Lead flow isn't optimised. Every lead gets the same slow first look.Without a pre-score at intake, strong applicants wait in the same queue as weak ones, consuming the same analyst attention before anyone can tell which is which. Growth in lead volume, across consumer, business, and MSME books, means growth in queue time, not faster decisions.
02
4–5 analyst-hours per file, and every growth target means hiring, not optimising.At 100 files/month, your team consumes ~450 analyst-hours on data collection, lookups, and manual checks. To reach 1,000 files/month at the same output quality? You need ten times the people. There is no other path under the current model.
03
Underwriting quality depends on who picked up the file this morning.A senior underwriter checks 12+ things, including network validation: are the top customers real? Are the suppliers real? Is the managing director selling to himself? A junior checks 6–7 things and skips the network layer because it takes hours and no form requires it. Same ticket. Different output. The gap shows up in DPD three months later.
04
The most important checks are the least auditable.AML screen, counterparty cross-check, supplier identity verification: done differently by every analyst, logged inconsistently, often not logged at all. When a file turns bad, the audit trail on what was checked is thin. Your regulator and your board deserve a cleaner answer than "the underwriter reviewed it".
05
Leads get declined outright when they don't fit the product they applied for, even if they'd fit a different one.Every product on your shelf carries a different risk appetite: secured versus unsecured, consumer versus business. A lead too risky for the product it came in through often still clears a different product you already offer, but without a check for that at intake, it just gets declined and lost instead of redirected.
06
Every application pulls every vendor, in parallel, regardless of whether it's needed.Bureau checks, bank statement pulls, litigation screens: each carries its own cost. When an early, cheap signal is enough to decline a lead, running the full vendor stack anyway on every file adds cost without adding a better decision.
1 in 100
is all it takes. One file a quarter that clears where a thorough senior's supplier and related-party check would have flagged it is enough to erase the margin on the hundred that went right. The losses don't come from a shortage of good borrowers, they come from depth-limited underwriting, applied unevenly, on files that looked clean on the financials.
02 · The Solution
Consulting + build: your pipeline, optimised at the lead stage and the file stage.
01
All local data sources, plugged in and automated.KYB (MCA, Tofler, ZaubaCorp), commercial and consumer bureau (CIBIL, CRIF), bank/transaction data (Account Aggregator, statement parsing), e-invoice and tax filings (GST GSTR-1/3B, e-invoice), litigation and watchlists (courts, SEBI, FIU-IND): pulled, cross-referenced, and flagged. No manual lookup. No step that depends on the analyst remembering to check.
02
Proprietary network model.A model built to identify the strength of the whole supply chain network around a borrower: related parties, counterparty concentration, cyclic transactions, not just the borrower in isolation. This is the layer most underwriting stacks skip because it's slow to do by hand.
03
Product matching, not just approve or decline.The same scoring layer checks a lead against every product's risk appetite, not only the one it applied for. A lead too risky for unsecured can still be a clean approval for a secured facility. Instead of one gate per application, you get a product-fit recommendation, so fewer good leads get declined outright for simply arriving through the wrong door.
04
Lead-stage pre-scoring.The same data layer runs at intake, before a file ever reaches an underwriter, so your pipeline is prioritised by likely approval and indicative limit, not first-in-first-out. Weak leads get triaged early instead of consuming full underwriting attention.
05
Sequential data pulls, not a flat parallel run every time.Vendor checks are ordered by cost and signal strength. If a cheap, early check is enough to decline a lead, the pipeline stops there instead of running the full vendor stack anyway. Full depth is reserved for leads that clear the cheap filters first.
06
Underwriters review findings, not raw data.The structured, pre-analyzed output lands on their desk. They exercise judgment on flagged items and sign off. The depth is consistent regardless of who's reviewing, because the depth was done before they opened the file.
Same dimensions everywhere. The data plug changes. The model doesn't.
This is our core product, built and proven in India, our primary market. The model is geography agnostic: only the data plug changes. The table below shows the dimensions and the specific source we wire in, with the US as a second worked example. The same wiring maps to any market with company registries, a bureau, and tax filings, so it is globally applicable.
Dimension
India, primary market
US
KYB, entity identity
MCA21, Tofler, ZaubaCorp
SEC EDGAR, Secretary of State
Related-party / director network
DIN cross-ref via MCA
State filings
Bureau data
CIBIL, CRIF, commercial bureau
Experian, Equifax, TransUnion
Bank statement / cash flow
Account Aggregator, statement parsing
Plaid, bank APIs
Transaction / invoice network
GST (GSTR-1/3B), e-invoice
AP/AR, 1099 data
Behavioral / alternative data
UPI trail, e-commerce footprint
Bureau trended data
Litigation / crime check
Courts, SEBI, SARFAESI/DRT, FIU-IND
PACER, OFAC
Regulator
RBI
OCC / Fed / state
Already mapped elsewhere: Indonesia (OSS/NIB, SLIK OJK, SNAP, e-Faktur/Coretax, PPATK) and other Southeast Asian markets slot into the same seven rows without touching the model.
04 · Impact
Same team. 10× the volume.
Analyst-hours required per month · with vs. without the system
At 100 files/month today, your team runs near full capacity. Scaling to 1,000 without the system means 10× the headcount. With the system, 3× the headcount covers the same volume, with better, more consistent underwriting depth on every file.
Same underwriter. Same sign-off. Less time on data collection, more time on analysis.
Network check coverage
~40%→100%
Top 5 customers + suppliers verified on every file, regardless of who the underwriter is.
Lead response
3–5 days→<4 hrs
Pre-score at lead submission. Sales callback with indicative limit and document ask the same day.
Queue ordering
FIFO→Priority
Ops processes highest-probability approvals first. Likely rejects are triaged before an underwriter touches them.
05 · Risk Coverage
Every risk your committee raises, covered by design, not by luck.
The four questions a credit committee always asks, and the specific machinery that answers each one on every file. Nothing here depends on the analyst remembering to check.
Risk 01
KYC & identity risk
KYB + KYC against official registries (MCA21, GSTIN, Udyam), not self-declared documents. We trace the ultimate beneficial owners (UBO) up the ownership chain, and screen the entity and every director against sanctions, PEP and AML watchlists (RBI, FIU-IND, global lists). An entity that cannot be verified in any registry does not clear.
Live proof: applicant unverifiable in any registry + top "customer" was a struck-off company. Flagged before limit.
Risk 02
Credit risk
Full financial spread and ratio analysis, benchmarked against the industry / peer distribution rather than read in isolation. Corroborated by consumer (personal) and commercial bureau (CIBIL, CRIF), external ratings (CARE, Acuité, Infomerics), and cross-checked against bank-statement cash flow and GST-filed revenue. The limit falls out of policy, with conditions attached, not analyst gut.
Live proof: filed revenue vs bureau vs GST diverged +51% over policy tolerance; suit-filed defaults surfaced. Decline.
Risk 03
Our differentiator
Fraud risk
Our proprietary network model turns the supply chain into a fraud sensor. It detects related parties and common directors, circular / round-trip trade, family-owned linkages, counterparty concentration, and "no digital or registry footprint" counterparties. Layered on top of the AML / crime pull on the entity and its directors. Almost no one uses the network as a fraud signal, because it is too slow to do by hand.
Live proof: a family entity sharing 3 directors, ~40% of purchases, and simultaneous sales+purchases. A round-trip invisible to a human file review.
