SUMMER TRAINING PROJECT REPORT

ON
“FINANCIAL MODELLING AND VALUATION AT INTRAINZ”

SUBMITTED IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR

THE MASTER’S DEGREE IN BUSINESS ADMINISTRATION

SUBMITTED TO:

INTERNAL GUIDE EXTERNAL GUIDE

Dr. Sheena Rehman Mr. Sachin Rathod

Assistant professor HR Manger
IMS UNISON UNIVERSITY Intrainz Private Ltd
Dehradun Bengaluru

SUBMITTED BY:
Roll no - IUU23MBA041
Student ID - IUUSTU8666

IMS UNISON UNIVERSITY, DEHRADUN

BATCH 2023-25

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Company Certificate

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 INTERNAL GUIDE CERTIFICATE

I have the pleasure in certifying that ASHISH TIWARI is a bonafide student of 3rd Semester of
the ’s Degree (Batch 2023-25), of IMS Unison University, Dehradun, Roll No. IUU23MBA041

He/ She has completed his/her project work entitled “FINANCIAL MODELLING AND
VALUATION AT INTRAINZ PRIVATE LIMITED” my guidance.

I certify that this is his/her original effort & has not been copied from any other source. This project has
also not been submitted in any other Institute / University for the purpose of award of any Degree.

This project fulfils the requirement of the curriculum prescribed by this Institute for the said course. I
recommend this project work for evaluation & consideration for the award of Degree to the student.

Signature : ……………………………………
Name of the Guide : Dr. Sheena Rehman
Designation : Assistant Professor, School of Management
Date : ……………………………………

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 DECLARATION

I, ASHISH TIWARI declare that the work embodied in this project work hereby, titled

“Financial Modelling and valuation”, completed at INTRAINZ Pvt ltd, forms my own

contribution to the research work carried out under the guidance of Dr. SHEENA REHMAN is

a result of my own research work and has not been previously submitted to any other University

for any other Degree/ Diploma to this or any other University.

I, here by further declare that all information of this document has been obtained and presented

in accordance with academic rules and ethical conduct.

Thank you,

ASHISH TIWARI

(IUU22MBA041)

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 ACKNOWLEDGEMENT

Preparing a project of this nature is an arduous task and I was fortunate enough to get support from many

people to whom I shall always remain grateful.

I would like to express my special thanks of gratitude to my external guide Mr. Sachin Rathod at,

Intrainz, for his valuable guidance and encouragement during the entire training period. I am thankful to

IMS Unison University Dehradun for giving me this opportunity and my internal Guide Dr. Sheena

Rahman, Assistant Professor for her aspiring guidance in different matter regarding the topic, valuable

moral support, constructive criticism, and friendly advice during the internship. I am grateful to them for

sharing their truthful and illuminating views on number of issues related to project.

At last, I would like to extend my deep gratitude towards my family and all of my friends for their

Cooperation, Inspiration, Guidance and support during all stages of the preparation of this report and help

me to ride over the difficulties I had during my project work.

Thank You

ASHISH TIWARI

IUU23MBA041

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 EXECUTIVE SUMMARY

Intrainz is an ed-tech company established in 2022 by Batchu Rohith and Vishnu P. Nair, aimed

at bridging the gap between traditional education and industry demands in the rapidly evolving

tech landscape. The company offers specialized industrial training and internships in cutting-

edge fields such as Artificial Intelligence, Data Science, Machine Learning, Cloud Computing,

and Cybersecurity, with a strong emphasis on hands-on learning and real-world applications.

Intrainz's two-month training program is structured to first build foundational knowledge before

progressing to industry-grade projects, mentored by experts. This model ensures that students not

only gain theoretical insights but also the practical skills needed for the modern workforce. By

September 2023, the company had expanded to three offices and employed 110 staff members,

reflecting its growth and success in a competitive ed-tech sector.

With a vision to empower students, especially in India, Intrainz is committed to equipping

individuals with the skills necessary to excel in the global job market, thereby addressing the

challenges posed by automation and a shifting economy

TABLE OF CONTENT

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 S. no. Content Page no.

1. Company Certificate 2

2. Internal guide certificate 3

3. Declaration 4

4. Acknowledgement 5

5. Executive Summary 6

6. Table of Content 7

7. Introduction

7.1 Industry Introduction 8-26

7.3 Company profiling 34-35

8. Research Methodology

8.1 Research Objective 36-38

9. Data Analysis and Interpretation 39-48

10. Conclusion 49-50

11. Bibliography 51

12. Annexure (Questionnaire) 52-59

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 INTRODUCTION

Over the years, INTRAINZ INNOVATION has

become a valued partner for millions of customers
across India thanks to its focus on the customer
and its creative financial solutions.

It is important to do a financial study of

INTRAINZ INNOVATION to understand how well it is running and how healthy its finances
are. This kind of research shows how well the business can make money, keep costs down, and
keep growing in a competitive market. It is useful for investors, analysts, and management
because it gives them the information, they need to make smart choices about how to work with
the business. The goals of this financial analysis are to look at the company's present financial
situation, go over its past financial performance, and find places where it could grow and
improve.

Financial analysis is a methodical way to check if a business, project, or investment will work,
be stable, and make money. By analyzing financial records, comparing ratios, and looking at
trends, financial analysts are able to make smart choices that affect business operations and
investment plans. This broad field includes many different methods and tools that give important
information about the health of finances and the performance of operations to all parties. It's
impossible to stress how important financial analysis is in today's fast-paced and competitive
business world. It's the basis for good money management and investment choices.

The main goal of financial analysis is to give people who have an interest in an organization a
clear picture of its long-term financial health. This knowledge is very important for many people,
like managers, investors, creditors, and regulators. For managers, financial analysis helps with
strategic planning and working efficiency. It also helps them make smart choices about how to
allocate resources and control costs. Investors use financial analysis to figure out what the risks

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and possible profits of an investment are. This helps them make smart investment decisions. In
the same way, creditors use financial analysis to figure out how creditworthy a business is,
making sure that their lending choices are based on thorough risk assessments.

The income statement, balance sheet, and cash flow statement are the financial statements that
are at the heart of financial research. These papers have a lot of information about how well a
business is doing financially, how liquid it is, and its general health. Financial analysts can find
out what a company's strengths and flaws are by using ratio analysis to create key performance
indicators. Liquidity ratios, like the current and quick ratios, show how well a business can meet
its short-term obligations. On the other hand, profitability ratios, like return on equity (ROE) and
net profit margin, show how well management is doing at making profits compared to sales and
equity. Like the debt-to-equity ratio, the solvency ratio helps people understand how financially
stable an organization will be in the long run.

There are two main types of methods used for financial analysis: qualitative and quantitative.
Qualitative analysis looks at things that aren't numbers, like the quality of management, the state
of the business, and economic factors. Quantitative analysis, on the other hand, uses numbers and
statistics to figure out what financial records mean. Adding technology has changed financial
analysis by giving analysts access to more advanced tools and software for modelling,
predicting, and analyzing data. Advanced data analytics, machine learning, and artificial
intelligence are quickly becoming important parts of making financial research more accurate
and efficient.

Aside from investors and management, creditors, regulators, and even workers are also involved
in financial analysis. Each group has different needs and interests when it comes to financial
knowledge. For example, creditors want to know that the debtor will be able to pay back the
loan, and officials make sure that financial reporting rules and standards are followed. Financial
research can also help employees because it can affect the stability of the company, job security,
and chances for growth.

But there are some problems that come up with financial research. Analysts face big problems
with financial statements because they have flaws like past bias and the chance of being
manipulated. Also, because analyzing financial data is subjective, different analysts may come to

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different opinions. External factors, such as the economy, market instability, and changes in
regulations, can also affect how well financial analysis works.

It looks like the future of financial research will be bright, with new trends set to change the way
things are done. Putting together advanced analytics, AI, and machine learning opens up new
ways to make financial research more accurate and in-depth. The job of financial analysts will
change as businesses have to deal with more complicated situations. They will need to be better
at analyzing data and using technology.

