The Project gives details about the financial disclosure by different companies playing in different industries.
It included companies Bharti Airtel, Idea, Reliance Communications, Adani Enterprises, Container Corporation of India, Adani ports and Special Economic Zone.
Comparative Analysis of Financial Statement OfIT industriesPranav Veerani
Comparative Analysis of Financial Statement
OfIT industries
INTERNATIONAL ACCOUNTING PRACTICES
GRADUATE SCHOOL OF MANAGEMENT STUDIES
Comparative Analysis
Introduction of IT industry
TCS
Infosys Limited
HCL Technologies
Wipro Ltd
Tech Mahindra Ltd.
Comparative of company
Gujarat Technological University, Ahmadabad
Academic Year: 2018-20
“Working Capital Management and Firms Financial Performance of Oil Companies ...IOSRJBM
The research examined the connection amid Working Capital Management (WCM) in addition to Financial Performance of Oil companies in Nigeria. The Quasi-Experimental design was employed. The hypotheses were tested by using the Pearson Product Moment Correlation (PPMC). Data analysis results point to that of a progressive and perfectly substantial relationship amongst investing and financing rules and Return on Assets (ROA) exists; a neutral and minor relationship amid both financing and investing policies and earnings per share (EPS) exists. Furthermore, there is an insignificant but undesirable relationship amongst investing and financing rules and return on equity (ROE). Conclusively, WCM impacts performance of Nigerian firms primarily from the domain of ROA. It is recommended amongst others that the comprehensive appraisal of fiscal performance trends and WCM framework; Firms in the sector should establish adequate benchmarks of working assets components in order for emerging obligations to be met adequately.
Comparative Analysis of Financial Statement OfIT industriesPranav Veerani
Comparative Analysis of Financial Statement
OfIT industries
INTERNATIONAL ACCOUNTING PRACTICES
GRADUATE SCHOOL OF MANAGEMENT STUDIES
Comparative Analysis
Introduction of IT industry
TCS
Infosys Limited
HCL Technologies
Wipro Ltd
Tech Mahindra Ltd.
Comparative of company
Gujarat Technological University, Ahmadabad
Academic Year: 2018-20
“Working Capital Management and Firms Financial Performance of Oil Companies ...IOSRJBM
The research examined the connection amid Working Capital Management (WCM) in addition to Financial Performance of Oil companies in Nigeria. The Quasi-Experimental design was employed. The hypotheses were tested by using the Pearson Product Moment Correlation (PPMC). Data analysis results point to that of a progressive and perfectly substantial relationship amongst investing and financing rules and Return on Assets (ROA) exists; a neutral and minor relationship amid both financing and investing policies and earnings per share (EPS) exists. Furthermore, there is an insignificant but undesirable relationship amongst investing and financing rules and return on equity (ROE). Conclusively, WCM impacts performance of Nigerian firms primarily from the domain of ROA. It is recommended amongst others that the comprehensive appraisal of fiscal performance trends and WCM framework; Firms in the sector should establish adequate benchmarks of working assets components in order for emerging obligations to be met adequately.
WORKING CAPITAL REQURIEMENT OF 2 & 3 WHEELERS OF AUTO INDUSTRY LIKE TVS,HERO MOTOCORP,BAJAJ AUTO,MAH SCOOTERS,ATUL MOTORS LTD AND ITS RATIO ANALYSIS 2015
SUBMITTED BY AKSHIT JAIN
The project report to “A study on ratio analysis at BHARATHI CEMENT CORPORATION PVT LTD-. The main objective of the study is to analyze the financial position of the company. It is the process of identifying the financial strength and weaknesses of the firm properly establishing a relationship between the item of balance sheet and profit and loss account. The details regarding the history and finance details were collected through discussion with the company officers. Secondary data are based on the annual reports of 2015 16 to 2019 20. The various tools used for the study are ratio analysis, funds flow statement, and cash flow statement. Charts and tables are used for better understanding. Through ratio analysis, the company could be able to assess the Profitability, Liquidity, Leverage, Turnover positions of the company. R. Krupakar | Dr. P Basaiah "A Study on Ratio Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45106.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45106/a-study-on-ratio-analysis/r-krupakar
Employment Outlook - October 2014-March 2015valuvox
Deep insights and comprehensive overview of the mechanics of jobs, hiring, skills and their drivers, trends and forecasts across eight cities and nine sectors in India.
