Thanks a lot for the quick response Jason. Your comment is most helpful as it has given me a birds eye view of the qualitative analysis process.

I think that you explained the entire process of going from the balance sheet (financing) aspect to the P&L (earnings) aspect very well. Although most basic finance courses offer this frame work, however, i believe that I have not had anyone explain financial statement analysis from this point of view, other than you and I believe this gives me a great starting point. thank you!

One more thing. As i was downloading the annual and quarterly reports i came across a document called the "Cost Audit Report" of a cement manufacturer. The report gives details of everything related to production, sales and cost of production. My question is would you recommend I go through this particular document before i move on to the Annual reports or vice versa? Thanks a lot in advance. :)

P.S: Is it ok if i keep this post alive from time to time in order to discuss the issues that I may face on the practical front, from time to time.
Given that im a beginner, it would be great to have an experienced analyst giving his guidance along the way. I promise to keep my questions short and to the point ofcourse! :)

Regards,
Muhammad.