Financial Spreading and Credit Analysis at Evalueserve

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SUMMER TRAINING REPORT
on
Financial Spreading And Credit Analysis
Evalueserve
Submitted in partial fulfillment of the requirements of
Post Graduate Programme
by
Sakshi Goyal
Batch 2014-16
Roll No. PGDM2014-0450

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DECLARATION FORM
I hereby declare that the Project work entitled Financial Spreading and Credit Analysis
submitted by me for the Summer Internship during the Post Graduate Program to IILM Institute for
Higher Education is my own original work and has not been submitted earlier either to IILM or to
any other Institution for the fulfillment of the requirement for any course of study. I also declare
that no chapter of this manuscript in whole or in part is lifted and incorporated in this report from
any earlier / other work done by me or others.
Signature of Student: _____________ Signature of Company Mentor: ___________
Name of Student: ________________ Name of Company Mentor: ______________
Designation: __________________________
Date: Date:
Place: Place:

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ACKNOWLEDGEMENT
I would like to express my profound gratitude to all those who have been instrumental in
the preparation of my project report.
I cannot express enough thanks to my trainer, Mr Pratish Pomal, my mentor Mr Sant K Tiwari ,
and my Manager Mr Prateek Mittal who have provided me the training to perform my job with
great capability.
I would like to extend my thanks to Maj Gen Wadhwa, Director IILM Institute for Higher
Education for his continued support and encouragement and to my mentor; Mrs Shalini Kakkar
for her guidance, supervision, feedback, and help in completing the project. I offer my sincere
appreciation for the learning opportunities provided by my college.
My project would not have been accomplished without the support of the Placement Department
who provided me the opportunity to work with Evalueserve.
My thanks and appreciations also go to my colleagues in developing the project and people who
have willingly helped me out with their abilities.

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TABLE OF CONTENTS
Declaration Form………………………………………………………………………………...iii
Acknowledgement………………………………………………………………………………iv
Executive Summary……………………………………………………………………………...vi
Objectives………………………………………………………………………………….……vii
Company Profile………………………………………………………………….……….viii-xviii
Introduction about the Project……………………………………………………….…....xix-xxix
Working Methodology…………………………………………………………..……...xxx-xxxiv
Analysis…………………………………………………………………...……………..xxxv-xliii
Limitations………………………………………………………………...…………………...xliv
Learning………………………………………………………………………..…………...xlv-lxv
Appendix………………………………………………………………………………….lxvi-xciii
References…………………………………………………………………………………….. xciv

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EXECUTIVE SUMMARY
With the increase in the scale of demand of products and services in the world, scale of business
has also increased. India is one of the faster growing economies of the world and the financial
sector plays an important part in the development of the economy.
To get practical training through Summer Internship Program, I am working with
EVALUESERVE.PVT.LTD. This is an internship report regarding the usage of financial model
for evaluating third party risk analysis. The project explains my role in the company, and also
provides an insight to the company and the client I am working for.
My project is to spread the financial statement of a company in a Moody’s Risk Analyst (MRA),
a financial Risk Analyst Spreading Grid to present the information consistently, to provide period
to period comparability and to enable an analyst to create projections of the company’s future
performance.
This report also explains about different financial models like Moody’s Risk Analyst, See More
Plus and Athena Blast used for the purpose of spreading and gives detail about various financial
filings such as Business Tax Return, Complied financial statements, Company prepared financial
statements, Reviewed and Audited financial statements and various Audit Opinions like
Unqualified Opinion, Qualified Opinion, Adverse Opinion and Disclaimer of Opinion, issued by
CPA firms. All the financial terminologies have been discussed and explained to reveal the
significance of financial spreading.

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OBJECTIVES
 To provide additional support to credit analysts for assessing the credit worthiness of
borrowers during peak times
 To complete and validate the quality of the financial spread
 To capture, validate and track information needed to perform a financial spread
(based on financial documents received)
 To distribute completed financial spreading documents and observations directly to
stateside on short term for further processing

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COMPANY PROFILE
About the Company
The growth of Evalueserve after over a decade in operation has been huge; Evalueserve is one of
the largest Knowledge Process Outsourcing (KPO) companies in the world. They help clients by
outsourcing their existing knowledge processes using their experience from more than ten years
of operation and over four million hours of client specific services provided annually all over the
world.
Jointly with their clients, Evalueserve co-designs highly targeted knowledge solutions having
high efficiency to address their challenges and pain points. Their work involves supporting their
clients during transition, change management, roll-out, which minimizes time and effort spent by
senior client team members. They strive to improve productivity, efficiency and service levels on
a continuous basis and, in cooperation with their clients, they identify processes and capabilities
that need to be improved or enhanced to make their client’s work easier.
Evalueserve has a unique & distinct organizational model. Evalueserve has an executive team
located in the US and in Europe. Their global knowledge centers are located in Chile, China,
India, and Romania; and also have local client relationship offices across the world.Evalueserve
is an ideal business partner for long-term relationships with its clients because of the following
factors:
 They have over 2,600 employees in offices across the world.
 Their sustained growth over more than 10 years in operation

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 Their strong fiscal discipline and cash-flow
 Their tough compliance management, including multiple business certifications and
continuity planning capabilities
 Their deep industry experience since 10 years and functional skills to increase efficiency
They serve Fortune 500 companies, professional services firms, and mid-size innovative
companies in financial services, healthcare and life sciences, various manufacturing and services
industries.
Vertical Business Units
 Financial Services,
 Corporate and Professional Services and
 Life Sciences and Healthcare
Source : www.evalueserve.com
In addition they have three horizontal capabilities that span the business units:
EVALUESERVE
LIFE
SCIENCES AND
HEALTHCARE
FINANCIAL
SERVICES
CORPORATEAN
D
PROFESSIONAL
SERVICES

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 Data Analytics & Customer Insight,
 Intellectual Property and
 Knowledge Technology.
Evalueserve is the leader in the industry for providing financial research and analytics services to
the banking as well as financial services industry. Its clients includes five top global retail and
commercial bank, seven investment banks, three insurance firms and many mid range financial
services firms. The company has financial research teams with more than 900 professionals.
Diversity at Evalueserve
The team members working in the company represent over 40 nationalities and speak over 35
languages. Evalueserve is an ISO 27001 certified company, which ensures that they are
endorsed by industry-defined standards of information security, data privacy and non disclosure
agreements with all their client engagements.
Diversity is important to them and gives them the expertise they need to serve their clients. Most
of the employees working in the company have dual degrees in finance, business, engineering,
IT, science, medicine, or law. Their unique training programs are in functional areas as well as in
communication, data processing, project management, and leadership skills which complement
their backgrounds of being an industry leader.
CSR Initiatives at Evalueserve
CommuniServe, the CSR group at Evalueserve, is an employee-driven initiative. The objective
of the group is to use the collective knowledge of its employees to make compelling and
channelized contributions in the areas of education, community and social development, and
environment and sustainability. We support the activities of non-government organizations
(NGOs) dedicated to serving the community in areas such as education, healthcare, and elderly
care, among others.

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Our policies serve as a strong foundation for our goal of seamless integration of workplace,
environment, and community concerns with our business operations to support a larger goal of
sustainable development.
Evalueserve commits to contributing to the development of the local communities in its regions
of operation. Within the company, we strive to create an environment that fosters a culture of
giving.
They contribute to society and are focused on positively impacting the following dimensions:
Community development: Through collaboration with local communities and non-profit
organizations, they drive their efforts aimed at child education and health. For example, they
sponsor the education of underprivileged children, and work with local schools. They also
provide training programs for small business owners. In addition, they support communities
affected by natural calamities, such as floods and earthquakes.
Environment and sustainability:As a responsible corporate citizen, Evalueserve understands
the ecological challenges being faced by society. They recognize their responsibility to assess
and reduce the impact of our business processes on the environment. Their efforts are focused on
energy efficiency, water efficiency, and sustainable waste management. They aim to achieve
these objectives by establishing robust processes and by measuring and monitoring our impact,
deploying suitable clean technologies, and engaging our employees to drive green practices in
the workplace.
FinancialServices provided by the Company
Evalueserve is the leader in the industry for providing financial research and analytics services to
the banking as well as financial services industry. Its clients includes five top global retail and
commercial bank, seven investment banks, three insurance firms and many mid range financial
services firms. The company has financial research teams with more than 900 professionals.
Following are some of the financial services provided by Evalueserve to Investment Bank, Retail
bank, Commercial banks, Asset Management companies, private equity sector and Insurance
sector:

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These banks have certain unique requirements to provide customized financial solutions like:
 Commercial Banks – Evalueserve provides end to end knowledge services to leading
commercial banks. The services provided by Evalueserve are used by commercial
banks for sales and marketing, credit decision making and risk management.
 Investment Banks – Evalueserve provides services like investment research, corporate
finance and analytics services.
 Retail Banks – Evalueserve adds great value by providing insights to its clients
marketing strategy, product development, procurement and risk management.
 Private Equity – Its services includes portfolio company management, sector analysis
and supporting firm deal sourcing.
FINANCIAL
SERVICES
Business
research
Data
analytics
Quantitative
research
Buy side
research
Fundament
al research
Corporate
finance

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 Asset Management – Evalueserve supports by helping global asset managers by
industry analysis, financial modeling, and portfolio management support and risk
management.
 Insurance – Evalueserve is business partner with leading insurance companies helping
them to understand the market and analyze customer segments and also improves
their operating efficiency.
Corporate and ProfessionalServices
Evalueserve serves corporate and professional services firms in a variety of industries across the
Americas, Asia-Pacific, and EMEA. The corporate include firms across the ICT, energy,
chemicals, transportation, and consumer goods industries. Our professional services clients are
law firms, consulting firms, accounting and advisory firms, market research firms, and human
resources firms.
Their clients typically look for solutions that improve knowledge-based processes across
divisions and functional units, such as:
 Market analysis and competitive intelligence
 Customer insight (market research and data analytics)
 Business development and sales support
 Intellectual property searches and analytics
 Information services and knowledge management
 Financial controlling and analytics
The typical challenges faced by Evalueserve clients include shortage of skilled professionals,
thinly spread resources across functions and geographies, silos in terms of information flow and
knowledge management, lack of well-defined processes and know-how, mediocre RoI and low
productivity, as well as unaddressed pain points in terms of capabilities. Evalueserve’s suite of
solutions is customized to address the unique requirements of our corporate and professional
services clients.

