According to Westpac Online Investing, IRL (India Resources Limited) has a market capitalisation of only $3 million. I do not know when it listed, but it has made a loss for every year since 2007, and it seems to stay afloat by continually issuing shares.
IRL's latest annual report states, “During the year ended 30 June 2014, the Group recorded a loss of $2,273,000 (2013: $785,000) and, as at the reporting date, the Group’s current liabilities exceeded its current assets by $3,777,000 (2013:$2,364,000).”
The notion that IRL and BYL have skills that are in short supply in India is laughable in my opinion. India has large and successful firms that do what BYL can do, plus heaps more, and they know how to operate in India's business-cum-legal environment – a setting that does not conduce to non-Indian firms making easy money there. Further, BYL has in its 30+ year existence only managed to extend its WA-based business to one customer in the Northern Territory (revenue some 10% of BYL's WA revenue), so looking to India for expansion is strange. However, as the recent share-dilution saga has shown, BYL's management can be sweet-talked to do strange things, and IRL it seems from the information shown above has had years of experience talking people into keeping this loss-making company afloat.
BYL Price at posting:
37.5¢ Sentiment: Hold Disclosure: Held