WHITE ORGANIC AGRO LTD A NEW VERSION OF THE WORKSHEET IS AVAILABLE SCREENER.

IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Trailing Best Case Worst Case
Sales - - 15.86 9.05 7.18 7.11 3.98 3.61 20.56 187.91 335.18 1,717.42 329.88
Expenses - - 15.80 9.31 7.36 7.20 4.04 3.74 20.55 176.91 315.01 1,717.42 329.88
Operating Profit - - 0.06 -0.26 -0.18 -0.09 -0.06 -0.13 0.01 11.00 20.17 - -
Other Income - - 0.22 0.61 0.66 0.55 0.60 0.71 1.85 2.56 2.47 - -
Depreciation - - 0.02 0.03 0.04 0.04 0.08 0.05 0.05 0.15 0.12 0.12 0.12
Interest - - - - - - - - - - - - -
Profit before tax - - 0.26 0.31 0.43 0.41 0.47 0.53 1.82 13.40 22.52 -0.12 -0.12
Tax - - 0.09 0.07 0.14 0.20 0.16 0.17 0.40 2.18 3.39 15% 15%
Net profit - - 0.17 0.24 0.30 0.22 0.31 0.37 1.43 10.03 18.22 -0.10 -0.10
EPS - - 0.20 0.19 0.24 0.18 0.25 0.30 1.14 5.73 5.21 -0.03 -0.03
Price to earning 35.35 102.60 38.18 16.73 24.08 30.76 24.75 9.18 4.91 17.40 4.91
Price - - 7.07 19.70 9.16 2.95 5.97 9.11 28.32 52.61 25.55 -0.51 -0.14

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 42.36% 92.12% 261.43% 813.96% 813.96% 42.36%

Price to Earning 31.84 31.40 18.40 17.40 4.91 17.40 4.91

Common Size P&L 100%

Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Sales 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
Raw Material Cost #DIV/0! #DIV/0! 97% 96% 87% 81% 70% 66% 93% 98% Consistent in raw material portion
Change in Inventory #DIV/0! #DIV/0! -1% -1% 1% -1% 0% 0% 0% 6%
Gross Margin #DIV/0! #DIV/0! 2% 4% 14% 18% 30% 34% 7% 8% 40%+ meaning having some moat
Power and Fuel #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 0% 0%
Other Mfr. Exp #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 1% 0%
Employee Cost #DIV/0! #DIV/0! 0% 1% 4% 4% 8% 7% 2% 0% Consistency in employee cost.
Selling and Admin Cost #DIV/0! #DIV/0! 2% 5% 12% 14% 22% 22% 5% 2% Consistency in selling & Admin expense
Other Expenses #DIV/0! #DIV/0! 0% 1% 1% 1% 2% 9% 0% -1%
Operating Profit 0% 0% 0% 0% 0% 0% 0% 0% 0% 6% Check boom & Burst cycle in profits. Fluctuation means no pricing power. Upward trend preffered.
Other Income #DIV/0! #DIV/0! 1% 7% 9% 8% 15% 20% 9% 1%
Depreciation #DIV/0! #DIV/0! 0% 0% 1% 1% 2% 1% 0% 0%
Interest #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 0% 0%
Profit Before Tax NA NA 1.6% 3.4% 6.0% 5.8% 11.8% 14.7% 8.9% 7.1%
Tax #DIV/0! #DIV/0! 1% 1% 2% 3% 4% 5% 2% 1%
Tax Rate #DIV/0! #DIV/0! 34.6% 22.6% 32.6% 48.8% 34.0% 32.1% 22.0% 16.3% If lower than 29.5% then check whether any SEZ or investigate why tax payment in low.
Net Profit NA NA 1.1% 2.7% 4.2% 3.1% 7.8% 10.2% 7.0% 5.3% if 20+% then high competitive advaantage. If less than 10% then low competitive advantage.
Dividend Payout Ratio #DIV/0! #DIV/0! 0% 0% 0% 0% 0% 0% 0% 0%
WHITE ORGANIC AGRO LTD A NEW VERSION OF THE WORKSHEET IS AVAILABLE SCREENER.IN

