BALAJI AMINES LTD SCREENER.

IN

Narration Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Trailing Best Case Worst Case
Sales 447.27 509.47 607.58 616.36 640.40 667.61 858.00 940.12 934.55 1,308.39 1,539.22 1,831.77 1,486.65
Expenses 366.60 429.24 516.55 514.60 513.68 518.52 675.96 746.71 753.80 935.16 1,076.19 1,280.74 1,178.86
Operating Profit 80.67 80.23 91.03 101.76 126.72 149.09 182.04 193.41 180.75 373.23 463.03 551.04 307.79
Other Income 3.64 3.83 2.60 4.26 2.77 9.26 12.13 4.23 5.01 6.07 6.06 - -
Depreciation 10.38 12.71 16.49 20.08 19.38 19.71 19.29 19.55 31.62 34.41 36.15 36.15 36.15
Interest 21.21 25.40 31.51 34.88 22.15 12.94 9.04 13.03 23.03 18.29 17.11 17.11 17.11
Profit before tax 52.72 45.95 45.63 51.06 87.96 125.70 165.84 165.06 131.11 326.60 415.83 497.78 254.53
Tax 17.08 14.77 12.12 17.87 30.35 43.34 52.66 47.97 33.63 83.10 106.53 26% 26%
Net profit 35.64 31.17 33.51 33.20 57.61 82.35 113.18 117.53 104.80 238.19 295.61 370.25 189.32
EPS 11.00 9.62 10.34 10.25 17.78 25.42 34.93 36.27 32.35 73.52 91.23 114.27 58.43
Price to earning 3.35 3.64 3.89 8.00 10.02 14.91 16.06 13.67 7.78 23.93 46.31 46.31 13.78
Price 36.90 35.00 40.25 82.00 178.10 378.95 561.05 495.70 251.60 1,759.30 4,225.45 5,292.40 805.09
NPM 8%
RATIOS:
Dividend Payout 7.27% 13.51% 9.67% 11.72% 11.25% 8.66% 7.44% 7.72% 9.90% 5.44%
OPM 18.04% 15.75% 14.98% 16.51% 19.79% 22.33% 21.22% 20.57% 19.34% 28.53% 30.08%
Tax payout 32.40% 32.14% 26.56% 35.00% 34.50% 34.48% 31.75% 29.06% 25.65% 25.44%
Book value per share 44.79 52.90 62.07 70.34 86.48 111.87 144.15 177.30 203.13 276.05
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST
Sales Growth 12.67% 11.58% 15.36% 15.10% 40.00% 40.00% 11.58%
OPM 20.70% 21.91% 22.90% 23.48% 30.08% 30.08% 20.70%
Price to Earning 13.78 17.58 20.44 22.92 46.31 46.31 13.78

Common Sizing Expenses

Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw material Expenses 63% 56% 66% 58% 52% 52% 54% 58% 53% 47%
Power and fuel cost 11% 11% 11% 10% 10% 9% 9% 9% 10% 10%
Other Mfr. Exp 4% 4% 4% 4% 1% 3% 2% 2% 2% 1%
Employee Cost 4% 4% 3% 4% 5% 6% 5% 5% 5% 5%
Selling and admin 4% 5% 5% 5% 8% 8% 8% 8% 8% 7%
Other Expenses 0% -1% -1% 1% 0% 1% 1% 1% 1% 0%
OPM 18.04% 15.75% 14.98% 16.51% 19.79% 22.33% 21.22% 20.57% 19.34% 28.53%
BALAJI AMINES LTD SCREENER.IN

Narration Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21
Sales 226.62 222.98 227.25 227.52 258.03 222.91 282.38 392.13 414.03 450.68
Expenses 179.28 185.47 182.49 184.69 202.40 169.68 208.68 274.76 285.11 307.64
Operating Profit 47.34 37.51 44.76 42.83 55.63 53.23 73.70 117.37 128.92 143.04
Other Income 0.77 1.41 1.46 0.59 1.56 1.28 0.69 0.51 3.60 1.26
Depreciation 5.40 5.71 7.82 7.96 10.12 7.93 9.30 8.71 8.47 9.67
Interest 3.27 3.25 7.17 6.31 6.30 4.32 5.38 4.81 3.78 3.14
Profit before tax 39.44 29.96 31.23 29.15 40.77 42.26 59.71 104.36 120.27 131.49
Tax 13.43 11.47 2.49 8.46 11.21 10.67 15.51 25.46 31.47 34.09
Net profit 26.45 19.15 31.43 23.41 30.82 32.96 45.76 74.97 84.50 90.38

