Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Forensic Accounting

Ramkrishna Forgings  / Forensic Accounting

Ramkrishna Forgings Ltd. manufactures iron and steel forgings. The Company primarily manufactures components for the automobile industry and its products are also sold to other industries including railways, aerospace, defense, material handling, construction equipment and mines.

<ul>
<li>Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024. </li>
<li>The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability. </li>
<li>Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore</li>
</ul>


Ramkrishna Forgings (RK Forgings) recently reported discrepancies in its inventory during the annual physical verification for FY 2024. 
The company has engaged independent external agencies to conduct a joint fact-finding study, aiming to maintain transparency and accountability. 
Estimates suggest an adverse impact of 4-5% on the company’s net worth. While the impact on overall inventory is almost 10% of the total inventory, amounting to INR 120 crore


Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

SK Holdings Co., Ltd. is a holdings company that is engaged in various industries including energy, chemicals, information technology, semiconductors, marketing, and services businesses in South Korea and internationally.

<ul>
<li><em><strong>Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.</strong></em></li>
<li>If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected. </li>
<li>We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months. </li>
</ul>


Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve the corporate governance in Korea.
If the cancellation of these shares becomes mandatory, the SK Group and Lotte Group will be most affected. 
We provide a list of 21 stocks in KOSPI200 that have the highest ratios for treasury shares/total outstanding shares. These stocks could receive more attention in the next several months. 


Lee Jae-Myung's Campaign Pledge - Cancellation of Treasury Shares

Gensol Engineering Limited provides renewable energy project development services. The Company constructs solar plants. Gensol Engineering serves customers in India.

<ul>
<li>SEBI has launched a forensic investigation into Gensol Engineering Ltd. (GEL), highlighting grave concerns around corporate governance, fund misuse, and misleading disclosures</li>
<li>What began as a story of meteoric financial growth has now unfolded into a cautionary tale of alleged fund diversion, shady preferential allotments, and sharp promoter decline.</li>
<li>This research note delves into the key issues identified by SEBI, the financial patterns that triggered scrutiny, and the implications for stakeholders.</li>
</ul>


SEBI has launched a forensic investigation into Gensol Engineering Ltd. (GEL), highlighting grave concerns around corporate governance, fund misuse, and misleading disclosures
What began as a story of meteoric financial growth has now unfolded into a cautionary tale of alleged fund diversion, shady preferential allotments, and sharp promoter decline.
This research note delves into the key issues identified by SEBI, the financial patterns that triggered scrutiny, and the implications for stakeholders.


Gensol Engineering Forensic Analysis: Insights from SEBI's Investigation

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

MS&AD Insurance Group Holdings, Inc. is a holding company established through reorganization of Mitsui Sumitomo Insurance Company, Limited.  The Group writes marine, fire, casualty, automobile, life, and allied insurance policies. MS&AD Insurance Group also operates financial services and agencies.

<ul>
<li>TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.</li>
<li>611 new CGRs filed since 1-Mar-25. Our tools show every report, links to every document, and a diff file tool. Input a name, see the changes in the reports.</li>
<li>The JPX was curiously quiet itself as far as I can tell. No new governance reports, documents, etc, though there is a small <a href="https://www.jpx.co.jp/english/markets/indices/governance/index-consultation/sjcobq0000013b0b-att/e_consultation13_a1.pdf" target="_blank" rel="noopener">consultation</a> this month on the JPXNikkei400.</li>
</ul>


TSE-Listed companies are asked to file "Management Conscious of Capital Cost/Stock Price" awareness reports/policies. Many have. Some are still working on it. And policies change, and CGR reports are updated.
611 new CGRs filed since 1-Mar-25. Our tools show every report, links to every document, and a diff file tool. Input a name, see the changes in the reports.
The JPX was curiously quiet itself as far as I can tell. No new governance reports, documents, etc, though there is a small consultation this month on the JPXNikkei400.


Japan CorpGovReports: TSE "Mgmt Conscious Blah Blah" (Apr25), 🚨 AGAIN Read TSE Update Doc 3 🚨

Executive Director, Metrical Inc

Aki Matsumoto

Executive Director

Independent Leading Corporate Governance Research

Metrical Inc

METRICAL INC. is an independent leading Corporate Governance research firm in Japan where Corporate Governance is increasingly recognized as an important element on corporate management in these days. Thus, CG research and solutions would become an essential component of global capital markets and play important to contribute to transparency of the markets and maximize shareholders’ value in Japan. 