Narration Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 3/31/2017 3/31/2018
Sales 2.04 9.13 10.19 17.49 34.76 48.06 87.61 74.75 81.44 91.38 247.57 Sales 211.09 325.05
Expenses 2.10 9.18 8.86 16.58 33.08 44.60 82.67 70.17 76.37 85.80 232.34 93.8% Expenses 197.56 290.52 89% 4.47%
Operating Profit -0.06 -0.05 1.33 0.91 1.68 3.46 4.94 4.58 5.07 5.58 15.23 6.2% Operating P 13.53 34.53 11% -4.47%
Other Income 0.15 0.20 0.21 0.60 0.53 0.48 0.94 0.49 0.54 0.50 1.53 0.6% Other Inco 3.16 1.31 0% 0.21%
Depreciation 0.01 0.01 0.01 0.01 0.01 0.09 0.04 0.02 0.03 0.03 0.08 0.0% Depreciatio 7.73 7.94 2% -2.41%
Interest - - - - - - - - - - 0 0.0% Interest 3.48 3.88 1% -1.19%
Profit before tax 0.08 0.14 1.53 1.50 2.20 3.85 5.84 5.05 5.58 6.05 16.68 6.7% Profit befor 5.49 24.02 7% -0.65%
Tax 0.02 0.04 0.30 - - - 2.18 0.39 0.40 0.42 1.21 0.5% Tax 2.15 7.89 2% -1.94%
Net profit 0.06 0.09 1.23 1.50 2.01 3.60 2.92 4.66 5.01 5.63 15.3 6.2% Net profit 3.33 16.13 5% 1.22%
EPS 1.11 5.3766667
OPM -3% -1% 13% 5% 5% 7% 6% 6% 6% 6% Price to ea 41.130868 15.298468
Price 45.655263 82.254762
WHITE ORGANIC AGRO LTD A NEW VERSION OF THE WORKSHEET IS AVAILABLE SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Capital Employed - - 12.4 24.2 24.5 24.8 25.1 25.6 26.8 52.6

Invested Capital
(Net Block + Work in Progress + WC w/o cash) - - 11.6 23.3 21.5 23.5 25.0 4.2 0.0 24.0
Net worth - - 12.4 24.2 24.5 24.7 25.0 25.4 26.8 52.1
Tax Rate #DIV/0! #DIV/0! 35% 23% 33% 49% 34% 32% 22% 16%
WC - - 12.15 23.41 22.04 23.51 24.88 4.09 -0.02 28.34
EBITDA - - 0.28 0.34 0.47 0.45 0.55 0.58 1.87 13.55
EBIT - - 0.26 0.31 0.43 0.41 0.47 0.53 1.82 13.40
Mcap - - 6.01 24.63 11.46 3.68 7.47 11.38 35.40 92.07
EV - - 5.25 24.23 10.67 3.50 7.48 11.49 35.33 87.50
CapEx - 0.24 0.14 - - - - 0.06 0.69
No. of shares Outstanding in Crore - - 0.85 1.25 1.25 1.25 1.25 1.25 1.25 1.75
FCF - -2.10 -12.53 1.40 -1.13 -1.91 4.25 -0.15 -11.63
Retained Earning - - 0.17 0.24 0.30 0.22 0.31 0.37 1.43 10.03
Net Fixed Assets Turnover Sales/Net Block #DIV/0! #DIV/0! 72.09 27.42 24.76 28.44 23.41 30.08 158.15 280.46
Depreciation as a % of NPAT Depreciation/Net Block #DIV/0! #DIV/0! 9% 9% 14% 16% 47% 42% 38% 22%
Dividend Payout Ratio #DIV/0! #DIV/0! - - - - - - - -
SSGR #DIV/0! #DIV/0! 68% 64% 90% 72% 135% 267% 1062% 1475%

YoY Growth
Account Receivable Growth NA NA 6% 324% 45% 33% -100% NA 1201%
Inventory Growth NA NA -100% NA -100% NA NA NA 57350%
Sales Growth NA NA -43% -21% -1% -44% -9% 470% 814%
FCF Growth NA NA 129% -315% -152% 219% -353% -15% -208%

Return on Capital Emp (ROCE) #DIV/0! 2% 1% 2% 2% 2% 2% 7% 25% #DIV/0!

