Ann: Investor Presentation - Full Year Results, page-25

The arithmetic is really simple.

Return on loan is at least 20 percent. Retaining earning of 20 to 30 million will only increase gross margin by 6 million a year. There is significant loan headroom of close to 100 million to arbitrage on. There is no shortage of people wanting to borrow money.

Add in the burgeoning retail business (especially the online business growing at double digit rate). Selling at low multiple of 9.

Even get fined for 20 million, so what? With each passing year, earning will only increase with retained earning.

With management who is proxy of the biggest shareholder, how can this be a losing hand?