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APPENDIX - I Companies included in the study
Sr No Name of the Company Sr No Name of the Company
ABB - ASEA BROWN BOVE LIMITED
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GRASIM INDUSTRIES LTD
ABS INDUSTRIES LTD. GREAVES LTD
ACC GUJARAT AMBUJA CEMENTS LTD
ACGL GUJARAT NARMADA VALLY FERTILIZER CO LTD
AJANTA PHARMA LTD. GWARAT SIDHEE CEMENT LTD
ALFA LAVAL (INDIA) LTD. GUJARAT STATE I-EK I IUZER & CHEMICALS LTD
APAR INDUS I HIES LTD. HINDUSTAN LEVER LTD
APOLLO TYRES LTD HITECH DRILLING SERVICES INDIA LTD
ARVIND MILLS LTD I. T.C. LTD
ASIAN HOTELS LTD ILLINOIS TOOLS WORKS INDIA LTD
ASIAN PAINTS (INDIA) LTD INDO GULF CORPORATION LTD
BAJAJ AUTO LTD ISPAT ALLOYS LTD
BAJAJ HINDUSTHAN LTD KINETIC ENGINEERING LTD
BANNARI AMMAN SUGARS LTD LARSEN & TOUBRO LTD
BATA INDIA LTD UNC PEN & PLASTICS LTD
BIMETAL BEARINGS LTD LML LTD
BIRLA YAMAHA MAFATLAL DYES & CHEMICALS LTD
BIRLA 3M LTD MAHINDRA & MAHINDRA LTD
BIRLA ERICSSON OPTICAL LTD MAKERS LABORATORIES LTD
BLUE STAR LTD MOTOR INDUSTRIES CO LTD
BPL LTD MRF LTD
CABLE CORPORATION OF INDIA LTD NATIONAL ORGANIC CHEMICAL INDUSTRIES LTD
CADBURY INDIA LTD NAVNEET PUBLICATION (INDIA ) LTD
CAMPHOR &AWED PRODUCTS LTD NICHOLAS PIRAMAL INDIA LTD
CAPRIHANS INDIA LTD NIRLON LTD
CEAT LTD NOVARTIS INDIA LTD
CNI CENTURY ENKA LTD PARKE - DAVIS
CENTURY I t.X I ILES AND INDUSTRIES LTD PETRON ENGINEERING CONSTRUCTION LTD
CHAMBAL FERTIUSERS AND CHEMICAL LTD PHIL CORPORATION LTD
CHEMPLAST SANMAR LTD PHILIPS INDIA LTD
CHICAGO PNEUMATIC INDIA LTD PORRITTS & SPENCER (ASIA) LTD
CIBA SPECIALTY CHEMICAL (INDIA) LTD P & G HYGIENE AND HEALTH CARE LTD
CIPLA LTD RAISHREE SUGARS & CHEMICALS LTD
COATES OF INDIA LTD RALLIS INDIA LTD
COLGATE - PALMOLIVE (INDIA) LTD RELIANCE INDUSTRIES LTD
CREST COMMUNICATION LTD SANDVIK ASIA LTD
CYBERTECH SYSTEMS AND SOFTWARE LTD SATYAM COMPUTER SERVICES LTD
DABUR INDIA LTD SESA GOA LTD
DAEWOO MOTORS SKF BEARING INDIA LTD
DALMIA CEMENT (BHARAT) LTD SPIC
DEEPAK FERTILIZER & PETROCHEMICAL SRF INDIA LTD
CORPORATION LTD STERUTE INDUSTRIES INDIA LTD
DIGITAL EQUIPMENT (INDIA ) LTD SUN PHARMACEUTICAL INDUSTRIES LTD
E.I.D.-PARRY (INDIA) LTD SUNDRAM FASTENERS LTD
E.MERCK (INDIA) LTD SURAI DIAMONDS INDIA LTD
ELGI EQUIPMENTS LTD TATA CHEMICALS
FERRO ALLOYS CORPORATION LTD TATA STEEL
FINOLEX INDUSTRIES LTD TATA TEA LTD
GERMAN REMEDIES LTD TELCO LTD
GLAXO INDIA LTD THE GREAT EASTERN SHIPPING CO, LTD
GOA CARBON LTD THE INDIAN HOTELS COMPANY LTD
GODREJ FOODS LTD THE INDIAN SMELTING & REFINING CO. LTD
GODREJ SOAPS LTD THIRUMALAI CHEMICALS LTD
GOODRICKE GROUP LTD TIMEX WATCHES LTD
Sr No Name of the Company 108 'TITAN INDUSTRIES LTD
109 TITANOR COMPONENTS LTD
110 TVS - SUZUKI LTD
111 UNITED PHOSPHORUS LTD
112 UNIVERSAL CABLES LTD
113 VAM ORGANIC CHEMICALS LTD
114 VASHISTI DETERGENTS LTD
115 VINDHYA TELEUNKS LTD
116 VINYL CHEMICAL INDIA LTD
117 VITARA CHEMICALS LTD
118 VOLTAS INDIA LTD
119 WARTSILA NSD INDIA LTD
120 WHIRLPOOL OF INDIA LTD
121 WIMCO LTD
122 WIRES FABRICS LTD
123 WYETH LEDERLE LTD
124 ZENITH LTD
125 ZUARI INDUSTRIES LTD
441
Sr No Disclosure Items Sr No Disclosure Items Major industry trend 880 %-
_. -- -. -. p
.
1
REPORTS Management discussion and analysis Auditors report Market value of shares Chairman speech Narative history of the company Directors' report Organisation chart Photos of plants, functions etc 2 _
Review of current year performance Share holders information Statement of company objectives Use of charts and diagrams Workers participation in management
443
APPENDIX - II
INDEX OF DISCLOSURE
Sr No Disclosure It ISr No Disclosure Items
INFORMATION ON ACCOUNTING
8 U
i 2 8
A 8
8 =
',.) 8 8 8
ziT, E8 2
S 2
2 6. 8
8 P.
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. 'P. c g! 8
7i; 2 2 X
2 2
oNs 2 > Fo' 8
g 2
2 a 8
8
Segment production
AND FINANCE Segment sales
Accounting policies Social accounts
Acid test ratio Statement of sources and application of funds
Accounting for amalgamation Summarised balance sheet
Accounting for construction contract Summarised profit &loss account
Accounting for Government gray Value added statement
Aging of debtors INFORMATION ON PERSONNEL
Amount of debtors Amount spent on HRD
Amount of depreciation Amount spent on labour welfare activities
Brand valuation Description of HRD programmes
Break up of inventories Description of labour welfare activities
Capital expenditure for the future period Employees pension and retirement benefit
Capital expenditure for the year General statement on industrial relation
Cash flow statement Name of directors
Contingencies and events cccuring Names of senior executives
after balance sheet date Number of employees
Contingent liabilities Occupational group of employees
Cost of investment Productivity
Current ratio Qualification of senior executives
Debt equity ratio Quality circles
Details of non operating income and expenses Shares held by directors in the company
Details of operating income and expenses Shares held by directors in the subsidiaries
Details about subsidiary company Shares held by senior executives
Details of intangible assets Status of senior executies
co cv
___ Details of reserves and surplus Strikes and lockouts
Details of secured loan INFORMATION ON PRODUCTION
Details of share capital Capacity utilisation
Disclosure regarding tax provisions Conservation of energy
Distribution of revenue Cost of production
Dividend for the last year Current expenditure on R&D
Dividend pay out ratio Description of major plants
Earning per share Expenditure on repairs and renewals
Highlights of the year Future r & d expenditure
Historical data Research and development activities
Human resource accounting INFORMATION ON MARKETING
Inventory ratio Advertisement and publicity expenses
Market value of investment Cost of goods sold
Method of charging depreciation Description of rnor products
Method of valuation of inventories Market share of the company product
Net worth ratio Pricing policy
Particular of fixed assets Sales to major customers
Price level adjusted statement
Prior period adjustments GENERAL INFORMATION
Proposed dividend for the year Amount spent on social activities
Provision for doubtful debt Contribution to national excheques
Ratio of gross profit to sales Corporate governance
Ratio of net profit to sales Details of social activities undertaken
Reconciliation of budgeted to actual performance Foreign exchange earnings
Return on investment Future expansion programmes
Revenue recognization Index/ contents
Segment earnings Major factors affecting next years performance
442
APPENDIX - III
IMPORTANCE )F ITEMS DISCLOSED IN IHE ANNUAL REPORT AS
PERCEIVED BY USERS OF THE ANNUAL REPORT
Name of the respondent ; Age group ; 20-30 D., 30-40 D., 40-50 D., 50 and above D.
User's group ; Shareholder D., financial institution D., financial
analysists ❑ .,suppliers D
Shareholdings ; Below 100 D., 100-500 D., 500-1000 D.,
1000-5000 D., Above 5000 D.
Educational qualification ; Below HSC D., HSC D., Degree D., Professionals
D.
Zone ; South D., North D., East EL, West D.
I. Main Information
Very
important
Important Required Not
required
a. General information
•
ON
b. Financial information
•
ON
c. Personnel information
•
ON
d. Marketing information
•
IN
e. Production information
•
11.,
f Reports •
IL Itemwise Information :- Sr.no Items Very
important
Important Required Not
required
1. Narrative history of the
company.
444
2. Financial highlights.
3. Summarized financial
statements.
4. Financial ratios.
5. Statement of company
objectives.
6. Segment information.
7. Review of current year
performance.
8. Cost of production.
9. Details of investment.
10. Details of debtors.
11. Details regarding
inventories.
12. Details of fixed assets.
13. Particulars regarding
depreciation.
14. Details of reserves &
surplus.
15. Details on capital
expenditure.
16. Net profit.
17. Details of share capital.
18. Fund flow statement.
19. Cash flow statement.
20. Contingent liabilities.
21. Accounting policies.
22. Value added statement.
23. Brand value statement.
24. Distribution of revenue.
25. Price level adjustment
445
statement
26. Human resource accounting.
27. Social accounts.
28. Details on subsidiary
company.
29. Details on tax-provision.
30. Details on dividend.
31. Earning per share.
32. Budgeted information.
33. Details about management.
34. Details about employees.
35. Industrial relations.
36. Employees welfare
activities.
37. HRD programmes.
38. Sales details
39. Capacity utilization.
40. Details on R&D
41. Conservation of energy.
42. Major industry trend.
43. Details of social activities.
44. Description of major
products.
45. Presentation of annual
report.
46. Foreign exchange earning
47. Market value of shares.
48. Management discussion &
analysis.
49. Corporate governance.
50. Index/ content.
446
51. Director's report.
52. Auditor's report.
53. Quality aspect of products.
54. Comparison of budgeted
performance with actual
results.
55. Shareholder's information.
III. Additional Information:-
a. Have you ever seen any annual report ?
b. Do you understand the language of the annual report ?
c. What do you consider in an annual report, before investing in any
company?
d. Which part of the annual report satisfies your informational needs?
e. Are you satisfied with the information disclosed in the present
annual report ?
f. When do you receive the annual report ?(before AGM/after AGM)
g. Have you ever attended an AGM?
h. Could you make any decision on the basis of the annual report ?
i. Have you any suggestion/s for the improvement of the annual
report ?
