ABCIL : Why is it so undervalued?

I have been observing this particular stock ABCIL since quite some time. While most of the companies in to the chemical industry hover at 10-20 PE, ABCIL has been at 3-4 PE for quite sometime.

Positives and negatives about the company:

1. It is Aditya Birla group company. I have no qualms about its management.
2. Topline growth has been okay since 2005. 2005-2006 3%, 2006-2007 28%, 2007-2008 21%,2008-2009 17%, 2009-2010 10% with standard deviation 9
   
3. Net profit has seen ups and downs. 2005-2006 -1%, 2006-2007 29%, 2007-2008 45%,2008-2009 -6%, 2009-2010 31% with standard deviation of 22.
4. Book value as been increasing considerably.
   
5. EPS has not shown consistent up turn. 2005-2006 0%, 2006-2007 29%, 2007-2008 46%,2008-2009 -6%, 2009-2010 31% with standard deviation 22
6. Cash flow has not been increasing, this is alarming for me.
   

More to come...

Disclaimer: I have started a very small position in this stock. It will be my benefit if you invest in it.