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

Shriram Pistons & Rings Ltd / Forensic Accounting

Shriram Pistons and Rigs Limited develops, manufactures, and sells industrial machinery parts. The Company offers diesel and gasoline pistons, pins, rings, and engine valves. Shriram Pistons & Rings markets its products worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shriram-pistons-rings-ltd" target="_blank" data-smartkarma-citation="entities:44009:1" rel="noopener">Shriram Pistons &amp; Rings Ltd (SPRL IN)</a> is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. </li>
<li>On an overall scheme of things, balance sheet and forensics look good and healthy. </li>
<li>However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.</li>
</ul>



Shriram Pistons &amp; Rings Ltd (SPRL IN) is into the business of manufacturing auto components including pistons, piston pins and rings, engine valves, electric motors etc. 
On an overall scheme of things, balance sheet and forensics look good and healthy. 
However, one must pay attention to goodwill and related assumptions; one of the recent acquisitions has turned loss making.


Shriram Pistons and Rings Ltd- Forensic Analysis

Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Fletcher Building Limited manufactures, distributes, and sells materials for the building industry including wood fiber-based products, cement and aggregates, plasterboard, laminates, lumber, and aluminium extrusion. The Company operates primarily in New Zealand and Australia.

<ul>
<li>Embattled Kiwi building materials giant announced emergency fundraise in September</li>
<li>Accounting quality has deteriorated significantly in recent years, AI tool shows</li>
<li>Share price is a quarter of its 2007 peak, company leadership is in flux</li>
</ul>


Embattled Kiwi building materials giant announced emergency fundraise in September
Accounting quality has deteriorated significantly in recent years, AI tool shows
Share price is a quarter of its 2007 peak, company leadership is in flux


CE Info Systems (MapmyIndia) / Forensic Accounting

CE Info Systems is India’s leading provider of advanced digital maps, geospatial software and location-based IoT Technologies, as per Frost & Sullivan (F&S).

CE Info Systems (MapmyIndia) (1052633Z IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ce-info-systems-mapmyindia" target="_blank" data-smartkarma-citation="entities:34215:1" rel="noopener">CE Info Systems (MapmyIndia) (1052633Z IN)</a> is one of the leading Indian players engaged in advanced digital maps, geospatial software and location-based IoT technologies. It launched its IPO in 2021</li>
<li>Since its IPO, MAPPLS has embarked on a growth journey since then. It also boasts high margins &amp; ROCE due to its asset light model.</li>
<li>While the balance sheet looks good, one might have to check on the speedy receivables and trend of commission expenses.</li>
</ul>



CE Info Systems (MapmyIndia) (1052633Z IN) is one of the leading Indian players engaged in advanced digital maps, geospatial software and location-based IoT technologies. It launched its IPO in 2021
Since its IPO, MAPPLS has embarked on a growth journey since then. It also boasts high margins &amp; ROCE due to its asset light model.
While the balance sheet looks good, one might have to check on the speedy receivables and trend of commission expenses.


C.E. Info Systems (Mapmyindia)- Forensic Analysis

Esds Software Solution / Forensic Accounting

Esds Software Solution Limited provides cloud solutions. The Company offers enlight cloud hosting, database management, digital baking, application support, and security services. Esds Software Solution serves customers worldwide.

<ul>
<li>In this insight, we briefly study forensics of <a href="https://www.smartkarma.com/entities/esds-software-solution-ltd" target="_blank" data-smartkarma-citation="entities:43957:1" rel="noopener">Esds Software Solution (1603279D IN)</a> , currently unlisted, had tried to float an IPO back in 2021 but it was later withdrawn.</li>
<li>The company offers managed cloud service and end to end multi-cloud requirements provider. Revenue growth has been moderate while margin erosion has been a concerning issue for the company.</li>
<li>Key forensic takeaways include nature of contingent liabilities, inability to generate cash and liquidity woes, quality of receivables, etc. </li>
</ul>


In this insight, we briefly study forensics of Esds Software Solution (1603279D IN) , currently unlisted, had tried to float an IPO back in 2021 but it was later withdrawn.
The company offers managed cloud service and end to end multi-cloud requirements provider. Revenue growth has been moderate while margin erosion has been a concerning issue for the company.
Key forensic takeaways include nature of contingent liabilities, inability to generate cash and liquidity woes, quality of receivables, etc. 