Return on Invested Capital (ROIC) #DIV/0! #DIV/0! 1% 1% 1% 1% 1% 9% 3550% 47%
WACC 12% 12% 12% 12% 12% 12% 12% 12% 12% 12%
EPA (Economic Profit Added) #DIV/0! #DIV/0! -1.22 -2.56 -2.29 -2.61 -2.69 -0.14 1.42 8.34
EV/EBITDA #DIV/0! #DIV/0! 18.75 71.25 22.69 7.78 13.59 19.81 18.89 6.46

Higher means some financial shenanigans chances

Depreciation/Net fixed assets look AR #DIV/0! #DIV/0! 9% 9% 14% 16% 47% 42% 38% 22%

Debt related Ratios

Debt Equity Ratio Total Debt/Total Equity #DIV/0! 0.00 0.00 0.00 0.00 0.00 0.01 0.00 0.01
Interest Coverage Ratio EBIT/Interest Expense #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cashflow to Debt Ratio Operating Cashflow/Total Debt #DIV/0! -6.9 -28.2 2.2 -0.7 -1.0 3.9 0.0 -0.2
Current Ratio Current Assets/Current Liabilities
Quick Ratio (Current Assets - Inventories)/Current Liabilities #DIV/0! 45.7 58.1 36.4 15.1 13.8 5.4 1.0 1.4
Cash Ratio (Cash + Cash Equivalent + Invested Funds)/ Current #DIV/0! 2.8 1.0 1.3 0.1 0.0 0.1 0.0 0.1
Liabilities
Short Term Debt Coverage Operating Cash flow/Short Term Debt #DIV/0! -6.9 -30.2 2.3 -0.7 -1.0 4.6 0.0 -0.2
FCF to Total Debt
FCF to Short Term Debt
FCF to Long Term Debt
CAPEX Coverage Operating Cash Flow/CAPEX #DIV/0! -7.75 -88.50 #DIV/0! #DIV/0! #DIV/0! #DIV/0! -1.50 -15.86

Cash per Share in Rs. #DIV/0! #DIV/0! 0.89 0.34 0.64 0.18 0.01 0.05 0.06 2.86
Cash as Mcap Cash/Market cap #DIV/0! #DIV/0! 13% 2% 7% 6% 0% 1% 0% 5%

Incremental Sales/Incremental Invested Capital #DIV/0! 1.37 -0.58 1.05 -0.03 -2.09 0.02 -4.12 6.98
Incremental CFO/Incremental Invested Capital #DIV/0! -0.16 -0.90 -7.75 -1.26 -0.52 -0.29 1.06 -0.45
Incremental PAT/Incremental Invested Capital #DIV/0! 0.01 0.01 -0.03 -0.04 0.06 -0.00 -0.26 0.36

Capital Structure Ratios

LT-Debt as % of Invested Capital
ST-Debt as % of Invested Capital
LT-Debt as % of Total Debt
ST-Debt as % of Total Debt
Total Debt % of Total Assets
Working Capital % of Price

FCF/Sales Free Cashflow/Net Sales #DIV/0! #DIV/0! (0.13) (1.38) 0.19 (0.16) (0.48) 1.18 (0.01) (0.06)
Increasee in AR as % of CFO #DIV/0! -34% 0% 157% -116% -73% -131% -4422% -437%
Working Capital as % of CFO
 Market Cap
Debt
EBIT
Sales
Profit Margin
Cash in Hand
Type of Product

Number of Players in Market

Upward trend is prefferred. Sales

Profit grwoth higher than sales growth preferred Profit
Downward trend preferred. Debt
WC
Receivable
Inventory

