This excel sheet is for sole use of the buyer from drvijaymalik.com.

Any copyin
Instructions to the buyer:

Steps to use this excel sheet:

1
2
3

4
5

Changes required in Settings in Microsoft Excel:

Target Company:

Instructions:
1
2
 This excel sheet is for sole use of the buyer from drvijaymalik.com. Any copying and sh
Instructions to the buyer:

This purchase is limited to the current version of the excel sheet only. Any future updates/versions of the excel sheet need to

If in future, because of any reasons, screener changes the format of data it provides in the "Data Sheet" or makes this templat
issues in this excel template.

In such a scenario, I might come up with a new version of the excel template. However, the new version needs to be bought s
Links to detailed articles on drvijaymalik.com have been provided under each formula segment in the "Description" sheet, whi
parameters.
In case you have any further query after going through the article links shared in the "Description" sheet, then you may ask yo
Queries" page. You may visit the "Ask Your Queries" page on the following link:
https://www.drvijaymalik.com/ask-your-queries

Steps to use this excel sheet:

It is highly advised that investors read the following article to see step by step screenshots of using this excel template includin
https://www.drvijaymalik.com/2017/06/how-to-use-screener-in-export-to-excel-feature-tool.html
Download and save the "Dr. Vijay Malik Screener Excel Template" file on your computer
log in to screener.in website with your user name and password
After logging in screener.in, copy and paste the following link in the web-browser and upload this excel sheet on this page.
https://www.screener.in/excel/

To upload, once you have reached the above webpage, click on the button "Choose File". A new dialogue box window will ope
saved the "Dr. Vijay Malik Screener Excel Template". Select the file and click open in the dialogue box.

After clicking "Open" the dialogue box will close and you would see the abridged path of the selected file next to the button "C

Now, click on the button "Upload" to finally upload the excel template in the screener system.
Done!
Now onwards, whenever you would click on export to excel button on the company page at screener website, you would get t
within a few minutes by analysing the data on the "Dr. Vijay Malik Analysis" sheet.

Changes required in Settings in Microsoft Excel:

In Excel go to File > Options > Trust Center > Trust Center Settings > Protected View, and then uncheck Enabled Protected Vi

Otherwise, when you would download "Export to Excel" file of companies from screener.in, the Data sheet would be filled p
blank.

Target Company:

The aim of the analysis is to find a debt free company, which is growing at a reasonable pace with sustained/improving profita
efficiency and has been generating positive Free Cash Flow over the years.

If an investor is able to find such a company that is available at a cheap price (P/E ratio < 10), then investment in such a compa

Instructions:
Detailed interpretations and descriptions of each of the parameters used for analysis on "Dr. Vijay Malik Analysis" sheet are pr
any ratio, hover the mouse on the narration cell and the comment box will pop-up that contains the details about the parame
Please do not make any change to any formula/sheet in this excel workbook. Any change might lead to corruption of the form
(₹ Crores/10 Millions) NAVIN FLUORINE INTERNATIONAL LTD
Narration Mar-15 Mar-16 Mar-17 Mar-18
Sales 592 680 742 913
Operating Profit 72 118 159 220
Operating Profit Margin (OPM%) 12% 17% 21% 24%
Other Income 29 23 55 88
Interest 3 4 3 1
Depreciation 20 22 30 40
Profit before tax (PBT) 78 116 182 266
Tax% 26% 28% 25% 32%
Net profit after tax (PAT) 55 84 137 180
Net Profit Margin (NPM%) 9% 12% 18% 20%
Cash from Operating Activity (CFO) 1 76 92 169
Capex {(NFA+WIP) change+Dep} 83 213 (91)
FCF (7) (121) 260
Total Debt (D) 61 82 19 13
Share Capital 9.8 9.8 9.8 9.9
Dividend Paid (Div) Without DDT 16 21 31 49
Net Cash Generation (FCF+OI+Debt-Int-Div) 12 (162) 291
Cash + Investments (CI +NCI) 199 199 281 466

