Exim Routes Limited (CIN U51909HR2019PLC115525) has filed a Prospectus with SEBI for an IPO comprising a fresh issue of ₹44 Cr, priced at ₹83.00 to ₹88.00 per share. 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 earlier look-up of its claims found 1 medium or high concern across 53 claims looked up.
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 review53 claims looked up earlier: 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: Earlier web look-ups of the filing's claims: 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
Price band
₹83.00 – ₹88.00
From NSE -- may be revised once the filing states its own band; lot of 1600 shares, from ₹1,32,800
As stated in the filing. The full shareholding table could not be cross-checked.
Valuation
At the price band
Low end
High end
Price per share
₹83.00
₹88.00
Market cap after IPO
₹156 Cr
₹165 Cr
P/E (FY25 profit)
20.59x
21.83x
Price / book value
7.31x
7.75x
Price / sales
1.29x
1.37x
Post-issue market cap divided by FY25 figures from the filing. A loss-making company has no P/E. Total issue size at the top of the band: ₹44 Cr. Price band is from NSE; not yet stated in this filing.
Business model
Is Exim Routes Limited a good business, and why? Its market, industry, edge and team, each rated by a stated rule.
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)
₹110 Cr
Per share
₹58.49
Top of the price band
₹88.00
DCF value is 33.5% below it.
Projected cash flow (₹ Cr) Worth today at 12.5% a yearAlong the bottom: years from now
Starting rate 12.5%: the cost of equity for the whole market, September 2026. It is the 10-year government bond yield of 7.41% less India's default spread of 1.87%, plus beta 0.98 from 2,111 listed companies times an equity risk premium of 7.08%. The yield is from Investing.com, India 10-year bond yield (historical data page); the premium is from Damodaran, Country Default Spreads and Risk Premiums (NYU Stern). This company's own industry group is not set yet, so the whole market's rate is used. Change the rate above to test other views.
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 12.5% 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.
The IPO of Exim Routes Limited is shadowed by serious questions: investigations and issues surrounding a company named Rajesh Exports have surfaced, raising concerns about inflated revenues and past SEBI orders. We dive into the filings to see if these past regulatory problems have any bearing on the current offering.
IPO Structure and Allocation Details
We need to look closely at how the equity issue is structured. The total size of the offering is capped at 49,69,600 Equity Shares, which is a key figure for understanding the scale of this public offering.
Read more · 4 points, 4 supporting facts
We need to look closely at how the equity issue is structured. The total size of the offering is capped at 49,69,600 Equity Shares, which is a key figure for understanding the scale of this public offering.
Total issue size is up to 49,69,600 Equity Shares.p.86
The pricing for this equity issue is set at a fixed rate. The cash payment for each Equity Share is specified at Rs. 88/-.
The issue is for cash payment at a price of Rs. 88/- per Equity Share.p.86
A significant portion of the issue is reserved for market makers. Specifically, up to 2,49,600 Equity Shares are reserved for this segment, which is crucial for understanding market participation in the IPO.
A portion reserved for Market Makers is up to 2,49,600 Equity Shares.p.86
The allocation process is governed by strict regulatory frameworks. The issue is being made in terms of Chapter IX of the SEBI ICDR Regulations and Rule 19(2)(b) of the SCRR, indicating tight oversight on the allotment process.
The issue is being made in terms of Chapter IX of the SEBI ICDR Regulations and Rule 19(2)(b) of the SCRR.p.87
Financial Health and Issuance Mechanics
We need to look closely at the company's recent financial performance. Revenue from operations for the fiscal year 2024 was reported at Rs. 7,185.90 Lakhs, which sets a baseline for their operational scale.
Read more · 4 points, 5 supporting facts
We need to look closely at the company's recent financial performance. Revenue from operations for the fiscal year 2024 was reported at Rs. 7,185.90 Lakhs, which sets a baseline for their operational scale.
Revenue from operations for FY24 was Rs. 7,185.90 Lakhs.p.90
The cash flow from operating activities shows a concerning outflow. For the period ending June 30, 2025, the cash flow from operating activities was negative, amounting to -119.66 Lakhs.
Cash flow from operating activities for the period ended June 30, 2025, was -119.66 Lakhs.p.91
The issuance process itself reveals significant costs. The net proceeds from the fresh issue were estimated at Rs. 3,717.26 Lakhs, but the issue-related expenses were substantial, totaling Rs. 655.99 Lakhs.
Net proceeds from the Fresh Issue were estimated at Rs. 3,717.26 Lakhs.p.126
Issue related expenses amounted to Rs. 655.99 Lakhs.p.126
Furthermore, the structure of the equity capital shows a heavy promoter stake. The Promoters, Mr. Manish Goyal and Mr. Govind Rai Garg, collectively hold 87,31,292 Equity Shares, which equates to 63.35% of the pre-issue paid-up share capital.
Promoters collectively hold 87,31,292 Equity Shares, representing 63.35% of the pre-issue paid up share capital.p.109
Key Operational and Regulatory Risks
A major concern is the obsolescence of the core technology. The prospectus warns that changes in technology or the failure to upgrade the existing Exim Routes Intelligence System (ERIS) could render the technology obsolete and necessitate significant capital investment.
Read more · 4 points, 5 supporting facts
A major concern is the obsolescence of the core technology. The prospectus warns that changes in technology or the failure to upgrade the existing Exim Routes Intelligence System (ERIS) could render the technology obsolete and necessitate significant capital investment.
Changes in technology or failure to upgrade or adapt may render the existing Exim Routes Intelligence System (“ERIS”) technology obsolete and require significant investments.p.41
The company's reliance on trading recyclable paper exposes it to market cycles. The demand for this material is cyclical, meaning fluctuations in market trends and economic conditions can directly lead to fluctuations in revenue and profit margins over time.
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 over time.p.43
Any 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
Regulatory hurdles pose a direct threat to operations. The business faces risks from regulatory restrictions on wastepaper trading, including import/export norms and environmental compliance issues, which can significantly impact business operations.
Regulatory restrictions on wastepaper trading, including import/export norms and environmental compliance, may impact business operations.p.42
The company's supply chain is fragile due to reliance on third-party logistics providers. This exposes the business to disruptions stemming from accidents, natural disasters, or inefficiencies within the logistics network.
The business relies on third-party logistics providers, which exposes it to disruptions from accidents, natural disasters, or inefficiencies.p.42
Low concern
Litigation and Regulatory Scrutiny
We need to look at the legal standing of the company. While the DRHP claims no material adverse litigation, our review shows that the company has been involved in various legal proceedings. Specifically, search results point to a separate legal case involving Exim Routes Pte. Ltd. versus Subam Papers Pvt Ltd.
Read more · 4 points, 4 supporting facts
We need to look at the legal standing of the company. While the DRHP claims no material adverse litigation, our review shows that the company has been involved in various legal proceedings. Specifically, search results point to a separate legal case involving Exim Routes Pte. Ltd. versus Subam Papers Pvt Ltd.
Search results indicate a legal case involving Exim Routes Pte. Ltd. vs. Subam Papers Pvt Ltd.
Regarding tax compliance, we found concerns related to outstanding demands. There are noted demands for direct taxes against the promoter, Manish Goyal, including a revised amount following a response, and another outstanding demand for an earlier assessment year.
Outstanding demands for direct taxes against the promoter, Manish Goyal, were noted.
Furthermore, the subsidiary has faced scrutiny from US tax authorities. These include notices for non-payment of estimated corporate income taxes and notices concerning federal tax deposits for the tax period ended June 30, 2025.
The subsidiary faced tax proceedings from US tax authorities regarding estimated corporate income taxes and federal tax deposits.
We also investigated claims about regulatory notices. Our fact-check did not find direct corroboration or contradiction for claims regarding a Show Cause Notice issued by the ESIC on November 15, 2025, against the company.
No direct information found corroborating or contradicting a Show Cause Notice from the ESIC on November 15, 2025.
Medium concern
Promoter Background and Key Roles
We examine the key personnel appointments, noting that Manish Goyal was appointed as the Chief Executive Officer on January 07, 2025. This appointment is crucial as he leads the company's business strategy and global expansion.
Read more · 3 points, 4 supporting facts
We examine the key personnel appointments, noting that Manish Goyal was appointed as the Chief Executive Officer on January 07, 2025. This appointment is crucial as he leads the company's business strategy and global expansion.
Manish Goyal was appointed as Chief Executive Officer on January 07, 2025.p.290
The section details the background of the promoter, Govind Rai Garg, confirming he is a qualified Chartered Accountant and a member of the ICAI. He also holds a Bachelor of Commerce degree from the University of Delhi in 2015.
Govind Rai Garg is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants of India (ICAI).p.268
Govind Rai Garg holds a Bachelor of Commerce degree from the University of Delhi (2015).p.268
The DRHP specifies that directors are not interested in the appointment of certain intermediaries, nor do they have other interests in the company's business or property, except where explicitly detailed elsewhere in the prospectus.
Directors are not interested in the appointment of certain intermediaries.p.267
Bottom line
In summary, the IPO of Exim Routes Limited involved a capped offering of 49,69,600 shares, with significant allocation reserved for market makers under strict regulatory oversight. The financial review highlighted operational revenue alongside negative cash flow, while the structure revealed a heavy promoter stake. Furthermore, the investigation uncovered concerns regarding technology obsolescence, cyclical market risks, fragile supply chains, and past legal and tax compliance issues.
Red flags from earlier look-ups
For this filing we looked up selected claims (promoters, court cases, subsidiaries) on the open web earlier. We no longer check what a filing says; SEBI reviews it.
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 functions 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 optimizes supply chain operations through global inventory matching and price discovery. This system is designed to streamline communication, deliver market intelligence, and ensure smooth execution of logistics with 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 financial year, categorized into short-term borrowings, trade payables, advances to suppliers, employee related payables, and other related accounts. The data shows movements in amounts outstanding, accepted/booked expenses, payments made, and the resulting balances at the end of the period for different parties.
This section details various financial flows and balances, including payments, outstanding amounts, and investments across different entities. It summarizes transactions related to various parties and investments, such as payments to and from different entities, and the movement of trade receivables and loan receivables. The section also provides information on financing arrangements and the weighted average cost of acquisition of equity shares by the promoters over the last year.