In conclusion, financial analysis is an important tool that helps people make smart choices in a
business world that is always changing. Organizations can set themselves up for growth and
sustainability by knowing the ins and outs of financial performance. This, in turn, helps the
economy as a whole.

History and Changes

INTRAINZ INNOVATION has been a major player in the Indian financial services industry
since its founding in 1974. It is part of the bigger Shriram Group. When the company was
started, its main goal was to help the transport industry, which wasn't getting enough financial
help at the time. INTRAINZ INNOVATION has changed its business plan over the years to keep
up with how the Indian economy has changed. At first, the company focused on financing
commercial vehicles. But it saw growth possibilities in other areas and started to offer a wider
range of services. This change in strategy set the stage for the company's current wide range of
financial goods, such as personal loans, financing for two-wheelers, and small business loans.

Important Business Groups

Today, INTRAINZ INNOVATION mostly works as a non-banking financial company (NBFC),

which is a key part of giving people and businesses loans. Vehicle financing, which includes
loans for commercial cars and two-wheelers, and personal loans, which meet the needs of a wide
range of customers, are the company's main business areas. In addition, INTRAINZ
INNOVATION helps small and medium-sized businesses (SMEs) get the money they need to
grow and expand by providing financial options. With a wide range of financial products,

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INTRAINZ INNOVATION has positioned itself as a complete financial service provider that
can meet the wants of all of its clients.

Position in the market and the landscape of competitors

INTRAINZ INNOVATION has made a strong name for itself in the Indian financial services
market. Its focus on the customer sets it apart from standard banks and other financial
institutions. The company has built a loyal customer base through its many branches and focus
on personal connections. This is especially true in rural and semi-urban areas where formal credit
is often hard to get. Traditional banks, other non-banking financial companies (NBFCs), and
lending institutions are some of the companies that INTRAINZ INNOVATION competes with.
The unique thing about this business is that it can offer customized financial solutions that meet
the exact needs of its customers, along with flexible payment options and a quick loan process.

Growth and Hopes for the Future

INTRAINZ INNOVATION is well-positioned to take advantage of India's growing need for

banking services as it continues to grow its business. With the country's economy growing, more
people learning about money, and the government's push for financial inclusion, the company
has a lot of chances to make money. INTRAINZ INNOVATION dedication to using technology
and digital solutions is also likely to make its business run more smoothly and reach more
customers. In the competitive Indian financial sector, INTRAINZ INNOVATION wants to
increase its market position and ensure long-term growth by using new ways to lend money and
improve the quality of its services.

from a company that financed cars to a full-service financial services provider shows how
flexible and forward-thinking it is. INTRAINZ INNOVATION is ready to take on the challenges
and take advantage of the possibilities that the changing financial landscape in India brings. They
have a strong foundation, a wide range of products, and a dedication to customer service.

When the Shriram Group was started in 1974, its main goal was to provide banking services to
the transport sector. This is where INTRAINZ INNOVATION got its start. The business has
grown over the years and now provides many different financial goods and services, such as
loans, insurance, and investment services. INTRAINZ INNOVATION is now a major player in

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the non-banking financial company (NBFC) market, offering strong services in car loans,
personal loans, and small business loans.

The company has a strong position in the market thanks to its dedication to meeting the needs of
small and medium-sized businesses (SMEs) and individual customers. ELEV8 LIVING is
different from traditional banks and lending institutions because its business plan is based on
personalized service and flexibility. With its many branches and digital efforts, the company has
been able to reach a wide range of customers, making it easier for people in both cities and rural
areas to get banking services.

INTRAINZ INNOVATION fights with other NBFCs, banks, and microfinance institutions for
market share. To figure out how well ELEV8 LIVING is doing financially and how much it
could grow, you need to know about its competitors and what makes it special.

Financial Statements

It is important to look at INTRAINZ INNOVATION financial records in order to fully

understand its financial health. The income statement shows how much money the company
makes and how profitable it is. It shows how much money the company makes from its different
financial goods, how much it spends on interest, and its net income over a certain time period.
When you look closely at the balance sheet, you can see the company's assets, debts, and stock
structure, which shows how stable and reliant its finances are.

The cash flow statement is just as important because it shows how much cash the business makes
and spends on things like operations, investments, and debt. This study will help figure out how
liquid the company is and whether it can meet its short-term obligations while also funding
growth plans. By breaking down these financial records, we can get a better idea of how well
ELEV8 LIVING is doing financially and running its business.

Financial records are very important because they show how a company's finances were doing
and how well it did over a certain time period. These statements are very important for Shriram
Finance, both for making decisions within the company and for investors, regulators, and
financial experts outside the company. The balance sheet, income statement, and cash flow

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statement are the three main financial statements. Each one helps you figure out how profitable,
flexible, and efficient the business is.

Analysis of the Balance Sheet

The INTRAINZ INNOVATION balance sheet shows in detail what the company owns, what it
owes, and how much stock its shareholders have at a certain point in time. It is one of the most
important ways to tell if an organization is financially stable and has a good capital structure.
There are two types of assets: current and non-current. Current assets include cash and cash
equivalents, debts, and inventory. Non-current assets include fixed assets and investments.
INTRAINZ INNOVATION lists both short-term and long-term debts, such as loans, borrowings,
and other financial responsibilities, on the liabilities side. By looking at the balance sheet,
stakeholders can figure out how much debt the business has, how much cash it has on hand, and
its overall financial health.

Income Statement

The income statement, which is also called the profit and loss statement, shows how much
money ELEV8 LIVING made, how much it spent, and how profitable the business was over a
certain time period, usually a quarter or a year. The income statement shows how much money
different financial goods bring in, like interest from loans and fees from services. It also lists
important costs like interest, running costs, and provisions for bad debts. Stakeholders can figure
out how efficient the business is, how much profit it makes, and how well the management is
controlling costs compared to sales by looking at the income statement. The net income or loss
shown at the bottom line is a very important sign of how well the business is doing overall.

Signs of Financial Health

Different financial ratios can be used to properly analyze statements. The current ratio and quick
ratio show how liquid a company is. The debt-to-equity ratio shows how much debt the company
has compared to its equity. And return on equity (ROE) shows how profitable the company is
compared to its owners' equity. These ratios show how well the business is running, how risky it
is, and how healthy its finances are generally. A trend study that looks at more than one reporting

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period can help you understand even more by showing patterns in how the business is doing
financially and possible weak or strong spots.

The INTRAINZ INNOVATION financial statements give a full picture of the company's
financial health and success. Stakeholders can make smart choices about investments,
management, and strategy planning by looking at the balance sheet, income statement, and cash
flow statement. It is important to understand these financial statements in order to judge
INTRAINZ INNOVATION ability to handle the changing financial environment while still
growing and making money.

Analysis of Financial Ratios

A thorough analysis of financial ratios gives a number value to INTRAINZ INNOVATION

financial success. Profitability ratios, like Net Profit Margin and Return on stock (ROE), show
how well a business makes money compared to its sales and stock. The Current Ratio and the
Quick Ratio are two liquidity ratios that show how well a business can meet its short-term debts
with its short-term assets.

Solvency measures, such as the Debt-to-Equity Ratio and the Interest Coverage Ratio, will also
show how much debt the company has and how well it can pay its long-term debts. Efficiency
measures, like Asset Turnover and Inventory Turnover, will show how well INTRAINZ
INNOVATION makes money from its assets. By looking at these numbers, we can learn
important things about Shriram Finance's financial health and how well its operations are
running.

Financial Ratios

Financial ratios are important signs of a business's success and financial health because they
show how different parts of its business work. A full financial ratio study helps everyone
involved with Shriram Finance understand how profitable, liquid, efficient, and solvent the
company is. Investors and managers can make smart choices and find places to improve by
looking at these ratios over time and in comparison, to industry standards.

Ratios of Profitability

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Profitability ratios are important for figuring out how well a business can make money compared
to its assets, liabilities, and ownership. Return on Equity (ROE), Return on Assets (ROA), and
Net Profit Margin are some of the most important profitability measures. The return on equity
(ROE) shows how well management is at making the most of owners' money to make the
business profitable. A higher ROE means that the business is doing well and is being managed
well. The return on assets (ROA) shows how well INTRAINZ INNOVATION uses its assets to
make money. A higher ROA means that the company is better using its assets, which means that
it is turning its investments into profitable profits. When you split net income by total revenue,
you get the net profit margin, which shows how much of the revenue turns into profit. A bigger
net profit margin means that costs are being managed better and operations are running more
smoothly, which is important for staying profitable in a competitive market.

