A PROJECT REPORT ON A STUDY OF SURVEY OF TEN SHARE HOLDERS REGARDING UTILITY OF

PUBLISHED ANNUAL REPORTS

SUBMITTED BY VINAYAK PRAKASH PAWAR M. COM -II ROLL NO.8915 UNDER THE GUIDANCE OF
Dr. CHHAYA ABNAVE IN PARTIAL FULFILLMENT OF THE MASTER DEGREE OF COMMERCE TO TH
E UNIVERSITY OF PUNE THROUGH DEPT. OF COMMERCE SIR PARASHURAMBHAU COLLEGE OF ART
S, SCIENCE & COMMERCE TILAK ROAD, PUNE -411030

2008-09
S.P.MANDALIS SIR PARASHURAMBHAU COLLEGE OF ARTS, SCIENCE & COMMERCE TILAK ROAD, P
UNE -411030
CERTIFICATE
Date13/04/09
This is to certify that Mr. Vinayak Prakash Pawar. A student of M.com-II has com
pleted his project work titled as
SURVEY OF TEN SHARE HOLDERS REGARDING UTILITY OF PUBLISHED ANNUAL REPORTS
A study has been completed as a part of requirement of the Pune university sylla
bus for the course. The work has been completed under my guidance & supervision.
His work was found to be satisfactory & complete in all aspects.
DR. CHHAYA ABNAVE
PROF. ULHAS

KIWALKAR (Project guide) principal)

(Vice
Internal Examiner Examiner
External
CERTIFICATE
(To whom it may concern) This is to certify that Mr. vinayak prakash pawar, a st
udent of M. com II course visited to milind sangoram (C.A. tax consultant) on 2n
d sept 2009 in connection with his project on a survey of ten shareholders regar
ding utility of published annual reports and collected necessary information. Du
ring his project period his work and conduct found to be satisfactory. Wishing h
is all success

Milind sangoram
ACKNOWLED GMENT
I have felling of satisfaction because I could complete my project work successf
ully .But there are many people behind this success. I want to say thanks to all
people. First, I want to say thanks to my vice principal prof. ulhas.n. kiwalka
r and project guide Dr. chhaya abnave for giving me valuable time and supervisors
expertise. Only because of guidance given by

Dr.chhaya abnave I could complete my project work. At any time my project guide
was ready to solve any query. Project guide gave me proper direction for complet
ing project. I want to say thanks to Mr.milind sangoram [C.A] despite of his bus
y schedule he gave me proper direction for analyzing data. I am thankful to all
my respondents for providing me valuable, reliable, neat data, with the help of
data provided by them I could complete my project work. I want to say thanks my
family member for their active participation and financial help due to that only
I could complete my project work. Last but not least I want to thanks sagar pri
nters for providing excellent and timely service relating to project typing and b
inding.
Vinayak parkask pawar

INDEX
SR.NO 1. CONTENTS INTRODUCTION - Introduction - Aims and Objectives - Justificat
ion of selection - Assumptions - Limitations - Definitions - Hypothesis - Organi
zation of study REVIEW OF RELATED LITERATURE PAGE NO.
2. 3. 4.
.
ANALYSIS OF DATA - Analysis and interpretation of common shareholders [Group A]
-Analysis and interpretation of experts/ Professional shareholders[Group B] 5 RE
SULTS -Findings -Hypothesis testing -Recommendations -Scope for further study 6
BIBLIOGRAPHY 7 APPENDIX
. .

RESULTS
1) Findings 2) Hypothesis testing 3) Recommendations 4) Scope for further study

FINDINGS
On the basis of analysis & interpretation researcher is in a position in pointin
g out important findings. FINDING OF GROUP A (NONPROFESSIONAL) 1)20% Shareholder
are reading Annual report. 2)100% Shareholder are unawares about contents of an
nual report. 3No one is interested in attending annual general meeting. 4All sha
reholders are interested in only higher return on investment. 5 Shareholder are
not taking personal participating in investing procedure, all are depends upon s
hare broker.