The Team Lease Employment Outlook Surveys are designed to deliver a deep and wide, analytical, insight about business and employment sentiment trends across sectors and cities in India.
The surveys are structured broadly to capture the factors that influence sentiment, job growth, employer needs and candidate aspirations, skill and salary trends and state them at an overall and at city- and sector-levels.
A Comparative Study on Working Capital Management of Tata Motors Limited and ...Dr. Amarjeet Singh
The automobile industry in India is one of the speedily growing industry. Working Capital Management is important in this industry due to increasing demand and huge investment in this sector requires proper management. Working Capital Management perform a vital role in the success and failure of a business due to its effect on the performance and liquidity. Thereby this study has been undertaken to Comparative analyse working capital management of Tata Motors Limited and Maruti Suzuki India Limited for the period of seven years from 2013-14 to 2019-20. In this study three objectives are set for research. The first one was to assess the impact of working capital on sales, second was to assess the impact of working capital on profitability and third was to evaluate the working capital performance of the companies under study through the use of various financial ratios. The study reflects that the efficiency of working capital management of the companies is influenced by the Liquidity Ratios, Debtor Turnover Ratio, Inventory Turnover Ratio and profitability Ratio.
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
Mien Phi Tai 10 Bai Assignment Mau Tu Moi Chu De
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WORKING CAPITAL REQURIEMENT OF 2 & 3 WHEELERS OF AUTO INDUSTRY LIKE TVS,HERO MOTOCORP,BAJAJ AUTO,MAH SCOOTERS,ATUL MOTORS LTD AND ITS RATIO ANALYSIS 2015
SUBMITTED BY AKSHIT JAIN
The project report to “A study on ratio analysis at BHARATHI CEMENT CORPORATION PVT LTD-. The main objective of the study is to analyze the financial position of the company. It is the process of identifying the financial strength and weaknesses of the firm properly establishing a relationship between the item of balance sheet and profit and loss account. The details regarding the history and finance details were collected through discussion with the company officers. Secondary data are based on the annual reports of 2015 16 to 2019 20. The various tools used for the study are ratio analysis, funds flow statement, and cash flow statement. Charts and tables are used for better understanding. Through ratio analysis, the company could be able to assess the Profitability, Liquidity, Leverage, Turnover positions of the company. R. Krupakar | Dr. P Basaiah "A Study on Ratio Analysis" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-5 , August 2021, URL: https://www.ijtsrd.com/papers/ijtsrd45106.pdf Paper URL: https://www.ijtsrd.com/management/accounting-and-finance/45106/a-study-on-ratio-analysis/r-krupakar
Employment Outlook - October 2014-March 2015valuvox
Deep insights and comprehensive overview of the mechanics of jobs, hiring, skills and their drivers, trends and forecasts across eight cities and nine sectors in India.
The Team Lease Employment Outlook Surveys are designed to deliver a deep and wide, analytical, insight about business and employment sentiment trends across sectors and cities in India.
The surveys are structured broadly to capture the factors that influence sentiment, job growth, employer needs and candidate aspirations, skill and salary trends and state them at an overall and at city- and sector-levels.
A Comparative Study on Working Capital Management of Tata Motors Limited and ...Dr. Amarjeet Singh
The automobile industry in India is one of the speedily growing industry. Working Capital Management is important in this industry due to increasing demand and huge investment in this sector requires proper management. Working Capital Management perform a vital role in the success and failure of a business due to its effect on the performance and liquidity. Thereby this study has been undertaken to Comparative analyse working capital management of Tata Motors Limited and Maruti Suzuki India Limited for the period of seven years from 2013-14 to 2019-20. In this study three objectives are set for research. The first one was to assess the impact of working capital on sales, second was to assess the impact of working capital on profitability and third was to evaluate the working capital performance of the companies under study through the use of various financial ratios. The study reflects that the efficiency of working capital management of the companies is influenced by the Liquidity Ratios, Debtor Turnover Ratio, Inventory Turnover Ratio and profitability Ratio.