Rates of Liquidity

INTRAINZ INNOVATION G's ability to meet short-term demands is shown by its liquidity
ratios, which also show how well it manages its cash flow. The Current Ratio and the Quick
Ratio are the two most important liquidity measures to look at. When you split current assets by
current liabilities, you get the current ratio. This number tells you if a company has enough short-
term assets to cover its short-term debts. If the current ratio is above 1, it means that INTRAINZ
INNOVATION is likely to be able to meet its commitments. While the quick ratio, which doesn't
count goods as current assets, gives a more accurate picture of liquidity. This number is
especially important for financial companies like Shriram Finance that need to get cash quickly
to keep their business running smoothly. A higher quick ratio means that the company is better
managing its cash flow, which means it can handle unexpected financial problems.

Ratios of efficiency

Efficiency numbers show how well INTRAINZ INNOVATION uses its assets and debts to make
sales and make as much money as possible. The Asset Turnover Ratio is one of the most
important measures of efficiency. It is found by dividing total income by average total assets.
This number shows how well the business is making money by using its assets. A higher asset
turnover ratio means that assets are being used effectively, which is important for the financial
services business to stay competitive. Shriram Finance also cares about the Loan to Deposit

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Ratio (LDR), which shows what percentage of savings are used to pay for loans. An ideal LDR
shows a good mix between lending money and keeping cash on hand. It shows that the company
can use customer deposits to grow while also making sure there is enough cash on hand to meet
withdrawal requests.

Ratios of Solvency

Solvency ratios show how stable INTRAINZ INNOVATION finances are over the long run and
how well it can meet its long-term obligations. In this case, the Debt-to-Equity Ratio is very
important because it shows how much debt is being used to support the company's assets
compared to shareholders' equity. A lower debt-to-equity ratio means that the financing
arrangement is more conservative, which investors and creditors may like. This ratio helps you
figure out how much debt and danger a company has and how its capital structure works. The
Interest Coverage Ratio also shows how well a company can pay the interest on its debt. It is
found by dividing earnings before interest and taxes (EBIT) by interest costs. If the interest
coverage ratio is high, it means that INTRAINZ INNOVATION can easily meet its interest
payments. This lowers the risk of default and makes the company's finances more stable.

A study of INTRAINZ INNOVATION's financial ratios can tell you a lot about the company's
operational efficiency, profitability, liquidity, and solvency. Stakeholders can get a better idea of
the company's financial health and find ways to make it better by looking at these numbers. A
complete look at financial ratios not only helps in figuring out where you stand but also in
predicting how you will do in the future. This helps with making smart decisions and building
trust among investors and other stakeholders. As the financial world changes, it will be important
to keep an eye on and analyze these numbers on a regular basis to stay ahead of the competition
and ensure long-term growth.

Analysis of Revenue

To judge INTRAINZ INNOVATION's financial success, it's important to know how it makes
money. The company can reach a wide range of customers because it offers personal loans,
financing for two-wheelers and commercial cars. By looking at past revenue growth trends, you

16
can see how responsive the company is to the market and how well it can change to changing
customer needs.

Comparing INTRAINZ INNOVATION's income growth to standards in the same industry will
also help you figure out where it stands in the market and how much of it there is. This part will
talk about things that affect making money, like how to get new customers, changes in interest
rates, and the state of the economy as a whole.

How to Start with Revenue Analysis

Revenue analysis is an important part of financial analysis because it shows how well a company
can make money from its main activities. Shriram Finance needs to know about revenue streams
in order to measure its financial success and long-term viability. This study looks at the sources
of income, growth trends, and the things that affect how much money is made. Because the
company offers a wide range of financial services, it is important to break down each segment to
see how it contributes to the company's total revenue.

Ways to Make Money

Intrainz Innovation makes money from different financial goods and services, mostly from
interest, fees, and commissions. Interest income from loans given to customers, such as personal
loans, car loans, and loans to small and medium-sized businesses (SMEs), is the main source of
income. Focusing on the transportation industry, especially commercial vehicle financing, has
generally brought in a lot of money for the company. In addition, INTRAINZ INNOVATION
makes money through service fees, handling fees, and other financial services, which adds to its
income. This spread-out method lowers the risks that come with relying on a single source of
income and helps the business get a bigger share of the market.

Trends in Growth

Looking at the patterns of income growth over the past few years shows that ELEV8 LIVING is
strong and flexible in a market that is very competitive. The company has consistently reported
year-over-year revenue growth. This is due to strategic efforts like adding more products and
better reaching customers through a large branch network. India's middle class has grown and

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people have become better at managing their money. This has led to more people wanting
personal and auto loans, which has increased income even more. The company's focus on using
technology for digital lending has also streamlined processes and made the customer experience
better, which has helped the company make more money.

How the Market Works

INTRAINZ INNOVATION ability to make money is affected by a number of market factors.

The economy as a whole, including GDP growth, interest rates, and how people spend their
money, has a big impact on the market for financial products. In times of economic growth, for
example, people and businesses tend to spend more because they want to invest in assets. This
means that more loans are given out and interest income goes up. On the other hand, when the
economy is bad, lending can slow down and repayment rates can change, which hurts income.
Regulatory changes in the financial services sector can also affect operational costs and income
streams. Because of this, INTRAINZ INNOVATION needs to keep up with policy changes and
adapt its strategies as needed.

The Competitive Scene

There are many companies that compete with INTRAINZ INNOVATION. These include banks,
other non-banking financial companies (NBFCs), and lending institutions. This battle changes
how prices are set and how much money is made. To keep its market place, INTRAINZ
INNOVATION has focused on the customer, attracting and keeping customers with personalized
services and low interest rates. The company has an image for being reliable and trustworthy that
has been built up over many years. This gives it an even bigger edge over its competitors and
helps it keep customers coming back, which leads to steady revenue growth.

Possible Future Income

Looking ahead, INTRAINZ INNOVATION is ready to take advantage of new business

possibilities in the financial services industry. More attention is being paid to financial inclusion,
and the government is pushing for programs like Digital India. This means that more people will
want easy-to-use and cheap financial goods. As the company continues to improve its digital
skills and expand its product line, it will probably find new ways to make money and enter

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markets that it hasn't been able to reach before. As the Indian economy changes, INTRAINZ
INNOVATION can also look into partnerships and alliances to improve its ability to provide
services and make money.

Revenue analysis is a key part of knowing how ELEV8 LIVING is doing financially and how it
plans to grow. Stakeholders can learn a lot about how well the business is running by breaking
down income streams, looking at growth trends, and thinking about how the market works and
how much competition there is. Because INTRAINZ INNOVATION is always changing with
the times and adding new services, it will be able to make even more money in the future, which
will ensure its long-term success and profits. In the coming years, it will be important to keep an
eye on how much money is coming in on a regular basis so that smart decisions can be made and
plans can be made.

Cost Structure

To fully understand how well ELEV8 LIVING works, you need to look at its cost structure in
detail. This part will explain the difference between set and variable costs and show how the
business handles its costs. We will look at operating costs, such as office fees, marketing costs,
and allowances for bad debts, to see how they affect profits.

Checking how well INTRAINZ INNOVATION's cost-cutting methods work will show how long
the company can stay in business and how well it can handle a competitive market. By
understanding how costs are structured, stakeholders will also be able to find places where
efficiency could be improved.

Cost Structure Analysis

A key part of financial management is cost structure analysis, which looks at all the different
costs a business has to run. Understanding Shriram Finance's cost structure is important for
figuring out how profitable, efficient, and long-lasting the business is. Cost structures usually
include both set and variable costs, which can have a big effect on how well a business does
financially. By looking at these prices, INTRAINZ INNOVATION can find ways to make things
better, make the best use of resources, and increase profits.

