PROJECT REPORT ON

Financial Analysis of E.C.L

For

Eastern Coal Fields Ltd

A Subsidiary of Coal India
A Report Submitted in Partial Fulfillment for the Degree of Masters of
Business Administration
Submitted by:
Apurvasheesh Baxi
Roll No 12
MBA 2014-16

Under the guidance of

Faculty Guide

Project Guide

Prof. SONAL VED

Md Tasfeen

Faculty
SIMSR

Chief Manager (Finance)

E.C.L

SIMSR, MUMBAI
JUNE 2015

EXECUTIVE SUMMARY

The projects aim is to prepare a framework by analyzing the financial statements and overall
market that can be used for future projections of sales and other key figures. This in turn will aid
in better decision making. The modelling is done using excel based tools. Main data sources
were company website and annual reports.
The assignment was divided into two parts and was carried out according to the following order:
1. Fundamental analysis of the company and sector
2. Financial modelling of company
Various journals and research papers have been used in the preparation of report. The
assumptions that have been taken for the DCF calculations are based on the studies of Prof.
Aswath Damodaran and discussions with various department heads. The comprehensive excel
based model is self-sufficient and can be used for projecting cost of capital, free cash flow to the
firm, terminal value and the valuation of the company at any given moment of time.

The project was allotted on an individual basis and a mentor was assigned for guidance and
support.

DECLARATION

I hereby declare that all the information presented in this report is the result of my internship in
E.C.L.
This report has not been previously submitted or proposed to any university or other educational
institution for the purpose of getting any reward, title or degree. The project is an original work.

Apurvasheesh Baxi
PGDM-A
Place: Sanctoria

Roll No 12

Date: June 2016

MBA 2014 16

ACKNOWLEDGEMENT

I am thankful to E.C.L subsidiary of Coal India for giving me the opportunity to study the
financials of the company.
My sincere gratitude to MD. Tafssen, Chief Manager, Finance, E.C.L for giving me the
clarity on project and for his constant guidance and support throughout the project.
I am indebted to Mr.for his constant support and guidance. Also he was instrumental in
getting me the access of various internal departments which was necessary for the completion of
this project.
I also feel highly obliged to Prof. Sonal Ved, Internal Guide and Asst. Professor, SIMSR
for her supervision and esteemed guidance throughout the project.
I would like to take this opportunity to extend a note of thanks to all those who have
helped me in completing the report either directly or indirectly.

CERTIFICATE OF INTERNAL GUIDE

This is to certify that Mr Apurvasheesh Baxi, Roll No 12 has completed his Project report on
the topic Financial analysis of E.C.L under my guidance.

Prof. Sonal Ved

Signature
Date:

CERTIFICATE OF COMPANY GUIDE

This is to certify that Mr Apurvasheesh Baxi, Roll No 12 has completed his Project report on
the topic Financial analysis of E.C.L under my guidance.

Md Tafseen
Chief Manager (Finance)
E.C.L

Signature
Date:

TABLE OF CONTENTS

S. NO.

TITLE

PAGE NO.

Executive Summary
Declaration
Acknowledgement
Certificate
1.

Chapter 1: Introduction

01

2.

Chapter 2: Methodology

10

3.

Chapter 3: Results and Analysis

11

4.

Chapter 4: Summary & Conclusion

20

LIST OF TABLES

LIST OF FIGURES