Self-Sustainable Growth Rate (SSGR) 16%

Trade Receivables 120 151 138 156

Inventory 76 76 113 114

PBT/Avg. NFA (<10%,>25%) 36% 39% 54%

ROE on Avg Equity (<7%,>25%) 14% 18% 20%
ROCE (EBIT on Avg CE/TA) (<10%,>35%) 13% 17% 22%
Incremental ROE 3Yr Rolling 60%

Net Fixed Asset Turnover (High is better) 2.10 1.58 1.85

Receivables days (Low is better) 73 71 59
Inventory Turnover (High is better) 9.0 7.9 8.1
Months of RM held as Inv. (Low is better) 3.0 3.4 3.7
Working capital cycle days (Rec + Inv Days) 113 117 104

Net Fixed Assets (NFA) 274 375 561 428

Capital Work in Progress (CWIP) 60 20 17 20

Dividend Paid (Div) Without DDT 16 21 31 49

Dividend Payout (Div/PAT) 29% 25% 23% 27%
Retained Earnings (RE=PAT-Div) 39 63 106 130
Price to earning 15 20 22 21
Market Capitalization 815 1,652 2,982 3,818
Cash + Investments (CI +NCI) 199 199 281 466

Total Debt (D) 61 82 19 13

Total Equity (E) 588 645 835 983
Debt to Equity ratio (D/E) 0.1 0.1 0.0 0.0
Cost of funds 12.0%
Interest Outgo 9 6 2
Interest Coverage (OP/Int. Out) 13.8 26.5 117.6

Mar-15 Mar-16 Mar-17 Mar-18

Cash from Operating Activity (CFO) 1 76 92 169
Cash from Investing Activity (CFI) 3 (53) (16) (136)
Cash from Financing Activity (CFF) (21) (17) (67) (39)
Net Cash Flow (CFO+CFI+CFF) (17) 6 10 (6)
Cash & Eq. at the end of year 28 29 42 37

Retained Earnings (RE) in 10 Yrs (A) 1,726

Increase in Mcap in 10 yrs (B) 15,282
Value created per INR of RE (B/A) 8.85

Costs as % of Sales
Raw Material 49% 46% 41% 41%
Power & Fuel 7% 6% 6% 6%
Employee Costs 13% 12% 12% 12%
Selling & Admin Costs 7% 8% 3% 3%
Other Manufacturing Expenses 8% 8% 12% 11%
Other Expenses 4% 3% 4% 3%
ERNATIONAL LTD Sep-24
Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Last 4 Quarters
996 1,062 1,179 1,453 2,077 2,065 2,144
219 268 309 356 550 399 393
22% 25% 26% 24% 26% 19% 18%
34 29 94 38 36 107 98
1 2 2 2 28 75 65
28 37 44 48 63 96 105
224 258 358 344 496 336 322
34% -56% 31% 24% 24% 19% 20%
149 409 258 263 375 271 258
15% 38% 22% 18% 18% 13% 12%
90 157 237 75 (64) 750 CFO
49 135 112 711 689 757 Capex
41 22 126 (636) (752) (8) FCF
4 1 25 121 861 1,368 FCFE.1 (FCF-Int exp)
9.9 9.9 9.9 9.9 9.9 9.9 FCFE.2 (FCFE.1 + OI)
39 54 54 55 59 74 Total Div 10 Yrs
27 (9) 187 (559) (64) 458 Inc. in Debt 10Y
464 473 643 214 79 522 Surplus funds

18% 33% 38% 42% 28% 19% FCF/CFO

Change in 10 Yrs
173 218 284 358 562 513 (393)
112 158 180 258 468 372 (296)

52% 54% 67% 63% 45% 19%

15% 33% 17% 15% 19% 12%
18% 18% 20% 16% 18% 10%
22% 78% 13% 17% -4% 2%

2.32 2.21 2.21 2.65 1.89 1.17

60 67 78 81 81 95
8.8 7.9 7.0 6.6 5.7 4.9
3.1 3.4 3.9 4.1 4.9 5.8
102 114 130 136 144 169