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•Our keyattributesinclude:
•a unique abilitytocombine deepbusinessand
technologyperspectivesforholisticunderstanding
•a global,multi-lingual,24-hourservice supported
byEvalueserve'sknowledgeportal technology
•a domainunderstandingof ourcustomers’
businesses,givenourexperience of workingacross
diverse industrysectors
MARKETANALYSIS AND
COMPETITIVE
INTELLIGENCESERVICES
•Integratingandanalyzingbothinternal andexternal
data to supportmarketinginstrategicandtactical
decisionmaking.Solutionsforavarietyof client
needs,includingcontinueddataharmonization,
campaignmanagementsupport,price elasticity
analysis,andcustomersegmentation.
CUSTOMER INSIGHT
SOLUTIONS (MARKET
RESEARCH AND DATA
ANALYTICS)
•Supportingsalesoperationsinareassuchas key
account management, pre-meetingbriefings, sales
alerts,smartCRM leverage, andoperationsanalysis,
supportedbyEvalueserve’sproprietary knowledge
technology
BUSINESS
DEVELOPMENTAND
SALES SUPPORT
•Patentsearchesandpatentanalytics, combinedwith
business-relatedactivities,suchaslicensingsupport
or IP competitiveintelligence.
INTELLECTUAL
PROPERTY SERVICES
•Complete outsourcingof informationservices, such
as librariesandthe managementandadministration
of knowledge managementsystems,witha
significantpartof the teamoperating‘on-site’at
clientpremises.Focusoneffectivelycapturing
internal know-how,supportedbytechnology.
INFORMATIONSERVICES
AND KNOWLEDGE
MANAGEMENT
•Supportfor CFO-relatedcontrollingactivities,
includingthe creationof correspondingdashboards
FINANCIAL
CONTROLLING AND
ANALYTICS SOLUTIONS

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SWOT Analysis ofEvalueserve
STRENGTHS
Continuous execution of work by taking the
advantage of different time zones
Low labour costs
High profitabilty and revenue
Experienced Business units
WEAKNESSES
Small business units
Requirement of higher level of control
Enhance risk management
Confidentiality
OPPORTUNITIES
Income level is at a constant increase
GrowIng economy
New markets
New products and services
Growth rates and profitability
THREATS
Unfavorable currency exchanges
Security and privacy
Growing competition and lower
profitability
Services interruption and technical issues
Political instability in vendor location
T
SWOT

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MichaelPorterAnalysis
Competitive Rivarly
within Industry is
LOW
*Relativelynew and
boomingindustry
*Abundance of work
availabilty
Threat of new entrants
is HIGH
*New andattractive
Industrywithhighgrowth
rate
*Low investment
*Knowledge Based
Bargaining Power
Suppliers is LOW
*Buyers alwayshave the
optiontodo the work in-
house.
*Becomingindustries
withlow entrybarriers.
Threat of substitutes
is HIGH
*Attract new players
because it'sa booming
industry
*Clientmaydecide to
do itthemselves
Bargaining Power of
buyers is LOW
*In house knowledge
centeriscostly.
*Lack of workforce in
US/UK

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Competitor Comparison
Evalueserve has its various competitors in the KPO industry like WNS Global, Pipal Research,
Inductis, Office Tiger, Copal Partners, McKinney, CRISIL etc. After a tough competition
Evalueserve clearly scores over its most of the peers on various parameters.
The survey done by Naukrihub attempts to rank companies on basis of various HR practices,
procedures and policies prevalent in the Indian KPO industry. The emphasis of the study has
been the employer-employee relationship. The initial ranking has been given to ten companies
selected at random and includes various top and other key players in the sector. The composite
scores have been calculated as the sum of individual parameters like recruitment practices,
compensation policies, work culture, recognition for good work, retention, flexible work timings,
et al. The scores are consolidated on the basis of data collected through recent surveys and
studies by renowned names like Business Today, Hewitt Associations, IDC Data Quest,
NASSCOM and their own study of the organizations. The key player in the sector is Evalueserve
followed by WNS, Grail research, McKinsey & Co., RocSearch, TNS India Pvt. Ltd. , Copal
Partners.
Ranking KPO Year Services Employees Global presence
1 Genpact 1997 Started as a business unit
of GE, offers analytics
and market
research, media services,
legal services, engineering
R&D, database generation.
62,000+’ India, US, UK,
Hungary, Romania,
China, Africa, and
Kenya
2 Evalueserve 2000 Offers Marketing research,
investment research,
Business research, Legal
support, and financial
analytics.
2700+ Chile, China, India,
Romania, and USA
3 UGAM
Solutions
2000 Offers Market research,
surveys, data processing
and report writing.
1000+ India, US and UK
4 WNS Global BPO Offers Content services, 5000 India, US and UK

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Service earlier, In
2003
entered
into KPO
research and analytics,
legal research,financial and
investment research.
5 The Smart
Cube
2003 Provides strategy, business
development,
procurement, supply chain,
data analytics, and
financial, quantitative, and
marketing research
services.
500+ Headquartered in
United Kingdom
with offices in
Belgium, China,
India, Romania,
Switzerland,
Chicago, Illinois, and
Hong Kong
6 Pipal
research
Acquired
in 2010
Pipal Research is a custom
researchfirm deliveringthe
financial and business
research, and quantitative
analytics. A division of
Irevna Limited (a subsidiary
of CRISIL); Pipal has created
a name for itself as a global
knowledge service firm of
choice.
500+ India, UK, US and
Argentina
7 Grail
Research
2006 Grail Research, a division of
Integreon, conducts
strategic research across
areas such as
benchmarking and
identification of best
practices, entering new
markets, launching and
enhancing new products,
and due diligence support
for making acquisitions and
strategic investments.
350+ Africa, China, India,
the Middle East and
Russia.
8 Copal
Partners
2001 Finance, consulting, market
research and data mining
2900+ India, US, UK, Hong
Kong, China and
UAE
9 PANGEA3 2004 Offers services like patent
preparation, research and
analytics, IP licensing
support and business
development.
1000+ Headquartered in
US and has
operations in India

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INTRODUCTION ABOUT PROJECT
FinancialSpreading
Financial Statement Analysis includes spreading the financing statements. Spreading is an
organised presentation of financial reports of the companies to facilitate comparison,
understanding and uniformity. Spreading is the best interpretation of the statements given the
available information. Sometimes there will be more than one interpretation of how to spread a
particular item. Each financial statement is broken line by line so that it can be spread on a
company provided tool/grid called MRA.
It is the spread that drives the calculations of ratios and reports. Accurate and consistent spreads
can be used as a tool for assessing the company’s financial condition, credit worthiness, and
borrowing needs. Trends, Ratios, Cash Flow Analysis bases on an inaccurate or inconsistent
spread could have costly consequences over the bank.
The first thing to be done with the financial statements is to re-create them on a spreadsheet. A
spreadsheet is a digital grid prepared by the client (MRA). It provides each number and line item
of the financial statement with its own box. This makes it easier to analyze and manipulate items
on each financial statement.
Types of Financial Statements
There are three primary financial statements. They are the Income Statement, Balance Sheet and,
Cash Flow Statement. All three are reported on a quarterly and annual basis. Being a Business
Analyst with the firm, my job is to analyze the statements for trends and insights about the nature
of operations. One method used to help analyze statements is referred to as "Spreading”.
Purpose of Spreading1
The purpose of having spreading classification and procedures is to achieve accuracy and
consistency in all spreads. It is the spread that drives the calculations of ratios and reports.
Accurate and Consistent spreads lead to accurate and consistent calculation, which are essential
to the analysis process.
1 Taken from MRA Manual provided by the client

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The readers (Bank) of the financial statement spreads want spreads that can be used as a tool for
assessing a company’s financial condition, credit worthiness, and borrowing needs. Spreading is
the best interpretation of statements given the available information. There can be more than one
interpretation of how to spread a particular item and the analysis required in spreading is
choosing the most appropriate alternative which is generally chosen by the client.
The income statement is based on a percentage of total sales or revenues. The balance sheet is
based on a percentage of total assets. The cash flow statement is a combination of the income
statement and the balance sheet and therefore does not need to be spread.
Spreading is an organized presentation of financial reports of the companies to facilitate
comparison, understanding and uniformity. Spreading is done to:
 Maintain consistency in the presentation of financials of different consecutive years.
 To maintain speed and accuracy in the presentation.
 To keep conformity with the clients guidelines.
 To present the information consistently.
 To bring unusual and irregular items.
 To enable an analyst/Lender to make projections on the company’s future performance.
Accuracy:
Accuracy means spreading the amounts correctly, and classifying items correctly and classifying
items correctly according to the group’s classifications and procedures.
Consistency:
Consistency means applying the same spreading treatment for the same or similar accounts from
period to period with in a company and from office to office within regional banking.
Footnoting the Spreads:
It is important to footnote the spread when any significant item is to be explained in greater
detail, preventing the readers from being misled or helping them to better assess the company’s
financial condition. Notes should be placed on the report most appropriate to the nature of the
note. For example, if a note is applicable to the Balance Sheet, print the note on the Balance