FINDINGS OF GROUP B (PROFESSIONALS) 1)60% of Share Holder is reading annual repo

rt. 2)100%of Share Holder is aware of contents in annual report. 3)40% Share Hol
der are not interested in attending annual general meeting. 4) All share holder
interested in appreciation of capital. 5) All shareholders taking personal parti
cipation in investment procedure. Though all shareholders invest their money wit
h the help of share broker, some time they are advising there friend in investme
nt decision. HYPOTHESIS TESTING A research study may not be treated as complete
unless hypothesis is put to test with known statistical producer & such test are
carried testing hypothesis is an essential part of study because it

unable researcher to confidently examine the accuracy of their results. TESTING

TECHNIQUES Mathematical, experimental, electronic, verification In this project
researcher has tested his hypothesis using by verification technique. HYPOTHESIS
TESTING 1)Common shareholders are interested in contents of annual report. This
hypotheses is rejected Because 80% common share holders are not reading annual
report. So they are not aware of content of it.
2)Common shareholders are taking part in important affairs of company. This hypo
thesis is rejected Because 100% common shareholders are not attending annual gen
eral meeting & they are not interested in appointment of directors

remuneration given to the auditors & directors. 3)Common shareholders have utili
ty of published annual report. This hypothesis is rejected Because 80% common sh
areholders are not reading & aware of annual reports. EXPERT/PROFESSIONALS 1) An
expert / professional shareholder are interested in content of annual report. T
his hypothesis is accepted. Because 100% share holders who are expert/ professio
nal are reading annual report and know the content of annual reports. 2) Expert
/ professional shareholders have utility of published annual report. This is acc
epted. Because 100% shareholders reading annual reports & aware about contents 3
) Expert is taking part in important affairs of company. This hypothesis is reje
cted Because 60% shareholder are not attending annual general meeting and not in
terested in appointment

and remuneration given to auditor ,directors. RECOMMENDATION Research recommenda

tion 1) For increasing reliability of finding more then 10 share holders should
be surveyed. 2) Time period for completion of project work should be more. 3) Un
iversity should provide more subjects for selection. 4) Stock exchange should ar
range programmed for creating awareness within common shareholder. 5) Practical
knowledge relating share should be provided to student at under graduation level
. CONCLUSION 1) Common shareholder is unaware about usefulness of annual report.

2) Common shareholders are not taking personal participation in investment proce

dure. 3) Expert / professionals have the utility of published annual reports. 4)
Irrespective of category of shareholder, all shareholders are not interested in
important affairs of the company. SCOPE FOR FURTHER STUDY Research is never end
ing activity .In any branch & it s sub-branch of knowledge carrying out research
is possible .an individual can never cover all aspect of research in his select
ed subject of research due to various limitation. In some way there is ample sco
pe for research in present subject selected for project work .scope of further s
tudy is pointed out. 1) Survey of 10 shareholders relating further opportunity a
vailable for making investment in company. 2) Survey of 10 shareholders regardin
g importance of annual general meeting & working of annual general meeting.

3) Survey of 10 shareholders relating comparative study of performance of differ

ent companies in which they have invested money. 4) Survey of 10 preference shar
eholders regarding utility of published annual report of company. 5) Survey of 1
0 creditors regarding utility of published annual report of company. 6) Survey o
f 10 financial institution regarding utility of published annual report of compa
ny. 7) Survey of 10 debenture holder regarding utility of published annual repor
t of companies.

RESEARCH DESIGN Research design in simple words is plan of action ,A plan for co
llecting & analysing data in efficient ,economical & relevance manner .The purpo
se of preparing research design either to test a hypothesis or to establish rela
tionship between two or more variables .If refers to the Methodology used for co
nducting the research . Research design indirectly makes it clear what observer
has to make? How to make them? And to analyse them? DEFINATION research design is
the catalogue of the various & facts relating to fermolation of the research ef
ferts. research design is a process deliberate anticipation directed towards begi
nning an unexpected situation

under control. Contents of research design 1) Title of investigation 2) Purpose o

f study 3) Critical of previous study 4) Survey & review of related literature 5
) Statement of problem 6) Scope of research 7) Object of investigation 8) Indent
ification of variable 9) Formulation of hypothesis 10)Sampling 11)Data collectio
n 12) Data processing 13) Analysis of defect 14) Drawing conclusion 15) Recommen
taion 16) Summery of reports IMPORTANCE OF RESEARCH DESIGN 1)If help the investi
gation to obtain answer of question related to research . 12) If help researcher
to control error of the particular problem under study . 3) If help in drawing
possible conclusion from statically analysis .

4) It enables investigator in anticipation likely problem . 5) It provide right

direction to investigation 6) It help in minimizing wastage of time & money . 7)
It helps to achieve optimum reliability. There are four types of search design
. 1) Explorating or formative research design This type of research design is us
ed when there is no sufficient information available about to the subject under
study. 2) Descriptive Research Design The purpose of descriptive study is to des
cribe accurately the characteristics of group, community or people. 3) Diagnosin
g Research Design This is concerned with testing of hypothesis & specifying inte
rpretaory relationship of the variable

ACKNOWLEDGMENT
I have felling of satisfaction because I could complete my project work successf
ully .But there are many people behind this success.