Risk 04
Model risk & quality
An AI model is a living system, so maintenance is part of the product, not a one-off build. We run continuous benchmarking against realised outcomes, population and feature drift monitoring, and automated variable discovery: as new applications and repayment data arrive, candidate variables are tested for information value and kept only when they add signal orthogonal to the existing model. Every decision is versioned and audit-trailed.
The model does not decay quietly. Drift is watched, and the feature set is refreshed on live performance.
06 · Use Cases
Two ways the same engine pays for itself.
The engine is modular. The expensive, deep checks run at the file stage; the cheap, high-signal checks run far earlier, at the lead stage, on whatever limited data sales has. Same model, two points in the funnel.
Use case A · Risk
Underwriting, at full depth
Every file gets the same depth regardless of who reviews it: KYB, UBO, network, bureau, financials, litigation, AML, product-fit, all pulled, cross-referenced and flagged. The underwriter reviews structured findings and signs off; there is no auto-approve path.
→Network check coverage on 100% of files, not the ~40% a manual team reaches.
→File TAT from 4–5 hrs to ~1.5 hrs, same sign-off.
→Every finding sourced, versioned and audit-trailed. Board- and regulator-defensible.
Use case B · Sales & growth
Lead prioritization & product mapping
A shadow-underwriting layer runs the cheap, modular checks at intake, on the limited data sales actually has, to produce a probability of approval and an indicative limit before a file consumes an underwriter.
→Pipeline ordered by likely approval, not first-in-first-out. Weak leads triaged early.
→Product mapping: given the applicant's profile, recommend which of the bank's products has the best downstream approval odds, so sales sells the right product, not just the one that walked in.
→Fewer good leads lost through the wrong door; faster callback with an indicative number.
07 · Implementation
Your infrastructure. Your data. Your sign-off.
Data stays with you
Deployed on-prem. No cloud intermediary. No cross-border data residency risk. All borrower data is processed and stored on your infrastructure, consistent with RBI data-localisation and data-handling requirements. Nothing leaves your perimeter.
You own the codebase
This is a build-and-transfer engagement, not a black box you rent. The full source is handed over and runs on your hardware: KYB, bureau, financials, litigation, network validation and underwriting synthesis, all standard Python your team owns and can extend. No external API calls, no model weights leaving your servers, no dependency on us to keep the lights on. If we disappear tomorrow, you still have a working system. (Encrypted-container deployment remains available where you prefer we retain the proprietary modules.)
Modular, plug in at any stage
The same engine works at lead intake, ops queue, underwriting, or portfolio monitoring. You don't need to start at lead intake. Start where the pain is largest. Extend to other stages once you see the output quality.
Full audit trail on every file
Every finding is sourced and logged (inputs, model version, timestamp, flag reason) and written to file for every module run. Ready for RBI / auditor inspection. Board-defensible. The underwriter reviews and signs off. No auto-approve path.
This starts as a scoping and consulting engagement. One hour tells both of us whether this fits your book and your team, and the build follows from there.
Pricing follows the work. You pay most when it works.
There is no single sticker price, because the work depends on where you start. A short paid discovery collapses the range into a fixed quote before you commit to the build. The two pieces below are scoped and priced separately, so you buy only what you don't already have.
Step 0 — Discovery
A short, fixed-fee scoping of your existing data, warehouse and decisioning stack. It converts the range into a firm quote and produces a working artifact in weeks, so you see how we build before the large commitment. Credited against the build if you proceed.
Priced separately — Data engineering
Priced against your starting point. If you already have grounded data layers and pipelines, this shrinks or disappears. If we build the ingestion, warehouse and source connectors from scratch, it is scoped as its own line, per source.
Priced separately — Intelligence & decisioning
The model, the network and synthesis layers, and your existing policies and cut-offs translated into configurable policy modules. This is the core product and is quoted independently of the data work.
Weighted to your outcome
We tie half the fee to a live KPI you care about, measured against a baseline we set together in discovery. If it doesn't move your numbers, we don't collect the back half. That is how a new vendor earns trust.
Build stages
25%
Data layer live + policies translated into the codebase
In production (POC)
25%
Underwriting output in your team's hands on real files
Realised KPI
50%
Material, jointly-measured improvement (e.g. turnaround time per case)
Book the discovery. It's the fastest way to a real number, and you keep the artifact either way.
Sample System OutputFull Underwriting Report · Masked Illustrative Case · All PII RemovedCase Ref: CA-2026-047 · Pharma Manufacturing · Delhi NCR
Shown below: a live India case, masked, illustrating methodology depth across all 13 modules — KYB, network mapping, GST/bureau/litigation checks, and the network-fraud layer. This is a masked illustrative sample; on the call we open real underwriting reports from the live pipeline directly on the laptop.
🔵 Business vintage 32.6 years — well above 2-year minimum
🔵 GST active with 2 GSTINs; GSTR3B and GSTR1 filed 100% on time historically, though a GST filing delay flag is present in registry signals — requires clarification
🔵 Line of business (pharmaceuticals/API manufacturing) is not on the negative goods list
🔵 No sanctions hits on OFAC SDN, UN Consolidated, or EU Consolidated lists
🔵 KYC score 100/CONFIRMED via MCA/Tofler/ZaubaCorp with exact name match and CIN XXXXXXXXXXXXXXXXXXXX
🔵 Bureau default flag present — warrants investigation
🔵 EPF payment delay flag present
🔵 Pending legal cases (2, 0 high severity) noted
🔍 Probe42 Internal Signals
PROBE42 SCORES (out of 5)
3/5
Overall
2/5
Growth
5/5
Profitability
2/5
Liquidity
2/5
Solvency
1/5
Efficiency
Bureau DefaultsFLAGGED ⚑
GST Filing DelayFLAGGED ⚑
EPF Payment DelayFLAGGED ⚑
Pending Legal CasesFLAGGED ⚑
MSME Payment Delays2 record(s)
Defaulter Lists21 hits
CIRP/CDR HistoryNone
LEIISSUED · Renew 2026-07-15
MCA StatusActive
OPEN CHARGES — ₹74.95 Cr total (7 records)
Date
Holder
Amount
Status
2026-04-10
[Bank A]
₹29.60 Cr
Active
2025-03-29
[Auto Finance Co]
₹1.25 Cr
Active
2023-05-25
[Bank B]
₹42.69 Cr
Active
2022-08-17
[Bank B]
₹0.96 Cr
Active
2022-03-24
[Bank B]
₹0.21 Cr
Active
2020-12-01
[Bank B]
₹0.15 Cr
Active
2020-06-06
[Bank B]
₹0.09 Cr
Active
INTERNAL FLAGS
MEDIUM Probe liquidity score = 2/5 (below threshold)
MEDIUM Probe efficiency score = 1/5 (below threshold)
HIGH Bureau default flag active in Probe42
MEDIUM GST filing delays flagged in Probe42 key indicators
MEDIUM EPF payment delays flagged in Probe42
LOW CSR required ₹0.01Cr in FY2023 but ₹0 spent
MEDIUM 2 month(s) with >10% GSTR1 vs GSTR3B divergence
MEDIUM Potential excess ITC claim of ₹4.80Cr flagged in GST compliance check
MEDIUM 2 MSME supplier payment delay record(s) found
LOW 7 nil-rated/exempted/non-GST supply records in GSTR-1 — verify goods classification
2 Business Profile
PROBE42 COMPANY DESCRIPTION
[Pharma Manufacturing Co · Delhi NCR] (KBL) is engaged in the manufacturing of bulk drugs addressing to various high-potential therapeutic segments. The company also offers contract research and manufacturing and development Services across the entire value chain of a new chemical entity which covers from the pre-clinical to the commercial phase.
