Module 03 · Reading Filings & Documents¶
What this module does. Turns the accounting of Module 02 into the practical skill of opening any real Indian document — annual report, quarterly results, concall transcript, rating rationale, DRHP, broker report, US 10-K — and knowing where to look, what it means and what it hides. It ends with annotated walkthroughs of fictional excerpts seeded with green and red flags.
Why it matters. Analysts are paid to read what others skim. The notes to accounts, the auditor's report and the concall transcript contain most of what decides an investment; the chairman's letter contains almost none of it.
Lessons¶
| # | Lesson | One line | Time |
|---|---|---|---|
| 03.1 | Where information lives | The map of Indian disclosures; question → document; aggregators vs primary sources | 60 min |
| 03.2 | Anatomy of an Indian annual report | Section by section; the auditor's report decoded; the 2-hour read | 90 min |
| 03.3 | Notes to accounts | The reading order of notes by importance; what each reveals | 90 min |
| 03.4 | Quarterly results & concalls | Reg 33 filings; YoY/QoQ; decoding management speak; the say-do table | 75 min |
| 03.5 | Rating rationales, offer documents, broker reports & US filings | The documents beyond the annual report and how to use each | 75 min |
| 03.6 | Annotated walkthroughs | Practise reading: MD&A, auditor's report, RPT note, concall, rating rationale — with model annotations | 90 min |
Connections¶
- Back: Module 02 — the statements the documents contain.
- Forward: Module 04 computes on what you extract; 05.5–05.6 use the say-do table and governance disclosures; Module 09 reads the same notes forensically; 11.2 sequences the reading in a research process.
You're ready to move on when you can…¶
- For any question about a listed Indian company, name the document that answers it and where to find it.
- Read an auditor's report and state the opinion type, the KAMs, any EoM, and the CARO items that matter.
- Open the notes in the right order and extract: RPTs, contingent liabilities, borrowings and covenants, receivables ageing, revenue policy, tax reconciliation.
- Read a quarterly filing and a concall transcript, normalise one-offs, and add a row to a say-do table.
- Summarise a rating rationale's liquidity position and key sensitivities in five lines.
- Annotate a fictional excerpt and match at least 80% of the model annotations.
Tested by: Mock 1 (statement reconstruction) and Mock 4 (red-flag spotting on excerpts).