Check following things:

1. Sales Growth, Profit Growth are inline with each othe

1.a - Amount of other income coming from one-time item
1.b - Other income is recurring or non-recurring?
1.c - % of income that is coming in foreign currency
1.d - What % of the foreign currency exchange has been
current policy?
2. Debt is reducing than sales growth then its good.
3. Growth of working capital (Receivables, Invnetory) is in

Return Ratios
EBIT/(Equity+Reserves+Borrowings). Low ROCE meaning either
aggressive expansion or oprational inability. ROCE
EBIT/(Net Block + Work in Progress + WC w/o cash)
Upward trend preffered. Higher than G-sec? ROIC
PAT/Total Assets ROA

(ROIC-WACC)*Invested Capital
Check back what is really driving EPA (Invested Capital or RoIC, or
both) EPA
WACC
CFO/Total Assets Cash Return on Assets
EBITDA/Total Assets Profit return on Assets
 Dupond Analysis
Check back what is really driving RoE (Net Margins, Asset Turns, or
Financial Leverage) ROE
Sales/Total Assets. Upward moving trend is better. Asset Turnover
Assets/Networth. Higher means ROE is inflated by Debt. Check debt
repayment. Financial Leverage
Upward movement of trend preferred. Profit Margin

Margins
Stable means passing fluctuation of raw materials easily. Gross Profit
Operating Profit Margins

Improving prefferred. Reducing check why? Debt, Depreciation, etc. Net Profit Margins
Dividend
Dividend Payout

Accruals business
Problem with Accural. Cumulative CFO & Cumulative PAT. CFO/PAT
If CFO < PAT then check receivable days, CFO - PAT

(Net Income – CFO – CFI) / Total Assets

-10% and 10%, - safe zone Sloan Ratio
-10% to -25% or 10% to 25% - Warning Zone
Below -25% or Above +25% - Red flag. Earning through Accruals.

Working Capital Scenarios

Convet inventory to sales Days of Inventory Outstanding
Paying late to debtors. Increasing trend preffered. Days of Payable Outstanding
Convert receivables to Sales. Decreasing trend preffered. Days of Sales/Debtor Outstanding
Constant/Decreasing trend is preferrable Cash Conversion Cycle
Constant/Decreasing trend is preferrable Receivable as % of Sales
Constant/Decreasing trend is preferrable Inventory as % of Sales
Working Capital to Sales
Check:
Case 1: Growth in Inventory -> Growth in raw material ->
Case 2: Growth in Inventroy -> Growth in WIP & Finished
Any write off in the past for inventory?
Growth in Payable Days -> Either Company does not have
Check bifurcation of Inventory into Raw Material, Finishe
Paying tax ethically? If lower than 29.5% Check whether enjoying any
tax benefit? Tax Rate

Debt Scenario
EBIT/Interest. Higher is better. Increasing trend preffered. Interest Coverage
Decreasing trend preferred. Debt to Equity
Current Liability/Net profit. Lower is better. Decreasing trend
preffered. Current Liability/Earning
Long term Liability/Net profit. Lower is better. Decreasing trend
preffered. Long term liability/Earning

Total Liability/Net profit. Lower is better. Decreasing trend preffered. Total Liability /Earning

Balance Sheet/Fund Flow Analysis

Net Block/Total Assets
Working Capital/Total Assets
Debtors/Total Assets
Inventory/Total Assets
Borrowings/Total Assets

Retained Earning
+ means Inflow and - means outflow Fundflow
Change in equity share
Change in CFO. Retained earning mostly. Change in Surplus
Money used to reduce borrowings - Green. Change in Borrowing
Change in Cash
Change in PPE (NET BLOCK)
Change in Capital WIP
Change in Investment
Change in Working Capital

Change in Inventory
Change in Debtor/AR
Check following things:
Increasing debt and investing in subsidary?

