Learning objectives
By the end you can:
- Name the eight documents a listed company puts in front of you in a normal quarter, state what each is for, and say which of them is audited, which is reviewed and which is unaudited advocacy.
- Walk a draft red herring prospectus by section, going straight to Objects of the Issue, Basis for the Offer Price, the Restated Consolidated Financial Information, the Capitalisation Statement, Outstanding Litigation, Related Party Transactions and the Statement of Special Tax Benefits, and say what each one is there to stop.
- Read a Basis for the Offer Price page adversarially: recompute the issuer's own key performance indicator from the restated accounts, test the definition against a plain one, rebuild the peer set, and quantify what each choice is worth in enterprise value.
- Reconcile an Indian quarterly result to the audited annual report, deriving the fourth quarter as a balancing figure, separating the standalone and consolidated columns, tying the segment table to profit before tax, and reading the limited-review paragraph for what it does and does not assert.
- Bridge an earnings release, an investor presentation and a call transcript when the three carry different growth rates, and state which of the three numbers you would put in a model and why.
- Log a management claim so it can be scored, then score a quarter's worth of claims and turn the hit rate into a number you can quote.
- Map an 8-K to its item numbers, distinguish filed from furnished items, run an EDGAR full-text hunt for a phrase across filers, and record an accession number so the fact is retrievable.
- Read a Form 13F and state the four things it cannot tell you, then compute what share of a manager's book it covers and what a listed option position does to the exposure it implies.
- Classify a Schedule 13D against a 13G from Item 4's stated purpose, the filer's category and the timing, and say what an amendment signals.
- Convert a credit rating rationale into a five-row monitorable trigger list, computing the headroom to each named sensitivity and naming the quarterly document that refreshes it, and classify a subsequent event as adjusting or non-adjusting under both Ind AS 10 and ASC 855 with the accounting consequence quantified.
Prerequisites & connections
Builds on. M0.05 gave you your first guided walk through an Indian annual report and a US 10-K, and taught the proxy statement as the place the people and the pay live. M1.10 hardened that into a hand-spread of a full filing, with the auditor's report, CARO, the Ind AS and Schedule III presentation rules, the non-GAAP reconciliation discipline and the promoter-pledge mechanics. M8.01 gave you the five questions and the four-layer source stack, plus the exact read order for a filing and the ten Ctrl-F tripwires. M8.02 turned all of it into the twelve-question teardown and the eight-line output. From elsewhere in the spine: M1.04 for the cash flow statement, M2.06 for quality of earnings, M3.03 for the cost of capital and the national-scale rating trap, and M5.02 for how an Indian non-bank finance company funds itself and why its rating rationale reads differently from a manufacturer's.
Feeds forward. M8.03 and M8.04 spend two to three days on a single company, and every document type here is one of the inputs those days consume. M8.05 certifies the whole system under a stopwatch, and the timed sweep below is the drill that makes the document half of that certification survivable. E11.01 owns credit analysis proper and takes the rating rationale from a document you can read to a scorecard you can rebuild. E11.04 takes the shareholding pattern and the pledge line into full India governance forensics. E11.02 takes the event filing into merger and special-situation work, where an 8-K item number is often the first public trace of a deal. M9.01's position sizing consumes the trigger lists built here as monitoring inputs.