447
APPENDIX — IV
INDEX OF IMPORTANCE OF ITEMS DISCLOSED BY I HE COMPANIES
NAME OF THE COMPANY: Itemwise Information Sr.no Items
1. Narrative history of the company.
2. Financial highlights.
3. Summarized financial statements.
4. Financial ratios.
5. Statement of company objectives.
6. Segment information.
7. Review of current year performance.
8. Cost of production.
9. Details of investment.
10. Details of debtors.
11. Details regarding inventories.
12. Details of fixed assets.
13. Particulars regarding depreciation.
14. Details of reserves & surplus.
15. Details on capital expenditure.
16. Net profit.
17. Details of share capital.
18. Fund flow statement.
19. Cash flow statement.
20. Contingent liabilities.
21. Accounting policies.
22. Value added statement.
23. Brand value statement.
24. Distribution of revenue.
25. Price level adjustment statement
448
26. Human resource accounting.
27. Social accounts.
28. Details on subsidiary company.
29. Details on tax-provision.
30. Details on dividend.
31. Earning per share.
32. Budgeted information.
33. Details about management.
34. Details about employees.
35. Industrial relations.
36. Employees welfare activities.
37. HRD programmes.
38. Sales details.
39. Capacity utilization.
40. Details on R&D.
41. Conservation of energy.
42. Major industry trend.
43. Details of social activities.
44. Description of major products.
45. Presentation of annual report.
46. Foreign exchange earning.
47. Market value of shares.
48. Management discussion & analysis.
49. Corporate governance.
50. Index/ content.
51. Director's report.
52. Auditor's report.
53. Quality aspect of products.
54. Comparison of budgeted performance with actual results.
55. Shareholder's information.
449
APPENDIX-V
HIERARCHICAL CLUSTER ANALYSIS
Dendrogram using Average Linkage (Between Groups)
Rescaled Distance Cluster Combine
CASE 0 5 10 15 20 25 Label Num + + + + + +
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454
APPENDIX - VI (a)
CLUSTER NO . 1
Sr.No NAME Disclosure Assets Capital Ape Turnover Profit 1 E.I.D.-PARRY (INDIA) LTD 71 42100 34700 25 76100 3000 2 GOODRICKE GROUP LTD 71 10200 7900 25 16400 1300 3 CIPLA LTD 71.2 24200 57600 64 76000 13300 4 GERMAN REMEDIES LTD 69.8 5100 5300 50 14300 1100 5 GLAXO INDIA LTD 70 24000 36000 76 88500 7700 6 BATA INDIA LTD 68.6 29300 31300 68 67000 1600 7 CENTURY TEXTILES AND INDUSTRIES LTD 72.8 268400 108100 103 175200 500 8 MRF LTD 73.4 95300 45000 40 228300 9000 9 E.MERCK (INDIA) LTD 74.4 10100 10500 33 27800 1800 10 THE INDIAN HOTELS COMPANY LTD 68.6 84200 95900 99 61800 11300 11 VOLTAS INDIA LTD 69.2 13000 15400 46 82400 500 12 CADBURY INDIA LTD 71.8 19700 17100 52 35400 1900 13 RALLIS INDIA LTD 72 1400 1200 52 400 50 14 ABB - ASEA BROWN BOVERI LIMITED 70.8 24000 34000 51 86900 3800 15 SUN PHARMACEUTICAL INDUSTRIES LTD 71 5900 13200 10 13000 3700 16 GUJARAT NARMADA VALLY FERTILIZER CO LTD 73.4 150800 75800 24 116000 7900 17 LARSEN & TOUBRO LTD 72.2 582400 386400 55 742400 34200
Total 1211.2 1390100 975400 873 1907900 102650 Mean 71.25 81770.59 57376.47 51.35 112229.41 6038.24 S.D 1.64 141767.39 87733.74 24.66 167687.54 8069.69 C.V 2.30 173.37 152.91 48.02 149.41 133.64
Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands. Age is shown in years.
455
APPENDIX - VI (b)
CLUSTER NO. 2
Sr.No NAME Disclosure Assets Capital Age Turnover Profit
1 MAHINDRA & MAHINDRA LTD 75.6 91500 134300 54 412800 25100
2 TATA TEA LTD 74.8 43200 85200 37 91200 12500
3 BPL LTD 74.2 30400 29800 37 129000 1200
4 INDO GULF CORPORATION LTD 76.6 72600 80100 16 43500 14900
5 NICHOLAS PIRAMAL INDIA LTD 76.2 43400 29200 52 51900 4500
6 PARKE - DAVIS 74.4 6800 3500 42 . 17400 700
7 BAJAJ AUTO LTD 76.4 204100 320400 55 370500 61300
8 DIGITAL EQUIPMENT (INDIA) LTD 78.6 1700 8000 13 24900 5400
9 ELGI EQUIPMENTS LTD 77.6 6100 5000 40 18100 900
10 ACC (THE ASSOCIATED CEMENT COMPANY LTD) 79.8 269300 113300 65 281800 -5800
11 HINDUSTAN LEVER LTD 80.2 148200 149300 72 1014200 107000
12 BANNARI AMMAN SUGARS LTD 79 21500 12000 16 21800 1400 Total 923.4 938800 970100 499 2477100 229100 Mean 76.95 78233.33 80841.67 41.58 206425.00 19091.67 S.D 1.99 82443.24 88060.83 18.45 279228.33 31528.83 C.V 2.59 105.38 108.93 44.37 135.27 165.14
Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands. Age is shown in years.
456
APPENDIX - VI (c)
CLUSTER NO. 3
Sr.No NAME Disclosure Assets Capital Age Turnover Profit 1 SKF BEARING INDIA LTD 60 22500 13900 39 38000 900 2 TITAN INDUSTRIES LTD 60.8 35900 21000 16 63000 1900 3 DALMIA CEMENT (BHARAT) LTD 59.6 38200 20300 48 29100 2600 4 ALFA LAVAL (INDIA) LTD. 58.6. 8100 12800 63 13200 600 5 TATA CHEMICALS 58.2 273200 169300 61 152100 11700 6 BLUE STAR LTD 58.4 6600 10200 52 41800 1500 7 GODREJ SOAPS LTD 63 49900 31700 12 78600 6000 8 GREAVES LTD 62.8 24700 22800 81 67200 -3500 9 I. T.C. LTD 63.8 187100 279900 89 795300 79200 10 ABS INDUSTRIES LTD. 61.8 15800 8100 27 14600 1600 11 DEEPAK FERTILIZER & PETROCHEMICAL 62 56100 33600 20 58600 5800 12 GOA CARBON LTD 62 9000 2200 32 4700 500 13 APOLLO TYRES LTD 61.8 50000 31500 27 115100 4000 14 CABLE CORPORATION OF INDIA LTD 62 15000 14300 43 22900 -47 15 THE GREAT EASTERN SHIPPING CO, LTD 62 2636300 1128100 52 963600 110500 16 ZUARI INDUSTRIES LTD 62.4 82400 33500 32 106400 -2400 17 CEAT LTD 59 40900 28400 41 111900 2600 18 CENTURY ENKA LTD 60 57300 27600 34 53400 3100 19 PHILIPS INDIA LTD 60.2 40000 18500 70 155600 -14
Total 1158.4 3649000 1907700 839 2885100 226539 Mean 60.97 192052.63 100405.263 44.16 151847.37 11923.11 S.D 1.64 579697.5 250928.89 20.84 254774.29 29069.2 C.V 2.69 301.84 249.92 47.19 167.78 243.81
Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands.
Age is shown in years.
457
APPENDIX - VI (d)
CLUSTER NO : 4
Sr.No. NAME Disclosure Assets Capital Age Turnover Profit
1 CHICAGO PNEUMATIC INDIA LTD 64.8 4500 5000 43 9200 500
2 COLGATE - PALMOLIVE (INDIA) LTD 64.6 30600 30000 59 112100 5200
3 SOUTHERN PETROCHEMICALS INDUSTRIES 65 195700 95000 30 181000 7200
4 CAPRIHANS INDIA LTD 67 5900 5200 54 15000 -1000
5 LML LTD 66.6 20500 7900 26 61900 1700
6 SESA GOA LTD 65.4 20900 23400 35 28000 3200
7 ASIAN PAINTS (INDIA) LTD 66 30100 30400 54 89400 7700
8 STERLITE INDUSTRIES INDIA LTD 65.8 169300 132000 25 203500 16000
9 VAM ORGANIC CHEMICALS LTD 65.2 6500 8000 22 13200 800
10 ARVIND MILLS LTD 65.8 108000 116200 70 94100 1400
Total 656.2 592000 453100 418 807400 42700
Mean 65.62 59200.00 45310.00 41.80 80740.00 4270.00
S.D 0.73 68099.43 46873.93 15.81 65952.14 4783.52
C.V 1.11 115.03 103.45 37.82 81.68 112.03 Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands. Age is shown in years.
458
APPENDIX - VI (e)
CLUSTER NO .5
Sr.No NAME Disclosure Assets Capital Age Turnover Profit
1 LINC PEN & PLASTICS LTD 85 600 900 11 2800 200
2 NAVNEET PUBLICATION (INDIA) LTD 82.8 5300 8300 14 14400 2400
3 GUJARAT STATE FERTILIZER & CHEMICALS LTD 85 187500 136500 38 199900 17000
4 TELCO LTD 86 322900 375500 55 736300 29400
5 CYBERTECH SYSTEMS AND SOFTWARE LTD 84.4 3300 9300 5 3000 1700
6 RELIANCE INDUSTRIES LTD 87 2433000 1398300 26 2030100 240300
7 SATYAM COMPUTER SERVICES LTD 88.6 41800 35000 13 67900 13500
8 GRASIM INDUSTRIES LTD 91 101420 68440 53 179310 -1000
9 GUJARAT AMBUJA CEMENTS LTD 90 193800 151200 23 130300 42800
10 TATA STEEL 88.2 1066700 455800 93 689200 42300
Total 868 4356320 2639240 331 4053210 388600 Mean 86.80 435632.00 263924.00 33.10 405321.00 38860.00 S.D 2.49 731343.78 406816.53 25.86 599125.53 68999.66 C.V 2.87 167.88 154.14 78.13 147.82 177.56
Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands. Age is shown in years.