KBL was incorporated in 1993 and has its registered office located in Gurgaon, Haryana.
Legal Name[PHARMA MANUFACTURING CO · DELHI NCR]
Trade Name[Pharma Co] Ltd™
Incorporated1993-09-27
Company TypePublic Limited Company
Address[Address Redacted], Gurgaon, Haryana, India
<cite index="1-1">[Pharma Co] Ltd is engaged in manufacturing of bulk drugs addressing to various high potential therapeutic segments</cite>. <cite index="6-1,6-3,6-4">The company offers Contract Research and Manufacturing Development Services with a strong dynamic team of scientists and a highly compliant manufacturing footprint with robust multi-product facilities</cite>. <cite index="81-1,81-2,81-3">As a leading manufacturer of Active Pharmaceutical Ingredients (APIs) catering to diverse high-potential therapeutic segments, with ambitious growth vision and investment in infrastructure, the company is expanding into vertical integration establishing strong capabilities across Key Starting Materials (KSMs), Intermediates, Finished Dosage Forms (FDFs), and Contract Development & Manufacturing</cite>. <cite index="59-1">The company commenced export business in Pakistan in 2017 and quickly ramped up exports to more than 15 countries between 2018-2020 and successfully exported to the US in 2021</cite>.
PRIMARY PRODUCTS
Active Pharmaceutical Ingredients (APIs)Commercial KSMs and IntermediatesBulk DrugsContract Research & Manufacturing ServicesFinished Dosage Forms (FDFs)
MARKETS
India (domestic)United StatesEuropeEast AsiaMiddle EastSouth AsiaSoutheast Asia
EPFO ESTABLISHMENTS (2)
Name / PF Code
City
Status
Employees
Latest Wage Month
Payment Timeliness
Activity
[PHARMA MANUFACTURING CO · DELHI NCR] XXXXXXXXXXXXXXX
GURGAON
LIVE ESTABLISHMENT
195
MAR-26
Payment After Due Date in last 12 Months.
HEAVY - FINE CHEMICALS
[Prior Registered Name], XXXXXXXXXXXXXXX
NEW DELHI
LIVE ESTABLISHMENT
None
—
—
EXPERT SERVICES
Headcount: Total EPFO-registered headcount: 195 employees · [PHARMA MANUFACTURING CO · DELHI NCR]: headcount growing (+53% vs 3 months prior) · [PHARMA MANUFACTURING CO · DELHI NCR]: 12 EPF payment delays in last 12M
AUDITOR HISTORY (MCA Filings — latest 5 years)
FY
Audit Firm
Auditor
Firm Reg No.
Remarks
2025-03-31
[Audit Firm 1]
[Auditor 1]
XXXXXXX
0 disclosures
2024-03-31
[Audit Firm 2]CHANGED
[Auditor 2]
XXXXXXX
0 disclosures
2023-03-31
[Audit Firm 2]
[Auditor 3]
XXXXXXX
0 disclosures
2022-03-31
[Audit Firm 2]
[Auditor 3]
XXXXXXX
0 disclosures
2021-03-31
[Audit Firm 2]
[Auditor 3]
XXXXXXX
0 disclosures
3 Ownership & Related Parties
SHAREHOLDERS (Probe42)
Name
Type
Ownership %
Shares
Director K
individual
74.9%
35,455,776
ACTIVE DIRECTORS (6)
Name
DIN
Designation
Appointed
DIN Status
Gender
Director A
XXXXXXXX
Director
2016-04-15
Deactivated due to non-filing of DIR-3 KYC
Female
Director K
—
CEO
None
—
Male
Director K
XXXXXXXX
Managing Director
2016-03-29
Approved
Male
Director M
XXXXXXXX
Additional Director
2026-04-04
Approved
Male
Director N
XXXXXXXX
Additional Director
2026-04-04
Approved
Female
[KMP 1]
—
Company Secretary
None
—
—
FORMER DIRECTORS (17)
Name
DIN
Designation
Appointed
Cessation
DIN Status
Gender
Director B
XXXXXXXX
Director
2003-02-08
2016-03-30
Deactivated due to non-filing of DIR-3 KYC
Male
Director C
XXXXXXXX
Director
2023-08-28
2024-04-01
Approved
Female
Director D
XXXXXXXX
Whole-time director
2009-11-09
2016-03-30
Disqualified by RoC u/s 164(2)(a)
Male
Director E
XXXXXXXX
Whole-time director
2000-01-05
2016-03-31
Disqualified by RoC u/s 164(2)(a)
Female
Director F
XXXXXXXX
Managing Director
2004-08-09
2016-03-30
Disqualified by RoC u/s 164(2)(a)
Male
Director G
XXXXXXXX
Director
2016-03-29
2018-12-21
Deactivated due to non-filing of DIR-3 KYC
Male
Director H
XXXXXXXX
Director
2003-02-08
2016-03-30
Approved
Male
Director I
XXXXXXXX
Director
2003-02-08
2016-03-30
Deactivated due to non-filing of DIR-3 KYC
Male
Director J
XXXXXXXX
Director
2008-05-06
2016-03-30
Deactivated due to non-filing of DIR-3 KYC
Female
[KMP 2]
—
Company Secretary
None
2018-08-24
—
Female
[KMP 3]
—
CEO(KMP)
None
2022-05-22
—
Male
[KMP 4]
—
CFO(KMP)
None
2021-10-31
—
Male
Director L
XXXXXXXX
Director
2018-12-21
2025-12-31
Approved
Male
[KMP 7]
—
CFO(KMP)
None
2022-08-12
—
—
[KMP 5]
—
CFO(KMP)
None
2017-04-04
—
—
[KMP 1]
—
Company Secretary
None
2021-11-26
—
—
[KMP 6]
—
Company Secretary
None
2016-09-09
—
Male
UBO / PROMOTERS (KYC Agent)
registry_and_website_sources
Name
Role
Classification
Ownership %
Notes
Sources
Director K
Managing Director / Director
—
—
Director O
Director
—
—
Director A
Director
—
—
Director L
Director
—
—
Director P
Director
—
—
Director Q
Director
—
—
Promoter holding 74.94% as of Mar 2025. Original founders (1993): [Founder 1], [Founder 2], [Founder 3], [Founder 4], [Founder 5], [Founder 6]. Company operates under its current registered name since January 2019 (renamed from a prior registered name).