Ratios
P/E
P/B
P/S
EV/EBITDA
 Trailing Trailing

DELTA
NETWORT DELTA
P/E H MKTCAP IMPACT*
P/B 10 YR 52 92 1.77
P/S 7 YR 28 67 2.42
335.18 EV/EBIT 5 YR 27 88 3.22
5.44% 3 YR 27 81 3.02
5 1 YR 25 57 2.24
Commodity Niche
Medium (5 -
High ( 20+) 20) Low (< 5)

CAGR 1st Year 10th Year

10 Years 5 Years 3 Years
92.1% 261.4% 0 187.91
102% 219% 0 10.03
112% 178% 0 0.43
2%
78% 110% 0 51.79
177% 0 11.49

th are inline with each other?

e coming from one-time items?
ng or non-recurring?
ng in foreign currency
urrency exchange has been hedged by the company in the past and what is their

growth then its good.

(Receivables, Invnetory) is inline with sales

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

#DIV/0! #DIV/0! 2% 1% 2% 2% 2% 2% 7%

#DIV/0! #DIV/0! 1% 1% 1% 1% 1% 9% 3550%

#DIV/0! #DIV/0! 1% 1% 1% 1% 1% 1% 4%

#DIV/0! #DIV/0! -1.22 -2.56 -2.29 -2.61 -2.69 -0.14 1.42

12% 12% 12% 12% 12% 12% 12% 12% 12%
#DIV/0! #DIV/0! -15% -50% 6% -4% -7% 16% 0%
#DIV/0! #DIV/0! 0% -1% -1% 0% 0% 0% 0%
 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

#DIV/0! #DIV/0! 1% 1% 1% 1% 1% 1% 5%
#DIV/0! #DIV/0! 1.25 0.37 0.29 0.27 0.15 0.14 0.59

#DIV/0! #DIV/0! 1.02 1.02 1.03 1.07 1.08 1.04 1.31

NA NA 1% 3% 4% 3% 8% 10% 7%

#DIV/0! #DIV/0! 2% 4% 14% 18% 30% 34% 7%

0% 0% 0% 0% 0% 0% 0% 0% 0%

NA NA 1% 3% 4% 3% 8% 10% 7%

0% 0% 0% 0% 0% 0% 0% 0% 0%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

#DIV/0! #DIV/0! -10.94 -51.63 4.67 -5.14 -6.16 11.49 -0.06
0 0 -2.03 -12.63 1.1 -1.35 -2.22 3.88 -1.52

#DIV/0! #DIV/0! 14% 49% 0% 3% 2% 2% 15%

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

NA NA 1.61 - 3.56 - - - 0.36

NA NA 14.73 27.43 146.41 215.10 511.73 - 70.66

#VALUE! #VALUE! 16.3 27.4 150.0 215.1 511.7 - 71.0
#DIV/0! #DIV/0! 4% 8% 40% 59% 140% 0% 19%
#DIV/0! #DIV/0! 0% 0% 1% 0% 0% 0% 0%
#DIV/0! #DIV/0! 77% 259% 307% 331% 625% 113% 0%

> Growth in raw material -> company might have received good order so getting ready for high growth in next Phase.
> Growth in WIP & Finished Goods -> company is not able to sale.

her Company does not have money to pay Or Company has buying power against vendors.
y into Raw Material, Finished Goods, Work In Progress through Annual Report
 #DIV/0! #DIV/0! 35% 23% 33% 49% 34% 32% 22%

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

#DIV/0! #DIV/0! - 0.00 0.00 0.00 0.00 0.01 -

#DIV/0! #DIV/0! 1.59 1.71 2.07 7.59 6.26 2.51 5.75

#DIV/0! #DIV/0! - 0.13 0.03 0.18 0.06 0.46 -

#DIV/0! #DIV/0! 1.59 1.83 2.10 7.77 6.32 2.97 5.75

#DIV/0! #DIV/0! 2% 1% 1% 1% 1% 0% 0%
#DIV/0! #DIV/0! 96% 95% 88% 89% 92% 15% 0%
#DIV/0! #DIV/0! 5% 3% 11% 16% 21% 0% 11%
#DIV/0! #DIV/0! 1% 0% 0% 0% 0% 0% 0%
#DIV/0! #DIV/0! 0% 0% 0% 0% 0% 1% 0%