430 529 540 556 1,646 1,875

39 39 95 742 279 711

39 54 54 55 59 74
26% 13% 21% 21% 16% 27%
111 354 203 209 316 196
23 15 53 77 56 57
3,503 6,047 13,637 20,248 21,182 15,447 16,098
464 473 643 214 79 522 522

4 1 25 121 861 1,368

 1,072 1,412 1,634 1,844 2,185 2,383
0.0 0.0 0.0 0.1 0.4 0.6

1 0 2 9 59 134
217.2 805.7 194.9 40.6 9.3 3.0

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

90 157 237 75 -64 750
(24) 85 (237) (172) (656) (1,093)
(68) (81) (45) 42 658 336
(3) 161 (45) (56) (61) (8)
37 278 544 96 35 28

45% 43% 43% 43% 42% 44%

6% 5% 5% 5% 6% 7%
12% 12% 12% 13% 12% 14%
2% 2% 2% 2% 2% 2%
10% 10% 9% 10% 8% 9%
4% 3% 3% 3% 4% 5%
Source: Screener.in
<< Latest available quarterly results
Total 10 Yr TRENDS: 10Yr 7Yr
Sales Grth 15% 16%
OPM 23% 24%
PAT Grth 19% 10%
534 BV Grth 17% 16%
120 221 Interest Outgo
428 PE History 15 21
CMP 3,246
P/E 62.3
2,178 P/B 6.8
P/E*P/B 420.9
1,584 Div Yield 0.5%
2,659 M. Cap 16,098
(1,075) 1,726 Total Retained Earnings (RE) in 10 Yrs (A)
(1,195) 15,282 Total increase in Mcap in 10 yrs (B)
(661) 8.85 Value created per INR of RE (B/A)
452 36% Mcap CAGR 10Y
1,307
194 0 Closing share price on March 31, 10 years back

-68%

452 Div Grth 19% 13%

Avg. PE 36.0 43.3

Debt 41% 85%

 Book Val 17% 16%

221

Total 10 Yr
1,584
(2,299)
696
(19)
5Yr 3Yr TTM
16% 21% 4%
24% 23% 18%
13% 2% -4%
17% 13%

15 77 62

14% 11%

51.7 63.5 62.3

219% 279% 59%

17% 13% 9%
Version No
3.1

3.0

2.0

1.6

1.5

1.4

1.3

1.2

1.1
 Changes
Updated the formula for TTM average PE in Cell "S46" to link from "O13" to "O12"

1) Added new parameter: Net Cash Generation

2) Updated FCFE calculation at 2 levels: 2.a) FCFE.1 (FCF-Int exp) and 2.b) FCFE.2 (FCFE.1 + OI)
3) Added new parameter: Surplus Funds: FCFE.2 - Dividend Payouts + Increase in debt in 10 years
4) Added new parameter: No. of Months of raw material held as inventory
5) Added new parameter: CAGR of market cap from the data 10 year’s back to the latest date.
6) Added PE History in row number N10:S10 with PE 10Y back, 7Y back, 5Y back, 3Y back and TTM PE
7) Avg. PE data field shifted to Row 46
8) Shifted Interest outgo next to interest expense
9) Updated the description and interpretations of all the parameters of the Analysis Sheet as “comment” in the narration/labe

Comprehensively revised the Excel Sheet:

1. Added the section of various expenses as a percentage of sales (Raw material, Power & Fuel, Employee Costs, Selling and Ad
percentage of sales).
2. Added working capital cycle (days) calculation based on inventory and trade receivables.
3. Added rows for trade receivables and inventory and the calculation of total funds consumed in/released from receivables a
the key reasons for differences in PAT and CFO.
4. Brought together the data of CFO, Capex, FCF, Total Debt, Share Capital, Dividend Payment and Cash + investment on the u
in the company in any year. E.g. in case, the company had a negative FCF, then investor can immediately see the sources of fu
more debt, which will increase total debt. OR the company may have raised additional equity, which will show as increase in s
show as decline in cash + investment. Similarly, if a company has positive FCF, then it may show as an increase in cash + invest
(decline in share capital). The presence of these data points at the top section of the dashboard helps in quick assessment of fl
5. Added a calcuation of Free Cash Flow to Equity (FCFE), which is calculated as (FCF-interest expense). FCFE calculated in this
capital expenditure (Capex) and all interest payments (both capitalzied as part of capex as well as the interest expensed in P&
6. Unhid the "depreciation" row in the dashboard
7. Removed the ratio "SG to Capex" as it was not proving to be useful.
Rectified the error which has creeped in while correcting the issues of version 1.5. The error was leading to the cells for the da
filled. The issue has been rectified in Version 1.6

