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Broad Parameters for Evaluation for the Competition, 'ICAI Awards for Excellence in Financial Reporting'. - (03-06-2013)
July, 03rd 2013
                  BROAD PARAMETERS FOR EVALUATION

I. Chairman's Statement / Director's Report
 Content & comprehensiveness of coverage of matters

   Explanation in case of emphasis of matter paragraph there in auditor's report

   Information relating to and impact of post balance sheet events

   Statement on vision and mission of the organization

   Statement relating to corporate ethics, values and risk management.

   Presentation of any other information relevant and useful from stakeholders' perspective
   in the specific context of the Company's business.

   Comprehensiveness of Director's Responsibility Statement as required by relevant
   provision of applicable law.

    Consistency of information included in Chairman's Statement/Directors' Report with
    underlying financial statements.
II. Management Discussion and Analysis
1. Operating Performance

   Overview of the state of affairs of the Company.

   General review of performance of the company as a whole and its divisions in the back
   drop of the given socio-economic and geo-political environment of business, nature of
   its activities, peculiar problems facing the industry, in general, and the Company's
   activities, in particular.

   Performance of various products and/or segments of the Company during the period
   under review, future plans and prospects, with emphasis on sustainability management.

   Performance of various group companies together with future plans, prospects, business
   risks and risk mitigation measures.

   Description of external oversight of various functions like systems audit by an external
   specialist and other measures taken to enhance credibility of systems for internal
   controls and financial reporting.

   Information as regards Company's contribution to national exchequer and to the
   economy of the country as a whole.

   Comprehensiveness of content in general.
   2. Enterprise Risk Management

      Description of various risks faced by various businesses of the Company as a whole and
      steps taken to prioritise, mitigate and monitor identified risks.

   3. Human Resource Development
      Description of the Company's policy relating to human resource engagement, training
      and development, including information on measures taken by the Company to meet its
      obligations and responsibilities towards employees in particular, measures relating to
      working environment, career progression, health, hygiene, safety, personal development
      and so on.




   4. Corporate Social Responsibility

      Information regarding the policy of the Company relating to corporate social
      responsibility and how it has been applied in practice including contribution to
      community development projects e.g. medical and health care facilities, educational
      institutions, availability of clean drinking water, sanitation facilities, conservation and
      development of environment and ecology, skill development and formation of self-help
      groups etc.

   5. Environment ­ Green Movement

      Measures taken by the Company towards environment protection, sustainable
      development and growth of the business as well as 4Ps bottom line reporting. 4Ps
      include Product, Profit, Planet, People.

   III. Corporate Governance Report
    Comprehensiveness and clarity of content of the corporate governance report.

      Information as to non compliances of mandatory requirements of the concerned Statutes
      and Regulators and whether there are appropriate explanations for such non
      compliances.

      Clarity of description of role and responsibilities of various governance committees like
      Audit Committee, Nominations Committee, Remuneration Committee, etc.

      Adequacy of governance measures and policies adopted by the Company in the context
      of its size and stature of the entity and as well as adequacy of diversity in terms of
      gender, qualifications and professional experience of executive and non executive
      directors.

      Detailed description of systems and procedures followed for Corporate Governance and
      availability and contents of Compliance Certificate issued by Statutory Auditors and
   others mandated by the law.

IV. Dissemination of financial information
 Availability of information on website and ease of viewing

   Steps taken to disseminate sensitive information in Company's own website, Stock
   Exchanges, etc.

V. Quarterly results
 The content of quarterly results, in particular, the clarity and comprehensiveness of the
    notes explaining financial results and variations, if any, over quarters or between
    audited and unaudited results.

VI. Technical Content ­ Financial Statements
Technical contents are to be judged for both separate financial statements and consolidated
financial statements, where presented.

   Compliance with Accounting Standards and other requirements as per the Companies
   Act and/or other applicable statutes.

   Compliance with requirements of concerned regulators e.g. Circulars issued by the RBI
   in case of banks, those of the SEBI in case of listed companies, in preparation and
   presentation of financial statements.

   Compliance with Guidance Notes and other authoritative literature issued by the ICAI
   and any other applicable institutional framework.

   Comprehensiveness, adequacy, quality and content of disclosures required under the
   relevant Accounting Standards, Revised Schedule VI to the Companies Act, 1956,
   concerned Regulators, Guidance Notes issued by ICAI , etc

   Clarity adequacy and disclosures of accounting policies.

   Information relating to subsidiaries with clear distinction of those within India and
   outside India and comprehensiveness of information in relation to financials of
   subsidiaries as applicable/required by law. Information relating to associates within and
   outside of India, as well as adequacy of the same with clarity of information provided

   Adequacy of explanation and quantification in situations where there is no specific
   standard to deal with a particular item




VII. General ­ Overall look and feel of the annual report

   Colour scheme adopted and whether the same is enhancing readability or affects
   readability by a layman, e.g. a general shareholder.
   Layout of the annual report clearly distinguishing between various segments of the
   report.

   Format adopted for presenting consolidated financial statements and stand alone
   financial statements such that there is clear distinction between the two e.g. by adoption
   of different colour schemes or markings, etc.

   Quality of the paper, printing and overall aesthetics of presentation.

   Readability of the report ­ type of font, size, etc.

   Usefulness and relevance of information provided in the report keeping in view
   whether there is any over crowding of unnecessary and irrelevant information is
   provided.

   Presentation and analysis of information through graphs, charts, tables, etc.

   Nature of details provided in terms of unit of measurement, rounding off criteria
   adopted, etc and whether they are easily noticeable and whether there is consistency of
   adoption of the same throughout the annual report.

   Adequacy of cross referencing of schedules and various segments of the annual report.

VIII. Statement of Value Added and its Distribution ­ Value Added by the Enterprise
    Contribution to Government as taxes and other levies.
    Distribution to Shareholders as dividend
    Payments to employees as remuneration
    Retention by the Enterprise

IX. Ratio Analysis with description of formulae, and Explanatory Statements by
Management with brief comparative analysis of performance of the entity.
    Gross Profit Ratio
    EBIDTA
    PE Ratio
    Debt Equity Ratio
    Return on Capital Employed

X. Additional Disclosures
    Any other information or measure like integrated reporting
 
 
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