CLEAN SCIENCE & TECHNOLOGY LTD SCREENER.

IN

Narration Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 Trailing Best Case Worst Case
Sales - - - - 139.67 190.53 241.08 393.27 419.30 512.43 393.06 658.86 599.73
Expenses - - - - 91.88 118.22 167.69 256.40 233.72 252.91 195.51 327.72 354.48
Operating Profit - - - - 47.79 72.31 73.39 136.87 185.58 259.52 197.55 331.14 245.25
Other Income - - - - 1.90 4.23 4.63 11.16 10.87 25.31 17.53 - -
Depreciation - - - - 5.59 6.36 7.59 11.02 13.70 17.21 14.28 14.28 14.28
Interest - - - - 2.64 0.44 0.56 0.33 0.41 0.33 0.01 0.01 0.01
Profit before tax - - - - 41.46 69.74 69.87 136.68 182.34 267.29 200.79 316.85 230.96
Tax - - - - 14.23 22.91 21.22 38.88 42.69 68.92 51.13 25% 25%
Net profit - - - - 27.24 46.83 48.66 97.80 139.65 198.38 149.65 236.17 172.15
EPS - - - - 194.57 334.50 347.57 698.57 1,074.23 18.68 14.09 22.23 16.21
Price to earning 114.95 114.95 114.95
Price - - - - - - - - - - 1,619.55 2,555.84 1,863.05
NPM #DIV/0!
RATIOS:
Dividend Payout 0.00% 0.00% 0.00% 0.00% 13.03% 12.13% 11.67% 14.52% 2.38% 133.83%
OPM 0.00% 0.00% 0.00% 0.00% 34.22% 37.95% 30.44% 34.80% 44.26% 50.64% 50.26%
Tax payout #DIV/0! #DIV/0! #DIV/0! #DIV/0! 34.32% 32.85% 30.37% 28.45% 23.41% 25.78%
Book value per share #DIV/0! #DIV/0! #DIV/0! #DIV/0! 718.29 1028.43 1339.50 1945.71 2634.23 50.85
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST
Sales Growth 29.69% 28.58% 22.21% 28.58% 22.21%
OPM 40.89% 40.89% 41.42% 43.92% 50.26% 50.26% 40.89%
Price to Earning 114.95 114.95 114.95 114.95 114.95 114.95 114.95

Common Sizing Expenses

Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw material Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 42% 40% 45% 45% 31% 27%
Power and fuel cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8% 8% 8% 8% 9% 7%
Other Mfr. Exp #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2% 3% 5% 5% 5% 6%
Employee Cost #DIV/0! #DIV/0! #DIV/0! #DIV/0! 8% 8% 7% 6% 7% 9%
Selling and admin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% 4% 1% 1% 2% 2%
Other Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 4% 3% 1% 1% 2% 1%
OPM 0.00% 0.00% 0.00% 0.00% 34.22% 37.95% 30.44% 34.80% 44.26% 50.64%
CLEAN SCIENCE & TECHNOLOGY LTD SCREENER.IN

Narration Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Mar-21 Jun-21
Sales - - - - - - - 112.87 133.88 146.31
Expenses - - - - - - - 56.76 63.78 74.97
Operating Profit - - - - - - - 56.11 70.10 71.34
Other Income - - - - - - - 5.27 5.73 6.53
Depreciation - - - - - - - 4.15 4.34 5.79
Interest - - - - - - - - - 0.01
Profit before tax - - - - - - - 57.23 71.49 72.07
Tax - - - - - - - 15.31 18.36 17.46
Net profit - - - - - - - 41.92 53.12 54.61

OPM 50% 52% 49%

CLEAN SCIENCE & TECHNOLOGY LTD SCREENER.IN

Narration Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Cash from Operating Activity - - - - - 69.02 44.97 84.74 160.03 193.09
Cash from Investing Activity - - - - - -51.74 -16.90 -94.02 -105.89 -186.07
Cash from Financing Activity - - - - - -15.43 -5.07 -10.80 -55.43 -5.89
Net Cash Flow - - - - - 1.85 23.00 -20.08 -1.29 1.13