Narnolia Securities Limited expect that the KPIT Tech company would report better earnings with margin ramp up and signing of larger deals in next couple of quarters. Now, we upgrade our view on the stock from “Neutral” to “Buy” with a price target of Rs 185. At a CMP of Rs 160, stock trades at 9.5x FY15E EPS.
Mien Phi Tai 10 Bai Assignment Mau Tu Moi Chu De
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Bài viết dưới đây chia sẻ các bài assignment mẫu tiêu biểu, đạt điểm cao. Các bạn cùng tìm hiểu luôn nhé.
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Integrated reporting 101; Getting started with Integrated Reporting in IndiaVrushali Gaud-Shinde
Introduction to Integrated reporting - India
The Securities Exchange Board of India (SEBI) recently raised a circular recommending top 500 companies to adopt Integrated Reporting. This is a quick guide that answers the Why? What? How? questions to get Indian companies started with Integrated Reporting.
Equity Consulting Report PowerPoint Presentation Slides is a virtual tool for financial analysts to compile their investment research insights. This private financing PPT theme is replete with data visualization tools. Use pie charts, tabular formats, and other kinds of diagrams to present information about the target company’s financial health. Our equity investment analysis PowerPoint slideshow incorporates state of the art design elements. Using this equity valuation PPT presentation you can consolidate a visually-appealing financial ratio analysis. Build a crisp industry overview involving competitive environment analysis and the latest industry trends. Our investment research PowerPoint templates help you to compile valuation analysis using various methods. Risk assessment is another important aspect that you can address with the help of this Equity research PPT slideshow. Elaborate on the types of risks like currency risk, inflation risk, and so on. Private equity consulting even helps you to identify and portray the intensity of each type of risk. https://bit.ly/3kuXvnu
Pitch Deck To Raise Funding From Secondary Market Complete DeckSlideTeam
Secondary Market is a market the investors trade their already owned securities shares. To raise the funds in the secondary market the company needs to sell its shares outside the investors. These shares are usually held by the companys founders, promoters, employees etc. This presentation is helpful for the companies which are looking for long term funding by selling their stocks in the secondary market. This presentation will help the companies to pitch the investors and provide an overview of the companys operations, financial and share performance, future growth strategies etc. In the first section, the presentation covers the information about the company i.e. business introduction, key facts, historical events, reward and recognition, products and services, value proposition, business model, senior management team, geographic presence etc. Further, it includes historical and forecasted financial charts and statements income statement, balance sheet, cash flow statement and stock performance chart, valuation ratios, market size, market trend and opportunities, target audience, market valuation etc. The presentation also covers some important aspects of the market overview such as market potential, market size, key competitors in the sectors and competitive landscape key competitors and their comparison with the company on the basis of product features, financials, and market size. In the end, it includes post investment capital structure of the company in comparison with pre investment capital structure funding goals, requirement, and allocation and contingency plan for the investors, in case they want to exit or liquidate their position from the company. https://bit.ly/3bDTMPj
This presentation deals with the comparison of the cash flow statement of two telecom companies which is idea and airtel. The file is for the Financial Year 2016-17.
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
The project describes working of a system implemented in a library, which facilitates book issue and return based on RFID code attached to books. It uses microcontroller to control gates.
The project was an embedded system project, where an alarm will go on whenever an inbuilt sensor sense any gas around it. Project describes the software simulation and also the working circuit which was used to implement the circuit on a board by incorporating all the required elements.
Introduction to Government funded equipment (GFE)Udit Jain
The project describes about the organization history, its areas of working and then focuses on one product, which is GFE. It talks in detail about the parts of GFE, working and the components which are attached to it for its proper working.
The project describes the fixed line telephonic services evolution in India over past many years, its decline and pros and cons of this technology. It also describes the major players in industry and their contribution in improving the services over time.
The project was a comparative study of customer experience on quikr and OLX, by collecting real customer data through posting actual advertisements on both the websites.