1. Many times, in cases where the data for last 4 quarters is not present in screener.in (either the company does not declare q
screener data sheet does not have quarterly data), then the P/E ratio cell (O14) in the excel sheet which used to calculate P/E
we have edited the formula in such a fashion that if the data of any of the last 4 quarters is not present, then the P/E ratio cell

2. In cases, where the data for any of the last 4 quarters is not present, then the entire TTM column (i.e. column L), will remai

Unprotected the file with open access to users to edit & customize the template as per their preference
Resolved the reported error:

"if there is no data for particular year in screener, the template has taken the default data ( ie data of Vinati Organics).
e.g. when tried to analyse "Wonderla" , in screener there is no data for 2006, but after uploading the template & exporting th
1. Updated "Instructions" sheet with the guidelines to change Microsoft Excel settings to disable the "Protected View for files
where upon downloading the "Export to Excel" file from screener.in, the "Data Sheet" was filled properly, however, "Dr. Vijay

1. Added functionality to edit the cells "Closing share price on March 31, 10 years back" and "Cost of funds" in the sheet "Dr. V

2. Added interpretation and description of parameters "FCF/CFO" and "SG to Capex" in the "Description" Sheet.

3. Updated description of "Share Capital" to add the conditional formatting details in the "Description" Sheet.

4. Added sheet "Version History".

COMPANY NAME NAVIN FLUORINE INTERNATIONAL LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 4.96
Face Value 2.00
Current Price 3,245.80
Market Capitalization 16,097.60

PROFIT & LOSS

Report Date Mar-15 Mar-16 Mar-17 Mar-18
Sales 591.51 679.67 741.50 912.69
Raw Material Cost 290.50 312.28 334.20 376.62
Change in Inventory 1.46 1.17 31.33 -1.12
Power and Fuel 42.22 41.46 44.98 52.40
Other Mfr. Exp 48.76 52.23 89.73 97.66
Employee Cost 74.08 80.61 92.21 110.92
Selling and admin 43.25 52.59 25.06 23.78
Other Expenses 21.68 23.21 27.28 30.24
Other Income 29.24 23.37 55.27 87.51
Depreciation 20.12 22.49 29.92 39.78
Interest 3.33 3.78 2.70 1.19
Profit before tax 78.27 115.56 182.02 266.49
Tax 20.02 32.05 45.05 84.03
Net profit 54.56 83.50 136.60 179.78
Dividend Amount 15.63 20.56 30.84 49.35

Quarters
Report Date Jun-22 Sep-22 Dec-22 Mar-23
Sales 397.52 419.20 563.58 697.10
Expenses 298.39 325.37 408.00 495.33
Other Income 10.91 10.90 9.92 4.00
Depreciation 12.37 17.66 25.01 7.60
Interest 0.29 4.02 9.20 14.01
Profit before tax 97.38 83.05 131.29 184.16
Tax 22.93 25.24 24.73 47.79
Net profit 74.45 57.81 106.56 136.36
Operating Profit 99.13 93.83 155.58 201.77