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

using screener in +
Free Cash Flow (19.00) (15.00) (24.00) (26.00) (41.00) 34.02 (21.03) (51.26) 91.03 116.09
Cash EPS #DIV/0! #DIV/0! #DIV/0! #DIV/0! - 493.00 321.21 605.29 1,231.00 18.18
Reinvestment(capex/cfo) #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 51% 147% 160% 43% 40%
Cumulative of 10 years
CFO 551.85
CFI -454.62
CFF -92.62
CLEAN SCIENCE & TECHNOLOGY LTD SCREENER.IN

Narration Mar-11 Mar-12 Mar-13 Mar-14 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Equity Share Capital - - - - 1.42 1.42 1.42 1.42 1.33 10.62
Reserves - - - - 99.14 142.56 186.11 270.98 341.12 529.39
Borrowings - - - - 11.95 0.40 0.55 2.60 2.69 0.33
Other Liabilities - - - - 26.97 34.59 47.62 52.80 85.09 119.91
Total - - - - 139.48 178.97 235.70 327.80 430.23 660.25

Net Block - - - - 63.50 77.09 101.43 126.07 165.58 185.85

Capital Work in Progress - - - - - 2.34 1.49 3.93 3.42 54.99
Investments - - - - 0.98 31.94 18.14 76.25 134.09 232.57
Other Assets - - - - 75.00 67.60 114.64 121.55 127.14 186.84
Total - - - - 139.48 178.97 235.70 327.80 430.23 660.25

Working Capital - - - - 48.03 33.01 67.02 68.75 42.05 66.93

Debtors - - - - 26.07 21.44 39.66 59.77 69.83 74.23
Inventory - - - - 36.92 30.73 29.04 37.03 34.59 52.90
Debtor Days - - - - 68.13 41.07 60.05 55.47 60.79 52.87
Return on Equity 27% 33% 26% 36% 41% 37%
Return on Capital Emp 78% 55% 42% 59% 59% 60%
 Report Date Mar-11 Mar-12 Mar-13 Mar-14
CLEAN SCIENCE & TECHNOLOGY LTD
Balance Sheet
Equity Share Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Borrowings #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Net Block #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Capital Work in Progress #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Investments #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Other Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0!
As a % of total assets
Receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Inventory #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash & Bank #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Total Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0!

 Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
N SCIENCE & TECHNOLOGY LTD
Balance Sheet
1.02% 0.79% 0.60% 0.43% 0.31% 1.61%
71.08% 79.66% 78.96% 82.67% 79.29% 80.18%
8.57% 0.22% 0.23% 0.79% 0.63% 0.05%
19.34% 19.33% 20.20% 16.11% 19.78% 18.16%

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

45.53% 43.07% 43.03% 38.46% 38.49% 28.15%

0.00% 1.31% 0.63% 1.20% 0.79% 8.33%
0.70% 17.85% 7.70% 23.26% 31.17% 35.22%
53.77% 37.77% 48.64% 37.08% 29.55% 28.30%

18.69% 11.98% 16.83% 18.23% 16.23% 11.24%

26.47% 17.17% 12.32% 11.30% 8.04% 8.01%
3.31% 3.62% 12.50% 2.87% 1.90% 2.36%

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

Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16
Leverage Ratios

D/E #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.12

Debt/Assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.09
Debt/Ebitda #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.25
Debt/Capital Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! 11%
Cash flow/Debt #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.00
Interest coverage ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! 16.7
Sales Change #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Ebit Change #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Operating Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.4
Debt Burden Ratio #DIV/0! #DIV/0! #DIV/0! #DIV/0! (3.43)
Efficiency ratios
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16
Receivable days 0.00 0.00 0.00 0.00 68.13
Receivable turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 5.4
Inventory days #DIV/0! #DIV/0! #DIV/0! #DIV/0! 146.7
Inventory turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 3.8
Net Fixed assets turnove #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2.2
Sales/capital employed #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.24
Total Asset Turnover #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.00

Profitability ratios
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16
Ebitda 0 0 0 0 47.79
Ebitda margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 34%
Gross Profit 0.00 0.00 0.00 0.00 84.93
Gross Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 61%
EBIT 0 0 0 0 44.1
EBIT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 32%
ROE 27%
Net profit margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 20%
EPS 0.00 0.00 0.00 0.00 194.57
DU Pont ROE #DIV/0! #DIV/0! #DIV/0! #DIV/0! 27%
Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 20%
Sales/Total assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.00
Financial Leverage #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.39

