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

Changes required in Settings in Microsoft Excel:

Target Company:
Instructions:

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) REFEX INDUSTRIES LTD
Narration Dec-99 Dec-99 Dec-99 Dec-99 Mar-15 Mar-16
Sales - - - - 85 78
Operating Profit 0 0 0 0 6 3
Operating Profit Margin (OPM%) 0% 0% 0% 0% 7% 3%
Other Income 0 0 0 0 0 0
Interest 0 0 0 0 0 1
Depreciation 0 0 0 0 2 1
Profit before tax (PBT) 0 0 0 0 3 0
Tax% #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% -1613%
Net profit after tax (PAT) 0 0 0 0 3 5
Net Profit Margin (NPM%) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% 7%
Cash from Operating Activity (CFO) 0 0 0 0 (3) (25)
Capex {(NFA+WIP) change+Dep} 0 0 0 18 0
FCF 0 0 0 (21) (25)
Total Debt (D) - - - - 9 37
Share Capital 0.0 0.0 0.0 0.0 15.5 15.5
Dividend Paid (Div) Without DDT - - - - - -
Net Cash Generation (FCF+OI+Debt-Int-Div) 0 0 0 (12) 2
Cash + Investments (CI +NCI) 0 0 0 0 1 0

Self-Sustainable Growth Rate (SSGR) #DIV/0! #DIV/0! #DIV/0!

Trade Receivables - - - - 50 80
Inventory - - - - 1 1

PBT/Avg. NFA (<10%,>25%) #DIV/0! #DIV/0! #DIV/0! 38% 2%

ROE on Avg Equity (<7%,>25%) #DIV/0! #DIV/0! #DIV/0! 137% 75%
ROCE (EBIT on Avg CE/TA) (<10%,>35%) #DIV/0! #DIV/0! #DIV/0! 4% 2%
Incremental ROE 3Yr Rolling #DIV/0! #DIV/0! 176%

Net Fixed Asset Turnover (High is better) #DIV/0! #DIV/0! #DIV/0! 10.69 5.05
Receivables days (Low is better) #DIV/0! #DIV/0! #DIV/0! 215 305
Inventory Turnover (High is better) #DIV/0! #DIV/0! #DIV/0! 136.6 85.2
Months of RM held as Inv. (Low is better) #DIV/0! #DIV/0! #DIV/0! 0.1 0.2
Working capital cycle days (Rec + Inv Days) #DIV/0! #DIV/0! #DIV/0! 218 309

Net Fixed Assets (NFA) 0 0 0 0 16 15

Capital Work in Progress (CWIP) 0 0 0 0 0 0

Dividend Paid (Div) Without DDT - - - - - -

Dividend Payout (Div/PAT) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0%
Retained Earnings (RE=PAT-Div) 0 0 0 0 3 5
Price to earning #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8 3
Mcap - - - - 23 15
Cash + Investments (CI +NCI) 0 0 0 0 1 0

Total Debt (D) - - - - 9 37

Total Equity (E) 0 0 0 0 4 10
Debt to Equity ratio (D/E) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.1 3.8
Cost of funds 12.0%
Interest Outgo 0 0 0 1 3
Interest Coverage (OP/Int. Out) #DIV/0! #DIV/0! #DIV/0! 10.1 1.0

Dec-99 Dec-99 Dec-99 Dec-99 Mar-15 Mar-16

Cash from Operating Activity (CFO) - - - - -3 -25
Cash from Investing Activity (CFI) 0 0 0 0 4 (2)
Cash from Financing Activity (CFF) 0 0 0 0 (2) 26
Net Cash Flow (CFO+CFI+CFF) 0 0 0 0 (1) (0)
Cash & Eq. at the end of year 0 0 0 0 1 0

Retained Earnings (RE) in 10 Yrs (A) 74

Iincrease in Mcap in 10 yrs (B) 187
Value created per INR of RE (B/A) 2.51

Costs as % of Sales
Raw Material #DIV/0! #DIV/0! #DIV/0! #DIV/0! 76% 77%
Power & Fuel #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0%
Employee Costs #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0%
Selling & Admin Costs #DIV/0! #DIV/0! #DIV/0! #DIV/0! 17% 19%
Other Manufacturing Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0%
Other Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0% 0%
 Dec-20 << Latest available quarterly results
Mar-17 Mar-18 Mar-19 Mar-20 Last 4 Quarters Total 10 Yr TRENDS: 10Yr 7Yr
38 77 461 661 604 Sales Grth
2 2 28 51 50 OPM 7% 7%
6% 2% 6% 8% 8% PAT Grth
2 2 2 (1) (3) 5 BV Grth
3 1 0 1 2 6 15 Interest Outgo
1 1 1 1 2 7 PE History #DIV/0! ###
1 2 29 48 44 CMP 89
13% 46% -10% 31% 33% P/E 6.3
0 1 32 33 30 74 P/B 2.5
1% 1% 7% 5% 5% P/E*P/B 15.5
4 (4) 44 12 CFO 28 Div Yield 0.0%
0 1 2 8 Capex 29 M. Cap 187
4 (5) 42 4 FCF (1) 74 Total Retained Earnings (RE) in 10
35 41 0 9 FCFE.1 (FCF-Int exp) (8) 187 Total increase in Mcap in 10 yrs (
15.5 15.5 15.5 15.5 FCFE.2 (FCFE.1 + OI) (3) 2.51 Value created per INR of RE (B/A
- - - - Total Div 10 Yrs - #DIV/0! Mcap CAGR 10Y
1 2 3 11 Inc. in Debt 10Y 9
1 1 4 21 Surplus funds 6 0 Closing share price on March 31,

14% 7% 35% 100% FCF/CFO -5%

Change in 10 Yrs
9 37 88 72 (72)
1 5 8 3 (3)

