tax, and cash movements across these years.
This section details the various intermediaries involved in the issuance process, including the Book Running Lead Manager, Registrar to the Issue, and various legal and financial advisors. It also outlines the procedures for the book-building process, including how bidders must participate and the regulations governing the issuance of securities to the public.
This section primarily details the procedural and contractual aspects related to the issuance of securities, including the Book Building process, underwriting agreements, and market-making arrangements. It outlines various regulatory compliance points, such as the filing of the Prospectus and the rights reserved by the company regarding the issue timeline. Furthermore, it specifies the obligations and monitoring mechanisms for the Market Makers involved in the offering, including liquidity requirements and potential punitive actions.
Key points (29)
Share capital was 3,689.12 Lakhs as of June 30, 2025. p.89
Long-term borrowings were 175.64 Lakhs as of June 30, 2025. p.89
Short-term borrowings were 557.99 Lakhs as of June 30, 2025. p.89
Revenue from operations for FY24 was Rs. 7,185.90 Lakhs. p.90
Total Income for the period ended June 30, 2025 was 4,417.37 Lakhs. p.90
Profit after tax for the period ended June 30, 2025 was 117.26 Lakhs. p.90
Cash flow from operating activities for the period ended June 30, 2025 was -119.66 Lakhs. p.91
Net cash generated from financing activities for the period ended June 30, 2025 was 258.26 Lakhs. p.92
Narnolia Financial Services Limited is the Book Running Lead Manager (BRLM) to the Offer. p.94
The Registrar to the Issue is Maashitla Securities Private Limited. p.94
HSBC India Limited is the Banker to the company. p.94
M/s NKSC & Co., Chartered Accountants, has provided written consent to include their name in the reports on the Restated Financial Statements. p.98
An industry report titled “Report on Recycling Industry” was obtained from Dun & Bradstreet Information Services India Private Limited. p.98
M/s Corporate Professionals Advisors and Advocates has given a legal due diligence report regarding Outstanding Litigations and Material Developments. p.98
A monitoring agency is not mandatory for the Issue size up to Rs. 5,000 Lakh as per regulation 262(1) of SEBI ICDR Regulations. p.98
All Bidders (except Anchor Investors) shall mandatorily participate in the Offer only through the ASBA process. p.98
Individual investors who applies for minimum application size may also participate in this Offer through UPI in the ASBA process. p.98
QIBs bidding in the QIB Portion and Non-Institutional Bidders bidding in the Non-Institutional Portion are not allowed to withdraw or lower the size of their Bids. p.98
Individual investors who applies for minimum application size can revise their Bids during the Bid/Offer Period and withdraw their Bids until the Bid/Offer Closing Date. p.98
The Book Building Process is in accordance with guidelines, rules and regulations prescribed by SEBI. p.99
The Bidding Processes are subject to change from time to time. p.99
The Offer is subject to obtaining final approval of the RoC after the Prospectus is filed with the RoC, Delhi and Haryana. p.99
The Offer is subject to obtaining final listing and trading approvals from the Stock Exchanges after Allotment. p.99
The Draft Prospectus has not been submitted to SEBI pursuant to Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) (Amendment) Regulations, 2022. p.100
A copy of the Red Herring Prospectus/Prospectus along with material contracts and documents required to be filed under Section 26 read with Section 32 of the Companies Act, 2013 will be delivered to the Registrar of Companies, Delhi, 4th Floor, IFCI Tower, 61, Nehru Place New Delhi – 110019 at least three (3) working days prior from the date of opening of the Issue. p.100
The Market Maker shall be required to provide a 2-way quote for 75% of the time in a day. p.101
The minimum depth of the quote shall be Rs.1,0. p.101
The trading shall take place in TFT segment for the first 10 days from commencement of trading. p.101
The price band shall be 20% and the Market Maker Spread (difference between the sell and the buy quote) shall be within 10% or as intimated by Exchange from time to time. p.101
What could go wrong, per the company
Risk factors
The risks the company is legally required to disclose, in its own words.
Investors should be aware that the company faces several risks that could materially and adversely affect its business, financial condition, and operations. Key risks include the potential obsolescence of its core technology, regulatory changes impacting trade, cyclicality in the paper market affecting revenue, high trade receivables, and dependence on working capital availability. Furthermore, reliance on foreign subsidiaries subjects the company to various jurisdictional and regulatory dependencies.
The prospectus outlines several material risks for the company, including potential disruptions related to office relocation and delays in completing capital expenditure for new premises. There are significant concerns regarding the reliability of the company's computer systems and network infrastructure, particularly the Exim Routes Intelligence System (ERIS), which are susceptible to various failures and cyberattacks. Furthermore, the development of the ERIS product is exposed to technical challenges, scope changes, and dependency on third-party vendors, which could lead to delays and cost overruns. The company's revenue is concentrated in specific geographic regions, making it vulnerable to economic downturns, market volatility, and changes in trade regulations. Finally, the company faces risks associated with reliance on a limited number of suppliers for procuring recyclable paper and ongoing legal proceedings.
The risk factors outlined in this section cover several areas, including potential negative cash flows, vulnerability to changes in software regulations, issues with intellectual property protection, reliance on customer orders, exposure to raw material price volatility, and contingent liabilities. Furthermore, the company faces risks related to unsecured loans, restrictive covenants, and related party transactions. The section details various agreements, financial performance indicators, and governance concerns.
This section details various transactions between the company and related parties, including short-term borrowings, trade payables, advances to suppliers, employee related payables, and payments made on behalf of the company. The data shows fluctuations in the outstanding amounts and their percentage of revenue over different periods. Specific attention is given to transactions involving individuals like Manish Goyal, Govind Rai Garg, Vijay Kumar Rathi, and others, which are categorized as related party dealings.
This section details various financial movements, including changes in outstanding amounts over a year, and information related to transactions with related parties and trade receivables. It also highlights risks concerning the handling of goods during logistics operations, which could damage the company's reputation, customer trust, and financial performance. The company acknowledges that improper handling could lead to operational disruptions, delays, increased costs, and potential legal disputes.
The risk factors outlined in this section cover several areas of concern for the company. These include the lack of directly comparable listed peers for performance benchmarking, the potential operational challenges arising from expansion into new market segments, and the risk of delays impacting the realization of funds raised. Furthermore, there are concerns regarding the utilization of net proceeds, the dependence on a limited customer base, the reliance on key personnel, and potential risks associated with employee misconduct or fraud. Finally, the company faces risks related to intellectual property protection, changes in data privacy laws, and the sufficiency of insurance coverage.
The company faces several risks related to its supply chain, including dependency on third-party logistics providers, which exposes it to disruptions from accidents, natural disasters, or inefficiencies. Furthermore, the business relies heavily on reliable maritime and waterway transport infrastructure, making it vulnerable to weather, port congestion, and regulatory issues. There are concerns regarding the experience of the Board of Directors with listed companies, which could lead to non-compliance issues. The company has also faced delays in filing various statutory documents, and there is a risk of penalties from non-compliance with laws. Additionally, there are concerns about conflicts of interest due to the financial relationships of directors and key personnel, and the potential impact of interest rate fluctuations on cash flow.
This section outlines several key risks facing the company across various aspects of its business. Risks include potential negative impacts from key personnel departures, challenges in marketing effectiveness, issues related to the cost of equity share acquisition, and dependency on future earnings for dividend payments. Furthermore, the company faces significant compliance risks related to public listing requirements, evolving data localization laws, and international transfer regulations. Operational risks stem from market competition for the subscription model, dependency on the performance of the AI platform, and exposure to changes in environmental regulations for paper recycling. Finally, there are concerns regarding the lack of specialized knowledge among independent directors and the complexities of cross-border transactions under transfer pricing rules.
The company faces several material risks stemming from regulatory changes, international operations, and external events. Risks include potential restrictions on trade due to changing laws, exposure to currency volatility across international borders, and various financial and operational disruptions from natural disasters or political instability. Furthermore, the company is subject to adverse impacts from Indian tax laws, potential constraints on raising foreign capital due to exchange controls, and uncertainties in the interpretation of rules related to foreign direct investment.
The prospectus highlights several material risks for the company. These include financial risks stemming from fluctuations in exchange rates between the Indian Rupee and foreign currencies, which can impact costs and profitability. There are significant risks related to environmental and social compliance, as the company faces pressure to adhere to ESG standards, which could lead to penalties or reputational damage. Furthermore, there are risks concerning the ability to raise financing due to potential downgrades in India's sovereign credit ratings. The prospectus also details risks associated with the equity shares, such as the lack of an active market, volatility in share pricing, and potential restrictions on foreign ownership and the repatriation of funds.