OPM 21% 17% 20% 19% 22% 24% 26% 30% 31% 32%
BALAJI AMINES LTD SCREENER.IN

Narration Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Cash from Operating Activity 52.97 94.40 110.64 55.76 84.78 60.46 139.98 94.21 144.20 109.87
Cash from Investing Activity -56.36 -85.79 -50.08 -3.76 -29.26 -10.32 -134.87 -118.69 -130.12 -61.59
Cash from Financing Activity -1.16 -10.41 -53.49 -55.07 -53.95 -55.21 15.56 20.71 -25.67 -37.45
Net Cash Flow -4.55 -1.80 7.07 -3.07 1.57 -5.08 20.67 -3.77 -11.59 10.83

Enter Fixed Assets Expenditure 19 15 24 26 41 35 66 136 69 77

using screener in +
Free Cash Flow 33.97 79.40 86.64 29.76 43.78 25.46 73.98 (41.79) 75.20 32.87
Cash EPS 16.35 29.14 34.15 17.21 26.17 18.66 43.20 29.08 44.51 33.91
Reinvestment(capex/cfo) 36% 16% 22% 47% 48% 58% 47% 144% 48% 70%
Cumulative of 10 years
CFO 947.27
CFI -680.84
CFF -256.14
BALAJI AMINES LTD SCREENER.IN

Narration Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital 6.48 6.48 6.48 6.48 6.48 6.48 6.48 6.48 6.48 6.48
Reserves 138.63 164.90 194.64 221.43 273.73 355.98 460.58 567.98 651.66 887.91
Borrowings 215.81 209.31 261.62 255.85 172.69 104.93 151.85 227.40 259.57 127.07
Other Liabilities 104.74 138.66 157.50 138.79 151.84 167.63 228.93 244.03 195.39 288.87
Total 465.66 519.35 620.24 622.55 604.74 635.02 847.84 1,045.89 1,113.10 1,310.33

Net Block 195.99 234.38 325.39 341.11 340.82 325.48 316.06 319.75 573.00 542.92
Capital Work in Progress 24.67 62.92 8.12 3.32 16.26 25.08 123.13 269.46 46.27 173.28
Investments 7.86 19.96 19.96 0.02 0.02 0.02 0.01 - 47.50 -
Other Assets 237.14 202.09 266.77 278.10 247.64 284.44 408.64 456.68 446.33 594.13
Total 465.66 519.35 620.24 622.55 604.74 635.02 847.84 1,045.89 1,113.10 1,310.33

Working Capital 132.40 63.43 109.27 139.31 95.80 116.81 179.71 212.65 250.94 305.26
Debtors 82.13 103.71 131.53 119.37 124.34 124.29 172.68 167.22 207.44 305.66
Inventory 107.40 56.75 90.64 112.38 78.03 98.98 89.10 163.15 108.81 109.94
Debtor Days 67.02 74.30 79.02 70.69 70.87 67.95 73.46 64.92 81.02 85.27
Return on Equity 25% 18% 17% 15% 21% 23% 24% 20% 16% 27%
Return on Capital Emp 19% 18% 18% 24% 30% 32% 25% 18% 36%
 Report Date Mar-12 Mar-13 Mar-14 Mar-15
BALAJI AMINES LTD
Balance Sheet
Equity Share Capital 1.39% 1.25% 1.04% 1.04%
Reserves 29.77% 31.75% 31.38% 35.57%
Borrowings 46.34% 40.30% 42.18% 41.10%
Other Liabilities 22.49% 26.70% 25.39% 22.29%

Total Liabilities 100.00% 100.00% 100.00% 100.00%

Net Block 42.09% 45.13% 52.46% 54.79%

Capital Work in Progress 5.30% 12.12% 1.31% 0.53%
Investments 1.69% 3.84% 3.22% 0.00%
Other Assets 50.93% 38.91% 43.01% 44.67%
As a % of total assets
Receivables 17.64% 19.97% 21.21% 19.17%
Inventory 23.06% 10.93% 14.61% 18.05%
Cash & Bank 0.96% 0.52% 1.57% 1.12%

