We have clear concepts of finance as a subject but did not know the practical applications ofits concepts. This project help me to understand finance properly the project focuses oneconomic analysis ,GDP growth rate, interest rate, analyze government policies, politicalsystem, industry position and capital structure of the company. We found this project veryhelpful for us to clearly understand the trends of the industry. The security analysis courseis a good step in mastering the skills of finance. It gives a good exposure about differentinvestment and financing decisions and provides a strong base for further finance course.We faced somewhat difficulty while calculating the three year projections for the company.This project is part of our course titled security analysis and portfolio management. We areassigned a company which is listed on Karachi stock exchange and asked to do a completeratio analysis, horizontal and vertical analysis, economic analysis, find out the beta,expected rate of return, CAPM and future forecasting from 2009-11.We are assigned Attok Refinery Company limited for project. We have done economicanalysis of the country in which we are going to invest to check out whether the country ispolitically stable and government policies regarding particular industry are appropriateand workable. We have done ratio analysis which determines the solvency, liquidity andprofitability of the company and makes it easy for the investor to judge whether to invest ina particular security or not. We have also done future forecasting through which investorcan judge the future earnings of the company and determine expected returns oninvestment. We find out beta of the company in project to determine the risk factor insecurity.