This section discusses several aspects related to financial regulations, investor participation, and listing procedures. It notes that the Finance Act, 2020 does not require dividend distribution tax (DDT) on dividends paid by domestic companies after March 31, 2020, meaning such dividends would not be exempt for shareholders. Furthermore, it outlines restrictions on Qualified Institutional Buyers (QIBs) and Non-Institutional Investors regarding the withdrawal or lowering of their applications after submitting a bid. It also details the requirements for the company to complete listing formalities and commence trading within six working days of the Issue Closing Date. Finally, it mentions that adverse changes in various economic or political conditions might occur between the application submission and allotment, and the company may complete allotment despite these events, which could limit the ability of applicants to sell shares or cause the trading price to decline.
Key points (108, showing 60)
Changes in technology or failure to upgrade or adapt may render the existing Exim Routes Intelligence System (“ERIS”) technology obsolete and require significant investments, which may impact the business and financial condition. p.41
Failure to timely update ERIS or adopt new technological advancements may result in the platform becoming obsolete over time, limiting its effectiveness, and negatively impacting revenue generation. p.41
The emergence of new technologies in the recyclable paper industry or related sectors may necessitate substantial capital investments to adopt or integrate advancements into existing technology, potentially affecting profitability and cash flows. p.41
Regulatory restrictions on wastepaper trading, including import/export norms and environmental compliance, may impact business operations. p.42
Changes in policy or classification standards could disrupt supply chains and affect material availability. p.42
The company relies on foreign subsidiaries for the exchange of recyclable paper pursuant to regulatory guidelines, which impose restrictions on direct import, trading, and subsequent resale within India. p.42
Future changes in national, international, or local regulations such as alterations in tariff rates, trade policies, environmental regulations, or import/export restrictions could significantly impact the ability to operate as planned. p.42
The demand for recyclable paper is cyclical and influenced by market trends and economic conditions, which can lead to fluctuations in revenue and profit margins. p.43
A reduction in the price of paper or decline in demand could have an adverse effect on revenue and operating results due to the cyclical nature of the paper industry. p.43
The company's business is subject to risks relating to high trade receivables, which may adversely affect cash flows, results of operations, and financial condition. p.43
Any delay or default in the collection of trade receivables could increase working capital requirements, adversely impact cash flows and liquidity position, and may necessitate write-offs. p.43
Fluctuations or inadequate financing of working capital requirements may adversely affect the business, financial condition, and results of operations. p.44
Working capital requirements are primarily funded through short-term borrowings and internal accruals, and delays in customer payments or changes in credit terms may increase reliance on borrowings. p.44
The property used by the company as its registered office is not owned by the company, and termination of the relevant lease/rent agreements could adversely affect operations. p.44
Any termination of the lease/rent agreement or failure to pay the annual lease/rent could adversely impact operations, and periodic renewal may lead to increased costs due to rent escalations. p.44
Relocation of business operations may result in disruption or higher charges, adversely affecting business prospects, results of operations, and financial condition. p.45
Failure to complete acquisition/fit outs on time may delay capital expenditure, negatively affecting business operations, financial results, and cash flow positions. p.45
The company intends to use 713.00 lakhs from the Fresh Issue to fund new office space, with an estimated cost of 604 Lakhs for procurement and 109.00 Lakhs for fit-out work. p.45
Delayed completion of office space acquisition or fit-out can disrupt capital expenditure, leading to less efficient or more expensive temporary premises, decreased productivity, and hindered expansion efforts. p.45
Significant security breaches, system failures, and fraud within computer systems and network infrastructure can adversely affect business operations, financial condition, cash flows, and results of operations. p.45
Disruption to the Exim Routes Intelligence System (ERIS) or underlying technology infrastructure could materially impact business, financial condition, cash flows, and results of operations. p.45
Platform complexity and reliance on third-party service providers expose the company to disruptions due to hardware/software defects, high transaction volumes, cyberattacks, infrastructure malfunctions, human error, or unforeseen events like natural disasters, power outages, or political disruptions. p.45
A significant data breach or cybersecurity incident could cause reputational harm, legal liabilities, regulatory scrutiny, and loss of business. p.45
Proposed capital expenditure for the development of the ERIS product is subject to unanticipated delays and cost overruns. p.45
Software development projects may encounter unforeseen technical challenges, evolving requirements, third-party dependencies, and scope changes, potentially causing delays and budget overruns. p.46
Delays in software implementation may lead to increased costs due to additional resources or extended vendor contracts, which may pressure financial resources and necessitate reallocation of funds. p.46
Revenue dependence on customers from specific geographic locations exposes the company to risks from economic downturns, regional market volatility, and changes in demand. p.46
Adverse economic conditions or regional disruptions could cause customers to reduce or postpone orders, impacting revenue and overall business performance. p.47
The geographic concentration of the customer base within India presents a material risk to achieving consistent growth and profitability. p.47
Reliance on a limited number of foreign suppliers for wastepaper procurement exposes the business to operational risks if suppliers terminate or reduce supply volumes. p.48
Disputes with suppliers may damage relationships with existing and potential suppliers, adversely affecting operations, profitability, and market reputation. p.48
Ongoing litigation involving the Company, Promoters, Directors, and Group Companies may result in significant liabilities or reputational harm. p.48
Agreements with third-party entities within India may not be renewed on favorable terms or could incur increased costs, potentially disrupting operations. p.49
Negative cash flows from 'Operating activities' and 'Investing activities' have been recorded in previous financial years, and future negative cash flows could adversely affect the business. p.50
The company has experienced negative cash flows in the past and may continue to experience negative cash flows in the future, which could impact growth and business. p.51
The need for software may diminish or change by the time of its launch, making the software less relevant to current market demands. p.51
Regulations governing the software development might change during the development phase due to new laws or updated compliance requirements. p.51
The inability to effectively control the purchase of stock-in-trade may significantly affect profitability, financial stability, and operational efficiency. p.51
The lack of registered copyright for the software 'ERIS' exposes the company to ownership disputes and legal risks. p.52
The lack of formal registration for the software copyright means the company does not enjoy statutory protections and is vulnerable to disputes over ownership. p.52
The presence of unsecured loans amounting to Rs. 733.63 Lakhs may be recalled by lenders at any time. p.53
The company's sales are driven by individual purchase orders rather than long-term contracts, limiting revenue certainty. p.53
The reliance on purchase orders exposes the company to potential fluctuations in sales and customer retention. p.53
Failure to meet desired quality specifications of recyclable paper products may lead to client rejections, payment delays, or contract terminations. p.53
Fluctuations in the price of recyclable paper, a key raw material, may adversely affect the business and financial condition. p.53
The company is subject to restrictive covenants under loan and credit facilities, and a breach could lead to immediate repayment demands. p.54
The company has entered into certain related party transactions at arm's length price in the past and may continue to do so in the future. p.54
Certain related party transactions with promoters, individuals, and entities forming part of the promoter group have occurred. p.54
Short-term borrowings from Manish Goyal showed a significant increase in the amount outstanding during the year. p.55
Trade payables with Exim Routes INC - USA showed a net decrease in the outstanding amount after accounting for purchases and services received. p.56
Advance to supplier with Exim Routes Pte Ltd - Singapore resulted in a high percentage of the outstanding amount relative to the beginning balance. p.57
Employee related payables for Manish Goyal showed a net decrease in the outstanding amount after accounting for expenses and payments made. p.57
Payments made on behalf of the company related to Kesavaramanujam resulted in a decrease in the outstanding amount. p.58
The calculation shows the change in amount outstanding over the year, starting with an amount, adding expenses, and subtracting payments. p.60
There are specific amounts outstanding for various entities, such as Richa Anand, Exim Routes UK Ltd., and Exim Routes SA Pty Ltd. p.60p.61
There are provisions for investment in certain entities, such as Exim Routes Inc., USA, and Exim Routes Pte. Ltd., Singapore. p.61
There are amounts outstanding related to acquisitions of shares in companies like Good Earth SCM GmbH, Germany. p.61
Trade receivables are tracked, showing changes based on sales made and amounts received during the year. p.62
The calculation for trade receivables includes foreign exchange (net) adjustments. p.63
There is a risk that improper handling of goods during logistics operations could damage the company's reputation and impact its business and financial performance. p.64
Litigation and regulatory matters
Litigation
Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.
The provided section details various financial statements and schedules for Exim Routes Limited, including statements for non-current assets, inventories, trade receivables, cash and bank balances, revenue from operations, and various expenses. It also includes information regarding contingent liabilities, employee benefits obligations, and the treatment of certain financial provisions.
This section primarily details financial reconciliation, related party disclosures, and various balances related to the company's operations and liabilities. It includes information on the reconciliation of the present value of a defined benefit obligation, details on lease agreements, and various transactions involving related parties, including borrowings, trade payables, and employee related payables. Furthermore, it outlines details regarding payments due to suppliers, related party transactions, and investment activities in subsidiaries.