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Parts of the Cost Structure

There are a few main parts to INTRAINZ INNOVATION's cost structure. These are interest
costs, running costs, and provisions for bad debts. Since the company borrows money to pay for
its lending operations, interest costs make up a big part of the total costs. The current interest
rates and the capital arrangement of the company affect these costs. The costs of running a
business, like rent, utilities, pay and wages, and marketing costs, are all part of operating
expenses. For businesses to stay profitable, they need to keep track of these running costs well.
Provisions for bad debts, which are used to plan for possible loan defaults, are also very
important for controlling credit risk and keeping the business's finances stable.

Costs that don't change

To understand ELEV8 LIVING cost structure, you need to know the difference between set and
variable costs. Fixed costs are things like pay, rent, and administrative costs that don't change
based on how busy the business is. These costs stay the same no matter how many loans are
given out or how many customers are treated. Variable costs, on the other hand, change based on
how much business is done. Examples of these are transaction handling fees and commissions
paid to agents. When there are more set costs, operational leverage can happen. This means that
as revenue goes up, fixed costs stay the same, which increases profitability. However, this is also
a risk during economic downturns when sales may go down, which is why INTRAINZ
INNOVATION needs to keep its costs stable.

Effects of Money Matters

Shriram Finance's cost structure is affected by the economy in a big way. Changes in interest
rates can have a direct effect on interest costs, since higher borrowing costs cut into net interest
income and profits. Inflation can also make operating costs go up, which can hurt total financial
performance. The business needs to plan how to deal with these economic factors by finding the
best ways to get money and cutting costs. INTRAINZ INNOVATION can lower its risks and
make its finances stronger by keeping a close eye on economic signs and making changes to its
cost structure as needed.

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Ways to Keep Costs Down

INTRAINZ INNOVATION uses a variety of cost-cutting strategies to stay profitable and

competitive. This includes making operations more efficient by using technology and robotics,
which can cut down on the cost of labour and make things run more smoothly. The business also
uses regular budgeting and performance reviews to find places where costs can be cut without
lowering the level of service. By carefully reviewing credit reports and managing loan portfolios
well, provisions for bad debts can be kept to a minimum, which has a positive effect on the cost
structure. INTRAINZ INNOVATION can improve its bottom line and financial security by
taking a proactive approach to managing costs.

Thoughts for the Future

Understanding and improving INTRAINZ INNOVATION's cost structure will be very important
for its future success as it deals with the changing financial situation. There are both
opportunities and challenges for cost management in the financial services field as digital
transformation becomes more important. The company can improve operational performance
and cut costs over time by putting money into technology and new ideas. As market competition
heats up, INTRAINZ INNOVATION must also stay alert to keep costs low while providing
excellent customer service to keep its competitive edge.

To understand INTRAINZ INNOVATION financial performance and strategic plan, you need to
do a full cost structure analysis. Stakeholders can learn a lot about how efficiently the company
runs by looking at its cost structure, telling the difference between set and variable costs, and
thinking about how economic factors affect it. Cost control measures that work will be very
important for keeping profits high and making sure the business stays financially stable in the
long run. As INTRAINZ INNOVATION continues to change with the times and invest in new
technology, it will be very important for its future success in the financial services industry to be
able to keep costs low.

21
A look at the market and the economy

The overall market and economy have a big effect on INTRAINZ INNOVATION financial
success. This part will give you an overview of India's financial services business, including its
current trends, problems, and chances.

Things like GDP growth, inflation rates, and interest rates have a big impact on how much
people want to buy financial goods. To properly evaluate the risks and benefits of ELEV8
LIVING activities, it is also important to know about the regulatory environment, which includes
government policies and compliance requirements.

Markets and the Economy

It is important to look at markets and economies in order to understand the outside world in
which INTRAINZ INNOVATION works. This study looks at market trends, competitive
dynamics, and wider economic indicators that affect the financial services sector in a thorough
way. Because the financial world is so complicated and changes so quickly, INTRAINZ
INNOVATION needs to carefully look at these factors in order to make smart decisions, find
growth chances, and lower possible risks.

Financial Market

India's financial services market has changed a lot in the past few years, thanks to things like
more people having access to money, going digital, and changes to the rules. Due to its place as a
major non-banking financial company (NBFC), Shriram Finance stands to gain from these
developments. More people are buying financial products because they can afford them and
because people's habits are changing. This is especially true in rural and semi-urban places. This
change in the population gives INTRAINZ INNOVATION a chance to get more customers and a
bigger share of the market by customizing its financial solutions to meet the wants of different
groups.

The Competitive Scene

22
There are a mix of standard banks, other NBFCs, and fintech companies that compete with
INTRAINZ INNOVATION. Every one of these groups brings its own problems and chances.
Traditional banks have a lot of branches and a lot of established customers. NBFCs, on the other
hand, often offer more flexible loan choices and faster approval processes. Fintech businesses
have become major competitors in recent years. They use technology to create new financial
products and services. To stay ahead of the competition, INTRAINZ INNOVATION has to keep
changing with the times by focusing on making the customer experience better and using
technology to run its business more efficiently.

Indicators of the economy

Broader economic factors have a big impact on how well Shriram Finance does financially.
Gross Domestic Product (GDP) growth, inflation rates, interest rates, and the number of jobs
available are all important factors. A rising GDP usually means that people are borrowing and
spending more, which increases the need for banking services. In contrast, high inflation can
make it harder to buy things and pay back debts, which can increase the number of people who
don't pay their loans. Changing interest rates also change how much it costs to borrow money
and, as a result, the company's interest income. By keeping a close eye on these economic
factors, INTRAINZ INNOVATION can change its strategies to fit the current state of the
economy. This helps the company keep growing and making money.

Environment of Regulation

The rules and regulations in India have a big effect on how Shriram Finance works. Regulatory
bodies, like the Reserve Bank of India (RBI), set rules for how loans are made, how much cash is
needed, and how risk is managed. Following these rules is very important for keeping operations
honest and earning customers' trust. Recent changes meant to make things more clear and protect
consumers have changed the financial world and made businesses adopt stricter compliance
frameworks. Even though changes to regulations may be hard, they also give INTRAINZ
INNOVATION a chance to set itself apart by promoting safety and honest business practices.

Improvements in technology

23
The financial services industry is changing because of new technologies. This gives Shriram
Finance both chances and challenges. How people deal with banks has changed a lot since digital
banking, mobile payments, and other fintech solutions became popular so quickly. To stay ahead
of the competition, INTRAINZ INNOVATION needs to put money into digital transformation
projects that make things easier for customers and make the business run more smoothly. Using
technology can make loan handling, risk assessment, and customer service more efficient, which
can lead to more sales. To reduce the risks that might come with digital transactions, you also
need to be dedicated to privacy and data protection.

Looking to the Future

A big part of figuring out how well and whether a financial institution will survive is doing
financial research. It looks at a company's financial records, ratios, and market trends to figure
out how profitable and efficient it is running its business. Many researchers have helped us
understand financial analysis and stressed how important it is for investors and other parties to
make decisions.

The main way for stakeholders to figure out how financially healthy a company is, according to
Horngren et al. (2013), is to look at its financial records. They say that these statements give a
full picture of an organization's financial health and success, which helps people who have a
stake in it make smart investment choices. This is similar to what Brigham and Ehrhardt (2016)
say about how important it is to look at financial measures because they show how efficient,
liquid, profitable, and solvent a company is. Their work shows that financial ratios are very
important for comparing success to competitors and industry standards.

Kumar and Sharma (2015) looked into how useful financial ratios are for figuring out how well
non-banking financial businesses (NBFCs) are doing. They say that certain measures, like return
on assets (ROA) and return on equity (ROE), are the best ways to figure out how profitable and
efficient NBFCs are. Their research shows that a close look at these ratios can help people
understand how the NBFC sector's finances work, which can help them make better business
choices.

24
Also, Molyneux and Thornton (2017) looked at how market factors affect how well financial
institutions do their jobs. They stress that outside forces, like economic downturns and changes
in regulations, have a big effect on the financial health of institutions. Their study shows how
important it is for financial institutions to stay flexible and responsive to changes in the market in
order to stay ahead of the competition.