RELATED PARTIES — Director Network (41 companies)
ACTIVE ROLES (19)
Company
CIN
Status
Via Director
Charges
[Director-Linked Co F]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director L
—
[Related Entity B]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director L
—
[Director-Linked Co G]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director L
—
[Related Entity A]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director L
₹93.8 Cr
[Related Entity C]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director L
—
[Director-Linked Co H]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director L
—
[Director-Linked Co I]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director G
—
[Director-Linked Co J]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director G
—
[PHARMA MANUFACTURING CO · DELHI NCR]
XXXXXXXXXXXXXXXXXXXX
AMALGAMATED
Director G
—
[Director-Linked Co K]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director K
—
[Director-Linked Co L]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director D
—
[Director-Linked Co M]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director D
—
[Director-Linked Co N]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director B
—
[Director-Linked Co O]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director B
—
[Director-Linked Co P]
XXXXXXXXXXXXXXXXXXXX
UNDER PROCESS OF STRIKING OFF
Director H
—
[Director-Linked Co Q]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director H
—
[Director-Linked Co R]
XXXXXXXXXXXXXXXXXXXX
AMALGAMATED
Director C
—
[Related Entity D]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director M
₹32.6 Cr
[Related Entity E]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director N
—
FORMER ROLES (22)
Company
CIN
Status
Via Director
Charges
[Director-Linked Co S]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director L
₹25.0 Cr
[PHARMA MANUFACTURING CO · DELHI NCR]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director L
₹75.0 Cr
[Director-Linked Co T]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director G
₹60.0 Cr
[Director-Linked Co U]
XXXXXXXXXXXXXXXXXXXX
STRIKE OFF
Director K
—
[Director-Linked Co V]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director K
—
[Director-Linked Co W]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director K
₹12.4 Cr
[Director-Linked Co X]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director K
—
[Director-Linked Co Y]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director K
—
[Director-Linked Co Z]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director I
—
[Director-Linked Co AA]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
₹1667.5 Cr
[Director-Linked Co AB]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
—
[Director-Linked Co AC]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
₹2.0 Cr
[Director-Linked Co AD]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
₹600.0 Cr
[Director-Linked Co AE]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
—
[Director-Linked Co AF]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
₹35.5 Cr
[Director-Linked Co AG]
XXXXXXXXXXXXXXXXXXXX
AMALGAMATED
Director C
—
[Director-Linked Co AH]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
₹437.4 Cr
[Director-Linked Co AI]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
—
[Director-Linked Co AJ]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
₹80.9 Cr
[Director-Linked Co AK]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
—
[Director-Linked Co AL]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
₹148.0 Cr
[Director-Linked Co AM]
XXXXXXXXXXXXXXXXXXXX
ACTIVE
Director C
—
ℹ No customer-supplier overlap entities detected.
DIRECTOR NETWORK
Main companyActive directorFormer directorOverlapping customerOverlapping supplierCustomer's directorSupplier's directorDirector's other stakeDirector overlap (1)
24 nodes · 24 links
· 1 director overlap(s)
· scroll to zoom · click node to highlight · drag to explore
DIRECTOR OVERLAP FLAGS (1 match)
LIKELY RELATEDDirector J(Director, former) ~ Cust. Director B at [PHARMA CUSTOMER · AA+ RATED] (FORMULATIONS UNIT-6) (customer, 7.32%) shared: [Surname]
4 Financial Analysis
All INR values in Crore (₹ Cr) · Latest = FY2026P
P&L SUMMARY
Metric
FY2026P
FY2025XBRL
FY2024XBRL
FY2023XBRL
FY2022XBRL
Revenue (₹ Cr)
68.0
118.9
104.9
128.5
124.9
COGS (₹ Cr)
44.9
70.9
75.3
96.0
92.3
Gross Profit (₹ Cr)
23.1
48.1
29.6
32.5
32.6
GP Margin
34.0%
40.4%
28.2%
25.3%
26.1%
Total Opex (₹ Cr)
10.7
27.8
30.1
37.5
32.0
Expense Ratio
15.7%
23.4%
28.7%
29.1%
25.6%
EBITDA (₹ Cr)
12.4
20.2
-0.5
-5.0
0.6
EBITDA Margin
18.2%
17.0%
-0.5%
-3.9%
0.5%
Finance Cost (₹ Cr)
7.4
4.6
5.0
4.2
3.6
Depreciation (₹ Cr)
1.9
3.4
3.3
3.3
2.9
PAT (₹ Cr)
2.0
9.6
-5.3
-9.4
-3.7
PAT Margin
3.0%
8.1%
-5.1%
-7.3%
-3.0%
BALANCE SHEET
Metric
FY2026P
FY2025XBRL
FY2024XBRL
FY2023XBRL
FY2022XBRL
Net Worth (₹ Cr)
11.6
10.0
0.3
5.5
14.9
Total Assets (₹ Cr)
101.5
111.2
100.0
121.3
109.5
Curr. Assets (₹ Cr)
65.5
75.3
61.4
82.7
73.1
A/R (₹ Cr)
0.2
36.8
27.6
30.6
30.2
Inventory (₹ Cr)
34.7
34.6
30.8
48.2
37.0
Curr. Liab. (₹ Cr)
71.7
81.8
69.4
76.4
61.8
A/P (₹ Cr)
47.9
50.5
40.0
46.6
40.2
ST Borrowings (₹ Cr)
19.4
22.2
22.0
22.1
16.2
LT Borrowings (₹ Cr)
16.3
10.4
21.4
30.8
24.4
KEY FINANCIAL RATIOS
Metric
FY2026P
FY2025XBRL
FY2024XBRL
FY2023XBRL
FY2022XBRL
Total Debt (₹ Cr)
35.7
32.6
43.4
52.9
40.6
Debt / EBITDA (×)
2.88×
1.61×
—
—
64.33×
Debt / Equity (×)
3.08×
3.27×
131.12×
9.69×
2.73×
TOL / TNW (×)
7.60×
9.99×
296.56×
20.94×
6.28×
Interest Coverage (×)
1.42×
3.70×
—
—
—
DSCR Proxy (EBITDA/Int)
1.68×
4.44×
-0.10×
-1.17×
0.17×
WORKING CAPITAL RATIOS
Metric
FY2026P
FY2025XBRL
FY2024XBRL
FY2023XBRL
FY2022XBRL
Current Ratio
0.91
0.92
0.88
1.08
1.18
Quick Ratio
0.43
0.50
0.44
0.45
0.58
DSO (days)
1.1
112.8
95.9
86.9
88.3
DIO (days)
186.0
106.1
107.2
137.0
108.2
DPO (days)
389.0
260.0
193.9
177.1
159.1
CCC (days)
-201.9
-41.1
9.2
46.8
37.4
POLICY FLAGS (hover for threshold description)
Flag
FY2026P
FY2025XBRL
FY2024XBRL
FY2023XBRL
FY2022XBRL
Revenue > 0
✓
✓
✓
✓
✓
Expense Ratio ≤ 45%
✓
✓
✓
✓
✓
PBT > 0
✓
✓
✗
✗
✗
Net Profit > 0
✓
✓
✗
✗
✗
Total CL > 0
✓
✓
✓
✓
✓
GP Ratio ≥ 5%
✓
✓
✓
✓
✓
Exp Ratio ≤ 45%
✓
✓
✓
✓
✓
Current Ratio ≥ 0.95×
✗
✗
✗
✓
✓
Quick Ratio ≥ 0.20×
✓
✓
✓
✓
✓
EBITDA Margin ≥ 0%
✓
✓
✗
✗
✓
DSO ≤ 120d
✓
✓
✓
✓
✓
DIO ≤ 120d
✗
✓
✓
✗
✓
DSO+DIO ≤ 180d
✗
✗
✗
✗
✗
DPO ≤ 120d
✗
✗
✗
✗
✗
CCC ≤ 240d
✓
✓
✓
✓
✓
Net Worth > 0
✓
✓
✓
✓
✓
Total Flags Passed
12/16
13/16
10/16
10/16
12/16
[Pharma Co] has shown a meaningful operational turnaround in FY2025 — moving from three consecutive years of losses (FY2022–FY2024) to PAT of ₹9.6 Cr and EBITDA of ₹20.2 Cr — driven by a significant GP margin expansion from ~25–28% to 40%, likely reflecting product mix improvement and cost rationalisation. However, H1 FY2026 (provisional) shows deceleration: annualised revenue of ~₹136 Cr is below the FY2025 level of ₹118.9 Cr on a run-rate basis, EBITDA margin has compressed to 8.2%, and the current ratio remains below policy threshold at 0.91. The most critical financial concern is DPO of 389 days, indicating the company is severely stretching its trade payables — a liquidity stress signal — and the negative working capital gap renders the WC limit zero under policy, leaving only the ATP limit of $378K as the basis for any credit consideration.
