SIS LTD

Security & Intelligence Serv. (India) Limited is directly and indirectly engaged in rendering security and related services consisting of manned guarding, training, and indirectly engaged in paramedic and emergency response services; loss prevention, asset protection and mobile patrols; facility management services consisting of cleaning, housekeeping and pest control management services in the areas of facility management; cash logistics services consisting of cash-in-transit, ATM cash replenishment activities and secure transportation of precious items and bullion; and alarm monitoring and response services consisting of trading and installation of electronic security devices and systems through its subsidiaries, joint ventures and associates. They are a trusted leader across these business segments in India and other geographies in the Asia Pacific region. SIS Provides following services: a) Security Services – India b) Security Services – International c) Electronic Security Solutions d) Alarm, Monitoring and Response The financials of the company is very good, but last six months were very challenging, RoNW is (0.52)% and at CMP its looks fully priced. Price difference is around 25% and acceptance ratio as per current share holding for retail will be around 7%, so we may expect the final acceptance ratio may be around 15% and so profit may be 3% to 5%. So we give NEUTRAL rating to this buyback.