When if there are no financial statements, it is still rational to do a financial analysis because there must be a quantitative analysis of books of accounts which could either be present in the form of various reports other from financial statements through which we can arrive at various statistical figure, and projected growth of the company in order to make an idea about sustainability in the long run.
This will help to get an idea about the financial blueprint of the company which will reflect the sustainability and growth in the long run.This will also provide judgemental analysis for investment into the company on the basis of quantitative analysis.
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