The project describes the process of conducting choice process audit of any product or service. This will help in identifying the strength of your offering and the reason of why people purchase what they purchase.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
2. Page | 4
List of Companies:
1. Bharti Airtel Ltd.
2. Idea Cellular Ltd.
3. Reliance Communications Ltd.
4. Adani Enterprises Ltd.
5. Container corporation of India ltd
6. Adani Ports and Special Economic Zone Ltd.
3. Page | 5
S.NO. PARTICULARS PAGE
NO.
1 What purpose does annual report serve? 6
2 Why companies are disclosing certain information
voluntary?
7
3 Why do companies use graph in annual report? 8
4 Analysis of the data as collected in the Excel
sheet
9-12
5 Distortions & deficiencies in graphs. 13-16
6 Findings of your research and any suggestions to
SEBI
17
7 Annexure 1 - Graphs 18-25
8 Annexure 2 – Financial statements 16-43
9 Referencing 44
4. Page | 6
An Annual Report is an extensive report on company’s activities for the previous fiscal year. It provides information on
the health of a company to stakeholders, media and common people. Primary purpose of annual reports is
accountability, particularly to shareholders.
Key purposes of an annual reports are:-
Provide Financial Information: Annual reports include a balance sheet, profit & loss statement and cash flow
statement. Accounting methods that are used by a company are given by financial notes and other details about
allocation of pension plan contributions, how equipment depreciates is given by additional information.
Highlight Achievements: Company’s history, mission and achievements in the past year are included in annual
report. Research advances, market share gains or honours awarded to the company or its employees are also
included.
Promote Your Company (marketing tool): Companies include appraisal from employees and customers to appeal
to potential investors. Sophisticated design and layout techniques are used in electronic reports to make it interesting.
Other Information: Annual report introduces the board of directors and key personnel to stakeholders. It also
comprises of brief overview of profits, successful marketing strategies, campaigns, changing business conditions and
information about the company’s plans for the upcoming year.
The users of an annual report:
.
5. Page | 7
To find out why companies disclose certain information voluntarily we have done an interview with a person who has
over 6 years experience in the accounting industry and have tried to get the answer for the same.
Words Of Wisdom:
ASHISH CHHABRA
[Co-Partner in “N kumar chhabra n company”
Over 6 years of experience as a CA in the industry.]
Sir, WHY do companies disclose certain information voluntarily in their annual reports??
“Voluntary itself means it’s not compulsory. Talking the ‘WHY’ question I would say that there are many things which
the management considers before giving certain information in the annual report. Firstly, it looks at the industry trends
for eg: if I am in a sector where all my competitors are showing a set of information voluntarily say: a set of graphs,
then I also need to show the information. Not that it is compulsory but I don’t want to go against the industry trends
and convey a bad image of my company to my stakeholders. Secondly, it totally depends on the company’s policies
and what the management decides. If I value my stakeholders and if I want them to know what actually is going on in
the company I will definitely show and display more than what is compulsory. Moreover, voluntary disclosure helps the
company to build a good reputation and a trust among the shareholders. ”
Sir, can a company manipulate voluntary information to present a better picture and fool the
stakeholders?
“Yes, they surely can. Why would I show the information which conveys a bad picture of my company? I would say it’s
not manipulation it’s just being smart enough to show what is good in your company and ignoring the figures which
depict a bad image to the stakeholders.”
Sir, would you consider this an ethical practice?
“Anything that shows a better position of the company than the actual position is considered unethical. But it is totally
up to the management what to voluntarily disclosure and what not to.”
6. Page | 8
Graphs speak a universal visual language. Information is depicted by use of column graphs, line graphs and pie
charts. Graphs are more user friendly as compared to traditional format of presenting the financial information by
means of tables. Financial graphs enhance understandability of financial data for users without accounting
background. Graphs aid in presenting summary information, breakdown the language barrier, facilitate comparisons,
emphasize on relationships between various variables having financial or non-financial origin, save time in analyzing
data and trends. Graphs are used as a marketing tool in order to make the annual report look appealing to the users.
They attract reader’s attention with their colored components and are used to project a good image of the company in
the eyes of investors and other stakeholders.