BALANCE SHEET
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 9.77 9.79 9.79 9.87
Reserves 577.89 635.56 825.39 973.61
Borrowings 61.30 81.65 18.52 12.66
Other Liabilities 202.99 227.88 323.69 259.45
Total 851.95 954.88 1,177.39 1,255.59
Net Block 273.85 374.63 561.46 427.64
Capital Work in Progress 60.39 20.42 16.83 20.09
Investments 171.32 169.91 238.92 428.33
Other Assets 346.39 389.92 360.18 379.53
Total 851.95 954.88 1,177.39 1,255.59
Receivables 119.86 150.60 137.59 155.60
Inventory 76.06 75.53 112.75 113.83
Cash & Bank 28.07 28.68 41.83 37.44
No. of Equity Shares 9,769,797.00 9,787,297.00 48,956,485.00 49,350,810.00
New Bonus Shares
Face value 10.00 10.00 2.00 2.00

CASH FLOW:
Report Date Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 0.99 75.95 92.39 169.37
Cash from Investing Activity 3.42 -52.65 -15.56 -136.28
Cash from Financing Activity -21.34 -17.28 -67.08 -38.97
Net Cash Flow -16.94 6.02 9.75 -5.88

PRICE: 167.11 337.74 608.65 772.85

DERIVED:
Adjusted Equity Shares in Cr 4.88 4.89 4.90 4.94
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

995.94 1,061.55 1,179.39 1,453.36 2,077.40 2,065.01
443.51 478.68 522.26 642.06 896.03 878.90
-3.12 24.78 11.57 10.26 29.37 -23.72
56.66 51.42 53.89 75.63 134.54 149.82
99.69 102.74 105.58 139.25 165.84 181.70
115.90 131.12 142.04 182.00 249.91 286.79
19.50 19.34 21.66 28.83 34.90 41.98
38.61 35.21 36.10 40.20 75.21 102.93
33.80 28.99 94.41 38.38 35.70 107.09
27.51 37.00 44.17 47.90 62.64 96.16
0.83 2.00 1.84 1.90 27.52 74.56
224.41 257.81 357.83 344.23 495.88 335.54
76.97 -143.56 110.78 81.15 120.69 65.03
149.10 408.59 257.52 263.07 375.18 270.50
38.57 54.45 54.45 54.50 59.46 74.32

Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24

491.15 471.79 500.12 601.95 523.68 518.56
376.93 373.45 424.45 491.90 423.33 411.21
8.30 23.11 64.05 12.52 10.26 11.16
21.32 24.25 24.88 25.71 26.71 27.90
19.43 20.00 17.69 17.44 15.60 13.86
81.77 77.20 97.15 79.42 68.30 76.75
20.24 16.62 19.13 9.04 17.10 17.93
 61.53 60.58 78.02 70.37 51.20 58.82
114.22 98.34 75.67 110.05 100.35 107.35

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

9.89 9.90 9.90 9.91 9.91 9.91
1,062.56 1,402.28 1,624.01 1,834.31 2,175.04 2,372.76
4.14 1.40 25.06 120.82 860.80 1,368.46
230.60 214.95 238.56 420.44 483.54 625.87
1,307.19 1,628.53 1,897.53 2,385.48 3,529.29 4,377.00
430.18 528.76 540.15 556.10 1,645.88 1,874.60
39.33 38.85 94.87 742.10 278.58 711.09
427.44 195.40 99.08 118.11 43.81 494.82
410.24 865.52 1,163.43 969.17 1,561.02 1,296.49
1,307.19 1,628.53 1,897.53 2,385.48 3,529.29 4,377.00
172.73 218.49 284.11 357.66 561.52 512.51
111.91 157.88 180.35 257.54 468.12 371.65
36.99 277.87 543.87 95.83 34.81 27.54
49,457,165.00 49,484,320.00 49,503,220.00 49,553,150.00 49,571,170.00 49,571,170.00

2.00 2.00 2.00 2.00 2.00 2.00

Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

90.15 156.64 237.27 74.76 -63.59 749.89
-24.32 85.14 -237.10 -172.37 -655.62 -1,093.45
-68.34 -80.92 -45.05 41.50 657.94 335.73
-2.51 160.86 -44.88 -56.11 -61.27 -7.83

707.60 1,221.65 2,755.00 4,082.20 4,270.60 3,114.30

4.95 4.95 4.95 4.96 4.96 4.96