This section details the average cost of acquisition per equity share by the promoters, which is provided for reference. It also clarifies that the company has not contemplated any issuance or placement of equity shares from the date of this Prospectus until the listing of the equity shares. Furthermore, the company has not issued any equity shares other than cash in the past year, nor has it undertaken any subdivision or consolidation of its equity shares in the preceding year. Finally, it states that the company has not been granted any exemption from complying with securities laws by SEBI.
Key points (28)
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
Promoters include Mr. Manish Goyal and Mr. Govind Rai Garg. p.24
The issue size includes a fresh issue of 49,69,600 Equity Shares with a face value of Rs. 5/- each. p.25
The Net Issue to Public is up to 47,20,000 Equity Shares with a face value of Rs. 5/- each. p.25
The Net Issue constitutes 25.17% of the Post Issue paid up Equity Share Capital. p.25
The company intends to use the net proceeds for development and maintenance of the ERIS platform, working capital, investment in office space for new hires, and general corporate purposes. p.25
The pre-issue shareholding of Promoters as a percentage of the Issued Capital is 63.35%. p.26
Short-term borrowings from Manish Goyal showed a significant increase in the amount outstanding, rising from 22.28 Lakhs to 234.38 Lakhs. p.29
Trade payables to Exim Routes INC – USA showed a decrease in the amount outstanding, moving from 96.27 Lakhs to 81.73 Lakhs. p.30
Employee related payables for Manish Goyal showed a net outstanding amount of 1.82 Lakhs at the end of the year. p.32
Employee related payables for Govind Rai Garg showed a final outstanding amount of 4.81 Lakhs. p.32
Employee related payables for Vijay Kumar Rathi showed a final outstanding amount of 2.73 Lakhs. p.32
Employee related payables for Balwinder Sharma showed a final outstanding amount of 2.16 Lakhs. p.32
Employee related payables for Kesavaramanujam resulted in no outstanding amount at the end of the year. p.32
Payment made during the year resulted in a change of -0.76% to -1.19% for a specific amount. p.34
Amount outstanding at the end of the year for j. Radha Singal was 0.78 with a 0.11% change. p.34
Investment in Exim Routes Inc., USA showed an outstanding amount of 8.39 with a 1.20% change. p.35
Investment in Exim Routes Pte. Ltd., Singapore showed an outstanding amount of 40.51 with a 5.81% change. p.35
Investment in Good Earth SCM GmbH, Germany showed an outstanding amount of 15.82 with a 2.27% change. p.35
Loan receivables for Scan4health Diagnosis Private Limited showed an outstanding amount of 58.20 with an 8.34% change. p.38
The weighted average cost of acquisition of equity shares by Mr. Manish Goyal was 20.89 for 87,31,292 shares. p.38
The average cost of acquisition per equity share by the promoters is detailed. 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 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 uncertainties. The text also covers shifts in the global trade environment, including changes in tariffs and trade frameworks, and how businesses are adapting their strategies accordingly.
The provided text focuses heavily on macroeconomic analysis, particularly concerning India's economic projections and sector performance trends. It details various forecasts for different regions and countries, including revisions based on trade policies and economic uncertainties. Furthermore, it presents historical data on India's GDP, GVA, and sectoral contributions, alongside trends in Investment and Consumption scenarios.
This section provides various economic and environmental data points, including trends in private consumption, inflation rates, and global statistics related to waste management. It details fluctuations in the Wholesale Price Index (WPI) across different goods and services, as well as changes in consumer price indices (CPI) for both rural and urban sectors. Furthermore, it outlines global trends in waste generation, the composition of that waste, and the varying levels of waste collection and disposal across different income levels and 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 consumer awareness in driving sustainable practices. The text also 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. Furthermore, it outlines regulatory responses globally, such as policies in the UK and China, and the 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, and employment generation. Furthermore, recycling helps in mitigating environmental pollution by reducing emissions and preventing contamination of soil and water sources.
India is a major producer of plastic waste, generating about 26,000 tons daily, primarily from packaging. The recycling infrastructure is underdeveloped, although recycling volume is projected to increase significantly by 2032. The informal sector plays a crucial role, recycling approximately 70% of PET plastic, though they face challenges due to a lack of formal regulation. The paper recycling industry is experiencing steady growth, with consumption rising due to domestic demand and increased use of paper in retail and e-commerce. The government has introduced various policies to foster a circular economy, including initiatives like the Circular Economy Cell and various waste-to-wealth programs.
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 help in separating materials and reducing labor costs. The industry is also being shaped by government initiatives like the Extended Producer Responsibility (EPR) and the push towards a circular economy, which mandates corporate responsibility in waste management. The sector is expected to witness substantial growth driven by stricter regulations, increased industrial waste, and technological integration.
The Indian paper industry operates within sectors such as FMCG, e-commerce, and pharmaceuticals, but faces a decline in newsprint and writing paper production due to the shift towards digital alternatives. Recycled fibre plays a crucial role, accounting for about 71.6% of total paper production, highlighting both environmental commitment and challenges with raw material availability. Paper consumption in India is rising, driven by urbanization and industrial expansion, with the packaging segment being a major driver of demand. The industry is transitioning from traditional wood and agro-based fibres towards recycled fibre to ensure sustainability and reduce dependency on natural resources.
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 capacity growth, supported by increasing demand across various sectors, and investments in modern technology. India is a major consumer of recovered paper, though the recycling rate is lower than global standards, and challenges exist regarding waste collection and quality. Government initiatives like the Swachh Bharat Mission and Extended Producer Responsibility (EPR) are encouraging the use of recycled materials for eco-friendly packaging.
The section details fluctuations in India's import trends for waste and scrap paper, noting changes in value and volume over several fiscal years. It also outlines the major countries supplying this paper, highlighting a significant reliance on the United States for certain 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 paper recycling trade has seen a shift towards digital platforms to address issues like lack of transparency and the need for traceable supply chains, especially due to corporate sustainability requirements like EPR. While digital platforms offer benefits such as increased market access, enhanced trust through verified listings, and cost reduction via optimized logistics, the sector still faces challenges including reliance on imported raw materials, inefficiencies in domestic collection, and competition from cheaper virgin paper production.
The company operates as a global platform focused on facilitating the exchange of recyclable paper product materials by providing end-to-end services to Indian Paper Mills, covering everything from sourcing waste paper to quality assurance and logistics. They have developed the Exim Routes Intelligence System (ERIS), an AI-powered B2B digital platform, which performs functions in supply chain operations, customer enablement, market intelligence, and logistics integration. The company operates through a group structure involving an Indian parent entity and a network of foreign subsidiaries that handle the sourcing and international logistics of waste paper to support Indian paper mills.
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 business offers a full-service package across four segments, utilizing the ERIS digital platform, which includes cross-border procurement and resale of recycled fibre, licensing the ERIS platform to mills, providing logistics and container handling services, and offering management and consultancy services to partners.
The company deals with various paper grades, 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 inspection of 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 acts 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 related to logistics and management consultancy, which are separate from its core recyclables business. Logistics services include freight forwarding and container handling for domestic clients, covering aspects like freight booking, customs support, documentation, and last-mile coordination to ensure compliance with regulatory requirements for delivery within India. Management consultancy services focus on providing strategic and operational oversight, regulatory compliance support, and market analysis to help clients optimize their operations 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. The company facilitates transactions under Cost, Insurance, and Freight (CIF) Incoterms, where the company handles logistics up to the Indian port. High Seas sales transactions involve different models depending on the customer's preference, aiming to simplify operations for paper mills by reducing foreign exchange needs and compliance issues.
The company operates as a global trading firm focused on sourcing and distributing recyclable materials, primarily recovered paper. The business involves facilitating transactions between international suppliers and Indian buyers, with the sourcing and procurement handled by foreign subsidiaries across various international markets. The company maintains a significant presence in the Indian paper industry by supplying recycled paper to over 50 Indian paper mills. The group has an international presence in key markets across the Americas, Europe, the UK, South Africa, and South East Asia to ensure efficient integration within the recycling and paper supply chain.
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 diverse experience from major firms like EY, Amazon, and McKinsey. A proprietary AI-powered B2B platform called Exim Routes Intelligence System (ERIS) is used to streamline supply chain operations through global inventory matching and price discovery. Quality assurance is maintained through an in-house team that inspects incoming shipments in collaboration with mills.
This section provides details regarding the company's financial performance, infrastructure, human resources, and regulatory compliance. The company's revenue breakdown shows a significant reliance on domestic sales, and it details the utilities and infrastructure facilities it uses for operations. Furthermore, it outlines the structure of its employees and the applicability of certain labor laws concerning employee benefits. The document also mentions various legal and regulatory frameworks in India, such as the Digital Personal Data Protection Act, 2023, which governs the collection and processing of personal data.
This section details various Indian laws and regulations that govern different aspects of business operations, including data protection, consumer rights, foreign trade, intellectual property, and labor. It outlines several key acts such as the Information Technology Act, Sale of Goods Act, Consumer Protection Act, Micro, Small and Medium Enterprises Development Act, and various FEMA regulations concerning foreign investment. The text also covers provisions related to trademarks, copyrights, patents, contract labor, and employee compensation.
The provided text details a comprehensive overview of various Indian labour and environmental laws that the company is subject to, including provisions related to employee compensation, working conditions, and environmental protection. These laws cover aspects such as employee provident funds, wage payments, anti-discrimination measures, sexual harassment protection, and regulations concerning hazardous waste and pollution control. Furthermore, the text outlines several tax laws, including direct and indirect taxes, and customs regulations governing the import and export of goods.
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 conventions such as the Basel Convention. It also lists various general legislation such as the Companies Act, the Indian Contract Act, the Stamp Act, the Information Technology Act, the Negotiable Instruments Act, and the Competition Act. Furthermore, it mentions local laws like the Shops and Establishment Act. The text then covers 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, supported by an AI-powered B2B platform called the Exim Routes Intelligence System (ERIS).
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 enhancing sustainability by promoting the circular economy through the optimization of material trading and recycling to reduce environmental impact. Furthermore, the company provides extensive business and management consultancy services, covering areas such as strategic planning, operational efficiency, financial management, market research, organizational development, technology integration, regulatory compliance, and engineering consultancy. The company has undergone several amendments to its Memorandum of Association regarding object clauses and authorized share capital, and it has been converted from a Private Limited to a Public Company. The company currently has five subsidiaries, but no holding or associate/joint venture companies are mentioned as of the prospectus date.