DU PONT ROA #DIV/0! #DIV/0! #DIV/0! #DIV/0! 19.5%

Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 20%
Sales/Total assets #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.00

Capital Allocation Ratios Mar-11 Mar-12 Mar-13 Mar-14 Mar-16

ROCE 0% 78%
EBIT Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 32%
Sales/cap employed #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1.24
NOPAT #DIV/0! #DIV/0! #DIV/0! #DIV/0! 29.0
Capital employed 0 0 0 0 112.51
ROIC #DIV/0! #DIV/0! #DIV/0! #DIV/0! 26%

10 year profit change #DIV/0!

5 year profit change 26%
10 year mcap change #VALUE!
5 year mcap change #VALUE!

Capex Ratios
Capex/Net Profits 10yr 91%
Capex/Net Profits 5 yr 72%
Capex/Net Profits 3 yr 58%
Capex/Depreciation 10yr 826%

Valuation Ratios Mar-11 Mar-12 Mar-13 Mar-14 Mar-16

Price/Earnings
Price/Book #DIV/0! #DIV/0! #DIV/0! #DIV/0! 0.00
Price/CashFlow #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Price/Sales #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
Enterprise Value #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
EV/EBITDA #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
MAX Pe in Last 10 years 115.0
Max Ev/Ebitda in Last 10 ye #VALUE!
Max P/B #DIV/0!
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

0.00 0.00 0.01 0.01 0.00

0.00 0.00 0.01 0.01 0.00
0.01 0.01 0.02 0.01 0.00
0% 0% 1% 1% 0%
172.55 81.76 32.59 59.49 585.12
159.5 125.8 415.2 445.7 811.0
36% 27% 63% 7% 22%
59% 0% 95% 33% 46%
1.6 0.0 1.5 5.0 2.1
1.2 1.3 1.2 1.3 1.2
85.05 (38.24) (19.72) 33.84 351.79

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

41.07 60.05 55.47 60.79 52.87
8.9 6.1 6.6 6.0 6.9
94.9 63.2 52.7 54.0 76
6.2 8.3 10.6 12.1 9.7
2.5 2.4 3.1 2.5 2.8
1.32 1.28 1.43 1.21 0.95
1.06 1.02 1.20 0.97 0.78

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

72.31 73.39 136.87 185.58 259.52
38% 30% 35% 44% 51%
122.53 127.66 222.05 290.06 388.85
64% 53% 56% 69% 76%
70.18 70.43 137.01 182.75 267.62
37% 29% 35% 44% 52%
33% 26% 36% 41% 37%
25% 20% 25% 33% 39%
334.50 347.57 698.57 1074.23 18.68
33% 26% 36% 41% 37%
25% 20% 25% 33% 39%
1.06 1.02 1.20 0.97 0.78
1.24 1.26 1.20 1.26 1.22

26.2% 20.6% 29.8% 32.5% 30.0%

25% 20% 25% 33% 39%
1.06 1.02 1.20 0.97 0.78

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

 55% 42% 59% 59% 60%
37% 29% 35% 44% 52%
1.32 1.28 1.43 1.21 0.95
47.1 49.0 98.0 140.0 198.6
144.38 188.08 275 345.14 540.34
33% 26% 36% 41% 37%

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

115.0
0.00 0.00 0.00 0.00 0.00
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! #DIV/0!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE!
 Capital allocation is the number one thing we look f
Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16
Net profit 0 0 0 0 27.24
Dividend Payout 0 0 0 0 3.55
Retained Earnings 0 0 0 0 23.69
MCAP #VALUE! #VALUE! #VALUE! #VALUE! #VALUE!

Earnings Retention TestTotal Earnings retain Change in MCA PER Rs Mcap

10 years 260.63 #VALUE! #VALUE!

5 years 236.94 #VALUE! #VALUE!

