OUR PERFORMANCE TILL DATE

PORTFOLIO ANALYSIS

SN	STOCK	REC COST	DATE	CMP	DIV	%	RECO	REMARKS
1	IIB Housing finance	455	Jan 15	600	8	25	Accumulate
2	IB Securities	11	Jan-13	25	8	200	Hold. Buy on declines Book Profits. Buy back at lower value	Good div yield (16%)
3	Smartlink	50	Jan-13	77	4	140
4	Swelect	130	Jan-13	432	12	333
5	SJVN	18.5	Jan-13	24	1.8	80	Hold On
6	PFS	11.5	Jan-12	47	0.8	320	Hold On
7	Balmer Lawrie	475	Jan-12	900	60	200	Hold On	Bonus was at 2:3
8	Geojit	16	Jan-12	41	4	213	Prefer Sl 1
9	IB Power	9	Jan-12	12	0	11	Most promising	IPO was at 45
10	Gruh Finance	575	Jan-12	1980	0	342	Hold On	Catering for 1:5 split and 1:1 bonus
11	Cera	190	Jan-12	1637	0	856	Sell. Book profits	Overvalued at CMP
12	Sonata	22	Jan-12	134	12	614	Sell. Book profits	Overvalued at CMP
13	Zensar	120	Jan-12	656	7	543	Hold On
14	Piramal	390	Jan-12	770	70	213	Hold On
15	Sterlite Tech	28	Jan-12	70	0	211	Sell. Book profits Recommend Exit in 2014
16	Geodesic	40	Jan-12	4	0	-18		Underperformers
17	Alok	11	Jan-12	13	0	18		Underperformers
	NHPC	19	Jan-12	20	0	47		Underperformers

Analysis for Feb 2015 - IBWSL

PICKS IN A TIME OF MARKET PEAKS

1.    One of the most difficult questions, you can be asked in a good bull market is " Are there any value picks available". This is because one is reluctant to invest in stocks that may have run real fast, no matter how good they look. In addition, any languishing stock is looked at with suspicion. But, in times as these, it is possible that Mr Market may have overlooked some stock that actually offers value.

2.  In this write up, I present a stock, that , purely by numbers, offers great value. Do not rush to pick it. Make your own analysis. Not being from a  financial background, it is likely, that I may have missed on the fine print. But I have glossed over the AR and seems that markets has missed this stock!!

INDIABULLS WHOLESALE SERVICES

Highlights of Annual Report 2014

1.        Role of the Company:-

Ser	Area	Revenue in crores Rounded Off	PBIT Cr	Remarks
(a)	Real Estate Development	43	07
(b)	IT	115	04	Hived Off this year
(c)	Facility maintenance	64	22
(d)	Equipment Hiring	42	26
(e)	Trading	02	-0.5

2.        Revenue and profit Contribution.      As seen above, the maximum contribution to the bottom line is not from IT as perceived by the market man, but from Facility maintenance and equipment hiring.

3.        Hidden Wealth.     The real gem is the investment in Store one retail. The company owns approximately 2.04 crores shares (2.76 total equity) of listed company Store One retail at a FV of  Rs 10.   

(a)  At face Value     :           20  crores

(b) At CMP (35)       :           70 crores.

4.        Store one , in the past two years has turned into a profitable company making around  20 crores a year with an EPS of Rs 10.

5.        IBWSL  is a zero debt company. Assuming after, hiving off the IT division at near throw away prices, the net profit of the company hereon is lowered to 20 crores per year. At a present market cap of   60 crores and Zero Debt , this company having assets of 800 Cr  which includes 766 crores of reserves, is available almost at a free / 100% discount / actually at 1/10 of its real price in the market. And with it comes the offer of getting 75% of listed store  One also at a throw away price.