Key points (257, 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 rate to 5.2% in 2025 from 5.3% in the previous year. p.158
The U.S. economy is expected to slow to 2.0 percent growth in 2025 from 2.8% in 2024 due to lagged effects of monetary policy tightening and slowing aggregate demand. p.159
Businesses are revising strategies to focus on markets with strong domestic demand, stable policies, and clear regulations. p.160
The average U.S. tariff rate declined from 28% in April to around 17% by late 2025. p.160
India concluded a major trade deal with the U.K. and is in advanced negotiations with the EU. p.160
The 2025 projection for Brazil's growth is revised upward, while the 2026 forecast is revised downward due to higher export tariffs to the United States. p.162
Growth in emerging and developing Europe is projected to decline significantly from 3.5 percent in 2024 to 1.8 percent in 2025, followed by a modest recovery to 2.2 percent in 2026. p.162
India's economy is projected to grow at 6.6% in CY 2025 according to the IMF's latest World Economic Outlook, which is a 20-basis point upward revision from the previous estimate. 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
India’s GDP at constant prices is estimated to grow to INR 187.96 trillion in FY 2025 (Provisional Estimates), with real GDP growth rates estimated at 6.5% for FY 2025. p.163
The industrial sector experienced a moderation in FY 2025, with growth in 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 services sector retained its position as the largest contributor to GVA, rising to 54.93% 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 a fluctuating trend during FY 2025, registering 7.06% year-on-year growth against 8.78% in FY 2024. p.166
The GFCF to GDP ratio measured 33.69% in Q1 FY 2025-2026. p.166
Global waste generation is projected to reach 3.40 billion tonnes by 2050. p.170
Food and green waste constitutes 44% of global waste. p.171
Plastic waste accounts for 12% of global waste. p.171
Rubber and leather waste makes up 17% of global waste. p.171
37% of waste goes to landfills globally, including 8% in sanitary landfills with gas collection. 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 UK introduced Simpler Recycling legislation in England in 2025 to standardize recycling for businesses and public institutions and aim for 65% recycling of municipal waste 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 and mineral ores. p.180
Recycling paper reduces the demand for fresh wood pulp, preventing deforestation and decreasing water consumption. p.180
Recycling aluminium 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
E-waste recycling prevents hazardous substances like lead, mercury, and cadmium from contaminating soil and water sources. p.181
Government initiatives aim to formalize and integrate informal waste workers, improving their working conditions. p.181
Recycling reduces emissions from industries that would otherwise burn fossil fuels for raw material extraction. p.181
India generates approximately 26,000 tons of plastic waste every day, equating to about 9.5 million tons annually. p.182
The recycling infrastructure is projected to increase from 9.9 million tons recycled in 2023 to 23.7 million tons by 2032. p.182
The informal sector accounts for approximately 70% of PET recycling in the country. p.182
Waste pickers collect between 6.5 to 8.5 million tons of plastic waste annually and recycle between 50% to 80% of what they collect. p.182
The Indian paper recycling industry has shown steady growth, with paper consumption registering a CAGR of 6% over the past decade, which is double the global average. p.182
The market value of the recycling and circular economy sector in India is expected to reach over USD 2 trillion by 2050. p.183
The Central Pollution Control Board (CPCB) has issued standards for managing plastic, hazardous, and electronic waste. p.184
Extended Producer Responsibility (EPR) regulations require manufacturers to take responsibility for recycling their products after consumer use. p.184
Plastic Waste Management Rules, 2016 (Amended in 2022) establishes a legal framework for plastic waste collection, recycling, and EPR. p.184
The import trend of scrap material in India peaked at 54,205.82 INR crore in 2022-23. p.185
Maharashtra leads in authorized dismantlers/recyclers with 140, followed by Uttar Pradesh with 121 and Karnataka with 72. p.186
Automated Sorting Systems use optical scanners and conveyor belts with sensors to separate different types of paper products. p.187
Eddy Current Separators are used for non-ferrous metal recovery from mixed waste streams. p.188
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, providing its Corporate Identification Number and Registered Office address. It also defines key personnel such as the Chief Financial Officer and Company Secretary, and details the Statutory Auditor. Furthermore, it outlines various legal and regulatory terms related to the issuance process, including definitions for different types of investors and the nature of the shares being offered.
The book running lead manager for the issue is Narnolia Financial Services Limited. The book building process will follow the procedures 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 open on December 16, 2025, and close on December 12, 2025, with the issue period defined between these dates. The Registrar to the Offer is Maashitla Securities Private Limited.
This section primarily defines various terms, abbreviations, and conventions used throughout the Draft Red Herring Prospectus. It includes definitions for financial terms, market participants, and various regulatory acronyms. It also specifies conventions regarding the use of currency exchange rates and the source of financial data used in the prospectus.
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 notes that there are differences between Indian GAAP, IFRS, and US GAAP, and advises readers to consult their own advisors regarding the impact on financial data. It specifies that percentage amounts are based on restated financial statements prepared under Indian GAAP and SEBI (ICDR) Regulations. The section also details the sources for industry and market data, primarily from Dun & Bradstreet Information Services India Private Limited (D&B), and includes disclaimers regarding the reliability and limitations of this third-party information.
Key points (18)
The company is Exim Routes Limited, incorporated under the Companies Act, 2013, with CIN U51909HR2019PLC115525. p.5
The Registered Office of 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 Promoters of the company are Mr. Manish Goyal and Mr. Govind Rai Garg. p.7
The Issue involves the allotment of Equity Shares pursuant to a Fresh Issue. 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 Registrar to the Offer is Maashitla Securities Private Limited. p.14
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.16
The prospectus contains conversion of U.S. Dollar into Rupees to comply 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 applicable provisions of the Companies Act and Indian GAAP and restated in accordance with SEBI (ICDR) Regulations. p.20
Industry and market data used in the Prospectus has been obtained or derived from Dun & Bradstreet Information Services India Private Limited (“D&B”) or publicly available information. p.21
The D&B Report was 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
The Industry report dated November 14, 2025, is prepared by Dun & Bradstreet Information Services India Private Limited. p.21
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, a Non-institutional portion, and an Individual Investor portion. The issue details specify the number of shares, face value, and price per share for each segment. Various regulations from SEBI ICDR Regulations govern the allocation process, including reservations for market makers and specific rules for allocating shares to different investor types.
Key points (21)
The total issue size is up to 49,69,600 Equity Shares. p.86
The issue is for cash payment at a price of Rs. 88/- per Equity Share. p.86
The total aggregation for the issue is Rs. 4,373.25 Lakh. 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
The Net QIB Portion is up to 9,40,800 Equity Shares. p.86
The Non-institutional portion is not less than 7,10,400 Equity Shares. p.86
The Individual Investor portion is not less than 16,57,600 Equity Shares. p.86
The issue is being made in terms of Chapter IX of the SEBI ICDR Regulations and Rule 19(2)(b) of the SCRR. p.87
The issue has been authorized by a Board resolution dated May 19, 2025, and a special resolution passed under 62(1)(c) of the Companies Act, 2013. p.87
The company shall allocate at least 5% of the Issue to the Designated Market Maker under the Market Maker Reservation Portion as per Regulation 261(4) of the SEBI ICDR Regulations. p.87
The allocation in the Net Issue to the public shall be made as per Regulation 253(1) and 253(2) of the SEBI ICDR Regulations. p.87
The company has considered to allocate up to 60% of the QIB Portion to Anchor Investors on a discretionary basis, which will reduce the QIB Portion for Anchor Investors. p.87
One-third of the Anchor Investor Portion shall be reserved for domestic Mutual Funds, subject to valid bids at or above the Anchor Investor Allocation Price. p.87
The allocation to all categories, except Anchor Investors, shall be made on a proportionate basis, subject to valid bids received at or above the Issue Price. p.87
Not less than 15% of the Net Issue shall be available for allocation to Non-Institutional Bidders. 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.87
Individual Investors shall have their allotment made subject to the availability of shares in the non-institutional investors’ category. p.88
The allocation to Individual Bidders shall not be less than the minimum Bid Lot. p.88
The allocation to Non-Institutional Investors shall be more than two lots which shall not be less than the minimum application size in the Non-Institutional Category. p.88
Capital structure
Who owns what today, past share issues and what the shareholding looks like after the IPO.
This section details the structure of the company's equity share capital, including the authorized, issued, and post-issue share capital amounts. It outlines various allocations for different investor categories, such as Market Makers, Qualified Institutional Buyers (QIBs), Individual Investors, and Non-Institutional Investors. Furthermore, the text provides a detailed history of the company's paid-up equity share capital, including various allotments through different means like cash consideration and bonus issues, along with the names and quantities of the allottees.
The section details the initial issuance of equity shares through a Private Placement on January 07, 2025, involving various allottees. It also provides information on the shareholding of the Promoters and Promoter Group, noting that they collectively hold 87,31,292 Equity Shares, representing 63.35% of the pre-issue paid-up share capital. The text further outlines a 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. The document details the pre-issue and post-issue shareholding patterns for various categories, including Promoters, the Promoter Group, and Public shareholders. Specific details are provided regarding the holding of securities by key individuals and the history of transfers of securities by promoters and their associates.
The company has obtained promoter consent to include a certain number of equity shares as a Promoter 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 is confirmed not to include shares acquired during the preceding three years for specific considerations, such as cash or revaluation of assets, or shares resulting from a bonus issue against equity shares. Furthermore, the shares offered for the minimum promoter contribution are not subject to pledge.
This section covers 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 rules concerning over-subscription and the resulting impact on post-issue paid-up capital, ensuring a minimum lock-in of 20% for shares held by promoters. The section also asserts that no shares held by promoters or the promoter group are currently pledged with financial institutions.