5 GST Customers & Customer Network Analysis
92.8
A
Customer Network Score
VerdictADEQUATE
Customers Assessed5
Coverage56.1% of gross revenue
Avg Verification94.0/100
Avg Size Score88.0/100
Avg Risk Score96.0/100
concentration_risk (top customer 36.0%)
NETWORK-ASSESSED CUSTOMERS (5) — 56.1% of gross revenue
Customer
PAN
Rev Share
KYC
Health
Size
Sanctions
Business
[Large Customer Co]
XXXXXXXXX
36.0%
CONFIRMED 80/100
91.2
100-500 cr inr
CLEAN
[Large Customer Co] is a contract research and manufacturing services (CRAMS) company specializing in pharmaceutical formulations. Established in 1994, the company manufactures tablets and capsules across General, Beta-Lactum, and Cephalosporin therapeutic segments at its WHO-GMP and ISO 9001:2015 certified facility in Nalagarh, Himachal Pradesh. The company serves pharmaceutical marketing companies across India and exports to select countries including Afghanistan, Yemen, Singapore, Philippines, Sri Lanka, and Tanzania, with aspirations to reach 25 export markets.
<cite index="20-1,20-2,20-3">[PHARMA CUSTOMER · AA+ RATED] is an integrated pharmaceutical company committed to providing affordable and innovative medicines for healthier lives. Through its three businesses - Pharmaceutical Services & Active Ingredients, Global Generics and Proprietary Products – [PHARMA CUSTOMER · AA+ RATED] offers a portfolio of products and services including APIs, custom pharmaceutical services, generics, biosimilars and differentiated formulations. Major therapeutic areas of focus are gastrointestinal, cardiovascular, diabetology, oncology, pain management and dermatology.</cite> The Formulations Unit-6 facility in Baddi, Himachal Pradesh manufactures finished pharmaceutical formulations. <cite index="42-10">Major markets include USA, India, Russia & CIS countries, China, Brazil and Europe.</cite>
[Matched Client A]
XXXXXXXXX
4.3%
CONFIRMED 100/100
96.2
100-500 crore inr
CLEAN
[Matched Client A] is a contract pharmaceutical manufacturing and formulation development company established in 2003, operating from Jammu and Amritsar with multiple WHO GMP-compliant facilities. The company specializes in developing, manufacturing, and marketing a diverse portfolio of pharmaceutical formulations (tablets, capsules, oral liquids, syrups) and nutraceuticals for both domestic Indian and international markets. It serves as a trusted outsourcing partner to leading pharmaceutical companies including Abbott, Novartis, Ranbaxy, Torrent Pharma, Intas, and Glenmark, with particular strength in contract development and bioequivalence studies (6 Phase IV clinical trials and 23 BE studies conducted).
[Matched Client D]
XXXXXXXXX
4.4%
CONFIRMED 95/100
95.0
inr 100-500 crores
CLEAN
[Matched Client D] is a WHO-GMP certified pharmaceutical manufacturing company with over two decades of market presence. The company manufactures a comprehensive range of pharmaceutical formulations including tablets (Sustained Release, Delayed Release, Enteric Coated, Film Coated), capsules, dry syrups, and liquid orals. The company operates manufacturing facilities in Mehatpur, Himachal Pradesh (on a 100% excise-free zone with WHO-GMP compliance) and maintains administrative/marketing operations in Gurgaon (Delhi NCR). The company primarily serves the Indian domestic pharmaceutical market and is developing export capabilities.
M/S [Matched Client B]
XXXXXXXXX
4.2%
CONFIRMED 95/100
92.5
₹644-760 cr
CLEAN
[Matched Client B] is a leading pharmaceutical contract development and manufacturing organization (CDMO) that manufactures pharmaceutical formulations, nutraceuticals, and generic medicines. The company operates three business verticals: CDMO services & products (73.2% of revenue), domestic trade generics (22.7%), and exports (4.1%). It serves over 100 pharmaceutical partners domestically and internationally, with manufacturing capabilities spanning tablets, capsules, injectables, and complex generics. The company exports products across 19 countries with certification from WHO-GMP, US-FDA, and EU-GMP.
The applicant operates in the pharmaceutical contract manufacturing / CRAMS space, as evidenced by all five assessed customers being pharma manufacturers or CDMOs located primarily in the Himachal Pradesh / Uttarakhand pharma belt. The network is internally coherent and dominated by established, sanctions-clean entities. The single material concern is concentration in [Large Customer Co] (35.95% revenue share), which is an unrated partnership with a minor CIN-related structural flag. Two customers carry formal investment-grade ratings ([PHARMA CUSTOMER · AA+ RATED] at AA+, [Matched Client B] at A+), anchoring the network's quality floor. The rule-based score of 92.8 is directionally correct but modestly overstates confidence given [Large Customer Co]'s partnership structure, absence of external credit rating, and structural ambiguity.
6 Supplier Network & GST Supplier Analysis
72.2
B
Supply Chain Score
VerdictMODERATE
Suppliers Assessed5
Coverage22.6% of gross purchases
Avg Verification76.0/100
Avg Size Score42.0/100
Avg Risk Score100.0/100
unverifiable_suppliers (1/5 suppliers)
NETWORK-ASSESSED SUPPLIERS (5) — 22.6% of gross purchases
Supplier
PAN
Purch Share
KYC
Health
Size
Sanctions
Business
[Supplier Y]
XXXXXXXXX
6.5%
CONFIRMED 80/100
80.0
5-25 crores inr
CLEAN
<cite index="42-1,43-1">[Supplier Y] is an importer and supplier of industrial chemicals and solvents, particularly activated carbon</cite>, established in 1997 in Mumbai. The company operates as a trader and retailer, sourcing products from international suppliers and distributing them across the Indian market. Primary business involves wholesale trading of specialty chemicals for industrial applications including pharmaceutical intermediates, solvents (MEG, N-Propanol, Nitrobenzene), and specialty compounds used in manufacturing.
[Supplier AC]
XXXXXXXXX
4.5%
CONFIRMED 100/100
75.0
unknown
CLEAN
[Supplier AC] manufactures bulk drugs and pharmaceutical intermediates at its GIDC facility in Panoli, Bharuch, Gujarat. The company produces APIs and drug intermediates including Oxcarbazepine (anticonvulsant), Fluconazole (antifungal), and Diclofenac salts (NSAIDs) for regulated pharmaceutical markets. The company maintains a strong domestic and international customer base and operates with full-fledged R&D and quality control laboratories emphasizing adherence to global manufacturing standards.