Total Assets 100.00% 100.00% 100.00% 100.00%

 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
BALAJI AMINES LTD
Balance Sheet
1.07% 1.02% 0.76% 0.62% 0.58% 0.49%
45.26% 56.06% 54.32% 54.31% 58.54% 67.76%
28.56% 16.52% 17.91% 21.74% 23.32% 9.70%
25.11% 26.40% 27.00% 23.33% 17.55% 22.05%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

56.36% 51.26% 37.28% 30.57% 51.48% 41.43%

2.69% 3.95% 14.52% 25.76% 4.16% 13.22%
0.00% 0.00% 0.00% 0.00% 4.27% 0.00%
40.95% 44.79% 48.20% 43.66% 40.10% 45.34%

20.56% 19.57% 20.37% 15.99% 18.64% 23.33%

12.90% 15.59% 10.51% 15.60% 9.78% 8.39%
1.42% 0.55% 2.85% 1.95% 0.79% 1.50%

100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Leverage Ratios

D/E 1.49 1.22 1.30 1.12 0.62

Debt/Assets 0.46 0.40 0.42 0.41 0.29
Debt/Ebitda 2.68 2.61 2.87 2.51 1.36
Debt/Capital Ratio 60% 55% 57% 53% 38%
Cash flow/Debt 0.25 0.45 0.42 0.22 0.49
Interest coverage ratio 3.5 2.8 2.4 2.5 5.0
Sales Change 14% 19% 1% 4%
Ebit Change -3% 8% 11% 28%
Operating Leverage -0.3 0.4 7.9 7.2
Financial Leverage 3.2 3.0 3.1 2.7 2.2
Debt Burden Ratio 0.16 0.38 0.33 0.12 0.25
Efficiency ratios
Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Receivable days 67.02 74.30 79.02 70.69 70.87
Receivable turnover 5.4 4.9 4.6 5.2 5.2
Inventory days 106.9 48.3 64.0 79.7 55.4
Inventory turnover 4.2 9.0 6.7 5.5 8.2
Net Fixed assets turnove 2.3 2.2 1.9 1.8 1.9
Sales/capital employed 1.24 1.34 1.31 1.27 1.41
Total Asset Turnover 0.96 0.98 0.98 0.99 1.06

Profitability ratios
Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Ebitda 80.67 80.23 91.03 101.76 126.72
Ebitda margin 18% 16% 15% 17% 20%
Gross Profit 184.62 197.27 226.61 256.81 284.18
Gross Profit Margin 41% 39% 37% 42% 44%
EBIT 73.93 71.35 77.14 85.94 110.11
EBIT Margin 17% 14% 13% 14% 17%
ROE 25% 18% 17% 15% 21%
Net profit margin 8% 6% 6% 5% 9%
EPS 11.00 9.62 10.34 10.25 17.78
DU Pont ROE 25% 18% 17% 15% 21%
Net Profit Margin 8% 6% 6% 5% 9%
Sales/Total assets 0.96 0.98 0.98 0.99 1.06
Financial Leverage 3.21 3.03 3.08 2.73 2.16

DU PONT ROA 7.7% 6.0% 5.4% 5.3% 9.5%

Net Profit Margin 8% 6% 6% 5% 9%
Sales/Total assets 0.96 0.98 0.98 0.99 1.06

Capital Allocation Ratios Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

ROCE 0% 19% 18% 18% 24%
EBIT Margin 17% 14% 13% 14% 17%
Sales/cap employed 1.24 1.34 1.31 1.27 1.41
NOPAT 50.0 48.4 56.7 55.9 72.1
Capital employed 360.92 380.69 462.74 483.76 452.9
ROIC 14% 13% 12% 12% 16%

10 year profit change 24%

5 year profit change 29%
10 year mcap change 61%
5 year mcap change 62%

Capex Ratios
Capex/Net Profits 10yr 60%
Capex/Net Profits 5 yr 58%
Capex/Net Profits 3 yr 44%
Capex/Depreciation 10yr 249%

Valuation Ratios Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

Price/Earnings 3.4 3.6 3.9 8.0 10.0
Price/Book 0.82 0.66 0.65 1.17 2.06
Price/CashFlow 2 1 1 5 7
Price/Sales 0.27 0.22 0.21 0.43 0.90
Enterprise Value 330.89 320.03 382.28 514.53 741.16
EV/EBITDA 4.1 4.0 4.2 5.1 5.8
MAX Pe in Last 10 years 46.3
Max Ev/Ebitda in Last 10 ye 15.6
Max P/B 6.37
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