459
APPENDIX - VI (f)
CLUSTER NO.6
Sr.No NAME Disclosure Assets Ca • ital A • e Turnover Profit
1 FERRO ALLOYS CORPORATION LTD 47 28200 5600 44 35500 -5400
2 MAKERS LABORATORIES LTD 46.6 200 200 14 1000 35
3 FINOLEX INDUSTRIES LTD 48.2 63900 43400 19 63900 4800
4 MAFATLAL DYES & CHEMICALS LTD 49.4 600 2800 41 5900 100
5 ILLINOIS TOOLS WORKS INDIA LTD 45.6 8000 11000 19 18400 1400
6 SURAJ DIAMONDS INDIA LTD 45.6 340 4045 14 4691 206
7 BAJAJ HINDUSTHAN LTD 46.6 22400 12400 69 26100 700
8 RAJSHREE SUGARS & CHEMICALS LTD 46.6 8600 4500 14 9200 200
9 GODREJ FOODS LTD 46.6 6800 2300 16 44900 -4900
10 ACGL (AUTOMOBILE CORPORATION OF GOA LTD) 47.2 5300 3200 20 7800 100
11 WYETH LEDERLE LTD 46.8 4500 9700 52 20700 2400
12 SRF INDIA LTD 46.8 79200 37700 29 67500 300
13 WIMCO LTD 47 21500 17500 77 15900 -89
14 DABUR INDIA LTD 52 22500 19500 25 70700 4000
15 HITECH DRILLING SERVICES INDIA LTD 52.4 13500 10400 15 11300 2100
16 CHAMBAL FERTILISERS AND CHEMICAL LTD 51.4 126400 72300 15 90900 13300
460
17 GUJARAT SIDHEE CEMENT LTD 51 18000 12500 27 16100 -1100
18 KINETIC ENGINEERING LTD 52.8 18000 10800 30 29700 1500
19 PHIL CORPORATION LTD 51.4 4500 5600 17 26800 1000
20 WARTSILA NSD INDIA LTD 51.2 5300 8900 14 31400 1500
21 PETRON ENGINEERING CONSTRUCTION LTD 51.2 4100 6100 24 14500 400
22 AJANTA PHARMA LTD. 51.2 3200 14800 21 15900 1700
23 UNITED PHOSPHORUS LTD 52.8 29800 40600 31 47400 2200
24 UNIVERSAL CABLES LTD 48.8 11300 11300 31 13600 -100
25 WHIRLPOOL OF INDIA LTD 49.8 54300 16800 39 98200 -1400
26 BIRLA YAMAHA 49.8 4500 4600 15 6800 700
27 ZENITH LTD 48.2 9300 5900 39 28300 1200
Total 1324 574240 394445 771 823091 26852 Mean 49.04 21268.15 14609.07 28.56 30484.85 994.52 S.D 2.35 28280.96 15844.76 16.33 26068.23 3183.97 C.V 4.79 132.97 108.46 57.19 85.51 320.15
Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands. Age is shown in years.
461
APPENDIX - VI (g)
CLUSTER NO.7
I Sr.No NAME Disclosure Assets Capital Age Turnover Profit
N C
r)
U)
CO c0C
A ̀
— "
APAR INDUSTRIES LTD. 55.8 12300 6800 11 40700 800
TITANOR COMPONENTS LTD 56.6 1300 1800 11 1500 -46
THIRUMALAI CHEMICALS LTD 56.4 19000 10400 27 16000 600
TVS - SUZUKI LTD 57 47100 24800 17 131300 8200
CAMPHOR &ALLIED PRODUCTS LTD 55 4600 4700 28 8100 400
CHEMPLAST SANMAR LTD 53.8 37100 15300 27 44000 2700
DAEWOO MOTORS 55.2 394300 79300 5 38700 -4100
MOTOR INDUSTRIES CO LTD 54.6 107700 41000 48 129800 6900
CIBA SPECIALTY CHEMICAL (INDIA) LTD 54.8 9700 10000 5 45300 1800
SUNDRAM FASTENERS LTD 55.2 22700 14800 37 34400 3000
COATES OF INDIA LTD 59.2 4700 8900 53 18800 1000
ASIAN HOTELS LTD 54 12200 26000 19 11600 3600
Total 667.6 672700 243800 288 520200 24854 Mean 55.63 56058.33 20316.67 24.00 43350.00 2071.17 S.D 1.43 105779.49 20654.69 15.15 41507.58 3093.48 C.V 2.57 188.70 101.66 63.13 95.75 149.36
Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands. Age is shown in years.
462
APPENDIX - VI (h)
CLUSTER NO.8
Sr.No NAME Disclosure Assets Capital Age Turnover Profit 1 NATIONAL ORGANIC CHEMICAL INDUSTRIES LTD 43.8 51500 51900 39 102600 1100 2 WIRES FABRICS LTD 44.4 4700 2500 37 2600 2 3 BIMETAL BEARINGS LTD 42.6 4700 4400 39 5100 800 4 VINDHYA TELELINKS LTD 42.4 12000 21000 17 28600 2900 5 NOVARTIS INDIA LTD 41.6 17200 23200 52 68200 3800 6 SANDVIK ASIA LTD 42.2 10000 6200 41 15700 1300 7 PROCTOR & GAMBLE HYGIENE AND HEALTH CARE LTD 41.2 23300 14000 38 46800' 5700 8 THE INDIAN SMELTING & REFINING CO. LTD 41.4 5200 4400 68 14400 500 9 VASHISTI DETERGENTS LTD 42.2 7000 8300 12 22500 500 10 TIMEX WATCHES LTD 39.8 9100 5100 12 9000 -1300 11 VINYL CHEMICAL INDIA LTD 39.6 4700 5200 14 9400 400 12 BIRLA 3M LTD 38.4 3000 3600 13 10100 400 13 NIRLON LTD 38.2 23900 9300 41 17400 -2500 14 BIRLA ERICSSON OPTICAL LTD 36.2 7700 7200 8 15800 1000 15 ISPAT ALLOYS LTD 37.2 28700 17900 14 15000 300 16 PORRITTS & SPENCER (ASIA) LTD 33.4 2000 2500 31 3800 800 17 VITARA CHEMICALS LTD 29.8 8000 2800 13 19900 -51 18 CREST COMMUNICATION LTD 36.2 4000 2800 10 1500 -43
Total 710.6 224700 192300 497 406400 15408 Mean 39.48 12483.33 10683.33 27.61 22577.78 858.00 S.D 3.71 12188.99 11816.71 16.84 24940.07 1762.34 C.V 9.40 97.64 110.61 60.99 110.46 205.88
Source: Compiled from the annual reports of the selected companies. Disclosure score is stated in per cent. Asset, Capital, Turnover and profit are given in Rs. Thousands. Age is shown in years.
463
APPENDIX - VII
SUMMARY OF CLUSTERS
Sr.No CLUSTERS Disclosure Asset Capital I Age I Turnover Profit Mean 71.25 81770.59 57376.47 51.35 112229.41 6038.24 S.D 1.64 141767.4 87733.74 24.66 167687.5 8069.69
1 CLUSTER No.1 C.V 2.3 173.37 152.91 48.02 149.41 133.64 Mean 76.95 78233.33 80841.67 41.58 206425 19091.67 S.D 1.99 82443.24 88060.83 18.45 279228.3 31528.83
2 CLUSTER No.2 C.V 2.59 105.38 108.93 44.37 135.27 165.14 Mean 60.97 192052.63 100405.3 44.16 151847.37 11923.11 S.D 1.64 579697.5 250928.9 20.84 254774.3 29069.2
3 CLUSTER No.3 C.V 2.69 301.84 249.92 47.19 167.78 243.81 Mean 65.62 59200 45310 41.8 80740 4270 S.D 0.73 68099.43 46873.93 15.81 65952.14 4783.52
4 CLUSTER No.4 C.V 1.11 115.03 103.45 37.82 81.68 112.03 Mean 86.80 435632 263924 33.1 405321 38860 S.D 2.49 731343.8 406816.5 25.86 599125.5 68999.66
5 CLUSTER No.5 C.V 2.87 167.88 154.14 78.13 147.82 177.56 Mean 49.04 21268.15 14609.07 28.56 30484.85 994.52 S.D 2.35 28280.96 15844.76 16.33 26068.23 3183.97
6 CLUSTER No.6 C.V 4.79 132.97 108.46 57.19 85.51 320.15 Mean 55.63 56058.33 20316.67 24 43350 2071.17 S.D 1.43 105779.5 20654.69 15.15 41507.58 3093.48
7 CLUSTER No.7 C.V 2.57 188.7 101.66 63.13 95.75 149.36 Mean 39.48 12483.33 10683.33 27.61 22577.78 856 S.D 3.71 12188.99 11816.71 16.84 24940.07 1762.34
8 CLUSTER No.8 C.V 9.4 97.64 110.61 60.99 110.46 205.88 Source: Compiled from Appendix - VI (a) to VI (h). Asset, Capital, Turnover and profit are given in Rs. Thousands. Disclosure score is stated in per cent. Age is shown in years.
464
APPENDIX - VIII
Consensus among the various user groups of annual report on main information disclosed
Sr. No. Area of discloure By shareholder
Mean SD CV Rank
By financial institution
Mean SD CV Rank
By financial analyst
Mean SD CV Rank Mean
By suppliers
SD CV Rank
1 Financial Information 99.68 0.1 0.1 1 100 0 0 1 96.58 03 0.31 1 86.02 0.55 0.64 2
2 General Information 84,62 0.8 0.95 2 98.72 0.19 0.19 2 88,89 0.57 0.64 2 48.39 0.66 1.36 4
3 Marketing Information 22.12 0.74 3.35 4 98.72 0.19 0.19 2 7436 0.58 0.78 3 73.12 0.53 0.72 3
4 Personnel information 16.99 0.6 3.53 6 92.31 0.42 0.45 3 42.74 0,68 1.59 6 40.86 0.49 1.2 5
5 Production Information 17,95 0.68 3.79 5 98.72 0.19 0.19 2 66.67 0.6 0.9 5 100 0 0 1
6 Reports 81.73 0.85 1,04 3 100 0 0 1 73.5 0.52 0.71 4 38.71 0.45 1.16 6
'Source: Compiled from the data collected from different users of the annual report.