[Supplier A]
XXXXXXXXX
4.0%
NOT_FOUND 20/100
35.0
unknown
CLEAN
None
[Supplier B]
XXXXXXXXX
4.3%
CONFIRMED 100/100
83.8
inr 1 cr - 100 cr
CLEAN
[Cyclic Supplier] Private Limited is a pharmaceutical trading company established in 2021 that specializes in the distribution and trading of industrial chemicals, agrochemical ingredients, pharmaceutical raw materials, solvents, and specialty chemicals. The company serves industries including pharmaceuticals, agriculture, paints & coatings, and industrial manufacturing. It operates from Mumbai and conducts both import and export activities, with import shipments sourced from China, Finland, and Iran, primarily in glycolate, culture media, and pyrazol products.
[Supplier C]
XXXXXXXXX
3.2%
CONFIRMED 80/100
83.8
₹88.6 crores
CLEAN
[Supplier C] manufactures and trades a wide variety of industrial chemicals, including powder chemicals and solvent chemicals based in Mumbai, Maharashtra. The company supplies organic and inorganic chemicals to pharma, food, sugar, textile, and other industrial sectors. Products include glacial acetic acid, formic acid, paraformaldehyde, chloroform, phosphoric acid, methylene chloride, dimethyl formamide, hydrogen peroxide, and specialty chemicals, exported to global markets.
GST TOP SUPPLIERS — CURRENT YEAR
Supplier
PAN
Purchase Value
Range
Share
[Supplier Y]
XXXXXXXXX
₹3.5 Cr
₹1–5 Cr
7.8%
[Supplier AC]
XXXXXXXXX
₹2.4 Cr
₹1–5 Cr
5.4%
[Supplier B]
XXXXXXXXX
₹2.3 Cr
₹1–5 Cr
5.2%
[Supplier A]
XXXXXXXXX
₹2.2 Cr
₹1–5 Cr
4.8%
[Supplier C]
XXXXXXXXX
₹1.8 Cr
₹1–5 Cr
3.9%
IFM Facilities Management LLP
XXXXXXXXX
₹1.6 Cr
3.7%
[Supplier D]
XXXXXXXXX
₹1.6 Cr
3.5%
[Supplier AF]
XXXXXXXXX
₹1.5 Cr
3.3%
M/[Supplier E]
XXXXXXXXX
₹1.3 Cr
2.9%
[Supplier F]
XXXXXXXXX
₹1.2 Cr
2.6%
[Supplier AH]
XXXXXXXXX
₹0.1 Cr
0.3%
[Supplier AD]
XXXXXXXXX
₹0.0 Cr
0.1%
[Supplier AL]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier G]
XXXXXXXXX
₹0.0 Cr
0.0%
[Retail Brand Clients]
XXXXXXXXX
₹0.0 Cr
0.0%
M/S [Supplier AI]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier H]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier I]
XXXXXXXXX
₹0.0 Cr
0.0%
M/S V PHARMA
XXXXXXXXX
₹0.0 Cr
0.0%
M/S [Supplier AG]
XXXXXXXXX
₹0.0 Cr
0.0%
Company 41.7%Individual 30.4%Partnership/LLP 27.8%HUF 0.1%
GST TOP SUPPLIERS — PREVIOUS YEAR
Supplier
PAN
Purchase Value
Range
Share
[Supplier AC]
XXXXXXXXX
₹3.1 Cr
₹1–5 Cr
4.4%
[Supplier AE]
XXXXXXXXX
₹2.8 Cr
₹1–5 Cr
3.9%
[Supplier J]
XXXXXXXXX
₹2.6 Cr
₹1–5 Cr
3.6%
[Supplier K]
XXXXXXXXX
₹2.4 Cr
₹1–5 Cr
3.4%
[Supplier C]
XXXXXXXXX
₹1.7 Cr
₹1–5 Cr
2.3%
M/S [Supplier AA]
XXXXXXXXX
₹1.6 Cr
2.2%
[Supplier L]
XXXXXXXXX
₹1.5 Cr
2.2%
[Supplier W]
XXXXXXXXX
₹1.3 Cr
1.8%
B.K. SALES CORPORATION
XXXXXXXXX
₹1.3 Cr
1.8%
[Supplier AK]
XXXXXXXXX
₹1.3 Cr
1.8%
[Supplier AH]
XXXXXXXXX
₹0.1 Cr
0.1%
[Supplier V]
XXXXXXXXX
₹0.0 Cr
0.0%
M/S [Supplier X]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier Z]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier AL]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier AD]
XXXXXXXXX
₹0.0 Cr
0.0%
M/S V PHARMA
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier AJ]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier M]
XXXXXXXXX
₹0.0 Cr
0.0%
[Supplier AB]
XXXXXXXXX
₹0.0 Cr
0.0%
Company 41.6%Partnership/LLP 35.7%Individual 22.7%HUF 0.0%
User 481436 appears to operate in the industrial/specialty chemicals trading or pharmaceutical manufacturing space, inferred from all five suppliers being chemicals or pharmaceutical intermediates companies. The supply chain covers only 22.6% of gross purchases, so the majority of sourcing is unassessed. Within the assessed portion, the supplier base is a mixed quality: two fully verified, established suppliers ([Supplier Y], [Supplier C]) anchor the portfolio, one confirmed but very young and financially encumbered supplier ([Cyclic Supplier]), one confirmed pharma intermediates manufacturer with unknown revenue ([Supplier AC]), and one critically unverifiable entity ([Unverified Supplier]) accounting for 4.03% of gross purchases. [Supplier C] shows meaningful financial deterioration. The combination of an unverifiable supplier, a financially stressed confirmed supplier, and a very new supplier with open bank charges of ₹22 Cr warrants caution before full disbursement.
7 GST Profile
TTM GSTR3B₹136.6 Cr
FY2025-26 YTD (Apr 2025 – 032026 (11m))₹120.5 Cr
FY2024-25 (Apr 2024 – Mar 2025)₹132.6 Cr
YoY Growth (FY2024-25 → ann. FY2025-26)-0.9%
GST vs Fin Gap+14.9% ✓
Active GSTINs2
Latest Filed Period032026
TTM Export Sales₹19.5 Cr
Export % of Sales16.2%
Export YoY-9.9%
Top Cust. Conc.36.0% LOW
Top Supp. Conc.6.5% LOW
GST_REVENUE_INCONSISTENCY: TTM GSTR3B revenue ₹136.62 Cr vs annualised H1 FY2026 financial revenue ~₹136 Cr — broadly consistent (+14.9% gap within ±30% tolerance) but flag raised in registry signals, warrants reconciliation against FY2025 full-year financials (₹118.9 Cr vs GSTR3B coverage period)
CYCLIC_TRANSACTIONS: 13 counterparties appear in both sales and purchases across current and previous year — most are small-value pharma companies; [Related Entity B] (via related party Director L) is a related-party cyclic transaction and warrants heightened scrutiny for round-tripping
RELATED_PARTY_CYCLIC: [Related Entity B] (PAN XXXXXXXXX) is both a cyclic counterparty and a related party via director Director L — combined sales ₹1.38 Cr and purchases ₹1.27 Cr in previous year; this overlapping relationship constitutes a related-party/round-tripping flag under policy
TOP_CUSTOMER_CONCENTRATION: [Large Customer Co] at 35.95% of gross revenue — below the 40% policy hard flag but approaching threshold and warrants monitoring
EXCESS_ITC_CLAIM: ₹4.80 Cr excess ITC flagged in registry signals — requires explanation and GST authority clarification
GST_NIL_RATED_SUPPLIES flagged — nature and quantum of nil-rated supplies requires disclosure
[Supplier B] cyclic: appears as both supplier (₹2.32 Cr purchases) and customer (₹0.70 Cr sales) in current year — further scrutiny warranted given supplier risk flags on this entity
GST filings are 100% on time for both GSTR1 and GSTR3B, which is a positive compliance signal. However, 13 cyclic counterparties (entities appearing in both sales and purchases) have been identified across current and prior years, with [Related Entity B] representing a compounded risk as both a related-party entity (via director Director L) and a cyclic counterparty — this must be investigated for genuine commercial substance versus round-tripping. The excess ITC claim of ₹4.80 Cr and the GST revenue inconsistency flag raised by the registry require documentary reconciliation before credit disbursement.
