Compliance-certificate recheck — the full series
We ran every one of the twenty consecutive quarters of Flow International’s executed compliance certificates available on EDGAR — the whole series, not a chosen window. All twenty reconcile: the recomputed leverage ratio matches the borrower’s own stated figure in every quarter, across ratios moving from 0.13 to 3.03, and every quarter sits within its own stated covenant maximum — including the crisis-era quarter recomputed at 3.03 against a cap the lender had widened to 3.25x. On eighteen of the twenty the EBITDA build-up re-sums to the stated figure as well; the other two use different add-back labels, and the engine leaves that build-up un-recomputed rather than summing a partial set. Every outcome is committed as a fixture.
| Quarter | Stated ratio | Recomputed | Result |
|---|---|---|---|
| Q3 FY2009 | 0.3 | 0.295 | reconciles; build-up un-recomputed (different add-back labels) |
| Q4 FY2009 | 1.52 | 1.521 | reconciles; build-up un-recomputed (different add-back labels) |
| Q1 FY2010 | 3.03 | 3.026 | reconciles (EBITDA re-sum matches) |
| Q2 FY2010 | 1.56 | 1.564 | reconciles (EBITDA re-sum matches) |
| Q3 FY2010 | 1.26 | 1.255 | reconciles (EBITDA re-sum matches) |
| Q4 FY2010 | 0.86 | 0.861 | reconciles (EBITDA re-sum matches) |
| Q1 FY2011 | 0.19 | 0.187 | reconciles (EBITDA re-sum matches) |
| Q2 FY2011 | 0.39 | 0.387 | reconciles (EBITDA re-sum matches) |
| Q3 FY2011 | 0.15 | 0.153 | reconciles (EBITDA re-sum matches) |
| Q4 FY2011 | 0.57 | 0.574 | reconciles (EBITDA re-sum matches) |
| Q1 FY2012 | 0.36 | 0.362 | reconciles (EBITDA re-sum matches) |
| Q2 FY2012 | 0.23 | 0.232 | reconciles (EBITDA re-sum matches) |
| Q3 FY2012 | 0.13 | 0.134 | reconciles (EBITDA re-sum matches) |
| Q4 FY2012 | 0.17 | 0.168 | reconciles (EBITDA re-sum matches) |
| Q1 FY2013 | 0.15 | 0.148 | reconciles (EBITDA re-sum matches) |
| Q2 FY2013 | 0.56 | 0.563 | reconciles (EBITDA re-sum matches) |
| Q3 FY2013 | 0.74 | 0.744 | reconciles (EBITDA re-sum matches) |
| Q4 FY2013 | 0.9 | 0.896 | reconciles (EBITDA re-sum matches) |
| Q1 FY2014 | 1.14 | 1.144 | reconciles (EBITDA re-sum matches) |
| Q2 FY2014 | 0.51 | 0.513 | reconciles (EBITDA re-sum matches) |
The recomputed leverage ranges from 0.13 to 3.03 across the 20quarters and reconciles with the borrower’s own stated figure at every one. Recomputed in your browser, live, from each certificate’s own components.
No hash receipt on this page. The numbers themselves are recomputed in front of you from the certificate text — a stronger check than confirming a digest is unchanged.
These two are not real filings. They are certificates we built to hold a shape the engine cannot compute: a percentage test with no ratio to recompute, and a calculation pushed into a schedule that was never supplied. Every Flow certificate above is readable and reconciles, so the outright refusal is shown here rather than there. Real declining certificates from other issuers are being sourced.
Calculation pushed into an unsupplied schedule (constructed)
recheck declinedRecheck declined — the calculation build-up is in Schedule 1, not in the supplied document
A percentage-of-value test, a different covenant class (constructed)
recheck declinedRecheck declined — leverage expressed as a percentage-of-value test (REIT-style), not a debt/EBITDA ratio
Flow International, quarter ended April 30, 2013
recomputed, reconcilesThe same certificate, one stated figure altered
mismatch surfacedstated leverage ratio 0.5 does not reconcile with 18977 / 21186 = 0.896
Demonstrated here on HTML-extracted public-filing text. The office-format front end — a scanned-PDF, spreadsheet, or OCR’d certificate from a private borrower, with no public XBRL to cross-check — is scoped, not built: it will be measured on a real lender certificate before it is claimed. This page is the recheck logic, not the file intake.