The pictorial presentation of information is most widely used as a part of director’s report, financial summary and the
highlight section.
Managements use graph to manipulate the financial information and distort the message to be conveyed, for example
exaggerating an upward trend or understating a downward trend by starting the vertical axis at a number higher than
zero, inadequately titled and labelled graphs, obtrusive backgrounds, failing to show vertical axes to mislead potential
investors.
Graphically presentation helps the company’s stakeholders to understand the working of the company in a better way.
7. Page | 9
HORIZONTAL COMPARISON:
Airtel: Talking about performance of the company we analyzed that the company’s performance do affect the
graphical disclosure of a company through financial graphs:
In the case of Bharti Airtel pvt limited, we analyzed the net profit of the company over a period from 2008-09 to
2012-13. The company had a trend of disclosing “profit and profit margin” and “EPS” graph till 2009-2010 as the
companies’ net profit and EPS were on a constant rise but after 2010, the company has not shown the graph for
“profit and profit margin” and “EPS”, reason being the net profit of the company is on a constant decline from 2010
onwards. Therefore, the management does not want to depict the bad shape of the company through the “profit
and profit margin” graph.
The table attached gives the reason for the above conclusion:
RELIANCE COMMUNICATION :
While examining the annual reports of reliance communications for three years (2009-2010, 2010-2011, 2011-2012),
we came across certain discrepancies which were perhaps an attempt to mislead the potential investors. In the year
2009-2010, firm had shown their earnings graphically as ‘net profit’ which was 46550 million whereas in the
subsequent year there was a net loss of 757 crores and instead of that, EBITDA (earnings before interest, tax,
depreciation and amortisation) were depicted graphically which invariably is much higher and increasing
subsequently. Same practice was followed in the year 2011- 2012 where there was a low net profit of 150 crores.
While EBITDA has been on rise, the return on equity for the year ending 2012 was a low 2.5 percent. Most
importantly there has no depiction of EPS and DPS graphically which is of great interest to the
shareholders for interpreting the company’s performance.
ADANI ENTERPRISE
8. Page | 10
The company has showed the compared net worth graph during the fiscal year 2010 and 2011 when the
performance comparing to the previous years was very good. But in fiscal year 2012 and 2013 when the
percentage change is almost negligible, it didn’t show the net worth graph. This shows that the company is
focussed on showing only positive aspects through graphs in its annual reports.
Adani enterprise is the largest producer of thermal coal in India. During the fiscal year 2012 and 2013, the
production of Adani enterprise increased as compared to the previous years. Therefore, it showed graphs of
coal trading in both the years.
The company showed EPS graph during the year 2009 and 2010 .But as it is decreasing they didn’t show the
same in the subsequent years.
Company showed the revenue graph during fiscal year 2010 but it declined tremendously. So, it is not shown in
the subsequent years.
ADANI PORTS AND SPECIAL ECONOMIC ZONE:
We analyzed the annual reports of Adani Ports and Special Economic Zone Limited for year 2010 to 2013. The major
transition was seen from 2010-11 to 2011-12, when company changed its name from ‘Mundra Port and Special
Economic Zone Limited’ to ‘Adani Port and Special Economic Zone Limited’ on January 6th
2012.
In the above transition, company improved its position in terms of Net Profit, Turnover but share price in NSE and
BSE took a fall. Moreover, the number of graphical disclosures by company was increased from year 2010-11 to
2011-12 from 6 to 9.
The particular graphs of container growth, cargo handled, EBITDA and categories of shareholders were added in year
2011-12 annual report.
Therefore, from above analysis, we conclude for particularly this sector, as company improves number of graphical
disclosures are increased by it.
9. Page | 11
Idea:
Through the analysis of Idea cellular, it is found that the graphical disclosure remained the same for all the years. The
market share of the company has been on rise and so are the revenues. The net profit, ROA, ROE and EPS are
continuously declining. The company’s payout ratio is zero. Thus, the company discloses only those aspects by way
of graphs which reflect a positive picture of the company. Ex: growth in cash profits, revenue, comparison of BSE and
NSE with the company’s share prices to show the upward trend.
