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

Equity Capital Markets

Premier Energies Limited / Equity Capital Markets

Premier Solar Systems Private Limited manufactures solar energy equipment. The Company offers PV modules, lanterns, street lighting, water pumps, and power plants. Premier Solar Systems serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/premier-energies-limited" target="_blank" data-smartkarma-citation="entities:42190:1" rel="noopener">Premier Energies Limited (0377949D IN)</a> is into manufacturing of solar cells and modules. The company is the second largest integrated player (cell+module) in India with a market share of 28%</li>
<li>The business has picked up in the last two years. Revenues, order book and capacities have increased and margins have also seen improvement. </li>
<li>However, the company is struggling on cash conversion on the back of highly levered balance sheet. Focus should also be on few questionable related party transactions.</li>
</ul>



Premier Energies Limited (0377949D IN) is into manufacturing of solar cells and modules. The company is the second largest integrated player (cell+module) in India with a market share of 28%
The business has picked up in the last two years. Revenues, order book and capacities have increased and margins have also seen improvement. 
However, the company is struggling on cash conversion on the back of highly levered balance sheet. Focus should also be on few questionable related party transactions.


Premier Energies Ltd IPO- Forensic Analysis

Forensic Accounting

Waaree Renewable Technologies / Forensic Accounting

Waaree Renewable Technologies Limited operates as a renewable equipment company. The Company offers solar PV modules, batteries, and other solar products. Waaree Renewable Technologies serves customers in India.

Waaree Renewable Technologies (WAREERTL IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-renewable-technologies" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Renewable Technologies (WAREERTL IN)</a> or (WRTL) is into Solar EPC and is a subsidiary of Waaree Energies Ltd. </li>
<li>Revenues and order book have increased exponentially in the last few years.</li>
<li>While the business has certainly picked up, there are few forensic checks that need attention; most important being the auditor’s comment on the need to increase strength of internal controls.</li>
</ul>



Waaree Renewable Technologies (WAREERTL IN) or (WRTL) is into Solar EPC and is a subsidiary of Waaree Energies Ltd. 
Revenues and order book have increased exponentially in the last few years.
While the business has certainly picked up, there are few forensic checks that need attention; most important being the auditor’s comment on the need to increase strength of internal controls.


Waaree Renewable Technologies Ltd- Forensic Analysis

HI-Tech Pipes Limited is a producer and supplier of steel pipes, hollow sections, tubes, cold rolled coils and strips, and a variety of other galvanized products.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hi-tech-pipes-limited" target="_blank" data-smartkarma-citation="entities:39778:1" rel="noopener">HI-Tech Pipes (HITECH IN)</a> is engaged in manufacturing of ERW Steel Round &amp; Section Pipes, cold Rolled Strips, coils, and colour coated sheet, etc. and has distribution across India.</li>
<li>The company has grown impressively in the last 5-7 years and has seen improved balance sheet and working capital situation.</li>
<li>However, tapering return ratios, prolonged concern on cash conversion and erosion of margins are few talking points that should be taken into account.</li>
</ul>



HI-Tech Pipes (HITECH IN) is engaged in manufacturing of ERW Steel Round &amp; Section Pipes, cold Rolled Strips, coils, and colour coated sheet, etc. and has distribution across India.
The company has grown impressively in the last 5-7 years and has seen improved balance sheet and working capital situation.
However, tapering return ratios, prolonged concern on cash conversion and erosion of margins are few talking points that should be taken into account.


Marksans Pharma Limited manufactures active ingredients that are used to produce finished drugs.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marksans-pharma-ltd" target="_blank" data-smartkarma-citation="entities:7841:1" rel="noopener">Marksans Pharma (MRKS IN)</a> has done well in recent years, growing at 15.2% on a 5Y CAGR.  </li>
<li>The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.</li>
<li>However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.</li>
</ul>



Marksans Pharma (MRKS IN) has done well in recent years, growing at 15.2% on a 5Y CAGR.  
The company has a good balance sheet, strong cash generation and also witnessed a recent uptick on the margins side. UK business especially has been the cash cow.
However, there are few impairment indicators; few subsidiaries are not audited while bad debts have appeared in the books lately. Company also has few disclosure issues.


Genesys International Corporation Ltd. provides engineering and information technology solutions to the commercial and government sectors.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/genesys-intl-corp-ltd" target="_blank" data-smartkarma-citation="entities:3562:1" rel="noopener">Genesys Intl Corp (GENE IN)</a> or (GICL) is engaged in Geospatial services.</li>
<li>The balance sheet of the company is surrounded by impairments; in the last few years, the company has impaired a major chunk of its intangibles, investments, goodwill and advances</li>
<li>Other forensic insights include doubts on revenue recognition, struggle with the cash flows and earnings quality, recon issues and treatment of few line items</li>
</ul>



Genesys Intl Corp (GENE IN) or (GICL) is engaged in Geospatial services.
The balance sheet of the company is surrounded by impairments; in the last few years, the company has impaired a major chunk of its intangibles, investments, goodwill and advances
Other forensic insights include doubts on revenue recognition, struggle with the cash flows and earnings quality, recon issues and treatment of few line items


Genesys International Corp Ltd- Forensic Analysis

Nitin is founder of Trudence Capital 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 news papers such as Wall Street Journal, Financial Times, Business Standard etc.

Nitin Mangal
Indian Accounting Research Analyst
• Trudence Capital Advisors

Premier Energies Ltd IPO- Forensic Analysis

The business has picked up in the last two years. However, the company is struggling on cash conversion on the back of highly levered balance...

Nitin Mangal

Waaree Renewable Technologies Ltd- Forensic Analysis

While the business has certainly picked up, there are few forensic checks that need attention; such as auditor's comment on internal controls,...

Nitin Mangal

Hi-Tech Pipes: A.G.E. Analysis

The company has grown impressively in the last 5-7 years and has seen improved balance sheet. But tapering return ratios, concern on cash...

Nitin Mangal

Marksans Pharma- Forensic Analysis

Marksans Pharma has shown strong growth and financial performance in recent times. However, there are concerns surrounding impairments, audit of...

Nitin Mangal

Genesys International Corp Ltd- Forensic Analysis

The balance sheet of the company is surrounded by impairments. Other forensic insights include doubts on revenue recognition, struggle with the...

Nitin Mangal

Premier Energies Ltd IPO- Forensic Analysis

The business has picked up in the last two years. However, the company is struggling on cash conversion on the back of highly levered balance...

Nitin Mangal

Waaree Renewable Technologies Ltd- Forensic Analysis

While the business has certainly picked up, there are few forensic checks that need attention; such as auditor's comment on internal controls,...

Nitin Mangal

Hi-Tech Pipes: A.G.E. Analysis

The company has grown impressively in the last 5-7 years and has seen improved balance sheet. But tapering return ratios, concern on cash...

Nitin Mangal

Marksans Pharma- Forensic Analysis

​Marksans Pharma has shown strong growth and financial performance in recent times. However, there are concerns surrounding impairments, audit of...

Nitin Mangal

Genesys International Corp Ltd- Forensic Analysis

The balance sheet of the company is surrounded by impairments. Other forensic insights include doubts on revenue recognition, struggle with the...

Nitin Mangal

Marksans Pharma has shown strong growth and financial performance in recent times. However, there are concerns surrounding impairments, audit of...