0.29 0.33 0.40 0.39 0.14

0.17 0.18 0.22 0.23 0.10
0.70 0.83 1.18 1.44 0.34
22% 25% 28% 28% 12%
0.58 0.92 0.41 0.56 0.86
10.7 19.3 13.7 6.7 18.9
4% 29% 10% -1% 40%
26% 26% 2% -13% 124%
6.1 0.9 0.2 22.7 3.1
1.8 1.8 1.8 1.7 1.5
0.24 0.49 (0.18) 0.29 0.26

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

67.95 73.46 64.92 81.02 85.27
5.4 5.0 5.6 4.5 4.3
69.7 48.1 79.7 52.7 43
6.7 9.6 5.8 8.6 11.9
2.1 2.7 2.9 1.6 2.4
1.43 1.39 1.17 1.02 1.28
1.05 1.01 0.90 0.84 1.00

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

149.09 182.04 193.41 180.75 373.23
22% 21% 21% 19% 29%
325.24 393.91 424.77 420.72 678.14
49% 46% 45% 45% 52%
138.64 174.88 178.09 154.14 344.89
21% 20% 19% 16% 26%
23% 24% 20% 16% 27%
12% 13% 13% 11% 18%
25.42 34.93 36.27 32.35 73.52
23% 24% 20% 16% 27%
12% 13% 13% 11% 18%
1.05 1.01 0.90 0.84 1.00
1.75 1.82 1.82 1.69 1.47

13.0% 13.3% 11.2% 9.4% 18.2%

12% 13% 13% 11% 18%
1.05 1.01 0.90 0.84 1.00

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

 30% 32% 25% 18% 36%
21% 20% 19% 16% 26%
1.43 1.39 1.17 1.02 1.28
90.8 119.3 126.3 114.6 257.1
467.39 618.91 801.86 917.71 1021.46
19% 19% 16% 12% 25%

Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Trailing

14.9 16.1 13.7 7.8 23.9 46.3
3.39 3.89 2.80 1.24 6.37
20 13 17 6 52 #DIV/0!
1.84 2.12 1.71 0.87 4.36
1329.24 1945.49 1813.07 1065.94 5807.56
8.9 10.7 9.4 5.9 15.6
 Capital allocation is the number one thing we look f
Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Net profit 35.64 31.17 33.51 33.2 57.61
Dividend Payout 2.59 4.21 3.24 3.89 6.48
Retained Earnings 33.05 26.96 30.27 29.31 51.13
MCAP 119.556 113.4 130.41 265.68 577.044

Earnings Retention TestTotal Earnings retain Change in MCA PER Rs Mcap

10 years 778.82 13571.324 17.43

5 years 608.1 12463.082 20.5

ROIC 14% 13% 12% 12% 16%

Cost of capital 10% 10% 10% 10% 10%
Cost of capital in cr 36.09 38.07 46.27 48.38 45.29
Economic value added 13.89 10.35 10.38 7.49 26.83
(NOPAT-Cost of capital)

Rolling ROIIC 42% -1% 77%

ROIIC 3 year Rolling
ROIIC 5 Year Rolling

Intrinsic Compounding Table

Report Date Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
NOPAT 50.0 48.4 56.7 55.9 72.1
Capital Employed 360.92 380.69 462.74 483.76 452.9

Cumulative NOPAT 991.3

Incremental Capital
Employed 660.54
Reinvestment Rate 67%

Return on incremental
capital
employed/Intrinsic Stock Cagr 10
compunding rate 31% year 61%
Stock Cagr 5
year 62%
e thing we look for in managements
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 TTM
82.35 113.18 117.53 104.8 238.19
7.13 8.42 9.07 10.37 12.96
75.22 104.76 108.46 94.43 225.23
1227.798 1817.802 1606.068 815.184 5700.132 13690.88

Compound Change in mcap/change

Multiple in profit

10yr 2.6

5yr 2.1

19% 19% 16% 12% 25%

10% 10% 10% 10% 10%
46.74 61.89 80.19 91.77 102.15
44.10 57.46 46.15 22.83 154.99

-61% 197% 5% -6% 123%

47% 1365% 40% 7% 31%
67% 29% 17% 43%

nding Table
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
90.8 119.3 126.3 114.6 257.1
467.39 618.91 801.86 917.71 1021.46
Year Mar-12 Mar-13 Mar-14 Mar-15 Mar-16

GP Margin 41% 39% 37% 42% 44%

Ebitda Margin 18% 16% 15% 17% 20%

Net Profit Margin 8% 6% 6% 5% 9%
ROIC 14% 13% 12% 12% 16%
ROCE 0% 19% 18% 18% 24%
ROE 25% 18% 17% 15% 21%

