All companies present details of their financial performance in their Annual Reports[A1] . In case of a company having its Initial Public Offering – IPO (when a company offers its shares to the public for the first time, it is called Initial Public Offering), it is required to publish its past performance in its IPO offer document[A2] . There are also a vast number of research reports published by research and brokerage houses, and company analysis done by the media, which is worth reading, to assess a company’s past performance and future potential. ‘Ratio Analysis’ is widely used to assess a company’s past performance.