| High | Customers | Largest customer is 62% of revenue; contract renews yearly | Sales ledger, top-10 contracts | Evidence tenure and pricing terms, or diversify |
| High | Related parties | Factory land leased from a promoter relative | Lease deed, board minutes | Arm’s-length valuation and audit-committee approval on file |
| Medium | Cash | Receivables up 2.4× while revenue rose 1.3× | Ageing report, bank statements | Collections workflow in the ERP; ageing on the board pack |
| Medium | Plant | Stated capacity 1,200 t/month; one line appears idle | Site visit, satellite imagery, power bills | Utilisation evidence per line, per month |
| Low | IT controls | Shared admin login on the ERP | Access review | Named accounts and a quarterly access review |
| Verified | Reality check | Factory operating; office staffed; named capex vendor exists | Maps, site photos, vendor GST records | — |