60%

50%

40%

GP Margin
30%
Ebitda Margi
Net Profit Ma
20%

10%

0%
1 2 3 4 5 6 7 8 9 10

Average GP 44%
Average Ebitda margin 20%
Average Net Profit margin 10%
Average ROE 20%
Average ROIC 16%
Average ROCE 22%
 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

49% 46% 45% 45% 52% Things To Look For

22% 21% 21% 19% 29% Stable/Expanding Margins
12% 13% 13% 11% 18% ROIC above 15% over the years
19% 19% 16% 12% 25% ROE Above 15% over the years
30% 32% 25% 18% 36% ROCE Above 15% over the years
23% 24% 20% 16% 27%

Return Ratios
ROIC ROCE ROE

GP Margin 24%
23%
Ebitda Margin
21% 2
Net Profit Margin
18% 30% 32%
17% 15%
25% 24% 2
19% 18% 18%
19% 19%
14%
0% 16% 1
13% 12% 12%

9 10 1 2 3 4 5 6 7 8
 To Look For
ding Margins PRICING POWER
5% over the years
5% over the years Business abilitiy to protect its profitability
15% over the years

tios
ROE

27%
24%
23%
20% 36%
30% 32%
16%
25%
18%
25%
19% 19%
16%
12%

7 8 9 10
Checklist for finding frauds

1) CUM PAT VS CUM CFO of last 10 years and in block of 3 years+ CFO/Ebitda > 0.7

2) Volatility in Depreciation Rate as a percentage of sales

3) Cash Yield
4) Increasing Receivables>Increasing sales
5) Miscellaneous Expenses

6) Sales being done to subsidiary

7) Always check for segmental break up of revenue
8) Company paying dividend in slow down or not

1) Check for contingent liabilites

2) Check for goodwill/intangibles as a % of networth

3) Check for provisions in trade receivables

4) Check for Auditors CARO REPORT (Annexure A OR B)

5) Check for unusual write offs in the past

6) Check for write offs from equity

1) Very high CFI without purchase of fixed assets

2) Lack of FCFE generation

3) CFF very high and excessive share issues

1) Past claims of the management and track with current performance

2) Channel checks

3) Google Fraud checks

4) Industry checks
 5) Glassdoor and linkedin checks

6) Stock Pledge
Auditor
checks

1) Look for KEY AUDIT OBSERVATIONS

2) Look for Auditors opinion on internal control
3) Always read CARO report
What this does,it tells us whether Acrrual Profits are being
converted into real profits or not

Company chaging depreciation assets life constantly?

Company earning more than Risk free rate or not on the
cash>5%
Incremental sales of poor quality
If high, then doubt if expenses are real?

Kitex and Bharat RASAYAN Related Party Transactions

Kwality Ltd- sales being done in Trading (low margin)
EG- Compare Balaji Amines and Alkyl Amines DPO

Off the balance sheet items, which can wipe off equity if too
high, shouldn't be more than 5%

eg- What happened with 8k miles and Tanla solutions. If

greater than 10%, Avoid unless know goodwill acccounting.
Eg- Kwality Dairy, Parag Milk foods, if provisions are more
than 5-10% of trade receivables, Avoid
Auditor usually rectifies the assets of the company. Eg-
Denis Chem Lab, Radico Khaitan (2012-2015)
Previously written off Trade receivables or goodwill or
advances

Usually can be found in Auditors report or use Change in

reserves (excluding share premium) to net income
excluding divdends- A ratio less than 1 would show knock
off from equity. Eg- Godrej Properties, UPL

Check if Cash is being accumulated on balance sheet and

where it is being used eg- GM Breweries
Check if Free cash flow is lumpy, if lumpy then what is the
reason?
If dilutions are frequent, Avoid

Check kitex management interviews- All talk and no show

fictitious market presence like Manapasand and vakrangee

type in managements name with "legal","SEBI" OR "Fraud",
Moneylife
Check with competitors, Just ask any jeweller about PC
Jewellers
 Check for 8k miles review on Glassdoor
Why would you pledge family jewels?- Seya industries, Zee
etc

