Hey this an equity research report on RIL by ABN AMRO Bank (dated july 2007) ...It actually puts a sell on RIL. Look closely at all the contents you would be able to make out that how to make a professional equity research report using relevant assumptions. It contains;-

1) Financial Analysis of RIL
2) Valuation on the basis of future cash flows (FCFE)
3) Valuation of the retail business
4) Estimation of forex, capex, earnings etc.

A fabulous report, don't take it as a failure for putting sell on RIL but take it as a learning of how to put a completely different point of view by taking relevant assumptions.

thanks