4% 12% 198% 261%

5% 9% 118% 56%
3% 4% 23% 33%
6% -24% 392% 99%

2.54 5.32 31.59 35.89

432 108 49 44
31.0 23.8 71.9 122.7
0.7 0.7 0.2 0.1
444 123 54 47

15 14 15 22
0 0 0 0

- - - - 0 Div Grth
0% 0% 0% 0%
0 1 32 33
85 33 2 2 Avg. PE 22.1 22.1
39 31 77 69 187
1 1 4 21 21

35 41 0 9 Debt
 10 11 43 76 Book Val
3.4 3.7 0.0 0.1

4 5 2 1 15
0.5 0.4 11.3 90.6

Mar-17 Mar-18 Mar-19 Mar-20 Total 10 Yr

4 -4 44 12 28
(0) (1) 0 5 6
(3) 4 (41) 1 (15)
1 (1) 3 17 18
1 1 4 21

53% 74% 87% 84%

0% 0% 0% 0%
2% 2% 1% 0%
39% 21% 5% 3%
0% 0% 0% 0%
0% 0% 1% 5%
Source: Screener.in
 5Yr 3Yr TTM
51% 160% -9%
7% 7% 8%
61% 316% -11%
77% 95%

3 33 6

etained Earnings (RE) in 10 Yrs (A)

crease in Mcap in 10 yrs (B)
reated per INR of RE (B/A)

share price on March 31, 10 years back

25.0 12.4 2.5

0% -36% ###
77% 95% 77%
Version No

3.0

2.0

1.6

1.5

1.4

1.3

1.2
1.1
 Changes

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 REFEX INDUSTRIES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 2.10
Face Value 10.00
Current Price 88.85
Market Capitalization 186.60

PROFIT & LOSS

Report Date
Sales
Raw Material Cost
Change in Inventory
Power and Fuel
Other Mfr. Exp
Employee Cost
Selling and admin
Other Expenses
Other Income
Depreciation
Interest
Profit before tax
Tax
Net profit
Dividend Amount

Quarters
Report Date Sep-18 Dec-18 Mar-19 Jun-19
Sales 61.91 168.94 207.19 139.27
Expenses 58.30 159.52 192.45 129.26
Other Income 0.54 0.43 0.43 1.03
Depreciation 0.14 0.26 0.25 0.24
Interest 0.23 0.01 0.10 0.02
Profit before tax 3.78 9.58 14.82 10.78
Tax -2.76 2.07
Net profit 3.78 9.58 17.58 8.70
Operating Profit 3.61 9.42 14.74 10.01

BALANCE SHEET
Report Date
Equity Share Capital
Reserves
Borrowings
Other Liabilities
Total
Net Block
Capital Work in Progress
Investments
Other Assets
Total
Receivables
Inventory
Cash & Bank
No. of Equity Shares
New Bonus Shares
Face value

CASH FLOW:
Report Date
Cash from Operating Activity
Cash from Investing Activity
Cash from Financing Activity
Net Cash Flow

PRICE:

DERIVED:
Adjusted Equity Shares in Cr - - - -
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

84.67 77.95 37.71 76.86 461.05 660.74
64.10 59.90 19.80 57.21 403.11 557.45

0.07 0.07 0.08 0.07 0.32 0.52

0.31 0.38 0.14 0.34 0.86 1.14
0.13 0.17 0.68 1.17 2.45 3.14
14.48 14.71 14.77 16.13 23.58 17.35
0.04 0.08 0.06 0.16 2.45 29.99
0.03 1.69 1.99 1.85 -0.83
2.49 1.02 0.79 0.83 0.96 1.39
0.03 1.34 2.56 1.21 0.30 0.91
3.02 0.31 0.52 1.73 28.87 48.02
-5.00 0.07 0.80 -2.76 14.89
3.02 5.31 0.46 0.94 31.63 33.13

Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20

160.74 236.84 123.89 78.04 257.76 144.39
148.10 212.53 119.52 70.38 235.50 128.34
1.68 0.01 -3.74 0.06 0.50 0.01
-0.21 0.26 0.68 0.34 0.29 0.33
0.43 0.02 0.85 0.24 0.22 0.22
14.10 24.04 -0.90 7.14 22.25 15.51
3.14 6.79 2.89 1.85 6.24 3.47
 10.96 17.25 -3.79 5.29 16.01 12.05
12.64 24.31 4.37 7.66 22.26 16.05

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

15.48 15.48 15.48 15.48 15.48 15.48
-11.08 -5.77 -5.31 -4.38 27.25 60.33
9.18 36.81 34.96 41.20 0.39 9.02
56.39 71.29 14.92 45.17 115.39 53.09
69.97 117.81 60.05 97.47 158.51 137.92
15.84 15.04 14.60 14.31 14.88 21.94
0.27
0.01 0.01 0.01
54.12 102.76 45.44 83.16 143.36 115.98
69.97 117.81 60.05 97.47 158.51 137.92
49.88 80.26 8.98 36.51 87.50 72.27
0.62 1.21 1.22 5.23 7.59 3.18
0.62 0.25 0.77 0.70 3.87 20.96
15,475,182.00 15,475,182.00 15,475,176.00 15,475,176.00 15,475,176.00 15,475,176.00

10.00 10.00 10.00 10.00 10.00 10.00

Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20

-3.12 -24.56 4.15 -4.41 44.19 11.88
4.15 -1.97 -0.45 -0.59 0.05 4.56
-1.60 26.15 -3.18 3.64 -41.06 0.63
-0.58 -0.38 0.52 -1.36 3.18 17.08

10.85 7.26 18.60 14.58 36.66 32.74

2.10 2.10 2.10 2.10 2.10 2.10