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

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

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<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

Jindal Steel & Power / Forensic Accounting

Jindal Steel & Power Ltd. (JSPL) manufactures sponge iron, mild steel, and cement. The Company also produces power, conducts mining operations for iron ore and coal, and explores for natural gas and oil. JSPL, with its diverse resources, also contributes to the construction of infrastructure.

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<li>
<a href="https://www.smartkarma.com/entities/jindal-steel-power-ltd" target="_blank" data-smartkarma-citation="entities:6614:1" rel="noopener">Jindal Steel &amp; Power (JSP IN)</a>  has been engaging in high related party transactions with few promoter entities and the engagement is increasing year on year.</li>
<li>The company still faces pain in its foreign mining operations especially Australia. A large amount of loans has been impaired and written off lately.</li>
<li>The company also sees high churn in board of directors. However, on the flipside, the deleverage is visible and overall balance sheet health has improved.</li>
</ul>



Jindal Steel &amp; Power (JSP IN)  has been engaging in high related party transactions with few promoter entities and the engagement is increasing year on year.
The company still faces pain in its foreign mining operations especially Australia. A large amount of loans has been impaired and written off lately.
The company also sees high churn in board of directors. However, on the flipside, the deleverage is visible and overall balance sheet health has improved.


Rain Industries Limited engages in the production of cement and other related products. The Company manufactures and markets cement, calcined petroleum coke, coal tar pitch, and specialty chemicals.

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<li>
<a href="https://www.smartkarma.com/entities/rain-industries-ltd" target="_blank" data-smartkarma-citation="entities:11363:1" rel="noopener">Rain Industries (RINDL IN)</a> is one of the global leaders in coal tar pitch and calcined petroleum coke. The company also engages in cement manufacturing.</li>
<li>The company has been facing heat lately especially business related. The fact that there are goodwill impairments, reversal of DTA and costly refinancing puts Rain in a worrying shape.</li>
<li>The company also has seen impairment in fixed assets especially the CWIP. The company also faces high liability for its DB plan in Germany.</li>
</ul>



Rain Industries (RINDL IN) is one of the global leaders in coal tar pitch and calcined petroleum coke. The company also engages in cement manufacturing.
The company has been facing heat lately especially business related. The fact that there are goodwill impairments, reversal of DTA and costly refinancing puts Rain in a worrying shape.
The company also has seen impairment in fixed assets especially the CWIP. The company also faces high liability for its DB plan in Germany.


Equity Capital Markets

Gopal Snacks Limited operates as a packaged food company. The Company offers wafers, spices, sweets, flour, snack pellets, and bakery products. Gopal Snacks serves customers worldwide.

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<li>
<a href="https://www.smartkarma.com/entities/gopal-snacks-ltd" target="_blank" data-smartkarma-citation="entities:40960:1" rel="noopener">Gopal Snacks (1592789D IN)</a> IPO worth INR 6.5 bn is live on the bourses. </li>
<li>The company is a prominent snacks manufacturer in India, especially in the state of Gujarat. It boasts one of the highest fixed asset turnover ratio and high ROCEs. </li>
<li>On the flipside, caution must remain on its dull revenue growth post F22 and on its related party transactions, especially with promoter companies.</li>
</ul>



Gopal Snacks (1592789D IN) IPO worth INR 6.5 bn is live on the bourses. 
The company is a prominent snacks manufacturer in India, especially in the state of Gujarat. It boasts one of the highest fixed asset turnover ratio and high ROCEs. 
On the flipside, caution must remain on its dull revenue growth post F22 and on its related party transactions, especially with promoter companies.


Asahi India Glass Limited manufactures automotive safety glass and float glass. The Company's product range includes laminated windshields, tempered glass, silver printed defogger glass, black ceramic printed flush fitting glass and PVC-encapsulated fixed glass.

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<li>
<a href="https://www.smartkarma.com/entities/asahi-india-glass-ltd" target="_blank" data-smartkarma-citation="entities:14024:1" rel="noopener">Asahi India Glass (AISG IN)</a> is an integrated glass and window solutions company and engages both in the automotive and the building &amp; construction segments.</li>
<li>While capital allocation is not a major concern for the company, the only element that could warrant attention is CWIP as the company has several projects overdue.</li>
<li>Margins have been strong yet slightly fluctuating in the last two years. Overall, the balance sheet health looks okay.</li>
</ul>



Asahi India Glass (AISG IN) is an integrated glass and window solutions company and engages both in the automotive and the building &amp; construction segments.
While capital allocation is not a major concern for the company, the only element that could warrant attention is CWIP as the company has several projects overdue.
Margins have been strong yet slightly fluctuating in the last two years. Overall, the balance sheet health looks okay.


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

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

Jindal Steel & Power- Forensic Analysis

Jindal Steel & Power (JSP IN) engaging in high related party transactions, facing challenges in foreign mining ops, but showing improvement in...

Nitin Mangal

Rain Industries- Forensic Analysis

Key takeaways pertain to goodwill and FA impairments, DTA reversal, costly refinancing, high liability for its DB plan in Germany, etc.

Nitin Mangal

Gopal Snacks Ltd IPO- Forensic Analysis

Gopal Snacks boasts high fixed asset turnover and ROCE but one should also take in account the slow revenue growth and related party transactions.

Nitin Mangal

Asahi India Glass Ltd: A.G.E. Analysis

AISG is a glass and window solutions company with a focus on automotive and building & construction segments. Margins have been strong and balance...

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

Jindal Steel & Power- Forensic Analysis

​Jindal Steel & Power (JSP IN) engaging in high related party transactions, facing challenges in foreign mining ops, but showing improvement in...

Nitin Mangal

Rain Industries- Forensic Analysis

​Key takeaways pertain to goodwill and FA impairments, DTA reversal, costly refinancing, high liability for its DB plan in Germany, etc.

Nitin Mangal

Gopal Snacks Ltd IPO- Forensic Analysis

​Gopal Snacks boasts high fixed asset turnover and ROCE but one should also take in account the slow revenue growth and related party transactions.

Nitin Mangal

Asahi India Glass Ltd: A.G.E. Analysis

AISG is a glass and window solutions company with a focus on automotive and building & construction segments. Margins have been strong and balance...

Nitin Mangal

Jindal Steel & Power (JSP IN) engaging in high related party transactions, facing challenges in foreign mining ops, but showing improvement in...

Key takeaways pertain to goodwill and FA impairments, DTA reversal, costly refinancing, high liability for its DB plan in Germany, etc.

Gopal Snacks boasts high fixed asset turnover and ROCE but one should also take in account the slow revenue growth and related party transactions.