JL Morison (India)

JL Morison (India) comes close to a Benjamin Graham pick. The specs of the company are enclosed -
Market cap : Rs. 38.54 crs
NCA : Rs. 81.22 crs
Debt : Rs. 40.16 crs
Share capital : Rs. 1.37 crs
FV : Rs. 10 per share
NCAV : Rs. 299.70 per share

At a CMP of Rs. 282 per share (May 3rd), the stock is available at a small discount to it's NCAV. It is interesting to note that the cash/bank in the company is Rs. 49.80 crores (much higher than the m-cap of the company or 63% of it's EV)

However on the earnings side, the net/operating profits are duh!. The business also holds about 11 crores of investments in it's balance sheet (I dont have the annual report with me to peek). If these investments are marketable securities then we can add that to the NCAV. 

The stock seems partly Grahamian .. but we should avoid the value trap. I am following up this analysis with a post on value trap.