ROIC #DIV/0! #DIV/0! #DIV/0! #DIV/0! 26%

Cost of capital 10% 10% 10% 10% 10%
Cost of capital in cr 0.00 0.00 0.00 0.00 11.25
Economic value added #DIV/0! #DIV/0! #DIV/0! #DIV/0! 17.71
(NOPAT-Cost of capital)

Rolling ROIIC #DIV/0! #DIV/0! #DIV/0!

ROIIC 3 year Rolling
ROIIC 5 Year Rolling

Intrinsic Compounding Table

Report Date Mar-11 Mar-12 Mar-13 Mar-14 Mar-16
NOPAT #DIV/0! #DIV/0! #DIV/0! #DIV/0! 29.0
Capital Employed 0 0 0 0 112.51

Cumulative NOPAT #DIV/0!

Incremental Capital
Employed 540.34
Reinvestment Rate #DIV/0!

Return on incremental
capital
employed/Intrinsic Stock Cagr 10
compunding rate #DIV/0! year #VALUE!
Stock Cagr 5
year #VALUE!
e thing we look for in managements
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21 TTM
46.83 48.66 97.8 139.65 198.38
5.68 5.68 14.2 3.32 265.5
41.15 42.98 83.6 136.33 -67.12
#VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 17202.69

Compound Change in mcap/change

Multiple in profit

10yr #VALUE!

5yr #VALUE!

33% 26% 36% 41% 37%

10% 10% 10% 10% 10%
14.44 18.81 27.50 34.51 54.03
32.69 30.23 70.54 105.45 144.58

16% 6% 112% 48% 84%

#DIV/0! #DIV/0! 37% 57% 75%
#DIV/0! #DIV/0! #DIV/0! 49%

nding Table
Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
47.1 49.0 98.0 140.0 198.6
144.38 188.08 275 345.14 540.34
Year Mar-11 Mar-12 Mar-13 Mar-14 Mar-16

GP Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 61%

Ebitda Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 34%

Net Profit Margin #DIV/0! #DIV/0! #DIV/0! #DIV/0! 20%
ROIC #DIV/0! #DIV/0! #DIV/0! #DIV/0! 26%
ROCE 0% 78%
ROE 27%

80%

70%

60%

50%

GP Margin
40%
Ebitda Margi
Net Profit Ma
30%

20%

10%

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

Average GP #DIV/0!
Average Ebitda margin #DIV/0!
Average Net Profit margin #DIV/0!
Average ROE 33%
Average ROIC #DIV/0!
Average ROCE 51%
 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

64% 53% 56% 69% 76% Things To Look For

38% 30% 35% 44% 51% Stable/Expanding Margins
25% 20% 25% 33% 39% ROIC above 15% over the years
33% 26% 36% 41% 37% ROE Above 15% over the years
55% 42% 59% 59% 60% ROCE Above 15% over the years
33% 26% 36% 41% 37%

Return Ratios
ROIC ROCE ROE

27% 3
GP Margin 33%
Ebitda Margin 78%
Net Profit Margin 26% 5
55%
42%

33% 3
26% 26%

0% 0% 0% 0%
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

41%
36% 37%
33%

59% 59% 60%

26%
55%
42%

41% 37%
33% 36%
26%

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-11 Mar-12 Mar-13 Mar-14
Percentage Increase in Sales #DIV/0! #DIV/0! #DIV/0!
Percentage increase in receivables #DIV/0! #DIV/0! #DIV/0!
Percentage Increase in Inventory #DIV/0! #DIV/0! #DIV/0!
Inventory/sales #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Recievable/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash yield #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Depreciation rate #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Contingent Liability as a % of networth #DIV/0! #DIV/0! #DIV/0! #DIV/0!

CFO/PAT #DIV/0! #DIV/0! #DIV/0! #DIV/0!
CFO/EBITDA #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Self Sustainable growth rate #VALUE! #VALUE! #VALUE! #VALUE!
Dividend given (intention to share wealth) 0 0 0 0

