If I can reply to your query though it is addressed to @Anand6 –

• The max loan amount that can be lent to an individual has been increased to 1 lakh by RBI recently.
• One individual can at max take loan from 2 MFIs.
• The credit rating agencies play a very important role here. With time they should be able to build a robust data so credit appraisal process can be improved much further.
• The regulations now are much better than what existed a decade back because the below parties now play the required role
• MFIN, RBI, rating agencies, Microfinance specific PE investors.
• As per a research note on MFIs –> Microfinance proponents have long argued that microfinance as an asset class deserves special attention due to its low beta, or low correlation between the performance of microfinance assets and the overall economy. This claim first achieved prominence in the wake of the Asian financial crisis of 1996 when Bank Rakyat Indonesia, an Indonesian bank with a large microfinance portfolio, managed to escape the crisis relatively unscathed.

good portfolio with some very high quality names.
but i fail to understand this hype about granules.

Low volumes could be another factor affecting the price of these holding companies.
Also its hard to find these stocks from a regular stock screener using the metrics we normally use like PE, debt ratio etc.. Book values don’t seem to reflect the real assets for these companies.

Here’s a cnbc video, 3 people talking about kalyani investments which was in a similar situation a year ago.
http://www.moneycontrol.com/news/cnbc-tv18-analyst—markets/did-you-know-kalyani-invst-trades-at-90-discount-to-investment-book_1064348.html

Yes u are right .
Holding companies generally trade at 50-60% discount of their holdings value because they never unlock valuations.
I given detailed table of all leading holding companies valuations compare with summit .
Summit securites looks good for investment among all holding companies