Thanks Binod, this is very insightful and provides analysts with interesting perspective for companies that experience inorganic growth.
I would also not discount the impact of reverse factoring which historically contributed to high profile defaults like Abengoa S.A. and Carillion plc.
It would be interesting to look into their accounting policies in reference to reverse factoring and disclosures provided.

Commentary from Moody’s in March 2018 on the collapsed UK construction company Carillion illustrates the concern:
“Carillion’s approach to its reverse factoring had two key shortcomings: the scale of the liability to banks was not evident from the balance sheet, and a key source of the cash generated by the business was not clear from the cash flow statement.” - Trevor Pijper, a Moody’s Vice President – Senior Credit Officer

Under reverse factoring there should be careful consideration in determining whether the financial liability should be presented as a trade payable or whether it should be presented as part of borrowings. This could impact key performance ratios and influence users’ understanding of the company’s financial position, debt and cash flows.

I would appreciate if you can share with me your detailed analysis in excel. ([email protected])