GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

MBA ZC/FIN 415

Financial and Management Accounting
EC1 Experiential Learning

Financial Statement Analysis of

Indigo Paints
Group No. 44
Group Members (Names, Roll No, email address):
A Sagaya Raj 2021mb21016 2021mb21016@wilp.bits-pilani.ac.in

Himani Koshti 2021MB21316 2021MB21316@wilp.bits-pilani.ac.in

Athina Venu Madhav 2021mb21412 2021mb21412@wilp.bits-pilani.ac.in

Anju Riju 2021mb21121 2021mb21121@wilp.bits-pilani.ac.in

Deepak H Nair 2021mb21120 2021mb21120@wilp.bits-pilani.ac.in

P. Sai Eshwari 2021MB21008 2021MB21008@wilp.bits-pilani.ac.in

Abhishek Yadav 2021mb21302 2021mb21302@wilp.bits-pilani.ac.in

WILP, BITS-PILANI
Note: All contents of this report should be original [recreated, handwritten or paraphrased]. Plagiarism
[copy paste, pictures] in any form is unacceptable and against academic ethics. Sources should be
quoted for information and data collected. Your submission will be subjected to plagiarism detecting
software’. Financial and Management Accounting Instructors: Dr. Krishna M
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

1 Executive Summary
“Financial Performance Analysis includes analysis & interpretation of financial
statements in such a way that it undertakes full diagnosis of the profitability &
financial soundness of the business.”
- An analysis of financial performance can be possible through
the use of one or
more tools / techniques of financial analysis:
* COMPARATIVE STATEMENT ANALYSIS
* COMMON-SIZE STATEMENT ANALYSIS
* TREND ANALYSIS
* RATIO ANALYSIS

A GLANCE OF THE PAINT INDUSTRY

One of the best model to analyze any industry is “PORTER’ S 5
FORCES MODEL”

UNDERSTANDING OF ORGANIZATION &ITS

BUSINESS
Started in the year 2000, Indigo Paints had a modest beginning. It started out with the manufacture of lower-end
Cement paints, and gradually expanded its range to cover most segments of water-based paints like Exterior
Emulsions, Interior Emulsions, Distempers, Primers, etc. From an early age, the Company spread its footprints
across the country, with the rapid expansion of its reach across India.

Today the Company stands out as one of the strongest contenders in the Indian paint industry, being rated as an
innovative paint manufacturer, which keeps coming out with unique products never offered in the country.

With changing time and trends, Indigo Paints revamped its identity showcasing a new wave of thinking by the
Company. A few years ago it clubbed all its multiple brands for different product categories into a single umbrella
brand “INDIGO”. A new logo for the brand and the Company was created, which accurately reflected the core
philosophy of the organization. The logo design was extended to all packaging design and other forms of corporate
communication.

It is the fifth largest decorative paint company in India.

With a turnover of 7.23 Billion, established a distribution network across 27 states and seven union territories,
Mahendra Singh Dhoni became the company’s brand ambassador. In 2014, Sequoia Capital first invested ₹55
crore in the firm and later in 2016, an additional ₹95 crore in 2016. In 2021, as a part of its IPO, the firm raised
₹348 crore from 25 anchor investors including the Government of Singapore, Fidelity, Gold man Sachs, Nomura,
HSBC, Pacific Horizon Investment Trust, SBI Mutual Fund, ICICI Prudential Mutual Fund and Axis Mutual Fund
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

2 Introduction to INDIGO PAINTS

a. History of company
History - Indigo Paints Limited is an Indian paint company that is headquartered in Pune, Maharashtra,
and has three manufacturing facilities that are located at Jodhpur, Kochi and Pudukkottai.
Founded in the year 2000, Indigo Paints is one of the fastest-growing paint companies in India. It is also
the fifth largest decorative paint manufacturer in India in revenue and fourth largest in terms of market
capitalization. 