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Sheet and on separate Notes Report. If the note is applicable to the Income Statement, print the
note on the Income Statement and on separate Notes Report.
Other situations when footnotes are appropriate (not an all-inclusive list)
 To explain why items were spread contrary to bank spreading policy
 To note any significant and out of the ordinary CPA comments given in the CPA’s letter
for complied and reviewed statements
 To explain the nature of an extraordinary item
 To explain why the company was given a qualified auditor’s opinion
For example: The auditor gave XYZ Co. a qualified opinion because they have marked up their
fixed assets to market, which is contrary to a GAAP (historical cost principle).
Key Deliverables:
Detailed financial spreading and credit analysis on various public and private companies – input
sheet (for spreading company financials as per defined client guidelines) and output sheets (for
analyzing ratios, operating and financial performance of companies and provide comparability of
financials across the industry)
Balance SheetItems
 Cash
 Investments
 Intangibles
 Investment in Subsidiaries/Related Companies
 Subordinated Debt
 Affiliate, Shareholders/partner, officers, and employee receivables and payables
 The PPE (Property, Plant, and Equipment) account should be spread showing the gross
amount along with accumulated depreciation account. Further segmentation of the PPE

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account is as Banker’s discretion. If adding to an existing spread, follow the existing
presentation. If creating the spread for the first time, detail the PPE accounts.
 Accounts Receivable should be spread as a gross number with its allowance for
doubtful accounts shown separately.
 Inventory accounts for a manufacturer (raw materials, work in progress and finished
goods) should be separated. If adding to an existing spread, follow the existing
presentation. If creating the spread for the first time, detail the inventory accounts.
 Income Tax Accounts
 Short Term Loans
 Current Portion of Long Term Debt (CPLTD)
 Long Term Debt
 Dividends Payable
 All details for the Net Worth/Owner’s Equity
Income StatementItems
 Amortization
 Interest Expense, Interest Payable, Prepaid Interest
 Gain/Loss on sale of Fixed Assets
 Officer’s Salaries/Compensation
 Personnel Expense (defined as Payroll Expense or Wages and Salaries if no Personnel
Expense is provided)
 Sales Return and Allowances
 Bad Debt Expense
 R&D Expense
 Lease and Rental EXPENSE (if material, if financing owner occupied real estate, or if a
lease expenditure compliance covenant exists). Do not move the lease and rental
expense from Cost of Goods Sold to Operating Expense since this will disort the Gross
Margin and Operating Income ratios.

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 Dividends paid
 Contributions Received
 Detail any expense items that are 30% or more of total operating expense and any
revenue items that are 30% or more of total revenue. The same pertains to other non
operating income or expenses.
 If Interest Income, Investment Income or Gains on Sale, spread below operating profit.
 Depreciation
Depreciation of a Property, Plant, and Equipment (PPE) can be expensed in Cost of Goods
Sold (COGS), operating (Selling, General, and Administrative Expenses) or both depending
on the type of industry. For a manufacturing company, the bulk of depreciation expense is
related to the plant and equipment used to produce goods for sale. Some borrower’s
statements will breakdown the depreciation expense showing how much depreciation is in
COGS and how much is in SG&A (Selling, General, and Administrative Expenses), either in
the statement themselves or in the statement notes or schedules.
The depreciation expense given in the income statement or expense schedules should equal
the depreciation expense amount in the FASB Statement of Cash Flows. If the statements do
not have schedules, do not break out depreciation or do not match the statement of Cash
Flows amount, then the depreciation expense given in borrower’s FASB Statement of Cash
Flows should be used. However, if there are intangible assets, be it on the lookout for
amortization of intangible assets which may be lumped in with depreciation, but which
should be spread separately.
When the borrower’s statement does not breakout depreciation expense in statements, notes
or schedules, stating how much depreciation is in SG&A expenses and/or COGS, then some
changes are necessary. If the company is a manufacturer, assume all the depreciation
expense belongs in COGS and spread the depreciation expense given in FASB Statement of
Cash Flows in COGS. For non manufacturers, assume the depreciation expense belongs in
operating expenses and spread the expense in SG&A.

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When a manufacturer shows depreciation in SG&A expenses but does not break it out i
COGS, subtract the deprecation listed in SG&A from the depreciation given in FASB
Statement of Cash Flows, and spread the difference in COGS.
Various types of filings2
 Audited Business Financials
 Tax return Financials
 Unaudited Business Financials
Before Spreading is done, it needs to be understood what kind of financial statements are to be
spread. The statements can be Audited or Unaudited, both of which are prepared by CPA firms.
If the statements are audited, the auditor issues an opinion. The types of opinions are
Unqualified, Qualified, Adverse, and Disclaimer.
Types ofAudited Business Financials
These types of statements are the product of a CPA's highest level of assurance services. In an
audit, the CPA performs all of the steps indicated above regarding compiled or reviewed
statements, but also performs verification and substantiation procedures. The verification and
substantiation procedures may include direct correspondence with creditors or debtors to verify
details of amounts owed, physical inspection of inventories or investment securities, inspection
of minutes and contracts, and other similar steps. Also, the CPA gains a knowledge and
understanding of the entity's system of internal control. When the audit is completed, the CPA's
standard audit report states that an audit was performed in accordance with generally accepted
auditing standards, and expresses an opinion that the financial statements present fairly the
entity's financial position and results of operations. This is known as the expression of "positive
assurance”
2 Referred to MRA Manual and explained by the Trainer

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An audit report is an appraisal of a small business’s complete financial status. Completed by an
independent accounting professional, this document covers a company’s assets and liabilities,
and presents the auditor’s educated assessment of the firm’s financial position and future. Audit
reports are required by law if a company is publicly traded or in an industry regulated by the
Securities and Exchange Commission (SEC). Companies seeking funding, as well as those
looking to improve internal controls, also find this information valuable. There are four types of
audit opinions
An Unqualified opinion states that the financial statements present fairly the position and results
of operations in conformity with Generally Accepted Accounting Principles (GAAP). Often
called a clean opinion, an unqualified opinion is an audit report that is issued when an auditor
determines that each of the financial records provided by the small business is free of any
misrepresentations. In addition, an unqualified opinion indicates that the financial records have
been maintained in accordance with the standards known as Generally Accepted Accounting
Principles (GAAP). This is the best type of report a business can receive. Typically, an
unqualified report consists of a title that includes the word “independent.” This is done to
illustrate that it was prepared by an unbiased third party. The title is followed by the main body.
Made up of three paragraphs, the main body highlights the responsibilities of the auditor, the
purpose of the audit and the auditor’s findings. The auditor signs and dates the document,
including his address.
A Qualified opinion states that the statements present fairly the financial position and results of
operations, but that there are certain conditions such as the scope of the examination is limited or
the statements don’t fairly present financial position because of lack of conformity with GAAP
or inadequate disclosure. A company’s financial records have not been maintained in accordance
with GAAP but no misrepresentations are identified, an auditor will issue a qualified opinion.
The writing of a qualified opinion is extremely similar to that of an unqualified opinion. A
qualified opinion, however, will include an additional paragraph that highlights the reason why
the audit report is not unqualified.
An Adverse opinion is required in any report in which the exceptions to the fair presentation are
so material that in the independent auditor/s judgment a qualified opinion is not justified. . In
addition, the financial records provided by the business have been grossly misrepresented.

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Although this may occur by error, it is often an indication of fraud. When this type of report is
issued, a company must correct its financial statement and have it re-audited, as investors,
lenders and other requesting parties will generally not accept it.
A Disclaimer of an opinion is normally issued when the auditor has gathered little information
on the financial statements that no opinion can be expressed or when the auditor concludes that
there is a big question on the ability of the company to continue on a going concern basis. When
this happens, the auditor issues a disclaimer of opinion, stating that an opinion of the firm’s
financial status could not be determined.
Tax Return Financials
Businesses and individuals use tax returns to report information to the IRS. Included on the
return are income, expenses, deductions, credits, exemptions and the calculation of tax due to the
federal government. The tax return provides a snapshot of money coming in and going out of a
business for a specific calendar year. The method of accounting for tax returns follows either a
cash basis or accrual basis. Under the cash basis, the income is recognized as it comes in while
expenses are recognized when they are paid. Accrual basis considers expenses when they incur,
not when they are paid.
Types of Unaudited Business Financials
Unaudited Statements are divided into Complied, Reviewed, and Company Prepared.
To do a Compilation, the CPA puts together the financial statements for the firm, but doesn’t
issue an opinion. These types of business statements represent the most basic level of service
CPAs provide with respect to financial statements. In a compilation, the CPA must comply with
certain basic requirements of professional standards, such as having a knowledge of the client's
industry and applicable accounting principles, having a clear understanding with the client as to
the services to be provided, and reading the financial statements to determine whether there are
any obvious departures from generally accepted accounting principles (or, in some cases, another
comprehensive basis of accounting used by the entity). It may be necessary for the CPA to

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perform "other accounting services" - such as creating your general ledger, or assisting you with
adjusting entries for your books - before the financial statements can be prepared. Upon
completion, a report on the financial statements is issued that states a compilation was performed
in accordance with AICPA professional standards, but no assurance is expressed that the
statements are in conformity with generally accepted accounting principles. This is known as the
expression of "no assurance." Compiled financial statements are often prepared for privately held
entities that do not need a higher level of assurance expressed by the CPA.
To perform a Review, the CPA obtains more specific knowledge of the business by inquiring
about the organization, characteristics, and nature. These types of statements require that the CPA
perform inquiry and analytical procedures in addition to the procedures described above for a
compilation. Upon completion, a report is issued stating that a review has been performed in
accordance with AICPA professional standards, that a review is less in scope than an audit, and
that the CPA did not become aware of any material modifications that should be made in order
for the statements to be in conformity with generally accepted accounting principles, or if
applicable, another comprehensive basis of accounting. This is known as the expression of
"limited assurance." Reviewed financial statements are often prepared for entities that have bank
loans, outside investors, or trade creditors, but those third parties do not require audited
statements
Company Prepared Statements are prepared by the firm’s accountant or bookkeeper or owner
or other employees.

