Borrower monitor
Drawing power, tested against bank and tax data.
Each borrower's bank flows, tax turnover where available, charges and pledges, re-pulled monthly with consent. Your credit team reads source figures beside the stock statement, and not instead of it.
Private credit lenders
Working-capital or term loans to unlisted borrowers. Drawing power, the amount the borrower may draw against its stock and debtors, comes off a statement the borrower prepares, and covenants (the loan conditions) are certified by the borrower once a quarter.
Funds and family offices
Venture debt or structured credit where the next tranche depends on performance the borrower reports about itself.
Accountants and law firms
A lender has asked for a stock or end-use review and your team needs source data behind the certificate.
Every month we pull each borrower's bank data, and tax data where the market provides it, with consent, and test it against your sanction terms. Registries are watched for new charges, the same asset pledged twice, and cases. The note goes to the relationship manager and the credit head when the stock statement lands.
Stock statement shows receivables of ₹1.8 cr. Bank collections over the last 90 days support 68% of that. Two of the larger debtors share a director with the borrower.
Illustrative finding. Not a real company.
What lands on your desk
Monthly borrower note
Cash in and out, tax turnover where available, and exceptions, one page per borrower.
Drawing-power comparison
The stock statement beside bank- and tax-backed figures, with the gap in INR.
End-use check
Large debits matched to purpose, promoter-linked payees marked.
Security check
Other lenders' charges on the same assets, and receivables also financed elsewhere.
How the work runs
Load sanction terms
Limits, margins, eligible stock and receivables, ageing cut-offs, permitted end-use, covenants. These become the test rules, so the note speaks in your terms and not ours.
Take consent
Bank data using the RBI Account Aggregator framework. Tax returns where the market provides them, through an authorised channel.
Pull monthly
Bank transactions, tax returns where available, charge and security registrations, receivables-finance platforms where available, and court and insolvency records.
Test the terms
Bank collections, and tax-return sales where available, are set against the debtors in the stock statement. Credits from related parties and transfers between the borrower's own accounts are removed first. Drawing power is recomputed at your margins. Covenant ratios are recomputed from sourced figures and shown with headroom (distance from the limit). Large debits are matched to permitted end-use.
Review and send
A named analyst checks each flag against source rows, then sends the borrower note.
Drawing power recompute
Monthly, from sales in the borrower's accounts, collections in the bank, and tax returns where the market provides them, against the stock statement and at your margins.
Receivables
Ageing and concentration of receivables from the ledger the borrower supplies and from bank data, checked against tax returns where available. Related-party debtors are stripped out first.
Collateral and charges
New or changed filings through Form CHG-1 charge registrations, and signs of the same asset pledged twice.
Conduct of the account
Cheque returns, delayed interest, sudden credit spikes near the cut-off date.
Covenants
Covenant ratios recomputed from sourced figures, with headroom shown. Tests on figures the borrower alone supplies are labelled as such.
End-use
Movement of drawn funds against the sanction terms.
Early-warning flags
A short ranked list each month.
Bank data arrives by consent link where the route is automatic. Otherwise the borrower sends statements.
Recompute and match to source.
A named analyst reads the breaks.
Drawing-power note and flags delivered.
The outer limit of the guarantee.
Usually (our estimate)
Usually a quarterly visit and a manual check of the stock statement, a few weeks after the quarter closed.
Kubr
Baseline in 2 to 5 Business Days, then each update in 2 to 5.
Typical times are targets we are still testing in the pilot. The 2 to 5 day window is the commitment. Terms in Disclosures.
What the cases taught us
Double pledging and collateral problems feature in many of the 483 cases. New charges appear on the public register, and the monitor watches for them.
Bank credits against books feature in many cases. Recomputing drawing power each month keeps the lender close to real activity.
We do not make the credit call, and we do not pull bureau reports.