i. Milestones:
2000 - Incorporation of the Company.
2001 - Commenced manufacturing of cement paints in Jharkhand and Rajasthan.
2007 - Moved to owned factory space in Rajasthan and continued to broaden product portfolio
to include water-based paints.
2010 - Expanded geographical footprint to 11 States in India.
2011 - Implemented SAP.
2013 - Undertook rebranding exercise and commenced advertising.
2015 - Secured Sequoia Capital investment of Rs. 50 Cr.
2016 -  Secured additional Sequoia Capital investment of Rs. 90 Cr Acquired Hi-Build Coatings
Private Limited, a Kerala based paint company.
2018 -  Intensified television advertising Expanded geographical footprint.
2019 - Appointed Mahendra Singh Dhoni as brand ambassador.
2021 - Launched Initial Public Offering (IPO) and listed on the Indian bourses, Shifted to new
and own Head Office at Indigo Tower in Pune

b. Vision, Mission, objectives of company

i. VISION:
INDIGO’s vision is to provide a meeting place for sharing knowledge and act as a
broad platform for international exchange relating to the representation of Indigenous culture in
design.

ii. MISSION:
INDIGO’s mission is to provide an open and inclusive space for reflection, discussion
and action regarding the contemporary interpretation an application of traditionally inspired
Indigenous design. To promote, encourage and facilitate relevance while respecting its historic and
aboriginal legacy. INDIGO’s vision is to provide an online forum for sharing ideas, information that
fosters discourse and understanding about the representation of Indigenous culture in design
practice.

iii. OBJECTIVES:
The objectives of the IPO as mentioned by the company in its prospectus are as follows-
1) For meeting the capital expenditure requirements for expansion of its manufacturing facility in
Pudukkottai, Tamil Nadu.
2) For meeting the expenses in relation with the purchase of tinting machines and gyroshakers.
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

3) For repaying certain or all borrowings made by the company.

4) For general corporate purposes
c. Organization structure
i. Basic Structure of Indigo Paints IPO
Another IPO which has lined up in this IPO festival is Indigo Paints IPO. This IPO is expected to hit the primary
markets in early 2021.
The company filed its draft papers in January 2020 and the Indigo Paints IPO size is about ₹1000 crores.
The Indigo paints IPO is of the book-building nature. This means the shares that are being offered are quoted with
a price band. The other kind of offering is called fixed price offering, and this is characterized by a fixed price for
the shares that are on offer.
There will be both a fresh issue segment and an offer for sale segment to the offering.
The fresh issue segment has been sized at ₹300 crores. It will include those shares which are being newly issued
by Indigo Paints. This amount has been earmarked to fund the expansion in the manufacturing facilities in Tamil
Nadu and the purchase of other required machinery.
A part of the proceeds from the fresh issue will also be used to repay some of the borrowings of the company.
About ₹25 crores will be utilized for this purpose.
The offer for sale segment has been sized at ₹700 crores. This includes those shares which are being sold by
existing shareholders. These shares are not being diluted by the company. In this case, the transaction is between
the existing shareholders and the new shareholders.
This table below summarizes the details about the Indigo Paints IPO. Details about the Indigo Paints IPO share
price, Indigo Paints date 2020, Indigo Paints IPO listing date and more have been included.

After the IPO, the Indigo Paints shares will be listed on both NSE and BSE.
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

d. Products and services offered

i. Products & Services: Wood Coating Paints, Metal Coating Paints, Under Coats Paint,
Interior Paints, Exterior Paints.
            Indigo’s products reflect this philosophy completely:

 India’s first Metallic paint, which gives a unique look to your walls.
 India’s first Floor Coat paint, which can withstand any vehicular traffic.
 Unique Ceiling Coat paint, for brighter and whiter ceilings.
 First-of-its-kind Tile Coat paint for roofs, which gives an excellent glossy look.

The products of Indigo Paints can be divided into four sub-categories.