465
APPENDIX - IX
Consensus among the various user groups of annual report on item-wise information disclosed Sr. No
Area of discioure By shareholder By financial institution By Financial analysyst By suppliers Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank
1 Accounting policies 64.1 1.16 1.81 17 100 0 0 1 98.29 0.32 0.33 2 95.7 0.42 0.44 5 2 Auditor report 92.95 0.58 0.62 3 100 0 0 1 75.21 0.81 1.08 13 63.44 0.96 1.51 15 3 Brand value statement 7.69 0.61 7.93 43 5.13 0.36 7.02 36 6.84 0.4 5.85 31 1.08 0.18 16.7 34 4 Budgeted & actual performance result 56.73 1.26 2.22 21 89.74 0.61 0.68 8 81.2 0.67 0.83 11 64.52 0.95 1.47 14 5 Budgeted information 27.24 0.91 3.34 33 19.23 0.49 2.55 30 57.26 1. :11 1.94 18 88.17 0.6 0.68 9 6 Capacity utilisation 33.97 0.65 1.91 30 46.15 0.49 1.06 20 34.19 0.36 1.05 27 95.7 0.34 0.36 5 7 Cash flow statement 65.71 1.13 1.72 16 91.03 0.44 0.48 7 90.6 0.45 0.5 8 94,62 0.37 0.39 6 8 Conservation of energy 7.37 0.5 6.78 44 23.08 0.54 2.34 27 8.55 0.44 5.15 30 21.51 0.74 3.44 28 9 Contingent liabilities 74.68 1.16 1.55 11 100 0 0 1 92.31 0.53 0.57 6 97.85 0.25 0.26 3 10 Corporate governance 47.44 1.01 2,13 23 98.72 0.19 0.19 2 95.73 0.33 0.34 5 47.31 0.75 1.59 19 11 Cost of production 15.38 0.52 3.38 38 65.38 0.59 0.9 16 41.03 0.48 1.17 22 100 0 0 1 12 Description of major products 30.45 0.44 1.44 32 37.18 0.64 1.72 23 39.32 0.45 1.14 24 98.92 0.18 0.18 2 13 Details about employees 6,41 0.44 6.86 45 8.97 0.44 4.91 34 4.27 0.33 7.73 33 40.86 0.61 1.49 22 14 Details about management 82.05 0.72 0.88 7 92.31 0.42 0.45 6 96.58 0.3 0.31 4 96.77 0.39 0.4 4 15 Details of capital expenditure 8.65 0.57 6.59 42 34.62 0.19 0.55 25 34.19 0.42 1.23 27 39.78 0.96 2.41 23 16 Details of debtors 25.64 0.62 2.42 35 66.67 0,62 0.93 15 58.12 0.81 1.39 17 60.22 0.78 1.3 16 17 Details of fixed assets 14.42 0.51 3.54 39 56.41 0.54 0.96 18 41.88 0.67 1.6 21 24.73 1.14 4.61 27 18 Details of investment 36.22 0.89 2.46 28 75.64 0.59 0.78 11 76.07 0.75 0.99 12 16.13 0.76 4.71 29 19 Details of reserves and surplus 80.13 0.75 0.94 8 92.31 0.42 0.45 6 92.31 0.42 0.45 6 93.55 0.47 0.5 7 20 Details of share capital 62.18 0.83 1.33 18 69.23 0.62 0.9 13 62.39 0,61 0.98 16 72.04 0.99 1.37 12 21 Details of social activities 2.88 0.37 12.9 49 10.26 0.46 4.48 33 2,56 0.27 10.6 34 0 0 0 35 22 Details on dividend 100 0 0 1 21.79 0.55 2.52 28 40.17 0.4 1 23 21.51 0.6 2.79 28 23 Details on R.& D 32.05 0.62 1.93 31 43.59 0.54 1.24 21 37.61 0.33 0.88 26 56.99 0.77 1.35 17 24 Details on subsidiary company 50.64 1.02 2.01 22 98.72 0.19 0.19 2 100 0 0 1 94.62 0.37 0.39 6 25 Details on tax provision 14.42 0.7 4.85 39 3.85 0.42 10.9 37 2.56 0.27 10.6 34 0 0 0 35 26 Details regarding inventories 21.79 0.63 2.89 36 67.95 0.52 0.77 14 84.62 0.71 0.84 10 100 0 0 1
466
27 Director report 73.72 0.84 1.14 13 100 0 0 1 64.96 0.85 1.31 15 46.24 1.01 2.18 20 28 Distribution of revenue 44.87 0.69 1.54 26 41.03 0.58 1.41 22 41.03 0.42 1.02 22 37.63 0.42 1.12 24 29 Earning per share 100 0 0 1 37.18 0.51 1.37 23 66.67 0.6 0.9 14 34.41 0.59 1.71 26 30 Employees welfare activities 3.85 0.32 8.31 48 6.41 0.39 6.08 35 0.85 0.16 18.8 35 2.15 0.25 11.6 33 31 Financial highlights 88.14 0.65 0.74 5 94.87 0.36 0.38 4 98.29 0.22 0.22 2 98,92 0.18 0.18 2 32 Financial ratios 90.38 0.69 0.76 4 96.15 0.32 0.33 3 97.44 0.27 0.28 3 98.92 0.18 0.18 2 33 Foreign exchange earnings 79.49 0.99 1.25 9 100 0 0 1 100 0 0 1 73.12 1.03 1.41 11 34 Fund flow statement 44.55 0.98 2.2 27 69.23 0.62 0.9 13 55.56 0.61 1.1 20 72.04 0.77 1.07 12 35 HRD programmes 9.62 0.47 4.89 41 14.1 0.57 4.04 32 8.55 0.63 7.37 30 40.86 0.49 1.2 22 36 Human resourse accounting 6.09 0.39 6.4 46 20.51 0.49 2.39 29 4.27 0.33 7.73 33 0 0 0 35 37 Index / Content 59.29 0.84 1.42 19 71.79 0.91 1.27 12 56.41 0.85 1.51 19 35A8 0.35 0.99 25 38 Industrial relations 65.71 0.81 1.23 16 80.77 0.49 0.61 10 89.74 0.51 0.57 9 74.19 0.75 1.01 10 39 Major industry trend 74.36 0.87 1.17 12 84.62 0.63 0.74 9 89.74 0.65 0.72 9 98.92 0.18 0.18 2 40 Management discussion .& analysis 85.26 0.88 1.03 6 100 0 0 1 96,58 0.3 0.31 4 53.76 0.66 1.23 18 41 Market value of shares 100 0 0 1 46.15 0.62 1.34 20 98.29 0.22 0.22 2 65.59 0.86 1.31 13 42 Narrative history of the company 72.44 0.71 0.98 14 93.59 0.39 0.42 5 98.29 0.22 0.22 2 100 0 0 1 43 Net profit 100 0 0 1 100 0 0 1 100 0 0 1 100 0 0 1 44 Particulars regarding depreciation 14.1 0.57 4.04 40 52.56 0.57 1.08 19 41.03 0.58 1.41 22 7.53 0.42 5.58 31 45 Presentation of annual report 45.83 0.72 1.57 25 56.41 0.82 1.45 18 55.56 0.73 1.31 20 41.94 0.76 1.81 21 46 Price level adjustment statement 34.29 1.12 3.27 29 30.77 0.78 2.53 26 16.24 0.55 3.39 29 7.53 0.42 5.58 31 47 Quality aspect of products 16.03 0.65 4.05 37 46.15 0.62 1.34 20 37.61 0.46 1.22 26 100 0 0 1 48 Review of current year performance 78.53 .0.94 1.2 10 91.03 0.52 0.57 7 91.45 0.54 0.59 7 95,7 0.42 0.44 5 49 Sales details 47.12 0.58 1.23 24 62.82 0.64 1.02 17 98.29 0.22 0.22 2 100 0 0 1 50 Segment information 58.65 1.33 2.27 20 89.74 0.67 0.75 8 96.58 0.3 0.31 4 91.4 0.62 0.68 8 51 Shareholder report 100 0 0 1 14.1 0.69 4.89 32 38.46 0.36 0.94 25 4.3 0.34 7.91 32 52 Social accounts 4.81 0.38 7.9 47 20.51 0.49 2.39 29 5.13 0.53 10.3 32 0 0 0 35 53 statement of company objectives 26.6 0.79 2.97 34 35.9 0.47 1.31 24 21.37 0,62 2.9 28 7.53 0.42 5.58 31 54 Summarised financial statements 98,4 0.29 0.29 2 100 0 0 1 100 0 0 1 100 0 0 1 55 Value added statement 66.03 1.32 2 15 16.67 0.75 4.5 31 62.39 1.09 1.75 16 13.98 0.55 3.93 30
'Source: Compiled from the data collected from different users of the annual report. 467
APPIENIDD: - X
COME:n:51W moil; the various categories of shareholders cm rnain information disclosed (age groups)
. .11aNSIMMIN.111.30.11WW•MW.10.11SEHIMOMIMMINMEM 101■10.11COM 1111111.000111
Sr. A. e 4) MU 13, 20-30 30-40 40-50 50 and above
No. Area IA iiiinclauire Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean 5D CV Rank.
1 Financial Information 100 0 0 1 100 0 0 1 98.96 0.17 0.17 1 100 0 0
2 Generdl Information 83.33 0.76 0.91 2 82.05 0.87 :..06 85.42 0.83 0.97 2 91.11 0.44 0.48
3 Marketing Information 16.67 0.6 3.6 4 19.66 0.67 3.41. 4 29.:.7 0.82 2.81 4 20 0.8 4
4 Personnel information 12.96 0.49 3.78 5 16.24 0.55 3,39 6 20.83 0.7 3.36 6 15.56 0,62 3.98
5 Production Information 12.96 0.49 3.78 5 17.95 0.7:: 3.96 _. 22.92 0.77 3.36 5 13.33 0.49 3.68
6 Reports 81.48 0.83 1.02 3 75.21 1.0:. :..34 .... 84.38 0.71 0.84 3 93.33 0.54 0.58
Source: Corn piled from the data collected from different users of the annual report.
4E8
APPENDIX - XI
Consensus among the various categories of shareholders on item-wise information disclosed (age groups) Sr. No
Age group 20-30 30-40 40-S0 I SO and above Area of discioure Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank 'Mean SD CV Rank
1 Accounting policies 66.67 1.11 1.66 12 66.67 1.11 1.66 17 63.54 1.13 1.78 15 55.56 1.35 2.43 13 2 Auditor report 92.59 0.53 0.57 3 92.31 0.62 0.67 4 92.71 0.65 0.7 3 95.56 0.34 0.36 2 3 Brand value statement 5.56 0.37 6.65 33 11.11 0.83 7.47 39 7.29 0.48 6.58 36 2.22 0.25 11.26 29 4 Budgeted & actual performance result 48.15 1.17 2.43 18 55.56 1.25 2.25 21 63.54 1.26 1.98 15 55.56 1.35 2.43 13 5 Budgeted information 31.48 0.78 2.48 23 29.06 0.91 3.13 31 20.83 0.89 4.27 30 31.11 1 3.21 21 6 Capacity utilisation 29.63 0.74 2.50 24 35.04 0.78 2.23 28 34.38 0.47 1.37 25 35.56 0.44 1.24 19 7 Cash flow statement 68.52 0.91 1.33 11 70.94 1.11 1.56 15 59.38 1.19 2 17 62.22 1.2 1.93 11 8 Conservation of energy 1.85 0.23 12.43 35 9.4 0.5 5.32 40 7.29 0.41 5.62 36 8.89 0.77 8.66 26 9 Contingent liabilities 79.63 1.06 1.33 7 70.09 1.22 1.74 16 78.13 1.11 1.42 9 73.33 1.17 1.6 8 10 Corporate governance 44.44 1.00 2.25 19 50.43 0.96 1.9 22 44.79 1.02 2.28 22 48.89 1.09 2.23 14 11 Cost of production • 12.96 0.49 3.78 30 16.24 0.55 3.39 35 15.63 0.5 3.2 32 15.56 0.5 3.21 24 12 Description of major products 31.48 0.23 0.73 23 29.06 0.56 1.93 31 31.25 0.35 1.12 27 31.11 0.44 1.41 21 13 Details about employees 1.85 0.23 12.43 35 9.4 0.55 5.85 40 6.25 0.39 6.24 37 4.44 0.34 7.66 28 14 Details about management 79.63 0.76 0.95 7 82.05 0.71 0.87 8 81.25 0.75 0.92 8 86.67 0.61 0.7 5 15 Details of capital expenditure 7.41 0.42 5.67 32 13.68 0.78 5.7 37 5.21 0.36 6.91 38 4.44 0.34 7.66 28 16 Details of debtors 27.78 0.76 2.74 25 29.06 0.56 1.93 31 22.92 0.63 2.75 29 20 0.49 2.45 22 17 Details of fixed assets 9.26 0.45 4.86 31 16.24 0.55 3.39 35 14.58 0.5 3.43 33 15.56 0.5 3.21 24 18 Details of investment 35.19 0.85 2.42 22 38.46 0.86 2.24 27 34.38 0.88 2.56 25 35.56 1 2.81 19 19 Details of reserves and surplus 92.59 0.53 0.57 3 76.07 0.75 0.99 12 82.29 0.71 0.86 7 71.11 0.88 1.24 9 20 Details of share capital 64.81 0.78 1.20 13 63.25 0.84 1.33 18 58.33 0.87 1.49 18 64.44 0.77 1.19 10 21 Details of social activities 3.70 0.31 8.38 34 4.27 0.52 12.2 43 2.08 0.24 11.5 40 0 0 0 30 22 Details on dividend 100.00 0.00 0.00 1 100 0 0 1 100 0 0 1 100 0 0 1 23 Details on R & D 24.07 0.65 2.70 26 34.19 0.7 2.05 29 33.33 0.56 1.68 26 33.33 0.37 1.11 20 24 Details on subsidiary company 53.70 1.01 1.88 17 49.57 0.93 1.88 23 52.08 1.06 2.04 19 46.67 1.14 2.44 15 25 Details on tax provision 16.67 0.69 4.14 29 16.24 0.75 4.62 35 14.58 0.7 4.8 33 6.67 0.54 8.1 27 26 Details regarding inventories 27.78 0.83 2.99 25 23.93 0.55 2.3 33 17.71 0.61 3.44 31 17.78 0.5 2.81 23
469
APPENDIX - XII
_ Consensus among the various categories of shareholders on main information disclosed (shareholdin
Sr. Shareholding 100-500 500-1000 1000-5000 above 5000
No Area of discioure Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank
1 Financial Information 100 0 0 1 99.29 0.14 0.14 1 100 0 0 1 100 0 0
2 General Information 86.36 0.65 0.75 2 82.98 0.85 1.02 2 85J1 0.73 0.85 2 85.71 0.82 0.96
3 Marketing Information 22.73 0.7 3.08 4 17.73 0.61 3.44 4 42.86 1.03 2.4 4 23.81 0.8 3.36
4 Personnel information 18.18 0.58 3.19 5 15.6 0.54 3.46 5 28.57 0.64 2.24 5 15.48 0.68 4.39
5 Production Information 22.73 0.82 3.61 4 15.6 0,65 4.17 5 28.57 0.83 2.91 5 15.48 0.5 3.23
6 Reports 74.24 1.04 1.4 3 82.27 0.77 0.94 3 80.95 1.05 1.3 3 86.9 0.72 0.83 21
Source: Compiled from the data collected from different users of the annual report.
