The company (atleast at first glance) seems enticing indeed at these levels ....especially with dirt cheap valuations with a p/b of .5 , adjusted ttm p/e of 5.4(or if like me you believe that atleast a little excessive depreciation is being charged ..it works around to a p/ of 2) and an ev/ebitda of 1.7!

the positives
1.the company has steadily paid down debt and currently debt to equity of .30
2.return on capital has been steadily improving to mid teens this years
3.there has been nice insider buying in june
4.the company has been operating cashflow positive for four of the last five years with operating cashflow averaging approximately 5 crore an year(excluding one year of negative operating cashflow) as compared to current market cap of 9 crore
5.the past five years have been ,atleast from a manegerial effeciency point of view ,seen steadily significant improvement(inventory turnover,working capital days , debtor turnover etc)

please keep in mind that all profitability increase has occured despite stagnant sales
negatives
1.the company obviously has no moat or pricing power of any kind ,and is in effect a commodity biz
2.only limited review of accounts has been carried out at least since 2010.
3.no dividend hs been declared so far(which you 'd expect from a biz with stagnant sales growth like this, indicating i suspect a possible maturity level)