Key differences on accounting between auditor and the

management
A lack of internal control is a big red flag
Fictitious assets or real assets?
Fraud untill proven innocent sheet Mar-12 Mar-13 Mar-14 Mar-15
Percentage Increase in Sales 13.91% 19.26% 1.45%
Percentage increase in receivables 26.28% 26.82% -9.25%
Percentage Increase in Inventory -47.16% 59.72% 23.98%
Inventory/sales 24.01% 11.14% 14.92% 18.23%
Recievable/Sales 18% 20% 22% 19%
Cash yield 29% 17% 9% 61%
Depreciation rate 2% 2% 3% 3%

Contingent Liability as a % of networth - - - -

CFO/PAT 149% 303% 330% 168%
CFO/EBITDA 66% 118% 122% 55%
Self Sustainable growth rate 23% 16% 15% 13%
Dividend given (intention to share wealth) 2.59 4.21 3.24 3.89

Dividend Payout Ratio/Also check for buyback 7% 14% 10% 12%

Check for Miscellaneous expenses as a total
revenues - - - -
Check sales being done to subsidiary as a % of
sales 0 0 0 0

Check for intangibles as a% of networth - - - -

Check for Write offs as a % ofTrade receivables 0 0 0 0

CWIP/Net block 13% 27% 2% 1%
Employee cost as a % of sales 4% 4% 3% 4%
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
3.90% 4.25% 28.52% 9.57% -0.59% 40.00%
4.16% -0.04% 38.93% -3.16% 24.05% 47.35%
-30.57% 26.85% -9.98% 83.11% -33.31% 1.04%
12.18% 14.83% 10.38% 17.35% 11.64% 8.40%
19% 19% 20% 18% 22% 23%
32% 264% 50% 21% 9% 31%
3% 3% 2% 2% 3% 3%

- - - - - - Enter Using annual rep

147% 73% 124% 80% 138% 46% 156%
67% 41% 77% 49% 80% 29% 70%
18% 21% 22% 19% 14% 25%
6.48 7.13 8.42 9.07 10.37 12.96

11% 9% 7% 8% 10% 5%

- - - - - - Enter Using annual rep

0 0 0 0 0 Enter Using annual rep
0

- - - - - - Enter Using annual rep

0 0 0 0 0 0 Enter Using annual rep

5% 8% 39% 84% 8% 32%
5% 6% 5% 5% 5% 5%
ng annual report

ng annual report
ng annual report
ng annual report
ng annual report
Consensus Forecasts Input
FCF Growth(1-5 years) 20.00%
Fcf growth (5-10 years) 20.00%
Discount Rate/Cost of capital 7%
Terminal growth rate 2.00%
Cash & Bank Balance 19.64
Investments 0
Debt 127.07
Shares outstanding 3.24
Non-Operative Assets 19.64
Current Market Price 4225.45
Free Cash flow of last 3 years 22.1

YEAR FCF Growth Present Value

1 26.5 20.00% 24.8
2 31.8 20.00% 27.7879290767753
3 38.2 20.00% 31.2
4 45.8 20.00% 35.0
5 55.0 20.00% 39.1966171348007
6 56.1 20.00% 37.3649995116792
7 67.3 20.00% 41.9046723495467
8 80.7 20.00% 46.9958942237907
9 96.9 20.00% 52.7056757649989
10 116.3 20.00% 59.1091690822418
 Valuation ranges Mcap Per stock
Future Valu
Warren Buffet Way 1601.8 494.36
Benjamin Graham Way 3,402.71 1050.1880871
Bharat Shah Way 5,004.50 1,544.55
Margin of safety at 50% 2,502.25 772.27530184
Current Price 4,225.45

2
68%

DO NOT FORGET TO INSERT FIXED ASSETS PURCHASE FROM SCREENER in CFO S

Terminal Year Cash Flow 118.6022158
Present value of 1-10 year 396.0
Terminal value 1205.827049
Total PV of shares 1601.8
 Future Value vs Cigar butt

1
32%

2
68%

ROM SCREENER in CFO SHEET!