471
APPENDIX - XIII
Consensus among the various categories of shareholders on item-wise information disclosed (shareholdin Sr. No
Shareholding 100-500 500-1000 1000-5000 above 5000 Area of discloure Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank
1 Accounting policies 77.27 1.02 1.32 8 78.01 1.08 1.38 12 90.48 0.7 0.77 3 88.1 0.77 0.87 6 2 Auditor report 84.85 0.78 0.92 7 84.4 0.85 1.01 7 95.24 0.35 0.37 2 80.95 0.82 1.01 10 3 Brand value statement 1.52 0.21 13.8 34 8.51 0.76 8.93 43 0 0 0 20 7.14 0.41 5.74 33 4 Budgeted & actual performance result 59.09 1.04 1.76 16 58.87 1.13 1.92 24 66.67 0.76 1.14 8 71.43 1.06 1.48 12 5 Budgeted information 34.85 1.07 3.07 24 31.91 1.05 3.29 35 47.62 0.9 1.89 12 50 1.18 2.36 21 6 Capacity utilisation 45.45 0.71 1.56 20 46.81 0.91 1.94 27 52.38 0.73 1.39 11 50 0.91 1.82 21 7 Cash flow statement 77.27 0.76 0.98 8 73.05 1.12 1.53 15 76.19 1.16 1.52 6 85.71 0.82 0.96 8 8 Conservation of energy 9.09 0.45 4.95 31 10.64 0.51 4.79 42 23.81 0.7 2.94 16 17.86 0.73 4.09 31 9 Contingent liabilities 87.88 0.77 0.88 6 76.6 1.09 1.42 14 85.71 1.05 1.23 4 92.86 0.67 0.72 4 10 Corporate governance 62.12 1.10 1.77 14 60.28 1.2 1.99 23 57.14 1.03 1.8 10 61.9 0.99 1.6 15 11 Cost of production 39.39 1.11 2.82 22 32.62 1.06 3.25 34 38.1 0.83 2.18 14 50 0.98 1.96 21 12 Description of major products 39.39 0.94 2.39 22 43.97 0.85 1.93 29 38.1 0.83 2.18 14 , 54.76 0.93 1.7 18 13 Details about employees 7.58 0.42 5.54 32 12.77 0.64 5.01 41 4.76 0.35 7.35 19 19.05 0.82 4.3 30 14 Details about management 92.42 0.42 0.45 4 92.91 0.41 0.44 3 90.48 0.45 0.5 3 88.1 0.55 0.62 6 15 Details of capital expenditure 19.70 0.89 4.52 29 21.28 0.84 3.95 38 14.29 0.49 3.43 18 32.14 0.82 2.55 27 16 Details of debtors 36.36 0.79 2.17 23 36.17 0.65 1.8 33 52.38 0.9 1.72 11 48.81 0.98 2.01 22 17 Details of fixed assets 25.76 0.95 3.69 27 21.99 0.81 3.68 37 23.81 0.45 1.89 16 33.33 0.89 2.67 26 18 Details of investment 46.97 1.07 2.28 19 46.81 1.04 2.22 27 57.14 1.03 1.8 10 47.62 0.98 2.06 23 19 Details of reserves and surplus 89.39 0.70 0.78 5 82.27 0.58 0.7 8 90.48 0.45 0.5 3 88.1 0.67 0.76 6 20 Details of share capital 68.18 0.82 : 1.2 11 60.28 0.89 1.48 23 71.43 0.99 1.39 7 64.29 0.8 1.24 14 21 Details of social activities 1.52 0.21 13.8 34 1.42 0.2 14.1 47 0 0 0 20 3.57 0.31 8.68 36 22 Details on dividend 60.61 1.34: 2.21 15 70.92 1.06 1.49 17 76.19 0.88 1.16 6 59.52 1.05 1.76 16 23 Details on R & D 34.85 0.21 0.6 24 41.13 0.69 1.68 31 47.62 0.73 1.53 12 45.24 0.61 1.35 24 24 Details on subsidiary company 65.15 1.19 1.83 12 70.21 1.12 1.6 18 85.71 0.49 0.57 4 80.95 0.86 1.06 10 25 Details on tax provision 9.09 0.69 7.59 31 5.67 0.43 7.58 44 19.05 0.9 4.72 17 5.95 0.47 7.9 34 26 Details regarding inventories 51.52 1.08 2.1 18 48.23 1.18 2.45 26 47.62 1.18 2.48 12 67.86 1.09 1.61 13
472
27 Director report 71.21 0.97 1.36 9 68.09 0.99 1.45 19 76.19 0.7 0.92 6 67.86 0.91 1.34 13
28 Distribution of revenue 45.45 0.71 1.56 20 43.26 0.54 1.25 30 61.9 0.64 1.03 9 45.24 0.48 1.06 24
29 Earning per share 69.70 1.04 1.49 10 78.72 0.89 1,13 11 76.19 0.88 1.16 6 76.19 0.75 0.98 11
30 Employees welfare activities 0.00 0.00 0 35 2.84 0.28 9.86 46 4.76 0.35 7.35 19 4.76 0.35 7.35 35
31 Financial highlights 93.94 0.39 0.42 3 91.49 0.6 0.66 5 95.24 0.35 0.37 2 94.05 0.38 0.4 3
32 Financial ratios 93.94 0.49 0.52 3 92.2 0.66 0.72 4 100 0 0 1 97.62 0.26 0.27 2
33 Foreign exchange earnings 89.39 0.82 0.92 5 90.78 0.76 0.84 6 100 0 0 1 92.86 0.67 0.72 4
34 Fund flow statement 56.06 0.97 1.73 17 50.35 0.99 1.97 25 57.14 1.03 1.8 10 59.52 0.82 1.38 16
35 HRD programmes 13.64 0.58 4.25 30 15.6 0.79 5.06 40 19.05 0.49 2.57 17 13.1 0.56 4.27 32
36 Human resourse accounting 6.06 0.39 6.44 33 5.67 0.38 6.7 44 0 0 0 20 5.95 0.38 6.39 34
37 Index / Content 59.09 0.85 1.44 16 61.7 0.94 1.52 22 71.43 0.64 0.9 7 54.76 0.81 1.48 18
38 Industrial relations 71.21 0.76 1.07 9 70.92 0.7 0.99 17 80.95 0.73 0.9 5 85.71 0.62 0.72 8
39 Major industry trend 89.39 0.63 0.7 5 82.27 0.79 0.96 8 85.71 0.73 0.85 4 84.52 0.68 0.8 9
40 Management discussion & analysis 89.39 0.70 0.78 5 81.56 0.94 1.15 9 95.24 0.35 0.37 2 86.9 0.67 0.77 7
41 Market value of shares 84.85 0.78 0.92 7 92.2 0.59 0.64 4 100 0 0 1 89.29 0.66 0.74 5
42 Narrative history of the company 89.39, 0.47 0.53 5 79.43 0.79 0.99 10 85.71 0.49 0.57 4 85.71 0.62 0.72 8
43 Net profit 100.00 0.00 0 1 100 0 0 1 100 0 0 1 100 0 0 1
44 Particulars regarding depreciation 21.21 0.77 3.63 28 18.44 0.68 3.69 39 23.81 0.45 1.89 16 25 0.51 2.04 28
45 Presentation of annual report 51.52 0.78 1.51 18 48.23 0.79 1.64 26 42.86 0.45 1.05 13 53.57 0.77 1.44 19
46 Price level adjustment statement 27.27 0.83 3.04 26 26.24 0.99 3.77 36 28.57 0.83 2.91 15 32.14 0.98 3.05 27
47 Quality aspect of products 36.36 1.28 3.52 23 37.59 1.1 2.93 32 28.57 0.99 3.47 15 44.05 1.07 2.43 25
48 Review of current year performance 84.85 0.66 0.78 7 77.3 1.01 1.31 13 90.48 0.7 0.77 3 88.1 0.72 0.82 6
49 Sales details 63.64 0.90 1.41 13 71.63 0.87 1.21 16 71.43 0.83 1.16 7 80.95 0.78 0.96 10
50 Segment information 63.64 1.28 2.01 13 65.96 1.28 1.94 20 95.24 0.35 0.37 2 85.71 0.9 1.05 8
51 Shareholder report 65.15 1.30 2 12 65.25 1.24 1.9 21 66.67 1.2 1.8 81 55.95 1.2 2.14 17
52 Social accounts 6.06 0.39 6.44 33 4.26 0.33 7.75 45 0 0 0 20 4.76 0.35 7.35 35
53 statement of company objectives 28.79 0.87 3.02 25 26.24 0.71 2.71 36 28.57 0.35 1.23 15 22.62 0.76 3.36 29
54 Summarised financial statements 96.97 0.42 0.43 2 97.87 0.32 0.33 2 100 0 0 1 100 0 0 1
55 Value added statement 43.94 1.26 2.87 21 46.1 1.3 2.82 28 71.43 1.12 1.57 7 51.19 1.18 2.31 20
Source: Compiled from the data collected from different users of the annual report.
