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

Transformers & Rectifiers (India) Ltd / Forensic Accounting

Transformers & Rectifiers India Limited manufactures a wide range of transformers. The Company's products include power generation, transmission, and distribution transformers.

Transformers & Rectifiers (India) Ltd (TRIL IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/transformers-rectifiers-india-ltd" target="_blank" data-smartkarma-citation="entities:4606:1" rel="noopener">Transformers &amp; Rectifiers (India) Ltd (TRIL IN)</a>  is a prominent player in the manufacturing of transformers and reactors with the largest private sector facility in India producting diverse product range</li>
<li>With three transformer manufacturing facilities, the company has embarked on a capex spree, with planned additions of ~30,000-35,000 MVA. </li>
<li>Taking about forensics, the company has faced concerns with regarding liquidity, issuance of a stop-deal notice and stop payment by a major customer, write offs, etc.</li>
</ul>



Transformers &amp; Rectifiers (India) Ltd (TRIL IN)  is a prominent player in the manufacturing of transformers and reactors with the largest private sector facility in India producting diverse product range
With three transformer manufacturing facilities, the company has embarked on a capex spree, with planned additions of ~30,000-35,000 MVA. 
Taking about forensics, the company has faced concerns with regarding liquidity, issuance of a stop-deal notice and stop payment by a major customer, write offs, etc.


Transformers & Rectifiers (India) Ltd- Ambitious Targets

Cantabil Retail India / Forensic Accounting

Cantabil Retail India Ltd designs, manufactures, brands and retails apparel.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cantabil-retail-india-ltd" target="_blank" data-smartkarma-citation="entities:12563:1" rel="noopener">Cantabil Retail India (CANT IN)</a> is one of the few vertically integrated garment players and has a store count of 576 and retail space of 7.4 lakh sq.ft.</li>
<li>The company has done well over the last five years to improve its financial position; it has grown its topline at a healthy rate while margins have improved significantly.</li>
<li>But having said that, we have concerns with elevated inventory levels that have remained high historically for a garment player. Moreover, some capital advances and RPT should also be considered.</li>
</ul>



Cantabil Retail India (CANT IN) is one of the few vertically integrated garment players and has a store count of 576 and retail space of 7.4 lakh sq.ft.
The company has done well over the last five years to improve its financial position; it has grown its topline at a healthy rate while margins have improved significantly.
But having said that, we have concerns with elevated inventory levels that have remained high historically for a garment player. Moreover, some capital advances and RPT should also be considered.


Cantabil Retail Ltd- Inventory Concerns Evident

Clean Science and Technology / Forensic Accounting

Clean Science and Technology Private Limited operates as a chemical company. The Company offers butylated hydroxy anisole, mono methyl ether of hydroquinone, guaiacol, and dimethyl carbonate. Clean Science and Technology serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/clean-science-and-technology" target="_blank" data-smartkarma-citation="entities:33648:1" rel="noopener">Clean Science and Technology (CLEAN IN)</a> is one of the leading chemical manufacturers globally of functionally critical specialty chemicals, Pharmaceutical Intermediates, and FMCG Chemicals.</li>
<li>It has embarked on a massive expansion by commissioning a new plant to manufacture HALS and is also spending additional capex to manufacture new products.</li>
<li>With forensics, we pay attention to excessive remuneration being paid to promoters, concentration risk from top customers, and increase in attrition of permanent employees.</li>
</ul>



Clean Science and Technology (CLEAN IN) is one of the leading chemical manufacturers globally of functionally critical specialty chemicals, Pharmaceutical Intermediates, and FMCG Chemicals.
It has embarked on a massive expansion by commissioning a new plant to manufacture HALS and is also spending additional capex to manufacture new products.
With forensics, we pay attention to excessive remuneration being paid to promoters, concentration risk from top customers, and increase in attrition of permanent employees.