1. Cement Paints and Putty
2. Emulsions
3. Enamels and Wood Coatings
4. Primers, Distempers and Others

ii. Other Products include

 Leak proof Emulsion

 Aluminum Paint
 Stone and Tile
 Roof Paint
 Knifing Paste Filler
 Primer Surface
 Universal Stainer’s

Revenue Share %

Primers, Ceramic Paints &

Distempers Putty
and
Others 15%
23%

Enamels & Wood

Coatings
18% Emulsions
44%
GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

e. Operational Model
Indigo Paints operates on a B2C business model.
The company has an extensive network of distributors and dealers stretching across the
country. It has a greater presence across the tier 3 and 4 cities, along with rural areas of
India.
As of 2020, Indigo Paints distribution network comprised over 11,230 active dealers.

f. Five Major Competitors

i. Asian Paint 
Asian paints one of the largest paints company and manufacturer also provide wide range
of painting. Asian paints are the market leader in the paint India industry because of their
sharp leadership in the decorative paint segments. It is ranked as one among the top ten
decorative coatings companies in the world today (No.1 In India). This is due to the strong
brand quality. Asian paints offer very vast variety of colors for our walls. Asian paints
manufacturing and exporting decorative paints, emulsion paints, protective coatings,
industrial paints, and automotive paints.

ii. Berger Paints

Berger paints is an iOS 9001 company and the country’s third largest paint manufacturer,
with its headquarters in Calcutta. Berger paints holds a distribution network comprising of
66 stock points across the country. The company offers quality colorful paints for their
costumers includes home owners, professional and industrial users, because of its quality
products the company attained instant recognition worldwide.

iii. Nerolac Paint

Nerolac paints is leading paints Color Company and manufacturer in India is offering a
wide range of wall paints. Nerolac Paints Company is in the second position of India paint
industry. They are leading with their industrial paint segments; it is also one among the top
ten coating companies of world. They offer us quality of colorful paints for our interiors,
exteriors, metal, and wood.

iv. Dulux Paints

Dulux paints or AkzoNobel India which was previously known as ici India, a leading
manufacturer of Indian paint industry. Dulux Paint Company offering us excellent color
paints for our interior and exterior. interior paints can use for painting walls and ceilings of
interior. They are also offering a vast variety of undercoats too like ici water-based cement
primer, wall putty etc. They help us to choose our best color for home according to our
budget.
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

3 Research Methodology

Research Design: Descriptive Study.

Research Period: Five years (2017-2021)
Data Collection: The details about the company has been collected by interaction with the
Group 44 team members as well as company's website, other information’s and sources as described in the
reference section. The data which is being used for this research is fully in secondary Natures. They have been
collected from:
o Annual Report of the company.
o Company website (mentioned in bibliography)
o Books & Journals.
o Internet websites (mentioned in bibliography)
Scope of the Study: This study is conducted on Indigo Paints Ltd.
o The topic selected is Analysis & Evaluation of Company's Financial Performance with the
help of Trend analysis, Common-size statement analysis, Comparative statement analysis & Ratio
analysis. Some findings & conclusions are also given.

BENEFITS OF THE STUDY:

o Interest of various related groups is affected by the financial performance of a firm. Therefore,
these groups analyze the financial performance of the firm. The type of analysis varies according
to the specific interest of the party involved.
o Trade creditors: interested in the liquidity of the firm (appraisal of firm ‘s liquidity)
o Bond holders: interested in the cash-flow ability of the firm (appraisal of firm ‘s capital structure,
the major sources and uses of funds, profitability over time, and projection of future profitability)
o Investors: interested in present and expected future earnings as well as stability of these earnings
(appraisal of firm ‘s profitability and financial condition)
o Management: interested in internal control, better financial condition and better performance
(appraisal of firm ‘s present financial condition, evaluation of opportunities in relation to this
current position, return on investment provided by various assets of the company, etc.)

a. Which financial ratios would you use for financial analysis of company? 
i. Liquidity, Solvency, Profitability, Efficiency
b. Selection of competitors [On what basis did you select the competitors?] 
i. Asian Paints, Berger Paints (based on the market cap and trailing twelve-month (TTM)
earnings per share (EPS) Growth, price strength)
c. Source of Data [Where did you get the financial data for company and
competitors?] 
i. Yahoo finance, Money Control, Dion Global Solutions Limited
https://www.moneycontrol.com/stocks/marketinfo/marketcap/bse/paints.html
ii. MoneyControl :
https://www.moneycontrol.com/india/stockpricequote/paints/indigopaints/IP08
iii. Yahoo Finance: https://finance.yahoo.com/quote/INDIGOPNTS.NS/key-
statistics?p=INDIGOPNTS.NS
iv. Indigo Paints IPO Details - Overview, Issue Dates, Price & Details (paytmmoney.com)
v. Indigo Paints - Wall Paints, PU Enamel, Wood Coatings
vi. Indigo Paints Ltd financial results and price chart - Screener
vii. Investopedia
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

