First Leasing Company of India

At 130 crore market cap and 1/3rd book value of 155 the stock is quoting at 55 rupees.

Have not been able to understand the industry but with pretty low NPAs and very long dividend track record the stock has been quoting cheap for a long time now.

What could be the reasons? The stock does go up to 100 + levels every 2-3 years though.

Story is out now, why SEBI and RBI are the last one to knowand rating agencies so dumb?