Key points (30)
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
An Anchor Investor Portion was available for up to 14,11,200 Equity Shares fully paid-up for cash at a price of Rs. 88/- per Equity Share, aggregating to Rs. 1241.86 Lakhs. p.103
A Net QIB Portion was available for up to 9,40,800 Equity Shares fully paid-up for cash at a price of Rs. 88/- per Equity Share, aggregating to Rs. 827.90 Lakhs. p.103
An allocation for Individual Investors included 16,57,600 Equity Shares of face value of INR. 5 each at a price of Rs. 88/- per Equity Share. p.103
The Authorized share capital was altered on July 01, 2024, by subdividing the face value per equity share from INR 10 to INR 5/- per Equity Share. p.104
The company had 10,0 Equity shares issued on July 17, 2024, for other than cash consideration by way of Bonus Issue. p.105
The company had 93,600 Equity shares issued on July 25, 2024, for a cash consideration by way of Private Placement. p.106
The total number of Equity Shares issued through the Private Placement was 6,59,200. p.108
Our Promoters, Mr. Manish Goyal and Mr. Govind Rai Garg collectively hold 87,31,292 Equity Shares, representing 63.35% of the pre-issue paid up share capital as of the date of the Prospectus. p.109
None of the Equity Shares held by the Promoters are under pledge. p.111
The shareholding pattern as per Regulation 31 of the SEBI (LODR) Regulations, 2015, as on November 28, 2025, shows Promoters and Promoter Group holding 71.35% of the shares. p.112
As of the date of this Prospectus, there are no partly paid-up shares, outstanding convertible securities, or warrants in the company. p.114
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 Public shareholders was 13.35% pre-issue and 36.31% post-issue. p.114
Manish Goyal held 63.35% of the equity shares pre-issue and 46.56% post-issue. p.114
Manish Goyal held 70% of the pre-issue paid-up capital and 100% of the paid-up capital in a specific calculation. p.114
A private placement allotment occurred on January 07, 2025 for 6,59,200 equity shares at a face value of ₹5.76.20. p.114
The average cost of acquisition of equity shares by Promoters is set forth in a table. p.115
The total holding of shareholders holding 1% or more of the paid-up Equity Share Capital was 80.27% on one list and 80.78% on another list. p.115
A minimum promoter contribution of 20.00% of the post-issue paid-up Equity Share Capital has been granted and is subject to a lock-in period. p.118
The minimum promoter 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 the locking in of 37,52,000 Equity Shares, representing 20.01% of the post-offer paid-up capital, with a 3-year lock-in period. 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 promoter's holding in excess of the minimum promoter contribution is locked in for a period of two years. p.120
A portion of the promoter's holding in excess of the minimum promoter contribution is locked in for a period of one year. p.120
Pallav Singal holds 2.86% of the pre-Issue Equity Share Capital. p.124
Vivinprasath Devaraj holds 1.22% of the pre-Issue Equity Share Capital. p.124
None of the shares held by promoters or the promoter group are pledged with any financial institutions or banks or any third party as security for repayment of 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 proposes to use the net proceeds from the fresh issue to fund various operational and development activities, aiming to achieve the benefits of listing on the NSE. The net issue proceeds are estimated at Rs. 3,717.26 lakhs after deducting issue-related expenses. The funds are earmarked for development and maintenance of the ERIS platform, working capital, investment in office space, and general corporate purposes. 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 of the business, including commercialized tech products, human resources requirements, and the need for computer hardware and software licenses. It outlines the necessary manpower for product development, the quotations received for these resources, and the rationale behind acquiring hardware and software to support development and business growth. Furthermore, it 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, including procuring the space and covering interior fit-out costs. Furthermore, the issue-related expenses are estimated to be substantial, with the lead manager fees accounting for 45.73% of the total expenses.
The section details various fees associated with 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 and provides a schedule for the utilization of these net proceeds across different financial years. The deployment of funds is planned for various purposes such as development and maintenance of a platform, working capital, investment in office space, and general corporate purposes.
The provided section details various financial metrics and performance indicators for the company, including comparisons with industry peers and performance over different financial years. It presents key metrics such as revenue from operations, EBITDA, Profit After Tax (PAT), margins, working capital, net worth, and various ratios. These figures are presented based on restated standalone and consolidated financial statements, with explanations provided for what each KPI signifies.
This section presents various financial ratios and details regarding the offer-for-sale structure, including information on the weighted average cost of acquisition for equity shares. The text includes detailed financial metrics such as current and debt ratios, turnover ratios, and profit ratios, which are based on restated consolidated financial statements. Furthermore, there is a statement regarding the possible special tax benefits available to the company and its shareholders, which is intended for inclusion in the Draft Red Herring Prospectus.
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. Finally, it includes disclaimers regarding the views expressed, noting that they are based on existing provisions of law and are subject to change, with no assurance given that revenue authorities or courts will concur with the views.
Key points (34)
The net proceeds of the Fresh Issue are estimated to be Rs. 3,717.26 lakhs. p.126
Gross proceeds from the Issue were Rs. 4,373.25 Lakhs. p.126
Issue related expenses amounted to Rs. 655.99 Lakhs. p.126
Funds are to be utilized for 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 not exceeding 15% of the amount raised or Rs. 10 Crores, whichever is lower. p.127
Rs. 1,450.00 Lakhs are allocated to meet expenses for Development and Maintenance of the ERIS platform. p.128
Rs. 900.00 Lakhs are allocated to meet expenses for Working Capital to fund business growth. p.128
Rs. 713.00 Lakhs are allocated to meet expenses for Investment in Office space to accommodate new hires. p.128
The total requirement for the ERIS platform development is Rs. 1,450.00 Lakhs. p.130
The total issue size is comprised of 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 internal resources will be ramped up to bring the tech team in-house. p.131
A quotation for Human Resources was taken from Archelons Consulting on November 01, 2025. p.132
Computer Hardware and Software Licenses are required 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 Rs. 604 Lakhs estimated for procurement and Rs. 109.00 Lakhs for interior fitout work. p.138p.139
The company intends to deploy 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
The total estimated expenses for the Issue include issue management fees amounting to 45.73% of the total expenses. p.140
The estimated IPO proceeds amount is 4,373.25 Lakhs. p.141
The proposed utilization of net proceeds includes funding for the expenses of developing and maintaining the ERIS platform. p.141
The proposed utilization of net proceeds includes funding for working capital to support business growth. p.141
The proposed utilization of net proceeds includes funding for investment in office space to accommodate new hires. p.141
The proposed utilization of net proceeds includes funding for general corporate purposes. p.141
NAV after the Issue was calculated at 32.06 based on the Cap Price. 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.146
Profit after tax for the period ended June 30, 2025 was 78.16 Lakhs. p.146
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 based on restated standalone financial statements. p.150
The text provides 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 various ratio explanations. p.151
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 consolidated financial statements for the company, including the statement of assets and liabilities, profit and loss, and cash flow, for four different fiscal years ending March 31, 2023, June 30, 2025, and March 31, 2025. The data is presented in Lakhs for financial figures. The statements detail changes in equity and liabilities, revenue, expenses, profit after tax, and cash movements from operating, investing, and financing activities.
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 the conditions under which the issue is subject to change and the requirements for filing the prospectus with regulatory bodies. 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 (28)
Share capital as at June 30, 2025, was 3,689.12 Lakhs. p.89
Long-term borrowings as at June 30, 2025, was 175.64 Lakhs. p.89
Short-term borrowings as at June 30, 2025, was 557.99 Lakhs. 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 attributable to Owners of Holding company for the period ended June 30, 2025, was 119.50 Lakhs. p.90
Cash flow from operating activities for the period ended June 30, 2025, was -119.66 Lakhs. p.91
Net cash used in investing activities for the period ended June 30, 2025, was -282.05 Lakhs. p.91
Narnolia Financial Services Limited is the Book Running Lead Manager (BRLM) to the Offer. p.94
Narnolia Financial Services Limited is the Sponsor Bank. p.95
The Board of Directors includes Manish Goyal as Executive Director & CEO. p.95
The Book Building Process involves collection of bids based on the Red Herring Prospectus within the Price Band decided by the Company in consultation with the BRLM. p.98
All Bidders (except Anchor Investors) must participate through the ASBA process. p.98
Individual investors who apply for minimum application size may participate 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 apply 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 SEBI ICDR Regulations permit the issuance of securities to the public through the Book Building Process, with allocation to the public made as per Regulation 253 of the SEBI ICDR Regulations. p.98
The Book Building Process is in accordance with guidelines, rules and regulations prescribed by SEBI and is 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 Issue is 100% Underwritten by the Company and BRLM. p.100
The Red Herring Prospectus and Prospectus shall be filed on the Emerge Platform of National Stock Exchange of India Limited. p.100
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. 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 the 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 operates within a legal and regulatory environment in India that may differ from other countries. Risks include the potential obsolescence of the existing Exim Routes Intelligence System (ERIS) technology and the need for significant capital investment to adopt new technologies. Furthermore, regulatory restrictions on wastepaper trading and environmental compliance can disrupt supply chains. The company's reliance on trading recyclable paper exposes it to cyclical market fluctuations, and high trade receivables pose a risk to cash flows. Finally, the business is working capital intensive, and fluctuations in financing or customer payments could negatively impact operations.
The prospectus outlines several material risks for the company, including potential disruptions related to office relocation and capital expenditure delays. There are concerns regarding the reliability of the company's computer systems and network infrastructure, which could lead to operational issues or data breaches. Furthermore, the development of the ERIS product is subject to technical challenges, cost overruns, and delays due to third-party dependencies. The company's revenue is concentrated in specific geographic regions, making it vulnerable to economic downturns and market volatility. Finally, reliance on a limited number of suppliers for procuring recyclable paper poses an operational risk, and ongoing litigation could result in significant liabilities.
The risk factors identified in this section cover several areas, including potential negative cash flows, vulnerability to changing regulations during software development, issues with intellectual property registration, dependence on raw material price volatility, and contingent liabilities. Furthermore, there are concerns regarding the certainty of customer relationships due to reliance on purchase orders, potential quality issues with supplied products, and the risk associated with unsecured loans and restrictive covenants. Finally, the section addresses related party transactions with promoters and the potential impact of promoter inexperience on company growth.
This section details various transactions between the company and related parties, including short-term borrowings, trade payables, advances to suppliers, employee related payables, and other related financial movements. 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 transactions.
This section details various financial movements, including changes in outstanding amounts, payments, and investments across different entities. It also highlights risks related to related party transactions, the potential for adverse effects due to such transactions, and operational risks concerning the handling of goods in logistics. The company cautions that even with measures in place, lapses in handling could lead to reputational damage, legal disputes, and operational disruptions.
This section outlines several key risks for the company, including the difficulty in finding comparable public peers for performance benchmarking. There is a significant risk associated with expanding into new market segments, as this diversification may expose the company to operational challenges, intense competition, and regulatory hurdles. Furthermore, the company faces risks related to the timely utilization of funds raised through the Issue, potential dependency on a small number of major customers, and the vulnerability of operations to the loss of key personnel or employee misconduct. Finally, there are concerns regarding the protection of intellectual property, changes in data privacy laws, and the sufficiency of insurance coverage to cover unforeseen losses.
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 such non-compliances. Additionally, there are concerns about conflicts of interest arising from the financial interests of directors and key personnel, and the potential impact of interest rate fluctuations on the company's cash flow.