 (adapted from the methodology described in the book "Buffetology" by
Current Data 10 yr Projected Company data using hist
Price 4225.45 Year EPS DPS
EPS: 91.23 Current 91.23 4.00
DPS: 4.00 Year 1 109.48 8.57
BVPS: 276.05 Year 2 131.38 10.29
P/E: 46.31 Year 3 157.65 12.34
Earnings Yield: 2.16% Year 4 189.18 14.81
Dividend Yield: 0.09% Year 5 227.02 17.78
P/BV: 15.31 Year 6 272.43 21.33
Year 7 326.91 25.60
Input Visibility data below Year 8 392.29 30.72
Sales Year 9 470.75 36.86
Med Term Visibility 15% Year 10 564.90 44.23
Sales 10 Yr CAGR 13%
Sales 5yr CAGR 18.18% 10 yr Projected Company data using susta
Sales 3yr CAGR 17.86% Year BVPS EPS
Sales Y-o-Y growth 17.64% Current 276.05 91.23
Sales TTM Growth Year 1 363.28 109.73
EPS Year 2 464.42 131.97
Med Term Visibility 20% Year 3 586.06 158.73
EPS 10 Yr CAGR 23.56% Year 4 732.35 190.90
EPS 5yr CAGR 29.13% Year 5 908.31 229.60
EPS 3yr CAGR 35.99% Year 6 1119.93 276.14
EPS Y-o-Y growth 24.10% Year 7 1374.45 332.12
EPS TTM Growth Year 8 1680.56 399.44
5Yr Averages Year 9 2048.72 480.41
Return on Equity: 21.99% Year 10 2491.52 577.80
Payout Ratio: 7.83% *Assuming current capital structure is maintained - business's inherent a
P/E Ratio-High: 46.3
P/E Ratio-Low: 7.8 5Year Avg Roe 22%
Avg. P/E Ratio: 21.5
Avg Sustainable P/E 20
RoE/Payout Visibility 5 Yr Avg
RoE Visibility 22% 21.99%
Payout Visbility 8% 7.83%
Sustainable Growth 20.27% 20.27%
ibed in the book "Buffetology" by Mary Buffet - using current Visibility aided by Historicals)
rojected Company data using historical earnings growth rate/current visibility

564.90 Earnings after 10 years

222.53 Dividends paid over 10 years

11298.04 Projected price [Avg Sustainable P/E*EPS]

11520.58 Total Gain [Projected Price+Dividends]

11.79% Projected annual return using current EPS growth visibility

[(Total Gain/Current Price)^1/9)-1]

ojected Company data using sustainable growth rate based on current visibility
DPS
4.00 577.80 Earnings after 10 years
8.59 226.04 Dividends paid over 10 years
10.33
12.43 11556.00 Projected price [Avg Sustainable P/E*EPS]
14.95 11782.04 Total Gain [Projected Price+Dividends]
17.98
21.62 12.07% Projected annual return using sustainable growth visbility*
26.01 [(Total Gain/Current Price)^1/9)-1]
31.28
37.62
45.24
maintained - business's inherent ability to grow with internal accruals from here
10yr Sales Projection
Year Sales
Current 1539.22
Year 1 1770.10
Year 2 2035.62
Year 3 2340.96
Year 4 2692.11
Year 5 3095.92
Year 6 3560.31
Year 7 4094.36
Year 8 4708.51
Year 9 5414.79
Year 10 6227.00
COMPANY NAME BALAJI AMINES LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 3.24
Face Value 2.00
Current Price 4,225.45
Market Capitalization 13,690.88

PROFIT & LOSS

Report Date Mar-12 Mar-13 Mar-14 Mar-15
Sales 447.27 509.47 607.58 616.36
Raw Material Cost 281.09 287.17 403.42 356.67
Change in Inventory 18.44 -25.03 22.45 -2.88
Power and Fuel 49.99 54.34 63.81 64.58
Other Mfr. Exp 19.01 22.35 24.57 26.58
Employee Cost 17.77 18.01 20.78 26.97
Selling and admin 18.26 25.54 32.63 31.97
Other Expenses -1.08 -3.20 -6.21 4.95
Other Income 3.64 3.83 2.60 4.26
Depreciation 10.38 12.71 16.49 20.08
Interest 21.21 25.40 31.51 34.88
Profit before tax 52.72 45.95 45.63 51.06
Tax 17.08 14.77 12.12 17.87
Net profit 35.64 31.17 33.51 33.20
Dividend Amount 2.59 4.21 3.24 3.89

Quarters
Report Date Mar-19 Jun-19 Sep-19 Dec-19
Sales 226.62 222.98 227.25 227.52
Expenses 179.28 185.47 182.49 184.69
Other Income 0.77 1.41 1.46 0.59
Depreciation 5.40 5.71 7.82 7.96
Interest 3.27 3.25 7.17 6.31
Profit before tax 39.44 29.96 31.23 29.15
Tax 13.43 11.47 2.49 8.46
Net profit 26.45 19.15 31.43 23.41
Operating Profit 47.34 37.51 44.76 42.83

