Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Indian Accounting Research Analyst

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pokarna-ltd" target="_blank" data-smartkarma-citation="entities:1340:1" rel="noopener">Pokarna Ltd (POKR IN)</a> is principally engaged in the business of quarrying, manufacturing &amp; processing and selling of Granite &amp; manufacturing and selling of Apparel under the brand name ‘Stanza’.</li>
<li>One of the key audit matters related to IT systems risk, and these are reflected by some of the accounting misclassifications.</li>
<li>Other forensic concerns include high cost of debt on and ICDs and director loans, added WC burden, inventory valuation, etc.</li>
</ul>



Pokarna Ltd (POKR IN) is principally engaged in the business of quarrying, manufacturing &amp; processing and selling of Granite &amp; manufacturing and selling of Apparel under the brand name ‘Stanza’.
One of the key audit matters related to IT systems risk, and these are reflected by some of the accounting misclassifications.
Other forensic concerns include high cost of debt on and ICDs and director loans, added WC burden, inventory valuation, etc.


Independent Research Analyst

Mamta Verma

DC India Research

DC India Research LLP (DCIR) is based out of Mumbai, India.

We specialize in providing customized, independent research across listed and unlisted companies in India across equities and credit including sectoral research. Our customers include India focussed PE funds, special situation funds, domestic AMCs, Wealth Advisory& PMS firms, Rating Agencies & Investment Advisors. 

The DCIR board consists of prominent names from the industry as well as CIO’s of Hedge funds.

Equity Bottom-Up

<p>In this note we review the q3-FY18 and 9M-FY18 performance of the following listed companies in the Indian Ceramic Tiles and Sanitaryware Industry -</p><p><a href="https://www.smartkarma.com/entities/13916" target="_blank" data-smartkarma-citation="entities:13916:1">Kajaria Ceramics Ltd (KJC IN)</a>, <a href="https://www.smartkarma.com/entities/5195" target="_blank" data-smartkarma-citation="entities:5195:1">Cera Sanitaryware Ltd (CRS IN)</a>, <a href="https://www.smartkarma.com/entities/10694" target="_blank" data-smartkarma-citation="entities:10694:1">Somany Ceramics Ltd (SOMC IN)</a>, <a href="https://www.smartkarma.com/entities/16133" target="_blank" data-smartkarma-citation="entities:16133:1">Hsil Ltd (HSI IN)</a>, <a href="https://www.smartkarma.com/entities/7526" target="_blank" data-smartkarma-citation="entities:7526:1">Asian Granito India Ltd (ASIAN IN)</a>, <a href="https://www.smartkarma.com/entities/1340" target="_blank" data-smartkarma-citation="entities:1340:1">Pokarna Ltd (POKR IN)</a>, <a href="https://www.smartkarma.com/entities/9403" target="_blank" data-smartkarma-citation="entities:9403:1">Acrysil Ltd (ACRY IN)</a></p><p><em><strong>1. Net Sales Performance -</strong></em></p><table class="table table-striped"><tbody>
<tr>
<td>Net Sales</td>
<td>Q3-FY18 YoY</td>
<td>Q3-FY18 QoQ</td>
<td>9M-FY18 YoY</td>
<td style="text-align: center;">9M-FY18 (Rs. Mn.)</td>
</tr>
<tr>
<td style="text-align: left;"> - Acrysil Ltd</td>
<td>17.5%</td>
<td>-8.1%</td>
<td>4.6%</td>
<td>                      1,475</td>
</tr>
<tr>
<td style="text-align: left;"> - Asian Granito</td>
</tr>
</tbody></table>…

In this note we review the q3-FY18 and 9M-FY18 performance of the following listed companies in the Indian Ceramic Tiles and Sanitaryware Industry -Kajaria Ceramics Ltd (KJC IN), Cera Sanitaryware Ltd (CRS IN), Somany Ceramics Ltd (SOMC IN), Hsil Ltd (HSI IN), Asian Granito India Ltd (ASIAN IN), Pokarna Ltd (POKR IN), Acrysil Ltd (ACRY IN)1. Net Sales Performance -

Net Sales
Q3-FY18 YoY
Q3-FY18 QoQ
9M-FY18 YoY
9M-FY18 (Rs. Mn.)


 - Acrysil Ltd
17.5%
-8.1%
4.6%
                      1,475


 - Asian Granito

…

Sector Capsule - Indian Ceramic Tiles & Sanitaryware

India

Pokarna Ltd. is engaged in granite quarrying. The Company's quarrying operations span various colors across several locations primarily in South India.

Pokarna Ltd (POKR IN)

Pokarna Ltd- Forensic Analysis

Forensic concerns related to IT systems risk, and these are reflected by some of the accounting misclassifications, high cost of debt on and ICDs...

Nitin Mangal

Sector Capsule - Indian Ceramic Tiles & Sanitaryware

In this note we review the q3-FY18 and 9M-FY18 performance of the following listed companies in the Indian Ceramic Tiles and Sanitaryware Industry...

DC India Research