Are these stocks worth investing?

I was looking at the distress sale going on in the stock market in IT space. It is true that most value investors would avoid IT sector stocks since their business model is difficult to understand. After the Satyam fraud, even the books of many IT companies are difficult to trust upon. Still I found that some of the IT companies are available at throwaway prices. Here is the list:

Name	Market Cap (INR Crore)	Net Current Assets	Profits of Last 10 years
CMC	430	144	465
D-Link	115	48	220
Geometric	95	63	210
KPIT Cummins	200	75	240
Nucleus	150	42	210
Polaris	460	250	600

If you consider buying the whole company and assume that the companies will make the same profits over the next ten years that they have done over the last ten years, which is very conservative estimate, then you can get more earnings than what you get in PPF in some of these businesses. In PPF, you get 8% compounded annually, i.e. INR 1.16 on INR 1 invested in 10 years. On Polaris you get 600/460=1.3, on Nucleus you get 210/150=1.4, on KPIT cummins you get 240/200=1.2, on Geometric you get, 210/95=2.21, on D-Link you get 220/115=1.91. If CMC gets merged to TCS with a swap ratio of 1:1, you get 1.8 times your money at today's prices.