There appears a lot of art atill involved in thr apprasial of financial statements. While the well -established techniques have joined for strengthening the pourpose. The need ans attempt of understanding more from financial statement have been ever growing. The book presents a humble attempt in developing a fresh approach to financial appraisal. Indian shipping industry has been taken up as case for the study. The sample contains the then - existing nine largest shipping companies in India having a lion's share in the total tonnage of the country. A typical decade's periods encompassing various stages of business cycles for the industry has been focused for the study. In the tool-kit for financial appraisal, a Ratio Scanning Models has been developed and applied in an attempt to strenghten the capability of ratio analysis. The models focuses on Identifying more relevant ration indicators worthy of detailed investigation. Thus, it leads to a more productive use of appraisal efforts. In order to identify structural changes worthy of investigation, Decomposition Anlusis has been put to use. The technique can scan large volumes of data to identify abnormal structural changes. The relationship between cost, volumes and profit figures of organisations has been established applying econometric techniques of transformations of data. The study has shown that individual firms have variety of curviliner relationship in C-V-P. Besides, several measures to analyse operating revenue in merchant shipping industry have been developed. The book should prove to be a good addition to the literature available on the subject.