METRICAL INC. provides Corporate Governance research and analysis including rating services, and  also offers investment research and IR services with solutions and customized profound research on CG and IR issues.

Toyota Motor Corporation manufactures, sells, leases, and repairs passenger cars, trucks, buses, and their related parts worldwide. The Company also operates financing services through their subsidiaries. Toyota Motor builds homes, produces pleasure boats, and develops intelligent transportation systems including radar cruise control and electronic toll collection systems.

<ul>
<li>It's unlikely that the transition to ‘company with audit committee’ will enhance the supervisory function, but it's likely to speed up the decision-making process by delegating authority to executive directors.</li>
<li>Instead of achieving 30% female board member and moving to Company with US-type 3 Committees at once, Toyota will implement Toyota's way firmly with BOD that is half independent directors.</li>
<li>The only way for Toyota, which faces several governance challenges, to uphold tradition of Toyoda family being at the top of management is to make the returns expected by investors.</li>
</ul>


It's unlikely that the transition to ‘company with audit committee’ will enhance the supervisory function, but it's likely to speed up the decision-making process by delegating authority to executive directors.
Instead of achieving 30% female board member and moving to Company with US-type 3 Committees at once, Toyota will implement Toyota's way firmly with BOD that is half independent directors.
The only way for Toyota, which faces several governance challenges, to uphold tradition of Toyoda family being at the top of management is to make the returns expected by investors.


The Toyota Way Is Not to Rush, but to Gain a Foothold and Proceed with Caution

Corporate Governance
The slippery slope

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Nimish Maheshwari

Lee Jae-Myung's Campaign Pledge - Cancellation of Treasury Shares

Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve...

Douglas Kim

Gensol Engineering Forensic Analysis: Insights from SEBI's Investigation

SEBI launches forensic investigation into Gensol Engineering Ltd. for corporate governance concerns, fund misuse, and misleading disclosures,...

Nimish Maheshwari

Japan CorpGovReports: TSE "Mgmt Conscious Blah Blah" (Apr25), 🚨 AGAIN Read TSE Update Doc 3 🚨

The TSE Management Awareness of Cost of Capital and Share Price saw 611 new Corporate Governance Reports in the last the month. This is a tool to...

Travis Lundy

The Toyota Way Is Not to Rush, but to Gain a Foothold and Proceed with Caution

I would like to discuss the issues on the 26 February Nikkei newspaper "Toyota, half of its board members are outside directors, ‘challenging’...

Metrical Inc

Ramkrishna Forgings: Inventory Discrepancies Raise Concern Over Governance

​Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

Nimish Maheshwari

Lee Jae-Myung's Campaign Pledge - Cancellation of Treasury Shares

Lee Jae-Myung (who is leading in most election polls) has mentioned cancellation of treasury shares as one of the key campaign pledges to improve...

Douglas Kim

Gensol Engineering Forensic Analysis: Insights from SEBI's Investigation

​SEBI launches forensic investigation into Gensol Engineering Ltd. for corporate governance concerns, fund misuse, and misleading disclosures,...

Nimish Maheshwari

Japan CorpGovReports: TSE "Mgmt Conscious Blah Blah" (Apr25), 🚨 AGAIN Read TSE Update Doc 3 🚨

The TSE Management Awareness of Cost of Capital and Share Price saw 611 new Corporate Governance Reports in the last the month. This is a tool to...

Travis Lundy

The Toyota Way Is Not to Rush, but to Gain a Foothold and Proceed with Caution

I would like to discuss the issues on the 26 February Nikkei newspaper "Toyota, half of its board members are outside directors, ‘challenging’...

Metrical Inc

Ramkrishna Forgings faces inventory discrepancies in FY 2024, impacting net worth by 4-5% and total inventory by 10%. Independent agencies...

SEBI launches forensic investigation into Gensol Engineering Ltd. for corporate governance concerns, fund misuse, and misleading disclosures,...