Six observed signals are reconciled to the assumptions that supported sanction. This review does not classify default or fraud; it creates an investigation task for the relationship manager.
Every signal retains its source artefact, challenged assumption and required investigation.
Filing cadence broken
GSTN · GST-3B-FY26-06
Statutory filings remain timely
A filing control that supported the sanction-time operating case is no longer holding.
RM asks for filing status and ageing
-14% quarter on quarter
GSTN · GST-ROLLUP-FY26-Q2
Revenue ramps toward the projected turnover path
The observed run-rate is below the revenue trajectory used in repayment capacity.
Re-spread current quarter and test DSCR
Invoiced > tax paid
GSTN · GST-CROSSCHECK-FY26-06
Reported sales reconcile to tax-paid sales
Invoicing is running ahead of tax-paid turnover, weakening the source agreement.
Route reconciliation to credit review
-19% vs sanction projection
Account Aggregator · AA-03417-MONTHLY-06
Bank credits track the sanctioned cash-flow projection
Actual cash inflows are below the level underwriting the debt-service case.
Inspect collections and working-capital cycle
Fresh borrowing / security dilution
MCA · MCA-CHARGE-2026-09
Existing security remains available and undisclosed borrowing is absent
A new charge changes the security and priority picture after sanction.
Obtain charge documents and security position
31% → 58% of receipts
AA bank credits · AA-03417-BUYER-MIX-06
Receipts remain diversified across buyers
One buyer now represents materially more of observed receipts than the sanction case assumed.
Validate buyer contract and receivable ageing
Credit should re-spread current turnover, establish the position of the fresh charge, validate buyer concentration and record the GST explanation. A human records any account action after investigation.