4 Financial performance [use tables and graphs for better presentation]

a. Trend analysis of performance in last five years [year on year financial data]

Indigo Paints
TREND ANALYSIS OF INCOME STATEMENT (rs in cr)
Standalone Profit &
------------------- in Rs. Cr. -------------------
Loss account
17-Mar 18-Mar 19-Mar 20-Mar 21-Mar Remarks
INCOME
Total revenue increased Y-O-Y for the last
Total Revenue 290.31 414.26 537.25 626.41 726.92 5 years with an average/mean of 80%
which is excellent for any company
Total Expenses 307.89 410.68 503.23 558.98 629.01 Increased
Profit/Loss For The
-15.87 2.57 26.87 47.81 70.85
Increased
Period
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE Basic & Diluted
Basic EPS (Rs.) &
-11.1 1.47 15.22 27 31.1
Diluted EPS (Rs.) Increased

726.92
626.41 629.01
537.25 558.98
503.23
414.26
410.68
307.89
290.31

47.81 27 70.85
2.571.47 26.87
15.22 31.1

17-Mar -11.1 18-Mar 19-Mar 20-Mar 21-Mar

-15.87
Total Revenue Total Expenses
Profit/Loss For The Period Basic EPS (Rs.) & Diluted EPS (Rs.)
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

Indigo Paints
Standalone Balance Sheet ------------------- in Rs. Cr. -------------------
17-Mar 18-Mar 19-Mar 20-Mar 21-Mar
Total Capital And Liabilities 246.17 279.38 373.18 421.96 811.16
Total Assets 246.17 279.38 373.18 421.96 811.16

Indigo Paints Balance Sheet 2017-21

0.5 0.5 0.5 0.5 0.5

0.5 0.5 0.5 0.5 0.5

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

Total Capital And Liabilities Total Assets

b. Comparative analysis of performance with competitors [at least 2 competitors]

COMPARTIVE ANALYSIS OF INCOME STATEMENT (rs in cr)

Standalone Profit & Loss account
Indigo Asian Nerolac Indigo Asian Nerolac Indigo Asian Nerolac Remarks/Inferences
19-Mar 19-Mar 19-Mar 20-Mar 20-Mar 20-Mar 21-Mar 21-Mar 21-Mar
INCOME
Nerolac Revenue decreased by ~5% Y-O-Y
Indigo Revenue increased by ~14% Y-O-Y (with 14%
Total Revenue 537.25 16,676.59 5,235.50 626.41 17,551.63 4,970.03 726.92 18,883.18 4,728.71 increase Y-O-Y continues than Indigo will surpass) Nerolac
in 5 years and Asian in 10 years
Asian Revenue increased by ~5% Y-O-Y
Nerolac Expenses has been decreased by ~5% Y-O-Y
Total Expenses 503.23 13,506.34 4,522.09 558.98 14,105.40 4,286.43 629.01 14,792.80 4,003.38 Asian Expenses increased by ~5% Y-O-Y
Indigo Expenses increased by ~10% Y-O-Y
Nerolac - Increased
Profit/Loss For
26.87 2,132.17 467.35 47.81 2,653.95 535.40 70.85 3,052.51 530.99 Asian - Increased
The Period
Indigo - Increased
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE Basic & Diluted
Basic EPS (Rs.) &
7.61 22.23 8.67 13.50 27.67 9.94 15.55 31.82 9.85 Increased
Diluted EPS (Rs.)
GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

COMPARTIVE ANALYSIS OF INCOME STATEMENT (rs in cr)

18,883.18
17,551.63
16,676.59

14,792.80
14,105.40
13,506.34
21,000.00
18,000.00
15,000.00

5,235.50

4,970.03

4,728.71
12,000.00

4,522.09

4,286.43

4,003.38
3,052.51
2,653.95
2,132.17
9,000.00

726.92
626.41

629.01
558.98
537.25

535.40

530.99
503.23

467.35
6,000.00

70.85
47.81

27.67

15.55
26.87

22.23

13.50

31.82
8.67
7.61

9.94

9.85
3,000.00
-

Total Revenue Total Expenses

Profit/Loss For The Period Basic EPS (Rs.) & Diluted EPS (Rs.)