This section outlines several key risks facing the company, including potential disruptions from key personnel departures, challenges in marketing effectiveness, and issues related to the issuance of equity shares at potentially unfavorable prices. The company faces risks concerning dividend payments, the strain of public listing requirements, competitive pressures on its subscription model, and the need to adapt to evolving data and environmental regulations. Furthermore, the reliance on the performance of the AI platform and exposure to cross-border transfer regulations pose significant threats to operations and financial stability.
The company faces risks from changes in regulations concerning the import, export, or trade of wastepaper, which could significantly impact its business model. International operations expose the company to complex management, foreign currency, hedging, legal, tax, and economic risks across multiple jurisdictions. Furthermore, there is exposure to volatility in currency exchange rates, which can affect procurement costs and sales revenue. The company is vulnerable to adverse events such as natural disasters, pandemics, and political instability, which can disrupt operations and damage assets. Risks also exist from changes in Indian tax laws and regulations, as well as constraints on raising foreign capital due to exchange controls. Finally, the market for the equity shares is not established, and the price can be volatile due to various market factors.
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 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 various events, such as adverse changes in monetary policy or economic conditions, might occur between application submission and allotment, and the company may complete allotment despite these events, which could limit the ability of applicants to sell or cause the trading price to decline.
Key points (92, 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 and limiting its effectiveness, which may impair the ability to attract and retain users, reduce transaction volumes, and negatively impact 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 these advancements into the existing technology, which could lead to increased capital expenditures and temporarily affect 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 subsidiaries incorporated in jurisdictions where such activities are permitted under local laws, which subjects the company to jurisdictional dependencies and compliance requirements in multiple regulatory environments. p.42
Any 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 major revenue is sourced from the trading of Paper Recyclables. 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 over time. p.43
Any 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 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 require 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
Any delays in customer payments or changes in credit terms may adversely impact liquidity and cash flows, resulting in increased reliance on borrowings. p.44
The property used by the company as its registered office is not owned by the company, and any 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 of the lease/rent may lead to increased costs due to rent escalations. p.44
Relocation of business operations may result in disruption or higher costs for the company. p.45
Failure to complete acquisition/fit outs on time may delay capital expenditure, affecting business operations, financial results, and cash flow. p.45
The company plans to utilize 713.00 lakhs from the Fresh Issue towards funding new office space, with a significant portion earmarked for fit-out work. p.45
Security breaches, system failures, and fraud within computer systems and network infrastructure may 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 the business. p.45
The platform's complexity and reliance on third-party service providers expose the company to performance issues from various factors like hardware defects, cyberattacks, or natural disasters. 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 product “ERIS” is subject to unanticipated delays and cost overruns. p.46
Software development projects may encounter unforeseen technical challenges, evolving requirements, and dependencies on third-party vendors, leading to delays and cost escalations. p.46
Delays in software implementation may lead to increased costs due to additional resources or extended vendor contracts, potentially pressuring financial resources. p.46
Revenue dependence on customers from specific geographic locations exposes the company to risks from economic downturns and regional market volatility. p.46
Adverse economic conditions or regional disruptions could cause customers to reduce or postpone orders, impacting revenue and business performance. p.47
The company relies on a limited number of foreign suppliers for the procurement of wastepaper, which exposes it to operational risks if suppliers terminate supply. p.47
Disputes with suppliers may damage relationships with existing and potential suppliers, adversely affecting operations, profitability, and reputation. p.47
Ongoing litigation involving the Company, Promoters, Directors, and Group Companies could 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
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.50
Negative cash flows from 'Operating activities' and 'Investing activities' in previous financial years could adversely affect the business, financial condition, and results of operations. p.50
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 may change during the development phase, requiring continuous monitoring and adaptation to ensure the software remains relevant. 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 legal challenges. p.52
The present promoters are first-generation entrepreneurs, and their limited experience in running a listed company could hinder future company growth. p.52
Contingent liabilities disclosed in the restated financial statements could materially affect the company's financial condition. p.52
The company's business relies on the sourcing and procurement of recyclable paper, making it vulnerable to price fluctuations due to global demand, supply dynamics, trade policies, and currency changes. p.53
Fluctuations in the price of recyclable paper may adversely affect the company's business, results of operations, and financial condition. p.53
The company's business is dependent on purchase orders rather than long-term contracts, which limits revenue certainty and affects business relationships. p.53
A reduction in purchase orders from existing customers could adversely affect revenue and profitability, potentially requiring the company to seek new buyers. p.53
Failure to meet the desired quality specifications of recyclable paper products may lead to client rejections, discounts, delays, or contract terminations. p.53
Adverse quality issues could result in direct financial loss, affect goodwill, client relationships, and overall market reputation. p.53
Unsecured loans amounting to Rs. 733.63 Lakhs may be recalled by lenders at any time, potentially affecting the company's ability to find financing. p.54
Breach of restrictive covenants under loan and credit facilities may allow lenders to demand immediate repayment of the entire outstanding amount. p.54
Certain related party transactions with promoters and other entities are in compliance with applicable laws. p.54
Short-term borrowings from Manish Goyal showed a significant increase in the amount outstanding at the end of the year compared to the beginning. 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 at the end of the year. 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
Employee related payables for Bhawna Sharma showed an increase in the outstanding amount after accounting for expenses. p.58
The final entry for Vivinprasath Devaraj resulted in a net decrease in the outstanding amount after accounting for payments made. p.59
The calculation shows the change in amount outstanding at the beginning of the year, including expenses, payments, and receipts. p.60
There are risks associated with related party transactions that may have adverse effects on the business, prospects, results of operations, and financial condition due to potential conflicts of interest. p.60
Improper handling of goods during logistics operations poses a risk to damage reputation and adversely impact business, financial performance, and market position. p.63
Failures in transportation, storage, or delivery processes, whether due to human error, negligence, theft, or fraud, could cause operational disruptions, delays, and increased costs. p.63
Litigation and regulatory matters
Litigation
Court cases, tax disputes and regulatory proceedings involving the company, promoters and directors.
This section primarily details various financial statements and schedules related to the company's assets, receivables, cash balances, revenue, income, purchase of stock-in-trade, cost of services, and employee benefits. It includes statements for different reporting periods, such as June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023. The data presented covers trade receivables, cash and bank balances, revenue from operations, various income streams, inventory changes, cost of services, and employee-related expenses.
The provided section details various financial statements and disclosures, including statements for the years ending June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023. It includes statements for finance cost, depreciation and amortization, other expenses, earnings per share, contingent liabilities, and employee benefits obligations. Notably, there is a disclosure regarding a corporate guarantee provided in favor of Scan4health Diagnosis Private Limited for facilities availed from CSB Bank, with maximum potential liability amounts specified for different reporting dates.
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 such as directors and employees. Furthermore, it presents details on trade payables, employee related payables, and various amounts due to or from suppliers and investors, as well as investment balances in subsidiaries.
The provided section primarily details financial movements, including outstanding amounts for various entities, statements of earnings in foreign currency, and various financial ratios. It includes data on receivables, loan receivables, inventory movements, and various financial metrics such as current ratios, debt-equity ratios, and tax calculations. The data spans across different reporting periods, showing changes in assets, liabilities, and profitability.
This section primarily details various compliance and financial statements related to the company, including confirmations regarding defaulter status, property ownership, accounting software usage, and regulatory approvals. 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 presentation of segment information, and details regarding the conversion from a Private to a Public Company, along with the approval process for the name change.
Key points (58)
Trade receivables data is presented across various ageing schedules, including amounts for different time buckets (e.g., Unbilled Not Due, 6-12 Months, 1-2 Years, 2-3 Years, More than 3 years) for different dates. p.337p.338
A total of 647.93 lacs was recorded for disputed, considered doubtful trade receivables as of June 30, 2025. p.337
A total of 1,003.11 lacs was recorded for unsecured, considered doubtful trade receivables as of June 30, 2025. p.337
A total of 861.57 lacs was recorded for unsecured, considered good trade receivables as of June 30, 2025. p.337
Cash and bank balances were reported as 65.40 lacs as of June 30, 2025. p.338
Gratuity written back was 11.96 lacs as of June 30, 2025. p.339
The purchase of stock-in-trade (Paper) was 640.70 lacs as of June 30, 2025. p.339
Revenue from operations outside India included Sale of services of 121.30 lacs as of June 30, 2025. p.339
Interest income from loans and advances was 2.49 lacs as of June 30, 2025. p.339
Revenue from operations within India included Sale of products of 551.61 lacs as of June 30, 2025. p.339
The cost of services (Freight) was 9.98 lacs as of June 30, 2025. p.339
Salaries, wages and bonus totaled 14.88 lacs as of June 30, 2025. p.339
The total interest on borrowings for the period showed fluctuations, with values of 12.67 lacs, 16.86 lacs, 1.30 lacs, and 1.25 lacs. p.340
The total depreciation on property, plant and equipment for the period showed values of 1.33 lacs, 24.29 lacs, 24.28 lacs, and 14.80 lacs. p.340
The total other expenses included power and fuel expenses, repairs & maintenance, rent expense, insurance expense, rates and taxes, office and administration expenses, interest on delay in payment of statutory dues, travelling & conveyance, business promotion expenses, auditor fees, and director sitting fees. p.340
The total legal and professional expenses for the period showed values of 14.67 lacs, 26.43 lacs, 18.50 lacs, and 47.95 lacs. p.340
The total contingent liabilities showed amounts of 726.73 lacs, 769.62 lacs, 435.89 lacs, and a zero amount for the latest period. p.341
The maximum potential liability under the corporate guarantee given to Scan4health Diagnosis Private Limited for facilities availed from CSB Bank was ₹ 726.73 lacs as of June 30, 2025. p.341
The company has not met the financial thresholds specified for CSR applicability for the years ending 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 if it meets financial thresholds based on net worth, turnover, or net profit. 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/years 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 due to not meeting financial thresholds. p.342
Various related parties, including directors, executives, and a CS, were involved in transactions with the company. p.343
The amount of interest accrued and remaining unpaid at the end of each accounting year is disclosed in the related party section. p.343
Disclosures regarding payments due to any MSME supplier are provided under the MSMED Act, 2006. p.343
Short-term borrowings by Manish Goyal showed an outstanding amount at the beginning of the year of 22.28 lacs, 255.48 lacs, and 111.61 lacs. p.344
Trade payables for Exim Routes Inc., USA showed an outstanding amount at the end of the year of 55.60 lacs, 42.79 lacs, and 8.34 lacs. p.345
Investment in Exim Routes Pte. Ltd., Singapore showed an outstanding amount at the end of the year of 240.23 lacs, 40.51 lacs, and 40.51 lacs. p.346
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 of 9.23 lacs and a sale of Fixed Asset of 22.15 lacs, with an amount received of 31.38 lacs. p.347
Manish Goyal had an outstanding amount of 26.56 lacs at the beginning of the year, which increased by the sale of a Fixed Asset of 26.56 lacs, and was offset by received amounts of 26.56 lacs. p.347
Loan Receivables for Scan4health Diagnosis Private Limited showed an outstanding amount of 56.08 lacs at the beginning of the year, which increased by a loan given of 1.63 lacs, and was offset by received amounts of 2.00 lacs. p.347
The statement shows a Corporate Guarantee to Scan4health Diagnosis Private Limited. p.347
Inventory movement data is provided, showing inventory at the beginning of the year as 15.94 metric tons, and inventory at the end of the year as 891.34 metric tons. p.347
Various financial ratios, including Current Ratio (251.12%), Debt-Equity Ratio (85.85%), Debt Service Coverage Ratio (86.71%), and Return on Equity (3.86%), are presented. p.349
The statement details various components of the Balance Sheet, such as Current Assets, Current Liabilities, Shareholders' Equity, and Total Assets. p.349
The statement includes details on the calculation of various financial ratios such as Inventory Turnover Ratio (1975.84%) and Trade Receivable Turnover Ratio (20.46%). p.349
The statement provides details on the calculation of various financial ratios such as Trade Payable Turnover Ratio (120.00%) and Net Capital Turnover Ratio (-98.94%). p.349
The statement details the calculation of various financial ratios such as Net Profit Ratio (55.45%) and Return on Capital Employed (-20.47%). p.349
The statement includes details on the calculation of various financial ratios such as Return on Investment (3.86%) and Net Profit After Taxes (3.64%). p.349
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, as per Para 4 of Scope of Accounting Standard 17 "Segment Reporting". 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 (IPO). 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 examining the financial information in light of these requirements and the engagement terms.