GST RISK MODEL
357
OUT OF 500
MEDIUM
Predicted class: 0 ·
GSTINs: 2
Data as of: 2026-04-24 ·
Network DPD: N/A
SCORE SUMMARY
Score 357/500 — moderate default risk. Score boosted by: Cyclic Trading Counterparties and New Customer Concentration Risk. Score penalised by: Network Max DPD and Inventory Velocity.
SCORE DRIVERS
↑ POSITIVE FACTORS
Cyclic Trading Counterparties▲ +57.1 pts
6 counterparties involved in circular purchase chains.
New Customer Concentration Risk▲ +25.4 pts
Revenue base is dominated by established customer relationships.
Cyclic Purchase Share▲ +4.7 pts
Significant cyclic purchases (7.4%) — material circular trading detected.
↓ RISK FACTORS
Network Max DPD▼ -26.3 pts
No matched Drip counterparties in the GST network — DPD signal is neutral.
Inventory Velocity▼ -22.8 pts
Sales and purchase growth broadly in line (+0.0% spread).
Δ Recurring Supplier Share▼ -8.9 pts
Recurring supplier share fell -3.3% — shifting away from established suppliers.
DETAILED FEATURE VALUES & CONTRIBUTIONS ▾
MODEL INPUTS (12 FEATURES)
Feature
Value
Customer HHI (Current)
1045
Customer HHI (Previous)
736
Supplier HHI (Current)
143
Cust-Supp Overlap Count
0.0000
Cyclic Purchase % (Current)
7.425%
Cyclic Intensity
6.0000
Prev Cyclic Trx % (Wtd)
4.170%
Change in Net Sales
-8.98%
Inventory Velocity
+0.00%
Δ Recurrent Supplier %
-3.33%
New Entity Risk Flag
NO
Network Max DPD
N/A
SIGNAL CONTRIBUTIONS (pts, ↑ = lower risk)
Signal
Points
Cyclic Intensity
+57.12
New Entity Risk Flag
+25.40
Cyclic Purchase % (Current)
+4.66
Cust-Supp Overlap Count
+2.04
Prev Cyclic Trx % (Wtd)
+0.99
Customer HHI (Current)
+0.02
Change in Net Sales
-1.95
Customer HHI (Previous)
-4.85
Supplier HHI (Current)
-7.84
Δ Recurrent Supplier %
-8.87
Inventory Velocity
-22.75
Network Max DPD
-26.27
GST NETWORK — INTERNAL MATCH
4
MATCHED CLIENTS
3
CUSTOMERS
1
SUPPLIERS
N/A
MAX DPD
No high-risk30 PANs checked
Type
Company
Entity ID
Txn Value
Share
Max DPD
Cur DPD
Stage
Status
Balance
Limit
customer
[Matched Client A]
XXXXX
₹4.7 Cr
4.3%
—
—
sales
cancelled
—
—
customer
[Matched Client B]
XXXXX
₹4.6 Cr
4.2%
—
—
sales
cancelled
—
—
customer
[Matched Client C]
XXXXX
₹3.2 Cr
3.0%
—
—
sales
cancelled
—
—
supplier
[Matched Client D]
XXXXX
₹2.3 Cr
4.3%
—
—
sales
rejected
—
—
MATCHED ENTITY IDs:XXXXXXXXXXXXXXXXXXXX
LITIGATION & CRIME CHECK
🚧To be added — CrimeCheck data not yet migrated to Snowflake.
CONSUMER CREDIT — PERSONAL CIBIL
1
Shareholders
802
Avg Score
802
Min Score
—
Max DPD 36m
0
Write-offs
—
Serious O/D
#
Name
PAN
Score
Band
Max DPD
Max DPD 36m
Write-offs
Serious O/D
Loans (Active)
Commentary
1
Director K 1975-05-20
XXXXXXXXX
802
Excellent
—
—
—
—
—
CIBIL score 802 (Excellent).
11. PANJIVA — SHIPMENT INTELLIGENCE
No Panjiva import data available for this applicant.
12 Limit Recommendation
WC Limit$0
ATP Limit (GP/12 or FCF/4, higher)$378,367
Model Limit
[ZERO]$0
Binding MethodZERO
Recommended Limit$0
Approval TierRisk Lead
VerdictREFER
LIMIT BUILD-UP BY YEAR
Component
FY2026P
FY2025XBRL
FY2024XBRL
FY2023XBRL
FY2022XBRL
WC Limit (40% × MPBF)
$0
$0
$0
$134,299
$291,255
ATP — GP/12
$234,577
$488,342
$301,028
$330,130
$331,681
ATP — FCF/4
$378,367
$617,372
$0
$0
$19,250
WC/ATP Binding
$0
$0
$0
$134,299
$291,255
The model limit is zero because the WC gap is negative under both H1 FY2026 provisional data (-₹36.1 Cr) and FY2025 XBRL data (-₹9.5 Cr), driven by total current liabilities (₹71.7 Cr on H1 basis) exceeding adjusted current assets — the policy mandates WC limit = $0 when WC gap is negative, and the model limit = min(WC, ATP) = $0. The ATP limit of $378K (H1 annualised) is positive and could serve as an override basis, but given the concurrent bureau default flag, DPO of 389 days indicating severe payables stress, below-threshold current ratio, and multiple unresolved compliance flags (EPF delay, GST inconsistency, excess ITC, auditor change), no limit is recommended at this stage pending conditions resolution. If conditions are satisfactorily resolved, a limit of up to $350,000 (floored to $50K increment, within ATP ceiling) could be considered under REFER with Risk Lead sign-off.