Comparitive Analysis of Standalone Balance Sheet (in Cr)

Indigo Asian Nerolac Indigo Asian Nerolac Indigo Asian Nerolac Remarks / Inferences

19-Mar 19-Mar 19-Mar 20-Mar 20-Mar 20-Mar 21-Mar 21-Mar 21-Mar

Total Capital
373.18 16278 4517 421.96 16154 4883 811.16 20369 5533 Increased Y-O-Y
And Liabilities
Total Assets 373.18 16278 4517 421.96 16154 4883 811.16 20369 5533 Increased Y-O-Y

Comparitive Analysis of Standalone Balance Sheet (rs in Cr)

25000

20369
20369
16278
16278

16154
16154

20000

15000

10000

5533
5533
4883
4883
4517
4517

811.16
811.16

5000
421.96
421.96
373.18
373.18

Total Capital And Liabilities Total Assets

 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

c. Ratio analysis of financial statements [Liquidity, Solvency, Profitability, Efficiency]

a. Liquidity Ratio:
i. Current Ratio = Current Assets / Current Liabilities
Year Value
201
7 1.25
201
8 1.17
201
9 1.12
202
0 1.14
202 ii. Quick Ratio = (Current Assets - Inventory)/ Current Liabilities
1 2.37
Year Value
201
7 0.86
201
8 0.84
201
9 0.75
202
0 0.73
202
1 1.96

b. Solvency Ratio = Net Income + Depreciation/(long term + short term liability)

Always good to have Solvency Ratio >20%

Year Solvency Ratio

201
7 -1 i. D/E Ratio
201
8Year Value
12
201202
9 1 021
202202
0 0 0.25 30
202201
1 9 0.47 38
201
8 0.32
201
7 0.35
GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

ii. Interest Coverage Ratio - PBDIT / Interest Expense

Year Value
201
7 -0.29
201
8 5.89
201
9 10.4
202
0 14.82
202
1 17.43

c. Profitability Ratios
i. Net Profit Margin
GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

201
Year 2021 2020 2019 8 2017
Net Profit Margin 9.79 7.65 5.01 0.62 -5.48
(%)

Net Profit Margin (%)

Net Profit Margin (%)
12
10
9.79
8
6 7.65
4 5.01
2
0 0.62
2021 2020 2019 2018 2017
-2
-4 -5.48
-6
-8

ii. Return on Assets

202 201
Year 1 2020 2019 8 2017
Return on Assets (%) 8.73 11.33 7.2 0.91 -6.44

Return on Assets (%)

Return on Assets (%)
15

10 11.33
8.73
7.2
5

0 0.91
2021 2020 2019 2018 2017

-5 -6.44

-10

d. Efficiency Ratio
i. Asset Turnover Ratio
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

Year 2021 2020 2019 2018 2017

Asset Turnover Ratio 89.17 148.06 143.5 148.11 117.48
(%) 2

Asset Turnover Ratio (%)

160 148.06 148.11
143.52
140
117.48
120
100 89.17
80
60
40
20
0
2021 2020 2019 2018 2017

Asset Turnover Ratio (%)

ii. Inventory Turnover Ratio

202 201 201

Year 1 2020 9 8 2017
Inventory Turnover Ratio 7.64 8.14 7.73 8.15 6.08
(X)

Inventory Turnover Ratio (X)

9
8.14 8.15
8 7.64 7.73

7
6.08
6
5
4
3
2
1
0
2021 2020 2019 2018 2017

Inventory Turnover Ratio (X)

d. Comparative ratio analysis of with competitors [at least 2 competitors]

GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

Liquidity Ratios
Current Ratio
Year Indigo Asian Nerolac Remarks
2019 1.12 1.47 2.44
Indigo increased
2020 1.14 1.73 2.71 Asian increased
2021 2.37 2.03 2.56 Nerolac decreased
Quick ratio
Year Indigo Asian Nerolac Remarks
2019 0.75 0.86 1.27
Indigo increased
2020 0.73 0.96 1.61 Asian increased
2021 1.96 1.39 1.6 Nerolac no change

Current Ratio Quick Ratio

2.71 2.56
2.37 2.44 1.96
2.03 1.61 1.6
1.73 1.39
1.47 1.27
1.12 1.14
0.75 0.73 0.86 0.96

Indigo Asian Nerolac Indigo Asian Nerolac

2019 2020 2021 2019 2020 2021

Solvency Ratio
D/E Ratio
Year Indigo Asian Nerolac Remarks
2019 0.47 0.07 0.03 it should not be above a level of 2.0 and
2020 0.32 0.03 0.05 here Indigo is nearing 0.5 indicating
2021 0.35 increase in debts
0.03 0.04
Interest Coverage Ratio
Year Indigo Asian Nerolac Remarks
2019 10.4 32.07 70.89
Indigo increased
2020 14.82 36.02 32.9 Asian increased
2021 17.43 47.66 31.01 Nerolac Decreased
GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

D/E Ratio Interest Coverage Ratio

0.47
70.89

0.35
0.32 47.66

32.07
36.02 32.931.01

0.07 14.8217.43
10.4
0.03 0.03 0.03 0.05 0.04

Indigo Asian Nerolac Indigo Asian Nerolac

2019 2020 2021 2019 2020 2021

Profitability Ratios
Net Profit Margin
Year Indigo Asian Nerolac Remarks
2019 5.01 11.26 8.25
Indigo increased more
2020 7.65 13.47 9.76 Asian increased
2021 9.79 14.63 10.36 Nerolac Decreased
Return on Assets
Year Indigo Asian Nerolac Remarks
2019 7.2 13.24 10.02
2020 11.33 16.74 10.66 Reduced for all due to the COVID situation
2021 8.73 15.41 9.57

Net Profit Margin Return on Asset Ratio

14.63 16.74
13.47 15.41
11.26 13.24
9.79 9.76 10.36 11.33
8.25 10.0210.669.57
7.65 8.73
7.2
5.01

Indigo Asian Nerolac Indigo Asian Nerolac

2019 2020 2021 2019 2020 2021

 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

Efficiency Ratio
Asset Turnover Ratio
Year Indigo Asian Nerolac Remarks
2019 143.52 118.19 120.06
2020 148.06 125.11 108.11 Reduced for all due to the COVID situation
2021 89.17 106.59 91.7
Inventory Turnover Ratio
Year Indigo Asian Nerolac Remarks
2019 7.73 6.11 4.88
2020 8.14 5.96 5.24 Reduced for all due to the COVID situation
2021 7.64 5.72 4.24

Asset Turnover Ratio Inventory Turnover Ratio

143.52148.06 7.73 8.14 7.64
118.19125.11 120.06
106.59 108.11 6.11 5.96 5.72
89.17 91.7 4.88 5.24
4.24

Indigo Asian Nerolac Indigo Asian Nerolac

2019 2020 2021 2019 2020 2021

5 SWOT Analysis of XYZ [2-3 pages]

a. Strengths, weaknesses, opportunities and threats [from financial performance view point]
5. Conclusion [1 pages]
a. You comments on overall financial position of XYZ ltd vis a vis its competitors. Point to areas of concern
and areas of good performance. Suggest measures for improving financial ratios in future.

Annexures [In table format, no pictures] [5 pages]

A. Balance Sheet and Income Statements of company
B. Balance Sheet and Income Statements of Competitors
 GROUP 44 Financial Analysis of INDIGO PAINTS - Assignment - 1

References [1-2 pages]

List various online and offline sources you referred to. This may include various websites, databases, reports,
books, articles, etc.