473
APPENDIX - XV
Consensus among the various categories of shareholders on items disclosed (years of shareholding) Sr.. No
Years of shareholding Below 1 yr 1 yr to 5 yrs 5yrs and above Area of discioure Mean SD CV Rank Mean SD CV Rank Mean LSD CV Rank
1 Accounting policies 81.48 0.83 1.02 5 76.19 1.07 1.4 12 86.96 0.87 1 8 2 Auditor report 88.89 0.67 0.75 3 87.07 0.78 0.9 6 80.43 0.85 1.06 13 3 Brand value statement 0.00 0 0 23 6.12 0.52 8.5 44 7.25 0.66 9.1 43 4 Budgeted & actual performance result 51.85 1.17 2.26 12 63.95 1.03 1.61 21 63.77 1.12 1.76 20 5 Budgeted information 37.04 1.2 3.24 15 29.25 0.92 3.15 36 48.55 1.19 2.45 30 6 Capacity utilisation 44.44 0.67 1.51 13 46.26 0.83 1.79 27 50 0.93 1.86 28 7 Cash flow statement 66.67 0.82 1.23 8 74.83 1.02 1.36 14 82.61 0.97 1.17 11 8 Conservation of energy 14.81 0.5 3.38 20 10.88 0.55 5.06 40 15.22 0.65 4.27 42 9 Contingent liabilities 85.19 0.68 0.8 4 79.59 1.03 1.29 10 88.41 0.89 1.01 6 10 Corporate governance 59.26 1.03 1.74 10 63.95 1.12 1.75 21 57.97 1.11 1.91 23 11 Cost of production 37.04 1.1 2.97 15 33.33 1.03 3.09 33 45.65 1.05 2.3 33 12 Description of major products 37.04 1.1 2.97 15 40.82 0.79 1.94 30 52.17 0.95 1.82 27 13 Details about employees 11.11 0.47 4.23 21 10.2 0.61 5.98 41 15.94 0.71 4.45 41 14 Details about management 92.59 0.42 0.45 2 93.2 0.4 0.43 4 89.13 0.51 0.57 5 15 Details of capital expenditure 22.22 0.94 4.23 18 22.45 0.89 3.96 39 24.64 0.76 3.08 37 16 Details of debtors 37.04 0.74 2 15 40.14 0.78 1.94 31 42.03 0.87 2.07 35 17 Details of fixed assets 18.52 0.96 5.18 19 27.89 0.89 3.19 37 25.36 0.79 3.12 36 18 Details of investment 44.44 0.82 1.85 13 52.38 1.01 1.93 23 43.48 1.08 2.48 34 19 Details of reserves and surplus 88.89 0.47 0.53 3 82.31 0.67 0.81 9 89.13 0.59 0.66 5 20 Details of share capital 59.26 0.92 1.55 10 63.27 0.86 1.36 22 65.22 0.86 1.32 18 21 Details of social activities 0.00 0 0 23 2.72 0.27 9.93 46 1.45 0.2 13.79 47 22 Details on dividend 59.26 1.4 2.36 10 72.79 1.04 1.43 15 60.14 1.12 1.86 22 23 Details on R & D 33.33 0 0 16 38.1 0.57 1.5 32 46.38 0.67 1.44 32 24 Details on subsidiary company 70.37 0.99 1.41 7 69.39 1.1 1.59 17 77.54 1 1.29 16 25 Details on tax provision 7.41 0.63 8.5 22 8.16 0.55 6.74 42 6.52 0.54 8.28 44 26 Details regarding inventories 51.85 0.96 1.85 12 44.9 1.12 2.49 29 64.49 1.17 1.81_ 19
475
27 Director report 77.78 0.82 1.05 6 74.83 0.87 1.16 14 61.59 1 1.62 21
28 Distribution of revenue 37.04 0.31 0.84 15 45.58 0.63 1.38 28 47.1 0.57 1.21 31
29 Earning per share 70.37 0.99 1.41 7 79.59 0.83 1.04 10 73.19 0.92 1.26 17
30 Employees welfare activities 0.00 0 0 23 2.72 0.27 9.93 46 3.62 0.31 8.56 45
31 Financial highlights 92.59 0.42 0.45 2 92.52 0.51 0.55 5 93.48 0.49 0.52 3
32 Financial ratios 88.89 0.67 0.75 3 94.56 0.51 0.54 3 95.65 0.49 0.51 2
33 Foreign exchange earnings 88.89 0.94 1.06 3 93.2 0.64 0.69 4 90.58 0.77 0.85 4
34 Fund flow statement 55.56 0.82 1.48 11 51.7 1.01 1.95 24 57.25 0.9 1.57 24
35 HRD programmes 18.52 0.68 3.67 19 10.88 0.62 5.7 40 18.12 0.71 3.92 40
36 Human resourse accounting 7.41 0.42 5.67 22 6.8 0.4 5.88 43 3.62 0.31 8.56 45
37 Index / Content 51.85 0.68 1.31 12 68.03 0.92 1.35 18 52.9 0.8 1.51 26
38 Industrial relations 62.96 0.74 1.18 9 75.51 0.72 0.95 13 78.26 0.7 0.89 15
39 Major industry trend 85.19 0.83 0.97 4 85.03 0.7 0.82 8 84.06 0.74 0.88 10
40 Management discussion & analysis 88.89 0.67 0.75 3 86.39 0.83 0.96 7 84.06 0.8 0.95 10
41 Market value of shares 85.19 0.68 0.8 4 94.56 0.47 0.5 3 86.96 0.77 0.89 8
42 Narrative history of the company 85.19 0.5 0.59 4 82.31 0.7 0.85 9 84.78 0.68 0.8 9
43 Net profit 100.00 0 0 1 100 0 0 1 100 0 0 1
44 Particulars regarding depreciation 14.81 0.5 3.38 20 23.81 0.78 3.28 38 19.57 0.49 2.5 39
45 Presentation of annual report 51.85 0.83 1.6 12 50.34 0.76 1.51 25 49.28 0.77 1.56 29
46 Price level adjustment statement 25.93 0.79 3.05 17 31.97 0.99 3.1 34 24.64 0.92 3.73 37
47 Quality aspect of products 40.74 1.31 3.22 14 33.33 1.05 3.15 33 43.48 1.16 2.67 34
48 Review of current year performance 77.78 0.82 1.05 6 78.91 0.92 1.17 11 87.68 0.79 0.9 7
49 Sales details 66.67 0.82 1.23 8 67.35 0.91 1.35 19 78.99 0.79 1 14
50 Segment information 62.96 1.37 2.18 9 66.67 1.21 1.81 20 81.16 1.08 1.33 12
51 Shareholder report 59.26 1.4 2.36 10 70.07 1.18 1.68 16 55.8 1.23 2.2, 25
52 Social accounts 7.41 0.42 5.67 22 5.44 0.37 6.8 45 2.9 0.28 9.66 46
53 statement of company objectives 18.52 0.5 2.7 19 31.29 0.82 2.62 35 21.74 0.67 3.08 38
54 Summarised financial statements 92.59 0.63 0.68 2 97.96 0.31 0.32 2 100 0 0 1
55 Value added statement 40.74 1.13 2.77 14 48.98 1.33 2.72 26 50 1.21 2.42 28
!Source: Compiled from the data collected from different users of the annual report. 476
APPENDIX - XVI
Consensus among the various categories of shareholders on main information disclosed (educational qualification
Sr.
No
Educational qualification Below HSC HSC Degree Professionals
Area of discloure Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank
1 Financial Information 97.78 0.25 0.26 1 100 0 0 1 100 0 0 1 100 0 0 1
2 General Information 64.44 1.06 1.64 2 85.71 0.73 0.85 2 85.63 0.75 0.88 3 94.44 0.47 0.5 2
3 Marketing Information 2.22 0.25 11.26 4 14.29 0.49 3.43 3 20.69 0.72 3.48 4 40.28 0.71 1.76
4 Personnel information 0 0 0 5 14.29 0.49 3.43 3 15.52 0.56 3.61 6 31.94 0.61 1.91 6
5 Production Information 0 0 0 5 14.29 0.49 3.43 3 16.67 0.7 4.2 5 33.33 0.58 1.74 5
6 Reports 48.89 0.88 1.8 3 85.71 0.73 0.85 2 87.36 0.69 0.79 2 87.5 0.81 0.93 3
Source: Compiled from the data collected from different users of the annual report.
477
,APPENDIX - XVII
Consensus among the various categories of shareholders on items disclosed (educational qualification) Sr. No
Educational qualification Below HSC HSC Degree Professionals Area of discloure Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank
1 Accounting policies 93.33 0.54 0.58 4 76.19 0.88 1.16 6 75.29 1.14 1.51 15 90.28 0.61 0.68 5
2 Auditor report 97.78 0.25 0.26 2 100 0 0 1 82.18 0.83 1.01 11 76.39 0.93 1.22 10
3 Brand value statement 2.22 0.25 11.26 36 28.57 1.36 4.76 16 5.17 0.48 9.28 45 4.17 0.33 7.91 35
4 Budgeted & actual performance I 68.89 1 1.45 13 71.43 0.99 1.39 7 59.77 1.13 1.89 24 63.89 1.04 1.63 13
5 Budgeted information 33.33 0.89 2.67 27 42.86 0.88 2.05 13 31.03 1.01 3.25 36 58.33 1.27 2.18 16
6 Capacity utilisation 46.67 0.8 1.71 21 38.1 0.83 2.18 14 45.98 0.87 1.89 31 55.56 0.85 1.53 18
7 Cash flow statement 82.22 0.72 0.88 8 80.95 0.73 0.9 5 75.29 1.06 1.41 15 79.17 1.03 1.3 8
8 Conservation of energy 11.11 0.47 4.23 34 23.81 1.16 4.87 17 10.92 0.54 4.95 44 16.67 0.5 3 31
9 Contingent liabilities 91.11 0.57 0.63 5 85.71 0.73 0.85 4 79.31 1.06 1.34 13 90.28 0.84 0.93 5
10 Corporate governance 77.78 0.94 1.21 10 57.14 0.88 1.54 10 60.92 1.16 1.9 23 51.39 1.04 2.02 21
11 Cost of production 46.67 0.88 1.89 21 38.1 0.99 2.6 14 32.76 1.04 3.17 35 50 1.12 2.24 22
12 Description of major products 44.44 0.94 2.12 22 38.1 0.83 2.18 14 42.53 0.85 2 33 55.56 0.99 1.78 18
13 Details about employees 8.89 0.57 6.41 35 19.05 1.05 5.51 18 12.64 0.67 5.3 42 13.89 0.49 3.53 32
14 Details about management 95.56 0.34 0.36 3 76.19 0.7 0.92 6 91.38 0.44 0.48 7 93.06 0.41 0.44 4
15 Details of capital expenditure 20.00 0.61 3.05 31 28.57 0.99 3.47 16 21.26 0.82 3.86 40 29.17 0.93 3.19 27
16 Details of debtors 53.33 0.71 1.33 19 47.62 0.9 1.89 12 33.91 0.8 2.36 34 47.22 0.76 1.61 23
17 Details of fixed assets 31.11 0.68 2.19 28 28.57 0.99 3.47 16 24.71 0.86 3.48 39 25 0.88 3.52 28
18 Details of investment 55.56 1.01 1.82 18 47.62 0.49 1.03 12 46.55 1.08 2.32 30 45.83 1.03 2.25 24
19 Details of reserves and surplus 88.89 0.47 0.53 6 80.95 0.73 0.9 5 82.76 0.7 0.85 10 93.06 0.41 0.44 4
20 Details of share capital 62.22 0.5 0.8 16 57.14 0.88 1.54 10 64.37 0.91 1.41 21 65.28 0.93 1.42 12