The work of Gomber et al. (2018) shows how important it is to use technology in financial
research when talking about digital transformation. They say that digital tools can improve the
way data is analyzed, giving us more correct and timely information. This integration can help
the financial institution make better decisions and plan more strategically, which will improve its
total performance.

The literature also stresses how important risk management is in financial research. According to
Jorion (2007), financial institutions must use good risk management techniques in order to stay
in business. He says that a deep knowledge of risk factors can help people make better financial
decisions and handle sudden changes in the economy. Allen and Santomero (1998) agree with
this point of view and say that strong risk management systems are necessary for financial
institutions to stay stable and make money.

Lastly, a lot of study has been done on how financial regulations are always changing. Berger et
al. (2019) say that changes to regulations can have big effects on how financial institutions run
their businesses. Their study stresses how important it is for institutions to understand the
regulatory landscape in order to deal with compliance issues and make sure their plans are in line
with those needs.

In conclusion, the research on financial analysis stresses how important it is for judging the

health and success of financial institutions. It's clear from what different scholars have said that

thorough financial statement analysis, the use of financial ratios, market conditions, the

integration of technology, and the use of good risk management practices are all very important.

Additionally, financial institutions must continue to understand the regulatory environment in

order to stay compliant and maintain their competitive edge. By putting these different points of

25
view together, stakeholders can get a better sense of how complicated financial analysis is. This

will eventually help people make better decisions in the financial sector.

Challenges in Financial Modelling

Preparing Financial model is quite challenging in excel sometimes and some common challenges faced

during the preparation of financial model.

1. Data Accuracy and Consistency

Challenge: Gathering accurate and reliable data is often the first hurdle. Inconsistent or incorrect data inputs

can lead to misleading results.

Solution: Ensure that data is sourced from credible and up-to-date financial statements or databases. Cross-

check for accuracy.

2. Model Complexity

Challenge: Financial models can quickly become complex, especially when incorporating multiple

variables (e.g., revenue projections, expenses, taxes, financing).

Solution: Break the model into smaller, manageable components. Use modular structures and clear naming

conventions to maintain organization.

3. Time Value of Money and Discounting

Challenge: Properly accounting for the time value of money can be difficult, especially when dealing with

future cash flows, discounts, and present value calculations.

26
Solution: Use Excel’s built-in financial functions (e.g., NPV, IRR, PV) accurately and understand the

underlying concepts to apply them correctly.

4. Scenario Analysis and Sensitivity Testing

Challenge: Financial models often need to account for multiple scenarios (best case, worst case, etc.), and

this can complicate the Modelling process.

Solution: Use Excel’s Data Tables, Scenario Manager, or Monte Carlo simulations to test different

assumptions and their impact on results.

5. Formatting and Presentation

Challenge: A well-constructed model may be difficult to interpret without proper formatting, which can

hinder its usefulness to stakeholders.

Solution: Ensure the model is organized and easy to follow. Use color coding, labels, and clear separation

between inputs, calculations, and outputs.

27
 LEARNINGS

While preparing financial models in excel offers an excellent opportunity to learn and
develop essential skills for a career in finance or investment analysis. Here’s a
breakdown of key learning areas while preparing financial models in excel

Excel built-in functions and formulas is

Basic Functions: SUM, AVERAGE, COUNTIF, etc.

Logical Functions: IF, AND, OR for conditional calculations.

Lookup Functions: VLOOKUP, HLOOKUP for retrieving data.

Financial Functions: NPV, IRR, PMT, FV for time value of money calculations.

Data Structuring and Layout

Understanding how to structure data logically to facilitate smooth

calculations and analysis.

Tabular Format: Structuring financial statements (income statement, balance sheet,

cash flow statement) and projections in a clear, easy-to-follow format.

Data Validation: Ensuring only valid data is entered in cells (e.g., limiting inputs to
certain values or ranges).

Building Assumptions and Forecasts

Learning how to make assumptions based on historical data and industry

benchmarks, and forecasting future performance.

28
Trend Analysis: Using historical data to derive growth rates (e.g., revenue growth,
cost of goods sold as a percentage of sales).

Sensitivity Analysis: Creating different scenarios (e.g., base case, best case, worst
case) to see how different assumptions affect outcomes.

Scenario and Sensitivity Analysis

Data Tables: Using one- or two-variable data tables for sensitivity analysis.

Scenario Manager: Creating different scenarios (e.g., base case, optimistic,

pessimistic) and comparing their impact on key financial metrics.

Goal Seek: Finding the necessary input values to achieve a specific financial outcome.

Historical Financial Statement of Tata Motor LTD

Historical Financial Statement - TATA MOTORS LTD
Years Mar-19 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24

Income Statement
Sales ₹3,01,938.4 ₹2,61,068.0 ₹2,49,794.8 ₹2,78,453.6 ₹3,45,967.0 ₹4,37,927.8
Sales Growth 3.56% -13.54% -4.32% 11.47% 24.25% 26.58%

COGS ₹2,42,845.5 ₹2,10,376.1 ₹1,95,326.0 ₹2,23,300.0 ₹2,74,403.6 ₹3,15,242.3

COGS % Sales 80.43% 80.58% 78.19% 80.19% 79.31% 71.99%

Gross Profit ₹59,092.9 ₹50,691.9 ₹54,468.7 ₹55,153.6 ₹71,563.3 ₹1,22,685.4

Gross Margin 19.57% 19.42% 21.81% 19.81% 20.69% 28.01%

Selling & General Exp ₹34,428.5 ₹32,704.8 ₹22,181.3 ₹30,433.5 ₹39,747.5 ₹63,147.1
S&G Exp % Sales 11.40% 12.53% 8.88% 10.93% 11.49% 14.42%

EBITDA ₹24,664.3 ₹17,987.1 ₹32,287.4 ₹24,720.1 ₹31,815.8 ₹59,538.3

EBITDA Margins 8.17% 6.89% 12.93% 8.88% 9.20% 13.60%

Interest ₹5,758.6 ₹7,243.3 ₹8,097.2 ₹9,311.9 ₹10,225.5 ₹9,985.8

Interest % Sales 1.91% 2.77% 3.24% 3.34% 2.96% 2.28%

Depreciation ₹23,590.6 ₹21,425.4 ₹23,546.7 ₹24,835.7 ₹24,860.4 ₹27,270.1

Depreciation % Sales 7.81% 8.21% 9.43% 8.92% 7.19% 6.23%

29
 Earning Before Tax (4,684.9) (₹10,681.7) ₹643.5 (₹9,427.5) (₹3,270.0) ₹22,282.5

Balance Sheet of Tata Motors LTD

Balance Sheet
Equity Share Capital ₹679.2 ₹719.5 ₹765.8 ₹765.9 ₹766.0 ₹766.5
Reserves ₹59,500.3 ₹61,491.5 ₹54,480.9 ₹43,795.4 ₹44,555.8 ₹84,151.5
Borrowings ₹1,06,175.3 ₹1,24,787.6 ₹1,42,130.6 ₹1,46,449.0 ₹1,34,113.4 ₹1,07,262.5
Other Liabilities ₹1,39,348.6 ₹1,33,180.7 ₹1,44,192.6 ₹1,38,051.2 ₹1,55,239.2 ₹1,78,483.4
₹3,41,569.
Total Liability ₹3,05,703.5 ₹3,20,179.4 9 ₹3,29,061.5 ₹3,34,674.4 ₹3,70,664.0

Fixed Assets Net Block ₹1,11,234.5 ₹1,27,107.1 ₹1,38,707.6 ₹1,38,855.5 ₹1,32,079.8 ₹1,46,046.6
Capital Work in Progress ₹31,883.8 ₹35,622.3 ₹20,963.9 ₹10,251.1 ₹14,274.5 ₹10,937.3
Investments ₹15,770.7 ₹16,308.5 ₹24,620.3 ₹29,379.5 ₹26,379.2 ₹22,971.1
Other Assets ₹56,155.7 ₹58,784.9 ₹61,718.0 ₹62,223.8 ₹68,432.1 ₹80,162.2
₹2,46,009.
Total Non-Current Asset ₹2,15,044.8 ₹2,37,822.9 8 ₹2,40,709.8 ₹2,41,165.5 ₹2,60,117.2