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Client Introduction
My client at Evalueserve is one of the four largest banks in U.S. The bank has over 80 different
business lines and it delineates three different business segments while reporting its results.
These segments are:
 Community banking
 Wealth, brokerage and retirement
 Wholesale banking
The bank operates across 35 countries and has over 70 million customers globally. In 2012, it
had more than 9,000 retail branches and over 12,000 automated teller machines in 39 states and
the District of Columbia. As of July 12, 2013, it became the world's biggest bank by market
capitalization, worth $236 billion.
In February 2014, it was named the world's most valuable bank brand for the 2nd year running in
The Banker and Brand Finance study of the top 500 banking brands.
About the Segments
Community banking: Under community banking comes the regional banking, customer
relationship, Consumer deposit groups and other diversified products. It has home mortgage and
mortgage wholesale lending as a part of its business.
Wealth, brokerage and retirement: the bank also offers securities and other investment products
through its various subsidiaries.
Wholesale banking includes:
 Mutual funds
 Treasury management
 Asset based lending
 Commercial real estate
 Corporate and institutional trust services

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 Capital markets
 Investment Banking services
One area that is very profitable to the bank is asset-based lending: lending to large companies
using accounts receivable and inventory as collateral, though less traditional assets are often
included in the collateral package. Historically, this type of lending has been done when normal
routes of raising funds, such as the Capital Markets or unsecured bank loans, have been
exhausted.

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WORKING METHODOLOGY
About the Internship
This is an 18 weeks internship program at Evalueserve, consisting of 6 weeks of rigorous full-
time classroom training divided into two parts: Understanding and Analyzing Financial
Statements & Financial Spreading.
Classroom Training
Part one covered training on understanding and analyzing financial statements of public and
private companies specifically in the North America region. It started with understanding SEC
(Securities and Exchange Commission) filings, tax statements, private company financials,
audited v/s unaudited financials, MD&A statement, notes to accounts. Moreover, it included
analyzing these financial statements covering various business models; analyzing revenue
drivers, profitability and cost drivers, operating and non-operating items, exceptional and extra-
ordinary items, GAAP to Non-GAAP analysis, key measures from the standpoint of equity
holders and debt holders.
On the Job Training
Part two covered training on financial spreading process undertaken at Evalueserve for its key
commercial banking client (name of the client is withheld as part of corporate privacy policy).
This phase of the training included understanding and implementing spreading guidelines about
key financial statement line items as reported in annual and quarterly reports in a defined client-
specific excel template to ensure consistency and accuracy of financial and credit analysis. It
encompassed understanding the usefulness of implementing financial spreading for the
commercial banking clients and how these banks press a trigger on a financial decision involving
whether to invest in a company in form of debt, and after making investment in a company to
monitor its financial and operating performance period over period and in comparison to industry
peers, finally it helps a bank to ensure a favourable exit from a company or restructure the debt
at/before the suitable time. This rigorous process was based on the key profitability, liquidity,
efficiency and capital structure (including specific credit specific) ratios and analyzing
company’s operating performance based on revenue growth, cost structure, profitability, interest
coverage and cash flows.

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Project
The project involves spreading the financial information of different companies/individuals by
using a standard format. The main idea of financial spreading is:
 Consistency in presenting financial information – assets , liabilities , earnings and
expenses
 Consistent and accurate ratios and reports that are easy due to their consistent format
 Period to Period Compatibility – trend ratios and cash flow analysis
 To bring unusual or irregular items to the reader’s attention
 Enable an analyst to create projections of the company’s future performance
 Helps to overcome the problem of comparing companies when different format of
financial statements are received
Financial spreading helps with assessing the following:
 Financial condition: the position of the firm or individual’s assets , liabilities and equity
 Credit worthiness: a measure of an individual’s or company ability to meet its debt
obligations
Borrowing needs: an assessment of how much an individual or firm requires meeting both short
term and long term cash outflow requirements.
Further for customer analysis, internal analysis is conducted wherein; the financial statement
should be examined for validity and for general correctness. Estimates have sometimes been
mistaken for accurate figures, vague terminology is often overlooked, unauthorized signatures
are accepted and the mere notation of an auditor's name has, at times, been taken as indication of
a proper audit.
After the statement has been accepted as valid and reasonably accurate, ratios should be
calculated and the figures analyzed. Internal analysis calls for an examination of items within a
single financial statement for the purpose of judging their significance in relation to the capital of
the company, its method of operation and conditions prevailing within the industry. The major

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tools for internal analysis are balance sheet ratios and a working knowledge of the line of
business including the method of operation and seasonal influences.
While training and working on the project the major issue encountered was technology related
wherein the business spreading platform is a centralised client repository which includes all the
company statements that are to be analysed.
Roles and Responsibility
As an intern in the organization, I am subjected to a lot of responsibility towards Evalueserve
where I am required to produce an accurate detailed financial spreading of various companies in
accordance to the client needs as an input sheet. These input sheets are further used in formation
of output sheets that are used for analyzing ratios, operating and financial performance of
companies and provide comparability of financials across the industry.
Thus my key deliverables to the company is to provide my work with accuracy and consistency.
Accuracy refers to analysing and classifying the amounts according to the group classifications
and procedures. Whereas consistency refers to applying the same treatment for the same or
similar accounts from period to period within the company.
My job is to analyze the financial statements of the clients (borrowers) of the bank. I come
across various types of financial statements, different types of companies, sources of incomes,
types of debts etc.
Tools
The client updates the financial statements that I have to spread on software called Athena Blast.
The bank has provided me with a unique ID which helps me to login to the client system. We
used the following software to do our job:
 Moody’s Risk Analyst (MRA)
 Athena Blast
 SeeMorePlus
 A.F.S Hogan

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Moody’s Risk Analyst is the software on which I spread a company’s financials. It provides a
detailed Performa of the Income Statement and Balance Sheet. Apart from spreading the
financials, I am also required to update the customer information such as the zip code, the NAIC
(North American Industry Classification) code, and the total annual sales revenue of the
company. The software is directly linked with Athena Blast.
Athena Blast is the software on which the bank updates the financials of the company it wants
the interns and full time employees to spread. The financials include Non Profit Organisations
(NPOs), Personal Financial Statements, Business Tax Returns, Unqualified Statements, Qualified
Statements, Reviewed Statements, Compiled Statements, and Company Prepared Statements.
Every financial has a job ID associated with it, which helps me in searching all the relevant
documents for that company. Athena Blast also consists of the work order of every company and
guides us on the number of financials that we have to spread. If the company is new i.e. it hasn’t
been spread previously, a new MRA is created for the same.
SeeMorePlus is the software on which I can find all the documents of a specific company that I
have to spread. The client provides us with a job ID of every company which when inserted in
SeeMorePlus, provides us all the financials that will be needed to spread the company. Some of
the documents that are found on SeeMorePlus are Annual Business Financial Statements, Interim
Financial Statements, Tax Return Statements, and Schedule of Debt.
AFS Hogan helps me in checking whether the borrower whose financials are being spread has
any loan from my client apart from the loan that the borrower is currently applying for. This
software helps in taking a look at the current principal payment of the present loan which when
multiplied by 12 gives me the Current Portion of the Long Term Debt (CPLTD). In case, the
borrower has a Long Term Debt which the client has not financed, the schedule of debt is looked
at to calculate the trend. If schedule of debt isn’t available either, the previous year trend is
followed. If the trend cannot be found, the last resort is to use proxy. If the company is a real
estate firm, I use 5% proxy on the total long term debt to calculate the CPLTD, however if it is a
non-real estate firm, 25% proxy is used to calculate the CPLTD.
During the on-job training period, I used to process approximately 5 companies’ request per day
under the guidance of my mentor. Eventually, the target increased to eight per day. To check the

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errors, my mentor checks my processed request for quality. On completion of quality check, the
process is then forwarded to the banker. Now, the target is 15 spreads a day.
PROGESS
17 February, 2014 to March 31, 2014 - My Internship started with one and half months of
rigorous class room training wherein I was provided with a detailed description of Income
Statement, Balance Sheet, and Cash Flow Statement
Apart from the above, I was provided with a manual which consisted of guidelines provided by
the client on how to perform the analysis on the financial statements, giving detail regarding
where each and every line item is to be spread. I studied each and every detail mentioned in the
manual and my knowledge was later tested. My trainer took two tests, and I performed well in
both the tests.
I was also provided with financial statements of various companies which I had to spread in
Microsoft Excel’s dummy template prepared by Evalueserve to train the Interns before working
on the live project.
From April 1, 2014, my on the job training began where I was trained on the client’s tools.
Initially, understanding and using all the tools together looked difficult, but in two-three days I
was able to grab control over all the tools. My mentor taught me the various techniques to look
at the financial statements, the key areas, and the things that needed special care.
On Day 1, my mentor made me do one Business Tax Return, and her feedback on my
performance made me happy. Over a period of time, as and when I got a hang of the tools, I was
able to do more and more spreads.
I also feel that the kind of financial statements we pick up from Athena Blast also plays a key
role, so I try to make sure that I go through the financial statements before picking them up in my
queue.
As of May 28, 2014, I am doing more than 30 spreads per day along with minimal Quality
Check.