0 0 0.17 0.24 0.3 0.22 0.31 0.37 1.43

0 8.5 4 0 0 0 0 0
0 3.87 7.84 0.3 0.2 0.32 0.36 1.44
0 0 0.03 -0.02 0.03 -0.02 0.15 -0.17
0 -0.76 0.33 -0.37 0.58 0.21 -0.05 -0.01
0 -0.22 -0.11 0.04 0.04 0.08 0.05 -0.01
0 0 0 0 0 0 0 0
0 0 -0.5 -1.69 1.2 0.99 -21.35 -5.37
0 -12.15 -11.26 1.37 -1.47 -1.37 20.79 4.11
- - 0.00 - - -0.00 -0.00 0.00

0 -0.07 0.07 -0.07 0.07 0 0 -0.02

0 -0.64 -0.04 -2.2 -1.31 -1.39 5.58 -3.98

in subsidary? Paying Dividend by increasing debt?

Increasing borrowing for CapEx?
Borrowing and using for Working Capital?
Constant requirement of CapEx?

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

#DIV/0! #DIV/0! 35.35 102.60 38.18 16.73 24.08 30.76 24.75
#DIV/0! #DIV/0! 0.49 1.02 0.47 0.15 0.30 0.45 1.32
#DIV/0! #DIV/0! 0.38 2.72 1.60 0.52 1.88 3.15 1.72
#DIV/0! #DIV/0! 18.75 71.25 22.69 7.78 13.59 19.81 18.89
 Analysis
1. Total assets to maintain sales. Future assets r
2. Pre tax profit/Total Assets. Check FD rates/G-
3. Growth of Debt is inline with growth in sales?
4. Growth of working capital requirement is inli
5

Mar-18

25%

47%
10%

8.34
12%
-11%
11%
Mar-18 Highest Lowest Average 10 years

19% #DIV/0! #DIV/0! #DIV/0!

1.92

1.88
5%

8%
6%

5%

0% Consistency is the key in dividend.

Mar-18
-1.09
-20.97 -35.74 Red meaning accrual problems.