Dividend Payout Ratio/Also check for buyback 0% 0% 0% 0%

Check for Miscellaneous expenses as a total
revenues #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Check sales being done to subsidiary as a % of
sales #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Check for intangibles as a% of networth #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Check for Write offs as a % ofTrade receivables #DIV/0! #DIV/0! #DIV/0! #DIV/0!
CWIP/Net block #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Employee cost as a % of sales #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
#DIV/0! 36.41% 26.53% 63.13% 6.62% 22.21%
#DIV/0! -17.76% 84.98% 50.71% 16.83% 6.30%
#DIV/0! -16.77% -5.50% 27.51% -6.59% 52.93%
26.43% 16.13% 12.05% 9.42% 8.25% 10.32%
19% 11% 16% 15% 17% 14%
34% 11% 10% 13% 8% 10%
4% 3% 3% 3% 3% 3%

- - - - - - Enter Using annual rep

0% 147% 92% 87% 115% 97% #DIV/0!
0% 95% 61% 62% 86% 74% #DIV/0!
24% 29% 23% 31% 40% -12%
3.55 5.68 5.68 14.2 3.32 265.5

13% 12% 12% 15% 2% 134%

- - - - - - 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

0% 3% 1% 3% 2% 30%
8% 8% 7% 6% 7% 9%
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 15.57
Investments 232.57
Debt 0.33
Shares outstanding 10.62
Non-Operative Assets 248.14
Current Market Price 1619.55
Free Cash flow of last 3 years 52.0

YEAR FCF Growth Present Value

1 62.3 20.00% 58.3
2 74.8 20.00% 65.3443968905581
3 89.8 20.00% 73.3
4 107.7 20.00% 82.2
5 129.3 20.00% 92.1723709509662
6 131.9 20.00% 87.8652508130705
7 158.2 20.00% 98.5404682015744
8 189.9 20.00% 110.512674618588
9 227.9 20.00% 123.939448170379
10 273.4 20.00% 138.99751196678
 Valuation ranges Mcap Per stock
Future Valu
Warren Buffet Way 3766.7 354.61
Benjamin Graham Way 2,834.00 266.80738303
Bharat Shah Way 6,600.66 621.42
2
Margin of safety at 50% 3,300.33 310.70996611 43%
Current Price 1,619.55

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

Terminal Year Cash Flow 278.8977272
Present value of 1-10 year 931.1
Terminal value 2835.549244
Total PV of shares 3766.7
 Future Value vs Cigar butt

2
43%
1
57%

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 1619.55 Year EPS DPS
EPS: 14.09 Current 14.09 25.00
DPS: 25.00 Year 1 16.91 5.90
BVPS: 50.85 Year 2 20.29 7.08
P/E: 114.95 Year 3 24.35 8.50
Earnings Yield: 0.87% Year 4 29.21 10.20
Dividend Yield: 1.54% Year 5 35.06 12.24
P/BV: 31.85 Year 6 42.07 14.68
Year 7 50.48 17.62
Input Visibility data below Year 8 60.58 21.15
Sales Year 9 72.70 25.38
Med Term Visibility 15% Year 10 87.23 30.45
Sales 10 Yr CAGR #DIV/0!
Sales 5yr CAGR 15.58% 10 yr Projected Company data using susta
Sales 3yr CAGR -0.02% Year BVPS EPS
Sales Y-o-Y growth -23.29% Current 50.85 14.09
Sales TTM Growth Year 1 39.94 17.24
EPS Year 2 51.16 21.10
Med Term Visibility 20% Year 3 64.90 25.82
EPS 10 Yr CAGR #DIV/0! Year 4 81.70 31.60
EPS 5yr CAGR 26.16% Year 5 102.27 38.67
EPS 3yr CAGR -72.78% Year 6 127.45 47.33
EPS Y-o-Y growth -24.58% Year 7 158.25 57.92
EPS TTM Growth Year 8 195.95 70.88
5Yr Averages Year 9 242.09 86.74
Return on Equity: 34.38% Year 10 298.55 106.15
Payout Ratio: 34.91% *Assuming current capital structure is maintained - business's inherent a
P/E Ratio-High: 115.0
P/E Ratio-Low: 115.0 5Year Avg Roe 34%
Avg. P/E Ratio: 115.0
Avg Sustainable P/E 20
RoE/Payout Visibility 5 Yr Avg
RoE Visibility 34% 34.38%
Payout Visbility 35% 34.91%
Sustainable Growth 22.38% 22.38%
ibed in the book "Buffetology" by Mary Buffet - using current Visibility aided by Historicals)
rojected Company data using historical earnings growth rate/current visibility