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ANALYSIS
Example of a Tax Return Financial
The below filled-in Form 1065 is for the AbleBaker Book Store, a partnership composed of
Frank Able and Susan Baker. The partnership uses an accrual method of accounting and a
calendar year for reporting income and loss. Frank works full time in the business, while Susan
works approximately 25% of her time in it. Both partners are general partners.
The partnership agreement states that Frank will receive a yearly guaranteed payment of $20,000
and Susan will receive $5,000. Any profit or loss will be shared equally by the partners. The
partners are personally liable for all partnership liabilities. Both partners materially participate in
the operation of the business.
In addition to receiving income and paying expenses in its partnership operations, AbleBaker
made a $650 cash charitable contribution, received $150 from dividends, and received $50 tax-
exempt interest from municipal bonds.
(Please refer to APPENDIX 1 for a sample copy of tax return statement (FORM 1120) of
company - “DHLCORPORATION.”)

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Solved Example of Form 1065 :Ablebaker Book Store
( Appendix 2 )
Income on Page 1
The partnership's ordinary income from the trade or business activity is shown on lines 1a
through 8.
Line 1. Gross sales of $409,465 are entered on line 1a. Returns and allowances of $3,365 are
entered on line 1b, resulting in net sales of $406,100, entered on line 1c.
Line 2. Cost of goods sold, $267,641, from Schedule A, line 8, is entered here.
Line 3. Gross profit of $138,459 is shown on this line.
Line 7. Interest income on accounts receivable, $559, is entered on this line. The schedule that
must be attached for this line is not shown.
Line 8. Total income, $139,018 (lines 3 through 7), is shown here.
Deductions
The partnership's allowable deductions are shown on lines 9 through 21.
Line 9. All salaries and wages are included here except guaranteed payments to partners (shown
on line 10). $29,350 wages paid to the partnership's employees. The partnership had no
employment credits to reduce that amount.
Line 10. Guaranteed payments of $25,000 to partners Frank ($20,000) and Susan ($5,000) are
entered here.
Line 11. Repairs of $1,125 made to partnership equipment are entered on this line.
Line 12. During the year, $250 owed to the partnership was determined to be a wholly worthless
business bad debt. The $250 is shown on this line. (If this had been a non business bad debt, it

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would have been reported in Part I of Schedule D (Form 1065) and included separately on
Schedules K and K-1, line 7, as a stated short-term capital loss.)
Line 13. Rent paid for the business premises, $20,000, is listed on this line.
Line 14. Deductible taxes of $3,295 are entered on this line.
Line 15. Interest paid to suppliers during the year totalled $1,451. This is business interest, so it
is entered here.
Lines 16a and 16c. Depreciation of $1,174 claimed on assets used in the partnership's business is
entered on these lines. (Line 16b is left blank because there is no depreciation listed elsewhere on
the return.)
Line 20. Other allowable deductions of $8,003 not listed elsewhere on the return and for which a
separate line is not provided on page 1 are included on this
Line 21. The total of all deductions, $89,648 (lines 9 through 20), is entered on this line.
Line 22. The amount on line 21 is subtracted from the amount on line 8. The result, $49,370, is
entered here and on line 1 of Schedule K. The amount allocated to each partner is listed on line 1
of Schedule K-1.
Page 2 of Form 1065 Tax Return
Schedule A shows the computation of cost of goods sold. Beginning inventory, $18,125, is
entered on line 1 and net purchases, $268,741, are entered on line 2. The total, $286,866, is
entered on line 6. Ending inventory, $19,225 (entered on line 7), is subtracted from line 6 to
arrive at cost of goods sold, $267,641 (entered on line 8 and on page 1, line 2).
Pages 3 - 4 Schedule K
On Schedule K, the total of both partners' shares of income, deductions, credits, etc. Each
partner's distributive share of income, deductions, credits, etc., is reported on Schedule K-1. The

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line items for Schedule K are discussed in combination with the Schedule K-1 line items, after
Schedule M-2.
Page 4--Analysis of Net Income (Loss)
An analysis must be made of the distributive items on Schedule K. This analysis is based on the
type of partner. Since the AbleBaker Book Store has two individual partners, both of whom are
"active" general partners, the total on line 1, $73,870, is entered on line 2a, column ii.
Schedule M-1
Schedule M-1 is the reconciliation of income per the partnership books with income per Form
1065.
Line 1. This line shows the net income per books of $48,920. This amount is from the profit and
loss account (not shown in this example).
Line 3. This line shows the guaranteed payments to partners.
Line 5. This is the total of lines 1 through 4 of $73,920.
Line 6. Shown here is the $50 tax-exempt interest income from municipal bonds recorded on the
books but not included on Schedule K, lines 1 through 7. This interest is reported on Schedule K,
line 19.
Line 9. This is line 5 less line 8, $73,870. This line is the same as line 1 of the Analysis of Net
Income (Loss) section of Schedule K at the top of page 4.
Schedule M-2
Schedule M-2 is an analysis of the partners' capital accounts. It shows the total equity of all
partners at the beginning and end of the tax year and the adjustments that caused any increase or
decrease. The total of all the partners' capital accounts is the difference between the partnership's

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assets and liabilities shown on Schedule L. A partner's capital account does not necessarily
represent the tax basis for an interest in the partnership.
Line 1. As of January 1, the total of the partners' capital accounts was $27,550 (Frank -- $14,050;
Susan -- $13,500). This amount should agree with the beginning balance shown on line 21 of
Schedule L for the partners' capital accounts.
Line 3. This is the net income per books.
Line 5. This is the total of lines 1 through 4.
Line 6. Each partner withdrew $26,440 (totaling $52,880) from the partnership. These
withdrawals are shown here and on Schedule K, line 22. The partners' guaranteed payments,
which were actually paid, are not included because they were deducted when figuring the
amount shown on line 3.
Line 9. This shows the total equity of all partners as shown in the books of record as of
December 31. This amount should agree with the year-end balance shown on line 21 of Schedule
L for the partners' capital accounts.
Schedule K-1
Schedule K-1 lists each partner's share of income, deductions, credits, etc. It also shows where to
report the items on the partner's individual income tax return.
The partners' shares of income, deductions, etc., are shown next.
Income (Loss)
Line 1. This line on Schedule K-1 shows Frank's share ($24,685) of the income from the
partnership shown on Form 1065, page 1, line 22. The total amount of income to both partners is
shown on line 1, Schedule K.

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Line 4b. Dividends must be separately stated. They are not included in the income (loss) of the
partnership on Form 1065, page 1, line 22. This line on Schedule K-1 shows Frank's share, $75.
This line on Schedule K shows the total dividends of $150.
Line 5. This line on Schedule K-1 shows only the guaranteed payments to Frank of $20,000.
This line on Schedule K shows the total guaranteed payments to both partners of $25,000.
Deductions
Line 8. During the year, the partnership made a $650 cash contribution to the American Lung
Association. Each partner may be able to deduct his or her share of the partnership's charitable
contribution on his or her individual income tax return if the partner itemizes deductions. Frank's
share of the contribution, $325, is entered on this line of Schedule K-1. This line on Schedule K
shows the total contribution.
Investment Interest
Line 14b. The partnership had no interest expense on investment debts, but it had investment
income (dividends) of $150 as shown on line 4b, Schedule K. That amount is also shown on this
line of Schedule K, and the partner's share is shown on this line of Schedule K-1.
Self-Employment
Line 15a. Net earnings (loss) from self-employment are figured using the worksheet in the Form
1065 instructions for Schedule K (not shown). Frank and Susan's net earnings from self-
employment are the total of the partnership income shown on line 1 of Schedule K and the
guaranteed payments shown on line 5. This total, $74,370, is entered on Schedule K, and each
individual partner's share is shown on his or her Schedule K-1. Each partner uses his or her share
to figure his or her self-employment tax on Schedule SE (Form 1040), Self-Employment Tax
(not shown).

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Other
Line 19. Frank enters the $50 municipal bond interest received by the partnership on this line of
Schedule K and $25 on this line of each partner's Schedule K-1.
Line 22. Frank enters the $52,880 cash withdrawals made by the partners during the year on this
line of Schedule K. He enters the amount each partner withdrew on this line of the partner's
Schedule K-1.

