Indian Accounting Research Analyst, Trudence Capital Advisors

Nitin Mangal

Nitin Mangal is a Research Analyst 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 newspapers such as Wall Street Journal, 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

Delta Manufacturing / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/delta-manufacturing-limited" target="_blank" data-smartkarma-citation="entities:44119:1" rel="noopener">Delta Manufacturing (DELTAMAG IN)</a>  manufactures hard-ferrite magnets, which it sells to OEMs and also manufactures garment trims in India i.e. woven labels, heat transfers, fabric printed labels, etc.</li>
<li>DMG's market cap is just about INR 1.2 bn but faces grim, loss making operations</li>
<li>Other forensic setbacks include lack of FCF generation on the back of muted capex, cash flow misstatements, goodwill impairment, dependency on low cost promoter debt, etc.</li>
</ul>



Delta Manufacturing (DELTAMAG IN)  manufactures hard-ferrite magnets, which it sells to OEMs and also manufactures garment trims in India i.e. woven labels, heat transfers, fabric printed labels, etc.
DMG's market cap is just about INR 1.2 bn but faces grim, loss making operations
Other forensic setbacks include lack of FCF generation on the back of muted capex, cash flow misstatements, goodwill impairment, dependency on low cost promoter debt, etc.


Delta Manufacturing Ltd- Forensic Analysis