17%

Mar-18 Highest Lowest Average 10 years

22.32 22 - 3
- - #DIV/0!
100.60 512 - 136
122.9
28%
6%
15%
 16%

#DIV/0! OK
0.01 OK

4.54

0.04

4.58

1%
29%
53%
12%
0%

10.03

5
20.29
0.43
-4.93
-0.54
0
3.18
-28.36
-

-11.47
-47.81

Mar-18 Max Min Avg 10 years

9.18 #DIV/0! #DIV/0! #DIV/0!
1.77 #DIV/0! #DIV/0! #DIV/0!
0.49 #DIV/0! #DIV/0! #DIV/0!
6.46 #DIV/0! #DIV/0! #DIV/0!
 tain sales. Future assets reuquire to grow at 20%
Assets. Check FD rates/G-sec rates
nline with growth in sales?
capital requirement is inline with growth of sales?
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Particulars
Inventory and Sales figures are in tendum?
Inventory days trend
Any write off of the inventory in the past?
Payable days trend
Receivable days trend
CFO-PAT is positive and there is no problem of accurals?
Sloan Ratio
Any Pledge shares?
Any Equity Dilutions? Number of dilution in last 15 years
Consistency in Gross Margin?
Related party transactions - Fair or unfair? Providing loan to relative/owner at lower rate.
Taxrate at normal rate
Few clients contributes to majority of stack?
Stable gross profit margin? Raw material price fluctuation can be passed on?
Large companies as custotmer base has its disadvantage. The receivable days may suffer due to low bargain power. Eg. Omkar
Check EBIT/Total assets? Better than FD rates or close the business?
Trinity of “Rising Sales, Rising Receivables and Rising Debt” is deadly combination.
Trinity of "Rising margins, Reduction in debt and Reduction in working capital days" means better days are coming ahead.
Successful execution of greenfiled expansion within budget and timeline/Not differing what ever timeline committed during co
Buyback of shares, insider trading etc.
Google search on management using key word - Fraud, Issues, SEBI, Dispute, Court, Moneylife
Paying dividend even through negative cashflow means Increasing debt to make equity holder happy but not thinking about bu
Management remuneration is in range of 2% to 4% of net profit. Increasing intendum with Net profit. Promoters salary as % of
management
Cash per share price
Land asset which is not as per market value
Is it commodity business?
Any value investor has stack.
Any value investor/reputed investor had stack in past.
Insider buying in last 1 year
Promoter has any other line of business or is it there main bread and butter?
No. of years company listed
Number of buybackcs in last 15 years. At what P/B or P/E.
Warrants. Either used
Q/Q Level 1 Level 2 Level 3
Quantitative Financial Operations Inventory
Quantitative Financial Operations Inventory
Quantitative Financial Operations Inventory
Quantitative Financial Operations Payable
Quantitative Financial Operations Receivable
Quantitative Financial Cashflow
Quantitative Financial Cashflow
Qualitative Management Equity
Quantitative Management Equity
Quantitative Financial Margin
Qualitative Management Related Party
Quantitative Financial Tax
Qualitative Business
Quantitative Business Margin
Business
Quantitative Financial Margin
Quantitative Financial
Quantitative Financial
Qualitative Management
Qualitative Management Equity
Qualitative Management
Qualitative Management

Quantitative Management
Qualitative Margin of Safety
Qualitative Margin of Safety
Qualitative Margin
Qualitative Equity
Qualitative Equity
Qualitative Equity
Qualitative Management
Quantitative Business
Quantitative Financial Equity
Quantitative Financial Warrants
 1256596

150000
14250
1092346
0% 250000 0
5% 250000 12500
20% 500000 100000
30% 500000 27703.8
140203.8 134369
WHITE ORGANIC AGRO LTD A NEW VERSION OF THE WORKSHEET IS AVAILABLE SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity - - -1.86 -12.39 1.40 -1.13 -1.91 4.25 -0.09 -10.94
Cash from Investing Activity - - 0.21 0.48 -1.03 0.54 1.72 -4.35 -3.71 4.00
Cash from Financing Activity - - 1.95 11.57 - 0.02 -0.02 0.15 3.81 11.87
Net Cash Flow - - 0.30 -0.34 0.37 -0.57 -0.21 0.05 0.01 4.93
COMPANY NAME WHITE ORGANIC AGRO LTD A NEW
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.00

META
Number of shares 3.50
Face Value 10
Current Price 25.55
Market Capitalization 89.43

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12
Sales 15.86 9.05
Raw Material Cost 15.33 8.66
Change in Inventory -0.18 -0.07
Power and Fuel 0.01
Other Mfr. Exp
Employee Cost 0.01 0.08
Selling and admin 0.24 0.43
Other Expenses 0.04 0.06
Other Income 0.22 0.61
Depreciation 0.02 0.03
Interest
Profit before tax 0.26 0.31
Tax 0.09 0.07
Net profit 0.17 0.24
Dividend Amount

Quarters
Report Date Sep-16 Dec-16 Mar-17 Jun-17
Sales 2.04 9.13 10.19 17.49
Expenses 2.10 9.18 8.86 16.58
Other Income 0.15 0.20 0.21 0.60
Depreciation 0.01 0.01 0.01 0.01
Interest
Profit before tax 0.08 0.14 1.53 1.50
Tax 0.02 0.04 0.30
Net profit 0.06 0.09 1.23 1.50
-0.06 -0.05 1.33 0.91

BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Equity Share Capital 8.5 12.5
Reserves 3.87 11.71
Borrowings 0.03
Other Liabilities 0.27 0.41
Total 12.64 24.65
Net Block 0.22 0.33
Capital Work in Progress
Investments 0.5
Other Assets 12.42 23.82
Total 12.64 24.65
Receivables 0.64 0.68
Inventory 0.07
Cash & Bank 0.76 0.43
No. of Equity Shares 8500000 12500000
New Bonus Shares
Face value 10 10