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EXAMPLE OF AUDITED FINANCIAL
(APPENDIX 3)
The following shows the MRA spreads of a hypothetical company -“MMAS SAMPLE”. The
unqualified financial statements for the years 2001 to 2005 has been spread in accordance to the
MRA format and guidelines. These five annual statements spreads are counted as five financial
spreads. In a day, the analyst had to do the financial spreading, on an average, of 20 to 25 private
companies.
The job request of the companies in Athena Blast software will be on the basis of the defined
SLAs. Lower the SLAs, the quicker the job request needs to be processed by an analyst. The
banker or the loan underwriter uploads the job request for the financial spreading of the
companies into the software and mentions the work order, specifying the number of years of
spreads to be done for the particular company. Each job request is assigned a Job ID. Along with
the request, they also upload the available financial documents of these companies into the
SeeMorePlus repository database.
The analyst who will process a particular job request needs to first assign the request to his ID
and change the status of the job request as – “Spreads under Review”.
Once the spreads are complete the analyst categorizes the company under a suitable NAICS
code – North American Industry Classification System and under a particular Sales/Revenue
range which is divided into class intervals of $5 Million i.e. 0M to 5M, 5M to 10M, 10M to 15M
and 15M and above. . The NAICS code and the Revenue segmentation helps the underwriter to
compare the companies belonging to same industry and revenue segment. This avoids the
comparison of large scale companies with small scale companies. Also this helps the underwriter
to do comparison of the company with its peers.

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Report GenerationandAnalysis
(APPENDIX4)
Once the spreads are complete the analyst generates the reports using the MRA tool and the same
is uploaded into the Athena Blast software against the particular company’s Job ID.
The following shows the details of various reports that is generated by an analyst after the
completion of the spreads. The generated reports are then analyzed by the underwriters and
decisions are made on whether to approve or reject the loan request.

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LIMITATIONS
There are a few limitations in this project. They are:
 The spreading process and the guidelines told to us during the training were different
from the practices followed by analysts on the floor for some items.
 The systems training were not provided beforehand. This posed to be big limitation for
us during the initial days of the project.
 The systems on which we are working are quite slow as the servers to which the
computers are connected in USA.
 On a few days, some of the softwares didn’t work for a few hours leading to a complete
shutdown of work.
 Some of the financial statements uploaded on Athena were already spread. The banker
could have made sure that the job uploaded was not already done.
 Another limitation is inadequate exposure to financial statements. The exposure is
limited to a geographic location that is North America. Also, the exposure is limited to
small and mid-size private companies.
 The Business Analysts are allowed to pick up financial statements of Corporations,
Limited Liability Company, while Senior Business Analysts spread Non Profit
Organisations such as Schools, Churches, Trusts, Temples; and Personal Financial
Statements.

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LEARNING
Financial concepts learnt during SIP :
Cost in Excess of billings
Cost in excess of billing in percentage of completion method, is when the billings on
uncompleted contracts are less than the income earned to date. These under billings result in
increased assets. Conversely, when billings are greater than the income earned on incomplete
contracts, a liability, billings in excess of costs is created.
Billings in excess of cost is a product of estimating allocated cost and direct cost of a
construction contract. This is used in Percentage of Completion basis of financial statement
preparation.
Billings in Excess of cost
Billings in excess of cost is a product of estimating allocated cost and direct cost of a
construction contract. This is used in Percentage of Completion basis of financial statement
preparation. Billings in excess is liability; Cost in excess of Billings is an asset.
Restricted cash
Restricted cash can be designated for a range of purposes such as loan repayment, equipment
purchase or investments. It may be classified as a current or non-current asset, depending on
when it is expected to be used. Expected usage of restricted cash within one year of the balance
sheet date would necessitate it to be classified as a current asset; expected usage more than a year
out would require it to be classified as a non-current or long-term asset.
Money is earmarked for a specific purpose and is therefore not available for immediate and
general use by an organization. Restricted cash, if the amount is material, is shown separately
from cash and equivalents on the balance sheet. The purpose for which the cash is restricted is
generally disclosed in the notes to the financial statements. Non-operating current assets not

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otherwise classified. Use this field when no details on other current assets are given. In cases
when restricted cash is expected to be used within one year after the balance sheet date, it should
be classified as non-operating current asset.
Notes payable
Notes payable represent obligations to banks or other creditors based on formal written
agreements. A specific interest rate is usually identified in the agreement. Following the
matching principle, if interest is owed but has not been paid, it is accrued prior to the preparation
of the financial statements. Assume The Flower Lady signed a $10,000 three-year note with
interest of 10% on July 1 in exchange for a piece of equipment. The interest is due and payable
quarterly on Oct. 1, Jan. 1, April 1, and July 1. The Flower Lady operates on a calendar-year
basis and issues financial statements at the end of each quarter. A long-term note payable must be
recorded as of July 1 with interest accrued at the end of each quarter.
If interest is not paid until maturity of the note, the amount of interest accrued is often
determined by compounding. The annual interest expense is the beginning of the year note
principal plus accrued interest payable times the annual interest rate. Generally, it is assumed that
in any arm's length transaction, the interest rate stated on a note signed in exchange for goods
and services is a fair rate. If an interest rate is not stated, the exchange value is based on the value
of the goods or services received. The difference between the exchange value and the face
amount of the note signed is considered interest.
These are notes payable to bank or any source like any other financial institution, shareholders,
companies etc. These are short term as well as long term. Short term have the duration of one
year whereas long term payables are issued for more than one year or it can be a term loan. The
debt part place a very important role in analyzing the financial position of any firm so this has to
be calculated correctly with due care.
Notes payable to shareholders or to partnership firm/joint venture has to be separated out and
thus these are known as loans from officers, stakeholders.

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Accounts Payable VS Notes Payables
Usually in the financial statements of the companies, accounts and notes payables are clubbed
under one heading. It is the analyst’s job to bifurcate the two by going through the notes to the
financial statements or any other document related to such payables (like Accounts payables
Aging Schedule, Schedule of Debt, etc). This bifurcation required is very crucial from the
analysis point of view as these two payables affects important ratios and clubbing of the two
would lead to misleading figures and analysis.
Accounts payables is used in the calculation of Days Payables Outstanding (or usually known as
Accounts Payables Turnover)
Notes payables are categorized under debt since they are usually interest bearing and thus are
used in the calculation of Debt to Equity ratio.
Current Portion of Long Term Debt
The current portion of long term debt is the amount of principal that will be due within one year
of the date of the balance sheet. (In industries where the operating cycle is longer than one year,
it will be the amount of principal due within the length of the operating cycle.)
To illustrate the current portion of long term debt, let’s assume that a company’s loans payable
are $100,000 of principal. You need to look at the loan repayment schedules and add up the
principal amounts that must be paid within one year of the balance sheet date. Let’s assume that
these principal payments due within one year amount to $18,000. This $18,000 will be reported
as a current liability and the remaining $82,000 will be reported as a long term liability.
An exception for reporting the $18,000 as a current liability exists if the company will 1) be
using $18,000 of a long term asset that was restricted for the purpose of repaying the debt; or, 2)
the company has a no cancellable agreement for refinancing the $18,000 with long term debt or
issuance of stock.

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In other words, these are the current principal payment which has to be paid within the current
year. Whenever a company takes long term debt, it has to pay some monthly instalments which
are to be paid in the calendar/fiscal year. This current portion of long term debt has to be
deducted from the actual loan balance so that the future liability of loan can be known.
This CPLTD is given in the financial statement of the company, if not then the proxy of 5% in
case of Real Estate Company and 25% in case of non-real estate company should be used.
However this gives an approximate amount of CPLTD and it is mandatory to calculate the
CPLTD.
Loan Underwriting Process
Underwriting is the process of verifying that the requested loan, the borrower(s), the property,
and the documentation all meet the requirements of the lender for the program requested. The
underwriter will examine the credit and income of the borrower(s) to determine the ability and
willingness to repay the loan. They will review the appraisal to determine the value and
condition of the collateral. The title is examined to ensure the proper lien position is obtained by
the lender. The identification of the borrowers and property owners is verified. The
underwriting process has been put in place to help protect all of the parties involved in the
transaction. In short loan underwriter:
 Analyzes the credit quality of a business
 Projects cash flow and interest coverage
 Gains an understanding of the business
Loan underwriters usually work in:
 Commercial Banks
 Investment Banks (Bond Underwriters)
 Financing Institutions (Mortgage Companies)

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Credit Analysis Process
This format provides a consistent, systematic and flexible basis for analyzing credit requests and
relationships. It helps to identify risks and identifies the ability to service debt.
Section I: Company Overview
The company overview is prepared as a permanent addition to the credit file. It provides detail
on the business, industry, organizational structure, historical sources of financing, significant
accounting practices and management.
Borrower's Name:
Borrower's Address:
Date of Analysis:
Name of Analyst:
Purpose:
What is it that this analysis will cover, i.e. To review XYZ; to extend line of credit.
Terms:
Type of loans, relevant terms, covenants, etc.
Company History
Where and when the company was started; major events in the company evolution.
Financing Sources
This section highlights the historical sources of financing operations (i.e. internally generated
funds, short-term lines of credit, term loans, and trade payables) Short-term or long term?
Deferred taxes? It also describes current financing sources, including major loan covenants, type,
rate and collateral (secured or unsecured) as well as amounts owed and payment practices
Significant Accounting Practices:
This section discusses any accounting practices that differ from industry practices
 Inventory Method: LIFO, FIFO or Weighted Average; If under LIFO, what is the LIFO
reserve?

