There is a wealth of information in an annual reports, financial statement, corporate filings, policies and announcements. Savvy investors process these information & hunt for opportunities in the form of high risk-adjusted returns. In this post, we look at the many sources from where these documents can be found.
A public limited company prepares a number of documents as mandated by law. These include annual reports, financial statements, corporate filings, policies, announcements etc.
The SEBI regulations say that these documents should be made available to all shareholders. The documents also need to be shared with the stock exchanges where the company is listed. Additionally, documents need to be filed with regulatory authorities, Government bodies etc. per the regulations & law of the land.
The annual reports and other financial statements are accessible from multiple sources.
For ease, I have used Asian Paints as my stock of choice. This will help understand the process of finding annual reports from different sources
1. Company Website
Head to the website of the company. For Asian Paints, it will be www.asianpaints.com.
If you don’t know the website of the company, do a quick Google Search.
I searched for Gas Authority of India Limited (marked in red in image below). The website in the results (marked in orange in image) are available below.
OK. I got it.
What should I do next?
You will see a link which reads Investors or Investor Relations or Corporate Governance on the website header or footer. Click on that link to get access to a number of investor related documents.
Public listed companies will generally post the following in these pages –
- Analyst Presentations
- Reference Guide for Investors
- Capital Holdings
- Calendar of Annual General Meetings
- Shareholding Pattern
- Stock Quotes
- Financial Results
- Investor Education & Protection Fund
- Policies and Programs
- Corporate Governance
- Code of Conduct
- Annual Reports
- Chairman’s Speech
Here’s a snapshot of the Investors page at Asian Paints
2. Stock Exchange Website
Every public limited company files its annual reports, financial statements, corporate filings, announcements etc. This is done with the stock exchange where the company is listed.
Stock Exchanges in India
At one point, India had over 21 stock exchanges. However over the few years (esp. 2014 and 2015), a number of the smaller ones closed down.
There are currently 5 operating stock exchanges –
- BSE or the Bombay Stock Exchange is a major stock exchange of India with over 5000 companies listed (www.bseindia.com)
- NSE or the National Stock Exchange of India which has over 1600 companies listed (www.nseindia.com)
- CSE or the Calcutta Stock Exchange* (www.cse-india.com)
- INX or India International Exchange (caters to international investors operating 22 hours a day and six days a week (www.indiainx.com))
- MSEI or Metropolitan Stock Exchange (formerly known as MCX, it facilitates trading in capital market, futures and options, currency derivatives and interest rate futures (www.msei.in))
* The SEBI has asked the CSE to exit. The matter is referred to an Indian Court.
The Annual reports and financial statements are available in the websites of the operating exchange.
How to find annual reports on BSE website
Here’s how to find the Asian Paints annual report for the year 2015 on the BSE website
Step 1 : Log onto www.bseindia.com. Enter the name of the company (partially) in the search bar on BSE and auto-complete the ASIAN PAINTS quote
Step 2 : The resulting page will give you links to annual reports, quarterly financial statements, announcements, news, disclosures, shareholding pattern etc.
Step 3 : Click on annual reports and you’ll get the last 10 years report in PDF format. Go ahead and download the report you want.
3. Free Information Website
Information about listed public companies can be accessed from websites who aggregate financial information. These websites use different sources and lay the information out for investors in a very organized format.
Let’s look at a couple of websites
Screener.in very simple and clean interface. All you have to do is to enter the name of the company in the search bar at Screener.in and then click on the “Documents” tab. The page will give you links for annual reports of different financial years.
Moneycontrol.com is a popular financial website. The website gets over 17 million visitors every month across all platforms.
Moneycontrol.com gives comprehensive stock information which includes annual reports of listed companies. The reports are available in pdf format and can be downloaded from the website. Here’s the Asian Paints annual report for year 2015 I accessed on the website.
4. Paid Information Website
There are a number of websites who offer access to annual reports and financial information. They do this for a fee.
One of these websites is ReportJunction.com. As per their website, they have over 1 lac annual reports in its repository. They say to be covering over 5000 companies since year 2000.
A full access to their reports library is available for ₹12,980 (inclusive of taxes) for retail users.
Notes on some terms used in this post
What is a reference guide for investors?
This document will have your rights as a shareholder in the company. Additionally it will lay down your responsibilities, risks you have assumed, grievance procedures and the procedures relating to trading of securities.
Why is a calendar of Annual General Meetings provided?
All shareholders are invited to attend the Annual General Meetings of the company. One can attend it even if you have only one share. Alternately, you can also send someone else to attend the AGM as your proxy. Having the calendar helps shareholders manage their schedule especially for out-station shareholders.
What is shareholding pattern?
The shareholding pattern explains how many shares are there with different shareholder types. These include promoters, public, institutions etc. The document gives additional information on voting rights of shares. It also reveals the names of individuals and/or companies which have a large proportion of shares in the company
What is a Stock Quote?
A Stock Quote is the price of one equity share of the company in the exchange or exchanges where the stock is listed. The Stock Quote value keeps changing by the minute unlike other metrics reports like assets or profits etc.
What is the importance of financial results for investors?
Financial Results are an important section for investors. You will typically find the latest quarterly reports available in this section including quarter-on-quarter results of different financial years. The results will include the standalone and consolidated profit & loss statement in addition to the segment-wise reports.
What is the Investor Education and Protection Fund?
The Investor Education and Protection Fund (IEPF) is mandated by the Companies Act. Under the IEPF, the company has to transfer any divided that is unclaimed for a period of seven years from the date of transfer to the IEPF.
What are the policies and programs that every company needs to inform to its investors?
Policies and programs of a company touches upon many areas. These include –
- Dividend policy
- Policy on determination of materiality of events or information
- Employee Code of Conduct
- Code of Conduct for Board Members and Senior Management Personnel
- Nomination and Remuneration Policy of the Company
- Whistle Blower Policy
- Policy on dealing with related party transactions
- Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information
- Code of Conduct to Regulate, Monitor and Report trading by Designated Persons
What is the meaning of corporate governance?
The officers of the company have to work towards the interests of the shareholders. And the starting point is the design and implementation of strong practices and policies. This is known as corporate governance practices. And is laid out in the Corporate Governance document.
Here are some articles you can read to get better details on financial and stock metrics