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Cash from Operating Activity -1.86 -12.39
Cash from Investing Activity 0.21 0.48
Cash from Financing Activity 1.95 11.57
Net Cash Flow 0.30 -0.34

PRICE: 7.07 19.70

DERIVED:
Adjusted Equity Shares in Cr - - 0.85 1.25
 A NEW VERSION OF THE WORKSHEET IS AVAILABLE
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

7.18 7.11 3.98 3.61 20.56 187.91
6.28 5.75 2.78 2.39 19.18 184.35
0.07 -0.07 0.02 11.28
0.01 0.01 0.23
0.11 0.70
0.26 0.27 0.30 0.26 0.33 0.66
0.83 1.01 0.89 0.78 0.93 4.38
0.05 0.10 0.07 0.31 0.01 -2.13
0.66 0.55 0.60 0.71 1.85 2.56
0.04 0.04 0.08 0.05 0.05 0.15

0.43 0.41 0.47 0.53 1.82 13.40

0.14 0.20 0.16 0.17 0.40 2.18
0.30 0.22 0.31 0.37 1.43 10.03

Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18

34.76 48.06 87.61 74.75 81.44 91.38
33.08 44.60 82.67 70.17 76.37 85.80
0.53 0.48 0.94 0.49 0.54 0.50
0.01 0.09 0.04 0.02 0.03 0.03

2.20 3.85 5.84 5.05 5.58 6.05

2.18 0.39 0.40 0.42
 2.01 3.60 2.92 4.66 5.01 5.63
1.68 3.46 4.94 4.58 5.07 5.58

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

12.5 12.5 12.5 12.5 12.5 17.5
12.01 12.21 12.53 12.89 14.33 34.62
0.01 0.04 0.02 0.17 0.43
0.62 1.67 1.94 0.93 8.22 45.51
25.14 26.42 26.99 26.49 35.05 98.06
0.29 0.25 0.17 0.12 0.13 0.67

2.19 0.99 21.35 26.72 23.54

22.66 25.18 26.82 5.02 8.2 73.85
25.14 26.42 26.99 26.49 35.05 98.06
2.88 4.19 5.58 3.98 51.79
0.07 0.02 11.49
0.8 0.22 0.01 0.06 0.07 5
12500000 12500000 12500000 12500000 12500000 17500000

10 10 10 10 10 10

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

1.40 -1.13 -1.91 4.25 -0.09 -10.94
-1.03 0.54 1.72 -4.35 -3.71 4.00
0.02 -0.02 0.15 3.81 11.87
0.37 -0.57 -0.21 0.05 0.01 4.93

9.16 2.95 5.97 9.11 28.32 52.61

1.25 1.25 1.25 1.25 1.25 1.75

10 Year CAGR %
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10 Year CAGR %
52.57%
51.02%
14.31%
12.98%
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40.25%
 65.63%
-265.47%

10 Year CAGR %
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Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital - - 8.50 12.50 12.50 12.50 12.50 12.50 12.50 17.50
Reserves - - 3.87 11.71 12.01 12.21 12.53 12.89 14.33 34.62
Borrowings - - - 0.03 0.01 0.04 0.02 0.17 - 0.43
Other Liabilities - - 0.27 0.41 0.62 1.67 1.94 0.93 8.22 45.51
Total - - 12.64 24.65 25.14 26.42 26.99 26.49 35.05 98.06

Net Block - - 0.22 0.33 0.29 0.25 0.17 0.12 0.13 0.67
Capital Work in Progress - - - - - - - - - -
Investments - - - 0.50 2.19 0.99 - 21.35 26.72 23.54
Other Assets - - 12.42 23.82 22.66 25.18 26.82 5.02 8.20 73.85
Total - - 12.64 24.65 25.14 26.42 26.99 26.49 35.05 98.06