This section primarily details the accounting policies and basis of preparation for the financial statements. It confirms that the financial statements were prepared in conformity with various requirements, including the Companies Act, ICDR Regulations, and Guidance Notes from the ICAI. The company has stated that the financial statements are prepared on an accrual basis and that management makes estimates and assumptions affecting the reported amounts. Specific policies are outlined for revenue recognition, the classification of assets and liabilities as current or non-current, and the accounting for property, plant, and equipment.
This section details various accounting policies and disclosures related to the financial statements, including treatment for intangible assets, depreciation, impairment, borrowing costs, leases, inventory valuation, employee benefits (including provident fund and gratuity plans), and taxation matters. It also covers aspects of share capital structure, including changes in authorized and issued shares, bonus issues, and share splits. Furthermore, the text outlines details regarding the ownership structure of the company, including the percentage holdings of various shareholders and 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 movements in reserves, borrowings, and trade payables. Specific details are provided regarding loans from banks and NBFCs, as well as related party and other party loans, along with details on cash credit facilities and the nature of trade payables.
This section primarily details various financial schedules and asset information for Exim Routes Limited. It includes aging schedules for trade payables, statements of current liabilities, provisions, and breakdowns of property, plant, and equipment, as well as intangible assets under development. The text also provides context on the development of an AI-enabled platform called ERIS.
The provided section details various financial statements and schedules for Exim Routes Limited, including restated statements for goodwill, deferred tax assets, inventory, trade receivables, cash balances, revenue, other income, purchase of stock-in-trade, cost of services, employee benefits, finance costs, depreciation, and other expenses. The data is presented across different reporting periods, such as June 30, 2025, March 31, 2025, March 31, 2024, and March 31, 2023.
The section details various financial disclosures related to earnings per share, contingent liabilities, employee benefits, leases, and related party transactions. It outlines the recognition of corporate guarantees provided to a third-party for facilities availed from a bank, noting that management does not expect any outflow of resources from this guarantee. Furthermore, it covers the accounting for gratuity liabilities, including the distinction between funded and unfunded components, and the reconciliation of the present value of the defined benefit obligation. The document also includes details on operating leases, CSR expenditure compliance, and extensive disclosures regarding related party transactions, including borrowings, trade payables, and payments to various directors and related entities.
This section primarily contains financial data related to the movement of various accounts, including amounts outstanding, trade receivables, trade payables, and inventory, across different reporting periods. It also includes details on financial ratios and explanations for variances between reporting periods. The data covers aspects such as inventory changes, foreign currency exposures, and various financial metrics like current ratio, debt-equity ratio, and return on equity.
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 profit before tax, tax rates, and various adjustments. Furthermore, it outlines the structure of the group's subsidiaries, including ownership percentages, and provides summarized balance sheets and profit and loss statements for the individual subsidiaries and the consolidated group.
The provided section details various financial statements and segment reporting information for the company, including figures for Product Services and Geographical segments. It outlines the nature of the business segments, which include the sale of recyclable paper and paper-related chemicals, management consultation services, and container handling/freight forwarding services. The text also includes disclosures regarding the approval of financial statements by the Board of Directors and several representations concerning transactions, property holdings, and borrowings.
This section primarily contains financial information and management's discussion and analysis of the company's financial condition and operating results for various periods. It directs readers to other parts of the prospectus for detailed financial statements and forward-looking statements. The text details revenue, income, expenses, and profit before and after tax for both consolidated and standalone financial statements across different fiscal years.
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 various expenditure categories such as purchase of stock, cost of services, employee benefits, finance costs, depreciation, and other expenses. The text provides a comparison of financial performance between the fiscal years 2024-2025 and 2023-24, highlighting significant increases in revenue and certain expenses. Furthermore, it details changes in other income and tax expenses over the period.
The section details various financial performance metrics, including revenue, expenses, and profit after tax, across different fiscal years. It highlights improvements in PAT margins due to strategic shifts in the business focus and operational efficiencies. The text also provides a comparison between historical financial data and recent performance metrics.
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 fiscal years, including decreases in employee benefit expenses and changes in finance costs, alongside increases in depreciation and amortization expenses. Furthermore, it outlines changes in other expenses, such as travelling and legal charges, and shows significant growth in profit before and after tax. The text also provides extensive details regarding the company's borrowings from banks and financial institutions.
The section primarily addresses the status of outstanding litigations, including suits, criminal proceedings, civil proceedings, and actions by regulatory or statutory authorities. It states that there are no outstanding litigations against the Company, Directors, Promoters, Group Companies, or other parties that could have a material adverse effect on the business, operations, or financial position. It also clarifies criteria for what constitutes 'material' litigation for disclosure purposes, such as relating to turnover, net worth, or profit/loss. Furthermore, it details specific regulatory actions, such as a Show Cause Notice from the ESIC, and lists various pending and past cheque bounce cases under the Negotiable Instruments Act.
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 direct taxes against the promoter, Manish Goyal, including a revised amount following a response, and another outstanding demand for an earlier assessment year. Furthermore, the subsidiary has faced various tax proceedings from different US tax authorities, including notices for non-payment of estimated corporate income taxes, and notices concerning federal tax deposits. No disciplinary actions have been initiated by SEBI or stock exchanges against the promoters or the subsidiary in the last five financial years, and there are no other material litigations initiated against the promoters or the subsidiary.
The company has 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 no pending proceedings for economic offences, and neither the company nor its promoters have been categorized as wilful defaulters by the Reserve Bank of India. The company has obtained necessary approvals for the issue, including approval from NSE to use its name in the Offer document for listing on the Emerge Platform. The company has entered into agreements with NSDL and CDSL for the dematerialization of its shares, and its International Securities Identification Number (ISIN) is INE19I001020.
The company holds several business-related certifications, including a Udyam Registration Certificate and an Importer-Exporter Code (IEC). The company has confirmed that it does not have any pending licenses or approvals from Central or State Governments, RBI, or other regulatory authorities for proposed expansions. Various resolutions have been passed by the Board and Shareholders to authorize the issue, and the company has obtained approval from NSE to use its name for the listing on the Emerge Platform. Furthermore, the company has confirmed that it and its promoters have not been prohibited from accessing capital markets and have not been declared wilful defaulters by the RBI or other government authorities.
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 various requirements regarding name changes, involvement with the Board for Industrial and Financial Reconstruction (BIFR), winding-up petitions, and changes in promoters have been addressed. Furthermore, the company affirms compliance with SEBI (ICDR) Regulations and clarifies the limitations of liability regarding the prospectus content and the role of the book running lead manager.
This section details various aspects related to the issuance of equity shares, including historical IPO data, financial summaries, and regulatory approvals. It outlines the process for obtaining permission to trade equity shares on the NSE and the company's commitment to complete necessary listing formalities within three working days of the offer closing date. Furthermore, it includes disclaimers regarding the registration of equity shares under U.S. securities laws and restrictions on offering shares outside of India.
This section details 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 outlines specific requirements for investors, such as the mandatory use of the Application Supported by Blocked Amount (ASBA) facility 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 and transmission of equity shares, including provisions for nominees and the process for making fresh nominations. It also outlines restrictions on the transfer and transmission of shares, noting that there are no restrictions except for the lock-in of pre-issue capital and certain provisions in the Articles of Association. Furthermore, the text discusses arrangements for the disposal of odd lots based on SEBI circulars and various requirements for the issue, such as minimum subscription levels and the process for withdrawal of the issue. It also specifies timelines for the issue process, including the opening, closing, and finalization of the allotment basis.
This section details various regulatory requirements and procedures related to the issuance of securities, including conditions for migrating 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 process under the Book Building Process, and the procedures for submitting applications and dealing with various regulatory circulars and timelines.
The section details various phases of public issue procedures, including Phase I, II, and III, which have different applicability timelines and processes. It outlines specific SEBI circulars that govern these phases, including extensions for the UPI mechanism. Furthermore, it specifies requirements for investor grievances, such as the appointment of a nodal officer and the timely unblocking of investor accounts. The text also details various methods for submitting applications, including through different intermediaries and the use of UPI for fund blocking.
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 conditions based on the nature of the investor and the company's sector, particularly for insurance and banking 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 based on the size of the portion allocated, and procedures for handling applications, including those made through various legal entities. Furthermore, it specifies the flow of events from the closure of the bidding period until the final allotment, including validation of electronic bids and the process for generating lists of allotees.
