REI Agro Ltd

I am new to this investment world, slowly learning from ValuePickr.

While i was surfing i came to look at the figures of REI Agro ltd.

It is currently trading at the PE of 1.6

and of late promoters increased stake in this company.

And trading at 0.35 times its book value.

Fellow boraders please guide me whether this is a Value pick.

REI Agro seems to have gone to the CDR cell due to its unavailability to pay off loans. J&K bank has downgraded its outstanding loans to REI Agro. Credit Suisse recently filed a law suit against REI Agro

REI Agro, India’s biggest basmati rice exporter has had a few bad quarters. Decent operating cash flows. Debt/Equity of 1.36 seems to be the area of concern. It has decent ROE of 12% but bad 3.71% RoA. The stock is trading at 3.91 EV/EBIT and 0.2P/BV. My Net Current Asset Value Calculation comes out to be negative. Strangely as per GuruFocus, the NCAV is 9.52 ( and as per, the NCAV is 6.61

Any contrarian takes on REI Agro?