13 Assessment Summary
[Pharma Manufacturing Co · Delhi NCR] is a 32-year-old, BSE-listed API and bulk drug manufacturer with confirmed KYC, clean sanctions profile, and a meaningful operational turnaround in FY2025 (PAT ₹9.6 Cr, GP margin 40%, Debt/EBITDA 1.61x) after three consecutive loss years — these are genuine credit positives. However, the application cannot be approved at this stage due to a combination of critical flags: a confirmed bureau default of unknown quantum and resolution status, a WC model limit of zero driven by a persistently negative working capital gap and extreme payables stretch (DPO 389 days), an unverifiable supplier ([Unverified Supplier]) that cannot be KYC-cleared, and a related-party cyclic transaction with [Related Entity B] that requires commercial substance verification. Additional governance concerns — EPF delay, excess ITC claim of ₹4.80 Cr, auditor change, and GST filing delay flags — compound the risk picture. A REFER verdict is appropriate: the business has genuine operating merit, a coherent customer network anchored by two investment-grade buyers, and a positive FY2025 trajectory, but the mandatory conditions above must be resolved before any limit can be activated; upon satisfactory resolution, a limit of up to $350,000 (ATP-capped) with a Risk Lead sign-off would be appropriate, subject to [Large Customer Co] receivable concentration cap and Shri Ram / Daivat invoice exclusions.
13a Key Risks (12)
Negative WC gap under both latest provisional and full-year FY2025 financials — WC model limit is zero; company is funding operations via extreme payables extension (DPO 389 days), indicating structural liquidity stress
Bureau default flag confirmed in Probe42 registry — nature, quantum, and resolution status of the default(s) is unknown and must be clarified before any credit can be extended
[Large Customer Co] (35.95% customer concentration): largest single receivable exposure is an unrated partnership firm with no public financial disclosures; payment disruption would materially impair collateral coverage
[Unverified Supplier] (4.03% of purchases): completely unverifiable supplier — KYC score 20, NOT_FOUND on all registries, sanctions status unknown; cannot be cleared for disbursement against related invoices
[Cyclic Supplier]: high-risk cyclic counterparty appearing as both supplier and customer — ₹22 Cr open bank charges on a 4-year-old zero-employee entity; imports from Iran add sanctions-adjacency concern
[Related Entity B] is a related party (director Director L) AND a cyclic GST counterparty — potential round-tripping risk requiring commercial substance verification
Multiple regulatory compliance flags: bureau default, EPF payment delay, GST filing delay, excess ITC claim (₹4.80 Cr), CSR zero spend, auditor change, LEI renewal imminent — collectively indicate governance and compliance stress
Revenue trajectory: three consecutive loss years (FY2022–FY2024), H1 FY2026 showing deceleration from FY2025 turnaround with annualised revenue trending below FY2025 level; profitability recovery sustainability unproven
Large open charges of ₹74.95 Cr registered against the company (HDFC ₹43 Cr, Kotak ₹30 Cr, Mercedes Benz ₹1 Cr) — senior secured lenders hold prior claim on assets; Drip Capital would be structurally subordinate
Current ratio below policy threshold (0.91 in both H1 FY2026 and FY2025) — persistent near-breach of liquidity floor
Only 22.6% of supply chain assessed — 77.4% of sourcing is opaque; unassessed suppliers could carry additional concentration or KYC risks
No external credit rating from CRISIL/ICRA/CARE — limits independent credit quality triangulation for a public listed company
13b Key Strengths (12)
+ 32-year vintage public listed company (BSE listed) with verified MCA registration, 100/100 KYC score, and confirmed identity — strong institutional credibility
+ FY2025 marks a clear operational turnaround: PAT ₹9.6 Cr, EBITDA ₹20.2 Cr, GP margin 40% — versus three prior loss years; company appears to have structurally improved product mix
+ Sanctions-clean across OFAC SDN, UN Consolidated, and EU Consolidated lists
+ Customer network anchored by two investment-grade rated buyers: [PHARMA CUSTOMER · AA+ RATED] (ICRA AA+ / Ind-Ra AA+) and [Matched Client B] (ICRA A+) — high-quality receivable counterparties
+ Debt/EBITDA improved sharply to 1.61x in FY2025 (well within 4x policy threshold) from infinite/negative in prior years; interest coverage ratio 3.7x in FY2025
+ GP margin consistently above 5% policy threshold across all periods (25–40%); expense ratio well within 45% policy limit
+ DSO+DIO of 218.9 days in FY2025 within the 300-day policy cap; cash conversion cycle negative (-41 days FY2025), indicating the business is net cash generative from operations on a working capital basis
+ Recent patent grant (20-year patent for luliconazole process, Feb 2026) and export presence in 15+ countries — positive IP and business development signals
+ EPFO headcount of 195 confirms genuine operating scale consistent with API manufacturing activity
+ Managing Director reappointed with 99.99% shareholder approval — strong promoter alignment
+ Promoter holding at 74.94% (Director K) signals high alignment with business performance
13c Conditions (15)
Yellow = MandatoryBlue = Recommended
1.MANDATORY — Bureau Default Resolution: Provide documentary evidence of the nature, quantum, and current resolution status of all bureau defaults flagged by Probe42. Any unresolved default requires escalation to Risk Lead before limit activation.
2.MANDATORY — [Unverified Supplier] KYC: Conduct independent KYC verification including MCA/registry confirmation, sanctions screening, and business registration for this supplier before any invoices against this counterparty are eligible for financing.
3.MANDATORY — [Related Entity B] Cyclic Transaction Explanation: Provide commercial contracts and invoices supporting the genuine arm's-length nature of simultaneous sales and purchases with [Related Entity B] (a director-related party) to rule out round-tripping.
4.MANDATORY — Excess ITC Reconciliation: Provide GST department correspondence and reconciliation explaining the ₹4.80 Cr excess ITC claim; confirm no dispute or recovery proceedings are pending.
5.MANDATORY — GST Filing Delay Clarification: Clarify the nature of the GST filing delay flag notwithstanding 100% on-time GSTR filing rates — confirm no penalty orders or show-cause notices are outstanding.
6.MANDATORY — [Large Customer Co] Financials: Obtain and review 2–3 years of [Large Customer Co] audited/chartered accountant-certified financial statements before any drawdown against [Large Customer Co] receivables; impose a per-counterparty concentration cap of maximum 25% of eligible receivable pool for this counterparty.
7.MANDATORY — [Cyclic Supplier] Enhanced Due Diligence: Obtain audited financials for [Cyclic Supplier] to validate solvency against ₹22 Cr open bank charges; clarify the commercial basis for both selling to and buying from this entity simultaneously; verify Iran-sourced imports comply with applicable sanctions regimes.
8.CONDITION — EPF Delay Resolution: Provide evidence of clearance or payment schedule for outstanding EPF arrears.
9.CONDITION — Auditor Change Explanation: Disclose the reason for the recent statutory auditor change and confirm no audit qualification or adverse opinion was issued by the outgoing auditor.
10.CONDITION — LEI Renewal: Confirm Legal Entity Identifier renewal is completed before first drawdown.
11.CONDITION — CSR Underspend: Provide board resolution explaining CSR zero spend and confirm compliance plan for current year.
12.CONDITION — Collateral Eligibility Carve-out: Invoices originating from or payable by [Unverified Supplier] and [Cyclic Supplier] (pending EDD clearance) to be excluded from eligible receivables pool until KYC and EDD conditions are satisfied.
13.CONDITION — Supply Chain Coverage: Provide GST transaction data and basic KYC for top suppliers covering at least 60% of gross purchases to complete supply chain risk assessment.
14.MONITORING — [Large Customer Co] concentration to be reviewed quarterly; if share exceeds 40% of gross revenue, mandatory escalation for limit review.
15.MONITORING — DPO trend: if DPO remains above 300 days at next annual review, conduct full liquidity stress assessment and consider limit reduction.