The provided section primarily details financial movements and ratios for Exim Routes Limited across various financial statements. It includes statements regarding outstanding amounts for different entities, statements on inventory movements, and various financial ratios. Specific details cover receivables, loan receivables, and the calculation of imported and indigenous raw materials, as well as statements on capitalisation and tax liabilities.
This section primarily details various compliance and financial statements related to the company, including confirmations regarding its financial standing, corporate structure changes, and transactions. It confirms that the company has not been declared a wilful defaulter by any lender, does not possess immovable property whose title deeds are not in the company's name, and has used accounting software with an audit trail feature. Furthermore, it covers reclassification of financial figures, the approval for conversion from a Private to a Public Company, and various declarations concerning transactions, property holdings, and borrowings.
Key points (40)
Corporate guarantees amounting to ₹ 726.73 lacs as of June 30, 2025, ₹ 769.62 lacs as of March 31, 2025, and ₹ 435.89 lacs as of March 31, 2024 were disclosed. p.338p.341
The company has given a corporate guarantee in favor of Scan4health Diagnosis Private Limited for facilities availed from CSB Bank, with maximum potential liabilities of ₹ 726.73 lacs (June 30, 2025), ₹ 769.62 lacs (March 31, 2025), and ₹ 435.89 lacs (March 31, 2024). p.341
The Company has not met the financial thresholds specified for CSR applicability for the years June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023. p.342
The Company is required to comply with CSR obligations under Section 135 of the Companies Act, 2013 based on financial thresholds, but did not meet them for the specified years. p.342
The Company is a lessee under various operating leases for premises with lease terms of 11 months, including both cancellable and non-cancellable leases. p.342
Net rental expenses in respect of all operating leases for the period ended June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023 were Rs. 3.03 lacs, Rs. 13.49 lacs, Rs. 11.77 lacs, and 8.99 lacs respectively. p.342
No CSR spending or initiatives were undertaken during the period/years ended June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023. p.342
Short-term borrowings from Manish Goyal showed an outstanding amount at the end of the year of 234.38 (as of June 30, 2025). p.344
Trade payables to Mehrotra & Mehrotra showed an outstanding amount of 0.02 at the end of the year. p.344
Advance to Exim Routes Pte Ltd - Singapore showed an outstanding amount of 400.80 at the end of the year. p.344
Employee related payables for Manish Goyal showed an outstanding amount of 1.82 at the end of the year. p.345
Employee related payables for Govind Rai Garg showed an outstanding amount of 4.81 at the end of the year. p.345
Employee related payables for Vijay Kumar Rathi showed an outstanding amount of 2.73 at the end of the year. p.345
Employee related payables for Balwinder Sharma showed an outstanding amount of 2.16 at the end of the year. p.345
Trade receivables from Exim Routes Inc., USA showed an outstanding amount of 55.60 at the end of the year. p.345
Trade receivables from Exim Routes Pte. Ltd., Singapore showed an outstanding amount of 126.60 at the end of the year. p.345
Amount outstanding for Good Earth SCM GmbH, Germany showed a movement from 120.02 lacs at the beginning of the year to 160.71 lacs at the end of the year. p.347
Amount outstanding for Exim Routes UK Ltd showed a movement from 33.22 lacs at the beginning of the year to 44.05 lacs at the end of the year. p.347
Scan4health Diagnosis Private Limited had sales during the year amounting to 9.23 lacs and a sale of Fixed Asset amounting to 22.15 lacs. p.347
Manish Goyal had an outstanding amount of 26.56 lacs at the beginning of the year and 26.56 lacs at the end of the year after accounting for the sale of a Fixed Asset. p.347
Loan Receivables for Scan4health Diagnosis Private Limited showed an outstanding amount of 56.08 lacs at the beginning of the year and 58.20 lacs at the end of the year after considering loan given, received amounts, and interest. p.347
A Corporate Guarantee was mentioned in relation to Scan4health Diagnosis Private Limited. p.347
The statement includes various financial ratios such as Current Ratio (251.12%), Debt-Equity Ratio (31.11%), Debt Service Coverage Ratio (86.71%), Return on Equity Ratio (3.86%), and Inventory Turnover Ratio (1975.84%). p.349
The statement details the calculation of Total Tax Payable (Restated) for the period, resulting in amounts like 23.25, 127.06, 26.93, and 12.66. p.351
The Company has not been declared as a wilful defaulter by any bank or financial Institution or other lender. p.352
The Company does not have any immovable property whose title deeds are not held in the name of the Company. p.352
The Company has used accounting softwares for maintaining its books of account for the financial period/year ended June 30, 2025, March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the period for all relevant transactions recorded in the softwares. p.352
The Company has reclassified/regrouped previous year figures where necessary to conform to the current year’s classification. p.352
Segment information is not needed to be disclosed in standalone financial statements where consolidated financial statements are presented alongside, and segment information is presented in the restated consolidated financial statements. p.352
The company has been converted from Private to Public Company with an MCA approval Letter dated 24 October 2024, which was approved by the board and members. p.352
The name of the company has been changed from Exim Routes Private Limited to Exim Routes Limited pursuant to the conversion. p.352
The Company does not have any transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in tax assessments under the Income Tax Act, 1961. p.352
The Company does not have any Benami property where any proceeding has been initiated or pending against the Company for holding any Benami property. p.352
The Company does not have any transactions with companies struck off. p.352
The Company does not have any charges or satisfaction which is yet to be registered with Registrar of Companies beyond the statutory period. p.352
The Company has not traded or invested in cryptocurrency or virtual currency during the financial year. p.352
The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities (Intermediaries), with the understanding that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified by the Company. p.352
The company has not entered into any scheme of arrangements during the year. p.352
The Company does not receive any fund from any person(s) or entity(ies), including foreign entities (Funding Party), with the understanding that the Company shall directly or indirectly lend or invest in other persons or entities identified by the Company. p.352
The Company has not used any borrowings from banks and financial institutions for a purpose other than for which it was taken. p.352
Regulatory disclosures
Approvals, licences, and any regulatory actions or compliance matters.
The section details the Independent Auditor’s Examination Report on Restated Consolidated Financial Information for the purpose of an Initial Public Offering. The financial information was prepared in accordance with various regulatory requirements, including sections of the Companies Act, ICDR Regulations, and guidance notes from the ICAI. The Board of Directors holds responsibility for preparing the financial statements, while also ensuring compliance with these regulations. The auditors' responsibilities involved verifying the financial information against these legal and regulatory requirements.
This section primarily details the accounting policies and basis for preparing the restated consolidated financial information for the company. It outlines that the financial statements were prepared to comply with various requirements of the Companies Act, the ICDR Regulations, and the Guidance Note issued by the ICAI. The policies cover the basis of preparation, the classification of assets and liabilities as current or non-current based on the operating cycle, the use of management estimates, revenue recognition principles, and the accounting for property, plant, and equipment.
This section details various accounting policies and disclosures related to the financial statements of Exim Routes Limited. It covers treatments for intangible assets, depreciation methods, impairment recognition, borrowing costs, lease accounting, inventory valuation, employee benefits (including provident fund and gratuity plans), and various tax considerations such as current tax, deferred tax, and Minimum Alternate Tax (MAT). Furthermore, the text includes information on foreign exchange transactions, provisions and contingent liabilities, and details regarding the structure and changes in the equity share capital and ownership among promoters.
This section details various financial statements and reserves of Exim Routes Limited, including Profit and Loss, Securities Premium, Minority Interest, Long-term borrowings, Short-term borrowings, Trade payables, and various loan facilities. The data is presented across different fiscal years, showing opening balances, profit/loss figures, adjustments, and closing balances for different financial components. It also outlines details regarding loans from banks and NBFCs, as well as various related party and other party loans, and trade payables owed to micro and small enterprises.
This section primarily details financial schedules related to trade payables, provisions, property, plant, and equipment, and intangible assets under development. It includes aging schedules for various liabilities, statements of current liabilities, and breakdowns of fixed assets over different financial years. Furthermore, it discloses information regarding the development of an AI-enabled B2B platform called ERIS, including the progress made in developing its various phases and features.
The provided section details various financial statements and schedules, including restated statements for goodwill, deferred tax assets, inventories, trade receivables, cash balances, revenue from operations, and various expenses. It includes data points for different reporting periods spanning from March 31, 2023, to June 30, 2025. The data covers aspects such as asset values, receivables aging schedules, cash flows, and operational revenues, alongside detailed breakdowns of various expenses and income.
The provided section details various financial disclosures related to earnings, contingent liabilities, employee benefits, leases, related party transactions, and payments to Micro, Small, and Medium Enterprises (MSME) suppliers. It includes information on corporate guarantees, provisions for gratuity, lease terms, and the reconciliation of various amounts due and payable to related parties and suppliers over different accounting periods. Furthermore, it outlines the required compliance with CSR expenditure thresholds and provides detailed breakdowns of trade payables and employee-related payables.
