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
THE UNIVERSITY OF PUNE

THROUGH
DEPT. OF COMMERCE
SIR PARASHURAMBHAU COLLEGE OF
ARTS, SCIENCE & COMMERCE
TILAK ROAD, PUNE -411030
 2008-09

S.P.MANDALI’S
SIR PARASHURAMBHAU COLLEGE OF
ARTS, SCIENCE & COMMERCE
TILAK ROAD, PUNE -411030

CERTIFICATE
Date-
13/04/09
This is to certify that
Mr. Vinayak Prakash Pawar.
A student of M.com-II has completed 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 syllabus 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) (Vice–
principal)

Internal Examiner External

Examiner
CERTIFICATE

(To whom it may concern)

This is to certify that Mr. vinayak prakash pawar, a

student of
M. com II course visited to milind sangoram (C.A.
tax consultant) on 2nd sept 2009 in connection with
his project on a survey of ten shareholders regarding
utility of published annual reports and collected
necessary information.

During his project period his work and conduct

found to be satisfactory.

Wishing his all success

 Milind
sangoram

ACKNOWLED
GMENT

I have felling of satisfaction because I could

complete my project work successfully .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. kiwalkar and project guide Dr. chhaya
abnave for giving me valuable time and supervisor’s
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 completing project.

I want to say thanks to Mr.milind sangoram [C.A]

despite of his busy 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 printer’s

for providing excellent and timely service relating to
project typing and binding.

Vinayak parkask
pawar
 INDEX
SR.NO CONTENTS PAGE NO.
1. INTRODUCTION
- Introduction
- Aims and Objectives
- Justification of selection
- Assumptions
- Limitations
- Definitions
- Hypothesis
- Organization of study

2. REVIEW OF RELATED
LITERATURE

3.

4. ANALYSIS OF DATA
- Analysis and interpretation of common
shareholders [Group A]
-Analysis and interpretation of experts/
Professional shareholders[Group B]
5 RESULTS
. -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 pointing out important
findings.

FINDING OF GROUP A (NON-

PROFESSIONAL)

1)20% Shareholder are reading Annual report.

2)100% Shareholder are unawares about contents of
annual report.
3No one is interested in attending annual general
meeting.
4All shareholders are interested in only higher
return on investment.
5 Shareholder are not taking personal participating
in investing procedure, all are depends upon
share broker.
FINDINGS OF GROUP B
(PROFESSIONALS)

1)60% of Share Holder is reading annual report.

2)100%of Share Holder is aware of contents in

annual report.
3)40% Share Holder are not interested in
attending annual general meeting.

4) All share holder interested in appreciation of

capital.

5) All shareholders taking personal participation

in investment procedure.

Though all shareholders invest their money with

the help of share broker, some time they are
advising there friend in investment 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 hypothesis is rejected
Because 100% common shareholders are not
attending annual general meeting & they are not
interested in appointment of director’s
 remuneration given to the auditors & directors.

3)Common shareholders have utility of published

annual report.
This hypothesis is rejected
Because 80% common shareholders are not
reading & aware of annual reports.

EXPERT/PROFESSIONALS

1) An expert / professional shareholder are

interested in content of annual report.
This hypothesis is accepted.
Because 100% share holders who are expert/
professional are reading annual report and know
the content of annual reports.

2) Expert / professional shareholders have utility

of published annual report.
This is accepted.
Because 100% shareholders reading annual reports
& aware about contents

3) Expert is taking part in important affairs of

company.
This hypothesis is rejected
Because 60% shareholder are not attending annual
general meeting and not interested in appointment
 and remuneration given to auditor ,directors.

RECOMMENDATION

Research recommendation

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) University should provide more subjects for

selection.

4) Stock exchange should arrange 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 procedure.

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 ending 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 selected subject of research due to
various limitation. In some way there is ample scope
for research in present subject selected for project
work .scope of further study is pointed out.

1) Survey of 10 shareholders relating further

opportunity available for making investment in
company.

2) Survey of 10 shareholders regarding importance

of annual general meeting & working of annual
general meeting.
3) Survey of 10 shareholders relating comparative
study of performance of different companies in
which they have invested money.

4) Survey of 10 preference shareholders regarding

utility of published annual report of company.

5) Survey of 10 creditors regarding utility of

published annual report of company.

6) Survey of 10 financial institution regarding utility

of published annual report of company.

7) Survey of 10 debenture holder regarding utility of

published annual report of companies.
RESEARCH DESIGN

Research design in simple words is plan of action ,A

plan for collecting & analysing data in efficient
,economical & relevance manner .The purpose of
preparing research design either to test a hypothesis
or to establish relationship between two or more
variables .If refers to the Methodology used for
conducting 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
efferts.
“research design is a process deliberate anticipation
directed towards beginning an unexpected situation
under control.”

Contents of research design

1) Title of investigation
2) Purpose of 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) Indentification of variable
9) Formulation of hypothesis
10)Sampling
11)Data collection
12) Data processing
13) Analysis of defect
14) Drawing conclusion
15) Recommentaion
16) Summery of reports

IMPORTANCE OF RESEARCH DESIGN

1)If help the investigation 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 used when there is
no sufficient information available about to the
subject under study.

2) Descriptive Research Design

The purpose of descriptive study is to describe
accurately the characteristics of group, community
or people.

