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

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sanstar-limited" target="_blank" data-smartkarma-citation="entities:43662:1" rel="noopener">Sanstar (SANSTAR123 IN)</a> is primarily focused in producing maize based specialty products and ingredient solutions in India. It currently occupies a market share of around 7.8%. </li>
<li>The company has shown good growth in the last two years; however, when it comes to accounting and forensic checks there are several grey areas/unique policies.</li>
<li>Examples: Revenues are stated gross of GST and are net of freight and brokerage costs. Classification of some of free reserves into revaluation reserve, Salaries paid to some senior personnel,etc.</li>
</ul>



Sanstar (SANSTAR123 IN) is primarily focused in producing maize based specialty products and ingredient solutions in India. It currently occupies a market share of around 7.8%. 
The company has shown good growth in the last two years; however, when it comes to accounting and forensic checks there are several grey areas/unique policies.
Examples: Revenues are stated gross of GST and are net of freight and brokerage costs. Classification of some of free reserves into revaluation reserve, Salaries paid to some senior personnel,etc.


Sanstar

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