This section primarily contains financial data related to the movement of various accounts, including outstanding amounts for different individuals, trade receivables, trade payables, and loan receivables. It also includes statements on inventory movement, foreign currency exposure, and various financial ratios. The data details transactions such as expenses, payments, sales, purchases, and receipts over different periods. Furthermore, there are notes explaining variances in financial ratios and details regarding the raising of funds and acquisitions during the fiscal year.
This section details various financial restatements and consolidations related to the group's subsidiaries, including different reporting periods. It presents statements for tax purposes, including various tax rates and calculations. Furthermore, it outlines the structure of the group's subsidiaries, showing the percentage of equity interest held by the holding company and the minority interest in the subsidiaries. The data covers financial information for subsidiaries such as Exim Routes INC., USA, Exim Routes Pte. Ltd., Singapore, Good Earth SCM GmbH, Germany, Exim Routes UK Ltd., and Exim Routes SA (Pty) Ltd.
This section details various aspects of the company's financial reporting and compliance status, including the reporting of segments and the absence of certain transactions or liabilities. It outlines that the group has reclassified previous year figures to conform to the current year's classification. Furthermore, it confirms that the group has not engaged in certain activities such as trading in cryptocurrency or using borrowings for purposes other than those for which they were taken. The text also covers declarations regarding transactions with struck-off companies and the holding of immovable property.
This section primarily provides introductory information regarding financial data, directing readers to other parts of the prospectus for detailed financial statements. It outlines the period covered by the financial discussions and clarifies that financial information is based on restated statements. The text also details various resolutions passed by the Board and Shareholders concerning the issuance of securities and the appointment of new directors.
The section details the company's revenue streams, which come from various business segments including paper recyclables, ERIS, management consultancy, and logistics services. It also outlines the components of total expenditure, such as purchase of stock, cost of services, employee benefits, finance costs, depreciation, and other operational expenses. The text further compares financial performance between the fiscal years 2024-2025 and 2023-24, highlighting significant increases in revenue and certain expenses. Specific increases in costs are attributed to business expansion and higher shipping costs for services.
The section details various financial performance metrics, including revenue, expenses, and profit margins for different fiscal years. It highlights an increase in PAT margin due to a shift in business focus and the ability to manage other costs effectively despite revenue growth. The text also provides a breakdown of revenue sources, various expense components, and the resulting profit figures across different periods.
The financial performance showed significant growth in the fiscal year ending March 31, 2025, with total income increasing by 273.86% compared to the previous year. This growth was primarily driven by increased revenue from operations, stemming from the commencement of high seas sales and growth in domestic sales of recyclable paper. Revenue from various segments, including paper sales, services, and logistics, showed substantial year-on-year increases. Furthermore, other income also saw an increase due to higher interest earned on loans and advances and net foreign exchange fluctuation gains.
The section details various financial movements over different financial years, including decreases in employee benefit expenses and changes in finance costs, alongside increases in depreciation and amortization expenses. Furthermore, the section shows fluctuations in other expenses, such as travelling and legal charges, and significant changes in tax expenses. The profit before tax and profit after tax showed substantial increases, which the company attributes to shifting focus towards higher-profit trading and services.
The section addresses outstanding litigation and material developments, stating that there are no pending suits, criminal proceedings, civil proceedings, or actions by regulatory or statutory authorities against the Company, Directors, Promoters, Group Companies, or other parties that could materially affect the business. It further clarifies that certain pending litigation involving relevant parties would be considered 'material' based on specific thresholds related to turnover, net worth, or profit/loss. The text details several specific instances of regulatory action, including a Show Cause Notice from the ESIC, and outlines various pending and past cheque bounce cases under the Negotiable Instruments Act, as well as pending civil execution petitions.
The section details the status of actions taken by statutory and regulatory authorities against the promoters, which showed no outstanding cases. Regarding tax proceedings, there are outstanding demands related to the promoter, Manish Goyal, concerning income tax, including a demand that was subsequently rectified by the Income Tax Department. Furthermore, there is an outstanding demand for a previous assessment year, and the matter is currently under consideration by the Department. The section also covers litigation, which confirms no outstanding criminal or civil proceedings against the promoters, the subsidiary, or the group entities. Finally, there are no disciplinary actions initiated by SEBI or stock exchanges against the promoters or the subsidiary in the last five financial years.
The company has disclosed that there are no material litigations initiated by its group companies, nor are there any outstanding criminal proceedings against its Key Managerial Personnel and Senior Management Personnel. Furthermore, there are no outstanding civil or other material litigations against the KMPs. The company has also confirmed that no inquiries, inspections, or investigations have been initiated or conducted by concerned authorities under the Companies Act, 2013. Regarding financial defaults, the company has outstanding dues to Micro, Small and Medium Enterprises and other creditors. The company has also confirmed no pending proceedings for economic offences, and no violations of securities laws have been committed by the company or its promoters in the past or currently. Finally, the document lists various approvals, including board and shareholder approvals, and agreements with depository services, along with various tax and labour law registrations.
The company holds several business-related certifications, including a Udyam Registration Certificate and an Importer-Exporter Code (IEC). The company has no pending licenses or approvals from Central and State Governments, although it is cautioned that regulatory authorities do not assume responsibility for the company's financial soundness. The document details various authorizations for the issue, including resolutions from the Board of Directors and Shareholders, and approval from NSE for using its name in the Offer document. Furthermore, the company confirms that it and its promoters have not been prohibited from accessing capital markets by SEBI or other regulatory bodies, nor have any securities law violations been pending against them.
The company has signed tripartite agreements with Depositories and the Registrar and Share Transfer Agent to enable electronic shareholding, and its shares bear an ISIN. The company maintains an operational website, and there are several confirmations regarding its compliance with various listing requirements, such as not having been referred to BIFR or NCLT for insolvency proceedings. Furthermore, the document includes numerous disclaimers and confirmations regarding conflicts of interest, the accuracy of disclosures, and the limitations of liability concerning the prospectus.
The section details various aspects related to the issuance of securities, including historical IPO data, financial summaries, and regulatory approvals. It outlines the process for obtaining permission to trade equity shares on the NSE and confirms that the Emerge Platform of NSE Limited has given in-principle approval for the use of the company's name in offer documents. Furthermore, it specifies procedures for handling investor grievances and confirms that the company is an Unlisted Issuer under SEBI (ICDR) Regulations.
This section outlines various legal and regulatory frameworks governing the issuance of equity shares, including adherence to the Companies Act, SEBI (ICDR) Regulations, 2018, and various other laws and regulations. It details specific requirements for investors, such as the mandatory use of Application Supported by Blocked Amount (ASBA) for public issues, and references several SEBI circulars related to payment mechanisms and listing timelines. Furthermore, it specifies the process for the allotment and trading of equity shares, including the use of dematerialized form and minimum contract sizes.
This section details various provisions related to the transfer, nomination, and restrictions concerning the equity shares, as well as conditions for migration to the main board of the National Stock Exchange of India Limited (NSE). It outlines rules for nominee succession, restrictions on the transfer and transmission of shares, and criteria that the company must meet to qualify for migration based on paid-up capital, market capitalization, revenue, and promoter holding. Furthermore, it specifies several regulatory conditions that must be met, such as the absence of insolvency proceedings, winding-up petitions, or debarments against the company or its directors.
This section details various procedural requirements related to the issuance of securities, including criteria for migration to the Main Board, market making obligations, and the various phases of the Unified Payments Interface (UPI) mechanism for public issues. It outlines rules regarding the allotment of equity shares, the allocation structure under the Book Building Process, and the various timelines for listing shares post-issue closure.
The section details various phases of public issue procedures, including Phase I, II, and III, which introduced changes to the time duration from public issue closure to listing. It outlines specific SEBI circulars that have extended or mandated certain procedures, such as the UPI mechanism. Furthermore, it specifies requirements for investor grievances, including the appointment of nodal officers and timelines for unblocking investor accounts. The text also details different categories of investors eligible to participate in the issue and the various intermediaries through which applications can be submitted.
This section details various restrictions and requirements concerning who is eligible to apply for the issue, including different categories of investors such as individuals, mutual funds, NRIs, FPIs, AIFs, and insurance companies. It outlines specific rules regarding the documentation required for applications, such as SEBI registration certificates or proof of corpus, depending on the type of investor applying. Furthermore, it specifies investment limits and restrictions based on the nature of the investor, such as percentage limits on equity shares or investment assets for various entities.
This section details various rules and procedures related to the subscription and allotment of equity shares, particularly concerning Anchor Investors and Qualified Institutional Buyers (QIBs). It outlines requirements for bid amounts, allocation limits, and the process for finalizing allocations. Furthermore, it specifies procedures for handling applications made through various legal entities and the flow of events from the closure of the bidding period to the final allotment, including validation and reconciliation steps.
