NMDC - value buy?

The company was established in the year 1958.

Financials
The average ROCE of the company over the last ten years is 40.79% but is lower at 31.98% in the last three years. The company has net current assets to the tune of INR 21,000 Crore. The company has projects worth INR 7800 Crore in progress (CWIP - Capital Work In Progress). The operating cash flow of the company last year was around INR 4000 Crore. The company has always remained profitable in the last 15 years and paid dividends regularly.

Shareholding
The Indian government owns 80% of the company.

Valuations
At the current market price of INR 90.3, the market cap of the company is INR 35,800 Crore. The stock price has touched the low it saw in May 2007. So this is eight and a half year low price for its share. The price earnings ratio is less than 8 and dividend yield is 9% (I doubt it would sustain though). The share price had touched an all time high of INR 550+ in May 2007 as well as Feb 2010. I think the company is not very expensive at the current valuations.

Narmada Gelatine - Value buy?

The company was established in year 1961 and earlier it was known as Shaw Wallace Gelatines Ltd.

Financials
The average ROCE of the company over the last ten years is 24.71% and is higher at 30.77% in the last three years. The company has consistently paid dividends since 2006. The company has net current assets to the tune of INR 55 Crore and has investments to the tune of INR 27 Crore. So the company can be liquidated immediately for INR 82 Crore. The operating cash flow of the company was INR 6 Crore last year. The company did undergo financial stress during 2002-2005 and suspended dividend during the time.

Promoters
75% of the company is owned by a promoter entity. 

Valuations
At the current market price of INR 140, the company's market cap is INR 86 Crore which is just INR 4 Crore more than the liquidation value. The price earnings ratio is less than 7 at reasonable profit margin. Dividend yield is 2.46%. The company was also going to be acquired by Sterling Biotech in 2004 as given in article. A company trading below book value at net current assets cannot be a bad bargain.

MOIL - Value buy?

The company Manganese Ore India Limited was established in year 1896 in UK but it became an Indian company in year 1962.

Financials
The average ROCE of the company over the last ten years is 28.77% but is lower at 13.82% in the last three years. The company has consistently paid dividends over the last ten years. The company has net current assets to the tune of INR 3030 Crore.

Promoters
It is a government owned company and 80% is owned by government.

Valuations
At the current market price of INR 200, the company's market cap is INR 3370 Crore which is just 10% above its net current assets. The price earnings ratio is less than 10 at severely depressed commodity prices. Dividend is almost 4.2% if it continues at the current rate. The IPO of the company concluded in year 2010 with a share price of INR 375 and the listing happened at INR 551. The current price of 200 is almost half of IPO price and 60% lower than all time high in year 2010. Need to see if it turns out to be a value buy or value trap.