Receivables ₹18,996.2 ₹11,172.7 ₹12,679.1 ₹12,442.1 ₹15,738.0 ₹16,951.8

Inventory ₹39,013.7 ₹37,456.9 ₹36,088.6 ₹35,240.3 ₹40,755.4 ₹47,788.3
Cash & Bank ₹32,648.8 ₹33,727.0 ₹46,792.5 ₹40,669.2 ₹37,015.6 ₹45,806.7
Total Current Asset ₹90,658.7 ₹82,356.5 ₹95,560.1 ₹88,351.7 ₹93,508.9 ₹1,10,546.8

Cash Flow Statement of Tata Motors LTD

Cash Flow Statements

Cash From Operating Activities ₹18,890.8 ₹26,632.9 ₹29,000.5 ₹14,282.8 ₹35,388.0 ₹67,915.4

Cash From Investing Activities (₹20,878.1) (₹33,114.6) (₹25,672.5) (₹4,443.7) (₹15,417.2) (₹22,828.1)

Cash From Financing Activities ₹8,830.4 ₹3,389.6 ₹9,904.2 (₹3,380.2) (₹26,242.9) (₹37,006.0)

Net Cash Flow ₹6,843.1 (₹3,092.0) ₹13,232.2 ₹6,459.0 (₹6,272.1) ₹8,081.3

30
 Ratio Analysis of Tata Motors LTD

Ratio Analysis of - TATA MOTORS LTD

Mar-
Years Mar-19 Mar-20 Mar-21 Mar-22 23 Mar-24

Sales Growth 3.56% -13.54% -4.32% 11.47% 24.25% 26.58%

EBITDA Growth -21.60% -27.07% 79.50% -23.44% 28.70% 87.13%
- 128.00 - - - -
EBIT Growth 189.71% % 106.02% 1564.91% 65.31% 781.41%
- 392.87 - -
Net Profit Growth 355.28% % -82.86% 619.52% 70.90% 757.61%
Dividend Growth 0.00% 0.00% 0.00% 0.00% 0.00% 49.99%

Gross Margin 19.57% 19.42% 21.81% 19.81% 20.69% 28.01%

EBITDA Margin 8.17% 6.89% 12.93% 8.88% 9.20% 13.60%
EBIT Margin 0.36% -1.32% 3.50% -0.04% 2.01% 7.37%
EBT Margin -1.55% -4.09% 0.26% -3.39% -0.95% 5.09%
Net Profit Margin -0.74% -4.24% -0.76% -4.91% -1.15% 5.97%

Sales Expenses % Sales 11.40% 12.53% 8.88% 10.93% 11.49% 14.42%

Depreciation % Sales 7.81% 8.21% 9.43% 8.92% 7.19% 6.23%
Operating Income % Sales 0.36% -1.32% 3.50% -0.04% 2.01% 7.37%

Return on Capital Employed 0.65% -1.84% 4.43% -0.06% 3.88% 16.79%

Retained Earnings% 0.00% 0.00% 0.00% 0.00% 0.00% 95.60%
Return on Equity% -3.73% -17.81% -3.44% -30.65% -8.77% 30.78%
Sell Sustained Growth Rate 0.00% 0.00% 0.00% 0.00% 0.00% 29.42%
Interest Coverage Ratio 0.19x -0.47x 1.08x -0.01x 0.68x 3.23x

Debtor Turnover Ratio 15.89x 23.37x 19.70x 22.38x 21.98x 25.83x

Creditor Turnover Ratio 2.17x 1.96x 1.73x 2.02x 2.23x 2.45x
Inventory Turnover Ratio 7.74x 6.97x 6.92x 7.90x 8.49x 9.16x
Fixed Asset Turnover 2.71x 2.05x 1.80x 2.01x 2.62x 3.00x
Capital Turnover Ratio 5.02x 4.20x 4.52x 6.25x 7.63x 5.16x

31
 Year Weight Year Sales Sales Growth
1 2015A 2,63,159.0
Tata Motors
2 2016A 2,73,045.6 3.76%
LTD – 3 2017A 2,69,692.5 -1.23% Sales
4 2018A 2,91,550.5 8.10%
5 2019A 3,01,938.4 3.56%
6 2020A 2,61,068.0 -13.54%
7 2021A 2,49,794.8 -4.32%
8 2022A 2,78,453.6 11.47%
9 2023A 3,45,967.0 24.25%
10 2024A 4,37,927.8 26.58%
11 2025E 3,62,627.6 -17.19%
12 2026E 3,74,512.7 3.28%
13 2027E 3,86,397.7 3.17%
14 2028E 3,98,282.8 3.08%
15 2029E 4,10,167.9 2.98%
16 2030E 4,22,052.9 2.90%
17 2031E 4,33,938.0 2.82%
Forecasting

32
Where from 2015 – 2024 year are assessment year which have previous record of sales and
growth are specified in unshaded portions.

Where from 2025 – 2031 are expected year which can be happened in the future (Sales
Forecasting) are specified in shaded portions.

TATA MOTORS LTD - EBITDA Forecasting

Year Weight Year Sales Sales Growth

1 2015A 39,238.7
2 2016A 38,395.3 -2.15%
3 2017A 29,588.7 -22.94%
4 2018A 31,457.7 6.32%
5 2019A 24,664.3 -21.60%
6 2020A 17,987.1 -27.07%
7 2021A 32,287.4 79.50%
8 2022A 24,720.1 -23.44%
9 2023A 31,815.8 28.70%
10 2024A 59,538.3 87.13%
11 2025E 36,573.0 -38.57%
12 2026E 37,228.2 1.79%
13 2027E 37,883.4 1.76%
14 2028E 38,538.6 1.73%
15 2029E 39,193.9 1.70%
16 2030E 39,849.1 1.67%
17 2031E 40,504.3 1.64%
33
Where from 2015 – 2024 year are assessment year which have previous record of sales and
growth are specified in unshaded portions.

Where from 2025 – 2031 are expected year which can be happened in the future (EBITDA
Forecasting) are specified in shaded portions.

TATA MOTORS LTD - EPS Forecasting

Year Weight Year Sales Sales Growth

1 2015A 46.2
2 2016A 47.7 3.19%
3 2017A 14.5 -69.54%
4 2018A 3.0 -79.01%
5 2019A -7.8 -355.28%
6 2020A -35.9 360.68%
7 2021A -5.7 -84.06%
8 2022A -41.1 619.43%
9 2023A -12.0 -70.91%
10 2024A 78.6 -757.14%
11 2025E -6.5 -108.29%
12 2026E -9.3 42.63%
13 2027E -12.1 29.89%
14 2028E -14.9 23.01%

34
 15 2029E -17.6 18.71%
16 2030E -20.4 15.76%
17 2031E -23.2 13.61%

Where from 2015 – 2024 year are assessment year which have previous record of sales and
growth are specified in unshaded portions.

Where from 2025 – 2031 are expected year which can be happened in the future (EPS
Forecasting) are specified in shaded portions.

OBJECTIVE

 To evaluate the overall financial health of INTRAINZ INNOVATION through detailed

analysis of financial statements, ensuring stakeholders understand the company's
performance and viability.
 To analyze key financial ratios, such as return on equity (ROE) and return on assets
(ROA), to assess the profitability of INTRAINZ INNOVATION and identify areas for
improvement.
 To examine the cost structure of Shriram Finance, identifying fixed and variable costs,
and evaluating their impact on overall profitability and operational efficiency.

35
 To develop financial forecasts based on historical data and market trends, enabling
INTRAINZ INNOVATION to make informed strategic decisions for sustainable growth
and competitiveness in the financial services sector.

36
 COMPANY PROFILE

INTRAINZ INNOVATION PRIVATE LIMITED

Intrainz Innovation Private Limited is a private company incorporated on 22 September 2022.

It is classified as non-government company and is registered at Registrar of Companies,

Bangalore. Its authorized share capital is Rs. 100,000 and its paid-up capital is Rs. 10,000. It's

NIC code is 809 (which is part of its CIN). As per the NIC code, it is involved in other

education.

