Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

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.

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

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<li>
<a href="https://www.smartkarma.com/entities/ador-welding-ltd" target="_blank" data-smartkarma-citation="entities:16231:1" rel="noopener">Ador Welding (AWL IN)</a> is a renowned player in the business of manufacturing and trading of welding and related products.  </li>
<li>The company sells welding consumables, equipments and also does preoject-engineering. While the company has seen recent growth in topline, there are few forensic checks that one must be cautious about.</li>
<li>This relates to accounting policy relating to Flares segment, lack of conservatism relating to ECL provisioning and depreciation, troubles in generating cash, etc.</li>
</ul>



Ador Welding (AWL IN) is a renowned player in the business of manufacturing and trading of welding and related products.  
The company sells welding consumables, equipments and also does preoject-engineering. While the company has seen recent growth in topline, there are few forensic checks that one must be cautious about.
This relates to accounting policy relating to Flares segment, lack of conservatism relating to ECL provisioning and depreciation, troubles in generating cash, etc.


Ador Welding

Ador Weldings Ltd- Forensic Analysis