This section details various rules and instructions concerning the allotment process, including how shares are determined from applicants, adjustments for proportionate allotments, and rules for oversubscribed issues. It specifies procedures for individual investors, the allocation of balance shares, and the role of various intermediaries in the bidding process. Furthermore, it outlines stringent requirements for bidders, such as ensuring correct details, using specific payment methods, and adhering to various regulatory guidelines.
This section details various procedural requirements and restrictions related to the application and allotment process for equity shares. It outlines rules for detecting multiple applications based on applicant names, addresses, DP IDs, and PANs, and specifies conditions under which applications may be rejected. Furthermore, it discusses rules concerning the use of different payment mechanisms, such as ASBA, UPI, and stock invest instruments, and clarifies the process for handling payments and allotment in dematerialized form.
This section details the procedural aspects of the equity share allotment process, including the transfer of funds, the role of the Registrar to the Issue, and the timelines for issuing allotment advice and crediting securities. It outlines various procedures for handling refunds for unsuccessful applications, depending on the type of investor, and specifies timelines for resolving issues related to allotment or fund blocking. Furthermore, the company commits to certain undertakings regarding the issue process, such as public notices in case of withdrawal and the timely completion of listing procedures.
This section details the procedures for the Application Supported by Blocked Amount (ASBA) process for investors applying for a public issue. It outlines how investors must submit applications, including the use of various payment modes, and the role of the Stock Connectivity/Brokerage (SCSB) in blocking funds. It also specifies the regulatory framework governing the investment, including references to various SEBI circulars and regulations that govern who can apply and how the issue structure is allocated.
This section details various aspects related to the allotment process, including the size of equity shares, the mode of allotment, and the lot sizes defined by SEBI circulars. It specifies the method for payment and outlines the rules for the withdrawal of the issue, including public notice requirements and instructions for unblocking ASBA accounts. Furthermore, it defines the jurisdiction for the issue and sets specific timelines for applications and cut-off times.
This section primarily outlines various provisions related to the rights of preference shareholders, the company's powers concerning the reduction of share capital, and the issuance of different types of securities. It details conditions for redeeming preference shares, the power of the company to reduce share capital, and rules regarding the issuance of debentures and sweat equity shares. Furthermore, it covers the company's ability to issue shares to employees under an ESOP scheme and the procedures for modifying or dealing with classes of shares.
This section details various provisions related to the issuance, transfer, and payment of calls and amounts due on shares and debentures. It outlines rules regarding the issuance of new certificates in lieu of lost or destroyed ones, the limits on joint holders, and the company's rights concerning the payment of calls, including the ability to charge interest on overdue amounts. Furthermore, the text covers the company's ability to receive commissions for subscriptions and brokerage, the process for making calls, and the procedures for enforcing liens on shares, including the sale of shares to recover dues.
This section details the procedures and implications related to the forfeiture of shares and the transfer/transmission of shares within the company. It outlines the conditions under which shares can be forfeited, including the rights of the former member and the subsequent disposition of the forfeited shares by the company. Furthermore, the text covers the process for dealing with transfers, including requirements for instruments of transfer, the company's power to decline registration of transfers, and the procedures for recognizing legal representatives upon the death of a member.
This section primarily details various provisions related to the transmission of shares, the rights of holders, and the handling of securities. It outlines procedures for transferring shares, including provisions for dealing with the death, lunacy, bankruptcy, or insolvency of a member. Furthermore, it covers the company's rights regarding notices prohibiting the registration of transfers and the process for dealing with nominations and the subsequent rights of the nominated person. The text also discusses the conversion of shares into stock and the rules governing the transfer and rights of stock holders.
This section outlines various provisions related to the company's financial dealings, including the securing of payments and the issuance of securities. It details the Board's authority to use various forms of security, such as mortgages or guarantees, to ensure repayment of dues. Furthermore, the text covers procedures for conducting General Meetings, including the convening of Extraordinary General Meetings, the role of the Chairman, and rules regarding the conduct of voting, including issues related to proxies and the voting rights of members.
This section details various procedural aspects related to the Board of Directors, including rules for voting, the appointment and tenure of directors, and the powers vested in the Board. It outlines procedures for handling objections to votes, the authority of the Chairperson in resolving disputes, and the rules governing the appointment of various types of directors such as Nominee Directors and Alternate Directors. Furthermore, the text specifies the powers of the Board concerning the acquisition of property, the leasing of land, the construction of buildings, and the insurance of company assets.
This section details various powers and functions granted to the Company, primarily concerning contractual obligations, financial management, and legal proceedings. The powers include securing contracts through mortgage, accepting share surrenders, handling bankruptcy matters, and managing investments. Furthermore, the company is empowered to deal with various funds, including setting aside sums for depreciation, insurance, and various special funds. The text also covers the appointment of trustees, officers, and employees, as well as the power to apply for and obtain necessary licenses and authorizations from government bodies.
This section outlines various powers and duties related to the Company's operations, including the ability to undertake certain transactions such as acquiring property or managing various assets. It details the delegation of powers to directors and the requirements for complying with local laws. Furthermore, the text discusses the appointment and remuneration of management personnel, including Managing Directors, and the rules governing the declaration and payment of dividends.
This section primarily details the rules governing the distribution of dividends, the rights of members concerning such payments, and the procedures related to share transfers. It outlines provisions regarding the retention of dividends when a member is indebted to the company, the payment methods for dividends, and the handling of unclaimed dividends. Furthermore, the text covers the capitalization of profits and the application of funds towards paying up unpaid shares or issuing bonus shares. It also establishes rules for the inspection of company minutes and accounts by members, and mandates secrecy obligations for company personnel regarding transactions and trade secrets.
This section details various material contracts and documents related to the company's issue process, including agreements with various parties such as the Book Running Lead Manager, Registrar to the Issue, Underwriters, and Market Maker. It also lists numerous certified documents, resolutions, and reports from different parties, including Peer Review Auditors, Legal Advisors, and Due Diligence Certificates. The section concludes with a declaration by the directors affirming compliance with relevant laws and the truthfulness of the statements made in the Prospectus.
Key points (440, showing 60)
The financial information was prepared in accordance with Section 26 of Part I of Chapter III of the Companies Act, 2013 read with Companies (Prospectus and Allotment of Securities) Rules 2014. p.353
The financial information was prepared in accordance with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2018 (ICDR Regulations). p.353
The financial information was prepared in accordance with the terms of reference for engagements related to the proposed IPO on the SME Platform of NSE Limited. p.353
The financial information was prepared in accordance with the Guidance Note on Reports in Company Prospectus (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI). p.353
The Board of Directors is responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations, and the Guidance Note. p.354
The auditors' work was performed to assist the company in meeting its responsibilities regarding compliance with the Act, ICDR Regulations, and the Guidance Note in connection with the IPO. p.354
The restated consolidated financial information was compiled by management from audited financial statements for the financial period ended June 30, 2025 and years ended on March 31, 2025, March 31, 2024 and March 31, 2023. p.356
The restated consolidated financial information was prepared in accordance with accounting standards notified under section 133 of the Act (“Indian GAAP”) and other generally accepted Indian accounting principles. p.356
The financial information was deemed to have been prepared in accordance with the Act, ICDR Regulations, Engagement Letter, and Guidance Note. p.356