I want to say thanks to all people. First, I want to say thanks to my vice princ
ipal prof. ulhas.n. kiwalkar and project guide Dr. chhaya abnave for giving me v
aluable time and supervisors expertise. Only because of guidance given by Dr.chha
ya abnave I could complete my project work. At any time my project guide was rea
dy to solve any query. Project guide gave me proper direction for completing pro
ject. I want to say thanks to Mr.milind sangoram [C.A] despite of his busy sched
ule he gave me proper direction for analyzing data. I am thankful to all my resp
ondents for providing me valuable, reliable, neat data, with the help of data pr
ovided by them I could complete my project work. I want to say thanks my family
member for their active participation and financial help due to that only I coul
d complete my project work. Last but not least I want to thanks sagar printers fo
r providing excellent and timely service relating to project typing and binding.

Vinayak prakash pawar

CERTIFICATE
(To whom it may concern) This is to certify that Mr. vinayak prakash pawar, a st
udent of M. com II course visited to milind sangoram (C.A. tax consultant) on 2n
d sept 2009 in connection with his project on a survey of ten shareholders regar
ding utility of published annual reports and collected necessary information. Du
ring his project period his work and conduct found to be satisfactory. Wishing h
is all success
Milind sangoram

SR.NO 1.
CONTENTS INTRODUCTION - Introduction - Aims and Objectives - Justification of se
lection - Assumptions - Limitations - Definitions - Hypothesis - Organization of
study REVIEW OF RELATED LITERATURE RESEARCH DESIGN - Sample selection - Data co
llection - Administration of instrument used ANALYSIS OF DATA - Analysis and int
erpretation of common shareholders [Group A] -Analysis and interpretation of exp
erts/ Professional shareholders[Group B] 5 RESULTS -Findings -Hypothesis testing
-Recommendations -Scope for further study 6 BIBLIOGRAPHY 7 APPENDIX
PAGE NO.
2. 3.
4.
.
. .

INDEX
IMPORTANT (MAIN TYPES OF SAMPLING) PROBABILITY SAMPLING In this sampling it is p
ossible to state in advance the probability that any given unit will be included
in the sample. In this method this size of universe must be known to researcher
.Important sub types of probability samplings are, 1) simple random sampling 2)
cluster sampling NON-PROBABILITY SAMPLING In this sampling there is no assuranc
e that each element has some specifiable chance of being included. Important and
frequently used sub-types of nonprobability sampling are 1) Purpose sampling 2)
Quota sampling 3) Convenience sampling In this project work researcher has sele
cted samples by using convenience method of sampling.

CONVENIENCE METHOD In such sampling researcher selects respondents or cases that

are easily accessible to researcher .this method of sampling is quick and econo
mical. 30 SAMPLE Sample means a portion selected from population of specimen. Po
pulation means those people or things with the characteristics which researcher
wants to study. In this project all shareholder population but due to limited ti
me and convenience researcher has selected ten shareholder .ten shareholder are
sample for project work .the selection of sample is done according to some scien
tific rule and not according to rule of thumb, sampling units are such units or
member which constitute population .elements or objects to be sampled are called
as sampling unit. In this project ten shareholder are sampling units. Researche
r has made two categories of sampling units, i.e. ten shareholders. Category A c
ommon shareholder Category B expert/ professional shareholder Each category incl
udes five shareholders these

categories are made to find out whether the attitude of shareholder changes towa
rds annual report because of having knowledge of commerce and share market. Afte
r selecting the sample data which is required for project work was collected fro
m them. DATA COLLECTION Data means facts, data are those things which are certai
nly known and from which conclusion may be drawn. Collection of data is an essen
tial part of research .the task of the study and the research design has been de
cided .in order to measure properties a researcher must collect the units of ana
lysis. The units of analysis so collected for observations and stud are known as
the research data, there are two types of data following chart shows type of da
ta and methods of collection of data 0100090000037800000002001c0000000000040000
0003010800050000000b0200000000050000000c02 3c0f900f040000002e0118001c000000fb021
000070 000000000bc02000000000102022253797374656d0

32 SECONDARY DATA The secondary data are those which have already been collected
by some agency and which have already been proceed .secondary data are informat
ion which has been collected by same organization to satisfy its own need but it
is used by the department under reference for an entirely different reason ,sec
ondary data either be published or unpublished. But secondary data related to hi
s subject is not available so secondary data is not collected. PRIMARY DATA Thes
e data are collected for first time, such data is fresh and original in characte
r .such data are

published by authorities who themselves are responsible for their collection. ME

THOD OF COLLECTION OF PRIMARY DATA 1) OBSERVATION METHOD In this method the inve
stigator collect the requisite information personally through observation .this
is most primitive technique .data collected by this method is fair reliable and
valid . 2) INTERVIEW METHOD It means meeting for discussion or conference betwee
n researcher and sample selected .the important objective of this method is to c
ollect information about unknown facts through face to face contact. 3) CASE STU
DY METHOD It is method of comprehensive study of social units .the purpose of th
is method is to find out the determinants of behaviors pattern of given units su
rvey method. It means taking general view of specific objectives for specific pu
rpose survey method deals with a