Counts come from our first review of the public cases in the casebook on this site. We mapped each case, on hindsight, to the checks that could have surfaced it. It is our reading, not a finding about any company. Many cases describe allegations that are contested. See the cases
ChecksWhat we check, in plain words
| Check | What it means | An illustration (invented) | It can mislead when |
|---|---|---|---|
| Bank credits vs books | We compare the money that actually moved through the bank with the sales and costs in the books, month by month. | The books show ₹4 crore of sales in a quarter. Bank credits from customers add up to ₹2.5 crore. | AA only sees the accounts the company links, so an undisclosed account stays invisible. Cash-heavy businesses and timing differences create false flags. |
| Counterparty tax / GST | We look up the main customers and suppliers in the tax system and see whether they are active, filing, and report the same trades. | A customer the company calls its largest has not filed a return in a year. | Needs taxpayer consent or GSP access. A registered, filing shell still passes this check, which is why C3 and C4 run beside it. |
| Ownership / related-party links | We look for hidden ties between the company's counterparties and its owners, through directors, shareholders, addresses, phones and auditors. | A supplier paid ₹3 crore shares a registered address with the promoter's brother. | Nominee directors and offshore layers hide links. Name matching throws up false positives, so every flag shows its evidence path. |
| End-use tracing of funds | We follow raised money or a loan for its first 90 days and see where it went, and whether any of it reached the owners or people linked to them. | Money raised for a plant is paid out within weeks to a company the director controls. | Kubr sees only the company's own accounts. Once money reaches a third party's bank, Kubr can flag the payee but cannot see the next hop without that party's consent. |
| Regulatory & litigation records | We search courts, tribunals, regulators and insolvency records for cases and orders against the company, its owners and its past firms. | A promoter's earlier company was barred by a regulator two years ago. | Court records lag and name spellings vary. A clean record can mean the problem has not reached court yet. |
| Governance signals | We read the warning signs around the company: auditor changes, qualified opinions, executives leaving, pledged shares and late filings. | The auditor resigned mid-year and the company filed its accounts late. | Private companies file late, so these signals are lagging. Kubr uses them to support other flags, not to prove anything alone. |
| Collateral & double pledge | We check whether the same asset, invoice or receivable was pledged to more than one lender. | One set of receivables appears as security to two different banks. | Pledges made off the registries stay invisible, and vague invoice descriptions are hard to match. |
| Drawing power vs books | We compare the stock and receivables statements the company gave its bank with its own books. | The bank was told stock was ₹20 crore. The books say ₹12 crore. | CARO is annual, so the signal comes late. It covers only borrowers above the ₹5 crore limit. |
What it will not tell you
- Without consent, bank and tax checks cannot run. If consent lapses, we log a flag and continue on registries.
- Drawing-power and end-use tests need your sanction terms. Without them we report flows only.
- We see linked accounts only. Money moved through other accounts, or onward from a payee, is out of view.
- We do not classify an account as stressed (at risk of default) or fraudulent. That call is the lender's, under its own regulator's rules.
Not in this service: make the credit call.
What it can do
- Tie monthly bank credits to declared stock-statement sales, and to tax-return turnover where the market provides it.
- Recompute drawing power under your sanction margins, and covenant headroom from the sourced figures.
- Trace debits above a set threshold to payees, and check each payee for promoter links.
- Read the statutory auditor's report, where filed, for stock-statement gaps against books.
Why it differs from the usual way
Usually
Drawing power is set from the borrower's own stock statement.Kubr
We recompute it from bank collections, and tax data where available, then compare the two.Usually
The borrower certifies covenants each quarter.Kubr
Covenant inputs are re-pulled from source each month, so a breach does not wait for the next certificate.Usually
Each lender checks its own charge.Kubr
We match your security against every charge and pledge registered by others.Records we examine
| Record | What we take from it |
|---|---|
| Bank data, with consent (the RBI Account Aggregator framework) | |
| Tax-return data, where the market provides it (with consent) | |
| Company registry (MCA21) | |
| Charge and security registrations (Form CHG-1 charge registrations) | |
| Receivables-finance platforms, where available | |
| Court and insolvency records (eCourts, NCLT and NGT) | |
| Auditor's report disclosures in filed accounts | |
| Published credit-rating actions |
Some records need the company's consent. The report says which were pulled from source and which the company supplied.
In India
- What we pull here
- Borrower watch for lenders: new charges, GST filing lapses, return-to-return sales drift, cash-flow changes from consented bank data, cases and rating changes.
- What is thinner here
- Bank and GST layers need renewed consent. Consent lapses are flagged.
What it costs
Pick the size of the deal or exposure. The fee is fixed before work starts.
₹35,000 / month
Above the top band the fee is quoted individually. Indicative base, in local currency, before tax. All services and what moves the fee
Shape the scope
Time horizon
Entities
Speed
The fee shown for your deal size is an indicative base. A longer look-back, more entities or a faster turn moves it. The quote fixes the number before work starts.
Questions
Can it run on borrowers already on our book?
Yes. Registry checks start the day you share the list. Bank and tax checks start once the borrower consents.
Do you declare a covenant breach?
No. We show the gap against the sanction terms, with the rows behind it. Whether it is a breach is for your credit team.
How do you treat money that goes out and comes back?
Related-party credits and the borrower's own-account transfers are separated before collections are counted, and shown as their own line. A credit that returns to its payer within days is flagged.
Does it include credit bureau data?
No. Bureau reports go to members only. Keep your own pull beside our note.
Often paired with
Start with one company.
We reply within one business day with scope, price and a date. Indicative prices in INR, before GST at 18%. Scope and price are fixed in the engagement letter.