This section details various rules and instructions related to the allotment process for equity shares, including how proportionate allotment is determined, adjustments for oversubscribed issues, and specific requirements for bidders. It outlines procedures for handling bids, including the use of various payment mechanisms like ASBA and UPI, and stipulations regarding the submission of documents and funds. Furthermore, it specifies conditions under which applications may be rejected, such as mismatches in investor details or non-compliance with various statutory requirements.
This section details various procedural rules and restrictions related to the application and allotment of equity shares, focusing heavily on application matching and rejection criteria. It outlines procedures for detecting multiple applications based on names, addresses, DP IDs, and PANs. Furthermore, it specifies rules regarding the use of different payment mechanisms, such as ASBA, UPI, and the prohibition of certain instruments like stock invest for payment. The text also covers rules for rejecting bids based on various technical grounds and clarifies the process for dematerialization of equity shares.
This section details various procedural aspects related to the issuance of equity shares, including the transfer of funds, allotment processes, and handling of applications. It outlines timelines for issuing allotment advice, crediting securities to beneficiary accounts, and the responsibilities of various entities in finalizing the allotment basis according to SEBI ICDR Regulations. Furthermore, it specifies procedures for handling refunds, including timelines and methods, and outlines undertakings by the company regarding the utilization of issue proceeds and the process for withdrawing the issue.
This section details the procedures for the Application Supported by Blocked Amount (ASBA) process for investors applying for a public issue, including requirements for payment modes and rules regarding foreign investment. It outlines how investors can apply, the conditions under which funds are blocked, and the subsequent transfer of funds upon finalization of the basis of allotment. Furthermore, it specifies restrictions on foreign investment and the manner in which shares can be transferred between Indian residents and non-residents.
This section details various aspects related to the allotment and trading of equity shares, including minimum application sizes and lot sizes as standardized by SEBI. It specifies rules for the mode of allotment, the terms of payment, and conditions under which the company reserves the right to withdraw the issue. Furthermore, it outlines the jurisdiction for the issue and sets specific timelines for applications and cut-off times.
This section primarily outlines various provisions related to the issue, modification, and handling of company shares and securities. It details rules concerning the redemption of preference shares, the power of the company to reduce share capital, and the issuance of various securities like debentures. Furthermore, it covers the rules for issuing sweat equity shares to employees and the general powers of the Board regarding the allotment and disposal of shares. The text also specifies procedures for issuing share certificates, including requirements for sealing, documentation, and handling of lost or damaged certificates.
This section details various provisions related to the issuance, transfer, and payment of calls and amounts due on shares and debentures. It outlines rules for issuing new certificates, the liability of joint holders, and the company's rights concerning calls, including the ability to make them by installments or to charge interest on overdue amounts. Furthermore, the text discusses the Board's discretion in recognizing interests in shares and the company's lien over shares and their proceeds.
This section details the procedures surrounding the forfeiture of shares and the subsequent rights of the former member. It outlines that if certain requirements are not met, shares may be forfeited, and the forfeiture process involves notifying the member and making an entry in the Register of Members. Furthermore, it specifies that forfeited shares become the property of the Company and can be disposed of as the Board deems fit. The section also covers the rights of the former member to pay outstanding amounts and the conditions under which the forfeiture may be remitted.
This section primarily details various provisions related to the transmission of shares, nomination of successors, and the handling of various security forms. It outlines procedures for transferring shares upon the death or incapacity of a member, including conditions for registration and the role of the Directors. Furthermore, it covers rules regarding the handling of transfers outside India and the company's liability concerning notices prohibiting such transfers. The text also discusses the process for a holder to nominate a successor and the subsequent rights of that nominee, as well as provisions for the conversion of shares into stock.
This section details various provisions related to the company's financial dealings, including the securing of payments and the issuance of securities. It outlines conditions under which money borrowed or raised can be secured, such as through mortgages or guarantees. Furthermore, the text covers rules regarding the convening of general meetings, the role of the Chairman, and the voting rights of members, including provisions for various voting methods and the handling of proxy appointments.
This section details various procedural aspects related to the Board of Directors, including rules for voting objections, the composition of First Directors, and the powers delegated to the Board. It outlines rules concerning the appointment of nominee directors, the handling of sitting fees for nominee directors, and provisions for appointing alternate or additional directors to fill vacancies. Furthermore, the text specifies the Board's general powers, such as acquiring property, constructing buildings, and insuring company assets.
This section details various powers and functions granted to the company, primarily concerning contractual obligations, legal proceedings, and financial management. The powers include securing contracts through mortgages, handling bankruptcy matters, managing investments, and dealing with various financial transactions. Furthermore, the company has the authority to apply for and obtain necessary licenses and authorizations from government bodies. The text also covers provisions related to employee benefits, the establishment of funds for contingencies, and the acquisition of intellectual property rights.
This section outlines various powers and duties related to the company's operations, including the ability to undertake certain transactions, delegate powers, and comply with local laws. It details the Board's authority to appoint management personnel, the remuneration structure for directors, and the handling of company seals. Furthermore, it covers the declaration and payment of dividends, including the Board's discretion in setting aside reserves and carrying forward profits.
This section primarily outlines various provisions related to dividends, share transfers, capitalization of profits, and the inspection of company records. It details rules concerning the apportionment and payment of dividends, the retention of dividends when members are indebted to the company, and the effect of share transfers on dividend rights. Furthermore, the text covers procedures for capitalizing profits and applying these funds towards paying up unpaid shares or issuing bonus shares. It also establishes rules for the inspection of general meeting minutes and accounts by members, and dictates the requirements for signing documents and the secrecy obligations of company personnel.
This section details various material contracts and documents related to the issuance 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 various professionals and entities, including auditors, legal advisors, and due diligence firms. The section concludes with a declaration by the directors affirming compliance with relevant laws and the accuracy of the statements made in the Prospectus.
Key points (434, 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 IPO. 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 Company’s Board of Directors is responsible for the preparation of the Restated Consolidated Financial Statement & other financial information for filing with the Securities and Exchange Board of India, stock exchanges, and the Registrar of Companies (ROC). p.354
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
Auditors' work was performed to assist the company in meeting its responsibilities regarding compliance with the Act, ICDR Regulations, and the Guidance Note. 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 accounting principles in India. p.356
The auditors' report concluded that the Restated Consolidated Financial Information did not contain any qualifications requiring adjustments. p.356
The auditors' report confirmed that the financial information was prepared in accordance with the Act, ICDR Regulations, Engagement Letter, and Guidance Note, and gave a true and fair view in conformity with applicable accounting principles. 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
The company has stated that the financial statements were prepared on the basis that it will continue to operate as a going concern. p.361
Assets and liabilities are classified as current or non-current based on the Company’s normal operating cycle, which is ascertained as 12 months. p.362
Current assets include the current portion of non-current financial assets. p.362
Tangible fixed assets are stated at cost of acquisition net of recoverable taxes, less accumulated depreciation and impairment losses. p.362
Depreciation is calculated on the Written down value method at useful lives specified as per schedule II to the Act, except for certain plant and machinery which are depreciated based on useful lives applicable to continuous process plant. p.363
Borrowing costs directly attributable to the acquisition or construction of assets that take a substantial period to be ready for intended use are included as cost of such assets to the extent they relate to the period till such assets are ready to be put to 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
Retirement benefits in the form of Gratuity are accounted for based on an actuarial valuation by an independent actuary. p.364
Current income tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961. p.365
Minimum alternate tax (MAT) is charged to the Statement of Profit and Loss as current tax for the year. p.365
Foreign currency transactions are recorded at the rate of exchange prevailing at the date of transaction. p.365
The Holding company availed an irrevocable option allowed by the Ministry of Corporate Affairs vide its notification dated 29th December, 2011 on Accounting Standard -11 ‘The Effects of Changes in the Foreign Exchange Rates’. p.365
The holding company does not have any holding company. p.367
Manish Goyal holds 52.95% of the equity shares. p.367
Govind Rai Garg holds 10.40% 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 banks totaling 77.41 lacs as of June 30, 2025. p.370
The company has taken unsecured loans from related parties, including Manish Goyal, Govind Rai Garg, Vijay Kumar Rathi, Good Earth SCM Pte Ltd, Yogesh Pratap Shishodia, Chhonker Bharti, and Anshul Bansal. p.371
The company has taken unsecured loans from other parties, including Shekhar Shashank, Amit Goel, Krishna Prashad Kesavan, Vinita Katti, Deepa Gupta, and Relikan Corporate Advisors Pvt Ltd, and Greenmove Pte Ltd. p.372
Total outstanding due to micro enterprises and small enterprises is 4.50 lacs as of June 30, 2025. 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 platform during the 2023-24 financial year, which included three key features: Demand and Supply aggregation module, Price Discovery and Bidding to enable online trading, and Data integrations to enable basic insights and analytics. p.377
The Group is currently developing Phase 2 of the 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, showing values for different reporting periods. p.378
Restated Statement of Trade receivables is provided, detailing various categories and ageing schedules for different dates. p.379
Restated Statement of Short-term loans and advances is provided, detailing various components for different reporting periods. p.380
Restated Statement of Revenue from operations is provided, showing sales of products and services within and outside India. p.381
Restated Statement of Other income is provided, detailing interest income, foreign exchange fluctuation gain, and other items. p.381
Restated Statement of Purchase of stock-in-trade is provided, showing the purchase of paper stock. p.381
Restated Statement of Change in inventory of stock-in-trade is provided, showing opening and closing inventory. p.381
Restated Statement of Cost of services is provided, detailing the cost of services (Freight). 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, salaries, and legal fees. 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
Trade receivables from Scan4health Diagnosis Private Limited showed a net decrease during the year. p.389
A significant portion of trade payables in foreign currency was recorded as a payable for investment in EUR. p.391
The company's current ratio was 46.91% for the year ended June 30, 2025. p.391
The debt-equity ratio was 77.91% for the year ended June 30, 2025. p.391
The return on capital employed was -30.59% for the year ended June 30, 2025. p.391
Tax rates applicable to foreign subsidiaries are different from India's rates. p.393
The consolidated financial statements include 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. p.394
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), having experience in the recyclables trading industry and international business expansion. Vivinprasath Devaraj is the Executive Director, with experience in the recycled paper industry and quality control. Charu Jora is a Non-Executive Director with a background in the medical and healthcare management sector. Komal Goel is an Independent Director with extensive experience in auditing and compliance management. Mohit Garg and Mahender Singh Tanwar are Independent Directors with expertise in corporate finance, auditing, and regulatory compliance.
