Annual report review · Indian listed companies

What will the regulator find in your annual report?

Know before it is printed.

1 dayto start: conflicts check and NDA
99%review standard before a point is a finding
Expertprofessionals review every point
10 daysworking days to a reviewed, sealed report
Pramanex · Company A Limited (identity masked) · Listed manufacturer
A-H-01Priority matterListed manufacturer
Directors’ Report · Loans and guaranteesDirectors’ Report · Loans and guarantees: highlighted extract, identity masked
Notes to accounts · Note 39, no amount givenNotes to accounts · Note 39, no amount given: highlighted extract, identity masked
Requirement · Companies Act, s.186(4)“The company shall disclose to the members in the financial statement the full particulars of the loans given, investment made or guarantee given or security provided”
FindingCompanies Act s.186(4); Ind AS 24; Ind AS 107
A guarantee for a subsidiary’s loans, exceeding the company’s net worth, is reported in the Directors’ Report but not the financial statements.
IndiaCompany law

Every annual report has a careful reader.
Usually after it is printed.

₹62 Crin exchange fines on listed companies since June 2024
1,003listed companies fined under the LODR procedure
572of them for board composition alone

Source: NSE fine disclosures, June 2024 onwards, compiled by Pramanex.

How it works

Read. Prove. Challenge. Seal.

Every page against every other page, last year, the XBRL and your exchange filings.

Annual reportNotes to accountsPrior yearXBRLExchange filingsRegistry records
Pramanexcross-checks

Every point carries its page, the highlighted words and the text of the law.

Directors' Report

…the Company has granted a corporate guarantee in connection with the facilities of a subsidiary…

Companies Act 2013 · s.186(4)

The company shall disclose to the members in the financial statement the full particulars of the loans given, investment made or guarantee given…

A second AI argues the company's side. Only points that survive, at 99% certainty, become findings.

FindingThe guarantee is not in the financial statements.
ChallengeDoes an exemption for subsidiaries apply?
ResultKept. The exemption itself requires disclosure in the financial statements.

Our professionals review every point, and the report is sealed. When a company reviews its own report, it goes to the CFO and the audit committee chair together.

Professional review
Every point
SHA-256
9f2c ··· a71e
Released to
CFO and Audit Committee Chair together
4Indian listed companies studied, two years each
500+issues found in four reviews of Indian annual reports, each tied to a page and a rule
8laws and standards read together, from the Companies Act to BRSR
99%review standard before anything is called a finding

Your next annual report will be in draft by June.
Have it reviewed before it goes to print.

Under NDA, with Pramanex recorded as a designated insider in your structured digital database.