VERTICAL COMPARISON:
Telecommunication sector:
Market cap reflects the equity value of the company. The size of the company is judged on the basis of its market cap.
Among the major players in the telecommunication sector, Airtel has the highest market cap of ₹ 1,16,404.29 crores
followed by Idea and RCom.
ROA tells an investor how much profit a company generated for each ₹1 in assets. It is a way gauge the asset
intensity of a business. Companies in the telecommunication sector are very asset-intensive since they require big,
expensive machinery or equipment to generate a profit.
( http://beginnersinvest.about.com/od/incomestatementanalysis/a/return-on-assets-roa-income-statement.htm). ROA
is highest for Idea followed by Airtel and Reliance.
The return on equity ratio (ROE) measures how much the shareholders earned for their investment in the company.
The higher the ratio, the more efficient management is in utilizing its equity base and the better return is to investors.
(http://www.investopedia.com/university/ratios/profitability-indicator/ratio4.asp). Bharti Airtel has the highest ROE
followed by Idea and Reliance.
Through the intercompany comparison in telecommunication sector, following observations have been made:
Few graphs are disclosed by all these companies that include sales revenue and Earnings since these
variables were on continuous rise over the years.
Airtel and Idea followed the practice of graphical disclosure of Comparison of the company’s share prices with
BSE Sensex and NSE Nifty to give a clear picture of the company’s performance. It acts as a marketing tool
towards the potential investors.
Airtel’s EPS is on constant decline so the company chose to disclose through graphs the Book value of the
shares which is increasing and not the EPS.
Mar '13 Mar '12 Mar '11 Mar '10 Mar '09
Earnings Per Share 13.42 15.09 20.32 24.82 40.79
Book Value 142.58 130.16 115.42 96.24 145.01
(Source: moneycontrol.com)
10. Page | 12
Reliance chose not to show either of the two through graphs as both are on continuous decline. EPS was even
negative for 2010-11.
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
Earnings Per Share 0.76 -3.67 2.32 23.27 12.53
Book Value 218.97 233.26 244.66 250.43 120.35
(Source: moneycontrol.com)
Same was the case with Idea too as shown below:
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
Earnings Per Share 1.74 2.56 3.19 3.23 3.96
Book Value 38.99 37.18 34.59 36.37 13.44
(Source: moneycontrol.com)
Idea has disclosed the net profit graph despite the fact that it has been decreasing while other companies
did not.
Net Profit/(Loss) For the Period
Mar '12 Mar '11 Mar '10 Mar '09
AIRTEL 5,730.00 7,716.90 9,426.16 7,743.84
IDEA 576.54 844.6 1,053.66 1,008.21
RCOM 156 -757.99 478.93 2,352.93
(Source: moneycontrol.com)
Few graphs providing non-financial information have also been disclosed like subscriber base. No. of
subscribers of all the three companies are increasing but Idea did not disclose the same through graph.
It can be said that decision to disclose the information of financial or non-financial importance through graphs is totally
at the discretion of the management. The management emphasises on the disclosing the positive performance of the
companies perhaps to mislead the stakeholders or just to enhance transparency and understandibility through the
annual reports. Big companies and companies with better performance (Airtel in the above case) have more positive
variables to be graphed to give a better picture. Thus, they disclose more via graphs. For instance, Reliance with low
market cap and low performance used only four graphs as compared to its competitors( Airtel and Idea) which used
six graphs.
11. Page | 13
ABSENCE OF Y-AXIS AND WRONG SCALE:
In fig 1, the scale on which graph has been drawn is incorrect due to which the height of the bar for the year
2008 is small. Also, the y-axis has been removed to prevent the identification of the deficiency. The graph should have
been
drawn as
shown in
fig 2 to
give the
correct
picture
and to
prevent
12. Page | 14
0
20
40
60
80
100
120
0
5000
10000
15000
20000
25000
IDEASHAREPRICE
BSESENSEX
MONTH
Comparision of the Idea share prices with BSE Sensex (Revised)
BSE
idea
exaggeration.
