Joined: 15/Jun/2011
Location: India
Online Status: Offline
Posts: 114
Posted: 25/Aug/2011 at 10:06pm
an interesting article on subiksha retail in ET,reading the annual reports,finacials is important,but quite difficult to verify the correctness,dividend pay out ratio would be a good tool/extra marks for management integrity in our investment decisions ,eventhough it means lowering our return expectations.
Barring Infosys and some other paragons of excellence, Indian companies
are not exactly known for being shareholder friendly. Dividends are low
and far paced, annual reports get lost in the mail(if they were sent at
all), voluntary disclosures are skimped on (segment reporting,
impairment testing, last quarter results, consolidated results etc). But
ever since the MCA permitted companies to despatch their communications
in electronic form, companies have leapt at the chance. No points for
guessing why.
Assuming the printing cost of an annual report to be Rs 100(for a good
company it will be much more say Rs 200-300), and even a small
shareholder base of 10,000 share holders. Rs 10lakh-30Lakh per year, is
not to be scoffed at, when it can be achieved by just sending emails and
uploading the document on the site. What SEBI failed to achieve through
years of Clause 49 circulars, the MCA achieved it within months with a
simple circular.
Now, though most demat account holders would now have an email ID linked
to it, given that most brokers offer a Rs 50-100 rebate for electronic
demat statements etc, but the MCA circular permits them to ask for hard
copies of annual reports. And for complex companies with voluminous
disclosures, shareholders may still demand the annual report, though
psychological studies show that with the inertia element kicking in,
some will just grin and bear it.
Another reason to seek the annual report is that if you want to know the
details of high paid executives(over Rs 2lakh/month), then most
companies send it to shareholders only on request. Hence, holding that
token share comes in handy then.
Many mid cap/small cap investors used to purchase a single share of many
companies, merely to get that prized annual report copy. Now that it is
available online, they may still retain those shares, merely for the
opportunity to attend the company's AGM where they can get snacks/gifts,
quiz the management and network with fellow investors. Unless AGMs are
made open to all, this tendency of single share owners will continue.
And some companies are plagued with them. For example, Wipro has 5010 of
them as per its FY 2010-11 annual report
PS:-Would you still request a physical copy of annual report, or be ok with electronic copy? Please take 2min to fill this survey(no personal details recorded!)
Joined: 06/Dec/2011
Location: India
Online Status: Offline
Posts: 33
Posted: 16/Jan/2012 at 1:48pm
Dear Vivekji,
The information provided by you and many other senior members is very helpful for a rookie like me. Very well compiled and nicely presented.
Actually I was looking forward for the information about financial ratios and all. It is all discussed about but not explained. Sir, please try to spare some time from your busy schedule and enlighten people like me. Please write something about which ratios should be consider with their significance.
Looking forward for your posts.
Thank you all, well in advance.
Joined: 10/Aug/2015
Location: United Kingdom
Online Status: Offline
Posts: 173
Posted: 12/May/2016 at 5:03pm
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