Quality Stocks: Companies with ROE & ROCE of over 30%

I have compiled a list of quality stocks which one can look at based on earnings growth and return ratios (FY09) . I have excluded FMCG and Banking from the list.

Amara Raja Batteries (CMP: 92)

Ahluwalia Contracts (CMP: 87)

Bajaj Electricals (CMP: 400)

Blue Star (CMP: 342)

Crisil (CMP: 3412)

Divis Labs (CMP: 1117)

eClerx Services (CMP: 300)

Exide Industries (CMP:66)

Mphasis (CMP: 370)

Opto Circuits (CMP: 160)

Page Industries (CMP: 545)

Sesa Goa (CMP: 185)

Thermax (CMP: 408)

Titan Industries (CMP: 1180)

TRF (CMP: 825)

Voltas (CMP: 123)

Voltamp Transformers (CMP: 842)

Stocks with a little lower ROCE but over 30% ROE are Crompton Greaves and Tulip Telecom (both have ROCE of around 25%).

If you can pick 5 stocks from the above list whose earnings are expected to grow over 20% over the next few years and available at FY11 PE of less than 12, then I believe you can easily outperform the Index over the longer term.