Someone suggested this company to me recently, named Vision Corporation. This is listed on BSE and the current price is Rs.1.50. The market cap is Rs.3 crores. It is of course a penny stock but it may be different from the average penny stock of a fly by night operating company. Let me go into some details.
Their website is visioncorpltd.com
The management includes Ashok Kumar Mishra, a retired bureaucrat and Pahlaj Nihalani, the censor board chief who is making headlines usually for snipping scenes in films.
This company has Rs.11 crore rupees of ‘non current investments’. This is a 50% stake in another company.
POL India Projects Ltd
You can read about this company here:
http://www.blazelead.com/Pol-India-Projects-Limited/aboutus/
An excerpt says, “POLINDIA has been in existence since 1952 when it started off its activities as the Indian arm of POLISH OCEAN LINES. Upon taking over by Indian interests in 2001, the company ventured into chartering and operation of ships as well as other logistics activities.”
From the look of it this company should be worth more than Rs.22 crores but I do not have financial data for it.
They have licenses to run three TV channels. These licenses cost crores and Prasar Bharti gives them.
Vision Shiksha, Vision Music and Peace of Mind.
‘Peace of Mind’ is a religious channel which broadcasts content about Brahmakumaris and is shown on Tata Sky.
This company makes movies, serials etc also but none of their work is very well known or big. Their website claims that they are setting up ‘an International Media Planet (IMP) in a site of about 250
acres of land to come up at Mumbai’. This I could not verify beyond the mention on their website.
However they have made a payment of about Rs.70 lakhs over the last three years to buy some land. I do not know where this land is. Rs.70 lakhs cannot buy even a studio apartment in Mumbai. For some reason this was categorized as ‘office building’. They admitted the error in an annual report but did not correct it.
Actor Akshaye Khanna has a 1.7 % stake in the company.
This doesn’t mean much, I have to say. The market cap is only Rs.3 crores. So Akshaye Khanna’s investment is only Rs.5 lakhs. Promoter stake is only 17.20%
It was taken over by current promoters in 2006 or Rs.6.30 per share.
http://www.sebi.gov.in/takeover/visionpa.pdf
The company has fixed assets of about Rs.2 crores, Capital work in progress of Rs.75 lakhs of which Rs.43.42 lakhs is some production projects while Rs.31.4 lakhs is TV channels. They have been selling TV serials and films to Doordarshan. Their channels are also broadcast on the Doordarshan bandwidth.
They have not made any money over last five years. In March 2016 quarter they reported a net profit of Rs.25 lakhs and then it was down again.
What I’m thinking is that the stake in POL Projects plus three TV channels have to be worth something. Is there any way to find out if anything is happening about the 250 acres land they have mentioned on their website? The market cap is barely Rs.3 crores. How can we know more?
I have purchased shares of this company.