21 Details of social activities 8.89 0.44 4.95 35 0 0 0 21 0.57 0.13 22.8 50 1.39 0.2 14.39 36
22 Details on dividend 46.67 1.25 2.68 21 85.71 0.49 0.57 4 71.26 1.01 1.42 17 59.72 1.26 2.11 15
23 Details on R & D 35.56 0.44 1.24 26 38.1 0.83 2.18 14 42.53 0.64 1.5 33 43.06 0.54 1.25 26
24 Details on subsidiary company 86.67 0.88 1.02 7 66.67 0.93 1.39 8 67.82 1.16 1.71 18 79.17 0.81 1.02 8
25 Details on tax provision 8.89 0.57 6.41 35 9.52 0.45 4.73 19 4.6 0.43 9.35 46 12.5 0.75 6 33
26 Details regarding inventories 55.56 0.94 1.69 18 47.62 0.73 1.53 12 50 1.25 2.5 27 65.28 1.1 1.69 12
478
27 28 29 30 31 32 33 34 35 36
Director report Distribution of revenue Earning per share Employees welfare activities Financial highlights Financial ratios Foreign exchange earnings Fund flow statement HRD programmes Human resourse accounting
95.56 40.00 64.44 2.22
88.89 93.33 86.67 62.22 13.33 15.56
0.34 0.54 1.06 0.25 0.6 0.4 0.8 0.62 0.61 0.5
0.36 1.35 1.64
11.26 0.67 0.43 0.92
1 4.58 3.21
3 24 15 36 6 4 7 16 33 32
95.24 47.62 80.95 4.76 90.48
100 90.48 47.62 9.52 9.52
0.35 0.49 0.73 0.35 0.45
0 0.7 0.9
0.45 0.45
0.37 1.03 0.9 7.35 0.5 0
0.77 1.89 4.73 4.73
2 12 5
20 3 1 3 12 19 19
65.52 47.13 80.46 1.72 95.4
92.53 91.95 50.57 12.07 4.02
0.95 0.64 0.77 0.22 0.43 0.64 0.75 0.99 0.71 0.33
1.45 1.36 0.96 12.8 0.45 0.69 0.82 1.96 5.88 8.21
20 29 12 49 3 5 6
26 43 47
54.17 44.44 70.83 5.56 90.28 98.61 94.44 61.11 23.61 1.39
0.9 0.47 1.01 0.37 0.54 0.2
0.62 0.99 0.61 0.2
1.66 1.06 1.43 6.65 0.6 0.2
0.66 1.62 2.58 14.39
19 25 11 34 5 2 3 14 29 36
37 Index / Content 77.78 0.87 1.12 10 61.9 0.99 1.6 9 58.05 0.88 1.52 25 52.78 0.7 1.33 20 38 Industrial relations 71.11 0.81 1.14 12 80.95 0.9 1.11 5 75.29 0.71 0.94 15 77.78 0.62 0.8 9 39 Major industry trend 93.33 0.54 0.58 4 80.95 0.73 0.9 5 79.31 0.81 1.02 13 93.06 0.5 0.54 4 40 Management discussion & analys 88.89 0.7 0.79 6 95.24 0.35 0.37 2 83.33 0.9 1.08 9 86.11 0.7 0.81 6 41 Market value of shares 80.00 0.8 1 9 95.24 0.35 0.37 2 94.25 0.5 0.53 4 86.11 0.81 0.94 6 42 Narrative history of the company 80.00 0.61 0.76 9 90.48 0.45 0.5 3 83.91 0.72 0.86 8 83.33 0.65 0.78 7 43 Net profit 100.00 0 0 1 100 0 0 1 100 0 0 1 100 0 0 1 44 Particulars regarding depreciatioi 28.89 0.62 2.15 29 19.05 0.49 2.57 18 18.39 0.62 3.37 41 23.61 0.73 3.09 29 45 Presentation of annual report 57.78 0.77 1.33 17 52.38 0.73 1.39 11 47.7 0.81 1.7 28 50 0.65 1.3 22 46 Price level adjustment statement 37.78 0.88 2.33 25 33.33 1.31 3.93 15 28.16 0.92 3.27 37 20.83 0.86 4.13 30 47 Quality aspect of products 51.11 1.09 2.13 20 33.33 0.93 2.79 15 32.76 1.09 3.33 35 45.83 1.22 2.66 24 48 Review of current year performa 91.11 0.44 0.48 5 85.71 0.73 0.85 4 75.86 1 1.32 14 93.06 0.58 0.62 4 49 Sales details 66.67 0.97 1.45 14 71.43 0.83 1.16 7 72.41 0.87 1.2 16 76.39 0.79 1.03 10 50 Segment information 73.33 0.98 1.34 11 85.71 0.73 0.85 4 63.79 1.34 2.1 22 90.28 0.73 0.81 5 51 Shareholder report 53.33 1.31 2.46 19 76.19 1.03 1.35 6 66.09 1.18 1.79 19 56.94 1.34 2.35 17 52 Social accounts 15.56 0.5 3.21 32 4.76 0.35 7.35 20 2.87 0.28 9.76 48 1.39 0.2 14.39 36 53 statement of company objectives 26.67 0.65 2.44 30 33.33 1.07 3.21 15 27.01 0.78 2.89 38 20.83 0.56 2.69 30 54 Summarised financial statements 100.00 0 0 1 100 0 0 1 97.7 0.36 0.37 2 98.61 0.2 0.2 2 55 Value added statement 42.22 1.34 3.17 23 57.14 1.28 2.24 10 45.4 1.21 2.67 32 58.33 1.27 2.18 16
I Source: Compiled from the data collected from different users of the annual report. I 479
APPENDIX - XVIII
Consensus among the various categories of shareholders on main information disclosed (zone)
Sr. No Zone
Area of discioure
South North East West
Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank
1 Financial Information 98.96 0.25 0.25 1 96.3 0.31 0.32 1 98.67 0.2 0.2 1 95.24 0.35 0.37 1
2 General Information 84.9 0.79 0.93 2 83.95 0.74 0.88 2 86.67 0.57 0.66 2 76.98 0.9 1.17 2
3 Marketing Information 54.69 1.2 2.19 4 50.62 1.07 2.11 4 53.33 1.1 2.06 4 45.63 1.02 2.24 5
4 Personnel information 42.71 1.14 2.67 6 38.27 0.89 2.33 6 29.33 0.82 2.8 6 30.95 0.78 2.52 6
5 Production Information 52.6 1.25 2.38 5 49.38 1.13 2.29 5 4933 1.17 2.37 5 50 1.22 2.44 4
6 Reports 80.21 0.86 1.07 3 75.31 0.84 1.12 3 76 0.78 1.03 3 72.62 0.88 1.21 3
Source: Compiled from the data collected from different users of the annual report.
480
APPENDIX - XIX
Consensus among the various categories of shareholders on item-wise information disclosed (zone) Sr. No
Zone South North East West Area of discloure Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank Mean SD CV Rank
1 Accounting policies 91.67 0.75 0.82 6 96.3 0.31 0.32 3 92 0.51 0.55 5 63.1 1.18 1.87 15
2 Auditor report 90.10 0.65 0.72 7 67.9 0.92 1.35 15 72 0.97 1.35 12 92.46 0.56 0.61 3
3 Brand value statement 7.29 0.41 5.62 42 8.64 0.52 6.02 34 0 0 0 33 635 0.61 9.61 44
4 Budgeted & actual performance result 73.44 0.97 132 16 74.07 0.83 1.12 12 66.67 0.94 1.41 15 59.92 1.3 2.17 19
5 Budgeted information 28.13 0.73 2.6 36 96.3 031 032 3 78.67 0.62 0.79 10 23.02 0.87 3.78 34
6 Capacity utilisation 39.06 0.52 1.33 30 59.26 0.96 1.62 19 82.67 0.81 0.98 9 34.13 0.69 2.02 28
7 Cash flow statement 84.90 0.71 0.84 11 98.77 0.19 0.19 2 92 0.43 0.47 5 62.7 1.14 1.82 16
8 Conservation of energy 15.10 0.53 3.51 38 17.28 0.74 4.28 32 12 0.56 4.67 30 7.54 0.52 6.9 42
9 Contingent liabilities 90.10 0.70 0.78 7 100 0 0 1 9733 0.27 0.28 3 72.62 1.19 1.64 12
10 Corporate governance 89.06 0.79 0.89 9 62.96 0.92 1.46 17 50.67 0.75 1.48 20 48.02 1.03 2.14 22
11 Cost of production 47.92 0.77 1.61 24 60.49 0.98 1.62 18 86.67 0.8 0.92 8 13.49 0.51 3.78 37
12 Description of major products 35.94 0.54 1.5 33 62.96 0.92 1.46 17 86.67 0.8 0.92 8 30.56 0.47 1.54 31
13 Details about employees 7.81 0.42 538 41 25.93 0.87 3.36 29 29.33 0.52 1.77 25 4.76 0.41 8.61 46
14 Details about management 92.19 0.49 0.53 5 96.3 0.42 0.44 3 100 0 0 1 79.76 0.72 0.9 8
15 Details of capital expenditure 30.21 0.49 1.62 35 39.51 0.67 1.7 26 30.67 0.89 2.9 24 7.14 0.58 8.12 43
16 Details of debtors 54.69 0.82 1.5 23 59.26 0.74 1.25 19 57.33 0.78 1.36 18 23.81 0.63 2.65 33
17 Details of fixed assets 43.75 0.73 1.67 26 45.68 1.02 2.23 23 12 0.48 4 30 12.3 0.51 4.15 38
18 Details of investment 66.15 0.84 1.27 17 55.56 1.05 1.89 20 16 0.75 4.69 28 36.51 0.95 2.6 27
19 Details of reserves and surplus 90.10 0.46 0.51 7 98.77 0.19 0.19 2 92 0.51 0.55 5 77.38 0.79 1.02 9
20 Details of share capital 65.10 0.67 1.03 19 75.31 0.64 0.85 11 61.33 0.92 1.5 16 61.9 0.87 1.41 17
21 Details of social activities 6.25 0.39 6.24 43 0 0 0 39 0 0 0 33 3.17 0.4 12.6 48
22 Details on dividend 44.27 0.95 2.15 25 39.51 0.82 2.08 26 36 1.09 3.03 23 100 0 0 1
23 Details on R & D 38.54 0.47 1.22 31 45.68 0.62 1.36 23 50.67 0.75 1.48 20 32.54 0.67 2.06 29
24 Details on subsidiary company 90.10 0.72 0.8 7 96.3 0.31 0.32 3 89.33 0.47 0.53 6 48.41 1.04 2.15 21
25 Details on tax provision 7.81 0.52 6.66 41 4.94 0.45 9.11 36 12 0.74 6.17 30 9.13 0.58 6.35 40
26 Details regarding inventories 65.63 0.88 1.34 18 87.65 0.73 0.83 9 86.67 0.8 0.92 8 20.24 0.65 3.21 35
481
27 Director report 83.33 0.77 0.92 13 48.15 0.83 1.72 22 56 1.01 1.8 19 73.81 0.86 1.17 11
28 Distribution of revenue 42.19 0.51 1.21 27 40.74 0.42 1.03 25 40 0.49 1.23 22 44.05 0.73 1.66 25
29 Earning per share 59.38 0.82 1.38 22 66.67 0.82 1.23 16 41.33 0.95 2.3 21 100 0 0 1
30 Employees welfare activities 4.69 0.35 7.46 44 1.23 0.19 15.5 38 2.67 0.27 10.11 32 3.17 0.29 9.15 48
31 Financial highlights 94.79 0.44 0.46 3 96.3 0.31 0.32 3 97.33 0.27 0.28 3 88.49 0.65 0.73 5
32 Financial ratios 95.83 0.38 0.4 2 96.3 0.31 0.32 3 100 0 0 1 89.68 0.72 0.8 4
33 Foreign exchange earnings 93.23 0.67 0.72 4 91.36 0.7 0.77 7 70.67 0.99 1.4 13 81.35 0.97 1.19 7
34 Fund flow statement 59.90 0.73 1.22 21 71.6 0.76 1.06 13 60 0.63 1.05 17 42.46 1 2.36 26
