Forensic Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst with more than 15 years of experience in Indian equities. He is Pioneer of Corporate Governance and Accounting Research in Indian Market and has successfully developed product for Institutional Investors named as "Analysis Beyond Consensus" during his association with Edelweiss Securities Ltd, Mumbai. Later during the career, he has worked with Veritas Investment Research Corporation, Canada as Asia Consultant covering Indian and US equities. He has been profiled by leading financial newspapers such as Wall Street Journal, Business Standard etc

Forensic 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

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<a href="https://www.smartkarma.com/entities/minda-corp-ltd" target="_blank" data-smartkarma-citation="entities:13972:1" rel="noopener">Minda Corp Ltd (MDA IN)</a> is one of the renowned auto ancillaries with a strong presence in 2W lock sets, and wiring harness for 2W, 3W, tractors, and CVs. </li>
<li>Minda Corp has stability in its financials with consistent margins and return ratios. Cash generation is healthy over both short and long term basis. </li>
<li>However, a significant share of bottom-line comes from non-core sources of income. Moreover, company has used short term funds for long term purpose, which has tested liquidity in the books.</li>
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Minda Corp Ltd (MDA IN) is one of the renowned auto ancillaries with a strong presence in 2W lock sets, and wiring harness for 2W, 3W, tractors, and CVs. 
Minda Corp has stability in its financials with consistent margins and return ratios. Cash generation is healthy over both short and long term basis. 
However, a significant share of bottom-line comes from non-core sources of income. Moreover, company has used short term funds for long term purpose, which has tested liquidity in the books.


Minda Corporation

Minda Corporation Ltd- Forensic Analysis