ESDS Software Solution- Forensic Analysis

Paras Defence & Space Technologies Ltd. / Forensic Accounting

Paras Defence and Space Technologies Limited manufactures defence electronics and space application products. The Company offers defence automation and control, rugged displays, computing, sensors, missil motors, rockets, telescopes, guns, and ammunition, special purpose machineries. Paras Defence and Space Technologies serves customers in India.

Paras Defence & Space Technologies Ltd. (PARAS IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paras-defence-space-technologies-ltd" target="_blank" data-smartkarma-citation="entities:34468:1" rel="noopener">Paras Defence &amp; Space Technologies Ltd. (PARAS IN)</a> is engaged in designing, manufacturing of various products and solutions for Defence &amp; Space Industries. The company launched its IPO in FY22.</li>
<li>The company’s operations and order book has picked up post covid, but revenue trajectory has slowed down. Moreover, inventory bulk up has been helping the margins. </li>
<li>Receivables ageing and provisioning shows concern on overall quality. Moreover, RPT and corp. governance with Promoters also need to be kept an eye on.</li>
</ul>



Paras Defence &amp; Space Technologies Ltd. (PARAS IN) is engaged in designing, manufacturing of various products and solutions for Defence &amp; Space Industries. The company launched its IPO in FY22.
The company’s operations and order book has picked up post covid, but revenue trajectory has slowed down. Moreover, inventory bulk up has been helping the margins. 
Receivables ageing and provisioning shows concern on overall quality. Moreover, RPT and corp. governance with Promoters also need to be kept an eye on.


Paras Defence and Space Technologies- Forensic Analysis

Accounting Diagnostics, Red Flags, Short-sell risk

Forensic Accounting
Accounting Diagnostics, Red Flags, Short-sell risk

Shriram Pistons and Rings Ltd- Forensic Analysis

Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions

Nitin Mangal

Fletcher Building: Plugging the Leaks

Fletcher Building's accounting quality has deteriorated significantly in recent years, according to an AI tool that analyzes company balance sheets...

Mark Jolley

C.E. Info Systems (Mapmyindia)- Forensic Analysis

MAPPLS is a leading Indian player in digital maps and location-based IoT technologies, with a strong post-IPO growth trajectory and high margins....

Nitin Mangal

ESDS Software Solution- Forensic Analysis

Insight into the forensics of ESDS reveals concerns over revenue growth, margin erosion, contingent liabilities, cash generation, and receivables...

Nitin Mangal

Paras Defence and Space Technologies- Forensic Analysis

PDS post-covid, has seen growth in order book but revenue growth has slowed and inventory has been helping margins. Also, include receivables...

Nitin Mangal

Shriram Pistons and Rings Ltd- Forensic Analysis

​Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions

Nitin Mangal

Fletcher Building: Plugging the Leaks

Fletcher Building's accounting quality has deteriorated significantly in recent years, according to an AI tool that analyzes company balance sheets...

Mark Jolley

C.E. Info Systems (Mapmyindia)- Forensic Analysis

MAPPLS is a leading Indian player in digital maps and location-based IoT technologies, with a strong post-IPO growth trajectory and high margins....

Nitin Mangal

ESDS Software Solution- Forensic Analysis

​Insight into the forensics of ESDS reveals concerns over revenue growth, margin erosion, contingent liabilities, cash generation, and receivables...

Nitin Mangal

Paras Defence and Space Technologies- Forensic Analysis

PDS post-covid, has seen growth in order book but revenue growth has slowed and inventory has been helping margins. Also, include receivables...

Nitin Mangal

Shriram Pistons & Rings Ltd manufactures auto components and has a healthy balance sheet, but caution is advised for goodwill and related assumptions

Insight into the forensics of ESDS reveals concerns over revenue growth, margin erosion, contingent liabilities, cash generation, and receivables...