Because many financial variables are manipulated in underdeveloped countries, they cannot be trusted. The key trusted financial variables you should examine closely are: (1) revenues and the consistency of the revenue streams over several years; (2) financial leverage and how that leverage increases or decreases over time; and (3) the number of customers the company has. Check if this number has been increasing over time.

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If your concern in manipulation I would suggest a focus on Cash flow variables.  The statement of cash flows has key variables such as net cash flow from operations, net cash flow from investing activities and net cash flow from financing activities.

I'm not too sure the term 'underdeveloped' is appropriate in the first place because countries are are different levels of development. So I would prefer the use of the term 'developing'. `Secondly when you ask 'what are the best guidelines for a finance company', I'm not sure I understand what you're asking? You have indicated that you would like to compare 'under developed countries'. Are you wanting to know the best advice to proffer to a finance company operating in a developing country? whatever answer to this question you receive, it is important to consider the INTERNAL as well as the EXTERNAL environment of the finance company. The internal factors here will include the size of the finance company and the governance structures in place, including the internal controls. The EXTERNAL environment will include robustness of the regulatory measures in place in the particular country being investigated. I hope you find this perspective useful.

Agree with the arguments of Elewechi Okike.