representative sample of population. It seeks responses from the respondents. Ty

pes of survey 1) primary survey 2) personal survey 3) official survey 4) repetit
ive survey 5) secondary survey 6) regular survey 7) non official survey 8) compr
ehensive survey Advantages of survey method 1) it help to study the problem deep
ly 2) it is considerably free from subject and bias 3) information collected thr
ough survey method is reliable 4) it is helpful in comparative study 4) QUESTION
NAIRES METHOD In this method information is collected with the help of questionn
aires which is prepared exclusively for the specific purpose. Questionnaires con
sist of number of question printed in definite order. The question should be

accurate and clearly understood by the respondents so that the responses are acc
urate. VARIOUS TYPES OF QUESTIONNAIRES 1) Structured questionnaires It is pre de
termined for specific purpose .question in it are definite and concrete question
are presented with exactly the same wording and in the same order to all respon
dents .it is prepared in advance and not on the spot during questioning method.
2) unstructured questionnaires It contents a set of question which arent structur
e in advance question in it permit a free response from respondents. 3) open end
question it is used when attempts are made to search out new facts . In this re
spondents can write descriptive essay to express his view. 4) close end question
it is used when categorized data are required .here, the respondent has to choo
se the answer from set of given answer. Researcher has adopted survey method

with the help of questionnaires for collecting data which is required for analys
is. ADMINISTRATION OF INSTRUMENT USED RESEARCHER HAS made structured question wi
th the help of project guide there are 23 question and question is divided into
2 parts .1 part includes general question which helpful in collecting informatio
n regarding profile of shareholder. Second part included question which are requ
ired for collecting actual information required for project work. There are 15 q
uestion in second part of questionnaire .out of 15 question 4 question are open
end question and remaining are closed end out of 11 question 3 question are bina
ry question and 8 question are multiple choice question. Out of8 multiple questi
on, 1 question is 5point question and remaining 7question are 3point question. T
his questionnaire is given to each respondent through personal visit. Time perio
d of 8 days was given to each respondent for completing the question. All respon
dents gave question with in prescribe time limit. In this way researcher kept

information collected through all respondents ready for further analysis and int
erpretation.
RESEARCH DESIGN

- Sample selection - Data collection -Administration of instrument used

ANALYSIS OF

DATA
-Analysis and interpretation of common shareholders (Group A) -Analysis and inte
rpretation of experts/ professional shareholders ( Group B)

RESULTS
-Findings -Hyothesis testing -Recommendations -Scope for futher study

BIBLIOGRAPHY

APPENDIX

A QUESTIONNAIRE ON Survey of ten shareholders regarding the utility of published

annual report. Instructions 1.Read all question 2.Give answer of all question 3
.Write answer neatly 4.Tick out appropriate option PART .1 1.Name

2.Occupation 3.Address 4.Phone no 5.E-mail address

6 Name of company in which money is invested 7. Why do you invest your money in
share? a)For earning dividend. b) For getting advantage of capital appreciation.
8. Do you take investment decision on your own or with help of profession? c)Ye
s d) No

If you are taking help of profession tick out the correct option from following.
a)Share broker b)C.A
PART B 1.Do you get copy of published annual report of company in which you have
invested your money? a)Yes b) No 2.Do you read annual report? a) Always b) Freq
uently

c) Occasionally d) Rarely e) Never 3.Tick out important content of annual report

from your point of view? a) Director report b) Auditors report c) Financial rep
ort e) Notice of annual general meeting 4.Important items in balance sheet from
your point of view?
5.Give reason why above items are important?

6.Which are important parts from directors reports from your point of view?
7.Why you think above parts are important?
8.In auditors reports if there are remarks of auditors , do you take such remark
s seriously? a) Always b) Sometime c) Never 9.Do you read ratios? A) Yes

b) No If yes which 10.Do you read notice and agenda of annual general meeting? a
) Always b) Sometime c) Never 11.Do you attend annual meeting? a) Always b) Some
time c) Never
12.Are you interested in appointment of and remuneration given to the directors,
auditors? a) Always

b) Sometime c) Never 13.Do you think that annual publish report are helpful in t
aking investment decision in that company? a) Always b) Sometime c) Never 14.Do
you make comparison of performance of company on the basis of previous years and
current years figures? a) Always b) Sometime c) Never 15.Do you suggest to your
friends to invest in certain company in which you have invested? a) Always b) S
ometime

c) Never