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

Jyoti Resins and Adhesives / Forensic Accounting

Jyoti Resins and Adhesives Ltd provides adhesives. The Company manufactures synthetic resin adhesives. Jyoti Resins and Adhesives serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jyoti-resins-and-adhesives-ltd" target="_blank" data-smartkarma-citation="entities:43694:1" rel="noopener">Jyoti Resins and Adhesives (JRA IN)</a> engages in manufacturing of synthetic wood adhesives under 'Euro’ brand and claims to be the second largest player in its respective market.</li>
<li>While on ground, Euro has gained good traction and has received positive feedbacks, there are however several takeaways noticed on the forensic end.</li>
<li>These include Lack of clarity on revenue figures, low FA base, lack of disclosures of important accounting policies such as leases and customer rewards, etc.</li>
</ul>



Jyoti Resins and Adhesives (JRA IN) engages in manufacturing of synthetic wood adhesives under 'Euro’ brand and claims to be the second largest player in its respective market.
While on ground, Euro has gained good traction and has received positive feedbacks, there are however several takeaways noticed on the forensic end.
These include Lack of clarity on revenue figures, low FA base, lack of disclosures of important accounting policies such as leases and customer rewards, etc.


Jyoti Resins and Adhesives- Forensic Analysis

Shankara Building Products L / Forensic Accounting

Shankara Building Products Limited retails home improvement and building products. The Company offers steel pipes and tubes, roofing sheets, hollow blocks, primers, tiles, plywood, kitchen sinks, and welding accessories. Shankara Building Products markets its products in India.

Shankara Building Products L (SHANKARA IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shankara-building-products-l" target="_blank" data-smartkarma-citation="entities:27268:1" rel="noopener">Shankara Building Products L (SHANKARA IN)</a> is seeing a healthy topline growth in the last three years but this is accompanied with margin contractions.  </li>
<li>As far as the forensics are concerned, the company does not have grave auditor red flags like earlier but there are still some eye-catching checks.</li>
<li>Caution must be given to the finance costs of the company which look on a higher side vis-a-vis the borrowings. Moreover, inadequate provisioning might also expose out some receivables.</li>
</ul>



Shankara Building Products L (SHANKARA IN) is seeing a healthy topline growth in the last three years but this is accompanied with margin contractions.  
As far as the forensics are concerned, the company does not have grave auditor red flags like earlier but there are still some eye-catching checks.
Caution must be given to the finance costs of the company which look on a higher side vis-a-vis the borrowings. Moreover, inadequate provisioning might also expose out some receivables.


Shankara Building Products: Updated Forensic Analysis

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

The NIFTY 50 index is National Stock Exchange of India's benchmark stock market index for Indian equity market. Nifty is owned and managed by India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.

<ul>
<li>Forensic Forsight will be a bi-monthly report covering Indian companies having corporate governance issues guiding investors on strengthening their ESG investment framework</li>
<li>The issue covers SEBI warning against ICICI Bank for manipulation in delisting process of its key subsidiary.</li>
<li>The report also covers how a EV company disguises shareholders while an Indian renewable energy company is under scrutiny owing to Independent Director Resignation</li>
</ul>


Forensic Forsight will be a bi-monthly report covering Indian companies having corporate governance issues guiding investors on strengthening their ESG investment framework
The issue covers SEBI warning against ICICI Bank for manipulation in delisting process of its key subsidiary.
The report also covers how a EV company disguises shareholders while an Indian renewable energy company is under scrutiny owing to Independent Director Resignation


#1 Forensic Foresight: SEBI Warns ICICI Bank, Suzlon Director Resign, Wardwizard Disguise

Wardwizard Innovations & Mobility / Forensic Accounting

Wardwizard Innovations & Mobility Ltd operates in the electric vehicle (EV) sector, specifically focusing on the manufacturing of electric two-wheelers and other eco-friendly mobility solutions. The company is actively involved in various aspects of the electric mobility ecosystem, including the production of high-speed electric scooters and the development of electric vehicle ancillary clusters.

Wardwizard Innovations & Mobility (WRDW IN)

<ul>
<li>The billion-dollar order that had initially seemed like a game-changer for Wardwizard Innovations turned out to be its downfall as it happens to be a Non Binding MoU. </li>
<li>While for an INR 300 crore revenue company billion dollar order was huge, hence stock price rose on the back of rosy picture.</li>
<li>Promoter used the situation to dump the shares via stake sale as the news of order led to 20% rise in the stock price which eventually raises Corporate Governance Concerns</li>
</ul>


The billion-dollar order that had initially seemed like a game-changer for Wardwizard Innovations turned out to be its downfall as it happens to be a Non Binding MoU. 
While for an INR 300 crore revenue company billion dollar order was huge, hence stock price rose on the back of rosy picture.
Promoter used the situation to dump the shares via stake sale as the news of order led to 20% rise in the stock price which eventually raises Corporate Governance Concerns


Wardwizard Innovations: Promoter Dumped Stake Under the Billion Dollar Illusion

Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind generating equipment.  The Company constructs large wind parks.

<ul>
<li>Independent Director's resignation highlights the lack of strong corporate governance practices within Suzlon. </li>
<li>Suzlon Energy's response to the outgoing director's concerns demonstrates a willingness to address issues and make necessary changes to enhance corporate governance.</li>
<li>Though it does not raise concerns on any financial irregularities and legal violation but resolution of issues remains a key event to watch for.</li>
</ul>


Independent Director's resignation highlights the lack of strong corporate governance practices within Suzlon. 
Suzlon Energy's response to the outgoing director's concerns demonstrates a willingness to address issues and make necessary changes to enhance corporate governance.
Though it does not raise concerns on any financial irregularities and legal violation but resolution of issues remains a key event to watch for.


Suzlon Independent Director Resignation Raises Concerns and Reiterates Past CG Issues

Accounting Diagnostics, Red Flags, Short-sell risk