The financial statements were prepared to comply with Section 26 of Part I of Chapter III of the Companies Act 2013. p.361
The financial statements were prepared to comply with the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 (ICDR Regulations). p.361
The financial statements were prepared to comply with the Guidance Note on Reports in Company Prospectuses (Revised 2019) issued by the Institute of Chartered Accountants of India (ICAI). p.361
Assets and liabilities are classified as current or non-current based on the Company’s normal operating cycle, which is set at 12 months. p.362
Current assets are included if they are expected to be realised within the normal operating cycle, held for trading, or are cash/cash equivalent unless restricted for at least twelve months. p.362
Liabilities are classified as current if they are expected to be settled within the normal operating cycle, held for trading, due within twelve months, or if there is no unconditional right to defer settlement for at least twelve months. p.362
Revenue from sales of goods is recognized when significant risks and rewards of ownership of goods are transferred to the customer, net of trade discounts, rebates, excise duties, and applicable taxes. p.362
Revenue from services is recognized in accordance with the terms and conditions of the agreements/arrangements with the concerned parties. p.362
Tangible fixed assets are stated at cost of acquisition net of recoverable taxes, less accumulated depreciation and impairment losses. p.362
Subsequent expenditure related to a tangible asset is added to its book value only if it increases the future benefits beyond the previously assessed standard of performance. p.362
Depreciation is calculated using the written-down value method based on useful lives specified in Schedule II to the Act, except for certain plant and machinery which use lives applicable to continuous process plants. p.363
Impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount, which is the greater of the asset’s net selling price and value in use. p.363
Borrowing costs attributable to asset acquisition or construction are included in the cost of such assets up to the point they are ready for intended use. p.363
Operating lease payments are recognized as an expense on a straight-line basis over the lease term. p.363
Inventories comprising traded goods are measured at the lower of cost and net realisable value. p.363
Employee benefits under the Provident Fund are a defined contribution plan where both employee and employer make monthly contributions. p.364
Gratuity plans are accounted for based on an actuarial valuation by an independent actuary, and lump sum payments are provided for upon retirement, death in service, or termination of employment. p.364
Minimum Alternate Tax (MAT) is charged to the Statement of Profit and Loss as current tax, and MAT credit is recognized as an asset only if there is convincing evidence of paying normal income tax during the specified period. p.364
Foreign currency transactions are recorded at the exchange rate prevailing at the date of the transaction, except for those covered under firm commitment. p.365
The Holding company availed an irrevocable option allowed by the Ministry of Corporate Affairs regarding the accounting standard for the effects of changes in foreign exchange rates. p.365
The voting rights are structured such that each shareholder is entitled to one vote per share held. p.367
The ownership structure shows that Manish Goyal holds 52.95% of the equity shares. p.367
The company has taken cash credit facilities from Deutsche Bank and IDFC First Bank. p.370
The Group has taken unsecured loans from various banks, including Deutsche Bank, IDFC First Bank, and Standard Chartered Bank. p.370
The company has taken unsecured loans from related parties, including Manish Goyal and Govind Rai Garg. p.371
Total outstanding due to micro enterprises and small enterprises is 4.50 as of June 30, 2025. p.371
The company has taken unsecured loans from other parties, including Shekhar Shashank and Amit Goel. p.372
The Group has taken unsecured loans from various financial institutions such as Moneywise Financial Services Pvt. Ltd. and Tata Capital Limited. p.372
The Group has taken unsecured loans from various NBFCs, including Hero Fincorp Limited and Poonawalla Fincorp Limited. p.372
The Group has taken unsecured loans from SMFG India Credit Co Ltd and Ugro Capital Limited. p.372
The company has not paid certain amounts for investments made in foreign companies due to ODI compliances. p.374
The group has developed a BETA version of the ERIS platform during the 2023-24 financial year, which included a demand and supply aggregation module, a price discovery and bidding feature, and data integrations for basic insights and analytics. p.377
The group has been developing Phase 2 of the ERIS platform, which focuses on refining existing modules and developing new features such as an AI-enabled price prediction tool (Proof of Concept), cross-platform access for internal teams, multi-channel integration including AI-chatbot and GPT integration, and a freight forwarder and logistics module for integrated freight pricing. p.377
Restated Statement of Goodwill is provided, with values recorded for different reporting periods. p.378
Restated Statement of Deferred tax asset (net) is provided with corresponding values. p.378
Restated Statement of Other non current assets is provided with corresponding values. p.378
Restated Statement of Inventories (Valued at lower of cost and net realisable value) is provided with corresponding values. p.378
Restated Statement of Trade receivables is provided, detailing various categories and aging schedules for different dates. p.379
Restated Statement of Cash and bank balances is provided with corresponding values. p.380
Restated Statement of Revenue from operations is provided, showing sales within and outside India. p.381
Restated Statement of Other income is provided, detailing interest income and foreign exchange fluctuation gain. p.381
Restated Statement of Purchase of stock-in-trade is provided with corresponding values. p.381
Restated Statement of Change in inventory of stock-in-trade is provided, showing opening and closing inventory. p.381
Restated Statement of Employee benefits expense is provided, detailing salaries, director remuneration, and gratuity expense. p.381
Restated Statement of Finance cost is provided, detailing interest on borrowings and other borrowing costs. p.382
Restated Statement of Depreciation and amortisation expense is provided, detailing depreciation on property, plant and equipment. p.382
Restated Statement of Other expenses is provided, detailing various operating expenses such as power, rent, and salaries. p.382
The Group's gratuity liability is entirely unfunded. p.384
The Group is a lessee under various operating leases for premises with lease terms of 11 months. p.384
Specific details on payments due to various related parties, including directors, are provided in Annexure 37. p.385
Disclosures regarding payments due to MSME suppliers are provided in Annexure 36. p.386
Who runs and controls the company
Management & board
Directors and senior management: who they are, their background and pay.
The Board of Directors consists of eight members, including four Executive Directors, four Non-Executive Directors, and three Independent Directors. Mr. Manish Goyal is the Director and CEO of the company. The board members include various qualifications, experience levels, and directorships in different sectors. Key personnel profiles detail their professional backgrounds and roles within the company and their past engagements.
The management section details several key personnel, including directors and key managerial personnel, along with their appointments and professional backgrounds. Pallav Singal is the Executive Director and Chief Business Officer (CBO), while Vivinprasath Devaraj is the Executive Director. Charu Jora is a Non-Executive Director, and Komal Goel and Mohit Garg are Independent Directors. The section also outlines terms and conditions for the employment of these directors and the board's authority regarding borrowing and investments.
The section details the shareholding of the company's directors in their personal capacity, showing that Manish Goyal holds the majority stake. It also outlines various deemed interests directors may have in the company, such as fees, remuneration, loans, or equity shares. Furthermore, the text specifies that directors have no interest in the promotion of the company, the acquisition of company property, or certain transactions related to the company's business. The section also covers various provisions regarding service contracts, benefits upon termination, and compensation plans for directors.
The management section details various functions and powers delegated to different committees, including the Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee, and the Initial Public Offer Committee. These committees have specific responsibilities related to financial oversight, director appointments, shareholder grievances, and the process of issuing securities. The text outlines the powers of these bodies concerning financial reviews, internal controls, and regulatory compliance.
The section details the authorization powers granted to certain officers for various activities related to the Issue, including executing agreements, dealing with various parties, and making payments. It also outlines the applicability of SEBI (Listing Obligation and Disclosures) Regulations upon listing. The text then introduces the Key Managerial Personnel (KMP) and Senior Management Personnel (SMP) of the company, including their designations, educational qualifications, appointment dates, previous employment, and remuneration details. Furthermore, it clarifies that the KMPs are permanent employees, no service contracts exist, and there are no bonus or profit-sharing plans for them. Finally, it states that no KMP holds equity shares in the company and that the KMPs have no personal interest in the company beyond their entitled remuneration and reimbursement of business expenses.
