Have some investment opportunities started emerging?

With a correction of more than 10% in NSE Nifty over the last two months from a high of 6338 on 5 November 2010 to 5624 on 17 January 2011 and more than 20% in BSE SMALL CAP index from a high of 11168 on 10 November 2010 to 8860 on 17 January 2011, there are fair amount of chances that some investment opportunities will really be available. There is a big contradiction between the two set of companies since some large caps are still trading at a P/E multiple of 30-50 while some small caps are available just near their book value with a P/E of 4-10. Following is the list of some of those small caps:

Company	Current Market Price	Market Cap	TTM Profits	TTM P/E	Average Profits of last five years	P/E of five year average EPS
Ador Welding	184	250	28.85	8.67	30.6	9.4
Asahi Songwon	74	91	15.99	5.69	7.5	12.14
Eldeco Housing	153	30	9.22	3.25	5.9	5.07
GM Breweries	106	99.2	16.59	5.98	9.14	10.85
Gandhi Special Tubes	120	177	25.92	6.84	17.82	9.93
Premco Global	25	7.7	1.53	5.03	0.88	8.75
WimPlast	170	102	17.1	5.96	6.306	16.17
Dynemic Products	25	28.32	7.02	4.04	2.75	10.31
Plastiblends	170	110	13.66	8.05	12.77	8.61

And there are many more like Natural Capsules @51, Medicaps @65, Eimco Elecon @270, Garware Wall Ropes @72, VTM @160, Mac Charles @ 230, Mazda @ 110, SI Paper @ 47. Most of the companies I have mentioned have been profit-making companies and some are consistently giving dividends over the last 15 years and still Mr market is quite depressed about their future. None of these are burdened with high debt that may affect their future profitability and existence. Are they really value traps?