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

Polymatech Electronics / Forensic Accounting

<ul>
<li>
<a href="https://www.smartkarma.com/entities/polymatech-electronics-ltd" target="_blank" data-smartkarma-citation="entities:44111:1" rel="noopener">Polymatech Electronics (POLM IN)</a> revenues have skyrocketed by 27x in the last three years, but the balance sheet is filled with several red herrings. </li>
<li>Topline looks out of sync with production and have been largely aided by receivables. Being an R&amp;D oriented company, the R&amp;D expense only appeared in FY24, when sales were INR6bn</li>
<li>Mis-Classification of cash flows, questionable RPT with promoters, dubious transition towards IND AS, absurd nature of some key expenses, also warrant attention</li>
</ul>



Polymatech Electronics (POLM IN) revenues have skyrocketed by 27x in the last three years, but the balance sheet is filled with several red herrings. 
Topline looks out of sync with production and have been largely aided by receivables. Being an R&amp;D oriented company, the R&amp;D expense only appeared in FY24, when sales were INR6bn
Mis-Classification of cash flows, questionable RPT with promoters, dubious transition towards IND AS, absurd nature of some key expenses, also warrant attention


Polymatech Electronics Ltd- Forensic Analysis