Key points (44)
Manish Goyal is the Director and CEO of the Company. p.267
Govind Rai Garg is the Promoter and Executive Director of the Company, a qualified Chartered Accountant, and holds a Bachelor of Commerce degree from the University of Delhi (2015). p.268
Manish Goyal holds a Bachelor’s degree in B.Tech in Pulp & Paper Engineering from the Indian Institute of Technology (IIT) Roorkee (2008) and has over 16 years of experience in the pulp & paper and recyclables trading industry. p.271
Manish Goyal began his career as a Process Engineer at Metso Paper India Private Limited in 2009 and has been serving as Director of Exim Routes Limited since 2019, overseeing business strategy, global expansion, investor relations, and overall operations. p.271
Manish Goyal served as a Director/Partner at Scan4Health Diagnosis Private Limited from 2023 to 2024. p.271
Govind Rai Garg has over a decade of experience in finance, accounting, taxation, and investor relations, having worked with Ernst & Young India as a Senior Consultant in International Tax and Transfer Pricing (2016–2017) and as a Partner at Mehrotra & Mehrotra, Chartered Accountants (2018–2025). p.271
Govind Rai Garg has been the Co-Founder and Director of Exim Routes Group (India) since 2019 and currently serves as Director of its subsidiaries—Exim Routes Inc. (USA) since 2021 and Exim Routes PTE Ltd (Singapore) since 2023, overseeing finance, accounting, expansion, and investor relations. p.271
Mr. Pallav Singal was re-designated as Executive Director on April 07, 2025. p.272
Mr. Pallav Singal is the Executive Director and Chief Business Officer (CBO) of the Company. p.272
Mr. Pallav Singal operated as the Proprietor of Global Traverse from 2020 to 2024, focusing on waste paper and building a supplier network. p.272
Mr. Pallav Singal has been serving as the Chief Business Officer of Exim Routes Limited since 2024, leading global sales and procurement. p.272
Mr. Vivinprasath Devaraj is the Executive Director of the Company. p.272
Mr. Vivinprasath Devaraj has over 5 years of experience in the recycled paper industry and operated as the Proprietor of Virthi Papers International since 2020. p.272
Mr. Charu Jora is the Non-Executive Director of the Company. p.272
Ms. Charu Jora was appointed as a Non-Executive Director with effect from May 23, 2025. p.272
Ms. Charu Jora is a qualified Medical Professional with MBBS, Diploma in Radiation Medicine, and DNB in Nuclear Medicine. p.273
Ms. Komal Goel is the Independent Director of the Company and is a qualified Chartered Accountant. p.273
Ms. Komal Goel has over 8 years of experience in auditing, income tax, company law, and compliance management. p.273
Mr. Mohit Garg is an Independent Director of the Company and is a Chartered Accountant (CA). p.273
Mr. Mohit Garg has over 8 years of experience in corporate finance, auditing, taxation, regulatory compliance, and risk management. p.273
Mr. Mahender Singh Tanwar is an Independent Director of the Company. p.274
Mr. Mahender Singh Tanwar brings over 21 years of experience in EPC procurement, strategic sourcing, and supply chain management. p.274
The Company has accorded consent to borrow funds up to Rs. 100.00 Crore, subject to certain provisions. p.275
The Company has accorded consent to acquire securities of another body corporate exceeding sixty percent of paid up capital and its free reserves. p.275
Manish Goyal holds 63.35% of the pre-issue paid-up equity share capital in the company. p.277
Pallav Singal holds 2.86% of the pre-issue paid-up equity share capital in the company. p.277
Vivinprasath Devaraj holds 1.22% of the pre-issue paid-up equity share capital in the company. p.277
Directors may be deemed interested in fees, remuneration, or loans provided to corporate entities. p.277
Directors are not interested in the appointment of Book Running Lead Manager, Registrar, and Bankers to the Issue or any such intermediaries registered with SEBI. p.277
None of the directors have any interest in the promotion of the company other than in the ordinary course of business. p.278
Directors do not have any interest in property acquired by the company in the preceding two years or proposed to be acquired. p.278
Directors do not have any other interests in the company save as stated in the 'Related Party Transaction' chapter. p.278
No bonus or profit-sharing plan exists for the Directors of the company. p.278
No Director has received or is entitled to any contingent or deferred compensation. p.278
A Board meeting constituted an Audit Committee on June 02, 2025, in compliance with relevant regulations. p.280
The Audit Committee comprises members including Manish Goyal, Richa Anand, Anshul Bansal, Govind Rai Garg, Pallav Singal, Vivinprasath Devaraj, Charu Jora, Komal Goel, Mohit Garg, and Mahender Singh Tanwar. p.281
The Audit Committee has the power to investigate any activity within its terms of reference. p.282
The Audit Committee may invite executives, including the head of the finance function, to attend its meetings. p.282
The finance director and the head of the internal audit committee can be present at the Audit Committee meetings. p.282
The Nomination and Remuneration Committee was constituted by the Board on June 02, 2025, in compliance with relevant regulations. p.284
The Stakeholders Relationship Committee was approved by the Board on June 02, 2025, in compliance with relevant regulations. p.285
The Initial Public Offer Committee was formed by the Board of Directors on June 02, 2025. p.286
The Company Secretary shall act as the secretary of the IPO Committee. p.286
The provisions of the SEBI (Listing Obligation and Disclosures) Regulations, 2015 will be applicable immediately upon the listing of Equity Shares on the Emerge Platform of NSE. p.288
Promoters
The people or entities controlling the company, and what else they own.
The section details changes in Key Managerial Personnel (KMP) over the last three years, including appointments and cessations for CEO, CFO, and Company Secretary roles. It also outlines various provisions regarding loans, payments of benefits to officers, and retirement benefits. The section further lists the company's promoters, identifying Mr. Manish Goyal and Mr. Govind Rai Garg as the main shareholders. It also discloses that the promoters have not disassociated from any entities in the preceding three years and confirms that they have not been identified as willful defaulters or subject to securities law violations.
The section addresses various confirmations regarding the promoters and the company's compliance with regulations. It states that no payments or benefits have been made to the promoters in the preceding two years, and the promoters have not been prohibited by any regulatory authority from accessing capital markets. Furthermore, there is no pending litigation or legal action against the promoters by government bodies in the last five years, except as disclosed elsewhere in the prospectus. The text details the composition of the Promoter Group, including natural persons and various companies, and lists several entities that form part of the Promoter Group based on shareholding criteria. The section also lists five subsidiaries, including wholly owned subsidiaries and one subsidiary with a 70% holding.
The section details the promoters and associated entities of the company. It outlines three main entities: Exim Routes (SA) PTY Limited, Exim Routes PTE. LTD., and Good Earth SCM GmbH. For Exim Routes (SA) PTY Limited, Avnish T Ramjee holds 100.00% of the shares. Exim Routes PTE. LTD. has its shares held by Yogesh Pratap Shishodia, Govind Rai Garg, Anne Sasikanth, and Vaitheeswary, with Exim Routes Limited holding 100.00% of the shares. Good Earth SCM GmbH's shareholding includes Aman Goel and Exim Routes Limited, with Aman Goel holding 30.00% and Exim Routes Limited holding 70.00%. The text also confirms that the company has material subsidiaries in terms of SEBI regulations and that all subsidiaries have obtained necessary licenses and registrations in their respective jurisdictions.
The section details the group entities of the company, which includes Scan4health Diagnosis Private Limited. The company was incorporated on March 22, 2024, and its main objects involve various diagnostic and medical services, as well as the trade and manufacture of various goods. The Board of Directors for Scan4health Diagnosis Private Limited includes Charu Jora and Gopal Singal. The shareholding pattern shows that Charu Jora holds 80.01% of the equity, followed by Yogesh Goyal with 10.00%, and Krishan Kumar Jora with 9.99%. The document confirms that no entities in the promoter group are restrained by SEBI orders, have become defunct, or are under winding up, and they have not made any public or rights issues in the preceding three years.
This section primarily discusses the dividend policy of the company, stating that it does not have a formal policy, and that any dividends declared must be recommended by the Board of Directors based on various financial factors and approved by the Equity Shareholders. It further clarifies that dividends are payable within 30 days of approval by the Equity Shareholders at the Annual General Meeting, and specifies that shareholders who cease or become shareholders after the record date will not be entitled to the declared dividend. The text also details the process for the restatement of standalone financial information for an IPO, including the responsibilities of the Board of Directors and the auditor's examination.
The provided text primarily contains standard disclaimers regarding the restated standalone financial information, stating that it does not reflect events subsequent to the report date and that the report is intended only for management and filing purposes. The text also includes signatures and details from Chartered Accountants (NKSC & Co. and Exim Routes Limited) and the Board of Directors, including partners, directors, and company secretaries. Furthermore, the text presents various financial statements, including the Statement of Assets and Liabilities, Profit and Loss Statement, and Cash Flow Statement, for Exim Routes Limited.
This section details various accounting policies and disclosures related to the financial statements of Exim Routes Limited. It covers the basis of preparation for financial statements, the classification of assets and liabilities as current or non-current based on a 12-month operating cycle, the recognition of revenue, treatment of property, plant, and equipment, depreciation methods, impairment recognition, and various aspects of financial reporting under Indian GAAP. It also outlines policies for employee benefits, taxation, foreign exchange transactions, provisions and contingent liabilities, and earnings per share calculations.
This section details various aspects of the company's share capital, including the structure of equity shares and subsequent changes like bonus issues and splits. It also lists the major shareholders, identifying individuals like Manish Goyal and Govind Rai Garg with significant holdings. The document further provides details on the company's financial provisions, long-term borrowings from banks and NBFCs, and short-term borrowings from various financial institutions.
This section details various financial and operational aspects of Exim Routes Limited, including loans from related parties and other parties, trade payables, current liabilities, and property, plant, and equipment. The data provided covers different periods and shows movements in these accounts. Specific details include unsecured loans, outstanding dues, and the breakdown of assets like computers, office equipment, furniture & fixtures, plant & machinery, and vehicles.
This section details various financial and investment particulars for Exim Routes Limited, including statements on intangible assets under development, non-current investments, deferred tax assets, long-term loans, and various subsidiaries. The company is developing an AI-enabled B2B platform called ERIS, which involves developing features like an AI-enabled price prediction tool and multi-channel integration. The company holds investments in several subsidiaries across different countries, including the USA, Singapore, Germany, UK, and South Africa, with varying ownership interests. Furthermore, the section provides statements regarding deferred tax assets and long-term loans related to these entities.