Intrainz Innovation's Annual General Meeting (AGM) was last held on N/A and as per records

from Ministry of Corporate Affairs (MCA), its balance sheet was last filed on 31 March 2023.

Directors of Intrainz Innovation are BATCHU ROHITH and VISHNU P NAIR.

Intrainz Innovation's Corporate Identification Number (CIN) is U80903KA2022PTC166349 and

its registration number is 166349. Users may contact Intrainz Innovation on its Email address

- rohithbatchu@gmail.com. Registered address of Intrainz Innovation is No 47, K No 66 190 47,

37
Teachers Colony, 6th Main Road, Bangalore, Karnataka, India - 560034.

38
CIN U80903KA2022PTC166349

Name

Listed on Stock Exchange Unlisted

Company Status Active

ROC ROC Bangalore

Registration Number 166349

Company Category Company limited by shares

Company Sub Category Non-government company

Class of Company Private

Date of Incorporation 22 September 2022

Age of Company 2 years, 1 month, 21 days

Activity NIC Code: 809NIC Description: Other education

RESEARCH METHODOLOGY

39
1. Research Objective

The main objective of this research is to develop an in-depth understanding of financial

modelling and valuation techniques employed at InTrainz, a company focused on providing

investment insights and financial advisory services. The study will focus on:

 Understanding the financial modelling processes used by InTrainz.

 Analyzing valuation methods and their application to company assessments.

 Identifying best practices for financial analysis and decision-making.

2. Research Design

This study adopts a Quantitative research design that approaches to gather comprehensive

insights into financial modelling and valuation practices at InTrainz.

 Quantitative Research: A statistical analysis of financial data and performance metrics

will be conducted to assess the effectiveness of the financial models used by InTrainz in

their investment recommendations and valuations.

3. Data Collection Methods

 Primary Data:

o Interviews: Conduct semi-structured interviews with 10 key stakeholders within

InTrainz, such as financial analysts, senior managers, and decision-makers

involved in financial modelling and valuation. The goal is to gather insights into

their methodologies, challenges, and perspectives on best practices.

40
 o Surveys: Distribute surveys among employees at various levels within InTrainz

to gauge their perception of financial modelling and valuation techniques.

o Internal Documentation: Analyse financial models, valuation reports, and any

relevant internal resources that provide insights into InTrainz’s financial analysis

procedures.

 Secondary Data:

o Industry Reports: Review market research reports, academic articles, and industry

white papers on financial modelling and valuation practices.

o To gather secondary data, the intranet, journals, and manuals were employed

4. Sampling

 Purposive Sampling: Key decision-makers and financial analysts at InTrainz will be

selected for interviews based on their roles and experience with financial modelling and

valuation.

 Stratified Random Sampling: For the survey, participants will be categorized into

groups (e.g., junior analysts, senior analysts, and managers) to ensure that the views of

individuals at different levels are represented.

5. Data Analysis Techniques

41
 Descriptive Statistics: Financial data (e.g., historical performance, growth rates, and key

financial ratios) will be analysed using measures such as mean, median, and standard deviation

to provide an overview of company performance.

 Correlation Analysis: Statistical techniques like Pearson correlation will be used to identify

relationships between financial model inputs and valuation outcomes.

6. Valuation Methods Analysed

 Discounted Cash Flow (DCF): The study will assess how InTrainz applies the DCF method,

including assumptions about future cash flows, discount rates, and terminal value calculations.

 Comparable Company Analysis (CCA): The research will analyse how InTrainz uses market

comparable (e.g., Price-to-Earnings, EV/EBITDA multiples) to value companies.

 Precedent Transactions: Evaluate the application of transaction multiples based on recent M&A

activity in the market to determine how this method complements InTrainz’s valuation toolkit.

 Asset-based Valuation: Investigate when and how InTrainz uses asset-based approaches,

particularly in asset-heavy industries or distressed situations.

DATA ANALYSIS

42
SOURCE NO. OF RESPONSE PERCENTAGE

a) Very Familiar 11 34.4%

b) Somewhat Friendly 16 50%

c) Not very Familiar 5 15.6%

d) Not Familiar at all 0 0%

RESULT 33 100%

SOURCE NO. OF RESPONSE PERCENTAGE

a) Discounted Cash Flow Model 11 33.3%

b) Comparable Company 9 27.3%

Analysis

43
c) Merger & Acquisition Model 8 24.2%

d) Option Pricing Model 2 6.1%

e) Budgeting/ Forecasting 3 9.1%

Models

RESULT 33 100%

44
SOURCE NO. OF RESPONSE PERCENTAGE

a) Daily 3 9.4%

b) Weekly 13 40.6%

c) Monthly 12 37.5%

d) Rarely 4 12.5%

e) Never 0 0%

RESULT 32 100%

45
SOURCE NO. OF RESPONSE PERCENTAGE

a) Banking and Finance 9 27.3%

b) Technology 15 45.5%

c) Healthcare 5 15.2%

d) Real Estate 3 9.1%

e) Retail 1 3%

RESULT 33 100%

46
SOURCE NO. OF RESPONSE PERCENTAGE

a) Extremely Useful 6 18.2%

b) Very Useful 16 48.5%

c) Somewhat Useful 10 30.3%

d) Not Very Useful 1 3%

e) Not Useful at all 0 0%

RESULT 33 100%

47
SOURCE NO. OF RESPONSE PERCENTAGE

a) Valuation of Company or 6 18.2%

project

b) Budgeting and Forecasting 15 45.5%

c) Risk analysis 10 30.3%

d) Mergers and Acquisitions 1 3%

assessment

e) Business decision support 1 3%

RESULT 33 100%

SOURCE NO. OF RESPONSE PERCENTAGE

48
a) Lack of Data 3 9.1%

b) Complexity of Models 22 66.7%

c) Time Constraints 6 18.2%

d) Accuracy of Assumptions 2 6.1%

RESULT 33 100%

SOURCE NO. OF RESPONSE PERCENTAGE

a) Microsoft Excel 13 39.4%

b) Google Sheet 13 39.4%

c) Financial Modelling Software 6 18.2%

d) Other 1 3%
49

RESULT 33 100%
SOURCE NO. OF RESPONSE PERCENTAGE

a) Expert 3 9.1%

b) Advance 15 45.5%

c) Intermediate 14 42.4%

d) Beginner 1 3%

RESULT 33 100%

50
SOURCE NO. OF RESPONSE PERCENTAGE

a) Advance Excel Techniques 10 30.3%

b) Data analysis and Visualization 13 39.4%

c) Assumption development 8 24.2%

scenario analysis

d) Model Accuracy and Validation 1 3%

e) Other 1 3%

RESULT 33 100%

CONCLUSION

51
The conclusion will summarize the key findings from the financial analysis, reinforcing the

significance of ELEV8 LIVING performance metrics and strategic positioning. Implications for

investors and stakeholders will be discussed, providing insights into the company’s potential for

future growth. The final thoughts will emphasize the importance of ongoing financial monitoring

and adaptation to ensure long-term success in a dynamic market environment.

In conclusion, INTRAINZ INNOVATION stands at a pivotal juncture in its journey as a

prominent player in India’s financial services sector. Through a comprehensive analysis of its

strengths, weaknesses, opportunities, and threats, we have gained valuable insights into the

company’s current position and future prospects. The strengths of Shriram Finance, including its

established brand reputation, extensive distribution network, and diversified product offerings,

provide a strong foundation for growth. However, the company must also address its

weaknesses, such as its reliance on specific market segments and the need to enhance digital

capabilities, to remain competitive in an evolving landscape.

The opportunities for INTRAINZ INNOVATION are significant, particularly in light of the

growing demand for financial inclusion and the increasing appetite for diverse financial products

in underserved markets. By embracing technological advancements and investing in digital

transformation, INTRAINZ INNOVATION can improve customer experience and operational

efficiency, thereby positioning itself for sustained growth. Furthermore, as the regulatory

environment continues to evolve, the company has the chance to establish itself as a leader in

compliance and responsible lending, reinforcing its reputation and customer trust.