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 % of completion vs. completed contract?
 Cash or accrual basis?
 Any changes in fiscal year end (C- Corps), basis, valuation and why?
 Changes in accountants and the reason for these changes?
Section II: Financial Statement Analysis
The purpose of this part of the credit analysis is to highlight and explain the significant financial
changes that have taken place within a company during a particular period of time. The purpose
of the analysis is to note how significant trends might impact a company's ability to meet its
obligations.
Repayment Analysis
This is the most important section of the analysis. It details the firm's ability to repay the
proposed credit.
Specifically to be addressed is how the company will obtain the means of repayment, when
repayment can be made, and how stable are the sources of repayment.
 For conversion of current assets, discuss the amount and quality of the various assets.
Mention whether the company has been able to clean-up a line of credit in the past and
evaluate the likelihood of its ability to clean-up the line in the future.
 For cash provided by operations, discuss the historical cash flows of the company,
identifying major sources and uses of cash. Based on historical information and your
assumptions about the future, predict whether cash from operations will be adequate.
 For liquidation of collateral, give a general discussion of the book amount of the
collateral, and then based on your assumptions, give an estimate of their liquidation
values. -See Understanding Collateral

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 For recourse to guarantors, list the financial condition of the guarantors, including their
outside net worth, global cash flow, stability of earnings streams.
Revolving Credit Facility (LOC)
Revolving line of credit is usually used to fund a company’s day to day operation. This type of
credit does not have fixed number of payments. Companies generally pay a commitment fee top
the bank and are than allowed to use the funds as per their operational requirements. Non
revolving line of credit is an instalment loan in which the principal is given in a lump sum and
the principal plus interest is paid back over time in instalments.
Revolving lines of credit can be taken out by both corporations and individuals. The bank that is
in agreement with the customer, guarantees a maximum amount that can be loaned to the
customer. Along with the commitment fee there are also interest expenses for corporate
borrowers and carry forward charges for consumer accounts.
Deposits
Deposits are to be shown separately in the flow of operating current asset or operating non-
current assets. These deposits may be customer deposit, security deposit, tenant deposit etc.
Common Stock
Common stock is a form of corporate equity ownership, a type of security. It is called "common"
to distinguish it from preferred stock. If both types of stock exist, common stock holders cannot
be paid dividends until all preferred stock dividends (including payments in arrears) are paid in
full. Common stock usually carries with it the right to vote on certain matters, such as electing
the board of directors. However, a company can have both a "voting" and "non-voting" class of
common stock.
Holders of common stock are able to influence the corporation through votes on establishing
corporate objectives and policy, stock splits, and electing the company's board of directors. Some

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holders of common stock also receive pre-emptive rights, which enable them to retain their
proportional ownership in a company should it issue another stock offering. There is no fixed
dividend paid out to common stock holders and so their returns are uncertain, contingent on
earnings, company reinvestment, and efficiency of the market to value and sell stock. Common
stock is also known as capital stock and this is used only for corporations. This is given in the
statement of changes in shareholders equity/ notes.
Distributions
These are the withdrawals or distributions made to the shareholders/Owners from
company/partnership etc may be in the form of dividend, shares etc. These are generally adjusted
to the Retained Earnings. Distribution to owners is payment of earnings to owners of a business
organization in the form of a dividend. A dividend is a distribution to corporation’s stockholders
usually in cash; sometimes in the corporation’s stock and much less frequently in property
(usually other securities)
Retained Earnings
Retained Earnings refers to the portion of net income which is retained by the corporation rather
than distributed to its owners as dividends. Similarly, if the corporation takes a loss, then that
loss is retained and called variously retained losses, accumulated losses or accumulated deficit.
Retained earnings and losses are cumulative from year to year with losses offsetting earnings.
Retained earnings are reported in the shareholders' equity section of the balance sheet.
Companies with net accumulated losses may refer to negative shareholders' equity as a
shareholders' deficit. A complete report of the retained earnings or retained losses is presented in
the Statement of Retained Earnings or Statement of Retained Losses.

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Non -Controlling Interest
An ownership stake in a corporation where the held position gives the investor no influence on
how the company is ran. The majority of investor positions are deemed to be a non-controlling
interest because their ownership stake is so insignificant relative to the total number of
outstanding shares. For smaller companies, any position that holds less than 50% of the
outstanding voting shares is deemed to be a non-controlling interest. Under IFRS the minority
interest (non-controlling interest) is reported in the Equity section of the consolidated balance
sheet. Under US GAAP, minority interest can be reported in the liabilities section, the equity
section, of the balance sheet.
Depreciation
• If breakout of depreciation is not given or it does not match with statement of cash flows,
then the depreciation given in the FASB cash flow statements of borrowers should be used.
• If there is an intangible asset , look for amortization of intangible asset which may
lumped in with depreciation , but when should be spread separately.
• When a manufacturer show depreciation in SG&A expenses, but does not break up it out
in COGS subtract the depreciation listed in SG$A from the depreciation from the FASB
statement of cash flows and spread the difference in COGS.
Efficiency Ratios
Accounts Receivable Turnover
(Accounts Receivable / Sales) x 365
- Measures the average number of days it takes the company to collect their receivables.

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Questions to Ask Reason
Calculate the Accounts Receivable Turnover The shorter the better
The faster a company can collect, the faster
they have cash, the less time they need to
borrow
Is the accounts receivable turnover
relatively close to the company’s financing
terms?
If they sell on 2/10 net 30, one would expect to
see a turnover around 30 days. A few days over
is ok, but 40 or 45 would be too long
Is accounts receivable over 120 days being
written off?
These accounts will probably not be collected
and should be removed from current assets
How does the company’s turnover compare
with the industry?
The turnover should be close to industry
averages, if not, the underwriter needs to know
why
Inventory Turnover
(Inventory / Cost of Goods Sold) x 365
- Measures the average number of days inventory is on hand
Calculate the Inventory Turnover The shorter the better
The faster a company can sell its inventory, the
faster they have cash, the less time they need
to borrow

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Which inventory valuation method do they
use? LIFO, FIFO, or weighted average?
Which method is standard for the industry?
Have they changed valuation methods
recently? If so, why?
Is the inventory turnover different for
different products?
Are some products selling and others not? Are
some products becoming obsolete?
with the industry?
why
Accounts Payable Turnover
(Accounts Payable / Cost of Goods Sold) x 365
- Measures the average number of days the company takes to pay its suppliers
Calculate the Accounts Payable Turnover This is a sensitive ratio:
The longer the turnover, the longer the
company has cash
If the supplier get stretched too much, they
may not sell to the company, which can put the
company out of business
What terms to the suppliers offer? Is the company taking advantage of discounts?
Supplier reference check An underwriter will want to call 3 or 4 suppliers
to confirm the company is in good standing

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with the industry?
why
Profitability Ratios
Gross Profit Margin
(Sales – Cost of Goods Sold) / Sales
- Measures the differential between what it costs to manufacture or purchase the product
and how much the product is sold.
Calculate the Gross Profit Margin The higher the gross profit margin, the more
money is available to cover the operating costs
of the company
Has the gross profit margin changed over time? This can show the impact of price changes or
changes in the cost of inventory.
Understand the industry Certain industries may have tighter margins,
such as technology retail.
with the industry?
why
Return on Equity (ROE)
Net Income / Total Equity
- Measures the relationship between profits and the investment of the owners.

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Calculate the Return on Equity This ratio will have a direct impact on the
company’s ability to raise capital
Has the ROE changed over time? This can show changes in capital structure,
infusions of capital, an changes in net income
with the industry?
The ROE may be close to the industry, despite
low profits, as the company may have higher
levels of liabilities
 Loan underwriters must take their ratios and analysis of the financial statements and
project the company’s financial statements to show adequate cash flow to repay the loan.
 Sometimes the cash flows depict inefficiency or inadequacy of the borrower to repay the
loan if it happens to take a new loan. In such cases the underwriter or the lender, instead
of rejecting the loan request, imposes covenants or restrictions on the borrower wherein
the borrower needs to maintain certain specific ratios or curb certain controllable
withdrawals. Certain expenses such as Worker’s compensation or the Dividends paid,
which forms the part of owner’s withdrawals, can be controlled so that the net income
and retained earnings doesn’t get impacted and there is less of cash outflow from the
company.
Leverage Ratios
Debt-Equity Ratio:
Total Liabilities / Total Net Worth
- Measures the funds contributed by owners or shareholders versus creditors.

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Calculate the Debt-Equity ratio Banks generally like to see ratio below 40%
If this ratio was greater than 50%, the company
would primarily be financed by creditors
The owners would be more likely to declare
bankruptcy in the event of a downturn, as they
would have less to lose
How much of total liabilities are current
liabilities?
Matching Principle: current assets should be
financed with current liabilities, long-term
assets should be financed with long-term debt
Interest Expenses
Separating out of interest expenses is also very important. Interest expenses basically include
Interest Expense on the debt, Finance Charges, Financing Cost, Capital Lease Interest, other
Interest, etc. Looking at the trend of this expense, following can be inferred:-
Scenario 1 – There might be possibility of refinancing of debt by the company. In a competitive
world there are many lenders who could provide a company with loans and at cheaper interest
rates. If the company opts to refinance its debt at cheaper rate, its interest expenses would go
down.
Scenario 2 – The Company is not doing well and its operations are not generating sufficient
funds for servicing its debt obligations. In such cases the company may opt for taking new loans
to repay their older debt liability. Usually small financial institutions provide loans to such
companies in crisis with lesser pre-requisites and norms but at higher interest rates.