In fig 3, the scale starts from 3000 and the difference is 6000 subsequently. Also, there is absence of tick labels on the
y-axis and grid lines to locate the exact values from the chart. The graph looks ambiguous. Example: the revenue from
power in 2011 which is Rs 2137cr appears at the level of Rs 3000cr.
NO ZERO BASELINE: Not including zero in the baseline is one way to exaggerate a trend for those who don’t read
labels carefully. For educated audiences who can be expected to read tick labels, zero is not needed.
13. Page | 15
POOR LABELLING : Not including tick labels in the graph makes the reading of graphs difficult.
LINE GRAPH LIMITATION : A graph in the annual report of Adani ports uses a high width line graph due to which
it becomes difficult to read the actual values from the graph.
14. Page | 16
INAPPROPRIATE 3D GRAPHS: The 3D graphs formed without grid lines makes the graph look inappropriate if
the bars are seen in reference to tick labels on Y-axis and have the tendency to mislead the users in the absence
of labels showing the exact value represented by each bar.
15. Page | 17
Major findings:
The major finding of our research is depicted as follows:
The annual report is not only a rule which the companies have to follow but also a marketing tool and
a tool to build a brand image in the market.
Companies at times voluntarily disclose certain information that depicts a better picture of the
company.
Graphical representation is at times used as a trick to fool the stakeholders.
Suggestions to SEBI:
Financial report users easily get mislead due to the presence of distorted graphs in the financial
report. To check this practice. Though graphs are disclosed voluntarily by the companies , to check
the practice of submitting distorted graphs, SEBI should impose certain strict rules for graph
disclosures:
Assigning a specific scale for graphs.
Graphs having only one axis cannot be included.
Value representations instead of points should be avoided.
Multiple scaling graphs depicting more than one variable with different scales should not be used.
All variables should lie on same grid.
Interval ratios should remain constant either it be a histogram, bar graph or column graph.
Proper label lings should be present.
Scaling units must be defined.
Intervals should not be broken at any point.
Zero should remain the origin of graph.
Lines on graph should be clear. (no doubling allowed)
Companies disclosing graphs in distorted patterns should be punished with penalties.
Distortion identifying committee should be formed by SEBI to have a check on this practice.
Companies showing distorted graphs continuously in their reports should be declared by SEBI as
untrustworthy.
16. Page | 18
Annexure 1
BHARTI AIRTEL: The followin six graphs are used by the company in their annual report 2011-2012
20. Page | 22
RELIANCE COMMUNICATION : The followin four graphs are used by the company in their annual report 2011-2012
21. Page | 23
ADANI ENTERPRISES : The following six graphs are used by the company in their annual report 2012-2013
CONTAINER CORPORATION OF INDIA : They do not have any graphical disclosure
22. Page | 24
ADANI PORTS : The following nine graphs are used by the company in their annual report 2012-2013.
42. Page | 44
Reporting to shareholders, a good practice guide , 2008 by Ernst & Young
^ Dictionary of Finance and Investment Terms by John Downes and Jordon Elliot Goodman Barron 1995
Research report : Pretty pictures, damned lies, and graphs in reports
Wilson, Kelly; Stanton, Patricia . Australian Accountant 66.5 (Jun 1996)
The use and abuse of graphs in annual reports: theoretical framework and empirical, beattie, vivien:jones,
Michael john, accounting and business research; autumn 1992;22;88 ABI/INFORM complete pg291
Pictures that lie: The abuse of Graph in annual reports: are major.. Johnson, Johnny R; rice, Robert
R;Roemmch, roger A, Management Accounting(pre-1986); 62,4 ABI/INFORM complete pg.50
^ http://www.accountingtools.com/definition-wrap-report (accessed 14 august 2013).
http://www.moneycontrol.com (accessed 14 august 2013).
http:www.equitymaster.com (accessed 13 august 2013).
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Idea cellular (2012),Annual Report ,idea cellular ltd, India
Reliance communication ltd(2012),Annual Report ltd ,reliance communication ,India
Adani enterprises (2012),Annual Report , Adani enterprises ltd, India
Container corporation of india ltd(2012),Annual Report , Container corporation of india ltd,India
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