52
Despite the promising outlook, INTRAINZ INNOVATION must remain vigilant in addressing

the challenges and risks that lie ahead. The competitive landscape, characterized by the

emergence of fintech players and traditional banks, requires the company to differentiate its

offerings and maintain robust risk management practices. Economic uncertainties and

fluctuations in consumer behavior could also pose significant challenges that necessitate agile

decision-making and strategic foresight.

Ultimately, the future success of INTRAINZ INNOVATION will depend on its ability to adapt

to changing market dynamics, embrace innovation, and prioritize customer-centric strategies. By

focusing on sustainable growth, fostering a culture of agility, and leveraging partnerships with

fintech firms, INTRAINZ INNOVATION can navigate the complexities of the financial services

industry and unlock new avenues for growth. With a clear vision and strategic focus, INTRAINZ

INNOVATION is well-positioned to enhance its market presence, drive profitability, and

contribute to the broader financial ecosystem in India. As the company moves forward, its

commitment to excellence and responsiveness to market needs will play a crucial role in shaping

its future trajectory and success in the competitive landscape of financial services.

53
REFERANCES

 Allen, L., & Santomero, A. M. (1998). The Theory of Financial Intermediation. Journal of
Banking & Finance, 21(11-12), 1461-1485.

 Berger, A. N., Bouwman, C. H. S., & Kick, T. (2019). Bank Risk During the Financial Crisis:
The Impact of Regulatory Reform. Journal of Financial Stability, 43, 100706.

 Brigham, E. F., & Ehrhardt, M. C. (2016). Financial Management: Theory and Practice.
Cengage Learning.

 Choudhry, M. (2015). An Introduction to Financial Markets: A Global Perspective. Wiley.

 Gomber, P., Kauffman, R. J., Parker, C., & Pu, X. (2018). Digital Finance and the Future of
Financial Services: The Implications of Financial Technology Innovations. Journal of Business
Research, 100, 246-257.

 Horngren, C. T., Sundem, G. L., & Stratton, W. O. (2013). Introduction to Management

Accounting. Pearson.

 Jorion, P. (2007). Financial Risk Manager Handbook. Wiley.

 Kumar, S., & Sharma, R. (2015). Financial Performance Analysis of Non-Banking Financial
Companies in India. Journal of Economics and Sustainable Development, 6(8), 18-27.

 Molyneux, P., & Thornton, J. (2017). Financial Institutions: An Introduction to the Theory of
Financial Intermediation. Journal of Banking & Finance, 12(3), 199-217.

 Rajan, R. G., & Zingales, L. (1998). Financial Dependence and Growth. American Economic
Review, 88(3), 559-586.

 Reilly, F. K., & Brown, K. C. (2012). Investment Analysis and Portfolio Management.
Cengage Learning.

54
 ANNEXURE
Mar 31, Mar 31, Mar 31, Mar 31, Mar 31,
(Rs in Cr.) 2020 2019 2018 2017 2016

PER SHARE RATIOS

Adjusted EPS (Rs.) -13.28 6.55 -0.20 -6.16 1.27
Adjusted Cash EPS (Rs.) -3.90 15.67 8.93 2.79 8.13
Reported EPS (Rs.) -20.26 5.95 -3.05 -7.15 -0.18
Reported Cash EPS (Rs.) -10.88 15.07 6.09 1.79 6.68
Dividend Per Share 0.00 0.00 0.00 0.00 0.20
Operating Profit Per Share -1.81 14.55 9.74 4.74 8.68
(Rs.)
Book Value (Excl Rev Res) 48.70 65.26 59.40 62.32 68.50
Per Share (Rs.)
Book Value (Incl Rev Res) 48.70 65.26 59.40 62.32 68.50
Per Share (Rs.)
Net Operating Income Per 122.11 203.79 173.24 130.50 126.18
Share (Rs.)
Free Reserves Per Share (Rs.) 0.00 0.00 0.00 0.00 0.00

PROFITABILITY RATIOS
Operating Margin (%) -1.48 7.13 5.62 3.63 6.87
Adjusted Cash Margin (%) -3.09 7.41 5.02 2.08 6.24
Adjusted Return On Net -27.27 10.03 -0.33 -9.88 1.85
Worth (%)
Reported Return On Net -41.60 9.11 -5.13 -11.48 -0.26
Worth (%)
Return On long Term Funds -8.18 12.18 5.29 -1.27 5.96
(%)

LEVERAGE RATIOS
Long Term Debt / Equity 0.84 0.63 0.65 0.65 0.46
Owners fund as % of total 45.60 55.83 55.37 52.89 62.00
Source
Fixed Assets Turnover Ratio 1.11 1.82 1.54 1.14 1.18

55
LIQUIDITY RATIOS
Current Ratio 0.70 0.73 0.69 0.72 0.68
Current Ratio (Inc. ST 0.46 0.54 0.57 0.53 0.51
Loans)
Quick Ratio 0.53 0.51 0.44 0.42 0.41
Fixed Assets Turnover Ratio 1.11 1.82 1.54 1.14 1.18

PAYOUT RATIOS
Dividend payout Ratio (Net 0.00 0.00 0.00 0.00 0.00
Profit)
Dividend payout Ratio (Cash 0.00 0.00 0.00 0.00 0.00
Profit)
Earning Retention Ratio 100.00 100.00 100.00 100.00 100.00
Cash Earnings Retention 0.00 100.00 100.00 100.00 100.00
Ratio

COVERAGE RATIOS
Adjusted Cash Flow Time 0.00 3.29 5.36 19.92 5.16
Total Debt
Financial Charges Coverage 0.37 4.18 2.79 1.65 2.73
Ratio
Fin. Charges Cov. Ratio (Post -0.98 3.85 2.18 1.39 2.42
Tax)

COMPONENT RATIOS
Material Cost Component (% 73.55 73.82 72.21 72.77 69.12
earnings)
Selling Cost Component 1.92 1.06 1.22 1.91 1.56
Exports as percent of Total 7.15 0.00 9.21 0.00 0.00
Sales
Import Comp. in Raw Mat. 0.00 0.00 0.00 0.00 0.00
Consumed
Long term assets / Total 0.71 0.73 0.72 0.76 0.76
Assets
Bonus Component in Equity 15.46 16.38 16.38 16.38 16.38
Capital (%)

56
 QUESTIONNAIRE

Q1- How familiar are you with financial modelling?

 Very familiar

 Somewhat familiar

 Not very familiar

 Not familiar at all

Q2- Which of the following types of financial models are you familiar with?

 (Discounted Cash Flow (DCF) model

 Comparable Company Analysis (CCA)

 Merger & Acquisition (M&A) model

 Option Pricing Model

 Budgeting/Forecasting models

 Other (Please specify): _______

Q3- How frequently do you use financial models in your work or studies?

 Daily

 Weekly

 Monthly

 Rarely

 Never

57
Q4- In your opinion, which industries benefit the most from financial Modelling and
valuation?

 Banking and Finance

 Technology

 Healthcare

 Real Estate

 Retail

 Other (Please specify): _______

Q5- How useful do you find financial modelling in making investment decisions?

 Extremely useful

 Very useful

 Somewhat useful

 Not very useful

 Not useful at all

Q6- What are the primary objectives of financial Modelling in your work or studies?

 Valuation of companies or projects

 Budgeting and forecasting

 Risk analysis

 Mergers & Acquisitions assessment

 Business decision support

58
Q7-What challenges do you face when building or analyzing financial models?

 Lack of data

 Complexity of models

 Time constraints

 Accuracy of assumptions

 Other (Please specify): _______

Q8-Which software tools do you primarily use for financial Modelling?

 Microsoft Excel

 Google Sheets

 Financial Modelling software (e.g., MATLAB, R, Python)

 Other (Please specify): _______

Q9-How would you rate your proficiency with these tools?

 Expert

 Advanced

 Intermediate

 Beginner

59
Q10- Which areas of financial Modelling would you like to improve?

 Advanced Excel techniques

 Data analysis and visualization

 Assumption development and scenario analysis

 Model accuracy and validation

60