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Accumulated Other Comprehensive Income
This is an entry that is generally found in the shareholders' equity section of the balance sheet.
Accumulated other comprehensive income is used to sum up unrealized gains and losses because
those items have not been settled. This account can include unrealized gains and losses from
investments held by the firm, company pension funds and foreign currency transactions.
For example, securities held by a company that have increased in value but have not yet been
sold haven’t given the company profit. To record the increase in an unrealized item is to indicate
the potential gain if the security is sold. Companies also use accumulated other comprehensive
income to record unrealized gains or losses in a pension plan. Once the gain or loss has been
realized, it will be shifted from accumulated other comprehensive income to net income.
Investors reviewing a company’s balance sheet can use the accumulated other comprehensive
income account as a barometer for upcoming threats or windfalls to net income. For example, a
large unrealized loss from bond holdings today could spell trouble if the bonds are nearing
maturity. A multinational company that must deal with different currencies may require a
company to hedge against currency fluctuations, with the unrealized value of those holdings also
appearing in accumulated other comprehensive income.
Extraordinary Gain or Loss
These gains/losses are nonrecurring, onetime, unusual, non-operating gain or losses that are
recorded by a business during the period. The amount of each of these gains or losses, net of the
income tax effect, is reported separately in the income statement. Net income is reported before
and after these gains and losses. These gains and losses should not be recorded very often, but in
fact many businesses record them every other year or so, causing much consternation to
investors. In addition to evaluating the regular stream of sales and expenses that produce
operating profit, investors also have to factor into their profit performance analysis the
perturbations of these irregular gains and losses reported by a business.

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SLA
SLA stands for Service Level Agreement. These are performance standards built into outsourcing
contracts between a client and an outsourcing provider. SLA could indicate things like
percentage availability of business systems, number of service calls answered within 1 day etc.
The Concept of 5C’s of Credit Analysis
Regardless of where you seek funding - from a bank, a local development corporation or a
relative - a prospective lender will review the creditworthiness. A complete and thoroughly
documented loan request (including a business plan) will help the lender understand the
borrower and his business. The "Five C's" mentioned below are the basic components of credit
analysis and help you understand what the lender looks for:
Capacity to repay is the most critical of the five factors, it is the primary source of repayment -
cash. The prospective lender will want to know exactly how you intend to repay the loan. The
lender will consider the cash flow from the business, the timing of the repayment, and the
probability of successful repayment of the loan. Payment history on existing credit relationships -
personal or commercial- is considered an indicator of future payment performance. Potential
lenders also will want to know about other possible sources of repayment.
Capital is the money you personally have invested in the business and is an indication of how
much you have at risk should the business fail. Interested lenders and investors will expect you
to have contributed from your own assets and to have undertaken personal financial risk to
establish the business before asking them to commit any funding.
Collateral, or guarantees, are additional forms of security you can provide the lender. Giving a
lender collateral means that you pledge an asset you own, such as your home, to the lender with
the agreement that it will be the repayment source in case you can't repay the loan. A guarantee,
on the other hand, is just that - someone else signs a guarantee document promising to repay the
loan if you can't. Some lenders may require such a guarantee in addition to collateral as security
for a loan.

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Conditions describe the intended purpose of the loan. Will the money be used for working
capital, additional equipment or inventory? The lender will also consider local economic
conditions and the overall climate, both within your industry and in other industries that could
affect your business.
Character is the general impression you make on the prospective lender or investor. The lender
will form a subjective opinion as to whether or not you are sufficiently trustworthy to repay the
loan or generate a return on funds invested in your company. Your educational background and
experience in business and in your industry will be considered. The quality of your references
and the background and experience levels of your employees will also be reviewed.
Inventory
Inventory is typically the largest current asset and is what the company tries to convert to cash.
Inventory includes:
 Raw materials inventory
 Work-in-Process inventory
 Finished goods inventory
In case of liquidation raw materials inventory can be sold back to the supplier (at a fraction of the
cost) or finished goods inventory can be sold to customers (at a fraction of the cost).
How does the company inventory compare
with the industry average?
Do they carry too much? Too little? Do they
have too much in finished goods inventory?
Is inventory valued at LIFO, FIFO, or Weighted
Average?
This will impact the cost of goods sold and
inventory balance. Could inventory be
obsolete?

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What % of current assets is made up of
inventory?
Inventory is typically the hardest current asset
to convert to cash
What % of inventory is work-in-process? This inventory is virtually worthless. What can
you do with the frame of a car?
Apart from financial concepts I also learnt several other aspects which are as follows :
 The different types of Filings by Corporate
 Irregular and extra ordinary items
 Various reasons due to which the retained earnings might differ from year to year
 Development of the interpersonal skills
 Expansion of the Network
 Handling the stress
 Data Analysis and Interpretation skills development
 Time Management
 How to handle different set of people
 Ability to get information out of people
 Improved Communication Skills
 Developing leadership quality by practicing in the real life grounds
 Learning of the company’s rules and regulations.
The work at Evalueserve has helped me to gain a real insight of the corporate world. I am
working on a live project for one of the four largest banks in US. This has enabled me to
practically apply various financial concepts in my work.
I am gaining a comprehensive and consistent view of firm’s counter-party risk by combining
financial spreading, credit analysis and robust data storage using one flexible, secure enterprise
platform. While working on the Moody’s Risk analyst financial model (Data Analyzer), I learned
how it simplifies and standardizes the way firms collects, analyze and stores credit data, laying

IILM Institute for Higher Education Page lxii
the groundwork for sound internal credit practices for firms of all sizes across a wide-range of
industries. Data Analyzer is a Risk Analyst module that provides querying and reporting tools to
help lenders understand the risk of their entire customer portfolio or within specific segments.
I have learned how Data Analyzer allows users to cut through the complexity and helps lenders
gain new insight into the borrower financial and real estate data collected in RiskAnalyst through
powerful filtering and portfolio-level analysis capabilities. The module can highlight details
about a single borrower’s performance over time, or specific groups of borrowers across the
portfolio. Multiple analyses can be created and saved, and data can be exported to Microsoft
Excel for further analysis and reuse in other documents. Data Analyzer allows bankers to analyze
an entire portfolio or specific subsets of a portfolio. It also enables them to conduct peer industry
comparisons utilizing key financial metrics over user-specified time ranges and compare
prospects to existing borrowers within a given industry or property segment. These types of
analyses will help to identify outliers, including high risk properties, within a portfolio and
identify key trends and insights within important segments of portfolios.
Loan underwriters access the reports and the ratios and analyze the financial statements and
project the company’s financial statements to show adequate cash flow to repay the loan.
Sometimes the cash flows depict inefficiency or inadequacy of the borrower to repay the loan if
it happens to take a new loan. In such cases the underwriter or the lender, instead of rejecting the
loan request, imposes covenants or restrictions on the borrower wherein the borrower needs to
maintain certain specific ratios or curb certain controllable withdrawals. Certain expenses such
as Worker’s compensation or the Dividends paid, which forms the part of owner’s withdrawals,
can be controlled so that the net income and retained earnings doesn’t get impacted and there is
less of cash outflow from the company.
Moody’s RiskAnalyst Model helped me to:
 Collect Financial and Qualitative Data
 Create efficiencies by standardizing the way your firm spreads financial and non-
financial data

IILM Institute for Higher Education Page lxiii
 Minimize data entry errors using one of our industry-compliant financial templates
 Obtain a comprehensive view of each customer across a wide-range of assets including
company financials, real estate holdings, borrower financials and other pertinent data –
all in one location
 Improve your accuracy and make better lending decisions by using our dual-risk rating
platform to calculate probability of default (PD), loss given default (LGD) and other
credit risk metrics in one place.
 Save time and reduce complexity by implementing standardized credit risk scorecards
which outline rating decisions.
 Improve business performance by embedding your risk policies into our structured risk
management framework
 Build valuable financial projections and perform scenario analysis without any
limitations on the use of historical data
 Easily create reports for a variety of audiences including analysts and senior
management.
 Store Data in a Centralized Database
 Streamline credit decision process and understand where your single-obligor and
transaction risk lie by having a single source for all data.
 Avoid data loss and redundancy
 Reduce turn-around time for management, audit and regulatory inquiries

IILM Institute for Higher Education Page lxiv
 Perform Detailed Customer and Portfolio Analysis using Data Analyzer
At Evalueserve, was closely associated with many teams performing a diverse set of activities in
the organization. Most important learning was the importance of team work to the success of any
project and the organization at large. Not only does it foster knowledge sharing but helps
develop ideas and innovation which drives the profitability of any business.

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APPENDIX
1)

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2)

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3)
StatementDate 6/30/2001 6/30/2002 6/30/2003 6/30/2004 6/30/2005
Months Covered 12 12 12 12 12
Audit Method Unqualif'd Unqualif'd Unqualif'd Unqualif'd Unqualif'd
Accountant KPMG KPMG KPMG KPMG KPMG
Analyst EVS EVS EVS EVS EVS
Stmt Type Annual Annual Annual Annual Annual
Reconcile NONE 6/30/2001 6/30/2002 6/30/2003 6/30/2004
Difference (Assets& Liabilities) 0 0 0 0 0
CurrentAssets
Cash 71 121 144 90 75
Time Deposits
Marketable Securities
Accts/NotesRec-Trade 1424 1744 1669 1842 1698
Bad Debt Reserve (-) 54 54 64 86 90
Due fr Offcr/Stkh/Affil/Subsid-CP
Due from Related Co – CP
Accts/Notes Rec-Other
Income Tax Receivable
Def Inc Tax Recover – CP
Raw Materials
Work in Process
Finished Goods
Inventory 1936 2211 2141 2610 3056
Other Inventory
Supplies
Total Inventory
Costsin Excessof Billings
OperatingCurrentAssets
Prepaids/Deferred –CP 88 77 59 119 131
OperatingCurrentAssets
Derivative Assets –CP
Non-OpCurrentAssets
Total -CurrentAssets 3465 4099 3949 4575 4870
Non-CurrentAssets
Land
ConstructioninProgress
Buildings&Improvements

Financial Spreading and Credit Analysis at Evalueserve

Financial Spreading and Credit Analysis at Evalueserve

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