35 HRD programmes 11.46 0.62 5.41 40 24.69 0.75 3.04 30 36 0.39 1.08 23 7.94 0.45 5.67 41
36 Human resourse accounting 12.50 0.48 3.84 39 3.7 0.31 8.38 37 0 0 0 33 5.16 0.36 6.98 45
37 Index / Content 63.02 0.90 1.43 20 44.44 0.72 1.62 24 40 0.4 1 22 60.71 0.86 1.42 18
38 Industrial relations 84.38 0.53 0.63 12 92.59 0.5 0.54 6 72 0.78 1.08 12 59.92 0.77 1.29 19
39 Major industry trend 85.94 0.66 0.77 10 96.3 0.42 0.44 3 100 0 0 1 70.24 0.89 1.27 13
40 Management discussion & analysis 95.83 0.54 0.56 2 70.37 0.87 1.24 14 68 0.77 1.13 14 85.32 0.85 1 6
41 Market value of shares 77.08 0.88 1.14 14 85.19 0.74 0.87 10 73.33 0.89 1.21 11 100 0 0 1
42 Narrative history of the company 89.58 0.58 0.65 8 96.3 0.31 0.32 3 94.67 0.37 0.39 4 73.81 0.72 0.98 11
43 Net profit 100.00 0.00 0 1 100 0 0 1 100 0 0 1 100 0 0 1
44 Particulars regarding depreciation 40.63 0.67 1.65 28 33.33 0.61 1.83 27 6.67 0.4 6 31 11.9 0.57 4.79 39
45 Presentation of annual report 54.69 0.78 1.43 23 54.32 0.73 1.34 21 36 0.69 1.92 23 45.63 0.72 1.58 24
46 Price level adjustment statement 27.08 0.75 2.77 37 20.99 0.95 4.53 31 13.33 0.75 5.63 29 30.95 1.11 3.59 30
47 Quality aspect of products 39.58 0.68 1.72 29 60.49 0.98 1.62 18 82.67 1.06 1.28 9 14.29 0.62 4.34 36
48 Review of current year performance 90.10 0.58 0.64 7 95.06 0.45 0.47 4 98.67 0.2 0.2 2 74.6 0.98 1.31 10
49 Sales details 73.96 0.82 1.11 15 93.83 0.47 0.5 5 88 0.74 0.84 7 47.62 0.58 1.22 23
50 Segment information 85.94 0.84 0.98 10 90.12 0.66 0.73 8 98.67 0.2 0.2 2 55.16 1.34 2.43 20
51 Shareholder report 40.63 1.05 2.58 28 29.63 0.92 3.1 28 24 1.18 4.92 26 100 0 0 1
52 Social accounts 11.46 0.47 4.1 40 7.41 0.63 8.5 35 0 0 0 33 3.57 0.35 9.8 47
53 statement of company objectives 31.25 0.61 1.95 34 11.11 0.47 4.23 33 13.33 0.49 3.68 29 25.4 0.83 3.27 32
54 Summarised financial statements 100.00 0.00 0 1 100 0 0 1 100 0 0 1 98.02 0.32 0.33 2
55 Value added statement 38.02 1.16 3.05 32 67.9 1.07 1.58 15 22.67 1.09 4.81 27 63A9 1.34 2.11 14
Source: Compiled from the data collected from different users of the annual report. 482
Appendix - XX
Asset size and Time-lag in Reporting
Sr. No Asset size
Balance sheet date & date of Auditor's
report
Auditor's report date & Date of Director's
report
Director's report date & Date of Notice
Date of Notice & AGM Date
Balance sheet date & Date of AGM
Rs. in Lakhs MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV
1 less than 2000 87.63 44.35 50.61 4.25 11.24 264.47 0 0 0 61.38 19.15 31.2 153.25 41.41 27.02
2 2000 - 5000 80.57 29.07 36.08 14.36 24.1 167.83 9.64 22.95 238.07 53.14 17.14 32.25 157.43 33.57 21.32
3 5000 - 10000 60.83 26.19 43.05 9.61 22.78 237.04 6.26 16.39 261.82 59 26.5 44.92 135.35 34.28 25.33
4 10000 - 15000 57.89 28.01 48.38 3.11 8.8 282.96 12.56 25.58 203.66 54 25.95 48.06 110.22 38.8 35.2
5 15000 - 20000 74.17 23.54 31.74 0 0 0 10.5 23.48 223.62 78.17 21.89 28 162.83 16.95 10.41
6 20000 - 50000 70.39 34.2 48.59 5.27 15.41 292.41 10.21 22.11 216.55 56.27 18.01 32.01 141.73 38.46 27.14
7 50000 - 100000 69.27 46.52 67.16 2.27 6.58 289.87 13.45 24.5 182.16 53.18 15.35 28.86 137.82 46.2 33.52
8 100000 - above 61.19 32.42 52.98 5.95 18.35 308.4 8.57 22.25 259.63 56.86 18.49 32.52 132.57 38.52 29.06
'Source: Compiled from the annual reports of the selected companies for the year 1999-00.
483
Appendix - XXI
Capital size and Time-lag in reporting
Sr. No
Capital size Balance sheet date & date of Auditor's
report
Auditor's report date & Date of Director's
report
Director's report date & Date of Notice
Date of Notice & AGM Date
Balance sheet date & Date of AGM
Rs. In Lakhs MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV
1 Below t 000 47.5 2.5 5.26 0 0 0 0 0 0 80.5 17.5 21.74 128 20 15.63
2 1,000 - 5,000 79.85 34.13 42.74 4.85 14.85 306.19 9.65 22.07 228.7 60.45 21.04 34.81 154.2 36.19 23.47
3 5,000 - 10,000 78.25 42.35 54.12 16.08 25.71 159.89 2.67 8.4 314.6 53.92 24.99 46.35 150.92 41.82 27.71
4 10,000 - 50,000 64.64 29.07 44.97 2.51 9.23 367.73 12.92 24.91 192.8 58.21 19.94 34.26 135 36.88 27.32
5 50,000 - 1,00,000 70.1 44.33 63.24 12.9 25.82 200.16 7 14.57 208.1 48.5 17.77 36.64 138.5 52.22 37.7
6 1,00,000 and Above 54.19 19.89 36.7 3.94 15.25 387.06 6.75 23.17 343.3 59.31 17.45 29.42 124.19 28.46 22.92
Source: Compiled from the annual reports of the selected companies for the year 1999-00.
484
Appendix - XXII
Age and Time-lag in reporting
Balance sheet date & date of Auditor's
Auditor's report date & Date of Director's
Director's report date & Date of Notice
Date of Notice & AGM Date
Balance sheet date & Date of AGM
Sr. No Age in years report report
MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV
1 Less than 10 80.83 54.47 67.39 14.17 20.38 143.82 9 12.74 141.56 46.83 14.38 30.71 150.83 54.09 35.86
2 10 - 20 74.63 41.16 55.15 7.84 21.81 278.19 4.19 13.26 316.47 58.34 21.43 36.73 145 41.8 28.83
3 20 - 30 62.85 25.86 41.15 3.1 13.51 435.81 16.15 26.41 163.53 57.35 24.13 42.07 139.45 37.72 27.05
4 30 - 40 68.14 30.47 44.72 4.43 14.82 334.54 11.86 23.81 200.76 52.29 17.45 33.37 136.43 40.5 29.69
5 40 - 50 80.42 42.24 52.52 9.83 18.43 187.49 11.83 24.76 209.3 67.58 22.37 33.1 155.67 38.04 24.44
6 50 - 60 57.88 16.33 28.21 11.65 20.02 171.85 0.12 0.47 391.67 59.06 20.76 35.15 128.12 29.6 23.1
7 60 and Above 62 23.08 37.23 0.06 0.24 400 12.71 28.37 223.21 57.35 19.01 33.15 132 31.61 23.95
Source: Compiled from the annual reports of the selected companies for the year 1999-00.
485
Appendix - XXIII
Turnover and Time-lag in reporting
Sr. No Turnover
Balance sheet date & date of Auditor's
report
Auditor's report date & Date of Director's
report
. Director's report date
& Date of Notice Date of Notice &
AGM Date Balance sheet date
& Date of AGM
Rs. In Lakhs MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV
1 Less than 2,000 87.25 33.85 38.8 8.5 14.72 173.18 0 0 0 71 17.79 25.06 166.75 22.66 13.59
2 2,000 - 5,000 94 40.92 43.53 8.17 18.26 223.5 0.83 1.86 224.1 46.67 9.93 21.28 149.67 40.67 27.17
3 5,000 - 10,000 70.78 20.08 28.37 12 23.34 194.5 8.33 23.57 282.95 63.89 20.28 31.74 154.56 24.97 16.16
4 10,000 - 15,000 61.21 28.67 46.84 0 0 0 10.07 20.27 201.29 61.5 26.98 43.87 132.79 38.99 29.36
5 15,000 - 20,000 60.85 22.52 37.01 11.08 21.47 193.77 14.08 25.07 178.05 48.54 18.55 38.22 133.92 41.02 30.63
6 20,000 - 50,000 77.41 45.38 58.62 6.56 18.5 282.01 11.96 23.47 196.24 59.04 26.15 44.29 149.11 47.18 31.64
7 50,000 - 1,00,000 65.75 34.52 52.5 6.38 17.46 273.67 10.42 23.98 230.13 56.33 18.25 32.4 138.38 37.34 26.98
8 1,00,000 and Above 60.64 23.53 38.8 5.11 16.19 316.83 5.11 16.59 324.66 57.36 14.8 25.8 128.07 30.87 24.1 ,
Source: Compiled from the annual reports of the selected companies for the year 1999-00.
486
Appendix - XXIV
ROI and Time-lag in reporting
Sr. No. ROI
Balance sheet date & date of Auditor's
report
Auditor's report date & Date of Director's
report
Director's report date & Date of Notice
Date of Notice & AGM Date
Balance sheet date & Date of AGM
in Per cent MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV MEAN SD CV
1 Loss 79.05 48.66 61.56 6.16 11.75 190.75 19 28.95 152.37 57.05 25.41 44.54 152.74 51.77 33.89
2 0 - 2 85.2 33.55 39.38 0 0 0 24.2 36.64 151.4 53 21 39.62 162.4 25.07 15.44
3 2 - 5 72.25 15.28 21.15 4.25 11.24 264.47 7.25 19.18 264.55 58.75 18.99 32.32 142.5 26.35 18.49
4 5 -10 66.19 29.13 44.01 13.33 27.72 207.95 3.57 15.97 447.34 68.24 23.03 33.75 151.14 24.09 15.94
5 10 - 15 63.88 34.85 54.56 7.96 20.39 256.16 9.21 19.99 217.05 53.25 20.96 39.36 133.79 44.44 33.22
6 15 - 20 60.56 24.7 40.79 6.48 16.28 251.23 6.8 17.68 260 55.2 18.13 32.84 128.72 35.02 27.21
7 20 and Above 70.48 33.86 48.04 1.04 4.89 470.19 4.96 14.09 284.07 55.35 15.49 27.99 131.83 36.15 27.42
Source: Compiled from the annual reports of the selected companies for the year 1999-00.
487