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

CMS Info Systems Ltd / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cms-info-systems-ltd" target="_blank" data-smartkarma-citation="entities:26155:1" rel="noopener">CMS Info Systems Ltd (CMSINFO IN)</a> is the market leader in the Indian cash management and managed services industry. </li>
<li>The company has shown good growth in recent years, and this has mostly come from the managed services and card market.</li>
<li>Among major forensic takeaways, the company has been taking continuous hit on its debtors which undermines the growth quality. Cautious must also be given to payables, depreciation rate and ESOPs.</li>
</ul>



CMS Info Systems Ltd (CMSINFO IN) is the market leader in the Indian cash management and managed services industry. 
The company has shown good growth in recent years, and this has mostly come from the managed services and card market.
Among major forensic takeaways, the company has been taking continuous hit on its debtors which undermines the growth quality. Cautious must also be given to payables, depreciation rate and ESOPs.


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

AGS Transact Technologies / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ags-transact-technologies" target="_blank" data-smartkarma-citation="entities:23692:1" rel="noopener">AGS Transact Technologies (AGSTRA IN)</a>' stock plunged 85% in six months due to loan defaults, delayed payments, and severe cash flow issues.</li>
<li>The company is on the verge of insolvency as debt defaults, SLA breaches, and auditor concerns mount. Independent directors, executives, and key employees are resigning, signaling deep-rooted financial instability.</li>
<li>The management’s revival plan, including selling subsidiaries and restructuring loans, may be too late. The cash management business is highly sensitive to disruptions, making recovery uncertain. </li>
</ul>



AGS Transact Technologies (AGSTRA IN)' stock plunged 85% in six months due to loan defaults, delayed payments, and severe cash flow issues.
The company is on the verge of insolvency as debt defaults, SLA breaches, and auditor concerns mount. Independent directors, executives, and key employees are resigning, signaling deep-rooted financial instability.
The management’s revival plan, including selling subsidiaries and restructuring loans, may be too late. The cash management business is highly sensitive to disruptions, making recovery uncertain. 


Forensic Analysis - AGS Transact Technologies: A Story Of Financial Mismanagement

In Depth Insights Into Capital Markets, Invest Karo India

Invest Karo India

In Depth Insights Into Capital Markets

In depth insights into capital markets and how to create wealth over time. Our mission is to make it easy for everyone to understand the businesses listed in India, jargon-free.

Equity Bottom-Up

<ul><li>Rajiv Kaul had it all. By 2008, he had won the proverbial game of life.</li><li>Armed with an engineering degree from BIT Mesra and an MBA from XLRI Jamshedpur, Rajiv joined Microsoft in 1992 and quickly rose the ranks to become its youngest managing director at the age of 33.</li><li>After a stint of 14 years, Rajiv left the comfort and familiarity of Microsoft for the shores of Private Equity.</li></ul>

Rajiv Kaul had it all. By 2008, he had won the proverbial game of life.Armed with an engineering degree from BIT Mesra and an MBA from XLRI Jamshedpur, Rajiv joined Microsoft in 1992 and quickly rose the ranks to become its youngest managing director at the age of 33.After a stint of 14 years, Rajiv left the comfort and familiarity of Microsoft for the shores of Private Equity.

Equity Capital Markets

Radiant Cash Management Services / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/radiant-cash-management-services-limited" target="_blank" data-smartkarma-citation="entities:36638:1" rel="noopener">Radiant Cash Management Services (1926794D IN)</a> has come up with INR 3.9 bn IPO which includes fresh issue to the tune of INR 600 mn.</li>
<li>In spite of being one of the largest players in the retail cash management segment, there are few cautions one must take note of.</li>
<li>These primarily include related party transactions with promoters, concentration risk and few industry related restraints</li>
</ul>



Radiant Cash Management Services (1926794D IN) has come up with INR 3.9 bn IPO which includes fresh issue to the tune of INR 600 mn.
In spite of being one of the largest players in the retail cash management segment, there are few cautions one must take note of.
These primarily include related party transactions with promoters, concentration risk and few industry related restraints


Deputy Chief Economist

Sharmila Whelan

Independent and original Asian investment research

Aletheia Capital

Aletheia Capital (HK) Ltd. (previously known as Asianomics) combines the extensive knowledge of its experienced team with technology and regulatory changes to disrupt Global Markets business in Asia. The firm is completely independent with no conflicts of interest either on Investment Banking advisory or Capital Markets execution.

Thematic (Sector/Industry)

<p>The reform agenda is fast, and in the right direction. Corporate tax reforms and the restructuring the public sector banks together with the lowering of borrowing costs are important steps to tackling the two main problems – bank non-performing loans and corporate indebtedness – weighing down the economy. We welcome the moves. However we suspect the market is getting ahead of itself.</p>

The reform agenda is fast, and in the right direction. Corporate tax reforms and the restructuring the public sector banks together with the lowering of borrowing costs are important steps to tackling the two main problems – bank non-performing loans and corporate indebtedness – weighing down the economy. We welcome the moves. However we suspect the market is getting ahead of itself.

India Reform - Moving In The Right Direction

India

CMS Info Systems Limited provides cash management services. The Company offers ATM and currency management, retail and enterprise, and card solutions. CMS Info Systems serve customers in India.

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CMS Info Systems Ltd (CMSINFO IN)

CMS Info Systems- Forensic Analysis

CMS Info Systems is the top player in India's cash management industry, with growth driven by managed services and card market. But caution is...

Nitin Mangal

Forensic Analysis - AGS Transact Technologies: A Story Of Financial Mismanagement

AGS Transact Technologies stock plunges 85% in 6 months due to loan defaults, delayed payments, and severe cash flow issues, facing insolvency as...

Nimish Maheshwari

The Business of CMS Info Systems

The company is debt free, growing its topline by 20% every quarter and boasts return ratios greater than 25% with an EBITDA margin of almost 30%.

Invest Karo India

Radiant Cash Management IPO: A Bland Mix

In spite of being one of the largest players in the RCM segment, there are few restrictive takeaways one must consider, including related party...

Nitin Mangal

India Reform - Moving In The Right Direction

The reform agenda is fast, and in the right direction. Corporate tax reforms and the restructuring the public sector banks together with the...

Sharmila Whelan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CMS Info Systems- Forensic Analysis

​CMS Info Systems is the top player in India's cash management industry, with growth driven by managed services and card market. But caution is...

Nitin Mangal

Forensic Analysis - AGS Transact Technologies: A Story Of Financial Mismanagement

​AGS Transact Technologies stock plunges 85% in 6 months due to loan defaults, delayed payments, and severe cash flow issues, facing insolvency as...

Nimish Maheshwari

The Business of CMS Info Systems

The company is debt free, growing its topline by 20% every quarter and boasts return ratios greater than 25% with an EBITDA margin of almost 30%.

Invest Karo India

Radiant Cash Management IPO: A Bland Mix

In spite of being one of the largest players in the RCM segment, there are few restrictive takeaways one must consider, including related party...

Nitin Mangal

India Reform - Moving In The Right Direction

The reform agenda is fast, and in the right direction. Corporate tax reforms and the restructuring the public sector banks together with the...

Sharmila Whelan

CMS Info Systems is the top player in India's cash management industry, with growth driven by managed services and card market. But caution is...

AGS Transact Technologies stock plunges 85% in 6 months due to loan defaults, delayed payments, and severe cash flow issues, facing insolvency as...