3) Diagnosing Research Design

This is concerned with testing of hypothesis &
specifying interpretaory relationship of the
variable
 ACKNOWLEDGMENT

I have felling of satisfaction because I could

complete my project work successfully .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. kiwalkar and project guide Dr. chhaya
abnave for giving me valuable time and supervisor’s
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 completing project.

I want to say thanks to Mr.milind sangoram [C.A]

despite of his busy 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 printer’s

for 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

student of
M. com II course visited to milind sangoram (C.A.
tax consultant) on 2nd sept 2009 in connection with
his project on a survey of ten shareholders regarding
utility of published annual reports and collected
necessary information.

During his project period his work and conduct

found to be satisfactory.

Wishing his all success

Milind
sangoram
SR.NO CONTENTS PAGE NO.
1. INTRODUCTION
- Introduction
- Aims and Objectives
- Justification of selection
- Assumptions
- Limitations
- Definitions
- Hypothesis
- Organization of study

2. REVIEW OF RELATED
LITERATURE

3. RESEARCH DESIGN
- Sample selection
- Data collection
- Administration of instrument used
4. ANALYSIS OF DATA
- Analysis and interpretation of common
shareholders [Group A]
-Analysis and interpretation of experts/
Professional shareholders[Group B]
5 RESULTS
. -Findings
-Hypothesis testing
-Recommendations
-Scope for further study
6 BIBLIOGRAPHY
.
7 APPENDIX
.
 INDEX
IMPORTANT (MAIN TYPES OF SAMPLING)
PROBABILITY SAMPLING

In this sampling it is possible 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 assurance that each

element has some specifiable chance of being
included.
Important and frequently used sub-types of non-
probability sampling are
1) Purpose sampling
2) Quota sampling
3) Convenience sampling

In this project work researcher has selected

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 economical.
30
SAMPLE

Sample means a portion selected from population of

specimen.
Population means those people or things with
the characteristics which researcher wants to study.
In this project all shareholder population but due to
limited time and convenience researcher has selected
ten shareholder .ten shareholder are sample for
project work .the selection of sample is done
according to some scientific 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.
Researcher has made two categories of sampling
units, i.e. ten shareholders.

Category A – common shareholder

Category B – expert/ professional shareholder

Each category includes five shareholders these

categories are made to find out whether the attitude
of shareholder changes towards annual report
because of having knowledge of commerce and
share market.

After selecting the sample data which is required for

project work was collected from them.

DATA COLLECTION

Data means facts, data are those things which are

certainly known and from which conclusion may be
drawn.
Collection of data is an essential part
of research .the task of the study and the research
design has been decided .in order to measure
properties a researcher must collect the units of
analysis.
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 data
and methods of collection of data

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3c0f900f040000002e0118001c000000fb021000070
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
information 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 ,secondary data either be published
or unpublished.

But secondary data related to his subject is not

available so secondary data is not collected.

PRIMARY DATA

These data are collected for first time, such data is

fresh and original in character .such data are
published by authorities who themselves are
responsible for their collection.

METHOD OF COLLECTION OF PRIMARY

DATA

1) OBSERVATION METHOD

In this method the investigator 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

between researcher and sample selected .the
important objective of this method is to collect
information about unknown facts through face to
face contact.
3) CASE STUDY METHOD
It is method of comprehensive study of social units
.the purpose of this method is to find out the
determinants of behaviors pattern of given units
survey method.

It means taking general view of specific objectives

for specific purpose survey method deals with a
representative sample of population. It seeks
responses from the respondents.

Types of survey
1) primary survey
2) personal survey
3) official survey
4) repetitive survey
5) secondary survey
6) regular survey
7) non official survey
8) comprehensive survey

Advantages of survey method

1) it help to study the problem deeply

2) it is considerably free from subject and bias
3) information collected through survey method is
reliable
4) it is helpful in comparative study

4) QUESTIONNAIRES METHOD

In this method information is collected with the

help of questionnaires which is prepared
exclusively for the specific purpose.
Questionnaires consist of number of question
printed in definite order. The question should be
accurate and clearly understood by the
respondents so that the responses are accurate.

VARIOUS TYPES OF QUESTIONNAIRES

1) Structured questionnaires

It is pre determined 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 respondents .it is prepared in
advance and not on the spot during questioning
method.

2) unstructured questionnaires
It contents a set of question which aren’t structure
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 respondents 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 choose the answer from set
of given answer.
Researcher has adopted survey method
with the help of questionnaires for collecting data
which is required for analysis.

ADMINISTRATION OF INSTRUMENT
USED

RESEARCHER HAS made structured question

with 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 information regarding profile of
shareholder.
Second part included question which are required
for collecting actual information required for
project work. There are 15 question 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
binary question and 8 question are multiple
choice question. Out of8 multiple question, 1
question is 5point question and remaining
7question are 3point question.
This questionnaire is given to each respondent
through personal visit. Time period of 8 days was
given to each respondent for completing the
question. All respondents gave question with in
prescribe time limit.
In this way researcher kept
information collected through all respondents
ready for further analysis and interpretation.

RESEARCH
DESIGN
- Sample selection

- Data collection

-Administration of instrument used

ANALYSIS OF
DATA
-Analysis and interpretation of
common shareholders (Group A)

-Analysis and interpretation 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)Yes
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) Frequently
 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 report
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
director’s 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 remarks
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) Sometime
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 taking 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) Sometime
c) Never