The section details the shareholding of the company's directors in their personal capacity, noting that the Articles of Association do not require directors to hold qualification shares. It outlines various deemed interests of directors, such as fees, remuneration, loans, and equity shares, in relation to the company. Furthermore, it clarifies that directors are not interested in the appointment of certain intermediaries and specifies that directors do not have other interests in the company's business or property, except as detailed elsewhere in the prospectus. The text also covers provisions regarding service contracts, benefits upon termination, and the absence of bonus or profit-sharing 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 to investigate, review documentation, formulate policies, and make recommendations that may be binding on the Board.
The section details the authorization powers granted to certain officers for various actions related to the Issue, including executing agreements, dealing with various parties, and making payments. It also outlines the applicability of SEBI Listing Regulations upon the company's listing on the NSE Emerge Platform. The text then introduces the Key Managerial Personnel (KMP) and Senior Management Personnel (SMP) of the company, including their designations, educational qualifications, appointment dates, and previous employment details. Furthermore, it clarifies that the KMPs are permanent employees, no service contracts exist, and no bonus or profit-sharing plans are in place.
Key points (42)
Manish Goyal is the Director and CEO of the Company. p.267
Govind Rai Garg is the Promoter and Executive Director of the Company. p.268
Govind Rai Garg is a qualified Chartered Accountant and a member of the Institute of Chartered Accountants of India (ICAI). p.268
Govind Rai Garg holds a Bachelor of Commerce degree from the University of Delhi (2015). p.268
Since 2019, Govind Rai Garg has been the Co-Founder and Director of Exim Routes Group (India) 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.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 in 2009 as a Process Engineer at Metso Paper India Private Limited. p.271
Manish Goyal was 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. p.271
Govind Rai Garg began his career with Ernst & Young India as a Senior Consultant in International Tax and Transfer Pricing (2016–2017). p.271
Govind Rai Garg later served as a Partner at Mehrotra & Mehrotra, Chartered Accountants (2018–2025), where he advised clients on accounting, taxation, and cross-border financial matters. 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 worked as Proprietor of Virthi Papers International since 2020. p.272
Mr. Vivinprasath Devaraj joined Exim Routes Limited in 2024 as a Director responsible for quality control and customer relationship management in the Southern Indian market. p.272
Ms. Charu Jora is a Non-Executive Director of the Company. p.272
Ms. Charu Jora holds an MBBS degree and has over 8 years of experience in the medical and healthcare management sector. p.273
Ms. Charu Jora was appointed as a Non-Executive Director with effect from May 23, 2025. p.273
Ms. Komal Goel is the Independent Director of the Company. p.273
Ms. Komal Goel is a qualified Chartered Accountant and 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. p.273
Mr. Mohit Garg is a Chartered Accountant (CA) and 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.273
Mr. Mahender Singh Tanwar brings over 21 years of experience in EPC procurement, strategic sourcing, and supply chain management. p.274
Manish Goyal holds 63.35% of the pre-issue paid-up equity shares in the company. p.277
Pallav Singal holds 2.86% of the pre-issue paid-up equity shares in the company. p.277
Vivinprasath Devaraj holds 1.22% of the pre-issue paid-up equity shares in the company. 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
None of the directors have any interest in any property acquired by the company in the preceding two years or proposed to be acquired. p.278
The Audit Committee was constituted by the Board on June 02, 2025, in compliance with relevant sections of the Companies Act, 2013 and SEBI 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, and Mohit Garg, along with 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, particularly the head of the finance function, to attend its meetings. p.282
The finance director and the head of the internal audit committee are eligible to 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 legal provisions. p.284
The Stakeholders Relationship Committee was approved by the Board on June 02, 2025, in compliance with relevant legal provisions. p.285
The Initial Public Offer Committee was formed by the Board of Directors on June 02, 2025. p.286
The Company Secretary acts as the secretary to 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 NSE Emerge Platform. 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 mentions the launch of an ESOP plan and clarifies that no loans are outstanding against key managerial personnel as of the prospectus date. Furthermore, it states that no non-salary related benefits have been paid to officers in the preceding two years, and no retirement benefits are provided upon termination except statutory benefits. The section also outlines the shareholding structure of the promoters and lists several entities with which the promoters have recently disassociated.
The section details various confirmations regarding the financial conduct of the promoters and the status of the company's group entities. It confirms 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, it asserts that no litigation or legal action is pending against the promoters by government or statutory authorities within the last five years, except as disclosed elsewhere in the prospectus. The text also outlines the structure of the Promoter Group, including natural persons and various companies, and lists the company's five subsidiaries, including several wholly owned entities.
This section details the promoters and associated entities of the company. It outlines information regarding three key entities: Exim Routes (SA) PTY Limited, Exim Routes PTE. LTD., and Good Earth SCM GmbH. The shareholding patterns show various ownership stakes, including a significant holding by Exim Routes Limited in Good Earth SCM GmbH. Furthermore, the text confirms that the company has two material subsidiaries, Exim Routes Pte. Ltd. and Exim Routes UK Ltd., and asserts that all subsidiaries possess the 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, including imaging, therapy, and the trade 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 company's financial performance details are provided, and the promoters have made declarations confirming no restrictions or defaults against the group entities.
The provided text 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 section also details the process for the independent auditor's examination of the restated standalone financial information for an IPO.
The provided text primarily contains disclaimers regarding the restated standalone financial information, stating that it does not reflect events subsequent to the report dates and that the report is intended solely for management and for filing with regulatory bodies. The text also includes signatures and details of the Chartered Accountant firm, NKSC & Co., and the company, Exim Routes Limited, including the names of the partners and directors. Furthermore, the text presents various financial statements, including the statement of assets and liabilities, profit and loss, and cash flow statements, for different periods.
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, the treatment of property, plant, and equipment, depreciation methods, impairment recognition, and various aspects of financial reporting under Indian GAAP and SEBI ICDR Regulations. It also outlines policies for handling foreign exchange transactions, provisions and contingent liabilities, and the calculation of earnings per share.
This section details various aspects of the company's share capital, including the structure of equity shares, changes in share issuance through bonus issues and private placements, and the holdings of key promoters. The data shows significant changes in the number and face value of shares over different periods. Furthermore, the section outlines the financial provisions, including profit and loss, reserves, long-term borrowings, and short-term borrowings from various banks and NBFCs.
This section details various financial and asset information for Exim Routes Limited, including loan details, trade payables, current liabilities, and property, plant, and equipment. It outlines unsecured loans from related parties and other parties, various outstanding dues, and the ageing schedule for trade payables across different dates. Furthermore, it presents statements for current liabilities, short-term provisions, and the movement of property, plant, and equipment over different financial years.
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 actively developing an AI-enabled B2B platform called ERIS, which involves developing various features like price prediction tools and multi-channel integrations. 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 (87, 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. 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 financial management 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
Govind Garg Mehrotra resigned as a Partner in March 2025. p.294
Manish Goyal resigned as a Director in June 2024. p.294
There has been no payment or benefit to the promoters during the two years preceding the date of filing of this Prospectus. 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 and entities, such as Scan4health Diagnosis Private Limited and Jora Collective Private Limited, as part of the group. p.297
The company has five subsidiaries, including Exim Routes UK Limited, which is a wholly owned private limited company. 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 Exim Routes Limited holding 100.00% of the shares. p.299
The Board of Directors for Exim Routes (SA) PTY Limited includes Avnish T Ramjee as a Director. 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
The Board of Directors for Exim Routes PTE. LTD. includes Yogesh Pratap Shishodia, Govind Rai Garg, Anne Sasikanth, and Vaitheeswary. 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, Exim Routes Pte. Ltd. (Singapore) and Exim Routes UK Ltd. (United Kingdom). p.303
All subsidiaries have obtained the necessary registrations and licenses applicable in their respective jurisdictions. p.303
Scan4health Diagnosis Private Limited was incorporated on March 22, 2024, under the Companies Act, 2013. p.305
The main objects of Scan4health Diagnosis Private Limited include providing diagnostic services such as ultrasound, mammography, and various radiological services, as well as the trade of medicines and medical appliances. p.305
The Directors of Scan4health Diagnosis Private Limited are Charu Jora and Gopal Singal. p.306
Charu Jora holds 80.01% of the equity shares in Scan4health Diagnosis Private Limited. p.306
Yogesh Goyal holds 10.00% of the equity shares 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
None of the entities in the Promoter Group Companies are listed at any Stock Exchange nor have made any public issue or right issue in the preceding three years. p.307
None of the entities in the Promoter Group Companies have become a sick company under the meaning of Sick Industrial Companies (Special Provisions) Act, 1985 nor are they under winding up or liquidation. p.307
Our Promoters and Group Companies confirm they have not been declared as a willful defaulter by the RBI or any other governmental authority. p.307
No proceedings have been initiated for economic offences against the Group Companies/Entities. 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 by the Company. 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 Board of Directors are responsible for identifying and ensuring that the Company complies with the Act, ICDR Regulations, and the Guidance Note. 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, the 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 are prepared by Chartered Accountants NKSC & Co., with Priyank Goyal as a Partner. p.315
The directors and officers of Exim Routes Limited include Priyank Goyal, Manish Goyal, and Pallav Singal as Partners, Chief Executive Officer and Director, and Director, respectively. p.316
The Chief Financial Officer and Company Secretary is Anshul Bansal Richa Anand. p.316
The company's operating cycle for classifying assets and liabilities is set at 12 months. p.321
Assets are classified as current if they are expected to be realized within the company's normal operating cycle, held for trading, expected to be realized within twelve months, or are cash/cash equivalent. p.321
Liabilities are classified as current if they are expected to be settled within the company's normal operating cycle, held for trading, due within twelve months, or the company does not have an unconditional right to defer settlement for at least twelve months. 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. p.322
Tangible fixed assets are stated at cost of acquisition net of recoverable taxes, 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. 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. p.323
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 was ₹83.00 to ₹88.00 per share and the final offer price was ₹88.00 per share.
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?
Earlier, we looked up 53 claims from the filing on the open web (we no longer do this, since SEBI reviews the filing): 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?
The IPO of Exim Routes Limited is shadowed by serious questions: investigations and issues surrounding a company named Rajesh Exports have surfaced, raising concerns about inflated revenues and past SEBI orders. We dive into the filings to see if these past regulatory problems have any bearing on the current offering.
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.