Clean Science and Technologies Ltd- Entering New Habitats

Macroeconomics

<ul>
<li>The first full budget of Modi Government 3.0 provided much needed relief to middle class through tax cuts, which is expected to boost urban consumption.</li>
<li>However, this is likely to be adjusted against other government expenditure. Surprisingly there were no announcements related to disinvestments, which could have provided any cushion to manage deficits.</li>
<li>Key themes that could potentially impact include Clean Energy, Healthcare, Tourism, Power, Housing and Urban Consumption-related themes.</li>
</ul>


The first full budget of Modi Government 3.0 provided much needed relief to middle class through tax cuts, which is expected to boost urban consumption.
However, this is likely to be adjusted against other government expenditure. Surprisingly there were no announcements related to disinvestments, which could have provided any cushion to manage deficits.
Key themes that could potentially impact include Clean Energy, Healthcare, Tourism, Power, Housing and Urban Consumption-related themes.


Union Budget 2025- Key Sectors to Watch Out

<ul>
<li>All eyes will be on Union Budget 2025 which will be presented by the Hon. Finance Minister on February 1st. </li>
<li>As GDP growth has been reducing lately coupled with the FIIs sell offs, focus will be on how the government tackles economic growth while keeping the fiscal consolidation in check.</li>
<li>We expect a balance between the two and do not expect budget to be highly inflationary. However, a cut in potential revenue could be met with new streams like divestments.</li>
</ul>


All eyes will be on Union Budget 2025 which will be presented by the Hon. Finance Minister on February 1st. 
As GDP growth has been reducing lately coupled with the FIIs sell offs, focus will be on how the government tackles economic growth while keeping the fiscal consolidation in check.
We expect a balance between the two and do not expect budget to be highly inflationary. However, a cut in potential revenue could be met with new streams like divestments.


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

Nitin Mangal
Indian Accounting Research Analyst
• Trudence Capital Advisors

Transformers & Rectifiers (India) Ltd- Ambitious Targets

TRL is a key player in transformer manufacturing in India, and has been on a capex spree. We highlight doubts on backward integration, stop-deal...

Nitin Mangal

Cantabil Retail Ltd- Inventory Concerns Evident

Cantabil Retail India has shown strong growth in revenue and margins over the past five years, but concerns remain about high inventory levels and...

Nitin Mangal

Clean Science and Technologies Ltd- Entering New Habitats

Clean Science and Technology is a global leader in specialty chemical manufacturing, focusing on expansion and risk management in the industry.

Nitin Mangal

Union Budget 2025- Key Sectors to Watch Out

The Union Budget cuts taxes for middle class, expected to boost urban consumption, Key themes include Clean Energy, Healthcare, Tourism, Power,...

Nitin Mangal

Union Budget 2025- What to Expect?

All eyes on Union Budget 2025 as government aims to balance economic growth and fiscal consolidation, potential revenue cuts may be offset by new...

Nitin Mangal

Transformers & Rectifiers (India) Ltd- Ambitious Targets

​TRL is a key player in transformer manufacturing in India, and has been on a capex spree. We highlight doubts on backward integration, stop-deal...

Nitin Mangal

Cantabil Retail Ltd- Inventory Concerns Evident

​Cantabil Retail India has shown strong growth in revenue and margins over the past five years, but concerns remain about high inventory levels and...

Nitin Mangal

Clean Science and Technologies Ltd- Entering New Habitats

​Clean Science and Technology is a global leader in specialty chemical manufacturing, focusing on expansion and risk management in the industry.

Nitin Mangal

Union Budget 2025- Key Sectors to Watch Out

The Union Budget cuts taxes for middle class, expected to boost urban consumption, Key themes include Clean Energy, Healthcare, Tourism, Power,...

Nitin Mangal

Union Budget 2025- What to Expect?

​All eyes on Union Budget 2025 as government aims to balance economic growth and fiscal consolidation, potential revenue cuts may be offset by new...

Nitin Mangal

TRL is a key player in transformer manufacturing in India, and has been on a capex spree. We highlight doubts on backward integration, stop-deal...

Cantabil Retail India has shown strong growth in revenue and margins over the past five years, but concerns remain about high inventory levels and...

Clean Science and Technology is a global leader in specialty chemical manufacturing, focusing on expansion and risk management in the industry.

All eyes on Union Budget 2025 as government aims to balance economic growth and fiscal consolidation, potential revenue cuts may be offset by new...