87.23 Earnings after 10 years

153.20 Dividends paid over 10 years

1744.69 Projected price [Avg Sustainable P/E*EPS]

1897.88 Total Gain [Projected Price+Dividends]

1.78% 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
25.00 106.15 Earnings after 10 years
6.02 175.73 Dividends paid over 10 years
7.37
9.01 2122.97 Projected price [Avg Sustainable P/E*EPS]
11.03 2298.70 Total Gain [Projected Price+Dividends]
13.50
16.52 3.97% Projected annual return using sustainable growth visbility*
20.22 [(Total Gain/Current Price)^1/9)-1]
24.74
30.28
37.05
maintained - business's inherent ability to grow with internal accruals from here
10yr Sales Projection
Year Sales
Current 393.06
Year 1 452.02
Year 2 519.82
Year 3 597.80
Year 4 687.46
Year 5 790.58
Year 6 909.17
Year 7 1045.55
Year 8 1202.38
Year 9 1382.74
Year 10 1590.15
COMPANY NAME CLEAN SCIENCE & TECHNOLOGY LTD
LATEST VERSION 2.10 PLEAS
CURRENT VERSION 2.10

META
Number of shares 10.62
Face Value 1.00
Current Price 1,619.55
Market Capitalization 17,202.69

PROFIT & LOSS

Report Date Mar-11 Mar-12 Mar-13 Mar-14
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
Expenses
Other Income
Depreciation
Interest
Profit before tax
Tax
Net profit
Operating Profit

BALANCE SHEET
Report Date Mar-11 Mar-12 Mar-13 Mar-14
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 Mar-11 Mar-12 Mar-13 Mar-14
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-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21

139.67 190.53 241.08 393.27 419.30 512.43
59.12 76.03 107.37 178.61 127.98 137.86
4.38 8.03 -6.05 7.39 -1.26 14.28
11.45 15.60 19.80 33.03 36.45 35.95
3.28 4.82 12.42 19.28 22.54 31.54
11.47 15.27 16.08 24.86 31.01 43.56
4.89 8.56 3.38 3.86 8.19 12.08
6.05 5.97 2.59 4.15 6.29 6.20
1.90 4.23 4.63 11.16 10.87 25.31
5.59 6.36 7.59 11.02 13.70 17.21
2.64 0.44 0.56 0.33 0.41 0.33
41.46 69.74 69.87 136.68 182.34 267.29
14.23 22.91 21.22 38.88 42.69 68.92
27.24 46.83 48.66 97.80 139.65 198.38
3.55 5.68 5.68 14.20 3.32 265.50

Sep-19 Dec-19 Mar-20 Jun-20 Mar-21 Jun-21

112.87 133.88 146.31
56.76 63.78 74.97
5.27 5.73 6.53
4.15 4.34 5.79
0.01
57.23 71.49 72.07
15.31 18.36 17.46
 41.92 53.12 54.61
56.11 70.10 71.34

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

1.42 1.42 1.42 1.42 1.33 10.62
99.14 142.56 186.11 270.98 341.12 529.39
11.95 0.40 0.55 2.60 2.69 0.33
26.97 34.59 47.62 52.80 85.09 119.91
139.48 178.97 235.70 327.80 430.23 660.25
63.50 77.09 101.43 126.07 165.58 185.85
2.34 1.49 3.93 3.42 54.99
0.98 31.94 18.14 76.25 134.09 232.57
75.00 67.60 114.64 121.55 127.14 186.84
139.48 178.97 235.70 327.80 430.23 660.25
26.07 21.44 39.66 59.77 69.83 74.23
36.92 30.73 29.04 37.03 34.59 52.90
4.62 6.47 29.47 9.42 8.18 15.57
1,415,727.00 1,415,727.00 1,415,727.00 1,415,727.00 1,327,737.00 ###
9,294,159.00
10.00 10.00 10.00 10.00 10.00 1.00

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

69.02 44.97 84.74 160.03 193.09
-51.74 -16.90 -94.02 -105.89 -186.07
-15.43 -5.07 -10.80 -55.43 -5.89
1.85 23.00 -20.08 -1.29 1.13

0.14 0.14 0.14 0.14 0.13 10.62