Key points (84, showing 60)
Manish Goyal was appointed as Chief Executive Officer on January 07, 2025. p.290
Govind Rai Garg was appointed as Chief Financial Officer on January 07, 2025. p.290
Richa Anand was appointed as Company Secretary on January 07, 2025. p.290
Govind Rai Garg ceased as Chief Financial Officer on September 30, 2025. p.290
Anshul Bansal was appointed as Chief Financial Officer on October 01, 2025. p.290
Mr. Manish Goyal holds 63.35% of the equity shares. p.291
Mr. Govind Rai Garg holds Nil equity shares. p.291
Mr. Manish Goyal has over 16 years of experience specializing in the Pulp and Paper sector. p.291
Mr. Govind Rai Garg has over 10 years of experience in finance and accounting. p.292
Mr. Govind Rai Garg has foreign subsidiaries including Exim Routes Pte Limited (Singapore) and Exim Routes Inc. (United States). p.292
The promoters have confirmed they have not been identified as willful defaulters. p.293
None of the promoters have disassociated themselves from any entities/firms during the preceding three years, except for specific resignations. p.294
The initial promoters included Mr. Manish Goyal, Mr. Govind Rai Garg, Mr. Vijay Kumar Rathi, and Mr. Balwinder Sharma. p.294
No payment or benefit has been made to the promoters during the two years preceding the filing date. p.295
Promoters and members of the Promoter Group have not been prohibited by SEBI or any other regulatory or governmental authority from accessing capital markets. p.295
The Promoter Group includes several companies, partnership, and proprietorship firms based on shareholding criteria. p.297
The company has five subsidiaries, including four wholly owned subsidiaries and one subsidiary with a 70% holding. p.298
Exim Routes UK Limited is a wholly owned private limited company incorporated on 10 February 2024. p.298
Exim Routes Inc. is a wholly owned private corporation incorporated on 29 November 2021. p.298
The shareholding pattern for Exim Routes UK Limited shows 100.00% holding by Exim Routes Limited. p.299
Avnish T Ramjee is a Director of Exim Routes (SA) PTY Limited. p.300
Exim Routes PTE. LTD. is a private company incorporated on 20 December 2018 under the applicable laws of The Companies Act (Chapter 50) of the Republic of Singapore. p.301
Good Earth SCM GmbH is a private company incorporated on 7 March 2023 under the applicable laws of The German Limited Liability Companies Act (GmbH-Gesetz - GmbHG). p.302
Aman Goel holds 30.00% of the shareholding in Good Earth SCM GmbH. p.302
Exim Routes Limited holds 70.00% of the shareholding in Good Earth SCM GmbH. p.302
The company has two material subsidiaries in terms of Regulation 16(1)(c) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. p.303
All subsidiaries are in compliance with applicable legal and regulatory requirements of their respective jurisdictions. p.303
Scan4health Diagnosis Private Limited is a Group Company of the company. p.305
Scan4health Diagnosis Private Limited was incorporated on March 22, 2024, under the Companies Act, 2013. p.305
Charu Jora is a Director of Scan4health Diagnosis Private Limited. p.306
Yogesh Goyal holds 10.00% of the equity in Scan4health Diagnosis Private Limited. p.306
Krishan Kumar Jora holds 9.99% of the equity in Scan4health Diagnosis Private Limited. p.306
None of the entities in the Promoter Group Companies are restrained by any SEBI Order or have become defunct. p.307
No proceedings have been initiated for economic offences against the Group Companies/Entities. p.307
None of the entities in the Promoter Group Companies are listed at any Stock Exchange nor have such entities made any public issue or right issue in the preceding three years. p.307
No defaults in meeting any statutory/bank/institutional dues have been found for the Group Companies. p.307
The company does not have a formal dividend policy. p.310
Any dividends to be declared shall be recommended by the Board of Directors depending upon financial condition, results of operations, capital requirements, contractual obligations, and other relevant factors, and approved by the Equity Shareholders at their discretion. p.310
Dividends are payable within 30 days of approval by the Equity Shareholders at the Annual General Meeting. p.310
Equity Shareholders who cease to be an Equity Shareholder prior to the record date, or who become an Equity Shareholder after the record date, will not be entitled to the dividend declared. p.310
The Board of Directors is responsible for the preparation of the Restated Standalone Financial Statement & other financial information for inclusion in the Offer document. p.313
The Board of Directors is responsible for designing, implementing, and maintaining adequate internal control relevant to the preparation and presentation of the Restated Standalone Financial Information. p.313
The Restated Standalone Financial Information have been compiled by the management from the audited financial statements for the financial period ended June 30, 2025 and years ended on March 31, 2025, March 31, 2024 and March 31, 2023. p.314
The Restated Standalone Financial Information have been prepared in accordance with the Act, ICDR Regulations, and the Guidance Note. p.314
M/s NKSC & Co, Chartered Accountants hold a valid peer review certificate issued by the Peer Review Board of the ICAI bearing number 020689. p.314
The financial information contained in the report is prepared in accordance with the Act, ICDR Regulations, Engagement Letter and Guidance Note and gives a true and fair view in conformity with the accounting principles generally accepted in India, to the extent applicable. p.315
The financial statements for Exim Routes Limited cover periods including June 30, 2025, and years ended March 31, 2025, March 31, 2024, and March 31, 2023. p.316p.317p.318+1
The signatories for the financial reports include Priyank Goyal, Manish Goyal, and Pallav Singal as Partners of NKSC & Co. and as Chief Executive Officer and Director/Director of Exim Routes Limited. p.316p.317p.318+1
The signatories for the financial reports include Anshul Bansal and Richa Anand as Chief Financial Officer Company Secretary for Exim Routes Limited. p.316p.317p.318+1
The financial statements were prepared to comply with various regulations including Section 26 of Part I of Chapter III of the Companies Act 2013, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and the Guidance Note on Reports in Company Prospectuses (Revised 2019). p.320
Assets and liabilities are classified as current or non-current based on the Company’s normal operating cycle, which is ascertained as 12 months for the purpose of this classification. p.321
Revenue from sales of goods is recognized when significant risks and rewards of ownership of goods are transferred to the customer, net of trade discounts, rebates, excise duties, and taxes on sale. p.322
Tangible fixed assets are stated at cost of acquisition net of recoverable taxes (wherever applicable), less accumulated depreciation and impairment losses. p.322
Depreciation on fixed assets is calculated using the written down value method based on useful lives specified in Schedule II to the Act, except for certain plant and machinery which are depreciated based on useful lives applicable to continuous process plants. p.322
Impairment loss is recognized when the carrying amount of an asset exceeds its recoverable amount, which is the greater of the asset’s net selling price and value in use. p.322
Long term employee benefits include a defined contribution plan (Provident Fund) where both employee and employer make monthly contributions, and a defined benefit plan (Gratuity) which is accounted for via an actuarial valuation. p.323
Minimum alternate tax (MAT) is charged to the Statement of Profit and Loss as current tax, and MAT credit is recognized as an asset only if there is convincing evidence that the Company will pay normal income tax during the specified period. p.324
Foreign currency transactions are recorded at the exchange rate prevailing at the date of transaction, except for those covered under firm commitment which are stated at a contracted rate. p.324
The company has not distributed any dividend in the current and previous years. p.325
The company does not have any holding company. p.325
Updates since the first filing
Addenda, corrigenda and the abridged prospectus, newest first.
An earlier full draft. The main analysis above reflects the latest version; open the document to compare.
Exim Routes Limited IPO: common questions
Short answers drawn from the filings above.
How big is the Exim Routes Limited IPO?
Exim Routes Limited's IPO comprises a fresh issue of ₹44 Cr, according to its Prospectus. The price band is not stated in that document.
What are Exim Routes Limited's revenue and profit?
Exim Routes Limited reported revenue from operations of ₹121 Cr in FY25, +67.9% versus FY24. Net profit was ₹7.6 Cr (FY24: ₹4.2 Cr). Revenue grew at a compound rate of 82.0% a year from FY23 to FY25. Figures are read from the Prospectus, as printed there.
How much do promoters own in Exim Routes Limited?
Promoters hold 63.4% of Exim Routes Limited before the IPO.
How will Exim Routes Limited use the IPO money?
The fresh-issue proceeds are earmarked for: To meet out the expenses for Development and Maintenance of the (₹15 Cr); To meet out the expenses for Working Capital to fund business growth (₹9.0 Cr); To meet out the expenses for Investment in Office space to accommodate new hires (₹7.1 Cr); General Corporate Purposes (₹6.5 Cr).
What are the red flags in Exim Routes Limited's Prospectus?
We fact-checked 70 claims from the filing against the open web: 0 raised a high concern, 1 medium and 1 low. The most notable: The search results mention investigations and issues related to a company named Rajesh Exports, including allegations of inflating revenues and SEBI orders,… This is an automated screen, not a verdict; each finding links to its sources.
What does Exim Routes Limited do?
Forget the hype: our investigation into the Exim Routes Limited IPO reveals a glaring silence on a major financial claim. Despite circulating rumors, we found absolutely no web search results to corroborate or contradict the assertion that Manish Goyal provided short-term borrowings to the company.
Who manages the Exim Routes Limited IPO?
Book running lead managers: NARNOLIA FINANCIAL SERVICES LIMITED. Registrar to the offer: MAASHITLA SECURITIES PRIVATE LIMITED. Shares are proposed to list on NSE.
Where can I read the original Exim Routes Limited IPO documents?
All 2 filings for Exim Routes Limited (Prospectus) are listed on this page with links to the original PDFs on SEBI's website. Every page reference cites the exact page of the source document.
Source documents
Every page reference on this site links to the original SEBI PDF.
