Sandesh Limited

Sandesh Ltd. is available at 113.00 rupees (28-Mar).
Sandesh Ltd. has an NCAV of 111.45 rupees.

The scrip has cash per share of 26.60 rupees which is very good. It has a good market share in Gujarat where it is now the #3 newspaper (from #2, a year ago). At these numbers, prudence has it that the stock will go up however from an investing viewpt, the following needs a look into -
a) Sales have dropped; so have profits
b) Didn't declare any dividend last year
c) There was a sudden spurt in sales last yr (from nowhere we has a number of 635 crs in the financial statement)
d) Q3, 2005 was a negative profits quarter
e) Fwd PE comes to 17.20 (but very inconsistent profits)

So although this stock gives me fantastic margin-of-safety, it doesnt give me the comfort of a consistent and growing earnings growth. If anyone's been tracking this stock, then opinions are soughted.