Thesis
Liabilities and commitments that exist in practice but not on the face of the statements — promoter guarantees, sister-entity leverage, working-capital assumptions that have never faced stress.
What it scans
Off-book exposure, related-party opacity, capital buffers that look solid until a single shock, locked cash, and the story the board tells itself about headroom.
Refuses alone
Will not declare insolvency risk from absence alone. Phantom findings require NEXUS interlocks or CASCADE runway before they become a verdict.
PHANTOM flags promoter pledges as material off-book risk. NEXUS may rate the same structure as a manageable DIN web. Neither wins by volume — only by what survives joint scrutiny.