BALANCE SHEET
Report Date Mar-12 Mar-13 Mar-14 Mar-15
Equity Share Capital 6.48 6.48 6.48 6.48
Reserves 138.63 164.90 194.64 221.43
Borrowings 215.81 209.31 261.62 255.85
Other Liabilities 104.74 138.66 157.50 138.79
Total 465.66 519.35 620.24 622.55
Net Block 195.99 234.38 325.39 341.11
Capital Work in Progress 24.67 62.92 8.12 3.32
Investments 7.86 19.96 19.96 0.02
Other Assets 237.14 202.09 266.77 278.10
Total 465.66 519.35 620.24 622.55
Receivables 82.13 103.71 131.53 119.37
Inventory 107.40 56.75 90.64 112.38
Cash & Bank 4.48 2.68 9.75 7.00
No. of Equity Shares 32,401,000.00 32,401,000.00 32,401,000.00 32,401,000.00
New Bonus Shares
Face value 2.00 2.00 2.00 2.00

CASH FLOW:
Report Date Mar-12 Mar-13 Mar-14 Mar-15
Cash from Operating Activity 52.97 94.40 110.64 55.76
Cash from Investing Activity -56.36 -85.79 -50.08 -3.76
Cash from Financing Activity -1.16 -10.41 -53.49 -55.07
Net Cash Flow -4.55 -1.80 7.07 -3.07

PRICE: 36.90 35.00 40.25 82.00

DERIVED:
Adjusted Equity Shares in Cr 3.24 3.24 3.24 3.24
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

640.40 667.61 858.00 940.12 934.55 1,308.39
330.53 347.33 460.97 541.01 497.97 615.80
-25.69 4.96 -3.12 25.66 -15.86 -14.45
62.42 57.94 76.52 84.70 95.03 125.02
9.25 17.70 15.93 18.99 14.62 17.30
31.84 38.53 45.08 47.78 50.99 67.82
52.29 54.91 69.40 74.20 73.97 91.29
1.66 7.07 4.94 5.69 5.36 3.48
2.77 9.26 12.13 4.23 5.01 6.07
19.38 19.71 19.29 19.55 31.62 34.41
22.15 12.94 9.04 13.03 23.03 18.29
87.96 125.70 165.84 165.06 131.11 326.60
30.35 43.34 52.66 47.97 33.63 83.10
57.61 82.35 113.18 117.53 104.80 238.19
6.48 7.13 8.42 9.07 10.37 12.96

Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21

258.03 222.91 282.38 392.13 414.03 450.68
202.40 169.68 208.68 274.76 285.11 307.64
1.56 1.28 0.69 0.51 3.60 1.26
10.12 7.93 9.30 8.71 8.47 9.67
6.30 4.32 5.38 4.81 3.78 3.14
40.77 42.26 59.71 104.36 120.27 131.49
11.21 10.67 15.51 25.46 31.47 34.09
 30.82 32.96 45.76 74.97 84.50 90.38
55.63 53.23 73.70 117.37 128.92 143.04

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

6.48 6.48 6.48 6.48 6.48 6.48
273.73 355.98 460.58 567.98 651.66 887.91
172.69 104.93 151.85 227.40 259.57 127.07
151.84 167.63 228.93 244.03 195.39 288.87
604.74 635.02 847.84 1,045.89 1,113.10 1,310.33
340.82 325.48 316.06 319.75 573.00 542.92
16.26 25.08 123.13 269.46 46.27 173.28
0.02 0.02 0.01 47.50
247.64 284.44 408.64 456.68 446.33 594.13
604.74 635.02 847.84 1,045.89 1,113.10 1,310.33
124.34 124.29 172.68 167.22 207.44 305.66
78.03 98.98 89.10 163.15 108.81 109.94
8.57 3.49 24.16 20.40 8.81 19.64
32,401,000.00 32,401,000.00 32,401,000.00 32,401,000.00 32,401,000.00 32,401,000.00

2.00 2.00 2.00 2.00 2.00 2.00

Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

84.78 60.46 139.98 94.21 144.20 109.87
-29.26 -10.32 -134.87 -118.69 -130.12 -61.59
-53.95 -55.21 15.56 20.71 -25.67 -37.45
1.57 -5.08 20.67 -3.77 -11.59 10.83

178.10 378.95 561.05 495.70 251.60 1,759.30

3.24 3.24 3.24 3.24 3.24 3.24